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financial
ommcma
.
COPYRIOHTEO IN 1940 rrwrLLIAM B. DANA
.»■■,
-rt"-
COMPANY, NEW YORK.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879,
AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF
\/ni
VvL.
1
lJU.
NEW YORK, APRIL 6,
'
'Issued Weekly 40 Oents a Copy—
'
$18.00 Per Year
^
a
1940
25
Spruce St., New York
MU. OJ\JL
City
.
BANK
NATIONAL
COMPANY
0009
MfL
CHASE
THE
BROOKLYN TRUST
APft 22
MARCH 3, 1879.
Publishers,
William B. Dana Co.,
OF THE CITY OF NEW YORK
Chartered 1866
George V. McLaughlin
Maintaining effective cor¬
President
respondent bank service
BROOKLYN
NEW YORK
is
traditional
a
policy of
the Chase National Bank.
Member FederallDeposit Insurance
Corporation
Broaden your customer
service
Chase
with
cor¬
respondent facilities.
Member Federal
Hallgarten & Co.
Deposit Insurance
Corporation
■'vV;-v.
Egtablished 1850
Public Utility
.
NEW YORK
Chicago
Bonds
London
'
City of
Philadelphia
PUBLIC UTILITY
Bonds
The
INDUSTRIAL
FIRST BOSTON
RAILROAD
CORPORATION
MUNICIPAL
BOSTON
NEW YORK
CHICAGO
I
BONDS
Moncure Biddle & Co.
PHILADELPHIA
SAN FRANCISCO
PHILADELPHIA
CITIES
AGALIYN^COMEXNY"
INCORPORATED
CHICAGO
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Philadelphia
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New York
Detroit
PACIFIC NORTHWEST
The
SECURITIES
New York Trust
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Members New
f:
Company
<Drumhdldr, Ehrlichmau
Capital Funds
Commission Orders
.
$37,500,000
Company
g
York Stock Exchange
Seattle
Exchange BIdg.
Carefully Executed
for Institutions and
Individuals
120 BROADWAY, NEW
YORK
IOO
BROADWAY
NATIONAL BANK OF NEW ZEALAND, Ltd
Established 1872
Chief Office la New Zealand: Wellington
P. R. M. Hanna, General
Manager
E. C. 2, Eng
Head Office: 8 Moorgate, London,
MADISON AVENUE
R. h. Johnson &, Co.
AND 40TH STREET
Subscribed Capital
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Paid-up Capital
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Reserve
Members
£1,000,000
Fund
Currency
£500,000
Reserve
New York Stock Exchange
The
New York Curb Exchange
64 Wall
St.
New York
Bank
business
conducts
every
description of banking
Spnnected with New Zealand.
'
Correspondents throughout the World
ONE EAST
London Manager, A. O. Norwood
PHILADELPHIA
BOSTON
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The Commercial & Financial Chronicle
II
buy
1940
of record only and is under no circumstances to be
This advertisement appears as a matter
construed
April 6,
offering of these securities for sale, or as a solicitation of an offer to
of such securities. The offering is made only by the Prospectus.
as an
any
Fruehauf Trailer
•
•
'
'
'
'
'
■
/
:
.
-
Company
'
•
J
.
'
■
%
.
1
'
40,000
Shares
5% Convertible Preferred Stock
Par
value, $100
Price
$100
:
per
per
—
share
Share
Copies of the Prospectus may be obtained from such of the several underwriters, including
the undersigned, as are registered dealers in securities in this State.
Lehman Brothers
Watling, Lerchen
Goldman, Sachs £«? Co. '
Co.
F. S. Moseley £5^ Co.
Stern, Wampler £sf Co. Inc.
April 2, 1940
Dividends
AMERICAN
CAN COMPANY
COMMON STOCK
quarterly dividend
declared on the
Common Stock
of
this Company, payable
May 15th, 1940, to Stockholders of record
On
Republic of Panama Thirty-five Year 5% External Secured Sinking
Fund Gold Bonds, Series A, dated
April
of
To the Holders of
May 15,1928, due May 15,1963
one
at
the
close
Transfer
Notice is hereby given that the Republic of Panama has prepared and
approved a Plan for the Readjustment of the External Debt of the
Republic, dated January 31,1940, pursuant to authority of Law No. 5
of 1928, Law No. 66 of 1938 and Decree No. 7 of 1940; and has filed
will
2nd,
1940
dollar per
be
of
Books
a
share
was
business
will
April
remain
25th,
open.
1940.
Checks
mailed.
R.
A,
BURGER, Secretary.
with the Securities and
a
Exchange Commission at Washington, D. C.
Registration Statement which has now become effective.
Holders of the above Bonds
are
requested immediately to obtain
"
copies of the Prospectus from
Cotton Facts
BANK OF THE MANHATTAN COMPANY, Depositary,
Corporate Trust Department, 40 Wall Street, New York, N. Y.
and to examine and consider the Plan and
set
Deposit Agreement there
out, and the offer there made.
Jorge E. Boyd
Carry
of the Republic of Panama
message
to
these readers at
a
sost
advertising
through
Ambassador Extraordinary and Plenipotentiary
Dated, April 5,1940.
your
columns.
our
moderate
mrawtrW f
Vol. 150
APRIL 6,
No. 3902
1940
CONTENTS
•^,)/)
Editorials
■
The Financial Situation
The
2152
...
—2164
Congress Should Repudiate and Disclaim.
Comment and Review
Capital Flotations in United States During March
The Business Man's Bookshelf—
Week
the European Stock Exchanges
on
2166
...2171
2156
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
.2156
-,.2161 & 2205
Course of the Bond Market
..2166
Indications of Business Activity
2172
Week
on
the New York Stock Exchange
2154
Week
on
the New York Curb Exchange
2200
News)
Current Events and Discussions
Banir and Trust
2181
.
2197
Company Items
General Corporation and Investment News
Dry Goods Trade
2245
.
.
State and Municipal Department
2289
.2290
Stocks and Bonds*
2209 & 2211
Foreign Stock Exchange Quotations.....
Bonds Called and Sinking
Fund Notices
2205
Dividends Declared
2205
Auction Sales
2205
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations. .2212 & 2222
—.2212
New York Curb
Exchange—Stock Quotations.
2228
New York Curb
Exchange—Bond Quotations
2232
and Bond Quotations.....—.2234
Other Exchanges—Stock
Canadian Markets—Stock and Bond Quotations
..2238
Over-the-Counter Securities—Stock & Bond Quotations.2241
Reports
Foreign Bank Statements
....
^2
Course of Bank Clearings
Federal Reserve Bank Statements—
General
..—....2160
.........2201
..2181 & 2209
*
^ :::
.—2245
Corporation and Investment News..
Commodities
The Commercial Markets and the
Crops
—
....2280
Cotton
Published Every Saturday
2283
Breadstuffs
2287
Morning by the William B. Dana Company, 25 Spruce Street, New York
City, N. Y.
President and Treasurer; William D. RIggs, Business Manager.
208 South La Salle Street (Telephone State 0613),
LondonWilliam B. Dana Company.
Entered as second-class
June 23,1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions In United States and Possessions, $18.00
per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba, $21.50 per year, $11.75 for 6 months; Great Britain. Continental Europe (except Spain), Asia, Australia and Africa, $23.00 per year,
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate line.
Contract and card rates on request.
NOTE: On account
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New'York funds.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert,
Other offices: Chicago—In charge of Fred H. Gray, Western Representative,
Edwards & Smith, 1 Drapers' Gardens, London, E.C.
Copyright 1940 by
The Financial Situation
WE HAVE is election reminded this week primaries in Wisconsinheld.in the other States where
cisive role have been or The Democrats most
this been sharply
The reminder
that
year.
an
active recently in their efforts to obtain the Democratic nomination have said nothing or next to
cance
to: be
nothing. The contests so far held have for the
ments.
There can be no question that the success / most part turned largely on the personal appeal
of Mr. Dewey in Wisconsin places him in a potion
of the candidates involved or have been controlled
it
although
respects been a pleasant one,
has not in all
differ as to the signifiattached to certain of the develop-
evident that opinions,
is
candidacy
if it
of
some
cause
us
to lose faith in
utterances
campaign
well enough aware
are
has
his
outlined
position
.
.may
.
the freest civilization this world
known.
Such doubters may become
for the siren songs of would-be
planners" who offer themselves
and their panaceas as the solution for all our
current national problems.
current
'economic planning'?
Where is the threat to our liberties in that?"
The idea of "planning" makes a strong appeal
because we are a great industrial nation and
see
the necessity of planning ahead as indi¬
viduals and corporations in regard to our re¬
spective industrial and economic problems.
But many of us have not stopped to realize
what happens when the planning and deci¬
sions of millions of private individuals are re¬
placed by the national planning and sweeping
decisions of a group of people—no better, no
worse, than the rest of us—calling themselves
"Why
questions with suf¬
clarity
a
is
or
of
whether he
certain
be
to
is
community
business
the
permit
to
not
more
less
or
New Dealer wearing
a
The sig¬
different lable.
nificance of the results in
Democratic
the
the
in
primary
State
same
dently
two
As
opinions.
and
candidate.
Questions of Policy
But
a
the
To
in
counterclaims.
ordinary observer
church.
the President seems in the
contests
far
so
demonstrated
In
have
to
you
what you see
Mr.
and
Dewey
to have shown
appears
rather
clusively his ability
facts
should have sacrificed our
a
what!
of
Both
"vote-getter."
these
con¬
as
"state" is made
all.
careful note.
our
What has not been dem¬
onstrated in the
in
Congress,
far
as
rank
the
concerned,
are
that,
and
no
tion
These
so
dark
the
and
has
in
is
or
have
are
the
as
to
elected.
been
his
more
fers—even
part
as
at
the present time.
confined themselves
Taft,
outspotai
of
if nominated
relatively
and
more
speaking,
constructive
public questions,
but there
that what he has been saying
what the others have been saying
national
been for
to
is
as
country
as
it has
long while past.
a
general attitudes and
of the Adminis¬
programs
well
enough
tration
are
known,
to
President Roose¬
his way they will
as
velt has
played
a
de-
be
general
That
of
the
nature.
really
they
As
sure.
remain
doubtless
same
repre¬
sent the views and desires
the
of
party itself may
(
be
well
seriously
ques¬
What the Demo¬
tioned.
cratic
do
would
party
under another leader, one,
example, of the type
or
is
the
Secretary of State,
largely
mise
a
matter of sur¬
the
at
present
As to the
ment.
lican
party,
mo¬
Repub¬
it,
or
appointed
committee
the
-
Garner
Vice-President
of
a
for
time
some
purpose,
pronunciamento, partly good, partly
ago
drew
up a
presented it to
bad, and
the
if
The
public.
it
is
must
to
party
be
better
command
the
respect and hearty support
of
the
oppor-
most
As
parties.
much in the dark
The
policies
opposing major
the
thoughtful elements in
population—unless it
obtains
what they would do
discussions
a
file
Senator
little to suggest
if
hazards to be pondered long and
candidates for the Republican nomina-
for
political
this,
platform
generalities, which leave the public largely in
to
but
National Association of
tunity for such .a demonstration has been afforded,
The various
know it
carefully, but let us not lose the fact to sight
that long before such disasters overtake us
the economic well-being of all the people suf¬
day—for
reason
can
Manufacturers.
public at large toward the
simple
consequences,
Jr., President of the
else, is the attitude of the
the
Nobody
Everybody makes mistakes. Fortunately
mistakes as individuals do not have na¬
tional
anywhere
real issues of the
up
liberties—and for
No.
Unfortunately, the
of fallible human beings
"planner" made a bad mistake it might result
in a national catastrophe.—H. W. Prentis,
primaries,
or
Security?
just like you and me.
worthy of
are
would have here eventually just
in the dictator-controlled coun¬
tries of Europe today: the suppression of all
teaching except that which is in line with the
general ideas of the government; censorship
of the press; the end of freedom of expression;
and the destruction of religious liberty.
We
his party machine,
upon
question
has to do with the
of the two
and
stage, the
any
important
more
for
under national economic
words,
other
planning
firm grip
a
few people set apart as "gov¬
planning, presumably for the
the greatest number, they
could not for one moment tolerate the throw¬
ing of any individual monkey wrenches into
their carefully laid plans; otherwise their pro¬
gram
would soon be brought to naught.
Hence, even though the planners would be
reluctant to take such action, inevitably they
would simply have to control every opinionforming agency, radio, press, school and
typical early campaign
claims and
a
were
greatest good of
matter
resulted
have
camps
have national economic planning,
of representative democracy
civil and religious liberty in general?
Naturally, if
of fact the contests in both
this stage,
at
probably at
long
becomes
ernment"
least
at
are
what
about
matter
a
there
little
a
Once you
gards the third term and
similar questions is evi¬
which
not
government.
re¬
as
prey
"economic
on
ficient
ever
easy
that
points he has not
at many
in
that
or
the economic
prosperous,
his
this
of
behalf
system under which America has built, on an
industrial foundation, the greatest, the most
following
been
have
of "Planning"
Continued economic hardship
lightly,
could, and those
ever
who
The Consequences
no
can
taken
be
longer
working
organizations
of the business community.
His
operations of
by the
deserving of the attention
such
respect
and
such support merely by comparison with what is
now going on in Washington.
If it be asserted that one can hardly expect the
Republican party, or the more sensible elements in
the Democratic party, to be ready to present their
platforms to the public at this stage, the answer is
that such is unquestionably the case, but that Congress is in session with a number of bills before it.
presenting important public issues, and that it ought
to have before it a number of others of a like sort.
I
Volume
Both
The Commercial & Financial Chronicle
ISO
the
Republican party and the so-called
servative
wing of the Democratic party
sented in
will look
question is raised.
to, and have
Thoughtful voters
in Congress
has been investigating this situation and one from
the labor controlled Committee on Labor, have been
political
clue, preferably conclusive evi-
a
measures;
of them from the committee of the House which
one
right to expect to find in,
a
the activities of the various individuals and
being
aroused concerning the National Labor Relations
Act and the Board administering it. Two
"con-
any
are
Considerable feeling lias been
left severely alone.
Congress, and cannot well be excused if
troversial"
groups
equally beclouded surroundings—or else
con-
are repre-
they wince and relent and refrain when
2153
-
The outcome at this time is
brought forward.
un-
dence, of what these groups would do if entrusted
predictable, but it seems to be clear that while prob-
with
ably
at the coming elections.
power
That is
pre-
cisely what they will not find.
Considered
with
all
miiul
of the members
majority
a
like nothing better than
would
both houses
of
do something
to
Con-
drastic in this case, there is no coherent, courageous,
gressional Record makes rather disheartening read-
aggressive group of sufficient strength to take the
this, in
ing these days.
To be
been
about economy,
brave
talk
gently
as
the parties, and between the varied groups within
Congress appears to be about as confused as that
suckling dove.
self has been less
between
as
and motions have
political lion of today tomorrow
as any
The issue
bit in its teeth and proceed.
occasion
upon
greater fiscal sanity, but all
been made in behalf of
too often the
there has
sure
the
The President him-
outspoken and definite
ject that lias been usual in the past.
peared to be either uncertain of his
own
nothing seriously proposed, concerning the Holding
the sub-
011
He has
Company Act, and various other New Deal
ap-
mind,
Nothing is being done, and
involving fiscal reform.
roars
of restriction and repression.
ures
ineas-
If there is
any
evert attempt to do anything at all about the se-
or
else cleverly trying to obtain credit both for spend-
curities Acts it will have to come in the future.
ing and for reducing outlays at
in all, the voter wili find the record of this Con-
Word
time.
will
he
ask
from
comes
for
further
and the
one
Washington
large
one
same
day that
The next
day it is said that while he wants
funds
will
he
have
for them*.. This
in
threats of further
time it is reported
that certain forces
to the statute
earlier
are
book
half
pose some
estimates.
of
an
do
At the
appropriation for this
Whether
President's
in this
seen
Congress,
the
campaign
with certainty.
less
no one
Meanwhile
of
Greeks.
industry,
For
and
part,
our
banish
the
gift-bearing
convinced that the
we are
time is ripe for a prophet coming out of the wilder-
we
At all events,
crying precisely such doctrines.
ness
f
shall
make
not
consistent
adequate,
until there arises somewhere
progress
vigorous, coherent,
a
determined group ready and willing to "go to the
ation
by which
spot," to drop into the vernacular, and plainly
not know precisely what to do.
stand
we
have individuals here and there in public
in,
positions of national influence who speak
affiliations,
or
to
seem
The matter of relief
of many.
expenditures is, however, but
Broadly similar situations,
several
at
other
situa-
or
points where
funds
in
are
question.
Much publicized sallies by the so-called
economy
bloc hearten the public, then items elim-
inated
reduced
or
wholly
are
proposed economies at
or
in part restored,
point
one
are
neutralized
by added extravagances at others.
Proposals for
agriculture, military expenditures, the old
log-r oiling favorite, rivers and harbors, and others
aids
to
furnish occasions for such backing and
filling.
He
would be rash indeed who undertook at this time to
what the total of all appropriations at this
sion of
Congress will be, but certainly there is
for doubt
as
to
any
ses-
room
major economies, and equally
certainly
there is no clear-cut alignment of
parties in Congress to afford the voter
groups or
next
autumn
the
those
who
look
fiscal profligacy and reward
earnestly and effectively after the
:
Other matters
at issue in
this
to be made to
-
Situation
which
are
Congress if
;■
fundamental aspects of the situ-
confronted.
we are
As things now
*n da^ ol1*' 011 ^bese questions, but far the largei
number evfn among those who are vigorous and
consistent in their opposition to the New Deal pro?rams s¥ off when the s"PPosed or alle*ed sPecial
"^cicsts of some groups close to their marts,
poetically speaking, are involved. The Republican
party and the so-called conservative wing of tie
De^ocratic ^ as
1 as *he
*?a?ority m
b * &rouPs wl*b sPecial political ambitions, are
^ to° *reatly inclined to concede "the objectlveH or the "P^P^of the New Deal, and to
come forward with ProP08als to imProve technique
or to
eliminate tbe more Patent abllses whlch have
«rown up like weeds around most of the "advanced
P™^ams" of recent y«ars. In substantial part,
these attitudes are in e88e,lce nothinS
or les8
than a concession to what is reSarded as P°Plllar
prejudice too strong to be ignored or even opposed,
it is doubtless a result
f tco -reat a susceptibility to what is called the
spirit of the times.
veloped fully is
Elsewhere
at
a
-
;
!
'
ness
of
a
leader,
or
leaders, with the keen-
insight and the independence of mind to rec-
issue/or should be
ognize the fallacies involved in most of the currently
presentable record is
popular reasoning about things economic, and with
guide the public next autumn,
'
more
What we need and what we seem not to have de-
interests of the taxpayer
r
The
or
these
bllt in a nlimber of
opportunity generallv to punish
those who insist
upon
lite
on
in straight flung words, and do so consistently day
tions similar in their confused and uncertain state,
exist
as
a
candidate determined to call off the
feel themselves "on
one
say
a
mat"
more
Other Money Bills
or
ankles
pur-
fine
Know
would like to know is whether
us
tinkerers, strike the shackles from the wrists and
of the President's
excess
as
regardless of
political
the
be made.
sums
Like to
Should
We
public, if properly approached, would support
party or
organizing to drive through
to be able to say
members
the
are
with apparent reliability
billion in
a
Italian hand is to lie
seems
What
What most of
investigations and attacks should
requests for further large
same
case
Capitol Hill, and there
on
it has yet been written, of about
in the various campaigns under way.
more
the
as
little help next autumn as what has so far occurred
particular organization is, of course,
bad odor
very
subordinate present
a
far
gress, as
for the WPA.
sums
All
'
■
'
■
...
are
in
the courage to stand four-square to every
.
..
•
■
;
political
'
The Commercial & Financial
2154
Doubtless
blows.
that
wind
would find it wise to
such
even
leader
a
proceed with circumspection
Chronicle
April 6, 1940
$4,550,000 to $l,337,49o,000, and notes off $4,000,000
to $1,129,225,000. The Treasury deposited $54,-
001,000 gold certificates with the regional banks in
the weekly period, raising their holdings of such
have now
instruments to $16,101,619,000.
Other cash inmany if not most instances have interwoven themcreased slightly, and total reserves of the 12 instituselves into our economic life.
A radical operation
tions moved up $57,086,000 to $16,485,205,000. Fedundertaking to remove them with a few bold strokes -eral Reserve notes in actual circulation advanced
of the scalpel might well do too much damage to
$35,519,000 to $4,934,636,000. Total deposits with
healthy and essential tissues. Ultimately, however,
the 12 banks increased $22,635,000 to $13,824,these abnormal growths, or certainly the larger part
408,000, with the account variations consisting of
of them, must be eliminated if the economic body is
an increase of member bank reserve deposits by
to function smootldy and effectively, and there is
$101,458,000 to $12,395,460,000; a decline of the
good reason for postponing at least the beginTreasury general account balance by $7,800,000 to
nings of the process of ridding ourselves of them.
$692,077,000; a drop in foreign bank deposits by
Meanwhile the atmosphere would be considerably
$10,738,000 to $384,335,000, and a decline of other
and helpfully clarified if the ultimate objectives of
deposits by $60,285,000 to $352,536,000. The reserve
the process were clearly and persuasively presented
ratio improved to 87.9% from 87.8%. Discounts by
to the public, y The events of the past several weeks,
the regional banks increased $661,000 to $2,751,000.
and particularly those of the past week, seem to us
Industrial advances were lower by $345,000 at $10,to have increased the danger, or at least to have
138,000, but commitments to make such advances
made the danger more apparent, that the intelligent • increased $126,000 to $8,350,000.
in
tearing down the Tower of Dabel which
Deal
the New
managed to construct.
These programs
been in existence for some time, and in
has
no
voters will have
greater opportunity this autumn
no
than to give some one a
rough edges off the New Deal or perhaps
to rub the
to
replace certain of its features with other pro-
Now is
afflicted with the same infirmities.
grams
^ ^ ^ Stock Market
mandate to do what he can
the time to combat this threat and, so far as pos-
sible, make certain that an opportunity for a more
real test of fundamentals is
provided this autumn,
V
o
o
Federal Reserve Bank Statement
ALMOST entirely as a consequence of domestic
developments, the New York stock market
this week broke out of the rut in which it traveled
rather steadily since last October, and moved
sharply higher on a sizable volume of business. The
change was a welcome one, which appeared to relate
mainly to primary voting on Tuesday in Wisconsin.
**
The indications there were that the
Republican party
ONCE again the official the gold resources and js showing sound strength, whereas theBoth PresiDemocrats
supplying records in banking statistics are
divided
the third-term issue.
on
are
Excess
idle funds of the United States.
member banks
of
reserves
legal requirements showed the
over
and
Roosevelt
<ient
Garner
Vice-President
were
represented in the Democratic primary, and the lat-
sharp advance, in the week to April 3, of $140,•-
ter showed
(>(>0,000, which lifted the total to the all-time record
since Mr. Garner is in the fight to the finish, this
of
suggestion that the Democrats might split on the
Our monetary gold stocks moved
$5,820,000,000.
$57,000,000 to $18,470,000,000,
up
establishes
of the
a new
principal
while
reserves,
for the increase of
banks also contributed to the result.
was
increase of
an
month-end
requirements
obviously
portance in the currency figure.
cur-
being
of
modest
On the demand side,
upward trend in credit outstandings
noted, possibly in good part for seasonal
The condition statement
sons.
increase in business
$14,000,000 to $1,693,000,000.
This continues
101
cities.
Loans
to
brokers
security collateral also moved
statement week to
is
banks
again
This
dealers
on
$481,000,000.
noteworthy that the
once
and
$14,000,000 in the
up
are
12
Federal
Reserve
supplying the market with
open
practice has little bearing
market port-v
on
the credit
situation, and is understood to be almost entirely
a
market
matter.
For
regional banks report
a
the
week
change
drop of
political
the
corn-
plexion of domestic affairs produced a modest demonstration of enthusiasm in the markets.
Also of
importance were more optimistic indications
some
in various business spheres.
Steel exports, both to
belligerent and neutral nations, were shown to be
increasing.
The downward spiral of business ap-
peared to be at or near the bottom, as judged by
Foreign affairs seemed
important indices.
some
neither to improve nor to
played
a
deteriorate, and probably
relatively minor role in the market changes
0f the week.
The
influence of the domestic political picture
made obvious by the course
was
sessions,
of the market dur-
The tone was steady in the first two
ing the week.
with
considerably
dealings
under
the
1,000,000 share level on the New York Stock Exchange.
With the Wisconsin primary results at
hand, Wednesday, stocks of all descriptions came
into
sudden
demand
and
agains of
one
to
four
points were noted, while trading jumped approximately to the 1,750,000 share level.
no
less than
The 2,000,000
reached on Thursday, and
the small advances of that session
sufficed to place
161 issues at top levels of the year.
Added gains were noted yesterday, in a somewhat
less active session, and the net result
was an
for the week
advance that ranged from one to four points
to
April 3 the
in
open
market hold-
gains. ' Airplane,
ings by $8,550,000 to $2,466,720,000, with bonds off
and
issue
third-term
share figure almost was
Treasury securities, out of the
folio.
a
the
comprehensive tabulation of reporting banks
more
It
an
loans, for the week to April 3,
general upward trend, which also is reflected in
in
can
rea-
covering weekly re-
porting New York City member banks reflects
of
im-
Other changes in
general credit and currency situation were of
relatively minor significance.
be
Offset-
in circulation by $50,000,000 to $7,521,000,000,
rency
a
non-
deposits with the 12 Federal Re-
ting such trends, in part,
the
excess
reduction of $71,000,000 in
member and other
serve
The gold increase was one
high.
reasons
a
which likewise
surprising strength despite the machine.
prominent
issues,
while others showed lesser
steel
and other manufacturing
issues led the movement, but rails and utilities par-
Volume
The Commercial & Financial Chronicle
150
ticipated.
The demonstration afforded impressive
proof of the depressing effect
business exerted
ness
be
policies.
ended
nounced
by Mr. Roosevelt and his anti-busi-
The
November
next
brought
about
trading also reflected the
in
were
place.
quiet demand under the leadership of
States
equities.
spirit
new
High-grade investment
securities.
Treasury
Speculative
same manner
Cheaper railroad bonds advanced quite
generally to best levels of
issues
pro-
naturally
lated
equities.
other
special
1940,
buoyant
were
and
firm, and
demand,
Foreign dollar bonds advanced slowly.
modity markets
were
causes.
re-
were
reflected
likewise
part to special
The
com-
uncertain, and
in
"free
of the day this stock achieved
course
high record since 1937.
brokers
attracted
were
eration.
to
In
and
specialty
receiving primary consid-
group
Both groups pushed forward for further
gains, but higher-priced shares
retarded to
list.
selective market
a
airline
were
lethargical and
extent the progress of the general
some
The steel shares, which supplied the spark for
the recent recovery wave, again figured prominently
in Wednesday's market.
jumping from
before to in
a
little
800,000 shares the day
over
of 1,700,000 shares.
excess
Activity
marked from the start, with equities showing
increased firmness
as
trading progressed.
Corp. of America,
as
an
foreign exchanges remained
wide swings again
noted
were
sterling," with the closing level yesterday
not too distant from that of
week earlier.
a
gold shipments to the United States
Huge
reported,
were
rang-
Sales turn-
likewise, reflected the briskness of trading by
over,
was
Resultant advances
to four points were attained.
up
Wheat and other leading
The
some
a new
somewhat irregular, owing in
staples moved toward higher levels, but base metals
drifted downward.
ica, and in the
convertibleing
the gains in
on
Local traction bonds
groups
of the gains made during the current movement,
Leadership fell to the lot of Radio Corp. of Amer-
shares, the former
bonds, however, moved upward in the
as
a
change in the markets.
Listed bond
United
suggestion that these may
mere
abroad in the market
issues
sentiment and
upon
2155
>
issue,
Radio
the heaviest
was
traded in, but to the steel shares went the honors
for the most impressive gains.
pitch,
the market
search of
new
worlds to
duced fresh gains
on
Keyed to
Thursday
on
sallied
high
a
forth
in
and again
pro-
the day with the volume
run-
conquer,
niiig close to the 2,000,000
share
United
mark.
obviously in preparation for heavy spending here
States Steel furnished the incentive, and each of
by the Allies, and this contributed to
the various
the better
weakness in
market sentiment.
On
the
New
York
Stock
Exchange
touched
new
high levels for the
touched
new
low levels.
On the New York Curb Ex-
change 175 stocks touched
stocks touched
Call loans
mained
On
the New York Stock
Saturday
York
on
Stock
Exchange the sales
on
Tuesday, 834,930 shares;
on
York
Saturday
were
197,370 shares;
on
Wednesday,
Curb
Exchange the sales
on
on
Monday, 239,735
Tuesday, 196,915 shares;
on
Wednesday,
Thursday, 351,990 shares, the
on
had their moment.
group was
Evidence of
the sign for another to
be thrown into the breach, and thus activity
kept alive until
near
made inroads in the
was
the close, when profit-taking
day's advances.
Notwithstand-
ing this, generally higher levels prevailed. Yesterday the market suffered somewhat of a setback as
trading declined and
share values
developed
best showing in initial transactions.
was narrow
an
Pivotal stocks made their
The
the better part of the day
as
range
caution
ruled trades, while aviation and shipbuilding stocks
figured prominently in the last hour and closed
Closing quotations yesterday were in the
strong.
-
New
shares;
on
Thursday, 1,994,360 shares, and
the
296,080 shares;
on
Monday, 749,630
Friday, 1,256,290 shares.
On
re-
one
irregularly lower trend.
571,880 shares;
were
1,725,340 shares;
on
Exchange
unchanged at 1%.
the New
shares;
high levels and 48
new
low levels.
new
on
277 stocks
while 43 stocks
year
groups
main higher than those
on
Friday
a
week
ago.
General Electric closed yesterday at 39% against
38% on Friday of last week; Consolidated Edison
Co. of N. Y. at 32% against 31%; Columbia Gas &
Electric at 7% against 6%; Public Service of N. J.
at 42% against 42; International Harvester at 58
Satur-f against 58%; Sears, Roebuck & Co. at 87% against
largest since Sept. 13, 1939, when 467,520 shares
traded, and
were
on
Friday, 290,725 shares.
Activity in the stock market
was
brisk
on
day's leadership fell to Lockheed Aircraft Corp.,
86%; Montgomery Ward & Co. at 55% against
52%; Woolworth at 42 against 40%, and American
Tel. & Tel. at 174% against 172%.
£ Western Union closed yesterday at 24% against
22% on Friday of last week; Allied Chemical & Dye
at 179 against 179; E. I. du Pont de Nemours at
187% against 185%; National Cash Register at
14%_ against 14%; National Dairy Products at
17% against 18; National Biscuit at 23% against
23%; Texas Gulf Sulphur at 34% against 33%;
with much interest advanced for McKesson & Rob-
Loft, Inc., at 37% against 38%; Continental Can
day of last week, prompted by reports of
an
ex-
tremely favorable showing made by the country in
its
exports of steel.
According to reports, exports
in this line established
shares
from
at
were
in the
fractions to two
the
a
20-year high record.
vanguard and moved
points.
Steel
as a group
United States Steel
opening raised its level
one
point, su'bse-
quently moving to 1%, but later shaded this advance
bins
by one-eighth of
and
closed at
the
or
a
point at the close.
utility shares.
near
Equities
their best levels.
on
Stocks
The
the day
on
Mon-
day attempted to extend the recovery movement of
Saturday, and in early trading succeeded in lifting
prices to their highest point within a week.
afternoon
The
session, however, witnessed weakness in
pivotal shares and brought in its wake an irregular
trend, which persisted through the close.
shares
attracted
much
attention
and
Airline
moved
into
higher territory, American Air. Lines stock scoring
an
advance of
3% points.
Share volume
on
Tues-
day increased moderately, featured by an extension
at 48%
agaipst
against 47%; Eastman Kodak at 155%
151%;
Standard
Brands
at
7%
against
6%; Westinghouse Elec. & Mfg. at 115% against
113%; Canada Dry at 22% against 22%; Schenley
Distillers at 13% against 14%, and National Distillers at 26% against 26/
. In
the rubber group, Goodyear Tire & Rubber
closed yesterday at 24% against 22% on Friday of
last week; B. F. Goodrich at 20 against 18%, and
United States Rubber at 37 against 34.
Railroad shares were improved by more than
point the present week.
a
Pennsylvania RR. closed
The Commercial & Financial Chronicle
2156
yesterday at 23% against 22 on Friday
European Stock Markets
of last week;
Santa Fe at 23% against 22%;
Central at 17% against 15%; Union
Atchison Topeka &
York
New
A^HEERFUL securities markets were the rule this
week in leading European financial centers,
some evidence that inflationary possibilities
Pacific at
96% against 95%; Southern
Pacific at
Southern Railway at 17%
against 16%, and Northern Pacific at 8% against 8.
Steel stocks were in the vanguard of rising prices
12%;
against
13%
April 6, 1940
are
occasioning
a
movement of currency and liquid
The war factor naturally reon all markets, but was especially
fmups jnto securities.
niained dominant
United States Steel closed yesterday at
important to the European neutrals, who received
61% against 57% on Friday of last
week; Crucible
Steel at 40% against 38; Bethlehem Steel at 80%
against 75%, and Youngstown Sheet & Tul)e at 43%
ample warnings of Allied pressure to make them
fan jn ]j1)e with the blockade of Germany.
This
against 40%.
Low Countries and in
this week.
-
produced much nervousness and apprehension in the
Scandinavia, for it is rea-
,
Auburn Auto closed yester-
In the motor group,
801ied tliat
against 1% on Friday of last week;
day at 1%
55% against
General Motors at
88% against 86%; Packard at
pr0voke
54%;^ Chrysler at
compliance with British demands might
military attack from the Reich.
The
Amsterdam market was firm, early in the week, but
became depressed in later trading.
On the London
3% against 3%, and
Hupp Motors at 13/16 against %.
Among the oil stocks, Standard
a
Stock Exchange the
Oil of N. J. closed
with
Friday of last
against 11%, and
Atlantic Refining at 23 against 22%.
Among the copper stocks, Anaconda Copper
closed yesterday at 30% against 29% on Friday of
last week; American Smelting & Refining at 52%
against 50, and Phelps Dodge at 37 against 37%.
principal tendency was firm,
good revenue returns for the fiscal year con-
yesterday at 43% against 43% on
tributing to this result.
week; Shell Union Oil at 12%
veloped late in the week, at London, as the gloomy
In
aviation
the
Curtiss-Wright
group,
closed
Douglas Aircraft at 86 against 84%.
Trade
gested
industrial
and
reports
eline of the first quarter
sion
prevailed in
may
follow.
today
61.7% of capacity against 60.7% last
was
month
and 54.7%
ago,
electric
for
power
a year ago.
week
the
to
reported by Edison Electric Institute
2,422,287,000 kwh. against 2,424,350,000 kwh. in
the
v
a
of
Production
March 30
of 1940, and the impres-
Steel operations for the week ending
week, 64.6%
and 2,209,971,000 kwh. in the
previous week
Car loadings of
corresponding period of 1939.
enue
freight for the week to March 30
were
rev-
reported
by the Association of American Railroads at 628,278
gain
cars, a
and
over
As
the previous week of 8,392
over
the similar week of last year
indicating the
cars,
of 27,587
cars,
of the commodity
course
mar-
Chicago*closed
kets, the May option for wheat in
yesterday at l(X>%c. against 104%c. the close
May
Friday of last week.
May
41%c.
against
Chicago
oats at
41c.
the
on
closed yesterday at
corn
57%c. against 56%c. the close
week.
Friday of last
on
closed yesterday at
close
on
Friday
of
last
The
spot
price
for
closed yesterday at
cotton
here
in
The spot price for rubber
Friday of last week.
last
week.
In
Domestic
London
closed yesterday at
20
York
yesterday at 18.39c. against 18.19c. the close
copper
yesterday at 11 %c. to, lli/2c., the close
of
New
10.85c. against 10.79c. the close
Friday of last week.
closed
on
20%
the
pence
on
closed
Friday
price of bar silver
per ounce
against
7/16 jience per ounce the close on Friday of last
week, and spot silver in New York closed yesterday
at
3434c., the close
In
fers
These
departments during the early
gains were modified only a little in
the
The Berlin Boerse wit-
sharp price advances on modest turnover,
gains being $o pronounced as to arouse official
Here, also, the bulges were modified in a
small selling movement
during late sessions of the
week.
•
:Diplomatic Documents
/^VERMAN authorities provided a small ctiplomatic sensation, over the last week-end, by
publishing a series of documents allegedly drawn
D'°m the extensive archives found in Warsaw after
Bie Nazi army swept over Poland!, last September.
The material selected apparently related in large
l>art to conversations said to have been held by
Polish Ambassadors in Washington and other capitals, before the outbreak of the great European contlict. The "evidence" thus compiled in a German
White Book was intended to show, according to
Berlin reports, that the United States shares responsibility for the Polish attitude which resulted
*n Bie German attack. Any such far-fetched interpretation is simple nonsense, and was ' properly
branded as such in a noisy chorus at Washington.
President Roosevelt declared that the charges must
be taken, notyith cfoe grain of salt, but with two or
Biree grains. Secretary of State Cordell Hull, who
spends all his
tim^on his trade treaty
program, de-
.—clared that lie had never heard of the alleged con-
week.
011
recorded in all
sessions.
quarters that improvement
some
estimated by American Iron and Steel
were
Institute at
at
sug-
leveling out of business after the long de-
a
were
concern.
of the week
Trading on the
active/and sharp advances
presentation was contemplated.
paris Bourse was rather
nessed
26% against 23, and
Boeing Airplane at
prospect of heavy additional taxation in the budget
gubsequent profit-taking.
yesterday at 10% against 10% on Friday of last
week;
A little uncertainty de-
on
(lie matter of
on
London closed
$3.5234 the close
transfers
on
on
Paris
against
*
Friday of last week.
foreign exchanges, cable trans-
yesterday at $8.5834 against
Friday of last week, and cable
closed
the close
2M1/ic.
on
yesterday
at
2.02%e.
Friday of last week.
versations, and added that iie gave the reports "not
tlle slightest credence." Count Jerzy Potocki, the
Polish Ambassador to the United States, denied
tlie allegations attributed to his reports. William
c- Bullitt, our Ambassador to France, denied that
,le ever llad ma<le to anyone statements attributed
t'ie alleged documents,
The German White Book nevertheless is interestBoth on its own account and because of the
varying statements made by those concerned. Mr.
Bullitt, whose diplomatic finesse is regarded as little
superior to that of the inimitable .Tames H. R.
Cromwell, American Minister to Canada, is charged
^">th having told Count Potocki that the United
States unquestionably would participate in a general European war and "finish it" 011 the side of the
Volume
Ambassador
Allies.
urday, and supplied a good deal of gratuitous advice
for neutrals.
"There would be no justice," he said,
Joseph P. Kennedy is said to
have assured the Polish Ambassador to London that
would
he
British
urge
cles the German
assist
to
"if in
Poland
Mr. Kennedy
down
Congressional cir¬
some
One
two
or
official
pointed out that the sentiments attributed to Mr.
Allied intention of
Bullitt could
but
hardly be called at variance with his
public addresses.
The first
posed by the German White Paper.
the
cerns
tion
to
of
Mr. Bullitt and Mr. Cromwell to
as
posts during these critical times.
available
as
to the latter
No information is
fect
TRADERS of the two belligerent factions hurled a
European
actual
tendency of the conflict quite obviously
blockade
toward
on
Allies and counter
A
great offensive
be
the
costly in
tinued
high
aerial
the
cause
ish
spokesmen
ously in
Chamberlain
fected
submarine
to
session
a
a
and
activity
it
the
Air
con-
on
all sides.
particularly vociferous,
a more
on
war
are
conclusion
on
that
one
keep such supplies from reach¬
Still another speech was made by
by
"As the war goes on," Mr. Chamberlain
one.
drain the lifeblood out of our enemy." A confidence in victory 10 times as great as that at the
more
Premier
national
interests
a
are
not
were
subjected to
over
finally have deter-
means
pressure
on\aeuon
Winston Churchill, First Lord
Admiralty, took to the radio last Sat-
l
no
seem
broadcast
on
Wednesday
to allay
Speaking
are
strong enough to win, and would accept
"phoney"
peace.
The war itself is not ."phoney"
in any respect, according to the Premier, who de-
necessarily
Economic pressure will be intensified, it tvas
military front.
radio
.
Reynaud endeavored in an inter¬
English, M. Reynaud asserted that England and
France
remarkable
London dispatches indicated
plain that this
•
Paul
suspicions about the conduct of the war.
in
Anglo-French blockade seemed
their
in full force.
little.
fight "with their gloves off," and it quickly
of the British
now
the purchase of minerals, fats
commented, "the strangling effect will more and
whenever
suggested, in order to force the Reich to attack
the
He revealed that the Allies
on
the Prime Minister on Thursday, and again lie indicated that leaks in the blockade are being stopped
gives the word, but such bombas¬
mean
barrage.
made
as
All
pressure.
contain clauses regulating exports
concentrating
ing the Reich.
Wednesday to
for the Reich
the last week-end that the Allies
was
surrounding the Reich
start of the conflict was expressed by the Prime
policy.
war
identical with those of the Allies
trals.
according
Minister, who thought that Herr Hitler "missed the
bus" at the start, of the war by neglecting to attack
on
perturb the British spokesmen to
mined to
Much already has
growing economic
and oils in order to
France,
degree, this week, and the neutral nations who
verbal
the
Chamberlain said.
stringent
In
so.
aim of blockade,
by neutrals of their own produce to Germany, Mr.
secret Parliamentary
policy.
of
these agreements
his countrymen, and he acceded
The "leaks" in the
a
The policy
Minister, who listed war trade treaties
obvi¬
But Mr. Chamberlain
a
policy to do
evidence
Germany, and indicated that
request for
her
done toward the
with most of the neutrals
Prime Minister Neville
war.
ponderous pronouncement
think
wage
The
tic utterances
to
to
Marshal, Hermann Wilhelm Goering,
Chancellor Hitler
to
determined
He inveighed at length against what he
Brit¬
to growing restlessness at home
debate
successful
a
are
"double-standard neutrality."
to the Prime
Possibly be¬
the effect that warfare in the West will be carried
to
a
suited
been
remained indecisive, stren¬
resorted to
agreed to secret debates
a
called
Reynand found his position threatened and
German
now
per¬
Great
find the situation changed, Mr. Chamberlain
may
finally recognized the unrest and ef¬
appease
for
Premier
made
as
were
lines
modest scale.
moves
were
were
Thursday to
also
land
the
neutrals ought to fall in line.
failed
considered "a
murder the nationals of neutral countries whenever
over
economic blockade of
on
was
lias not hesitated to destroy neutral property and
consent,
There
He called repeatedly for
nesday.
which
France
and
declared.
was
partial reorganization of his Cabinet, Wed¬
a
Tuesday, in an address before the
on
Commons
con¬
the conduct of the
over
entirely unofficial.
were
regard for neutral rights, he said, whereas Germany
a
on
response
The week¬
rather absurd claims
far
common
and materials.
military
assertions
uous
aggression."
some
the Western Front seemed to
on
German
tinned, although
brought
of the Allies has been determined by a scrupulous
attacks
and
seas,
neutrals
by the German Reich,
measures
men
very
economic warfare to the utmost, and neutrals well
part of the Anglo-French
virtually ruled out by
too
the
prelude to tightening up the blockade."
Britain
the great
its eighth month, but the
entered
war
as
that
at the hands of Nazi out¬
contiguous to the Reich, and vague guesses
nomic attack
point.
threats at each other
Su¬
any
Prime Minister Chamberlain returned to the eco¬
Blockade Warfare
many
denied
sharply increased American exports to neutral
House of
good
now
but these comments
making the documents public and in attempt¬
ing to distort their significance.
Churchill
about British interferences with traffic on all seas,
the motives of the German authori¬
concerns
Mr.
of future
means
discussion
countries
The
decisions
actual
the sea should be forced to supply Germany
the
end
and impulsive
permit such inexperienced
retain their
ties in
with
the
London meeting of the
dragging neutrals into the fray,
suffering
are
rages 011
con¬
willingness of the Roosevelt Administra¬
representatives
second
which
Only two real problems thus are
of
"fantastic
it
held
he
a
Council.
War
preme
The speech supplied the
intimation
week in
reached last
observers
Washington
him remain
first
the foreign policy of the Koosevelt Ad¬
on
ministration.
sentiment of humanity and if those who
entangled in the tatters of vio¬
every
lated legal conventions."
the White Book
on
mortal struggle the aggressor tramples
a
resist
publication produced demands for
Nazi propaganda,
on
itself, and
In
comment.
to
inquiries
leaders
Questioned in London,
financially.
declined
2157
The Commercial & Financial Chronicle
ISO
.
elated that France has forged the weapon against
the insincere totalitarian Reich and now would prbceed to use it. Field Marshal Hermann Wilhelm
Goering delivered an address in Berlin, on Wednesday, which possibly impressed the Nazi youths to
whom he spoke.
The official summary of this "mes¬
sage" was to the effect that Chancellor Hitler has
prepared the forces of the Reich for "a decisive blow
in
the
West."
A
blow
similar to
that struck
at
The Commercial & Financial Chronicle
2158
Poland
will
be
delivered,
"when the time
termined
make
to
Political
comes
repercussions of the collapse
not
have
V
England and France
developments in
Finland
Germany is de-
end of this war."
an
made it clear that the
of
said,
Goering
General
to show that
yet
their full course,
acknowledged tlie dis-
run
Prime Minister Chamberlain
people by effecting some in-
content of the British
teresting, if not especially important, changes in
his
Cabinet,
:
In obvious response to
Wednesday.
jwpular clamor, Winston Churchill was placed at
of
the head
Wood
a
Sir Kingsley
strategy board.
war
by Sir
replaced at the Air Ministry
was
Lord Chatfiekl was relieved of his
Samuel Iloare.
post as Minister for Coordination of Defense,
the War Cabinet thus was reduced to
A number of other
from nine.
Cabinet did
and in
agreed to
eight members
It
on
The French
Cabinet of Premier Paul
encountered
Scandinavia is
Reynaud also
The Radical-
vigorous prosecution of the war.
Socialist faction asked for
the
receive
votes than
more
next week and to
Chamber of
a
Chamber
bers of the
continue
to
the
A military court in France
imposed,
were
--
Reports of the actual fighting differed little, this
week, from those of many previous weeks of what
Mr. Chamberlain
of
Some
wars.
Western
the
once
admitted
artillery duelling
was
noted
the
than
losses
of
their
ropped down
done
bombing
by
erlin asserted that damage
German planes
were
reported Thursday.
over
the
loss of
sea
an
on
airplane
On Thursday
huge British
was
stated in Lon-
reports emanated from Denmark
Norway of
spect.;
a
successfully fought off six German fighting
developing naval battle in the
a
Sea, between large cruisers of the opposing
fleets, and
feasible.
becomes
Allied financial
-
to
a
destined
seems
Rumania is
to
a
point of
In apparent response
resources.
German request
for additional supplies from
Rumania; Bucharest indicated that 4,000,000 youths
would be put to
work
on
farms this coming summer .
But Rumanian oil is to be distributed
an
obvious view to
Thursday, that bauxite
Adriatic
French
warned by Britain,
was
cargoes
transported through
London transferred to
might be seized.
authorities, late last week, two Russian ships
sejzed jn the Pacific,
are
but the meaning of that move
Russian spokesmen indicated
jg far from dear.
they
carefully, with
preserving good relations with all
Yugoslavia
belligerents.
not inclined to view such matters
that
patiently,
japan presented the astounding spectacle, Thursday,
threatening
action against
British interfex'ences
with Russian ships in the Sea of Japan.
the gea fa
^
j
anese
In Japanese
lake, and the British were
d to be careM of j
two, while claiming equal
or
enemy.
Persistent
North
problem
the Baltic ice melts and transportation through
sea
shipping
A number of "dog-fights"
planes, downing two of them, it
don.
convoyed
Aerial
this
background of diplomatic maneuver-
se
sensibilities.
developed, and London admitted the
damage to the
bomber
planes
The supply of iron ore
conflict, with German military propinquity balancing
warships, while the British
Pfpmptly denied any damage whatsoever.
attacks
any
the British anchorage at Seapa
on
ritish
to
planes, without
German
own.
uesday, and
ow,
was
Sunday to have downed
French
seven
^
that
fought, with each side claiming the victories.
less
and
on
of opposing airplanes met
groups
The Germans claimed last
no
"the strangest
was
Front, and scouting activity continued. In
air, sizable
and
ing>
mem-
guilty of illegally attempting
imprisonment
time during the active phase
any
But
recede into the
proscribed party and sentences of
four to five years
the leaders of Norway and
confident of preserving their
Germany by Sweden and the shipments of the ore
discussion.
general debate thereafter in the
Deputies.
of greatest dispute,
through the Norwegian port of Narvik aroused much
Senate debate of his policies
Wednesday found 44 former Communist
on
t0
M. Key-
his first test.
on
areas
0f the Russo-Finish conflict.
resignation of the Premier if he should fail to
naud agreed to a secret
of the
now seem more
neutrality than at
vote of confidence and
a
unbearable influence,
one
hut it is significant that
Sweden
anywhere, since undue
crucial stage
0f the side exerting
difficulties, notwithstanding its pledge
of
a
might only result in adding to the enemies
pressure
Thursday Mr. Cham-
Russia, Italy and Japan,
as
doubtful, however, whether matters will be
pushed to
secret war debate next Aveek.
a
seems
the smaller
concern among
mixed with resentment in the
concern
larger neutrals, such
changes of lesser im-
with these changes, however,
cease
Commons debate
a
berlain
not
Reich occasioned
States, and
Popular criticism of the
portanee also were made.
enlarged supplies from neighboring States, and the
British Government moved for added restrictions on
trade with the Reich. With the Allies apparently
determined to fight it out on economic lines, incidents involving the neutrals doubtless will increase
in the future. German negotiators moved through
the Balkans, this week, and were reportedrvgriously
to be purchasing oil and wheat in Rumanik^arranging for bauxite shipments through Yugoslavian
territorial waters, and contracting for generally increased supplies over the land routes which the
British cannot close with their Navy. The numerous
warnings from London of pressure to halt shipments
to the
and
Amil 6, 1940
some
of the accounts
were
fairly circum
The British Admiralty announced
day the scuttling of
a
on
Tues-
German merchant ship, inter-
cepted in "northern waters," and at the same time
made it known that
sunk, with all the
a
German submarine had been
crew
Russian
w
-
,y.
x
_
LJIGHLY important m the present Europeairsitua^on *s Soviet Russian policy, which was
elucidated to some degree late last w eek by Vyacheslaff M. Molotoff, Premier and Foreign Minister of
the Moscow regime. Speaking before,a meeting of
Supreme Soviet, M. Molotoff is officially re¬
Ported to have outlined a strictly neutral policy in
the §reat EuroPean war> while endeavoring to condone the Russian attack upon little Finland as a
defence measure.
and French
vs.
Policy
Time and again the Russian
spokesman leveled bitter accusations against British
but the captain rescued.
Belligerents
.
,
Neutrals
njng
an
"imperialists," who were said to be plan-
attack
upon
Leningrad and Moscow by way
FRICTION between the belligerents ofinthe great toff found it In order toto quote this view, appearing
of Finland.
support editorials M. MoloEuropean
and the
neutrals
all parts
war
of the world
necessary
many
appeared to increase, this week,
as
the
German Nazi authorities endeavored to arrange for
in the British press as far back as 1919.
The Russian
gains in the "defensive" war against Finland were
.
Volume
carefully listed, however, and the assertion
added
of the total
000,000 rubles.
Russian
Premier
scoffed at reports
and
Minister.
Foreign
that the settlement jeopardizes the
that Russian troops were
out
States
withdrawn from the
and
Italy
Sweden,
described in detail and
was
the
United
attributed gen¬
erally to the hostility of "imperialist States" toward
good only with Nazi Germany, with the par¬
tition of Poland cited
as an
indication thereof.
between the Reich and Russia is
and further
gains
relations with
ferent
deserve the closest attention
Trade
increasing rapidly,
But
be expected, it appears.
can
dif¬
M, Molotoff remarked, because the
England and France have taken
course,
a
as
recent French
more
Ambassador,
held due to
flict
against
The French
Russian trade headquarters in Paris,
illustrative of
was
imperialists in their struggle for
hegemony against Germany."
on
cited in the address
were
Russian refusal to
a
But the
Reich.
the
nevertheless is
request for the recall of
"policy of revenge" which in turn
a
unswerving
an
one
join in the
sequence
The
con¬
by
Scandinavian ports
was
satir¬
"fantastic."'
Russian relations with the United States
nor
by M. Molotoff
worsened, "if
we
as
do not consider the moral
bargo against the Soviet Union."
ments
carefully, but there
con¬
was
no
all develop¬
indication of
a
changed attitude with respect to any of these coun¬
The hint
tries.
will be
no
which
was
was
conveyed to Rumania that there
forcible attempt to regain even
seized
Bessarabia,
by the Bucharest authorities at
Other countries found in the Molotoff declaration
no
reason
whatever
to
change
their
viewpoints.
Secretary of State Cordell Hull made it plain in
Washington Tuesday that the "moral embargo" on
shipments to Russia of airplanes and certain other
materials of
use
in wartime would be continued.
British attitude, according to a
the
New York
The
London dispatch to
"Times," is that London is equally
East of the
Robert
Sir
Press,
Britain and
an
new
be made for Germany.
international radio address on Wednesday the
French
Premier,
Soviet Russia
as
a
can
Reynaud,
Paul
referred to
"betrayer" of democracy and
"accomplice" of Nazi Germany in aggression.
Italian press had
an
The
notwithstanding some
sharp criticism of Italy in the Molotoff speech.
little to
Rumania and Turkey
declaration,
Southeastern
since
say,
gained some comfort from the
it seemed to
promise peace in
Russia is concerned.
A Soviet budget for 1940 was presented before the
Supreme Soviet last Saturday and military expendi¬
tures are increased to 57,000,000,000 rubles, from
40,885,000,000 rubles for 1939, which set the pre¬
Europe,
so
far
"an extension into the Far
Japan,
as
island regimes
as
the fringes of
on
great continents, are ultimately striving
for the same
objectives of "lasting peace and the preservation of
from
institutions
our
national policies
of
Differences
beyond the
powers
of
statesmanship, he said, to "bring the
of their
aims
subversive
and
extraneous
It is surely not
purpose
into full harmony."
and outlook were admitted
by the British Ambassador, but he added that they
of misunderstandings
have been "overlaid by a mass
and
misrepresentations, and all too often fostered by
third parties."
the unwelcome attentions of interested
These startling
faction in
declarations occasioned much satis¬
Japan, but
a
corresponding uneasiness in
the United States.
Taking cognizance of the Ameri¬
the
British Government endeavored
reaction,
can
last
Wednesday to bridge the awkward difficulty by
upholding Sir Robert, while still expressing support
Viscount
for the Chinese defenders of their country.
Halifax, the British Foreign Secretary, stated in the
British
nizes
in
Nationalist
the
wishes to
on
has been
see
regime
no
change of
London
policy toward the Far East.
recog¬
Chungking, but
at
the undeclared war of
aggression settled
equitable terms, Lord Halifax said. The debate
the House of Commons brought Richard Austen
Butler, Foreign Office spokesman, to the fore. Mr.
Butler said he had been authorized by Sir Robert
Craigie to
say
that the Tokio address was not intended
change in British policy.
however, Lord
In
as
dijdcpnatic phase of the European war."
made the astonishing: comment that
if
doing trouble
the British attempt
diplomatic circles, according to a dispatch to
to
so
was
placate the Japanese that it was interpreted in
ready to be friends with Russia or to fight with her,
by
So obvious
Japanese capital.
to
House of Lords that there
the end of the World War.
Ambassador to
tinguished gathering of Japanese and Britons, in the
em¬
Balkan nations
warned that Moocow is observing
were
were
having neither bettered
London's
speech delivered March 28 before a dis¬
a
constructive
The reputed
Craigie,
Robert
Sir
Tokio, in
Russian policy
expansion in the East were labeled
sidered
ag¬
of the Japanese invasion of China, proper:
of "neutrality,"
ized, and claims that Russian plans a march on India
or
the
abrupt change of British policy was made known
influences."
according to the Russian spokesman.
Russian aim of seizing
By
gressions of the Japanese militarists and the immense
Tokio
the Russian
presage
newly conciliatory
a
have been adopted despite
to
seems
the Associated
and the
possibly
British Government toward Japan,
of the
attitude
which
British and French
police raid
may
weighty of these is
Soviet Union "did not wish to become the tool of
world
they
damages inflicted upon British interests as a con¬
-
significant that M. Molotoff found Russian
relations
observers of
SEVERAL recent developments ofinallthe Far East
international affairs, since
far the most
the Soviet Union.
It is
Diplomacy
military aid rendered to Finland by
France,
was
X-A;''v
changes of far-reaching scope and importance.
The
Britain,
Far Eastern
in order to leave Finland with an Arctic
area
outlet.
,:■ _^V-.v;,'
He
independence of the small Baltic country and pointed
Fetsamo
military outlay is nearly 32%
contemplated expenditures of 179,700,-
safeguard Leningrad and Murmansk, according to
the
The
record.
vious
The basic idea of the peace treaty was
settlement.
to
was
displayed "magnanimity" in the final
Russia
that
2159
The Commercial & Financial Chronicle
ISO
suggest
for the
a
Craigie speech.
not been submitted in
the
fact
that
In the Lords,
Halifax accepted full responsibility
Sir
He added that the text had
advance to London.
Robert
is
an
Save for
accomplished and
experienced diplomat, this might suggest an incident
comparable to the recent Toronto speech of our own
James H. R. Crom¬
inimitable Minister to Canada,
well.
Sir Robert, however,
has not departed hereto¬
required in diplo¬
fore from the cautious correctness
matic utterances.
Giving full value to the London
"explanations," it still would appear that a new
has arisen which not only reflects the
situation
diplomatic phase of the European war,
an
interesting light on that conflict, as
but throws
well.
The Commercial &
2160
of profound importance
Another incident
East
Far
the
was
inauguration
Saturday, of the puppet-regime of Wang Ching-wei,
former associate of Generalissimo Chiang Kai-shek.
Premier
Wang
installed by the Japanese, who
was
supplied the only foreign background for the esta¬
blishment of a new government.
It was made plain
China
with
waged by Japan against
expected by the aggressors to cease,
inaugural that the
is
now
rates
Present
banks.
relationships to
Effective
lists
real Nationa¬
completely unimpressed, however, and
Chungking
was
Skirmishes
were
assistance
counted upon
by the defenders.
the
and
an
southern provinces
the
Indo-China into
proper,
of China,
expressed in all utterances. The stand taken by
United States remains unaltered, according to
made
statements
State Cordell
of
horrence
that
of
Reiterating the American ab¬
would
Government
States
Rate
3
Aug. 29 1939
2
Hungary
4
Aug. 29 1935
4X
India
3
Nov. 28 1935
Italy..
4H
May
3.29
Apr.
18 1936
7 1936
3
Jan.
14 1937
6
July
15 1939
7
May 28 1935
4
Sept. 22 1939
Dec. 17 1937
3M
Aug. 11 1937
4M
May
5 1938
4H
May
15 1933
4a
Holland
.
_
16 1936
July
18 1933
Lithuania..
Chile
Dec.
3
Canada
Mar. 11 1935
Jan.
1 1936
3M
Morocco
5
Norway
...
i"
Japan.....
5
Java
Danzig
4
Jan.
2 1937
Denmark
sy2
Oct.
10 1939
4H
Poland
6^
4H
4H
Eire
3
June 30 1932
3X
Portugal
4
vakia..
Rumania
3
26 1939
...
sy2
England...
2
Oct.
Estonia
4H
Oct.
1 1935
5
4
Dec.
3 1934
4
France
2
Jan.
4 1939
2H
Sweden
Germany
4
Sept.22 1932
5
Switzerland
6
Jan.
4 1937
7
Yugoslavla.
Finland
...
..
Greece
*
.
.
South Africa
ax
*4
Spain
H
Mar. 29 1939
15 1939
3X
5
3.65
4
5
5
2H
3
1H
Nov. 26 1936
2
5
,
Dec.
Feb.
1 1935
6
H
Not officially confirmed.
Foreign Money Rates
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%, as rates 1 short
on
on
were
Thursday of last week and 1 1-32@1
three-months'
bills,
Friday
1-16% for
against 1 1-32@1 1-16% on
as
Money
Thursday of last week.
call at London on
on
1%.
was
Mr. Hull stated
aggressive measures,
United
the
Secretary
by
Saturday
last
Hull.
vious
7
51940
French
unrelenting hostility to the aggressors
Date
Effective
2H
1 1936
Aug. 15 1935
4
__
Jan.
6
2H
3
Bulgaria.
Mar.
Repairs were rushed
"supply" line of railway running from
the
was
its
supplied at Chungking, Monday, that
of Russia and the United States is
and hints were
on
of the
regime
resistance to the invaders.
reported this week at various points,
continued
calmly
the
Rate
3H
.
Pre¬
Effect
Apr. 5
Country
vious
2
Argentina.
Belgium
are
Rate in
Dale
Effect
Czechoslo¬
The
leading centers
the
follows:
Pre¬
Rate in
Country
Colombia
follow*
any
at
rates
shown in the table which
war
period of improved economic
a
Central Banks
THEREdiscount no of
have been changes during the week in
the
of the foreign central
Apr. 5
at the
April 6, 1940
Discount Rates of Foreign
in the
Nanking, last
at
Financial Chronicle
Bank of England
Statement
not
THEsharp decrease the week ended April 3 shows
statement for of £20,753,000 in public de¬
recognize the Wang puppet regime.
a
Panama Debt
corresponding gain of £22,031,895 in
Heavy expenditures of the Govern¬
during the first few days of April customarily
posits and
Proposal
other
OFFICIALS yesterday announced formally a pro¬
of the Central American Republic of
Panama
posal for the readjustment of the $18,000,000 external
indebtedness of the country
been in
which for
some
time has
registry with the Securities and Exchange
The registration
Commission.
clared effective
statement
Commission.
Thursday by the
on
de¬
was
Under the Panaman
proposal, holders of $11,313,500
5% bonds due 1963
may
principal amounts of
some
interest
upon
new
will also receive payment of back
years,
at
refund $3,603,000
new
securities
4lA%.
indicated
and it is then proposed to
5J^% bonds of the Republic with,
funds realized from
than
Contingent
4%, if the plan succeeds.
assents of 80% of the holders of 5s, the plan
will be declared effective,
000
3 l/i% bonds due 1994.
bonds, which have been in complete default
These
for
obtain, in exchange, equal
a
public
carrying
or
private sale of $4,000;-
a coupon
rate of not more
That the proposal has some merit is
by
a
recommendation for acceptance made
a
deposits.
ment
heavily into its deposit account,
cut
of
public account
of the
extraordinary circumstances existing. However, both
beginning of the current month in the
were
larger than usual this year, it is because
trends in the
same
pronounced.
Other deposits consist of bankers' ac¬
rose
£22,801,844 and other accounts
which
counts
which fell off
period of 1937, were even more
Note circulation showed the
weeks, declining £663,000
£769,949.
first contraction in several
to
£542,443,000 compared with £491,451,493 a year
As the circulation drop was offset a
ago.
loss of
to
£40,008 gold, the gain in reserves
other
advances which fell
£2,888,439, and securities which increased
The
179.
reserve
21.8%
parison of the different items for
erally to withhold from
internal
No
revenues
bondholders
a
variety of
a
week
BANK OF
pledged for payment of 5% bonds.
and this
disregard by Panama of
clearly expressed
pledge presumably should interest
It is reported,
Department.
that the
a
on
States and Panama
United
our
State
the other hand,
Governments,
alike, have taken the view that Canal annuity
under
the
1936
treaty differ
pay¬
from those of the 1903 treaty,
diplomatically
the effect being that
only $250,000 annually is applicable to debt service
by Panama, out of the $430,000
by the United
States.
now
pledged by Panama for debt service, and
teresting
taken
complications
thus
appear.
some
in¬
by the Foreign Bondholders Protective Council
several years:
COMPARATIVE STATEMENT
April 5,
April 6,
April 7,
AprU 8,
1939
1938
1937
1936
421,415,710
542,443,000 491,451,493 489,694,053 469.969.887
9,604,555
12,833,497 24,511,608
22,390,000 16,041,715
132,475,354 149,206,180 133,198,118 130,582,291
Other deposits
162,185,857
91,946,598 112,446,658 94,830,836 93,439,994
Bankers' accounts. 120,768,784
38,367,282 37,152,297
Other accounts...
41,417,073 40,528,756 36.759,522
Govt, securities
137,604,000 100,351,164 111,886,164 101,071,806 93,861,996
Other securities
26,382,399 29,994,143 30,270,387 29,696,350 23,465,172
9,773,482
7,394,953
8.485,529 10,120,191
Dlsct. & advances.
3,205,336
Public deposits..
Securities
Coin and bullion
Proportion ol reserve
to liabilities
23,177,063 21,508,614 20,150,196 22,301,397 13,691,690
38,815,000 35,813,659 37,555,813 44,614,001 40,533,754
1,258,064 227,265,152 327,249,866 314.583.888 201,949,464
24.1%
2%
21.0%
2%
Bank rate
Gold val. per fine oz_
168s. 148s.
6d. 84s.
28.91%
28.30%
2%
23.1%
2%
11 yd. 84s.
2%
HHd. 84s.
U^d.
Bank of France Statement
was
The ..view
probably is competent, in the circumstances.
ENGLAND'S
Circulation
paid annually
The original annuity
Following we present a com¬
1940
Reserve notes & coin
ments
ago.
April 3,
foreign exchange problem is believed to exist,
financial
£151,-
proportion dropped to 21.0% from
It
however, that Panama decided unilat¬
Other
securities
securities consist of discounts and
off
little by a
amounted
£3,415,000
Government securities rose
decreased £2,737,260.
£623,000.
and
by the Foreign Bondholders Protective Council, Inc.
appears,
generally swollen
opening of the month by the large tax receipts
March.
If the rise in March and fall at the
at the
'HE statement of the
T
Bank for the week ended
March 28 showed notes in circulation
032,000,000
francs in the
francs,
an
increase
of
at
156,-
1,089,000,000
week, compared with the record high,
Volume
The Commercial & Financial Chronicle
150
000,000
awarded
a
year
bills
commercial
French
agof
dis¬
counted, advances against securities, and temporary
advances
State gained 564,000,000
to
francs, 124,-
total of
84,613,933,114 francs, compared with 87,265,942,141
francs
a
year
Balances abroad showed
a
loss of 10,000,000 francs
for
francs.
show the different items with comparisons
we
previous
years:
BANK
1%% for 00 to 90 days, and 1%% for four to
New York
Mar.
for Week
a
1939 Mar. 31,
30,
1938
Francs
Francs
+265,304 84,613,933,114 87,265,942,141 55,806,959,832
17,762,593
13,155,271
49,000,000
—10,000,000
b Bills bought abr'd
Note circulation
8,894,352,021 10,320,843,437
827,005,253
744,598,968
3,825,027,661
3,331,847,576
+ 564,000,000 12,253,000,000
*70,013,783
_
Adv. against securs.
3,476,000,000
+ 124,000,000
+ 1,089,000,000 156032,000,000 119748 ,219 510 98,094,589,565
DEALING in detailfrom day toloan rates on the
with call day, 1%
the
Stock Exchange
was
ruling quotation all through the week for both
loans
renewals.
and
+200,000,000 20,549,990,139 20,627,440,996 38*573,974,773
Propor'n of gold
on
hand to sight liab.
*
62.15%
49.35%
—0.25%
V
has
quiet this week, particularly during the
been
Paper has been in lighter supply
the demand has held
past day or two.
last
than
although
week,
Ruling rates are %@ 1% for all maturities.
strong.
Bankers' Acceptances
T^HE market for
1
shown
Figures as of Feb. 29, 1940.
Includes bills purchased in France,
the process of revaluing the Bank's gold
been
have
Dealers'
little
rates
days
are
for four
of March showed notes in circulation at
record
high of 12,175,551,000 marks,
an
reported by the Federal Reserve
as
%% bid and 9-16% asked.
month
ago and 8,310,944,000 marks a year ago.
Bills of
exchange and checks also rose to a new record high
of
a
12,241,518,000 marks, compared with the
vious
Discount Rates of the Federal Reserve
'HERE have been
holdings
rose
000
also shown in investments of 15,503,-
marks, in other assets of 123,546,000 marks and in
other
daily
marks.
fell
was
maturing
The
off to
obligations
110,821,000
of
proportion of gold to note circulation
0.64%, the lowest
schedule of rates
of paper
record, compared
on
the
0.92%
previous low,
a
ago.
year
items with
0.65%,
Below
we
March 7, and
on
furnish the various
banks;
are
shown
The following is the
the table.
in effect for the various classes
now
at the different Reserve
banks:
FEDERAL RESERVE BANKS
Rate in
April 5
■;
Boston
Date
Previous
Established
Rate
v.
Effect on
Federal Reserve Bank
T h.;
Sept.
li 31939
IX
New York...
1
Aug. 27, 1937
IX
Philadelphia
IX
IX
Sept.
2
IX
4, 1937
May 11, 1935
Aug. 27, 1937
Atlanta
*1X
Aug. 21, 1937
2
Chicago
*1X
Aug. 21, 1937
2
St. Louis
*1X
Cleveland
-
Richmond
2
2, 1937
2
2
3, 1937
2
Aug. 31, 1937
2
*1X
Sept.
nx
IX
-
2
Aug. 24, 1937
Sept.
IX
Minneapolis
Kansas City-...,*Dallas.........
San Francisco
with
Banks
changes this week in the
Government obligations
DISCOUNT RATES OF
total of 77,632,000
a
marks, compared with 70,772,000 marks a year ago.
An increase
in the footnote to
a
a year ago.
181,000 marks to
no
rediscount rates of the Federal Reserve
recent advances on
month ago and
The Bank's gold
high, 11,824,795,000 marks
8,180,030,000 marks
pre¬
The
%% for bills running from 1 to 90 days.
a new
increase of
11",877,237,000 marks
previous high,
and including 90
%% bid and 7-16% asked; for bills running
months, 9-16% bid and J/2% asked; for five
buying rate of the New York Reserve Bank is
649,319,000 marks in the quarter, compared with
the
Prime bills
and the demand has been light.
Bank of New York for bills up to
bill
'HE statement of the Bank for the last quarter
prime bankers' acceptances has
activity this week.
scarce
and six months,
Bank of Germany Statement
1%% for four to six months'
The market for prime commercial paper
maturities.
45.84%
b Includes bills discounted abroad,
c In
under the decree of Nov. 13, 1938, the
three entries on the Bank's books representing temporary advances to the State
were wiped out and the unsatisfied balance of such loans was transferred to a neW
entry of non-interest-bearing loans to the State
Revaluation of the Bank's gold (at 27.5 mg gold 0.9 fine per franc) under the
decree of Nov. 13, 1938, was effected In the statement of Nov. 17, 1938; prior to
that date and from June 30, 1937, valuation had been at the rate of 43 mg. gold 0.9
fine per franc; previous to that time and subsequent to Sept. 26, 1936, the value
was 49 mg. per franc, and before Sept. 26, 1936, there were 65.5 mg. of gold to
the franc.
The present-value is 23.34 mg. gold to the franc.
a
new
The market for time money
Rates continued nominal at 1%%
quiet.
Temp, advances to
State
-
to 90 days and
—227,000,000 15,416,000,000 20,657,442,602 23,642,719,300
Credit current accts
c
28,
Francs
<
Francs
1940 Mar.
French commercial
bills discounted.
'
Money Rates
COMPARATIVE STATEMENT
Changes
Gold holdings
Credit bals. abroad-
Exchange held to
six months.
up
i
Stock
% for all transactions, while time loans remained
continues
FRANCE'S
OF
York
par
49.35%;
and creditor current accounts of 227,000,000
Below
New
the
on
_The proportion of gold to sight
a year ago it was 62.15%.
ago.
liabilities fell off to
and
Monday,
at
Call
at
a
last
slightly under that costless borrowing figure.
loans
1
slightly to
bills
obligations; either
very
The Bank's
rose
the
or
000,000 francs and 200,000,000 francs respectively.
gold holdings
discount
91-day
156,150,385,560 francs Feb. 29, and 119,748,219,510
francs
2161
Sept.
3, 1937
2
obligations bear a rate of 1%, effective Sept. 1, 1939.
Chicago; Sept. 16, 1939, Atlanta, Kansas City and Dallas: Sept. 21, 1939, St. Louis.
*
Advances on Government
Course of Sterling
comparisons for previous years:
Exchange
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Assets—
Relchsmarks
Gold and bullion
+ 181,000
Of which depos.abr'd
Investments.
c40,522,000
+ 15,503,000
__
143,604,000
+ 123,546,000
*...;
_
77,632,000
a
..
.
Reichsmarks
+ 686,456,000 12,241,518,000
c545,310,000
Silver and other coin..
Other assets
30, 1940
a
Res. In for'n currency.
Bills of exch. & checks
Advances
Mar.
1,821,856,000
Mar. 31,1939 Afar.
Reichsmarks
31,1938
Reichsmarks
70,772,000
20,333,000
10,572,000
5,151,000
5,833,000
8,180,030,000 5,901,852,000
152,357,000
149,263,000
63,313,000
57,615,000
392,791,000
969,045.000
1,339,804,000 1,236,040,000
70,772,000
STERLING, quiet and reasonably firm in com¬
in the free market is
generally exchange
recorded last week on
Trading continues severely
parison with the severe breaks
March 25, 26,
The range for
limited.
between
and 27.
sterling this week has been
$3.51% and $3.59% for bankers' sight bills,
compared
with
range
a
of between $3.44% and
Liabilities—
+649,319,000 12,175,551,000 8,310.944,000 5,621,563,000
1,759,768,000 1,249,379,000 1,323,253,000
+ 110,821,000
213,018,000
547,597,000
c742.804.000
Notes in circulation
Oth. daily matur. oblig
Other liabilities
The range for cable transfers has
$3.51% and $3.59%, compared with
$3.72% last week.
been between
Propor'n of gold & for'n
curr. to note
circul'n
—0.03%
0.92%
0.64%
"Reserves in foreign currency" and "Deposits abroad"
coin and bullion."
c Figures as of March 15,
1940.
a
are
1.35%
included in "Gold
a
range
follows:
New York Money
Market
the
and
rates
ers'
bills and
in
limited
were
money
unchanged in all divisions.
commercial paper are
Bank¬
available only
amounts, and the turnover remains ex¬
tremely light.
The Treasury sold an issue of $100,-
New
York
cables,
4.02%@4.03%; Paris
176%@176% (2.2883 cents buying); Amster¬
checks
ONLY aweek in amount of business wTas done
modest
this
New York
market,
of between $3.44% and $3.72% a week ago.
exchange rates fixed by London are as
The official
Australia, 3.2150Berlin is not
unofficially quoted in
dam, 7.53-7.58; Canada, 4.43-4.47;
3.2280; New Zealand, 3.2280-3.2442.
quoted.
The
lire
Italian
London at 69.50.
are
'
present slight recovery of sterling in the New
largely to increased curtail-
York free market is due
The Commercial &
2162
ment of
Traders
trading.
are
Financial Chronicle
worried concerning the
probable course which authorities in Washington and
in London may take respecting the decline in the
pound and the concomitant fall in the franc. Specula¬
tive interests in all markets remain inactive pending
of
clarification
of sterling
Offerings
outlook.
the
substantially indicating that at the
have diminished
unload* Hence
slight purchases of stealing have a tendency to
strengthen and lift the quotable rates.
On either
present there is no disposition to
whether buying or selling, partic¬
side of the market,
ular
transactions
to
appear
restricted to the
be
meeting of necessary obligations. Speculative inter¬
ests are watching the trend of events with unusually
but there appears to be little or no
close scrutiny
real
the begin¬
ning of the war is now a cause of anxiety to the State
Department in Washington and to the United States
Treasury Department.
The Treasury is watching
for the effect on the tripartite currency agreement and
the State Department is concerned as to the possible
reaction of the lower
pound
on
the trade agreement
Official London is also disturbed
unfavorable
agreements, which until the out¬
these two
upon
break of the
to the
by the possibility
decline in sterling
of the
reactions
war were
considered of prime importance
stability of British currency and to the promo¬
tion of international trade.
Respecting^fche present uncertainty it should be
of the break in sterling is
recalled that the severity
indicated
by the fact that
registered
a
on
Feb. 25, 1939 the pound
high for the month of $4.69% and on
Sept. 15, 1939, shortly after the beginning of hostili¬
ties, the low
It
April 15, 1933.
than any
more
this break,
was
other factor, which has attracted
Secretary of State Cordell Hull indicated at his
press
conference
United States
exports by
April 1 that the
on
over
of'the
concern
attempt to stimulate British
any
of currency depreciation had been
means
conveyed to the British Government by way of the
British
experts
conferring
now
The
this side.
on
United States and Great Britain have both renounced
currency
depreciation in the tripartite
and in the
ment
latter contains
the
an
escape
States
United
damaged by British
The
,
currency agree¬
The
reciprocal trade agreement.
clause which
that
feels
currency
Secretary indicated
may
its
be invoked
trade
is
the
occasion for
for the
escape
reciprocal trade agreement.
States
to
United
the
recent months twice
United
as
no
clause to end the
Exports of the United
as our
imports from the
in the technical
dual rate for
Treasury Department is chiefly
aspect of the exchange situation.
sterling in New York
was
The
apparently
officially recognized until March 25, when the
Bank of New York
began quoting
both the official and unofficial rates.
This posed a
Federal Reserve
now
applicable practically solely to
metals from the Colonies,
rate,
products, which perhaps in the aggregate
may
be paid for in free sterling.
Arguments advanced in Washington to the
British
effect
sterling will bring a rush of competitive
that the fall in
are
|
equal value with those subject to the pegged
of
are
whisky and furs.
goods here to disrupt the American market
by American importers, who
not well received
find
ample protection in the escape clause provided
reciprocal trade agreements against any pos¬
danger to domestic business.
Importers are
inclined to believe that free market sterling would
sible
have to fall to around $3.20 before a
real threat to
The
foreign producers
always advance prices to compensate for declines in
currency values.
Price increases made since the out¬
break of the war, it is asserted, have kept pace with
currency fluctuations in both England and France
and on some products have exceeded considerably
producers would become apparent.
American
importers further assert that the
the decline in currency
There
be
can
no
values.
doubt that the British Govern¬
and British export interests
every
are
intent upon
possible device to expand exports.
How¬
Sir John Simon, Chancellor of the Exchequer,
told the House of Commons late in February that
ever,
depreciation would not be resorted to as a
currency
doubtless
of
The Chancellor was
of stimulating exports.
speaking of the official rate for conversion
pounds into dollars and not of the unofficial rates
in New York.
,
'
,
that the British
could correct the New York situation
Government
by buying
,
,
It has been stated in some quarters
up
the
excess
of pounds which caused the
But this would involve
rate to fall.
spending
pre¬
cious dollars
already acquired and needed for the pur¬
chase of
supplies.
war
The "Economist" of London in its issue
of Feb. 24
of imports
more
than
into the United Kingdom "was up by
a
third, while the value of exports wras
just about the same."
It
can
seems
impossible to believe that official London
attempt to support sterling in the free market
by the sale of gold here^ as was the practice of
British Exchange
the
Equalization Fund prior to Sept. 6,
1939, wrhen its gold resources became so severely
Kingdom.
The interest of the
r£ot
an
Kingdom have increased in
much
is
shipments of jute,- jute manufactures and rubber from
India, rubber from Burma, rubber, tin, and smelted
January of last year, the "Economist" said, the value
pound, there is probably
invoking the
25,
United
damaged by the existence in New York of
unofficial rate
regulations issued on March 9, effective on
new
March
pointed out that the state of Britain's foreign trade
was
anything but satisfactory.
Compared with
States trade with the United Kingdom had not thus
far been
it would.seem will seriously
appraise
pegged sterling rate which, since
being
policy.
that since
recognized by
customs move to
any
Great Britain at the
the
means
the attention of official quarters.
one
American importers
contest
using
the lowest since
only
this Government.
ment
day of last week, sterling broke to a low of $3.44%,
5% from that of the
The Treasury has been using
.
the official British rate as the
slump which took place on March 27, Wednes¬
In the
if
Treasury Department
ranged between $3.92% and $3.99%.
cable transfers
(■
banks which varies more than
In February of this year
$3.73.
was
exchange quotation of the Federal Reserve
to any
in the
between Great Britain and the United States.
of
requires the Bureau of Customs to give
All other
persistent decline in sterling since
the law
consideration
question for customs officials since
serious
speculative trading in exchange.
The
April 6, 1940
depleted that the Bank of England was obliged to
virtually all its bullion holdings to the
Equalization Fund by the sale of £280,000,000, the
sale and purchase having been merely a bookkeeping
operation. The Bank's gold bullion holdings are
now
utilized for routine purposes and are around
£1,298,000. : v
/
transfer
Volume
A
The Commercial & Financial Chronicle
150
ContinentaUand Other Foreign Exchange
probable method of supporting the rate
more
2163
M
.
for
sterling in the free market would
to lie
seem
in the transfer to the list of commodities obtainable
THE French franc situation presents no new
only in pegged sterling of
in the franc in the New York market
are
entirely to its link with the poUnd.
;
modities for which free
An important
time
some
large part of the
a
sterling is
com¬
available.
now
body of opinion in London has for
advocated
applying the pegged rate to
all commodities without
exception. London observers
features from recent weeks.
of
clusion
the
fixed at
its relation to
and
selling rate.
spread between the buying
no
In any event it seems unlikely
that drastic official action will be taken
in the near future.
or
*
The
London
money rates
%%.
pound, continues at
States
discount of
are
States
a severe
dollar.
GOLD
discount in terms of
Montreal
funds
ranged
discount of 18 9-16% and
a
weekly statement of the United
Department of Commerce and
cover
the week
27, 1940.
EXPORTS
AND
suffer
severe
a
pound the franc would
drop in the New York market solely
:
Exports '
Imports
Ore and base bullion
*$1,760,057
Refined bullion and coin
gold holdings of
by the decree of Feb. 29,
1940.
Despite the assertions made by the French authori¬
ties
just before and shortly after the outbreak of the
that
war
the
tons were
Bank's
of France in metric
holdings
gold
larger than at
any
previous time in the
history, the frequent devaluations of the unit
and\the tremendous
1914Would
expansion in circulation since
have caused the franc by this time to fall
still lower in the New York market.
The London rate of 176.50 francs is possible only
by
of the
reason
severe
decline in the pound itself
from its former value when the Bank of
gold
England's
valued at the statutory price of 84s. ll%d.
was
against the present arbitrary use of the
per ounce as
IMPORTS, MARCH 21 TO 27, INCLUSIVE
con¬
economic
the rate not fixed at
were
the Bank of France effected
i
gold imports and exports which fol¬
taken from the
ended March
1 1-16%,
16%.
The amounts of
low
are
being officially linked with
during the week between
a
Open
L%% and six-months bills 13-16%.
exchange,
United
per
bills is available
Two-and three-months bills
Canadian
the
168s.
and
in the franc is doubtless due To
sterling, for
176.50-176.75 francs to the
unchanged from the past
are
Call money against
four-months bills
firmness appears
because of the revalorization of the
gold price continues at
several weeks.
the
immediately
,
the Bank of England's buying price.
ounce,
market
at
-
Since the
dependent unit in New York., Whatever steadiness
or
level with
attributable
agreements the franc has hardly constituted an in¬
holding this view also insist that the rate should be
one
fiscal
Anglo-French
.
The fluctuations
current market
price of 168s.
London and of $35
per ounce
for gold in
for the metal in New
ounce
an
229,477,011
$874
York.
At
Total
....
Detail of Refined Bullion and Coin
_
_
_
-
_
_______
Shipments—
►Sweden
United
__
16,745,697
__
Canada
______
2,105,648
Prior to
$291,205
2,707,950
Canada,
Nicaragua,
$138,464
pine Islands.
,
Mexico,
$220,064
-
Gold held under earmark at the Federal Reserve banks
was
increased
it would require
£1.
contained 65.5
milligrams) the French equivalent of £1
only 125 francs.
was
of New York estimated that at the end of March $1,300,000,000
:.
now
be ruling well under 2 cents.
However French
note
fall
circulation may rise or
the general tendency is sharply
from week to week,
gold was
held under earmark.
the Anglo-French
agreement the quotation for the French unit in New
$1,086,016,000 gold was held under earmark for foreign account as of Feb.29.
"Monthly Review" of the Federal Reserve Bank
It is therefore clear that the franc
is overvalued and in the absence of
monthly report of the Department of Commerce showed that
The current issue of the
years
tory price for gold, when the franc
York would
curing the week ended March 27 by $187,546,182,
The latest
hundred
___•
$160,894 Ecuador, $141,136 Venezuela, $420,558 Philip¬
$137,304 Chile,
a
29, 1940 fully 349 francs to equal
Sept., 1936 at the Bank of England's statu¬
of 23.34
7,272,444
_______
Union of South Africa.
English gold valuation prevailing
nearly
milligrams of gold (against the present gold content
157,804
___
Australia
Chiefly
______
1,019,555
Hongkong
—
Feb.
185,534,028
__________
British India.
former
in London for
since
$13,933,885
Kingdom
Colombia_______,___
*
$874
$231,237,068
_
the
Referring to day-to-day rates sterling exchange
Saturday last
was
previous
cable
transfers
Monday exchange firmed
up
and
ease
Bankers'
close.
$3.53%;
inclined to
sight
was
slightly
$3.51%@
was
.
pean
on
off from
$3.51%@$3.54%.
The
On
range was
$3.54%@$3.56% for bankers' sight and $3.54%@
$3.56% for cable transfers.
Bankers'
tinued limited.
cable
transfers
sterling
was
change.
ers'
On
On Tuesday trading
$3.56%@$3.59%;
$3.56%@$3.59%.
range was
essential
$3.53%@$3.58% for bank¬
sight and $3.53 %@ $3.58% for cable transfers.
Thursday the
rates
market
reasonably steady.
continued^mrrow, with
Bankers' sight
@$3.57%; cable transfers $3.56@$3.58.
the market
presented
no new
was
On Friday
trends of importance.
The
range
and
$3.56%@$3.58% for cable transfers.
was
quotations
on
$3.56%@$3.58% for bankers' sight
Friday
were
$3.58% for cable transfers.
finished at
ments for
$3.55%
Closing
$3.58% for demand and
Commercial sight bills
$3.56%, 60-day bills at $3.55%, docu¬
day grain bills at $3.56%.
payment closed at $3.56%.
Cotton and grain for
'
■
_
-
as
past
with the
compared with
European uncertainties and the
16.95.
of
parity
17 cents,
well above
spot Irate
generally obscure foreign exchange situation are re¬
severe discount on future belgas, with
flected in the
90-day belgas at
a
discount of 26 points under the
basic cable rate.
The London check rate on Paris closed on
at
Friday
176.50@176.75, against 176.50@176.75 on Friday
In New York sight bills on
of last week.
finished
center
at
2.02%
and
cable
the French
transfers
at
2.02%, against 2.00 and 2.00%.
•
Antwerp belgas
closed at 17.04 for bankers' sight
bills and at 17.04
for
cable
transfers,
against
Italian lire closed at 5.05 for
at
5.05
for
cable transfers,
Berlin marks
change
on
payment (60 days) at $3.55%, and seven-
continues as during the
currency
several weeks firm in the New York market,
On Wednesday
no
hostilities.
Belgian
con¬
was
sight
easier but the market showed
The
upward and must continue so until the close of Euro¬
on
are
not
Poland or
against 5.05 and 5.05.
on
Czechoslovakia.
Exchange
on
at
Exchange
(nominal), against 0.50
Finland
(nominal)? against 1.90 (nominal).
closed
17.08%.
quoted in New York, nor is ex¬
Bucharest closed at 0.50
(nominal).
17.08% and
bankers' sight bills and
0.67 (nominal), against
closed at
1.95
Greek exchange;1
0.67% (nominal).
Chronicle
The Commercial & Financial
2164
April 6,
1940
on the Far Eastern countries the
EXCHANGE on the continue steady, apparently EXCHANGE follow the trends familiar since con¬
1914-1918 countries neutral during the
tinues
of
war
decline in sterling and the
unaffected by the severe
French franc.
The Scandinavian units are exception¬
ally steady.
The most significant development in
steady flow of
connection with these currencies is the
gold from Sweden to New York.
of Scandinavian
gold
are
Additional receipts
reported here virtually every
week, mostly for earmark though New York auth¬
for which gold is
orities do not disclose the countries
The movement is believed to be chiefly
reserved.
safe refuge for the
to find a
transferred funds. During
the week ended March 27 Sweden sent an
unusually
large shipment of close to $14,000,000.
Holland
statement
for the
week ended April
1 shows total
gold holdings of 1,214,700,000 guilders, a rise over
the week ended March 25 of 231,200,000 guilders.
the
in
increase
gold
revaluation of the bank's
on
reserves
due to the
was
gold, which became effective
In the statement of April 1 the claim of
March 31.
7,600,000 guilders which the Dutch central bank
held against
the Government disappeared, while the
central bank jumped
balance at the
Government's
to
circumstances
yesterday were
week. Hong¬
kong closed at 22.30, against 22.10; Shanghai at
6.25, against 6.20; Manila at 49.80, against 49.80;
Singapore at 49%, against 47%; Bombay at 30.36,
against 30.35; and Calcutta at 30.36, against 30.35.
Closing quotations for yen checks
23.46, against 23.46 on Friday of last
Gold Bullion in European
bullion
principal European banks as of respective
of most recent statements, reported to us by
the
in
dates
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
%
four years:
1940
Banks of-
France
*636,203
242,446,799
b3.381,059
—
Germany
longer
.
Note circulation
clearly revealed.
Swiss francs
2,013,400,000
was
of March 30, an increase of 27,900,000
as
Swiss francs for the week to the highest level since
Dec.
30, 1939.
close
a
However, the Swiss statements dis¬
healthy condition in that the bank's ratio of
Spain....
total
at
sight
Amsterdam finished on Friday
on Friday of last week; cable
on
53.09, against 53.10
transfers
at
53.09,
Sweden....
Denmark..
Norway
53.10; and commercial
against
52.95,
Swiss francs
52.95.
against
closed at 22.43% for checks and at
22.43% for cable
transfers, against 22.43^ and 22.43%.
Copenhagen
checks finished at 19.31 and cable transfers at
closed
and
19.33
against
23.83
at
Exchange
19.33.
for
checks
and
at
23.83
19.31,
Sweden
on
for
cable
transfers, against 23.84 and 23.84; while checks
on
Norway finished at 22.71% and cable transfers at
22.71 J/2,
are
33,111,000
6,555,000
8,222,000
868,242,264 1,064,899,659 1,097,814,978 1,086,103,724
879,291,850 1,067,549,700 1,097,950,700 1,099,570,390
662,936,052
664,139,625
Total week.
Prev.
105,793,000
85,805,000
50,872,000
6,505,000
6,667,000
Switzerland
week.l
Pursuant to the Currency
statements for March
and Bank Notes Act, 1939, the
1, 1939 and since have
Bank of England
carried the gold holdings of the Bank
of the statement date, instead of the statutory price
which was formerly the basis of value.
On the market price basis (168s. per fine
ounce) the Bank reported holdings of £1,258,064 equivalent, however, to only
about £636,203 at the statutory rate (84s. ll^d. per fine ounce), according to
our
calculations.
In order to make current figure comparable with former
periods as well as with the figures for other countries In the tabulation, we show
English holdings in the above in statutory pounds.
Amount held Dec.
a
Bank
sight bills at
84,467,000
95,089,000
Netherlands
Nat. Belg'm
201,949,464
511,337,010
2,327,250
89,108,000
42,575,000
58,774,000
94,839,000
48,145,000
23,893,000
6,554,000
6,602,000
314,583,888
347,628,740
2,438,150
87,323,000
42,575,000
76,627,000
104,318,000
83,527,000
25,643,000
6,550,000
6,602,000
327,249,866
293,720,843
2,521,950
87,323,000
25,232,000
122,150,000
89,900,000
76,116,000
26,702,000
6,542,000
7,442,000
at the market value current as
sight liabilities is 79.10%.
Bankers'
3,010,000
63,667,000
23,400,000
111,250,000
87,400,000
a23,400,000
*
gold to notes is 106.54%, while its ratio of gold to
*130,018,393
295,815,871
c63,667,000
Italy.....
no
are
1931
1937
1938
1939
£
steady. Many important
bank statement
Swiss
the
in
84s. ll%d. per fine ounce)
British statutory rate,
England.-
items
Banks
THE following table indicates the amounts of gold
(converted into pounds sterling at the
70,800,000 guilders from 8,100,000 guilders.
The Swiss franc continues
the
after
arising
of 23.46 cents.
steady. The Bank of The Netherlands
are
The
modified only by the
outbreak of the
European war in September., These currencies move
in harmony with sterling.
The Japanese yen con¬
tinues pegged to the LTnited States dollar at the rate
Japanese invasion of China and
guilders show little change from recent
weeks and
to
of
Germany
rencies."
c
Also first report sub¬
1938. latest figure available.
sequent to Aug. 1, 1936.
The value of gold held by the
.
.
^
.
Bank of France was revalued with the statement
of the Bank as of March 7, in accordance with the decree of Feb. 29, 1940, at the
rate of 23.34 mg. gold 0.9 fine e luals one franc; prior to the latest revalorization
the value of the Bank's gold homings was calculated, in accordance with the de¬
cree of Nov. 13, 1938, at 27.5 mg. gold 0.9 fine per franc; previously and subse¬
quent to July 23, 1937, gold in the Bank was valued at 43 mg. gold 0.9 fine per
franc; before then and after Sept. 26, 1936, there were 49 mg. to the franc; prior
to Sept. 26, 1936, 65.5 mg. gold 0.9 fine eqrialed one franc.
Taking the pound
sterling at the English statutory rate (7.9881 gr. gold ll-12th fine equals £1 sterling),
the sterling equivalent of 349 rancs gold in the Bank of France is now Just about
£1; at 27.5 mg. gold to the fra u the rate was about 296 francs to the £1; when there
were 43 mg. gold to the franc the rate was about 190 francs to the £1; when 49 mg.
about 165 francs per £1; when 65.5 mg., about 125 francs equaled £1.
Spanish pesetas
against 22.73 and 22.73.
available, b Gold holdings of the
abroad" and "reserves in foreign cur¬
31, 1938, latest figures
include "deposits held
As of April 30,
The
nominally quoted at 9.50, against 10.00.
Congress Should Repudiate
and Disclaim
EXCHANGE on the Southof American countries
presents
features
importance. These
no new
units
held
are
steady by the various national
ex¬
change controls, though in the free markets of South
America the
with
quotations
enjoying
season
is
a
now
amounted to
in full
are
their export
as
against 342,129,000
Argentina is also showing heavy export
The South Americans in general
Argentine unofficial
5.15l
as
foreign trade of Peru for 1939
down their imports.
@23.15,
move
swing. Trade figures just released
381,421,000 soles,
soles in 1938.
week.
strongly inclined to
substantial export business
at Lima show that the
gains.
are
All the South American countries
sterling.
against
holding
or
free market'closed at 22.95
on
Friday of
last
quoted at 5.15, against
are
Chilean exchange was
quoted at 5.17, against
Peru is nominally quoted at 18.00,
against 18.00.
.
*
*
of
the
Eighth
States, by the
section of its First
of the United States
Thus there can
be no inauguration or recognition of a state of war
between this country and any foreign nation without
concurrent action requiring the acquiesenee of ma¬
Article, vests in the Congress
the exclusive power to
declare war.
Senate and in the House of
Other clauses of the same Article
Constitution implement this authority to
jorities both in the
Representatives.
of
the
institute
ment
war
with
use
invasions.
by endowing the
the power
it to raise and
and to
23.25@23.35
Brazilian milreis
5.17\(official).
are
,•
clause
the United
of
Constitution
The
eleventh
Legislative Depart¬
of the purse and authorizing
support armies, to
establish
a
militia,
insurrections and to repel
army has been raised, and when
it to suppress
When
an
the militia has been
the United States,
called into the actual service of
the President becomes the com¬
mander-in-chief, but except in that capacity,
its
necessary
and
with
incidents, he possesses no war power
nothing is more certain than
that
any
effort of
Volume
ISO
the Chief Executive to involve the Nation in
war
of
a
foreign
contrary to the wishes of the people and the will
Thus the
Congress would be sheer usurpation.
ultimate power
and the ultimate responsibility
con-
in the representatives of the people who con-
verge
stitute the two Houses of the
Such
a
German victory, thus supporting expenditures for
military preparations beyond requirements for defense
and sufficient for ultimate participation in the
Obviously, the
source
war.
of this "White Book" is not
entitled to implicit confidence
or
one
to any other degree
of confidence greater than is warranted by the closest
Congress.
scrutiny of the actual evidence adduced. It is inanywhere unaccompanied by equivalent obligation.dicated, through a probably inspired article in "Der
It is thoroughly the obligation of Congress so to
Angriffthe newspaper controlled by Joseph Goebsupervise and (control events that there shall be no
bels, German Minister of Propaganda, that the
inadvertent and improvident involvent- of the country
original documents will be made available to inin any foreign conflict in opposition to its well-conspection by an American commission, should one be
sidered and deliberately matured purposes.
There
designated by Congress, and very likely this unought to be 110 doubt that all Senators and Repreofficial suggestion may become, in substance, an
sentatives in the Congress now in session are fully
offical offer. It is not very important. The remarks
awake to these facts and obligations and patriotically
and assertions of Ambassadors Kennedy and Bullitt,
determined to protect and advance the interests of
as
filtered through the minds of Ambassadors
the people by the preservation of the peace of this
Potocki, Lukasiewicz and Raczynski, translated into
hemisphere and the maintenance of a strict neutrality
Polish for perusal in Warsaw, and in the subsequent
during the entire continuance of the conflict now
year re-translated into English for the purposes of
raging upon the continent of Europe. Nothing could
German propaganda, could not possess very much
be less equivocal than the present plain desire and
significance unless they expressed plainly authentic
determination of the American people to Mve no
declarations quite materially beyond those already
power
and such responsibility cannot rest
part in that conflict.
It is not merely the outgrowth
of the mistaken and
unprofitable involvement in the
of
contest
1914-1918, but is
a
return to the but
briefly interrupted policy of the United States. Washington's warning against foreign entanglements may
have become trite
through repetition, but it ought to
be remembered that Thomas Jefferson, one an au-
thority of
opposition to
any
his first election to the Presidency
won
platform the seventh article of which declared
upon a
armed
in the Democratic Party,
consequence
sought and
participation,
any
by treaty
by
or
intervention, in "the quarrels of Europe" or
"entering their fields of slaughter to preserve
their balance."
dared
Never has any party or
make
to
scarcely be denied that
involvement in
in the
candidate
contrary declaration and it
a
any
suggestion of
a
European complications, at
can
policy of
any
time
country's history, would have been repudiated
and disclaimed
upon any
by
an
A week ago the
German
avalanche of votes unequaled
other occasion.
Nazi Government, through the
Foreign office in Berlin, made public
called "White Book" consisting of 48 pages
a so-
purport-
ing to be photographic facsimiles of 16 documents
alleged to have been discovered
.
of the Polish
after last
year's invasion of Poland.
authentic, these documents
communications
Count
try
among
the archives
Foreign Office, which became available
of
Polish
are,
If they
are
in the main, pre-war
diplomats,
among
them
Jerzy Potocki, the ambassador of that eoun-
in
nation's
Washington,
Jules
Lukasiewicz,
the
same
representative in Paris, and Count Edouard
holding the
Raczynski,
corresponding position
in
London; they purport to convey and interpret conversations with
Joseph P. Kennedy, United States
Ambassador to Great Britain,
and William C. Bullitt,
United States Ambassador to France.
munication,
which
Count Potocki is
of Jan.
is
important,
represented
as
In
one
com-
if it is reliable,
reporting, under date
12, 1939, that President Roosevelt had not
only expressed hatred for Fascism but also a desire
to distract
American attention from complicated and
difficult domestic
problems, especially controversies
involving labor and capital, by interesting the people
-
in
foreign affairs, and to create a "war psychosis,"
by conjuring
up
fears of attack from Europe following
understood in this country.
The Berlin publication contains nothing of that
sort. No one examining its contents as reproduced
and summarized in the daily press will find in the
whole of it anything so plainly at variance with facts
of common knowledge within the United States as
even to suggest that in the interest of propaganda the
German publicity experts regarded it as expedient
to fabricate anything or very much to exaggerate
anything.
Certain newspapers, however, declare
that there have been official denials. We have seen
none broad and definite enough to contradict the
general tendency of the document. President Roosevelt, when the publication was called to his attention
at one of his press conferences, suggested that it be
taken with a grain of salt and later said that two
grains would be required; Count Potocki and Secretary Hull said it was all German propaganda, as it
undoubtedly is; but no one ought to be unaware that
the most adroit and effective propaganda is that
which requires the least departure from the facts.
Count Potocki is quoted as reporting that he was
told, by Ambassador Bullitt, that President Roosevelt "hates" Facism; the President, it would seem
to most Americans, has made that attitude sufficiently plain by repeated direct expressions and, moreover,
it is in concurrence with the general American dislike
of arbitrary and dictatorial government in any guise,
Mr. Bullitt is represented as asserting a purpose in
the Administration to divert American thought from
domestic difficulties and turn it towards the eomplications and controversies of Europe, developing a
condition of public sentiment influenced by fears of
aggression frdm trans-Atlantic sources and favorable
to huge expenditures for armament. If there is any
doubt about that, what could have been the purpose of
the famous but premature
"quarantine" speech at
Chicago in 1937; of the highly
emotional declaration
later, that the United States
would volunteer to repel an attack upon Canada; of
the declaration, whatever its actual terms, that was
repeated as an assertion that America's first line of
at Toronto, a little
defense is in France; of the unqualified endorsement,
at a press conference held just a year ago, of the
editorial in the Washington "Post,"
.
t
: (Continued on page 2171)
which the Presi-
/V
The Commercial &
2166
a
bond
buoyant
have gone up to new
market,
all
United Light & Power 6s, 1973,
substantial.
Special developments
as well as new financing has been entirely absent.
Industrials this week have been generally higher, great¬
est strength having been displayed by the lower grades.
Among the latter would be included the General Steel
Castings 4%s, 1949; International Mercantile Marine 6s,
1941; the Francisco and Manati Sugar bonds; United
Cigar-Whelan 5s, 1952; United Drug 5s, 1959, and Para¬
mount Pictures 3%s, 1947.
Steels have been mixed, with
gains
rating group averages
1940 highs this week, which are record
of Aaa, Aa and A corporate'
highs for the series in the case
United States Governments have been strong but
groups.
surpassed last year's highs.
have not yet
bonds at
railroad
High-grade
levels
higher
dis¬
have
played a firm tone, while the behavior of more speculative
Tssues "attracted considerable attention as major advances
94V2, up 1%.
1940 high of
gain of %
The
Foreign bonds have continued quiet, but the trend has
been improved, as reflected in a series of price rises. There
substantial gains of several points in the Prov¬
have been
ince of Buenos Aires issues,
moderate
demand for high-grade
utility bonds has continued,
6%s advanced further to reach a new high for the
Moody's computed bond prices and bond yield
MOODY'S BOND
MOODY'S BOND YIELD AVERAGES
PRICES f
(Based on lndiviO.ua
(Based on Average Yields)
Daily
All
Cost.
Domes¬
tic
Aa
Aaa
119.92
Baa
RR.
107.30
88.51
94.81
A
P.
U.
118.81
117.10
108.66
117.16
108.46
124.25
119.69
107.30
88.22
94.65
114.51
118.60
3- 117.18
108.40
124.02
119.47
107.30
88.22
94.65
114.51
118.38
Apr.
5——
Corporate by Croups
Aa
Aaa
3.53
2.80
2.99
A
Baa
RRA
3.60
4.72
4.31
3.24
3.04
3.05
P. V.
lnd.
3.54
2.80
3.00
3.60
4.74
4.32
3.24
3
3.54
2.81
3.01
3.60
4.74
4.32
3.24
3.06
2.82
3.02
3.61
4.76
4.35
3.25
3.00
3.02
3.62
4.78
4.30
3.26
3.07
4
,
120 Domestic
by Ratings
tic
Corp
f
Closing Prices)
120 Domestic Corporate
Domes¬
Averages
ma.
114.51
124.25
5—
120
1940
Daily
>ups*
by Ratings
Corp.*
Averages
Apr.
All
ic
120 Domestic Corporate *
120
V. 8.
year.
averages
given in the following tables;
are
Hydro-Electric 6s, 1944, Associated Gas & Electric 5s, 1950;
Bonds
which
1.
Norwegian and Danish obli¬
gations have been firmer, while Canadian and Australian
bonds staged a moderate recovery.
Price movements in
the Japanese group have been mixed, but the Government
grades and speculative issues reflected to an
even greater degree the rising interest in utility securities.
Prices of high grades advanced only fractionally, of course,
but in the speculative group,
typified by International
1940
but Brazilian bonds found only
support in spite of the new service plan
became effective on April
point.
lower
but
more
higher.
Selective buying has been
evident among the defaulted group, the senior mortgage
issues enjoying the widest gains.
Wisconsin Central 4s,
1949, touched a new 1940 high of 25% and closed at 24%,
off % point; Missouri Pacific 5s, 1981, closed at 21%, a
new
much
were
changes fractional; oils have been fractionally higher^and
meat packing company obligations have been steady to
New York Central 4s, 1942, closed at a
registered.
were
April 6, 1940
Cities Service 5s, 1966, and
Course of the Bond Market
The
In
Financial Chronicle
2— 117.16
108.27
123.79
119.25
107.11
87.93
94.17
114.30
118.38
2-
3.55
1.. 117.06
108.08
123.79
119.25
106.92
87.64
94.01
114.09
118.16
1—
3.58
2.82
107.88
123.50
119.03
106.92
87.64
94.01
113.89
118.10
3.57
2.83
3.03
3.62
4.78
4.36
29- 116.87
107.88
123.50
119.25
106.92
87.49
93.85
113.89
118.38
29
3.57
2.83
3.02
3.62
4.79
4.37
3.27
3.08
28— 110.76
107.88
123.50
119.25
100.73
87.35
93.85
113.89
117.94
28
3.67
2.83
3.02
3.63
4.80
4.37
3.27
3.08
27- 116.73
107.88
123.50
3.57
2.83
4.37
3.27
3.08
Mar. 30., 116.93
119.25
106.54
87.35
93.85
113.89
107.88
123.56
119.26
100.54
87.35
93.85
113.89
117.94
107.88
123.56
119.25
106.54
87.35
93.85
113.89
107.09
123.33
119.03
106.54
87.35
93.85
113.68
117.72
Stock
22-
Exchan ge
3.02
3.64
4.80
3.57
2.83
3.02
3.64
4.80
4.37
3.27
3.57
2.83
3.02
3.64
4.80
4.37
3.27
3.09
23
3.58
2.84
3.03
3.64
4.80
4.37
3.28
3.60
3.28
3.03
20
;
,
M'J 2.i—™
Clos ed
113.68
3.07
——
27———
118.16
23- 116.42
3.27
25——
117.94
20- 116.76
26— 116.63
Mar. 30——
Stoek
Exchan ge Clos ed
3.65
4.79
4.37
3.07
3.58
107.69
123.56
119.03
106.36
87.49
93.85
20- 116.42
107.69
123.33
118.81
106.30
87.35
93.85
113.68
117.72
20
19- 110.76
107.69
123.33
119.03
106.54
87.49
93.85
113.68
117.72
19————
18- 116.87
107.69
123.33
118.81
106.36
87.35
93.69
113.48
117.72
18--,.
10- 110.72
107.49
123.33
118.81
106.17
87.21
93.69
113.68
117.50
,
,
—
.
10
2.83
3.58
2.84
3.04
3.65
4.80
4.37
3.28
3.58
2.84
3.03
3.64
4.79
4.37
3.28
3.09
3.58
2.84
8.04
3.65
4.80
4.38
3.29
3.09
3.59
117.94
21— 116.36
2.84
3.04
3.66
4.81
4.38
3.28
3.10
3.03
3.09
16- 110.74
107.49
123.33
118.81
106.17
87.35
93.69
113.68
117.50
15—
3.59
2.84
3.04
3.60
4.80
4.38
3.28
14- 116.53
107.49
123.10
118.81
100.17
87.35
93.69
113.48
117.60
14——
3.59
2.85
3.04
3.66
4.80
4.38
3.29
3.10
13- 116.39
107.49
123.10
118.60
106.17
87.35
94.01
113.27
117.29
3.59
2.85
3.05
3.60
4.80
4.36
3.30
3.11
12- 110.28
107.49
123.10
105.98
87.35
93.85
113.27
117.29
3.59
2.85
3.05
3.67
4.37
3.30
3.11
11- 110.24
107.49
123.10
118.60
106.17
87.35
93.85
113.27
117.29
13———
12——11—
3.59
2.85
3.05
3.66
4.80
4.37
3.30
3.11
9- 110.03
107.49
123.10
118.60
106.17
87.21
93.85
113.27
117.50
3.59
2.85
3.05
3.66
4.81
4.37
3.30
3.10
8- 116.03
107.49
123.10
118.38
106.17
87.21
93.69
113.07
117.72
3.59
2.85
3.06
3.66
4.81
4.38
3.31
3.09
7— 110.04
107.30
123.10
118.38
105.98
87.07
93.53
113.07
117.50
7
3.60
2.85
3.06
3.67
4.82
4.39
3.31
3.10
6- 115.96
107.30
123.10
118.38
105.79
87.07
93.69
112.80
171.29
6—
3.60
2.85
3.06
3.68
4.82
4.38
3.32
3.11
5- 115.08
107.30
123.10
118.38
105.98
87.07
93.09
112.86
117.50
5
3.60
2.85
3.06
3.67
4.82
4.38
3.32
3.10
4„ 115.50
107.11
122.86
118.38
105.98
86.78
93.53
112.60
117.29
4-
miim
3.61
2.86
3.06
3.67
4.84
4.39
3.33
2- 115 45
107.11
122.80
118.38
105.79
86.78
93.53
112.86
117.07
2.86
3.06
3.68
4.84
4.39
3.32
3.12
107.11
122.63
118.38
105.79
87.07
93.53
112.80
117.07
2..
1—
3.61
1- 115.42
3.61
2.87
3.00
3.68
4.82
4.39
3.32
3.12
Feb. 23- 115.32
107.30
123.10
118.60
105.79
86.92
03.85
112.60
117.07
16— 115.48
107.49
123.33
118.81
105.98
87.07
94.01
112.86
117.50
107.30
122.86
118.81
105.98
80.92
94.01
112.60
117.29
2— 115.43
100.92
122.63
118.60
105.41
80.78
93.69
112.45
116.86
Jan. 27.. 115.64
106.92
122.63
118.38
105.41
80.64
93.09
112.25
116.80
20- 115.05
106.54
vvCi-v-13— 115.90
118.60
9
9— 115.44
■
'
■"
122.40
117.94
105.41
86.21
93.21
112.25
122.40
118.10
105.60
86.50
93.53
112.25
122.86
117.72
105.60
87.07
93.85
112.45
110.64
Hlgh 1940 117.18
108.06
124.25
119.92
107.30
88.51
94.81
114.51
118.81
...v.;-,;
2.85
3.05
3.68
4.83
4.37
3.33
3.12
3.69
2.84
3.04
3.67
4.82
4.36
3.32
3.10
3.60
2.80
3.04
3.67
4.83
4.36
3.33
2
3.62
2.87
3.05
3.70
4.84
4.38
3.34
3.13
27
3.62
2.87
3.06
3.70
4.85
4.38
3.35
3.13
4.41
3.35
3.15
4.39
3.35
3.14
4.37
3.34
3.14
3.36
3.16
10———
9
Jan.
110.64
106.92
■#<.' 0-
3.11
3.60
Feb. 23
116.43
106.73
116.03
s
i.
Weekly—
Weekly—
4.80
3.10
3.64
2.88
3.08
3.70
3.63
2.88
3.07
3.69
0——-
3.62
2.86
3.09
3.69
3.64
2.90
3.09
3.71
4.89
4.43
20—
...
13
•
'
4.88
4.86
:
4.82
,
3.11
LOW 1940 115.25
106.54
121.94
117.72
105.22
86.07
92.90
112.05
116.21
High 1940—
Low 1940——
3.53
2.80
2.99
3.60
4.72
4.31
3.24
3.04
High 1939 117.72
106.92
122.40
118.60
105.22
87.78
94.33
112.05
110.43
High 1939
4.00
3.34
3.55
4.10
5.26
4.76
3.76
3.64
Low 1939 108.77
100.00
112.45
108.27
98.28
81.09
87.93
104.30
100.54
Low 1939
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.15
103.38
119.25
114.93
101141
83.60
90.44
109,05
112.00
3.81
3.02
3.22
3.92
5.07
4.59
3.51
3.33
90.75
113.07
103.74
90.90
60.22
74.78
96.61
104.85
1 Year Ago—
Apr. 5, 1939
2 Years Ago—
Apr. 5, 1938
4.57
3.31
3.79
4.50
6.60
5.78
4.20
3.73
1 Yr. Ago
Apr. 5 '39 115.02
Yrs.Ago
APr. 5'38
2
*
109.85
-'typical' bond (4% coupon, maturing In 30 years), and do not purport to show either the average
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement oj
These prices are computed from average yields on the bash* ol one
level or the average movement ot actual price quotations.
Field averages, the latter being the tmer picture of the bond market,
t The latest complete list of bonds used In computing these Indexes was
The
published In the Issue of Jan. 13, 1940, page 179.
Capital Flotations in the United States During the Month of March
and for the Three Months of the
New corporate
security issues placed in March, having
an aggregate value of $134,876,541,
were in the smallest
volume of any month since last November, and harclly
more than half the $256,245,640 sold in
Febraury.
Com¬
pared with the corresponding months of previous years,
however, the figures reveal a favorable side; for in March,
1939, the total was only $99,667,851, and in March, 1938,
$82,638,213.
Following the course of preceding months
over a long period, the bulk of the March
financing was for
the purpose of refunding outstanding issues, and
only a
small part, $29,120,241 in March, represented corporate
demand for
The
the
new
March
earlier
money.
new
months
capital figure
of
the
current
was
even
year,
smaller
and
in
than
addition
substantially less than the $52,979,191 of such issues
placed in March, 1939.
Those who have become accus¬
tomed to seeing the new capital figures remain month after
month in the same groove, will evince no surprise at the
March results.
Gf more interest, perhaps, is the fact that
about half the new capital taken in March was financed
through stock issues.
For the fact adds to the growing
evidence that this type of financing is gradually returning
to favor.
Of the new capital issues sold in 1939, about
25% were stock and in 1938 less than 10%.
In the first
three months of this year about 30% of new capital has been
raised through stock sales.
A similar comparison of issues
for all purposes shows that stocks have comprised about
was
Calendar
Year 1940
17% of the total value in the first quarter of 1940, in com¬
parison with less than 10% in 1939 and not even 5% in 1938.
Transportation issues featured March's financing, rail¬
roads alone having a greater aggregate than any other
group.
Air lines, an industry which has been represented
in recent months by an occasional issue or two, had four
separate offerings, all stock, last month for a total of $9,566,891, all for new capital.
Still another form of trans¬
port, shipping, sought funds in last month's capital market;
one
preferred stock issue for $1,000,000 new capital was
sold privately.
In the past 10 years the shipping industry
has only occasionally come into the capital market, and the
present instance is the first since November, 1938.
Privately placed issues totaling $55,494,456 comprised
over
40% of last month's volume.
Their proportion had
been dropping off in the few months preceding, but the March
results exceed the average of the past two or three years,
when such issues have played a prominent part in corpora¬
tion financing.
For the three months private issues have
aggregated $137,220,096, or about 25% of the total, which
compares with percentages of 33% in all of 1939 and 32%
in 1938.
The eight utility bond issues sold in March were
all placed privately; there were four other bond and two
stock issues also placed without a public offering.
March
was
the
second
successive
month in
which
mu¬
nicipal financing has leaned more heavily toward refunding
than new money issues.
The total for the quarter year-
-:
,s.v--....
Volume
of
The Commercial & Financial Chronicle
150
$340,367,337
has
comprised 55% refunding and 45%
new capital issues.
How great a change has recently taken
place in the character of municipal financing, is at once
evident from comparison with the corresponding quarters
of preceding years: in both 1939 and 1938 80% of municipal
offerings were for new money and in 1937 about 75%.
SUMMARY
OF
CORPORATE
Below
well
the
1940 figures, will undoubtedly be necessary
time, particularly as additional private financ¬
ing is brought to light in annual reports and other places.
as
as
from time to
FIGURES BY MONTHS.
1940.
1939 AND 1938
*1939
Total
Refunding
.
present a tabulation of figures since January,
1938, showing the different monthly amounts of corporate
financing as revised to date.
Further revisions of the 1939,
1940
New Capital
2167
we
New Capital
'
■
New Capital
Total
Refunding
*1938
—
Refunding
S
5,926,032
32.054,718
45,404.059
29,120,241
133,459,832
210,841,581
105,756,300
165,514,550
256,245,640
134,876,541
23,570,572
52,979,191
106,579,018
450,057,713
556,636,731
82,475,795
April
78,160,042
May..
16,312,332
Total
_
S
$
46,364,596
40,851,910
23,995.213
4,141,400
62.224,590
46.688.660
159,685,572
99,667,851
58,643,000
82,638,213
193,189,960
275,665,755
111,211,719
125,008,990
236,220.709
21,740,443
30,241,064
181,749,350
161,502,000
251,798,424
259,909,392
183,242,443
282,039,488
11,683.361
37.574,800
202,315.995
66,750.000
25,691.650
98,791.000
301.106,995
Second quarter.
130,141,549
595,049,774
725,191,323
251.574.156
191.232,650
442,806,806
Six
212,617,344
788,239.734
1,000,857.078
362,785.875
316,241.640
679.027,515
50,139,246
25.894,844
180,438.079
317,462,641
79,096.000
230,577,325
343,357,485
95,115,150
130,275,506
127,013,570
84,937.241
55,545,325
211,140,930
65,135,600
338,154,500
160,072.841
January
February
March
First quarter.
months
.
July
August
......
September..
10.386,300
136,115.000
16,019,150
50,505.996
103.076,500
78,433.361
63,266.450
185,820,831
Third quarter..
92,053,240
576,996,720
669,048,960
342,226,317
331,821,855
674.048,172
Nine months...
304,670,584
1,365,236,454
1,669.907,038
705,012,192
648,063,495
1,353,075,687
18,200,021
21,407,875
26,971,057
157,313,563
90.792,333
175,513,584
112,200.208
194,281,168
221,252,215
63,921,610
43,520,873
59,644,275
274,237.144
107,701,800
237,143,300
338.158,754
151,222,673
296,787,575
October
.....
November......
December
Fourth quarter.
66,578,953
442,387.054
508,966,007
167,086,758
619,082.244
786,169,002
Twelve months.
371,249,537
1,807,823,508
2,178.873,045
872,098,950
1,267,145*739
2,139.244,689
*
Revised.
Old Age Reserve Account, Railroad Retirement Account, Civil Service Retirement
Treasury Financing for the Month of March, 1940
The chief
financing operation of the Treasury in March
was the refunding of all but $20,330,200 of the $738,428,400
1K% notes maturing next June 15, through an offer of
exchange of new %% notes, maturing in five years, on a
par for par basis, for the maturing issue.
No action was
taken toward refunding the $352,993,450 3%% bonds,
called for redemption June 15, and no indication was given
as to the Treasury's plans for paying this issue.
It is pos¬
sible, of course, that it may be paid off out of the Treasury's
large cash balances, without any new financing being under¬
taken for the purpose.
As was expected, no public offering
was made for new money; and the larger than anticipated
income tax receipts on March 15, reduced the likelihood
of new money being sought in the near future.
Aside from public offerings, however, new money was
acquired by the Government through baby bond sales and
the allotment of $26,994,000 Treasury bonds to Government
investment accounts; baby bond sales brought in $105,992,245.
The allotment of bonds to the investment funds, was
the balance
of
the
$100,000,000 of last December's issue
the first of the year,
$550,694,525 cash, from the sale of its obligations, $523,700,525 accrued from the sale of baby bonds.
It has thus
reduced considerably the margin by which it can increase
its indebtedness and remain within the $45,000,000,000
statutory debt limitation.
The Treasury issued a special
report March 5 showing that as of Feb. 29, $2,471,334,975
borrowing power remained under the statute, and on March
21, Secretary Morgenthau announced that after March 31,
baby bonds would be sold only to individuals; the step was
taken to slow down the debt rise and, in effect, increase the
amount of money that can be raised through the sale of
securities.
Inasmuch as baby bonds are sold at only 75%
of their face value, but are calculated at 100% in measuring
the amount of the debt, the Treasury can utilize the remain¬
ing margin of debt more economically through the sale of
interest-bearing securities.
Bill financing was carried out last month entirely on a
"no-cost" basis, each of the weekly issues being sold at par
over.
•
/'
''J-'v/
In the tabulations which follow
we
financing activities in the current
INTERGOVERNMENT
Date
Dated
27 Jan.
3
5 Jan.
10
91
days
Jan.
12 Jan.
17
91
days
Jan.
19 Jan.
24
91
days
Jan.
26 Jan.
31
91
days
Jan 1-31 Jan.
1
2 Feb.
7 Feb.
14
91
days
91
days
Feb.
22 Feb. 28
91
days
Certificates.
50,300,000
....
.....
10 years
1
1 Mar.
...
23,800,000
2,344,000
91
6 Mar. 15
Mar.
8 Mar. 13
270,753,000
223,822,000
200,702,000
215,771,000
144,664,590
x
26,500,000
x2,344,000
91
days
91
1
days
26,144,000
24,156,000
*
—
y
—
91-day Treas. bills
17
Jan.
Jan.
24
Jan.
91-day Treas. bills
91-day Treas. bills
„
31..
Feb.
7
14
...
,
2X%
Nil
,
Nil
75
z
*2.90%
Prices ranged from
100,044,000
bills
bills
bills
bills
91 day Treas. bills
Mar. 15
% % Treasury notes
91 day Treas. bills
Mar. 13.
22
2Ji%
Treas. bonds
Mar. 20
91 day Treas. bills
91
day Treas. bills
U. S. Savings bonds
1
25,000,000
7,924,000
*18,000,000
133,076/
March total
148,000,000
32,924,000
115,076,000
Total 3 months..
301,300,000
61,893,000
239.40 7,000
In the
273.043,690
503.724.000
100,420,000
100,444,000
100,836,000
100,454,000
144,664,590
100,420,000
100,444,000
100,836,000
100,454.000
546,818,590
91-day Treas.
91 day Treas.
91 day Treas.
91 day Treas.
Indebtedness
101,930,000
101,257,000
100,240,000
100,253,000
100,044,000
776,767,690
to tal.
6
New
Refunding
273,043,690
1....... U. S. Savings bonds
February
/
101.930,000
101,257,000
100,240,000
100,253,000
91-day Treas. bills
7,000,000
*
......1
H%
Nil
ioo3
FUNDS
U. S. Savings bonds
Jan. 1-31
141,000,000
i
Nil
2,577,160,725
Accepted
91-day Treas. bills
3..
Jan.
Jan.
Total 3 mont hs
March—
100
100
Total Amount
Type of
Security
Dated
100,175,000
Certificates
_
USE OF
2,825,000
Notes
75
Average rate on a bank discount basis.
103,000,000
February total......
99.999
At par and slightly above par.
March total.
1,000,000
z
*0.005%
*0.006%
*0.005%
*2.90%'
1,253,574,445
3 months
102,000,000
xl .825,000
....
z
99.998
100,714,000
26,994,000
100,469,000
100,640,000
105,992,245
total.
1,825,000
103,000,000
......
*0.004%
*2.90%
999.999
100,667,000
105,992,245
years
Slightly above par.
Mar.
February—
Certificates
Notes
z
75
718,098,200
289,388,000
days
Mar. 27
50,300,000
Nil
slightly above par down to 99.999; the average was fractionally under par
Dec.
January total
Nil
v y
99.999
100,420,000
100,444,000
100,836,000
100,454,000
144,664,690
309,711,000
718,098,200
10 years
14
Mar. 22 Mar. 27
Total
Nil
//
x
■'
100,253,000
100,044,000
273,043,690
337,056,000
26,994,000
322,991,000
Mar. 15 Mar. 20
March
days
5 years
91
Mar. 15 Dec. 22
Mar. 31 Mar.
*
Yield
546,818,590
6
Mar.
Mar.
-
101,930,000
101,257,000
100,240,000
579,659,000
380,809,000
225,527,000
217,745,000
191,020,000
273,043.690
Febru ary tota 1
Net Issued
January—
Notes
days
16 Feb. 21
Feb 1-29 Feb.
Price
776,767,690
91
Feb.
Feb.
Feb. 28—
FINANCING
Retired
days
10 years
7
Feb.
year:
Issued
91
Amount
Accepted
Janua ry total
Feb.
1940
Applied for
Due
Jan.
Dec.
OF
Amount
Offered
Feb.
1940
TREASURY FINANCING DURING THE FIRST THREE
MONTHS
Feb. 21.......
*
Alaska
Federal Deposit Insurance
Corporation. ; x Excess of retirements.
UNITED STATES
January total
outline the Treasury's
Canal Zone Retirement Fund,
Railroad Retirement Fund, Postal Savings System, and
Mar.
made available for that purpose.
The Treasury has acquired since
and
Foreign Service Retirement, Fund.
Fund,
'
402,154,000
100,667,000
718,098,200
100,714,000
26,994,000
100,469,000
100,640,000
105,992,245
100,677,000
718,098,200
100,714,000
273.043,690
144,664,590
144,664,590
26,994,000
100,469",000
100,640,000
105,992",245
1,253,574,445
.....
1,120,588,200
132,986,245
2,577,160,725
2,026.466.200
550,694,525
comprehensive tables
on
the succeeding pages
compare the March and the three-month figures
for the corresponding periods in the four years
we
with those
preceding,
thus
*
Comprises sales
of special
series
certificates
and notes;
certificates sold
to
Adjusted Service Certificate Fund and Unemployment Trust Fund, and notes to
affording a five-year comparison.
Following the full-page tables we given complete details
of
the
capital
flotations during March,
including
issue of any kind brought out in that month.
every
Total
Total
1936
1936
Refundi g
Refundig 217,.4023,7810
2,0 0
!
Cjiaptal 5,619,0 25,740
Capital
Nero
New
Total
Total
27,581 31280,,09584813
14,073541
1937
1937
$98. 7,30 17,65 842,58934
Capital
Refundig 16,930 15,0"4 ,07312
CReafpunitdailg
Total
Total
$
New
New
1938
$2,350 22819,0,00(1,25.0 156.213
Capital
Refundig 58,4320<
CReafupnitdailg
Total
Total
FMFCISTONUTSYONAREHIEPHIRNVWCEADES
LFMFATMOFGINUOAVIHEVRCRNPCDEEMGLT,
FGfteSobrhvmadoatugnrincmpealydeylss.
YEARS I~;
$
New
New
1939
1939
Refundig
CReafpunitdailg
Total
Total
Capital
New
New
FCOREPIGNAT, undig
1940
Ref
SOUMFARY Capital
New
OGARNUFPDIN Refundig
1940
CHAR TE
24,50 "Vso'p : : lf,50(6 105,763
1,201,28 : : : 1,0 ",5 6 12,68953 29,10241
Capit l
New
f.a. gencis.&_ uonbtadies manufctrig _. manufctrig manufctrig manufctrig Ac—
MOFARCH Corpate— Domestic— bLoonnagno-tdeterdsmiShort-e.m. stock stock.Candi-— bLoonnagno-ttdeersms.Short-e_m stock. stock.foreign— «bLoonnango-tntdeesrdsm.Short-em.Pres;ftoc.k.d stock. corpate.Governmtforgoevernign.GLoaavntnd, ♦Mcuniipale—Sst,PoStaens to".—al. difningcluuordeets MOFARCH NBoLtoeonsag—n-Tderms utilesAccsootpeaerll,,,Eqmaunuipfmtent aacesnoridindaustrl Abuildcngs, &httorcraludd—isnintgg,,,Miscelanous .NBSohteooasr—nt-TdesmRailrods. utilesAcscotopeall,,,Eqmuaniupfmctreesn.t anoidindausntrdil Abuildcngs, &httorraluddcisnintgg.,,Miscelanomus utilesAsccotoepall,,,Eqmuainpufmcterenst anodieindaustril bAuildcngs, Ahttroraculdd—siinntgg,,,Miscelanous utilesAcscotopeall,,,Eqmuaniupfmcterenst anodi indaustril bAuilcdn.gs, httroraluddsiinntgg,,,Miscelanous cseocruprita.te
MONTH
Pref red Com on Pref red Com on Other Com on Total
•
Grand
Candian Other
Farm
United
These
MONTH
Total.
Total
*
Railroads Public Iron,
Motors Other Land,Rub er Ship ingInv.
Oil
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Stocks— Railroads Public
Total
Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Total—
Railroads Public Iron,
Motors Other Land,Rub er Ship ingInv.
Oil
Total
3
o
u
i
O
a
5
o
o*
5
5
8-
2.
a
a
o
o
I*.
•-1
Gj
a
o
»-*i
c*
(ft
to
978,40 28,150 29,580 19,264039 8,0 ,0
$
Total
.
Refundi g 869,352. 3 26,1250 21,5 8. 0 1, 6,5 3
$
1936
Capital
109,5217 1,962,50 8,061,20 18.47 86 8,0 ,0
$
New
Total
1.48,053
1.2,83 02
:::
1,05.47,81
85,0 .0 .9,0 5,2670 309.562,10
24,1350 2,650, 0 4,934,0 3,793,209
*>
-
Capital 102,865310
3,91 ,20 3,793,209
Capit l 138,920 26,83 0 14,25 90 5,065",46 13,0910 47,052 0 4,510, 0
S
28,150,
275,6 75 23,0 0 483, 4"60 276,94827
309,10
Refundi g 152, 1860 5,0 ,0 35,029 0
-
Capital 61,83 1402,60,0 2,169,40 15,87 25
New
-
-
b
.
7,56 : 60 2 ,635 3
1,250", 0
W---
"712",50
-
1,72~,6 2",81 40
1,96250
.
250~, 0 7,635,0 654,3 0 5,80 , 0 5.10 , 0 2, 0 :6
'250*,0 0 6,597.50 256,1 750 4.350, 0 10 .0 0
18,4 596
594; 90
2,6 2',506 26, 08.6 36,4190 28,7104 27.0,248 2,81 406 28,9.08 15,26 027 2,0 ,0
Capital
$
New
Total
$
"
"150",0 0 50 ,0 0
2",6 ".6 o 2,650, 0 60061. 5".40 ,598
5". o6i675,0
l.ioZo 12, 350 156,9 0 40 ,598 13,9561 1, 75,0 1,748,50 45,0 .0 40 ,0 0 4.351,0 236. 0791
8,72.09
1,62"50
" 20",36 1,02 ,80
^
^
45,0 0 890, 0 12,97810
"120",0 0
1.67 :56 2,0 8,0
21,0
30",0 0 289,0 0
102,865.310
'•
:v
"32 ",0 9 642,0 0 1.6 Z6 40 ,598 U54, 484
675,0
1,08 ",70 7. 04, 09 91,78 10 40 .598 ill,126 8,964,0 0 9 1,50 "4000"0.1,763,70 1 .21,79
2,350
2,50(7,6 7,60 , 0 36,57",6 15,"96 ,25 750, 0
" 7O",56 53. 82,75 47,1350 150,640 1,60 0 58,3052 750, 0 1.941,0 "50 ",0 0 4,870,5 0
275.6 75
:.
7
f
v
' Refundi g 12,0 0 107.68,057 1,50 0 18,97~,803 "66036", 1.750",65 152,81 60 5,0 ,0
9
506, 6 5 0, 0
"309',lo
"'■a.- 5,0 ,0 35,629",65
$
1939
New
6010, 5.126,90 1.327",50 21 ,0 0 45,0 0 2,587",356 125,0890
75,0
1
•
Capit l 30,150 6,218,943 23,4 "197 1,05",65
35, 810 17,0 ,0 142,71 0571.50, 0 19.286",903 "936*,606 1,756", 6 193,8960
;
2,5o6', 56 2,60 , 0 l",628",65 115,596",750, 0
61,83 140 '"16 ",6
" 70,506 18,04 65 30,1 50 7,846,943 10 ,0 0
39,018"352750, 0 1,0 5,0 ~5o6",6 3,120,50 82,475 9
IGNOCSORREPUUPFWEIAT
FCFGOOARRVPEERINGMANT,T,
notes. . notes. notes. agencis.&_ fbSuotmanunidciyepsdlstes 31 Notes— . I manufctri:g e. &c Notes— manufct7rig ! &c manufctrig _ ~1&cZ _I-.Z manufctrig .Il
31
13,0 0 13,0 0 51,907"690585,0 0 1,40 6 25,47 8 1,40,6 1,0 ,0 13,04 953 94,58 431 64,2350 257,039 0 16,40 f,40 ",0 38,972 8 10, 0 1,805,0 1,40,0 1,0 ,0 1,0 ,0 73,64 953 56,3 71
.
Total
56,3 71 73,87",6 340,673 1.625,0 972,46 08
49.052,3013,0 0 71,35769023, 6741
$
Refundi g 38.273, 2 3,0 ,0 63,7843 1
450, 7 13 67,43 65189,2 083
$
1940
Capital 65,7896 10, 0 7,53,0923, 6741
$
-
4
New
SOUM FARY
706,93.76
Total
64,2350 205,132 0 15. ,0 13,725*0 10, 0 1,805,0 1,0 ,0 47,60 0 49,05230
-
3~,65OZ6 3,0 ,0 50,34" 81 13750,6
Refundi g 5 ,493602 175,46.80 15,0 0 10,5 0 10, 0 1,35 ,0 25,467",930 38,273 2
$
1940
A
CAHARNDTE
106,579018 6,40~,05615,0682541,625,0 265,72
$
624,791.058
40,27',6I 127,09 5 143, 20 28,5 80 21,854 6 13,70546 2,138 76,93 760 4,510, 0 9 0,5 0 250, 0 47,819501 390,42.85
"950~,6 6,80 , 0 1,875:6 7,598. 06 876 5J4637, 19738 29,8 7* 60 9 0",5 0
42,1350 13,907 1,50 0 42,0" 6 l,94l",06 "560",06 2,30 , 0 214,6830 5,0 ,0 "16 ",6
%
18,6540 6,189531 182,37 60 2,360 1,673,05 250, 0 71,24 60
Z
9 1,50 40 ,0 0 360, 0
2, 35,0 90,78 10 8,09 ",0
3~.4i2~.506 145,23 6
7,250, 0 84,05^694 21,5 2 0 2,069,7 3 8 ,10 0 "682",50 2593, 8L2 219,54.76 61,085 0 36,9384 35, 6.50 4,934,60 14,05 693 105,480 15,80 682,50 23,41.759
:■
1,05947.82
193,8 960 3:0 ,0 51,32 6 51,75.27 29.8 23
205.0 0 757,0 0
60 ,0 0
.
"956Z6 6 14,05 0 86. 0~.694 29,1 406 8,6 5,140 39.78 ,531 01,65703", 62",56",20 57.41 06
17,98 760 346,53841 204,170 392,5 694
i",4o ~,6
1,0637,49
281,490 396,0810 15,04275 ~423~,96552.46,21 57,94821 3,50,0 21,50~,6 918,50 76
:
12,35.0 15,9 0 8,295",6 1,748,50 45,0 0 "40 ",0 1,250, 0 24,8350
Refundi g 10, 0 65,126 90
$
1938
82,475 9 20, 0 432,561" 25,17295 760,29750
$
5100,162", 48, 039 317,90 42,7850 132r,750 13,25~6O80,72430 7~3,21 39 5, 0 , 0 "6666"0. 24.62T~.56
:
-
f
1939
•
8
Total
1 ,2179 14,306" 174,81.659 1,40 0 301.753, 8
214,6830 7,60,0 37,19840 16,8435
$
"
50,6500". 3~*,235",6 0 29,1:38 0 1,2 3,2 9
900
7~, 50,65 26,1250 3, 28",0 "423",10,764 0
618,749
Refundi g 59,6350 273,8 20 14,0 50 4,934",60 1,809 17,3480 15,80 1,037,50 397,18250 1.450, 0 5.0 ,0 "806Z6
New
125,0890 95,60",0 46,9805 26,507 4
New
Total
1, 25",60 2, 87,50
$
1937
jf'FGrote•vaohdgr-nmnmacyl,.~FYM3EIUSFTT7NOAINHVHARD1CESRD
FYFMTE3LMAINOHNUIAOAVRD1CRCPDSNGL
Refundi g 12,97810 2,0 8,0 1,02 ,80
642,0 0
6,0 ,0 869,352 3 15,0 0
7~.56~. d
•
$
$
198,670 30,720 28,30 0 io,6 " 6 24,0 64,0 0 2,360
Total
236, 0.79 109,3 "6021,39.70 1,40.0 568,20418
Total
26,490 396,08.10 1 ,7452 40,536:08 5,041963 ,50,0
01.1205",3,0 .0
New
vV'.
,
$
60 ,0 0
302,9 0 423,580 127,0. 50~,4l6Z d 69,0 0 5,0,0 6,750", 0. 986,40 15.-0 ,0 1,250, 0
Capit l 36,4190 27,460 25,98 248 9",879~,42 13,958037 2,0 ,0 "6000"0, "75"O,6O6 17,05217
390,42 85 4",60",0 28,374 62,79 62
—
New
$
$
624,7 9685,0 0 9,0 0 51,2670 81, 7329 941.7 325
Capital 256,fl 7506,80,0 41,02 6 86,0 829
1938
Refundi g
1936
1.56397.4
Refundi g 397,18250 7,250, 0159,47 53 60, 972 3
$
1937
Telal
145,236 15,6 " 6 198,354 8 358,7 01
654,3 0 14,05 0 20,45971 46.10,2
$
1,063749 48,0 0 23,50 03,40 0316, 7064
918,50 76 48,0 0 23,50 015,40 017.82, 6
411
CO.
63,78431 25,491 8 105, 0 24,50~,6 10, 0 1,35,0 28,467*,930 450, 7 13
5,493602
*
Capital
New
$
8,741,398 29,675 0 5 5,0 0 3,2 5, 65 : : : : 65,7 896
450"
10, 0 10, 0 1,873,6958 ,0 66041, 0 *,1,497 8 1740.6 1.0 .0 13,043,953 30,8 .05 8,741,39831,548 091,40, 0 1,40,6 14,72 8 "660,1,40 , 0 1,0 ,0 1,0 ,0 45,176.023 106,79018
"450",6 1,0 02,1307
)
<
/
\
governmt cites,Po n include MARCH holding, acesori. holding, &c. ~gnidloh
boands . stock stock. boandsShort-em. stock._ stockforeign— boands stock corpateGovernmt Goanvdt,♦Municpal—Stes, dnot MEONNDTHS LBonoga-TnedrmsRailroads utiles. &sccotoepaell,r,E,qumipnumfetnt aacensodri indausntridl b&uildcngs, ttrraudsitng,,Miscelanous- SBhoorta-nTedmsRailroads utiles&sccotoepaellr,,E,qumiapnumfcetnts andindausntridl b&uildcngs, Shipng.,ttrraudsntg,M,iscelanous. Railroads utiles. scctooepaell,rE,,qumiapnumfetnt aa;cens.odri indausntridlOil. .;b&uilcdn.gs, Shipn.g.ttrruasdti^M,,iscelanous v. Rai;lroads utiles. &scctooepaell,E,r,qumipnumfetnt aacensodriindausntridl b&uildncgs, trust,MisceUano_us csoerpcuriatte.
END
MARCH
DtCorp ae— omestic— Long-term Short-emPref redCom on Candi — Long-term Pref redCom onOtherLong-termShort-em.Pref red TotalCan dianOfotrehiergnLoan USntaiteeds Grtoandal Tfighuorsees
MONTHS
3
Farm
Total
Total
*
3
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Stocks—
Public Iron, Motors Other Land,Rub er
Inv.
Total.
Total—=•
trading,"hol .71?
Public Iron, Motors Other Land,Rub er Ship ingInv.
Total
The Commercial & Financial Chronicle
2170
CAPITAL FLOTATIONS DURING
MARCH, 1940
DETAILS OF NEW
BONDS
LONG-TERM
THAN
FIVE
LATER
(ISSUES MATURING
NOTES
AND
YEARS)
RAILROADS
& Ohio RR. 24% equipment trust certificates,
$4,750,000 Baltimore
series J.
due March
1.
1941-50.
Purpose, purchase new
equipment.
Price, ranging from 101.97 to 102.21, yielding
0.35% to 2.25%, according to maturity.
Offered by Harriman Ripley & Co.. Inc.; Blyth & Co., Inc., and Alex. Brown
f
V:'
& Sons..
.
•••
■
'■/
•
.
_
16,000,000 Chicago Union Station Co. 1st mtge. 34% bonds, series F,
due JuTy 1, 1963.
Purpose, refunding.
Price, 1004 and int.
Offered by Kuhn, Loeb 8c Co.: Lee Higginson Corp.: Harriman
Ripley 8c Co., Inc.Smith, Barney & Co.: Glore, Forgan &
Co., and The First Boston Corp.
-
7
17,700,000 Elgin Joliet & Eastern Ry. 1st mtge. 3*4% bonds, series A,
due March 1, 1970.
Purpose, refunding.
Price, 1014 apd
int., to yield 3.17% to maturity.
Offered by Morgan Stanley
& Co.. Inc.: A. C. Allyn & Co., Inc.; Bacon, Whipple & Co.;
Knight 8c Co.: A. G. Becker & Co.. Inc.: Blair,
Bonner & Co.; Blyth 8c Co., Inc.; Central Republic Co.;
Paul H. Davis & Co.; Dillon, Read & Co.; Esta brook & Co.:
Farwell, Chapman & Co.; The First Boston Corp.; Firet of
Michigan Corp.: Glore, Forgan & Co.; Goldman, Sachs 8c
Co.; Harriman Ripley 8c Co.. Inc.; Harris, Hall & Co. (Inc.);
W.
E. Hutton & do.: Indianapolis Bond & Share Corp.;
The Illinois Co. of Chicago; Kidder, Peabody & Co.; Kuhn,
Loeb & Co.; Ladenburg, Thalmann & Co.; Lazard Freres
& Co.: Lee Higglnson Corp.: Lehman Brothers: Mellon Se¬
curities Corp.; F. 8. Moseley & Co.; E. H. Rollins & Sons,
Inc.; Smith, Barney & Co.: Stern, Wampler & Co., Inc.;
Union Securities Corp., and White, Weld 8c Co.
Bartlett,
*1,300,000 Elgin Joliet & Eastern Ry. 1st mtge. 34.% bonds, series A,
due
March
1,
1970.
Purpose, refunding.
Sold at 99 H
directly to the Carnegie Pension Fund.
(In addition $1,000,000 of the issue was sold directly to the United States
Steel Corp.
which we are excluding from our tabulations
because inter-company financing.)
•
RR.
*3,000,000 Erie
June
1,
trustees*
24%
1940-Dec.
1949.
1,
OTHER
& Curtis.
:
...
Brothers to
tional investors.
*9,376,300 Central Illinois Light Co. 1st & consol. mtge. bonds, 34%
series
due
1963.
Purpose,
refunding.
Sold privately to
insurance companies.
*4,800.000 Dresser Power Corp. 1st mtge. 4% bonds, series A, due
April 15, 1958.
Purpose, construction of transmission facilities,
&c.
Sold privately to three insurance companies.
*2,000,000 Michigan Consolidated Gas Co. 1st mtge. bonds, 4% series,
due 1963.
Purpose, extensions, improvements, &c.
Price,
101 Hand int.
Sold privately to Travelers Insurance Co. and
Prudential Insurance Co. of America through Dillon, Read
& Co.
*7,500,000 Mountain States Power Co. 1st mtge.
1965.
Purpose, refunding.
Price, par.
several insurance companies.
*9,500,000 Northern Indiana
;
44%, due Jan. 1,
bonds, due
44%
privately
Sold
to
Power Co. 1st mtge. bonds, series A,
1965.
Purpose, refunding.
Price, par
Sold to nine institutional investors.
and interest.
*550,000 Ohio Telephone Service Co. 1st mtge. 44% series A bonds,
due Dec. 1, 1959.
Purpose, refunding.
Sold privately to an
& Co.
./
,•
MISCELLANEOUS
MANUFACTURING
INDUSTRIAL AND
OTHER
*$4,500,000 International Agricultural Corp. 24%-44% serial de¬
bentures due July 1, 1942-56.
Purpose, refunding.
Price,
par.
Sold to a group of private investors.
1st mtge. bonds due March 1,
Price, 101 and int.
Offered by
Sachs & Co.; A. G. Becker &
Co., Inc.; Graham, Parsons & Co.; Kidder, Peabody & Co.;
Granbery, Marache & Lord; Otis & Co.; Stern, Wampler &
Co., Inc.; Bear, Stearns & Co.; Blair & Co., Inc.; First of
Michigan Corp.; Hallgarten & Co.: Hemphill, Noyes & Co.;
Laurence M. Marks & Co.; Mitchum, Tully & Co.; G. M.-P.
Murphy & Co.; G. H. Walker & Co.; Wertheim & Co., and
Dick & Merle-Smith,
A y-A.. '■
'
6,000,000 Mead
Corp.
15-year 4H%
Purpose, refunding.
1955.
Lehman
V/-C
■
Airways, Inc., 100,000 shares of common stock
(par $2.50).
Purpose, payment of airliners.
Price, $10 per
share.
Offered by F. Eberstadt & Co., Inc.
102,062 Coca-Cola Bottling Co. of Los Angeles 2,875 shares of
common stock (no par).
Purpose, construction and working
capital.
Price, $35.50 per share.
Offered by Lester & Co.
2,500,000 Commonwealth Loan Co. 25,000 shares of 5% cum. pref.
stock (par $100).
Purpose, reduction of bank loans or commercial paper.
Price, 100 per share.
Offered by Hallgarten
,'v;■;;
200,000 Mid-Continent Airlines, Inc., 50,000 shares of common
stock (par $1).
Purpose, purchase of airplanes, <fcc.
Price,
$4 per share.
Offered by Murdoch, Dearth & White, Inc.;
George F. Ryan 8c Co., and Kalman & Co.
6,698,735 Pan American Airways Corp. 525,391 shares of capital
stock (par $5).
Purpose, general corporate purposes.
Price,
$12.75
per
share.
Offered
first
to
stockholders,
certain
officers and employees, and underwritten by G. M.-P. Murphy
& Co.; Lehman Brothers; Harriman Ripley & Co., Inc.; Smith,
Barney & Co.; Schroder Rockefeller & Co., Inc.; Emanuel
& Co.; Hayden, Stone & Co.; Blyth & Co., Inc.: Glore, Forgan
&
Co.: Goldman,
Sachs & Co.; Kidder, Peabody & Co.;
A. G. Becker & Co., Inc.; Dominick & Dominick; Hallgarten
& Co.; Hemphill, Noyes 8c Co.: Hornblower 8c Weeks: Lazard
Freres & Co.; Stone & Webster and Blodget, Inc.; White,
Weld & Co.; Wertheim & Co.; Auchincloss, Parker & Redpath;
Carlton M. Higbie Corp.; Jackson & Curtis; Merrill Lynch &
Co., Inc.: Paine. Webber & Co.; Roggers, Torrey & Cohu;
Dillon, Read & Co., and Kuhn, Loeb & Co.
*1,668,156 Transcontinental & Western Air, Inc., 119,154 shares of
common
stock
(par $5).
Purpose, purchase new planes.
Price, $14 per share.
Sold to Hughes Tool Co.
$12,168,953 ■; :• ■■ ..'
■>'-'V
v;.Tr.-:
FARM
LOAN
GOVERNMENT AGENCY
AND
ISSUES
4% consolidated de¬
bentures dated April 1, 1940: due 6 and 9 months.
Purpose,
$13,400,000 refunding; $5,600,000 new capital.
Price, slightly
above par.
Offered by Charles R. Dunn, New York, fiscal
$19,000,000 Federal
Intermediate Credit Banks
agent.
-
.
First
Carolina Joint Stock Land Bank 2% farm loan
April 1, 1940, due April 1, 1945; optional April 1,
yvy" 1941 ($670,000); 1H % farm loan bonds dated April 1, 1940,
due April 1, 1943; optional April 1, 1941 ($180,000).
Purpose,
refunding. 5, Price, 1004 for 2s, 100 for lHs.
Offered by
R. K. Webster & Co., Inc.
342,000 First Joint Stock Land Bank (New Orleans) 14% farm
loan bonds ($200,000); 1% farm loan bonds: dated March 1,
1940; due, lHs March 1, 1943, and Is March 1, 1942: both
optional Sept. 1, 1940.
Purpose, refund 3% bonds.
Price,
:
;
100.
Offered by R. K. Webster & Co., Inc.
1,500,000 Lafayette (Ind.) Joint Stock Land Bank 2% farm loan
bonds ($1,000,000), 1H% farm loan bonds ($500,000), dated
May 1, 1940; due, 2s May 1, 1945, optional May 1, 1942;
1 4b May 1, 1943, optional May 1, 1941.
Purpose, refunding.
Price, 100.
Offered by R. K. Webster 8c Co., Inc., and
Kidder, Peabody & Co.
850,000 Virginian Joint Stock Land Bank 1% farm loan bonds,
dated May 1, 1940, due Nov. 1, 1942; optional Nov. 1, 1940.
Purpose, refund 2s.
Price, 100.
Offered by R. K. Webster
& Co., Inc., and Kidder, Peabody & Co. v
$22,542,000
;Y<
ISSUES NOT REPRESENTING NEW FINANCING
*;
$850,000
bonds dated
.*41,026,300
•»,
limited number of individuals.
$1,000,000 Braniff
Eastern insurance company.
*3,500,000 Southern California Water Co. 1st mtge. bonds, series A.
34%, due March
1,
1970.
Purpose, refunding.
Placed
privately through Harris, Hall & Co. and Doyle, 0*Connor
V
a
& Co.
UTILITIES
PUBLIC
Electric & Telephone Co. 1st mtge. & coll. lien
sinking fund bonds, series A, 4H%, due 1965.
Purpose,
refunding.
Price, 100 and int.
Purchased by eight institu¬
'
.
*$1,000,000 American Export Lines, Inc., 10,000 shares of 5% cum. pref.
stock
(par $100).
Purpose, additional investment in sub¬
sidiary.
Price, par
(with warrants to purchase stock of
American Export Airlines, Inc.).
Sold privately by Lehman
equipment trust certificates due
Purpose, purchase of additional
RFC by Lazard Freres & Co.
*$3,800,000 Central
1940
MANUFACTURING
97,500 (W. F.) Hall Printing Co. 13,000 shares of common stock
(par $10).
Purpose, working capital, 8cc.
Price, $7.50 per
share.
Subscribed for by Alfred B. Geiger (President) and
various officers and employees under options.
450,000 Menasco Manufacturing Co. 300,000 shares of common
stock
(par $1).
Pin-pose, purchase machinery, equipment,
&c.: working capital.
Price, $1.50 per share.
Offered to
stockholders pro rata.
Underwritten by Sutro 8c Co.
291,288 Piper Aircraft Corp. 33,290 shares of common stock (par $1).
Purpose, reduce accounts and notes payable; working capital.
Price, $8.75 per share.
Offered by J. E. Swan & Co. and
Jackson 8c Curtis.
■
■'
i,
$14,951,288
SHIPPING
$42,750,000
'
AND
$13,750,000 Colgate-Palmolive-Peet Co. 125,000 shares of $4.25 pref.
stock (no par).
Purpose, refunding.
Price, $101 per share.
Offered first to holders of 6% pref. stock.
Underwritten by
Dillon, Read & Co.: Shields 8c Co.: Lehman Brothers: Merrill
Lynch 8c Co.. Inc.; Union Securities Corp.; W. C. Langley
8c Co.: G. M.-P. Murphy 8c Co.; Hemphill, Noyes & Co.;
»
F. 8. Moseley & Co.; Riter & Co.; Dean Witter & Co.; Bosworth, Chanute, Loughbridge & Co.; Cassatt & Co., Inc.;
Wm. Cavalier & Co.: Childress 8c Co.: Morris F. Fox & Co.;
Jackson 8c Curtis; McDonald-Coolidge 8c Co.; W. H. Newbold's Son & Co.: H. O. Peet 8c Co.; Piper, Jaffray & Hopwood;
Singer, Deane & Scribner; Tucker, Anthony & Co., and
Mellon Securities Corp.
362,500 Federal Mogul Corp. 25,000 shares of common stock (par $5).
Purpose, pay current loans, working capital.
Price, $14.50
per share.
Offered by American Industries Corp. and Jackson
equipment.
Purchased from
at 103H and placed privately.
■
April 6,
INDUSTRIAL
Brothers;
Goldman,
$10,500,000
LAND, BUILDINGS, &c.
.
$35,000 Mount
Church of Portland (Ore.)
4H%-5% serial bonds due June 1, 1941-50.
refunding.
Price
on
application.
Offered
by
Tabor
& ref.
1st
Presbyterian
mtge.
Purpose,
$452,925 Abbott Laboratories 6,600 shares of common stock (no par).
Price, $68% per share.
Offered by F. S. Moseley & Co.
325,500 Amerada Corp. 6,000 shares capital stock (no par).
Price,
$544 per share.
Offered by Union Securities Corp.
231,000 Arundel Corp. 12,000 shares of common stock (no par).
Price, $19.25 per share.
Offered by Alex. Brown 8c Sons and
Marburg, Price & Co.
525,000 Bond Stores, Inc., 25,000 shares of common stock (par $1),
Price, $25 per share.
Offered by Lehman Brothers and
;*■■■• Dempsey-Tegeler & Co.
- '.■■■■'"'■A
65,000 Saint Teresa's Roman Catholic Parish Association, St.
Louis, Mo., 1st mtge. 3% bonds, due semi-annually June 1,
1940-Dec. 1,1949.
Purpose, refunding.
Price on application.
Offered by Dempsey-Tegeler & Co.
200,000 Sisters
of
Dame of Covington,
Ky., 1st & ref.
bonds, due April 1, 1952.
Purpose,
application.
Offered
by
Dempsey-
Notre
sinking fund 3-3H~4%
refunding.
Price
Tegeler & Co.
on
Wertheim & Co.
500,000 Braniff Airways, Inc., 50,000 shares of common stock (par
$2.50).
Price, $10 per share.
Offered by F. Eberstadt &
Co., Inc.
507,500 Columbia Broadcasting System,
Inc., 20,000 shares of
class A stock (par $2.50).
Price, $25% per share.
Offered
by Harriman Ripley & Co., Inc.; Lehman Brothers; Glore,
Forgan & Co., and W. E. Hutton & Co.
2,030,000 Columbia Broadcasting System,
Inc., 80,000 shares of
class B stock (par $2,50).
Price, $25% per share.
Offered
by same bankers as offered class A stock.
6,475,000 Commonwealth Edison Co. 200,000 shares of common stock
(par $25).
Price, 32% per share.
Offered by Dillon, Read
400,000 (The) Society of the Sisters of Christian Charity of New
Jersey,
;
real
Mendham,
estate
80,000 University
1st & ref.
N.
J.,
1st mtge. 3%
1940-51.
due
notes
100-101 and int.
and 3H%
refunding.
Place
Christian
Church,
refunding.
Price
Dempsey-Tegeler & Co,
'
;;
.
'
serial
Price,
,
Champaign,
mtge. 44-44% serial bonds due Feb.
Purpose,
$780,000
Purpose,
Offered by Alhponse Schneiderhahn.
application.
on
\
■
.
III.,
1, 1942-52.
Offered
by
/ .A
.
>:'r
MISCELLANEOUS
&
$8,500,000 The Kresge Foundation 10-year 3% coll. trust notes (con¬
vertible), due March 15, 1950.
Purpose, refunding.
Price,
180,000
V
102 and int.
Offered by Lehman Brothers; The First Boston
Corp.: Goldman, Sachs & Co., and Watling, Lerchen & Co.
;
,
'
SHORT-TERM
BONDS AND NOTES (ISSUE MATURING
AND INCLUDING FIVE YEARS)
UP
'/
■.
MISCELLANEOUS
426,000
,
stocks
at
a
stated
par
value
are
taken at par, while preferred
no par value and all classes of
their offering prices.)
PUBLIC
common
stock
are
computed
UTILITIES
$200,000 Central Electric & Telephone Co. 4,000 shares of 6% cum.
pref. stock
($50 par).
Purpose, acquisition of properties.
Price, $45.75 per snare.
Offered by Loewi & Co.
Water
Power
(par $25).
&
Paper
Co.
Price, $30 per share.
6,000 shares
Offered by
Securities Corp. and Blyth & Co., Inc.
Johns-Manvifle Corp. 6,000 shares common stock (no par).
Price. $71 per share.
Offered by Blyth & Co., Inc.
142,500 Quaker State Oil Refining Corp. 10,000 shares of common
stock (par $10).
Price, $14M per share.
Offered by Riter
-
stocks of
stock
198,897 Federal Mogul Corp. 13,717, shares of common stock (par $5).
Price, $14.50 per share.
Offered by American Industries
Corp. and Jackson & Curtis.
492,812 General American Transportation Corp. 9,500 shares of
common
stock
(par $5).
Price, 51%.
Offered by Union
TO
*$3,000,000 The Kresge Foundation serial coll. trust notes due serially
March 15, 1940-45 (interest rate from 4 % to 24%).
Purpose, refunding.
Placed privately by Lehman Brothers.
(Preferred stocks of
common
Fuller, Cruttenden & Co.
'
'■
Co. and associates,
Consolidated
&
Co. and Parrish & Co.
95,000 Rheem Mfg. Co. 5,000 shares of common stock (par $1).
Price, (approximately) $19.
Offered by Allen & Co.
273,750 United States Potash Co. 7,500 shares of common stock
(no par).
Price, $36.50 per share.
Offered by Lee Higginson
Corp.
$12,855,884
*
Indicates privately placed Issues.
—
%
The Commercial & Financial Chronicle
Volume
The
Congress Should Repudiate
first
comprises 235 pages, divided into 19 chapters, excel¬
lently arranged so as to furnish facts grouped by subjectmatter.
First, a chapter on the Law in General, then come
Contracts; Negotiable Instruments; Banks and
Banking;
<•
and Disclaim
{.Concluded, from vage 2165)
dent
read
the
to
Sales;
assembled
representatives of the
and which explicitly stated that it
press,
his
was
opinion that this Government could not, under present
conditions, remain permanently aloof from
war?
pean
Berlin
The alleged
certainly
go
documents published at
further
no
Euro¬
a
than
these earlier
assertions of fact and declarations of purpose,
even
Bailments;
till
reach
we
be
inevitable
embellishment such
some
considering the origin and nature of
these communications within the
of
a
would
as
diplomatic service
country imminently threatened by
an unques-
section
second
en¬
of
questions and
Corporations,
the
book,
429
so
which
practical
a
on,
Within
made to the
are
in
pages,
illustrate in
answers
and
devoted to Bankruptcy.
specific
the
manner
important points considered in the first part.
instance, in the first part you learn (p. 181) that "A
more
houseman
by
has
lien
a
merchandise
on
stored
For
ware¬
pending
pay¬
of storage and
ment
incidental charges."
This is followed
reference to the second section, where, under Liens,
a
questions asking you to "(a) define
illustrate
or
a
non-
possessory
lien;
(b)
mention four types of possessory
liens."
The answers immediately follow.
In this case they
take up two full pages.
Whenever deemed useful
by the
author, all statements made in the first
of
book
the
by
supported
are
or
second
of
citation
the
section
governing
decisions.
court
tionaly superior force and eagerly seeking for
Partnership;
the 18 pages
this section running references in the text
are
though there is
2171
There
are,
in all, 729 questions and
These questions have been taken from the
papers
the New York C. P. A. Examining Board in its
answers.
couragement and asistance wherever either could be
used
obtained.
examinations
The conclusion must
be, therefore, that the Berlin
publication, whatever its
showing
have been intentionally
may
distorted,
least
at
adheres
essentials of
a
require
action
some
to make
or
on
sity,
otherwise
closely enough to
by the Congress of
say,
Such action could have but
substance.
one
to refuse to make
power
It would
be, of
final and authoritative disclaimer of
a
tention
willingness to become
or
the
the part of the governmental
it, that is to
the United States.
form and but
or
public record already established to
authority holding the actual
war
and however the
purpose
a
one,
neces¬
in¬
any
participant in the
present conflict, or to take any steps to influence its
and results
progress
of
boundaries
adjustment
or
or
would
expressed, of
involve
every
action
willingness
any
depart from the wise precepts of Wash¬
ington and Jefferson
forbidden
so
It
declaration indicative of
hereafter to
proved
problems that will require
conclusion.
its
at
repudiation, implied
and every
to share in the re-settlements
and other
fields
of
or
again to adventure in the
international
that
controversy
costly in 1917 and in the succeeding
years.
Investigation of the authenticity of the particular
documents
futile
made
public in Germany
digression, wasteful of time and
could
produce
value,
although it
remedy
be
a
and
energy,
results of genuine and substantial
no
amateur status of
The
would
might
some
for the
establish
the
distinctly
wealthy American diplomats.
false
position
which
in
the
for the degree of Certified Public Account¬
ant, in the years 1915 to 1939.
(When the question would
call
finds itself is not to be found in
now
vestigation but rather in
gressional
declaration
in¬
plain and simple Con¬
a
that
any
its
power
will not
be
for
different
a
in
that
reference
is
made
state
of the
to "N.
Y.
may
Ins.
Jan.
tions
answered
sional
might
answer
be
raised
at
one
would,
may
feel
time.
The profes¬
be far from pos¬
any
sure,
sessing the clarity and brevity which will be found here.
a
simple illustration (p. 567) :
"Is registration of a
Take
trade
mark
ment?"
the
is
answer
shown
to furnish protection from infringe¬
lines, including citation of the leading case,
necessary
In five
the
marks,
final.
And
differences
patents
and
in
the
same
the
between
law
place
is
applying
clearly
to
trade
copyrights.
Those who rely upon their own knowledge of commercial
law are given an
opportunity to test this knowledge by
means
of the complete set of questions used in the
88tii
Accountant Examination, held last October, at the Univer¬
sity of the State of New York.
There are 15 questions,
most
of
them
in
appear
with
the
three
subdivisions.
The
full
answers
appropriate divisions of the book.
A
pretty extensive search for visible flaws brought out
one minor defect, an incomplete explanation of Gen¬
eral Average, in a
policy of marine insurance.
The author
only
undoubtedly knows that he should make clear that General
Average is not confined to cargo jettisoned.
Importers in
New York would probably tell us that
they are called on
for a General Average
deposit in connection with a fire,
or
stranding,
a
in connection
or other
with
marine peril, far more often than
jettison of
a
cargo.
Also, to add incor¬
averaging up the loss" (p. 148)
suggests that the etymology of the ward "average" is con¬
rectly
the
fused.
that
words
While
the
it
word
median
amiss
is
considered
dubious,
the old
to
Apart
from
this
only
of contents
can
flaw,
the
language,
and
the
general
is also the index
of the first section of the book.
From it alone
get
idea
an
has
been
second
of
the
covered.
one.)
reviewer
that
that
:
so
thoroughness
It
includes
with
over
which
the
2,600 entries.
as an
index
Unreservedly, it is the opinion of this
acquiring
anyone
his
purchase
this
work
constitutes
an
will
discover
excellent
in¬
,
■
.
The Business Man's
nothing
■
(As stated before, the first section in turn
acts
to the
is
"avarie,"
v:'
the." text,
are
word
trivial
noted.
arrangements of this book excellent, but
ground
the probability
French
injury, and not to "average" meaning
or
middle.
or
was
Not
"thus
is related
meaning damage
promptly
European politics.
the present
Under Insurance it
be
Law, effective
1, 1940."
(The Preface is dated Feb. 15, 1940.)
T.
While this work is written primarily for laymen, it could
well be used by many a
legal office.
Any of the 729 ques¬
noted
vestment.
utilized to intermeddle
under
answer
law, the change is indicated.)
one
country
by
w. c. b.
-
,
Actuarial
Technique and Financial
Organisation of Social Insurance
Bookshelf
By Lucien Feraud, D.Sc., of International
Labour Office,
Geneva, Switz.0 568 pp.
Manual
on
Distributed
Commercial Law
Labor
By A. Lincoln Levine, LL.B.
669 pp. -f- ap¬
pendix, &c., 26 pp.
Professional Publica¬
tions.
Faced
$4.76
from
give the maximum of information with the minimum of
effort.
It is written in
language,"
lately.*
planned
himself
which
It
is
that
with
has
lucid,
any
those
terse,
business
or
duties.
two
are
been
as
distinct from the "legal
severely
chastised
rather
beautifully
man
can
printed, and so
readily familiarize
aspects Of commercial
likely to encounter
There
English,
question
main
in the
divisions
law which he is
course
to
the
page
600.
S.
A.
by
International
Washington.
Cloth,
$5,
of his
daily
book.
The
as
our
we
neAV
are
daily, with
social
the
problems which
spring
insurance
system, problems which
involve not only administration, but the financial and actu¬
arial
bases of the whole structure, this analysis of the
experience
of six European countries is timely, valuable
highly instructive. " (In alphabetical order) Belgium,
Czechoslovakia, France, Germany, Great Britain and Italy
and
present the official results of their endeavors to
secure
for
certain portions of their
population the State-aided benefits
country decided to introduce.
Germany's ex¬
perience, starting with the year 1891, covers Invalidity.
Old-Age and Widows, and Orphans' Insurance for Work¬
which
ers.
as
150,
U.
Paper, $4
Twenty-five years of teaching, practice at the New York
Bar, and the writing of law works for study is the back¬
ground of the author of this work.
It is admirably devised
to
in
Office,
to
each
aGreat
Britain
and
Northern
National'Health Insurance
Ireland
reveals
results
(1912), and Widows' and
Orphans' and Old-Age Contributory Pensions (1926).
Italy
'
The Commercial & Financial Chronicle
2172
similar
with
follows
experience, dating from
1920.
tween estimates of contribution incomes and those incomes
produced under the actual working of the varying schemes,
The financial problems involved are of a highly compli-
The
coincides w.ith Germany's
from 1927, while France presents the results of its General
Scheme of Social Insurance since 1930.
,
Starting off under varying conditions of legislation, applied to the solution of different social problems, the
schemes of financial and actuarial work have produced
largely varying results, from a comparative study of which
most valuable conclusions can be drawn.
These, in turn,
should permit the student of this country's policy of social
insurance to appraise the value of the work accomplished
field
covered by Czechoslovakia
^
'
will find here a vast field
and contemplated.
The actuary
of study probably
cated kind, and will afford ample food for thought
those who are asked to pass upon the measures to
adopted in order to guarantee the "social
country's less-favored classes.
mentioned.
for
be
security" of this
Each of the six countries, in working out its plans of
social insurance, has developed statistical data, here prerented, which are in themselves of extreme value. This
.will interest specially the actuary of life insurance companies (and to a less extent, perhaps, those who would like
to see accident and sickness insurance conducted with a
opening new horizons to him. Those to whom the financial
structure of State-aided social insurance are of paramount
iriterest will profit from an analysis of conditions as they
developed in the countries
April 6, 1940
They will note that
projects, starting as originally planned, were changed
as
experience was acquired, and the reasons for the
changes.
They will compare the contrasts developed besome
minimum of guess-work). Time and space are
lacking to
valumade
by this book.> As to its production, translators, editors and
the printer deserve special praise for the excellence of
make more than this passing reference to the highly
able contribution to actuarial and financial science
their several performances.
#
.
W. C. B.
Indications ol Business Activity
THE^STATEJOF
TRADE—-COMMERCIAL EPITOME
Friday Flight, April
5, 1940.
,
Bank clearings for the 22 leading cities of the
States totaled $0,265,507,000 for the
United
week ended April 3,
a gain of 13.7%, compared with a turnover of $5,512,901,000 for the like 1939 week, Dun & Bradstreet, Inc., reported yesterday. Clearings for New York City were $3,945,012,000 for the latest week, a gain of 12.6% over the
total of $3,503,413,000 recorded in the corresponding week
last year. The total for the outside centers of $2,320,495,000 represented a gain pf 15.5% from last year's figure
war and
politics.
Concerning the former, all indications
of $2,009,489,000.
point to a long-drawn-out war, and while business would
Private engineering construction awards for the week
prefer a cessation of hostilities, it realizes that the war
ending April 4 are the second highest of the year, and top
will bring some temi>orary stimulation to American industhe preceding week by 60% and the corresponding 1939
try. The outlook in the field of politics was immeasurably
week by 92%, as reported by "Engineering News-Record."
improved by the Wisconsin primaries, and the chances of a
The second largest industrial building volume of the year
change in Administration appear favorable.
This should
is largely responsible for the private gains. Public conhave a wholesome effect on investors, and make them more
struction tops a week ago, but falls 27% below a year ago.
inclined to risk their capital.
Indications that the current:
Total construction for the week, at $55,837,000, exceeds
business downtrend is close to the bottom of its swing were
last week by 24%, but the gain in private was offset by a
seen by Federal economists yesterday in the stiffening
of x loss in public construction as compared with the 1939 week,
wholesale commodity prices and an apparent new stability
\yith the result a 3% decrease from last year. Current
in the inventory situation during the past two months,
week's volume brings 1940 construction to $698,578,000, a
Secretary Hopkins reported the decline in general business
level 19% below the 14-week period last year. Private conactivity in March was markedly less than in the precedingstruction for the period, however, is 8% above a year ago.
two months.
Regardless of which party wins, the presidenThe slowly receding trend of automobile production in
tial election in November will mark the beginning of an
• recent weeks probably will be stemmed by the surprisingly
era
of prosperity greater than any we have previously
good March retail sales report, Ward's Automotive Reports
known, Dr. Claudius T. Murchison, President of the Cotton
predicted today. Automobile output this week is estimated
Textile Institute, stated yesterday at the annual meeting
by Ward's at 101,655 units, representing a decrease of 1.6%
of the Alabama Cotton Manufacturers' Association.
from last week but a gain of 16.7% over the corresponding
Increased requirements for American steel
in export
1939 week. For the first time this year, the service pointed
markets, including peace-time as well as war-time maout, field stocks are not being increased, and in some interials, are sustaining domestic steel production to a growrstances appear to be shrinking. This tendency is likely to
ing extent, a large part of the 10% to 15% gain in orders
strengthen materially in coming weeks, in line with the
for March compared with February being traceable to this
livelier sales expectations now prevailing in The industry,
source, "Iron Age" reports in its current survey.
The rise
according to Ward's. Reports from Detroit state that re¬
in new business and mild improvement in domestic sales
tail sales activity reminiscent of the boom periods of 1929
account for a slightly better level of production.
Sales are
and 1937 are reflected in reports from the leading car and
better, more particularly in areas where belated outdoor
truck manufacturers covering the first quarter of the curactivities are being resumed following the severe winter,
rent year. Ford yesterday reported March sales of Ford
Business
activity showed a slight
improvement the past
signs definitely pointing to a decided change
for the better in the not distant future.
The vigorous
action of the securities market the past week would seem
to reflect a much better feeling.
Two major uncertainties
that were causes of much worry in business and trade
circles were more or less relegated to the rear.
These are
with
week,
Most of the sales
of
the
gain in March occurred in the last half
partly the result of depletion of consumer
Unless consumption of steel should decrease
month,
inventories.
materially, and there is no indication of that at present,
replenishment of stocks will be necessary in many cases
within the next 30 to 60 days, the survey says.
"The influexport sales in sustaining steel production should
underestimated," the review observes. "Export sales
of some of the companies most active in this trade have
ence
of
not be
ranged from 15% to 20% of total sales within the last few
weeks
and
during the first two months of the year were
10% of the total finished steel production of all
companies.
Indirect export business is also likely to become an important factor.
In the railroad equipment field,
for example, export orders and inquiries are the tfutstanding business pf the moment."
Production by the electric light and power industry of
close to
the United
States for the -week ended
March 30 amounted
to
2,422,287,000 kwh., an increase of 9.6% over that for
the like 1939 week, according to figures released by the
Edison Electric Institute.
Output for the latest reporting
week, however, showed another seasonal decline of 2,063,000
kwh. below the total of 2,424,350,000 kwh. reported for the
week
Compared with 2,209,971,000 kwh. for the
April 1, 1939, production for the latest week
gained 212,316,000 kwh., or 9.6%.
Loading of revenue freight for the week ended March 30
totaled 628,278 cars, according to reports filed by the railweek
preceding.
ended
roads with the Association of American Railroads and made
public today. This was an increase of 8,392 cars from the
preceding week this year, 27,587 more than the correspond-;
ing week in 1939, and 104,789 cars above the same period
two years ago.
This total was 98.57% of average loadings
for the
corresponding week of the 10 preceding
years.
92,227, a 56% increase over
February and the biggest month's sales since July, 1937.
' The increase in employment this month may eliminate
half of the loss of jobs that occurred during the first two
ftionths of the year. The decline in employment affected
1,180,000 workers in January and February, according to
the National Industrial Conference Board, For March the
total was little changed.
Retail sales of passenger automobiles last month approximated 325,000, an increase of 30% over the same month
last year, according to trade estimates. Stocks in dealers'
hands at the beginning of this month are estimated to have
aggregated 480,000 to 490,000 passenger cars, as against
and Mercury units number
500,000 a month before.
Retail business for the country as a whole showed moderate improvement this week in comparison with the preceding week, but gains against the comparable wreek in
1939 dropped to the narrow margin of 2% to 7%, said Dun
& Bradstreet, Inc., today. The comparable period a year
ago was the week preceding Easter.
The credit agency
also noted some pickup in industrial purchasing, but said
the downtrend in this division of business continues,
Wholesale turnover was described as mildly disappointing
> in many lines.
"Although total increase in buying of seasonal goods "was substantial in some centers,' said the
review, "sensitivity to weather conditions continued to
affect day-to-day results even in regions where sales appeared most buoyant."
'
Featuring the weather this week were the heavy rains
that increased the flood peril up-State and at Wilkes-Barre.
The downpour ranging from the headwaters in New York
State south through the hard-hit Wilkes-Barre area of
northeastern Pennsylvania raised anew the fear of further
danger which had abated with the subsiding flood waters
Volume
The Commercial & Financial Chronicle
ISO
2173
'
Sleet and hail accompanied
during the middle of the week.
driving
in
rain
earlier
extended
the entire
across
six drowned.
bered
of
Toll
sections.
some
floods
the
has already
state
increase of $17,980,000 over 1938.
num¬
Pamage was extended along the Sus¬
quehanna Valley from the New York border to Maryland,
through some of eastern Pennsylvania's most populous
New
communities.
to
of
the
There
continued
State
no
were
spring rains brought fresh flood threats
as
risers and streams in the rest
York
New
western
drop back
to
their
within
banks.
spectacular features to the weather in other
The reaction to warmer weather, in
adequate surface moisture, made a better
growing week in most central and southern sections of the
parts of the country.
with
connection
All
country.
vegetation
was
reported
rapid
making
as
Today
the
and
fair,
was
minimum
moderate
^
prevailing. ?
temperatures
warmer
temperatures
prevailed,
being 41
day, and probably continuing through Sunday. The lowest
reading tonight for the city and suburbs is
placed at 34 degrees, with some diminution of prevailing
thermometer
northwest "winds.
fy-"'V'•/'
.
i
Loading of
the Association of American Railroads
April 4., This was an increase of 27,587 cars
or
4.6% above the corresponding week in 1939 and an
increase of 104,789 cars or 20.0% above the same week in
1938,
Loading of revenue freight for the week of March 30
was an increase of 8,392 cars or 1.4% above the preceding
week.
The Association further reported:
on
___
below
Loading
cars,
a
10,263
in
losses
gains
five
commodities.
week
over a
Six
commodities
and four quotations
ago
The movement of the Index has been
Fri.
Mar. 29
Sat.
Mar. 30
Mon.
April
April
Wed.
April
Thurs. April
Fri.
April
Tues.
as
.
minor
unchanged.
follows:
.—157.6
159.9
155.4 Year ago, April 5
155.0 1939 High—Sept. 22
_155.1
Low—Aug. 15---—.
155.0 1940 High—Jan. 2-.
155.1
Low—April 2 and 4-
139.8
—.— —
—
-
—.172.8
.—138.4
169.4
155.0
—
increase of 9,225 cars above
preceding week, and an increase of 26,050 cars above the corresponding
week in 1939.
Grain and grain products
loading totaled 34,540 cars, an increase of 3,099x
and an increase of 2,460 cars above the
above the preceding week,
In the Western districts alone, grain and
1939.
increase of 2,338 cars above the preceding
cars
30, totaled 20,823 cars, an
week, and an increase of 1,895
above the corresponding week in 1939.
Live
loading amounted to 9,595
stock
below the preceding
cars,
decrease of 1,202 cars
a
week, and a decrease of 1,179 cars below the corre¬
In the Western districts alone, loading of live stock
sponding week in 1939.
30, totaled 6,866 cars, a decrease of 1,123 cars below
and a decrease of 1,156 cars below the corresponding
the preceding week,
week in 1939.
Forest
thd
products loading totaled 31,931 cars, a decrease of 1,415 cars below
preceding week, but an increase of 4,821, cars above the
week in 1939. \
Ore loading
-
1
in 1939,
Since
Week
First
of
September,
1939,
According
Fertilizer Association
National
to
Coke loading
'
.
amounted
ment
by the Association::r-dated April 1, continued:
The food price average was slightly higher for the week, mark-ups
a
hi
few important items more than offsetting declines in a larger number
of
A moderate decline took place in the farm product average,
commodities.
with
10
items
declining and
only
cotton indexes are now at the lowest
four
advancing.
The
livestock
points reached this year.
and
With nine
items in the group declining in price and none advancing, the textile group
index
was
the
registered
16th
decline.
consecutive weekly
The metal
again lower, reflecting declining quotations for steel
cars
All districts reported increases
scrap,
corresponding week
*
.
compared with the corresponding weeks
,
Four weeks of January
Four weeks of February"Week of March
9
2,288,730
2,282,866
2,256,717
2,155,536
—
552,892
588,426
556,730
618,985
-
-
Week of March 16—
594,424
520,997
2
Week of March
591,166
540,365
>:
619,886
601,948
572,952
628,278
600,691
523,489
8,164,834
Week of March 23
7,548,251
7,158,681
-
Week of March 30..——————*.
Total..—
.1
I,.
v,
'
lift.;
.
;
major railroads to report for the week ended
March 30, 1940 loaded a total of 296,301 cars of revenue
The first 18
freight on their own lines, compared with 290,861 cars in
the preceding week and 281,949 cars in the seven days
ended April 1, 1939.
A comparative table follows:
REVENUE FREIGHT LOADED AND
;
RECEIVED FROM CONNECTONS
(Number ol Cars)
•
index
Loaded
aluminum,
on
Own Lines
Weeks Ended—
Received from Connections
Weeks Ended—
Mar.30 Mar.23 April 1 Afar.30 Mar.23 April 1
1940
1940
1939
1939
1940
1940
Thirty-nine price series included in the all-commodity index declined
in
advances;
16
the second preceding week there
were
39
V'
declines and 12 advances.
WEEKLY
f
;
WHOLESALE COMMODITY PRICE INDEX
Complied by the National Fertilizer Association.
.
(1926-1928=100)
17,413
Ry—
17,646
Baltimore & Ohio RR
28,826
28,435
Chesapeake & Ohio Ry
Chicago Burlington <fe Quincy RR.
Chicago Milw. St. Paul & Pac.Ry.
Chicago & North Western Ry
22,884
22,737
Atchison Topeka Santa Fe
14,525
13,860
18,414
17,994
13,758
13,876
2,666
2,690
Gulf Coast Lines
-
Latest
Percent
Week
Each Group
Bears to the
Mar.
Group
30,
1940
Total Index
Week
Mar.
23,
1940
Year
A 00
M tssouri-Kansas-Texas
Mar. 2,
1940
Apr. 1,
Month
Foods
70.5
———-
12,576
38,299
—
8.2
Pere Marquette Ry
62.7
57.9
59.9
47.2
Pittsburgh <fc Lake Erie RR
Southern Pacific Lines
72.9
72.9
72.3
52.7
60.5
61.8
84.1
87.1/
87.3
71.7
72.2
60.6
91j3
91.6
91.9
0.3
Farm machinery
;
combined
Wabash Ry
5.934
5,637
25,002
5,195
—
86.3
14,732
2,051
2,376
2,238
2,609
8,719
38,009
11,600
16,119
55,474
10,124
4,288
38,498
38,404
5,420
5.345
8,251
7,346
1,351
1,395
9,981
4,689
8,632
7,254
9,212
9,477
38,030
4,994
A
*
7,269
8,510
35,660
9,324
7,653
2,153
2,648
8,126
34,885
9,039
3,937
35,952
I 4,887
; 4,151
5,639
5,624
25,511
5,094
5,113
5,236
24,346
5,046
5,414
5,131
1
8,372
8,617
8,359
7,979
7,977
LOADINGS
AND
RECEIPTS
(Number of Cars)
FROM
CONNECTIONS
83.8
94.3
TOTAL
94.3
91.9
72.9
73.3
78.4
78.7
77.6
94.9
94.9
94.8
_
71.4
78.4
76.3
76.4
77.1
72.4
Weeks Ended—
Mar.
Chicago Rock Island & Pacific RyIlllnois Central System
St. Louis-San Francisco Ry
Total
Railroads
13,632
9,333
7,560
7,075
9,287
1.344
5,294
14,690
5,277
296,301 290,86 1 281,949 185,188 187,146 175,513
Total
90.6
86.7
94.9
Fertilizer materials.--Fertilizers
17,456
12,964
3,250
1.6C8
3,677
5,471
77.8
73.6
72.7
Chemicals and drugs
0.3
;V
76.2
88.2
9413
—
0.3
All groups
83.6
:
86:7
Metals
1,700
3,721
12,114
36,826
4,937
17,930
54,885
18,578
27,641
19,433
13,755
68.6
84.1
—
— -
Building materials
100.0
Pennsylvania RR
64.0
Miscellaneous commodities.-
7.1
..
49.9
66.4
65.0
Textiles.
Fuels
6.1
1.3
52.2
63.9
59.8
;
Livestock
10.8
55,454
50.7
64.0
57.7
Grains
17.3
19,409
Norfolk & Western Ry.
69.0
62.1
Cotton
4,932
Louis Ry
49.9
Cottonseed oil
Farm products
»L
71.5
RR
Missouri Pacific RR
63.3
Fats and oils
23.0
70.3
3,628
New York Central Lines
1939
N. Y. Chicago & St.
25.3
1,591
International Great Northern RR
A oo
Preced'g
y
1938
2,555,415
2,486,863
634,410
- -—
1939
during the week and 10 advanced; in the preceding week there were 30
and
1
preceding
1940
representing the prices of fertilizer materials and miscellaneous commodities.
declines
"
above the corresponding week in 1939.
t
Declines also took place during the week in the indexes
tin, and lead.
!
to 8,541 cars, the same as reported for
week, but an increase of 2,55
in 1939 and 1938.
V,"
A
slight decline last week in the wholesale commodity
price index compiled by the National Fertilizer Association
took it to the lowest point reached this year.
This index
in the week ended March 30 was 76.3, compared with 76.4
in the preceding week, 77.1 a month ago, and 72.4 a year
ago, based on the 1926-28 average as 100.
The index is
now lower than at any
time since the first week of last
September.
The highest point reached by the index this
year was 78.5, in the first week of January.
The announce¬
corresponding
1
,
amounted to 10,160 cars, a decrease of 284 cars below the
preceding week, but an increase of 1,052 cars above the
Wholesale Commodity Prices Dropped Slightly During
Week Ended March 30,
Reaching Lowest Level
■'
below the corresponding week in 1939.
cars
for the week of March
-.155.7 Two weeks ago, Mar. 21-.
155.8 Month ago. Mar. 5-----.
—
1
2
3
4
5
had
were
J.'.\
carload lot freight totaled 147,156
Coal loading amounted to 127,259 cars, an
the
decrease of 502
decrease of 529 cars below the preceding week, and a decrease of
grain products loading for the week of March
Daily Commodity Index again declined frac¬
a new 1940 low this week, occasioned by small
a
but an increase of 2,096 cars above the
the preceding week,
of merchandise less than
corresponding week in
Moody's
tionally to
cars,
corresponding week in 1939.
cars
Moody's Commodity Index at New Low
loading totaled 259.096
Miscellaneous freight
cars
was 35 to 40 degrees; Baltimore,
63; Pittsburgh, 34 to 70; Portland, Me., 33 to 37;
Chicago, 35 to 43; Cincinnati, 40 to 69; Cleveland, 34 to 58;
Detroit, 30 to 45; Milwaukee, 31 to 41; Charleston, 63 to
88; Savannah, 63 to 81; Dallas, 57 to 91; Kansas iCity,
Mo., 35 to 59; Springfield, 111., 33 to 52; Oklahoma City,
45 to 71; Salt Lake City, 38 to 60, and Seattle, 45 to 58.
Overnight at Boston it
46 to
freight for the week ended March 30
revenue
totaled 628,278 cars,
announced
degrees and the maximum 48 de¬
Partial cloudiness is the forecast for tonight, Satur¬
grees.
Freight Car Loadings Total 628,278~ Cars in
Week Ended March 30, 1940
Revenue
growth the latter part of the week, while farm work ad¬
vanced rapidly wherever the soil was sufficiently dry.
In
the New York City area the weather was generally un¬
settled, with
Expenditures for locomotives, freight and passenger train
and other equipment totaled $133,388,000 in 1938, an7"
Roadway and structures
expenditures amounted to $128,641,000, a gain of $17,112,000 compared with 1938.
;V
Expenditures for locomotives in 1939 totaled $42,807,000
compared with $38,570,000 in the preceding year.
For
freight cars, expenditures totaled $66,779,000 against $52,^
814,000 in 1938 and for passenger train cars the expenditures
were $19,723,000, compared with $18,249,000 a year earlier.
The railroads expended $4,079,000 for other equipment in
1939 as against $4,875,000 in 1938.
cars
that
——
30,1940
Mar. 23,1940/
^Aprill, 1939
22,891
31,990
12,818
22,645
22,703
30,117
27,826
12,423
11,876
67,699
65,185
62.405
Spent More for Equipment Last Year
Capital expenditures for equipment and other improve¬
ments to railway property made by class I railroads in 1939
totaled $262,029,000, $35,092,000 more than in 1938, the
Association of American
Railroads announced March 31.
undertake to show also the loadings
for the week ended March 23,
roads showed increases when
compared with the same week last year.
'
In the following we
for separate roads and systems
1940.
During this period 74
The Commercial & Financial Chronicle
2174
1
tOADED
REVENUE FREIGHT
Received,
Total Loads Re<
Total Revenue
1940
Eastern District—
Freight Loaded
Railroads
1939
1940
1938
1939
Southern District—(Concl.)
Mobile A Ohio
from Connections
1939
1940
:
Total Loads Received
Total Revenue
i
from Contactions
Freight Loaded
Railroads
April 6, 1940
AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)--WEEK ENDED MAR. 23
1938
1940
1939
1,919
2,807
1,225
1,988
2,832
1,276
2,208
2,640
421
397
396
1,094
979
317
337
320
4,672
'9,528
9,120
4,338
20,486
20,089
9,702
18,229
4,250
4,927
14,454
13,591
380
360
411
691
685
134
160
170
738
733
99,965
97,811
94,941
68,426
65,734
Chicago A North Western.....
13,876
2„216
17,994
3,134
12,989
2,436
17,544
3,333
14,030
2,699
17,681
3,515
9,477
2,751
9,457
Chicago Great Western
Chicago Mllw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha.
555
581
674
612
590
657
1,229
Bangor & Aroostook—.......
Boston & Maine
2,213
6,968
168
177
1,249
1,937
6,769
1,507
10,616
Chicago Indianapolis A Loulsv.
Central Indiana.......
2,271
7,349
1,722
2,269
10,799
1,976
22
20
32
68
58
Central Vermont
1,264
4,730
8,548
1,282
4,452
1,255
3,297
8.720
1,884
7,546
1,758
7,387
Seaboard Air Line..
Southern System
7,676
6,924
Tennessee Central
217
254
311
94
100
Winston-Salem
2,602
2,305
1,539
1,667
994
293
257
209
3,295
10,646
4,832
10,909
4,435
10,890
3,656
3.530
11,398
170
168
207
7,954
1,828
1,729
1,757
1,538
1,342
986
7,537
2.650
4,486
1,653
36,826
8,906
7,820
7,072
6,599
2,569
3,735
2,547
7,131
3,428
2,821
209
216
1,323
24
25
33,718
8,803
1,362
4,282
38,009
12,100
1,661
37,292
Duluth South Shore A Atlantic.
11,840
1,740
Elgin Jollet A Eastern
10,124
10,010
1.531
1,424
Ann Arbor
..........
...
Delaware A Hudson
Delaware Lackawanna A West.
Detroit A Mackinac
......
Detroit Toledo A Ironton—
Detroit A Toledo Shore Line...
Erie..
.........
Grand Trunk Western....
Lehigh A Hudson River
Lehigh A New England
Lehigh Valley
Maine Central...
.......
Monongahela..
Montour
New York Central Lines......
N. Y. N. H. A Hartford
10,383
953
1,247
4,927
369
-i
415
N. Y. Susquehanna
A Western.
Pittsburgh A Lake Erie
,
1,894
35,291
4,937
New York Ontario A Western.
N. Y. Chicago A St. Louis
-
8,865
1,131
~
3,344
5,487
~~3~ 525
5,004
4,739
4,550
5,414
4,221
5,155
355
336
36
30
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
Rutland........
292
310
315
220
212
832
706
593
1,407
1,331
619
536
565
958
990
5,094
5,061
8,617
3,145
3,501
135,612
122,482
158,287
427
434
849
791
Dulutb Missabe A I. R
Ohio
28,435
27,925
1,828
23,984
1,332
14,732
1,240
14,676
......
2,537
Western
1,647
504
304
47
61
Northern Pacific
9,293
7,706
1,872
4,200
8,305
1,772
2,150
3,509
1,779
1,984
3,198
93
134
140
205
220
1,778
1,354
1,511
1,429
1,213
71,987
70,206
70,216
41,440
40,642
19,325
17,962
2,691
20,934
5,388
2,601
3,039
2,033
5.149
2,192
519
350
256
99
98
Chicago Burlington A Qulncy..
Chicago A Illinois Midland....
Chicago Rock Island A Pacific.
13,860
2,261
10,202
13,914
1,651
10,548
7,653
7,059
760
590
8,539
Chicago A Eastern Illinois.....
2,424
2,479
31,799
1,530
12,788
2,491
700
675
2,559
1,297
8,851
2,528
698
2,131
'/<;• 334
1,871
2,143
2,402
376
242
9
885
1,071
997
1,706
1,282
1,896
907
1,880
1,116
1.150
Spokane International
Spokane Portland A Seattle...
Total
Central Western District—
Bingham A Garfield
15
528
57
54
Denver A Rio Grande Western.
186
31
37
Denver A Salt Lake
Fort Worth A Denver City
Illinois Terminal
"
4
114
38
36
27
576
571
1,082
1,005
54,792
50,404
3,093
1,467
38,498
3,080
54,885
13,342
13,075
3,340
11,795
10,300
3,409
10,690
16,313
6,676
2,187
6,301
1,043
2,592
1,490
36,904
16,783
1,554
V 5,970
Colorado A Southern
...
...
Missouri-Illinois.
Nevada
125,821
120,568
96,460
105,411
94,148
1,034
445
937
^ 683
1,019
139
121
246
382
324
15
0
687
6
(Pacific)
22,737
20,351
15,473
17,930
4,132
15,892
14,629
3,550
Norfolk A Western....
Virginian
....
3,642
9,324
4,288
360
'S-€i
20,934
20,264
18,820
4,666
...
324
263
350
.....
13,175
12,981
13,531
1,187
6,873
Union Pacific System
0
4,176
1,275
6,367
256
296
274
8
8
1,372
1,250
1,240
1,843
1,658
96,205
Western Pacific
Chesapeake A Ohio
372
'
....
Utah
Pocahontas District—
13
753
.....
Peoria A Pekin Union
Southern Pacific
1,360
1,996
1,578
......
Northern
North Western Pacific
Toledo Peoria A Western
Total
185
2,555
660
162
11,116
5
110
Maryland
179
2,767
591
1,513
4,558
10
452
....
581
8,783
536
160
11,641
210
488
Union (Pittsburgh)..
436
9,486
1,565
4,410
1,094
249
...
354
5,840
423
...
5,6C9
665
...........
383
5,424
Minn. St. Paul A S. 8. M
Minneapolis A St. Louis
302
204
Co
410
4,920
517
1,494
Cumberland A Pennsylvania..
Reading
159
442
•
5,864
Cornwall
Llgonler Valley...
Long Island
Penn-Readlng Seashore Lines.
Pennsylvania System..
166
•
9,361
317
...
Central RR. of New Jersey...
3,191
6,996
Ft. Dodge Des Moines A South.
Great Northern
Green Bay A Western. ....
Lake Superior A Ishpeming
1,342
5,591
Buffalo Creek A Gauley
Cambria A Indiana..
7,247
3,252
471
Atch. Top. A Santa Fe System.
Bessemer A Lake Erie..
2,695
7,269
6,141
Alton
Alleghany District—
Akron Canton A Youngs town.
Baltimore A
1,008
Northwestern District—
151,137
444
Total.
Total
2,895
3,174
136,242
Wheeling A Lake Erie........
.........
Southbound...
2,587
8,249
5,336
2,810
..........
,'r"
....
Richmond Fred. A Potomac
1,566
521
Wabash
Piedmont Northern
2,238
919
7,083
5.651
5,639
—
....
11,330
Pittsburgh A Shawmut
Pere Marquette
1,810
2,887
1,042
Nashville Chattanooga A St. L.
Norfolk Southern
93,050
96,995
48,232
46,272
...
9,046
Total.
4,409
1,010
1,064
Southwestern District—
Total
44,799
39,885
14,676
33,652
14,465
Burlington-Rock Island
145
126
180
238
356
"2" 666
"3,282
3,455
If,395
"l ,507
1,700
1,687
1,945
2,238
2,135
Fort Smith A Western. *
Southern District—
Alabama Tennessee A Northern
240
242
,192
Atl. A W. P.—W. RR. of Ala.
794
748
744
Atlanta Birmingham A Coast..
Atlantic Coast Line
565
638
535
9,961
4,325
10,320
4,121
11,474
4,239
201
204
1,118
Kansas Oklahoma A Gulf
927
1,097
Kansas
5,183
2,840
Louisiana A Arkansas
........
Litchfield A Madison
....
387
427
433
1.275
1,408
1,197
1,047
2,300
:
335
332
265
343
425
Durham A Southern
192
163
189
401
311
Florida East Coast...........
930
1,284
2,209
855
757
28
36
21
109
89
1,134
882
1,044
1,547
1,598
Central of Georgia
Charleston A Western Carolina
CUnchfleld
Columbus A Greenville.
Galnsville Midland
Georgia
Georgia A Florida
.....
275
Louisa lie A Nashville
Maco/
543
578
1,407
1,259
19,341
15,726
10,752
5,628
1,209
10,185
5,437
129
181
647
162
198
280
Index
of
*
Previous figures,
Wholesale
Point
in
z
Commodity
Week Ended
Prices
March
result of the unexpected dividend
Steel
The ''Annalist'',: index closed at 80.3 on
March 30, lowest since the
period ended Sept. 2 and 0.7
of a point below the
previous week.
The announcement
further stated:
Minor
items
Citrus fruits
were
for
the
especially
major
weak,
likewise under fire.
were
only by fractions,
Textiles
were
Among the speculative items,
scrap prices declined
to
a
new
portion
with
of
last
hogs falling
week's
to
a
decline.
low.
new
Grain prices were lower, although
soft, with wool and silk especially weak.
copper, cocoa, and rubber were lower.
low
Steel
for more than six months.
Farm products
Building
....
_
I" " ""
I_ 2" IIIIIII"
I
ICC II. 11 III II III
materials...*1111111111""
,11111
.1.11IIIIIIIII"
Chemicals..
Miscellaneous.
All commodities....
Bureau
of
1940 Mar. 23, 1940
76.4
Fuels..
April 1, 1939
77.6
676
269
148
143
303
306
3,721
3,828
2,609
12,141
12,127
4,147
12,663
2,668
8,259
Missouri-Kansas-Texas
Missouri Pacific
Quanah Acme A Pacific......
at
of
134
95
108
4,403
St. Louis Southwestern..
4,112
2.482
Texas A New Orleans
6,398
2,147
6,207
7,109
2,772
Texas A Pacific
3,830
3,681
147
168
16
44,867
Wetherford M. W. A N. W...
Total
indexes.
above
1%
little
Statistics'
in
wholesale
was
3,034
4,309
3,688
3,936
199
66
56
62
23
26
51
44,816
fuel
and
declined
last
49,255
34,408
33,740
of
72.4
70.6
86.0
80.7
69.1
Wholesale
78.1
Com¬
"all
is
0.6%
last
2%
Labor
The
year.
hides
farm
the
in
metal
leather
and
product
minor
group,
product and miscellaneous
products,
building materials,
textile
products,
chemicals
and drugs
Housefurnishing goods remained
1%.
unchanged
and
M
%
approximately
rose
commodities
large groups of "all
other
%
of 1%.
raw
The index for semi¬
slightly and finished products declined.
other than farm products" and
commodities
than
farm
products
and
foods"
0.1%
decreased
: :■;
Increased of 2.8% for grains and 0.8% for livestock and poultry brought
products
higher for
for
for
tables
onions,
corn,
and
Lower
potatoes.
Quotations
average.
hogs,
steers,
rye,
lambs,
prices
were
fresh apples
reported
for
poultry
the
cured
decline
fresh
copra,
3.1%
for flour,
minor
slight
and
beans,
cocoa
advanced
higher
oats,
(Chicago), cotton, eggs, oranges, peanuts, hops,
beans, and wool.
A decline of 2.6% for meats was largely re¬
ewes,
peaches,
live
index to 68.1% of the 1926
group
wheat,
(Seattle), lemons,
flaxseed,
corn
decline
and
the
in
pork,
pepper,
cereal
foods
veal,
index.
rose
Fruits
1.3%.
vegetables,
leather
products
fruits
the
hides
and
were
canned
and
vege¬
Quotations
and
fresh
Prices
butter,
poultry,
and edible tallow.
products
meal,
in
group
dressed
were
lamb,
lard.
group
and
index
was
caused
by weakening prices for steer hides and goatskins.
Wholesale
prices of textiles continued to decline.
The group index has fallen nearly
7%%
silk
since'the
and
goods,
for
April 4, the Bureau
0.6%
;./■/
index
the
sponsible
market
Vz
level.
Both
lower
86:8
of
the metals and
manufactured commodities advanced
97 A
recorded
than
week's
84.1
81.0
commodities
all
Largely because of higher prices for agricultural commodities, the
59.6
Index of
in
Foods,
groups.
materials group
97.9
:
for
week
increase of
recorded
lighting materials,
less
97.6
72.4
the
to
were
commodity
67.8
80.4
index
corresponding
addition
In
87.2
announcement made
change
6,967
2,638
2,816
Department further reported:
advances
69.7
86.8
The combined
the
69.5
Statistics' weekly index of wholesale
commodity
prices during the last week of March remained
unchanged
at 77.9% of the 1920 average.
Aside from an advance of
very
...
Wichita Falls A Southern
86.6
Labor
nearly
8,719
87
6,730
69.0
80.3
..
an
170
93
68.8
Level of Previous Week
According to
'
6,617
2,331
The
Labor
Lines.
St. Louis-San Francisco
calves,
73.6
modity Prices in Week Ended March 30 Remained
•
780
518
were
Metals...
843
297
183
the farm
Mar. 30,
Textile products
272
388
,
during the week.
"ANNALIST" WEEKLY INDEX OF
WHOLESALE COMMODITY PRICES
Food products
1.481
1,357
414
at
accounted
prices
942
1,804
Midland Valley
by the United States
Corp.
Livestock
820
1,683
1,559
below the level for the week ended March 2 and nearly
30
Commodity prices slumped to a new low for the year
week despite improved sentiment in financial circles
a
231
2,034
1,753
Discontinued Jan. 24, 1939.
last
as
197
1,834
1,690
Missouri A Arkansas
327
156
year's figures revised.
Declined 0.7
218
2,055
City Southern
667
i
171
^lppl Central.
''Annalist"
372
1,607
19,782
19,059
Dublin A Savannah
Not^Previous
268
1,663
20,270
20,126
...
GiritMobile A Northern
Illinois Central System..
International-Great Northern.
1,415
\
4,825
2,759
1,272
2,045
...
Missl!
101
Gulf Coast Lines
week of January.
first
together
yarns,
bituminous
group
with
Sharp decreases in prices of
weakening
prices
for
certain
raw
cotton
accounted for the decline.
Lower prices
gasoline caused the fuel and lighting materials
coal
and
index to drop to the lowest point of the past 7% years.
Higher
products
steel
silk
top coating and cordage,
prices
group
for
malleable iron
index
to
advance
castings
slightly.
caused the metals and metal
Prices
were
lower
for
scrap
prices of farm
nonferrous metals such as aluminum, pig lead, lead
pipe, solder, and pig tin.
Average wholesale prices of building materials
registered a fractional decline because of lower prices for yellow pine latli
in
and
the
products,
commodity group
(Chicago)
timbers,
and
chinawood
oil,
rosin,
shellac,
and
turpentine.
Prices
were
Volume
lumber,
pine
Ponderosa
for
higher
The Commercial & Financial Chronicle
150
yellow
pine
flooring,
The production
prepared
and
roofing.
kwh.,
Falling prices for tankage and fats and oils, such
the
In
commodities
miscellaneous
advanced
feed
3%.
tallow, and
group
boxboard,
rubber,
Crude
drugs group index to decline.
average wholesale prices of cattle
and
soap,
paraffin
The
tables
following
show
index numbers of wholesale prices
(1)
for
of commodities
groups
subgroup indexes from March 23 to March 30,
(1926=100)
•►
-
.
reported
in
made in plants
made during
23
1940
16
78.2
78.4
76.5
0.0
—0.6
68.0
68.8
66.6
+0.9
—1.0
+ 2.3
69.8
69.9
70.4
70.5
70.5
—0.1
—1.0
—1.0
Hides and leather products. 102.0 102.1 102.5 102.8
72.5
72.7
73.0 73.6
Textile products
92.0
—0.1
—0.8
+ 10.9
66.0
—0.3
—1.5
+ 9.8
—0.4
—0.7
—1.9
Fuel and lighting materials.
72.3
72.6
31,
previous monthly report
OF ELECTRIC
PRODUCTION
1940.
mean
29,
1940.
over
that
changes
that the figures
that all the changes were
were
reported to the Com¬
issued.
was
kw.
Occasionally
(
ENERGY FOR PUBLIC
72.6
72.8
73.7
Jan.,
USE
IN
THE
STATES
-
Total
By Fuels
Feb.,
1940
Division
77.9
Foods
Jan.
Feb.
on
1940
Feb.,
Jan.,
Feb.,
1940
Jan.,
1940
1940
1940
1939
67.5
...
on
States
not reported promptly, so
are
month do not necessarily
Apr. 1
68.1
Farm products
increase of 48,000
By Water Power
77.9
All commodities
net
a
from—
2
1940
•
•
United
that month, but only that they
mission since the
1
1939 Mar. 23 Mar.
1940
<''
use.
the
UNITED
Apr. March 30, 1940
1940
February^tfhiounted to 3,170,235,000
(In Thousands of Kilowatt-Hours)
2
1940
service
which
>
Mar.
Mar. Mar.
30
1940
This is
kw.
Percentage Changes to
Mar.
V:
"
40,415,000
1940.
•
Commodity Groups
•'
totaled
shown for any one
for the past three weeks, for March 2,
1940 and April 1, 1939, and the percentage changes from March 2 and 23,
1940, and April 1, 1939 to March 30, 1940; and (2) important changes
in
generating plants in service In
are
main
in
power
received during March, 1940, indicating that the capacity
were
previously
wax
declined.
the
of
by water
29% of the total output for public
or
Reports
the chemicals and
kernel oil, caused
palm
copra,
as
2175
+ 1.8
South Atlantic
312,208
589,370
554,951
682,003
127,052
762,497
464,538 2,623,911 2,312,666 3,094,787 2,>777,204
163,837 2,746,852 2,445,429 2,914,296 2,609,266
593,259
543,413
657,779
66,304
609,717
910,270 1,432,744 1,322,256
411,986 1,120,536
East South Central..
433,303
14,328
300,082
197,888
West South Central..
368,840
14.587
570,927
525,266
Mountain
567,456
448,586
163,305
1,033,121 1,040,301
128,323
585,509
136,923
730,761
96,446 1,161,444 1,136,747
New England
173,127
Middle Atlantic
470,876
East North Central..
Metals and metal products..
95.5
95.4
95.5
95.5
94.4
+0.1
0.0
+ 1.2
Building materials
93.1
93.3
93.2
93.3
90.0
—0.2
—0.2
+ 3.4
Chemicals and drugs
77.2
77.3
77.4
77.8
76.0
—0.1
—0.8
+ 1.6
Housefurnlshing goods
89.5
89.5
89.6
89.5
86.5
0.0
0.0
Miscellaneous commodities.
76.6
76.5
76.9
76.9
73.9
+0.1
—0.4
71.8
71.5
71.9
72.4
70.2
+0.4
—0.8
79.5
79.4
79.6
79.8
74.6
+0.1
—0.4
81.0
81.2
81.4
81.4
80.3
—0.2
—0.5
80.2
80.5
80.5
78.8
—0.1
—0.5
631,191
539,594
United States total. 3,172,179 3,170,235 8,836,566 7,723,262 12008 744 10893 487
+0.9
80.1
668,922
585,514
+ 6.6
Finished produots
All commodities other than
64,520
-H-2.3
Semi-manufactured articles.
Pacific
+ 3.7
Raw materials
167,444
West North Central..
+1.6
farm
+3.5
Production
Mar.
82.8
products and foods..
82.9
83.0
83.2
—0.1
80.7
FROM
—0.5
+ 2.6
SUBGROUP INDEJXES
MARCH 23 TO MARCH
Increases
Apr,
...
Aug.
0.8
...
Non-ferrous metals
Oct.
0.6
Fertilizer materials
Sept.
0.6
Lumber
3.0
2.8
Grains
July
{.Concluded)
3.1
...
._
June
30, 1940"
Decreases
.
,
Fruits and vegetables
Cattle feed
IN
Nov.
Cereal products
1.3
Crude rubber
0.5
Dec.
Livestock and poultry
0.8
Bituminous coal
0.4
Jan.
0.5
Cotton goods
0.3
Other
...
Iron and steel
;
foods
0.2
Paint and paint materials
0.2
Other textile products......
0.1
0.9
Dairy products...
0.8
Chemicals
Petroleum products
0.8
+9
123,881 ,000,000
125,474 000,000
126,836 ,000,000
128,037 000,000
129,625 ,000,000
131,056 ,000,000
+11
+ 12
+ 12
+ 13
+ 13
12-month periods, all seasons of
included in each total, and the effect of seasonal variations is largely
Note—Since the above data show production by
0.1
Woolen and worsted goods.....
+8
122,645 ,000,000
0.1
1.1
Paper and pulp
Other miscellaneous...
Previous Year
119,287 000,000
120,565 000,000
121,641 ,000,000
Feb. 29, 1940
0.3
products
Other farm
% Change from
117,098 000,000
118,073 ,000,000
31, 1939
30, 1939
31, 1939
30, 1939
31, 1939
31, 1939
30, 1939
31. 1939
30, 1939
31, 1939
31, 1940
May
CHANGES
IMPORTANT PERCENTAGE
ENERGY FOR PUBLIC USE
Kilowatt-Hours
12 Months Ended
products
All commodities other than
farm
PRODUCTION OF ELECTRIC
Decreases
2.6
Meats.........
Silk..
Hides
and skins
....
....
v.
i
„
0.1
eliminated.
TOTAL MONTHLY PRODUCTION OF
ELECTRICITY FOR PUBLIC USE
{In Kilowatt-Hours)
0.1
...
■
...
.
the year are
% Change
% Produced by
Water Power
1940
1939
Month
1938 to
Electric Output for Week Ended March
Above a Year Ago
Edison Electric
The
Institute, in its current weekly
The current
week's output
is 9.6% above the output of the correspond¬
ing week of 1939, when production totaled 2,209,971,000
kwh.
The output for the week ended March 23, 1940, was
estimated to be 2,424,350,000 kwh., an increase of 10.3%
the like week
a year
ago.
PREVIOUS
Week Ended
Week Ended
Major Geographic
February
March
YEAR
9,783 ,000,000
10,178 ,000,000
10,360 ,000,000
+ 11
+ 14
41
June
+ 14
36
July
10,482 ,000,000
+ 11
33
August
11,056 ,000,000
10,944 000,000
+ 10
32
+ 13
28
+ 16
27
November....
11,670 ,000,000
11,463, 000,000
+ 13
28
December
11.860 000,000
+ 11
27
128,037,000,000
+ 12
34
April
May
September....
October
public use, and, in addition, from electric railways, electrified steam
certain miscellaneous plants which generate energy for their own use.
8.3
13.4
11.3
preliminary data.
:
9.2
8.0
8.4
10.8
18.0
4.1
5.5
2.5
9.6
10.3
10.6
Coal Stock and Consumption
15.7
9.0
Jan.
8.5
15.0
10.1
The total stock of coal on
RECENT
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
1940
1939
1937
1932
1929
from
1939
9,128,195 tons were bituminous coal and 1,028,831
0.7%, while
1940.
Electric utility power plants consumed approximately 4,419,108 net
tons of coal in February, 1940, of which 4,216,855 tons were bituminous
coal and 202,253 tons were anthracite, decreases of 14.1% and 13.4%,
anthracite,
were
anthracite stock
Change
1940
Week Ended
Bituminous
m m
m
m
Jan.
27
Feb.
3
mm
10
m'm
17
Mar,
2
Mar.
9
Mar. 16...
Mar. 23
Mar. 30
Apr.
6
mm
mm
mm
mm
2.473,397
2,592,767
2,572,117
2,565,958
2,541,358
2,522,514
2,475,574
2,455,285
2,479,036
mm
2,463,999
mm
2,460.317
m
m
mm
2,424,350
2,422,287
2.169,470
+ 14.0
2,244,030
1,619,265
2,269.846
+ 14.2
1,602.482
2,289,659
2,292,594
+ 12.3
2,287,248
2,268,387
+ 11.1
2,264,125
2,256,795
2,214,656
2,201,057
2,199,860
2,211,818
2,207,285
2,199,976
2,212,897
2.211,052
2,200,143
2.146,959
2,248,767
2,225,690
2.244,014
2,237,935
2.225,486
2,198,681
2,209,971
+ 11.9
+ 11.2
+ 10.1
+ 10.3
+ 10.5
+ 10.1
+ 10.6
+ 10.3
+ 9.6
2,173,510
mm
2,176.368
1,598,201
1,542,000
1,733,810
1,736.729
1,588,967
1,717,315
1,588,853
Electric
of
for
Energy
in
the
1,578,817
1,545,459
1,512,158
1,480,208
1,465,076
United
States
1,537.747
1,514,553
January and February, 1940
production reported to the Commission for the month of
February, 1940, of 11,106,592,000 kwh., or an average daily
1940, to
1,718,304
1,699,250
1,706,719
1,702,570
1,687,229
1,683.262
1,679,589
1,663,291
1,519,679
1,538,452
production of electric energy for public use during
the month of February, 1940, totaled 10,893,487,000 kwh.,
according to reports filed with the Federal Power Com¬
mission.
This represents an increase of 15.1% when com¬
pared with the same month in the previous year.
The
average daily production of electric energy for public use
was 375,637,000 kwh.
during February, which is 3% less
than the average daily production during January, 1940.
The production of electric energy by electric railways, electric
railroads, and other plants which generate principally for
their own use totaled 213,105,000 kwh.,. making a total
further disclosed:
rate of con¬
enough bituminous coal on hand March 1,
and enough anthracite for 148 days' requirements.
1,728.203
1,726,161
The
production of 382,986,000 kwh.
increased
with the preceding month.
sumption, there was
last 63 days,
stock
days' supply, which is calculated at the current
In terms of
Trend of Business in
The Commission's report
Hotels, According to Horwath &
Sales
Increased
6% Over
Horwath—February
Year
Ago
&
Horwath
trend
in
Production
coal
decreased 5.9% when compared with Feb. 1,
respectively, when compared
6
March 1,
This was a decrease of 0.1% as compared
5.7% as compared with March 1,
1940, and an increase of
1,
Of the total stock
1939.
hand at electric utility power plants on
10,157,026 tons.
was
Feb.
with
Percent
24
Starting with
10.7
5.4
tons
Feb.
for
railroads, and
13.5
Mar. 9, 1940
6.3
1940,
Feb.
all plants engaged In generating electric energy
7.5
Total United States.
Feb.
29
43
8.0
Pacific Coast
20
40
13.8
4.1
20.9
Rocky Mountain
Jan.
+ 15
+ 11
6.8
Southern States
13
+ 10
6.2
West Central
Jan.
26
10,893,000,000
11.8
Middle Atlantic
Jan.
36
Note—Above data solicited from
Week Ended
Week Ended
1940 Mar. 23, 1940 Mar. 16, 1940
4.3
Central Industrial
FOR
1940
+ 15
1, 1937, accurate data are received each month representing approximately
98% of the total production shown; the remaining 2% of the production Is estimated
and corrections are made as rapidly as actual figures are available.
Thus, the figures
shown for the current month are preliminary while those for the preceding months
are corrected in accordance with actual reports received and vary slightly from the
Mar. 30.
Regions
New England
DATA
1939
+ 10
45
Total
PERCENTAGE INCREASE FROM
1940
12,009,000,000
10,421 ,000,000
9,463 ,000,000
10,357 ,000,000
January
re¬
by tnr electric
industry of the United States for the week
ended March 30, 1940, was 2,422,287,000 kwh.
over
1939
30, 1940, 9.6%
port, estimated that production of electricity
light and power
1939 to
sales
hotel
in their monthly survey of the
hotels, state that an increase of 6%
the same month of last year is the
Horwath,
of business in
over
biggest improvement since last September.
A part of it is
due of course to the extra day for this February, but the
fact that in all locations the
percentages of occupancy were
indicates a general improvement
aside from that advantage.
The firm's announcement con¬
above
those
a
year
ago
tinued:
of the groups are disappointing.
New
4% in the average rate, the sharpest since
had an unusually sharp drop, but this was
because in February,
1'939, there was an exceptional increase.
Texas, for the first time in two years, recorded an increase in occu¬
pancy over the corresponding month
of the year before, and its room
business was 5% above that last
February, though its restaurant sales
still
lagged.
Chicago had a big convention month, about 70 being
reported, and its increase in sales was the largest in almost three years,
its rise in occupancy also being the sharpest with one exception in that
The
comparisons
rate
in
most
City had a decrease of
October, 1938Cleveland also
York
length of time.
The
whereas
total
in
food
sales
increased
a
little
January it was the other way
more than the beverage sales,
around; however, the differences
The Commercial & Financial Chronicle
2176
not
were
The
of
large
enough
Pacific section,
1%
the
in
TREND
OF
>
indicate
to
with
9% increase in
a
change
important
any
food sales,
recorded
a
beverage sales.
BUSINESS
IN
;
trend.
decline
the
in
Reports
V
HOTELS
IN FEBRUARY,
FEBRUARY, 1939
WITH
y
'
v
Sales —Percentage of Increase (+
or Decrease I—)
Room
't•. l;
'
Rale
Occupancy
GT Cv/i*"
i
n/r,:.'
:v
V,'-:.;
'■'M'
;
v,
<
Total
Total
^
: .v
."v
New York..
Month
65
Last
0
—2
—2
—1
+ 13
+9
+ 18
+ 17
+ 18
68
+7
—3
—2
—5
46
42
+9
...
Dec.
64
+2
Chicago
PhiladelphiaWashington
(+)
or
Year
rant
V1' -'V
,
This
ages
—1
...
of
age
Month Inc.
Bever¬
Food
Rooms Restaur
XI] v.. "
Same
\
(-)
4 63
4-—
■
+7
+ 11
+5
+ 14
69
68
+3
*"*41
—5
—2
—2
—4
75
74
—8
........
+5
+5
+6
+6
+5
59
55
...
+4
+2
+7
+9
—1
66
64
+1
+6
—3
—2
4
74
72
Cleveland..
Detroit
r"
+2
—3
:
:
'
*"
Pacific
Texas
All others.........
r.
~
4
-
+8
+8
+8
+9
+7
66
62
'' "r
0
+6
;
•'
+i
+6
+6
+7
+4
66
63
9,436,000—Highest Since April, 1939
The total number of
unemployed workers in the United
February for the fourth consecutive month,
advancing 251,000 to reach 9,436,000, the highest total since
April, 1939, according to the monthly estimate just an¬
nounced by the Division of Industrial Economics of the
Conference Board. '■'-V
'^y^y y x:^\^yx\y^yy
It is pointed out that unemployment normally rises in
February because of seasonal influences, but tliat the increase
is usually slignt.
The relatively large increase of 2.7% last
month is accounted for by a greater than usual .seasonal
decline in construction employment and a contraseasonal
decline in that of manufacturing.
There were 669,000 fewer
unemployed in February, however, than in the same month
last year.
The Board further said:,
States
'
Increase 251,000 in February,
Conference Board—Total Now Esti¬
the
mated at
COMPARED
1940,
April 6, 1940
Number of Unemployed
—1
in
rose
,
Total..
The
total
of
number
employed
in
February
was
.
,
45,391,000,
about
193,000 below the January level, but 1,363,000 above that of a year ago.
As compared with January,
Bank Debits
of 194,000 in employment in
1.5% Higher Than Last Year
rise in
Debits to
deposit accounts (except interbank accounts),
reported by banks in leading cities for the week ended
March 27, aggregated $7,604,000,000.
Total debits during
the 13 weeks ended March 27 amounted to $108,891,000,000,
or 3 % above the total
reported for the corresponding period
a
year ago. X'-X:.V^v :-^;V:y
These figures are as reported on April 1, 1940, by the
Board of Governors of the Federal Reserve System.
as
SUMMARY BY FEDERAL RESERVE DISTRICTS
:In Millions of Dollars
by 46,000.
trends.
other downward changes
All
,•'
slightly less than seasonal
em¬
fewer
v—/y; y'■*/y'y
Administration employment
59,000 in Works Progress
responsible for
was
were
due to normal seasonal
were
'\\yV
An increase of
increase in the emergency labor force which is in¬
an
cluded in unemployment totals.
The February total for such workers
2,640,000, the largest number of emergency workers since June,
was
1939.
Unemployment totals and the distribution of employment by industries
for the last
month of 1939 and the first two months of 1940,
aiid
y V+y;'
!
.
as
well
as
1929 averages, are shown for comparison in the
following table:
13 Weeks Ended
y:
a
Construction accounted for the largest
forestry and fishing.
■
AND
UNEMPLOYMENT
yy: Week Ended
normal seasonal increase
was a
ployment drop, 180,000, and those employed in manufacturing
those for March, 1933,
-v.;
1940, there
agriculture and
EMPLOYMENT
(In Thousands)
Federal Reserve District
Mar.
Afar.
27,
1940
Boston..
$403
3,102
....
3,347
Philadelphia
344
495
248
245
215
1,294
1,217
225
48,451
5,305
6,257
3,580
434
277
$5,774
46,279
5,749
<
,
Atlanta
Chicago...
200
3,491
16,148
3,163
119
2,005
224
3,384
198
170
2,793
3,159
14,439
2,931
1,784
3,235
2,589
629
St, Louis
554
8,846
'
San Francisco
...
Total, 274 reporting centers
$7,604
2,850
4,117
636
New York City *
140 Other leading cities*....
133 Other centers...
$7,493
3,094
3,827
573
$108,891
42,346
$105,803
44,746
52,837
57,621
8,923
Mar.,
Feb.,
Dec.,
Jan.*
Feb.*
1933
1939
1939
1940
1940
429
14,762
10,105
47,925
35,884
44,028
9,961
10,443
Unemployment total
Employment total
10,539
Agriculture
8,257
46,454
10,149
9,185
45,584
10,298
9,436
45,391
10,492
267
136
193
210
202
203
Total industry...............v.
19,097
10,966
15,597
16,884
16,388
16,134
Extraction of minerals........
1,067
11,059
745
776
760
6,966
9,988
11,022
10,771
3,340
941
2,164
2,174
1,994
>
Forestry and fishing
8,299
........
Kansas City
Dallas
♦
3,942
133
............
Minneapolis
7,099
I
1
247
.....
1929
Avge.
1939
$5,990
363
Cleveland....
Richmond
Afar. 29,
27,
1940
$415
................
New York
Mar.
29,
1939
645
760
;
Transportation....,...,*...*,.
2,465
1,549
1,910
10,725
1,814
1,881
Public Utilities.
1,167
8,007
865
920
954
953
954
6,407
7,242
7,555
7,711
9,644
8,123
10,105
703
910
984
Manufacturing..............
Construction
i._
.
Trade, distribution and finance..
Service Industries
Miscell. industries and services.
♦
8,220
9,003
1,012
....
_
1,958
1,780
7,508
10,108
956 j
946
10,185
Preliminary.
Centers for which bank debit figures are available back to 1919.
Report of Lumber Movement—Week Ended March 23,
Inventory Rise Halted in February, Reports Conference
Board—New Orders and Shipments of Industry
^Decline
Inventory
to
accumulation
by
manufacturers
brought
was
halt in
February, but the stability which had charac¬
terized new orders in January gave way to a further sub¬
stantial decline, according to the preliminary indexes com¬
piled by the Division of Industrial Economics of the Con¬
a
ference Board.
said:
value
the
■'X. XX, ■:;;
,';v^yyy:y
.:
The
to
Under date of March 26 the Board further
of
Board,
Inventories
in
February,
based
;1
.
,
directly
above the
1% lower than in January but stood 16%
corresponding month of 1939.
This was the first time since last August
that
in
inventories
September,
failed
1939,
advance
which
was
interruption
no
the
time
1939,
Board's
through
and
index
lire
the close of
the
upward
in
in
In
for
the
11
index
earlier
months,
18%,
gained
stood 10% below the high reached in 1937.
The
differs
For the five months
the
which
inventories,
February,
1936.
trend
41%.
rose
January,
rise
checked
was
at
in
last
increase,
to
v
occurred
began
from
the
from
September,
in
February
the heavy
tory positions than in
The
value
index,
of
less
February, 1939.
the
volume
100)
to
to
fall
the
rose
110.
February
August,
than
wave was
in
January
The
index
about
to
manufacturing
Following
=
buying
Manufacturers'
maintained
index
of
the
the
the
but
outbreak
sharply
quickly reflected in inven¬
Board's seasonally
showed
of
of
4%
the
war
but
January index at
at
97 was only-
gain
a
of
adjusted
by
the
of
the
continued
volume of
shipments
Governors
of
was
the
to
decline
of
little
production.
4%
only
Federal
in
total
February
the
February
that
index
had
year
change,
than
the
for
while
that
but
for
were
The Conference Board's
lower
than
in
January,
Reserve
System's /m^ex jot
production of manufactured goods dropped 8%.
Compared with/February,
1939, the shipments index held the substantial lead of 20%.
The
following
manufacturers'
for
the
with
for
Year-to-Date
Reported production for the
corresponding
and
Comparisons
weeks
of
12 weeks of 1940 to date was
12% above
1939; shipments were 6% above the shipments,
11% above the orders of the 1939 period.
For the
weeks of
orders
new
shipments
were
1940
to
date,
business
new
6% above production.
were
was
.
9%
above production,
and
'1"
.
table
gives
inventories,
preceding month
the
percentage
seasonal
Supply and Demand Comparisons
The ratio of unfilled orders to gross
16%
compared with
a
ago;
year
gross
new
and
change.
variation:
V'
the
Conference
Board's
indexes
of
yy.y^yyy: ^';
a
stocks
stocks
22%
was
on
March 23, 1940,
Unfilled orders were 28% heavier than
ago.
year
2% less.
were
value
of
orders and shipments for February,
1940,
corresponding month of 1939, together
These indexes (1936 = 100) are adjusted
1 r'*;
'':";V'
the
booked
week
orders
of
feet;
839,000
Lumber
February, 1940_____.
130
97
orders
218,802,000
for
feet;
the
feet.
234,050,000
preceding
shipments,
224,-
Y/
"
March 23, 1940, by 438
218,164,000 feet, or 5% above the production of
the same mills.
Shipments as reported for the same week were 219,053,000
feet, or 5% above production.
Production was 208,151,000 feet.
Reports
from
106 hardwood mills give new business as
9,645,000 feet, or 4%
below production.
Shipments as reported for the same week were 9,804,000
softwood
feet, or 3%
reported
for
the
below production.
Production
wood mills
shipments
orders
ago
during week
Production was
were,
85
8,399,000
ended
feet
and
feet
mills
23,
year
1940, of 418 identical soft¬
it was 171,657,000 feet;
ago
187,067,0UlTNfeet. and
feet.
In theXofee of
production this year and a year
feet; shipments, 7,981,000 feet and
and
199,651,000
reported
7,847,000
and orders,
a
216,776,000 feet and
respectively,
215,965,000
identical
10,088,000 feet.
Comparisons
March
206,134,000 feet, and
was
received,
hardwoods,
ended
week
totaled
mills
•'/ •Identical Mill
8,007,000 feet and 8,571,000 feet.
108
121
112
88
97
Weekly Statistics of Paperboard
116
131
orders,
figures
Revised
feet.
production,
535 ;
:
y
Shipments
January, 1940 (revised)
February, 1939
.
227,809,000
Mills,
were:5
;
Inventories New Orders
P. C. change from Jan., 1940, to Feb., 1940.
P. C. change from Feb., 1939, to Feb., 1940..
■
feet
9,135,000 feet,
M
Softwoods and Hardwoods
x
During the week ended March 23, 1940, 526 mills produced 218,239,000
of softwoods
and
hardwoods
combined; shipped 228,857,000 feet;
over
while
orders
new
end
showed
108
the
adjusted
10%
August, '1939,
above
one
point higher
A'';-.'Y/y--'\VV'
than
of
level
was
164,
to
shipments
value
Board
the
production
1939.
while
more
The marked increase in the rate of decline in
index
of
month.
better
disclosed:
the earlier period.
orders, according to
new
10%
was
caused
the
Shipments were
is
the effect of
(1936
mills.
softwood
20% greater; shipments, 15% greater, and new busi¬
8% greater.
The industry stood at 69% of the sea¬
sonal weekly average of 1929 production and 71% of aver¬
age
1929 shipments.
The Association's reports further
12
in the movements of the inventory index in the two
partly explained by differences in the trends of production.
In the closing months of last year
factory operating schedules were more,
rapidly adjusted to the sharp rise in demand and output was raised to a
higher level than in the 1936-37 business recovery.
This indicates that
fallen
and
hardwood
ness,
which
difference
periods
sentative
5% above production; new orders, 4% above production.
Compared with the corresponding week of 1939, production
period there
during
and
production during the week ended March 23,
1940, was 0.3% less than in the previous week; shipments
were 2% greater;
new business, 3% less, according to re¬
ports to the National Lumber Manufacturers Association
from regional associations covering the operations of repre¬
was
made
reports
on
was
1940
Lumber
—1
+ 16
—10
'
—4
+ 10
+ 20
We give herewith latest figures
National Paperboard Association,
to
Industry
received by us from the
Chicago, 111., in relation
activity in the paperboard industry.
.
V
members of
The
•
•
„
I
,
+
(
'
'
.
•
)
.
a
'
,
,
of the
statement each
production and
figure which indicates the activity of the
ing, water heating and refrigeration,
mill based
operated.
These figures are advanced to equal
that they represent the total industry.
the time
on
100%,
so
STATISTICAL REPORTS—ORDERS.
Revenues from domestic uses such as cook¬
&c., rose from $59,151,300 in 1939 to $65,059,800 in 1940, an increase of 10.0%.
The manufactured gas industry reported revenues of $35,967,000 for the month, an increase of 7.2% from the same;
month of the preceding year.
Revenues for industrial pur-;
gain of 14.4%.
this association represent 93%
total industry, and its program includes a
Week from each member of the orders and
also
' •
♦
2177
Financial Chronicle
The Commercial &
150
Volume
.
PRODUCTION. MILL ACTIVITY
increased 15.1%, while commercial revenues increased
Revenues from domestic uses were 2.1% more than
for the corresponding month of 1939, while revenues for
house heating purposes gained 26.4%. .X :
The
natural
gas
utilities reported revenues of $56,-1
879,400 for the month, or 14.0% more than for December,;
1939.
Revenues from sales of natural gas for industrial1
purposes gained 16.4%, while revenues from sales for com-'
mercial uses increased 16.2%.
Revenues from sales for
poses
6.6%.
Week Ended
Received
\
Percent
Unfilled
Orders
of Activity
Orders
Production
105,945
120,791"
115,419
121,596
115,988
114,463
115,189
114,156
113,710
112,855
114,958
113,555
107,853
Cumulative
Current
Jan.
13.........—
87,746
110,169
Jan.
20
111,332
Jan.
27
6
Jan.
.
Feb.
3
111,964
106,954
Feb.
10
106,292
Feb.
17
Feb.
24.......
101,097
108,784
'
104,466
2
Mar.
9
111,714
Mar. 16
107,024
Mar. 23
108,134
Mar. 30
102,462
Mar.
65
196,174
187,002
,74
183,699
72
70
176,308
167,240
159,216
145,706
142,554
137,631
138,446
132,455
75
71
72
71
71
71
69
-
'
70
71
69
71
69
71
69
71
70
71
130,871
70
70
129,466
67
!
70
:
;
domestic purposes
increased 12.8%.,-X x
!,
♦
< :/
1
.
.
Sugar Exports
in
Cole
February Increased 160%
increase of 8,287 tons
according to Lamborn & Co. The firm:
tons for the same month last year, an
further stated:
For the first two months of the current year
27,844 tons as against 9,362 tons for the
to
an
the refined exports amounted
corresponding period last year,
tons or a little over 200%.
increase of 18,482
During the first two months of 1939 the refined sugar
50 different countries.
to more than
shipments went
Syria with 5,645 tons leads the list,
4,793 tons. Last
the United Kingdom topped the list with 4,766 tons, being followed
being followed by Greece with 5,571 tons and Norway
year
by Ecuador with 1,563 tons, and Panama with 861 tons.
Proposed Allotment of 1940 Mainland Cane Sugar Area
Quota Among Processors
The
proposed allotment of the 1940 mai aland cane sugar
the 69 cane sugar
processing companies in Louisiana and Florida, was made
public on April 2 by the presiding officers designated by the
Secretary of Agriculture to conduct the public hearing re¬
quired to receive evidence needed to make an equitable dis¬
tribution of the quota.
The announcement went on to say:
quota of 420,167 short tons, raw value, to
The Sugar
sugar
sary
Act of 1937 directs the Secretary of Agriculture to allot the
marketing quota for any area if he finds that such
to prevent disorderly marketing,
allotment is neces¬
all interested persons an
to give
The required
March 1.
suggested allotment is based upon a formula under which each pro¬
cessing company in the mainland cane sugar area would receive an allot¬
ment giving 25% weight to past marketings, measured by the most favor¬
equitable opportunity to market sugar, or for other causes.
public hearing was held in New Orleans, Louisiana, on Feb. 29 and
The
able of the following
(1)
there options:
100% of the average quantity of sugar marketed during any
the calendar years
1936, 1937, 1938 and 1939:
three of
::
(2) 80% of the average quantity of sugar marketed during any two
calendar years 1936,
crop grown on
1939-40
farm proportionate shares (acreage allotments).
Interested persons
will be given an opportunity to file objections
exceptions to the proposed order within 10 days after its
Federal Register
v-
in
and
publication in the
April 4, 1940.
Yarn Shipments
Rayon
of the
1936, 1937, 1938, and 1939;
three-fourths weight to processings of sugarcane of the
and by giving
of the
1937, 1938, and 1939.
(3) 70% of the average quantity of sugar marketed during any one
calendar years
March Hold to
,
'
,
February
Level
Deliveries of rayon filament yarn to domestic consumers
during March aggregated 29,500,000 pounds, which was the
same as the February total, but was 11% larger than the
March, 1939 figure, according to the "Rayon Organon,"k
published by the Textile Economics Bureau, Inc., New
York.
Under date of April 5 the Bureau also reported:
Deliveries for the first three months of 1940 have amounted to
pounds,
an
90,400,000
/
increase of 14% over the same 1939 period.
Stocks of yarn
held by producers at the close of March totaled
10,100,000
pounds as against 8,300,000 pounds held at the end of February.
Following
are
the
rayon
filament
months of recent years (units are
yarn
<
shipments for the first three
millions of pounds):
1940
January
February
.
March
..
3 Months.....
*
1939
1938
1937
31.4
29.5
27.1
25.7
13.7
16.8
26.1
25.2
29.5
.
.
26.6
18.3
27.5
904
704
48^
78.8
$636,000,000,
Economics
Farmers' Cash Income in February Totaled
Reports Bureau of Agricultural
See
advertising
Farm
See
page
IX.
Prices
Product
advertising
page
Declined 4 Points in March
VIII.
Gas Revenu^kUp in January
I
of
Revenues
manufactured-^tind
natural
gas •
utilities^
$92,847,300 in January, 1940, as compared with
$83,450,100 for the corresponding month of 1939, an in¬
crease of 11.3%,
it was announced on March 29 by Paul
Ryan, Chief Statistician of the American Gas Association.
Revenues from industrial and commercial users rose from
amounted to
$24,298.S00
a
year
ago
to
\ V
•
X
.
i ;
Bill—Substitute
Legislation
Proposed
by
Texas
Allowables
Production Off—
Revised—Sinclair
Cuts
KM A
Takings
Exports of refined sugar by the United States during
February totaled 13,631 long tons as contrasted with 5,344
than 150%
r,''
President—Hull Asks Mexico to Arbitrate—Illinois
Over Year Ago
or more
"XX
,
Petroleum and its Products—Administration Abandons
Output Slumps, Daily Average
Refined
;
■
$27,787,500 in January, 1940, a
The
severe opposition to the Cole measure, which would*
placed the entire petroleum industry under Federal con¬
trol, has caused a switch in the Administration's aim, it was
disclosed this week in correspondence between President
Roosevelt and Representative William Cole, of Maryland,
who introduced the bill at the last session of Congress at the
request of the President.
X»
r
, - > /
Under the new tactics, the Administration is now backing
legislation which would set up broad powers for the Federal
Government in preventing alleged waste in the oil and gas
industry, particularly in such States as California and
Illinois, winch have no State conservation laws. This would
mean the promulgation of Federal oil and gas conservation
standards.
Where States did not have laws covering these
points, Federal regulation would take over.
A united front was presented by the Governors of the nine
major oil producing States in denouncing the Cole measure
as an attempt by the Federal Government to dominate the
oil producing industry and as an invasion of the rights of the
States to control production within their own borders. With
1940 so important in the national political picture, it has been
generally felt in Washington for some time, the Administra¬
tion is none too interested in opening any "war" within the
oil States.
'X. X--''V:x,.;V-< ? Xy'x.Y
It had been generally known that the Cole Bill was pre¬
pared by the Department of the Interior, and introduced by
Representative Cole as a request of the President. However,
the wave of opposition from all interested parties to the
legislation, which has been in the Congressional hearing halls
for many months, forced the Administration to either alter
its plans or face the possibility of the move meeting with
complete defeat.
/'
"As I understand the controversy over H. R. 7372 (the
Cole Bill), there is little objection to the Federal Government
prescribing, in order to conserve our petroleum resources,
standards of production to which oil producers should con¬
form as a condition to the shipment of their oil in inter-State
commerce," President Roosevelt's letters made public by
have
.
.
Representative Cole, stated.'
J,'"";;;'.;'
" //
;>
"The principal
objection to the proposed legislation seems
to be that it provides for Federal enforcement of these
standards in all fields regardless of the adequacy of State,
enforcement standards," it was continued.
"This being
the case, I should think that it would be possible to agree1 that
the standards of production necessary to qualify oil for ship¬
ment in inter-State commerce should be prescribed by the
Federal Government only if an authorized Federal agency
finds that the States have failed to enact laws requiring con-,
formity with Federally prescribed standards or have failed
persistently to enforce compliance sith such standards when
required by State laws.
'
X
V
X
"In so far as the States fail to enact or enforce oil and gas
conservation laws requiring conformity with the standards
prescribed by Federal law, I should think that oil producers
should be given the right to qualify their, oil shipments in
inter-State commerce by entering into voluntary agreements,
subject to the approval of the authorized Federal agency, to
conform with such standards," the President's letter con¬
tended.
"Legislation along these lines would in effect be
an extension of the principles of the Act of Feb. 22, 1935,
generally known as the Connally (hot oil) law." '
Not only do California and Illinois not have any State
regulatory agencies or any law governing production of oil or
gas but neither of these States belongs to the Interstate Oil
Compact Commission, a group of the major oil producing
States banded together, with the permission of the Congress,
to prevent waste of petroleum.
It has been also charged that
while Louisiana has a State law governing production of oil,
enforcement of the law has not been too strict.
The Mexican situation made headlines at the close of the
,
,
week when
Secretary of State Hull announced in
.
Washington
Government
the 1938 expropriation of $500,000,000 of American and British oil properties be submitted
to arbitration in a note handed to the Mexican Ambassador
in Washington on Wednesday.
He refused to discuss any
Friday that he haa proposed to tho Mexican
that the controversy over
details.
,
The Commercial & Financial Chronicle
2178
A
sharp slump in crude production in Illinois for the second
nearly
Institute
week of March.
disclosed
report
for the Nation
barrels.
whole
as a
However, this
that
was
was
30,000
The American
daily
The
barrels
daily
Petroleum
off 30,200 barrels to 3,841,250
still 250,000 barrels in
of
excess
the March
figure of 3,500,600 barrels set by the Bureau of
\^
'. ,>,<!
-'v
\v,-'
Illinois' loss of 21,800 barrels in its daily average produc¬
tion, the sharpest shown by any State, carried the total off
to
426,950
barrels.
Oklahoma output was off
16,400
barrels to a daily figure of 402,050 barrels.
A decline of
6,800 barrels pared the California daily average to 591,200
barrels, lowest in many months.
Texas output was up
Mines..,
.
13,450
barrels
ther details
some
have
low
as
allowables
of
as
six barresl
ports
Fur->
the
use
and receipts in bond at principal
ended
week
March
30,
totaled
1,342,000
for
or
domestic
These figures include all oil
were
no
but
use,
it
is
impossible
imported,/
make
to
the
7'7;7;
receipts of California oil at either Atlantic
during the week ended March 30.
Gulf Coast
or
7
;
Reports received from refining companies owning 86.4% of the 4,441,000
barrel
estimated
daiiy
refining capacity of the
potential
United
States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
basis,
3,585.000 barrels of crude oil daily during the week, and that all
companies had
in storage at refineries,
pipe lines as of the end of the week,
unfinished
daily,
bulk terminals, in transit and in
101,370,000 barrels of finished and
The total amount of gasoline produced by all
gasoline.
com¬
panies is estimated to have been 11,570,000 barrels during the week.
barrels, or more,
per day, according to a survey made by Dr. F. V. Patton,
director of the Commission. r The new order, effective
April
I5-July 15, does not provide for allocation of the marginal
Marketing Co. has ordered a re¬
25% in the company's oil purchases in the KM A
pool of southern Wichita county and in the Hull and Silk
pool of northern Archer County, effective as of April 7.
The oil is gathered by the Sinclair Prairie
Pipe Line Co.
There were no price changes
posted during the week.
•
for
ports,
bonded
There
100
allowable to all wells. <•+•/
The Sinclair Prairie Oil
the
a
separation in weekly statistics.
up 97,000 barrels.
temporary proration order issued by the
on Tuesday for the Panhandle
wells will be cut
States
whether
Commission
will
that
April 1, 1939, totaled 3,358,200 barrels,
reported by the Institute follow:
for the four weeks ended March 30.
stocks, totaled 13,560,000 barrels,
while others
estimates
daily average of 191,714 barrels, compared with a daily average
of 184,000 barrels for the week ended March 23, and
207,857 barrels daily
foreign crude oil gained 639,000
barrels during the week ended March 23, rising to 247,401,000
barrels, according to the United States Bureau of Mines.
Domestic stocks were up 612,000 barrels, while holdings of
foreign crude oil were up 27,000 barrels.
Heavy crude
oils in California, not included in the "refinable" crude
district,
Institute
Imports of petroleum for domestic
barrels,
Stocks of domestic and
a
Petroleum
gross
as
United
1,510,800 barrels.
Louisiana showed a
gain of 2,950 barrels to hit 281,700 barrels.
Kansas was up
250 barrels at 180,400 barrels daily.
•
/
Under terms of
average
week ended
to
Texas Railroad
American
crude production for the week ended
March 30, 1940, was 3,841,250 barrels.
This was a decline
of 30,200 barrels from the
output of the previous week, but
the current week's figures were above the
3,500,600 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions
imposed by the various
oil-producing States during March.
Daily average produc¬
tion for the four weeks ended March 30, 1940, is estimated
at 3,857,850 barrels.
The daily average output for the
production
average
1940
Daily Average Crude Oil Production for Week Ended
March 30, 1940, Off 30,200 Barrels
successive week led some oil men to believe that this State
had reached its peak production
during the March 16 period
when output was 456,800 barrels,
above the final
April 6,
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
0'
B.ofM.
''';'77\7^/':77^
Four
Calcu¬
Week
Change
Weeks
lated
State
Ended
from
Ended
Ended
Require¬
Allow¬
Mar. 30
Previous
Mar. 30
ments
duction of
ables
1940
Week
1940
Apt. 1,
1939
Week
{March)
Oklahoma
420,300
Kansas
153,900
420,300 b402,060
C170.000
—16,400
411,800
422,200
+ 250
175,200
167,000
64,150
bl80,400
Nebraska
b
Prices of Typical Crude per Barrel at Wells
Panhandle Texas....
(All gravities where A. P. I. degrees are not
shown)
Bradford. Pa
$2.75
Corning, Pa
1.02
Illinois
.95-1.05
Western Kentucky
.90
.
Mid-Cont't, Okla., 40 and above.. 1.03
Rodessa, Ark., 40 and above...... 1.25
Smack over. Ark.. 24 and over
73
Darst Creek
1.03
Michigan crude......
Sunburst, Mont.
.75-1.03
.90
Huntington, Calif., 30 and
over...
Kettleman Hills, 39 and over
1.15
PRODUCTS—SPRING
HEAVY—REFINERY
RISE
IN
OPERATIONS
DEMAND
V777777-
West Texas
East Central Texas..
33,550
273,050
89,050
397,200
262,000
252,850
+ 2,700
+ 1,300
East Texas
396.900
—100
Southwest Texas....
Coastal Texas
270,350
255,050
+ 6,400
GENER¬
+ 1,900
1,330,600 d1498815 1,510,800
North Louisiana
84,300
31,000
211,650
99,950
372,700
251,400
219,300
+ 13,450 1,494,800 1,334,450
68,800
212,900
Coastal Louisiana...
While
refinery operations showed further expansion during
March, the normal seasonal rise in demand
motor fuel gained sufficient momentum to
hold down
and
81,000
106,100
+ 550
BECOMING
GAIN—PRICES
HOLD FIRM—FUEL OILS RETAIN
STRENGTH
the increase in inventories of finished
fuel down to a nominal
—400
+ 1,100
1.38
the final week of
for
82,200
104,600
33,900
276,650
91,150
...
West Central Texas..
Total Texas
REFINED
ALLY
North Texas
Eldoraro, Ark., 40
.........$1.03
Rusk, Texas, 40 and over...
1.10
unfinished motor
figure.
sharp contrast to the heavy, sustained weekly gains in
gasoline stocks, holdings were up only 72,000
barrels, during
the period ended March 30.
The American Petroeum In¬
In
stitute report, however, pointed out that total
holdings of
101,370,000 barrels represented another record high total for
the
industry. 7 7-77/,■ ■,"> 7'7'7.77>77 7%+7,77.;7
gasoline production during the March 30 week also
showed a rise, it was
thought likely that in addition to the
+2,550
68,100
212,050
69,200
191,200
260,400
+ 400
Total Louisiana..^
253,200
277,412
281,700
+ 2,950
280,750
Arkansas...........
65,500
70,000
69,000
—250
69,300
Mississippi
1,300
b7,850
—250
426,950
—21,800
436,300
Indiana
7,100
+ 450
68,750
17,000
3,500
Montana
Colorado
+ 600
15,200
...
—1,000
96,300
64,300
60,600
Michigan...
Wyoming
b8,500
104,600
64,800
Eastern (not incl. 111.
and Indiana)......
3,900
+700
.....
New Mexico
103,200
114,000
112,550
Total east of Calif. 2,913,500
California
54,250
8,050
329,700
Illinois.
169",300
9,850
1
99,250
96,300 '
64,350
58,100
—2,050
69,950
56,150
+ 50
16,950
—100
3,950
3,750
113,000
108,600
•
3,250,050
13,250
591,200
—23,400 3,250,550 2,746,700
—6,800
607,300
611,500
3,841,250
587,100
—30,200 3,857,850 3,358,200
e592,000
Since
Total United States 3,500,600
normal rise in domestic demand for motor fuel
due to the im¬
proving weather, there also had been some
a These are Bureau of Mines' calculations of
the requirements of domestic crude
oil based upon certain premises outlined In its detailed forecast for the month of
March.
As requirements may be supplied either from stocks or from new
export movements of motor fuel.
The failure of the export
demand to show any
strength during the recent months is
credited with playing a
major role in the rise of holdings to
such record heights.
7,
77
duction, contemplated withdrawals from crude oil Inventories
expansion in
A gain of 0.6
point pushed refinery operations up to 84.3%
of
capacity, a figure far in excess of what industry economists
necessary in view of the top-heavy supply situation
already rules.
Daily average runs to crude oil to stills
u •
which
were up
25,000 barrels to a total of 3,585,000 barrels.
Pro¬
duction of gasoline in the March 30
week was up 118,000
barrels. '
..'7/",
7;;
Gasoline prices in the major
markets, following the recent
outbreaks of weakness in the New York-New
England and
East Texas areas," failed to show
any further breaks during
the final week of
March.
tinued soft, with
The MicLContinent market
pro¬
to be
b
produced.
-v.-.
Std.Oil
Texas
Gulf
Shell
RichOll(Cal) .08K-.08H
Warner-Qu. .07)*-.08
(Bayonne)
„
„
$.07 34-.08
Chicago
New
08K-.08J4
East'n .07)*-.08
$
Gull ports...
.061 Los Angeles..
.03)*-.05
Fuel Oil. F.O.B. Refinery
_
or
I
•05X
•05 H
.04)+ •05H
Tulsa
.04
d This Is the latest revised
net basic allowable as
experience Indicates It will Increase
revisions are
made.
It
includes
_
Bayonne)—
27 plus.....
Gas Oil, F.O.B. Refinery
i
$.04
'
or
3')
D
Phlla., Bunker C_.
Terminal
Chicago—
28
| Tulsa
$.053
■
Not Including
(Boston
2% city sales tax.
of the first of March.
after deductions for 13 shutdown days, namely all of the Saturdays except March
2.
and all of the Sundays and Wednesdays of the month.
For all other areas no
shutdowns are provided.
e
Recommendation of Central Committee of California Oil Producers.
Note—The figures Indicated above do not Include any estimate of any oil whioh
might have been surreptitiously produced.
CRUDE
RUNS
TO
8TILL8
AND
PRODUCTION
ENDED
MARCH
30,
OF
GASOLINE.
WEEK
1940
Daily Refining
Crude Runs
Capacity
to Stills
Gasoline
Production
District
at
Refineries
Potential
Percent
Dally
Percent
Inc. Natural
Rate
Reporting
Average
Operated
Blended
615
595
96.7
Appalachian
Indiana, Illinois, Kentucky.
Oklahoma, Kansas, Missouri
166
87.3
124
85.5
438
645
90.7
545
93.2
2,084
419
81.6
277
81.0
z977
Inland Texas
100.0
1,646
316
50 3
118
74.2
460
1,055
90.0
850
89,5
2,466
179
Texas Gulf
97.8
124
70.9
301
Louisiana Gulf
-.05 H
100
55.0
45
81.8
118
54.2
55
85.9
200
California
828
90.0
498
66.8
$1.00
86.4
3,231
84.3
1
1,322
10,008
••04)4
Estimated unreported
354
_
.
114
,
1,562
1.50
*
Estimated total U. S.:
$.02)4r.03
March 23,
:■
f
March 30, 1940...
\
...
Past
wells are completed and If any upward
figure of 400.645 barrels for East Texas
new
net
1940.......—
i-.
11,570
3,560
"
3,585
11,452
X3.191
++41
ylO,655
I
Gasoline. Service Station, Tax Included
i Newark
$.1661 Buffalo
New York........$.17
Brooklyn
17
as
a
Rocky Mountain
I
N.
for week
February allowable of 165,000 barrels In effect until order of March 12. setting
quota of 170,000 barrels retroactive to March JL.
Reported
I New Orleans C
$1.00-1.251
„
>.;■
are
March 27.
North Louisiana <fc Arkansas
Terminal
California, 24 plus D
$1.50
Diesel....... 2.10-2.20
■
i.-..
•
.06)+ .07
White, Tank Car, F.O.B. Refinery
| North Texas
$.04
(New Orleans. $.05)4
(Harbor)—
Bunkder C
■
$.05
Orleans.
Tulsa
v
N. Y.
Other Cities—
Kerosene, 41-43 Water
v
crude
East Coast
New York
Sooony-Vac. .06)*-.07
T. Wat. OU
.08K-.08 H
deducted
new
con¬
most part.
N.J.$.06H-.07
be
c
offerings at cut-rate prices reported making
w-u aPPearanceOther markets remained static. \
.With the demand for fuel oils easing, as reflected in the
addition to stocks last week of
191,000 barrels, prices held
New York—
■T/V:V
-
Oklahoma, Kansas. Nebraska, Mississippi, and Indiana figures
ended 7 a.m.
a
steady for the
must
from the Bureau's estimated requirements to determine the amount of
1851 Chicago
*U. S. B. of M. Mar. 30, '39
$.17
.174
*
Estimated Bureau of Mines'
basis,
x
March, 1939 daily average,
y This is a
1939 daily average,
z 12%
week's production based on the U. 8. B. of M. March,
reporting capacity
did
not
report
gasoline
production.
The Commercial & Financial
ISO
Volume
AND UNFINISHED GASOLINE AND OAS AND
OF FINISHED
STOCKS
2179
Chronicle
PRODUCTIVE
ESTIMATED
COKE
(In Net Tons)
.!
:
;
(Figures In Thousands of Barrels of 42 Gallons Each)
Week Ended
Stocks of Residual
Fuel Oil
Stocks of Gas OH
and Distillates
Stocks of
Finished A
Unfinished Gasoline
Finished
and
Total
21.430
1,854
3,773
261
141
2,128
226
1,019
17
1,869
1,635
1,928
267
15,697
3,120
2,238
...
Beehive Coke—
*""24
1,420
45l
5.039
288
30
814
247
11
!
c
1,770
18,427
7,091
2J92
55,740
23,159
87,500
94,325
15,822
6,841
72,866
7,045
615
1940...
94,445
101,370
16,437
6,841
74,851
28,230
23, 1940...
94,770
101,298
16,635
r6,740
75,197
27,601
81,141
87,068
7,533
79,193
29,835
205,000
6,908
2,847
28,230
6,945
497,400
2,617
1,457,000
-
20,236
:
by truck from authorized
432
16,988
*15,700
5,250
Includes washery and dredge coal, and coal shipped
a
192
31,500
30,100
5,017
Daily average
619
2,618
No. La. <fc Arkansas
Rocky Mountain..
California.........
Reported
;
554
1,692
Efitd. unreported..
Mar. 30,
B.
30, 1939..
582
153
18,457
r
February
The statistics
Weekly Coal Production Statistics
United States Department
The Bituminous Coal Division,
in its current weekly coal report, stated that
of the Interior,
production of soft coal in the week ended March 23
the total
This indicates
is estimated at 8,020,000 net tons.
comjWrson
week, and is in
10.5%
over
the
year
t
RATIO
During approximately the
1938-39.
•
The month
,
CAPACITY
TO
1939 Nov., 1939
1940 Dec.,
Jan.,
Feb., 1940
1939
The 12 months ended.
'
:v
OF FINISHED PORTLAND
FEBRUARY, 1939 AND 1940
BY DISTRICTS.
CEMENT,
52.2%
46.7%
STOCKS
AND
SHIPMENTS
PRODUCTION,
42.9%
46.8%
28.5%
47.8%
24.7%
47.6%
26.9%
41.9%
period, anthracite production has increased 11.4%.
same
PRODUCTION
OF
Feb
production of bituminous coal shows an increase of
lative
givpn below are compiled from reports for
received by the Bureau of Mines from all manu¬
plants.
'
' * '
.
'
following statement of relation of production to
the total output of finished cement is compared
with the estimated capacity of 161 plants at the close of
February, 1939 and 159 plants at the close of February, 1940.
February
facturing
7 tin the
capacity
.
.
week in the present coal year, cumu¬
more
one
XX
Xjw:n
with 7,467,000 tons in the corre¬
sponding week of 1939a
With but
decrease
a
5from the output in the preceding
of 434,000 tons, or
r
Portland cement industry in
February, 1940, pro¬
duced 5,041,000 barrels, shipped 4,905,000 barrels from the
mills, and had in stock at the end of the month 25,895,000
barrels, according to the Bureau of Mines.
Production and
shipments of Portland cement in February, 1940, showed
decreases of 8.4 and 2.8%, respectively, as compared with
February, 1939.
Portland cement stocks at mills were 7.5%
higher than a year ago.
f
California district.
Revised in
Portland Cement During
Production and Shipments of
1,985
The
Estimated Bureau of Mines' basis,
Adjusted to make comparable the number
c
of working days
Mines
of
♦Mar.
b Excludes colliery fuel,
in the three years;
operations,
U. 8.:
Estd. total
i
1929
c
;
,
United States total..
695
Louisiana Gulf
Mar.
1939
1940
Commercial productlonb 807,000 818,000 750,000 11,439,000 11,300,000 16,240,000
4,512
3,114
8,440
18,273
9,026
1939
1940
Anthracite—
Total, lncl. colliery fuel a 849,000 861,000 789,000 12,040,000 11,895,000 17,500,000
248,200
168,700
170,800
141,500 143,500 131,500
Dally average
679
Texas Gulf
8.
and in
3,177
3,959
13,927
Okla., Kan., Mo
Inland Texas
Penna.
Pipe Lines
17,602
...
Ind., 111., Ky
*
Refineries
20,575
3,469
East Coast
Appalachian
U.
and in
in Transit
Pipe Lines
Unfin'd
•
At
Refineries
Finished
1940
At Terms,
At Terms
in Transit
At
.
Calendar Year to Date
!
Mar. 23 Afar.16 Mar. 25
District
Total
AND
ANTHRACITE
PENNSYLVANIA
BEEHIVE
,
1940
MARCH 30,
OIL, WEEK ENDED
FUEL
OF
(In Thousands of Barrels)
weekly report, stated
The Bureau of Mines, in its current
Stocks at End
of Pennsylvania anthracite for the week of
that the output
March 23 is estimated to be 849,000 tons, a
How¬
compared "with the production in the corresponding
1939 (March 25) there was an increase of 7.6%.
from that in the week of March 16.
tons, or 1.4%,
ever, as
week in
decrease of 12,000
ESTIMATED
PRODUCTION OF
STATES
UNITED
COAL,
SOFT
(In Thousands of Net Tons)
:
c
>
6,201
6,231
.
__
8,454
,
a571
-
81
102
576
609
722
739
1,380
1,437
213
185
187
206
941
628
5,505
5,041
5,044
4,905
24,092
25,895
?
*
7'777-'77.7"7
;77777777777, '7-;-Ji7."w-' 7;7!7';
\
■■77...
7i'-v. ;7 77777777:'77y.:
;•"
•
■■ -
■'•77 77 - 7
9 Afar. 18 Mar. 19 Afar. 16
Afar.16 .Afar.
2
2
292
303
7
27
...
32
341
18
69
77
149
87
93
104
I
"V7- 1
1,045
964
973
382
345
362
61
54
81
58
120
118
-
1
.......
Indiana
7
Iowa
•
33
....
17
45
North and South Dakota
7
575
81
123
430
824
118
252
24
55
20 :
-:y
<■"
9
560
32
15
7
60
37
68
58
21
50
77 7-
26
54
53
,,
f34
125
437
436
321
382
740
2,102
1,868
1,412
2,786
3,249
103
93 7.1 60
107
118
;'V
•;
Iff
17
16
47
50
39
261
267
231
200
74
41
22
49
1,405
1,189
1,818
1,172
578
458
683
717
83
126
99
91
u~
*
*
f4
...
Pennsylvania anthracite.d
Total, all coal
8.454
8,230
7,721
5,814
861
1,034
791
664
9,315
9,264
8,512
6,478
-
136
;
9,761
4,905
24,092
25,895
mmmm
9,654
12,748
.
a
11.757
13,401
13,104
122,291
mmmm-
21,477
22,361
21,326
12,715
mmmm.
23,786
23,837
22,251
mm
.
20,160
12,829
"mmmm
..
'
19,870
10,147
mm
mmmm
20,779
23,449
■■mmmm
'"'mmmm
mm mm:
•7;
-
mmmm"
f7
1,147
10.9081
2,040
12,804
b Rest of State, in¬
Tucker Counties,
c In¬
cluded Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
f Alaska, Georgia, North Carolina and South Dakota included
with "other Western States."
* Less than 1,000 tons.
the Panhandle District and Grant, Mineral and
'
Reduced to Five-Cent
Week—Copper Unsettled—Buying
V-/Vv. -, f-:;'
77 /"\
Mineral
Markets,"
in
its
issue of
April
4,
securities, inquiry improved in lead and copper.
Lead
reduced on April 2 to the extent of 5 points, and domes¬
sold since April 1 in more than one direction at
Valley.
Zinc appeared to lie steady.
Tin was
irregular, and quicksilver declined.
The publication fur¬
tic copper
11.125c.,
ther
reported :;
77,-'.rV—/ ; VV"
Copper
-7 . -.7-7,
.
V-. :;7 '77.-7'7'7'
10,764
^eludes operations on the N. & W.; C. & O.; Virginian; K, & M.; B. C. & G.;
antfon the B. & O. in Kanawha, Mason and Clay Counties,
25,769
reported that the combined tonnage of major non-ferrous
metals sold during the last week was small, reflecting con¬
tinued uncertainty in the minds of consumers in reference
to the outlook for prices.
Late April 3, following the rise
■
Total bituminous coal
23,611
was
24
*
1940
3.889
#6,785
During
and
"Metal
in
561
98
8.467
11,937
12,539
11,053
9.488
V:< Inactive
19
1/82
*
5,044
121.819
Basis
68
25
Wyoming
Other Western States.c
5,041
>
Non-Ferrous Metala—Lead Price
230
551
Virginia—Southern.a
Northern, b
1939
Revised.
a
256
:
1,753
Washington
5,505
12,369
-
October
'
Virginia..
5,640
11,963
12,644
August
77
22
14
52
....
Utah
6,205
8,171
9,674
11,185
May
52
,7
105j
Tennessee
1940
1939
5.301
215
38
V
23
42
'
April...
144
432
bituminous
'
March.......
122
91
7
2,085
Ohio
of Month
Shipments
.
1,684
358
641
252
-
19
7
,
t
f
1
53
54
Mexico
?
January..........
February . £ . .(. 1T
Total..
1,051
13
13
...
Montana.........
'
t
423
153
152
j
Michigan
'777-
f
618
680
33
v.
113 :
157
Kentucky—Eastern
131
681
Kansas and Missouri...........
PORTLAND
195
•
...
i
1940
1939
December.........
17.;
27
Georgia and North Carolina
OF FINISHED
IN 1939 AND 1940
Stocks at End
November........
200
267
45
............
STOCKS
AND
Production
Month
Avgc
3
3
Arkansas and Oklahoma
cluding
,
(In Thousands of Barrels)
1923e
1929
1938
1939
1940
1940
V-:V.\'V V'r''• '
Alabama
a
SHIPMENT8
CEMENT, BY MONTHS.
-
September........
March
■
West
-
Revised.
a
July
■77>7;- V;1:
Week Ended—
State
Texas
•
33
June—
A^;., V-'V-'v;- '■■"7
(In Thousands of Net Tons)
Pennsylvania
i
7; v
;
BY STATES
ESTIMATED WEEKLY PRODUCTION OF COAL,
1
850
852
533
89
827
13,100 B.t.u. per
(The current weekly estimates are based on railroad carloadings and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from dis¬
trict and State sources or of final annual returns from the operators.)
New
1,699
678
produced during the week converted to
ing 51 weeks in other coal years.
Western
545
f."
2,977
r
a61
pound of coal.
Note that most of the supply of petroleum products is not directly
competitive with coal,
c Sum of 51 weeks ending March 23, 1940, and correspond¬
Maryland
477
1,886
Colo., Mont., Utah, Wyo. & Ida.
historical comparison and statistical convenience the
b Total barrels
lignite,
equivalent coal assuming 6,000,000 B.t.u. per barrel of oil and
Illinois
2,009
343
PRODUCTION,
weekly output.
Includes for purposes of
Colorado
2,032
Okla. & Ark
5,418 287,559 268,628 223,830
Alaska
289
221
Puerto Rico
7,467 394,536 356,938 510,407
1,699
1,190
1,315
1,245
s-vvj
342
903
1930
1,409
7':'"7-7.V;1
3,088
97
656
1929-
1,337
v
2,683
Wis., 111., Ind., and Ky
1939
Crude Petroleum b—
;
1,784
255
242
1938-
8,020
a
740
236
250
'
a—
Daily average
production of
370
810
248
Michigan
1940
?!
■
334
622
351
Oregon and Washington
Total, including mine fuel......
Coal equivalent of
2,222
578
2,156
2,697
204
603
Total
Bituminous Coal
206
235
1939-
1939
1940
3,610
259
192
229
California
Coal Year to Date
7
Afar.23 .Afar. 16 Mar. 25
1940
2,909
New York and Maine
Texas
X
Week Ended
77777._.7::;. -7 77 7'.,77;
77777;' 77';V7 7
4,873
330
878
a973
Ohio, western Pa. and W. Va
W. Mo.. Neb., Kan.,
1940
230
805
Va., Tenn:, Ala., Ga., Fla., & La.
Eastern Mo., Ia., Minn. & S. Dak
WITH
PETROLEUM
COMPARABLE DATA ON PRODUCTION OF CRUDE
'
4,512
1,570
1,188
and Md
Eastern Pa., N. J.
1939
1940
1939
1940
1939
of Month
Shipments
Production
District
Though
the
tone
in
domestic
copper
appeared
to
be a
little better
yesterday, ^following the upturn in securities on the Stock Exchange, the
sales volume remained Fmall.
Growing concern about the export market
and
out
disappointment
over
the slow
April 1 domestic copper was available ahd
chiefly on freer offerings by custom smelters.
Valley,
operators
soon
be
in domestic business brought
in both divisions of the market.
sold at 11.125c.,
recovery
slightly lower prices during the week
Beginning
held
to
absorbed.
11.50c.,
Valley,
The large mine
hoping that the cheaper offerings
will
■
The Commercial & Financial Chronicle
2180
Domestic
in
the
Export
the
last
in
tons
week
Domestic
previous.
week
147,112
against
for
sales
totaled
sales
2,850
for
against 3,428 tons
totaled 19,817 tons
tons
March
February.
April 6, 1940
World apparent tin consumption Is estimated at 22,600 tons in
January
and 18,100 tons in February.
The total for the first six months of the
amounted to 104,800 tons, as compared with 80,000 tons in the
pre¬
war
sold during the week at 11c., f.a.s., Atlantic ports, MayJune shipment, with April at 11.10c. to 11.25c.
The move to strengthen
ceding six months.
the
3,530 tons to 23,865 tons, the smelters' stocks
copper
British
trade
blockade,
Russia
with
absence
exerted
Exports of refined
refined
metal
in
in
Japanese
pressure
bond and
buying,
and
export copper.
on
unwillingness
to
increased
,
the United States, consisting of foreign
from
copper
Belgium....
280
......
50
Hungary
w m
420
794
.........
Italy
Netherlands..
5,114
1,149
...... ..
'
.
Continued
refined
lack
lead,
■
./:
} ' '■
Russia
6,408
2,649
2,076 ~
26,603
549
Sweden
1,740
■
137
m
Lead
i..
,
y.y'Vy ? 'y'iV
2,468
buying brought another reduction in the
5.05c., New York, to 5.00c.
The decline,
from
range
The
45,000
48,000
to
closed at
quotation
American
tons,
5.00c.,
(including the carryover)
There
consequently,
was,
an
February
and £237 during the first six months of the war, as compared with £225 in
the preceding six months.
The average cash price for Straits tin in New
York
was
$0.46 in February and $0-52 in the first six months of the
compared with $0.48 in the preceding six months.
as
The position as regards under
(—)
v
war.
v...-
/
(-f) exports of the signatory
countries is shown below (in tons of 2,240 lbs.):
V
i
or over
,
;■
,,
■' '\yy'1V
Position
price of
effective
Belgian Congo-..-.-.
Position
at End
; Export
January
■■■<
has not yet resulted in
2,
23,660 tons.
to
2,809
much business, sales for the last week
totaling 3,822 tons against 565 tons in the week previous.
With consump¬
tion of lead holding at satisfactory levels, producers look for buying to
Estimates on March deliveries
improve before the end of this month.
April
tons
the visible supply increased by
The average cash price for standard tin in London was £243 in
35,656
h-';j
of
from
Feb.
Jan.
■
151
China and Hongkong..
2,060 Japan............... 12,604
1,250
2,188 Other countries
3,598
632
Totals..
57,604
m *> m- -
.........
Great Britain.....
1
10.470 Switzerland—
6,446
Germany
To—
112
504
Denmark............
France
V,.,
Feb.
Jan.
by 9,387
war
increase In the total stocks of 12,917 tons to 47,525 tons.
domestic copper,
during January and February,
short tons, according to the Department of Commerce, were as follows:
To—
v
of
'■
During the first six months of the
Export
February
of
January
at End
of
February
152
168
—2,152
e3,000
Bolivia
—916
2,323
p—6,795
e330
6,354
p—409
—6,875
2,738
—624
Malaya
5,581
P—4,515
p—439
—4,496
Netberlands Indles
2,728
+ 543
591
+2,609
647
1,377
—502
1,313
+ 1,627
—1,052
P13.873
P—15,280
French Indo China
e80
Nigeria
Thailand
.....
-
New
York, the
contract basis
Total
of the
pl3,509
< Estimated,
Smelting & Refining Co., and at 4.85c., St. Louis..
v
p—8,256
Preliminary.
'
.Vv
With
feel that
outlook
reflected
holding
the last
calendar
week
to
"..■■■
v.', -(■
,
This optimism over the
steady price situation, the market for Prime
St. Louis.
Sales of the common grades for
totaled 1,516 tons, which compares with 421 tons
in
week
preceding week.
amounted
33,514
to
a
5.75c.,
at
4,343
Shipments by the Prime Western division for the
tons.
Unfilled orders dropped from 36,341 tons
;-'V
tons.
ore
■V\'\
Tin
-■
-*;.v
Prices for tin showed little change during the last week, with consumers
doing little buying.
offer
to
to ease.
7v+'•
The rate of tin-plate production is estimated to be around 60%.
Straits tin for April was quoted at 45^c., and delivery for May, June
and July at 45.375c.
Make
February.
World
deliveries came to 16,860 tons against 12,902 tons in the preceding month.
The visible supply, including the Eastern and European carryovers, stood
at 82,339 tons at the end of March, against 33,148 tons in the prior
totaled
9,244
long
tons,
against
6,600
tons
in
month.
mitted
"Iron
99%,
was
DAILY PRICE8 OF
METAL8
Some companies estimate
The rise in production,
of districts,
which has taken place in a number
has been partly offset by declines elsewhere, so that the net
result for the industry as a
whole is
gain of
a
a
half
capacity,;.•-/•'
:
a
point to 61H % of
"/".j
V *
,•-
A part of the gain in orders is also the result of depletion of consumers'
steel inventories.
Unless consumption of steel should decrease materially,
and there is at present no
will become necessary
serious indication of that, replenishment of stocks
in many more
cases within the next 30 to 60
days.
Tin plate production is increasing as can companies prepare for a large
1940
use
of packers' cans.
this week at
Tin plate mills
are
estimated to be operating
61% up three points over last week,
'
*;
The influence of export sales in sustaining steel production should not
be underestimated.
Export sales of
some
active in this trade have ranged from
of the companies are the most
15 to 20% of total sales within the
past few weeks, and during the first two months of the year were close to
10% of the total finished steel production of all companies.
tons of iron and
steel, excluding
January's total.
over
scrap,
in February, a gain of 40,521 tons
The total of 832,649 tons for the first two months
is at an annual rate of close to 5,000,000 tons, or well above the peak
recent years,
("E. <fe M. J." QUOTATIONS)
Lead
Straits Tin
which
was
3,495,467
gross tons in 1937.
total was three times that of the
same months
Exp., Refy.
New York
New York
St. Louis
St. Louis
of
The January-Febru¬
in 1939.
Further large sales of ingots to British steel plants are expected.
Zinc
estimated that
Dom.,Refy
their aggregate sales in March at 10 to 15%
above those of February, most of the gain having come in the latter half of
ary
Electrolytic Copper
where more seasonable weather has per¬
beginning of belated outdoor activities.
The
Age" further stated:
areas
Department of Commerce figures show export shipments of 436,585 gross
March 28, 43.750c. {
1, 42.700c.; April 2,
nominally as follows:
29, 43.625c.; March 30, 43.300c.; April
43.750c.; April 3, 43.625c.
; >
tin,
Gains
the
the month.
'
Chinese
March
Moderate
April 4 issue of the "Iron Age" stated that a number
of steel companies have been able to step up their operating
rates moderately this week as a result of substantial
export
bookings and a mild improvement in domestic sales, parti¬
The March statistics showed that deliveries in the United States for that
month
....
The
export
Denial of this report, however, on April 2, failed to move
metal.
Yesterday, April 3, the price situation began
tin.
on
Bellers
In the East prices rose on rumors of a higher
...
...
Industry Rate Placed at 61 Y%%—Some Companies
cularly in
/'V.';'
during February amounted to 5,655 short tons,
Mexico furnished 4,550 tons in
February, of the current year, Peru 572 tons, and Canada 533 tons.
Im¬
ports of slab zinc during February amounted to 1,048 tons, which com¬
pares with 3,142 tons in February last year.
Mexico supplied 786 tons
of the February imports and Canada 262 tons.
Imports of zinc in
against 2,698 tons in February last year.
duty
Steel
buying of zinc is due to improve soon.
for
Western
in the
Zinc
shipments of the common grades holding up well, producers still
It is
Britain may take between 500,000 and 1,000,000 tons of
ingots this year, including about 200,000 tons ordered in January.
The
Mar. 28
11.025
11.125
45.750
5.05
4.90
5.75
British have also been attempting to buy large quantities of toluol from the
Mar. 29....
11.025
11.100
45.625
5.05
4.90
5.75
steel companies here.
Mar. 30....
11.025
11.125
45.300
5.05
4.90
5.75
April
April
April
1.
10.900
11.100
44.750
5.05
4.90
5.75
2....
3
10.900
11.075
45.750
5.00
4.85
5.75
10.900
11.050
45.625
5.00
4.85
5.75
,
.
If the British and French go ahead with their large contemplated pur¬
chases of
airplanes in the United States, expenditures by aviation plants for
additional machine tools will
run
into millions of dollars.
Indirect export business is also likely to become a more important factor.
Average
.
.
10.963
11.096
45.467
5.033
4.883
5.75
In the railroad equipment
Average prices for calendar week ended March 30 are:
Domestic copper, f.o.b.
11.025c.; export copper, f.o.b. refinery, 11.146c.; Straits tin, 45.821c.;
lead, 4.933c.; St. Louis zinc, 5.750c.: and silver,
refinery,
New York lead, 5.083c.; St. Louis
34.750c.
'
The above quotations are "M. & M. M.'s" appraisal of the major United States
They are reduced to
markets, based on sales reported by producers and agencies.
the basis of cash, New York or St. Louis, as noted.
All prices are in oents per pound.
Copper, lead and slno quotations are based on sales tor both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that Is, de¬
livered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Delivered
prices In New England average 0.225o. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board. On foreign business, owing to the European war, most sellers are restricting
offerings to f.a.s. transactions, dollar basis.
Quotations, for the present, reflect
this change in method of doing business.
We deduct .05c. from f.a.s. basis
(lighterage. Ac.) to arrive at the f.o.b. refinery quotation. „;. , lf.
,
;
,
-
are
the
outstanding business at
bought 500 freight
is
field, for example, export orders and inquiries
cars
from
the moment.
American
an
inquiring for 15 to 20 locomotives.
A railroad
company
and
a
in
Siam
has
Brazilian railroad
Inquiries for 40,000 to 50,000 tons
of rails have also come from Brazil.
Export prices for steel products have been generally advanced to
approximating domestic prices.
was
most acute the new
recently ruling.
able period.
On
some
quotations
are
several dollars
Outstanding quotations
y.'v
■
are
ton above those
a reason¬
•
new
buying of steel is rather
The automobile industry has good production and
volume of
model
a
being protected for
Among the major steel consuming industries
light.
level
a
products in which price weakness
an
encouraging
sales, but its steel requirements over the remainder of the 1940
season
will not be heavy.
The building construction industry notes
a
little pickup in new projects, but business is much below what was expected
,
Due to the European war the usual table of daily London
prices
is
prices
given,
not available.
Prices
on
at this time of year.
requirements
standard
tin, the only
March 28, spot,
however, are as follows;
£247%, three months, £246; March 29, spot, £248%, three
months, £246; April 1, spot, £245%, three months, £243%;
April 2, spot, £248%, 'three months, £246%; and April 3,
spot, £219%, three months, £247.
A
or
Co.,
a
are
buying
very
little either for maintenance
for new equipment.
contemplated
mission
Railroads
gas pipe
new
line, sponsored by the Tennessee Gas & Trans¬
company,
to run from
northern Louisiana fields to
Knoxville, Tenn., would require about 100,000 tons of pipe, but
of
a
certificate
authority has not yet been asked of the Federal Power Commission.
Pig iron production in March conformed to the downward trend in steel
production.
tons
Thq total for the month, partly estimated, was 3,260,000 net
compared with 3,311,480 net tons in February.
On the daily basis of
105,160 net tons last month, this was a drop of about 8% from the daily
rate of 114,189 net tons in
Tin
Industry During First Half Year of European War
The
March issue
There
February.
April 1, a loss of six from March 1.
were
151 furnaces in blast
The rate of operations
was
on
68.9% in
February against 75.1% in January.
/
of the "Statistical Bulletin,"
recently
by The Hague office of the International Tin
Research and Development Council, contained the
following
composite price has declined 21c. to $16.08, 46c. above its level just before
information:
the outbreak of the European war.
published
World tin
tons and
y
production in January and February is estimated at
15,700
16,000 tons, respectively, making a total of 128,200 tons for the
first six months of the war, as compared with 61,100 tons in the
preceding
six months.
tons in
Exports from the signatory countries
are
Scrap markets do not yet point toward returning strength.
taken place this week
in several important centers.
The downward trend in the "Iron
at least
ceding six months.
as
scrap
Age" capital goods index has halted,
compared with 75.5 for the week before and 72.1 a year ago.
estimated at 13,509
THE
"IRON AGE" COMPOSITE PRICES
Finished
Steel
amounted to 19,968 tons in
January and 14,157 tons in February, making
the first six months of the war,
The "Iron Age"
The index figure for the week ended March 30 is 76
temporarily.
January and 13,873 tons in February.
►kThe deliveries of the principal tin smelters
Declines have
a
total of 97,454 tons for
compared with 65,724 tons in the pre¬
Based on steel bars, beams, tank plates.
.....2.261c.
wire, rails, black pipe, sheets, and hot
2.261c.
rolled strips.
These products represent
2.286c.
85% of the United States output.
April 2, 1940, 2.261c. a Lb.
One week ago..........
One month ago..
One year ago
11199933387654
Volume
1932
The Commercial & Financial Chronicle
ISO
Low
High
-
1939
11993386754
,
Buying has been delayed in the South and rural purchasing over the entire
2.261c.
2.286c.
.
Jan.
2
2.261c.
Jan.
Jan.
3
2.236c.
2.512c.
1940
May 17
2.211c.
May 16
Oct.
8
2
has
Mar.
9
2.249c.
Mar.
2.249c.
Dec. 28
2.016c.
Oct.
1
2.056c.
Jan.
8
2.118c.
Apr. 24
1.945o.
Jan.
2
1.953c.
Oct.
Sept.
1.792c.
1.870c.
May
2
Mar. 15
1.915c.
3
6
2
Placing of 1,000 box cars by the New York Central for
Pig Iron
.
Other railroad buying is negligible.
10,000 tons of steel.
Low
2
$22.61
Sept. 19
.-23.25
June 21
20.61
19.61
20.25
18.73
17.83
.$22.61
Jan.
23.25
Mar.
9
19.73
Nov. 24
18.84
Nov.
5
17.90
May
16.90
Dec.
1
5
14.81
1932
Jan.
Jan
Jan.
Sept.
July
Feb.
Aug.
May
16.90
13.56
13.56
5
/,
2
12
One week ago
6
1
melting
heavy
16.71
crease
6
steel
15.25
Building projects involving shapes and reinforcing bars continue to in¬
in number
a
$16.08
22.50
Oct.
3
14.08
May 16
15.00
Nov. 22
Mar. 30
11.00
June
21.92
12.91
Nov. 10
17.75
Dec. 21
12.67
June
1935
13.42
Dec. 10
10.33
1934..
13.00
Mar. 13
1933
12.25
.
1937
1936
i
American
and Steel
Iron
9
Jan.
9.50
Sept. 25
8
6.75
Jan.
6.43
July
5
Institute
on
April 1
an¬
nounced that telegraphic reports which it had received
cated that operating rate of steel companies having
indi¬
97%
of the steel capacity of the industry will be 61.7% of capacity
for the week beginning April 1, compared with 60.7% one
week ago, 64.6% one monthi ago, and 54.7% one year ago.
This represents an increase of 1.0 point, or 1.6% from the
the
week
ended
1939—
1939—
'
55.1%
55.7 %
June 26
55.4%
56.1%
54.7%
.52.1%
50.9%
48.6%
47.8%
47.0%
45.4%
48.5%
52.2%
54.2%
53.1%
6
Mar. 27
3
10
17
24
1
8
15
22
29
June
1940.
Weekly
March 6, 1939,
5
June 12
Oct.
87.5%
88.6%
9
Oct.
16
Oot.
23
Oct.
30
6
Nov. 13
Nov. 20..
Nov. 27
Dec.
4
Deo. 11
Dec.
18
70.2% Dec. 25
*79.3%
83.8%
Sept. 25
Jan.
1
85.7%
Jan.
8
90.3%
90.2%
91.0%
92.5%
93.5%
93.9%
94.4%
92.8%
91.2%
90.0%
73.7%
2
Oct.
Nov.
Jan.
15
Jan.
22..
Jan.
29
5
86.1%
84.8%
82.2%
77.3%
71.7%
Feb.
12
on
19
67.1%
Feb. 26
65.9%
4
64.6%
Mar. 11
64.7%
62.4%
Mar.
Mar. 18
Mar.
25.4—60.7%
61.7%
1
Apr.
moner
level for weeks, except for a
same
105,000 the week of March 16,
April 1 stated:
composite at
scrap
$16.17,
mill operations at several centers
are more
stable.
to indicate
an
plate
are
at 65
Pennsylvania 1 point to 59, Wheeling 2 points to 71, Cleveland 5
points to 69, Buffalo 7 points to 44, Cincinnati 534 points to 4534 and St.
Louis 19 points to
For the most part schedules for this week indicate
39 %.
k
material change from present levels.
no
for
production
the
subsidiaries
past
U.
the
S.
are
and
before
The
S.
Steel
decrease
entire
nearest
at
the
1%
of
by
Dow,
is
at
Jones
5734%, which
the
for
credited with 6334%
6934% two weeks ago.
a
corresponding
the rate given
was
Industry
61
,
week immediately preceding:
U. S. Steel
,
Independents
63)4
57)4
53)4
—1)4
1938
36
+2
36
+2
signs of flattening as
1937
91
+ 1
86)4
95
59
+ H
+5
42)4
—1
mt'-m
m m
second
quarter and
56
•»
63
44)4
1934
48
+1
17)4
+ 2)4
16)4
+ 1
22 )4
52
—134
23)4
—1)4
—3
54
—2)4
—1
79
—*4
)4
34
—134
98
..'■v.
1932
1931
1930
k;
....
75
1927
88 34
.
)4
—
k<:
46
54
cash, $8,000,000 in Treasury deposits with Federal Reserve
hanks and $71,000,000 in non-member deposits
70
+1
94
+
79)4
95
—1
'
83
(+)
or Decrease
Since
Mar. 27,1940
$
$
2,467,0(^0,000
—8,000,000
—97,000,000
+ 10,000,000
+29,000,000
—1,000,000
to be
approximately $5,820,000,000,
The
was
a
an
10,000,000
increase of $140,-
decreased $4,000,000.
'
2,512,000,000
+ 2,000,000
—72,000,000
18,470,000,000
+ 57,000,000
+3,178,000,000
+ 1,000,000
+ 153,000,000
Gold stock
on pages
ended April 3 will be
Changes in member bank reserve balances and related
were as
follows:
and the
year
ended April 3, 1940,
r
k
993,000,000
+ 101,000,000 +3,077,000,000
+666.000,000
+ 50,000,000
—340,000,000
—10,000,000
—8,000,000
—411,000,000
—71,000,000
+ 266,000,000
',V:
Returns of Member Banks in New York
City and
Chicago—Brokers' Loans
Below is the statement of the Board of
Governors of the
System for the New York City member
banks and also for the Chicago member banks for the cur¬
Federal
2210 and 2211.
items during the week
7,521,000,000
Money in circulation
Treasury cash
2,372,000,000
Treasury deposits with F. R. banks..
692,000,000
kk ./•'>
The statement in full for the week
—4,000,000
Treasury currency....
2,991,000,000
Member bank reserve balances.....12,395,000,000
Total Reserve bank credit.......
Non-member deposits and other Fed¬
eral Reserve accounts
.;'k
securities, direct and guaranteed; holdings of bonds and of
found
Including
32,000,000
principal change in holdings of bills and securities
decrease of $8,000,000 in United States Government
notes each
(not
in
part by an increase of $50,000,000 in money in circulation.
Excess reserves of member banks on April 3 were estimated"
000,000 for the week.'
advances
$8,000,000 commlt'ta—Apr. 3)..
Other reserve bank credit..........
gold stock and $2,000,000 in Reserve bank credit, offset in
(—)
Apr. 5, 1939
$
+ 1,000,000
and other
Federal Reserve accounts, and increases of $57,000,000
K
—1
3,000.000
-
U. S. Government securities, direct
and guaranteed
Industrial
—3
34
Bills bought...
decreases of $10,000,000 in Treasury
+3
—2
34
Apr. 3.1940
-vk:';'v:,.k
,
+2)4
21)4
51
+v
:
'
Bills discounted
V;
+
Increase
Additions to member bank
18
—
The Week with the Federal Reserve Banks
During the week ended April 3 member bank reserve bal¬
V
■
89)4
+
—
—
+1
+2
+2
+3
66
41
+4
unseasonable
of steel products.
58
J-,
1935
84)4
Often blamed for adverse conditions, the belated spring and
—1
1936
96
from
—3
36
tm «■
1929
arose
for
preceding weeks.
Leading
compared with 6634% in the
two
1939
weather undoubtedly has had a serious effect in some lines
in
comparison of the percentage of production
week of previous years, together with the
in points, from the
approximate changes,
1928
reserves
points
prevailing for the
rate
■;ky.:'k;/.k ,:V kVkV>7
following table gives
the
the
estimated
are
estimate
Steel
corporation
independents
week
is due to the drop among the leading independents, as the
U.
of
weeks.
two
The
consecutive
second
the
For
the compilation
Sheet and strip production shows little lessening
increased $101,000,000.
':-kkk,kk
•
further reported:
predictions by a leading producer are for as good a year as in 1939, or better.
ances
:
week
the rate re¬
has recovered somewhat from its first quarter low.
greater in
'
ended April 1 is
placed at 61% of capacity, according to the "Wall Street
Journal" of April 4.
This compares with 62%% in the
previous week and 64% two weeks ago.
The "Journal"
ingot
1940
have steadied and finishing mill schedules
demand seasonally should be
Chicago slipped off 3 points to 56 34 %.
% and Youngstown at 43 %.
Eastern
1933
upturn.
1 point to 79%.
Pittsburgh was unchanged at 5734%. Birmingham at 78%, New England
Yet such improvement as there is has not been sufficient
but tin plate output
''k:?;,:kk'k kkkV-'k
week, though at most points it was
the only area showing an increase,
was
of 1 lA points
The downtrend in production, interrupted a week ago when
still is declining there
and the
The finished steelk
cents.
'.
Decline in production was general last
Detroit
i
Orders for com¬
mained unchanged, has been resumed and last week saw a loss
curve
"
and iron scrap has
The iron and steel composite
of eight
drop
a
composite is unchanged at $56.10.
small.
products have tended to improve recently but the gain has not been
While the
peak for that month.
a
stands at $36.81, a decline of three cents from the previous week,
with
slight to indicate a trend or quicken production.
61%.
Production has been at practically
.
bulge of about 2,000 cars to more than
Slowly continued recession in quotations on steel
week
significant and has not overtaken the reduction in mill backlogs.
Tin
General Motors made 200 fewer cars, Ford dropped
caused "Steel's" composites to yield further*
and steel
Whatever changes in demand for steel products may be underway, they
are too
the
68.8%
Feb.
Feb.
"Steer* of Cleveland, in its summary of the iron
markets,
Chrysler gained 4,820, practically replacing its loss of
week.
2,350 and other makers made 2,295 less.
Steel
1940—
55.0%
54.3%
38.5%
49.7%
56.4%
60.6%
59.3%
60.1%
62.1%
62.2%
63.0%
58.6%
3
July 10
July 17
July 24
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
Sept. 18
July
the previous
*
production last week was 103,370 units, 25 less than in the
:■•••:
.
June 19
Mar. 13
Mar. 20
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May
25,
since
/'v<a
follow:
Mar.
March
of steel operations
rates
This is a fairly sharp change
few months ago.
a
preceding period.
3
12
Aug.
8.50
1932...
7
advances but most are for moderate tonnage.
Currently about half the total number of structures
placed or pending falls into the private class.
Apr. 29
1939
Apr.
season
large portion.
Automobile
2
the
as
proportion of private work is larger, though public jobs continue to
provide
2
Jan.
The in- ;>'
heavier totals.
also took
from conditions
$17.67
1940
exceeded
largely due to shipments to European countries, though other
was
areas
Low
High
Exports for two months this year were three
10% above January.
times those of the corresponding months last year and equaled or
figures for each of the full calendar years 1931. 1932 and 1933.
27
Jan.
3
Dec.
about
14
Jan.
r""k
receiving inquiries for quick delivery tonnages.
16
11
quotations at Pittsburgh. Philadelphia,
and Chicago.
$16.29
One year ago
No.
on
Heavy demand for sheets and plates in Canada, for
February exports of steel, and iron products rose to 436,585 gross tons,
The
Based
One month ago
for
Further buying is expected,
has filled Dominion mills for months ahead and producers
purposes,
in the United States are
Scrap
April 2, 1940, $16.08 a Gross Ton
indicated
June.
Export demand is a bright feature and March bookings from abroad are
expected to be a peak.
war
crease
Steel
estimate
A large part of
rails and track accessories booked last fall remains to be rolled and some
several roads having carbuilding programs under consideration.
22.61
1940.1
The
subsidiary com¬
...
7:"
1938
a
is the high light in railroad buying at the moment, involving about
pany
Based on average for basic Iron at Valley
April 2, 1940, $22.61 a Gross Ton
furnace and foundry Iron at Chicago.
$22.61
Philadelphia,
Buffalo,
Valley,
and
22.61
Southern Iron at Cincinnati.
One year ago
20.61
to
down total movement is difficult to
cut
or
mills have backlogs to extend through
One week ago—....
One month ago
.
buying
merely delayed
determine.
Mar. 16
2.062c.
_
Whether this
country has been affected by unusual cold and heavy snow.
2.512c.
_
j.
2181
rent
Reserve
week, issued in advance of full statements of the member
the coming Monday•
banks which will not be available until
The Commercial & Financial Chronicle
2182
ASSETS. AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
CENTRAL
Ministry of Finance made known today (March 30, ed.) that all is
readiness for the operation, the money having been sent
to London,
in
RESERVE CITIES
New
(In Millions of Dollars)
-Ctalcago-
City
S
Assets—
7,919
2,153
2,170
a2,953
2,828
565
560
1,994
538
Commercial, Industrial,
and
agricultural loans.........
Open market paper
1,693
1,679
1,372
389
386
362
112
112
119
18
18
16
the
Loans to brokers and dealers..
481
467
579
30
29
30
that
164
-.195-
Under
Otber loans for purchasing or
....
162
.......
118
al 19
43
65
366
369
176
174
-
Loans to banks.......
-
-
i.,y
64
111
44
carrying securities
Real estate loans
....
Treasury notes
50
49
48
95
231
247
867
831
743
160
160
1,997
717
720
The
662
344
343
947
54
27
28
131
138
101
240
202
388
a345
389
47
47
was
9,054
9,037
7.132
1,482
1,503
701
629
502
501
472
46
44
112
85
85
83
3,577
3,522
2,751
1,036
1,031
664
672
548
7
7
t
23
194
50
.
Domestic banks............
commence
1937.
from
as
Coupons
due
on
that by the end of four years, atl
so
+''■ •
.A/V>+
'"A " y'y'Ayfollows: Loudon, Rothschild k Sons; United States,
are as
Brazil,
figured
£255,785,330 comprising
negotiated
'
.,
of
in
and
1883
the
in
according to Treasury
The eldest Brazilian loan
108 loans.
last
.
sterling,
in
xvas
1930,
the
so-called
coffee
loan.'■■■; \''"v': "v";y.y
.''y
v*
787
12
~
........
Other liabilities
"276
"287
"314
"~17
,-,""18
1,494
1,490
1,480
251
249
payment of $1,674,362 to discharge unpaid matured interest
15
Capital account
259
a
1
will
The Republic of Panama, as part of a plan for the read¬
justment of its $18,000,000 external debt, announced April
5 an offer to holders of its $11,313,500
5% bonds of an equal
principal amount of new 3*4% bonds, due 1994, and a cash
.
Inter-bank deposits:
Foreign banks,.....—
Borrowings
'
by municipalities
contracted
Republic of Panama Offers Holders of $11,313,500 5%
Bonds to Exchange for New 3 34% Bonds—Cash
Payment of $1,674,362 on Coupons
1,357
710
79
Liabilities—
United States Govt, deposits...
loans
are
724
Balances with domestic banks..
Demand deposits—adjusted....
payments
happy
beyond
"a
324
913
Other assets—net...
76
new
paid from April
debt
total
124
1,211
1,348
6,134
Cash In vault.................
140
4,503
1,265
6,201
Reserve with Fed. Res. banks...
136
1,045
1,251
feel*
government
will l>e up-to-date.
figures, is
212
2,500
1,241
be
will
realization
Otber securities
Time deposits
date
134
Obligations
guaranteed by the
United States Government...
the
V'"
Dillon, Read & Co.
2,500
—.......
United States bonds
the
in
Paying agents
13
'
387
.
3aid
Costa
the new plan, the payment of interest
of, suspension of payments on Nov. 10,
day
coupons
69
....
14
WwV-r
,
*
Other loans......
Treasury bills
1
64
'14
SoUza
Mr.
payments suspended five years ago for reasons
/'■;
States as well as by the Federal Government.
Municipalities were included to satisfy American creditors who are,*he
principal holders of these leans.
a9,057
—■
Paris.
resume
and
9,025
2,976
Loans and Investments—total..
Loans—total
and
control.
Included
f
f
S
S
S
its
Apr. 3, Mar. 27, Apr. 5.
1939
1940
1940
Apr. 3, Mar. 27, Apr. 5,
1939
1940
1940
York
be at le to
to
New York
April 6, 1940
The
Announcement that the Republic was ready to
submit to holders of its 5% bonds the plan for the
exchange
coupons.
Revised figures.
.oljsecurities^wasLjraadeLhy Jorge. E^^Bqyd, Ambassador
Panama
^
Complete Returns of Member Banks of the Federal
i
^
Reserve System for the Preceding Week
the debt
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 close
of
statement
weekly
reporting
member
banks
in
certifcates
Commercial,
holdings of "Other securities"
Until
and
agricultural
loans
101
City.
rate
000 in New York City and $10,000,000 at all reporting member banks. Hold¬
New
York
City and
the
Philadelphia
district
and
$25,000,000 at
reporting member banks.
Deposits
credited
to
banks
increased
$108,000,000
in
the
debt
;
:■
\
Since
v
Mar. 27,1940
$
Assets—
Loans and Investments—total
23,322,000,000
8,596,000,000
Loans—total
Mar. 20, 1940
loans
for
purchasing
+4,000,000
+30,000,000
609,000,000
—19,000,000
+5,000,000
1,185,000,000
Loans to banks
Other loans
.
United States bonds
516,000,000
1,802,000,000
6,512,000,000
Obligations guaranteed^ United
States Government..—^
2,379,000,000
Other securities
3,517,000,000
Reserve with Fed. Res. banks
10,371,000,000
Gash in vault
479,000,000
Balances with domestic banks
Liabilities—
Demand
........
49,000,000
—1,000,000
+ 4,000,000
—129,000,000
1,557,000,000
Treasury bills...
Treasury notes
deposits—adjusted
Foreign banks
Borrowings—
for
•
+6,000,000
+ 699,000,000
+10,000,000
+35,000,000'
+353,000,000
+251,000,000
3,253,000,000
+18,000,000
+62,000,000
+674,000 000
19,276,000,000
.
+ 2,856,000,000
+ 25,000,000
+ 3,285,000 000
+ 5,000,000
+121,000 000
8,299,000,000
735,000,000
1,000,000
+55,000,000
+ 2,000,000
—51,000 000
+15,000,000
—16,000,000
+1,833,000,000
+122,000,000
—2,000,000
as
derived
revenues
A
in
the
„
interest
rate
within
the
United
States;
'
•
be
to
from
issued
its
or
issuable
within
revenues
and
under
the
the
that
plan
United
the
shall
States
ser¬
be
ex¬
consisting
treaty
payment ($430,000 as rental for use of the Canal
Constitutional Fund income (a variable amount derived
the
in
amount
first
of
mortgages
such
New York City real estate)
on
the
United
States
amortization,
payments in
in
the
respect of
Government
order
unpaid
the
time
and
revenues
or
and
to
shall
the
be
fiscal
paid
priority
coupon
therein
interest
to
agent
for inter¬
stipulated.
Nov.
15,
of
the
to
over
issuable under the plan,
matured
4% annually instead of the
at
that
be pledged until the external
be fully paid; that by irrevocable
readjusted under the plan shall
to
;
shall
revenue
Republic in New York, all of such
The
1939
at
rate of 5% will be made to
the
of the
outstanding bonds and $180,000 is being held by the Republic
to the service of the securities issuable under the plan.
application
offer.
+45,000,000
+12,000,000
entire
York,
—53,000,000
—45,000,000
+14,000,000
+ 230,000,000
—195,000,000
.
and
The
—155,000,000!
+ 53,000,000
Time deposits
5,338,000,000
United States Government deposits
578,000,000
Inter-bank deposits:
Domestic banks
vice
+569,000,000
or
carrying securities
Real estate loans
reduction
plan is declared effective from funds on de¬
posit in New York and in Panama which the Republic has agreed
to.apply
to this purpose.
The 1940 Treaty Payment in the amount of $430,000 has
been received by the Republic of which $250,000 is
applicable to the ser¬
t
—3,000,000
bonds
investments
bondholders
+1,743,000,000
—10,000,0001
+405,000,000
;
exclusively from
derived
the rate of
+
478,000,000
Loans to brokers and dealers in
securities
Other
(—)
4,383,000,000
335,000,000
Open market paper.....
est
Mar. 29, 1939
$
a
,
to
fiscal agent for the bonds to be issued
—76,000,000
Commercial, industrial, and agri¬
cultural loans
Decrease
the
total
instructions
the
cash
or
of
the
from
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended March 27,
1940, follows:
(+)
(1)
possible
as
is
Zone)
the
summary
Increase
shall be
clusively
of
Chicago district, and declined $46,000,000 in New York City.
All report¬
ing member banks reported a net increase of $15,000,000.
Deposits
credited to foreign banks declined $14,000,000 in New York
City.
A
for
5
plan is declared' iffective.
vice
all
^V,.V
domestic
promptly
According to the prospectus, the Republic has determined
•
Demand deposits-adjusted declined $152,000,000 in the
Chicago district,
and increased $129,000,000 in New York
City, $16,000,000 in the Cleveland
$15,000,000 in
from
as
an
the
$35,000,000 at all reporting member banks.
district,
provides
debt
act
As an essential part of the
plan to reduce prior annual service charges,
provision is made subject to market conditions for the issuance of
$4,000.000
of new Series B bonds,
due 1972, to refund the outstanding issue
of $3,603,000 of 5*4% bonds of the
Republic, as soon as practicable after
sufficient deposits of 5% bonds have been received.
These bonds may be
sold either by means of a public
offering or privately, if and at the time
Richmond district and $12,000,000 at all reporting member banks.
Hold¬
ings of obligations guaranteed by the U. S. Government increased $15,000,-
in
of
which
Holdings of Treasury notes increased $6,000,Holdings of U. S. Government bonds increased $10,000,000 in the
$38,000,000
plan
of
to
of the plan.
extension of maturity from 1963 to 1994, and
(5) a sinking fund
calculated to retire by
maturity all of the new 3 %% bonds or
the 5% bonds stamped assented to the
plan.
j
all reporting member banks.
ings of "Other securities" increased
bondholders
urges
8%%; (2) payment of $1,674,362 in
discharge back interest at the rate of 4% instead of the coupon
5%; (3) security provisions which require that service of the
to
bonds
Holdings of United States Treasury bills declined $107,000,000 in the
Chicago district, $15,000,000 in the St. Louis district, and $129,000,000 at
000.
$11,313,500
(4)
Panama
realize the benefits
general the
cash
in
Loans to brokers and dealers in
securities declined $18,000,000 in New York
::
Accordingly
Republic of
In
New York City, and increased $8,000,000 in the Chicago district and
$4,-
000,000 at all reporting member banks.
:;A.y
time
least
order to
and
$5,000,000
available.
now
as
the plan is declared affective conditioned
on
the
80% of the 5% bonds, issuance of the new 3%% bonds,
or the
stamping and return of the deposited 5% bonds, and cash
payments
in respect of unpaid matured
interest, will not take place.
-on
declined
such
of at
assent
balances with Federal Reserve banks.
industrial
have
A
recently
bodying the terms of the plan is
in
reserve
the
been admitted to
listing on the New York Stock Ex¬
registration statement under the Securities Act of 1933 ' has
become effective, and a prospectus covering the offer and em¬
change.
A decrease of $129,000,000 in holdings of United States Treasury
increases of $35,000,000 in
that Panama could take its place
present 5% bonds may assent to the readjustment plan
by depositing their bonds with the Bank of Manhattan Co.,
depositary, in
exchange for which certifcates of deposit will immediately be issued. * The
the
and
so
^
March 27:
bills,
readjustment
Holders of
leading cities shows the following principal changes for the week ended
$53,000,000 in
States, who said that it was the
Government to consummate promptly
his
the nations which currently are meeting their obli¬
gations.
An announcement explaining the offer went on
to say:
'
of business March 27:
condition
United
of
among
.
The
the
to
earnest desire
Part
Foreign
on
Bondholders Protective Council, Inc., New
April 5 recommended that bondholders accept the
-'■
-A'
<
Payment of Interest
to Be Made
on
Rio Grande do
Sul Gold Bonds
'
I
Ladenburg, Thalmann & Co., as special agent, is notify¬
ing holders of State of Rio Grande do Sul (United States of
Brazil) 25-year 8% sinking fund gold bonds, external loan
of 1921, that funds have been deposited with them
sufficient
to make a payment, in lawful currency of the United
States,
of 14% of the face amount of the coupons due
April 1, 1938,
amounting to $5.60 for each $40 coupon and $2.80 for each
$20 coupon.
Pursuant to the provisions of the Presidential Decree of
the United States of Brazil, such payment, if
accepted by the
Brazil Resumes
Brazil
on
Payment
on
External Debt
April
1 resumed payment of its foreign debt
plan and will pay £10,800,000 in the next four
years, according to advices from Rio De Janeiro to the New
under
York
a
new
"Times," which also said:
"
v
,
v
*
holders of the bonds and coupons, must be
accepted in full
payment of such coupons and of the claims for interest
represented
thereby.
No present provision, the notice states, has been made for
the coupons due April 1, 1932 to Oct. 1, 1933,
inclusive, but
they should be retained for future adjustment.
vr-
Volume
The Commercial & Financial Chronicle
150
Tenders Asked for New South Wales Bonds
Chase National Bank,
successor
The scope
fiscal agent, is inviting
of the above compilation is exactly the
report issued by the Exchange a
Below
tenders
according to an announcement, issued April 2, for
prices not exceeding par and accrued interest,
State of New South Wales, Australia, external 5% sink¬
2183
furnish
we
of
Demand
New York.
1938—
Feb.
28
Total Loans
%
$
*492.198.814
65.567,500
413,578,029
53,188,500
——
May 30
—
418.490,405
-
June 30
40.873.500
'
431,926,400
459,217.933
30
Aug. 31....
July
37.961.000
34,398.000
32,498.000
508.992.407
-
...
*576.961.814
521,116,919
466,766.529
459.363,905
469,887,400
493,615.933
541,490.407
524,202.538
580.741.637
84.763,000
455,549.419
30
-
Time Loans
Loans
*
Mar. 31
Apr
in the loan
same as
ago.
two-year compilation of the figures:
a
the sale to it at
ing fund gold bonds due April 1, 1958, in an amount suffi¬
cient to exhaust the sum of $179,022 now in the sinking fund.
Tenders will be received to 12 noon, April 9, 1940, at the
corporate trust department of the bank, 11 Broad St.,
month
Sept. 30
Oct. 31....
484,019,538
40,183.000
540.439.140
40,302,497
Nov. 30....
577,441,170
' 681,885,192
42,514,100
35,199,137
619,955,270
717,084.329
I>ec. 31
April 1 Coupons
Various Hungarian Bond Issues to
on
1939—
Foreign Credits, at Budapest, Hungary,
on April 1 announced through its central paying agents in
New York, Schroder Trust Co., that it will redeem coupons
maturing April 1, 1940 on the following bonds at the rate
detached from a $1,000 bond: Farmers
Institute, 7% Hungarian land mortgage
sinking fund gold bonds of 1928, dollar issue; Farmers
National Mortgage Institute, 7% land mortgage bonds,
dollar issue; and
Hungarian-Italian Bank, Ltd., 7lA%
35-year sinking fund mortgage gold bonds, dollar issue,
of $8.75 per coupon
National Mortgage
Jan.
31.
666,496,877
28....
632,513,340
646.178,362
33,983,537
Feb.
Be Paid in Part
The Cash Office of
37,254.037
683,432,399
Mar
31
617.191,932
37,663,739
654,855,671
Apr. 29
515,173,525
547,443,175
May 31
515,483,090
June 30
509.021,637
32,269,650
30.492,889
28.240,322
31
27.075.500
30,517,547
553,767,240
508,577,554
Sept. 30
526,691,740
478,060,007
433.556.992
33,502.875
467,059,867
Oct.
July
Coupons presented in acceptance of this offer, which
expires Sept. 30, 1940, and is made only to persons resident
outside of Hungary, must be transmitted to Schroder Trust
Co., 46 William St., New York City.
"
of San Paulo 7% Gold Bonds
50% of Face Amount
special agent, is notify¬
ing 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 them
Schroder Trust Co., New York, as
sufficient to
make
payment, in lawful currency of the
of the face amount of the
coupons due Oct. 1, 1938, amounting to $17.50 for each
$35 coupon and $8.75 for each $17.50 coupon. The accept¬
ance of such payment is optional, but the payment, if ac¬
cepted by the holders of the bonds and coupons, must be
accepted in full payment of such coupons and of the claims
for interest represented thereby. •
'Iv^
: •!;
Holders of the Oct. 1, 1938 coupons may obtain payment
the
trust
32.202,875
543.875.683
30.996.000
573.871.683
Dec. 30
564,642,938
29,646.000
594,288,933
533.004.900
529,478.347
27,046.000
560,050,900
Feb. 29
Mar. 30
549,692.430
25,996,000
20,121,000
555,474,347
569,813,430
31....
Jan.
*
Revised.
Odd-Lot
Trading
New York Stock Exchange Dur¬
on
ing Weeks Ended Mar. 23 and Mar. 30
public a summary for the week ended March 30, of complete
figures showing the daily volume of stock transactions
odd-lot
account
who handle odd lots
odd-lot
all
of
on
the
dealers
Member Firms to
Charles
E;
Form Affiliated
Saltzman,
Commission.
by the SEC
STOCK
on
March 29)
TRANSACTIONS
DEALERS AND
FOR
are
THE
also incorporated in this item.
ODD-LOT ACCOUNT
OF ODD-LOT
SPECIALISTS ON NEW YORK STOCK EXCHANGE
;
Week Ended
Mar. 23 '40
fy
A
Mar. 30 '40
Total for
(customers' purchases):
Odd-lot sales by dealers
15,675
23,459
418,114
643,106
$15,580,192
$22,861,442
Number of orders..
by dealers (customers' sales):
Odd-lot purchases
Number of orders:
Corporations
353
Customers'short sales
465
25,333
;
.
•
:
25.798
9,869
403,644
S
12,041
626,885
^
Cusomters'short sales
Customers' other sales.a
413,513
Customers'total sales
Dollar value
—
-
.
638,926
$19,673,685
--$13,490,363
Round-lot sales by dealers:
Number of shares:
Short sales
Other sales.b
--
-
40
148,050
-
93,670
148,090
151,220
dealers:
Number of shares
a
150
93,520
78,580
Total sales
Round-lot purchases by
of March 30, page 2010.
reported with "other sales."
offset customers' odd-lot orders and sales to liquidate a long posltio
than a round lot are reported with "other sales,"
Sales marked "short exempt" are
b Sales to
which la less
'
'
Outstanding Brokers' Loans
on
New York Stock Exchange
During March—
Total March 30 Reported at $569,813,430—Amount
is $85,042,241 Below Year Ago
'
16,878
Customers'total sales
Number of shares:
which
later be published with regard to affiliated companies.
Previous reference to the matter was made in our issue
may
' 16,525
Customers' other sales.a
desiring to form corporate affiliates now will not necessarily
be bound by the provisions of the April memorandum.iyyyy
The letter also stated that firms which may form corporate
will be bound by any subsequent rules
The'
Total for
Week Ended
and Secretary of
letter to member firms
applications from member firms that desire to form affiliated
companies.
A memorandum sent out by the Exchange on
April 28, 1939, which outlined requirements regarding the
organization of corporate affiliates, was enclosed with the
letter.
Mr. Saltzman states, however, that member firms
now
reports filed with
odd-lot dealers and specialists.
figures for the previous week ended March 23 (as released
indicating that the Exchange's Committee on Member Firms
is prepared to receive and give prompt consideration to
affiliates
for
specialists
the New York Stock Exchange, con¬
The figures are based upon
the Commission by the
Vice-President
the New York Stock Exchange, sent a
and
tinuing a series of current figures being published by the
Dollar value
of
1
April 4 the Securities and Exchange Commission made
Number of shares
Prepared to Consider Plans
534.228.504
1940—
St., New York City.
New York Stock Exchange
537,261,959
502.025,629
of Schroder Trust Co., 48 Wall
department
545.975.979
31
a
United States of America, of 50%
at
..
Nov. 30
On
Oct. 1 Coupons of State
To Be Paid at
.
Aug. 31
"A-C."
series
....
,
Increase of $14,339,083 in
Curb
and
According to the monthly compilation of the New York
Stock Exchange, issued April 2, outstanding brokers' loans
on
the Exchange increased $14,339,083 during March to
$569,813,430 March 30 from $555,474,347 Feb. 29.
As
compared with March 31, 1939, when the loans outstanding
amounted to $654,855,671, the figure for the end of March,
1940, represents a decrease of $85,042,241.
y
Both demand and time loans outstanding on March 30
were below a year ago.
The demand loans on March 30
totaled $549,692,430, as compared with $529,478,347 Feb.
29, 1940, and $617,191,932 March 31, 1939.
Time loans
at the latest date were reported at $20,121,000, against
$25,996,000 and $37,663,739, respectively, on the two
earlier dates.
:'/:■/i
following is the report for March 30, 1940, as made
Exchange on April 2:
The
available by the Stock
New
York
Stock
Exchange member total net borrowings on
collateral,
of the close of business March 30,
contracted for and carried in New
York
1940, aggregated $569,813,430.
The detailed tabulation follows:
as
y..
(1)
Net borrowings on collateral from New
or
Demand
Time
$495,356,530
$19,721,000
;
York banks
trust companies
oiyNew
V-V-'v '
54,335,900 •:
York
\
Combined total of time and demand borrowings
$549,692,430
:
pledged as collateral
the borrowings included in items (1) and (2) above
$20,121,000
$569,813,430
$24,726,000
the New York
on
except odd-lot dealers,
874,175
shares
Stock Exchange by members,
for their own account amounted to
during the
announced by the
week ended
sactions
March 10, it was
Securities and Exchange Commission yes¬
terday (April 5), which amount was
19.25% of total tran¬
the Exchange of 4,486,000 shares.
on
During the
previous week* ended March 9 (as announced by the SEC
March 29) round-lot transactions for the account of mem¬
bers,
except
amount
was
odd-lot dealers, totaled 764,615 shares; this
19.71% of total transactions for the week of
'vr.
•••■
v '
v. .
: ■
promulgated figure showing tlie^
relation of trading by members of the New York Curb Ex¬
change for their own account to total transactions on the
Exchange.
During the week ended March 16 the member
3,916,120 shares.
The
Commission
also
trading was 163,845 shares, or 18.88% of total transactions
of 866,685 shares, while in the preceding week (March 9)
the Curb members traded in stocks for their own account
amount
of
147,650
shares,
which was 17.42% of total
value of 823,495 shares.
v
400,000
Total face1 amount of "Government securities"
for
Trading
in
Net borrowings on collateral from private bankers,
brokers, foreign bank agencies, or others in the City
(2)
on
New York Stock and New York
Exchanges—Figures for Weeks Ended Mar. 9
Mar. 16
y ir\yyyy.
Trading
Member
The SEC made the following data
available for the weeks
ended March 9 and 16:
The
York
tive
data
Stock
published
are
Exchange and
members.
These
based upon
the
reports
weekly reports filed with the New
New York Curb Exchange by
classified as follows:
are
their respec¬
The Commercial & Financial Chronicle
2184
IVeet End. Mar. 9 1940
Week End. Mar. 16 *40
New
New
York
York
New
Stock
Exchange
Exchange
New
Yrok
Curb
Exchange
Stock
received...
showing transactions
as specialists.
2. Reports showing other trans¬
1,064
192
actions Initiated on the floor
247
237
93
644
567
3.
1,064
98
190
97
48
250
53
Reports showing other trans¬
actions Initiated off the floor
4. Reports
showing
93
trans¬
no
actions
Note—On the New York Curb Exchange, odd-lot
544
<
transactions are handled solely
by specialists in the stocks In which they are registered and the round-lot transactions
of specialists resulting from such odd-lot transactions are not segregated from the
On the New York
specialists' other round-lot trades.
Stock Exchange, on the
other hand, all but a fraction of the odd-lot transactions are
Listed
March
effected by dealers
of
number
more
in
reports
of
than
the
various
because
received
reports
classifications
single
a
total
may
Market
Aver.
Price
Value
Price
report
more
may
carry
$
U. S. Govt. (lncl. States, cities, &c.).
United States Companies—
classification.
one
Autos and accessories
TOTAL
ROUND-LOT STOCK
SALES
ON
NEW YORK STOCK
THE
Financial
EX¬
85,695,217
f
Building
MEMBERS * (SHARES)
22,406,856 78.87
36.951,888 107.03
Total for
Per
Cent
Week
a
Total for
Week
Per
Cent
Rubber and tires
Amusements
a
....
......
Land and realty
A. Total round-lot sales:
100,150
3,815,970
3,916,120
4,486,000
Other sales-b
Total sales
Petroleum
transactions
members,
for
account
for
the
odd-lot
except
ac¬
■.
which they are registered—
Short sales...
Gas and electric (operating).........
Gas and electric (holding)..
»
366,150
403,260
49,150
309,320
........
Other sales.b
Business and office equipment
....
Total sales.
358,470
9.25
414,960
Shipbuilding and operating
9.12
.....
Tobacco
2.
Other
transactions
initiated
floor—Total purchases
Short sales
U. 8. companies operating abroad
Miscellaneous businesses
the
on
271,980
Other sales.b.....^
296,780
20,600
261,660
...
12,250
283,310
Total United States companies.... 13,312,338,309
Foreign government...
Foreign
Total sales.
282,260
7.08
295,560
Other
transactions
initiated
off
140,716
Other sales, b
Total sales
123,885
778,845
69.44
43, 401,947 127.40
110, 700,039 43.76
35, 658,395 105.08
74.60 13,296,560,306
74.10
51.23
1.522,688.090
817,516,736
49.65
55.98
50,006,387; 149
3.38
92.86
49,605,261,998
91.97
153,655
3.53
55.61
Market
Average
Market
Average
Price
Value
Price
852,767
$
%
42,486,316,399
42.854,724,055
41,450.248,311
89.70
Feb.
88.68
Mar.
1938—
79,650
684,965
Other sales, b
Total sales
764,615
63,310
810,865
19.71
Feb.
1
Mar. 1
874,175
19.25
Apr.
1
ROUND-LOT
STOCK
STOCK
SALES
ON
THE
NEW
YORK
CURB
TRANSACTIONS FOR ACCOUNT OF
EX¬
Total for
Week
Per
Cent
Week End. Mar.Id
Total for
a
Per
Cent
Week
a
85.71
%
S
28
47.471,484.161
91.85
1
48.351,945,186
48.127,511,742
91.80
91.56
Apr. 29
42.398,688,128
87.82
May 31
48,920,068.566
92.92
1
42,346,644,435
43,756,515,009
44,561,109,796
87.78
June 30....
93.15
88.50
31....
Dec.
July
Aug. 31
89.40
Sept. 30-...
46.430.860.982
89.08
Oct.
47.621,245,885
90.79
90.67
Nov. 30
90.34
Deo.
47,839,377,778
49,919.813,386
91.24
45.441,652,321
47,053.034,224
31
Oct.
88.98
90.19
45,539,192,999
30
Aug. 31
Sept. 30
July
48.570.781.615
49,007,131,070
47,297.289.186
44,182,833,403
44,836,709,433
June 30....
Nov. 30
MEM¬
(SHARES)
Week Ended Mar 9
..
1939—
May 1
June
BERS *
48.68
Value
—
AND
66.11
100.50
following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
9,700
153,955
Total purchases
CHANGE
101.25
The
152,727
9,900
113,985
Short sales
TOTAL
107.97
104.32
the
floor—Total purchases
Short sales
101.16
6.60
All listed bonds.
3.
15, 929,636
57.24
100.99
1,673,408,023
822,174,535
(lncl. Cuba and Canada).
cos.
80.72
6,091, ,268.220
692, ,053,983
9, 345,215
3.185, ,419,148
221, 156,244
1,061, 671,501
304, 400.589
19, 155,300
13, 682,243
68.50
314,287,557
19,202,950 100.75
14,003,099 49.82
15,599,880 68.00
43,584,260 127.94
113,784,069 44.98
35,494,798 104.60
Shipping service
99.87
14,088,622
226,613,611 103.74
1,067,860,307 104.93
Communication (cable, tel. & radio)..
Miscellaneous utilities
41,360
373,600
73,756,106
67.62
6,091,123,678
636,231,509 101.12
9,433,935 102.12
3,206,850,673 108.32
...
Textile
Total purchases....
55.22
60,140,560 96.73
111,802,230 56.05
629.542,092 103.90
630,962,437 104.25
73,083,544 98.96
22,162,354 88.81
...
Railway operating and holding com¬
panies & equipment manufacturers.
Steel, iron and coke.
counts of odd-lot dealers and specialists*
1. Transactions of specialists In stocksi u
48.23
103.70
77,445,100 105.32
98.03
110,121,710
Paper and publishing..........
of
91.18
9,690.020
78.01
37,412,308 108.37
50.09
60,083,980
Retail merchandising
B. Round-lot
44,824,164
10,064,716
...
Machinery and metals...
Mining (excluding iron)............
91,310
4,394,690
...
22.354.583
533,128,466
77,858,700 106.16
92.74
45,049,302
Food
Week End. Mar. 16
18,638,981 101.82
90,423.146 103.98
69,471,468
92.80
95.39
234,696,145 104.51
Electrical equipment manufacturing..
Week End. Mar. 9
Short sales
18,679,115 102.02
90,452,019 104.06
...
...
%
34.298,466,282 109.00 33,968,496.866 107.99
—.
....
Chemical.........
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF
Feb. 29, 1940
Aver.
Value
number
the
Stock
29
Market
two exchanges.
entries in
York
Feb.
March 30, 1940
specialists In stocks in which they are registered are not directly comparable on the
than
Below
30
As a result, the round-lot transactions of
engaged solely In the odd-lot business.
The
New
on
As of close of business on March 30, 1940, there were
1,380 bond issues aggregating $53,852,621,102 par value
listed on the New York Stock Exchange, with a total market
value of $50,006,387,149, it was announced by the
Exchange
on April 5.
This compares with 1,387 bond issues aggre¬
gating $53,937,100,052 par value listed on the Exchange
Feb. 29 with a total market value of S49,605,261,998.
In the following table, listed bonds are classified
by govermental and industrial groups with the aggregate market
value and average price for each:
----
774
792
April 6, 1940
Bonds
Exchange
.4
Reports
of
York
Exchange
517
1.
Value
Curb
,
262
rotal number of reports
Market
91.27
31
31
30
92.08
90.59
92.33
1940—
'
A. Total round-lot sales:
12,690
810,805
Total sales
Round-lot
transactions
for
the
.
83,035
Other sales.b.
85,545
8,420
Short sales
7,020
110,240
96,925
105,345
initiated
See
11.44
117,260
advertising
Value
20,715
Exchange
21,700
1,600
19,790
700
with
Other sales.b
21,390
initiated
off
floor—Total purchases
19,100
2.55
19,800
35,560
1,150
25,635
19^270
Total sales
20,915
4. Total—Total purchases
26,785
Total sales
154,975
147,650
8,870
17.42
163,845
18.88
36
40
69,330
70,182
70,222
45,609
44,082
includes all Exchange
members, their firms and their
Shares In members' transactions as
per cent of twice total round-lot volume.
In calculating these percentages, the total
of members' transactions Is
compared
with twice the total round-lot volume on the
Exchange for the reason that the total
of members transactions includes both
purchases and sales, while the Exchange
volume Includes only sales.
a
b Round-lot short sales which are
exempted from restriction by the Commission
are
on
New
York
Stock
March 30, $46,694,763,128, Compared
on Feb. 29—Classification of
on
$46,058,132,499
Exchange announced April 4 that
on March 30, 1940, there were
1,236 stock issues aggregating 1,443,841,504 shares listed
on the New York Stock Exchange with a total market value
of $46,694,763,128.
This compares with 1,236 stock issues
aggregating 1,440,945,199 shares listed on the Exchange
Feb. 29 with a total market value of $46,058,132,499, and
with 1,237 stock issues aggregating 1,426,520,175 shares
with a total market value of $40,921,074,970 on March
31,
1939.
In making public the figures for March 30, the
Exchange said:
As of the close of business March 30,
$569,813,430.
partners, including special partners.
c
i
Stocks
of the close of business
as
value
Included with "other sales."
Sales marked "Short exempt" are included with
"other sales."
of all
borrowings
1940, New York Stock Exchange
true
listed
are
City
on
collateral amounted
to
The ratio of these member total borrowings to the market
stocks,
not
collateral from those
the
Total sales
rules
Listed
member total net borrowings in New York
of
69,366
Total purchases
4.78
163,355
11,665
135,985
...
Odd-lot transactions for the account
3.43
139,310
Other sales.b
specialists:
Customers' short sales,.
Customers'other sales}^.
2,40
56,110
1,645
Other sales.b
"members"
of
Listed Stocks
the
Short sales
The term
VII.
The New York Stock
Total sales
♦
page
the
floor—Total purchases.....
C.
92.86
11.70
Market
on
Short sales
Short sales
91.97
50,006,387.149
♦
Total sales
transactions
92.02
49,678.805.641
49,605,261,998
Mar. 30
Industrial Trend Has Continued Downward,
According to National City Bank of New York—
Monthly Survey Says Recent New Orders Have
Not Equalled Production—Finds Average Gain of
63% in Industrial Profits Last Year Over 1938
which they are registered—
Other
91.03
46.958.433,389
Basic
account
Total purchases
3.
31
Feb. 29
31
of members:
transactions
Jan.
.
866,685
Jan.
1. Transactions of specialists in stocks in
2. Other
.
1939—
10,420
856,265
823,495
Other sales.b
B.
: •: 1
'
Short sales...
on
this date,
was
therefore
1.22%.
broken down to separate those only
on
relationship
other collateral; thus these ratios
between
borrowings
on
aU
on
Member
listed
share
usually will exceed
listed
shares
and
their
market value.
As of Feb. 29,
1940, New York Stock Exchange member
borrowings in New York City on collateral amounted
to $555,474,348.
The ratio of these memBer total net
borrowings to the market value of all listed stocks, on this
date, was therefore 1.21%.
In the following table listed stocks
are
classified by
leading industrial groups with the aggregate market value
and average price for each:
total net
The Commercial & Financial Chronicle
Volume ISO
2185
Almost all of the securities effectively registered during February were
Feb. 29, 1940
March 30, 1940
Market
to be offered through underwriters, the total being
Aver.
Market
Price
Value
Price
Volt
t
31.50
Securities to be
offered through agents equaled $15,309,000, or 6.6%, while securities to be
*
offered directly by issuers amounted to
3
$213,755,000, equivalent
to 92.4% of the total amount proposed for sale by issuers.
Aver.
$2,250,000. or 1.0%.
be offered to the general public accounted for 95.9%
Securities to
of the total,
as com¬
Atxtos and accessories
3,842,229,194
32.66
3,705.926.581
Financial
1.035.691.087
6,499,279,132
561.689,441
1,626,288,484
3,135,132,306
413,507,251
625,836,197
252,015,914
r" 17,298,637
1,680,332,806
1,718,396,048
4,304,502,831
441,758,343
2.658.911.088
3,069,447,935
2,325,988,396
272,796,340
2,439,308,398
1,404,797,462
3,768.161,680
147,707,337
716,592,226
311,684,623
7,747.422
20.38
1,025,639,342
6,414,152,476
554,982.687
1,565.589.352
20.17
3,037,510,307
420,234.357
33.24
38.91
47.75
601,328,996
45.88
with
14.32
250,738,897
17,544.459
1,664,565,875
1,726,905,388
4,218,674,840
455.002,884
14.10
three issues, one on a long-term unsecured bond, one a common stock
„—
Chemicals
Building.
..........
Electrical equipment manufacturing..
Foods..
................. .......
Rubber and tires................
„
•».
'
Farm machinery..
Amusements..........
Land and realty.......
Machinery and metals........
Mining (excluding iron).......
Petroleum
Paper and publishing..............
Retail merchandising..
By. oper. & holding co's & eqpt. mfrs.
Steel, iron and coke................
...
Textiles....
Gas and electric (operating)..
Gas and electric (holding)....
Communications (cable tel. & radio)..
...
.........
.....
Miscellaneous Utilities.............
Aviation.....
......
Business and office equipment......
Shipping services
Ship operating and building
71.29
25.82
41.55
33.77
3.49
26.39
26.73
22.27
21.83
34.29
23.80
29.06
14.66
....
U. 8, companies operating abroad
Foreign companies (Incl. Cuba & Can.)
39.55
3.54
26.14
26.86
i
for securities to be offered to others.
All of these data
value of $1,000.' Manufacturing companies registered the other
a
issue of certificates of
one an
deposit.
1
1,655,798,668
59.23
28.71
17.79
46,648,037
696,810,623
FULLY EFFECTIVE DURING JANUARY,
THAT BECAME
903,076,666
Gross Amount
No.
of Securities
No. of Units
of
Issues
31.96
or
Face Ami,
Amount
22.30
32.34 46,058,132,499
'
1940
Type of
27.81
20.61
and
Am/; A:
TYPES OF SECURITIES INCLUDED IN 26 REGISTRATION STATEMENTS
23.69
29.02
59.55
Of
these issues two represented voting trust certificates for real estate securities
25.78
45.93
24.03
16.31
25.32
27.29
'4.22
18.15
21.21
99.16
16.52
23.76
28.81
4.05
17.36
20.80
24.84
11
151,750,000
"3
Long-term secured bonds..«...
45,700,000
$153,522,200,
Short-term secured bonds, a
Long-term unsecured bonds....
Short-term unsecured bonds, a
45,700,OM
......
Face amount instalment certificates.........
iQ
...
Certifs. of
17",209/140
6,000,365
r
participation, beneficial interest, Ac.
30,033,189
"~525~391
1
Warrants or rights..
W5.74!
37
Total
17.39
""322",660
6
Preferred stock........ ............. ......
Common stock..
;................
Gross Amt. of
$247,002,270
We
46,694,763,128
Gross Amt. of Securities
Securities,
give below
Less Securities Reserved
value and the average
price of stocks listed
on
Issuers
Market
;:a::7AA-,'
Average
Value
the Exchange:
<
Jan.
1940
1
$39,242,676,837
41,172,861,535
31.858.461.871
35.864,767,775
34,584,614,803
41,961,875.154
44,784,224,215
43.526,488.215
43,526,688,812
47,001,767,212
46,081,192,347
47.490,793,969
Apr.
1....
May
1
June
1....
June 30
July 30
Aug. 31
Sept. 30....
Oct.
31
Nov. 30
Dec. 31
$27159
Price
$40,921,074,970
Mar. 31
28.94
22.32
Apr. 29....
May 31....
25.15
June 30
24.28
31.38
July 31....
Aug. 31
Sept. 30
30.65
Oct.
30.64
Nov. 30
29.41
32.96
31....
Deo. 30—..
32.30
Jan.
Long-term secured bonds.. $153,522,200
$153,522,200
31.4
31.60
44.884,288,147
46.270,987,418
Feb. 28
28.51
Mar. 30
457760",000 19*.8
Long-term unsecured bonds
Short-term unsec. bonds, a.
Face amt. instal. ctfs
Preferred stock...........
45,700,660
19.0
17,209", 140
7.2
ljf.7
9,484,140
4*1
15.6
Common stock.
23,309,489
9.7
45.1
22,607,226
9.8
53.0
$231,313,566 100.0
100.0
...
.
30.29
28.70
31.31
29.12
33,15
33.11
47,373,972,773
45,505,228,611
46,467,616.372
31.79
16.9
Ctfs. of partie., ben, int.,&c
Warrants or rights.
...
"m,741
32.37
a
0.2
1.2
$240,276,570 100.0
Total.........
100.0
A:;'AA
„
'-a
31.68
45,636,655,548
46,058,132,499
46,694,763,128
mmrn
Securities having maturity of three years or less are classified as "short-term*
securities.'
31....
Feb. 29....
31....
$28.69
40,673,320,779
43,229,587,173
41,004,995,092
44,761,599,352
41,652.664,710
47.440,476.682
1940—
33.34
1939—
Jan.
1939
66.3
Average
;
Value
1939—
1
Mar.
Jan.
1940
24.1
Jan.
1939
63.9
Amount
Jan.
Short-term secured bonds, a
1938—
Feb.
\
Gross
Gross
m
Market
Price
Percent
Percent
Amount
A
^
,
Type of Security
two-year compilation of the total market
a
Proposed for Sale by
for Conversion
All listed stocks
!
\
~
r
exclusive of five reorganization and exchange issues
are
33.59
14.24
and 1.0%
registered in four statements for an estimated value of $2,931,000.
21.84
22.49
1,363,874,144
3,760,919,119
152,272,944
664.355.362
328.964,693
7,442,202
62,245,516
123,576,536
185,379,861
99.36
54,617,503
Tobacco...
Garments........
25.49
40.50
2.506,310,069
3.046,248,224
2,306,383,159
270,343.744
2,428,686,491
25.98
47.20
125,982,328
179,354,137
1,664,679,496
48,160,549
610,613,003
834,355,634
Miscellaneous businesses...........
Leather and boots................
71.66
pared with 3.1% for securities to be offered to security holders
Aym;>-'
,
31.96
32.34
32.44
Dangers of Mounting National Debt Discussed by First
National Bank of Boston—National Income Indi¬
cation of
Country's Ability to Support Debt
impossible for a Government to meet its
expenditures through taxation or borrowing, it has recourse
to only repudiation or the printing press, warns the First
National Bank of Boston, in its current "New England
Letter."
Discussing the fiscal position of the United States
Government, the bank points out that Federal expenditures
in 1937 were almost identical with aggregate taxable in¬
come, before exemptions and credits for dependents, of all
individuals receiving more than $5,000 a year.
The data
for 1987, which is based on published figures of the In¬
ternal Revenue Department, are the latest available, and
are contrasted by the bank with figures for 1929 when, it
is stated, Federal expenditures were about equivalent to
When it becomes
Registration of 37 New Issues, Aggregating $247,002,000
Under
a.;aa; A7
The
Act
Securities
February
>7a>
Securities
Became
Effective
During
;v7/; \:>/;A' yy.Af yj;:A-;V'r
•
77--
and
Exchange Commission announced
April 3 that during February, 1940, a gross amount of
$247,002,000 of securities registered under the Securities Act
of 1933 became fully effective, according to an analysis
prepared by the Research and Statistics Section of the Trad¬
and Exchange Division.
Of this amount $231,314,000
proposed for sale by issuers, which compared with
$102,375,000 for January, 1940, and $16,360,000 for Feb¬
ruary, 1939.
Further details were given by the Commission
ing
was
as
the aggregate net income of all individuals receiving more
follows:
A single
Steel
registration statement in February, 1940, that of the Bethlehem
$104,400,000 in three bonds and debenture
Corp., accounted for
issues,
45% of the
or
the other
gross
amount proposed for sale by issuers.
Among
large issues effectively registered during the month were 3%
bonds of the Dayton Power and Light Co., with gross
proceeds of $26,-
000,000 and the 4% bonds of the Kentucky Utilities Co. with gross pro¬
ceeds
of $20,400,000.
around
These five large issues, therefore, accounted for
65% of the total.
In reflection of the three large
group with $120,751,000, or
issues registered by the Bethlehem Steel
52.2% of the total.
Electric, water and
utility companies ranked second in importance with $77,688,000,
968,000,
282,000,
or
gas
33.6%
Transportation and communication companies with $17,7.8%, and financial and investment companies with $12,-
or
or
5.3%, accounted for most of the remaining amount.
Continuing the trend of recent months, fixed interest-bearing securities
Common stock aggregated $22,608,000, or 9.8%, followed
by preferred stock with $9,484,000. or 4.1%.
A total of 26 statements became
vA'A
^
fully effective in January covering 37
separate issues aggregating $247,002,000 {exclusive of five reorganization
and exchange issues with an estimated value of $2,931,000),
$1,088,000 of securities
$461,000
was
Of this amount
registered for the account of others, of which
proposed for sale, leaving $245,914,000 of securities regis¬
A total of $14,601,000 represented se¬
was
tered for the account of issuers.
curities not proposed for sale by issuers,
consisting of $7,725,000 of
secur¬
ities to be issued in exchange for other securities, $6,726,000 of sedurities
reserved for
conversion, and $150,000 of securities reserved for options.
After allowing for these deduction items, securities proposed for sale by
the issuers amounted to
the securities of
$231,314,000* of which $10,807,000 represented
new ventures.
of the total proposed for sale by issuers.
expenses were
Estimated
net
Other issuing and distributing
$1,454,000, or 0.6%, so that all issuing and dis¬
expenses amounted to
equivalent to 3.0% of the total.
total.
$224,312,000.
Included in this item
was
$180,630,000, or 80.6%, to be used for
repayment of bonds and notes, while $5,420,000, or 2.4%, was to be used
for repayment of other debt and $10,249,000, or 4.6%, was to be used for
retirement
purposes
of preferred stock.
was
$10,832,000,
$17,125,000,
or
4.8%,
or
was to
investment.
all
individuals who filed returns in that year.
The
of debt
amount
nation
a
income, present and prospective,
tax
units in
lent of
1939
more
worcte,
if
all
people
on
the
was
than
as
support is determined by national
this is the source from which the bulk
can
The total cost of government of all political
come.
in the neighborhood of $18,000,000,000, or the equiva¬
25% of total national income for that year.
In other
governmental
expenses
were
currently met,
the
American
average
would work three months out of the year for the
Instead
Government.
alone
must
revenue
of
1930
since
paying all the bills,
$27,000,000,000
borrowed
has
the Federal
upon
Government
which interest must
The interest charges oh all Federal obligations now amount to
than $1,000,000,000 a year and nearly approximate the total Federal
paid.
more
debt of
In
a
quarter of
Federal
1913
a century ago.
indebtedness constituted
^";;':A.:.;A,;
less
than
21%
of
the
total
debt of the country.
It is now more than 68%.
This shows in a striking
manner the great claims the Federal Government has upon the income and
the
wealth
of
has
ernment
local
the country.
invaded
governments.
many
If
this
In order to obtain revenue the Federal Gov¬
fields originally belonging to State and
continues local communities may find
tax
trend
that they cannot obtain sufficient funds to finance their regular activities.
In such an even they would tend to become vassals of the central gov¬
ernment.
Total
:: A:Av..; AA'\. A;.;7V/A..
public debt—Federal, State and local—is approximately
$2,000
for
every family as against $269 per family in 1913.
Whereas in the
latter year public debt represented about 2.7% of our wealth, it is now
about 20%.
If private long-term obligations were added, our total debt
The amount to be used for new money
7.6%
of net proceeds.
Debt for the most part is a
whereas income fluctuates with the business tide.
In
the pressure hears down heavily in times of depression.
It has been pointed out in some quarters that we need not be concerned
rigid
structure,
consequence,
about
proceeds remaining after all issuing and distributing
The agjount to be applied to the repayment
of indebtedness and retirement of stock was $196,299,000, or 87.6% of the
expenses were
of
Concerning the Nation's debt capacity the bank declared:
burden would constitute 42% of our wealth.
Compensation to be paid to distributors aggregated $5,547,000, or 2.4%
tributing
income
be
represented by far the most important group with $199,222,000, or 86.1%
of the total.
Payment of governmental expenses
1937, Federal, State and local, the "Letter"
states, would have required about 85% of the entire net
of
Corp., manufacturing companies showed the largest total for any industry
of the total.
than $150,000 a year.
of all kinds in
An aggregate of
be applied to the purchase of securities for
our
most
foreign countries.
national public indebtedness, since it is
much less than that of
is in general true, but the comparison is
political subdivisions are included.
Granting,
however, that public indebtedness is less burdensome here, that is no.
reason why we should emulate countries that are under tremendous finan¬
cial strain.
An important factor contributing toward this country's high
living standards prior to 1930 was the relatively small tribute paid to the
Government.
For it is obvious the larger the share of national income
that flows into governmental channels, the less there will be left for the
average person to meet his living expenses—food, shelter, clothing and
not
so
favorable
other necessities
when
as
well
This
all
as
luxuries.
The Commercial & Financial Chronicle
2186
Stock of Money in
Drexel & Co. Return to Investment Banking Business
Drexel & Co.
April returned to the investment banking
field, with which they have been identified throughout most
of their 102-year history.
The firm, which is one of the
oldest private banking houses in the country, having been
established in 1838, will no longer engage in deposit banking
but will continue all other activities of the existing business.
The firm will hold memberships on the New York and
Philadelphia Stock Exchanges and an associate membership
on the
New York Curb Exchange.
Headquarters will be
maintined in Philadelphia at their present offices, 15th and
Walnut Streets, and a branch office will be opened in New
on
York at 14 Wall Street.
Edward Hopkinson Jr., Arthur E. Newbold Jr., H. Gates
Lloyd, Edward Starr Jr., and Thomas S. Gates Jr., who will
be the members of the firm, made the following announce¬
April 6, 1940
the Country
The
Treasury Department in Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deduct¬
ing the moneys held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
are for Feb. 29, 1940, and show that the money in circula¬
tion at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System)
was $7,455,097,341, as against $7,375,682,061
on Jan. 31,
1940, and $6,731,243,847 on Feb. 28, 1939, and comparing
with $5,698,214,612 on Oct. 31, 1920.
Just before the out¬
break of the Woild War, that is, on June 30, 1914, the
total
The following is the full
only $3,459,434,174.
was
statement:
ment:
h
As general partners, we will carry on
n
o
e
N
H
w
the business heretofore conducted
w
a
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n
«
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by Drexel & Co., other than deposit banking, and are resuming the origi¬
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nation, underwriting and distribution of new issues of securities.
Drexel & Co. will hold memberships on the
Stock
Exchanges and
Exchange; will act
New York and Philadelphia
and will continue the giving of
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a
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partner in Drexel & Co. since 1926 and
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during March amounted to $553,000, an incraese of 9.3% as
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February, and more than double the $228,300 advanced in
March 1939, the bank reported on April 2.
The net balance
of outstanding advances to member institutions at the end of
March was $18,600,216, an increase of 10.7%, as compared
a
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Savings
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announced
on
March 31 that
a
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service, under which they will issue uni¬
form money orders at a fee of 10 cents
payable at Savings
Banks Trust Co., said the New York "Herald Tribune" of
April 1, which also had the following to say:
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These money
orders, sponsored by the association, will bear the signature
of the issuing bank and will be sold only by the
savings banks.
Denominations of the money orders issued by the
savings banks will not
Most savings banks have not up to now sold
exceed $100.
money
the association says.
Instead, depositors have been allowed
drawals in the form of
The association's
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of the plan.
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"It is anticipated by the committee," the association
says, "that a suffi¬
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adopt this system
soon
to
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begin to establish in
the public mind the idea of unifo-m practices, and uniform
charges, which
have hitherto been at considerable variance."
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000,000
of
to
Offering of $100,
Bills—$100,525,000
Treasury
Prices Slightly Below Par
000,000
or
thereabouts, of 91-day Treasury bills totaled
$235,592,000, of which $100,525,000 was accepted at priees
slightly under par.-
The
Treasury bills are dated April 3 and will mature on
1940.
Reference to the offering appeared in our
issue of March 30, page 2013.
The following regarding the
accepted bids of the offering
is from Secretary Morgenthau's announcement of
April 1:
July 3,
Total applied for
$235,592,000
Total acceptedThe
accepted bids
was
100,525,000
were tendered at
accepted.
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April 1 that the tenders to the offering last week of $100,-
price being fractionally under
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Tenders of $235,592,000
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bulletin says that fifty-three savings banks in the
state have already expressed definite interast in the
uniform money order
plan and twenty-three more banks have showed some interest in learning
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that held by the Treasury,
gold or silver held as
Treasury notes of 1890 Is included
standard silver dollars, and silver buUlon, respectively.
b These amounts are
not Included In the total, since the
security against gold and silver certificates and
under gold,
c
This total includes credits with the Treasurer of the United States payable in
gold certificates in (1) the Gold Certificates Fund—Board of Governors, Federal
Reserve System, in the amount of $12,988,176,182, and (2) the redemption fund for
Federal Reserve notes in the amount of $9,573,710.
d Includes
$1,800,000,000 Exchange Stabilization Fund and $142,665,135 balance
of increment resulting from reduction In
e
Includes
weight of the gold dollar.
$59,300,000 lawful money deposited as a reserve for Postal Savings
deposits.
f The amount of gold and silver certificates
and Treasury notes of 1890 should be
deducted from this amount before combining with total money held In the Treasury
to arrive at the total amount of money in the
g The money in circulation
United States.
includes any paper currency held outside the con¬
tinental limits of the United States.
Note—There is maintained In the Treasury—(i)
notes and
as
a reserve
for United States
Treasury notes of 1890—$156,039,431 in gold bullion, (ii) as security for
Treasury notes of 1890—an equal dollar amount in standard silver
notes
are
being canceled and retired on receipt),
dollars (these
(ill) as security for outstanding
Volume
The Commercial & Financial Chronicle
ISO
sliver certificates—sliver in bullion and standard silver dollars of
a
monetary value
equal to the face amount of such sliver certificates, and (lv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates.
Federal Reserve notes are obligations of the United States
and a first lien on all the assets of the issuing Federal Reserve Bank.
Federal Reserve
notes are secured by the deposit with Federal Reserve agents of a like amount of
gold certificates or of gold certificates and such discounted or purchased paper as is
eligible under the terms of the Federal Reserve Act, or, until June 30, 1941, of
direct obligations of the United States If so authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
maintain a reserve In gold certificates of at least
Federal Reserve banks must
40%, Including the redemption fund
which must be deposited with the Treasurer of the United States, against Federal
Reserve
In
notes
actual
"Gold certificates"
circulation.
herein
as
used includes
credits with the Treasurer of the United States payable in gold certificates.
Federal
Reserve bunk notes and National bank notes are in process of retirement.
2187
By the President
of the
A
Whereas,
61«)»
the
joint
resolution
and requested
the
President of
Treasury bilis to the amount of $10,000,000,
to be sold
ders will
on
thereabouts,
or
discount basis to the highest
a
bidders.
awaken
the
round
of
people
for
program
the nation
the
the
to
protection
and
fundamental
development
children.-
I
hereby call
be received at the Federal Reserve banks and the
Treasury bills will be dated April 10, 1910, and will mature
July 10, 1940, and on the maturity date the'face amount
to
the
bills
will
maturity of
of
amount
be
payable without interest.
similar issue of Treasury bills
a
$101,257,000.
There
is
children
the nation
and
in
health
to
to
of
the
Lord
our
I
States
America
the
at
United
of
have
year-
of
the
the White
take steps
the
heeded
for
care
mothers
hand
my
and
caused
the
this third day of April in the
and
seal
(Seal)
of
FRANKLIN D.
of
year
the Independence
hundred and sixty-fourth.
forty,
one
whole
our
:y
set
be affixed.
to
and
hundred
States of America
a
.
made by
to
and medical
'
hereunto
City of Washington
nineteen
of
health
upon the boys and girls of
they have made during the past year
"•
United
Done
the
improve the health of children and of
Whereof
Witness
Child
as
I also call
the gains in health
in efforts
population,In
of children
Democracy and
a
community.
every
to note
share
to
in
Children
extend health protection
strengthen and
and
of
the
ROOSEVELT
By the President:
a
CORDELL
April 10, in
on
Stat.
States
year
necessity
of
J1L.i:..
:
conserving the
on
on
of
United
the people of the United States to consider the
upon
for
Conference
House
Ten¬
branches thereof up to 2 p. m. (EST), April 8, but will not
be received at the Treasury Department, Washington.
The
(45
and organizations interested in child
that day in the observance of such exercise as will
upon
recommendations
Secretary of the Treasury Morgenthau announced April
that tenders are invited to a new offering of 91-day
the
1928
invite all agencies
unite
to
_
5
18,
a
Day, and
welfare
And
Offering of $100,000,000, or Thereabouts, of 91-Day
Treasury Bills—To Be Dated April 10, 1940
May
do hereby designate the first day of May of this
America,
Health
Nation's
New
of
proclamation setting apart May 1 as Child Health Day;
Now, therefore, I, Franklin D. Roosevelt, President of the United States
of
annually
[
PROCLAMATION
Congress by
has authorized
issue
United States of America
HULL
Secretary of State.
In his announcement of the offer¬
ing, Secretary Morgenthau also said:
They (the bills) will be issued in bearer form only, and in
of
$1,000, $10,000, $100,000, $500,000, and
amounts
denominations
or
$1,000,000
Message of President Roosevelt to Greater New York
Fund Starting 1940 Drive
(maturity value).
No
tender
tender
pressed
on
99.125.
trust
ment
less
amount
an
in
multiples
than
of
must
be
not
$1,000
$1,000.
the basis of 100, with not
Fractions
Tenders
and
See
for
be
must
will
The
be
price
considered.
offered
than three decimal
more
Each
be
must
places,
e.g.,
President
used.
without cash deposit from incorporated banks
companies and from responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
10% of the face amount of Treasury bills applied for, unless the tenders
are
accompanied by an express guaranty of payment by an incorporated
trust
or
company.
after
the
to
closing
closing hour will
acceptable
the
prices
hour
for
right to reject
than
the
final.
tion
amount
Those
receipt
of
tenders
able
funds
The
all
vited
to
from
the
the
on
Federal
Reserve
possible
as
his action
April
thereafter,
in any
8,
branches thereof
or
of
announcement
April 10,
expressly
on
reserves
to allot
less
such respect shall be
1940.
bills
will
be
other
or
in
exempt,
cash
other
or
immediately avail¬
principal
to
as
disposition
taxation, except estate and
gift
tax.)
bills
shall
thereof
and
will
No
loss
inheritance taxes.
allowed
oe
the
from
as
a
sale
(Attention
other
or
deduction,
interest, and
be exempt,
also
are
otherwise
or
is
in¬
not exempt
disposition
the
of
recognized,
hereafter imposed by the United States
or
of its possessions.
any
Treasury
prescribe
Department
the
terms
Congress to Authorize New
■:
of CAA
"
Roosevelt,
April 2, submitted
in
special
a
to Congress,
message
third plan for reorganization of de¬
Federal Government under
a
issue.
No.
418,
Treasury
bills
Circular
the
of
as
amended,
and
govern
and
the
this
notice
conditions
of
\ o-C'"■
r'
the
Reorganization Act of 1939, which he estimated would
affect
annual
an
saving
the
probably
parts of tenders, and
or
Banks
for the purpose of any tax now
their
public
Treasury Decision 4550, ruling that Treasury bills
Treasury
or
and
Secretary of the Treasury
all tenders
or
from the sale
gain
any
soon
applied for, and
Treasury
from
as
The
any
opened
on
submitting tenders will be advised of the acceptance or rejec¬
Payment at the price offered for Treasury bills allotted must
thereof.
be made at
be
follow
following morning.
the
,
will
L
„
.
partments and agencies of the
the
1940, all tenders received at the Federal Reserve Banks
up
Roosevelt Asks
President
of
Immediately
»./
'
Reorganization
Plan—Provisions
Include
New
Treasury Post and Changes in Administration
securities.
bank
VIII.
page
♦
be accepted
will
advertising
vV"
ex¬
$150,000.
of
The plan
proposes
changes in the setup of the Treasury, Interior, Agriculture
and Labor
Departments, and also the Civil Aeronautics Au¬
thority.
A new office, Permanent Fiscal Assistant Secre¬
tary of the Treasury Department, is created under the plan,
whose duties would embrace
"those functions of the Treas¬
Department pertaining to financing and fiscal activi¬
ties."
It was specified that a career official would be
appointed to the post.
With respect to the Civil Aero¬
nautics Authority, the President said he proposed to clarify
tlie relations of the CAA and the Authority's five-member
ury
Board.
This he proposes to
functions
those
other
tain
do by entrusting to the Board
"relating to
activities
economic
regulation
and
cer¬
primarily
of a rule-making and ad¬
judicative character"; the Administrator is to be chief ad¬
ministrative
officer
of
CAA
the
with
to all
respect
other
functions.
The
reorganization becomes effective in
00 days unless
References to reorganization Plans I
and II appeared in our issues of Sept. 0, 1939, page 1692;
rejected by Congress.
Premiums
Received
Bonds
on
Redemption of Tax-Exempt
Subject to Federal Income Tax
Premiums received
on
redemption of State and other tax-
exempt bonds are subject to Federal income tax under
on
to
say:
by considerable dOUbt.
redemption premiums has been
new
the
use
However, in
ruling, the Chief Counsel holds that the premium is not paid for
of borrowed money,
but rather to terminate the obligation
no
further interest need be paid in the future.
on
redemption is taxable
A
sur¬
Many bondholders have contended that
the premiums are additional interest, and hence tax exempt.
the
differnet
treatment
bonds
tax-exempt
To
the
the
are
as a
is
Seidman added.
on
The discount is
re¬
the redemption of
is tax exempt.
of
Act
Postpones Trip South—Spending
at Hyde
Park
President Roosevelt's scheduled trip to Warm Springs,
Ga., has been postponed until about April 18, it was made
known at the White House April 1.
Incomplete recovery
from a minor illness was given as the reason for the change.
It was said that he will stay about 10 days at Warm Springs,
when he goes.
He plans to spend this week-end at his Hyde
Park, New York, home.
Roosevelt
Proclaims
May 1
Child Health
as
Day
In
proclaiming
Roosevelt
on
May
1
as
Child
Day,
President
April 3 called upon all agencies interested in
"to awaken the
child welfare to unite in observing this day
people of the nation to the fundamental necessity of
round
health
dent's
program
of
the
for the protection
nation's
children."
proclamation follows:
a year-
and development of the
The
text
of
the
Presi¬
that
the
last
Since
study
that
time
agencies
me
as
of
the
intra-
heads
to
study
these
of
be
the
government.
result
a
regular
an
would
office have continued
own
to
at
detailed
the
procedure set
reorganization
in
up
Plan
III
in accordance with the provisions of Section 4
of
tion
1939
made
(Public,
I
studies
the
Reorganization
No.
Seventy-sixth
19,
which
I
have
pre¬
of the Reorganization
Congress,
first
session),
ap¬
.To
; and I declare that with respect to each reorganiza¬
plan, I liave found that such reorganization is necessary
this
in
accomplish
one
To
increase
To
consolidate
4.
To
reduce
similar
the
of
Section
of
purposes
1
(A)
of
the act:
efficiency;
agencies
and
eliminate
according to major
number
the
functions
To
5.
more
or
reduce expenditures;
3.
of
agencies
by abolishing
overlapping
and
by
such
purposes ;
,
consolidating
as
not
may
be
those
having
necessary,
and
duplication of effort.
Treasury Department: I am proposing two
relating to the Treasury Department.
intradepartmental
reorgan¬
izations
The
tion
first
of
a
Treasury
fiscal
reorganization consolidates in
will
office
the
Debt
others
related
Some
fiscal
permanent
Department
service
States,
which
Health
under
herewith
transmitting
Public
President
my
several
made
II
proved April 3, 1939
to
Week-End
and
the
of
recommendations
2.
Roosevelt
and
reorganizations of
1939.
am
1.
President
but
necessary
departments
organization
changes only
necessary
pared
discount at which
any
I
certain
have found it possible to make a number of needed improvements of
organization by administrative action.
In other instances I can effect the
I
capital gain.
executive
considered
2511.
.
Act
given in the ruling to
bought, Mr.
and
weie
Plans
that
the preparation of specific plans.
internal
have
indicated
character
required for
page
United States:
reorganization
I
Congress,
departmental
of
2825, and April 22, 1939,
President's message follows:
submitted
I
of
session
that
so
of
Congress of the
When
On this basis, the "profit"
garded in the nature of interest, and when collected
the bonds,
the
the
The income tax treatment of these
rounded
page
The text
an
important ruling just announced by the Chief Counsel of
the Bureau of Internal Revenue, according to^4. S. Seidman,
certified public accountant and tax authority.
Mr. Seidman
went
May 13, 1939,
The
fiscal
including
are
the
effect
net
of
the
missioner
of
Accounts,
sioner
Public
of
functions
fiscal
of
activities.
the
This
Accounts
of
and
Deposits
subdivisions
various
their
and
and
the
certain
these
United
Debt.
four
made in the assignment, of functions of the units
fiscal service,
of
office
the
Treasurer
of
and
functions.
service
tion
those
secretary,
financial
to
Commissioner
of
comprise
titles.
fiscal service, under the direc¬
bring together the office of the Treasurer of the United
Service,
adjustments
will
assistant
pertaining
a
these
of
States
and
In
a
and certain
is
adjustments
assistant
fiscal
and
Bureau
a
Bureau
addition
of
to
to
changes are made in
establish within the
secretary,
of
the
Accounts
office
under
of
a
the
Com¬
Public Debt under the Commis¬
for the administra¬
responsibility
department's operations, the fiscal
assistant secretary
is vested with the financing functions of the UnderSecretary of the Treasury and of the assistant secretaries.
segments
of
the
The Commercial & Financial Chronicle
2188
The functions brought together in the fiscal service are all closely
and
related
essential
are
control.
fiscal
The
inter¬
the
of
assistant
—
this
functions, I
treasury
vision
of
management
a
am
The plan,
official.
career
important and technical phase of
placing the fiscal service under the super¬
highly
civil
with
service
laws
and
Administration
service.
the career
will
not
since the
the three
the
the
increase
partment,
The
of
bringing
The creation
number
plan
will
of
the fiscal
in
the
duties under
office of fiscal assistant secretary
the
assistant
of
provides that
perform his
This is in accord with the policy of
higher administrative positions within
general direction of the Secretary.
this
therefore,
by the Secretary of the Treasury
secretary will be appointed
accordance
expressly
secretaries
provides
for
the
in
De¬
Treasury
of
the abolition
one
Treasury Department vests
Secretary of the Treasury full authority for the administration of
Administration
Alcohol
Federal
ministration
occupies
an
Act.
anomalous
position.
It is legally a part of the
made
was
public by the Council April 2, and read
My dear Dr. Buttrick:
in
I
the
therefore, that the functions of the Federal
propose,
be correlated
the activities
with
Alcohol Admin¬
of the Bureau of
Internal
Reve¬
The bureau is already performing
a large part of the field enforcement work of the Administration and could
readily take over complete responsibility for its work.
The bureau is
daily making for other purposes, a majority of the contacts with units
of the liquor industry which the Federal Alcohol Administration should
but cannot make without the establishment of a large and duplicating
field force.
Under the provisions of this plan, it will be possible more
effectively
to
utilize
organization of the Treasury Depart¬
laboratories, in discharging the functions of the
the
that
further
on
thought
far
so
will agree that no public statement is
you
quired, or indeed could be made
the basis of
on
I know has not emanated from
as
The status of Mr. Taylor's mission Is
representative.
Alcohol Administration.
TIjus I find the proposed consolidations
remedy deficiencies in organization structure as well as afford a more
Federal
effective service at materially
Fisheries
of
the
of
to
in
this
the rank
case
of
Department
of
Plan II transferred to the
Commerce and the Bureau of
Biological
Survey
corresponding to ambassador
Federal laws relating to
of Fisheries
The natural
areas
of operation of these two bureaus
frequently coincide, and their
activities are interrelated and similar in character.
Consolidation will
land
eliminate
duplication
of
work,
facilitate
coordination
of
and
programs
improve service to the public.
Another provision relating to the Department of the Interior is the
abolition of the statutory office of recorder of the general land office.
This office is a relic of the quill and sand box period in the transcription
land
of
records.
Its
duties
readily be absorbed by the regular civil
can
personnel of the land office.
service
Department
of
Agriculture:
I
propose
to
the
consolidate
division
of
marketing and market agreements of the Agricultural Adjustment of Ad¬
ministration and the Federal Surplus
Commodities Corporation into a
single agency to be known as the Surplus
consolidation will facilitate the work of
Marketing Administration.
the
Department
of
This
Agriculture
relating to the formulation and administration of marketing agreements
and the disposition of agricultural surpluses.
<
Because the two programs require unified planning and direction the
Secretary of Agriculture has found it desirable to designate the same person
as the head of both.
In one capacity he reports directly to the Secretary
of Agriculture, while in the other he is responsible by law to the adminis¬
trator of the Agricultural Adjustment Administration.
Consolidation of the
two units will assure unified management, eliminate confusion in admin¬
istration and make for more efficient operation.
Furthermore, this reor¬
ganization will remove from the Agricultural Adjustment Administration
the legal responsibility for functions which differ administratively from
its major
operations.
alleviation of suffering; and I
There, of course,
an unnecessary level of supervision above that of District Director
Immigration and Naturalization in certain of our ports and should be
eliminated in the interests of economy and sound administration.
Civil Aeronautics Authority : I propose to clarify the relations of 'the
Administrator of the .Civil Aerlonautics Authority and the five-member
board of the Civil Aeronautics Authority.
The administrator is made the
chief administrative
a
officer of the Authority with respect to all functions
relating to economic regulation and certain other activities
rule-making and adjudicative character which
are
entrusted
the board.
This will eliminate the confusion of responsibilities existing
under the Civil Aeronautics Act and provide a more clear-cut and effective
plan of organization for the agency.
Improvements and Savings: The principal advantage of the reorganiza¬
tions proposed in this
the
may
approximately $150,000 will result.
small amount in
no
they resulted in
no
worthwhile
them
that
plan will be increased effectiveness of operation of
agencies concerned.
In addition to improved service, some economies
be expected.
I estimate that immediate annual savings in adminis¬
trative expenses of
will
This comparatively
the worth of the proposals.
In fact, if
administrative savings at all, I should still consider
way measures
view
of
the
increased effectiveness
of
administration
Continuous
Study: The management problems of a depart¬
ment or
agency are complex and dynamic
and require much detailed
analysis before findings can be made.
These problems cannot be resolved
by any one reorganization plan, nor at one time; their study must be a
continuing process if our departmental machinery is to keep pace with
the changing requirements placed on the government.
Accordingly, in
conformity with the budget and accounting act, I have instructed the Di¬
rector of the Bureau of the Budget to continue studies in collaboration
with the several departments and agencies, looking to further improve¬
ments
in
for
the government's
administrative structure.
FRANKLIN
White Heme, April 2, 1940.
the slightest intention to raise any question re¬
believe that any one could
me to
the
action
taken
could
take seriously
interpret in any
a contrary
view, or that
the necessary and
way
healthy
; "vWv:'';'v/
growth of inter-faith comity.
tVery sincerely
yours
FRANKLIN
D.
ROOSEVELT.
Afprevious reference to Mr.; Taylor's appointment to a
post at the Vatican appeared in our March 2 issue, page 1369.
President
Roosevelt
Basis
of
by Sumner
Peace in Europe—
Says Under Secretary's Visit Will Prove of Value
on
Report
Welles Expresses Doubt of Early
When Time Comes to Establish Peace—Representa- f
tive Woodruff Urges
End of Secret United States
Diplomacy
House
ate
in
statement issued at the White
a
March 29, declared that there is "scant
on
immedi¬
prospect for the establishment of any just, stable and
lasting peace in Europe." The statement, read at his press
conference, was a formal report on the mission of UnderSecretary of State Sumner Welles, who recently returned
to the United States from a tour of
leading European capi¬
had conveyed no
The President said that Mr. Welles
tals.
peace proposals, and had received none.
The
Welles, the President said, would probably lead
understanding and more friendly relations with
European States lie visited.
The text of the
statement is given
he
sent
was
to
Europe and
State..
.
As
Mr.
said
I
when
Welles
■
■
the
sent
was
trip of Mr.
to a better
the several
President's
below:
Under-Secretary of State Welles has
has
mission
which
upon
the Secretary of
and to
me
-/
•
of
announcement
to
concluded the
reported to
Europe
Mr.
order
in
Welles's
mission
obtain
to
made,
was
information
with
regard
to existing conditions.
He was neither authorized to make, nor
has he made, any commitments involving the Government of the United
States, nor was he empowered to offer, and he has not offered, any pro¬
posals in the
The
of this Government.
name
brought back to
me,
information
any
the general
in
As
was
information
Government.
through
in
communicated
It relates
will
to
mentioned.
am
will
received
be of
conduct of its
British Governments
ments
has
any
the greatest
heads
of
the
govern¬
value to this Govern¬
foreign relations.
departure from the United States,
him
to
be
the views
.
by
regarded
and
v /
the
as
Italian,
German,
French
entirely confidential by this
policies of the European
govern¬
,
glad to say that Mr. Welles's mission has likewise
personal contacts and through the conversations which
resulted,
he held,
clarification of the relations between the United States and the
a
which
tries
he
source.
the
from
announced at the time of his
and
I
he
He has not received, nor has
proposals from
peace
which
which he has visited
ments
ment
he
visited
and
will,
I
believe, assist
in
certain
coun¬
instances
in
the
development of better understanding and more friendly relations.
Finally, even though there may be scant immediate prospect for the
establishment of any just, stable and lasting peace in Europe, the informa¬
tion made available to this
will
Government
as
a
result of Mr.
Welles's mission
undoubtedly be of the greatest value when the time
establishment of such
Mr.
To
Welles
go
difficult mission
this
accordance
with
the
a
for
the
for carrying
out
comes
peace.
my
with
best
thanks
and
full appreciation
understanding, and
diplomatic traditions.
extraordinary tact and
American
in
Representative Roy O. Woodruff of Michigan, in a state¬
on March 31, asked the President to "tell the Amer¬
ican people exactly what he proposes to do in regard to
Europe—now and when peace comes."
A Washington dis¬
patch of March 31 to the New York "Herald Tribune"
ment
The
Michigan Republican expressed particular concern over an assertion
Roosevelt in his statement Friday that information made
available to the United States Government as a result of the fact-finding
European tour of Sumner Welles, Under-Secretary of State; "will undoubt¬
edly be of the greatest value when the time comes for establishment of
peace."
Demanding "an end to secret diplomacy," Representative Woodruff
admonished the Nation to be on "guard against another effort to make
by
,
President
*
the United States
D.
ROOSEVELT.
a
guarantor of peace in the Old World."
coincided with rising speculation among members of
and .Administration officials as to the potential effects on the
diplomatic relations between the United States and Germany, already
strained, if the Nazi Government continues its "propaganda blitzkreig"
His
statement
Congress
The
that all men of good will must
am sure
purpose.
was not
,added:
result.
for
Need
in
gave
lating to the union of the functions of Church and State, and it is difficult
of
to
Pope, and in the letter which I
'
sympathize with the
impose
primarily of
appro¬
Taylor for presentation to the Pope, which conforms to the Christmas
the
Department of Labor: I propose to abolish the offices of Commissioner
Immigration and the offices of District Commissioner of Immigration
and Naturalization.
The former have been vacant since 1933 ; the latter
of
other than those
obviously
was
for and circumstances surrounding his designation were
reason
President Roosevelt,
administers
mammals and amphibians, whereas the Bureau
deals with fishes, marine mammals and other aquatic animals.
birds,
The President may deter¬
Mr. Taylor was sent to Rome to assist parallel endeavors for peace and
the
the Fish and Wildlife Service.
as
The
to Mr.
and desirable to consolidate these units into a single bureau,
Bureau
special
as my
This appointment does not constitute the inauguration of
message.
for the conservation and utilization of the wildlife resources
On the basis of experience gained since this transfer I find
be known
The
Mr. Messersmith de¬
mine the rank for social purposes of any special representative he may send;
of the nation.
it necessary
as
Mr. Taylor is in Rome
formal diplomatic relations with the Vatican.
Biological Survey of the Department of Agriculture to the Department of
the Interior and thus concentrated in one department the two bureaus
responsible
exactly
re¬
source.
reduced costs.
the Interior: Reorganization
Department of
Bureau
responsible
a
am
report, which
a mere press
far-flung
ment, including its many
will
follows:
27, 1940,
concerning the status of Mr. Myron Taylor's mission to the Pope.-; I
sure
tax unit.
particularly its alcohol
nue,
as
I have received your letter of Feb.
pendence under existing statutory provisions.
Under certain conditions the
Administration would by law become an independent agency, whereas the
istration
letter dated March 14,
a
public statement as to whether Myron C. Taylor is regarded
as an
official American Ambassador to the Vatican.
Mr,
Roosevelt's letter, which was addressed to Dr. Buttrick,
priate.
ties
on
a
made clear in my Christmas letter to the
improved management require its integration with allied activi¬
Treasury Department..
(
Statement
the request of the Rev. George A. Buttrick,
President of the Federal Council of Churches, that he make
Treasury Department, but actually it is clothed with almost complete inde¬
interests of
Make
to
President Roosevelt declined, in
scribed it to you in his letter of Jan. 25.
in
the
At present the Federal Alcohol Ad¬
affecting the
reorganization
Declines
to accede to
of
existing offices of assistant secretary.
second
Roosevelt
1940
Status of Myron Taylor at Vatican
,
internal
accepted principles of financial management and provides the framework
for adequate internal controls.
At the same time, under the proposed
plan these functions can be coordinated more effectively, duplications
eliminated, and a more efficient service provided.
To assure continued
effective
President
parts of the general functions of financing and
organization of the fiscal service conforms to
April 6,
✓
Volume
against
The
policies
Roosevelt
Government
of
by
issuing
another
white
arose
to whether such
as
of the denials evoked
act
an
the
on
accusing
paper
responsibility for instigating the European
question
in view
The Commercial & Financial Chronicle
ISO
by its already published white
policies
paper
attack,
might not exclude it from the list of countries where, according to the
President's statement, Mr. Welles's conferences promised to assist "in
certain
instances"
When
some
issued,
quarters
in
the
as
the
development of "more friendly relations."
carefully-chosen words were construed in
possible hint that the Administration might be con¬
a
should compound the irritation caused by its "propaganda" use last
of
prewar documents which it
claimed to have taken from the
week
foreign
office
archives
the
of
Although the likelihood of
mittees
conquered Polish
public investigation by congressional
a
the Administration's
into
Government.
com¬
conduct of
foreign affairs was generally
regarded as remote, Representative Woodruff's statement today was recog¬
nized as expressing overwhelming sentiment for non-involvement in Euro¬
pean affairs.
"a Republican whose views with
or
wide variance with the doctrines of
respect to tariffs
President Roosevelt today called strongly for defeat of proposals to limit
extension
of the reciprocal
Mr. Roosevelt insisted at
trade agreement program to only one year.
conference that a three-year extension
a press
would be best calculated to assist industry and business and to obviate the
possibility
of
embarrassing
the
administration
January—whether it be Democratic
that
takes
1^1
Washington advices of April 4 to the Associated Press
quoted Senator McNary of Oregon, expressing the opposi¬
tion views
In
follows:
as
of his
formal speeches in the Senate, Charles L. McNary,
Republican leader, of Oregoh, said that the Roosevelt administration had
one
created
"In
velt—Says Objection of States and Industry Should
Be Given Consideration and Federal Regulation
Imposed Only When States Fail
Chairman William P. Cole of the
committee
of the House
Committee
revealed
Mr.
regulation
Cole
made
provide
when
for
Commerce
on
of the production
of crude
public correspondence with
in which the latter
to
Interstate and Foreign
April 2 that President Roosevelt
wide revision of the Cole bill providing for
had suggested a
Federal
special oil investigating
petroleum.
rare
"fantastic emergencies"
in
an
effort to have the trade program
suggested that the measure be modified
Federal
enforcement
of
conservation
only
the States themselves failed to enforce similar laws.
Mr. Roosevelt said that such
change would probably over¬
In discussing these
plans, Associated Press Washington dispatches of April 2
come
said:
The
objections
to
the
legislation.
produced
Such
in
violation
change should
a
a
change would, in effect, extend the prin¬
Act, which forbids interstate shipment of
State
of
laws.
objections to the legislation, the Presi¬
his understanding opposition had arisen pri¬
overcome
dent
said, explaining it was
marily against the enforcement provisions of the
the
proposal
Chairman
least,"
V:';'..
9
such
ciples of the Connally Hot Oil
oil
a
.
President asserted
but
that
the
Government
Cole said hearings
that they
might be
on
prescribe
the bill
measure
production
were
resumed later.
standards.
"over for the
present, at
that
the
com¬
Commerce
issue,
on
this
bill before
Subcommittee
a
Special House Interstate
mentioned
were
in
our
*
1526.
page
;
March
9
'-.'".'S.;
balance,
with
veterans
in
below
the
countries
our own,
and
understandings
Rivers
returning to the fold of employment,
that
and
may
a
Nation
in
view.
would
have
required all
future trade agreements to be ratified by the Senate was
defeated March 29 by a vote of 44 to 41; this was noted in
our issue of March 30, page 2016.
Other amendments were
defeated on succeeding days by somewhat wider margins.
These included amendments proposed by Senators O'Mahoney, Adams, McCarran and La Follette.
The amendment to limit extension to one year was intro¬
duced by Senator Walsh of Massachusetts.
Associated
Press advices from Washington, April 5, reported as follows
on the status of the bill
yesterday afternoon:
The Senate sided with President Roosevelt
to limit extension of the trade
Harbors
as an
Appropriation
Tribune" also said;
At his press conference, the President told the story
that if they
a
bill authorizing
mean
a
net
was no use
was no use
such
pass
a
repealer.
piling Pelion upon
in authorizing more rivers and harbor
Ossa and
appropriations
already enough on the books to last for a generation.
applied to flood control
as
well
as
navigation and power projects contained in the original Senate proposal.
Department Appropriation Bill of $784,999,094
by House—Measure Is $68,357,660 Below
Budget Estimate
Voted
The House on April 4 passed the War Department's 1941
Appropriation Bill, providing $784,999,094.
The bill as
reported to the House by its Appropriations Committee on
April 3 was reduced $67,357,660 below budget estimates
and these reductions were sustained by the House.
In
addition a $1,000,000 item for land acquisition at Forst
Knox, Ky.f was eliminated from the measure, which, as
passed, was about $66,000,000 below the amount voted for
the Army for the current fiscal year.
Regarding the pro¬
visions of the bill, Washington Associated Press advices of
April 4 said;
Almost half of the
huge fund voted today was earmarked for pay,
food,
tion at military posts.
was
Democrat, of Massa¬
excellent authority that
conference shortly after it
was
reported
on
Vice-President, who has opposed President Roosevelt on some other
questions in the past, in this instance aligned himself against some of his
including Senators Harrison and Byrnes, floor managers for
„•
\
,'; -■; ..j-'
Mr. Walsh, in offering his amendment, said
.
he did not wish to embarrass
proponents of three-year extension nor join in any
"rebuke to the President
Secretary Hull."
The amendment, he
explained, would amount to "temporary continua¬
tion" of the trade program,
authority to conduct which is invested in the
Air. Walsh argued that none knows now
after next November.
$61,250,000
for
so-called critical
who will be President
-
items
of
equipment,
semi-automatic rifles
and heavy artillery: $12,000,000 for seacoast defenses,
mobile coast guns, and $18,500,000 for new motor
army
Including fixed and
vehicles for the regular
and National Guard.
The bill carried a total
of $165,762,162 for the Air Corps, but that in¬
cluded funds for only 57 new planes.
for 496 planes,
The Army oirginally requested money
mostly for a "rotating reserve," but the "War Department
agreed that the rapidly expanding productive capacity of the Nation's air¬
craft industry
made
a
large plane reserve unnecessary.
,i".,
,•
♦
Bill to Amend National Labor Relations Act
Introduced
by Chairman Norton of House Labor Committee—
Measure Would Make Three Important Changes
H
Law, Including Protection for Craft Unions—
Representative Hawks Proposes State Enforcement
in
of Labor Law
Vice-President Garner was supporting the proposal.
,
including
such as anti-aircraft artillery, tanks, anti-tank guns,
rejected after bitter debate studded with
fact that President Roosevelt had expressed his opposition to the one-year
restriction at his morning press
the measure carried approximately $103,710,000 for muni¬
In addition,
tions,
Political interest in the controversy was heightened even more by the
President.
This would
The Congressional committee, he said,
that Congress would not
The President then said there
are
$650,000,000, he would sign
$200,000,000 worth of substitute projects.
saving of $50,000,000.
had demurred, saying
that there
of how members of
made the proposition
would consent to repeal $250,000,000 of existing rivers and har¬
bors authorizations, which amount in all to
year's presidential election campaigns.
and to
Passed
if
a few hours later, at his press
conference, that he would veto the bill if it were passed by
Congress. The President pointed but that unused authorizar
tions of $650,000,000 are already available for similar projects
which, he said, would not be exhausted for a generation.
Washington advices of April 2 to the New York "Herald
amendment to legislation continuing the trade program for
the trade pacts bill.
Voted by Senate
Faces Veto
ment of President Roosevelt's
references to the political significance of the program as an issue in this
Senate cronies,
'
authorizing expenditure of $231,090,980 for rivers and
harbors improvements over a period of seven years was ap¬
proved April 2 by a Senate Commerce Committee; but con¬
siderable doubt as to its future was raised, by the announce¬
Garner.
put forward by Senator "Walsh,
three years from June 12,
The
^
*
A bill
today and refused, 46 to 34,
agreements program to one year—a limitation
said to be supported by Vice-President
chusetts,
with
clothing and transportation of the expanding Army and for new construc¬
The Kttman amendment which
The limitation,
in
continuing trade agreements statute and
be based thereon."
Committee but
War
in their efforts
restricting the
powers of the Administration to enter into trade pacts, did
succeed in preventing the bill from coming to a vote, at
least up until late yesterday afternoon. After the Adminis¬
tration
had
successfully combatted other attempts at
amendment, the opposition took what was perhaps a laststand fight to extend the bill for only one year instead of
three, but this too failed by a vote of 46 to 34 yesterday
afternoon.
Sharp criticism of proponents of the one year
extension plan was drawn from President Roosevelt yester¬
day morning at his press conference; he intimated that they
were
playing politics, while he had only the interests of the
"
runs
depreciated and standards of living sagging far
without the embarrassment of
Senate opponents of the bill to extend the reciprocal trade
program for three years, while unsuccessful
to amend the measure in various ways,
-
this country must be free to meet these unhappy conditions
The President said that his remarks
Opposition
!
eventuality of peace In the future, with millions of
these
debased
currencies
when there
Senate Defeats Amendments to Bill to Extend Recipro¬
cal Trade Program—President Roosevelt Criticizes
■
real emergency," he said, "but it
a
emergencies advanced by this Administration.
the committee had previously come to him and he had
mittee would determine later this month when it would report out the bill.
Hearings
to the fantastic
With nations torn and tottering, with issues of victory or defeat in the
and not against
He added
'''
opinion there is
my
reverse
President
the
next
power
Republican.
or
approved.
Revision of Oil-Control Bill Asked by President Roose¬
be at
may
Secretary Hull."
President Roosevelt's comment at his press conference
yesterday was reported in United Press advices of April 5
from Washington, as follows:
President's
templating the reestablishment of full diplomatic relations with Germany
by sending an Ambassador back to Berlin.
Any such possibility, it was
thought in many quarters tonight, would be severely discounted if Ger¬
many
It might, he said, be President Roosevelt, or a Democrat
pledged to his
this
war.
part of Germany,
2189
A
bill to
amend
j
the National
Labor Relations Act was
on April 2 by Representative Mary
Chairman of the House Labor Com¬
mittee, and received the approval of the House Labor
Committee
the
following day.
Tlie bill included two
amendments which
the majority of the committee had
introduced in the House
Norton of New Jersey,
approved on April 2, as well as an amendment which
it had sponsored earlier.
One of the amendments covers
the unit rule procedure proposed by the American Fed¬
eration of Labor and strongly opposed by the Congress
of
Industrial
unions;
elections
Organizations, for better protection of craft
another
when
would permit
two
employers to petition for
in a controversy
unions are engaged
TV
The Commercial & Financial Chronicle
2190
bargaining units.
over
in
the
New
following
York
(Dem.,
Of
which
2
has
lasted
for
investigating committee headed
than
more
a
Labor
Board
Of
these
two
Mo.),
amendments, one,
provide that in
employees of
craft
This
amendment
unit
a
as
that
incorporated
in
amendment
the
so
decide
the
Board
for
the
is
shall
Norton's
designate
when
the
caught
same
in
regulation
present
also
included
in
bill
her
membership of the Board to
crease
amendment
an
total
which
would
unit
for
unit
by the Board and entered into
period of
a
F.
of
L.
adverse
abolition
of
the
ship.
He
if
ment
In
William
shall
Congress
Richard
seek
rulesj
Is not satisfied but
The
is
be
arrange¬
motion
a
by Repre¬
to
taken
is
the suspension
on
motion.
is
upon
the appropriate
This
would
period of
priate
piotection
of
la-Dor
The
only remaining point
between
contracts
the
employer
bargaining unit.
V
'
prohibit
a
the NLRB from changing the bargaining unit for
after it had been accepted by the Board as the appro¬
year
bargaining
the
In
unit
and
had
entered
into
labor
a
with
contract
the
Act.
bill
a
to
the
proposing
the
bers
in
right
States
which
join
to
Wisconsin
(Rep., Wis.)
enforcement
today intro¬
the
of
Wagner
model
a
it would be inopera¬
satisfactory setups guaranteeing
of his own choosing.
union
a
has
the Labor Act to the end that
have
the worker
seeks
handle its
to
State's labor legislation, modeled after that
in
to
the
Con¬
The
strikes.
the
employer and
it prevents
Congressman's
The
bill
of legislation
the
does
sit-down
not
deal
the various States should have.
Wagner Act
to
question
what
of
The bill would
sort
simply amend
ment
the
of
regulation
collective
The
to
right
of
the
of
self-organization
conduct
parties
in
have
except
the
"My
agreed
are
to show
there
the
that
is
field
a
legislation,
that
which
in
that
has
clearly
simply
extent
this
field,"
provides
the
States
State
as
Congress and the
evidenced
its
valid
is
intent
to
he stated.
for
accomplish
withdrawal
what
it
seeks
the
from
to
bo justification
problem
a
to
"Not
dignity
has been
for congressional
in
a
manner
indifferent
action.
in
only
does
of
;
/
proposal
my
most
However, where
a
may
State disposes
practical
make
,
for
it
economy,
makes
for
not
enforcement."
Federal
Investigating Committee Urges Drastic Amend¬
NLRA—-Majority Contends Board~ Flouts
Law, and Wrongs Public, Industry and Labor
A
formal
gating
the
report of the special House committee investi¬
National Labor Relations Board, supported by
three of the five members of the
committee,
recommending
major changes in the administration of the National Labor
Relations Act, was filed with the House on March 30.
The
committee, headed by Representative Howard W. Smith
(Dem.)
the
of Virginia, accused the Board of infringement of
personal and property Tights of employers and craft
unions, and also of open disregard for the law it
ated
to
administer.
investigation
will
The
report
continue.
It
is
was
cre¬
preliminary, since
the
in
the
committee's
findings and it held that while the
inquiry is not complete,
"the disclosures relative to the administration
and
the
operation of the National Labor Relations Act thus far de¬
veloped
furnish
have
a
convinced
measure
of
the
committee
that
in
order
to
sufficient
be
the
of
of
labor,
D.
Healey
of
Democrats, who
expressed opposition to the proposed
Smith
bill,
indicated
its
policy
a
accepted
relief
improper
but
session
for
the
the
urge
exempted
Congress
"is not
may
the
it
the
of
investi¬
majority
Congress "in order
that
being
are
public."
unmindful of
the
the
fact
that
they
Act,
intended
enacted.
was
mem¬
convince
will
to
emascu¬
To refute this
study
to
for amendment.
division
a
that
wrongs
general
for which
purpose
up
of
to
destroy the
fields
been obtained to
has
the
the report,
it
setting
indicated
hearings,
this
at
and
amendments
carefully this report and our
impartial study will reveal beyond
Such
amendment to the Act which
no
indirectly, or remotely—adversely affects its funda¬
The committee has, however, after many days of careful
amendments
the
the Act and
which,
if
these
the
employees
to
their
choosing and in
is
right.
organize and
ultimate
The
and
for which
operation,
the
make
committee
of
cwn
will
purposes
amendments,
of
that
Act
administration
its
adopted,
achieving the fundamental
Act
is
bargain
belief
its
collectively
through
of
'government
any
amendment
the obligation
responsibility
more
devised.
was
reaffirms
for
the Congress."
upon
Discussing the specific amendment in the Smith bill which would make
clear
sarily
that
end
interfere
The
negotiations
in
l>etween
agreement,
with
the
the
and
management
labor
need not
insisted//that the proposal
report
right of collective bargain wig.
Chief Justice Charles Evans Hughes
report quoted
the
in
neces¬
does
not
Jones
&
which the report said the 'court made it plain that the
Wagner Act does not require agreements.
It also quoted Senator Robert
F. Wagner, Democrat of New York, author of the Act, to the same effect.
in
case
language
sweeping,"
so
continued
the
"could
report,
have
been
disregarded
so
entirely is beyond the committee's comprehension and is
only to be explained by the Board's usual flaunting disregard of employer
rights."
;
'V '
i': :
.
The
ing,
also
report
of section
of
the
bitter
was
Act
in
its
of
censure
preventing employers
Board's
the
interpretation
interfering with, restrain¬
from
coercing employees in their collective bargaining rights.
"This section," said the report, "has been construed by the Board
or
mandate
close
to
extent
of
The
its
in
speech lias been
policy
selves
mouth
employee
labor
Act
so
long
to
In
justification
the
committee
for
collective
tallization
the
the
that
the
have
proposal
the
The Smith
for
under
Smith
the
bill
the expense
at
proper
unit—whether
the
dispute
a
plant
right
would
between
craft
several
or
arbitrary
to
Another
this
in
protection
under
the
on
Organizations
A.
This
held
F.
case
that
The
the
which
court
Pacific
of
L.
unions
carried
was
by which
Coast,
union
were
to
would
Anti-Trust
permit
the
of
one
accom¬
craft unions,
unit
proper
permanent
report,
until
said
crys¬
union."
"where
both
Congress."
the
agreed
on
Board's
frequently
the
in
workers
the
exercise
led
of
the
to
industrial group.
further
protection
that
orders.
pointed
the Board,
the
of
they
the
had
unit
report
ruled
out,
has
the
case
of
in
the
proper
to
craft
Lack
of
resulted
the
long¬
Congress of Industrial
with the result
agency,
out.
United
order
the
employee election
"frozen"
the
court
of
was
the
plant,
a
extend
would
law,
present
coast-wide
goes
the Board from taking juris¬
report
proper
review
the coast-wide election
amendment
amendment
the intent
of
unions
within
group
plants.
gerrymandering tactics
shoremen
them¬
been infringed with reckless
of the Act in the selection of
prevent
rival
two
define
amendment,
would provide
recom¬
have
absorption of the craft unions by the larger
groups,
has
express
of the craft
continued
rights
administration
present
in
entire
bill
protection
greater
instances,"
property
amendment
diction
to
policy in determining the
bargaining unit in direct contravention
The
The
between
coercion" to the proscribed
or
Board's
union
many
and
free
expression.
industrial
been
Labor
of
employers
bargaining "had frequently resulted in
of
liberty
abandon
of
said
communication
Federation
permit
threats.
or
the employer
of
such expressions were not accompanied
as
step further by adding "intimidation
of
the word
right
condemnation.
indefensible."
the American
the
by Acts of discrimination
innocent
most
a
to
remark concerning
constitutional
universal
as
employees
construing
in
gone
the
with
meet
the
to
dispute
has
inexcusable and
is
that
out
amendment
Board
restrain
to
as
dealing with his
in
the most casual
even
the
to
foreclosing
pointed
an
on
lengths
attempts
extreme
so
of
employer and
was
employer's
penalizing him for
activities.
union
'interference'
It
the
was
States
Court
of
not reviewable.
review in such
Appeals,
which
The Smith
bill
cases.
Indictments
in
Plumbing Industry Re¬
Grand Jury—Phase of Building
Industry Anti-Trust Drive
turned by Federal
with
of
the committee,
Representatives Arthur
Massachusetts and Abe Murdoch of Utah.
and
as
rights
Republican
committee.
Representative
Charles A. Hal leek, Indiana, and
Harry N. Routzohn, Ohio,
concurred in approving the
report. The two other members
in
Smith
evidence
immediate
unions
the
written
pushing
agricultural
propose
protect
immediate relief for the wrongs that
of
sign
law.
the
amended
Industry,
suggesting
are
being perpetrated daily upon industry,
labor, and the
general public, some remedial legislation during this session
of Congress Is
imperative.
Representative Smith and twd
members
conduct
in
concluded
not
must
what
representatives
that
reviewed
has
into
Chairman
report,
measure
of
in
"There
ments in
must
...
improper"
painstaking consideration of
personal
House
•
the
purposes.
effective
enforcement.
will
hearings
jurisdiction
authorized
not
Act
recommended
State
it would bring about better
Surely, after the disclosures of the Smith committee, it
be sejously argued that State enforcement will be inferior to
Board
immediately by certain selfish interests
paniments
importance,
employers
rights hy adopting and
in
Act.
upon
to
mended
problem there
majority
wise—directly,
any
mental
accom¬
satisfactory to its people why should Congress
interfere?
and,
the
to
its
House that
a
we
present
Congress's
*
"Where local government
of
question
no
legislation
plish.
presume
and
fallacy,
the
and
part of the
same
is
legislation.
jurisdiction
by
amendment
to
such
concurrent
Congress,
as
occupy
to
extend
recommendations
bargaining."
"Authorities
States
bargaining and the
self-organization and
relation
Congressman cited court decisions
constitutionality of
field
of
collective
and
The
ruling.
evidence
committee," said
"How
nothing in this Act shall be construed so as to interfere with,
diminish in any way the right of the several States to regulate
employer-employee relations, and this Act shall not be applicable in any
State in which State legislation is in effect which
provides for enforce¬
that
question that this committee has proposed
provide:
or
ruling
of their
"highly
the
labeled
Laughlin
the
"That
impede,
the
irrespective
be
to
committee
that
"Your
Oregon, also gives protection
with
1935.
representatives.
Court
proper
in
furnish
the
problems.
setup,
labor
own
recent
employee
admission
-
research
perpetrated
«it
employer-employee relationship
said, by which it
gressman
of
over
in
until
for
was
regulations
'
told
them
to
His bill would amend
tive
turning
States.
refusal,
petition
to
-
law enacted
the
the
in
unions
submitting
"In
Meanwhile, Representative Charles Hawks Jr.
its
was
in
remarks."
law
union
Wagner
gating
employer.
duced
with
Engaged
late
v
committee, which has been considering sweeping amendments pro¬
by Representative Smith's committee for the past several weeks, is
decided
by
Welch
majority of House members present
week.
free-speech rights of employers and penalizing thenV
casual
Supreme
economic
to
morning adopted
the
the
Attempted
*>
demanded
willing to accept the
expected to complte Its consideration tomorrow.
and
has
(Rep., Calif.) which provided that the committee
bring the bill up on the House floor under suspension of
the vote
posed
heretofore
decrees.
so
This would require a two-thirds
when
who
Board, is ready to accept the increased member¬
Representative Clare Hoffman (Rep., Mich.) today
to
F. of L.
addition, the committee this
sentative
Green,
present
wrote
saying A.
been accepted as the appropriate
labor contract with the employer.
a
in
Board
employers
change
evidence.
in¬
five and
of
the
at
allow
recent
favoring the
after it nad
one year
President
a
next
industrial form of trade unions.
'v
employers to pay out hundreds of thousands of dollars in back
wages because of delays in settling labor disputes.
'
Sought to' force reinstatement of sit-down strikers in the face of an
of
tentatively include
provision which would prohibit the NLRB from changing the bargaining
A.
most
Disregarded
Norton
early
Forced
Board.
Mrs.
to
of
implicit
was
Deprived craft
—
jurisdictional dispute.
a
the
as
"the
agreements
bill, would give employers the right to
election
an
substantially
views
minority
1940
charged that the Board has:
Disregarded
the
of collective bargaining.
purpose
for
Wood
majority of
right
also
Interfered with
by I he American Federation of Labor.
adopted by the committee this morning arid which
Mrs.
petition the Board for
This
the
the
members
supported
The other amendment
was
where
appropriate
was
Representative
case
shall
particular craft
a
such
by
any
April 6,
file
pressure had been applied,
to
elections, although the Board's
by
by Representative Howard Smith
introduced
would
would
Among the criticisms directed
ami which
year,
Relations
they
Washington advices of March 30 to the New York "Herald
Tribune" said, in part:
the
to
Va.), Mrs. Norton's bill includes only four amendments to the Act.
two amendments were voted to be included in any revision of
by the Labor Committee this morning.
law
(Dem.,
a
April
of
these,
the
a
dispatch
that
given
was
Commerce":
sweeping investigation of the National
special
a
fight
a
of
bill
of the
summary
Washington
"Journal
Climaxing
included
A
Indictments charging 102 companies,
and individuals engaged in the
trade associations,
plumbing industry
violating the Sherman anti-trust act, were returned by
a Federal grand
jury for the Northern District of Ohio, sitting
at Cleveland, on March 29.
The indictment charges a con¬
spiracy to establish an "uneconomical marketing system,"
for the sale and distribution of all plumbing supplies moving
in interstate
commerce.
Volume
The Commercial & Financial Chronicle
150
The Department of Justice issued a statement March 29,
saying that the plumbing industry case represents a new
phase of the department's efforts to reduce building costs
through elimination of illegal and costly restraints.
It
differs from previous indictments in that it is nation-wide in
scope, the statement said.
Advices of March 29, from Cleveland to the New York
"Times" said:
the
"Big
Three"
Kohler
the
manufacturers,
plumbing
Company,
tion.
1
fifty-three individuals indicted included Walter J, Kohler, chairman
of the Kohler
Company; Charles B. Nolte of Chicago, president of Crane &
the constitutionality of the law and refused to set
of
associations,
Journeymen Plumb¬
and Steamfitters, an A. F. of L. affiliate with 80C locals throughout
ers
Nine
country.
locals
George Masterson
named.
were
suit
of
tem
were
distribution"
manufacturer
and resold
which
under
plumbing supplies
"Both the jobber and the master
with
by the
sold
were
a
charge in connection
distribution of plumbing supplies," the indictment
the sale and
de¬
he
supplies and exacting a charge on each operation, although
The government also
charges that the defendants "conspired" to boycott,
blacklist and refuse to sell supplies to persons who would not agree to
the system; to
plies not sold under the system, and to prevent price competition in the sale [
of
Cotton
objective of
industries
of
test
Standards
the
of
Act
industry
1938
univei'sal
a
engaged
Congressional
to
appoint
of
wage
committee
40 cents
interstate
in
after
it
was
entered
also
the
under
procedure
the%
wages
toward
(Section
hour
an
commerce
increase
On
8-A),"
in the production
or
of
hour
The
of
wage-hour
estimated
an
24,
Oct.
day that
minimum
and
32*4
an
cents
an
hour
estimated annual
the administrator's order was to go into effect,
from 25 cents an hour to 30 cents.
Opp
jumped
intervenors
its
attacked th,e
extra
two-and-one-half cents
raise.
Oct.
on
Court
Appellate
to argue
of the order increasing the
heard
the
$1
for
a
week—based
on
a
case
on
its
pay.
40-hour
V
-r.
weeks
merits several
general counsel of the wage-hour division,
McNulty,
George L.
Circuit Court of Appeals
United
20, 1939, to stay execution
$10,000 each, guaranty
week—to the 175,000 workers.
posted
The
been
practicable."
as
the
for
175,000 workers with
complainants petitioned the Fifth
direct
has
administrator
"soon
as
1939,
of $10,000,000.
pay
same
Mills
Cotton
an
in
the
national
the
direction
order
came
the government's case.
ago.
here
'
plumbing supplies.
local agreements
and the Master Plumbers Association were charged
Lomb Trial
&
Bausch
master plumbers' associations agreed
under which
on
Anti-Trust
Charges Set for
April 29—Company and Officials Plead Not Guilty
only members of local unions to install plumbing, and union locals
to hire
the suit
♦
The plumbers' unions
with
joined
Organization
for establishing minimum
industry committee
an
administrator's
minimum affected
follow
refuse to furnish union labor for handling or installing sup¬
first
the
was
Labor
They
performs no services in connection with the sale."
which
Manufacturers
intervener.
Under
clared, "the master plumber being engaged in both the sale and the installa¬
tion of the said
an
ordered
the
plumber exact
a
goods for interstate commerce.
jobber, resold by the jobber to the master plumber
the
to
by the master plumber to the consumer.
Southern
as
The
charged with conspiring to effect a "restricted sys¬
the south
textile mills of
other
The
all
in
president of the international, is among the individual defendants.
The defendants
fixing
ruling was made in the case of the Opp Cotton Mills of Opp, Ala.,
15
filed.
the
of Washington,
Wage-Hour Administrator
April 2 to the United Press said:
The
"the
jobber associations and one international
six
the
of
minimum wage for employes of the textile
Concerning this decision, New Orleans dispatches
hour
industry.
It
Three trade
order
an
per
Fair
union were indicted, the latter the United Association of
ruling under tlie Wage-Hour Act, the Fifth
Circuit Court of Ajipeals, at New Orleans,
upheld
aside
the National
Radiator, and Henry S. Blank of Dayton, Ohio, president of
girls.
another
States
Co., Henry M. Reed of Ben Avon, Pa., president and chairman of American
Association of Master Plumbers.
that a special master would be appointed to
the employer's wage records as affecting only
or
United
and
The
an
eight
In
Radiator and Standard Sanitary Corpora¬
Co. and the American
Crane &
these
32c.
Among those indicted were the National Association of Master Plumbers
and
Bard announced
examination
Judge
supervise
2191
—Contend
Policies
Aided
Government
Defense
agreed that their members should work only for certain master plumbers'
The master plumbers' associations and unions were
charged with conspir¬
ing to limit the amount of work done by a workman in a day and to increase
the number of journeyman
Jobbers' associations
workers required on
given job.
a
charged with acting to blacklist jobbers who
were
refused to follow the "restricted system of
distribution;" to induce master '
plumbers to boycott the products of manufacturers who refused to sell their
product under this system; and to coerce manufacturers.to sell only to
bers who in turn sell
job¬
only to master plumbers.
Department of Justice officials said the defendants named controlled 80%
business of the United States, and charged that plumbing
of the plumbing
kept higher by 20 to 25%.
costs have been
The indictment named defendants in sixteen
States and the District of
Also named were 120 "co-conspirators."
Columbia.
Bausch & Lomb
The
associations and to withhold union labor from all others.
Optical Co. and affiliated concerns
and officials, indicted Mar. 26 on charges of violating the
Sherman anti-trust and the Wilson tariff acts, pleaded not
guilty in United States District Court in New York, March
29.
April 29 was fixed as a tentative date for the trial. The
indictment was based on an alleged v. secret agreement in
which the Carl Zeiss and Bausch & Lomb allegedly set up
marketing spheres and each agreed not to do business in the
other's territory.
The effect of the alleged agreement, the
indictment charges, was to bar Bausch & Lomb from selling
military optical instruments to Great Britain, France, and
other countries, without specific consent from the German
assistant
attorney
explained
general,
that
"co-con¬
believed to have participated either unwillingly or
persons
are
counsel,
"warning,"
They will not be required to appear in court nor to retain
not.
and the action taken in naming them is intended primarily as a
The charges will be pushed only against those
he said.
designated as "de¬
fendants."
:
The
prepared by Edward P. Hodges, special assistant attorney
case was
general, who has spent eight months in Cleveland with a large
staff.
States
Court
Supreme
Grants
Picket
Case
Written Opinions
Review to A. F. of L. Union—No
States
Supreme
Court
on
order agreeing to consider a
Val¬
ley Farm Products Stores in Chicago.
In reviewing this
case, a Washington dispatch of April 1 to the New York
against an injunction restraining picketing at the Lake
"Times" said:
Circuit
Seventh
secret
Court
of
Appeals
granted
the
issued
statement
a
and three of is officers were charged in the indictment
injunction
the Wilson tariff law as well as the anti-trust law through
agreement made
in
1921
with Carl Zeiss,
German optical cor¬
The indictment alleged that the company, through this agree¬
had
been
prevented from selling military optical supplies outside
the United States and had been able to charge "artificial and unreasonable"
prices for military supplies sold to the American government.
In its statement yesterday the company
with Zeiss not
maintained that its agreement
only had been of "great benefit" to the development of this
country's National defense program but also had placed the company at
a
Zeiss.
competitive disadvantage because of high royalties paid to
The
further asserted that its military division had operated at a net
company
loss
■
against
union, holding that the anti-trust laws had been violated and that no
labor dispute existed within the meaning of the Norris-LaGuardia AntiThe
a
ment,
United
an
with violating
poration.
April 1 handed
protest by the Milk
Wagon Drivers Union of the American Federation of Labor
The
down
Co.
asserting that instead of having monopolized the
American market for optical instruments, the company had
been forced to meet the competition of rival optical firms
which were being aided by Government subsidies.
The
company added that its policies had actually been of great
assistance to the Federal defense program.
The New York
"Herald Tribune" of March 30 continued:
Delivered
-
Lomb
&
March 29
The company
United
Bausch
The
concern.
Arnold,
Thurman
spirators"
during the first
10 years of the agreement and
had since made net
\
profits averaging only 5%.
the
Act.
Injunction
Another
the
court
Board
promised
canceling
Muncie,
the
The
Federation of Labor was granted when
of the National Labor Relations
contract
with
the Serrick
Corp. of
convicted
for
two
action
anti-trust
at
Madison,
Wis., two
for decisions again
sit
court Will
bench
until next Monday, at least, a decision
against major oil companies and
postponing
Government's
years
next Monday and then recess from
to
Credits
Advance
to
Latin
The
Export-Import Bank has agreed to advance nearly
$11,000,000 to aid in financing exports to Latin America,
Jesse Jones,
Federal Loan Administrator announced on
April 4, according to Associated Press advices
ington on Thursday, which added:
ago.
weeks.
Bank
American Countries
order
an
formal orders were issued, the Supreme Court delivered
opinions,
individuals
the
review
closed-shop
a
many
written
in
to
Ind.
Although
no
Export-Import
request of the American
The bank's trustees, he said, have allocated
to Colombia,
from Wash¬
$5,000,000 to finance exports
but details of this arrangement have not yet been
Most of the money, he
completed.
said, probably will be used in the purchase of manu¬
factured goods.
The bank has
Federal Court
Rules Workers Can Sue for Wages Due
Law—Constitutionality of Law
Upheld in Another Decision
Under Wage-Hour
Federal
March
decision
Philadelphia, rendered a
29, holding that an employee may sue his
Judge Guy It. Bard, at
employer for wages due liim under the Fair Labor Stand¬
The decision also granted workers, in such suits,
ards Act.
the
right to
inspect
mine the amount
the
books of the employer, to deter¬
with the qualification that
to
the
facturers
Mr.
an
ruling
was
agent of the
York
New
"Times"
of
to the
records
March
also
said
the
bank
had
000 in financing the sale of American
agreed to
not exceed
participate with
Railway in Brazil.
70% of the cost of the goods to be exported, the
carried by the
General
& Manufacturing Co. up to $4,340,-
machinery and equipment required in
electrification of part of the Sorocabana
The loan will
balance to be
manufacturers.
Jesse H. Jones to Ask Congress to
29, from
made in
a
International
Ladies' Garment Workers Union,
on
underpaid and demanded the wages established for them by the
Law.
Give Finland Author¬
Purposes
Reconstruction
,
Federal Loan Administrator said on April 4
for authority to use part of
$20,000,000 loan by the Export-Import Bank for recon¬
Jesse H. Jonds,
test suit filed on Jan. 23 by Morris Fishman,'
behalf
eight girls employed by Sophie Narcouse, operator of the' French Butt an
Works, at 432-34 Arch Street in this city.
The girls complained that they
and Hours
The loan
.
Jones
ity to Use United States Loan for
of
were
$1,575,000
the balance being supplied by the manu¬
Electric Co. and Westinghouse Electric
Philadelphia, further said:
The
agreed to participate with Inland Steel Co. up to
the sale of steel rails to Central Railways of Brazil.
will not exceed 75% of the credit,
owed to them,
plaintiffs must restrict their examination
pertaining to themselves.
Advices
in financing
•'-.<<
Wages
that he would ask Congress soon
a
struction purposes
from
Washington
to say:
.
in Finland said Associated Press advices
April 4, which also had the following
on
The Commercial
2192
\
& Financial Chronicle
the end of the Finnish-Russian war, was
The loan, made shortly before
Senator
$20,000,000
allowed to use at least part of the
be
for reconstruction purposes.
Mr. Jones said it was a
testimony before committees
finance exports.
For this reason, he said,
used to
to
of
and possible revision of
for reexamination
movement
for the
Tydings-McDuffie Act providing independence
the
30
President
when
in Manila on
was indicated
Manuel Quezon,
1940
in
Islands
Philippine
March
of law students, said that "theoretically" he favored
review of the question of Philippine independence.
Presi¬
a
follows:
patches of March 30 from Manila as
an
that
held
he
solution of the question would be
great hope that a new
no
forthcoming.
"I
Japan
and
Independence Act," he said.
States would agree to continuance of American
other than that of the
not believe that the United
under conditions acceptable to the Philippines.
(Under the
Tydings-McDuffie Act the Philippines are to become independent in 1946.)
He expressed doubt tliat the United States \vould consider retaining
the islands under the American flag for a period An which they would
sovereignty
threats
of
Quezon
Within
United States were
present economic relations with the
untenable and injurious to the Philippines."
he said, needed the right to make trade agreements
other nations, but he declared that this was impossible until the
The
with
Philippines,
tariffs
high
in
market
American
the
protecting
Philippines
the
were
lowered.
the
Although
said
islands
26 years
"after
unable to protect themselves at present,
are
he
UnitedfStates Refuses to Recognize Japanese-Sponsored Regime in China—Secretary Hull Says
Chungking Government Is Still Supported by
Majority of Chinese People
statement issued
on March 30, which omitted direct mention of Japan, said
that the United States will refuse to recognize the Japa-'
State Cordell Hull, in a
of
Secretary
nese-sponsored regime in China, headed by former Chinese
Premier Wang Ching-Wei, which was proclaimed at Nan¬
king on March 30.
The statement assailed the use of
armed force by one country "to impose its will upon a
neighboring country and to block off a large area of the
from normal political and economic relationships
with the rest of the world."
The position taken by Mr.
Hull, who said that the United States will continue to deal
world
with the Chinese Government
congressional
general
won
the United
installed at Chungking,
now
Mr.
support.
Hull
that
said
States has ample reason for believing that the
Chungking Government of
General Chiang Kai-Shek "still
support of the great majority of the
Mr. Hull said, in full:
has the allegiance and
Chinese
people."
the
In
light
of
happened
has
what
in
various
China
of
parts
6ince
1931, the setting up of a new regime at Nanking has the appearance of a
further
in a program of one country by armed force to impose its
neighboring country and to block off a large area of the world
step
will upon a
from
normal
world.
V :'
The
political
v
,
outside
an
relationships
with
'■ i
developments
regimes and
economic
and
,
there
be
to
appear
following
systems which have been set up in
Power
which
and
in
their
the
the
of
rest
>
r; .r.
the pattern of
' T
,
.
other
China under the aegis of
functioning
especially
the
favor
of
French,
been
have
Chinese
and three
walls of Nanking,
guerrillas, loosened
coaches of
a
foreign correspond¬
Japanese
the city.
Only a few Chinese passengers were injured.
summoned to the scene failed to find any guerrillas.
to
In
unidentified
rails which
Japanese-operated train
regime officials, Japanese supporters and
new
ents
Soviet
and
,-T^
Japanese-guarded
the
to
British
Generalissimo Chiang Kai-Shek's
by all countries except Japan as the sole legal
locomotive
the
bearing
broadcast
a
Government President,
the Nationalist
Chungking,
from
declared that he (Lin)
the entire nation to "fight to the end
China's liberty, sovereignty and territorial integrity."
He appealed
the world to continue supporting China, which would "live on despite
Lin
and
for
bitterly denounced Wang Ching-wei and
Sen,
Kai-shek would lead
Chiang
the
Japanese and their puppets."
.
Chungking's feeling against the Nanking regime was
outdoor
effigies of
wooden
which
during
meeting,
■■V;':;-War
,
expressed in a huge
Wang and his wife
' v.;
'■
burned.
were
"V
''7
-
♦
..
t
Department Informs 175 Aircraft Manufacturers
They May Defer Delivery of Planes to United States
and Speed Contracts with Allies—Must Promise
Later Production of Superior Planes
Department on March 30 sent letters to 175
of airplanes and airplane parts, informing
them that in the future they may defer deliveries on planes
The
War
manufacturers
provided they could assure
furnish it with superior air¬
This statement paved the way for the placing
for
contracted
craft later.
the Army,
by
they would
Government
the
large Franco-British orders for planes in this country,
with
^
American,
where
Chungking,
with
.7
■.
China.
in
believed
persons,
of
will be prepared to repel foreign aggression."
we
in
countries,
two
the
The
ceremonies.
recognized
sight
overturned
said.
He asserted that
the
were
the
development of China's resources
* 7~r'» .••• • , V
foreign nation sent diplomatic repre¬
in
/"'V
i
exception of Japan, no
Government
were
"unfair,
>
to
between
relationship
dominant role
a
Government is
from
aggression
the
sentatives
aggression and then grant independence, once
removed.
"Despite the danger of aggression, I still insist on independence," Mr.
protection
require
playing
Ambassadors
to
Philippine question
He added that he did
sincerely that there is a solution of the
believe
the
economic
new
industry.
With
.1,',,^/
the backing of the Japanese Army, is dedicated
33-month war between Japan and China and to
with
end
to
a
soldiers
question of Philippine independence, but indicated
address to students of the University of the Philippines Law School
the
of
,
"theoretically" he favored
Quezon said tonight that
President Manuel L.
reexamination
in
dis¬
remarks were reported in United Press
dent Quezon's
Japan.
.
effort
an
addressing a
group
and
8tates
regime,
new
establish
A
United
in part:
The
Question
of
Philippine
Independence
Favored by President Quezon—Wants Permission
to Conclude Separate Trade Pacts
Republican as well as Democratic members.
of Utah, suggested that Mr. Hull's statement
spearhead of a drive to break off diplomatic relations,
Associated Press advices of March 31 from Nanking said,
thought it best to take the matter up with Congress.
Review
Pittman
Chairman
relations group, and further praise
the foreign
of
by
(Democrat)
the
the
April 6. 1940
approved
instantly
was
from
King
as
between
question whether permission of Congress was neces¬
that the money was to be
he
used
but he had made it "pretty clear" in
sary,
of Nevada,
yesterday
came
Finland has notified
Since the end of the war, Mr. Jones told reporters.
the bank that it hopes to be
declaration
Hull's
(Democrat)
non-military purchases in this country.
to finance
Mr.
-
outlay of $1,000,000,000.
estimated
an
Discussion re¬
garding sales of planes to warring Powers was contained
in our issue of March 30, pages 2021-22.
A Washington
dispatch of March 30 to the New York "Herald Tribune"
added the following details:
;
The
new
Wednesday
would
it
policy—which won approval of the House Military Committee
Harry II. Woodring, Secretary of War, explained that
after
States defense because
help, not hinder, United
it would further
speed expansion of the production capacity of the American aircraft indus¬
try—is
expected
Britain
and
had
been
the
Under
already
result
to
in
for Army
France
orders
policy
new
manufacturers
by the Army
for
contracted
estimated
is
$1,000,000,000
from Great
which
can
defer
they obtain
if
deliveries of planes
consent of the War
77:7
Department.
It
totaling
and Navy planes, the exportation of
barred.
that
some
airplanes being built for the Army will
800
governments, and that an even
supply will be available
later.
In his letter the Assistant Secretary of War explained that the
manufacturer would be authorized to begin negotiations with Major-General
released
be
for
number planned
greater
by the
purchase
for
foreign
the Army's
reserve
"agreement to
contracts."
:
V
'Mr. Johnson said that he did not expect any delay in the working out
of the "switching" of the contracts because aircraft manufacturers had
expressed a willingness to cooperate.
Emphasis was placed on this coopera¬
tion also by Army officers and Secretary Woodring in testimony before
the House committee.
' 7
\ 7
•' V ' ■
"We simply want to get it going," said Mr. Johnson.
"The Air Corps
personnel here and at Wright Field, Ohio, has already studied the matter,
and now is ready to talk over the question with the industry."
The new policy has resulted in a Congress move to cut the War Depart¬
ment's appropriations for 1941 by approximately
$50,000,000, agreement
to trim the bill having been reached by members of the Military Subcom¬
mittee of the House Appropriations Committee, which expects to report
the Army bill next week.
President Roosevelt had budgeted it at $683,•
H.
H.
Arnold, Chief of the Army Air Corps, looking to an
charged orders
accept
Interests of that outside Power and deny to nationals of the United States
and other third countries enjoyment of long-established rights of equal
posed
existing
War
Department
543,722.
and
on
fair
The
treatment
Government
officials
of
political
with
which
that
outside
independence
the
diplomatic,
To
Nanking do not
of
of
affairs
in
Government
attended
United
has
their
freedom
consistent
the
States
that
the
of
have
seem
attitude
instiument
Power
this
which
United
and
development
demonstrated.
The
the
of
legally and justly
are
country
the
of
East
the
the
statements
intends to
other
Asia
this
an
toward
up
of
of
and
intention
the
high
the
respect
country,
circumstances, both
setting
with such
States
theirs.
noted
that
will
be
made
clear
planes
were
as
an
numerous
occasions.
That
attitude
and
position
remain
that
Chairman
The
that
of
by
1941,
in
a
favor
Tim
Government
years
did
other
China.
The
still
and
to
ago
makes
and
the
full reservation of this country's rights
existing treaties and agreements.
Government
the
Government
had
Chinese
law
governments,
that
tinues
again
international
believing
the
of
that
has
people.
of
National
the
Government,
the
Government
United
with
United
States
capital
States
of
has
now
the
recognized,
Republic
ample
Chungking,
at
has
allegiance and support of the great majority of
'The Government of the United States of course 'con¬
of
the
Senate
Foreign
Administration's
Government
reprisals
goal
of
,
be saved
$17,000,000
to
as
a
in
"educational"
result of the expansion
or
.
"sample"
orders
of plants.
f
as
the
Government
but displayed
against
Japan.
6
Relations
non-recognition
caution
.
.
.
Committee
of
the
toward proposals
of
China.
agreed
new
'
'
f.
last night
puppet
for American
Chinese
economic
.
••
'
'
•»
.-
&
'•
,
Secretary of State Cordell Hull, at his press conference
for
the
recognize that Government
Members
the
Army's
Secretary Hull Sees No Damage to United States Trade
Position from Drop in Sterling Rate
of
reason
We also quote from United Press Washington advices of
March 31:
with
the
♦
Twelve
ai
postpone
of
unchanged.
under
to
of the Allied purchase of planes
"reserve" of 1,700 or 2,000 craft, has been
by
$16,000,000
could
Administration
the
July,
intended to form
Representative J. Buell Snyder, Democrat of Pennsylvania,
the Appropriations Subcommittee.
V
purchase plan also has led members of the subcommittee to conclude
approved
force
national
on
decision
The
5,600
policy is well known.
Its attitude and position
regard to various aspects of the situation in the Far East have been
with
estimated
which
at
Army
bill.
regime
armed
of
ing
Corps.
proposed release of Army contracts
had
sion
in the $182,000,000 pro¬
officers testifying in justification
to the Allied purchasing mis¬
$27,000,000 could be eliminated from the pend¬
major reduction is said to be $30,000,000
for the Army Air
the
military and
new
intention.
use
The
of
April 1, expressed the view that the decline in the British
pound sterling had not placed the United States at any
serious disadvantage in
the competitive trade situation.
He Indicated that such questions are, however, being dis¬
cussed
by French and British experts, who are conferring
Washington with Government officials.
He called atten¬
tion to the fact that in recent months United States exports
in
to
the
United
Kingdom have
been
increasing much
more
sharply than imports from that country, adding that when
there were so many abnormal factors in the commercial
Volume
The Commercial & Financial Chronicle
150
and financial field due to the
and
war
Davidson
Mr.
conditions, rules
war
apply definitely and uniformly were neutralized
by many other factors.
United
States
Moral
Maintain
to
.
Embargo
Against
;:;y;;V
Russia -A;-..7 ■> .»
; ;';v •
ASecretary of State Cordell Hull said on April 2 that the
United States is maintaining its "moral embargo" against
Russia on the export of airplanes and patented processes for
producing aviation gasoline, notwithstanding the term¬
ination of the Soviet-Finnish war.: A Washington dispatch^
to the New York "Times" under date of April 2 said in part:
7;'A
A
vt
t
The statement
made in response to
was
after he had conferred for
Oumansky,
the
questions at his press conference
hour and five minutes with Constantino A.
one
other country affected by its terms.
1
"But," he said, "the worker was paid 12% more in
he could produce with an hour's labor 20%
more
than in 1921.
The entrepreneur consequently had
lower labor costs in spite of higher wage rates per hour."
An announcement bearing on the study further said:
A
V In
it
of
and
goods with an hour's labor, so that labor costs per unit of out¬
a
.
costs, .Mr. Davidson pointed out that the first step was to sub¬
material costs from the value of manufactured products, which
raw
a
taken
from the Biennial
number
of
replied that he had nothing
take
wages
was
new on
that subject at this time.
Notwithstanding the attention focused
on
was
directed primarily to trade
countries because of Russia's desire to
States.
!■ AAA'
■
Russia, it
kept
open
V:;;,-/"''v/''.7
was
was
.
A-A
:7
-
the
than
for any
labor
that
in the 1920's except 1929.
year
efficiency
increases
;7A :7,7t7 AA7';7
Secretary
there may be freedom of movement of goods, especially tin
so
lower
fact
capacity.",
A7—;A 7".
.
The next step
he said was to
paid in manufacturing and then calculate the percentage of
paid to the value added by manufacture.
of
:■
aa
production
This is due to
nearer
to
rises
777 A.7' A'' '7A,a7'
•'
v.
A 77 A'
pointed out in these circles, wants the American market
7Ay';,7-.. A7A A7.A
and other essential materials.
It
been
relations between the two
purchase more supplies in the United
AA:'-'
statistical table.
in his
years
Census of Manufactures
"During the last few months," declared Mr. Davidson, "labor costs have
questions at the press conference, the belief in diplomatic circles was that
the conversation
all
wages
the moral embargo through
"value added by manufacture."
This fix¬
was presented for a
profit called the
gross
ture
thought
and the decline in manufactured goods prices has been
corresponding decline in raw materials costs.
In indicating how to find a true measure of labor cbsts that takes into
consideration changes in labor productivity, finished goods prices and raw
by
being given to modifying the embargo against
Russia because of the cessation of hostilities with Finland, Secretary Hull
Asked if any
in wholesale manufactured goods prices, the use
machinery has enabled the manufacturing industry to turn out
more
gives
;*A-
fall of 15%
have declined,
offset
have been reduced by
that profits
a
modern
30%
put
Davidson stated that while
the rise of 23% in wage
discussing the last ten year period, Mr.
appeared
rates,
tract
Japan is the only
/
statistical table that
a
because
material
The embargo was in effect against
Soviet Ambassador.
Nation that incurred the penalty, Mr. Hull stated.
every
out from
from 52.4 cents an hour in 1921 to 59 cents
in 1929.
1929
'
pointed
wage rates rose
that might
2193
Wallace
Agriculture
Opposes
Patman
Chain Store Tax Bill—Merchants Association Asks
;
felt, however, that trade relations could not have consumed the
A
Defeat of Bill
y
full hour given to serious discussion so it was assumed that other questions
touched upon.
were
to
stop American
materials from reaching Germany
war
and there is also the Far Eastern situation
7
through Siberia
letter
AprD 3, to John W. McCormack, Chairman
on
the
A. Wallace declared he is
opposed to the measure to place
individual units of chain store systems.
He said that the bill would drive out of business the larger
interstate systems of chain stores and that probably many
of the smaller chains would also find it impossible to operate
-
Tie "moral embargo" was
a
House Ways and Means subcommittee, considering
the Patman Chain Store Bill, Secretary of Agriculture Henry
of
the Pacific
generally in which both countries
deeply interested.1
are
In
There is the prospect that
The field is fairly large.
Britain may apply severe contraband control arrangements in
graduated taxes
previously referred to in
our
issue of Dec. 23, 1939, page 3951.
on
under these added taxes.
FHLBB
Reports Home Mortgages Recorded otv Non19% Above
Farm Properties in February Increased
Year
Ago
to
.$253,646,000, an increase of 19% over February a year
ago, it was reported today by economists of the Federal
Home Loan Bank Board.
Savings and loan associations
accounted for approximately one-third of this home-financing
activity, maintaining their leadership as the largest single
group of home mortgage lenders.
The announcement further
said
Despite unfavorable weather conditions, the volume of mortgage record¬
was
below January, as compared with a
but 2%
10%
January-February period in 1939., The Board's economists
pointed out that only savings and loan associations increased their mortgages
in
February
as
compared with January, all other groups showing a small
The distribution of recordings by
lenders in February and the per cent
Change from January and February, 1939, are shown below:
A
Type of Lender
\
*
.A
methods of food distribution.
Savings and loan associations
Banks and trust companies
$77,211,000
61,691,000
44,714,000
21,376,000
9,485,000
39,169,000
_
.AwWwAA
Individuals..
.
Insurance companies...
M utual savings banks
wiw.
A.,.
Others
Total
Feb., 1939
January
Volume
7 +3-0 A-
+ 26.4
7
—5.8
—4.4
A,A -3.1 A'
—5.5
—0.2
+9.8
+ 15.9
+ 17.2
77- +28.2 A
+ 23.7
in
costs
advertising
page
■7AA7AAv'
Memphis Selected
as
>
XII.
•
7.
,7^'■■■].7/7:7;'77; A7AA;,''77A
brief for any particular type
but it does believe that greater efficiency and lower
the marketing
of farm products are of great importance to the
well aware of the "dangers"
••
7-7 AAA;
-+»
j
First Test City for Cotton Stamp
any
other commodity, Mr. Wallace continued: "Certainly
should be possible to
and
favor of any such
"However,
economies
regulation.
-
a/'1''" y '7'
'A/A'
advertising
page
X.
♦
Credit for Wage Rates Being 23% Above 1929 Should
Be Given to Manufacturers, According to Clinton
j
which have been brought about
by chain store distribution in
part:
:
The loss of their present employment for over a
would
million employees
receiving more than $1,200,000,000 annually in wages;
(2) The disruption of the orderly markets now available for large pro¬
portion of the national production of food and merchandise which is dis¬
tributed by chain stores;
3. The loss to State and local governments of taxes totaling $225,000,000
annually, and the loss of an unknown amount of Federal taxes on chain
store enterprises; and
(4) The loss by the customers of chain stores, a vast majority of whom
.
.
.
of relatively small income, of the opportunity to purchase
goods at prices 10 to 15% lower than in competitive retail establishments.
This would mean penalizing an entire community in favor of less skillful
management, small scale purchasing and other disadvantages which in¬
efficient retailers necessarily have in competition with chain stores.
persons
The argument
that the chain stores are a detriment to the community
withdrawal of profits, failure to pay local
local taxes and lack of interest in
Equipment Productivity Have Permitted Wage
ticularly as justification
The credit for
profits being earned by American industry
today—they are as good as in the years of comparable busi¬
ness activity in the 1920's—should
be given the manufac¬
turer, not President
Clinton
Roosevelt and the New Deal, according
Davidson
Jr.
economist for William IL
Combs
New York Stock Exchange.
Mr.
Davidson presented a paper, "The Myth of Profitless Pros¬
perity," for discussion by Dr. Wilfred I. King, Dr. Ernest
M. Patterson, George B. Roberts, Murray Shields, and mem¬
bers of the Tuesday Forum, Inc., at the regular weekly dis¬
Co.,
members
cussion
said:
Wage rates
of
of the
luncheon
Davidson
the
•
held
March 26
■:7-Ar
New York
in
7A.
:
A3:
-A
•
V '
City.
Mr.
333-'y
have risen and finished goods prices have declined not be¬
of labor unions and the labor legislation of the
activities
machinery has increased
labor productivity and capital equipment productivity enough to permit
manufacturers to grant these wage increases without sacrificing any profits.
President Roosevelt cannot claim credit for wage rates being 23% above
Deal,
but rather because the use of modern
those of 1929.
the
on
.
this bill or any other substantially similar measure
chain stores.
New
interest."
announced
because of absentee ownership,
Increases
cause
A7/Af
before the subcommittee
of the House Ways and Means Committee, which is now
holding hearings on the Patman Chain Store Tax Bill, it had
filed with the leaders of the House of Representatives, with
all of the New York City Representatives and all the mem¬
bers of the Ways and Means Committee a memorandum
urging the rejection of the bill. This memorandum read, in
tal
to
"-'A
certain practices which may not be in the public
Davidson—Increased Labor Productivity and Capi¬
&
7
think it would be unwise and unnecessary to give up the
we
The Merchants' Association of New York
are
See
it
provide suitable regulations which will prevent abuses
by chain stores.
This department would be in
dishonest practices
.
Program
•
handlers
associated with the growth of large corporations, whether they be
qr
7
7
\-
involve:-A-Ai'-'a77,,7:AAA7A A-AA7A7AV a7 -A 7 7/777/''\:A A71,77A7,;A
Newark, N. J., Selected for Food Stamp Plan Operation
See
no
After acknowledging that the department was
1.
•
holds
farmer and the consuming public."
The passage of
+ 19.0
—2.0
$253,646,000
■
"The Department of Agriculture
of food distributor,
March 30 that in lieu of appearance
Change from Change from
February
>
development of Integrated mass
omies into the marketing system by the
order to prevent
decline.
;
cated that the food chains have been able to Introduce a number of econ¬
of food
,
decline in the
Press advices from Washington on April 3
other of Mr. Wallace's comments in part as follows:
Associated
"Studies of the Federal Trade Commission and other agencies have indi¬
Home mortgages recorded by all types of lenders on nonfarm properties in February numbered 94,251 and amounted
ings in February
-
gave
The credit belongs to the
manufacturers who have increased
productivity of labor about 30% during the last ten
slightly greater than the increase from 1919 to 1929,
years,
which is
While
it
has
been
civic affairs, will not stand analysis, par¬
for the passage of national legislation affecting
A,AA
argued that independent
retailers cannot compete
effectively with chain stores, certainly the case is not
warrant the passage
store
companies.
sufficiently strong to
of chain
of evidence,
of legislation designed to force the dissolution
On the contrary, there is a large amount
the Department of Commerce and the Federal
Commission, which indicate that well-managed independent retail
including some studies by
Trade
stores can
branches of chain stores. To ask for
competition is to ask for protection of local
compete successfully with
protection from chain store
monopoly for the independent
Senator
,
Barkley
retailers.
Expects
Congress
Adjournment
by
June 1—Majority Leader Makes Prediction After
White
House
Conference—Views
on
Further
Legislative Action
^
A
A
Congress may adjourn
by June 1 were expressed April 1 by Senator Alben W.
Barclay, majority leader of the Senate, after a legislative
conference of congressional leaders at the White House.
He told reporters that the President's legislative program
for the rest of the session was already in the hands of
Hopes that the present session of
The Commercial & FinafiEial Chronicle
2194
Congress, and indicated that in his opinion Congress might
even adjourn before the end of May.
His views were sec¬
onded
by Representative Sam Rayburn, majority leader of
Senator Barkley said that the Administration's
the House.
recommendation for the relief bill is not
$1,100,000,000,
relief
in
York
Washington advices
in
extension bill,
Asked
when
Barkley
made
avoided
It
the
question
Extraneous
has
be
will
already
the
Another
is
its
been
passed
be
held
would
will
have
tire
long-winded
a
Congress adjourns
Ire
to
taken
and
House,
fili¬
the less the
by the Senate.
up
Senate
a
his
be
to
will
attempt
every
precipitate
sooner
by
that
it
has
committee
bill
the
which
for
June
July
pending
now
Act.
Administration
would
like
amend
the
Wagner
passed by the House the
pressure
the
in
Once
it is
House
to
side¬
to
in the Senate may be averted by early adjournment.
ending this
incidence of
for
In his
the
24
at
session
national
is
forward this year because
Republican convention
set
Philadelphia,
while the Democratic convention
will
in Chicago.
15
letter, Mr. Rea
of investment and to continue the problem of unemployment.
utable to
such
McC.
Martin—Tells
that
merce
Policy
of Com¬
Information for
Complete
York
indicate to
cases
the securities business enables
that
me
review is essential.
a
point out defects which have appeared
to
us
in those statutes and their administration.
It
to me of the utmost
seems
before
which
affected
all
interests
importance that some forum be established
me
It
to
seems
believe that
I
groups
are
considerable variation in
Congressional committee is
a
and to weigh the evidence and the
of the utmost importance that the review
me
thorough and impartial.
different
many
expect
may
the appropriate body to hear all groups
suggestions.
So
appear.
may
by this legislation that
the comment and criticism.
We
today suffering from the effects of
are
hasty and perhaps intemperate legislation.
The mistakes of undue haste
and bias should be avoided in any review of the legislation as they are not,
I believe, in its proposal.
The tentative draft of the resolution offered
by the Curb
Exchange President follows:
Whereas, the Securities Act of 1933
approved by the President of the
was
May 27, 1933, and
on
Whereas, the Securities Exchange Act of 1934
June 6, 1934, and
likewise approved
was
on
'' ;: ,V;':
-
Whereas, since these Acts became effective the amount of securities issued
for
the
has
New
many
restriction attrib¬
or
of developing and constructing
purpose
industries
new
and
new
enterprises or for the expansion of established industries and enterprises
Investors Is Preferable
The
and revision, but
delay, expense
The experience accumulated during the last six years by those engaged in
Chamber
Buffalo
of
amendment
legislation^--The volume of suggestions and more partic¬
ularly the volume of such
United States
r~;:.
'
legislation has tended to block the normal
Some make specific suggestions for
'
•
says:
others merely cite cases of unnecessary
New York Stock
Exchange Suffer* from Philosophy of
Government "Paternalism," According to William
are
•..
the belief that the securities
me
The
conventions.
revisions to the Acts
or
'
Many with whom I have talked, both here and in Washington, share with'
be
measure
deadline
the
is set
has
The
bill
counter-question
laughing
a
it.
controversial
the
passage
The
of
with
which
the
National Labor Relations
for
after which a couple of appropriation
information
bill,
that
favorably reported
track
other this
or
anti-lynching bill would come up, Senator
by Southern Democrats.
likelihood
form
some
what amendments
on
processes
be passed in
will
controversial
sidetrack
to
buster
to
already passed the House will Ire ready for Senate action.
the
interrogator.
1
before the Senate, the reciprocal
bill
week, according to Senator Barkley,
bills which have
April
of
"Herald Tribune":
prospects are that the present
trade agreements
House"
desirable.
His additional remarks were
budget.
follows
as
New
The
if they are in favor to join in urging the passage in
Congress of such a resolution which would authorize the
committee to "take testimony, investigate and report to the
and
$100,000,000 above the amount allotted to
or
the Federal
reported
the
expected to exceed
April 6, 1940
Stock
substantially decreased as against the amount of securities thus sold
Exchange is "going to go steadily
along the unsound lines of paternal¬
ism," William McC. Martin Jr., President of the Exchange,
expansion of established industries and enterprises
said
ration of work to those now unemployed;
down"
during the ten years preceding the adoption of these Acts, and
if "we proceed
March 21) in
on
address before
an
luncheon meeting
a
Whereas, the development of
Buffalo, N. Y.
Mr. Martin
facing the Exchange arise
philosophies, one of which advocates
said that many of the difficulties
from
conflict of two
a
governmental and exchange paternalism and the other "dis¬
closure."
He said the Exchange endorses the second
phi¬
losophy, which he asserted would enable the public to exer¬
cise independent judgment on the basis of
complete and
authentic information.
New
the
York
A
Buffalo dispatch of March 29 to
"Herald
Tribune"
Mr.
quoted
Martin
as
follows:
Resolved,
said,
and
other
the
band,
Securities
broader
however,
and
and
The
Exchange
has
lie
was
set
abuses,
but
also
further
the
achievements
this
time
will
"The
Act
the
they
as
they
the
What effect,
1.
Securities
Mr.
Martin
repealed.
On
and
in
us
the
developing
a
to
securities
"not
only
markets
1935
were
Exchange Act of 1934,
the
Wise
Commission
markets
are
policy at
in
not
purpose
of
need
of
eliminating abuses
conduct of these businesses.
"It
ment,
two
and
Stock
This
our
Exchange Commission have had
2.
What amendments
order to carry out more
burdens of
Exchange
philosophy,
in
of
is
my
to
difficulties
"The
flow
from
public
philosophy,
should
be
to
which
supplied
with
the
"If
of
judgment,
is
basically
wrong,"
we
adhere,"
complete
and
he
free
the
markets
continued,
authentic
Stock
Exchange and
"If
we
proceed
"is
that
a
tendency
for
the
securities
see
markets
along the unsound lines
of
bright
a
generally,"
paternalism,
going to
Head
hands, there is going to be less and less freedom
Exchange, with all that it represents in our free economy,
Stock
go
steadily downward."
N.
Inquiry
Letter
to
Y.
Curb
^
Exchange
Urges
Congressional
into
Effect
of
Securities
Acts—Sends
22 Other
Exchanges, Asking Support for
April 2 that he had sent letters to the heads of
22 securities
exchanges throughout the country, urging
support for a Congressional review of the operations of the
on
Securities Act of 1933 and the Securities
Exchange Act of
1934.
Mr. Rea offered a resolution which would have
the
House Committee on Interstate and
Foreign Commerce
determine what effect these measures and their
administra¬
ployment,
and
on
the flow of
on
the
of any
In
failure of
capital into industry,
on
general economic condition
exchange presidents are asked in the letter
known their opinions on the
desirability of such
or
without the
hold
District
ol^
has adjourned or is in recess;
by
within
the
any person
amount
appropriated
designated by him.
witness to comply with
any
therefor.
The provisions
any
subpoena
or
to testify
authority of this resolution.
a
recent speech, reported in our issue of March 23,
1864, Mr. Rea expressed his views on securities legisla¬
of
Stock
Boston
Exchange Protests to SEC
Adopted by New York Ex¬
Regulations
Against
change—Appeals
on
Curb
Members in Other
also Opposed
on
Markets—Massachusetts Governor
Securities
The
and
Commission on March 29
of the Boston Stock
Exchange
received from John E. Yerxa, President
Exchange,
protest claiming "discriminatory and
a
sive" action by the
oppres¬
New York Stock Exchange in restricting
rights of members on out-of-town securities ex¬
He described as "inconsistent with the declared
purpose of Congress" the recent action of the New York
Stock Exchange "designed to stop any member who is also
a
member of another exchange from acting as a dealer on
trading
the
other
Mr.
of
em¬
the
a
review
United
to
Yerxa's
tfny
protest
States
letter,
security traded
made, in a
both
on
ex¬
letter dated
was
of Massachusetts Horace T.
Senator
sent
summarized
was
man,
Henry
Cabot
Lodge
Jr.
Jerome N. Frank, SEC Chair¬
follows in Associated Press Bos¬
to
as
advices of March 29:
ton
accomplish
Exchange,
Mr.
Constitution
dealer
the
limitation
new
Yerxa
which
activities
contended,
has
outside
New
of
had
bf
York
trading
invoked
heretofore
never
been
rights,
"old
an
treated
City."
the
New
provision
as
York
of
its
applicable
to
Local
exchanges such as
Boston, Philadelphia, Chicago and San Francisco, he pointed out, long had
dealt in
and
well-known
traded
were
also sold
securities
other
in
on
stocks,
the New
he
said,
York market.
were
listed
in
American
Boston
Telephone
before
they
York.
New
Forcing local firms holding membership in both the New York and local
exchanges
to
traded
justify"
given
another
of
then
the
give
up
both
on
from
By Act
make
similar
21 by Acting Governor
continue
to
in
exchange
A
changes.
ties
Nation.
The
advisable
when summoned under
To
George P. Rea, President of the New York Curb Exchange,
tion have had
or
of sections 102 to 104, inclusive, of the Revised Statutes shall apply in case
April
Economic Survey
revealed
deems
it
as
Caliill
of
as
deem desirable.
changes.
holding the public's
the
may
Subpoenas shall be issued under the signature of the chairman of the com¬
and
information
and
said.
Congress such changes
in the administration thereof and shall
or
they
Mr.
Exchange by the
Exchange. Act.
Unfortunately, there is
forget this philosophy.
proceed along the sound lines of full disclosure, I can
for
or to
tion.
quarters to
Martin
and
is
Securities
we
future
Mr.
tures
itself, would be expected to protect
the exercise of their own independent
which to base its independent judgment.
This is the philosophy of
disclosure; it is the philosophy which was reflected in the Securities Act
many
the
to
and documents; to administer oaths; to take
papers
mittee and shall be served
page
upon
in
remove un¬
be found to exist;
may
renewed flow of idle capital into constructive enterprise.
a
production of books,
conflict
philosophies
the flow of capital, would destroy our
end, result in the operation of the Stock
other
delay which
expense or
acquire by subpoena or otherwise the attendance of witnesses and the
Govern¬
these
Government.
and
to
a
of
up
the
revisions, if any, are desirable to said Acts in
or
they deem desirable in said Acts
Head
dam
in
retarding the flow
or
effectively the intent of Congress; to
recommend such legislation as
dangerous
a
increasing
upon
The said Committee shall recommend
philosophy which, if applied, would discourage the
taking which is essential to progress.
Its rigorous application would
would,
the
bring about
the
one
said.
"It
tend
the
Under
the
regulations and
■
;
of
many
from the consequences
judgment.
Martin
that
me
philosophies.
even
individuals
risk
to
seems
amended,
as
the general economic condition of the country.
Columbia whether the House is in session
to
preserve, develop and
sustain the business affected.
There was
nothing inherent in any of these Acts, to my
knowledge, that made it the
task of the Commission to
handicap or interfere in anv way with the
between
1933,
the rules,
testimony, to have printing and binding done; and to make such expendi¬
but
proper
follows;
of
amended,
as
hearings and to sit and act anywhere within
thus
of nourishment.
for
as
Act
Securities
eliminate
to
passed not only
Interstate and Foreign Commerce take
on
the
and
to
develop
me," Mr. Martin said, "that the Securities
1933, the Securities Exchange Act of 1934, and the Public
Utility
of
if any,
The Committee, or any sub-committee thereof, shall have power to
said,
help
essential to the resto¬
of capital into industry; upon increasing or decreasing employment and upon
the
of
functions
proper
enterprises and the
new
are
forms prescribed thereunder and the administration thereof by the Securities
market."
citizens.
are
be
"assist*
to
Martin
honest
that
much
so
is
cooperation,
of
of
one
Mr.
produce prosperity,
that
securities
up,
implication is clear
of
Act
by wise
recognize
policing nearly
that
Commission
serviceable
more
Commission
desire
no
said
Exchange
not
that the Committee
testimony, investigate and report to the House
necessary
Repeal of the securities laws would
industries and
It
Be
of the Chamber of Commerce at
new
"the
all dealer activities on the local markets in securi¬
Mr. Yerxa said, "appears impossible to
exchanges,
viewpoint
Congress
existing
right
to
in
of public interest."
1936,
trading
extend
exchange whenever,
he
wrote,
privileges.
"exchanges
In
were
addition,
permitted
exchanges
to
were
trading privileges to any security listed on
by reason of local distribution, local trading
Volume
The Commercial & Financial Chronicle
ISO
that a local
otherwise, the Commission was of the opinion
was appropriate in the public interest."
activity and
argued that the congressional action was designed to create a fair
competition and allow development of markets consistent with
He
field
of
the
public
"given effect" to the congressional
Mr. Yerxa said.
He held the New York Exchange had not opposed
of local secondary markets in securities listed in New York.
statistics to show that among the score of exchanges in the
purpose,
share-volume
total
78.7%
to
in
Exchange's
of
viewpoint
the
from
interest."
own
described in
was
justified
1929
.
.
York
\
.
issue of March 2, page
our
of the New
had established within
The
previous day M. S. Szymczak, member of the Board
of the Federal Reserve System, warned the
against too free use of lending facilities by commer¬
Governors
of
members
cial
Advices to the
banks.
from White
Sulphur Springs
New York "Herald
for
the
in the history of banking as the cause
activity of commercial banks in the small loan business.
greater
finance departments
personal
Tribune"
March 29 added:
on
The $5,500,000,000 of excess surplus in
1351.
Ameri¬
the last year a consumer
credit division financed by a $250,000 fund.
He cited the greatest excess reserves
Stock Exchange referred to
action of the New York
The
and 60.5% in
1928
in
Yerxa declared himself "at a loss to understand
be
can
65.4%
from
trading
Mr.
1939,
action
this
how
York Exchange had increased its percentage of the
the New
States
Company, president of the
Trust
said in presenting the proposal that consolidation
Association
Bankers
can
cited
United
The plan must be
Bankers Association at its annual meeting in April.
Cravens of the Cleveland
R.
Consumer Credit group,
maintenance
He
adopted the proposal with cheers.
convention
Kenton
would eliminate duplication of activities by the two groups since the
interest.
subsequent decisions the SEC had
In
The
ratified by the American
market
exchange
2195
banks today tempted banks to
outlets for extra money,
as
use
Mr.
he said.
Szymczak warned, however, that such consumer credit services may be a
Begins Drive
to Defend American
Industry Against Demagogic
Detractors—H. W. Prentiss Jr. in Radio Address
and
Manufacturers
of
Association
National
Statement
Supplementary
Outlines Aims of
Jr., President of the National Association
W. Prentiss
Manufacturers,
of
March
31,
urged
to
volunteer
of
and
in
nation-wide radio address 011
industrialist in the United States
drive to achieve a better understanding
in
a
finance companies, operating
of the American
foundation"
the
dollars
Mr.
by banks,
.+
Louis H. Pink—New York State Insurance
system
Super¬
intendent Sees No Reason for Further Extension of
State
if
Powers
Effectively
Industry
Regulates
Itself
in the dictator-controlled countries of Europe to¬
See
the suppression of all teaching except that which is
with the general ideas of the Government; censor¬
day:
Two hundred
the minimum loan that could be handled profitably
was
Future of Insurance Is Future of United States, Says
private enterprise. He warned that "under national eco¬
nomic planning, you would have here eventually just what
see
He explained that personal
under small loan laws and credit unions can
Szymczak added.
of
you
of the opportunities in their
canvass
sonal finance activities and stick to that field.
a
every
"buttress
'
,
He urged bankers to make a careful
function better in small loan markets than commercial banks.
"Mobilization"
H.
boomerang.
respective markets and decide to which market they will extend their per¬
advertising
XI.
page
line
in
ship of the press; the end of freedom of expression, and
destruction of religions liberty.
Continuing, he said:
sacrificed
have
should
We
"State"
the
Unfortunately
liberties—and
our
made
is
up
Revision
me.
.
.
Those whose judgment and advice were
sought in the preceding era of prosperity are discredited in every way
possible and, under the guise of emergency, the State intervenes actively
in
the
management
of agriculture,
industry, banking and commerce.
Panacea after panacea is produced, and soon the whole economic picture
is
confused
so
hardship.
that
one
no
clearly the way out.
see
can
Supplementing his remarks, he issued a statement the
day, in which he declared that industry will no longer
same
permit
to
"the
confidence-destroying
detractors." The statement said that
unchallenged
go
attacks of demagogic
the Association's
of
each
expected
is
which
on
a
pledge
receive
would
members
"to become
an
a
blank
linked
that private enterprise is inseparably
representative democracy and traditional
principle
with
our
The Association's announce¬
supplemental statement by Mr. Prentiss said,
religious and civil liberties."
the
of
ment
in part:
wide
in
has
its
we
origin
America
enterprise
fundamentals
is
the
of
selfish
no
the
to
the
drive
has
made
and
fox-
progress
enterprise and private
there is a sound public
private enterprise system—
when
the
deviate
cannot
cause
and
still
progress.
It
manufacturers.
for
is a
of
great
possibilities 'in
•
of
is
every
understood in the terms of
community and hamlet in
V,...'v7; ;77'
;j '•
that much
,.
or
only
of
Nation
this Nation
convinced
is
<v.
•
which
attitude of
the economic stagnation in
directly ' from an
hostility to private enterprise on the part of many persons
oj>en
wallowing
been
has
country
covert
of private
by manufacturers
common
land.
Industry
this
progress
economic
that
conviction
system
fundamentals
the
contributions
its
for
a
national welfare and provides the
individual action by manufacturers to fps that the industrial
which
system
under
which
from
rallying point in
incentive
deep-rooted
only
function
can
understanding
This
the
in
borne
can
Understanding of Private Enterprise. is a nation¬
of and by manufacturers—^but for America.
The movement,
expect thousands of manufacturers to participate personally,
program
which
for
results
hostility has created widespread public
misunderstanding of the aims and ideals of American industry.
This
misunderstanding—reflected as it is in the fear of investors to invest, in
the hesitation
of
consumers
to buy,
in State and national legislation,
of
high
and
and in many
degree.
low
other ways—stands as a barrier to national economic progress.
the
and
private enterprise
system will
never
always courteously but none the less militantly and decisively.
This is to be no whitewashing of industry nor smearing of opponents.
Industry
the
the
over
of
measure
years
progress
has labored to
in that regard
put its own house in order, and
is evidenced in the Declaration of
Principles adopted at the last Congress of American
ment
represents
searching
We
Industry.
That docu¬
industry's recognition of its social responsibilities after a
self-analysis.
that
know
if
every
other group in
our
economy—labor, government,
the rest—would subject its own motives and attitudes
scrutiny, we would be far along the road toward
of our economic problems.
politicians, and all
to
the
solution
same
of
Bankers
intensive
most
Proposes to
A.B.A.—M. S. Szymczak Warns
Association for Consumer Credit
Consolidate
with
be put to work creating jobs." The Association, he added,
also asks for a scientific study preparatory to a fundamental
revision of the statutes administered by the
,
"We
agree
Commissioner Mathews,"
entirely with
referring to a statement made by George
Mr. Connely said,
C. Mathews last Tuesday when he
"His statement said, 'Basically, all the
Commission are sound
resigned from the Commission.
statutes
administered by the Securities and Exchange
They are capable of improvement as conditions warrant.
laws.
taken
scientific job.'
as a
"We want
accomplish our objectives," Mr. Connely said.
scientific job done by the best brains
a
Both the Securities Act of 1933
early date.
and the Securities Exchange Act
put through in panicky
However,
It is certainly logical that this work be
reflect exhaustive study.
authorized by Congress at an
in the country.
that the securities laws when finally revised
that would take a long time so
would
But if
of these laws their revision should be under¬
there is to be real improvement
of 1934 were pieces of 'must' legislation,
The 1933 Act was passed within 60 days
provide Federal supervision of the
haste.
the President asked Congress to
after
It
investment business.
introduction.
"So far
as
within less than 90 days from its
7.'.
'
The
materially revised in 1934 but not since.
Act was passed
Exchange
Securities
was
0
I know there is nothing in history
comparable to such sweeping
enacted so hastily. In contrast, the Federal Reserve
in the writing, and it has been rewritten repeatedly since,
grants of power being
Act
was
just
as
five years
suggesting be done with the securities laws.
are
we
paratory to the
passed in
Study pre¬
Federal Reserve Act was started in 1908 and the Act was
It was amended twice in 1914, again in 1915, 1916,
1913.
1917,
and innumerable times since.
"When
appointed
to
the
a
British
contemplated
revision
of their
Company
Act, it
commission of experts in 1925 and gave them almost five years
which said, among other things, 'It appears to us, as a
make their report,
matter of
sional
commerce
defeat an occa¬
would seriously hamper the
and
general principle, most undesirable, in order to
wrong-doer, to impose restrictions which
activities of honest men and
would inevitably react upon the prosperity
of the country'."
Cleveland, dealers in investment securities,
disagreeing with
the stand taken by the Association in a letter to the SEC,
March 18 (reported in our issue of March 23, page 1865)
questioning the attitude of the Commission regarding certain
sections of the securities laws.
Otis & Co. charged that
the Association's protest did not reflect the opinions of its
Otis & Co., of
on
March 29 sent to Mr. Connely a letter
The firm's letter said in part:
700 members.
Far from being an
members,
the
expression in the interest of most of the
reply is actually a
700 I. B. A.
brief in defense of Morgan Stanley
<fc
Light cases.
Indeed, a careful comparison of the I. B. A. reply with the previous Morgan
Stanley pamphlet on competitive bidding reveals not only a remarkable
parallel of ideas throughout, but also a striking similarity of language.
The chief difference between the two appears to be additional discussion of
Co.'s
stake
in
The
subject
Public Utility
Act
or
the
Power and
the Consumers
of the other members are
■■■;
Securities and
Exchange Commission.
He asserted that both objectives
can
be accomplished without disturbing the fundamentally
sound principles upon which the laws rest.
J
7
7
An abstract of the statement said:
said:
,
Un¬
as
Connely., President of the Investment Bankers
addressing the annual conference
of the organization's Central States Group at Chicago on
March 29, declared that the Association
wants prompt
changes in the Federal securities laws so that "savings can
legal points by the I. B.
•
Meeting—
States
Letter to SEC
of America,
White Sulphur Meeting
Association for Con¬
sumer Credit, meeting at White Sulphur Springs, W.
Va.,
on March 30, recommended that the organization consolidate
its activities with those of the American Bankers Association
and operate under it, said Associated Press advices from
White Sulphur Springs under date of March 30, which also
Against Too Free Credit at
The executive board of the Bankers
Fundamental
SEC—Emmett
Emmett F.
Association
Such
be fully under¬
stood as long as the confidence-destroying attacks of demagogic detractors
are allowed to go unchallenged.
Henceforth industry will decline to "turn
the other cheek."
It will meet unjustified attacks with undeniable facts,
Industry
Central
Protests I. B. A.
"That is the best way to
Mobilization
Ibis
Addresses
Connely
by
representative of Association's Members
active mis¬
sionary in liis own community in behalf of the fundamental
American
Administered
Laws
of
Otis & Co.
A
.
economic
from
ing
F.
human beings just like
study of modern history shows that the eco¬
nomic tyranny which presages the end
of human liberty always begins
during some great period of political and social unrest, frequently result¬
and
you
I. B. A. President Asks Study Leading to
No.
Security?
for what?
fallible
of
the
A.
Dayton Power &
~
the administration
under discussion arises from
of the
and not from the Securities
Concerned solely with the limited
public utility issues which involve banker affiliations in a
Holding Company Act of 1935,
Securities
number of cases of
Exchange Act.
holding company system, the
of the Association.
lessHhan
a dozen members
bidding as such in¬
Meanwhile, the interests
prejudiced by the I. B. A.'s adoption of an
question affects
Nor is the matter of competitive
volved, although you discuss
it at great length.
being
The Commercial
2196
& Financial Chronicle
of the Nation and, through
official attitude bound to antagonize the voters
its
question
the Commission's doorstep the blame for the stag¬
Furthermore, the Association, by using
them, the members of Congress.
reply to the SEC's civil request for suggestions on a highly technical
as
pretext to lay on
a
nation of the investment market, does not offer any
of this fundamental
constructive solution
problem.
more
important.
difficult the changes in the rules of
The issuance of securities could be
greatly facilitated by adjustment of those regulations which impose
hardships
The endowment of the regional
involved in registration.
and authority would also be
offices of the SEC with greater accessibility
helpful. The requirement of SEC registration should be extended to
of these securities amounts
and railroad issues, since the existent exemption
to
reforms
f
operation of the SEC.
In
April 6, 1940
who
that
the fiddler will call the
Lewis's speech, United Press
pays
summarizing Mr.
April 1 from Monongah said, in part:
Hq revealed that preliminary plans already have been made.
The Youth
Congress, he claimed, has reached a working agreement with labor's Non¬
series
League, political
of
national
He said he will address
of the C. I. O.
arm
appeal
and
meetings
Negro
for
"If
the
adopt
Democratic
does
party
nominate
not
each and every
politics in
the
American
this country
people of this
letter
and
As far back as Jan. 12 at the regular
of the Board of Governors, weeks before the SEC issued its
this subject, the
on
endorsed
Board unanimously adopted a resolution opposing
unanimously
This action was subsequently ratified
by all 17 group executive committees of the
association which represent
the geographical distribution of the member¬
ship throughout the United
These Included the Northern Ohio
States.
in which Mr. Daley's home office is located.
group
Some 300 investment bankers attending the final dinner
meeting of the annual conference of -the Central States
Group in Chicago, March 30, when informed of the Otis &
Co. letter, adopted by a unanimous standing vote a reso¬
lution approving the position taken by the association;
.
going to be more powerful than the voice of
;
of
Association
Securities
Dealers,
He
Says
Willkie
Would
Presents
Accept
Recovery Program—
Presidential Nomination
April 5 the appointment of an Investment Trust Under¬
Committee to study the problem of underwriting
and distributing shares of open-end investment companies
with
view to formulating
a
Governors
of
Corporation asserted that he was not a candidate
for President, that he had not "the slightest delusion about
being nominated," but would accept the nomination if it
were offered him.
He presented a 3-point program for the
rehabilitation of the country and for the return to what he
termed traditional American liberalism.
Mr.
Willkie pre¬
sented his program at a meeting in Town Hall, New York,
where he delivered the Jonathan Peterson Foundation lec¬
The
ture.
New
York
of
"Times"
April 5 reporting his
securities businesses.
Rules of Fair Practice
The
is
Deal, modification of the tax laws
stimulating investment, and
a
as a means
general change In the attitude of
govern¬
Mr. Willkie urged also that the American people hold themselves in readi¬
to
ness
participate actively in
European
Chicago;
Gibbons
The
3-point program
were to
a great
of
up
an
we
coupled with the unchecked mounting of
existed such
great wealth of capital, liquid capital as
a
"Our banks
Excess
700,000,000.
That is 125 times what they were in 1929.
of the
reserves
tute estimates that American
000,000 in
in
Federal
Reserve Bank
are
are
$5,-
Brookings Insti¬
industry needs for rehabilitation and recon¬
and $40,000,000,000.
The $5,70?>»r
$25,000,000,000
excess reserves in the
we
Federal banks
in
can
be
expanded many time®
of
industry
for
liquid fund of capital into that
reconstruction,
habilitation, and millions of the unemployed will
And that will
happen just
as soon as two or three
The first of these, he said,
is that the
government regulatory bodies now
area
functioning
go
enlargement
back
things
on
come
and
of discretion of the various
instruments of regulation
industry and labor "be established by rule."
"Capital will not flow into an industry where the fate of that industry is
subject to the caprices of individuals, no matter who those individuals
may
capitabriSnder
as
our system
will flow very freely
if it flows under
a
rule," Mr. Wplkie said.
"Then
we
need
punishment of
a
modification of
venture
tax-exempt securities.
our tax
laws,
so
that
we
discontinue the
capital and the reward of inert capital that goes in
And there is need of modification of the attitude of
government toward business."
Lewis
Threatens
to
Organize
Third
Party
Unless
Democratic Ticket Satisfies
Labor—Says
He Will Summon Delegates from Youth
Congress,
Negroes, Townsendites
A
tions
a
threat to
next
a
platform and selects
mon
dent
people"
of
Lewis, in
of
third party slate in the national elec¬
November unless the Democratic
party adopts
ran
was
the
a
America
made
Congress
a
candidate "acceptable to the
com¬
April 1 by John L. Lewis, Presi¬
of Industrial Organizations.
Mr,
on
speech to members of the United Mine Workers
at
Monongah,
W.
Va.,
threatened
to
call
a
convention
of groups representing labor,
youth, old age,
the Negroes and farmers in some central
city "to formulate
a
program that each and every American can support."
added that his threat was directed at both
major
but that he did not expect much from the
shares
branches
York;
Sherman
of
open-end
trusts
of the
is
C. Patterson
of
highly
specialized
not similar to those which
a
investment
The
views
Committee
of
it is possible to
to investigate carefully the whole matter and the
plans
members of the industry will be welcome.
It is
anticipated that the Committee will hold several open meetings in which
all underwriters of open-end investment trusts will be invited and to con¬
sult
interested
any
with
the
General
See
before
SEC
Manual
drafting
and
Field
advertising
rules.
any
Directory of The Investment
by Bishop's Service
Published
XII.
page
Stifel, Nicolaus & Co., Investment Bankers, Celebrate
Fiftieth Anniversary
See
advertising
page
The
directorate
April
meeting
of
staff
1,
XII.
of
The
year.
Following
the
are
York
World's
retain all
to
officers
administrative
current
New
the
voted
of
the
Fair is scheduled
reelected officers:
Fair,
members
the
at
of
a
the
corporation for the
to open May 11.
Harvey D. Gibson, Chairman of the Board;
Chairman;
Grover A.
Vice-President;
Robert
D.
Theme;
F.
George McAneny, Honorary
President; Howard A. Flanigan, Executive
Whalen,
Vincent
Kohn,
Julius
Pope,
G.
Pach,
Vice-President
Vice-President
C.
Holmes
Treasurer;
John
W.
Cobb,
Ernest
Secretary.
The
and
and
entire
reelected.-
Chairman
P.
Ilogan,
Charge
in
of
the
of
Finance;
Committee
VicePresidents;
Secretary, and
Executive
Committee
Y/Y
on
Bayard
Thomas F. Marrah,
of the Board was
•
According to the financial report of the Fair Corporation,
issued April 3, covering the period from the Fair's beginning
more than four years ago up to Dec. 27, total expenditures of
$54,712,238 and receipts of $31,149,487 were shown.
The
reported included $10,302,495 during the period
revenue
before
$20,177,059 during the 1939 exhibition,
31, and $669,934 from that date until
opening,
which
closed
Oct.
Dec. 27.
The
following concerning the report
April 4:
He
parties,
Republican party,
was
given in the New
York "Times" of
A joint statement
by Grover A. Whalen, President of the Fair corporation,
Harvey D. Gibson, Chairman of the Board, gave cash revenues from
the 28,817,265 persons
L.
and Ivan
New
John
business.
It is, nevertheless, a
adopt rules and regulations governing
such distributions and enforce them through the NASD.
and
John
Bullock,
Boston;
re¬
the payroll.
about."
and control of business,
be, but
other
Assistant
need to do is to pour that great
requirement
great
Calvan
Inc.,
Inc., New York;
& Co.,
of
dealer business and
fuU and
over
expanding credit.
"What
Bradford of
Fidelity Distributors,
Corp., Boston.
distribution
be put into effect, and warned that continuance of
have in this country today," Mr. Willkie said.
between
Dis¬
New York World's Fair Officers Reelected
overflowing.
struction
Massachusetts
international
the public debt and the inability of the vast army of
unemployed to obtain
jobs, would lead the country to economic catastrophe and loss of its liberties.
never
A.
Herbert
of
business and its problems in many respects are
revival in private economic enterprise if his
the New Deal's present policies,
"There has
E.
Parker
exist
the economic reconstruction of the world
breaking down of trade barriers and the setting
monetary standard.
*
predicted
;•;
Yance of
He had In mind particularly American cooperation
war.
in the
Mr. Willkie
Y
Henry T.
of encouraging and
ment toward business.
after the
composed of:
Myers of Lord, Abbett
curbing of the authority of the various boards .Jtpd commissions created by
the New
th^ Association.. The announce¬
J«
Committee
tributors, Inc., Boston, Chairman; Robert S. Adler of Selected Investments
essential to recovery were
as
of
ment added:
Counsel
Mr. Willkie
If these proposed rules prove accept¬
able to the Board of Governors and the SEC it is expected
that they will be presented to members for adoption as
remarks said:
The three points stressed by
recommendations to the Board
of
appropriate rules and regulations govern¬
ing this particular branch of the investment banking and
The
Wendell L. Willkie, President of the Commonwealth and
to
writers
if Offered Him
Southern
r
The National Association of Securities Dealers announced
James
L.
Inc.
on
Company,
Wendell
or
Study Problem of Underwriting and Distributing
Shares of Open-end Investment Companies
position of Otis & Co. on compulsory
Nor should there be any question at this late date
compulsory competitive bidding.
candidate
support and then we will see whether machine
can
are
land."
'
winter meeting
suitable
a
platform satisfactory to labor and the common people, I will urge
the assembly of a great delegate convention," he said.
The meeting, Mr. Lewis explained, would "formulate a program that
a
National
There Is nothing new about the
a
the
League in forcing repeal of poll taxes and other lawB which
deny Negroes the right to vote.
being informed of the contents of Otis & Co.'s letter,
Mr. Connely issued a statement which said in part:
competitive bidding.
with
Non-Partisan
After
regarding our association's position.
cooperation
the leadership and active co¬
be achieved without
cannot
know
we
advices of
opposed to another. These
discrimination against one source of money as
vital
include
privately placed issues
important categories of corporate securities,
two
undue
of medium and small size through the expense, time
on concerns
and difficulties
tune."
partisan
the arm's-length
By pleading the cause of the little group involved in
controversy, the I. B. A. makes
the SEC which are really
"because
visitors spent
who paid admissions as $11,301,264 and added that
$36,898,089
on
the grounds, an average of more than $1.40
The Fair's income from its
each.
participation in concessions
711, they reported, and that from its own
concessions
was
was
$4,036,-
$1,022,509.
report showed that $2,820,594 had been repaid by the close of the year.
Under
an
agreement negotiated last August,
the Fair from debenture funds
on
deposit.
$1,122,018
was
borrowed by
Of this amount, the report set
forth, $257,520 remains unpaid, leaving the Fair with an indebtedness to
bondholders
totaling $23,195,908,
either
on
debenture obligations
or
on
loans.
Construction costs of the Fair, according to a report by Bayard F. Pope,
Treasurer of the corporation,
totaled $28,989,045, including grading, land¬
scaping, the erection of many large buildings and the dredging of water¬
ways.
were
Costs for the year ended on Dec. 27, according to Mr. Pope's report,
$26,661,106, including administrative and promotional expenses.
Expenses other
Fair, he added,
than those for construction since the beginning of the
were
ministration and
$25,480,138 with $234,154 spent for insurance.
general expenses for the year were $15,530,431.
time of the report,
Ad¬
At the
the corporation had on hand $1,439,698 in cash and
$229,609 in accounts receivable.
Volume
The Commercial &
ISO
April 11 the Fair will begin the advance sale of tickets
family souvenir ticket books to
the public throughout the United States.
The family book,
which is good for five admissions to the Fair as well as ad¬
mission to five attractions out of a choice of eight, represents
a total value of $4.05, but will sell for $2.50.
The price of the
adult season ticket will be reduced from last year's figure of
$15 to $10, and the 20-admission ticket for adults, which
cost $7.50 last year will sell this year for $5.
On
when it will offer 1,000,000
,
zation of television after Sept. 1 as "a demonstration of the
lengths to which Government bureaucracy can go in inter¬
fering with the American system of free enterprise."
Judge Poletti made it clear that while agreeing with the
resolution he was "not particularly interested" in the refer¬
ence to the case in point cited in the report.
The
Lieutenant-Governor departed from his
written
speech, in which he criticized the Legislature for its failure
to enact ten measures, to say a good word for the State's
lawmakers in general.
He said:
-1 "The members of the
Athlone, Uncle of King George, Named Governor
Office in South
Earl of
let people
that they are
Africa—Will Arrive in June
of democracy
brother of Queen Mary and Uncle
King George VI, was appointed Governor General of
Canada on April 3 to succeed the late Lord Tweedsmuir,
who died in office on Feb. 11.
The Earl, who will be 66
of
old this month, served as Governor General and Com¬
mander in Chief of the Union of South Africa from 1923
years
United Press advices
1930.
In noting his appointment,
from London on April 3, said in part:
to
The
at
General
Governor
new
his
and
Brantridge Park, in Balcombe,
wife,
now
at
their country seat
announcement
Sussex, will sail for Canada in a*
few
of Canada."
Better
A
Governor
tonight from Buckingham Palace,
'
known
as
..
.
General is
a
his former title, the new
fHe served with distinction in
Africa, the Boer War and the World War.
In 1914 he was
appointed Governor General of Canada to succeed the Duke of Oonnaught,
but before the time came for him to take up the appointment, war broke
out and at his request he went to fight in France instead.
Alexander Augustus Frederick William
Alfred George Cambridge, Earl
April 14, 1874, a son of
born in Kensington Palace on
was
the late Duke of Teck.
The Earl of Athlone will come to Ottawa
in
as
"some time in June" and be
Minister W. L. Mackenzie
Governor General at Ottawa, Prime
King said here today.
the failure of the Legislature to pass a measure reducing
on
Because of war-time secrecy surrounding transEarl's sailing will not be announced.
Atlantic travel, the date of the
"The interest rate
William K. Vanderbilt Elected to
Membership of New
was
some
elected
the
to
railroad
Vanderbilt,
the late
of
grandson
Commodore
capitalist and great
Vanderbilt, has been
Commerce
membership of the Chamber of
announced April 5. Mr. Van¬
derbilt is the fourth Vanderbilt to become a member of the
nation's oldest chamber.
The first Vanderbilt, John, was
elected a member in 1787, 19 years after the chamber was
founded.
Cornelius Vanderbilt, a grandson of the Com¬
modore, has been a member for the last 40 years.
Other candidates who were elected at the same meeting
April 4, included:
Refining Co.; Edwin M.
Henry M. Reed, Chairman of the
Radiator & Standard Sanitary Corp.;
Allen, President, Mathieson Alkali Co.;
President,
and
William Dewey
American
Loucks, Chairman of the Board,
L. Parish, President,
Barnsdall Oil Co.; Richard
American Flange & Manufacturing Co.
Also Pierre C. Cartier, President,
Cartier, Inc.; Donaldson Brown,
Vice-
K. Denton, Executive ViceI'resident, Metropolitan Savings Bank; Harry I. Caesar, of H. A. Caesar
& Co., and William G. Minner, President, Minner & Barnett.
President,
New
General
could be made lower.
loan.' companies were very active in their
report that the
Motors
Corp.; Willard
York Chamber of
tenant-Governor
Commerce Addressed by
of
New
Lieu¬
Ap¬
York—Resolutions
proved by Chamber
Some 400 business executives gathered at the monthly
meeting of the Chamber of Commerce of the State of New
York April 4 applauded Lieut.-Gov. Charles Poletti when
he said that the American system of private enterprise can
and will be preserved by teamwork of business, labor and
government.
resolu¬
organizations find their way to the Governor's
tions of civic and commercial
wastebasket without being read.
"Such resolutions
are
to
the
from
-"It
—
Governor,
every
communication that came in unless it
'•
crackpot.
a
been
has
helpful
tremendously
don't
The
ever
feel that they are
Chamber unanimously
just another piece of paper."
adopted the following resolution approving
the stand of Mayor La Guardia in
growing out of unification:
1
the controversy with the transit unions
i
-
.
That the Chamber of Commerce of the State
"Resolved,
have
Chamber]
the Chief Executive to
to
expressions of opinion such as emanate from this organization the
so
Chief
"I know because when I was counsel
he said.
read
we
only read, but are considered by the
not
Executive of this State,"
of New York
heartily commends the Mayor of the City of New York for his
strike against the Government is not and cannot
unequivocal
right 'to
be recognized.' "
The chamber unanimously adopted the following resolution
approving the stand of Mayor LaGuardia in the controversy
with the transit unions growing out of unification:
A
report accompanying the resolution said that
workers employed by
government had no right to strike against government or
its agencies and
"tyranny by a minority" which would not be tolerated
by citizens at large.
it
the nation,"
report said.
"Government officials who do not prevent this, will
only jeopardize the very fundamentals of good government, but also
labor union movement itself."
:
VA;';
a
closed shop
is started in one Government department,
naturally spread to another, and eventually throughout
Congress was urged in another report of the
will
the
not
the
Chamber to give its "ablest
Act as proposed by
consideration" to amendments to the "Wagner Labor
a
majority of the special House committee which
investigated the National
Labor Relations Board.
H. C. Albin Named Director of
FSCC Stamp
Plan Division
The
Joseph F. Abbott, President, American Sugar
Board
The Super¬
the small loans is terrifically high.
Judge Poletti also dissipated the not uncommon belief that many
of the State of New York, it was
on
"sac¬
crisis have to
As to that, I do not know."
lobbying.
"Once
York State Chamber of Commerce
K.
on
intendent of Banks in his study proved that the rates
that such action was
William
small loans which his formal speech stated had
the Lieutenant Governor said:
stand in his letter of March 2 to the transport workers that the
Regarding the time the new Governor General will arrive
in Canada, a Canadian Press dispatch on April 3 said:
sworn
upon
rights of 500,000 poor people" who in time of
the
borrow money,
.was
renowned soldier.
India, East
of Athlone,
Commenting
the interest rates
rificed
of those in public office
trying to do a job to the best of their ability."
are
:
Prince Alexander of Teck,
I deprecate the talk
We only weaken the structure
by unjustly criticizing the men in public life.
I urge that
inefficient and bad fellows.
all should refrain from too hasty condemantion
who
There
where the
Earl and Countess stayed Monday night and dined with the royal family,
said that
the King is graciously pleased to approve the appointment of
Major General the Earl of Athlone as Governor General of the Dominion
An
weeks.
we
Legislature could be better," he said, "but don't
spread the idea that they are a bad crowd.
General of Canada— Held Similar
The Earl of Athlone,
2197
Financial Chronicle
Department of Agriculture announced on March 28
the appointment of H. U. Albin as Director of the Stamp
Division of the Federal Surplus Commodities Corporation,
also will continue his present admin¬
for the direct distribution and school
lunch programs of the FSCC.
In announcing Mr. Albin's appointment, Milo Perkins,
President of the FSCC, said that it will make possible a
effective April 1.
He
istrative responsibility
greater degree of coordination in the working administration
of the different programs to deal with agricultural surpluses.
Montagu
Norman
Reelected
Governor
of
Bank
of
England
Montagu Norman was reelected to his 21st term as
Governqr of the Bank of England at a meeting of the
directorship London on April 2.
B. G. Catterns, Deputy
Governor, was reappointed to his fifth term in that office.
-
in introducing the Lieu¬
tenant-Governor referred to his "extremely brilliant career
President Richard W. Lawrence,
public service" and said there was "no more notable ex¬
ample of the truth that America was still the land of oppor¬
tunity and achievement."
Before beginning his prepared address, Judge Poletti gave
his approval, in principle, of two resolutions which had been
unanimously adopted by the chamber at its business session.
One was a recommendation that State income tax payments
in
ITEMS
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
membership on the New York Cotton Exchange was
sold March 29 at $6,100 off $400 from the last previous
A
transaction.
#
payable in four equal instalments.
good thing and ought to be done as soon as the
State can do it," he said, but explained that the State's
finances were in such shape at present that it could not
should be made
"It is
a
afford to postpone even
part of the revenues
to another year.
Following the meeting he
the chamber resolution had
explained that his approval of
no reference to the Todd bill
,
,
.
Lieutenant-Governor commended
vs. Business Enterprise"
which urged Congress to clarify the laws fixing the powers
of Federal commissions and bureaus and rigidly define the
limits of their authority.
A report following the resolutions
cited the recent action of the Federal Communications Com¬
mission in suspending a rule permitting limited commerciali¬
The other resolution the
was
one
entitled
"Bureaucracy
transfer of two
Exchange memberships;, one at $58,000
and the other at $59,000.
The previous transaction was at
York
Stock
$52,000 on March 27, 1940.
Arrangements were made April 4 for the sale of a New
York Curb Exchange membership at $7,000, off $250 from
last sale on March 29.
of one fiscal
year
relating to the State's emergency tax.
Arrangements were made April 4 for the
New
The Marine Midland Trust Co. of
statement of condition as of March
of
New York shows in its
30, 1940 total deposits
$124,037,066 and total resources of
$154,857,664, compar¬
ing, respectively, with $126,914,845 and $150,505,219 on Dec.
30,
3939.
Cash on hand and due from banks totals
$58,263,205
(against $58,214,559 on the earlier
date); time
$33,009,972
(against $33,741,917); demand loans secured by collateral, $18,001,808
(contrasting with $17,965,895), and United States Govern¬
ment
obligations are $12,269,263
(against $12,382,063).
The company's capital and surplus remain unchanged at
loans
and
bills
discounted,
The Commercial & Financial Chronicle
2198
$5,000,(XX) each, hut undivided profits are
against $4,395,341 on Dec. 30.
1939.
$4,411,265,
now
its
condition
statement
March 31,
of
as
indicated
earnings for the first quarter ending
March 30 amount to 59.8c. per share, compared with 57c.
share in the like period in 1939.
4
In
The
April 6, 1940
a
•
1940, Bank
deposits of
$585,705,920 and total assets of $049,453,302, comparing, re¬
The Continental Bank & Trust Co. of New York
reported
as of March 30 total
deposits of $66,953,210 and total assets
Dec. 31,
of $77,599,020,
compared, respectively, with $66,919,623 and
$77,633,209 on Dec. 31, 1939.
Cash on hand and due from
Manhattan
of
New
Co.,
York,
with $002,801,787
spectively,
reported
total
$007,243,107
and
on
Cash and due from hanks and bankers totaled
1939.
059,915,
$290,409,404
against
Government
States
teed)
(against $80,417,791) ; other public
to $43,424,709, from $38,791,019;
de¬
increased
securities
banks
the earlier date; United
(direct and fully guaran¬
on
obligations
$39,503,404, against
$49,257,944, and loans and discounts were $157,409,494,
against $102,818,551 on Dec. 31.
The company's capital and
surplus were unchanged at $20,000,000, each, but undivided
profits amounted to $0,015,522, against $0,512,743 three
loans
collateral
against
were
amounted
holdings of
changed
$117,313,250
were
mand
$203,-
$27,485,723
to
United
States
$5,180,000.
at
against
Government
Call
$30,810,360,
securities
loans
and
were
brokers
to
un¬
were
$7,876,193, as compared with $7,160,028; collateral loans of
$8,283,831 against $8,003,769, and commercial loans and
discounts
$16,268,880 compared
with
$14,582,288.
Capital
and
surplus, $4,000,000 and $3,(XX),000. respectively, showed
change since the last report, and undivided profits were
no
$1,430,330 against $1,409,913 at the end of 1939.
months ago.
4
Clinton Trust Co.
The statement of the Chase National Bank of New York
for March 30, 1940, was made
public April 2.
that date were $3,000,709,000,
on
The deposits
the largest yet reached
on
reporting
date, comparing
with $2,803,730,(XX) on
30, 1939, and $2,594,437,000 a year ago.
Total re¬
sources are shown as $3,345,528,000 compared with $3,085,-
dition
were
Dec. 30 and $2,888,271,000
year
a
cash
ago;
in
deposit with the Federal Reserve
other banks, $1,522,550,000 compared with $1,293,-
Bank and
143,000 and $1,229,178,000
the respective dates;
on
ments in United States Government
invest¬
securities, $815,586,000,
compared with $820,170,(XX) and $650,330,000; loans and dis¬
$639,526,000 compared with $636,176,000 and $608,On March 30, 1940, the capital of the bank was
$100,270,000, and the surplus $100,270,(XX), both amounts un¬
increase in
an
of
con¬
loans and
$2,389,011 compared with loans and discounts
at Dec. 30, 1939.
Total assets of the bank
$9,834,927 as against $10,018,608 at the end of the pre¬
ceding
on
York, in its statement
$2,353,028
any
the bank's vaults and on
New
of
1940, reports
discounts to
of
Dec.
819,000
March 30,
at
period; deposits decreased to $8,531,013
$8,796,061; cash on hand and due from
banks amounted to $2,993,668 against
$3,198,136, and invest¬
ments in bonds totaled $3,935,005
compared with $4,022,137
three
months
ago.
Capital stock and capital notes re¬
mained The
same
atf"$600,000 and $125,000, respectively,
while surplus and undivided profits increased from
$331,172
to $335,915.
r
quarterly
compared
with
counts,
609,000.
changed, but undivided profits
compared with $33,022,000
a
year ago.
1940 amount to 43c.
the
March 30
on
$36,217,000
were
Dec. 30, 1939, and $33,266,000
Earnings of the bank for the first quarter of
first quarter
share, the
per
a
on
year
same amount
earned in
The statement of condition
of the National City Bank of
1940, shows deposits and total
assets at the highest levels in the
history of the institution,
deposits amounting to $2,526,480,907
(as compared with
$2,331,257,943 on Dec. 31 last)_, and total resources reaching
New
the
of March
as
Guaranty Trust Co. of
31, 1940, shows total
and
resources
deposits at their highest points in the company's history,
both figures exceeding the previous high marks reached at
the time of the company's last published statement, Dec. 31,
1939.
The latest statement shows deposits of $2,343,234,641
and
total
of
resources
$2,653,187,645.96
compared
as
with
deposits of $1,679,216,227 and total resources of $1,988,747,869 as of March 29 a year ago, and deposits of $2,088,427,346 and total resources of $2,401,634,265 at the date of
the last
published statement, Dec. 31, 1939.
Cash
hand,
on
Federal Reserve Bank, and due from banks and bankers,
in
the
in
current
is
statement,
shown
$1,239,001,641;
United States Government obligations at $840,110,254, and
loans and bills purchased at $439,735,064.
The company's
capital and surplus remain unchanged at $90,000,000 and
$170,(XX),000, respectively, and undivided profits total $15,154,461.94, as compared with $14,701,954.35 as of Dec. 31,
1939, and $12,950,690
year
a
at
end of
March
Assets
of
Public
the
Bank
and
Trust
Co.
of
March
31,
1940,
Cash
last.
and
totaled
comparing
from
due
$59,101,091
with
banks
$178,287,469
in
the
against $67,481,494
the
on
Dec.
on
current
31
statement
earlier
divided
profits
$2,910,269.
shown
are
The current
$150,768,810,
$3,066,092,
at
three
months
47c.
statement
contrasting
with
shows
with
total
$157,360,983
deposits of
three
months
from
banks
and
Earnings
ago.
of
the
institution
and
its
City Bank Farmers Trust Co., were equal to
share in the first quarter against 33c. a share in
the
a
first
quarter
profits
of 1939,
exclusive
recoveries.
or
With
quarter earnings of 1939
were
in
both
bond
53c.
instances
profits
of
bond
included,
first
share.
a
The
City Bank Farmers Trust Co., New York, reported
March 31, 1940, total deposits of $85,749,685 and total
resources of
$112,328,655, compared with $79,052,586 and
$105,503,359, respectively, on Dec. 31, 1939.
Cash and due
of
as
banks
amounted
United
loans
tal
and
and
advances
surplus
$50,623,906
against
Government
$45,003,248;
(direct
obligations
to $30,328,234 against $28,469,956, and
$5,598,525 against $5,861,101.
Capi¬
to
unchanged
are
undivided profits
three months
to
States
fully guaranteed)
date,
compared
due
affiliate, the
were
at
$10,000,000 each,
while
$4,914,501, compared with $4,749,635
ago.
♦
..
while holdings of United States Government obligations are
$31,209,542, down from $32,617,951, and loans and discounts
total $64,795,539 against $57,856,208.
The bank's capital
and surplus are unchanged at $7,000,000 each, and its un¬
and
(against
$933,912,307 on Dec. 31);
United States Government obligations, direct or
fully guar¬
anteed, $729,182,606 (against $733,592,491), and loans, dis¬
counts and
bankers' acceptances,
$538,035,167 (compared
with $530,725,122).
Capital and surplus remain unchanged
at $77,500,000 and
$52,500,000, respectively, but undivided
profits now stand at $16,234,235 compared with $15,018,584
or
National
Cash
were;
bankers, $1,145,377,322
holdings of
New York amounted to $171,931,610 at the close of business
March 31,
(against $2,509,395,688 at the end of Decem¬
According to the statement, the principal assets at
from
ago.
of
as
$2,720,389,778
ber).
ago.
The statement of condition of the
New York
York
The Corn
Exchange Bank Trust Co., New York, reported
the close of business March 26,
1940, total deposits
as
at
of
$334,672,807
and total resources of $371,241,137, com¬
respectively, with $338,420,006 and $372,485,146 on
Dec. 31, 1939.
Cash on hand and due from banks amounted
pared,
to
$158,839,011,
against $149,723,169;
Government obligations (direct
States
ago.
holdings
of
United
and guaranteed) to
loans and discounts
$115,749,843, against $130,749,750, and
$44,204,102, against $26,098,366.
Capital was unchanged
at $15.000,(XX), but
surplus and undivided profits were $19,to
The
statement
of New
Co.
of
York
$766,845,114 and
condition
as
of
of
the
March 30,
Manufacturers
1940,
shows
of $866,874,516.
resources
Trust
deposits of
This
compares
489,381, compared with $19,065,140 at the end of December,
1939.
with
deposits of $762,763,244 and resources of $861,154,221
on Dec. 30, 1939.
Cash and due from banks is listed
$260,533,377 as against $267,372,519 on Dec. 30; United
shown
at
States
Government
securities
stand
at
$288,470,792
as
against $282,493,190 three months ago, and loans and bills
purchased is
$195,847,342,
the
the
end
of
$9,118,520
and
comparing
previous
common
with
quarter.
stock
at
$189,415,410
Preferred
$32,998,440
stock
remain
at
at
un¬
changed from the last quarter.
J. P. Morgan & Co., Inc., New York, in its first
statement
of condition
total
as
a
resources
trust company, shows as of March 30.
1940,
of
$648,539,683, compared with $671,578,699
for J. P. Morgan & Co. and its
affiliate, Drexel & Co., Phila¬
delphia, on Dec. 30, 1939.
Deposits in the present state¬
ment
total
$591,965,866, against $619,512,617 on Dec. 30,
and capital and surplus are
e^cli $20,000,000, against $20.000,000 of capital, and $19,156,140 of surplus and
partners'
balances at the end of December.
In
its
statement
Chemical
Bank
&
of
condition
Trust
posits of $745,768,703
as
1939, and total assets of
912,007
amount
States
teed)
a
year
to
ago.
of
of
New
against
March
York
30, 1940,
reports
$619,778,644"
on
total
The principal items
the
prising the assets in
statement
de¬
hand
March 31,
$833,029,121, compared with $710,-
Cash
$357,118,888
Government
Co.
as
as
on
hand
against
obligations
and
from
$266,500,826;
(direct
to $209,631,519 compared with
due
and
fully
banks
United
guaran¬
$168,900,744, and
increased
to
$7,040,336 from $5,868,726
on
631,769
on
present
are:
com¬
Cash
on
deposit in banks. $147,163,051, against $168,Dec. 30; United States Government
securities
on
(direct and fully guaranteed) $387,093,168, against
891,061; State and municipal bonds and notes,
$413,-
$49,353,015,
against
$37,795,081, and loans and
651,621, compared with $23,187,066.
bills
/••••
purchased.
$28
-
>"*,<
loans
and
discounts
to
$150,039,332 against $170,182,306.
The
company's capital and surplus remain unchanged at
$20,000,000 and $50,000,000, respectively, but undivided
profit's
have
and
the
March 31,
The Middle Atlantic Division of the Association
of Bank
will
entertain
Miss Mildred
Women
of
the
York
Roberts,
Association, at
City,
on
a
April 11.
President
dinner at the Hotel Chatham. New
Miss Roberts is Assistant Cashier
Volume
of
Tie Commercial & Financial Chronicle
150
National
Citizens
the
and
pavings Bank of Los
Troy Trust Co., Troy, N. Y., will.attend the meeting
Miss Anne Houston Sad [er, Assistant Secre¬
in New York.
tary of the Bank of Manhattan Co., past President of the
The speakers will
Association, will preside at the dinner.
be Miss Roberts and Miss Jean Arnot
of
Bankers
the
The
Miss Lillian M. Russ, Assistant Trust Officer
Angeles, Cal.
of th©
Trust
ville bank,
Trust
Co.
of
New
Reid,
York
retired officer
a
City,
one
6,300, of whom 4,000
Mr.
Smith
Tottenville
of
directors
Tottenville
condition
of
statement
City
the
Bank of
of New
close
York,
of
come
Mr.
Staten
the
President
is
bank,
accrued
will
as
a
branch.
announced,; of which
Depositors number
from the smaller Tottenville bank.
the
of
Williams
consolidated
the
of
was
National.
Island
institution.
new
and
bank.
Earle
Mr.
branch.
Hoders
stock
First National
The
from
comes
with
Founders df the Association.
will be operated
merged bank has assets of $6,000,000, it
$4,500,000
of the
2199
179 Main Street, Tottenville,
at
Of
the officers
of
the
Laing,
Cashier, have become
Laing will be in charge of the
■
..
preferred stock of the Tottenville bank will be paid in full
dividends, it was announced, and the holders of common
receive
$30
a
share,
v -
in
business
In its condensed statement of condition as of March
amounts to
from
banks, in the current statement,
$262,172,985 against $251,130,303 on the earlier
date; holdings of United States Government securities to
$318,836,11Q against $289,024,055; loans and discounts to
$43,723,979 against $47,661,526. Capital and surplus remain
unchanged at $10,000,000 and $100,000,000, respectively, and
undivided
profits are $8,554,057
against $9,480,006 on
26,
First
National Bank of Boston, Boston, Mass., reports total de¬
posits of $726,387,290 and total resources of $830,363,259 as
compared with $739,025,407 and $84^,335,843 on Dec. 30 last.
In the latest statement, cash and due from banks totals
$409,488,848 (contrasting with $302,089,834); loans, dis¬
counts
and
investments,
$258,100,871
(against
$275,115,014); United States Government securities, $117,860,862
(down from $120,480,310), and State and municipal securi¬
ties, $12,600,654 (down from $22,321,623).
No change has
Dec.
been made in the bank's
its
the
at
as
March 30,
1040, shows total resources of $793,080,613 and
total deposits of $670,406,803, compared, respectively, with
$752,377,801 and $628,045,806 on Dec. 30, 1030.
Cash on
and
hand
due
30, 1939.
-
1940, covering all offices and foreign branches, the
capital, which stands at $27,812,500,
surplus and profits are now $53,624,941, having risen
$53,406,194 on Dec. 30.
The figures of Old Colony
Trust Co., which is beneficially owned by the stockholders
of the First National Bank of Boston, are not included in
but
The financial statement of Brown Brothers Harriman &
Co., private bankers, New York,
of March 31, 1040, shows
as
total
deposits of $107,267,002 and total resources of $132,264,664, comparing, respectively, with $99,029,958 and $123,-
051,722
banks
30,
Dec.
on
totals
1930.
Cash
on
hand
and
$28,413,658 against $33,818,802
due from
the earlier
$42,814,852,
compared with $42,157,230, and loans and advances, $23,710,047 against $10,323,252.
The bank's capital is un¬
changed at $2,000,000, but its surplus is now $11,224,897,
against $11,205,283 on Dec. 30 last.
United
date;
The
condition
of
statement
of New
Co.
Government
States
York
as
of
of
on
securities,
the
United
States
Trust
March 30 shows total deposits of
$100,545,130 and total assets of $132,790,943, as compared
with $105,843,115 and $121,162,452, respectively, on Dec. .31
last.
Cash in banks amounts to $62,633,128 against $71,038,192 three months ago; holdings of United States Gov¬
securities to
ernment
totaled
loans
$19,000,000 against $20,500,000, while
$£5,680,304 against $28,117,589.
Capital and
surplus are unchanged at $2,000,000 and $26,000,000,
tively, but undivided profits account increased
three months to
In
its
$2,837,680 from $2,828,072.
condition
statement
as
the
at
respec¬
during the
■
.
from
the above
statement.
"
Total
deposits of $111,496,982 and total resources of $122,reported by the First National Bank of Phila¬
delphia, Philadelphia, Pa., as of March 30, 1040, comparing
with $95,867,706
find $107,176,001, respectively, on Dec. 30,
555,629
1930.
are
In
the
present
statement
the
principal items com¬
$45,(against $33,387,936) ; United States Government
securities, $29,219,350 (compared with $20,213,591) ; time
loans «and
discounted
paper,
$17,244,725
(against $17,057,632), and demand loans, $13,953,328 (comparing with
$12,780,053).
No change has been made in the bank's capi¬
prising
473,487
the
assets are:
Cash
and
due from banks,
tal and surplus, which stand, respectively, at $3,111,000 and
$4,000,000, but undivided profits have risen to $1,630,787
from $1,550,381 three months ago.
Total
149,886
deposits of $124,510,728 and total resources of $141,shown in the condition report of the Corn Ex¬
National Bank & Trust Co. of Philadelphia, Pa.,
are
change
comparing with $125,165,340 and $142,052,023, respectively,
on Dec. 30 last.
The principal items comprising the assets
close
of
business
March
30, 1040, the Bank of New York, New York, reports
total assets of $249,068,904 as compared with $250,960,488
on Dec. 30 last, and total deposits of $224,116,260 as against
$225,611,508. Cash on hand, in Federal Reserve Bank, and
due from banks and bankers amounts to $59,565,821 against
$66,789,028, and United States Government securities total
$111,744,131 against $111,327,574.
Loans and discounts
amount to $50,043,686, comparing with $49,363,381 at the
in
the current statement are:
Cash and due from banks,
$42,682,245
(contrasting with
$46,118,250 three months
ago);
United
States Government securities, $38,230,677
(having
015,307
risen
$34,370,114) ; bills discounted, $19,$17,763,539) ; demand loans, $10,502,326
$11,151,190), and other securities, $9,-
from
(against
(compared with
110,020 (against $11,915,273).
The bank's capital remains
the same at $4,550,000; surplus and undivided profits ac¬
count is
now
$9,217,661 against $0,215,063 three months
ago.
end of last year.
The
The statement of condition of the
& Trust Co. of New York
as
Sterling National Bank
dition
of March 30, 1940, shows loans
discounts at $18,459,052, representing an increase dur¬
ing the q/uarter of almost $3,000,000 as compared with the
$15,595,058 reported at the year-end.
Cash and due from
banks decreased from $12,045,445 to $9,535,287, while hold¬
ings of United States Government securities were listed at
$2,477,363
as
compared with $3,106,420 on Dec. 31 .last.
State, municipal and corporate securities were valued at
$2:022,434 against $2,139,094 at the year-end.
Capital and
surplus remained at $3,250,000, while undivided profits rose
during the quarter from $320,011 to $336,044. Reserves also
increased from $425,106 at the end of the year to $466,710
end
of
$28,464,068
the
as
Total
the
first
resources
Deposits
$29,832,789.
quarter.
compared
with
were
listed
of the Fulton Trust Co. of New York in¬
to
the
year-end.
Capital and surplus
$2,000,000 each, and undivided profits
$868,746 on Dec. 30.
V-V '-■* '■
:
:
: -;,v-
;■
were
were
unchanged
at
$867,3.93 against
4
The merger of two Staten Island (New York City) banks
—the
Staten
Tottenville
effective
New
Island
National
National
In
immediately.
York
"Times"
Bank
Bank—was
of
&
Trust
announced
Co.
on
apd the
March
30,
reporting the consolidation
March
31
supplied
the
the
following
details: '•
The
made by
President of the
of the Totten¬
headquarters will be at 26 Richmond
Avenue, Port Richmond, home of the Staten Island National.
The Totten¬
Staten
ville
announcement
Island
bank.
was
National,
The
new
and
J. Frederick Smith,
Benjamin Williams, President
institution's
report
as
at
the
close of
business March
con¬
26, 1040,
total
resources
of $432,200,036 as compared with
$408,234,275 at the close of business Dec. 30, 1030, of which
the principal items are:
United States obligations, $236,-
071,548
(against $220,756,136 on the earlier date) ; cash
from banks, $142,050,521
(contrasting with $130,889,390), and loans and discounts, $35,324,881 (compared
with $20,791,500).
On the liabilities side of the statement,
and
due
total
deposits are shown as $385,265,520 (up from $361,on
Dec. 30).
No change has been made in the
bank's capital and surplus, which stand at $7,500,000 and
$25,000,000, respectively, but undivided profits have risen
to $3,504,713 from $3,050,006.
715,595
at
$31,950,702 on March 30, 1940, from $31,297,274
on
Dec. 30, 1939, while deposits rose to $26,813,917 from
$26,157,075 at the close of last year. Demand loans secured
by collateral, as of March 30, totaled $1,295,136, represent¬
ing a gain from $1,056,003 at the close of 1039.
Total cur¬
rent assets were $21,568,155 against $21,641,530 on Dec. 30
of last year.
Cash on deposit with Federal Reserve Bank
of New York totaled $7,196,327, and United States Govern¬
ment securities amounted to $12,256,531 as of March 30,
compared with $7,022,045 and $12,397,696, respectively, at
creased
in its
shows
and
at
Mellon National Bank of Pittsburgh, Pa.,
In its condition statement as
of March 30,
1940, the
Philadelphia National Bank, Philadelphia, Pa., shows total
deposits of $576,235,482 and total assets of $620,646,950, as
compared, respectively, with $564,345,441 and $617,807,472
on
Dec.
30, 1930.
banks amounts
to
In the current report, cash and due from
$310,256,581 (against $203,543,308 on the
earlier date)
; holdings of United States Government securi¬
$162,283,134 (compared with $172,283,134), and loans
discounts
to
$76,743,266 (against $75,045,672).
No
ties to
and
change has been made in capital account, which stands at
$14,0(X),000, but surplus and net profits account is now
$28,862,885 against $28,200,771 on Dec. 30.
In its condensed statement of condition as of March 26,
1940, the Cleveland Trust Co. of Cleveland, Ohio, shows total
resources
of $410,154,996, comparing with $404,997,967
on Dec, 30, 1939, of which the principal items are: Cash on
hand and in banks, $146,411,859 (against $138,741,915 on
the earlier date); loans, discounts and advances, less reserves,
$140,210,173 (contrasting with $131,770,476), and United
States Government obligations,
direct and guaranteed,
$97,789,056 (against $108,148,065).
Total deposits are
shown as $371,521,760 (contrasting with $368,129,231 on
Dec. 30), while the company's capital structure is given as
$33,701,841 (against $33,167,941 on the previous date).
The Commercial & Financial Chronicle
2200
111., in its condition
15)40, reports
Trust Co. of Chicago,
The Northern
.
statement as at the close of business March 26,
.$338,869,728 and total assets of $363,802,787
$369,946,356 and $394,585,620, respectively, at
the close of business Dec. 30 last.
The chief items compris¬
total deposits of
as
against
ing the resources in the current statement are:
Cash and
due from banks, $133,360,640 (comparing with $160,224,400
on the earlier date);
United States Government securities,
$99,768,592 (against $103,238,348); other bonds and securi¬
(against $89,853,038), and other loans and
discounts, $23,841,650
(against $23,825,420).
No change
has been made in the company's capital and surplus, which
ties, $90,259,852
$3,000,000 and $6,000,000, respectively, but undi¬
have risen to $4,540,592 from $4,522,650 on
stand
at
vided
profits
Dec. 30.
x.y.:'<
;■
■■•■
■
r
$152,349,468 and total resources of
$161,057,458 are shown in the statement of condition of the
City National Bank & Trust Co. of Chicago, Chicago, 111.,
as
of March 26, 1940, contrasting with $157,215,692 and
$165,810,899, respectively, on Dec. 30, 1939.
The principal
Total
included
items
of
deposits
in
of
assets
the
the
present
report
paring
$59,641,795), and $61,962,717 United States
(against $51,773,338).
On the debit
side of the report total deposits are given as $258,174,945
(contrasting with $265,539,153 on Dec. 30).
No change
_
♦
^
condition statement as
.
Savings Bank of Chicago, 111., in its
of March 26, 1940, reveals total de¬
posits of $268,636,905 and total assets of $291,716,155 (con¬
trasting with $270,291,608 and $292,516,232, respectively, on
Dec. 30 last).
The principal items comprising the assets
Cash
in the latest statement are:
has been made in
Bank, and due from banks and bankers, $88,838,044
(against $106,761,906 on the earlier date); United States
Government securities, at par, $48,029,500
(against $46,serve
524,000); State and municipal securities, not exceeding mar¬
ket value, $42,419,609
(against $42,009,353) ; other bonds
and investments, not exceeding market value, $35,829,095
(comparing
$33,849,206),
with
and
time
loans
and
$3,556,278 against $3,436,985 at the close of 1939.
'
.
Resources
dition
>
a.
.
♦
■
The
totaling
statement
of
$1,098,048,099
First
the
.
shown in
are
National
Bank
'
business
the
con¬
of
guaranteed,
$464,798,208
(compared
with
$370,051,177); loans and discounts, $247,713,024 (against $250,399,294), and other bonds and securities, $79,337,619 (com¬
pared with $76,949,143).
On the debit side of the state¬
ment, total deposits are shown as $1,021,940,290 (contrast¬
$1,053,424,363
bank's
capital
$30,000,000
divided
at
the
first
of
the
year).
The
and
and
surplus account remain unchanged at
$35,000,000, respectively, but other un¬
have
profits
been
decreased
to
$3,136,603
New
1940
26,
Orleans,
National
Bank
&
Trust
Co.
of
Chicago, Chicago, 111., in its condition statement as of
26, 1940, shows total resources of $1,422,504,750
(contrasting with $1,441,154,119 on Dec. 30 last), of which
the principal items are:
Cash and due from banks, $603,133,521 (against $602,293,792 on Dec. 30) ; United States
March
reveals
total deposits uf $141,of $152,975,977 (comparing with
resources
Lacking only the formality of approval by Federal and
banking authorities, for merging of physical proper¬
it
ties,
Bush
Bank
Bank
tion
with
March
announced
was
National
of
of
went
United
The announcement by the Portland
in part:
This
transaction represents the merging of the
largest National bank
Oregon with the largest and oldest State bank.
Deposits acquired total
over
$11,000,000, bringing the deposits of the United States National
in
Bank
to
&
of
of
one
Bush
the
and
the
the
bank's
of
It
the
founder,
time-honored
organized
was
entire
Pacific
had
banking picture.
a
stock, agreed
National
Ladd
would
be
President of the
Vice-Presidents
United
of
the
of
in
view
Grants
Medford,
iMcMinnville,
Redmond, Roseburg,
Bank,
and
S.
office
by J.
of
C.
as
On
the
debit
$1,301,971,930
(down from $1,324,094,604 three months ago.
The bank's
capital and surplus remain the same at $50,000,000 and
increased
to
but
undivided
profits
have
of
March 26,
Bank
of
Dick,
the Salem
in the current report are: Cash
$227,288,359
on
hand and due from other
(against
$208,496,609 on Dec. 30);
United States Government
obligations,
direct
and/ or
fully guaranteed, $202,558,595 (comparing with $197,317,552), and loans, $75,943,835 (contrasting with $68,217,885
three months ago).
The bank's capital structure is shown
as $32,327,796
(against $31,762,329 on the previous date).
'
,
V
L
,
In
its
'
•
condition
March 26,
•
1940, the
'
♦
statement
,
as
at
the
*
close
First National Bank in
of
St.
business
Louis, St.
Louis, Mo., shows total assets of $280,082,049 (comparing
with $287,097,843 on Dec. 30,
1939), of which $115,865,071
represents cash and due from banks (against $134,559,919
three months ago); $61,527,769 loans and
discounts (com¬
unit.
Chair¬
President, consists of
four
branches
in
Port¬
the
in
Angel,
St. Helens
following cities: Albany, Astoria,
City, Klamath Falls, La Grande,
Ontario, Oregon City, Pendleton,
and
The Dalles.
'>■"
Portland, Ore., under the Comptroller's call of
records deposits of $138,015,499 as against $126,-
the
same
time
reported
are
THE
as
CURB
$149,466,494.
MARKET
was on a larger
during the present week and prices have moved steadily
upward along a broad front. Public utilities and industrial
scale
stocks have been in brisk demand and there
activity apparent in the chemical issues.
shares,
tered
as
a
a group,
was
considerable
The aluminum
outstanding feature and regis¬
Aircraft stocks were
were an
number of substantial gains.
a
narrow
;
Industrial stocks and public utilities were the strong issues
during the 2 hour session
from 2 to 4
or more
on
points.
Saturday, the gains ranging
The transfers
the volume of sales climbing
up
were
unusually
to approximately
197,000 shares, the peak for the short session since Jan. 1.
Detroit,
Detroit, Mich., in its
condition statement as of March
26, 1940, shows total de¬
posits of $496,707,097 and total assets of $532,206,903,
contrasting, respectively, with $462,313,299 and $497,696,672 on Dec. 30 last.
The chief items
comprising the assets
banks,
Vice-
executives
520,050.60 at the corresponding period last year, an increase
of slightly less than $1,000,000 per month.
Resources at
heavy
$17,775,605 from $15,086,348.
National
%
States
The statement of condition of the United States National
Bank
been
»
The
.
Ainsworth,
channel.
respectively,
and
65%
operat¬
Walton,
Other
irregular and with few exceptions moved within
$146,720,995).
side of the report, total deposits are shown
$30,000,000,
.
and
United
S.
Bank.
and
over
satisfactory offer
the
the operation
Paul
years
the executive
on
executive
of
as
Bush,
of the latter, becoming
manager
headed
Junction
Mount
Salem,
the
of
branch
National
the head
located
Pass,
82
institu¬
ranks
N.
A.
of usefulness.
entire
combined, with William
standings in
units,
scope
the
Salem
States
Directors,
Oregon
Eugene,
that
the
and
National
other branches
and
and
United
respective
States
Board
the
State-wide
Athena,
retained
and
of
age
His associates
former, and D. W. Eyre,
of
their
retain
stated
Bush
&
the
financial
1869
area.
few years ago contracted to take
to the sale
announcement
in
Coast
reached
opportunity to increase the bank's
ing staffs of
24
$150,000,000.
one
the
in
staff who had
Preliminary
land,
been
the
the
man
banks
of
son
and operating
of
has
Northwest.
to retire from
desired
and
approximately
Bank
Pacific
loldest
the
President
of
total
a
Ladd
tions
counts,
(against
States
branch hlready maintained in that
of Ladd & Bush Branch of the United
to say,
on
the
the
name
States National Bank.
bank
that
Portland, Ore., had purchased Ladd &
Salem, Ore., and would combine its opera¬
that
city, under the
29
of
Government obligations, direct and
fully guaranteed, $592,784,544 (compared with $607,936,253), and loans and dis¬
$144,360,947
New
the close of
at
as
Trading in the New York Curb market
4
Illinois
March
from
$3,952,280.
Continental
of
State
The
fully
with
Bank
National
$141,164,385 and $152,127,144, respectively, at the close of
business Dec. 30 last).; In its current statement the prin¬
cipal items comprising the assets are: Cash and due from
banks, $56,379,943 (comparing with $53,256,462 on Dec. 30) ;
United
States
Government obligations,
direct and fully
guaranteed, $44,735,610 (against $44,625,712), and loans
discounts and acceptances, $34,908,692
(contrasting with
$38,388,538).
The bank's capital structure now stands at
$10,323,356, comparing with $10,187,158 three months ago.
'
Chicago,
Chicago, 111., as of March 26, 1940, contrasting with $1,148,590,146 on Dec. 30, 1939, of which the principal items are:
Cash and due from banks. $290,214,717 (against $416,592,756
on the earlier date) ;
United States obligations, direct and
ing
Whitney
842,725 and total
will
"
■
which stands at $10,profits have been increased* to
on the earlier date.
Orleans, La., in its condition statement
bills
discounted, $51,138,922
(against $53,423,105).
The com¬
pany's capital and surplus remain unchanged at $6,000,000
and $8,000,000, respectively, but undivided profits are now
.
bank's capital,
the
200,000, but surplus and
$9,096,828 from $8,755,053
hand, in Federal Re¬
on
securities
are:
$58,751,213 (comparing with $79,911,189 on Dec. 30); United States Government securities,
$54,512,355 (up from $40,532,454), and loans and discounts,
$36,287,982 (against $35,435,433).
The bank's capital and
surplus remain the same, at $4,000,000 and $3,000,000, re¬
spectively but undivided profits have been increased to
$418,292 from $359,072.
1.
^
-a
:, v :.
The Harris Trust &
with
Government
Cash and due from banks,
,
April 6> 1940
Aluminum stocks
were
strong, Aluminum Co. of America
advancing 43^ points to 166, while Aluminium Ltd. and
Aluminum
Industries
stocks
stronger, Grumman moving
were
were
fractionally higher.
Aircraft
up a point to 18^
followed by Bell which moved up to a new top at 31
Other
noteworthy gains were American Potash & Chemical, 2%
points to 107, U. S. Plywood conv. pref., 2 points to 34;
American Book, 23^ points to 48 K; Duke Power, 13^ points
Y±\ and Gulf Oil, 1 point to 37.
Advancing prices were again the rule on Monday, and
while the gains were more moderate than during the short
session on Saturday, they were well scattered through the
list.
The aluminum stocks continued in active demand,
Aluminum Co. of America adding 4% points to its previous
to 72
gain and establishing a new 1940 top at its high for the day.
In the public utility group, several active shares moved into
new high ground for the year.
These included among others
United Gas pref., 1
points to 103; Northern Indiana Public
o—p
Service
1
~Qint t0
and Ohio Public Service
Volume
The Commercial & Financial Chronicle
150
6% pref., 1% points io 108%.
Aircraft stocks did not
participate to any extent in the gains, most of them selling
lower
or
unchanged.
Other important advances were
Montgomery Ward A (7), 2% points to 169%; Colts Patent
Firearms, 1% points to 79%; and Pepperell Manufaturing
Co., 1 point to 78.
Public utility preferred stocks maintained their advance on
Tuesday, and while there were some modest gains among the
industrials and chemical shares, the advances were less
pronounced in the general list.
Aircraft stocks were frac¬
tionally higher and oil shares and mining and metal issues
moved within a narrow range.
Noteworthy among the
changes on the upside were American Manufacturing Co., 2
points to 20, Jersey Central Power & Ligb^t, 5% pref., 3
points to 95%; Pittsburgh Plate Glass, a point to 102%;
United Gas pref., 1 point to 101; Virginia Public Service
pref., 3% points to 75%; and Utah Power & Light pref., 1%
points to 70%. The transfers were down to approximately
197,000 shares against 240,000 on Monday.
Curb stocks moved briskly upward on Wednesday and
with the exception of the aircraft stocks nearly every section
of the market registered substantial advances.
Public utility
preferred stocks were especially active as a goodly number of
the issues in this group worked up to a new high ground.
Industrials and aluminum stocks were also stronger at higher
prices and the volume of transfers climbed up to approxi¬
mately 296,000 shares against 197,000 on Tuesday. Promi¬
nent
on
the
side
the
of
advance
Co. of
Aluminum
were
America, 3 %Jpoints to 172; Borne Scrymser, 3% points to 48;
Humble Oil, 2 points to 62%; Thew Shovel, 2% points to
24%; and Minnesota Mining & Metal, 2 points to 68.
Aluminum stocks attracted a goodly part of the buying on
Thursday, Aluminum Co. of America extending its recent
gains 2% points to 174% and again raising its top, while
Aluminium Ltd. closed 2 points higher at 106.
The volume
of transfers climbed up to 358,410 shares against 298,200 on
Wednesday. Aircraft issues were stronger with most of the
members of the group showing modest gains at the close.
Industrial specialties advanced all along the line, the gains
including such active stocks as Sherwin-Williams, Singer
Manufacturing
Co.,
Chesebrough
Manufacturing
Co'.,
Quaker Oats and Chicago Flexible Shaft. Oil shares did not
participate in the advances as most of the active issues de¬
clined or failed to appear on the tape.
Considerable irregularity, due largely to profit taking, was
apparent on Friday. The market opened fairly strong and a
number of modest gains were registered during the first hour.
As the day advanced profit taking became more pronounced,
^
and while there
number of
popular stocks that held
sizable number that
lost their early gains.
Aircraft issues were irregular and the
aluminum shares were off on the day.
There was some buy¬
ing among the preferred stocks in the public utility group
and a few of the industrial specialties were higher, but the
changes were within a narrow channel.
As compared with
Friday of last week, prices were generally higher, Aluminum
Co. of America closing last night at 173% against 161% on
Friday a week ago; Aluminium Ltd. at 106% against 104%;
American Gas & Electric at 37% against 35%; Babcock &
Wilcox at 25% against 23%; Chicago Flexible Shaft at 83
against 79 %; Ford of Canada A at 16% against 15; Gulf Oil
Corp. at 37% against 36; Sherwin-Williams at 99% against
95% and Technicolor at 15% against 15.
were
to the side of the
DAILY
a
advance, there
TRANSACTIONS
AT
TUB
were a
NEW
CURB
YORK
EXCHANGE
2201
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
GILLIS 1<J RUSSELL co.
Uilii Cinnirct
A. T. & T. OLEV. 565 A 566
Cleveland Stock
March 30 to
Bonds (Par Value)
Sales
Friday
last
Week's Range
Sale
Stocks—
c
Par
Akron Brass Mfg
Loio
April 5 1940
of
Shares)
Domestic
com
160
9%
9M
245
8
Jan
8H
435
6%
86
Monday
17,000
196,915
1,292,000
3,000
40,000
Wednesday
296,080
351,990
1,793,000
1,790,000
2,000
30,000
2,000
20,000
290,725
1,538,000
17,000
38,000
1,335,000
1,825,000
1,812,000
1,593,000
1,572,815
Bales at
$8,012,000
$27,000
$189,000
$8,228,000
Jan. 1 to April
Week Ended April 5
5
New York Curb
1940
/!r,572,815
1,098,615
|$8,012,000
Stocks—No. of shares.
1939
1940
1939
$7,592,000
11,867,957
12,758,820
$95,136,000
$138,568,000
Bonds
Domestic
27,000
94,000
702,000
1,582,000
189,000
126,000
1,818,000
1,769,000
$8,228,000
Foreign government
$7,812,000
$97,656,000
Total
•
NATIONAL
BANKS
Mar
6
Jan
7
Mar
11
70
Mar
75
Mar
6%
6%
75
75
107
12H
Jan
50
15%
Apr
1,333
1%
Jan
Apr
Apr
Jan
14*4
1654
*
2
2
Cleve Cliffs Iron pref
*
54
57
335
51
Feb
6054
111
Feb
114%
_
a
13% al3%
15%
15%
Jan
2
Feb
Jan
Cleve Elec 111 $4.50 com..*
112% 112%
10
CI Graphite Bronze com
_
a41 % a42%
185
35%
Jan
43
Mar
Cleve Railway
Cliffs Corp com
100
5
29%
247
17%
Jan
Mar
18%
2,130
15%
Mar
2954
1854
Dow Chemical pref
100
45
114%
Feb
_
1
Eaton Mfg
*
27%
16%
117
117
c
a
Apr
35%
180
27%
Jan
35*4
100
45
Feb
50
a20
a 20%
45
19%
Mar
175
3%
37%
Feb
5
Apr
Feb
41
Jan
*
General Electric com
Apr
117
47%
5
5
*
a89% a39%
100
General Tire & Rubber.,25
a20% a'20%
al7% al8%
18%
16%
Mar
130
c
Jan
46
"W
Firestone T & R com__10
Fostoria Pressed Steel
117
o34
*
Elec Controller
27 %
10
Apr
Jan
Jan
2154
Jan
*
19
20%
184
16%
Jan
*
Great Lakes Towing... 100
23
24%
449
21%
Jan
2354
1954
20*4
2454
16
16
59
13%
Feb
16
18Vs
13%
55
13%
Feb
15
41%
41%
al02% a 104.
3%
3%
a27% a27%
a 10% al0%
80
41
Jan
4154
Apr
5
101
Feb
105*4
Mar
c
Glldden Co
com..
Goodrich (B F)
Goodyear Tire & Rub
Halle Bros
Preferred
Hanna (M
5
com...
...
13%
100
A) $5 cum pref*
*
Harbauer Co
c
Industrial Rayon com..*
c
Interlake Iron com
*
Interlake Steamship
*
c
Martin (Glen L)
Jan
4
Jan
29
Jan
Mar
12*4
Jan
Apr
44
110
Mar
44
14
260
13
Feb
15
2%
3
575
50
2%
35%
Apr
a45% a46
32
45
31
Mar
16%
25
15%
Mar
32
16%
2
a60
Midland Steel Products..*
c36
a36%
75
Monarch Machine Tool..*
16%
16%,
al6% al7%
3%
3%
1%
1%
1
*
National Tile
*
3%
New York Cent RR com*
al6
Nineteen Hundred Corp A*
30
a7%
c
Ohio Oil
*
6
c
Republic Steel com.
14 %
*
*
Rich man Bros
c
Mar
13*4
Jan
17*4
17*4
Mar
2*4
Jan
3*4
Apr
1*4
14%
Jan
154
Jan
Mar
18*4
30*4
Feb
137
430
30
30
Feb
Jan
Jan
6*4
Feb
9*4
Mar
80
954
Apr
10
Jan
14%
23
39%
a7%
75
12*4
1854
36*4
6*4
27%
46%
Feb
14*4
Apr
Jan
23*4
Jan
Jan
40%
Mar
Mar
8*4
Jan
1,185
518
27
145
*
15
United States Steel com.*
"I'
Weinberger Drug Stores. _*
West Res Inv Corp pref-100
15
Jan
36
Jan
52
Apr
50
4
Jan
5*4
Feb
12%
125
9*4
Jan
13*4
Mar
30
14%
53%
Jan
1554
Mar
Mar
6854
Jan
Jan
4*4
Apr
Feb
10*4
Jan
Jan
a
15
362
3%
954
1,556
63
4
a65
65
Jan
65
Jan
174
10*4
Mar
37*4
Mar
13*4
48*4
Apr
>195
Feb
28*4
Jan
63
a23% a25
100
Jan
140
a58% a63
3%
4%
9%
9%
a60
Apr
4%
a!2% al3%
a40% a44%
50
8
1254
a 51%
a51
Union Metals Mfg
-
15*4
199
a!2%
.
Apr
175
1
-
37*4
9%
Twin Coach com
Preferred.
Jan
Mar
.
a8%
4%
c
Jan
Jan
17*4
60
30
a34% a36
Tlmken Roller Brngs cm*
Van Dorn Iron Works....*
,
10% a 11%
1
c
33
33
767
al8%
a7
*
Thompson Products Inc..*
Seiberling Rubber
Troxel Mfg..;
Jan
Jan
Apr
14%
20%
39%
a
-
Reliance Electric
60
Jan
4
46%
9%
*
com
Otis Steel
Packer Corp
Jan
25
30
c
Jan
Mar
a60
Natl Refining (new)
Apr
25%
7% pfd. 100
National Acme.
Feb
10
44
*
com.__l
McKee (A G) B
*
Medusa Portland Cement-*
Metro Pvg Brk
3
Jan
Apr
100
13%
44
Kelley Isl Lime & Tran___*
Lamson & Sessions
no
Mar
8%
36%
22
Jan
No par value.
Course of Bank
Bank clearings
tfiis week show
following information regarding National banks is
of the Currency, Treasury
COMMON CAPITAL STOCK INCREASED
Amt. of
National Bank of Waterloo, Waterloo, Iowa.
total stands at $6,374,386,766 against $5,332,813,202 for the
week in 1939.
At this center there is a gain for the
week ended Friday of 9.2%.
Our comparative summary for
same
the week follows:
Clearings—Returns by Telegraph
Boston
Kansas
City
$30,000
From $200,000 to $230,000
Pittsburgh
Detroit
Cleveland
Baltimore
Per
1940
1939
$3,092,193,412
272,137,404
383,000,000
193,662,645
78,486,058
81,500,000
Philadelphia
$2,832,152,376
+ 9.2
247,143,479
250,000,000
+ 10.1
176,321,220
67,230,195
70,300,000
•
Cent
+ 53.2
+ 9.8
+ 16.7
+ 15.9
104,232,000
+ 8.2
109,460,836
78,125,788
84,736,188
83,054,817
69,789,282
71,343,799
+ 40.1
+ 18.8
74,221,588
46.973,188
+ 48.6
$4,560,733,642
751,255,330
$4,018,043,633
698,640,085
+ 13.5
$5,311,988,972
+ 12.6
1,062,397,794
$4,716,683,718
616,129,524
+72.4
$6,374,386,766
$5,332,813,242
+ 19.5
112,753,000
San Francisco
Increase
25—The
an
year ago.
St. Louis
Department:
Clearings
increase compared with
Preliminary figures compiled by us based upon
telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, April 6)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 19.5% above those
for the corresponding week last year.
Our preliminary
a
New York
from the office of the Comptroller
March 26—The First National Bank of Hawley,
From $31,000 to $35,000
-
26*4
460
6%
Chicago
March
66*4
Jan
119
Week Ending April 6
The
90
Jan
53
a25% a26%
*
1
$141,919,000
\
Foreign corporate.
Jan
56%
22
a65% a65%
1
939,000
Tuesday
Exchange
Mar
Cleve Builders Realty
$724,000
$44,000
Total
85
31
88
Mar
8*4
Total
Corporate
$1,000
2,000
Friday
10
Jan
88
Jan
19*4
Clark Controller
,
$679,000
920,000
Thursday
High
Mar
8
White Motor
197,370
239,735
Saturday.^
17%
9%
_
City Ice & Fuel
Foreign
Government
18 H
8%
Brewing Corp of Amer___3
Canfield Oil
*..,.100
*
Foreign
Low
Shares
5
Apex Elec Mfg pref.__.100
c Amer Home Prod Com.l
Bond Stores
High
18 %
Range Since Jan. 1, 1940
for
Week
rr CCA'
t f Ct Vo
___*
Amer Coach & Body
c
Price
i/J
Addressograph-Mul cm 10
(Number
Week Ended
Exchange
April 5, both inclusive, compiled from official sales lists
Youngstown Sheet & Tube*
Stocks
BiNdlnf, Cliviland
Telephone: CHerry 5050
.........
+ 11.9
Hawley, Minn.
VOLUNTARY LIQUIDATION
4,000
Eleven cities, five days...
Other cities, five days..
+ 7.5
,
Amount
March 25—The First National Bank of Stonineton, Conn
Effective Feb. 23, 1940.
Liquidating agent, J. Rodney Smith,
Mystic. Conn.
No absorbing
or
$100,000
succeeding association.
Total all cities, five days
All
cities,
one day
Total all cities for week.
BRANCH AUTHORIZED
March 26—National Bank & Trust Co. at Charlottesville, Charlottesville,
Va.
Location of branch. Village of Fork Union, Fluvanna County, Va.
Certificate No. 1460A.
Complete and exact details for the week covered by the
foregoing will appear ill our issue of next week.
We cannot
The Commercial & Financial Chronicle
2202
them today, inasmuch as the week ends today
(Saturday), and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
April 6, 1940
furnish
#
t
present further below, we are able to give final and complete
for the week previous—the week ended March 30.
For that week there was an increase of 4.7%, the aggregate
results
of clearings for the whole country having amounted to
$5,756,378,389, against $5,495,783,001 in the same week in
1939.
-Outside of this city there was an increase of 14.1%,
the bank clearings at this center having recorded a loss of
1.9%.
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 a decrease of 1.7%, but in the Bos¬
ton Reserve District the totals show an increase of 12.3%
and in the
In the
Philadelphia Reserve District of 19.8%.
Cleveland Reserve District the totals record an
expansion of
18.2%, in the Richmond Reserve District of 11.2 % and in the
Atlan ta Reserve District of 11.8 %.
In the Chicago Reserve
District the totals are larger by 12.8%, in the St. Louis Re¬
serve
District by 12.7% and in the Minneapolis Reserve
District by 29.9%.
The Kansas City Reserve District en¬
joys a gain of 10.6%, the Dallas Reserve District of 14.7%
and the San Francisco Reserve District of 8.4%.
In the
following
we
furnish
a summary
3 Months
Federal Reserve Dists.
1st Boston
li cities
$
.12 cities
1st
Boston
New York..13
...
••
41,257,80£,415
"
5,446,171,894
%
308,252,132
3,490,913,303
"
4,142,422,C36
3,600,686,554
+15.0
3,389,760,028
9
"
1,912,297,420
1,674,587,305 + 14.2
1,610,384,016
1,844,401,785
6th
Atlanta
16
"
2i376,028,296
2,129,039,316 +11.6
1,983,367,591
2,149,909,074
7th
Chicago
31
"
6,619,221,923
5,545,122,081
6,865,754,312
8th
St. Louis...
"
1,928,874,508
5,721,001,168 +15.7
1,738,244,192 +11.0
9th
Minneapolis 16
439,217,204
4th
Cleveland..
297,915,572
6th
Richmond.. 6
"
"
6th
Atlanta....10
"
168,220,548
366,565,525 +19.8
251,944,208 + 18.2
133.652.454 + 11.2
150,416,040 + 11.8
7th
Chicago
"
M
461.898.455 +12.8
St. Louis...
18
4
521,161,468
8th
140,895,652
124,998,693
122,602,594
149,817,094
Minneapolis 7
10th Kansas City 10
"
"
106,666,521
+ 12.7
82,139,641 +29.9
82,703,760
103,600,856
128,634,412
+10.6
6
"
"
116,265,294
255,721,549
+15.2
+6.2
1,157,805,994
1,257,695,791
2,109,555,404
2,072,825,014
2,373,314,346
«•
1,682,278,300
1,489,590,030
+10.9
1,406,588,077
1,426,756,213
12thSan Fran...19
"
3,291,909,460
3,016,523,229
+9.1
2,913,325,562
3,457,563,939
75,769,569,240
74,992,605,154
36,007,767,654
32,143,069,934
Total....... 191 cities
Outside N. Y. City
Canada
32 cit'es
Outside N. Y. City.....
2,608,227,817
32 cities
213,030,631
129,381,960
4.613,925,162
Month of March
Three Months
Description
1939
1910
Stocks , number of shares.
Bonds
1940
1939
24,563,174
45,731,788
63,618,847
Railroad «fe mlse. bonds.. $110,849,000 $139,909,000
$330,928,000
60,202,000
$368,121,000
71,055,000
16,270,308
21,105,000
3,285,000
Foreign government bds.
U.S. Government bonds.
Total bonds
33,715,000
11,889,000
9,410,000
24,341,000
$400,540,000
$136,239,000 $185,513,000
$464,117,000
transactions in share properties on the
Exchange for the three months of the years
1940 is indicated in the followh
volume
of
..
■;
•''
-v
+•
':<r
Month of January
'
-
1939
1938
1937
No. Shares
••
No. Shares
No. Sharesl
No. Shares
137,791,771
573,244,696
25,182,350
13,873,323
24,563,174
45,731,788
1
63,618,847
—
March
24,151,931
14,520,094
58,671,416
50,248,010
22,995,770
50,346,280
61,673.795
159,205,706
162,147,690
442,436,271
15,990,665
13,470,755
16,270,368
......
February
160,952,846
55,047,189
The
5,641,961,719
following compilation
and 1939:
2,898.804,640
—24.0
263,622,749
292,410,740
covers
MONTHLY
.
the clearings by months
CLEARINGS
•
.
7,272,360,998
2,261,323,070
....
since Jan. 1, 1940
59,374,160
248,655,610
...
First quarter....
140,669,437
111,244,458
202,492,517
5,495,783,001
280,191,674
a summary
Clearings, Total All
Clearings Outside New York
Month
1939
$
$
1940
1939
$
$
%
20,687,316,998 25,092,147,908
Feb— 22,834,951,138 21,840,482,419
26,247,301,104 27,459,974,707
%
+3.9 12,620,602,357 11,076,205,314 + 13.9
+ 4.6 11,029,309,130 9,617,707,054 + 14.7
—4.4
12,357,976,107 11,449.037,666
+ 7.9
of the clearings for the
For that month
of March.
month
for
today
3,849,107,506
for March and the three months of 1940 and 1939 follow:
Mar..
We also furnish
3,825,793,115' +12.6
4,303,665,898
Our usual monthly detailed statement of transactions on
The New York Stock Exchange is appended.
The results
Jan...
Canada.
+1.0 69,068,304,314 88,234,204,494
+ 12.0 30,651,686,696 36,401,905,222
353,869,467
+ 8.4
205,814,960
5,766,378,389
1,861,825,334
1,177,902,984
2,239,724,050
1940
—113 cities
Total
1,692,786,343
1,358,440,409
"
490,831,963
+4.7
2,286,387,569 + 14.1
223,088,011
11th Dallas
367,716,073
57,299,312 + 14.7
65,744,003
12thSan Fran... 10
7
4,249,364,822
10th Kansas City 18
11th Dallas
11
4,520,945,047
"
9th
5,454,650,293
Cleveland.. 18
Richmond..
$
243,910,274
—1.7
PhiladelphialO
148,592,478
53,491,102,222
4,563,094,360
1940
3d
7
3,801,866,363
39,778,002,822
5th
1937 to
%
3,310,259,573
3,252,923,055
2,953,242,426
—6.7
44,224,241,184
4th
1937
234,528,846 +12.3
263,321,465
"
3,174,984,677 + 11.7
4,936,049,111 +10.3
3,546,392,529
New York.. 15
"v.'"1"
Reserve Dists.
Federal
2d
1937
%
$
New York Stock
1938
Dec.
3 Months
1938
Philadelphial7
by Federal Reserve
Inc.or
1939
1940
3 Months
Dec.
3d
The
Week End. Mat. 30,1940
Inc. or
1939
2d
districts:
SUMMARY OF BANK CLEARINGS
3 Months
1940
there
was
decrease
a
1st qu. 75,769,569,240
the entire
74,992,005,154
+ 1.0 36,007,787,654 32,143,069,934 + 12.0
body of clearing houses of 4.4%, the 1940
aggregate of clearings being $26,247,301,104 and the 1939
for the month of March
aggregate $27,459,974,767.
last four years is shown in the subjoined statement:
In the New York Reserve Dis¬
trict the totals register a loss of 12.7%, but in the Boston
Reserve District the totals record a gain of 13.7% and in the
Philadelphia Reserve District of 3.0%.
The Cleveland Re¬
serve District enjoys an increase of 11.7%, the Richmond
Reserve District of 10.2% and the Atlanta Reserve District
of 8.4%.
In the Chicago Reserve District the totals show
an improvement of 8.8%, in the St. Louis Reserve District
of 8.5% and in the Minneapolis Reserve District of 9.4%.
In the Kansas City Reserve District the totals are larger by
3.7%, in the Dallas Reserve District by 7.0% and in the San
Francisco Reserve District by 4.8%.
The
course
BANK
Inc.or
1939
Dec.
March,
March,
—
Chicago.
—
—
Boston..
-
—
Philadelphia..
..
St. Louis...
-
Pittsburgh....
San Francisco—
...
-
1938
1937
Boston
New York-16
3d
"
1,296,764,807
1,046,216,564
1,322,631,599
•12.7
14,905,348,030
19,553,445,866
16,474,755,847
1938
1937
the
MARCH
$
$
$
1939
1940
+•'
1938
1937
$
$
$
39,762
42,850
4,050
3,530
2,708
4,687
38,417
3,520
2,500
4,315
51,832
4,309
3,274
5,177
1,180
1,822
1,939
$
13.889 16,011 14,442 18,989
1,365
1,529
1,286
1,233
890
981
1,127
1,144
1,759
1,713
1,543
1,956
3,034
5,180
396
388
370
436
480
473
636
1,133
1,602
1,055
570
627
600
585
703
1,875
1,727
1,025
1,375
1,672
1,412
Cleveland
—
251
242
305
;
777
701
684
780
373
368
455
1,059
1,239
397
335
434
1,152
1,296
1,067
435
...
296
271
1,109
956
1,177
294
265
250
296
284
,
315
831
988
846
v
891
789
717
726
797
191
181
170
171
547
508
485
487
411
362
548
1,428
1,187
1,085
1,486
155
—
479
136
173
498
439
410
410
132
133
124
154
385
375
349
390
49
—
46
44
49
145
129
127
Louisville
"1,141,007^753(*+13.7
14,381,615,298
IN
CITIES
each of
344
—
City.--.
—
Providence
14 cities
1st
2d
in
1
394
Baltimore.
Cincinnati.
Kansas
Jan.
Jan. 1 to March 31-
1939
$
omitted)
New York
Detroit——
Reserve Dists.
since
Month of March—
Omaha
Federal
and
1940
Minneapolis
March,
1940
clearings at leading cities of the country
CLEARINGS AT LEADING
(000,000
New Orleans—.
March,
of bank
145
90
„
Philadelphia 17
"
1,856,282.960
1,802,859,400
1,633,109,068
2,054,600,439
St. Paul
4th
Cleveland.. 18
"
1,413,075,125
1,264,562,701
1,175,206,281
1,547,416,459
5th
Denver...—....
Richmond.. 9
"
654,656,023
594,175,474
566,596,513
653,630,750
0th
Atlanta
16
"
Indianapolis....
814,778,996
702,413,560
7th
Chicago....31
••
2,231,356,638
2,050,187,049
+ 8.8
1,922,728,955
782,598,908
2,463.641,164
8th
St. Louis...
"
679,750,044
626,471,394
+8.5
593,729,172
708,017,513
Seattle.....—.
466,108,517
426,162,793
+9.4
+3.7
407,802,572
468,219,306
Salt Lake City
734,460,933
720,920,244
881,813,554
Hartford
,727,587
+9.0
488,416,443
1,032,265,302
1,284,630,960
87
102
285
258
252
277
131
125
164
442
380
372
463
112
109
108
117
337
298
128
125
119
149
375
355
339
397
80
71
86
253
228
205
240
164
160
154
171
508
463
456
497
517,289,517
+4.8
92
143
84
Milwaukee..
Buffalo
9th
7
Minneapolis! 6
"
10th Kansas City 18
11th Dallas.....11
"
567,608,228
12th San Fran.. .19
"
+3.0
+11.7
+10.2
751,758,503
+ 8.4
1,123,889,296
Total..
*
191 cities
We
27,459,974,767
—4.4
25,194,752,704
-
Memphis.
—
11,449,037,566
+7.9
10,753,078,020
13,248,908,581
1,344,003,566
1,285,504,294
+4.6
1,320,044,911
1,634,393,862
297
313
92
78
82
93
276
225
240
252
163
150
145
173
477
411
400
445
63
60
55
72
194
175
168
198
53
48
48
56
153
138
—23,604 25,000 22,845 29,476
2,643
2,460
2,350
2,762
68,058
7,712
67,972
7,021
6,717
7,655
Total all. —-26,247 27,460 25,196 32,238
Outside New York. 12,368 11,449 10,753 13,249
75,770
36,008
74,993
32,143
69,068
30,652
88,234
36,402
— .
—
—
—
—.
Total..
-
137
162
62,351
80,579
v
32,237,936,055
12,357.976,167
32 cities
...
Richmond..
Other cities
26,247,301,104
Outside N. Y. City
Canada.
1,0727
„
—
append another table showing the clearings by Federal
Reserve districts for the three months for four years:
CLEARINGS
FOR
add oar detailed statement showing the figures
city separately for March and since Jan. 1 for
two years and for the week ended March 30 for four years:
We
for
now
each
MARCH, SINGE JANUARY 1, AND FOR WEEK ENDING MARCH 30
Month of March
3 Months Ended March 31
Week Ended March
Clearings at—
Inc.
or
Inc.
1940
First
Federal
Rese
Portland
Mass.—Boston
Fall River.....J...
Holyoke...
Lowell
—.——
NewSftadford.
~
Springfield.........
Worcester—
Conn.—Hartford
New Haven..—
Water bury
R. I.—Providence
rve
cities)
Dec.
1940
1939
Dec.
5
%
$
$
%
District— Boston—
2,151,492
7,758,091
1,126,861,791
2,906,237
1,555,479
1,891,309
2,686,002
13,557,875
9,000,064
53,238,674
17,619,083
6,250,800
48,998,900
2,008,139
2,289,010
7,807,620
980,610,130
3,107,271
1,562,806
1,853,298
2,528,634
13,566,743
7,915,027
48,436,400
16,837,389
6,239,800
46,241,800
2,292,696
1,290,704,807
1,141,007,753
N. H.—Manchester
Total (14
1939
%
Maine—Bangor..
+ 7.1
+ 14.9
6,717,055
24,702,305
3,034,150,652
—6.5
8,893,352
—0.5
4,745,596
5,313,053
8,406,326
42,457,426
27,094,358
152.839,191
59,192,285
19,241,900
—0.6
+2.1
+6.2
—0.1
6,213,147
+8.1
24,702,984
—0.0
2.708.239,890
8,831,547
+ 12.0
+0.7
4,370,090
5,244,824
8,023476
Inc. or
or
<1940
$
Dec.
1938
$
%
$
$
726,303
400,918
1,683,853
226,216,008
638,142
474,132
1,785,995
201,191,348
711,214
—15.4
•—6.2
1,655,891
206,251,910
"369",345
"388,239
—4.9
338*623
506,052
2,764,917
2,113,087
11,997,905
4,306,616
480,480
2,718,767
1,764,550
+5.3
+ 1.7
+ 19.8
599,260
11,348,830
3,542,237
1937
575,280
+ 12.4
—10.3
+ 8.4
+ 1.3
—2.5
1
'
1939
472,198
"
39,394,093
24,177,443
137,576,530
52,597,095
+ 7.8
+ 12.1
+ 12.4
—0.2
11,865",200
+ 8.2
459,422
+ 13.7
3,546,392,529
3,174,984,077
+ 11.7
263,321,465
2,043,343
262,516,600
631,330
~
376+68
673,003
+ 21.6
3,184,015
1,846,423
14,202,355
4,112,666
18,216,686
5,538,700
9~,574",100
+23*9
10,094,200
10,978",000
548,954
—16.3
577,453
665,258
234,528,846
+ 12.3
243,910,274
308,252,132
+ 1.7
145,373,500
7,265,530
18,919,100
129,375,300
6,713,458
,
+ 13.7
+ 9.9
+4.6
+0.2
+6.0
A
+ 11.1
+ 12.6
+ 5.7
3,808,439
2,078,002
:
p
Volume
The Commercial & Financial Chronicle
150
2203
CLEARINGS (Continued)
Month ofMarch
3 Months Ended March 31
Week Ended March 30
Clearings at—
Inc.
1940
1939
erve
N. Y.—Albany
Inc.
%
1940
1939
or
Dec.
Inc.
1940
36,907,886
5,083,630
+ 64.0
145 719,191
139,885,715
+ 4.2
+ 0.1
16 850,267
948,385
441 666,714
+ 16.2
32,300,000
+ 22.9
6 848,559
15,735,746
380,112,322
6,373,103
,+ 7.1
+ 9.2
1,927,518
3,677,222
3,492,966
13.889,324,937 16,010,937,201
34,427,672
32,524,622
18,561,049
16,743,516
3,290,560
3,340,675
Elmira
Jamestown
New York...
Rochester
Syracuse
Utica
Westchester County
+ 7.5
+ 5.3
10 711,351
9,282,596
+ 15.4
—13.3
39,761 781,586
42,849,535,220
—7.2
+ 5.9
110 837,613
63 913,757
—1.5
10 ,745,040
99,147,114
52,465,834
9,598,367
+ 11.8
+ 10.9
+ 21.8
or
Dec
1938
1937
%
131,008,398
5,088,772
143,014,204
2,369,497
Buffalo
1939
%
New York—
District
60.534.326
Bingham ton
—
Dec.
$
$
Second Federal Res
or
8,251,584
478,538
812,715
10,477,611
946,795
—21.2
+0.2
6,337,578
1,178,236
11,164,310
1,309,806
28,800,000
411,028
864,800
+ 12.2
30,200,000
40,600,000
582,393
766,896
716,622
+ 16.4
—6.0
3,148,150,572 3,209,395,432
7,480,241
8,056,821
3,894,746
3,688,480
—1.9
781,102
3,380.638,649 4,373,556,358
—7.2
8,797,033
4,329,886
9,216,133
4,473,7 4
3,582,206
3,139,608
344,643
3,096^922
19,628,711
31,387,464
26,586,595
45,235,818
+ 5.6
+ 11.9
16,659,304
15,506,697
+ 7.4
49 ,862,825
Conn.—Stamford
3,347",822
—11.8
2,955", 540
19,220,461
53 ,694,283
47,281,734
50,709,616
+ 5.5
16,956,214
N.
+ 5.9
3,462,285
1,886,670
78,053,199
1,811,798
+ 4.1
5 901,796
5,638,154
+ 4.7
426,093
78,996,792
113.454,479
—1.2
238 ,302,473
332 ,194,183
18,865,897
24,504,177
8,799,208
—29.4
8 ,778,777
221,175,530
325,661,896
11,638,237
+ 7.7/
—7.4
3,778,629
483,993
17,615,174
22,785,270
—24.6
14,381,615,298 16,474,755,847
—12.7
41,257,808,415
44,224,241,184
—6.7
5,718,185
7,504,887
.
J.—Montclair
Newark
Northern New Jersey
105,089,335
2,682,337
Oranges
Total
(15 cities)
Third Federal Rese
District-
rve
Pa.—Altoona
Chester
Harrisburg
1,952,196
—12 4
5,408,979
y2,955,050
—23.9
6,743,707
1,591,039
+ 14.7
5,043,170
9,305,729
—0.3
Lancaster
6,114,955
5,319,479
+ 15.0
Lebanon
1,915,237
—14.1
1,759,000,000
5,805,435
10,043,267
4,723,283
1,713,000,000
5,772,932
+ 2.7
+2.1
+ 24.6
York....
5,050,318
Potts vllle
1,261,099
718,971
548,307
+ 31.1
2,260,926
27,555,081
15,347,100
2,382,746
20,082,401
16,517,800
+ 37.2
—7.1
1,856,282,960
1,802,859,400
+ 3.0
Hazleton
Del.—Wilmington
N. J.—Trenton
Total
(17 cities)
Fourth Federal
—5.4
439,125
616.520
426,729
566,182
338,681
+ 8.9
507,279,
631,772
+ 86.5
283,19#
561,238
838,944
368,940
+ 3.3
1,766,283
1,440,852
+ 22.6
1,655,956
1,131",732
+ 9.4
9,980,533
271,082,493
434,695,288
48,816.300
1,924,667
•843,513
7,496,163
10,897,418
5,929,174
4,687,000,000
+ 10.5
426,000,000
1,394,595
2,245,243
1,520,414
1,296,152
355,000,000
1,414,295
-1,908,885
+ 20.0
355,000,000
—1.4
842,203
1,059,798
1,825,121
2,060,323
1,091,861
1,761,438
475,000,000
1,784,989
2,637,706
+ 80.5
Hamilton
Lorain
Mansfield
Youngstown
Newark
Toledo
County..
Franklin
Greens burg
Erie..
Oil City..
Ky .—Lexington
W. Va.—Wheeling....
(18 cities)
Federal
14,058,203
+ 11.0
3,322,319
,1,629,804
7,160,151
+ 1.4
+ 33.3
45,741,726
+ 26.1
+ 17.6
+22.3
1,430,297
2,406,617
—2.6
47,597,890
—3.0
3,307,100
3,567,900
—7.3
3,150,500
4,671,500
5,446,171,894
4,936,049,111
+ 10.3
439,217,204
366,565,525
+ 19.8
367,716,073
490,831,963
27,951,579
776,792,850
1,295,650,298
24,330,795
2,134,040
55,027,474
84,898,016
+ 13.8
—1.7
135,192,300
2,192,398
62,611,000
94,557,545
9,392,900
+ 2.7
700,632,706
1,109,391,122
+ 14.9
+ 10.9
+ 9.4
9,552,300
—1.7
2,037,550
52,378,668
77,676,849
10,389,100
2,445,333
71,537,087
102,394,697
11,535,900
1,■572,664
2,171,158
1,592,442
2,241,562
—1.2
—3.1
1,318,249
1,867,736
2,203,839
3,231,475
125,417,907
96,498,374
+ 30.0
110,053,397
160,521,136
255,721,549
353,869,467'
+8.0
129,622,100
+ 4.3
—16.9
6,076,676
6,569,360
—7.5
889,377
—5.2
2,598,546
2,552,324
+ 1.8
7,171,973
10,329,098
5,190,172
20,614,605
748,306
+ 4.5
+ 14.5
14,589,235
+ 7.0
+ 28.1
284,351
+ 20.4
22,770,105
34,452,682
15,609,950
59,435,155
3,285,498
1,103,702
19,887,852
28,929,588
+ 14.2
+ 5.5
+ 2.7
567,492
+ 28.4
480,261,053
+ 18.7
6,716,260
+2.7
8,623,604
+ 12.6
5,841,116
8,151,181
—28.6
+ 11.7
1,688,758
10,278,000
+42.4
159,988,762
+2.2
54,073,164
2,190,143
961,450
1,832,096
2,053,576
1,661,607,553
20,654,918
32,337,761
26,486,296
18,362,691
1,264,562,701
»
—4.5
+ 16.8
+ 19.1
+ 11.4
+ 9.9
+ 50.0
+ 14.8
+ 12.1
1,412,073,101
+ 17.7
19,045,028
27,774,350
+ 16.4
25,299,793
21,132,347
+ 4.7
—13.1
4,142,422,036
3,600,886,554
+ 15.0
297,915,572
251,944,208
+ 18.2
6,560,792
33,567,000
508,456,914
16,506,285
27,987,608
15,737,643
988,091,436
+ 46.6
489,639
2,945,000
37,266,499
1,234,862
369,276
2,530,000
35,609,371
1,118,194
+ 32.6
+ 8.5
■
it* m, m *
#»<■»«• *».
Rese rve District— Richmond—
Va.—Norfolk
Richmond
S. C.—Charleston
Columbia
•
Greenville
Md.—Baltimore
Frederick
•
D. C.—Washington...
(9 cities)
2,405,282
11,931,000
163,550,501
5,625,806
10,765,380
4,602,645
343,896,235
1,595,174
110,284,000
654,656,023
Federal
Rese
District
rve
Term.—Knoxville
20,504,427
87,098,200
273,800,000
Nashville
Ga.—Atlanta..
Augusta
5,749,614
4,700,183
3,506,066
96,260,675
Columbus...
Macon
Fla.—Jacksonville
Tampa..,
Ala.—Birmingham....
6,109,771
97,189,922
8,688,607
4,017,172
5,333,000
7,719,714
1,984,610
681,512
Mobile
Montgomery
Miss.—Hattiesburg
—
...
Meridian
Vlcksburg..
5,448,645
+ 3.3
10,526,621
4,992,080
—7.8
295,938,570
+ 16.2
83,396,094
71,521,147
+ 16.6
69,874,009
1,397,687
89,327,696
+ 14.1
4,815,460
103,916,351
6.1
310,574,282
283,074,759
+ 9.7
23,260"384
22",504",466
+ 3.4
24",104",348
30,19*2* 160
10.2
1,912,297,420
1,674,587,305
+ 14.2
148,592,478
133,652,454
+ 11.2
129,381,960
160,952,846
+ 14.6
+8.3
61,488,577
246,437,535
56,993,076
230,236,415
+ 7.9
3,997,788
16,491,408
702,500,000
+ 12.5
3,527,014
16,378,431
56,700,000
977,934
+ 28.2
790,600,000
17,830,780
13,897,370
11,478,094
4,263,388
20,993,453
59,600,000
1,204,541
+ 20.9
+ 7.0
+ 8.3
+ 5.1
48,500,000
+23.2
988,954
4,397,992
19,071,570
69,000,000
1,406.071
—0.1
"809",529
"843", 941
—4.1
""770*118
"907",492
+ 18.3
18,098,000
17,877,000
+ 1.2
16,563,000
17,635,000
20,992,999
2,061,677
18,940^520
+ 1CL8
16",348",084
20,360,707
1,426,149
+ 44.6
1,454,581
1,768,613
594,175,47*
+ 2.3
+ 12.6
+ 9.8
+ 6.8
+ 16.4
+ 4.7
+ 10.4
306,584
2,482,000
31,590,059
1,024,960
/
361,704.
2,771,000
36,691,792
1,608,494
+ 4.4
—0.8
+ 18.8
+ 9.7
Atlanta—
17,888,419
80,444,128
252,900,000
4,775,546
3,797,948
3,861,339
84,550,000
+ 20.4
+ 23.8
—9.2
+ 13.9
14,106,882
11,349,747
11,494,336
246,153,950
15,523,245
254,708,949
21,083,729
10,765,400
14,354,000
24,729,082
4,860,472
1,877,979
+ 15.0
138,760
107*243
+ 26.4
+ 22.4
91,008,134
+ 6.8
291,123,851
21,162,788
289,817,186
7,375,295
3,554,990
+ 17.8
25,852,024
+ 13.0
5,467,000
—2.5
12,275,872
14,952,000
24,709,774
5,566,902
2,159,890
546,675,653
146,802
+ 7.5
40,058,201
33,637,808
+ 29.4
+ 19.1
126,998
508,302,054
32,550,840
37,453,443
2,376,028,296
2,129,039,316
+ 11.6
168,220,548
150,416,040
+ 11.8
137,791,771
162,147,690
—0.1
309,510
116,589,726
214,759
96,451,288
+ 44.1
+ 20.9
198,501
81,148,126
348,411
125,190,346
3",218",878
2,469,463
+ 30.3
2,293*177
3","652",707
1,052,740
1,541",387
—31.7
1,701",834
1,681*495
5,260,596
7,416,355
1,636,163
525,509
+ 16.1
+ 4.1
+ 21.3
181,297,081
+ 29.7
+ 5.6
814,778,996
(16 cities)
'
4,475,066
29,811,000
463,219,230
15,459,789
26,812,060
15,857,885
831.487,296
4,390,220
+ 16.1
191,435,523
La.—New Orleans
Total
+ 10.5
+ 12.6
1,413,075,125
W. Va.—Huntington..
Jackson
11,586,127
8,862,855
728,780
570,197,503
6,899,429
9,713,006
5,579,928
5,817,193
Pittsburgh
Sixth
+0.7
+ 6.8
251,048,581
397,311,974
49,6 35,500
2,315,203
21,172,852
Pa.—Beaver
Total
—5.1
18,291,745
342,357
Columbus
Fifth
+4.0
—2.1
+ 1.6
29,276,293
,
>
380,397
+ 2.9
958,528
....
Cleveland
Total
.
+ 2.9
Re serve District —Cleveland
Ohio—Canton
Cincinnati..
3,490,913,303 4,520,945,047
5,463,488
4,846,602
5,180,000,000
+0.6
9,839,455
i! 3,789,314
4,857,487
1,287,616
Du Bols...
—1.7
15,769,085
18,412,051
31,270,002
12,798,663
15,598,073
3,367,232
2,172,597
.6,973,439
57,671,190
46,146,700
Wllkes-Barre—_
3,252,923,055 3,310,259,573
+ 12.6
4,926,517
Reading
+ 7.5
3,660,810
546,830
—10.1
5,968,542
1,422.556
2,001,957
1,655,892
—4.3
Norrlstown
Scranton
+ 7.1
4,477,044
26,605,562
27,374,903
16,296,129
Philadelphia
—8.4
Philadelphia
1,709,824
y2,250,160
1,825,298
9,279,450
Bethlehem
+ 2.0
+ 13.3
—12.0
751,758,503
+ 8.4
+ 36.3
+ 13.8
+ 22.6
+ 14.0
+ 4.2
x
—0.1
+ 14.5
"
Seventh Federal Re serve District
—Chicago—
Mich.—Ann Arbor....
1,811,285
479,484,087
5,238,581
13.871.392
Detroit..
Flint.
+ 69.3
12,041,039
+ 79.9
46,975,108
38,506,459
+ 22.0
+ 6.0
253,124,791
24,760,112
227,675,514
+ 11.2
21,648,653
6,089,344
+ 17.9
+
91,516,195
+ 4.7
1,355,335
+ 4.4
17,840,168
61,843,213
16,511,215
258,271,609
3,985,946
^2,609,437
\422,233
1,188,672
+ 19.8
+ 15.5
+ 21.5
4,205,628
5,005,106
44.923.393
5,147,118
—2.8
40,385,730
+ 11.2
14,586,203
122,939,638
15,413,410
1,112,410
Wayne
Gary
South Bend
Terre Haute...
...
15,201,922
959,825
+ 1.4
45,760,283
+ 15.9
2,886,641
25,533,975
6,519,166
_,
Milwaukee
Oshkosh.
Sheboygan
Wtaertown
Manitowoc
Iowa—Cedar Rapids..
Des Moines
Sioux City
Ames
111.—Aurora
.
Chicago
Decatur
Peoria
Rockford
Springfield
Sterling
Total
—6.0
+ 11.1
2,677,138
—
Indianapolis
Bloomlngton
+ 20.3
13,585,724
4,090,008
•
„
5,526,470
1,186,-504,882
12,765,901
95,825,418
1,414,349
3,127,291
487,583
1,443,779
Muskegon.
W Ls.—M adison
5,523,449
1,427,923,471
—0.5
12,797,719
79,691,216
6,146,331
2,179,151
6,926,676
,
Lansing
Ind.—Ft.
+ 8.8
+ 16.7
5,267,455
11,784,875
1,692,703
6,119,609
2,098,292
2,123,628
6,925,307
14,215,576
84,474,588
8,191,924
Jackson...
Bay City..*
1,664,564
411,007,719
2,600,639
Grand Rapids..
(31 cities)
...
1,833,591
1,711,384
1,505,468
1,657,786
1,364.884,819 1,285,827,186
4,540,904(1
3,835,766
17,194,907
15,824,375
5,649,456
4,581,997
5,724,590
5,163,988
620,679
575,984
2,231,356,638
2,050,187,049
+ 17.7
42,269,673
35,560,039
+ 18.9
+ 28.7
7,110,994
+ 13.2
20,850,909
5,790,350
17,590,798
+ 18.5
+ 27.6
8,119,049
6,669,762
+ 21.7
+ 22.5
7,580,162
6,834,486
+ 10.9
+ 33.3
+ 7.1
21,661,360
74,135,920
18,494,014
284,814,895
4,682,890
9,364,933
1,426,328
+ 7.1
5,510,425
—9.2
4,376,171
+ 6.1
4,049,602,550
13,498,391
+ 18.4
+ 8.7
-
+ 22.8
+ 38.8
+ ia.
1,358,281
934,442
+45.4
"840,921
1,128*335
17,405,000
1,746,702
5,286,573
16",829",666
+ 3.4
15,*418*666
19,14*8*,000
1,305,992
+ 33.7
4,699,748
+ 12.5
1,176,597
4,194,301
1,568,130
4,575,508
22,351,408
20",03*9*463
+
11*5
18,*653",007
22,218,389
1,050,291
13,096,998
3,543,763
1,093,306
11,233,562
—3.9
+ 16.6
1,114,631
11,625,048
1,085,845
9,411,998
—8.0
3,197,165
3,843,313
1^.0
+ 10.3
+ 17.5
7,809,600
+ 19.9
1,276,965
+ 11.7
3,454,764
14,446,003
108,938,925
42,757,075
+ 21.7
2,708,548
5,121,464
4,108,815
+ 6.6
3,529,767,977
+ 14.7
+ 14.4
+ 15.7
+ 23.3
50,065,785
15,708,438
+ 10.9
16,590,332
+ 7.8
1,907,479
11,799,399
44,114,102
12,994,867
15,378,584
1,586,406
+ 8.8
6,619,221,923
5,721,001,168
+ 1.0
+ 12.9
+ 7.0
3^853,653
+ 7.6
+ 6.5
+ 13.5
+ 20.9
+ 7.9
"281*324
+ 5.6
480,235
388,603
294,102,083
940,755
3,664,563
1,144,801
1,098,866
+ 11.0
293,522,042
370,373,203
953,782
3,970,212
1,112,780
1,228,080
+ 1.4
898,129
+ 11.8
839,888
3,684,487
1,278,379
1,169,932
521,161,468
461,898,455
+ 12.8
442,436,271
296,983
326,589,761
+ 8.3
—2.8
4,631,168
1,603,346
1,497,770'
+ 20.2
<***
573,244,696.
1
'
.V
,
April 6,
Financial Chronicle
The Commercial &
2204
•
-
:
1940
.*■,.*
i
CLEARINGS (Concluded)
Month of
1939
1940
Dec.
Dec.
Re
District
serve
396,410,590
3,807,592
387,602,391
3,381,908
473,788
Cape Girardeau..
491,678
154,565,453
Independence
Ky.—Louisville
184,197,289
91,998,905
—
Te^n.—Memphis...
287,830
2,498,000
321,880
III.—Jacksonville..
2,540,000
Qulncy—
Total
77,584,134
Rochester
8t. Paul
Winona......
Fergus Falls
...
+ 19.2
+ 18.6
919,297
7,216,000
+ 11.8
+ 1.7
458,277
;
1,054,691,550
+ 7.4
10,304,455
+ 13.5
3 f, 813,384
+ 22.6
20,346,268
124,998,693
+ 12.7
2,631,405
2,365,989
+ 11.2
726,106,656
3,733,180
297,924,276
4,688,100
1,291,272
27,161,261
2,076,000
1,776,666
8,198,598
20,0.50,404
+ 16.6
70,834,672
52,799,Q78
+ 34.2
2,209,960
53,684,217
2,638,901
67,851,982
26,643",407
21^)6^035
+ 25.1
21,662,798
27,461,140
2,461,057
2~,166~893
+ 13.6
1,968,522
2",280",332
~~759~627
"700,680
+8~4
"592",062
"71b",589
+ 17.2
"
"
+ 11.2
+43.3
+ 3.2
337,387,181
4,864,627
1,541,735
30,652,905
2,954,000
2,183,575
9,433,294
18,257,589
2,330,286
9,478,144
8,985,707
+ 10.5
+ 7.7
+ 4.0
661,347
663,500
■"•"0.3
3,425,291
3,254,088
13,446,140
+ 20,3
251,892
2,846,362
3,250,106
10,611,852
241,174
+ 4.4
736,847
466,108,517
420,162,793
+ 9.4
1,356,440,409
+ 13.2
+ 3.8
+ 19.4
+ 12.9
1,177,902,984
1,223,363
1,675,904
31,783,211
374,654,736
48,088,618
1,971,076
2,756,746
29,871,155
+ 36.6
1,988,800
7,888,945
8,841,063
33,911,056
635,206
Tenth Federal Rese
rve
438,704
579,678
_v
Hastings
Lincoln
11,516,678|
.........
132,157,405
Omaha
16,657,783
Kan.—Kansas City
Manhattan
663,276
Parsons
708,029
..
8,704,099
Topeka
13,296,593
2,116,211
393,958,100
12,214,152
671,317
Wichita
Mo.—Joplln..
....
Kansas Cfty
St. Joseph
Carthage
33,682,385
Okla.—Tulsa
2,382,552
127,557,099
2,701,960
Colo.—Colo. Springs..
Denver
Pueblo
Total
761,415,172
(18 cities)..
Eleventh Federal R
eserve
+ 0.1
39,397,292
+ 26.7
+ 15.1
—8.9
.*
Distrlc
,293,414
1 ,631,164
33 ,542,594
385 ,218,326
+2,4
'
1
—4.4
428,308
600,360
11,227,319
133,263,050
15,774,981
626,331
849,834
8,192,829
11,635,179
1,787,102
372,531,938
12,222,701
.
+ 2.6
—0.8
+ 5.6
49
+ 5.9
1
,899,565
+ 14.3
,917,974
2 383,636
29 ,849,742
38 ,974,113
+ 18.4
6 ,800,946
—16.7
+ 6.2
2
99
1,152 ,060,300
39 ,.506,771
+ 1.5
32,579,561
<2,471,201
125,202,714
+ 3.4
—3.6
2,853,799
1,486,515
—5.3
—5.2
085,132
114,563
7 ,573,303
374 ,672,105
8 920,414
4 ,279.982
734,460,933
+ 3.7
+ 2.6
+ 1.6
2,089*814
+29.9
82,703,760
103,600,856
—30.7
80,886
+9.7
+21.8
+ 15.2
106,666,521
82,139,641
+ 5.7
83,123
119,918
118,878
2.286,480
—4.5
129,334
+ 20.3
2,422,487
2,630,694
31,895,845
,
+ 16.0
138,381
144,803
—2.7
113,557
+ 5.5
2,749,974
+ 2.8
27,630,409
26,358,167
+4.8
26,638,065
1,932",074
1,478,013
2,412,939
+ 30.7
1,279", 161
+ 16.5
2,765,698
3,447,698
80,188,983
2,577,416
+ 11.5
+ 10.1
74,637,275
2,543,338
96,647,607
2,750,305
•
.
'
+ 3.8
—2.7
i
—13.5
—0.1
+ 11.3
2,810,195
m"m
■
2",067", 904
+ 22.9
96,558,201
+ 5.8
—0.1
661,205
""568",098
2",Oil",840
621*321
2",179",645
+ 1.6
35,009,726
5,532,446
1,066,824,810
38,089,467
1,730,281
f 574~301
681,289
2,655", 064
+ 20.1
+ 16.2
+8.0
89,401,379
+ 3.7
•
2,838,610
+ 20.1
+2.6
"
"478", 787
182",101
+162.9
"215*725
*357*653
"596", 304
"642,399
+ 9.9
"632", 489
"588",547
+6.2
128,634,412
116,265,294
+ 10.6
111,244,458
140,669,437
+ 7.4
1,898,340
1,750,807
+8.4
2,077,618
1,709,502
51,703,955
44",436" 586
+ 16.4
41,411+31
45",000,847
—3.9
5,952,267
6","04b",095
—1".5
5",567", 108
6",365*846
+ 0.5
1,998,000
1,886,000
+ 5.9
2,335,000
7,378,879
354,676,377
+ 2.0
7,580,967
+ 17.7
4,143,441
+ 3.3
2,239,724,050
2,109,555,404
23,561,021
13,133,148
21,941,364
12,390,342
+ 1.8
+ 5.6
-Dallas—
I
...
Fort Worth
Galveston
4.342.724
229,452,001
20,725,050
+ 10.5
740,444,000
650.620,571
+ 13.8
+ 10.5
—3.2
10,435,000
—6.0
59,386,176
85,141,194
30,441,000
565,611,703
5,339,904
12,085,264
"924" 558
752"§13
22*8
"928", 867
3,844,779
+ 2.6
+ 1.4
66,106,185
81,814,356
30,588,000
630,476,764
6,073,517
13,173,508
3,946,204
42,961,597
+ 11.3
28,913,040
42,787,733
+ 0.4
3",266",883
2",433",oil
+ 34" 3
2",727",465
3,224,493
+ 9.0
1,652,278,300
1,489,590,030
+ 10.9
65,744,003
57,299,312
+ 14.7
55,047,189
59,374,160
5,944,343
4 ,196,366
476,712,017
411 .484.444
11,697,461
15,615,374
10 ,763,369
3,293,000
412,789,659
8,300,489
194,489,503
46,583,283
22,667,710
2 ,929,000
253,558,000
22,911,226
27,976,982
9,805,000
218,118,260
1,987,795
4,508,381
1,350,332
14,830,720
Dallas
El Paso
7,928,632
4,413,131
Beaumont
...
Houston
Port Arthur.
Wichita Falls
Texarkana
La.—Shr eve port
567,608,228
(11 cities)
Twelfth Federal Re
serve
District
196,943,099
1,887,893
4,075,161
1.395.725
14,629,262
520,727,587
-San
Franci
+ 10.8
+ 5.3
+ 10.6
—2.8
163,328,120
3,651,009
4,792,537
1,094,000
+ 30.1
158,927,344
2,532,719
63,206,399
15,091,513
6,501,773
152,316.743
2.384,080
59,694,902
+ 4.3
13,214,042
6,352,043
+ 14.2
9,005,046
18,837,794
3,179,000
13,513,705
3,231,706
627,011,226
11,132,106
.5,630,840
9,556,284
Idaho—Boise
Ore.—Eugene..
Portland
Utah—Ogden
City
Ariz.—Phoenix
Calif.—Bakersfield
Berkeley....
Long Beach
Modesto...
Pasadena
Riverside.
San Francisco
+49.1
+ 9.2
4,749,272
5,132,441
1,172,000
Seattle
Yakima
...
San Jose
Santa Barbara
Stockton
+ 6.0
,6,849,761
+ 31.5
—9.1
27,078,146
22 ,479,277
51,010,615
55 ,841,039
—4.1
24 ,564,969
;
+ 7.1
+ 7.1
+ 6.2
+ 5.9
+ 2.4
20,716,805
3,310,000
16,505,929
3.012,697
599,779,673
—18.1
11,973,845
7,186,655
8,433,227
—21.6
10,234,000
41,322,527
9,867,676
1,875,450.320
33.047,783
18,536,744
+ 13.3
13 ,817,124
375 ,984,627
7 ,308,284
175 ,435,323
39 ,719,339
22 ,085,920
27,268,810
—lo.a
+ 4.5
—7.0
2,039,000
+ 11.5
+ 13.7
+ 9.0
f'•
"
+
'
1,034",472
..
ft
SCO
1,441,492
149,529,293
2,149,948
Wash.—Bellingham
Salt Lake
+22.9
8,136,395
Texas—Austin
Total
r
1,409,151
Wyo.—Casper........
+ 9.4
—9.9
+ 10.4
District— Kansas City-
•
Neb.—Fremont
606,000
149,817,094
140,895,652
3,018,563
6,464,348
(10 cities)....
574,000
+ 18.5
3,301,178
Total
—5.6
+ 11.0
5,826,813
Lewistown
20,390,647
X
31,031,501
+ 31.6
Helena..
34,"72b",447
14,956,830
X
1,738,244,192
619,666
Huron
27",97V,764
.
36,765,793
846,370,453
5,100,981
+ 13.8
Mont,—Billings
Great Falls.!.
568,000
536,000
+ 6.6
.
1,928,874,508
857,000
—
X
__
+ 8.5
975,000
815,551
D.—Aberdeen
-
+ 21.3
10,240,780
Ml not
30,414,825
15,815,868
+ 14.3
6,770,000
Grand Forks
Sioux Falls
+ 4.6
+ 28.6
—0.3
'
N. D.—Fargo.
S.
88,200,000
79,100,000
+ 13.9
1,403,683
438,858,548
225,351,844
804,112
t
94,100,000
+ 12.8
78,200,000
11,055,106
204,543.709
1,201,176
108,953,355
1,560,314
425,573
9,850,989
13,406,438
294,170,554
1,721,265
112,430,100
1,723,743
Minneapolis..
11,731,620
1,458,688
498,102,225
276,184.897
.
District— Minneapolis
rve
Minn.—DultJtH
1,133,261,781
%
$
*
$
1937
1938
122,602,594
020,471,394
679,750,044
(7 cities)
Ninth Federal Re»e
+2.3
+ 12.6
—3.6
Dec.
1939
1940
Louis—
-St.
March 30
Inc. or
%
%
Federal
Mo.—Bt. Louis...
Eighth
End$d
Inc. or
Inc. or
1939
1940
Week
3 Months Ended March 31
March
Clearings at—
+41.7
+ 15.9
+ 8.7
+ 13.0
+ 12.4
+ 9.8
+ 12.7
+ 10.9
+ 17.3
+ 2.6
+ 20.5
—8.7
'
29,933*208
+ 16.6
29",371*197
35,961",881
859,989
868,870
—1.0
847,448
1,026,034
33,308^078
31,307 034
+ 6.4
26",484",858
31,166",908
12,733,366
11,814",967
+7.8
11,573", 041
10,242,806
3,211,232
3,571466
—"fo"i
3","59()",840
4,081+73
2,622,562
3",027",849 —13*4
3",35l",876
4,006,023
34,915~881
9 ,810,000
+ 4.3
49 ,506,963
—16.5
10 ,166,059
—2.9
1,726 ,592,441
34 ,004,718
19 ,7 3,967
+ 8.6
130",353,066
119",815,666
+8.8
122,157",000
150",178",000
—2.8
2,253,196
1,025,811
2,667,447
—15.5
1,198,221
1,611,198
—14.4
1,802,896
+ 11.9
2,287,758
1,262,874
1,565,625
2,722,072
—6.3
+ 11.0
223,086,011
205,814,960
+ 8.4
202,492,517
248,655,610
1,413,449
1,857,264
1,072,845,333
+ 4.8
3,291.909,460
3,016,523,229
+ 9.1
Grand total (191 cities) 20,247,301,104 27,459,974,767
-4.4
75,769,569,240
74,992,605,154
+ 1.0
5,756,378,389 5,495,783,001
+4.7 5,641,961,719 7,272,360,998
12,357,976,167 11,449,037.566
+ 7.9
36,007,787,654
32,143,069,934
+ 12.0
2,608,227,817 2,286,387,569
+ 14.1 2,261,323,070 2,898,804,640
Total
1,123,889,296
(19 cities)
Outside New York
CANADIAN CLEARINGS FOR MARCH.
3 Months Ended March
Moqth of March
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
.
London
Edmonton...
...
Regina
Brandon
Lethbrldge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster.....
Hat".
Peterborough.
%
$
Moncton
Kingston..
Chatham
Sarnla
Sudbury
1,344,003,566
(32 cities)
x
No figures available,
1,409,209,752
1,324,941,717
—6.4
9,910,993
—0.8
14,182,570
11,829,407
1,035,129
1,671,208
4,410,902
2,091,536
3,378,368
2,179,567
2,622,230
759,289
2,300,517
2,464,162
3.941,806
11,468,467
1,104,069
2,693,234
2,158,849
2,708,671
1,851,739
+ 10.1
3,710,725
+ 6.8
1,285,504,294
+4.6
4,306,665.898
y
—3.3
+ 19.4
+6.8
+ 6.6
+ 16.6
+ 3.8
+ 28.0
+ 6.4
+ 5.8
+ 9.3
+ 7.7
—10.9
+ 5.4
+ 22.6
+ 5.9
+ 8.2
—2 +
+ 26.2
+ 11.8
—2.1
+ 6.3
+ 14.2
—1 +
—2+
1940
1939
Dec.
$
$
%
1937
1938
%
S
—29.8
—18.6
1,552,693
1,353,189
2,303,721
3,067,934
2,240,313
—37.1
+ 5.2
23,233,778
—17.2
13,781,730
13,478,368
3,543,592
1,914,682
4,357,385
3,585,701
S
92,459,492
85,567,196
97,060,667
95,089,634
33,943,308
16,855,124
29,584,262
+ 33.1
56,215,411
54,822,981
20,503,796
21,011,318
28,875,748
41,229,290
+ 27.8
+ 20.0
3,119,750
1,975,543
4,326,938
3,455,485
1,662,422
1,157,375
1,697,854
2,739,346
33,508,802
3,066,517
4,916,466
13,018,162
6,083,436
10,005,221
6,761,732
7,400,780
+ 17.3
2,161,046
+ 12.7
210,940
202,435
+4.2
285,978
+ 14.8
381,599
408,758
—6.6
+ 16.8
+ 6.6
+ 15.9
854,733
—7.6
320,340
924,998
416,592
—23.1
667,945
438,210
—1.9
+ 25.1
655,110
502,289
347,814
844,491
336,689
685,512
+ 14.6
613,528
+ 13.1
671,798
517,398
537,562
+ 11.7
104,566
536,894
133,049
+25.1
2,276,491
6,481,950
7,360,365
11,365,857
33,439,631
3,229,116
7,990,679
6,121,072
9,612,517
6,864,721
7,855,732
5,249,517
12,337,807
+ 28.2
Dec.
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
+23.7
396,654
469,966
—15.6
+ 25.2
710,177
755,122
471,055
+ 50.8
—8.3
2,260,371
227,100
2,592,547
—12.8
138,470
495,218
553,607
890,443
2,451,800
201,084
+ 9.6
3,086,122
292,119
—22.3
225,545
273,511
574,448
+8.1
600,405
532,727
—13.5
415,256
383,778
+ 7.3
526,864
519,460
—7.1
356,481
+4.7
303,484
950,467
—24.0
263,622,749
292,410,740
1,331+83,412
1,249,845,342
327,744,834
219,729,955
206,457,959
51,934,301
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+01,460
9,214,444
13.502,541
36,201,997
3,782,082
—10.3
I—
32,704,648
10,478,622
19,078,899
17,225,513
6,769,674
7,275,921
1,173,103
3,074,669
2,134,631
2,651,182
1,661,162
3,963,213
Prince Albert
+ 2.9
—1.7
514,649,016
221,692,071
256,546,071
58,341,257
39,378,735
71,841,576
63,476,011
30,428,543
21,204,578
4,406,678
11,226,470
Kitchener
Windsor
Estimated,
80,586,297
19,230,345
11+65,048
22,244,475
17,871,930
8,664,742
6,808,111
9,836,527
15,618,479
12,588,959
1,095.000
1,826,429
4,748,487
1,864,016
3,561,440
2,672,271
2,776,482
821,183
2,252,759
412,929,736
451,679,354
113,599,846
72,490,553
67,503,292
17,999,446
3+10,929
Sherbrooke
*
S
1939
1940
70+32,164
Vancouver
Total
Dec.
424,779,083
443,845,110
145,612+92
Winnipeg
Medicine
1939
$
Montreal
Inc. or
Inc. or
Inc. or
1940
Toronto
Week Ended March 28
31
Clearings at—
Canada—
ENDING MARCH 2S
SINCE JANUARY 1, AND FOR WEEK
+ 5.8
+ 6.0
+ 57.0
+0.9
+ 24.3
+ 12.3
+ 15.8
+ 48.4
+ 0.9
+ 13.3
+ 18.8
+ 8.3
+ 17.1
67,255,347
61,751,678
25,389,093
12,027,452
13,401,749
823,249
5,309,320
10,914,839
—1.1
395,237
554,522
313,613
+ 13.0
960,934
531,329
457,119
517,035
337,623
917,662
3,825,793,115
+ 12.6
213,030,631
280,191,674
7+04,070
Calculated on basis of weekly figures.
+20.3
+ 12.1
+ 10.6
+ 9.0
—14.6
—10.2
+ 11.0
—9.9
+ 13.2
—16.8
—17.3
—6.6
10,850,969
3,637,557
"
1,849,224
4,369,913
4,945,699
1,517,288
1,398,304
2,442,807
3,127,828
3,269,875
219,868
372,325
1,076,482
543,190
743,457
504,787
561,009
515,349
879,773
745,558
Volume
The Commercial & Financial Chronicle.
150
EXCHANGE
FOREIGN
.
requirements of Section 522 of the Tariff
6%
Corp.
of
1930, the Federal Reserve Bank is
certifying
now
Miehle Printing Press & Manufacturing series A debs. .May
Montana-Dakota Utilities Co. 4%% bonds
May
*
Mortbon Corp. of N. Y. series A bonds..
daily to the Secretary of the Treasury the buying rate for
National Dairy Products Corp. 3%% debentures
*
New Orleans Public Service, Inc. gen. lien bonds
give below
FOREIGN
a
We
record for the week just passed:
EXCHANGE
BY
CERTIFIED
RATES
TREASURY UNDER TARIFF ACT
BANK TO
MARCH
1940, TO APRIL 5,
30,
Newport Water Co. 5% gold bonds
*
FEDERAL
OF
1930
1940, INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in United Slates Money
Country and Monetary
RESERVE
Apr. 3
Apr. 4
$
$
$
.170761
.170505
.170255
.170255
a
a
a
a
a
a
a
a
Mar. 30
Apr. 1
Apr. 2
$
$
$
Belgium, belga
.170672
.170822
a
a
a
a
Bulgaria,
lev
Czechoslov'la, koruna
l'
Apr. 5
.193100
.193083
.193085
.193091
.193066
.193066
Official
4.035000
4.035000
4.035000
4.035000
4.035000
4.035000
Free
3.533125
3.558194
3.581944
3.558472
3.560694
3.575833
Denmark,
krone
Engl'd, pound sterl'g
*
Finland, markka
France, franc
.017500*
.017500
.017666
.020005
.020163
.020295
.020165
.020190
.401150*
.401150*
,401150*
.40115C*
.401150*
.238162
.238168
.238207
.224177
.224172
.224188
2109
2264
2111
1608
1289
1
30 :
25
2112
10
1
1
1
May
Mar.
Apr.
...Apr.
June
June
May
May
May
Mar.
May
Apr.
June
May
1785
1453
2268
1609
1783
1455
15
1789
1
2130
30
1
30
17
1
1790
2278
2131
1955
2131
.401150*
Sweden, krona
1942
1942
2108
2263
.020251
Germany, reichsmark
Greece, drachma
Hungary, pengo
Italy, lira
Netherlands, guilder.
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta
2108
2261
1
June
Pennsylvania RR., gen. mtge. 3%s
Peoples Light & Power Co. coll. lien bonds
Public Service Co. of Oklahoma 4% serial debs
Richmond-Washington Co. 4% bonds
*
San Jose Water Works 1st mtge. 3%s
Skelly Oil Co. 6% preferred stock
Telephone Securities. Ltd. 5%% notes—
United Wall Paper Factories, Inc., 1st mtge. 6s..,,
Vandalia RR. consol. mtge. bonds
*
Wheeling Electric Co 1st mtge. 5s
Wisconsin Telephone Co. 7% pref. stock
Woodward Iron Co., 5% bonds
Youngstown Sheet & Tube Co. 1st mtge. bonds—
Unit
Europe—
North Central Gas Co 1st mtge. 5%s_
Northern Indiana Gas & Electric Co. 1st mtge. 6s
Northwestern Electric Co., 1st mtge. bonds
Ohio Electric Power Co. 1st mtge. 5s
Pacific Atlantic Steamship Corp.—
Marine equipment bonds
New York
2261
June
Apr.
Apr.
May
Apr.
May
Apr. 15
May
1
May
1
Mountain States Power Co., 1st mtge. 5s
1st mtge. 6s
—
cable transfers in the different countries of the world.
2106
1
1
1
1
16
16
1
30
1
May
bonds
*
.
Act
Page
Date
Company and Issue—
RATES
Mead
Pursuant to the
2205
.017666
.017666
.017500
.006584*
.006562*
.006562*
.006587*
.175930*
.175(130*
.175930*
.175930*
.050460
.050471
.050460
.050460
.050460
.530883
.530883
.530844
.530838
.530805
.530800
.227125
.227143
.227131
.227100
.227071
.227025
a
a
a
a
a
.033475
.034500
.034575
.034450
.034525
b
b
b
b
£
Volume 149.
a
.033500
Switzerland, franc...
Yugoslavia, dinar...
.006671*
.175930*
.050464
.
.006575*
.175930*
Announcements this week.
.022435*
.022435*
b
b
b
.238087
.238068
.224266
.224194
.022435*
.022435*
/
on
.
$ per Share
13
West Boylston Mfg. Co. common, par
20
Foundation
$50—
;
*.
5
...
Fairclough & Gold, Inc., preferred, par $100..
Asia—. V
—
Bonds—
"
V
China—
.
-
Per Cent
/
,
Chefoo (yuan) dol'r
a
a
Hankow
a
a
(yuan) dol
Shanghai (yuan) dol
Hongkong,
a
.060225*
.060050*
Tientsin (yuan) dol.
a
a
'"'■■v
.
.060868*
a
a
a
a
.060718*
.060818*
a
a
a
a
a
.220431
.221662
.220418
.220718
.221306
.302129
.302129
India (British) rupee.
.302129
.302129
.301996
By Barnes & Lofland, Philadelphia: 1:
.060975*
a
.218212
dollar.
.302129
1958./.C......._19% flat
$2,000 Manhattan Co. Building (40 Wall St.) 6s, Nov.
a
Stocks
Shares
•
:
% per Share
-
20%
111%
249
64
90
Druedlng Brothers Co. "B" common
8 Philadelphia National Bank, par $20
7
Fidelity-Philadelphia Trust Co., par $100
par $10
Japan, yen
.234383
.234383
.234383
.234383
.234383
.234383
8
Straits Settlem'ts, dol
.471356
.471356
.471356
.471356
.471356
.471356
10
Girard Trust Co.,
10
First National Bank, Chester, Pa
Australasia—
4%
2%
3
90
...
...
Co., par $1..:
20 Aetna Standard Engineering, par $ I
.022435*
Wednesday
'
,
Stocks
Shares
.091310*
.238100
.022435*
sold at auction
were
By R. L. Day & Co., Boston:
b
.091315*
.093005*
following securities
of the current week:
.224361
.093005*
w
SALES
AUCTION
The
Australia, pound—
Official...
...
3.228000
_
2.813750
Free
3.228000
3.228000
3.228000
3.228000
2.835833
2.852916
2.835208
2.836666
2.848750
New Zealand, pound- 2.825000* 2.847916* 2.864375* 2.846666* 2.847916* 2.860416*
Africa—
South Africa, pound. 3.980000
North America—
3.980000
3.980000
3.980000
3.980000
3.980000
DIVIDENDS
Dividends
first
we
cCanada, dollar—
the dividends announced the
follow with
second table in which
.909090
.909090
.909090
.814821
.815000
.820000
.819375
.826406
.834765
.166550*
.166550*
.166575*
.166575*
.166575*
we
.909090
.909090
.909090
.909090
.909090
.909090
have not yet
.812812
.812500
.816666
.816458
.824062
.832812
dividend payments
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
pany
name
News
Department" in the week when declared.
.909090
.909090
.909090
cNewfoundl'd,
dollar
Official
Free
South America—
Argentina, peso
Brazil, mllreis—
Official
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
Free
.050333*
.050333*
.050333*
.050333*
.050333*
.050333*
.051650*
.051650*
peso—
Official
.051650*
.051650*
.040000*
.040000*
.040000*
.040000*
.040000*
.570050*
.570050*
.570050*
.570050*
Controlled
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
.391000*
.391000*
.391000*
.391000*
.391000*
.391000*
we
dividends
the
in
which
Further details and record of past
been paid.
in
a
previously announced, but
many cases are
given under the
com¬
"General Corporation and Investment
our
The dividends announced this week are:
.570050*
Non-controlled
show
.040000*
.570050*
Then
current week.
.051650*
Export
Colombia, peso.^...
Uruguay, peso—
*
Nominal rate,
a
No rates available,
.051650*
Per
50c
Abraham & Straus
Mining (quar.)
(quar.)...—
Alaska Juneau Gold
Amerada Corp.
b Temporarily omitted.
Share
Name of Company
15c
—
50 c
„—
25c
American Air Filter
Preferred
(quar.)..;
....
as
FINANCIAL
CABLE
MARKET—PER
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mar. 30
Apr. 3
Apr. 2
Apr. 1
,
Wed.,
Tues.,
Man.,
Fri.,
Apr. 5
Thurs.,
Apr. 4
20 3-16d.
20%d.
Silver, per oz__
Closed
Gold, p. fine oz. 168s.
20 7-16d.
168s.
20%d.
168s.
20%d.
168s.
168s.
168s.
Consols
£72%
£723^
£72%
£72 X
£72 X
British
2%%_
3%%
Closed
W. L
British
Closed
£99 1-16
£99 5-16
£99 X
4%
1960-90
*
Closed
£109%
£109%
The
£109 X
price of silver per ounce (in
States on the same days have been:
BarN.Y.(for'n)
U.
S.
£99 X
£99 5-16
£109X
£109%
cents) in the United
34%
34%
34%
34%
34%
71.10
71.10
71.10
71.10
71.10
71.10
CALLS
AND
(quar.)
Light $3 class A (qu.)_
$i
75c
1-32 sh. of ck B stk., or, at holders' opt., cash.
American Equitable Assurance (quar.)
25c
American Can Co.
American Factors, Ltd.
—
—
10c
(monthly)
10c
Monthly......
......—
American Machine & Foundry Co
20c
....
%VA
...
Atlantic City Electric Co. pref. (quar.)
Atlas Powder Co. 5% pref. (quar.)
SI x
$1.17
12%c
12%c
$1
18 %c
75c
Balaban & Katz preferred (final)
Baldwin Rubber Co. (quar.
'
Extra
-
Bellows & Co., Tnc., class B
Bloomingdale Bros
Blue Ridge Corp. $3 pref. (quar.)...
SINKING
mx
l%c
—
Ltd
Cable & Wireless (Holding), Ltd.—
Amer. dep. rec. for 5 % % preferred
Calgary Power Co., Ltd., pref. (quar.)
Canadian Bronze Co., Ltd...
(quar.)
Canadian Foreign Investments (interim)
list of bonds, notes and preferred
stocks of corporation
called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Date
Company and Issue—
bends
—....May
Allied Stores Corp. 15-year bonds
Apr.
Anaconda Copper Mining Co. 4%% debentures
May
*
Anchor Hocking Glass Corp. $6.50 pref. stock
Apr.
♦Balaban & Katy Corp. 7% pref. stock—
May
*
Bedford Pulp & Paper Co., Inc. 1st mtge. 6%s
June
*
Bethlehem Steel Corp. consol. mtges. 4%s
;
July
Brooklyn Borough Gas Co.. 5% bonds
May
Chicago Rock Island & Pacific Co., 3%% certificates
Apr.
*
Chicago South Shore & South Bend RR. 3% bonds
Apr.
Clear Spring Water Service Co. $6 preferred stock
__May
1st mortgage 5s__
May
Colgate-Palmolive-Peet Co. 6% preferred stock
May
Colorado Power Co. 1st mtge. 5s
May
Consumers Power Co. 1st mtge. 3%s
..May
Denver Gas & Electric Co. gen. mtge. 5s
May
Denver Gas & Electric Light Co. 1st mtge. bonds.*.
May
*
Elgin JolietA Eastern Ry. 4%% bonds
f
June
*
EquitableIWfice Building Corp. 5% debentures.!—May
Federal Light & Traction Co., 1st lien bonds
Apr.
Garlock Packing Co. 4%% notes
May
*
International Agriculture Corp. 1st mtge. 5s...—May
*
Kresge Foundation 10-year notes
June
Louisville & Nashville RR., unified 50-year 4s
July
Marion-Reserve Power Co., 1st mtge. 4%s
Apr.
Allied Owners Corp. 1st lien
_
...
Page
3
2245
15
1127
15
30
31
1
1
15
17
18
27
27
1
1
1
2078
2247
2248
2248
2248
1928
1929
2250
2088
2088
2089
£3713
275
£3714
£3714
1
2252
1
15
31
1
1
1
20
2252
1599
2098
2257
2258
843
1285
21
1
Holders
Apr. 15
Apr.
8
Apr. 15
Apr.
1
Apr.
1
Apr.
1
Apr. 25*
Apr. 11
25 Apr.
15
10 Mar. 30
10
1
1
1
31
Apr. 30
Apr. 15
Apr.
4
Apr. 19
20 Apr.
20 Apr.
23 Apr.
25 Apr.
June
1 May
15
15
6
Feb.
29
Feb.
29
Apr.
May
Apr. 17 Apr.
16
5.4c Apr.
May
$1%
*37%c May
May
mx
t7Cc
$JX
Carborundum Co
a
Apr.
Apr.
May
May
May
May
May
Apr.
Apr.
Apr.
Apr.
,
Preferred
NOTICES
Below will be found
Apr. 25
May
1
Apr. 30
Apr.5
Apr.
5
Apr. 15
May 15
May
1
15.8c Apr.
5.3c Apr.
(interim).
Co. 6% pf. (qu.)
Brown Consolidated Petroleum
FUND
When
Payable of Record
15
15
Optional div. 1-32 sh. of common or cash.
British-American Tobacco Co.
5% preferred
34%
REDEMPTION
nx
American Arts Works, Inc., 6%
British Columbia Telephone
Treasury
(newly mined)
preferred (quar.)
American Cities Power &
ENGLISH
The
*
In the
grouped in two separate tables.
together all
.166550*
Official
Free.
cMexlco, peso
Chile,
are
bring
pref. participating stock
Central Investors Corp.
*
Central Power & Light Co. 7% cum. pref
Celluloid Corp. 1st
'
$2
5c
—
6% cumulative preferred.
Century Ribbon Mills preferred (quar.)
Cerro de Pasco
cumulative preferred series A (quar.) —
5% cumulative preferred (quar.)
—
5% cumulative preference (quar.)
Columbia Pictures Corp. $2% conv. pref. (qu.)_
Commercial Alcohols, Ltd. (interim)
Commercial Shearing & Stamping Co
Commonwealth Edison Co
...
—
—
...
Consolidated Car Heater (quar.)
Consolidated Cigar Corp.
-
_
1 May 15
1 Apr. 15
May
Apr. 25 Apr. 15
Apr. 15 Mar. 30
1 Apr. 19
May
Prior
preferred (quar.)
Consolidated Royalty Oil Co. (quar.)...
Consolidated Royalties, Inc., pref. (quar.)
Corn Exchange Bank Trust (quar.)
Courtaulds Ltd. (final)
Davenport Water Co. 6% preferred (quar.)
Payable in U. S. currency.
Dixie House Stores (quar.)
6 Feb.
29
1 Apr.
May
May 28 May
14
Apr.
^
—
June
Dentists' Supply (N. Y.) (quar.)
Di-Noc Mfg. Co. 6% preferred (quar.)
Distillers Corp.-Seagrams pref.
12
June
7% pref. (quar.)
Decca Records, Inc. (quar.)
1 Apr.
30 Apr.
15 Apr.
20
20
15 Apr. 20
15 Apr. 20
May 15 Apr. 20
1
May 15 May
1 Apr. 15
May
5 Mar. 30
Apr.
1 Apr. 15
May
2
Apr. 15 Apr.
2
Apr. 15 Apr.
Apr. 15 Mar. 30
6%
—. —
15
19
19
15
Mar. 30 Mar. 25
Apr. 30 Apr. 16
Apr. 20 Mar. 30
1 Apr. 15
May
1 Apr. 15
May
May
Apr.
May
May
May
City Water Co. of Chattanooga 6% pref. (qu.)_ .
Louis pref. (quar.).
Columbia Gas & Electric Corp
G.), Ltd
1 Apr.
1 Apr.
1 May 20
1 Apr. 16
May
Apr. 25 Apr. 10
...
—
Cleve. Cine. Chicago & St.
Conn (C.
Extra
1 Apr.
1 Apr.
6
5
June
...
Copper Corp
Chain Belt Co..
May
5 Mar.
June
20^
May
(quar.)
12
1 May 20
1 May
1 Apr.
Apr.
15 Apr.
15*
.,
—
15c
1
The Commercial & Financial Chronicle
2206
Per
Name
Dome Mines, Ltd
Domestic Finance
Share
of Company
50c
-
preferred
(quar.j.
50c
Dominion Oil Fields (monthly)
25c
2.5c
Employers' Group Associates (quar.)
Fansteel Metallurgical Corp., preferred (quar.).
IX
Preferred (quar.)..
91X
Preferred (quar.)
SIX
Federated Department Stores
25c
Fibreboard Products, Inc., 6% prior pref. (qu.).
81H
Filene's (Wm.) Sons Co
2.5c
Preferred (quar.)
S1.18X
_—
.... —
—
First Mutual Trust Fund...
Fisher (H.) Packing Co. 5%
10c
37 Ac
pref. (quar.)
Froedtert Grain & Malting
Preferred (quar.)/
20c
30c
General Mills, Inc
$1
37 Ac
--
Additional dividend
...
General Theatres Equipment
Halle Bros. Co. preferred (quar.)
20c
-—
60c
115c
68 Ac
Hallnor Mines, Ltd
Hartford Times, Inc., 5A%
Harvard Brewing Co
preferred (quar.)..
50c
...
Hat Corp. of America preferred (quar.)
Hoi linger
.
SIX
Consol. Gold Mines
Extra..
..........
11
............
37 Ac
Homestake Mining Co. (monthly)
Honolulu Gas (quar.)
Howe Scale
5% preferred
45c
$2 A
(s.-a.)
Holders
29
United States Royalty Oil Corp
20
17
16
Van Sciver (J. R.) Co.
June 30 June
15
Dec.
18 Dec.
30 Apr.
20
Apr.
Apr.
18
June
May
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
1
Apr.
25 Apr.
25 Apr.
1
•1
1
1
1
Apr.
25
Apr.
20 Apr.
15 Apr.
15 Apr.
1 Ap.r
15c
Incorporated Investors
„
(quar.)....
International Utilities $3 A prior pref
Interstate Dept. Stores pref. (quar.)
50c
t$6
81 Vi
t$6
%\A
—
Kawneer Co
10c
12Hc
Kearney (J. R.) Corp, (quar.)
Kennedy's, Inc., pref. (quar.)
31 Kc
85c
Kokomo Water Works 6% preferred
Apr.
Apr.
15 Apr.
1
June
1M%
May
1 May
1 Apr.
July
1 June
Preferred
(quar.)
621)
May 15
15
15
15
81A
12Ac
Apr. 22 Apr. 12
Apr. 18 Apr.
6
Apr. 29 Apr. 18
May 15 Apr. 30
1 Apr. 15
May
3 Mar. 27
Apr.
62 Ac
Lehigh & Wilkee-Barre Corp
Lehigh & Wilkes-Barre Coal (N. J.)
Little Long Lac Gold Mines
Loew's, Inc., $6 A cumulative pref. (quar.)
Lyon Metal Products, pref. (quar.)
Apr.
80c
.......
10c
Common
Massachusetts Utilities Assoc., pref.
(quar.)
Maytag Co. $6 1st preferred (quar.)...
$3 preferred (quar.)
....
McCrory Stores, preferred (quar.)
Melville Shoe (quar.)
...
85 preferred (quar.)
81A
...
75c
$1A
50c
81A
Merchants & Manufacturers Securities A and B_
10c
Par tic.
preferred (s.-a.)
preferred (partic. div.)-.--Michigan Gas & Electric 7% prior lien
$6 prior lien
Monmouth Consol. Water Co. $7 pref. (qu.)
Monroe Loan Society class A
Monroe Loan Society, 5A% pref. (quar.)
Partic.
81
20c
,—
—
81M
$1A
SIX
...
34X°c
Mutual Investment Fund
,
National Food Products Corp. class A (s.-a.)
National Money Corp., 81H pref. (quar.)
Class A (quar.)
10c
50c
—
37r&cc
May
15 Mar. 30
1
1
May
1
May
1
May
1
May
Apr. 15
Apr. 15
Apr.
May
15
1
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
16
16
20
19
19
11
11
11
15
1 Apr. 15
May
May 15 May
1
Apr. 15 Apr. 10
June
1 May
9
1
Apr. 15 Apr.
1 Apr. 19*
May
Apr. 15 Apr.
1
Apr. 15 Apr.
1
Neon Products of Western Canada, Ltd.—
6% preferred (s.-a.)
New Bedford Gas & Edison Light Co
Newberry (J. J.) 5% preferred A (quar.)
New England Gas & Elec. Assoc. S5A pref
New York Merchandise Co. (quar.)
North American Oil (quar.)
Northern RR. (N. II.) (quar.)
Northland Greyhound Lines, Inc.....
Shoe Co
l|May
30 Apr.
II Aprl
20 Apr.
30 Apr.
Apr.
May
Apr.
16
12
20
10
11
10c
Apr.
Apr. 24 Apr.
June 10 May
Apr. 30 Apr.
Apr. 30 Apr.
Apr. 15 Apr.
May 15 May
June
June
12
SIM
May
May
May
May
May
May
May
May
May
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15
Oct.
Sept. 14
May
May
May
Apr.
Apr.
May
Apr. 20
Apr. 20
Apr.
5
Apr.
6
Apr. 10
2.5c
-
25c
...
SIM
10c
__
7% preferred (monthly)
58 l-3c
6% preferred (monthly)
50c
r
5% preferred (monthly)
41 2-3c
...
Orange Crush Ltd. conv. preference (s.-a.)
35c
Outlet Co. (quar.)
75c
1st preferred (quar.)...,
81X
2d preferred (quar.)
SI A
Pacific Lighting Co. (quar.)
75c
Pacific Portland Cement preferred
$1
Pennsylvania Power Co., $5 pref. (quar.)
Peoples Telephone Corp. (quar.)
Pittsburgh Bessemer & Lake Erie (s.-a.)
75c
Public Electric Light Co. (quar.)..
25c
Raymond Concrete Pile $3 preferred (quar.)___
75c
Reed (C. A.) Co
tS2
Reserve Investing Corp. $5 preferred
tSIM
Richardson Co..
40c
....
.
.....
.....
Richmond Insurance Co. (N.
Roan Antelope Copper Mines
Y.) (quar.j
(interim)
Rochester American Insurance
(quar.).
Rolland Paper Co., Ltd. (quar.)
Voting trust certificates (quar.)
Preferred (quar.)
St. Louis Bridge Co. 1st preferred
(s.-a.)...
3% 2nd preferred (s.-a.)
St. Louis
County Water $6 preferred (quar.)
San Carlos Milling Co., Inc.
(monthly)
Securities Corp. general $7 preferred
(quar.)
86 preferred (quar.)
_•
Sedalia Water Co. 7% preferred (quar.).
Sivyer Steel Casting
Simpson (R.) Co. (s.-a.)
15c
25c
Apr.
May
15c
May
June
18
15
Apr. 18
8
May
3
May
3
May 15
June
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
June
May 28
June 11
Apr. 22
Apr. 22
Apr. 15
Apr. 15
Apr. 15
Mar. 23
June
_
i'2c
Extra
58
50c
May
May
May
41 2-3c
May
May
0.5%
tlOc
Apr.
May
81
Apr.
Apr.
Apr.
Mfg. Co. (quar.)
United Corp. $3 cum. preferred..
United States Cold Storage 7%
preferred.
20
June
31Mc
Tilo
Tombill Gold Mines Ltd
19
19
50c
Standard
preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
Toledo Light & Power Co.
6% preferred..
19
„30c
I..
Apr.
Apr.
Apr.
May
1 Apr.
15 Apr.
19
10
50c
15 Apr.
15 Apr.
June 30 June
60c
Sept. 30 8ept. 15
35c
common
.....
juarterly
50c
81^
SIX
SIX
12 Ac
—....
SI A
»S
SIX
15c
SI A
SIX
20c
Corp
7% pref. (quar.)...
American Paper Goods Co.
pref. (quar.)..
preferred
SIX
SIX
SIX
six
fSIX
7% pref. (qu.)_.
SIX
7% preferred (quar.)
7% preferred (quar
\)
Amer. Rad. & Standard Sanitary,
American Rolling Mill Co., 4A%
American Seal-Kap (Del.)
American Smelting & Refining.
12c
American Thermos Bottle class A
25c
Telep & Teleg. (quar.)
S2X
tsix
American Zinc Lead & Smelting, prior pref
Equipment Corp
15c
...
Associated Electrical Industries—•
American deposit
Dec.
31 Dec.
June 30 June
62 Ac
(quar.)
20c
Badger Paper Mills 6% pref. (quar.)
Baldwin Co., 6% preferred (quar.)
75c
81A
10
1
15
15
15
Sept. 30 Sept. 15
Dec.
31 Dec.
15
1 Apr. 16
May
Apr. 15 Mar. 20
Apr. 15 Mar. 31
Apr. 15 Mar. 15
June
1 May 25
Sept. 1 Aug. 25
Apr. 10 Mar. 30
Apr. 15 Apr.
5
Apr. 15 Apr. 13
May 1 Apr. 15*
June
15 June
5
Sept. 16 Sept.
6
Dec.
5
16 Dec.
June
1
May 24
15 Mar. 15
Apr.
Apr.
15 Mar. 29
Apr. 30 Apr.
5
1
May
Apr. 20
Apr. 15 Mar. 15
1 Apr. 15
May
Apr. 15 Apr.
5
10% Anr.
receipt (linal)
Rayon Corp. $2A prior pref. (quar.)..
Atlantic
Atlantic Refining Co.. preferred
Babcock & Wilcox Co
Apr.
Apr.
Apr.
1
12 Mar. 28
1 Apr. 26
May
1 Apr.
May
5
Apr. 30 Apr. 15
1 Apr. 20
May
Apr. 15 Mar. 30
Apr. 23 Apr. 12
1 Apr. 10
May
Bandini Petroleum Co (quar.)
10c
Bangor Hydro-Electric
30c
Bank of America
60c
June 29 June 15
30c
Apr. 15 Apr.
1 Apr.
May
(quar.)
Bankers Trust Co. (Detroit)
Bathurst Power & Paper class A
Bayuk Cigars, Inc. 1st pref (quar.)
Beatty Bros., Ltd., 1st preferred (quar.)
Bell Telephone of Canada (quar.)
Bell Telephone of Pa. pref. (quar.)
Bensonhurst Nat'l Bank (Bklyn., N.Y.) (qu.)._
Extra
v
25c
SIX
15 Mar. 31
1 Apr. 15
May
Apr. 15 Mar. 23
Apr. 15 Mar. 20
June 29 June 29
7
25c
Bon Ami class A (quar.)
Class B (quar.)
June 29 June 29
15c
.—
Biltmore Hats
Apr. 15 Mar.
Apr. 30 Apr.
Apr. 30 Apr.
1 Apr.
May
81
...
62 Ac
Boston Edison Co.
$2
(quar.).
Bower Roller Bearing Co
Bralorne Mines (quar.)
75c
20c
Extra
20c
Brantford Cordage Co., 1st preferred
Brewer
5
17
Apr.
32 He
50c
...
(C.) & Co. (monthly)
30
15
15
10
June 20 June
7
15 Mar. 30
15 Mar. 30
Apr.
Apr.
Apr.
15 Mar. 20
Apr.
May
25 Apr.
20 Apr.
15 Mar. 30
10 Mar. 30
Apr.
15
May
5c
15 June
15 Mar. 30
15 Mar. 30
40c
20
2
23
83
June
$1£
....
7% preferred (quar.)
...
7% preferred (quar.)....
7% preferred (quar )—
Amalgamated Sugar Co.; 5% pref. (quar.)—..
American Alliance Insurance (quar.)
American Asphalt Roof Corp. 6% pref. (qu.)_.
Amencan District Teleg. (N. J.ipref. (quar.)..
American Envelope Co., 7% pref. A (quar.)
7% preferred A (quar.)
American Fidelity & Casualty (quar.)
American Fork & Hoe, preferred (quar.
American Furniture Co. 7% preferred (quar.)..
American
Apr.
Apr.
Apr.
25c
(quar.)
American Home Products
1
10 Mar. 25
25c
-
Aluminum'Mfg., Inc. (quar.)
Aro
Apr. 20 Mar. 30
Apr. 16 Apr.
5
10c
(quar.)
Aluminum Co. of America
•
1
15
10c
Alloy Cast Steel Co
Quarterly
15 Apr.
May
Apr.
35c
Extra
Alabama Power Co., 85 pref. (quar.)
All-Penn Oil & Gas
Apr.
15c
35c
.
Administered Fund, Inc
Aeronautical Securities, Inc
Aetna Ball Bearing Mfg
Air Reduction Co., Inc.
Holder
50c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15c
SIX
When
Payable of Record
75c
Brooklyn Borough Gas Co..
Buffalo Insurance Co. (quar.)
83
Buffalo Niagara & Eastern Power, 1st pref .(qu.)
SIX
Bullock's, Inc., pref. (quar.)
SIX
Burdine's, Inc., 82.80 preferred (quar.)
70c
10c
Burroughs Adding Machine Co
1
Butler Bros, preferred (quar.)
37Hc
Byers (A. M.) Co. preferred
82.16 A
Represents div; due Aug. 1, 1935, and int.
thereon to May 1, 1940.
S1A
Calgary Power 6% preferred (quar.)
California Oregon Power Co. 7% pref. (quar.)..
Six
SI A
6% preferred (quar.)
SI A
6% preferred (series of 1927) (quar.)
California Packing Corp., 5% pref. (quar.)
62Ac
California-Western States Life Insurance (s.-a.)
50c
20c
"
Apr. 15 Mar. 30
Apr. 25 Apr. 15
Bridgeport Hydraulic Co. (quar.)
15
25c
Ap:
British Columbia Power, class A (quar.)
15
SIM
SIM
SIM
Apr.
Ma
ay
15
June
20c
Apr.
May
15
SIM
-
Paving & Materials preferred
Super Mold Corp. (Calif.) (quar.)
Roofing Co
—
Stock div. of A sh. of com. for each sh. held.
Toburn Gold Mines Ltd.
(quar.)'___
July
July
May
Apr.
May
May
Apr.
Apr.
May
May
Apr.
15
May 31
Apr.
Apr.
1
Apr. 15
Apr. 30
Apr.
6
Apr.
1
Apr. 30
Apr.
8
Apr.
8
Apr. 29
May
20
27
May 20 Anr. 27
Apr. 15 Mar. 30
June
SIM
81A
....
T°Jed° Edison Co. 7%
24
15
15
12
11
Share
Company
pref. (quar.)
D.) Mfg. Co. (quar.).!__.
Addressograph-M ultigraph
(quar.)
Brewers & Distillers of Vancouver
.23,
1
4
20
5
15
1
10/
15
9
15
5
Apr. 12
Mar. 28
,
Extra..
Cambria
15c
Solar Aircraft Co
Spiegel, Inc
$4A preferred (quar.)_._...
Sports Products, Inc. (quar.).
15
10%
....
Apr. 15
15 Mar. 29
June
3c
Ohio Public Service Co. 5A% pref. (quar.)
Towle
I
Apr.
15c
Nunn-Bush Shoe Co., 5% pref. (quar.).
Oahu Railway & Land Co. (monthly)
Monthly
Monthly
May
10c
North River Insurance
Nunn-Bush
$1A
81
81A
t50c
Mar. 31
Apr.
give the dividends announced in previous weeks
Abbott Laboratories 4A%
1
June
Lake-of-the-Woods
we
Adams (J.
15 Apr.
15c
J4c
40c
SIX
Per
15 Mar. 31
50c
$1A
Apr.
May
Apr.
Apr.
court
81
Name of
Mar. 30 Mar. 25
8 I'M
(quar.)
Kootenay Belle Gold Mines LtdKress (S. H.) & Co
Special preferred (quar.)
Milling
(quar.)
Lane Bryant. Inc., 7% pref. (quar.)..—
Below
5
1 Apr. 19
22 Apr. 15
1 Apr. 19
May
1 Apr. 19
May
Keystone Custodian Fund B-2
to final
Holders
Payable of Record
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Apr. 30 Apr.
4
Apr. 15 Apr.
5
Apr. 15 Apr.
5
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 23
May
1 Apr. 15
May
37 Ac
37 Ac
Preferred (quar.)
International Cigar Machinery Co
International-Metal Industries, Ltd., pref
Preferred (quar.)....
....
Preferred class A__
Preferred class A
May
is subject
50c
When
1940
decision.
2
18
8
8
20
12
12
5
15
Apr.
81H
SIX
SIX
Zenith Radio Corp
May 15
Apr. 15
22 Apr.
22 Apr.
81
Wisconsin Gas & Electric Co 4A% pref. (qu.)..
"
8
15 Apr.
1
Payment of div.
Apr. 15
Apr. 15
Aprl 10*
Apr. 10*
Apr.
8
15 Apr.
50c
preferred (quar.)
15
15 Mar. 30
1
SIX
White Rock Mineral Springs Co. 1st pref. (qu.).
2d preferred (quar.)
White Sewing Machine, prior preferred
15
15
15 Mar. 30
37 Ac
West Coast Oil Co., preferred (quar.)
Western Cartridge,
14
Apr.
May
Apr.
Apr.
Apr.
Apr.
May
May
May
May
5c
til X
7% preferred
Washington Gas Light
Washington Gas Light preferred (quar.)
Washington Oil Co
Sept. 30 Sept. 16
.
Share
Company
July 20 June
1 Apr.
May
Apr. 30 Apr.
Apr. 30 Apr.
tsi
International Bronze Powders (quar.)
Per
Name of
Payable of Record
25c
Hutchins Investing Corp. 87 preferred
Humberstone Shoe Co., Ltd. (quar.)
Leath & Co. preferred
When
April 6,
25c
Iron
Class A
1 Apr.
May
1 Apr.
May
Apr. 10 Mar.
June
5 Apr.
June
1 May
1 Apr.
May
.
May
Apr.
Apr.
Apr.
May
Sept.
Anr.
15
11
20
27
8
5
15
Mar. 30
Mar. 30
Mar. 30
25c
—
Apr. 30
Aug. 31
Sept. 14
Apr.
Apr.
Apr.
Anr.
5
Mar. 30
Mar. 30
t30c
tix%
the
June 15 May 31
Sept. 15 Aug. 31
Dec. 15 Nov. 30
Apr. 15 Mar. 30
.
Canadian Fairbanks Morse pref. (quar.)
Canadian General Investments, Ltd
Apr. 15 Mar. 30
Apr. 30 Mar. 30
Apr. 30 Mar. 30
Apr. 15 Mar. 30
June
1 Apr.
1
May 15 May
1
May 15 May
1
Apr. 20 Apr. 10
Apr. 21 Mar. 25
Canadian Industries, Ltd., class A
Class B (quar.)
7% preferred (quar.)
Canadian Marconi Co.
(initial)
(quar.)
May 29 Mar. 22
Oct.
(quar.).
(quar
Canadian Oil Cos.
Apr.
81
semi-annual
Campbell, Wyant & Cannon Foundry Co
Canada Northern Power Corp., Ltd
7 % cum. preferred (quar.)
Both
cflvs. subject to approval by
Foreign Exchange Control Board.
Canada Wire & Cable, class A (quar.)
Class A
50c
.....
Extra
Carolina Clinchfield & Ohio Ry. Co. (quar.)
Carolina Telephone & Telegraph Co. (quar.)—
Celanese Corp. of America—
Stock dividend (1 sh. for each 40
held)
7% 1st preferred
7% prior preferred (quar.)
Central Aguirre Associates (quar.)
Central Eureka Mining Co. (new)
Central Hudson Gas & El. Corp., com. (quar.).
Central Kansas Power 7% pref. (quar.)
6% preferred (quar.)
Central Power Co. 7% cum. preferred (quar.)
7% cumulative preferred
—
6% cumulative preferred (quar.)
6% cumulative preferred
—
May
83.50
SIX
37}|c
20c
11^
M
tlisl
1 Mar.;15
June 30 June 14
1 June 14
July
Apr. 15 Mar. 30
Apr. 15 Apr.
1
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 30
15 Mar. 30
15 Mar. 30
15 Mar. 30
15 Mar. 30
15 Mar. 30
15 Mar. 30
Volume
The Commercial & Financial Chronicle
ISO
Per
Share
Name of Company
6%
(quar.)
preferred
Chilton Co.
common
Cincinnati Postal Terminal & Realty, pref.
(qu.)
Cincinnati Union Terminal, 5% pref. (quar.)_.
5% preferred (quar.)
City Title Insurance (quar.)
Cliffs
SIX
t$3X
t$3
May
Apr.
Apr.
July
SIX
10c
Corp
Clinton Water Works Co. 7%
preferred
preferred__
Colon Development Co. 6% red. conv.
Columbus & Southern Ohio Electric—
SIX
IX %
$1.63
™
6 X % preferred ——
-----—
Commercial Alcohols, Ltd., pref. (quar.)
Commercial Discount Co. (Los Angeles)—
_
10c
20c
Class A preferred (quar.)
Class B preferred (quar.)
17Xc
4c
Commonwealth Investment Co. (quar.)
Concord Gas, 7% preferred
Connecticut River Power (quar.)
-
Consolidated Chemical Industries class A
t50c
SIX
37 Xc
1 Apr.
15
15
15
1
Apr.
Apr.
19
5
—
Consolidated Retail Stores 8% pref. (quar.)
-
-
-
May 15
June
1
May
1 Apr.
$2
$2
July
Oct.
15c
May
SIX
SIX
May
Apr.
Apr.
5c
May
75c
"SIX
5%
30c
2c
■»
oc
25c
$2
37 Xc
SIX
25c
1
15
May 21
1 June 15
1 Sept. 14
1 Apr. 13
1 Apr. 13
5
20 Apr.
5
15 Apr.
15 Apr. 29
15 Mar. 30
6 Feb. 29
Apr.
Apr.
Apr. 10 Mar. 30
May 15 Apr. 30
Apr. 25 Apr. 15
5
Apr. 15 Apr.
June
19 June
June
1
1 Apr. 20
May
15 June
1
$2
5
Apr. 20 Apr.
5
Apr. 20 Apr.
2
Apr. 30 Apr.
May
1 Apr. 20
Apr. 15 Mar. 29
5
Apr. 20 Apr.
July
6 June 20
$2
Jan.1'41 Dec. 20
SIX
3c
$2
n
25c
Detroit Steel Products Co
$1
25c
Diamond Match Co.
25c
5uc
Apr. 25 Apr.
Apr. 10 Mar.
June
May
Aug.
Sept.
25c
Dec.
Nov. 12
Preferred
75c
75c
30c
dept.
3-1-41
Aug. 12
Preferred
June
30c
Sept.
Quarterly
30c
Dec.
25c
1
Apr. 18 Apr.
Apr. 20 Mar. 30
May
1 Apr. 15
Apr. 15 Mar. 30
May 15 May 1
May 15 May
1
Apr. 25 Apr. 10
Apr. 15 Mar. 15
Apr. 10
May
Apr. 10
May
Apr. 25 Apr. 10
Apr. 15 Mar. 29
Sept. 21 Sept. 17
Apr.
1 Mar. 16
(quar.)
Quarterly
Quarterly
-
(semi-ann.)_.
(semi-ann.)
Doctor Pepper Co. (quar.)
Quarterly
Doehler Die Casting
Dome Mines Ltd
(interim)
t50c
_
Dominion Tar & Chemical, pref. (quar.)
Dominion Textile, Ltd. pref. (quar.)
Dow Chemical Co.
common
--
SIX
tiix
75c
(quar.)
Preferred
(quar.)
Du Pont (E 1.) de Nemours , $4X nref. (quar.)
Duquesne Light Co. 5% cum. 1st pref. (qu.)-Electric Bond & Share Co. $6 pref. (quar.)
$5 preferred (quar.)
1X%
SIX
.SIX
SIX
six
10c
Electric Household Utilities
El Paso Electric Co., $6 preferred (quar.)
SIX
S3X
56 Xc
56 Xc
Emporium Capwell 7% pref. (s.-a.)
4X% preferred (quar.)
4X % preferred (quar.)
4X% preferred (quar.)
4X % preferred (quar.)
Eureka Pipe Line Co
1 June 22
1 Sept. 21
1- 2-41
5(|c
15c
S2X
S2X
J uarterly
75c
SIX
25c
Firestone Tire & Rubber
First National Bank of J. C. (quar.).
Fishman (M. H.) Co.. 5% preferred (quar.)
Fort Wayne & Jackson RR., 5X % prer. (s.-a.)-49 West 37th Street Corp
Franklin Telephone 2 X % gtd. (s.-a.)
tiff
S2X
SI
Fundamental Investors—-—
Fyr-Fyter Co. class A
Galion Iron Works & Mfg. Co., 6% pref. (quar.)
Gardner-Denver Co. (quar.)
Preferred (quar.)
General Box Co. (semi-annual)
1
General Capital Corp
General Electric Co. (quar.).
General Finance (quar.)
General Foods, $4X pref. (quar.)
General Motors Corp., $5 preferred (quar.)
General Outdoor Advertising Co., class A
Preferred (quar.)
Gillette Safety Razor, preferred (quar.)
Gimbel Bros. 6% pref. (quar.)
Glen Alden Coal
25c
SIX
25c
75c
2c
24c
35c
5c
SIX
six
SI
1X%
SIX
SIX
12XC
20c
j
—
tsi
Dec. 21
May
1 Apr. 15*
May
1 Apr. 15*
May 29 May 15
June
July
Oct.
Jan.
uarterly
eral Light & Traction
Federal Service Finance CorpPreferred (quar.)
Firemen's Fund Insurance (quar.)
Gordon Oil Co., class B (quar.)Goulds Pumps, Inc., 7% preferred
July
Oct.
25c
Nov. 16
_
56 Xc
Extra.
10
12
May 18
Aug. 17
56 Xc
Falstaff Brewing Co. (quar.)
Farmers & Traders Life Insurance (quar.).
15
30
2-10-41
_
10
Sept. 10
_
Apr. 15
Apr. 15
Apr. 15
Apr. 15
Apr. 20
Dec.
Mar. 30
5
5
Apr.
10
15
21
30
10
20
10
Mar. 30
Apr. 25 Mar. 15
1
Apr. 18 Apr.
May
1 Apr. 10
May
1 Apr.
8
May 15 May
6
May 15 May
6
May
1 Apr.
1
Apr. 25 Apr. 10
5
Apr. 20 Apr.
Apr. 15 Mar. 31
Apr. 25 Apr. 15
Apr.
15c
25c
May
1 Apr. 24
Apr.
Apr.
Apr.
10 Mar. 30
10 Mar. 30
pref-
-
Horn & Hardart Co. (N. Y. )(quar.)
Household Finance Corp. (quar.)
5% preferred (quar.)
Idaho
Maryland Mines Corp. (mo.)
Indiana Pipe Line Co
35c
50c
34Xc
SIX
June
SIX
SIX
68Xc
Apr.
Apr.
May
10c
15 Mar. 30
1
Apr. 10 Apr.
May
1 Apr. 15
June
May 18
May 15
6
Apr.
May
Apr. 10
May
3
Apr. 25
Apr. 25
Apr. 16
15c
Apr.
May
May
21
15c
June
June
18
SIX
May
25c
May
May
50c
SI
5c
Apr.
Apr.
Apr.
10c
May
SIX
Apr. 15
Apr. 20
Apr. 11
Mar. 30*
2 Nov.
9
15 Mar. 29
8
15 Apr.
1 Apr. 20
29 Apr. 10
9
30 Apr.
30 Apr.
9
June
1 May 20
Sept. 3 Aug. 20
15c
SIX
six
six
six
Dec.
2 Nov. 20
June
£i.&
1 May
1 May
June
Apr.
10
10
Mar. 30
Mar. 30
10c
30c
June
13
SIX
Apr.
1
May 31
Apr. 16 4pr.- 9
May 1 Apr. 19
SIX
June
15
i\i
Sept. 16
Preferred
(quar.)
Langenclorf United Bakeries class B
—
Class A (quar.)
Preferred (quar.)
Lawrence Gas & Electric Co. (quar.) —
Lawyers Title Insurance Corp., 6% pf. (s.-a.)-.
Lehigh Portland Cement
Preferred (quar.)
Lerner Stores (quar.)
Preferred (quar.)
;
Lexington Telephone Co. 6% pref. (quar.)
Lincoln National Life Insurance Co. (quar.)
Quarterly
Quarterly—
Lincoln Telep. & Teleg. Co. class A (quar.)
Class B (quar.)
5% preferred (quar.)
Link-Belt Co. (quar.)
Preferred (quar.)
Lion Oil Refining Co. (quar.)
Lit Brothers, 6% preferred
Little Miami Rli. Co., original capital (quar.)-.
Original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
-
—
-
...
Taylor 2nd pref. (quar.)
(quar.)
5% preferred
Dec.
(quar.)
Apr.
Apr.
Apr.
Apr.
Apr.
75c
75c
S3
37 Xc
6X% preferred (quar.)
6X % preferred (quar.)
McCall Corp. (quar.)
McColl-Frontenac Oil Co., Ltd., pref. (quar.)-.
McCrory Stores 6% pref. (quar.)
McGraw-Hill Publishing Co., Inc
50c
SIX
Apr. 15
Mar. 30
May
Aug.
Apr. 25
July 26
30c
Nov.
Oct.
50c
Apr. 10 Mar. 31
Apr. 10 Mar. 31
Apr. 10 Mar. 31
June
May 10
June 15
July
Apr. 20 Mar. 30
Apr. 12 Mar. 30
June 10 May 24
Sept.10 Aug. 24
25c
SIX
25c
(quar.)
SI.10
si.10
Dec.
50c
50c
June
50c
Dec.
10 Nov. 25
Apr.
May
Apr.
Apr.
Apr.
Apr.
July
22 Mar. 22
Apr. 17
15 Mar. 30
15 Mar. 30
15 Mar. 30
13 Mar. 30
IX %
1X%
1X%
l\%
35c
Apr.
May
Apr. 15 Mar.
May
Apr.
May
Apr.
June
May
Sent. 3 Aug.
Apr.
May
Apr. 15 Mar.
Apr. 15 Mar.
JS1X
Six
_
lo
30
20
16
1
1
11
30*
30*
Mar. 29
4
5
Nov. 15 Nov.
5
Apr. 15 Mar. 31
Apr. 15 Mar. 31
55c
Apr. 15 Apr.
5
Apr. 15 Apr.
5
Apr. 15 Mar. 30
Apr. 15 Mar. 31
10c
2c
50c
25c
25c
Apr. 10 Mar. 20
Apr. 15 Mar. 20
Apr. 15 Mar. 20
15c
Apr. 30 Apr. 15
Apr. 15 Mar. 30
Apr. 10 Apr.
3
25c
62 Xc
•
June
5 June
Sept.
5 Sept.
Dec.
5 Dec.
30c
June
5 June
30c
Sept.
5 Sept.
30c
Dec.
5 Dec.
25c
May 15 May
June 29 June
Preferred
SIX
6% preferred
fit!
20
IX
(quar.)
Michigan Public Service Co. 7% preferred
Sept. 30 Sept. 20
IX
Dec. 23 Dec.
40c
Mid-Continent Petroleum
Midland Oil Corp. $2 preferred
Supply (quar.)
23
ay 15 May
Aug. 15 Aug.
25c
Metal & Thermit, preferred (quar.)
Preferred (quar.)--
May
May
June
25c
-
Mississippi Power & Light, $6 pref
Missouri Gas & Electric Service.
Modern Containers, Ltd. (quar.).
Apr.
15c
Apr.
t$2
May
Apr.
July
July
SI
:20c
10c
Extra
:20c
1 Apr.
1 Apr.
1 May
20 Mar.
15 Apr.
1 Apr.
15 Mar.
15
30
June 20
June 20
Oct.
10c
Sept. 20
Sept. 20
Oct.
:20c
13
15
15
1
30
8
Jan.
Dec.
20
10c
Extra
5X% cumulative preferred (quar.
5X% cumulative preferred (quar.
5X% cumulative preferred (quar.
Monongahela Valley Water Co., 7% pref (qu.).
Monsanto Chemical Co. pref. A and B (s.-a.)—,
Montana Power Co. $6 pref. (quar.)
Montgomery Ward & Co
Montreal Light, Heat & Power Consol. (quar.)-.
Montreal Telegraph Co
Montreal Tramways Co. (quar.)
(Wm. R.) Dry Goods Co. (quar.)
j uarterly
Morris (Philip)
Apr. 10
25c
V4ua-i
j
preferred (quar • "
preferred (quar.)
preferred (quar.
preferred (quar.
preferred (quar.
Messenger Corp. (interim).
yi ciuii uu
5%
6%
-6%
6%
Morrell
_
50c
17 Xc
17Xc
10c
21
Sept. 21
1-2-41 Dec.
15c
— .
June
Oct.
SIX
SIX
SIX
six.
Co. $2 pref. A (quar.)
$2.20 preferred (quar.)
Manhattan Bond Fund, Inc.—
Ordinary distribution No. 7—
—
Extraordinary distribution
—
Manufacturers Trust Co. pref. (quar.)
Marchant Calculating Machine Co. (quar.)
Margay Oil Corp
Maritime Telep. & Teleg. Co. (quar.
7% preferred (quar.)
—
Marshall Field & Co., common (quar.)
Massachusetts Utilities Assoc. pref. (quar.)
Memphis Natural Gas
—
Mercantile Acceptance Corp. 5% pref. (quar.)
Mar. 30*
10 Nov. 25
10 May 24
Sept. 10 Aug. 24
1X%
—
Mahon (R. C.)
Apr. 10
Apr. 26
26
_
50c
Magnin (I.) & Co. preferred (quar.)
Moore
30
30c
SIX
MacMillan Petroleum
Midwest Piping &
30
30c
50c
5%
/0
30
10
13
1 June 14
4
Apr. 15 Apr.
May
1 Apr. 19
50c
Mclntyre Porcupine Mines (quar.)
McLellan Stores Co. 6% pref. (quar.)
MacAndrews & Forbes Co. (quar.)
O
30
July
90c
Lowell Electric Light Corp. (quar.)
Lunkenheimer Co. 6X% preferred (quar.)
Preferred
16
15 Mar.
15 Mar.
15 Mar.
13 Mar.
15 Apr.
May
1 Apr.
15c
50c
$2
Louisville Gas & Electric Co., $7 pref. (quar.)..
6% preferred
12 Xc
Mar. 30
20c
Special guaranteed (quar.)
Lone Star Gas Corp
Lord &
•lg
lie
—
May
May
May
Dec.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Kresge (8. S.) Co. (quar.)--—
Kreuger (G.) Brewing
Kroger Grocery & Baking 7% preferred (quar.).
Landis Machine preferred (quar.)
Preferred (quar.)
Extra
Quarterly
5
4
Mar. 30
10
2 Aug. 10
Knott Corp
—
Apr.
Apr.
Mar. 30
1 May
15
May 1
May
1
Apr. 15
Extra
Apr. 10
May 4
£
-
-
Quarterly
Apr.
Mar. 30
Mar. 30
20c
-
.
Mar. 30
Sept.
-
15
Apr.
May
June
Mar. 30
30c
Kellogg Switchboard & Supply
Preferred (quar.)
Kemper-Thomas 7% special pref. (quar.)___ —
Special preferred (quar.).
Special preferred (quar.
•.).
Kendall Co. $6 part. pref. A (quar.).
86 part. pref. A (partic.)
Kentucky Utilities, 6% pref. (quar.)
Kirkland Lake Gold Mining (s.-a.)
30
15c
75c
30c
30c
12
Kaufmann Dept. Stores
Apr.
Mar.
50c
12Xc
10c
Kalamazoo Stove & Furnace---
Apr.
15c
Corp. (quar.)
(quar.)
Hershey Chocolate (quar.)
Preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (mo.)
Monthly
Hercules Powder Co., pref.
;
SIX
Mar. 20
SIX
Hecker Products
Monthly
Holly Sugar Corp., 7% pref. (quar.)
Horders, Inc. (quar.)
25c
15
1
15
15
13
20
20
20
t87Xc
(quar.)
30
1
15 June
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
.
Preferred
20
5
15 Apr.
June
6X% preferred B
6% preferred C
Iron Fireman Mfg. common v. t. c. (quar.)
Common v. t. c. (quar.)
Common v. t. c. (quar.)
I. X. L. Mining Co. (block shares) (quar.).
Jones & Laughlin Steel 7% preferred
30
Apr. 15 Mar.
Sept. 3 Aug.
Apr. 15 Apr.
May
1 Apr.
Apr. 13 Mar.
July
1 June
Apr. 15 Mar.
Apr. 20 Apr.
May
1 Apr.
July
1 June
Apr.
25c
(quar.)
25c
partic. preferred (initial)
Great Lakes Power Co., Ltd., A pref. (qu.)
Great Southern Life Insurance Co. (quar.)
Green (H. L.) (quar.)
Griesedieck-Western Brewery Co.—
5X % preferred (quar.)
—
Hanna (M A.) Co. $5 cumul. pref. (quar.)
Harbison-Walker Refractories Co.6% pref. (qu.)
Harrisburg Gas Co., 7% pref. (quar.)
Hartford Electric Light
Hawaiian Agricultural (monthly)
Hawaiian Commercial & Sugar Co. (quar.)
Hawaiian Sugar Co. (quar.)---Hayes Industries, Inc
12Xc
pref
Investors Fund C
Iowa Elec. Light & Power Co., 7% pref. A
Preferred
Great American Insurance (quar.)
cum.
-
preferred (quar.)
June 29 June 22
Great Lakes Engineering Works (quar.)
Great Lakes Paper Co., Ltd., $2 cl. B part,
$2 class A
40c
l\%
11
Apr.
5
Mar. 30
Apr.
Apr.
SIX
SIX
(quar.)
Investment Foundation, Ltd., cum.
Cumulative
1 Mar. 30
May
1 Apr. 20
May
1 Apr. 20
1
Apr. 10 Apr.
Apr. 15 Mar. 20
Apr. 15 Mar. 30
1
May
1 Apr.
United States funds less Cana¬
dian non-residence tax.
Interstate Home Equipment
Interstate Hosiery Mills
Apr. 30
June
SIX
six
—
8% preferred (quar.)
Coon (W. B.) (quar.)
7% preferred (quar.)
Corn Products Refining (quar.)
Preferred (quar.)
Corporate Investors class A (quar.)
Cosmos Imperial Mills preferred (quar.)
Courtaulds Ltd., Am. dep. rec. (final)
Creamery Package Mfg. (quar.)
Cresson Consol. Gold Mining & Milling (qu.) —
Crown Drug Co
-—
.
Crum & Forster (quar.)
—
8% preferred (quar.)
-—
Cuneo id-ess, Inc. (quar.)
Preferred (quar.)
,»/,
Cunningham Drug Stores (quar.)
Preferred B (quar.)
Delnite Mines (initial)
—
Dennison Mfg. Co., debenture (quar.)
Detroit Edison Co. (quar.)
Detroit Gasket & Mfg. Co
Detroit-Hiilsdale & Southwestern (s.-a.)
Semi-annually
Detroit-Michigan Stove 5% pref. (initial)
Payable in
May
40c
International Milling Co., 5% pref. (quar.)_
International Nickel of Can., pref. (quar.)__
Apr. 10 Apr.
1
1
Apr. 10 Apr.
May
1 Apr. 15
May 15
2X%
-
International Business Machines Corp. (qu.)
International Harvester Co. (quar.)
1 Sept.18
Apr. 20 Apr. 15
Apr. 10 Mar. 30
Apr. 15 Apr.
1
Mar. 30
May
1 Apr. 15
Apr. 15 Mar. 30
Gp. Shs.)
Interchemical
5
June
When
Holder^
Payable of Record
Share
Payable in stock.
Corp
Preferred (quar.)
Mar. 31)
25c
Consolidated Laundries, pref. (quar.)
Consolidated Oil (quar.)
Consolidated Paper Co
Institutional Securities Ltd. (Ins.
10
15 Mar. 30
20c
(N. Y.), pref. (quar.)
Per
Name of Company
2
Apr. 15 Apr.
May
1 „ar. 29
May
1 Apr. 15
May 15 Apr. 15
15c
Consolidated Coppermines
Consolidated Edison
Apr.
Apr.
11% Oct.
12Xc
Holders
When
Payable of Record
luc
Central New York Power Corp. 5% pref.
Central Power Co. (Del.) 7% preferred
2207
Jan.
Dec.
20
IH
July
June
20
:six
JS1X
Oct.
Sept. 20
six
S2X
SIX
50c
37c
65c
tsix
SIX
SIX
SIX
50c
(John) & Co
& Co.. Ltd.. Inc.—
5% conv cum. preferred
(quar.)—
SI X
Jan.
Dec.
Apr.
15 Apr.
1
June
1 May
10
May
Apr.
Apr.
Apr.
Apr.
July
1
15
30
15
15
1
20
Apr. 11
Mar. 20
Mar. 30
Mar. 30
Apr.
July
4
1 Oct.
1-2-41 Dec.
1
31
Oct.
1
Apr. 25 Mar. 30
June
1 May 15
The Commercial & Financial Chronicle
2208
Per
Name of
Share
Company
Holders
May 24
Aug. 23
Dec.
Nov. 22
June
May 15
SIX
Apr.
Mar. 30
50c
June
May 20
$1
Quarterly..
Quarterly
Mt. Diablo Oil, Mining & Devel. Co. (quar.)
Mountain States Telep. & Teleg. (quar.J
Muskegon Motor Specialties cl. A (quar.)
11
—
lc
June
Mar. 30
10c
5c
8% preferred (quar.)
...
National Automotive Fibres (interim)
National Battery Co
-
Mar. 30
Apr.
Mar. 30
15c
75c
Mutual Systems, Inc
Apr.
Apr.
50c
Mutual Insurance Fund Shares
Apr.
Apr.
Mar. 15
15c
May
Apr.
Apr.
40c
.....
1
Apr. 24
Apr.
1
10c
June
June
1
National Cash Register
National Casket Co. (s.-a.)
25c
50c
Apr.
Mar. 30
National City Lines pref.
75c
May
May
May
May
1
Apr. 15
Apr. 15
50c
May
Apr.
25c
Apr.
May
Apr.
National Bond & Share Corp......
National Brush Co. (quar.)......
...
(quar.)
Class A (quar.)
National Distillers Products
50c
(quar.)
National Fuel Gas (quar.)
Lead pref. B
National
$1H
(quar.)
15
Mar. 30
19
National Manufacture & Stores Corp.—
$5H prior preferred (s.-a.)
S2X
SIX
50c
—
National Power & Light preferred
National Steel Car Corp. (quar.)
(quar.)
,
Nehi Corp., stock div. or 4 additional shares of
common stock for each share of common held.
N. Y. Curb will announce ex-div. date later..
Neisner Bros., Inc.,
1.183*
% pref. (quar.)
Nelman-Marcus Co., 7% preferred
$1X
50c
New York Air Brake Co
25c
New York Transit Co
Newberry Realty preferred A (quar.)
Preferred B (quar.)
1900 Corp., class A (quar.)
Class A (quar.)
Class A (quar.)
—
Norfolk & Western Ry. pref. (quar.)
North American Rayon class A&B
North Penn Gas 7% pref. (quar.)
Northern Illinois Finance Corp.
Preferred (quar.)
Northern Indiana Public Service 5H % Pref
6% preferred
7% preferred
Northern Ontario Power pref. (quar.)
Northern States Power (Del.) 7% preferred
6% preferred
tin
—
50c
50c
.....
...
SI X
25c
37 He
t$lH
tflH,
WX
SIX
Northern States Power Co.(Mlnn.)$5pfd. (qu.)_
Northwest Engineering
(monthly)
Special
Old Colony Trust Associates
Oliver United Filters class A (quar.)
Onomea Sugar (monthly)
Ottawa Electric Ry. (quar.)
Quarterly
Quarterly
Pacific Finance Corp. (Calif.) pref. A (quar.)..
Preferred C (quar.)
5% preferred (quar.)
Pacific Gas & Electric (quar.)
Pacific
Packer
Corp. (quar.)
Pearson
25c
5c
10c
25c
50c
10c
30c
30c
30c
20c
Mar. 21
Apr.
Apr. 16
May
May
Apr. 16
1
May 15 May
1
Aug. 15 Aug.
Nov. 15 Nov.
1
May 18 Apr. 30
2
Apr. 10 Apr.
1
Apr. 15 Apr.
May-* 1 Apr. 15
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
1
15
15
15
25
Apr.
15
Mar. 30
Mar. 30
Mar. 30
Mar. 30
20 Mar. 30
20 Mar. 30
15 Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr. 20 Apr.
July
2 June
Oct.
1 Sept.
Dec. 30 Dec.
1
Apr.
1 Apr.
1 Apr.
30
15
6
6
1
15
10
15
16
16
15
15
20c
Security Storage (quar.)
Security Title Building, Inc., $7 part. pref...
Sheep Creek Gold Mining (quar.7.
Silbak Premier Mines, Ltd
Simplex Paper
Simpson's, Ltd., 6H % preferred
Sivyer Steel Casting
Skelly Oil Co. preferred (quar.)
If SEC approves proposed financing plan of
company, pref. stock will be retired as of
May 1.
Smith (H.) Paper Mills, pref. (quar.)
Southeastern Greyhound Lines (quar.)
Southern California Edison, orlg. pref. (quar.)—
Original preferred (special)
Preferred C (quar.)
Quarterly
Southern California Gas 6% preferred (quar.)„
7% preferred A (quar.)
Southern Canada Power Co., Ltd. (quar.)
6% cumul. partic. preferred (quar.)
Southern Ind. Gas & Elec. Co. 4.8% pref. (qu.)„
Southern New England Telephone
*
Spioer Manufacturing Co
Standard Chemical Co. (interim)
Standard Fire Insurance (N. J.) (quar.)_
Standard Oil Co. of Ohio pref.(quar.)
Conine., 5% pref. A (quar.).
Telephone (quar.)
—
Sun Glow Industries
Union Electric Co.
30c
42c
12 He
June
l\% June
25c
15c
5c
15c
tSl
*5c
175c
3c
50c
$2
SIM
SIM
SIM
50c
tSIM
15c
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
July
iuarterly
Rochester Button Co
Preferred (quar.)
Roos Bros., inc.
Royal China
Royal Typewriter Co., Inc
Preferred (quar.)..
10c
10c
S2H
25c
50c
15c
15c
15c
20c
50c
SI
25c
15c
IIIIIIIIIII
I
Rubenstein
(Helena), Inc., common—
(25c. and 25c. special)
Ruud Mfg. Co.
quar.)
I
Sabin Robblns Paper
Saguenay Power, Ltd., preferred (quar.)
St. Croix Paper Co
St. Lawrence Corp. preferred A
San Antonio Gold Mines, Ltd.
(s.-a.)
__
15 Mar 20
15 Mar. 30
$1
SIM
1
31 May
1 Apr. 15
20 Mar. 30
20 Mar. 30
2
9 Apr.
9 May
2
1 Apr.
9 Apr.
11
Mar.
20
11
21
10 Mar. 19
Apr. 20*
Apr. 15
Apr. 16
Apr. 12
Apr. 15
Apr. 15
1
Apr.
June 20
Sept. 20
15 Dec.
Apr. 20 Apr.
1 May
May
1 Apr.
Apr. 10 Mar.
Apr. 15 Apr.
Apr. 15 Apr.
June
5
10
20
15
30
5
5
50c
Apr.
June
June
5
$2
'
May
25c
,
Apr.
Apr.
10
SIM
May
Apr.
Apr.
Apr.
15
5
Apr.
Apr
Apr.
Apr.
Mar. 30
II
SI
20c
pref."(qui)
1M%
Extra
San Diego Consol. Gas & Electric Co.
15 Apr.
5
15 July
5
15 Mar. 30
Dec.
20c
37*H:
Si M
(Del.) pref. (quar,).
15 Apr.
1
15 Mar. 25
Oct.
20c
lc
I.I.
(quar.)
15 Mar. 15
Apr.
10c
20c
15
Mar. 31
15 Mar. 30
Apr.
May
May
Apr.
Apr.
Apr.
May
May
May
Apr.
Apr.
May
May
Apr.
May
May
May
Apr.
July
SIM
20*
15
20
May 15 Apr. 15
10c
Rice Ranch Oil
Roberts' Public Markets
15
1
20
4
15
15 Apr.
1
15 Mar. 25
15 Mar. 30
Apr.
10c
...
15 Mar. 22
10 Apr.
30 Apr.
15 May
1 May
1 May
25 Apr.
20 Mar.
1 Apr.
*7c
*3c
,
Apr.
15
5
Apr.
5
Mar. 30
Apr.
5
5
1
16
5
Dec.
Dec.
14
Apr.
5
Apr.
5
Mar. 30
Mar. 22
Mar. 31
May
Apr. 15
Apr. 15
Apr.
1
Apr.
5
May 10
Apr.
2
5c
June
90c
5c
May 15;Apr. 30
1
Apr. 20 Apr.
May
Apr. 19
Mar. 30
Apr.
Apr. 30
May
Apr. 10
May
Apr. 16
May
June 30
July
25c
50c
15c
SIX
SIX
(Mo.) pref. (quar.)..
25c
(quar.)
%X&
15c
15c
Mar. 18
Apr.
15,May
Mar
Apr.
15
17
31
15c
Sept. 30
Apr.
Mar. 21
15c
June
June
1
55c
...
Oct.
SI
Dec.
Dec.
2
$2H
...
United New Jersey RR. & Canal (quar.)
United States Fidelity & Guaranty Co
Apr.
Mar. 20
25c
Mar. 30
Apr.
United States Hoffman Machinery Corp.—
5H %
conv.
May
1 Apr.
June
preferred (quar.).
Unitei 8tates Petroleum Co. (quar.).
nited
15 June
Sept. 15 Sept.
Quarterly
Quarterly
2-15-41
S2H
15
Mar. 29
May
May
Apr.
May
Apr.
May
May
SIX
Juarterly
35c
SIM
Apr.
May
May
Apr.
Apr.
Apr.
37Hc
12Hc
Dec.
Quarterly
Quarterly
...
Mar. 15
5c
United Bond & Share. Ltd. (quar.)
United States
— ———
Apr.
Apr.
Apr. 30
Mar. 20
lCc
—
Union Oil Co. of California (quar.)
United Biscuit Co. of America preferred
4
Philadelphia National Insurance
Philadelphia & Trenton RR. (quar.)-. —
Phillipine Long Distance Telep. Co
Phoenix Acceptance Corp.. class A (quar.)
Pittsburgh Bessemer & Lake Erie 6% pf. (s.-a.).
Pittsburgh Coke & Iron Co., $5 prer. (quar.)
Pittsburgh Forgings Co
Pittsburgh Screw & Bolt
Pleasant Valley Wine
Plomb Tool 6% pref. (quar.)
Portland Gas Lignt Co. $6 preferred
Powell Rouyn Gold Mines, Ltd
Power Corp. of Canada, Ltd., 6% cum.
pref...
6% non-cum. participating prer. (quar.)
Premier Gold Mining (quar.)
Prentice (G. E.) Mfg. (quar.)
Procter & Gamble 8% pref. (quar.)
Prosperity Co., 5% preferred (quar.)
5% preferred (qUar.)
Prudential Investors, Inc., pref.
(quar.)
Public Service of N. J. 6% pref. (monthly).
Puget Sound Power & Light $5 prior pref
Putnam (G.) Fund of Boston
Quaker Oats Co., preferred (quar.)
Quarterly Income Shares (quar.)
Railroad Employees' Corp. class A&B
(quar.).
Preferred (quar.)
Rainier Brewing Co., partic. pref. A&B (mo.).
Participating preferred A&B (monthly)
Rath Packing Co. 5% pref. (semi-ann.)
Reading Co. (quar.).
Second preferred (quar.)
Reda Pump.
Reliance Manufacturing Co
Republic Investors Fund pref. A and B (quar.).,.
Republic Natural Gas Co. common (quar.)....
Republic 8teel Corp., 6% 6% con v. pref...
Rhode Island Public Service Co. $2 pref.
(qu.)_.
Class A (quar.)
50c
$1
20c
Ray Drug Co
(quar.)..
Sun ray Oil Corp
Superheater Co. (quar.)
Superior Oil Co. of Calif., common
Superior Portland Cement class B
Tacony-Palmyra Bridge pref. (quar.)
Telautograph Corp. (interim)
Texas Gulf Producing Corp
Thatcher Mfg. Co. pref. (quar.)
Tivoli Brewing Co. (quar.)
Trade Bank of New York (quar.)
Tuckett Tobacco 7% preferred (quar.)
Preferred
4
5
10c
June
SIX
12Hc
Sun
Nov. 15 Nov.
45c
June
120c
nM
Apr. 20
Mar. 30
1
May 15 May
Aug. 15 Aug.
50c
Apr.
Apr.
37 He
Sept. 14
35c
SI H
Mar. 20
Mar. 30
Sept.
35c
$6 preferred (s.-a.)
Philadelphia Electric Co. (quar.)
Philadelphia Electric Co. $5 pref. (quar.)
Apr.
May
Apr.
Apr.
May
Apr.
May
Apr.
Apr.
Apr.
37 He
15
35c
1 Apr. 15
15 Mar. 21
1
25 Apr.
1 Apr.
1
1 Apr. lfl
1 Apr. 10
34 He
37 He
June
Preferred A (quar
Preferred A (quar.
May
Apr.
Apr.
May
May
May
Apr.
Apr.
Apr.
May
Apr. 20
Mar. 20
Mar. 20
Apr.
June
Preferred A (quar.
Preferred A (quar.
SIM
Mar. 30
SIX
Stecher-Traung Litbograp 5% pref. (quar.)8...
SIX
5% preferred (quar.)
*
SIX
5% preferred (quar.)
Steel Co. of Canada (quar.)
*43 He
Preferred (quar.)
*43 He
State Street Investment Corp. (Boston)
50c
Strathmore Paper Co. preferred—
tSlH
Oct.
Pennsylvania Power ( )o. $5 pref. (quar.).
Peoples Gas Light & Coke
Philadelphia Co. (quar.)
Apr.
Apr.
Apr.
4
20
Mar. 30
50c
50c
2-4-41
IS 1H
37Mc
Apr.
Feb.
Apr.
Quarterly
Quarterly
1 Sept. 14
1-1-41 Dec. 14
May
SIX
United Merchants & Manufacturers, Inc
Semi-annual
15
Apr.
37 He
5
Apr. 20
June
15 Mar. 31
1 Apr. 15
50c
25c
SIX
Apr.
Mar. 24
Apr.
Apr.
1
20
5c
Mar. 30
May
May
5
*4c
5
Mar. 30
June
15
20
SIX
4c
75c
—
_
United Fruit Co
SI
31 Mc
Apr.
75c
Wks. (qu.)
—
15 Mar. 30
25c
(quar.)
Apr. 20
May 15
Apr.
Apr.
Apr.
Apr.
Apr.
May
$tsi
20c
Extra..:
Apr.
30
Apr. 20
June
30c
Stand. Wholesale Phosphate & Acid
50c
Apr. 15 Mar.
Apr. 15 Apr.
Apr. 10 Mar.
Apr. 15 Apr.
1 Apr.
May
1 June
July
Holders
$1H
S3 preferred (quar.)
Brands, Inc. $4H pref .(quar.)
Standard
SIX
16HC
25c
Cos., Inc., preferred
Apr. 22 Apr.
1
Apr. 15
May
June
May 20
May
Apr. 12
When
1940
Payable of Record
I1.12H May
$1
May
Paper Co., S4.50 preferred (quar.)
$4 preferred (guar.)
Secord (Laura) Candy Shops (quar.)
May
May
May
S1H
Paracale Gumans Consol. Mining Co..
Peninsular
!1X
1H
IX
1
Apr. 15 Apr.
1
May
1 Apr.
Apr. 15 Mar. 30
Scott
SIM
32 He
I.ighting Corp., pref. (quar.)..
Pacific Public Service, pref. (quar.)
Pacific Telep. & Teieg. pref. (quar.)..
Paraffine
SI
50c
—
Oahu Sugar Co., Ltd.
50c
Per
Share
Name of Company
Payable of Record
Sept.
Morris Plan Insurance Society (quar.)
National Biscuit Co
When
April 6,
5
31*
Sept. 20 Aug. 31*
Dec. 20 Nov. 30*
Playing Card (extra)
United States Smelting, Refining &
Mining
7% preferred (quar.)
United States Steel Corp
United States Sugar pref. (quar.)
Preferred (quar.)
United Stockyards Corp. conv. pref. (quar.)
Universal Leaf Tobacco (quar.)_
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% preferred (quar.)
6% preferred (quar.)
Vapor Car Heating Co., inc., 7% pref. (quar.)_
7% preferred (quar.).
7% preferred (quar
•.).
7% preferred (quar.)
Vermont & Boston Telegraph (ann.)
Vermont & Massachusetts RR. (s.-a.)
Virginian Ry. Co. 6% preferred (quar.)
6% preferred (quar.)
Vulcan Detinning (quar.)
—
Quarterly
7% preferred (quar.)7% preferred (quar.)
7% preferred (quar.)
Washington Railway & Electric 5% pref.(quar.)
5% preferred (s.-a.)
Welch Grape Juice Co., preferred (quar.)—
Preferred (quar.)
West Michigan Steel Foundry—
Prior preferred (quar.)
Conv. preferred (quar.)
West Penn Electric. 7% pref. (quar.)
—6% preferred (quar.)
West Penn Power, 4H% pref. (quar.)
—
Western Grocers, Ltd. (quar.)
Preferred (quar.)
Western Pipe & Steel 7% preferred (s.-a.)
Westgate-Greenland Oil Co. (monthly)
Weston (Geo.), Ltd., pref. (quar.)
Westvaco Chlorine Products (quar.)
5% conv. preferred (quar.)
Wilson & Co. $6 preferred
Wilisted Hosiery Co. (quar.)
1 Apr. 15
15 Mar. 25
15 Mar. 25
5
26 Apr.
15 Apr.
5
5
15 July
2
Apr. 15 Apr.
May
1 Apr. 18
July
1 June 29
Oct.
1 Sept. 28
May
Apr.
Apr.
Apr.
Apr.
July
1-1-41 Dec. 30
1
10 June
June
Sept. 10 Aug. 31
Dec.
.
— .
-—
-
—
—
Extra
Quarterly
Extra
Quarterly
Wright-Hargreaves Mines. Ltd. (quar.)
Extra (both payable in U. S. funds)
Wrigley (Wm.) Jr. (monthly)
June 20 June
Oct.
19 Oct.
10
1 May
15
June
1 May
15
May 31 May 15
Aug. 31 Aug. 15
May
June
May
May
Apr.
Apr.
Apr.
July
Apr.
May
May
May
May
May
May
Aug.
Aug.
Nov.
Apr.
Apr.
July
July
May
Monthly
Monthly
July
Aug.
Sept.
—
Apr.
May
Apr.
Apr.
19
Mar. 20
June 29
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
July
July
10
15
10
10
1
15
15
15
15
Oct.
Oct.
15
Apr.
15
15
Apr. 20
May 22
May 22
Apr. 20
May 20
June 20
Sept.
Dec.
Dec.
May
June
15
15
19
Mar. 20
Mar. 20
July
Aug.
Sept.
Apr.
May
Sept.
Oct.
:
10
June
June
Zion's Co-operative Mercantile Institution
1 June 15
8 Mar. 27
1 Apr. 20
1 July 20
Sept. 20 Sept. 10
Apr. 20 Apr. 10
July 20 July 10
Monthly
Monthly
Monthly
Zeller's, Ltd., 6% preferred (quar.)
10 Nov. 30
3-1-41
3-9-41
July
Apr.
May
Aug.
Nov.
Extra
Wisconsih Electric Power Co. 6% pref. (quar.)—
Wisconsin Telephone Co. 7% pref. (quar.)
*
5
5
June 20 May
United States Pipe & Foundry Co. (quar.)
Quarterly
Quarterly
15 Dec.
19
20
20
20
15
5
5
5
Transfer books not closed for this dividend,
t On account of accumulated dividends.
j
Payable in Canadian funds, and in the case of non-residentr of Canada
a tax of 5% of the amount of such dividend will be made
deduction of
,
Volume
The Commercial & Financial Chronicle
ISO
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
York
New
The
in
The
following shows the condition of the Federal Reserve
business
of
Bank of New York at the close
STATEMENT
MEMBERS
OF
City
Friday afternoon is given in full below:
on
THE
OF
HOUSE
YORK CLEARING
NEW
THURSDAY, APR. 4, 1940
OF BUSINESS
CLOSE
ASSOCIATION AT
the New York
issued by
weekly statement
Clearing House
April 3, 1940,
comparison with the previous week and the corresponding
date last year:
2209
• •
•
*
•
Clearing House
Net Demand
Time
Undivided
April 3, 1940 Mar. 27, 1940 April 5, 1939
Deposits,
Deposits,
Profits
Average
Average
Surplus and
Capital
Members
Assets—
•
Gold certificates on hand and due from
Other cash
Bank of New York
8,164,187,000 8,047,596,000 5,979,674,000
Total reserves
U.
by
Govt, obligations
8.
Other bills discounted
172,155,000
4,674,000
185,154,500 &2,119,933,000
645,741,000
40,151,10-)
127,665,000
100,173,000
73,015,100 cl ,047,674,000
294,352,000
19,663,500
52,655,000
28,216,000
646,094,000
660,139,000
4,446,000
77,500,000
90,000,000
42,117,000
21,000,000
395,000
Cent Hanover Bk&Tr Co
467,000
90,000
20,000,000
Corn Exch Bank Tr Co.
485,000
Continental Bk <fe Tr Co.
3,830,000
Chase National Bank...
bought In open market
2,041,000
2,048", 000
400,969,000
338,532,000
407,496,000
344,089,000
Industrial advances
Bankers Trust Co
Bonds
331,160,000
739,501,000
751,585,000
754,245,000
17,000
7,000,000
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
i
Bank premises.
Other assets
2,976,000
100,123,000
2,049,000
87,635,000
52,075,000
931,357,000 13,933,731,000
721,769,000
726,490,000
Totals
Total bills and securities
6,483,000
29,903,000
721,957,000
742,097,000
17,000
1,229,000
153,147,000
9,840,000
16,766,000
direct and guaranteed
3,618,000
36,806,000
416,430,000
27,984,400
8,570,600
10,066,100
12,500,000
7,000,000
Public Nat Bk «fc Tr Co.
Government securities,
Total U. S.
1,459.000
41,373,000
81,598,600 el, 102,728,000
13,212,000
2,471,100
129,008,000
9,411,300
5,000,000
Marine Midland Tr Co..
New York Trust Co
Comm'l Nat Bk & Tr Co
Bills
1,607,000
63,011,000
136,486,900 d2,899.142,000
53,043,000
4,244,300
6,000,000
Title Guar & Trust Co..
256,538,000
134,259,000
Notes
53,240,100
4,430,300
100,270,000
500,000
25,000,000
Fifth Avenue Bank
U. S. Govt, securities, direct and guar¬
anteed:
108,555,000
50,000,000
4,000,000
Irving Trust Co..
218,000
612,000
555,000
discounted
—
15,000,000
10,000,000
First National Bank
Bills
13,999,000
39,437,000
68,734,200 a2,240,388,000
695,581,000
57,040,300
13,924,100
26,615,500
145,000
45,000
510,000
direct and guaranteed...
Total bills
204,097,000
515,400,000
6,000,000
National City Bank
Chem Bank & Trust Co.
1,745,000
97,523,000
-20,000,000
Manufacturers Trust Co
1,155,000
93,086,000
943,000
99,294,000
-
Bank of Manhattan Co.
Guaranty Trust Co
f
Bills discounted:
Secured
$
$
$
8,063,950,000 7,953,355,000 5,880,406,000
United States Treasury.*
Redemption fund—F. R. notes
*
60,000
1,651,000
2,528,000
248,117,000
9,858,000
17,011,000
518,887,000
National, March 30, 1940; State, March 30, 1940; trust
As per official reports:
141,831,000
companies, March 30, 1940.
Includes
8,988,000
deposits
in
foreign branches as follows:
(Mar.
a
20) $72,869,000; c (April 4) $3,380,000; d (Mar. 30)
6 (Mar.
13,516,000
25) $253,723,000;
$67,861,000; e (Mar. 20)
$19,671,000.
9,087,283,000 9,078,495,000 6,873,087,000
Total assets
Liabilities—
F. R. notes In actual circulation
1,271,969,OOo'l,042,110,000
1,286,053,000
LONDON
THE
Deposits—Member bank reserve acc't.. 6,921,548,000 6,826,869,000 5,073,877,000
246,575,000
U.S. Treasurer—General account
154,585,000
212,838,000
83,279,000
137,861,000
139,005,000
Foreign bank
171,323,000
326,979,000
Other deposits
270,002,000
EXCHANGE
STOCK
Quotations of representative stocks as received by cable
each day
of the past week:
Sat.,
7,543,393,000 7,446,294,000 5,575,054,000
237,339,0001 135,713,000
134,923,000
Total deposits
Deferred availability Items
1,026,000|
911,000
Other liabilities, lncl. accrued dividends.
Surplus (Section 7)
.....
Other capital accounts
Total liabilities and capital accounts.. 9,087,283,000
total
to
deposit
to
reserve
F. R. note liabilities
10,326,000
43 /3
43 /6
106/3 *
£61
£14%
49/4%
38/7%
42 /9
103/9
42 /9
104/4%
£60%
£61
£14%
£14%
49 /4%
52,463,000
Ford Ltd
Imp Tob of G B &
London Mid Ry
Metal Box
90.4%
867,000
2,516,000
These are certificates given by the
Royal Dutch Co
Shell Transport
Swedish Match B
United States Treasury for the gold taken
Jan. 31, 1934. devalued from
to 59.06
United Molasses
difference, the difference itself having been appropriated as
under the provisions of
Vlckers
less to the extent of the
cents, these certificates being worth
West
profit by the Treasury
68/9
8/9
18/24/9
67/9
8/7%
17/10%
24/6
117/6
117/6
£23%,
78/9
£7%
£15%
£23%
78/9
£24
78/9
£7%
£7%
|
118/1MS
£7%
£15%
90/7%
£32%
78/1%
14/>27/3
r
18/4%
£15% *7 £15%
90/90/£32
£30%
78/1%
76/3
13/6
12/6
27/10%
27,/6
18/17/6
£4
Rolls Royce.
43 /6 J
106/10%
£61
£14%
48/9
39/1%
£8 %
£8
67/7H'
8/9
,.18/4%
24/6
91/3
£32
78/9
14/6
27/18/4%
RioTinto
the Reserve banks when the dollar was. on
100
67/3
8/9
18/-
£7%
£15
Rand Mines
Include_Federal Reserve notes or a bank's own Federal
over from
I..
50/43/4%
£8%
24/9
24/6
116/10% 116/3
£23%
£22%
78/9 !
78/9
Holiday
HudsonsBayCo
£61
£14%
38/4%
66/9
8/9
17/6
/
.
Electric & Musical Ind
106/3
£8 %
£8%
Distillers Co
7,457,000
92.3%
37/9
De Beers
9,078,495,000 6,873,087,000
92.5%
49 /4%
Courtaulds S & Co
8,129.000
861,0001
t "Other cash" does not
Reserve bank notes.
cents
Apr. 5
Central Mln&Invest..
50,887,000
ad¬
Industrial
vances
z
Fri.,
Apr. 4
Cable & W ord
and
combined
make
51,106,000
53,326,COO
7,109,000
51,108,000
53,326,000
7,109,000
10,460,000
Surplus (Section 13-b)..
of
Thurs.,
Apr. 3
Cons Goldfields of S A.
Capital paid In
Commitments
Wed.,
Apr. 2
Boots Pure Drugs
Capital Accounts—
Ratio
Tues.,
Apr. 1
British Amor Tobacco.
1,274,000
8,965,280,000 8,956,628,000 6,754,151,000
Total liabilities
Mon.,
Afar. 30
*,
£4
£4
90/£31%
76/10%
12/6
27/6
17/3
Wltwatersrand
Areas..............
,
£4
£4
the Gold Reserve Act of 1934.
Weekly Return of the Member Banks of the Federal Reserve
System
.
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are
always
the Federal Reserve
a
System
week behind those for the Reserve banks themselves.
The comments of the Board of Governors
the figures for the latest week appear in our department of "Current Events and Discussions
of
upon
immediately preceding which we also give the figures of New
York and Chicago reporting member banks for a week later.
made in the breakdown of loans as reported in this statement, which were
1937, as follows:
of loans and discounts
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper." instead of In "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural loans" and "other loans"
would each be segregated as "on securities" and "otherwise secured and unsecured."
f
A more detailed explanation of the revisions was published In the May 29, 1937. issue of the "Chronicle," page 3590.
Commencing with the statement of May 19, 1937, various changes were
described in an announcements the
The changes in
Federal Reserve Bank of New York of April 20.
the report form are confined to the classification
^ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
Federal
Reserve
IN 101 LEADING CITIES BY
Cleveland Richmond
Phila.
DISTRICTS ON MAR. 27. 1940 (In Millions of Dollars)
St. Louis Mlnneap, Kan. City
Chicago
Atlanta
San Fran.
Dallas
$
$
$
$
23,322
$
$
1,150
1,932
701
636
3,286
717
408
531
9,867
687
1,178
$
ASSETS
Loans and Investments—total
New York
Boston
Total
Districts—
266
306
919
329
192
301
270
961
2,229
Loans—total
8.596
619
3,301
429
703
203
275
117
162
191
102
178
338
1,793
546
Commercial, Indus, and agrlcul. loans
Open market paper
300
178
4,383
9
16
4
37
11
4
22
17
67
27
2
335
119
24
21
3
6
35
1
4
13
21
472
4
609
5
Loans to brokers and dealers In securs.
15
11
73
12
7
10
13
43
41
31
Other loans for purchasing or carrying
'
478
219
31
81
197
50
173
49
.....
19
1,185
securities
Real estate loans
Loans to banks
25
1
43
1
2
1,557
Treaury bills..
130
458
516
Other loans
11
1,802
38
868
United States
6,512
337
2,692
bonds
52
57
10
29
23
383
"68
"58
"50
167
1
93
198
"74
91
""ll3
1
247
29
1
17
19
""31
157
"153
38
288
32
32
66
42
57
657
164
113
1,064
1.50
117
98
92
710
184
Treasury notes
115
1
6
3181
1
99
125
52
262
71
22
67
50
183
2,379
74
Obligations guar, by U. 8. Govt..
284
66
506
106
138
317
1,497
273
58
124
44
3,517
104
Other securities
176
132
1,253
180
100
192
10,371
570
381
6,297
450
133
507
i
Reserve with Federal Reserve Bank..
49
1,325
21
46
23
15
64
13
7
234
331
236
224
527
210
112
314
332
268
289
176
38
47
80
22
16
24
29
237
1,278
79
524
85
97
954
1,329
494
412
2,356
480
472
9,714
534
1,028
1,211
292
19,276
5,338
Other assets—net
1,078
263
746
201
190
959
190
119
145
137
237
1,073
53
47
34
44
135
17
3
24
31
108
434
458
311
303
1,339
354
162
423
262
309
LIABILITIES
Demand deposits—adjusted
Time deposits
578
14
8,299
329
735
22
1
United States Government deposits..
banks
...
...
Foreign banks
Borrowings
Other liabilities
Capital accounts
...
68
1
Inter-bank deposits:
Domestic
22
98
12
142
16
479
3,253
Cash In vault
Balances with domestic banks
3,615'
673
1
1
1
9
1
21
5
"39
"ii
""22
6
""8
3
""4
"316
94
93
390
95
58
104
87
346
758
22
"293
"17
"*17
3.718
246
1.613
214
378
t
1
The Commercial & Financial Chronicle
2210
April 6,
1940
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the 12 Reserve banks at the close of business
for the System as a whole in comparison with
week last year.
Thursday afternoon, April 4,
on
The first table presents the results
the figures for the eight preceding weeks and -with those of the corresponding
The Federal
The second table shows the resources and liabilities separately for each of the 12 banks.
Reserve note statement (third table following) gives
Reserve agents and the
returns
Wednesday.
on
Federal Reserve banks.
for the latest week
appear
details regarding transactions in Federal Reserve notes between the
The comments of the Board of Governors of the Federal Reserve System
the
upon
in our department of "Current Events and Discussions"
COMBINED RESOURCES AND
LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 3,
Mar.
April 3,
Mar.
27,
20,
Mar. 13.
Mar.
1940
1940
1940
1940
1940
Feb. 28.
1940
$
Three Ciphers (000) Omitted
$
$
t
S
15,932,62
15.868,62
6,
Feb.
21.
Feb.
14,
1940
Feb.
7,
1940
1940
3
%
S
%
15,739.12;
16.118.05C
April 5,
1940
1939
$
ASSETS
Gold ctfs.on band and due from U. 8. Treas.x
.
16,101,61' )
8,12,3
Redemption fund (Federal Reserve notes)...
375,46.3
Other cash *
Total
reserves....
..................
16,485,20. 5
16,047,6113
8,231
372.261
15,997,62;I
16,428,111
16,367,74;I
9,361)
362,531}
9,575I
356.181)
15,793,62
9,57'
367,46.
16,304,511)
16,234,371)
18,170,65(
8,33'1
361,781
15,674,61?3
10,11?I
384.79
9.431
369,49*}
16.069,52'
15,619.611
10,11?
387.62'
12,572,718
16,017,361
12,943,003
9,603
360,682
Bills discounted:
Secured
by U. S.
Government obligations
47*
47C
612
741
45/
52C
2,6o;
6,161
5,33*
6,16*
6,264
1,062
1,490
2.981
2,971
6.67S
6.07S
6,623
6,784
2,552
10,49*
1*0*422
lb',404
lb".704
10*427
1*0*434
1*0*48/
13,894
1.342,04/
1,344,04/
1,133,22/
1,344.04/
1.133,22/
1,344.04/
1,133,22/
1,344.04/
1,133.22/
1,344.04/
1,133,22/
1,344,04/
1,133,22/
1,176,109
33'1
direct and fully guaranteed
Other bills discounted
1,071
1,67/
1,611
1,63;
2.62C
Total bills discounted
2,751
2.09C
1.96C
10,13?
10*483
1,337,49/
1,129,22/
1,342,04/
1,133,22/>
Bills bought in open market
Industrial advances
361
.
561
United States Government securities, direct ant
guaranteed:
Bonds
Not68
1,133,22/
Bills
»
911,090
476,816
Total U.
8.
Govt, securities,
2,466,726
......
Other securities
Foreign loans
direct an<]
.
2,475,270
2,477,270
2.477.270
2,477,270
2.477.270
2,477,270
2,477.270
2,564,015
2,487,843
2,487,734
2.490.682
2,490,651
2,494,653
2,493,776
2,494,327
2.494.539
2,581,022
47
.
on gold
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected
2,475,270
2,479,609
guaranteed
......
47
....
47
58,257
Bank premises
Other assets
Total assets
47
19,691
743,276
41,671
58,005
17,604
721,035
41,689
57,081
18,484
712,167
41,703
69,540
19,719,396
19,778,652
19,692.932
19,637,142
17,998
636,668
41,612
tyems
.............
47
47
47
19.935
21,582
20,003
21,273
619,180
638.754
636,295
22,084
598,495
41,703
41,741
65,695
64.759
41,771
63,931
792,040
41,792
19.471,590
19,432,186
19,373,873
-
47
*161
18,868
577,007
42,642
62,895
41,792
61,460
19,481,901
19,235,778
16,211,436
48,733
LIABILITIES
Federal Reserve notes in actual circulation
Deposits—Member banks'
4,934,636
account...
United States Treasurer—General account..
4,899,117
4,895.048
4,881,754
4.889,287
4.858.677
4,860.778
4,846.468
4,836,768
4,398,430
12,395,460
692,077
12,294,002
699,877
12,256,250
12,438,580
12,367.086
12.150,709
12,096,727
9,317,830
707.493
390,780
399,786
526,387
535,988
395,073
364,406
389,876
353,533
377,032
12,317,794
661.406
380.844
12,240,683
384,335
352,536
reserve
363.381
354,865
13,754,309
13,719,249
678,445
13,633,639
13,623,425
594,538
6,452
3,098
19,285,900
136,107
26,839
37,147
19,719,396
595,990
642,138
631,565
1,102,897
361,381
392,526
340.677
388,173
232,416
354,408
237,807
13,526.050
755,965
13,470,873
696,109
3.140
13,552.919
606.706
2,733
10.890,950
573,939
2,867
2,415
4,017
19,120,662
19.081.351
19.023.136
19.131.350
18.885,415
15,867,336
136,102
136.074
136,081
136.075
138,093
136.093
134,926
151,720
26.839
t36,939
151,720
151,720
151,720
26,839
36,395
36,195
26,839
35,899
151,720
26,839
35,711
149,152
26,839
151,720
26,839
36,103
161,720
26,839
36,581
19,778,652
19,692,932
19,637,142
19,471,590
19.432,186
19,373.873
19,481.901
19,235,778
16,211,436
87.9%
87.8%
87.5%
84.7%
8,966
8,638
87.5%
8,361
87.5%
9,080
87.6%
9,126
87.5%
8,224
87.8%
9,080
87.7%
8,350
8,350
12,062
600
Foreign banks
Other deposits
645
412
1,349
1,468
773
1,549
412,821
'
Total deposits
...........
Deferred availability Items
Other liabilities, incl. accrued dividends
Total liabilities
......
13,801,773
721,553
13,824,408
604,541
3,568
..
4,371
19,426,814 tl9.341.327
19,367,153
......
4688,636
t3,334
575.359
4
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
136,132
151,720
136,145
151,720
26,839
37,539
Surplus (Section 13-b)
Other capital accounts
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined....
Commitments to make Industrial advances
27,264
32,758
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
16-30 days bills discounted...
31-60 days bills discounted
125
176
45
4,556
3.632
1,641
166
140
161
155
181
226
244
260
3,818
251
100
61-90 days bills discounted
Over 90 -lays bills discounted
2,247
21
3,995
1,191
932
773
1,130
1,123
1,108
1,116
1,126
1,119
198
279
355
246
'
148
Total bills discounted
1-16 days bills bought In open market
16-30 days bills bought In open market
31-60 days bills bought In open market...
61-90 days bills bought In open market
161
160
193
157
148
149
205
197
340
2,751
2,090
1,966
2,989
2,977
6.679
6.079
6.623
6,784
2,552
151
69
267
74
....
Over 90 days bills bought In open
market.—..
Total bills bought In open market
1-15 days Industrial advances
16-30 days Industrial advances
-
561
"
"
1*247
*1,574
"*1,592
1*453
*1*493
*1*587
"*M68
1*435
1,439
2,359
196
121
130
381
415
59
171
215
159
182
31-60 days industrial advances
61-90 days Industrial advances
149
294
249
353
339
491
501
392
523
273
299
181
157
283
292
331
184
721
8,221
8,228
8,055
8,000
8,284
7,995
8,061
8.180
10,432
10,138
Total Industrial advances
U.S. Govt, securities, direct and
guaranteed:
1-16 days
10,483
10,498
10,423
10.404
10.704
10,427
10,434
10,485
16-30 days
31-60 days
89,348
~~
192,168
158,680
....
Over 90 days..
13,894
26,500
__
61-90 days
200
793
7,753
Over 90 days Industrial advances
I"
2,466",720
2,47*5,270
2,475*276
2,4*77*276
2.47*7*276
2,47*7*270
2.477*,27b
2.477,270
2,477,270
2,097,319
2,466,720
2,475,270
2.475,270
2,477.270
2,477.270
2,477,270
2,477,270
2,477.270
2,477.270
2,564,015
5,251,335
316,699
5,237.827
338,710
5,227,268
332,220
5,216.078
334,324
5,210.592
321,305
5,180,520
321.843
6,166,486
305.708
5.163.324
316.856
5.160.100
323,332
4,676,299
277,869
4,934,636
4,899,117
4.895.048
4.881,754
4.889.287
4,858,677
4,860.778
4.846,468
4,836,768
4,398,430
5,363,500
5,343,500
5,333,500
5,328,500
5,323,500
5.313.500
493
543
615
723
1.296
5.305,000
1,152
4,802,500
671
5,298,500
1,068
5.298,500
540
5,364,040
5.344,171
5,333,993
5,329,043
5,324,115
6,314.223
5,299.568
5,299,796
5.306.152
4,804.860
Total U. S. Government securities, direct
and guaranteed
Total other securities
i
Federal Reserve Notes—
Issued to Federal Reserve Bank by F
Held by Federal Reserve Bank
In actual
R. Agent
circulation...—...........
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold etfs. on hand and due from U S. Treas—
By eligible paper
United States Government securities
Total collateral
•
...
"Other cash" does not lnolude Federal Reserve
notes,
2,360
t Revised figures.
These are certificates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to
59.06
oents on Jan. 31
1934, these certificates being worth less to the extent of the difference, the difference Itself have been appropriated as profit by the Treasury under
provisions of the Gold Reserve Aot Of 1934.
/
x
Volume
2211
The Commercial & Financial Chronicle
ISO
(Concluded)
Weekly Return of the Board of Governors of the Federal Reserve System
Three Ciphers (000) Omitted
Federal Reserve Agent
Total
ASSETS
Gold
certificates
and
due
,485
Other cash *
:■
;
Total
375,463
"
.
•
•.
•
943
441
735
984
690
931
617
634
333
279
31,845
99,294
31,568
27,065
24,047
20,480
46,981
16,391
9,460
18,918
15,148
875,803
1,051
34,266
933,040 1,026,323
432,570
337,416 2,476,077
379,024
274,532
376,198
247,409
911,120
35
38
22
134
153
136
901,031
894,979 8,063,950
from United States Treasury
16,101,619
8,123
Redemption fund—Fed. Res. notes..
(
San Fran,
Dallas
St. Louis Minneap. Kan. City
Chicago
Atlanta
OF BUSINESS APR. 3, 1940
'
hand
on
12 FEDERAL RESERVE BANKS AT CLOSE
Cleveland Richmond
Phila.
New York,
Boston
THE
OF
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
998,523
231,982
356,947
264,438
362,016
316,246 2,428,165
407,539
•' •;\
927,309 8,164,187
16,485,205
reserves
Bills discounted:
Secured by U. 8. Govt, obligations,
^
,
direct and guaranteed
Other bills discounted
Total bills discounted
U. S. Govt, securities, direct & guar.:
Bonds
710
36
754
129
136
120
80
80
80
555
188
145
3,042
309
172
916
874
803
139
2,041
V
10,138
__
23
122
1,223
2,751
Industrial advances
22
338
7:
":■$
134
188
174
179
116
483
688
109,438
92,397
1,337,495
97,529
400,969
106,802
136,778
68,248
56,495
146,385
61,325
40,271
61,738
51,517
1,129,225
82.343
338,532
90,170
115,478
57,622
47,700
123,590
51,775
34,000
52,123
43,495
2,466,720
179,872
739,501
196,972
252,256
125,870
104,195
269,975
113,100
74,271
113,861
95,012
201,835
2,479,609
181,175
742,097
200,202
252,710
126.925
105,170
271,187
113,180
74,472
114,111
95,683
202,697
Notes
Total
510
1,675
55
133
7r
-45
80
1,076
—
U.
8.
Govt,
securities
direct and guaranteed
Total bills and securities
47
3
2
6
17,998
543
1,229
855
1,619
3,10S
1,994
636,668
64,093
153,147
50,020
71,742
53,652
23,880
2,684
94,226
41,612
2,875
9,840
4,541
5,510
3,948
16,765
4,643
6,550
2,526
3,406
2,023
58,257
2,430
19,719,396 1,179,946 9,087,283 1,193,306 1,364,458
622,189
345,609
451,425
714,963
Due from foreign banks
Fed. Res. notes of other banks.—..
Uncollected Items
Bank premises
......
21
Other assets
Total assets
2
4
5
18
,
.
See
1
4
1
1
a
,
1,800
963
930
558
1,715
29,331
16,611
27,650
22,697
29,619
3,373
2,250
1,389
3,197
1,159
2,929
6,043
2,533
1,793
2,595
2,401
5,150
472,915 2,853,596
528.119
369,760
524,682
219,022
159,550 1.082,489
193,163
141,762
183,279
80,401
385,621
281,526
232,975 1,480,736
246,278
159,387
258,970
208,923
833,173
33,807
11,028
33,492
11,409
34,336
477
2,558
19,267
369,908 1,153,234
LIABILITIES
F. R. notes In actual circulation
406,262 1,286,053
4,934,636
Deposits:
account....
12,395,460
692,077
598,342 6,921,548
212,838
54,068
658,639
U. 8. Treasurer—General account-
51,222
50,190
34,212
24,695
102.039
29,169
384,335
139,005
37,269
35,367
,8,599
16,353
3,650
13,310
6,778
45,635
11,409
32,009
8,366
3,002
7,412
5,151
277,758 1,631.412
294,268
204,913
304,282
256,382
714,599
29,702
93
13,781
26,449
21,770
27,523
148
261
129
191
460,116 2,808.727
517,226
360,604
514,271
13,615
4,117
4,709
4,377
3,613
4,103
10,712
3,974
10,224
1,266
2,121
2,243
Member bank
reserve
Foreign banks
■I
Other deposits
.......
27,361
766.036
809,119
335,741
62,374
134,923
48,551
70,377
52,017
22,671
94,403
411
604,541
3,568
911
342
404
118
137
423
i,
.......
136,145
9,341
51,108
11,906
14,011
151,720
10,405
2,874
53,326
7,109
14,198
26,839
14,323
1,007
3,792
1,193,306 1,364,458
1,529
2,050
1,142
1,279
528,119
369,760
524,682
369,908 1,153,234
181
59
475
3,69o
Chicago
St. Louis
Minneap.
%
$
$
748
a
855
Total
Boston
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
%
$
1,730
Atlanta
Cleveland Richmond
on
ti:
234,587
15,565
173,140 1,130,568
48,079
13,590
205,180
12,017
145,411
190,828
88,234
27,788
3,649
,;'7 7,549
7,833
440,030
64,409
406,262 1,286,053
4,934,636
345,609
451,425
219,022
159,550 1,082,489
193,163
141,762
183,279
80,401
385,621
209,000
147,500
195,000
91,000
464,000
91,000
464,000
s
.?:■
■
440,000 1,395,000
128
X r': 80
440,080 1,395,128
United States
Rates quoted are
482,000
375,000
5,364,040
375,091
5,363,500
91
X
.
482,000
175,000 1,140,000
250,000
96
.i.—
THE
Treasury Bills—Friday, April 5
0.05%
0.05%
0.05%
0.05%
0.05%
1 1940
May
8 1940...
PARIS
195,105
147,500
209,040
175,000 1,140,000
250,096
105
40
......
each day
May
''v'i
BOURSE
for discount at purchase.
Bid
•
April 24 1940
■■'•
hand and due
Total collateral..
April 17 1940
May 15 1940
0.05%
May 29 1940
June 5 1940.......
1
June 1) 1940
I
t
0.05%
0.05%
0.05%
3 1940
July
Mar.29 Mar. 30
-:--vv
Francs
0.05%
0.05%
June 26 1940.......
1
Mon.,
Sat.,
Fri.,
./■
0.05%
June 12 1940
t
of the past week:
Asked
Bid
Asked
0.05%
May 22 1940.——...
Francs
Tues.,
Wed.,
Awr. 1
Apr. 2
Apr. 3
Apr. 4
Francs
Francs
Francs
Francs
8,746
1,136
8,795
1,077
1,132
8,575
1,110
517
540
535
525
539
17,135
17,300
694
Canal de Sues cap....
Cle DIstr d'EIectrlclte
Quotation^for United States Treasury Notes—Friday,
point.
Coty S A
292
—
June
Bid
15 1940
1K%
Asked
2%
194%
194%
194%
1%
94%
1%
94%
Sept. 15 1942...
100.8
15 1940...
1X%
101.24
101.26
Dec.
15 1942...
Mar. 15 1941...
Dec.
102.4
June
15 1943
15 1941
iys%
1H%
102.2
June
102.3
102.5
Dec.
15 1943...
Dec.
15 1941...
1
102.16
102.18
Mar. 15
Mar. 15 1942...
H%
1H%
103.15
103.17
June
1944...
15 1944...
Sept. 15 1944...
Mar. 15 1945...
Asked
Bid
Rate
Maturity
104.29
Orleans Ry
102.30
103
103.5
103.7
102.10
——
101.8
102.9
102.11
100.31
625
640
1,730
1,750
320
335
680
661
985
960
959
1,815
1,782
1,766
988
999
1,010
~
~
*
1,009
1,010
972
975
974
2,165
.
...
675
985
1,845
Closed
1,745
—.
Rentes, Perpetual 3%
2,115
2,148
2,074
73.90
74.70
75.70
65.50
1,008
-
2,090
75.30
84.65
85.70
87.95
87.70
87.25
114.75
115.20
115.70
116.10
115.50
3,010
-
Saint Gobaln C & C
Schneider &
315
685
668
,
3,132
1,881
3.080
3,000
2,949
1,830
Cle
Societe Lyonnalse
1,845
1,870
1,830
70
74
78
72
74
1,283
1,320
1,315
1,290
1,290
648
649
654
Soclete Generate Fonclere..
—
-
-
660
90
Union d'EIectrlclte
Wagon-Llts
—.
92
94
96
95
443
Tublze Artificial Silk pref
THE BERLIN STOCK EXCHANGE
282
638
1,779
Soclete Marseillaise
x
283
282
638
1,010
-
(6%)..
5%. 1920
101.6
312
1,785
960
494%
102.8
773
312
'
Pechiney
104.21
284
690
765
627
Lyon (P L M)___
104.19
100.29
1,630
619
775
.
*'#*
280
Lyonnals.
Energie Electrlque du Nord
Enerele Electrlque du Littoral..
Nord Ry
104.27
1,620
620
:
1,745
Credit
L'Air Liquids
Int.
Int.
Rate
665
660
786
Kuhlmann
Maturity
17,050
675
317
646
754
Credit Commercial de France.—
S2ds of
16,810
'
2,365
Comptolt Natlonale d'Escompte
Courrleres
April 6
'
690
1,665
675
...
Citroen B
one or more
8,670
1,130
8,570
Bank de Paris et Des Pays Bas
Banque de I'Unlon Parlslenne...
II
Figures after decimal point represent
Thurs.,
Banque de France
Cle General d'EIectrlclte
a
$
%
479,213
540
April 10 1940
San Fran.
Dallas
City
$
•'
364,308
18,699
I:
s
as
from United States Treasury
'
Kan.
92,792
14,729
316,699
Eligible paper
Up-
19
I
security
issued to banks:
Gold certificates
;
i7i
1,883
'V $
420,991 1,378,845
5,251,335
In actual circulation...
22,824
713
RESERVE NOTE STATEMENT
Phila.
New York
$
Federal Reserve notes:
5,247
Less than 1500.
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bank of—
by Agent
2,953
3,152
1,001
472,915 2,853,596
622,189
1,109
4,393
2,271
10,460
1,774
37,539
......
"Other cash" does not Include Federal Reserve notes,
for notes
358,682 1,127,934
538
3,246
1,527
Total liabilities and capital accounts 19,719,396 1,179,946 9,087,283
Commitments to make Indus, ad vs..
3361
861
8,350
held
27,823
1,429
7,001
4,631
5,725
5,271
.
...
Collateral
606,898
v\
.
ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts....
*
18,906
19,367,153 1,155,552 8,965,280 1,160,538 1,331,325
Total liabilities...
CAPITAL
v.
686,505 7,543,393
Total deposits................. 13,824,408
Dererred availability Items
Other liabilities, lncl. accrued dlvs...
270,002
6,734
352,536
......
-
462
470
462
465
45
44
45
46
45
the
New
i
Closing prices of representative stocks as received by cable
each day of the past week:
Mar.
30
Apr.
Apr.
2
1
Apr.
Apr.
Apr.
3
,
4
: V
5
Per Cent of Par
144
Allegemelne Elektrlzltaete-Gesellschaft(6%) 144
Berliner Kraft u. Llcht (8%)
.... 182
182
Commerz und Privat-Bank A. G,
114
114
117
117
Deutsche Bank
(6%)
(6%)
Deutsche Reichsbahn (German Rys. of
Dresdner Bank (6%)
'
142
185
112
184
111
181
111
119
119
119 v
131
130
130
131
131
131
114
116
116
116
116
.
Relchsbank (new shares).
107
107
107
107
185
109
Siemens & Halske
241
241
242
241
239
184
109
239
114
114
116
114
112
113
Farbenindustrie I. G.
186
(7%)
(8%)
Vereinlgte Stahlwerke (6%)
i
186
States
Government
Securities
on
Exchange—See following page.
181
111
119
140
114
7%)
United
York Stock
141
145
187
186
Transactions
at
the
New
York
Stock
Daily, Weekly and Yearly—See page 2227.
Stock and Bond
Averages—See
page
2227.
Exchange.
April 6, 1940
2212
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
account is taken of such sales in computing the range for the year.
in the day's range, unless they
the only transactions of the day.
are
No
-
United States Government Securities
the New York Stock Exchange
on
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week. /
Quotations after decimal point represent one or more 32ds of a point
Below
furnish
we
a
,
Daily Record of U. S. Bond Prices\Mar.30 Apr. 1
Apr. 3 |
Apr. 2
121.3
{Low.
(Close
120.30
121.3
121.3
1
108.1
107.31
107.22
107.25
108
107.22
107.29
108.1
2
39
115.2
115.6
115.6
115.9
I
Close
115.8
109.11
109.13
9
[High
{Low.
(Close
Total sales in
$1,000 mils...
106.25
106.29
107
{Low.
106.25
106.29
107
107
107.1
(Close
106.25
106.29
107
107
107.1
i
(High
2XS, 1949-53..
101.9
I Close
101.9
Total sales in $1,000 units...
103.18
Low.
103.19
103.18
(High
20
units...
Total sales in $1,000 units...
.J Low.
3X8, 1941-43
11
109.13
2XS, 1948
,0,9s
(High
3X8, 1940-43
107.27
9
23
109.13
115.9
Total sales in $1,000 units...
107.25
107.31
109.11
Total sales in $1,000
6
Low
3Xs. 1946-56
2X8, 1945.....
115.9
115.8
107.31
107.31
109.11
115.4
115.8
(High
107.27
107.31
(Close
115.4
Total tales in $1,000 units...
Apr. 5
108.1
(High
..{Low.
115.4
116.2
close
115.6
115.2
(High
-JI Low.
4s, 1944-54
2X8, 1960-65.
1
1
Apr. 4
107.30
121 3
Total tale» in $1,000 units...
| Apr. 3
107.22
Treasury
121.3
120.30
4tfs, 1947-52
Apr. 2
(High
{ Low.
(Close
Total sales in $1,000 units...
121.3
120.30
Apr. 1
Daily Record of U. S. Bond Prices Mar.ZO
Apr. 4 Apr. 5
(High
Treasury
103.19
107.2
8
106.28
9
107.2
107.3
107.2
107.3
107.2
107.1
107.2
107.3;
1
107.3
107
{Low.
106.28
106.28
16
107.1
(High
2Xs, 1950-52..
107
103.18
103.19
[Close
Total sales in $1,000 mils...
1
10
Total sales in $1,000 units...
108
(High
...J Low.
109.24
(High
104.19
107.2
109.24
(Close
3X8, 1943-47
2X8, 1951-53.
109.24
|
Total sales in $1,000 units'...
■
Low.
'
'
v
104.20
[Close
■
104.20
„
Total sales in $1,000 mils...
I
109.27
109.28
110
Low.
109.28
109.30
110
[Close
109.28
109.27
109.28
110
110
Total sales in $1,000 units...
tl
3
3
110.21
110.20
110.21
1
1
3
104.24
104.24
Federal Farm Mortgage
112.11
112.10
112.9
112.11
112.13
1
8
;
108.20
(High1
:
3s, 1944-49
108.20
{Low.1
(Close
108.20
Total sales in $1,000 units...
...-{Low.
I Close
Total sales in $1,000 units...
2
(High
105.5
105.5
105.5
105.5
105.5
105.5
{Low.
3s, 1942-47
High
111.15
111.22
111.16
I Close
Low.
111.15
111.16
111.22
111.16
111.16
Total sales in $1,000 units...
111.16
Total sales in $1,000 units—
4
1
(High
2X8, 1942-47
tl
(High
111.23
111.28
111.27
111.28
111.23
111.28
111.26
111.28
1
111.23
111.28
{Low.
I close
Total sales in $1,000 units...
*1'1
111.27
Low.
38, 1951-55
1
(High
I Close
Total sales in $1,000 units...!
112.13
112.11
(High
3s, 1946-48..
104.24
{Low.
3XS, 1944-64.....
1
112.9
Total sales in $1,000 units...
3X8, 1049-52
105.30
QJpgg
110.21
112.9
(High
...J Low.
[Close
105.30
I Close
Total sales in $1,000 units
10
110.20
Total sales in $1,000 mils...
3X8, 1946-49
3
110.20
110.16
I Close
2
105.30
{Low.
2s, 1948-50.....
110.16
1 Low.
2
4
[High
110.16
(High
104.22
Total sales in $1,000 units...
110
109.26
3X®, 1944-46
104.22
Low.
1
109.26
3X8. 1943-45
104.23
104.23
fH1^h
.
2s, 1947
109.26
(High
104.22
104.19
Total sales in $1,000 units...
104.20
(High
3X8, 1941
11
104.23
104.19
{Low.
[Close
2
1
.■v
111.27
'
111.23
Close
,
Total sales in $1,000 units...
111.28
111.26
1
25
32
9
109.6
109.10
109.15
109.16
109.14
109.10
2X8, 1955-60........... Low.
109.5
109.9
109.11
109.13
109.10
109.8
[Close
109.6
109.10
109.15
109.13
109.10
109.10
12
3
Home Owners' Loan
9
(High
Total sales in $1,000 units
57
15
2X8, 1945-47.
m
...
Low
2X8, 1948-51
I
109.26
.
104.20
104.18
104
104.20
r
104.18
104.
104.20
104.18
I
(High
102.11
102.12
Low.
102.11
102.12
102.11
102.12
10
5
109.19
lXs, 1945-47
109.18
109.19
109.19
109.19
109.18
4
5
5
(High
2Xs, 1951-54.Low.
108.19
108.27
108.19
108.27
108.19
108.27
I
5
Odd lot sales,
108.25
2
Total sales in $1,000 units...
*
108.25
[Close
1,000 units...
Total sales in
10
[Close
109.18
109.19
....
108.30
Note—The
bonds.
t Deferred delivery Bale.
table
above
108.12
108.8
108.8
1 Treas. 4Xs 1947-52...120.30 to
108
108.12
108.8
108.4
1 Treas. 4s 1944-54.....115
Close
108
108.12
108.8
(High
51,000 units...
2
1
...
only
of
sales
coupon
'
Ilow_
107.31
108
107.28
107.21
107.31
108
107.28
107.311
108
107.281
Total sales in $1,000 «nto—
37
2
120.30(2 Treas. 3Xs 1943-45...109.30 to 109.30
(l
to 115
Treas. 2Xs 1960-65—107.29 to 107.29
*1
107.21
107.21
2 X8, 1958-63..
includes
108.8
108
onu sates in
1 Cash sale.
Transactions in registered bonds were:
Low.
i
1
104
109.26
109.19
High
....
8
1
Low
■
108.12
(High
2X8, 1942-44
i Close
■
108.12
....{Low.
[ Qlogg
2
Total sales in $1,000 unils...
.......
108.12
tios.io
Total sales in $1,000 units...
Total sales in $1,000 unils...
i
tios.io
109.26
(Close
•
*108.11
108
Total sales in $1,000 units...
109.26
109.26
108
108
(High
1944-52....{Low.
I
'
109.26
(High
3s, series A,
United States Treasury
Bills—See previous
United States Treasury Notes,
2'
page.
&c.—See previous
page.
New York Stock Record
LOW
AND
H1QH SALE PRICES—PER
Monday
Mar. 30
$ per share
69
69
*140
150
*42
47%
8
f 2484
L*18%
49%
*84
614
45%
47%
8is
24%
1834
50
6
1
1
12%
*10S4
12%
11%
16%
2234
*16
2214
8
36
*14%
*1%
Thursday
Friday
the
Apr. 1
Apr. 3
Apr. 4
Apr. 5
$ per share
$ per share
$ per share
$ per share
5 per share
Shares
*68
*68%
*140
150
*42
-
48%
45%
4834
8
8%
24%
25
18%
49%
*34
6%
%
12%
18%
50%
11
16
-
8
16
54%
*1884
61%
*10%
*46%
54%
*
20
62%
10%
48%
.
36
*14%
*1%
*15
64%
18%
62%
*10%
48%
Bid and asked
8%
69%
36%
15%
2
16%
54%
19
65%
IO84
48%
prices;
69
69
*140
150
45%
45%
50
50
7%
*24%
18%
4934
6%
%
12%
*10%
16
22%
*69
69
150
*140
»4
1234
11%
16%
;
18%
50
12%
11
179
13
13%
8%
2
16
50
8
25%
18%
51
51%
1
*34
6%
6%
1S18
%
13%
11%
16%
24%
11
75
13%
8%
69%
37%
14%
2
69%
*140
46%
46%
51
50
8%
25%
'8
2584
18%
52%
34
18%
52%
1
6%
x6%
%
%
14%
12%
%
1334
1134
16%
23%
*1134
13
8
6%
69%
150
13%
*—
12
179%
*1134
13%
*68%
3534
14%
*134
50
8%
12%
177
*42%
25%
18%
*34
16
16%
22%
22%
73% *—.
12
11%
69%
36%
15%
*1%
i
69%
*140
46%
8
24%
18%
49%
%
6%
%
8
54%
18%
65%
10%
*47%
50
8%
24%
69%
3534
*14%
*15
*42%
17
76
12
178% 17984
1134
1134
14
8%
14%
914
70
70
37%
38
15
15%
2
*134
*15%
12
23%
*—
*11%
I884
900
53
8,800
34
300
6%
5,800
3,400
H,,
14
8,700
1,300
16%
1,000
24
11,300
75,:
10
12
2,400
1%
68%
10%
67
69
69%
67%
1034
11%
11%
11%
48%
48
49
49
49
11%
4884
$ In receivership,
57%
19%
a
2
200
16%
100
58%
19%
69%
11%
48a4
2,000
2,100
20,300
4,800
.
53
Feb
8
120
5
51
Apr
d
9
Jan
3
Apr
71% Sept
Apr
33% Apr
31% Mar
149% Sept
6% Aug
Sept
49% No«
56% Oct
11% Sept
f
19
Address-Multgr Corp
10
17% Mar 14
19% Jan
4
1578 Sept
27%
Air Reduction Inc.....No par
Air Way El Appliance..No par
48% Mar 16
% Feb 7
68% Jan 2
7a Mar 11
45%
84
68
Alaska Juneau Gold Mln...l0
Allegheny Corp
.No par
5X % pf A with $30 war. 100
5X% pf A without war. 100
$2.50 pnor conv pref.No par
Alghny Lud St! Corp..No par
Alleg & West Ry 6% gtd-.lOO
Allen Industries Inc
1
Allied Chemical & Dye.No par
Allied Kid Co
5
No par
Allied Mills Co Ino
Alpha Portland Cem..No par
Amalgam Leather Co Ino— 1
6% conv preferred..
50
Amerada Corp
No par
Am Agrie Chem (Del)..No par
Am
Airlines Inc
......10
American Bank Note...... 10
6% preferred-
230
Def. delivery,
6
Feb
70% Feb 14
46% Apr
117
Highest
share $ per share
2684 Apr
5% preferred
......100
AUls-Chalmers Mfg....No par
600
45
per
Jan 16
Allied Stores Corp.....No par
14,500
3
I
21
200
15
*15
......
41% Feb
share
per
Adams Express.......No par
Adams-MUlils ........No par
15,800
'
18%
day.
1,400
9,800
2,800
14%
9%
71
38
16
no sales on this
2684
14%
884
*69%
37%
56t8
18%
1834
68%
Mar 19
500
16
16%
57%
19
Mar 21
12%
55
56%
67
141
*1134
54%
18%
$
share
per
4X% conv pref
100
Abraham & Straus....No par
Acme Steel Co
25
2,600
2,900
15
$
Abbott Laboratories..-No par
179%
179
Par
600
12
*16
24%
*
Loioest
Highest
Lowest
""'26
69%
Year 1939
\QWShare Lots
EXCHANGE
150
46%
5O84
8%
Range for Previous
Range Since Jan. 1
On Basis of
Week
8%
*15
STOCKS
NEW YORK STOCK
<
Wednesday
69%
36%
15%
2
Sales
Tuesday
Apr. 2
22%
23%
73% 73% *-...
12
Ti% "1214
12%
11%
179
179% *178
179% 179
*12
12
12%
12
*11%
13% 13%
13% 13%
13%
*68%
SHARE, NOT PER CENT
for
Saturday
n
New stock.
rCash
.....50
sale'
x
7% Mar 15
6
Mar
7
34 Mar 5
IO34 Jan 30
9% Jan 18
1334 Jan 19
18% Jan 15
72
Feb 19
9% Jan 23
7
Jan
1% Jan
14%
Jan
12% Jan
17
8
8
3
4
Apr
Jan
6% Dec
% July
534 Aug
4% Sept
Mar 14
8
June
3
14
Apr
52
May
24%
*or
73% Mar 21
12% Apr 1
634
Apr
?
180
Feb 13
4
13% Jan 15
14
Jan 25
15
Feb
9
9% Jan
2
4
6
Apr
Apr
54%
Apr
41% Jan
4
28
16
Jan
9
2% Jan
Q
171
Feb
1184 Apr
734 Mar 16
63% Jan 22
35% Feb 1
14% Mar 12
1% Feb 28
14% Mar 15
53
Mar 18
70
Apr
12«4 Apr
1% June
12
10
Jan
2
Sept
20% Sept
18
Sept
23% 8ept
28% Jan
69
11%
Sept
Oct
200% Sept
1478 Sept
15% Sept
11% Jan
71
Aug
48% Jan
19% Jan
3% Sept
Aug
Apr
Apr
21
June
47
Dec
11% Jan
4
4
26
Jan
3
934 Sept
46% Dec
17%
50
60
Jan
69% Apr
y
Apr
9% Apr
Jan
1% Sept
16
Jan
21
46
Ex-dlv.
10
Mar
Sept
4
1634 Mar 18
78% Apr 5
18% Apr 2
4134 Jan 12
9% Mar 18
Jan 22
151% Apr
25
Ex-right
Jan
.
50
Sept
74% Sept
24% Sept
5 Called for redemption.
n
Volume
New York Stock Record—Continued—Page 2
ISO
AND
Mar. 30
Apr. 1
Apr. 2
Apr. 3
Thursday
Apr. 4
9 per share
9 per share
$ per share
S per share
$ per share
Wednesday
Tuesday
22
3234
2178
•
32l2
45s
*3314
478
35l2
63
3l2
34
62
35s
34
5l4
34%
5%
4212
5314
42l2
*5212
5l2
20
20
42l2
5212
20%
53
53
54
13U
*3
13l2
3%
2434
2434
2134
23
23
24%
327g
2214
33U
327g
33
34
5
23%
33%
36
35
34
34
5%
34
Shares
63
63
66
66
06%
05%
384
*119
3
617
49
49
8%
*15512 15712
15
1514
6614
12%
*10l2
30i8
66
6014
1214
10«4
303s
*12
losg
*29lg
sou
14312
*64l4
50
60%
14412 144l2
*6412 67
*150
*150
—
60
14%
1334
283s
28l2
133s
*13
89
295g
13
28%
1284
*16%
167g
167g
19l2
1912
*857S 865s
*16lg
165s
172U 17234
8714
87l2
89
89
127g
167g
19% 20%
86% 8684
16%
16%
172% 17234
87
87%
88% 89%
14934 14984
89
*148% 14978 *148l2 1497g
5%
514
5ig
514
103s
ioi4
10%
105s
*95
28%
29
*5%
5%
10%
1034
98%
8%
42%
98
*4012
98
98%
71%
413s
75g
413s
734
4134
7%
41%
65s
7%
98
65g
*40U
684
43
30ig
*40
29
29%
37i4
36
36
2178
21%
30%
*1234
*10%
1984
13
16%
19%
86%
16%
86
16%
172% 173%
87
87%
88% 89
14884 14984
5%
5%
43
29%
2978
37
37
*36
*21
22
2134
2134
110i»»2U0»i2
293g
*110«32ll012
*13
*13
14l2
234
6%
634
43
8
1IO"«IIO»M
*13"
14%
234
"14%
52l2
*60
66
*60
41%
*10%
41%
1012
8%
284
35
*34
*108l2 109
55s
584
52l2
8%
*85
4U2
*10l8
812
*85
100
778
77g
8
*72
75
*70
75
*44
7434
*70
*43
4434
*99
2234
;
118
67g
1%
4l2
10i8
43
*425g
1434
*738
14%
*26
10
15
'8»4
*73g
29
1034
*28
11
31%
*112%
32
28i8
*108
107g
323s
-
,*11212
28% |
112
7%
*43
4434
283g
,*108
118
118
8%
*85
100
778
743i
734
100
8%
9
*85
8
1%
458
434
*29
30
6%
7
145g
15%
5
5%
4434
75
74%
43
43
1%
4%
7%
15
5%
*7%
29
29
29
107g
3234
1034
3234
11%
3434
....
Bid and asked prices; no sale
52,700
11
9%
8%
7
1434
5%
6%
1h
7%
15%
5%
6%
4%
29
7%
16
24%
56
28
11%
34
11%
3434
784
1%
134
4%
29%
122
27%
21
10
20%
122
27%
16%
17,400
584
7%
10%
40
16%
8,300
11%
.
8
*28
28
86 conv prior pref
No par
620
6,400
9,800
6,800
"£,800
80%
8I84
80
81%
49,400
1,400
22%
10%
22%
10%
22%
1034
21
2134
2I84
10%
*21%
16
*14
16
15%
72
*67%
24%
72
*67%
26%
800
10%
1,900
9,300
21%
500
22
15%
40
8% Mar 18
2784
smoo
Def. delivery.
Mar 13
123g Jan
99
Marl6
47% Jan
2
Marl9
35
Feb
19
3
Mar 21
110
110% Apr 3
11
Jan 27
2% Mar 29
31% Jan 12
106% Jan 2
.
5% Jan 23
46% Jan 23
Apr
15% Apr
75% Mar
13% Dec
4
9
Apr
Apr
Oct
132
Sept
4% Sept
8% Apr
78
Apr
3
3
28% Apr
9084 Feb 23
150% Jan 24
5% Feb 23
39
Jan
Jan
9
73
9% Jan
534 Jan 30
41
148
Jan 22
26% Jan 22
Aug
July
20% Aug
8% Apr
7
Feb
Mar 18
39
Nov
69
153
140
175% Mar 12
7
.
25
5
23
23
144
Oct
127%
69%
Jan
784 Feb 21
43% Jan 11
31% j&q
39% Apr
22% Mar
114
Aug
24
Apr
2o84 Apr
35
Apr
13%
Apr
111
Jan
3
Feb 23
Feb 29
6% Mar
57
4
Apr
5
3% Jan 3
35% Feb 27
110
3%
Jan 10
110% Apr
15
3
75%
6
Mar
884
1%
Apr
Apr
14% July
18% Oct
34
Sept
97% Sept
18% Jan
171% Deo
87% Jan
8984 Jan
153% May
8% Jan
14% Jan
96
Aug
15% Sept
6484 Sept
12
Sept
Sept
Sept
54% Jan
27% Aug
11484 June
48
40
"2l"" Sept
4
Deo
Apr
37
Sept
May
3% Aug
3384 Apr
106
Deo
21
97
884 Sept
Sept
60
50
Mar
65
Jan
13
Mar
Artloom Corp
8% Jan 12
96% Jan 12
31<4 Sept
7% Sept
538 Apr
58
11
—No par
...100
Associated Dry
Goods
6% 1st preferred
7% 2d preferred
...100
100
Assoc Investments Co-No par
—100
5% preferred
Atch Topeka A Santa
5% preferrred
Fe—100
100
—
Atlantic Coast Line rr—.100
Atl g & w1 ss Lines—No par
-100
25
pref series a...100
5% preferred——
Atlantic Refining
4% conv
5
Atlas Corp.,
50
6% preferred—
58% Jan
Apr
9% Jan
96% Jan 12
9
Jan 11
70
Jan
7884
Jan 16
41
Apr
81
Oct
Mar 26
30
Apr
38
June
90
Jan
100
June
21% Mar
50% Feb
16% Mar
1334 Feb
1334 Mar
20% Jan
1073g Mar
8% Jan
47% Mar
19
24
16
1
20
15
8
12
29
Jan 11
100% Mar
8
21
Sept
24984 Deo
Jan
26
Sept
2484 Oot
110% June
9% Mar 19
684 Aug
9% Aug
18% Sept
104% Apr
7
Apr
Feb 14
43% Apr
48% Aug
50
Aug
71
Sept
116
June
127
Jan
Apr
1% July
2
Apr
8
Sept
5% Sept
3% Jan
Nov
30% Jan
9% Nov
21% Sept
18
15
i884 Jan
23% Feb 16
110
51
Jan 25
Jan 29
8% Mar
l%Mar 2
1% Feb 7
i684 Jan 19
27g Jan
5
No par
Bayuk Cigars Ino
1st preferred
—
100
Beatrice Creamery........25
No par
.
Cod
20
5
Bendlx Aviation..
4
12484 Jan 10
8
14
Marl6
18
434 Mar 23
534 Mar 18
Apr 1
38% Apr 5
1334 Jan 18
7% Apr 3
26% Feb
10% Mar
25«4 jad
113% Mar
26% Mar
1098s Jan
30% Jan
12
Feb
8
1
15
19
16
10
15
6
"Jan
6334 Feb 27
26% Jan 15
21
Jan 15
pfd|2.50div ser'38No par
55
Feb 19
3% Aug
484 Sept
Jan
11% Dec
Blaw-Knox co——No par
Bliss A Laughlin Inc..
—5
Bloomlngdale Brothers. No par
pref——.100
Boeing Airplane Co.——5
n New stock,
r Cash sale.
18
Feb 29
13% Mar 23
55% Jan
4
19% Mar 18
xEx-dlv.
Jan
Mar
9% July
884 Jan
11% Sept
Jan
Jan
Jan
30%
87%
21%
49
10% Aug
Apr
13
Jan
29% Mar
13% Jan
24% Apr
11% Aug
15% Apr
109% Oct
33
Feb
3434 Apr
11514 Mar 12
31% Apr
110
31
Apr
Apr
3
3
5
24
27
2
5
127^
Jan
% Jan
67% Apr
35% Apr
22% Mar 13
66>4 Jan 18
83% Jan
2
71
Jan
6
Jan
3
17
Dec
42%
30% Jan
2634 Sept
Apr
Jan
70% Jan 22
Jan
Aug
Jan
638 Jan
Bethlehem Steel (Del).no par
2634 Mar 18
19% Jan 16
9% Mar 26
9%
8
39
115
3% Aug
14%
52%
16%
838
35% Mar 23
7% preferred
100
Blgelow-Sanf Corp Ino.no par
Black A Decker Mfg CoNo par
Apr
4%
16
Apr
Jan
No par
Best & Co...
4
5% Mar
32% Mar
Jan 15
Beneficial Indus Loan—No par
Pr
74% Apr
6
10
Oct
25% Jan
56
Apr
23% Jan
Mar 26
Barnsdall Oil Co
Jan
45
6
No par
Corp. of Del (The).3
Baldwin Loco Works v 10—-13
Baltimore A Ohio....—.100
Oct
Deo
78
117
85 prior a—
10%
85
5% conv preferred
100
Corp—.—No par
tAuburn Automobile. -No par
Aviation
10%
100
Feb 10
70
Jan 16
Austin Nichols.—..—No par
Jan
5% Apr
36% Jan 12
97% Jan 3
63
Atlas Tack
73
Jan
7% Mar 16
7434 Apr 1
.—No par
Atlas Powder
Blumenthal A Co
72
93
18
22
Sept
6484 Feb
Belding-Hemlnway
No par
Belgian Nat Rys part pref.—
700
Jan
Jan
Mar
Jan
Feb
Feb
Jan
46% Sept
4384 Apr
Beech-Nut Packing
37%
Feb
20
63
4
70
200
70
Apr
Sept
Aug
Apr
Sept
Apr
Jan 15
100
33,900
2,500
_
Jan 12
5
14684 Mar 21
9
Jan 15
300
200
Jan
Jan
10
85 preferred w w
Beech Creek rr
300
*37%
122% 123
27%
27%
Jan
37
..100
5j4% preferred...—.—.50
12
Jan
Nov
Armstrong Cork Co—-No par
Arnold Constable Corp——5
100
34%
a
6
Armour & Co of Illinois
2,400
37»4
t In receivership,
gtd 100
4% preferred——..100
37
26
ArmourACo (Del) pt7 %
400
11%
122% 12234
2784
2734
5
Paper Co Inc
2,300
*112%
16
this day,
_
Bangor A Aroostook...
50
Conv 5% preferred——100
Barber Asphalt Corp———10
Barker Brothers_ .....No par
33%
11% 1
34%
Jan
95
—.25
85 prior conv pref
Anaconda Copper Mining..50
Anaconda w A Cable. No par
8
16
18%
162
150%
33%
13%
17%
23%
89
i4484 Mar 18
—No par
100
Preferred.
2
Jan
8634
preferred—..No par
28%
38%
22
24%
100
92,700
*67
2334
1,300
2,400
1534
4184
16%
734
*112%
37
80%
600
8
7%
31
31%' 30% 30%
30% 31%
30%
114
110
*110
110
111
10984 110
31
31
*29% 31
*30% 31
31%
126
126
*125% 127
*124% 127
127
9%
9%
*9%
9%
9%
9%
9%
69
*67
69
*67
*67
69
67%
35
35%
35%
35%
3434 35%
3478
22
22
21%
21%
21% 2184
2178
56%
56%
56%
*56
56%
56%
56%
*36%
7634
10,300
2,400
80
28
7%
16%
1134
100
1,500
4%
1%
4%
30
34
5,400
7
5%
29
7%
*28
500
400
119
7%
10%
4034
1534
260
24,700
1,500
3,400
7
7%
10%
500
119
8
584
4134
15%
7%
86 1st
7% preferred
"moo
4434
5%
10%
1,300
1,200
200
7%
10%
4134
15%
"
200
23%
55%
18%
118% 118%
85
Am Water Wks A Elec.No par
7% preferred
"5" 660
75
9934 100
4%
12,500
76
24%
56
19%
30
400
100
99%
1%
4%
170
66
4384
5634
*112%
on
100
5%
23%
*29
30
100
10
6% preferred
Type Founders Inc
Am
Archer Daniels Mldl'd. No par
99%
i7%
1%
Common class b
Jan
zl4% Feb 29
167% Jan 15
25
25
a p w
55
7
Co...100
200
24
118
81
100
Amer Telep & Teleg
American Tobacco.
1
18% Jan 23
Refining.. 100
Preferred
Am Sumatra Tobacco—No par
Amer Zlno Lead & Smelt—..1
9984
7
American Sugar
200
*43
43
118
118
Feb 24
5,600
75
74%
43
Feb
7%
76
75
75
12
15
400
8%
Feb28
64% Mar 28
149% Jan 18
No par
14%
*9
142
American Stove Co.
AnchorHockGla8s Corp No par
86.50 conv preferred.No par
$5 div pref
-No par
Andes Copper Mining......20
*85
Jan 22
25% Mar 26
American Woolen
23
10%
42%
15%
734
*108
40 >
3
46
Amer Steel Foundries.-No par
American Stores
..No par
5,0 0
3.000
55
10%
42%
14%
111
4,100
3,400
8%
75
25
...100
*2%
2%
34% 34%
109% 109%
9%
75
*99%
23
55
67g
10%
43%
15%
734
*112%
297g
29%
5,900
1,600
4,700
10
100
*72
75
634
67g
1%
1,500
1,200
11
*70
75
1,200
1,000
11
7434
7484
American Snuff..—.
6% preferred
110% 110%
10%
8%
8
300
22
10%
8%
*85
100
300
11,900
31
*60
28
Apr
8% Sept
140
Sept
Jan
35%
39%
66
49
Mar
10% Jan
25%
2134
*60
Jan
Feb
Jan
38
66
~
7
58% Nov
53 % Apr
Amer Smelting A Refg.No par
Preferred
100
30%
5%
54
163
*26
34
43
14%
63% Jan
29% Apr
1,110
30%
30%
31
37%
38%
22%
22%
22%
110% 110%
111% 111%
110% 110% *110% 110%
*13%
1434
14%
14%
284
234
*2%
234
34% 34% *3414 35
109% 109%
'109% 110
5%
5%
534
6
5384 55%
5534
56%
8
Oct
21% Sept
3% Apr
32
Apr
5% Jan
80% Sept
15% Mar
36
22
10%
8%
*_
31% *
31%
*124% 127
*124%
*12438 127
9%
*914
9%
*914
9%
67%
*66% 69
66% 66%
34%
34% 3484
343g 347g
2134
215s 215s
217g
217S
*56
*56
5634 *56
*36l2 37
36% *36% 37
36i4
76% 77%
77%
70% 778s
7578
♦1215s 1225s 122
122% 121% 122%
27
*27
27
27
2784
.27
21
*20% 21
*2014
1934 20
10
10
10
10
10%
10%
20
20
*19%
20% *19% 20%
15
15
*1334
*1378
14%
14%
*66% 70
*67l2 70
*66% 70
23
23%
233s
22%
23% 24%
*
43
6
22% Dec
112
30% Jan
79% Jan
15»4 Jan
6% Sept
40% Jan
124% Mar
io84 Deo
8%
4434
17
17
17
19
18%
18%
17u
15
15
*15
*15
*15
16
15%
16%
*15
15
15
1634
*1434
1034
*14%
1634
*1414
22%
23
22% 23
22%
2234
2234
2234
22%
22%
*106% 107% *107% 108
108s8 1085s *107% 10778 *107% 108
9
9
9
9
9
9%
9
9%
9%
9%
48
47% 47%
47%
47%
47% 47%
48
48%
48%
*71% 73
72%
74% *73% 74%
*71
73
*72% 73
*15
43
5
634
7%
43
10%
54%
*2834
678
1434
514
65g
1434
■
*10%
22%
29%
7ig
1514
5%
6%
10%
7
6%
*40
43
99% 100
7312
44%
4334
5434
17%
16%
1634
11712 118
*7
778
1%
1H
458
44%
43
23%
9is
QZa
43
43%
Jan
Mar 19
Mar
Sept
50
100
8%
Mar
8% Mar 15
155
Mar 20
Aug
Aug
Apr
2% Apr
11
9
12% Mar
11% Feb 23
600
8%
25
13
41
Aug
70
30,400
8%
43
5
6
Deo
3% Aug
25
64% Feb 2
11% Jan 2
9% Jan 16
90%
*99
6% Jan
42% Mar 30
f3% Apr
22s4 Jan
60% Apr
1478 Jan
3% Jan
14% Jan
3<4 Sept
American Seating Co.-No par
Amer Ship Building co.no par
5%
11%
42%
99
48
99
60
Jan
Mar 29
4H% conv pref
100
American Safety Razor.. 18.50
14984 14934
41%
23
*107% 1081s'
99
Apr
1%
3% Apr
35
900
400
11%
41«4
66% Apr
33
1,100
1,600
2,200
4134
5434
2234
11%
Sept
8
Sept
43% Sept
Jan
Nov
Jan
934
25% Nov
2284
20%
8534
5%
25% Apr
Apr
12
Apr
2% Mar
11%June
300
90
8934
37
26
*51% Mar
—No par
...100
10
121
Mar 18
Sept
Jan
24% Jan
35s4 Jan
6% Jan
4
3
Sept
Sept
Jan
12%
5
Apr
Apr
18%
86%
5%
6%
3%
30%
28% Jan
7% Jan
23% Jan 30
Jan
Feb
2% Sept
4>4 May
1% Dec
Feb
11% Sept
17% Jan
16%
149
5-%
2% Mar 15
22% Jan 26
119
Am Had A Stand San'y. No par
Preferred
Mar 18
61
8>4
13% Mar 16
29%
*60
66
99
1712
15%
1634
89
149
No par
Mar 25
63g Apr
2% Jan
Aug
17% Sept
American Rolling Mill. ....25
16%
13
.......
2
91% Mar 25
3% Mar
j6% Apr
132
12,900
16",200
41%
56
*53%
17l2
15i4
*14%
29%
*60
66
4178
10%
8%
23%
100
2234
30
36
*2%
234
*34
34% 34%
34%
109
109
*109% 110
5%
558
5l2
5%
53
53
51% 52
*2%
4,000
5,500
47,400
1
13
Amer Power A Light...No par
$6 preferred.
$5 preferred
Mar
5
American News Co.—.No par
24,100
4
5034 Feb 16
18% Feb 1
51% Feb 1«
American Locomotive..No par
Preferred
.100
""690
9 7 Dec
6/ Aug
3% Sept
40% Jan 24
,.50
6% conv preferred.....100
109is/Apr
Feb 23
934 Apr 4
8% Jan 5
14% Feb 23
4% Mar 18
33% Feb 1*
56% Jan 13
23g Jan 3
24% Jan 4
Amer Metal Co Ltd..-No par
31%
13%
*16%
20%
85%
10%
20%
-85%
86
*16%
1634
173% 174%
87
87%
5%
11%
8%
42%
42
6%
13
pref
800
16%
174% 174%
*87%
8834
31%
13
99
*95
*40
30%
conv
Feb 15
13
28% Jan
Amer Mach A Fd) Co. No par
Amer Mach & Metals. .No par
—
30
*16%
19%
11%
10%
~
658
*40
*150
*150
*150
6%
2,000
68
69
66
66
67
67
68% 68%
12
12
12
12%
12%
12
12%
12%
12lg
io84
1034
10%
IO84
10% 10%
103s
10%
10%
32%
33
2934
31%
3012 *29% 30%
29% 29%
50
50
52%
53%
51%
52%
5084
5034
50%
144
*143
144
2144
144
*141% 143%
14312 *143
66
65
65% *65
66
*64% 6534 *64% 6684
13
87
87
*71
*3
3
2,600
66
28«4
1678
20U
8578
*1618
17l8
172
172%
*16l2
*1912
8578
9
21%
700
Jan
18
preferred.......50
8,100
59%
1384
...*
conv
6,400
58
14%
*150
6%
138
3
1% Feb 28
21% Mar 26
434 Mar 1
97 preferred........No par
97 2d preferred a —No par
14
3%
24
21%
57
....
Amer & Forin Power..-no par
22
60%
21%
-
834
500
5
Amer Invest Co of iii..No par
*32%
23%
24
24%
24%
24%
24%
24%
2484
124% *118
124%
124% *118
124% *118
124ig *118
25
25
*25
24%
25%
25% 25%
25% 25%
2534
4
*
4%
4%
4%
35g
4
334
3%
37g
334
{9
57
57
59
59%
57
58
58
59%
59%
49%
50%
50%
51%
48l2
49% 505s
48% 49%
48l2
9%
9%
834
9
834
9
8%
9%
834
878
157
157
*157
160
*157
160
160
157% 157l2 *157
15%
16
15%
16%
145g
15%
14%
1434
1434
15
25»4
4
57l2
4,000
35
124% *118
*2514
378
48
$6 preferred...—....No par
Amer Hawaiian ss Co
..10
American Hide A Leather... 1
2
27*4
.
900
13%
3
6% 1st preferred—....100
.
Feb
6% Jan 15
10% Jan 26
81% Jan 2
2% Jan 17
American Encaustic Tiling.
1
Amer European Sees
No par
300
54
3
80
3%
2,700
20
3
89%
5
Highest
$ per share 9 per share
9 per share
8 / Jan
3% Aug
8% Mar 28
67% Sept
4584 Jan 3
3184 Apr
133
125
140
Apr
Apr 3
Aug
116% Jan 29
83% Apr 116% Sept
150
176% Jan 16
Sept j79
July
32% Jan 2
40% Oct
16% Aug
64
Oct
5l»4 Jan 2
30% Arig
23% Jan 3
25% Oct
13% Apr
109
Feb 15
100
May
115% Mar
2
Jan 15
6
American Crystal Sugar.... 10
6
20%
54
13%
3
3,600
1,100
53%
20
3
8%
Mar
10% Mar
American Colortype Co....10
Am Comm'l Alcohol Corp. .20
43
*42%
*52%
3
133
Co nj25
534
52%
13%
106
American Chicle......no par
*42%
53%
52
*53%
preferred. .....100
conv
Am coa* Co of Allegh
13%
5
19
16
16
18
6% non cum pref..:...100
Amer Interaat Corp
No par
•
*24l2
*13i4
"4"300
Feb
169% Mar
23% Mar
38% Mar
19% Mar
American Ice.........No par
*42
5%
9%
....100
5% Jan 13
38% Mar 16
130% Jan 5
112
Year 1939
Lowest
Highest
8 per share
American Home Products... 1
52
43
Preferred..
8,500
42
5%
""800
100
Am Chain A Cable Ino.no par
6%
110
136%
13
—.25
Preferred
American Car <fc Fdy—No par
6,700
52
5%
22%
American Can
3%
33%
384
42
5%
6,700
1,200
3,800
65%
65
52l2
2012
54l8
1312
33%
500
28%
45%
14,100
4212
33%
584
2,100
177
34%
5%
34
33%
100
8,400
3%
33%
6
43
53%
21%
384
384
34%
1
Fdy. No par
5%% conv pref
6%
378
34%
5l2
358
132%
115%
23»4
5
American Bosch Corn
Am Brake Shoe A
60
1,700
1,100
3,500
8,200
1,300
*34%
Par
Range for Precious
100-Share Lot*
7 Lowest
4,700
1,600
33%
66
3%
5%
784
42
2284
5%
34%
484
Ranoe Since Jan. 1
On jfhsis of
Week
$ per share
24%
34%
*33
434
exchange
Friday
Apr. 5
8
8
7%
734
734
8
8%
8%
8*4
8%
8i4
42
42
43
*40
41% 41%
39% 40i4
405g 4H2
40%
132
133
133
*132% 135
*13212 135
*132% 135
*132l2 135
115
115
115
115
115% 115%
11584 115
115i8 115% 115
174
174
*173
174
*170
175
173% 173% *172
173% 174
2734
27%
28%
2578 27%
2534
26l4
2534
26%
2512 25*4
45
41
41
42
44
41
41
45%
45%
4U4
4H4
21%
2184
21%
2034
21
20% 20%
♦205s 207s
20l2 2034
*108
*108% 110
*108%
111% *108% 111% *10812 111% *108% 110
13634 13678
13634 13084 136%
*136% 138
13612 136% 136l2 136i2
*9%
*9% - 13
*9%
13
*9i2
13
*9i2
13
*9l2
13
9%
934
8%
8%
8% V 8%
8i4
8i4
8i2
8i2
"
*7
784
7%
784
8
7%
784
*7%
7%
7%
712
13
13
13
13%
13%
13%
13%
*1278
13
127g
13lg
88%
88% *86
88% 885s
*88% 91
*88%
91'
*885g 90
*3
*3
3
3
3%
3%
3%
3*8
318
3%
6
6
*5
6
6%
0%
*5%
6
*534
*514
2
17.
2
2%
2%
2
2%
1%
178
1%
27%
27%
28
26%
2734
2512 25«4
2478
247g
24l2 2614
6
6
6%
6%
6%
6%
6%
6i4
6i8
6lg
2134
3112
434
*3212
6234
3i2
stocks
new york stock
the
SHARE, NOT PER CENT
PRICES—PER
SALE
HIGH
Monday
Sales
for
LOW
Saturday
2213
Apr
98
128% Aug
9% Oct
73% Jan
3384 Oct
22% Dec
52
16%
Nov
Apr
17% Apr
48%
32
Apr
Sept
22
16
Apr
80
Mar
July
104% Sept
7% Apr
22% Apr
11% Jan
23% Jan
27«4 Apr
28
107% Nov
34% Jan
Apr
Jan
26% Nov
115% Nov
Apr
2784 Sept
60% June
99% Apr
15% Apr
123
19%
14
Apr
8% Apr
Dee
13% Dec
35
Apr
i684 Aug
32
66
Nov
Deo
67% Mar
Sept
120% Sept
3234 Oct
24% Oct
1784 Jan
36% Oot
23% Mar
100
57
Dec
34%
Jan
y Ex-rights. _TCalledJorredemptlo^
New York Stock Record—Continued—Page 3
2214
Mar. 30
I
$ per share
2««4
\
Apr. 1
j 5 per share
2612 27
09
26^41
256s
25%
23%
25%
24
24
26%
20%
09
69
25%
24
23%
25%
23%
23%
2
1 2%
3312
33%
23%
23%
33%
6%
12
12%
11%
21%
21%
22%
21%
22
38%
38%
*88%
39%
39
39
53
53
53
53%
3%
191,1
19
2%
2%
2%
18%
18%
2112
21%
60
22'4
95%
60%
22
22
*35
30
2012
60%
*21%
*35%
27
26%
9%
*91
9%
*106%
5%
40
....
9%
5%
5%
40
31
20%
11%
*3%
20%
3%
3%
11
*10
22%
3%
3%
12%
74
24
22%
*35
52%
1%
7%
18%
23
39%
5%
6
*38%
39
5%
5%
6%
25%
11
11%
3%
11%
3%
6%
5%
12%
*70
23
6%
31% 32%
*19%
19%
>102% 105%
*21%
22%
28
28
4%
117
117
12
73
71
22
* 22%
3
3%
3%
7%
*5%
38%
38%
38%
7
0%
67g
6%
31%
*18%
*103
4%;
41%'
1%
1%
2
2
1%
1%
1%
1%
17g
*10%
%
11
10%
%
%
>16
900
1,700
12,400
*10%
10%
300
>16
%
5,200
30
Burroughs Add Mach..No par
Bush Terminal
1
11
Mar 23
Bush Term Bid*
5% conv preferred
-30
6
No par
Participating preferred.. 100
Byron Jackson Co
No par
California Packing
No par
6% preferred
50
Butte
Canada Dry Ginger Ale
Canada Sou Ry Co
12%
12%
12%
12%
12%
2,500
34%
13%
34%
*34
34%
300
49
*42
49
500
34
34
34
48
%
%
%
%
*%
%
*%
%
3a
*%
%
11%
11%
ni%
12%
6%
6%
33%
86%
>13%
33%
87%
13%
.
>95
96
>45
....
*3
3%
39%
39%
112% 112%
42%
*78%
42%
81
*%
11%
*12
6%
11
12%
*12
86
87%
13%
13%
96
*45
27g
39
96
....
3
39%
112% 113
42
*78%
42%
81
39%
44
40%
44%
*141
143
130
131
*61%
18%
32%
*110
63
18%
40
41%
44%
447g
*141
143
130% 130%
*61%
18%
*33
86%
13%
96
*45
*2%
38%
63
187g
11
%
*%
%
*%
*%
*
%
%
%
*%
%
*716
10%
12%
12%
6%
6%
6%
33%
33%
867g
13%
86-%
33%
89%
13%
13%
96
10%
11%
12%
97
97
...
3%
39
*12
6%
38%
80
40%
44%
*141
80
*79
49%
*48
%
10%
*10%
12%
*12
12%
100
0%
1,500
6%
6%
33%
*oq
33%
40
89
90%
13%
88%
*13%
90
13%
33,900
13%
97
97%
96%
*45
*45
310
97
....
3%
3%
3%
3%
"""766
39%
39%
39%
38%
39%
2,100
112% 112% *112% 115
42%
43
81
*79%
80
49%
*48
49%
.
42%
4 2 34
80
80
*48
70
39%
40%
39%
40
40
40%
To" 900
44%
44%
45%
45
45%
44%
45%
11,800
143
*141
*134% 143
*134% 143
129%
130% 130% 128
*61
6134
61%
61%
19
19%
1834
18%
34
35%
35%
34%
110
110
*110.
111%
111%
143
111% *110
18%
18%
18%
*18%
18%
*19%
4%
*3%
4%
4%
19%
4%
20%
*3%
19%
*3%
19%
410
4%
*4%
*5
5%
5
5
*4%
5%
5%
5%
5%
5%
6%
19%
*4
5
25
25
25%
25
25%
24%
25
24%
24'g
24%
24%
24%
25
24%
25
2434
25
6%
6%
88%
7%
89%
91
6%
87%
6-%
87%
6
6%
6%
*87%
88
88
88
*73
82
74
74
*75
82
*75
*97%
98
98
98
98
98
98
6%
6%
88%
*75
82
7%
89
*21
6% prior preferred
Cham Pap &
15%
21%
4534
46%
15%
15%
>110% 111%
15%
1%
15%
1%
15%
1%
1%
67%
68%
68
68%
67%
70
32%
32%
32%
32%
32%
32%
32%
1%
♦Bid and asked prices; no sales on this day.
6,300
1,700
4,100
3,100
4
11834 Jan
56% Jan
6
4
33
Apr
4
107% Jan 12
97g Jan 22
118
Apr
4
84
Feb 15
11134 Mar 28
4% Mar 6
12%
7134
24%
3%
114%
5%
634 Feb
No par
10
No par
Chile Copper Co
25
Chrysler Corp
5
No par
6)4% preferred
100
City Investing Co
—100
City Stores
5
Clark Equipment
No par
CCC & St Louis Ry 5% pf.100
Clev El Ilium 54.50 pf.No par
Clev Graph Bronze Co (The).l
Clev & Pitts RR Co 7 % gtd.60
City Ice & Fuel..
Special gtd 4% stock
50
Climax Molybdenum..No par
Cluett Peabody & Co..No par
Preferred—:
100
Coca-Cola Co (The)..-No par
No par
Class A
Colgate-Palmolive-Peet No par
Collins & Aikman
No par
62
Jan 12
21% Jan 22
258Marl8
Mar
1
Jan
9
Apr
3
Feb 23
Mar
Apr
3
9
5
Jan
Mar 27
41% Jan 10
8% Feb 15
35% Feb 15
20% Jan 4
105% Feb 20
27t2 Mar 21
29% Mar 23
4% Apr 3
38% Mar
2
5
Mar
9
97% Jan 16
1% Mar 15
1% Mar 25
2% Jan 3
2% Jan 24
12% Jan 4
% Jan
4% Jan
94
934 Jan 29
% Feb 28
42% Jan
8
Apr
38%
Jan 12
Mar 12
30
79% Jan 15
12% Jan 15
58
Oct
18% Apr
2% Apr
103*2 Sept
96
32
5278
Jan
13
Jan
June
5% Aug
Sept
47%
18
Sept
22% Sept
98
Apr
105
17
Aug
30
Apr
21% Oct
29% Sept
47% Sept
95% June
6%
*3% Dec
27
8534
9*2
*4
6
Feb 27
111
35% Jan 2
7634 Feb 14
Mar 26
48
35% Jan
3578 Jan
9
4
Feb
6
Jan 30
2
3934 Apfc 4
334 Jan
65
Mai
6
114% Jan 10
43% Mar 8
39% Sept
50*4 Nov
7g Sept
Aug
178 Jan
1% Sept
*2 Aug
*2 Aug
10
9% Mar
Apr
15% Sept
13% Jan
Apr
4% Dec
41
Apr
53%
Apr
79
Sept
94% Oct
1478 May
97% June
Apr
9
Jan
58
46*2 Sept
2% Apr
4%
34%
Oct
Apr
68
Feb
69
Feb
1067g Sept
_20% Apr
115
Feb
80
Mar 28
69
42
Oct
39
Jan
Oct
78
Sept
Mar 26
1
4
Mar
15
48
41% Apr
Oct
78 Sept
% June
25
Sept
1% 8ept
1% Sept
3% Sept
20% Jan
Dec
7*2
Jan
4% Sept
Dec
Apr
3
3
Jan
Dec
Mar
45% May
60% Jan
34% June
Apr
38
Dec
136
Feb 29
142
Feb 14
125
Sept
135
Mar
118
Jan
2
131
Mar ?0
105
Sept
133
61
Jan
8
63
Feb 27
58
Jan
16% Jan 15
20
Feb 21
11*2 Apr
2
Mar 18
28
110
Feb 28
17
Mar 18
3
Jan 19
..100
*g
.
14
Apr
Apr
%
10
13% Mar 8
6% Mar 25
33% Apr 3
91% Jan 3
14% Jan 26
98
100
4% 1st preferred
% Jan
26O
Mar
Apr
Oct
1% Sept
1% Aug
30% Aug
34 Apr
Sept
22
44
Jan 30
65
1434 Sept
67g Oct
3*2 Apr
3*2 Apr
85% June
50
Mar 13
Jan 17
3034 Sept
5% Jan
% June
Mar
Dec
113% Aug
12% Sept
334 June
% Jan
93
28
30%
I097g Aug
19% Jan
72% Mar
77s Aug
1% Jan
1434 Jan
35% Jan
z60
2% Mar 19
6412 Sept
Apr
Apr
«4 Jan
% Jan
Colo Fuel & Iron Corp .No par
5% conv preferred
122% Mar
13% Apr
Jan 18
100
HO
Feb 14
47% Feb 26
20% Jan 18
94% Mar
4% Jan 19
3% Mar 12
Jan 13
23
45% Apr
35% Feb 3
112% Feb 10
20% Apr
4<% Apr
5% J an
4
4
3
21%
20*4
100
11*8
Jan
62% Dec
18
37%
Apr
Dec
Oct
Apr
111*2 Dec
Apr
247g sept
8% Sept
234 Aug
37g Sept
3*2 Aug
4% Jan 12
26% Mar 12
14
934 Sept
8% Sept
25% Dec
25% Dec
Apr
Apr
9
Feb
Mar 20
5%
74%
Apr
86
26% Mar 12
7% Jan 4
92% Jan 10
14
6% preferred series A—100
Jan
91
Mar
Mar 15
79
Jan 26
6212
Jan
83
Feb
Maf 21
9834 Apr
Apr
96
Oct
Dec
15% Jan
30% Mar
2.50
Class B
5% preferred
20
98
5,600
300
4,800
$2.75 conv
preferred.No par
2234 Jan 13
5% Mar 26
54.25 conv pf ser
'35.No par
Commonw'lth & Sou—No par
"
Def. delivery,
-
Mar 20
Jan
6
51% Jan 15
110% Jan 9
13
Mar
2
1
Mar
1
4
8% Mar 15
23% Jan 29
73
48
3
3834
108% Feb 21
5534 Feb 9
98 %
Oct
42
Apr
113
Jan
6
10334 Sept
5
8% Aug
4
8
3
1*8 Dec
4534 Jan
x25% Apr
62% Mar 12
1% Apr
73% Jan
307g Jan 15
32 'g Apr
n
New stock,
r
Cash sale.
xEx-dlv.
y Ex-rights.
57
Apr
Mar
preferred series—No j>ar
$6
6%
15*2 Dec
16% Apr
Commonwealth Edison Co..25
8,000
44,300
2
45
69,200
69
32%
9
104
Commercial SolventB_.No par
3234
Jan
10
100
68%
6 34
19% Jan
AH % conv preferred
100
Comm'l Invest Trust. .No par
Commercial Credit
69,100
32%
a
Jan
Columbia Gas & Elec.-No par
82
t In receivership.
3% Jan
95,600
69%
32%
Sept
Mar 19
Chllds Co
20
98
107% 107% *106% 107%
55
5534
55%
55%
110% 110% *110
113% *110
111%
15%
15%
10%
16%
15%
1534
lu
1%
1%
1%
1%
1%
67%
1%
4
15
Preferred
200
13,000
*75
5434
32%
2% July
63% Aug
Mar 25
43
2,600
738
107% 107%
67
3
75
46%
21%
111% *110% 1111
*110
Sept
2% Jan 24
Jan 30
21
No par
25
Sept
33
5
Preferred series A
x43
85% July
No par
tChesapeake Corp
Sept
Apr
102
Chesapeake & Ohio Ry.
Jan
8
Apr
2734 Jan 26
18% Feb 13
Cab Mfg..
6%
July
Fib Co 6% pf. 100
Common
Checker
41% Sept
1378
6% Jan 22
...No par
29% Sept
4% May
June
77
100
Chain Belt Co
Jan
Jan
47
35
4
1
Certain-teed Products
I734
20%
5
46%
21%
4
Apr
Apr
9%
36% Dec
3% Sept
5
46%
*21%
6
3
July
3% Sept
10% Sept
478 Aug
12
Jan
Sept
53
Jan
86
21%
Mar
Jan
Apr
6
I77g
30
Apr
400
21%
3
Jan 12
6% Sept
16% Nov
847g Nov
Ap»
25*2 Apr
11% Aug
13% Apr
48% Mar
% Feb
90
2134
7%
Apr
Sept
9% Jan
2334 Mar
27
21%
7%
23%
39%
6%
40%
7
734 Sept
20
Apr
5
23
100
7%
3
5%
Jan 18
38% Jan
85% Mar
Columbia Plct v t c—No par
7%
46%
2
4
Feb 27
5
Columbian Carbon v t c No par
7%
54
4% Jan
3734 Mar
700
7%
46
46%
107% 107%
54
54%
6
800
98%
7%
45
45%
45% 46
*106% 108% *106% 1087g
54%
54%
54%
54%
Mar
8
98%
7%
*21
16% Jan 15
36
*7%
*20%
82
98%
7%
Jan
1% Feb 21
8% Feb 21
19% Apr 3
72
21%
7%
T,906
20
5
24%
5
3
3
1878 Apr
2% June
Jan
1% Jan 23
6% Jan 15
13% Jan 18
Jan
111
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
25
4%
3
4% Jan
1334
81%
15%
26%
Jan 4
Feb 9
52% Mar 13
51
100
Colorado & Southern
24%
*3%
23% Apr
2
13% Feb 7
23% Jan 18
66
580
25
4%
6434 Mar 19
..—100
240
24%
*3%
1
Carriers A General Corp
Case (J I) Co
Preferred
534
25
47g
5
Carpenter Steel Co
5
24%
*3%
3,000
40%
18%
4%
180
49%
*3%
*3%
900
3%
*129
130%
130% 131
*60
61%
61%
61%
19
18%
18%
18%
33
33%
33%
33%
33
32%
32%
111% *110
111% *110
100
%
11
*33
*45
*2%
600
%
u
%
%
%
112% 112% *112% 115
42
42
42%
42%
*48
*48
*48
6%
6%
33%
*46
'
11%
*33
34
48
48
48
1
10
Capital Admin class A
53 preferred A
Carolina Clinch & Ohio Ry 100
2
Mar 26
Chicago Yellow Cab
12%
%
.--25
No par
Canadian Pacific Ry
Cannon Mills
400
12%
34%
34%
5
100
3% Apr
11
Chickasha Cotton Oil
2,800
49%
1
Callahan Zinc Lead
.
7% Jan
11% Mar 28
>16
*>16
*%
*%
Copper <k Zinc
Byers Co (A M)
Apr
6% Mar
8% Mar 5
11% Jan 16
4% Feb 8
>16
*%
49%
6% Mar 16
20% Jan 3
10
1
Jan
20% Dec
1834 Jan
June
3
4
4
600
%
%
*34
dep7%pf-100
Butler Bros
11
4% Jan
12% Jan
%Mar 12
5,300
%
%
%
3% Mar 18
8% Mar 26
8
%Mar 1
%Mar 19
>16
%
*>16
Jan
55% Jan
6% Nov
34% Mar
46
>16
*%
8
Apr
Apr
15% Aug
Mar
Pr pf (52.50) cum dlv No par
tChlc Rock Isl & Pacific...100
7% preferred
100
6% preferred
100
%
%
7«
25% Nov
13% Jan
106% Aug
Apr
3
Sept
21% Apr
11% Apr
Jan
10% Mar 18
3334 Jan 19
%
%
*%
>16
%
49%
6% Feb 17
100
%
*16
*%
Apr
29%
4434 Jan
Jan
Apr
4
6% Jan
Mar
434
Apr
7
Chicago Pneumat Tool-No par
53 conv preferred
No par
%
*16
*%
49%
38
9%
9484
10% Feb
% Feb 28
% Jan 13
34 Feb 9
%
*34
29% Apr
108% Apr
Dec
41
7
JCbic Great West 4% pf—100
Chicago Mall Order Co——5
tCblc Mil St P & Pac.-No par
15 preferred
100
tChicago & North West'n.100
%
13
21% Jan
8% Jan
101% Jan
434 Mar
50
30% Aug
5
1,300
*16
12
Apr
21% Jan 10
12% Jan 3
1%
%
12
36
33
1%
>16
Jan
2734 Apr
JChic & East 111 Ry 6% pf. 100
>16
12
35
Mar
200
>16
Nov
13% Apr
31% Jan
18
500
96
*34
%
Apr
39
20
2%
>16
27
25% Jan
2834 Jan
*134
11
Apr
62% Apr
ja
1
1,300
28%
4%
1%
%
24
*27
41%
2%
1
23
28%
*95%
*1%
>16
22%
96%
95
Jan
37
30
5
41%
*4%
47g
Jan
Ju
13'4 Dec
15% Dec
507g Dec
Apr
Mar
Cerro de Pasco Copper.No par
104
Apr
Nov
7%
97
104
90
.
11
Apr
92% Jan 31
1,400
41
*96
Ja
1%
3% Apr
19
""""26
20
961,1
40
96%
2
23% Apr
7
32%
41
4%
40%
*%
%
22%
281i
1% Jan
12% Jan
13% Jan
2
1934
33
19%
19%
19%
105%
105% *103
Ai
Jan
32
32%
53
Mar
7%
32
Apr
6
1,600
39%
0%
4134
9
40
3,700
5,400
1,440
38%
7%
5% Apr
1
4,700
Feb
Mar
5% Feb 26
110
2,000
*
Ai
Century Ribbon Mills.No par
Preferred
100
12,600
71
39%
28
96%
>16
71
7
21%
40
11
11%
39
21%
96
*10%
11%
3434
734
Apr
5% Sept
734 Aug
41
700
760
Jan
478 sept
Oct
19*2
Apr
4
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
7% prior preferred
100
Celotex Corp
No par
6% preferred—
100
Central Aguirre Assoc. No par
Central Foundry Co
1
Central 111 Lt 4)4% pref..100
tCentral RR of New Jersey 100
Central Violeta Sugar Co
5,800
34,000
118
117
12%
72%
22%
3%
52%
32%
7%
27%
40lg
2
11%
39
31%
105%
103% 103% *103
21%
21%
21%
21%
26% 27
26%
27
*4%
4%
4%
4%
51%
32%
118
110
115
115
52%
33
.
32
19%
113%
71
22%
22%
22%
3
3%
3%
*112% 115
112% 112% *112% 115
5%
5%
5%
5%
47g
47S
*7
7%
7%
7%
7%
7%
*5
*5
5%
5%
*5%
5%
97
97
*94% 102
*94%
97
90
*%
1,100
1,600
2,100
3%
09%
32%
*71
38%
*18%
3
3
3%
7
11
""""76
20%
70
22%
3
37%
*10%
5%
20
51%
22
95%
10%
500
48
90
3
71%
71%
40
10%
600
90
69
2%
69
51
97
1%
15,766
Dec
Aug
32
31
No par
Calumet & Hecla Cons Cop..5
6
24
22
12% Jan
16% Jan
18«4 Apr
1% Apr
39% Feb
Bulova Watch
Burlington Mills Corp
Campbell W & C Fdy..No par
26%
117
96
2
5%
39
_
63% Dec
1578
3l7g
Bullard Co
6,300
22%! 28,100
'
Jan
121% Dec
Jan
Apr
No par
No par
17,900
90
26
32%
117% 117%
11%
12%
71%
22
2%
*43%
257g
50
7%
5%
95%
*1%
5%
48
30%
40
*1%
6
6
No par
100
Mfg..
7% preferred
Budd Wheel
7%
39
0%
38%
6
*43%
*89%
10,700
Budd (E G)
51
20
5
100
7% preferred
2812
Sept
100*2 Sept
48
No par
Brown Shoe Co
18%
39
5%
113% 113% *111
*4%
39%
2%
22%
*37
39
38%
90
68%
*95%
1%
39
2%
2%
11%
19
23%
*37
0
38%
25%
68
67
113% 113%
32%
22%
23%
*43%
2%
19
1%
7%
'
3
31%
100
19%
*89
112
112
*111% 112% *111% 112%
*4%
4%
*4%
4®4
*4%
4%
6%
1,100
3,000
51%
1%
7%
*5%
5%
31%
38%
14%
23%
51%
1%
7%
18%
*18%
57g
38%
49%
38%
1%
*37%
*43%
5%
14%
23%
7%
23
39
*5%
5%
14%
23%
52
19%
6
5%
39
30%
*94
700
14%
07g
39
22%
23%
18%
23%
22%
*35
6
1%
18%
49%
97
1,500
23
*51%
1%
52%
*51%
1%
7
6%
18%
31%
*5
7%
14%
23%
23%
52
49%
*94%
11%
7
14%
23%
7%
10
7
7
140
30%
7%
*5
11
10%
.
6%
74%
49%
7%
5%
11
260
74%
30%
*7%
2,500
74
49%
3
3%
3%
37g
74
30%
22
11%
3%
75
49%
*71%
11
3%
25%
3
11
74
25%
71
11%
74
25%
22
31%
21%
27%
*73
*25
2%
31
21
2,700
25%
68%
27
31%
21%
11%
2,000
39
22
27
31
21%
12%
7
12
20%
6
22%
3%
18%
117%
8,300
5%
41%
3%
1%
0%
18%
11%
5%
40%
6%
12%
25
110% 116%
11%
12
534
42
57g
3%
13%
117
5%
41
Mar 15
Highest
share I per share
16%
49
Bruns-Balke-Collender. No par
Bucyrus-Erie Co
30
11
24%
114
9,200
4,500
9%
3%
J 3%
114
29%
978
108% 108%
20%
89
114
27%
97«
13%
89
114
28%
9%
3%
24
68%
27%
12%
*51%
1%
*2%
68%
100
*22%
89*
3
36%
3%
13
*88%
68%
*35%
23%
88
*2%
36
30%
21%
30%
•!
Transit.-No par
50 preferred series A.No par
Ctfs of deposit
No par
Brooklyn Union Gas...No par
30
12%
88
*67%
200
Jan
61
Bklyn-Manh
9,500
1,140
18,400
5,100
1,800
15,000
8,.500
25
3%
14
5%
44,100
12
52%
*43
*43
$6 pref ctfs of dep..-No par
4,100
5%
6%
22%
24%
39
4,000
95
41%
10%
13%
5%
*38%
17,900
6%
20%
6%
24
*38
3%
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
23%
3%
*51%
22%
53%
700
62%
5%
23%
3%
12%
1%
400
12
*23
3%
74
38%
95
107% 108
5%
6
12% Apr
23% Apr
38
23%
Jan
Jan 5
Mar 20
Apr 5
Mar 27
Jan 3
Jan 4
Jan 4
per
16
2734 Mar 11
123%
70%
20%
24%
257g
234
3534
10% Jan
Bridgeport Brass Co ...No par
19% Jan
Brlggs Manufacturing.No par
Apr
Briggs & Stratton
No par ;; 38
02
9%
40
31%
Co....5
Brewing Corp of America
3
22%
28%
10%
*10
0%
100
Bower Roller Bearing
62
24
9%
39%
5%
25%
30%
20%
11%
26
96%
27%
5%
39%
40
5
2
21 % Mar
2
Jan
61%
23%
*94
*107%
'
14%
24
"5%
*35%
36
28%
9%
*107%
30%
20%
23%
*14
9%
25%
30%
20%
3%
*51%
1%
6%
17%
27%
9%'
25%
*10%
0%
*22%
12%
*72%
*35%
28% I
Boston & Maine RR
Jan
21% Jan
6
Borg-Warner Corp
$
7
22
15
18,000
23%
2
Jan 16
22%
19
Mar
62
12%
23%
3
Jan 12
21%
117
36
22%
30
23%
22%
34%
f per share
1
Class B
62
23%
61%
22%
*19
22%
93%
93%
61
22
5%
21*4
11%
11%
6%
95
60%
278
2%
19
22%
22
5%
*30%
*52%
22%
5%
5%
25%
*30'4
*93
53
60%
*107
40
5%
*25%
95%
34%
6%
23%
18%
*9012
500
1,400
1,700
14,000
23
2%
22
2%
23
18%
22%
2%
6%
2%
*52%
23%
10,400
Lowest
% per share
6
Borden Co (The)
Bon Ami class A
Year 1939
Lots
Highest
...No par
No par
Bond Stores Inc
7,400
12%
18%
53
4,800
23%
24%
6%
18%
*62
26%
12%
2%
♦6212
697g
6%
12%
18%
*38%
39%
Bohn Aluminum & Brans
23%
34%
21%
*38%
2,700
09
25%
6%
12%
22
39*2
63%
2h
Par
Shares
100
33%
12
2%
~
On Basis of 100-Share
Lowest
110
6%
2%
241.1
EXCHANGE
122% 122%
33%
2%
12%
6%
6%
237g
23%
6%
12%
*0%
69
25%
24
24i,i
Range for Previous
Range Since Jan. 1
8TOCK8
NEW YORK STOCK
Week
$ per share
27
27%
257g
24
24%
2%
34%
25%
23%
83%
33%
6%
12
*33
*08
69
25%
2% 1
_
123
*122
122
*08
23%
*2
"
$ per share |
27
27%
27%
26%
122
122
122
25%
23%
j—*2% -1-2%
23%
Apr. 5
Apr.Z
% per share
Friday
Apr. A
Apr. 2
$ per share
12312 *12112 12312
68%
68%
69
•121
Thursday
Wednesday
Tuesday
Monday
,
the
SHARE, NOT PER CENT
111QH SALE PRICES—PER
AND
Sales
for
LOW
Saturday
April 6, 1940
Jan
109% Aug
-
60
Jan
110*2 June
16
Sept
2*g Feb
72*2 Aug
32% Dec
1 Called for redemption.
Volume
New York Stock Record—Continued—page 4
150
2215
AND
HIGH
12
12
*812
2814
1314
10%
*5
6
*514
2334
24
2334
12
914
28l4
1378
14
27U
13l2
13i2
*8734
*8712
90
93
93
884
9
3134
93
32
10734 10734
*7B
934
97g
4
4
1
7i2
134
334
*16
Week
$ per share
$ per share
$ per share
Shares
17
"
57„
24
17
90%
*1
10%
IOI4
10%
*37g
4
734
134
3ig
4%
7%
778
*1%
312
3%
178
378
I84
3l2
*16
13
6%
365s
*1
10
200
1%
10%
7,800
10%
4%
4%
4%
1,800
7%
7%
7%
734
19,700
*1%
1%
1%
1%
200
334
384
3%
3%
900
200
103g
1434
13
1
U8
*92ig 9312 *9212 93%
47ig
47l2
47
4718
115i2 115i2 *11434 116
778
77g
77g
77g
393g 39%
393g 39i2
334
4
334
37»
225g 2234
22I4
2234
30
3012 3078
303g
1434
1%
93%
.
47
48
116
116
8
8
14%
15%
47%
1%
100
15,300
1%!
93%
48%
23,400
1,200
48%
9334
48%
6,700
I
15
1%
94%
1%
94
94%
4,300
*37
43
*42
43l2
*4238
43%'
42
42
■
■
23%
3134
23%
32%
17,000
Continental Oil of Del
2I84
22%
21%
22
48,900
62
63
61
62
4,600
210
200
Pref
89
89
89%
180
383g
4134
40%
40%
■9,800
86is
*82
84
*1258
1278
*3i2
6I4
83»2
1212
2634
37g
*415g
37g
678
8312
1212
2718
378
42
97g
1018
283g
634
*27i8
378
63g
*80
273g
1234
6l2
83i2
1234
2714
1534
3%
90%
50
13,700
634
6%
82
82
82
82
8234
8234
13%
13
13%
13%
13%
2,100
6%
684
6%
6%
500
2634
2634
27%
27%
27%
27%
334
3%
3%
4
43
10%
3%
43%
4334
3,300
1,000
10%
10%
87,900
28
28
28%
1012
2878
*91
95
*91
95
*91
95
*91
95
*91
95
92
92
*58
68
*58
68
*58
68
*58
68
*58
68
*58
44
*41
4
4H8
103g
28
287g
*42
42%
42%
10
28%
934
27%
27%
9%
4
10
I8I4
1834
I8I2
18
5
1834
1812
1834
17%
187g
1734
5
I8I4
5
5
5
*'4
%
*11914 12014 *119
20
19%
195g
34
40%
9
914
*39l2
9%
19%i
19%
20%!
5%
*%
5%!
%#'
II934'
5%
»!•
119
119
119
*119
20
20
20
20
20%
*33%
34%
34
34%
34
34
*39%
40%
39%
9%
39%
9%
*3934
9%
187g
34i8
40%
9l2
19
9%
I87g
85
*80
*133s
135g
*1312
*3614
*2014
1912
37
85
13%
19
85
8534' *83
13%
37
13%
36%
19
*13%
14
3634
*13%
14
1334
37
37
36%
23%
19%
23
22%
20
19%
84%
8534
85%
167
25
19%
84%
85%
83
16134 164
165
165%
22
22
22%
22
168% 170 i
2434
25%
168% 170
166% 168
24%
24
25%
186
126
38
375s
38%
434
5
*434
151
15U2 152
*170
*170
176
33
39%
434
151%
176-
1157g 116
39%
40%
*434
5
3334
34%
34
1534
1534
1578
•is
%
38%
39
15%
15%
*1I4
1%
*1%
6
6%
6
15%
1%
6%
31%
31
3034
32
27
2778
*31
31%
27%
31
1578
38%
15%
1%
6
31%
27%
27%
31%
31
16%
16
%«
3934
15%
3934
40%
39%
15%
15%
1%
1%
*1%
6%
29%
29%
6%
34%
3034
31%
684
33%
6%
33%
31%
31%
1%
%
1%
1%
2%
2%
1%
1%
*67
-
....
-
*%
1%
%
1%
*2%
*1%
*67
-
1
B% pref with warrants.. 100
1%
3
1%
*4
9%
27%
2734
1
*»ie
4%
9%
27%
1
*4
9%
27%
1
7%
7%
44%
44
44
44
44%
44%
25%
25%
18%
2534
2534
2534
26%
25%
*18%
4%
*22
4%
*90
23
4%
*22%
*91%
23
10
Apr
Jan 17
108
Apr
Apr
Sept
Jan 15
Co
4
2
No par
No par
$7 preferred
$6 preferred
3
Corp
50
5% preferred
100
Engineers Public Service
1
$5 conv preferred
No par
1,700
No par
No par
preferred
4% 2d preferred...
100
..100
100
4%
"~506
112
27%
35% Apr
Jan
Apr
17
1% Apr
47g Mar
26%
22%
28%
1%
36%
Mar
Mar
Jan
Jan
Jan
8%
36%
3134
32%
4
4
Mar
4
Eureka Vacuum Cleaner....5
—
89
-
-
3
4
Jan
8%
Jan 16
4%
*34
%
%
24%
24%
24%
4%
4%
»i«
1
100
3% Mar 18
%Mar 1
217g Jan 23
857g Jan 12
1
Fidel Phen Fire ins N Y.S2.50
17% Jan 30
3734 Jan 18
12,900
Federal Motor Truck ..No par
900
Federal Water Serv A. No par
2,800
Federated Dept Stores.No par
Xii«
24%
24%
24%
*92
94
94
95
400
18
94%
18
18
18
1,700
40
40
40
1,500
18
18
18
18
3934
39%
39%
39%
3934
3934
2434
*18%
24%
*18%
24%
*18%
22%
*18%
$ In receivership,
a
preferred
Federal Mln A Smelt Co
22%
Def. delivery.
4M% preferred
Ferro EDamel Corp
Fllene'a (Wm) Sons
n
New stock,
r
Co-No par
Cash sale,
x
22%
Jan
Ex-dlv.
y
8
Aug
3
Sept
6
Sept
3% Sept
65% Sept
5% Mar
3
%
Dec
2% Jan
87g Sept
437g Jan
38% Sept
18% Aug
Feb 16
$6
1
J an
Mar 29
400
1
Aug
17g Sept
13
23
10
23
95
25% Nov
z96
102
23
-89
Aug
Aug
84
Apr
*
102
Apr
Apr
69
Aug
Apr
2
18
*100% 102
23%
23%
4%
4%
4%
23
80% June
6
Mar
2,000
Apr
14%
15
18
62%
65%
-
137g
1
Mar 26
18
Jan
Apr
4
4
25
80
Jan
Sept
7
8
Apr
Fairbanks Morse A Co.No par
25%
3% Sept
42»4 Nov
Feb
5
Fajardo Sug Co of Pr Rico..20
Federal Light A Traction... 15
2534
7%
Jan
,
10% Apr
2,300
2534
zl734
300
1
7%
47
25%
*%
Apr
28
17g Sept
5,000
46%
1%
7%
Sept
1% Apr
65% Sept
1
47
35
1% Apr
s4Mar 20
4% Jan 9
34% Jan 15
*%
7%
Apr
33g Jan
29
46%
Feb
23%
%
Jan
29
1
38
8
20% Jan 15
7%
46%
25%
18%
Jan
Apr
1% Feb 20
Ex-Cell-O Corp
28%
41%
I884
Jan
97
Jan
Apr
2% Mar 20
1% Mar
3% Mar
12%
Apr
7g Jan
1'4 Jan
% Jan 22
Oct
18% Nov
55
Evans Products Co
—3
Exchange Buffet Corp.No par
Fairbanks Co 8% pref
100
40%
Apr
111
8,900
—5
Apr
il03% Mar
83
Mar
Oct
197g July
3% Jan
Mar 19
112
123g Jan
72% Mar
Aug
32% Aug
1
Jan
Feb
307g
6%
I84 Jan 10
3
84
186%
183%
20%
Apr
Mar
80
Deo
8% Sept
1% Sept
Jan
Jan
Jan
109% Jan
8
Feb
317g
41% Jan 3
45% Jan 29
Jan 12
42
118%
8%
Jan
134 Jan
5
2
15
15
23
27
12
124% Aug
22%
40% Apr
12% Mar 16
June
188% Sept
1
1% Jan
% Mar 28
34% Jan 16
5,000
28%
4
Jan
17%
15% Mar 28
14
Deo
Deo
Jan
116% Nov
15% Sept
41
Jan 15
144%
17%
19%
111% Sept
12% Apr
384 July
138% Apr
155% Sept
15% Apr
50
Erie A Pitts RR Co
*67
4
Mar
11834 Jan 19
Mar 25
178
JErle Railroad
4% 1st preferred
2,300
1,000
126%
126
2
5
34
8784 Nov
Aug
18834 Apr
168%Mar26
2,900
1h
Jan
122
115
Equitable Office Bldg.-No par
1%
120
4
Jan
175
10
3984
1384 Jan 18
12% Feb
117
29
4%
%
Bid and asked prices; no sales on this day.
Dec
10
*18%
*
Mar
6
,
Apr
6
2834
2434
18%
101%
5
Mar 30
10
4%
39%
*18
3
25% Apr
10%
39%
18%
170 T Apr
6
5
145% Feb 26
%
4%
2
Jan
5% Feb
Jan
July
22%
Apr
14% Jan 12
100
Eltlngon Schlld
No par
Electric Auto-Lite (The)....6
Electric Boat
3
Mar
10
55
(N J).No par
500
2%
30
5
Eastman Kodak
Endloott Johnson
1%
•■v
6% Jan
16634 Jan
Edison Bros Stores Inc
10% Nov
20% Mar
July
13% Nov
35% Jan
90
Sept
984 May
Apr
26% Jan 22
4%Mar 26
6% cum preferred
Eaton Manufacturing
447g July
66
3
Jan
125% Oct
32% Jan
34% July
5% Aug
1334 Sept
Feb 2 >
38
Oct
1%
Apr
3684 Sept
8
8534 Apr 5
14% Mar 12
Mills.......5
El Paso Natural Gas
2%
Feb 27
76
Jan
Eastern Rolling
Elk Horn Coal Corp—No par
*1%
20
4%
*18%
♦18
preferred
900
100
Jan 15
8
18% Jan 15
10%
24%
92%
*92
$4.50
400
.•
38% Mar
4%
4%
%
92%
%
23
...No par
100
Co...20
No par
Duquesne Light 5% 1st pf.100
Eastern Airlines Inc
..1
17,400
12,100
j
Oct
Deo
87g Sept
28
142
1
Electric Power A Light.No par
33,200
125% Jan
23% Jan 10
34% Jan 27
43% Feb 3
10% Feb 2 J
No par
Elec A Mus Ind Am shares—
20
118% Mar 15
18% Mar 15
33% Jan
No par
Dunhil) International...
600
4434
34 Jan
10%
23%
92%
%
23%
92%
*22
4%.
*34
23
%
227g
*634
80
*67
18%
*18%
18%
*18%
18%
*100
102
102
*100
101
103% *100
23
*22
7%
23,000
12,800
% Apr
3% Sept
% Deo
103
Apr
18
Sept
Dresser Mfg Co
Du P de Nem (E I) A
1,100
2,400
Jan
16
Dow Chemical Co
Z5H preferred
1%
27% July
88
$6
1%
25%
Apr
Jan 15
100
3
11234 Dec
Apr
23
75
100
1%
June
Apr
No par
1%
38%
34
7
1584
20% Sept
86341
%
Sept
Sept
4%
103
2334 Apr
27% Apr
23% Jan 10
94
34
25
17% Mar
10% Sept
Marl6
No par
Douglas Aircraft
7,600
1034
Nov
55% June
Jan
13% Apr
3% Aug
14% Sept
19
No par
32%
79
91
45
.
5
23% Apr
Co
Class A
Doehler Die Casting Co No par
Dome Mines Ltd
..No par
Elec Storage Battery..No par
79
13% Nov
32% Nov
Apr
11% Jan 31
34% Jan 15
16% Jan 15
DIxle-Vortex
*84
1%
*67
25
6% partlc preferred
Distil Corp-Seagr's Ltd. No par
*91
234
*67
No par
Diamond T Motor Car Co...2
87
1%
-
Match
94
2%
-
100
Devoe A Raynolds A ..No par
Diamond
2,200
10%
Jan 19
Feb
Jan
Apr
Detroit Edison
*86
*1%
44
*100
I
Jan 22
21% Apr
5% Mar
16% Mar
8% Apr
11234 Jan
Aug
28
*91
1%
9%
*634
*78%
11
80
1%
4
1
10%
4%
19%
73%
11% Mar 8
32% Mar 14
Jan 15
27% Mar 29
Dec
7% Sept
63% Sept
Apr
tDenv A R G West 6% pf.100
111% 111% *111% 112
2%
9
7%
38%
4434
2%
4
1
*1%
38%
4.4%
*1%
9%
7%
32%
1%
31%
9%
Jan
300
10
31
*38%
4484
46
40% Mar 21
3% Sept
Apr
700
35
30%
1%
4%
27%
3334
31%
32%
1%
234
9
27%
35%
28%
38
1
Aug
22,200
30%
Deo
3
334 Apr
11%
230
7
*%
1%
*4
27
1%
6%
3434
%
%
%
1%
Aug
26
12%
10
Delaware A Hudson..
12,700
16
1%
7
Aug
9
29% Feb 24
4% Jan 4
Feb 14
13
5% Jan
Dlesel-Wemmer-Gllbert
Duplan Silk
8% preferred
40%
15%
48
12% Feb 20
26
6%
% pf. 100 zlll
No par
1934
...20
2534
3,500
18,500
7,300
»i»
%«
%«
%
91 % Feb 24
14% Jan 11
8% Sept
Sept
93
Sept
19% Sept
Jan 12
19,200
35%
16«4
3434
Apr
2% Aug
19% Mar
5,800
*16%
16%
3
Jan 12
x79
'
Jan
8% Feb 23
23% Jan
174
38%
15%
38
*%
16%
%«
6
1
6% Feb
4% Jan 31
5%
5%
4% Jan
66
Juno
16% Mar 19
29,400
2,900
174
62
100
154% 15534
41
%
*1%
1%
1%
1%
1%
1%
38
38
377g 38
*37%' 377g
45
45
*4434
45
45% *4434
45%
*111% 112
*111% 111% *111% 111% *111% 111%
10
11
10
10
9%
10%
10%
10l4
*79
*78% 80
80%
*78% 80
*78%
80
*86
87
*86
87%
8634 *86
87%
94
*91
93% 93%
*ll4
*37%
*4434
40%
5%
4
53
Preferred
990
387g
15%
1%
%6
%
39%
15%
40%
5
5%
5%
154
154%
151% 152%
*172
176
175%
175% *170
35
3434
35%
34%
35%
16
39
39%
Apr
Delaware Lack A Western..50
1,200
600
115% 115%
40
40%
115%
151% 15134
*170
3312
*1558
*115
115
115
89
Jan 12
10,700
5,800
8%
8%
884
9%
834
9
*12%
13
*12»2
13
*12%
13
*12%
13
*12%
13
*116% 117
*116% 117
*116% 118
*116% 118
*116% 118
18734 18834
185% 187%
187% 188%
IS6I4 185% 186%
185% 1857g
126
126
126
126
126
1
125% 125%
126
*125% 126% 126
116
52% Sept
6,600
10,900
13
*115
Deo
Apr
18%
*11612 118
*11514 116
Deo
94
24%
6
87
14
*
10
17%
Apr
4
Mar 29
200
8%
19%
85%
19%
84
Apr
Jan
92
3,200
2534
19l2
85l2
9
75
43
Jan 12
Co
Feb
9234 Jan
82
Conv 5% preferred
25
Davison Chemical Co (Tbe).l
Jan
40%
Jan 15
7% pref.. 100
Cushman's Sons
100
88
168%
1934
21%
19%
21%
1
1
41%
Feb 20
78% Jan 22
3% Jan 16
6
Class A
37% Mar
Apr
15
30
Curtlss-Wright
Apr
13
4
2
6
34% Jan 22
100
No par
Jan
32% Aug
89
6
100
Jan
110
28
Feb 26
Inc
Apr
26% Jan
6% Aug
20% Apr
33
Sept
Apr
45
1,700
20
84%
207g
3878
Davega Stores Corp
800
22%
2034
93
Jan
38
43% Apr
17% Jan
18% Jan 30
4% Jan
16
Feb 26
37
22%
1934
3634
18%
Deo
2% July
600
18%
18%
85
18%
5
2
53
1,330
9
9
gept
% Sept
16
Sept
9
No par
40%
*40
*80
2034
2112
93s
*1212
403g
9%'
3
9
Preferred
1,000
Aug
3
7% Any
1% Apr
24% Jan
Jan
Curtis Pub Co (The)..-No par
&
177
Jan
Packing Co
61% Sept
67% Sept
Apr
Sept
32'4 Feb
784 Jan
.
Jan
547g
37% Jan
Cuneo Press
Deere
49
37
Dayton Pow & Lt
%«
119% 119%
20%
20%
34%
34%
85
1834
*80
37
37
2058
8434
9
I
32% Sept
150
27
No par
No par
12" 100
51% Sept
116
May
10% Jan
40% Deo
5% Nov
31% Jan
Jan 11
105
Feb 28
8
300
19 !
20
5%
6i«
*18%
19%
5%
8
19
1878
*80
19%
19
5%
%
119
20
*40
%
19
17%
20
12012
*34
34
*%
%
19
<
preferred
"2",200
r
28% Mar 15
6% Mar 28
"3~500
.
I8I4
2
Jan 10
Cutler-Hammer Inc
4
22% Mar
Apr
No par
Preferred
Cudahy
$8
20
20%
21%
20l2
21%
21%
2012
20%
1984 203g *1012 20
5
5
5
*4%
*458
*4%
5%
*47g
5%
*4l2
514
5
*16
*16
'17%
*16
*16
17%
17l2 *1634
17%
*16i4
175g
1758
734
8%
77g
*75s
7%
8%
7%
734
778
7%
*75g
77g
11234
11234 *112
11234 *112
*11112 11234 *llll2 11234 *112
11234 *112
22
23%
2334
23%
2334
2178. 22
22%
23
22% I
22i8 223g
I
- —
27
27
27%
27%
27%
27%
26%
2658
27% 27%
27%
27%
Apr
61% Jan
65% Jan
1934 Mar 30
Cuba RR 6% pref erred... 100
Cuban-American Sugar
10
68
378
conv
ex-warrants
Preferred
35,200
10U
28
*27l8
334
41%
97g
28%
7g
$5 conv preferred._.No pa*
Crucible Steel of America.. 100
200
1234
5
29% Apr
1% Apr
19% Aug
16% Apr
Jan
177
Mar 15
4% Jan
par
Crown Zellerbach Corp
600
4%
*334
3%
7,400
16
*89
89
89
87
3%
86%
*3%
1534
*106
Apr
Sept
5
pref w w..No par
Crown Cork & Seal
$2.25
89
25
58% Mar 26
25
Crosley Corp (The)....No
180
41
Apr
32%
4078Mar
434 Feb
Mar 26
53
170
5% conv preferred
100
Cream of Wheat Corp (The).2
200
1534
1
Co
43
41%
Jan 19
3% Jan 22
22% Mar 26
25
1C0
Internet Corp
43
89
9
6% Jan 13
38
Corn Exch Bank Trust Co. 20
Corn Products Refining
Preferred
43
15%
Feb 29
113
64
43
89
86%
Mar
52% Mar 19
43%
15%
3834
37«
Jan
100
50
pref. 5% series
conv.
43
89
Deo
z87% Sept
3278 Apr
43%
15l2
17%
22 34 Apr
43
89
Deo
9% June
48% Mar 28
116% Jan *6
Jan 22
43%
1512
Sept
1017g
1% Apr 4
97% Jan 10
7
15% Mar 16
Crane
39
Sept
Sept
2
Feb
25
7,400
89
9
34
8% Aug
88
Dec
1
12,500
97g Sept
5% Sept
1
1
2,100
Dec
6% Aug
1
July
1'4 Apr
Apr
5
Coty
700
734 Sept
334
11%
Copperweld Steel Co
Coty Inc
500
2% Jan
12% Mar
77g Mar
Feb
Continental Steel Corp. No par
8,700
29,900
Deo
15% Jan 10
92% Mar 29
41% Jan 19
..5
32
Mar
84
5
17% Jan
1
..1
153s
86i2
No par
Continental Motors
38
*312
preferred
Sept
108% Aug
12% Mar 19
20
30,400
89
8612
$4 50
11
35
Oct
14% Mar 18
100
4%
15l2
37g
preferred
3%
39
8612
8%
Continental Can Inc
Aug
Jan
18% Mar
104
Feb
91
Apr
43gMar
Jan 24
85
Apr
27
2% Jan
10034
Apr
93g
10134
Jan
3% Mar 19
14% Feb 28
Continental Bak Co ci A No par
Class B
.-No par
4%
23%
32%
89i2
*84i2
*3l2
6i2
5% preferred v t c
100
Consumers P Co?4.50 pf No par
Container Corp of America. 20
8
l%Mar 20
12.50
153s
383g
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v t 0..25
Jan 31
3 234 Nov
79%
10% Apr
4% Apr
3% Feb 77
Jan
8
Apr
7% Nov
7
No par
share
Feb
Jan
Deo
73
97g Feb 21
8% Jan 31
%
8%
30-%
9%
15% Aug
5% Apr
.
Consol Oil Corp
107
Fibre. 5
4,900
5
Apr
$2 partlc pref
No par
Consol Laundries Corp
.5
43
43
7% Jan 30
30% Jan 15
Apr
A or
95
4'4
4
5
4
4
Apr
Apr
1% Jan
Diamond
6334
*42%
Feb 23
1
Continental Insurance
5,700
8ept
13% Feb 2 1
Feb 10
86
per
Apr
5
1
Apr
Jan 19
Consol Film Industries
Continental
23%
5
19
3278 Apr 5
110% Mar 25
2,400
334
3
9%
3012
15%
90%
Jan 15
79
„
Highest
share
per
Jan 18
5,600
*89U
3814
Consol Coppermlnes Corp
5
Consol Edison of N Y..No par
$5 preferred
No pa'
Jan 15
7% Jan 29
100
.100
4034
4312
1534
*4212
7% preferred
6H % prior pref..
share
per
6>4 Jan
5% Jan 13
25%
Year 1939
Lotoest
24% Feb 17
Marl6
8
Congress Cigar
No par
JConn Ry & Ltg 4H % prellOO
Consol Aircraft Corp
1
Consolidated Cigar
No par
40%
.
43
5
$
share
per
Range for Previous
Highest
22% Jan 12
par
4034
40
55%
55%
55%
55%
55%
55%
5434
5484 *54l2 5434
6034
61%
60%
61
z60%
61
605g
61
60%
607g
178
*176
'176% *175
*1745g 176
*174% 176
*1745s 176
7
6
7%
634
7%
6%
7%
6i8
6ig
63g
1%
1%
1%
1%
1%
1%
1%
1%
ll4
H4
20%
21%
2038 / 21
21%
22
20%
21%
20l2 2034
*101
102
102
102
102% 102%
101% 102
IOH4 IOII4
29%
29%
*29%
29%
29i2
2912
29%
29%
29l2 29i2
7
*634
6%
684
7
678
73g
6%
7
7i8
38
37%
38%
38%
3612 367g
37% 38%
36% 37
*40
$
Conde Nast Pub Inc.-.No par
Congnleum-Nalrn Inc._No
200
*114% 116
*114% 116
8
8%
8%
9
3934
3%
23%
32%
2284
62
36i4
1,900
4%
64
29i2
658
16,600
45,400
10%
2212
102
9
32%
*16
17
167g
16%
16%
101% 102% *101% 102% *102% 102%
16%
16%
16%
16%
1534
16%
13
1
834
32%
*16
1678
Par
70
107% 107%
32%
-
60l2
138
2034
8%
32
107% 10734
*1
1%
n8
1
712
Lowest
290
1
60
6
*2914
17,100
87g
59
55
61
*101
1434
85g
21
176
57«
14%
95—95
1912
*H4
1934
15%
90%
58
5434
*605s
15
90%
21
23
30
*174
I53g
9934
9%
20
23
56
20,500
9812
9934
8%
87g
3134
32i4
IO784 10734
39%
334
22%
30%
2134
30
10
90
13
18
30%
*94%
12»4
4714
2778
29
*9434
3158 32
1081s 1081s
1
50
9%
29%
*9H2
125s
47U
-12%
;
9%
90
12%
*11512 116
*712
8
39i2
3912
378
4
12%
*7..
2,100
2,000
27»4
937g
16
1
1234
100
5%
24
93-
16%
1
12%
*514
23»4
5%
24%
89
-
93
16
93
10
27l2
1434
*10H2 10178
16%
15%
1614
1
1284
*8
10214 *10112 102
*92i2
24
1234
1434
*5%
24
24
*8i2
89
Z834
87g
315g 32
IO784 10734
*?8
934
103g
378
37g
7i2
75g
*n2
1»4
*3i2
334
*16
55g
*5i4
12i4,1234
12
27%
2814
914
2834
*101
Apr. 5
$ per share
*1134
534
23»4
Ranoe Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Apr. 3
$ per share
534
STOCKS
NEW YORK STOCK
the
CENT
Friday
Apr. 1
2334
NOT PER
Thursday
Apr. 4
Wednesday
$ per share
712
*H2
*3%
SHARE,
Tuesday
Apr. 2
Mar. 30
7
PRICES—PER
SALE
Monday
Sales
for
LOW
Saturday
8% Mar 11
Apr
4
3% Sept
,
284
Apr
47
24
Apr
28% Feb 23
20
Apr
3
11
Apr
Mar 27
81
Jan
3
29
Dec
18% Apr
102
28% Jan
47g Jan
1
2% Aug
84 May
Jan
25
Jan
18«4
95
Apr
8284 Sept
20
Jan
17% Nov
40% Feb 14
22% Jan
Ex-rlghts.
5
2734
Apr
Apr
16% Sept
98
Jan
Deo
31% Dec
63g Nov
1% Jan
27%
Oct
8984 Feb
23% Nov
40% Deo
21% Dec
K Called for redemption.
E
New York Stock Record—Continued—Page 5
2216
SALE PRICES—PER
Saturday
Monday
Apr. 1
,
Mar. 30
HIGH
I
Tuesday
Apr. 2
«
*44%
44U
4434
Range Since Jan. 1
20
20^
2OI4
3714
*2434
3714
25
*3634
:
*107
*71
75
75
30*
30
I 5
*30
337g
34%
9
9
5
*30
34
30
30
34
34
34
34%
4%
4%
2%
2%
3
3
*278
314
14
*1314
1412
13%
18
18
18i2
18%
*10312 104
*103% 105
534
534
6%
6%
*678
5134
7%
103% 104% *103
6
67g
6%
10%
*17%
18
*17%
18
17%
119
*116
117%
39%
3834
4734
38%
4734
48%
118% *117% 118% *117
%
44
97
98
*128
*23
129
11
21%
129
21%
69%
106
4J4% conv pref
Foster-Wheeler
10
540
20
Gannet Co conv 16 pref No par
1,000
60
8,000
23*
1,500
378
16%
18
5,600
1,300
$7 conv preferred
54%
*»I#
44
126
55
71
47%
*24
44
*24
76
48
118% 118%
*%
®16
44
*24
300
3,000
5,500
80
700
12,400
25%
18
1734
117% 117%
39% 40
•%
126% 126%
54%
23
70
98%
129% 129%
54%
4834
7%
2,500
2,000
800
39,000
5,400
400
1,400
44
6%
6%
6%
6%
6%
9
9%
9%
9%
9%
110
*108% 110
*108% 110
*108% 110
»i«
»
«
%•
*78
1
7g
7g
17
16%
16%
17%
177g
17%
1734
95
95
95
*93
*92%
95
*9384
"u
*»i«
34
*»%#
%
84
34
17
17
17
18
17%
1734
18%
30
33
32
31%
2934
32% 32%
1434
14%
1434
1434
1434
1434
1434
4,100
1,200
55
54%
55
129%
55%
127%
55%
553*
126%
*54%
99%
7% cum preferred..
100
General Cigar lnc—..No par
130
"l,700
98
Investors—No par
preferred
No par
Gen Am Transportation
5
General Baking
5
f8 preferred
No par
General Bronze Corp
5
General Cable Corp.—No par
Class A
No par
$6
'
9978 9978
129%
129% 129%
557*
55% 55%
126% ;zl2534 126%
56 | *53
55%
98
Gen Amer
7%
600.
Electric Co...No par
No
$4.50 preferred
No
Gen Gas & EleCtrlc A ..No
$6 conv pref series A. No
General Mills
No
General Foods Corp
540
61,800
1,900
100
preferred
General
5%
par
par
6
76
37g Feb
8
6
UgMar 26
14
Apr
101
55
Jan
36
Sept
3% Sept
57g Sept
7% Aug
July
18% Oct
15% Sept
104% Dec
2
Jan
50
Jan
102
Jan 19
104
51
Jan 15
7
Mar 26
136
Mar 14
Mar 20
3%
Apr
96
Jan
40
57% Jan
Apr
8% Jan
145
Apr
x9% Sept
45% Aug
5% May
734 Apr
11
Mar
149
Mar
18
Jan
1734
Apr
35
Jan
43
Apr
75
Jan
16
Dec
106
Oct
31
Apr
116
Feb 10
118% Jan
10734 Sept
% Jan
% Dec
"
Jan
48% Jan
44
40
128
Jan 15
Jan 15
A—No par
—No par
4% Jan
2
27
20
18
15
'1%
Jan
Jan
65% July
72%
Jan
Jan
99
125% Dec
557g Apr
4
878 Apr
Jan
25% Jan
130% Mar
44% Jan
4778 Aug
118% July
39
130% Jan
51
36%
997g Apr
Jan
July
5% Sept
9
1178 Jan
86% Jan 16
Jan
Dec
2% Apr
25% Apr
76
Apr
1934 Jan
117% Mar 29
par
Jan
9
103% Mar
Sept
Feb 6
Feb 6
Jan 15
Jan 2
Feb 29
Jan 12
% Jan
Jan
Jan
65
18%
48%
17%
113%
37%
45%
41
7%
18*4
52
Sept
7%
128
Jan
3% Jan
2% Mar 19
9% Mar 18
9034 Jan
97g Sept
Apr
6% Mar 27
14
6
6% Jan 24
Sept
Apr
July
9
4
Oct
5
37% Sept
108% Jan
2934 Jan
1%
94
Mar
25
—
18%
105% Mar 27
48% Mar
Aug
Jan
July
38
Sept
Apr
par
10
No par
1% Apr
17% Feb 16
187g Mar
4% Mar 19
11
Aug
66% Aug
Feb 23
9
Jan
General Printing Ink......—1
Gen Outdoor Adv
Jan
Feb 13
13
1
3
preferred
May
1% Apr
21—Apr
103% Apr
Jan
51
31%
Apr
27
4
234 Mar 18
12% Mar 20
123% Mar
37% Jan
$5
Apr
15
25
17
Apr
Mar 26
Apr
Sept
3534 Apr
2% Jan
3178 Jan 15
25% 8ept
105% June
Jan
38%
32% Jan 25
Mar 27
29
17% Apr
99%
2
Jan
10734 Apr
20% Jan
Feb
par
100
preferred
General Motors Corp
8
Feb
Maris
70
50
35
Mar 18
17
No par
Francisco Sugar Co-.i_.No par
F'k'nSlmon&Co lnc 7% pf.100
Free port Sulphur Co
10
Gabriel Co (The) cl A ..No par
Galr Co lnc (Robert)
1
$3 preferred
10
Gamewell Co (The)
No par
534
*11
-
98% 98%
129% 129%
.54
54%
126
6%
11%
4834
23
22%
69%
*23
129
54
*48
23%
70%
18
18
18
17%
18%
117% *117% 119
*117% 119
3878
38% 39%
39%
40
■r
48
473g
4734
47%
4734
118
118
118%
*117% 118%
70
44
126
6
11%
I
4834l
9878
9878
54%
54%
12534 126
*64
64%
100
80
2,600
104
%
%
*23
30
Florshelm Shoe class A.No par
2,700
*48
7%
*7%
104
70
48
23% Jan 23
2% Jan 30
Food Machinery Corp.—.10
3
*21%
39j
J Follansbee Brothers—No par
300
5
50
21
48
103
Jan 25
1,000
Gar Wood Industries lnc
70
38%
18% Jan 15
32
7%
7%'
7%
784
7%
10334 10334 *102
104
*101% 10334
51
51
53
52
51%
53
537g
53% 5334
7%
7%
7%
7%
7%
7%
73*
7%
73*
135
*135
13534 *135
135
13534 135
135
13534
3
3
3
*234
3
3
2%
2%
27g
11
11
10%
10%
10%
107g
113*
10%
1134
234
21%
38%
25%
3%
No par
Gaylord Container Corp
534 % conv preferred
7%
7%
46
No par
100
21
*117
*153*
177g
6%'
106
Highest
t per share % per share
Jan 24
Feb 26
Florence Stove Co
I
2\\ Jan
19% Mar 25
43% Jan 18
104
Flintkote Co (The)
400
a70
119
1534
105
% per share
1,000
200
Lowest
Highest
$ per share
8,500
9,100
71
*116
1534
1734
.*103
6% preferred series A—100
First National Stores.—No par
6
104
135
10%
23%
900
700
12
71;
*21
2%
334
18
Firestone Tire A Rubber—10
1,900
4834
4884
2%
2%
4
100-Shart Lots
Lowest
Par
105
2%
378
105
11
11
*48
7%
7%
13534
10%
18
*10%
51%
2%
35
2%
4
16
18%
3%
1434
18%
11%
*101
5134
*135
1434
18
4834
7%l
104
*14
*48
11*4
4834'
*101
3%
3%
5%
34
34%
Shares
On Basis of
Week
$ per share
^
76
2%
11
*1118
25%
*17%
5
*48
*25
-
32
*107
75
2*8
2%
18*4
♦71
*72
2i8
2034
37
75
18
18i8
20%
37
25I4
*2%
32
*107
...
1818
*25
214
32
*31
32
20%,
3 684
2%- 2%
*31%
32
*107%
18%
18%
18%
2U
23s
••
25
25
-
*214
*31
20%
36%
37
Friday
Apr. 5
*20% 20%
20%
20%
105% 10534
1053* 105%
45
45
44%
45
21
2034
21%
21%
37
37
3634
37
25%
25%
*25% 2534
234_, 234
234 1: 234
32% 32%
32% 32%
107% 10734 *106
107%
1834
19%
I884
19%
*75
*70
7978
797g
*5
5%
5%
5%
*30
*30
1 34
33%
35
3534
34% 347*
Range for Previous
Year 1939
EXCHANGE
$ per share
20%
20%
STOCKS
NEW YORK STOCK
the
CENT
Apr. 4
105% 105% *105% 105%
*44%
44%
4434
4434
4414
20%
NOT PER
Thursday
$ per share
20%
20%
♦19%
1978'
1978
20%
*105% 10512 *10514 10512
Wednesday i
Apr. 3
I
<
$ per share |
$ per share I $ per share
SHARE,
Sales
for
LOW AND
April 6, 1940
363g
127% Mar 23
56% Mar
Apr
112
Sept
28
Apr
July
12834 Dec
5634
Oct
126% June
38
Feb
—
6%
6%
6%
6%
6%
9%
*9
9
9
878
109% 10978 *108%
*84
*34
78
17
1678
16%
*108% 109%
*78
1
16%
1634
*93
95
95
95
34
»!«
*1634
17
84
1634
1634
*1634
*29%
30
2934
30
30
1434
1434
14%
28%
23%
2834
28%
1434
28%
2378
23%
14%
28%
23%
34
13
13
95
2378
13
1234
12%
*16
18
*16
18
*16
*98
100
*98
1CK)
100
20%
6%
20%
20%
6%
50
50
6%
50%
7%
57%
17%
7%
1734
*3%
*2%
234
*82
29%
23%
23%
23%
13
13
13
*15%
17
*1534
13
17%
100
20%
734
5734
7%
5734
17%
44%
3%
17%
*4234
*3%
234
6%
50%
66
58%
7%
57%
1778
18
*13%
1384
*9%
14%
34%
1478
*13%
*9%
*1334
34%
*24%
13%
2412
27%
*80
84
48
"16
24%
95
3%
*45%
%
3%
51
%
%
*13%
15
15
15
15%
34%
34-%
3434
35
35%
2434
13%
2434
*24—
2434
24%
24%
14
14
14%
24%
2434
*27%
2734
27%
13734 13734 *135% 138
24% 2434
27% 27%
13734 13734
24%
26
27%
27%
137% 137%
*40
54
*40
*40
35
2434
—
13%
54
34%
*40
3478
1578
34%
35
8
9%
1334
34%
1578
16
16
*1184
1178
1134
16%
1178
*1134
2%
2%
26%
334
2%
2%
*2%
*20
*20
24
16
*3%
*15%
16
34
36
*32%
*35%
34
*35%
36
*3%
*15%
*32%
35%
18
18
1778
18
1734
*16%
8
8%
1334
13%
9%
*9%
54
82
20%
68%
24%
95%
3%
47%
68
23
95
9%
1478
13
78
13%
9%
3%
24
140
*137
140
~
8%
8%
*99% 101
37«
8%
4%
*136
oa"
8%
101
101
37g
100
164
18%
164
18
96% 96%
96%
96%
*13234 133
*13234 133
65
65
65
65
*114% 115% *114% 115%
18
18
*16%
*16%
34%
34%
3478
3478
7
6%
6%
*6%
13
*12*4
13
13%
no
110
54%
*35
.
*108
5434
54
*40
177g
5434
35%
♦
-
534
*5%
800
36
36
1,400
2,8(H)
*24%—2434
14%
14%
26% 27%
27% 277g
137% 137%
*40
—
100
8,700
28,200
1,200
90
54
17%
35%
1678
35%
17
17
1178
117g
U7g
37,200
1,300
2%
2%
2%
2%
2%
*23%
*3%
2%
1,000
2%
24
*22
334
25
*3%
35%
*23
*32%
35%
34
35%
18
18%
33%
*35%
18%
33%
35%
18
37g
17%
*33
16%
25
334
*16%
334
16
16%
147
i*136
8%'
100
8%
*100
164
*163
177g
18%
97™
133
6 534
36
66
I 114% 114%
*16%
18
347S
*3434
3534
7
13
*108
55
35%
14%
55%
35%
14%
534
on
4
13%
....
56
_
17%
33
33
500
*35%
18%
18
*17
105
105
105
100
1047g
104
104
60
36
18%
17%
11434 11434 *112% 114%
18
16% 165g
35
35%, 35%
35%
7%
7%
7%
7%
13
13%
13% 13%
538
this day,
*108
55%
*35
1434
69%
5%
5534
35%
15%
69%
6
*35
1434
6
21%
21%
6%
6
34
12
23%
4034
534
13i»
12%
23%
42
534
21%
6
%
.
12
2334
t In receivership,
200
2,500
Gen Railway
500
7,400
100
5%
130
600
400
100
900
1,000
1,000
2,700
15
9,600
300
300
100
6,000
1,300
2,700
1,100
6,000
5,600
4,800
9,200
a
24
1,000
310
5%
100
1
preferred
No par
General Refractories—No par
General Shoe Corp
1
Gen Steel Cast $6 pref. .No par
General Telephone Corp
20
Gen Theatre Eq Corp.-No par
Gen Time Instru Corp. No par
preferred
100
General Tire & Rubber Co._.5
Gillette Safety Razor..No par
$5 conv preferred
No par
Glmbel Brothers
No par
$6 preferred
...No par
GUdden Co (The)
No par
6%
434 % conv
Gobel (Adolf)
50
1
preferred
-1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)
No par
5% preferred
—No par
Goodyear Tire & Rubb.No par
$5 conv preferred
No par
Gotham Silk Hose
No par
Preferred
:
100
Graham-Paige Motors
1
Granby Consol M S & P
5
Grand Union w dlv ctfs.No par
Without dlv ctfs
No par
Granite City Steel—No par
Grant (W T) Co.—
10
5% preferred
20
Gt Nor Iron Ore Prop..No par
Great Northern pref—No par
Great Western Sugar..No par
Preferred
100
Green Bay & West RR
100
Green (H L) Co lnc
1
Greyhound Corp (The)-No par
634% preferred
10
Goebel Brewing Co
8%
100
Def. delivery,
1978 Jan
2
1178 Jan 16
I.534 Feb
2
Feb
9
98
18% Mar 18
6% Jan 3
47% Jan
100
100
25
Water
7% preferred class A
25
Co
10
Hamilton Watch Co.—No par
Hall Printing
of Amer class A
W)
2434 Mar
13% Jan
7
4
18% Feb 27
101% Apr 3
23% Jan 4
634 Mar 6
51% Mar 14
9
1
Feb
Mar
Jan
Mar
66% Mar
24% Jan
44% Mar 26
378Mar25
34
May
47
2% Jan 29
2% Jan 22
80% Feb 28
16% Jan 15
63% Jan 15
21% Jan 15
91% Jan 23
3
Mar 23
47% Mar 30
34 Jan 2
7% Feb 5
13% Mar 16
234 Feb
2
70
Jan
13%
Apr
Apr
10
Jan
3
6
16% Apr
4
3134 Jan
23% Jap
12% Jan
22% Mar
26
18
30
16
33
4
Mar 18
27
13334 Jan 15
50
Mar 21
3034 Jan 12
1578Mar 21
4
11% Jan
Mar 19
Feb 13
3% Jan 27
15
Feb
7
3034
Jan
384 Mar
278
4
8
Apr
24% Feb 21
18% Jan 8
2734 Jan 3
Mar
Jan
Apr
8
69% Mar 7
247g Apr 4
97% Feb 21
4% Feb 8
71% Jan 9
1% Jan 30
834 Feb 24
1478 Jan 4
Jan
178
Jan
88
1378
2%
2034 Apr
Feb
9% Mar
13
53
21%
Apr
Nov
87
278 June
67
Dec
% Aug
4%
Apr
14% Dec
934
10
Dec
Apr
86
Jan
Nov
2434 Jan
74% Mar
38% Jan
10934 Jan
5% Sept
80
1%
1078
15%
10%
22%
Mar
Nov
Sept
Dec
Dec
Sept
2434
2278
Jan
35
Jan
25
Aug
12%
Apr
Sept
16%
Apr
June
Aug
35% Apr
1734 Jan
5
4
24%
14%
Apr
12
3
10
Apr
22%
3334
37%
141%
53%
35%
2134
12%
Apr
6
Sept
36
Sept
29% Jan
142
55
Feb
2
6
Jan 29
JaD
234 Feb 23
28% Feb 23
23% Aug
129% Sept
42
9
May
Jan
Apr
Sept
Sept
July
Dec
July
Mar
Jan
4
3
Apr
634 Sept
17% Jan
2
11
Apr
22% Sept
May
32% May
4
5
34
Feb 29
29
34% Jan 17
17% Jan 15
37
Jan
Feb 21
17
9
32
Jan
38
20% Feb 19
8
Apr
1834 Dec
8
15
Apr
18
Oct
106% Jan 12
99
Oct
96
Apr
May
105
105% Mar 30
28% Jan 4
17
Apr
123
16
Jan
3
Jan
7%
3
3
Mar 23
107
Jan
Feb 14
9% Apr 5
103% Apr 5
4%.Apr 4
113% Jan 29
11% Mar 28
978 Jan 10
107% Mar 1
110
Jan 12
166
155
Feb
14
100
131
61
Cash sale,
Jan
Nov
Sept
No par
-
Oct
14
91
No par
Co...10
Holland Furnace (Del)
10
Hollander & Sons (A)..
5
Holly Sugar Corp
No par
7% preferred..
100
Homestake Mining
12.50
Houdallle-Hershey cl A-No par
Class B
No par
Household Finance
No par
5% preferred
100
Houston Oil of Texas v t C..25
Howe Sound Co.
—5
Hudson & Manhattan
100
5% preferred
100
Hud Bay Min & Sm LtdNo par
Hudson Motor Car
No par
Hupp Motor Car Corp
1
Illinois Central RR Co
100
6% preferred series A...100
Leased lines 4%
100
RR Sec ctfs series A... 1000
Jan
Sept
Nov
4
6% cum preferred
Hershey Chocolate
$4 conv preferred
Jan
2
Hercules Powder
Hlnde & Dauch Paper
Jan
19*4 Jan
No par
No par
Motors
r
4
Jan
Apr
58% Apr
25
1
25
100
Corp
Hecker Products
New stock,
30% Apr
Sept
Jan 13
100
2
Hayes Mfg Corp
Hazel-Atlas Glass Co
n
15% Jan 11
100
preferred
634 % preferred
Hercules
99% Feb 21
lht Apr
2
18% Apr 5
3334 Jan 4
Jan
Jan
Nov
16% Mar 16
38% Jan 2
47%
preferred
Helme (G
1% Jan 11
19% Jan
"
3% Sept —678
7
Mar
1078
Apr
111%
34 June
1*4
28
12% Sept
85% Aug
92%
1%
% June
14
Sept
20%
41
19% Apr
12% Aug
15ia
16
Apr
4334
15
Apr
20%
8% Sept
15%
18
10% Aug
97% Nov
99%
27%
15% Apr
534 Apr
8%
54
43% Oct
105
Jan
6% Aug
43
Sept
Hanna (M
Hat Corp
Jan 10
3
100 104% Jan 25
Feb 14
A) Co $5 pf. No par xlOl
23% Mar 18
Harbison-Walk Refrac. No par
6%
678Mar
10
110
Jan
Mar 20
20
preferred
3
7
2
preferred
Hackensack
Jan 15
24
No par
Gulf Mobile & Northern...
6%
109% Jan
34 Feb
15% Mar
86% Jan
% Feb 5
16% Mar 19
27% Mar 19
14% Jan 13
100
Guantanamo Sugar
Preferred
4,300
3,300
55%
35%
6
21%
6%
13i«
12%
No par
No par
$6
130
34,800
Slgpal
6% preferred
Gen Realty & Utilities
6%
"5", 700
44
*41
534
4,600
10
55%
*69% 70
110
110
*107% 112%
6%
6%
6%
6%
47%
48%
48% 48%
1%
1%
1%
1%
.
60
19
*108
Gen Public Service
20
200
No par
$6 preferred
300
*16%
7
678
*13
25
17%
26
26
2634
147
*134% 147
*134% 147
8%
8%
9
834
9%
101
101
101%
103% 103%
4
4%
4%
4%
4%
109
112% 111% 111%
10934
11%
11%
11%
11%
11%
110
*108% 110
*108% 109%
164
*16334 164
*16334 164
18
18%
1834
17%
1778
97%
97%
99%
98% 99
133
133
133%
13234 13234
66%
66%
66%
*66% 667s
18
Bid and asked prices; no sales
9%
16%
9%
*11%
•
*5%
300
1334
16%*
1134
35
*
534
110
19,300
4,200
17%
35%
14%
14%
14%
14%
147g
69
*6734
68%
*68
68%
69
69
69
*110% 113% *110
115
113% *110
*110
112%
5%
5%
5%
5%
5%
57g
578
6%
47%
47%
47%
47%
*47% 48
47%
47%
*1
1%
*1%
1%
1%
1%
1%
1%
*4%
5%
*4%
5%
5%
6
534
534
20%
20
20%
19%
19«4 20%
203g
21%
6
6
6
534
5%
534
534
6
78
%
*4
1316
34
34
34
11%
11%
11
11%
11%
11
12
11%
*21
22
22
21'%
*21% 22%
2234. 2234
40*4
41
40*4
40*4
41
40%
41
40%
*5%
8%
1134
11434 115
5434
51
1634
97
35%
800
12
133
3478
*6%
1234
500
95%
3%
16%
97
*16%
2434
"4" 200
133
*65
50
13,900
1,500
15,300
35%
*108
54%
35%
35%
14%
*163
1834
16,
2034
687s
3478
4%
*163
18%
48
2,800
34%
378
4
378
*112
112
113%
113% *109% 113
*10934
11
11%
11%
11
11%
11%
11%
*107% 111
*107% 111
108% 108% *108%
*163
*67%
24%
95%
*3%
*47%
%
8%
13%
96%
3%
13%
9%
9%
157g
16%
36
35%
*24%
2434
1434
14%
26%
27%
27%
27%
*135% 137%
17
*16%
17
17
16%
16%
*17
*105% 106% *105% 106% 105% 105% 105% 105%
105
105% 105% *104
105% *104
105%,*104
105 ,*104
25%
26
25% 25%
2534
257g| 25% 26%! 26
*136
6834
247g
18%
82
20
*13
54
*80
2034
8%
17
*3%
*15%
*32%
1,500
7,200
8%
1334
9%
57%
234
68
48
8%
57
234
3%
48
7,700
234
*3%
,5i«
8%
234
3%
1
8
234
23%
9434
8%
1,700
~T,7()6
227g
47%
4,200
10,200
3%
9434
%
8%
51
20
44%
9484
3%
300
18%
*4234
3%
20
3%
207g
6%
51
8%
58
2,700
1,300
1,920
1,600
2,300
105
20%
6%
6
51
1,500
18%
44%
3%
82
23%
21%
4,600
18%
*4234
3%
19%
66%
17
*98
40
44%
3%
*4234
82
*94
1234
17
400
2,900
2%
3%
19%
67%
23%
66
13%
30%
23%
13
17%
Common
30
3%
44%(
82
9434
2934
*23
105
734
57%
58
1734
1878
47%
*24
6%
30%
23%
51
734
82
23%
*3
2034
634
19%
2278
*93%
*98
51%
83
1878
29%
23%
101% 101%
20% 21%
6%
5078
734
50%
*42
44%
334
9
28%
234
5678
*42
20%
6%
50%
6%
6%
28%
3%
784
6678
1734
20%
6%
87g
2
87% Jan 10
Jan
5
Jan 15
112% Jan 16
Jan
8
Mar 20
1834 Apr
1
99% Apr 4
133% Jan 30
66% Apr
115% Jan
1834 Jan
Sept
Feb
144
Jan
92
2
Apr
93
Apr
8% Apr
100
Sept
148
Oct
10
Apr
63
Apr
128% Apr
Jan
51
Jan
27
Jan 11
3
19% Apr 1
5% Jan 19
4
Mar 30
Apr 4
Jan 29
Jan 10
Jan 3
50% Feb 21
1% Feb 20
7% Feb 20
27
Jan
5
834
60%
102
Apr
Apr
110
17%
73% July
110*4 Aug
Apr
% Dec
27„ Sept
2134 Sept
9% Sept
57
1*4
Sept
Jan
5%
Jan
35*4 Sept
Jan
2
13% Jan
3
9
Aug
20*4
Mar 15
24% Jan
21
5
Mar
x Ex-dlv.
y
5
Jan
Oct
34 Feb 9
934 Mar 18
38% Jan 2-5
Oct
66% May
36% Mar
Sept
4% Sept
40
Aug
11% Mar
21% Sept
4% July
34 Aug
6% Feb 17
1
Mar
July
35% Mar 11
5% Mar
Sept
19
60% Jan 12
47% Mar 29
«4 Jan 3
Nov
9
Mar 11
15%
70%
111%
678
June
18%
101%
135%
65%
115
Mar 28
6
8
Mar
167
Sept
52
Marl6
12% Dec
13% May
117
100
33% Jan 30
11% Feb 2
67
Oct
Nov
434 Nov
Jan
108
10878 Mar
May
54
35% Apr 4
778 Mar 4
15% Feb 23
110
10%
3
1434 Apr
29% Sept
5% Nov
8% Aug
95
May
4734 Sept
5
30% Mar 2
5% Jan 18
12% Feb 1
16% Apr
103% Nov
33% Sept
71
478
Nov
878
Jan
2%
Jan
Jan
3
16%
Apr
35
Jan
Apr
4
38% Sept
49
Mar
6% Jan
3
434 Sept
42
Ex-rlghte.
11%
f Called for redemption.
Jan
Volume
LOW
AND
New York Stock
ISO
SHARE,
SALE PRICES—PER
NOT PER
Record—Continued—Page 6
CENT
HIGH
Mar. 30
Monday
Apr. 1
Tuesday
Apr. 2
9 per share
$ per share
$ per share
734
*27
-
87«
27%
9%
2634
9%
26%
984
2678
9%
26%
113
113
113
113
113
113
*154
158
*154
158
*154
158
86*2
86%
87
87%
14
14%
1334
6I4
6%
314
*2%
33a
3
3%
6%
35s
35s
6%
384
45
112
*4
134
*2%
3%
44%
*44
103s
134
*4
978
178
33%
34
*32%
177
1773417734 *172
58
583s
*15812 160
4
3
4434
*111% 112
*4
4-%
4%
10%
9%
10
178
1%
1%
35
34% *33
111% 112
438
10%
4 >8
934
10%
*6%
6%
Wednesday,
Apr. 3
834
175
175
Shares
8%
9
27%
27
113
89
1334
6%
14%
6%
3%
*154
158
88
334
44%
4%
4%
10
10%
184
134
34
33% 34%
175% 179%
34%
176
8934
14%
14%
6%
6%
3%
384
*2%
3
44% 45%
*111% 112%
434
434
1034
11%
134
1%
3
*212
44
834
2734
11334
158
89%
111% 111%
176
8%
8%
27%
114
*154
6%
158
89%
14%
6%
3%
*2%
45%
111%
*4%
10%
90
14%
6%
334
3
4 531
112%
484
10%
2%
*638
6%
6%
6%
63s
6%
34
4
K
4
*4%
4%
*98% 102%
4
37«
*98% 102%
3%
4
83
93
8
8
*2758
*12512
2818
878
*80%
*734
4%
4%
878
8%
27%
*125%
4%
15
15
5178
6912 70
*12634 127U
5934 60
*1478
*12014
*634
*17l2
*1158
*90
15%
69
*125%
15
127
127
60
60%
60%
15
153s
153s
153s
6%
18»4
*17%
1834
12«4
*12
13%
*92
100
*92
100
...
5%
*5
32%
3184
5%
3134
2278
*111
114%
3%
3%
22%
22%
3134
*22%
100
*92
15%
*120%
7%
7%
15%
12%
16
....
*92
*3
678
27%
49%
*634
*4258
43%
43%
21,600
*108
109
10834 109
*173% 175
22%
*25%
*40%
12%
18%
345s
3534
108
22%
26%
40%
12%
18%
35%
3578
108
13%
109
50
6%
40%
22%
25%
40%
12%
18
18
345g
3534
36%
*108
£28
49%
7
110
no
110
Preferred
11,900
200
170
800
2,000
7%
43%
35%
109
*108% 109
37% 38%
43% 4334
3
3%
3%
17%
17%
17%
*108% 109
80
30
7%
1,700
19U
100
1234
300
99
""306
28
1,400
5034
51%
4,000
7%
1,700
43%
108% 10834
109
109%
800
109
109
36%
44
*107
....
245s
150
2434
150
*18%
57%
*33%
*134
19
57%
34
140
25%
25%
28%
28%
12%
*12
357S
3578
*107
24%
150
*1834
*107
19
57
34
34
*134
34
140
*135
28
28
28
28%
28%
26^2
28%
12%
36
3%
12%
12%
12%
35%
•
12%
35%
3%
7
*6%
634
3134
*30%
31
*30%
16%
3134
31%
16%
16%
*14%
15%
*12
3534
31
16%
16%
*16%
16%
15%
16%
*14%
3
16%
16%
16%
15%
1%
1%
1
1
5
5
5
7%
13%
43%
12%
36%
14
44%
13
36%
16%
12%
3678
3678
30
30
*166%
...
52
52
*3%
384
30
*28%
*103
15
108
15%
30
*166%
52
384
*29
30
108
684
*30%
*30%
1%
5
*36
37
30
30
52%
*334
*30
*105
15%
15%
52%
4
30
52%
3%
32
30
*105
15%
27
28%
*30%
29%
12%
36%
3%
7
3134
31%
16%
16%
14%
16%
16%
15
*12
*30%
16%
16%
3134
31%
16%
16%
15
15
*30%
5
*36
200
37
3034
71i
4434
14%
46%
12%
12%
14%
*36
3634
30%
*168
52%
4.
30%
108
1584
1%
5%
7%
52%
4
31
....
• :
5234
4%
*30%
1%
5%
714
I"
ll'i
17
*109
110
"6,300
5,800
Kansas
City Southern. No
par
""""96
2,600
15,500
300
900
6,100
1,640
300
53
"2,000
4
1,300
*109
X In receivership,
1534
17%
400
120
2,400
7,300
110
a
Def. delivery,
171
7
6% Jan 22
97
Feb 23
96
par
10
-
12% Mar 26
9
1034 Jan 31
5%
preferred......
100
(The)
No par
Lambert Co
Lane Bryant..
....No par
Jan
3% Feb 29
Feb 27
28% Jan 19
7% Mar 14
14
Mar 12
15% Feb
434 Feb
.
...5
31%Mar 25
Lehigh Portland Cement
25
4% conv preferred.
100
XLehigh Valley RR
.—50
Lehigh Valley Coal ....No par
6% conv preferred
60
Lehman Corp (The)
Lehn & Fink Prod Corp
5
Lerner Stores Corp
No par
Libbey Owens Ford Gl.No par
Libby McNeil & Libby
7
Life Savers Corp
5
Liggett <fc Myers Tobacco-.25
21% Feb 21
Lee Rubber & Tire
10984 Jan 31
3
Feb 20
% Feb 20
106
Feb 26
171
Mar 21
19
Jan
4
Lima Locomotive Wks.No par
Link Belt Co
.No par,
24% Mar
36% Jan
1134 Jan
15% Jan
2738Mar
3384 Jan
18
18
2
2
18
15
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
..1
Loews
No par
Inc...
J6.60 preferred.....No par
1
Loft Inc
-
..100
10
preferred
Lorillard (P) Co
100
7% preferred
Louisville Gas & El A..No par
preferred.
100
Mack Trucks Inc
No par
Macy (R
h!) Co
Inc
No par
Garden...No par
Mandel Bros..
...10
—.1
No par
f Manhattan Ry 7% guar. 100
Ctfs of deposit......
Modified 5% guar
.100
Ctfs o f deposit.
Manhattan Shirt
25
Maracalbo Oil Exploration
.
Marine Midland Corp..
..5
Market St Ry 6% pr pref.lQO
Marshall Field & Co ...No par
Martin (Glenn L) Co
Martin-Parry Corp
1
No par
.No par
Masonite Corp
Matbieson Alkali Wks.No par
preferred
......100
May Department Stores...10
Maytag Co.....
No par
$3 preferred........No par
$6 1st cum pref
No par
McCall Corp
No par
McCrory Stores Corp
1
6% conv preferred
100
n
New stock,
r Cash sale,
106
Jan
3
18% Jan 2
42% Mar 11
2% Mar 27
16% Jan 30
106
Mar
7
2384 Jan
149% Mar
16% Feb
55% Jan
33% Feb
15
20
10
16
24
133
Jan 12
27
Jan
3
28
Jan
5
14% Jan 2
14% Jan 3
14% Feb 16
Mar 20
434 jan 13
3% Jan 31
13
Jan 31
35% Jan 15
734 Jan 15
34% Mar 5
25% Mar 14
161% Jan 6
Mar 18
3% Jan 22
2
Jan 11
14% Jan 13
98
147s Jan 31
108
Feb
x Ex-dlv.
5584
jan
138
May
1484 jan
5788 Dec
38
May
60% June
Sept
4084 Sept
33
Oct
107
Deo
37b Sept
4
478 Jan
10% Jan
86
17
52
6
Sept
77« Aug
76
Jan
Sept
7% Nov
18
Apr
119% Sept
Oct
Jan
133
June
83
Sept
Mar
122
Apr
35
Apr
Apr
Maris
13
Apr
117% Jan
5% Apr
7% Apr
11
Jan
15% Jan
8%
Feb 23
90
Apr
Apr
Sept
12% Apr
15% Jan
Mar 29
85
1478 Apr
Apr
7% Apr
5
Aug
A pr
79
June
3878 Jan
14% Feb
28
Apr
834
20
Apr
Apr
Apr
Apr
Apr
8
Apr
39% Apr
284 Jan 24
is4
31
Jan 24
1278
26
Feb 16
20
4
Feb 26
334 Dec
2334 Sept
20% Apr
7
Apr
12% Sept
29% Jan
Apr
9% Jan
1834 Jan
1638 Jan 11
-
12
Jan
29
Jan 11
Dec
4
Sept
30% Oct
20% Aug
6% Jan
2984 July
29% Oct
13% Jan
23% Jan
18% Mar
Mar
118
Mar
Apr
sept
Apr
Apr
Jan 12
_
152
sept
15
4
3
Apr
Mar
3284 Dec
54% Jan
30% Sept
6
2
3
Mar
Aug
16% Sept
I884 Jan 11
105
5
2
Jan
19% Apr
138
7
4
Jan
109% July
2is4 July
62
Jan
6% Sept
22% Mar
110
24%
June
Feb
Sept
159% June
1584 jan
36% Apr
Jan 25
Jan
Nov
2984 Dec
38% Sept
35
May
19
4()78 sept
19
101% Sept
60
180
18% Sept
Aug
4
21% Jan
Sept
13% June
2
2
Jan
10
43% Aug
10812 Aug
10984 Aug
47
Apr
Feb
3% Sept
834 Sept
2784 Jan
I35g Nov
3284 Mar
5684 Mar
10
Apr 1
Mar 6
Mar 27
Apr 5
Mar 15
25% Apr
6% Sept
2034 Aug
31% Apr
39% Apr
46% Jan
159
38
Dec
Apr
23
Apr
36% Apr
4% Apr
33
Sept
95
Sept
95% Sept
7% Feb 13
43% Apr
109
Sept
4612 Sept
1678 Sept
5% July
37% Oct
9%
53% Jan
Jan
99
26
1%
Feb 19
4
Jan
I684 Nov
9978 jan
18
July
100% Dec
14% Mar
10% Mar
Jan
20
14
109
jan
Sept
Apr
2% Sept
% May
138 Jan
Apr
29% Jan
24
Jan
112
Jan
4
11%
17
3% Apr
3534 Jan
23% Jan 10
115
Jan
19%
12134
25
6% Apr
40%
13%
18%
3878
37%
Mar
105
68
IO884
109%
17834
23%
Jan
3284 sept
125
59
16
33
jan
1084
18
130
97
Feb
June
Sept
Sept
Aug
104
978
1434
87
Jan
13
Jan
77% Jan
20
9%
Mar 27
20% Mar
67
Sept
3
28
Apr
35
Aug
135% Mar 11
124
Feb
135
Nov
18
Aug
3384
Oct
25% Sept
11% Sept
25% Apr
43%
19%
Feb
38
Feb
Jan
Sept
Jan
33% Jan 19
234 Feb
6
6% Feb 28
26
10
84
2834 Jan
30% Jan
50
8%
17% Sept
Apr
2334 Mar 16
,27% Jan 15
1134 Jan 9
1
Oct
19
438 jan
100
Lion Oil Refining Co...No par
41
195% Mar
71% Sept
16634 Aug
6%
Jan
31% May
2434 Apr
—.25
Series B
57b Sept
1678 sept
378 Oct
Jan
Jan 16
12% Jan 12
2684 Jan 18
48% Jan 15
6% Jan 12
41% Feb 14
10584 Jan 15
Lily Tulip Cup Corp..No par
Preferred..
3% Dec
46% Oct
109% Dec
29
2% Feb 19
21
—
25% Aug
3% Jan
39% Jan
5% Jan 24
56% Feb
36% Mar
36% Jan
102
"
2% Jan 15
25% Jan 15
24% Jan 16
25
Dec
Sept
Aug
6%
Mar 13
5% Feb
Apr
35
Jan 11
143s Jan
60% Feb
Mar 18
Jan
Apr
123
3878 Jan
133
sept
2% Aug
5%
28
Keith-Albee-Orpheum pf-.lOO
Kelsey Hayes Wh'l conv cl A.l
par
334
Jan
127
5% conv pref erred...... 100
Kayser (J) & Co
6
Kimberly-Clark..
No
Kinney (O R) Co
$5 prior preferred ...No
Kresge (SS) Co
5
11% Feb 17
Jan 13
12
1
142
Jan 23
5% Jan
Apr
Sept
457$ Sept
4
2434 Jan 18
1
Class B
Jan
8% Jan
Jan
8
Feb
•28
Mar
Magma Copper..
Manati Sugar Co..
700
4
30%
838Mar30
82% Feb
17
Kaufmann Dept Stores
Apr
Apr
102% Apr
434 jan
100
4% preferred
800
2,700
16
145
28
25% Feb
97% Jan
334 Feb
384 Feb
8
284 Dec
17% Apr
90
3
38
6284 Jan
121
Madison Sq
53
105
.
8
Jan
Mar 28
191% Mar 12
8
7%
1534
17%
Sept
57a Dec
9% Mar
1% Apr
Feb
300
4,100
30
21
284 sept
2%
7% Aug
120
6%
3634
3034
103
16
17%
Apr
4% Apr
5
Kan City P & L pf ser B No "par
MacAndrews & Forbes-.... 10
9,400
42,600
16,000
31
98>4 Sept
4
7
Louisville & Nashville....100
12%
106
9%
Sept
Aug
Apr
6
Mar
600
4614
*29
167
67
Jan
13
1,200
2,800
12%
3634
*105
1534
360
45
30%
*168
131
12% Jan
2% Apr
101
5%
12", 000
140
26%
3134
31%
Bid and asked price ; no sales on this day.
26%- 27%
28% 29%
*12
12%
36% 37
*135
*6%
16%
1634
1634
1 634
16%
17
1634
I684
*109
110
*109
110
*109
110
*109
110
•
140
*1%
108
15%
*135
33%
36%
3%
*168
*166%
100
Long Bell Lumber A...No par
Loose-Wiles Biscuit
25
1%
12%
Preferred
900
5%
1284
|
38% 120,800
44341
33%
34% Mar 25
31%Mar
14% Feb 26
45% Mar 5
68% Apr 2
123% Jan 19
55% Jan 16
800
34
2
1
(WB) Co
Jewel Tea Co. Inc. new.No par
Johns-Manville...
No par
3%|
34
Jan
123
17%
1734
17341
*107%
*107%
24% 24%
24% 2434
15334 15384
152% 153
19%
19%
19%
19%
69
5914
57% 59
3%
3% Mar 19
1
Lone Star Cement Corp No par
5
12%
110
36%
44%
3%
7
7%
14%
44%
1234
1
preferred...
3,500
*1%
7%
17%
3%
16%
15%
13%
44%
600
1,200
13
1,100
17%
38% 1.50,200
37%' 15,800
37%
37%
*3
16%
8
13%
300
1,500
2,800
41
12%
*6%
16%
45%
2,500
23%
28%
*40
*109
500
175
2734
3%
634
36%
16%,
*14%
7%
1384
52
384
3%
44
30
*105
*15%
1
5
8
...
*35
1
5
12
140
25%
3
14
*135
34
25%
*6%
*30%
4434
140
*33%
25%
3
8
34
3734
4434
3%
17%
43%
....
25%
684
3134
137g
44%
*107
25%
3
*14%
....
24% 24%
24%
25%
*151% 152%
149% 150
19
19%
18%
18%
57
57%
56%
5634
24r>8
150
57
684
*30%
*3058
31
3
*17%
200
28
39%
3%
2,100
1,400
5034
43%
175S
600
28
3734
Island Creek Coal
Laclede Gas Lt Co St Louis 100
10
50%
7%
43%
No par
90
1,900
28
3834
Intertype Corp
1,300
9,100
600
43%
—100
Kresge Dept Stores..
..1
Kress (S H) & Co
No par
Kroger Grocery & Bak .No par
13%
23
Jan 22
90
200
»16
175
Mar 27
1034Mar 18
34% Mar 18
13%Mar 2
35
Jan 16
5,600
3%
7
32
131
Kennecott Copper
No par
Keystone Steel & W Co.No par
500
110
3%
12
20
Kendall Co $6 pt pf A ..No par
300
32%
23
»16
5
180
3%
24%
37%
3
32%
22%
1
2
6% Mar 16
...
Inter Telep
Jar vis
19
32,300
3,000
1,500
6%
6%
110
14,500
7,900
13%
43%
*1738
600
24
43
3
"""466
18
8% Jan 15
50
Preferred
3%
38%
175s
200
3,900
2434
13%
37%
*234
7% preferred
100
Teleg
No par
Foreign share ctfs...No par
Interstate Dept Stores.No par
3%
43
*17%
100
11,600
1,400
....
3%
7%
No par
International Sliver....
24%
13%
-
International Shoe
Kalamazoo Stove & Furn
1
3%
24
13%
28%
5034
No par
3
5
51
Jones & Laughlin St'l pref. 100
1234
9% Sept
Jan
29%
Apr
147% May
4
47% Mar 20
Mar 19
5034 Jan 18
preferred
International Salt
—
113
100
5%
1,800
7%
Highest
share $ per share
86
4
Mar 26
Jan
Jan
per
433 Apr
1634 Apr
3
Jan
147g Feb 21
6% Feb 14
6% Feb 28
3
Jan
100
*
5% conv pref
Internat Rys of Cent Am
3,700
3%
1
...100
15
400
3,200
2,400
1,000
8,500
3%
33s
43% 43%
43% *4314
*108
10834 10834 *108
10884
108%
108% 108%
10834 109%
10834 10834
*174
176% 175% 175%
♦1733s 176
23
23
22% 23%
22% 23%
25
25%
25%
26%
2634 27%
40
40
39% 40%
*39%
41
13
12%
1234
1234
1234
13%
18
*18
18%
18%
17%
18
34
35
343i
35% 38%
35%
36%
37%
37%
37%
36%
37
175
*12
7
110
43%
109
*173
25%
33%
22%
3%
23%
13%
2734
108% 108%
22%
32%
3
133s
28
50%
6
22%
%
23%
6
534
22%
1
23
Inter Paper & Power Co
16
*92
32%
3%
*13%
Int Nickel of Canada..No par
22",900
Jan 15
8% Mar
1% Jan
32% Feb
175
Apr
63% Mar
167% Mar
3% Mar
1
Mining Corp
66
*15%
*120%
*18
32
3
3
43%
2334
Internat'l
£66
7%
1834
1234
22%
*%
678
49
24
13%
2734
49%
5%
100
Int. Hydro-Elec Sys class A.25
Int Mercantile Marine.No par
7,300
99
1834
1234
1834
100
111
%
Preferred
5,400
8,700
71%
12634 12634
15%
3
3%
3%
23%
13%
27%
50
6%
3%
.
2312
*13%
27%
5%
32%
22%
Int. Business Machines.No par
lnternat'1 Harvester...No par
$6
49%
71%
*110
111
*3
78
78
3
111
*5%
32%
22%
Internat Agricultural..No par
Prior preferred.......-.100
"4",600
15
51-
15%
4
......
15%
49%
14%
15%
15%
49% 50%
69
70
70% 71%
*12634 127
12634 127
61
• 64%
64%
68
108
Intercont'l Rubber....No par
Interlace Iron
.No par
1,600
2,100
6,400
900
40
100
6% preferred
5,600
6%
34%
284 Jan 15
-
Interchemical Corp....No par
300
*1214
1284
*12%
13
1234
1234
*12%
13
*12%
1234
12%
13
*102
110
*102
110
*102
110
*102
110
*10212 115
*100% 115
123s
12%
12%
12%
1234
1334
14%
14%
14%
14%
1434
133s
684
6%
678
*678
7
7%
7%
7%
7%
8
7%
7%
102
102
102
102
102
100l2 100l2 100% 100% 100% 100% 101
36
363s
3534 36%
355s 36%
3534
36
3634 38%
37%
37%
14%
13%
13%
13%
135s
1334
14
14%
133s
133s
14%
14%
38
38
38
38
39
39
39
3914
38%
38%
38% 38»4
*2%
2%
2%
2%
*2%
*2%
2%
2%
2%
*2%
23s
*29
2934 2984
2934
2934
2934 *29
2934 *29
2934
2934 30
255s 255s
25%
255g
25% 25%
25% 25%
25%
2534
25% 25%
334
~
*384
4
*3%
*3%
3%
3%
3%
3%
*334
4%
28
28
28
28
*275s 28
*2758
2778
27% 28
27%
27%
32
3134
3134
32
3184
32
32%
33
3178
31%
32%
32%
884
*8%
878
8%
8%
8%
*7%
8%
*7%
8%
8%
8%
♦16
18
18
*16
18
*15
18
1734
1734 *16
*16% 18
16
16
16
16
16
16
16
16%
16
15V 1534 *15%
*5
3% Jan 15
*126
*50%
90
X Interboro Rap Transit-—100
'
*126
156
Insuranshares Ctfs Inc...—1
Certificates of deposit-
•
*126
3
Jan
_
1
934 Apr
29
\
share
~
105
*101
105
102% 102% *101
4
4
4
4%
4%
4%
*4%
4%
*4%
4%
4%
*4%
9
9%
9%
9
834
9%
93
*86
*86% 93
*86% 93
*8
81*
8
8
8%
8%
28
28
28
28
27% 27%
120% 120% *120%
684
684
6%
*17%
1834 *1734
*12%
1234
12%
6%
100
51%
69
60
*120%
7
...
15%
51%
68%
12634 127
8
28
28
15%
5178
70%
—
884
93
*734
27%
5178
15
*51
8%
*86
91
150
Inspiration Cons Copper—20
130
•
4%
•
83S
*84
per
118
80% Jan 22
11% Jan 22
5% Jan 17
"2", 500
180
6%
34%
8
5% Jan 31
25% Mar 16
111% Mar 2
...No par
Lowest
Highest
share
6,000
35
17934
100
per
13,700
1,500
33% 34%
325s 33
3234
32% 33%
32%
33%
33%
*129% 133
*129% 133
*128l4 133
*129% 133
*129% 133
*129% 133
12%
12%
12%
13%
115s
11«4
11%
1134
1238
12%
1234
1178
56
55
54
56
57
56%
57%
54%
53%
55
54% 55%
4
4
*4
*4
*334
4%
4%
4%
*384
4i8
4%
4%
54
*53
53
54
*53
54
53
53
54%
54%
525s 525s
36
36
36
36
36
*35%
36
36
*35
36
36%
36%
32
32
32%
32%
32% 3234
32%
32%
32%
32%
32% 32%
26
26
26
26% *26
2634
*255s 27
25%
25% *2534 26
*9812 102l8
6% preferred
Inland Steel Co
16,500
2
-...No par
Ingersoll Rand
~1~606
58%
6%
Indian Refining..
10
Industrial Rayon......No par
$
Ran oe for Presume
Year 1939
10O-jSAare Lots
Lowest
Par
4,100
2,600
1,500
27%
114
57%
57%
58%
58%
57%
58%
57%
58%
*160
160
160
*159% 163
163%
*158% 164
*159% 163
4
4
4
4
4% ' 4%
4%
4%
4%
4%
9%
10%
9%
10%
9%
9%
9%
10
9%
934
58%
Range Since Jan. 1
On Basis of
Week
$ per share
112% 112%
*154
EXCHANGE
Friday
Apr. 5
$ per share
$ per share
2634
STOCKS
NEW YORK STOCK
the
Thursday
Apr. 4
"
*2%
44%
45
112
i-:
88
13%
6%
14%
6%
*8684
1334
.
Sales
for
Saturday
2217
3
1234 Jan
Mar
1
Apr
5
37s Jan
Apr
Jan
40
Sept
6% Sept
734 Oct
7% Mar 11
35% Feb 28
31% Feb 28
9
Apr
30
Nov
27
Nov
29
Nov
Feb 28
5
Apr
17
1584 Nov
16%Mar 12
16% Jan 17
12%
Oct
16
Nov
10
Apr
16
Oct
1% Jan 3
5% Jan 5
8% Mar 29
15% Feb 21
46% Apr 4
14% Feb 20
4078 jan 8
3l84 Jan 4
1
Mar
2
53% Jan
4
170
4% Feb 23
30% Apr
105
111
3
Mar 29
16% Jan
17% Apr
8
5
Feb 24
Ex-rlghts.
Apr
4% Apr
37s Aug
984 Apr
26% Aug
2
May
30
Sept
2034 Aug
Nov
^155
*
4034
Apr
3% Sept
2484 Dec
93
Jan
107b Apr
934
88
jan
Jan
2% Sept
534 Sept
8% Mar
1784 Nov
45% Nov
8% Dec
57% Jan
37% Sept
176
July
5384 Oct
6% Mar
36% Mar
105
June
15% Aug
17% Nov
108% Dec
1 Called for redemption.
New York Stock Record—Continued—Page 7
■2218
AND
Mar. 30
$ per share
I
Apr. 3
Apr. 4
Apr. 5
S per share
$ per share
$ per share
Shares
27*4
2714
27»2
27%
27%
27%
8»«
8%
39%
8%
39%
11%
8%
40
1114
*734
3978
11%
*734
*39%
1078
39%
1034
8%
8%
834
7%
8%
31% 3212
3178
8%
814
812
8%
*10314 106% *10312 106%
♦95s
10
*9%
934
31
*2114
10%
15%
35
153g
3514
*31
10l2
15
3512
50
50
50
*107
108
*107
4
*4
*40
43
*39
49U
*78
80
*78
*66
69
*66
21%'
15%
33
10%
I
*107
108
!
108
4
I
4
42%'
*39
*39
42%
*9%
9%
78
%
%
34
314
*14
314
3%
3%
3%
*16
%
%
6
I
112% 112%
*16%
111%
111%'
*16%
112%
3234
3234
108
50
108
J
10%
4%
41%
10%
334
3%
%
%
*J«
*166
*16
17
17%
112%' 112% 114
3%
*16
•ie
916
1734
17%
17%
114%
113% 114
11734 11734 *116% 118
17%
118
Marl6
Jan 25
2,200
Minn-Honeywell Regu.No par
47
Feb 29
30
4% conv pref series B
100
Minn Moline Power Impt—1
106
2,700
1,000
2,100
—
111 |
7%
7%
111
111
7%
—
52%' *50
*50
6%
684
*18%
*18%
19%
17
17%
17
14%
1434
14%
23%
23%
23%
*162
*162
170
18%
19
*96
18%
98%
*96
*19
20
*19%
7%
52%
634
19%
111
7%
*50
6%
*109% 111
111
8%
7%
7%
51
51
52%
7
6%
6%
*110
7%
*51%
634
19%
17%
110
111%
8
110
5234
52
53
7
2034
20,900
300
6% 22,400
150
20% I
7,400
17%
15% 42,100
634
*19
19%
1834
1834
17
17
17%
1734
17%
17%
15
15%
15%
15%
15%
14%
15%
2334
24
23%
24
2334
23%
23%
24
' 7,000
*165
*162
170
*166
170
170
1*162
170
169%
19
18%
18%
18%
18%
18%
18%
18%
18% """800
100
*96
*96
96
96
*96
99%
99%
98%
800
20
20
*19
20
*19%
20
*20%
21
20
1434
15
14%
15
5,700
1434
14%
14%
15
14%
2,000
12%
12%
12%
12%
12%
12%
12%
12%
12%
19,100
17%
18%
1734
18%
17%
18
17%
18%
18%
113
113
130
113
113
114
*111% 113
11334 113
111
111
330
110
111
111%
111% 111
111% 111%
7,900
5%
5%
5%
5%
5%
6
5%
5%
5%
2,260
6%
7%
6%
6%
7%
7%
6%
6%
6%
5,300
26%
26%
26%
26%
26%
26%
26%
26%
26%
17%
14%
24
-
14%
12%
14%
12%
18
17%
114% 11434
111% 111%
*5%
6
6%
6%
*26
26%
*12%
13%
1034
11
*88
18
114
111
*534
6%
26%
21%
11
13%
11%
*88
92
21%
14%
12%
*12%
92%
2034
21%
*12%
11%
92%
2034
13%
13%
13%
11%
*88
11%
11%
*89
92%
2034
21
21%
14
11%
*89
21%
*165
170
*165
170
*165
170
*165
172
*165
145
145
145
145
*138
145
*138
145
14
14
22
I
2334
8%
67%
8%
*12%
*41%
*40%
8%
67%
8%
13%
42%
5%
734
*54
55%
65
*53
57
%
*%
%
*%
17%
1734
17%
110
35%
217
217
217% 217%
*110% 113% *110% 112%
22%
22%
21%
22%
*57%
57%
58
57%
24
24%
90
*89%
8
8%
113
113
34%
4%
*35%
7%
22%
*133s
*110
58
58
23%
2434
*89%
8
90
8%
,*112
11334
34%
33%
4%'
4%
39% *36
7%
7%
2234
13%
111
*4%
58
*57%
5%
22
13%
111
5%
16
16
16
*139
140
*139
*37%
1034
38
*28
29
10%
34%
4%
39%
738
22%
13%
111
*109
1334
112
5%
16
1034
37%
*28%
37%
29%
*139
10%
*3534
29
117%
Sept
114
10
6
Nat Distillers Prod
No par
23
Nat Enam & Stamping
No par
1
6%
%
1%
%
1%
%
17%
17%
*107% 110
110
17%
110
484
7%
7%
*114
*54%
65
434
784
1%
~
1734
1%
35
34%
100
2,200
500
19,800
112
35
22%
13%
112
5%
16
139%
10%
38
29%
22%
1334
111
5%
16%
139%
1034
*38%
2984
2234
23
23%
2234
13%
14
14%
*110% 111
5%
5%
5%
16%
16%
1634
140
*140% 142%
11%
11%
11%
13%
111
39%
31%
39
32%
111
23
13%
111
*5%
534
1634
16%
142% 142%
160
1,800
1,400
57,200
3234
*51
55
*53
55
*51
55
*51
*117
125
*117
125
*117
62
10
22,000
200
70
1,600
52% Jan
5
% Jan
19,500
4,000
2,600
260
900
4,100
1,700
6%
63g
63
6%
6%
6%
*5%
19%
9%
6
19%
10
*5%
6
6
6
6
6%
6%
6%
19%
19%
19%
9%
*1234
3334
934
*1234
33%
9%
13%
34
19%
934
19%
934
18%
9%
1234
34%
*12%
100
4734
14%
1434
1434
3334
1234
34
4734
47%
48'4
48%
14%
14%
1434
14%
133
132% 132%
*132% 133% 132% 132% *132% 133
*149
152% *149
152% *149%
*149% 153 1*149% 153
*6
6%
♦6
6V
*6
6%
6
6%
6%
6%
6%'
»
4734
14%
Bid and asked prices; no sales on this day.
6
6
19%
934
13%
34
34%
48%
48%
48%
15
15%
15%
133
*128% 135
152% *149% 152%
6%
6%
6%
•
t In receivership.
a
260
208
110% Feb 26
20% Mar 5
10
Northern Central Ry Co
1
Jan
4
Northern Pacific Ry
39
5%
4
50
Jan 31
39% Apr
2
Ohio Oil Co
No par
6% Feb 24
No par
18% Jan 20
13% Mar 19
103% Jan 22
(The)
6
8% preferred A
Oppenheim Collins
No par
Otis Elevator
No par
100
100
6% preferred
Otis
Steel Co
5
Jan 24
15% Mar 15
139
No par
Mar 29
9% Mar 16
35
$5.50 conv 1st pref..No par
Outboard Marine <fc Mfg
5
*
Mar 19
26% Jan 19
8
3
preferred
3,500
1,600
1,800
Pacific Ltg Corp
Pacific Mills
11
Jan 15
32% Jan 15
No par
46% Feb
No par
13
5
Jan 23
6% preferred
r
Nov
113
June
26% Feb
59% Aug
59
Aug
29% Nov
89
Dec
40
Oct
8
234
Apr
32%
Apr
6
Aug
Apr
4
23% Apr
14% Mar
4
14% Sept
4
12
112
Mar 28
5% Apr
4
18% Jan
4
144
Feb 19
12% Jan
41
3
Jan 11
32% Apr
64% Jan
7% Apr
6% Jan
2334
12%
13%
34%
50
6% Nov
4434 Aug
101% Sept
30
Jan
Sept
20% Mar
100% Sept
4% Aug
113% May
8% Jan
27% Jan
148% July
15% Sept
128
7%
33
Oct
Apr
July
16
Sept
55% Sept
26% Dec
40%
114%
Jan
Jan
54
Dec
120
Dec
50
Apr
70
Jan
3
Aug
6
5
6
Feb 13
Jan
3
16% Jan
4
6
154
Jan 24
Ex-rights.
Jan
16%
Jan 4
Mar 19
Feb 17
7% Jan
1434
Nov
4
6
y
217
113
151
Ex-dlv.
Jan
103% Sept
18% Apr
52% Sept
50% Sept
12% Apr
168
Sept
1
2
Sept
Sept
Mar 12
Cash sale.
17
94% Dec
33% Dec
June
139
Feb 26
Mar
1% Sept
5% Sept
I84 Sept
7
130% Jan 16
Feb
62
29
100
Pacific Tin Consol'd Corp
Apr
1034 Sept
15% Sept
118% Mar
100
100
Pacific Telep & Teleg
17«4 Sept
Sept
62
3
5% Jan 3
42% Jan 12
34% Jan
Jan 17
No par
No par
2d preferred
Jan
Mar 2 s;
113
Jan 22
10
Jan
20
59% Jan
50% Apr
5% Oct
11% Feb
29% June
87% Aug
42
July
112% June
Jan
55
Feb 29
Feb 24
Apr 5
Mar 20
15%
82
120
6
35% Sept
90% Feb 20
9% Jan 3
Jan 22
Pacific Coast Co
n N^w stock,
2684 Jan
Feb 23
5%
5%
18%
9%
Def. delivery,
3
55
Pacific Amer Fisheries Inc
1st
Jan
113% Mar 27
23 84 Jan 3
119
59% Jan 15
8% June
70
31% Dec
100
.
Dec
5
No par
Owens-Illinois Glass Co.12.50
July
%
1% Dec
% May
4
Jan 10
Oliver Farm Equip
Omnibus Corp
5
Nov
Apr
Jan
Jan 17
4% July
35% Apr
58
7% Mar 16
Norwalk Tire «fc Rubber No par
Preferred
% Jan 11
59
33% Jan 30
Apr
47
4
219
Feb
25% Sept
4534 Sept
43% Feb
Apr
Apr
3
Jan
112
145
23%, Sept
Feb 20
% Jan
18% Apr
Apr
Apr
106
5
111
50
8%
27
1'4 May
Jan
6
5
Apr
18%
Mar 19
2
Jan
173% Aug
10%
Mar
Jan
73% Mar
32
105% Sept
115%Mar 11
56
Apr
8% Sept
18% Apr
30
Jan
33% Mar
8
27%
Jan
Mar
11% Sept
Mar
88
100
Telegraph
3
18% Jan
21% Jan
55
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
"""960
Feb 14
Jan
Dec
2%
56
20% Mar 18
50
North States Pow $5 pf No par
Northwestern
350
130
Jan 22
100
100
480
9%
*12%
19%
9%
13%
34
19%
9%
13%
634
28% Jan 15
Adjust 4% preferred
Preferred
3,200
7,600
41
53% Apr
16%
Jan
Jan
Aug
Apr
87
18%
106
Oct
Feb
Sept
33% July
110
28%
Jan
Mar
10
Apr
Apr
8%
6%
82
43%
43%
8%
10%
25%
Mar 98
Mar 13
Jan
17% Nov
95% May
2334 Sept
26% Jan
16
Sept
18% Aug
Apr
5% Aug
10
Apr
4
Jan 30
Norfolk & Western Ry
Outlet Co
6%
62%
7%
% Apr
92
7% preferred
.100
Noblltt-Sparks Indus Inc
5
110
6%
61%
1% Mar 25
13% Jan 15
Apr
Nov
July
684
9% Jan
13% Jan
2
20
6%
62%
6% Jan 31
1
62%
61%
3% Jan 12
1NYNH & Hartford
100
Conv preferred
100
JN Y Ontario & Western. .100
N Y Shlpbldg Corp part stk__ 1
125
61
62%
Mar 18
110
50
50
55
125
15
29% Marie
31% Apr 2
14%
52
50
Jan 22
14%Marl6
9
North American Co
4
75% Mar 9
14% Feb 20
Jan
6% preferred series
5ii% pref series
500
*117
Mar 28
Jan
8% Jan
11% Jan 18
No par
North Amer Aviation
39%
31%
Jan 16
27
73% Jan
41
No par
50
Jan 26
71
6% preferred series A... 100
700
10,000
31%
83
No par
5% preferred
Jan 12
40
..No par
New York Dock
2
107% Mar 12
1
N Y Air Brake
New York Central
Jan
24
1
Newport Industries
2,600
*36
40
2t% Mar 18
7% Mar 6
63% Jan 22
8% Jan 15
12% Mar 26
100
49,500
11%
55
48%
Oct
Newberry Co (J J)
30
11
125
3334
Sept
9
N Y Lack <fe West Ry Co.. 100
62%
14%
152
132
No par
No par
100
Newmont Mining Corp
10
17% June
173% Jan 31
No par
pref series A
8
8% Sept
Sept
83
148% Jan 29
40
National Tea Co
10% Sept
3
Jan 31
Mar
4% Jan
20% Sept
Mar
25
National Supply (The) Pa.. 10
600
%
*51
48
7
22
Apr
Mar 26
NYC Omnibus Corp ..No par
18%
*117
33%
19% Feb
N Y Chic & St Louis Co... 100
62%
13%
333j
48%
96
17% Apr
14% Dec
28% July
12% Jan
4%
7% Mar 14
Apr
Sept
140
No par
Natomas Co
Jan
6% Jan
26% Apr
15% Jan
12% Jan
Mar 20
3
8
10%
87
166
Corp
7,700
1,400
*%
112
National Steel
2,100
17%
110
6%
5%
2,000
55
19
—100
100
preferred B
2
Jan 15
Jan
12% Mar 2
10% Jan 19
10
National Lead Co
Jan
16%
1
13% Mar 12
18% Mar 28
91
4H % conv serial pref...100
56%
%
1%
#i«
125
*12
.
N Y & Harlem RR Co
*51
62
Co.
Neisner Bros Inc
115
*116
*62
preferred
Nat Gypsum
130
'
5%
10%
*53%
%
434
115
.
22
Sept
Nat Mail & St'l Cast Co No par
35%
35%
35%
3534
217
217
217% 217% 21734 218% *217% 218%
110% 110% *110% 113% *110% 113% *110% 113%
22
2234
21%
22%
2234
2334
23%
2334
58
58
*58
59
58
58
*57% 59
57%
57% *57l2
57%
57%
57%
57%
57%
24
24
24%
23%
24%
25%
25%
25%
90
90
*89%
90
*89% 90
*89%
90
8
8
8%
8%
8%
8%
8%
8%
*112
113
11334 *112
113% *112
11234 11234
*34
34
34
34
34
34
34
35%
4%
4%
4%
4%
4%
4%
4%
4%
39%
39%' *35% 41
*36%
41
*36%
41
7%
734
8
7l2
734
7%',
7%
7%
34%
16%
140
1%
7%
56%
*%
17%
1%
*4%'
*114
%
1%
%
17%
107% 10934
34%
35
3434
7%'
*53
*%
109
6841
15
175
110
40% Feb 10
3% Jan 4
9% Jan 10
118
1834 Sept
28% Mar
9% Jan
26% Nov
107
No par
6% prior preferred
*7%
7% Aug
,
114
100
100
7% pref class A
7% pref class B
Nat Dept Stores
Dec
7% Sept
21% Sept
147% Oct
Aug
116% Jan
Nat Dairy Products__.No par
39
*4%
52
15% Apr 5
24% Jan 24
170% Mar 6
14
110% Jan 25
109% Jan 30
5% Mar 9
No par
Dec
43% Sept
5% 8ept
20% Jan
Register
Jan
Apr 5
Feb 15
Jan 3
Mar 8
52%
7%
22%
17%
18% Feb 1
14% Mar 30
10% Jan 30
16% Jan 15
Cash
National Cylinder Gas Co—1
$2 conv preferred
*113
70%
Jan
111% Nov
9% Jan
Nat Bond & Share Corp No par
Nat
5M % prior preferred.... 100
%
1%
1%
Apr
600
434
7%
1434 Sept
Aug
500
116
44% Mar
Sept
Sept
1334
*114
Apr
9
Feb 26
National Pow & Lt
600
30
Apr
9,100
5,700
9,600
5,300
Feb 28
1"% Mar 20
39
7%
19
3,400
82,900
Oct
Jan
5% Feb 16
97
834
"""760
17%
4
Jan
Sept
37% Mar
4
25%
200
47
30
*
50
16
Oct
May
122% May
5734 Oct
92% Jan 17
7% preferred A
1,500
121
100
5% pref series A
40
23,000
21
11434 Sept
16% Apr
3% Aug
10
18% Apr
26% Jan
105
Jan 24
Jan
Mar
14% Jan
2% Jan
934 Jan
1% Sept
2% Sept
19
Mar 29
165
Jan
July
Apr
Apr
9%
Mar 14
43%
43%
43%
43%
8%
30% Feb
15% Apr
8% Feb 16
6
13% Jan 13
11% Mar 18
22% Jan 2
5
cum pref
100
Nat Bond & Invest Co-No par
40% Apr
31% Aug
22% Sept
83
49% Mar 26
6% Jan 2
10
7%
112
111
»17%Mar
1
National Acme Co
Nat Aviation Corp
National Biscuit Co
54
Apr
Apr
Sept
Sept
Feb 13
5% Jan 13
No par
.5
6%
Dec
67%'Jan 23
1334
43%
*42%
%
1%
17
Corp
3
1334
43%
43%
8%
10%
118
%
1%
Myers (F & E) Bros
Nashv Chatt & St Louis—100
Jan 2?
109
Murray Corp of America.. 10
Nash-Kelvinator
Feb
10
1384
13%
42%
*16
30
9
13%
%
100
Jan 30
9
42%
*53
4
6
9%
*42
7%
Co class B
1
$7 preferred
No par
Munsingwear Inc
No par
Murphy Co (G C)
No par
Feb
9%
*13%
*4%
23
9%
13%
4334
43
8%
13%
7%
1
8%
4212
534
15% Jan 20
Mueller Brass Co
8%
*12%
*41%
*40%
7%
Corp..No par
Motor Wheel Corp
—5
68%
8%
*438
Mar 14
8841
8%
*114
118
10% Jan 12
27
69% I
8
*4%
*7%
Jan
Feb
8%
69
121% Jan 30
Motor Products
114
Aug
110
Dec
85i2
2% Aug
% July
Jan
56
2
68%
10%
26
*114
Mar 26
8%
69%
42%
42%
42% *40%
8
8%
8%
734
8%
8%
8%
10
10
10%
10%
10%
10%
10%
10% *10
*24
*24
26
26
*24%
2534
25%
*24% 25% *24
90
*86
*87%
90
*87%
90
*87%
90
*87%
90
*87% 90
*52
54
53%
*53%
54%
*53%
54%
53%
*53%
55
53%
53%
*108% 112
*108% 112
*108% 112
*10812 112 ~ *108% 112
*108% 112
73
72
72
*72
73%
7234
73%
7234
71% 71% *71
72
1284
13%
12%
13
1234
13
12%
12%
12%
12%
12%
12%
46
46
47
*45
*45
47
47%
47%
47%
4634
*44%
46%
16
16
16
17%
18%
16%
16%
17%
17%
18%
16%
16%
19
18
*17
1834
19%
17%
19%
19%
*17%
17%
17%
18,
36
32
36%
3234
3434
35%
36%
3134
32
32%
31% 32%
*31
32%
33
32%
33
3134
3134
31%
31%
32
31%
31%
42%
8
10%
*23%
118
25%
"
1
Jan
%
10%
8%
6734
25%
1%
4% Jan
% Jan
% Jan
Sept
120% Nov
884 Aug
46
$4.50 conv preferred.No par
6,400
10% Jan
50% Jan 15
Mullins Mfg
Apr
8534
118
18
40
Apr
Apr
43% Mar
Jan 20
4% Jan
42% Apr
preferred
11%
18%
44% Sept
103% Sept
2% Sept
36
Sept
Montg Ward & Co. Inc.No par
Co..
No par
Morris & Essex...........50
5%
11% Sept
Apr
6% Apr
101
Dec
6% Jan
28% Jan
21% Sept
39% Jan
167g Sept
25
19% Jan
23%
8%
8%
21%
53% Jan
Aug
114% Apr
Jan 18
116% Mar
Morrell (J) <fe
172
145
2
4
5
Nov
Nov
30%
July
14
Jan 15
%
8%
6734
8%
23%
8%
67%
2334
145
Jan
Mar
73
63
39% Aug
28% Dec
18% Mar 25
104
10
23%
67%
8
300
8,600
'11 Jan 26
145%j
25%
26 |
6734
23%
11%
No par
$4.50 pref erred. ....No par
Preferred series B—No par
92%
21%
'*165
*138
2334
172
14
11%
*89
11%
92%
9%Mar 11
% Feb 13
2% Mar 16
7% preferred series A... 100
^Missouri Pacific RR
100
5% conv preferred
100
Mohawk Carpet Mills—._V0
Monsanto Chemical Co
10% Oct
101% Nov
14% Sept
3
Feb 21
37% Apr
120
110
Jan
3% Jan 29
37% Jan 16
10
Corp
Mo-Kan-Texas RR
80
7%
7%
13% Mar >3
$6.50 pref erred...... No par
100
53%
*111
16%
33
111
Mission
Feb 24
16% Jan 10
100
300
Mar
32% Apr 4
11% Feb 21
No par
6,300
1,900
4,000
f6
34% Mar
6% Jan
7
1st pref
1,200
80
Jan
Jan 15
8% Jan 27
5
9%
26
Mid-Continent Petroleum.. 10
~
-
1
Mar 19
Midland Steel Prod
*119
—
5
5,200
cum
6% Aug
8% Apr
32% Apr
July
13% Mar
8%
18% Sept
56
4% Apr
.......5
59% June
Apr
Jan
3,400
80
Jan
8'4
Aug
21
50
Copper...
Dec
1034
6
28
Miami
25%
88
Feb
share
Apr
5% Sept
39
Sept
11% Jan
Mesta Machine Co
300
15%
Apr
8% Apr
47% Jan
12% Jan
1C6% Apr
Jan
Merch & M'n Trans Co.No par
1,190
6,700
1118
118
*116% 11734 II784 118
120
i*119
120
11912*119
119% *119
119% *119
119% *119
55% 26", 400
55%
53%
53%
53%
53% 54 I
54% 55%}
53%
53%
*41
100
42%
42%
42% *41
42% *41
*42%
43% *42% 43%
28
730
28 %
2734
28
28
28
27%
2734 *27%
27%
27% 28
14
1434
15
14%
14%
11,700
14
14
14%
14%
15%
13%
14%
5,900
18%
18%
18%
17%
18 I
18
18%
18%
17%
18
17%
18
24
24%
24%
1,000
24%
23% 23%' *2384
24
24
24
2384
2384
434
4%
434
4% 1
1,500
4%
4%'
*4%
4%.
4%
4%
4%
4%
36
36
36
36
130
36% 36% *35%
36
36
36
36% 36%
15
900
1434
14%'
14%
14%
14%
14%
14%' *1434 15
14%
14%
82
900
82
8134
*80%
82% 83 * *80%
82%
82% 82%
82%
82%
*117
Co (The)
5% conv 1st pref
400
114
1
1
Highest
share $ per
per
2
-u
53% Feb 6
29% Jan 30
vr.No par
Mengel
$
9% Mar 23
64
540
'
29
share
99
-
15.50 pref ser B
w
per
5
1
$6 preferred series A. No par
10
100
Lowest
28% Apr
8% Feb
1
6% conv preferred.100
Mead Corp
No par
2,300
%
42
4%
42%
10%
5
Co
22%
15%
32%
10%
11%
15%
1534
37% 37%
119
11934
38% Mar 11
9% Mar 18
6% Mar 29
pref__.No par
Melville Shoe Corp
52
*102
110%
4%
4%
42%
*41
10%
10%
%
7«
%
3%
**16
4%
conv
Stores
3,000
51%
51
108
50%
13 series
2,400
69
*32%
1034
11%
1534
16%
3G34
37%
11934 120
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
10
—90
80
4%
22%
15%
%
*1«;
17
5
22%
1534
1,500
$
z22% Jan 15
7% Jan 17
McGraw-Hill Pub Co..No par
33%
5
33%
3%
*16
17
3334
33%
4%
22
15
984
10%
%
3%
*u
1734
1534'
36%
119
50
4%'
9%
5
22
15%
32% |
10% 1
119
50
97g
«16
10%
50
*9%
*84
*1634
434
*14%
|
9%
106% 106%
10%
10%
106% 106%
10
10%
78
*31
108
4
*117
McLellan
66
78
79
15
15%
15%
35%
35%
3534
*117 . 119
117
117
McKesson & Robbins, Inc
11,400
1,500
21%
10%
119
95,500
28%
9
333s
1514
3218
3212
7%
28%
66
14
14
14
7%
30
8%
28%
834
33%
5
2134
15
32%
10
153s
3534
*64«4
*10%
5,800
66
*76
66
33%
4i2
2H2
*32
11%
33%
79
*6314
3312
4i2
213#
3312
434
22
10%
11%
7%
700
Year 1939
Lots
Highest
$ per share
1
11%
7%
393«
83s
McGraw Elec Co
6,300
33%
434
*76
66
33i2
434
734
11%
884
31%
Par
28%
8%
39%
39
*8%
79
*76
39%
11%
28
29
8%
-
8%
39%
11%
Lowest
8%
39%
28%
8%
29
2934
31%
8%
8%
8%
106
106% *104
106%
9%
10%
9%
9%
30%
*63
,
Range for Previous
Range Since Jan. 1
On Basis of 100-Share
Week
8*8
27
EXCHANGE
Friday
Wednesday
$ per share
$ per share
STOCKS
NEW YORK STOCK
Thursday
Tuesday
Apr. 2
.
the
NOT PER CENT
SALE PRICES—PER SHARE,
HIGH
Monday
Ajnr. 1
Sales
for
LOW
Saturday
April 6, 1940
4
Apr
2% Apr
11%June
3'4 June
984 Apr
27% Apr
41
9%
114
Apr
Apr
Apr
128
Sept
6% Dec
7% Sept
7% Nov
25
Nov
15% Sept
1234 Mar
3434 Mar
52
Oct
21% Sept
132
June
15612 July
7% Dec
1 Called for redemption.
Volume
LOW
New York Stock Record—Continued—Page 8
ISO
HIGH
AND
PRICES—PER
SALE
SHARE,
NOT PER
CENT
2219
$ per share
i
Wednesday
Thursday
Friday
Apr. 2
|
Apr. 3
Apr. 4
Apr. 5
Week
$ per share
$ per share
$ per share
Shares
$ per share
7' *8
*84
»413g
*94
75s
9i8
*18
77s
758
734
11%
1134
11&8
6%
59
*33s
35a
I
*121
*13
'
59
9312
312
314
314
33s
3%
3%
2178
22i2
3i2
14
*13i8
334
334
23
*22
14
*13i8
22*38
221i
22%
*40l4
*3534
41%
3034
42
35
3534
35
4
*3
*3
4
*3
*43
4234
43%
4
61,300
—
700
100
conv
6%
6%
44%
2,700
Parke Davis & Co
213s
3,100
Parker Rust Proof Co
I84
800
15,800
No par
2.50
Parmelee Transporta'n. No par
11%
6%
1,900
Pathe Film Corp
Patlno Mines & Enterprises.
59
1,300
Penlck & Ford
94%
5,100
Penney (J C) Co
3%
400
334
2,900
22%j
*13%
*2*4*"
233s
43
*41%
34%
353s
4
Pennsylvania
*13
Corp
No par
No par
v t c
preferred
conv
50
RR
Peoples Drug Stores...No par
Peoples GL4C C(Chlc)..100
Peoria & Eastern Ry Co
100
1178
11
11
1178
12
1234
13
3512
*2334
35l2
*35
3512
35
373s
35%
36
2512
24%
2438
36
26l2
36
*25
35%
25%
34i2
25l2
26%
27%
26%
27%
1,230
*21
22
*21l4
22
2112
21i2
22
22
22
*21%
22%
300
8%
8%
4,300
Petroleum Corp of Amer
9
Pfelffer Brewing Co
734
*87s
*3634
*234
734
734
*21
75s
*834
734
9
9
: 8
"9
37l2
37
37i2
4434
*4314
4434
36i2
43U
*82i2
*14
86
*8212
86i2
*82i2
*92
*132
*132
142
678
38U
*4i2
50
38
38l2
39
38%
37
38%
44
*4414
45
44%
44%
600
87
*83%
86%
84%
85
200
%
%
93%
93%
5
9
9
28
*2758
*4184
*45
49l2
53s
21
7i2
72
*7i8
175
714
778
7
7
7U
72
*173
I
175
7%
9
9
10
10%
10%
*28
31
*28
32
32
32
33%
33%
17l2
*16%
1734
*16%
1734
18
I884
18%
18%
*31
34
31
31
33
33
13
1312
13%
1334
14%
13l2
*878
978
13l2
13i2
*150
*150
....
1
*34
1
*205s
21
207s
21
14
14
1334
1334
*14
*1012
11
H2
III4
Hi
%
1212
34
14%
15%'
213g
21% I
2134
14
14
11%
Hz
1%
'4
%
12%
»16
%
12%
*1234
12%
13%
1234
13%
13
13
13
13%
13%j
40'2
40
40
3734
68%
68%'
68%
39%
38%
fiHlo
683s
Oo'S
115
115%
42%
41%
115
12734
127%
12784'
j*114
*144
165
164
164
165
165
165
165
*116
119
*116
119
*116
118
*116
119
*116
2634
27
9%
9334
8034
1458
15%
6%
27
2634
82
1484
15
15
15
7
15%
683
*7334
6%
66%
66%
6612
6634
663s
lis
Us
1%
1%
6*4
100
%!
2134
15
|
*12%
1%
27,900
18,900
300
15
7% 186,700
67%
67%
1%
1,500
22%
1%
23
1%
21
1%
22%
22%
22%
2,600
1634
*16
1634
16%
1634
16%
2034
*2058
1634
2734
2734
1514
26i2
1514
26i2
15%
1534
*1614
27%
*15%
28
15%
22
22
*7334
3"300
1
*27
*33s
*25
27%
2734
15%
16
*26
2634
2634
*25
2634
22%
3l2
*2,%
22%
2134
3%
*21%
*3%
2134
*3%
3%
3%
16%
|
1634
500
600
*2734
28
16%
1634
17
3,200
28
2634
26
26
22%
2234
22%
3%,
4
*3%
4
300
4712
*39
47%
*39
47
*39
47
*39
47
*39
*10%
13%
*11
13%
*11
13%'
*11
13%
*11
7%
734
12%
*12
12%
9%
*714
734
12l2
934
934
/7%
*12
934
934
934
*7%
*12
9%
*55%
58
*66%
69%
*66%
56
69%
*66%
1%
1%
1%
2034
21%
21
*90is
91%
*90%
134
21%
9334
1%
207g
69l2
15s
213s
76
*72
76
*91%
*73%
13%
76
13%
*25
92%
76
I334
27%
*91
*73
82
82%
83
13l2
1334
20%
1334
*26
1334
28%
*27
283s
*79
83
80
80
56
54
54%
*5412
14
14
14
95
95
95
8«4
8l2
4134
4178
4134
*5312
67s
*612
10%
1912
*H8
3834
55
67s
*53%
6%
778
*6%
10%
IOI4
4184
7
7%
6%
10%
*10%
1934
20
*1%
20%
1%
39
39
s
%
*4
%
%
%
3
*16
*4
20%
*%
39%
%
s
3
10%
10
10%
10%
10%
93
93
93
7712
77%
78
13%
14%
28%
94
1334
78
14%
28
94
59
*56
56
14%
1434
13%
94%
94%
*95%
14%
96%
9
9%
9%
42%
834
42
42%
42%
*53%
7%
6%
10%
*634
55
7%
7%
7%
7%
7%
10
10
*9«4
10%
22
2134
*53%
21%
20%
1%
39%
%
*%
1%
39%
39%
U
%
^3
3
21%
400
130
9%
42%
4,100
200
7,900
15,400
55
7%
1*3*766
300
7
10%
3,000
3,100
22
%
*%
1%
1,500
39%
3934
2,300
%
%
%
%
*2%
4
1,200
*%
%
*2%
%
4
2,600
200
*4
*4
*4
*4
22%
9%
42%
*53%
7%
7
10
400
4,400
3934
%
39
%
'1*
%
«
7%
55
52
51
52
52%
523s
51
52%
51%
50% 5034
50% 51
110% 111%
111
111
111% 111%
111
1113s
110% 110% 110% 111
1113s 111% 111»32 1113s
*lll"aa 112 infill11*! 111516 111'%? 111%. 112
111% 111%
Ill"l6 11134 111»1«U1»»2 Ul"l»lll"j2 llluu 1123i« 111%6 11134
*7*,700
28%
2,200
26%
*
26%
*26
27
26%
26%
Bid and asked prices; no sales on
26%
27%
this day.
27%
28%
28%
J In receivership,
No par
preferred
preferred
preferred
8% preferred
100
100
....100
Gas pf $5.No par
No par
No par
6% preferred
6% conv preferred
....100
100
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer
No par
$5 preferred B
No par
$3.50 conv 1st pref..No par
JRadlo-Kelth-Orpheum No par
Purity Bakeries
Raybestos Manhattan.No par
preferred
Reading Company
....1
25
50
4% 1st preferred
4% 2d preferred
50
...50
Rayonler
Inc
$2
Real Silk
Hosiery
5
Rensselaer A Sara RR Co.. 100
110
55
14%
9734
58
No par
5% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N J ..No par
JReo Motor Car
5
Republic Steel Corp—No par
6% conv preferred
6 % conv prior pref ser
700
14
55
3
28
5
6% Feb 19
4
12
Apr
4
4
Mar
Apr
4
60
Apr
Apr
8% Jan
5
158
Sept
2
80
175
12
5
% Feb 14
340
780
540
4% Aug
6% Apr
20% Jan
2
12% Jan 13
Mar 18
10
Jan
Apr
1% Mar 12
2234 Feb
15
11% Mar 15
33% Mar 16
65®4 Jan 2
Jan
42
6% Apr
7% Aug
% Aug
100
Mar 13
Jan ~
Apr
Jan 11
Apr "
9
145
Mar29
129
Apr
6
117% Jan 9
25% Mar 26
8% Feb 7
85 .Feb
2
77% Feb 13
165
Apr
147
Sept
118
Jan
111
Sept
3934 Jan 18
11034 Feb 21
124
Feb 20
141% Jan
160% Feb
Mar 28
14
14% Mar 11
5% Jan 6
60% Jan
3
Mar 11
1
19% Feb
8
15% Mar 16
27
Jan 13
14% Jan 16
Mar 15
25
70
8434 Apr
15% Feb
15% Feb
10®4
5
19% Jan 24
28®4 Jan 3
5
26% Feb
9
72034Mar 20
3% Jan 15
23
Aug
5
Aug
85% June
53% Apr
1% Dec
16% Apr
6% June
12% June
10% Apr
20% Sept
16
July
Jan
3
4% Feb
8
Mar
4
40
Dec
Jan 12
2% Dec
7
Apr
Jan
9
6%
Apr
11% Jan 19
13% Feb
9
9% Mar 18
49% Feb 6
10% Jan
9
3
57% Apr
3
50
64
69
Jan
2
Apr
Mar
6
1% Jan
4
18% Jan 22
79% Jan 23
23% Jan
Apr
9% Dec
Dec
60
4
3
Apr
% July
Apr
12%
Apr
43
Apr
78% Mar
1434 Jan
42
Apr
29
Jan
21% July
84
Apr
63
45% Feb 28
9% Jan 3
56
Apr
87% Mar 12
95
93
4
r Cash sale,
Jan
11
.
1% Jan 29
23
Apr 4
Apr
Sept
63®4 Aug
7% Apr
17
Sept
a;22% Aug
6% Aug
9% Apr
n New stock,
112
Apr
68% Apr
Apr
Mar
31% Apr
101% Sept
10% Apr
93
42-% Apr
a Def. delivery,
50%
112
32% Jan
6% Jan 18
39% Jan 2
No par
No par
Mines.
Ruberold Co (The)
No par
t Rutland RR 7% pref
100
St Joseph Lead
10
JSt Louis-San Francisco...100
6% preferred
100
|St Louis Southwestern. .. 100
5% preferred
100
Safeway Stores
No par
5% preferred
100
6% preferred
100
7% preferred
100
Savage Arms Corp
No par
Apr
69%
118%
42%
115%
12734
112% Feb 16
Reynolds Spring
2
1
Reynolds (R J) Tob class B. 10
Common
10
Roan Antelope Copper
Aug
6% Sept
18
65
Richfield Oil Corp
Rltter Dental Mfg
% May
6
Jan
A. 100
Brass...^.5
.10
7% preferred
100
5M % preferred
100
Reynolds Metals Co...No par
bVi % conv preferred
100
Revere Copper A
Class A_.
Apr
% Apr
17% Sept
12*4 Jan
Preferred with warrants..25
13%
2% Apr
27% Jan
"3*566
79,500
*85
Mar 12
8
22%
35% Mar
Jan 17
7
Feb 16
22%
28%
110
7
200
23
*84%
Apr
13
22®8
92%
84
1
6
60
1st pref
2d pref
Procter A Gamble
500
28%
Aug
55
"iKeoo
*67%
6
23
Jan 31
69%
1%
o57%
5
Mar 27
57%
58
69%
Jan
9% Apr
28% Mar 27
49% Jan 5
11
1%
*57
*65%
134
^
36
40
2
57%
69%
!%
*94%
•
8%
42%
%
3
...
7%
12%
7%
*53%
6%
*27
1334
9734
8%
8%
42
55
1U
3914
*%
*%
*21S
8%
55
1334
*94%
*73a
*12
22i2
*55
55
14%
*9334
734
12%
*73s
8
100
76
57
*66
55%
*12
Feb
66
% Feb 27
14% Jan
14®4 Jan
B
conv
Reis (Robt) A Co 1st
93
57%
*55
1%
734
12%
Aug
pref.. 100
Reliable Stores Corp—No par
Reliance Mfg Co
10
Remington-Rand
1
13%
*7
Apr
2
3i# Apr 3
11% Jan 15
47
13i2
31%
9
No par
Class
Preferred
*43
*10l2
*12
No par
Pressed Steel Car Co Inc
900
*3%
6
2% Feb 27
300
22%
*26
22%
769% Feb 16
Jan
Apr
Jan
9% Apr
Jan 29
Feb
171
Sept
234 July
25
6% Feb
% Jan 12
7,800
8,000
4
107% Feb 10
4% Feb 27
41'4
J Porto Rle-Am Tob cl A No par
Pure Oil (The)
67%
2034
Pond Creek Pocahontas No par
Poor A Co class B
Pullman Inc
1%
*1534
2
124
4
Mar 25
Aug
300
67"
16U
2734
4
734 Apr
40
Sept
18*900
1%
205s
36% Mar
Jan 23
136
6
48,200
66%
16U
Jan 10
142
Pub Ser El A
*7334
*20i8
Jan 23
4% Jan 31
30
15% Apr
"*250
1%
2034
*7334
136
6
Feb
7%
667s
,
8834 Jan 15
June
6%
....
*7334
% July
74
Sept
18
$5
7
1
12% Aug
300
*14%
Jan
%Mar
95% Mar
%Mar 20
22
500
15 I
7%
75
34
113% 11334
8434
15%
7
Apr
4
Jan 18
126% 126%
1*143% 1*6
165
16434 16434
11834 *116
11834
15
Apr
36
Jan
24
6,300
84%
28%
Jan 11
19% Jan
42%
15%
40% Jan
Apr
11
5% conv
84%
534
34% Jan
800
28%
10%
Jan
684 Sept
Mar 18
5%
93
Apr
Mar 19
200
10
Apr
13% Sept
Mar 18
280
27%
Apr
7%
9
3,500
2834
Apr
May
16
8,100
127%'
Feb
2
28
3734
6834
42
13
Aug
30%
No par
115%
42%:
15
24
Apr
86
Jan
No par
1134 Sept
120% June
47
5
5
gtd pf 100
16% Jan
118% Jan
24®4 Jan
Jan 20
40
Jan
No par
Apr
2% Aug
17% Aug
3
7% pref class B
100
5% pref class A
100
5H % 1st ser conv pr pf.100
Pittsburgh A West Va
100
Pitts Y'n A Ash Ry 7% pf.100
Plttston Co (The)
No par
Plymouth Oil Co
5
13
93
*92
7%
400
2,000
13%
%
1234
14%
95
1,100
11%
8234
15
7
*15i8
950
10%
10
153s
145s
50
94
2734
82%
1478
80%
14%
*93
30
1
35
*14%
82
1434
803s
14%
*7334
28%
10%
807s
80%
63s
9%
934
92%
9i8
*9212
*15
26%
9%
92%
9%
92%
Pittsburgh Steel Co
190
146
165
92%
11%
1%
115
127%
*14434 146
146
*13%
1134
2%
114% 115% *115
115
114%
15%
11%
1%
Oo"8
115%
41%
42
*14
*164
*1
21®4
1034
*12i4
1234
*37
*36
37 i
3778
3778
68
68i8
68%
68% 68%
*115
115
115
115%
115%
42
4178
42%
42i8
42l4
115
115
114%
*113l2 115
*126
127l2 *126% 127% *12634
*145
146
*144%
*143l2 146
27
21%'
15
2% I
1,400
"16
%
*12%
9
15
I
1
105s
*1#
10%
33%
1834
*150
*%
16
Pitts Ft W A Ch 7%
Pitts Screw A Bolt
60
15%'
| *33%
1058
13s
14
12%
26i2
18%
12i2
12%
13s
%
12i2
*34
21%
*21
10%
*150
15ie
*34
6,600
175
7%
*29
32%
*150
*150
*34
*10i2
Hi
934
734'
175
734'
$5 conv preferred
Apr
74% Jan 26
3434 Feb
7
130
83
Jan
8% Apr
10% Feb
21
I
*77
25
738Mar 20
6% Jan 11
100
preferred
Feb 17
17
Pitts Coke A Iron Corp No par
6%
4
84
x2278Mar
44
100
8
Jan 24
21
6
100
Jan
21
1
Jan
Flour Mills
Apr
4%
37% Apr
28% Jan
30% Feb
3
Pittsburgh Coal of Pa
700
*17234 175
7i8
Plllsbury
Dec
74
4% Jan
100
Preferred
z5%
48
2
3834 Jan
5
Hosiery
6
5
Jan
Feb 18
3
1% Aug
534 Apr
4
43
Jan
1,500
2% Mar 12
5
48
3,300
80
7%
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
$6 preferred
No par
Phlla & Reading C & I.No par
Philip Morris & Co Ltd
10
5% conv pref series A... 100
Phillips Jones Corp
No par
7% preferred
100
Phillips Petroleum
No par
Pitt C C & St L RR Co
I
5%'
Jan 17
6
33% Feb
34% Apr
Jan 22
9%
78
5
8
23%
73
Mar 20
21% Jan 15
26
834
8%
13
118% Jan
25
Pirelli Co of Italy "Am shares'
23%
23%
8
3% Jan 23
20% Feb 5
Pierce Oil 8% conv pref... 100
23%
23
Apr
1% Feb 28
9% Jan 11
584 Jan 13
200
49%
135
Apr
11%
200
9%
28%
5%
30i2
978
*31
*44
*
135
34
*9
3012
17l2
9%
*28%
.5
Apr
36
22
21% Mar 18
No par
1%
44% Jan
Jan 15
9% Mar 19
No par
7% Sept
14% Sept
Jan
18
.100
100
prior preferred
preferred
4
42% Feb 24
100
Pet Milk Co
30
538
714
72
55
55
5%
5%
Phoenix
53s
22 38
*17234 175
*17234 175
73s
...
7%
72
72
72
5
9%
*45
5%
12*300
39%
*4%
28%
49%
22%
*7%
39%
58
*
135
538
50
5%
*834
4912
*.___
SSgt
"""
"2", loo
7%
7
*42
28i8
2812
*45
49i2
135
558
*21
22
*834
*28i8
*51
2,300
145
*135
734
93%
39%
*478
58
92%
50
39
514
*51
93s
*45
512
22
712
7H2
|
712
*42
3914'
*434
28i2
*834
*
135
512
21
*173
*28
4912
*
112
53s
58
*51
9i2
28%
*834
28
*
514
1,400
145
*135
7%
50
38
387s
*4%
58
*52
145
678
*42
3778
3734
v%
*135
50
■
93
684
*40
5%
*4l2
58
*51
-
3734
93
145
634
7
*40
: 884
4314
9314
*135
142
678
67g
50
*40
93
9
36
4314
%
9234
8%
9
1,300
9,200
%
92i2
83s
.9
Pere Marquette Ry Co
690
*8234
87
%
9234
8%
9
37
*4314
8
500
13%
Apr
Sept
Sept
6% Sept
72
Sept
Feb
2%
2
*1012
*10l2
18
%
Apr
Apr
2% Jan
Penn G1 Sand
4
*3
7
Apr
95
600
35
9
.
5
2,300
42%
92
6
33,000
%7
Jan
June
35
Feb
100
14
23%!
5
Mar
No par
Apr
5
2
10
1®4 Feb
Highest
9% Sept
Jan 25
83
pref ser A
conv
3
4
8
Jan
55
No par
4
Apr
No par
Penn-Dixie Cement
$7
2
8% Jan 18
>
$ per share
7
Dec
1
No par
& Coke Corp
10
Penn Coa
1,400
1
10
Jan
12% Mar
7% Mar
62% Jan
|
11%'
4
1
share
45%
101%
8%
93%
Jan 15
85—Jan
17
1
Klines
8%
Jan 18
+
Year 1939
Lowest
4% Mar 11
34 Feb 13
41% Jan 12
100
1
per
2 5% Apr
8
Mar
Jan 16
7
100
Park & Tilford Inc
Park Utah Consol
*3%
634
.*..1
1st preferred iiiiiiBTsns 100
2d preferred
10
3,700
2%
$
1/15% Feb 15
No par
preferred
Paramount Pictures Inc
—
5,600
18
*121
3514 .3534
35
*42i2
4%
22%
37s
14
23*4
42%
3434
Parafflne Co Ino
*3%
3l2'
*121
23~"
22t4
Panhandle Prod & Ref
1,300
6%
23
14
*121
*121
2218
2"500
58%
93%
9414
*33«
1
10
5
share
per
Range for Previous
Highest
7
Apr 1
3% Jan 12
No par
Airways Corp
21%
*1%
11%
59
94%
Pan Amer
Pan-Amer Petrol & Transp..5
"
93%
$
Pacific Western Oil Corp... 10
Packard Motor Car
43%
612
59
9312
225s
*3
6l2
59
93U
2238
42
6l2
6i2
612
59%
21
14
12
12
5912
334
*121
1134
134
9234
23
*2178
,
612
2H4
*15s
4334
12
6i2
59U
92i2
384
9212
2
44
85s
8%
■
18
2»s
2,700
18,000
107,600
Par
101%
-93%
9%
10
8i8
334
25
Lowest
45i2
'8
44
*
2i8
44
2112
1®4
2H8
1®4
1
1834
*18
1834
214
21
1%
*75s
858
21
*134
8i8
3&S
24I4
43»4
93
934
44
134
6i2
8
92
2*8
4334
1H2
3i2
8U
*18
214
2!s
8'8
334
25U
884
ion2
934
9l2
1834
43i2
*
9n2
75g
91—
9l2
*18
8
42i2
10H2
2034
59%
92i2
334
14
42
913s
-
912
1
*is14
78
42
10H2 *
4334
6i2
*13
*758
2034
*58i2
92i2
*312
23
834
734
15s
2
1H2
*3%
3%
24%
2034
2078
*21
334
2434
2U
4334
2i8
8%
3%
235s
*75s
4334
2i8
4334
8
334
24's
7%
91
7i8
7i8
7i8
358
2214
*7i2
%
*4138
ion2 *..__
*87%-91
914
93g
*18
18®4
9i8
1834
113s
%
42
*4178
*94
734
9012
*20i2
*134
334
223s
834
*714
78
78
42%
2i8
4334
,
35s
2178
10U2
*88
S per share
7
7
7i«.
334
2178
8i2
Ranoe Since Jan. 1
On Basts of 100-Share Lots
EXCHANGE
Tuesday
|
Mar. 30
7%
358
213s
STOCKS
NEW YORK STOCK
the
.
Monday
Apr. 1
.
Sales
for
Saturday
Jan 23
11% Feb 6
22% Feb 6
7634 Feb 16
52% Jan 29
634 Mar 19
6% Jan 20
Apr
3
18% Jan 15
10
9%
37% July
15% Feb 20
Apr
Apr
Aug
1
7% June
7884 Jan
5%
Apr
5
35
Sept
53% Mar 12
8% Jan 3
7% Jan 3
52
July
Feb 27
10
12
6%
Apr
6% May
Sept
4
22% Apr
1% Feb
4
9
15% Sept
% Apr
36% Feb
7
42
Jan
3
% Jan
2
27% Apr
% June
% Jan
334 Feb
3
9
4
9
3
% Jan 19
%
Jan
2
Jan 30
4
Jan
9
44% Jan 15
104
Jan
2
111% Mar 19
111% Mar 20
19% Jan 15
z Ex-dlv.
53
Jan
Mar 14
111% Mar 28
114
Jan 29
116
Feb 23
29% Mar
y Ex-rights,
6
84
Apr
3s Aug
I84 May
33s May
2734 Apr
82% Jan
96
Jan
104% Jan
1034 Apr
t Called tor redemption.
New York Stock
2220
Record—Continued—Page 9
SALE PRICES—PER
HIGH
AND
Friday
Apr. 3
Apr. 5
$ per share
$ per share
$ per share
Shares
Wednesday
Mar. 30
Apr. 1
Apr. 2
$ per share
5 per share
$ per share
143#
*78
79
*8
I4
*5i2
*47
5*4
4712
4734
113% *113
11312
47%
47%
6
ei2
*113
143«
7834
300
'4
'4
14,700
5%
5l2
534
53i
*48'2
49
481*2 4834
*11258 114
112*2 1125s ♦1125s 114
1,000
108>2
*16
'4
%
48
108
108
108
18%
2I4
8612
13i«
I8I4
2%
86%
1314
108
*107
108
14
14
*5534
61
5
58
1812
1834
19*4
*2i8
19*4
214
86*2
87
1914
23«
8634
1314
1378
14
14*8
1458
14%
58i2
5I8
18%
218
863s
2'«
8634
13
133s
13
2i4
867g
1314
14i8
*5534
14i«
13%
13%
55
86I4
214
i
1914
23s
18%
8714
1414
1434
59*8
87i8
*56*2
5%
60
:
5
5484
7M
3934
71s
7
3934
3934
40
12*8
12>8
1214
2i8
14
14l2
40
12
12%'
60
5*8
*55
*55
56
*
1834
2*8
87%
14*8
145g
56
56
56
7
$5
10714 107%'al07% 107U *10718 107*2
►107% 10734 *10714 10734 *10714 10734
5*8
5%
534
55g
534
5%
5I2
5%
534
534
5%
534
22
23
2212
2234
23*4
2234
2318
22J8
22l2
2278
22i2 2314
2%
*2%
2l2
*2%
2l2
2%
23s
23g
*2%
2l2
*2%
212
25
2312
*2334 25
2334
2334
2334 24%
2312 *24
2414
2414
20
*19
2034
*19
1934
20
1934
2H4
217g
21i2
22i2
1934
*102«»2103
I02"«102«32 *10227,2 103 *10227„ 103
*102**iel03
*102»i«103
$3.60
200
39
3912
714
*3834
12
12
12i8
12
*7
*115
714
*116
120
7V
7U
*116
119
7
119
119
11212 *112
11212
112% ♦112
16
16
1612 1612
17i8
10
10
*958
10
*93,)
10
*22
2212 2258
22l2
2214 22U
1134
12
117s
12
1178
12
*112
119
119
112
112
*112
17*2
*16%
214
214
1514
*2514
2«4
2I4
1514
25%
23*4
23,
1134
1218
2*4
•
12
2*4
214
2*4
1514
10
*978
1734
978
23*4
214
7i8
*391Z
12l2
119
119
112
*9%
23
140
2%
2514
,2,500
37,100
1,900
1,700
1,200
7
*5l2
*64
7
*5*2
6i2
6I4I
6I4
*66
7014
70U
*64
70i4
70*4
*2134
2212
2212
23
*225s
23
2234
4234
4278
38l4
4234
43i8
4234
4334
4334
70*4
2234
45b
3758
37 7g
37*2
38%
37b
3834
3734
56
57
57
57
*6812
23
45*4
*37%
z56%
634
23
5,400
14,400
550
57i2
57
10*4
10*8
1058
10%
56%
10%
65
65i2
97g
65l2
934
65
65*4
6558
6 512
6534
6434
65
40
40
3934
403g
40
40*4
39
397g
39
39%
5,500
6?8
7
7
403s
7)8
7
7
7
7%
64,300
934
934
97S
934
108i8 108% *106i2 108i2 *106*2 108*2
134
17g
134
17g
178
17g
45g
434
45g
4%
5
434
14
1438
137g
137«
14ig
14*8
16*4
23
27U
4314
17*4
23l8
16*4
2758
43*2
27%
43%
33
7914
7
108
17g
9
9
5
5*4
5*4
1478
1512
18i2
24*8
14*4
277g
435g
43*8
28*8
4334
32
32
3234
33
33
79*2
7934
80*8
80
80%
79%
734
3212
28
433g
*3H2
79l2
4334
18
24
734
8*4
8%
8%
I?2
11%
1034
11%; 11%
11%
62%
1012
1034
10*4
8*4
10*2
10*2
11*8
1H2
11*4
11%
11*4
11*2
lll2
61
613s
62
62
*61
62
61*2
117g
62
124
124
*123
124
7
*122
10*8
*22*4
2
124
79%'
8
8
8's
8
8*4
8
8*4
*123
124
10
10ig
1018
10i8
10
23
10U
23
23*4
225g
23
22i2
2
2
10*8
23i2
15*4
2i8
153g
16
165g
*16
16*2
16*4
2ig
17
3034
3034
32
32
*31
32
3112
317g
*612
7%
22r>8
28
*6*2
718
*6*2
7*4
225g
223g
225g
2212
225g
22*2
28
28
28*8
28ig
7*2
28*4
28i4
2278
2834
7*2
7*2
734
7l2
5%
*5b
5%
5*4
*614
6%
453g
45%
358
35g
33*8
33*s
778
77g
514
ni2
4%
*63g
453g
35g
33*8
77g
514
4
41
33%
778
8%
5b
lib
5%
5%
3334
8%
5%
34%
8%
5%
11%
11%
12
12%
145g
*52%
*3%
14%
52%
4
15
52%
4
40 r
*39~
40
41
*40
41
5
5
3034
31
*39
5%
31
534
*414
6
684
634
43g
*4*4
4%
4%
347g
35
57g
35 %
3434
35*2
35%
178
178
15*2
10%
178
15%
*17g
2
1612
16*2
15 >8
10*4
IOI4
*903s
91*8
24r'g
10*4
*90ig
24l2
4834
1%
47*2
6
57g
178
15
16
1%
91
91
91
10%
91%
24%
24%
2434
4834
49
4934
50
50%
6*8
6
6%
1038
20
*75g
8
75g
23g
2%
2b
*79
36
25
1938
82
7%
4%
15%
10%
91%
25%
IOI4
6
20*4
7b
20
5%
33%
82
57g
1978
*7%
2%
*80
21
21%
8
8%
2%
2%
82
*80
5%
32%
6%
*4%
35%
2
16%
10%
91%
50%
82
24%
*434
6
47%
4%
7%
5%
900
1634
11
11
91%
91%
24%
5034
21%
8%
2%
82
6
*9
11*8
11*4
11%
11%
11%
11%
11%
12%
*22l3
24
234
237g
24
24
23%
24
234
*27%
2%
29
27g
*27%
2%
30
12%
12
12%
117g
12%
12%
71»
*2
b
7i«
%
*4134
12*2
837g
42%
42%
42%
42%
42%
12%
13%
13%
137g
96
165g
95%
96
*8334
8512
26i4
47i2
205g
95%
95%
95%
85*2
85
85
95%
95%
2634
26%
26*4
2634
2634
477S
47%
48%
48%
4834
48
48%
21
2034
2134
21
21%
22%
17
1634
217g
I6S4
6278
*18
1834
*
83%
837g
83%
84%
114% 114% *114% 11478
1634
1634
1634
17
2634
*61
39%
167g
716
*8384
*26%
17
*1634
17*4
*116*2 1181 *116%
2*2
13
84%
*6034
*18
25g
39l2
2%
»
39
*116%
6284
1834
*85
86
1634
*116%
%
*2
42% 42 34
13%
13%
84% 85%
*114% 114%
16%
17
96
17
26%
48%
22%
10
1
No par
No par
100
Co
1
preferred
conv
10
Avenue
Thompson Starrett Co.No par
$3.50 cum preferred. No par
Tide Water Associated Oil.. 10
1,300
16,800
Timken
5,000
11,800
44,200
500
5,500
100
$4.50
pref.....No par
Detroit
Axle..
10
Transcont'I & West Air Inc..5
Transue & Williams St'l No par
Trl-Contlnental Corp..No par
$6
preferred
Truax-Traer Corp
24%
24%
3
3
2,600
Twin
*29
30
220
7%
7,100
conv
Tlmken Roller Bearing.No par
Transamerica Corp
2
11%
No par
No par
Truscon Steel Co
20th Cen Fox Film
10
Jan
6
Mar 21
2
Jan 19
13% Feb 1
28% Jan 11
7
2
Mar 27
7% Mar 19
5% Feb 5
5
Feb
2
34% Jan
2
Jan 25
3% Jan 23
3234 Jan 2
7% Feb 21
5
Mar 26
10% Mar
6
14% Apr 2
50% Jan 3
3% Jan 12
34
Jan 16
3?g Jan 16
26*4 Jan 8
2*4 Feb 6
4
Jan
2
277s Jan 15
178 Mar 29
15
Apr 2
10
89%
20%
46%
5%
12%
Jan 20
5
Jan 3
Apr 4
Feb 28
Jan
7% Mar 25
23% Feb 15
32% Jan 25
7% Jan
5*4 Apr
3
4
5
Mar
5
5% Mar
5
Mar 21
7
Apr
Apr
6% Aug
3%
Apr
8%
Apr
5% Apr
45*4 Sept
118% Sept
7% Apr
19% Sept
1*4 Aug
10
578 Sept
17
4%
35%
8%
6%
12%
4% Aug
3% Aug
47, Aug
33% Oct
3% Aug
4
32% Aug
3% Aug
18% Jan
8
53
Mar 21
4
Feb 16
42% Feb 16
5*4 Mar 8
Mar
34
7
3
4% Jan 17
36% Apr 5
2% Jan 4
7% Apr
Jan 27
23
1
11% Jan
95
3
Jan 24
26
Sept
7
Aug
5*4 Nov
8% Sept
15% Dec
48
3%
30
2%
14
17
83
10*4
34%
52
3
5
Jan 15
7
2178 Apr
4
6%
Jan 19
8% Apr
2
234 Jan
4
4
2
Feb 16
Feb 13
82% Mar
7
74
11% Mar 30
No par
22% Mar 15
2% Jan 26
Apr
Apr
1% July
7% Apr
9% Aug
Jan 19
Mar 14
Apr
Jan
2*4 Sept
4
Jan
Dec
Dec
Sept
1%
25% Apr
Mar 20
Apr
4
6
Feb
Apr
24*4 June
Jan 13
Mar
Apr
22*4 Sept
Apr 4
Feb 14
Jan 8
Jan 4
Jan 8
47% Apr
Feb
7
2%
77%
4%
8%
2
5
Feb 13
40
Aug
65
12% Feb 21
63% Feb 20
9% Jan
Apr
20%
878 Feb 15
10%
2778
2%
17%
35%
Apr
38
46% Jan
33% Jan
80*4 Jan
124
Apr
24% Sept
22*4 Aug
Apr
8% Apr
Dec
13%
18% Jan
12% Jan
Oct
2
4*4
10
7% Jan
Mar
par
CorpNo
64
64%
18%
19
2%
234
39%
39%
39%
18%
234
39%
Bid and asked prices; no sales on this day.
$1.50 preferred
500
City Rapid Tran.No
preferred
par
....100
5
5%
Sept
Apr
Apr
Sept
Apr
Apr
Mar
Apr
4
3
Apr
9% Feb 21
13% Jan 4
6
Apr
5%
Jan
84
11% Dec
3
3
115
Union Carbide & Carb.No pUr
Union El Co of Mo$5 pf No par
16%
16%
2,500
97%
86
3,700
27
25
50
49
22%
1634
2634
,
3,300
50%
44,500
23% 112,200
17
1,700
Union Tank Car
5
Preferred
64
64
19%
2%
40%
19%
800
2%
40%
71,000
a
No par
United Aircraft Corp
1,700
No par
United-Cair Fast Corp.No par
United Corporation
No par
$3
7,600
Def. delivery,
100
United Carbon Co
n
preferred
New stock,
-No par
r Cash sale,
Jan 16
16
84
Un Air Lines Transport
5
United Biscuit Co
No par
*116%
t In receivership,
preferred
93
100
Union Pacific RR Co
85%
2634
78% Feb
112% Feb
100
Union Oil of California
96%
2334
17% Apr
45
10,500
4%
1934 Sept
1% Apr
4
1% Jan 11
Under Elliott Fisher Co No par
Union Bag & Paper
No par
500
4
13% Mar 14
1,900
21,700
70
Apr
%Mar 16
39% Jan 16
1178Mar 18
JUlen & Co
115
3% Apr
30
9% Jan 15
Twin Coach Co
2,600
4134
14%
85%
115
25% Jan 23
...1
9,600
Id
41%
1334
Jan 15
24
No par
123S
12%
65%
19
2%
40
62%
1884
2%
Jan 23
9%
22
1
Ry
....100
Thompson (J R)
25
Thompson Prods Inc.-No par
200
16%
62%
2%
39
122
42% Feb
par
No par
pref
97%
16%
*116%
*18
39%
$3 div
Third
1,000
*85
*62
2%
Mfg
conv
Thermold
4%
12%
1178
1*>
114*4 114*4
56% Jan 23
5
100
The Fair
10%
12%
434
3%
29
12*2
13
3
29
~18
84
$3.60
2
Dec
94
'
*23
117g
11478
165g
165g
Jan
Jan 15
5% Feb
13,600
85
*80
4%
8,900
21%
8%
2%
*8%
2%
10%
300
6%
21%
434
*9%
11%
13
"V, 500
2,800
434
835s
6
9% Mar 16
9
25
Preferred
2%
9%
1134
*114
Thatcher
100
1634
11%
92%
25%
51%
9%
42
Jan 31
4
No par
700
8
5
Texas & Pacific Ry Co
35%
*4%
42
Jan 29
6
Produc'g Co No
800
36
2
9
Texas Gulf Sulphur
100
1
50
Texas Pacific Coal & Oil
40
4%
9%
28
Texas Gulf
w.
1
Inc (James)..
5H% preferred
Telautograph Corp
Tennessee Corp
Texas Corp (The)
580
434
2
Without warrants
Talcott
Texas Pacific Land Trust
18,600
2%
10
5,400
3,100
5%
16%
Co
3,600
;
6%
4%
36%
*4%
*28
5,800
33%
*834
234
22,300
5%
9*4
24
4,600
6%
434
234
1,100
32%
*4*2
*834
27
20
5%
4*2
934
*23
100
15
*39
*834
234
preferred
52%
3%
3%
25%
51%
6%
21%
8%
2%
6
300
3334
7%
438
82
21%
8
2%
6%
No par
Sunshine Mining Co.
10c
Superheater Co (The)..No par
Superior Oil Corp
1
Superior Steel Corp....... 100
3,000
47%
4%
34%
8%
5%
12%
*11%
15%
3,900
5
34%
8*8
52%
5,700
2,700
1
Stone & Webster
30
5,500
3,100
6%
77g
*37g
Stokely Bros & Co Inc
Studebaker Corp (The)
1
Sun Oil
No par
38
5*4
*14%
31,300
11,200
42,100
1,300
534
534
3314
*52%
7%
11%
Feb 23
Feb
28
47%
4
3,500
42*4
28%
76%
7%
Swift International Ltd
6%
108% Mar 29
2% Jan
29
Mar 18
Symington-Gould Corp w
38
8% Aug
7*4 Jan 18
_
3,500
4%
14*2
Jan
4,200
47%
52i2
6
1037s Jan
1% Jan 19
3% Jan 19
22%
29%
8%
6%
4
'3%
57*4 Dec
18% Apr
29*4 Jan 26
22%
28%
5%
Apr
Apr
Apr
42
22%
2834
8%
6%
Apr
47
Sept
57% Apr
11% Jan
6% Feb
22
Jan
40
14%
25
Standard Oil of New Jersey.26
Apr
60
65*4 Apr
40% Apr
Jan
Sweets Co of Amer (The)...50
Swift & Co
25
*38
434
70% Apr
23% Mar
Standard Oil of Indiana
Starrett Co (The) L 8.-No par
Sterling Products Inc
10
Stewart-Warner Corp
5
Mar
1% Aug
50% Feb
9% Feb
100
8
15% Apr
34
22*4 Jan
26% Jan
25
Apr
Apr
Jan
10% Jan 19
13% Jan 19
22% Mar 14
No par
Sept
14
23% Jan
10% Apr
11% Apr
Jan
$7 cum prior pref
No par
Standard Oil of Calif...No par
$6 cum prior pref
13
127
60
6%
46
14*2
No par
Dec
12% Apr
10% Aug
1% Sept
2*4 Apr
7
Jan
9
Apr
11
..No par
preferred
39
Apr
11%
36
6%
3%
*52ig
Standard Brands
Mar 28
Apr
Feb
7%
334
4
2
Apr
Apr
Dec
38*4 Apr
Sutherland Paper
3%
1434
Jan 15
900
45%
53
Mar 16
29
17
6%
*11
41
31%
6%
47%
4%
lll2
1
par
17
6%
3334
Jan 16
31%
6%
33%
Jan 29
17%
6I4
463g
•
66
21
par
2
20% Jan
3478 Jan
5% Mar 15
par
par
No par
1
Square D Co
$4.50
__
1
9
30% Apr
15% Jan
11% Mar
Aug
4
24*4 Feb
12% Jan
Apr
92
70
_
14% Mar
25% Mar 23
37*4 Jan 15
17, Feb
4*4
17%
2%
16%
15%
101
5
16% Jan 3
►
28*4 Feb 23
Jan
32
6*4
4558
53g
No par
287s
Jan
97s Aug
98% Aug
3
Apr
152
June
6% Dec
Mar 12
2% Mar 11
14*4 Feb
22% Jan
144*4 Jan
17
6%
77g
100
400
2%
2%
Feb 19
Standard Gas & El Co.No par
54 preferred
..No par
3,700
10%
24%
3
Jan
2% Jan 10
Jan ~
2
3134
*6%
22%
28%
8%
6%
5%
5
33%
100
..No par
preferred
35,600
123
9%
24%
24
29,400
62%
123
10%
24%
2%
*4%
5
414
2%
123
434
31
412
534
42
10
62%
25
12
7%
4*2
5
414
3434
*79
■
123
X24
8
5*8
31
57g
2*4
6*4
*5%
*38
*61
43%
*33
*434
5
578
534
55g
40
4334
47«
32
5b
24*4
47*2
*38
1434
*52's
*37g
53
5
5b
*538
534
*11
15*8
*52
*3012
6
40
8
*39
*1434
*334
7b
*3714
614
40
*47g
*39
2
714
*534
514
*ii
2*8
*612
734
5b
*37*4
2*8
28 lg
108% Feb
6% Jan 10
187g Apr
11% Jan
19*4 Jan—
11% Feb 28
Dec
37s May
28
8,500
21,400
18%
243g
28%
43%
33%
80%
8%
17*4
23*2
1038
678
15%
17%
2334
27%
17
2334
.100
Conv $4.50 pref
200
16
1534
1878
24%
29
44
165g
preferred
•
Apr
51
40% Feb 13
13% Jan 4
22% Apr 5
131
10»% Jan
9% Apr
% Aug
1
43
4,500
8,700
2,700
534
5%
105
Apr
Sept
15% Aug
1% June
60% Apr
11% Apr
10% Apr
5
7% Mar 13
Apr
1)9
Spiegel Inc
490
*107% 1C8
1%
2
55«
1138
734
56%
7ig
*10712 108
178
32*2
79M
77g
7*2
IOI4
*32i8
7914
734
7
7i8
108
67
23iS
2734
16*2
2318
277«
23
57
4
56
113
$6.50 preferred
No
Spencer Kellogg & Sons No
Sperry Corp (The) v t c
Spicer Mfg Co
No
$3 conv pref A
No
26,600
65
4
Jan
Spear & Co
30
37%
Jan
Jan
Ry
105
5*4 Jan 1!
Feb
Sparks W1 thing ton
600
46%
15
59% Apr
15
5%
8,800
36%
877g Apr 5
16% Jan 11
111
Mobile & Ohio stk tr ctfs 100
46
3
2% Mar 25
No par
Southern
15,900
11,500
3734
Jan
25
21% Jan
15
100
Southern Calif Edison
Southern Pacific Co..
48,100
4612
6% Apr 4
20% Mar 18
2% Jan
-.10
S'eastern Greyhound Lines..5
~2~ 400
23
Jan 15
105
No par
So Porto Rico Sugar...No par
200
*6%
*63%
*22%
...
6% Jan 13
36% Jan 11
10% Mar 15
No par
Petroleum
Feb 24
50
conv
18% Mar
99% Jan
8%
*64*2
39»4
9l2
67
634
No par
Socony Vacuum Oil Co Inc.15
South Am Gold & Platinum.. 1
*150
*6
par
Sloss Sheffield steel A Iron. 100
300
16
1538
157g
16*4
16%
1514
I6ig
16%
25
25% *2518 25%
25%
25b 25b
25% 25%
153l2 *151
153%
153l2 *151
153*2 *151 ,153*2 *151
153*2 *151
30
30
30
30
30*8
3018 3018
30i8
30ig
30%
30*8
30i4
1212
125«
12*2
13%
1214
1234
14%
1213
1278
133s
14
1334
16
16
17
1534
1612
I6I4
16%
I6I4
18%
17l2
18%
17%
27
27
27«2 2778
293g
2812
2778 2884
2912 3078
29%
30%
*35
*35
*35
38i2
38'2
38l2 *35*2 3812
*35% 38l2
*35% 38%
2
2*2
2i8
2i8
2i2
2i2
23g
234
212
258
2%
2%
*15'8
1*4 Jan 31
80*4 Jan 15
13
Apr 1
12% Mar 18
64% Feb 26
4% Feb 2
Apr
3*4
44% Sept
2
No par
$6 preferred..
Aug
Sept
%
2
No
preferred
10
61
Highest
Feb 27
20
Smith (A O) Corp
10
Smith A Cor Typewr..No par
Snider Packing Corp ...No par
110
12%
2%
% Jan
1% Jan
109
•
1,400
23%
11%
2
Slmonds Saw & Steel...No par
100
10
233g
12ig
23g
Jan
Skelly Oil Co
6% preferred
1,800
18%
10
Apr
Simmons Co
600
115% Jan 11
b Feb 26
17*4 Mar 19
5J4%
conv
preferred... 10
Silver King Coalition Mines. .5
Simm8
4
108
6,200
112
18%
Corp
Shell Union Oil__
200
Jan
L.'.. U
100
4,000
119
112%
18
80
4,400
49
No par
112% Apr
pref ser A .No par
Shattuck (Frank G)...No par
Sheaffer (W A) Pen Co.No par
2,700
39%
11%
conv
14*4 Mar 27
79% Mar 27
% Jan 2
7*4 Feb 21
No par
Sharpe & Dobme
310
7'8
40
125s
39%
45% Mar 11
Sears Roebuck & Co...No par
Serve) Inc
1
300
3
Jan
% Jan 8
4*4 Jan 11
3
3
preferred
Sbaron Steel
6,500
514
% per share
11'4 Jan 23
Seaboard Oil Co of Del.No par
Seagrave Corp
No par
9,900
11,400
1,500
f per share
100
4-2%
700
Lowest
72
....No par
No par
tSeaboard Air Line
900
61
preferred..
54 preferred
4,400
600
i
5*8
*56
6
5484
56
14
*"!•
a4
61
5%
*5412
nI«
,
5
*5534
61
5
5
55
*4
&8
183s
,4
——%— *i«
16
34
iit
34
-%
*b
b
h
8%
Scott Paper Co
54.50 preferred
150
—
»4
*%
Schenley Distillers Corp.....5
5H% preferred
100
tSchulte Retail Stores
1
1,600
534
5b
48
48
112'4 113
108i2 *108
10812 *108
*108
"'
5%
57«
7,800
1378
*78*4
U
80
14
Year 1939
Highest
% per share
Par
14%
*1«
14i8
7834
14i4
14i8
*78
79
as
*8
Range for Previous
'
Lowest
7834
14i4
14
80
1378
14%
79
>4
Range Since Jan. 1
On Basis of IWf-Share Lots
Week
Tuesday
13%
EXCHANGE
Thursday
Apr. 4
Monday
79
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
SHARE,
Sales
for
LOW
Saturday
April 6, 1940
x
Jan 15
Mar
5
22*4 Jan 11
43% Jan 15
14% Jan 15
15% Jan 2
Jan 31
112
Feb 19
1478 Jan
88% Jan
17% Jan 8
4
89% Feb 10
27% Mar 20
97% Apr
50% Apr 5
2334 Apr 4
17% Mar 25
119
Feb 23
78
Aug
Apr
Apr
20% Mar
31
7%
Aug
Apr
14% Sept
112% Mar
Apr
Apr
2
Apr
30%
Apr
36*4 Mar
5
19% Apr
Ex-rights.
Aug
Apr
Sept
13%
27, Apr
y
6
65%
108*4
15%
81%
62
5
Ex-div.
Apr
Dec
4
Feb 13
65% Mar
Mar
42
*4
6
5
54% Feb 5
17% Jan 12
2
8
4
Jan 12
7%
34% Sept
5 CaUed for redemption.
i
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
ISO
SALE PRICES—PER
HIGH
SHARE,
NOT PER
(2221
Monday
Apr. 1
$ per share
$ per share
6%
*5
6i8
Tuesday
|
Apr. 2
Apr. 2
$ per share
6I4
*60
64
*62
64
4%
*33l4
7834
4l2
3334
7834
*412
*3314
78i4
434
3334
78s4
13%
13%
13
13i8
*116
120
12%
4%
*. ~
12i8
4-r>8
5%
9214
8%
*858
8%
"5%
914
81%
81l2
*177
.
*514
178
5%
3212
25l2
5i2
*31
25
*5%
*9
9%;
914
36
3612
39
39
39
1%
3378
1%
1%
34i2
35
114
11414
114
*60
61%
6878
593s
*61
1185s 11834
*38
383s
118
*67l2
583s
46
2%
1%
345g
6
36
*61
61
6712
67%
59I4
38
45
62
68*2
68*2
59*8
6278
118*4 H834
68*2'
63*4)
Z617g
38*2
38*2
3834!
45
4518
500
1*2
62
800
600
Preferred
45
45
45
!
1,400
U S Tobacco Co
2*4
2*4
7*8
7*8
450
45
2
7*s' / 7*8
15s
134
7*4
134
*55i8
60
*56
60
*58
60
*58
*1334
*14
15
*14
15
15
15
*14*2
15*4
69
*66
70
*67
70
*65
70
*65
70
*67
69
*152
157
*153
157
*153
157
105
105
105
*134
69
154
154
105
134
105
*%
15s
7%
,-r
15s
105
105l2
*2
5s
*2
134
,
1%
7%
157
105
103*2 104
19*2
35
35%
37
35%
36*2
37%
36%
37*2
37"
37
*36*4
37
36*4
36*4
*36*4
37*4
*115i2 11834 *11512 11834 *115% 11834 *115*2 11834 *115*2 11834
*17*8
*17%
19
19
19
1 *17%
19
35%
37
37
116
116
*4534
353s
46
36
36i4
3678
*4534
*4534
46
46
80
*65
30
4578
30
46
148
67
preferred
10
.100
Vlck Chemical Co
30
30*4
*2934
30*2
1,200
Victor Chemical
3%
30*2
3*2
3%
4,500
Va-Carollna
5
Vlcks Shreve A Pao Ry..,100
80
30
*314
80
30
3014
»
312
3U
29
28l2
2812
*116i4 117
9l2
45
IOI4
29
29*4
10*2
44l2
44l2
44*2
35*2
91
*33*2
91
*90l2
*133
"llg
29*4
*116
10%
*133
1
:
134
*13s
1%
*34
13g
7%
7*2
*34
*7*4
7*2'
*98
100
*98
*98%
45
93
| *91*2
1%'
*34
7*2'
22*41
99*2
22
9934'
1*2
*%
1%
*7*4
I
*1
*97
534
7%
22%
300
Virginia Ry Co...
*33*4
6%
35%
*91
|
93%
""26
"466
"l%
1*2
*1%
134
1%
7%
*%
7*2
7%
1,200
Waldorf
22%
*97
22%
99%
1,000
Walgreen
5%
534
6%
6
6*4
6
3H2
31%
3l5g
31*2
3134
31%
31%
32
32%
,32
32
15i8
*7i2
*H4
*22'2
3%
15ig
75g
1-%
15
1434
14% I *1434
14%
14%
*1434
15%'
8
8
8*2
800
2334 i
2434
3%'
3%
4934
*47
*1%
1%
25
*47
*714
1%
24
*2212
334
35s
*47
50>4
75g
7*4
*U4
1*4
24
2334
334
4934
35g
*47
7*4
1%<
1«4
*1%
10l2
2914
*8
10*2
*8
*2812
*28l2
29*4
29*4
10*2
29%
27i2
27l2
2634
27
26*4
19
18i2
185s
22U
2234
414
4*4
1%
*8
*18i4
2234
2234
*418
414
*82
22
1*2
18*2
*22*4
4*4
22%
22i8
6834
108
108
I
113
*22
22*8
6834
113
*68%
110
114
1%
25
3%
334
4934
1%
50
*1%
10
*8
30
30
26*4'
*26*4
27
19
*22*2
4*2
19
*26*4
*18%
27%
18*2
2234
19
27%
*18%
27*4
19*2
22%
434
23%
*23%
23%
434
4%
23
4%
| *82
22
70
I
*69
70
110
I
110
110
22%
22%
4
4
40*8
I
40*2
4
*6*2
7%'
%
23*4
*34
23
23
■.
*37g
75g
4
*678
%
23%
%
63
*97i2
98
32
*
97*2
3234
*90
*69
32*4
110
70
*90
*69
IOI4
10*4
1134
12*4
*9%
12*4
8i8
8*4
5%
5*2
5i2
*48l2
8
55
*
66
97*2' *97*2
*48
32%
32%
I *90
110
70
*69
.
20*2
20%
3
3
3
1%
1%
*312
514
3%
3%
5%
64*2
5*4
64
64
*120i2 125
2434
*120
2434
24*2
114%
11534'
11434 115%
135
135
136
3234!
I
I
34
37%'
36%
n
34
34
110
*95
25
70
70
70*4
*70%
7134'
10%
13%
10%
10%
13
13%
60
34%'
15,400
5H% conv preferred
Wheeling Steel Corp...No par
6%
110
""400
71
200
10%
19,500
White Rock Mln Spr Co No par
5%
9,100
White Sewing Mach Corp.__l
54
*48*2
21
5*4
64*2
_
54*2
51%
54
2034
21%
21%
21%
21%
21*2
3%
3%
3%
3%
3%
3%
3*41
1,700
1%
1*4
1%
3%
134
1%
1%
134
1341
6,400
4
3%
334
3%
5*8
*64*8
5*4
5%
.
.
*120
65*2
...
64
40*2
4034
18*2
1834
18%
18%
18%
2434
2434
(
534
65
334
5%
|
65%
4
4*8
5%
26%
2634
4l%!
19%
27
No par
.20
preferred
Wilcox Oil A Gas Co
5
Willys-Overland Motors..... 1
6% conv preferred
Wilson A Co Inc
4,900
8,800
5%
$8
10
No par
preferred
"7*266
65
No par
Wisconsin El Pow 6% pref. 100
Woodward Iron Co
10
Wool worth (F W) Co
1,000
*121
27%
Prior
1,300
4*8
5%
64
66
*121
*120
40*2
25*41
*47
$4 conv preferred
27%
42%
20.300
20%
9,800
..10
*67
73
*63
73
*63
73
*67
73
*67*2
73
41%
19%
*67%
73
7% preferred A........100
*54U
69
*54%
69
*54*4
69
*55
69
*55
69
*55
69
*33i2
36
*34
36
*34
36%
*36
44%
37*4
37
37
403s
18i2
*42i2
124
44%
124
*8834
23U
1734
*42*2
|
89%
23*4
18%
119
*88
45
123
91%
*42*2
119
89*2
35%
44*4
120
89*2
23% I
23*2
17% I
17%
*120
122
,*120% 121% *120*2 121%
*11
11%
*11
11*4
11%
11%;
41%
4118
40%
42%'
41%!
41%
*85
90*2 *85
90*2
*85% 90%!
2314
23%]
23%
23% I
22*2
22% |
1634
*214
•
17
23%
17%
I
2%'
17
2%
23%'
18
|
17%'
2*2
1634
2%
17
2%'
41%
23%
Worthlngt'n PAM (Del)No par
9034
300
24
*24
24*4
24%
24*4
24
18%
18%
18%
18%
18%
17%
120% 120% *120*2 121*2 *120% 121%
1,200
6% preferred B__
...100
Prior pref 4M% series..100
Prior pf 4H % convserleslOO
Wright Aeronautical
No par
Wrlgley (Wm) Jr (Del)-No par
Yale A Towne Mfg Co
25
30,200
Yellow Truck A Coach cl B..I
3534
44
44
119
122
*89
91
11%
122
*90*2
44
46
46
125
4334
4434
90*2
22%
17
17%
17%
2%
2%
2%
|
25
I
17%'
2*2
12
560
44%
*87
2434
24%
"5",i66
17
17%
9,600
234
3,400
J In receivership,
|
24,600
90*2
2%
a
Preferred
10
4,600
12
43%
12%
*87
24%
90*2
800
126
90*8
90%
2334
41%
*87
300
46
125
11%
1134
B;d and asked prices; no sales on this day.
|
40%
19*2
100
Young Spring A Wire..No par
Youngstown 8 A T
No par
5W% preferred ser A... 100
Youngst'n Steel Door..No par
Zenith Radio Corp....No par
Zonlte Products Corp
1
Def. delivery,
n New stock,
r Cash sale,
44
Feb
1% Nov
6%
58
3%
Mar
Jan
July
Jan
1334 May
3534
Oct
4
1484
Apr
Jan
4
20
7
Jan
4% Feb 2 i
•;
Apr
24%
3234
334
Dec
80
Deo
July
28*2
Jan
178
27% Jan
3
16
Sept
Jan
Oct
Jan
4
55% Aug
Mar
7
85
Apr
Jan
3
95
Apr
102% Feb 14
108
Jan
8
88
Apr
106
Deo
111% Jan 10
117% Mar 15
105% Sept
15% Nov
115
Nov
13% Mar 19
Mar 27
102
6% Feb
1
Jan 31
21% Mar 18
%
22b. Mar 18
105% Jan 15
130
Jan 15
Jan 20
19% Jan
4
103*2 Feb 14
40% Apr 4
5
20%
Apr
79
107*4
112*2
19*8
Jan
Deo
Deo
Deo
36% Nov
Jan
2*8
Apr
6*4 Sept
7% Apr
3*2
Apr
%
1678
Dec
11% Sept
2
Sept
Apr
37
18*8
82*2
Apr
Apr
May
121
Sept
145
Mar
1
Jan
28«4 Jan
28*2 Jan
118
Jan
138
Jan
126
Sept
37% 8ept
10*2
Apr
15%
Apr
28*2
39*4
*29
Apr
39*2 Deo
4
42
July
75
Oct
Jan 30
74
Apr
97
Oct
15%
Apr
387s
Oct
80
Jan
80
Jan
45
July
78
Oct
1% Jan 23
35% Jan 19
34% Apr
38% Feb 13
39% Jan 3
65
8
67
9414 Jan 29
98
2534 Jan 18
34% Apr
Feb
Mar
4
71
Apr
5
4
9%
5%
Dec
Dec
Apr
22
8%
6
Jan
Apr
8
9
534
6084
6*2
19%
57% Mar
834
6
|
3
38
9
500
36
23% July
98*2 July
9% Jan
20% July
1478 Mar
2% Jan
3% Dec
Mar 16
10% Mar 18
4% Mar 23
4*2 Jan
2
54
Oct
Dec
21
3
17g Jan
Apr
1%
Jan 10
1
834
Oct
Jan
7
Jan 10
Jan
9
Sept
8
Apr
14%
4% Feb 19
50
3% Sept
Apr
3084 Sept
Feb
Jan 10
10%
13%
9*4
6%
5*2
"
16%
9%
1%
25%
Deo
3
June
4
6% Jan 3
35% Jan 11
66% Jan 23
White Motor Co
Sept
85
Mar 15
No par
White Dental Mfg(The SS) .20
$5 conv prior pref
Mar
3
1
100
preferred
15,500
13
30
100
100
131
75
Feb 15
3
5% conv preferred
Wheeling A L E Ry Co
101
110
Westvaco Chlor Prod..No par
400
Apr
114
1,500
1
July
Sept
2
-
26
98
12%
12%
50
15
Jan 30
68
111
Weston Elec InstrumentNo par
65
*10*8
12%
1st preferred
50
118
1% July
24
105*4 Jan
4,800
38
71
*10
10%'
| *95
Westlnghouse El A Mfg
80
101
5
Maris
21
37*2
*97%
33*2
34%
11)
Westlnghouse Air Brak eNo par
7,500
Sept
2934 Deo
5«4 Sept
3334 Sept
80
34*2
1*---.
97%
9,000
12,800
136
33%
37*4
*37%
37%
65
"97%
98
25
24%
,*100
40%
*2434
25
36%
66
32%
24%
25%
33*2
36%
*35%
25%
40%
25%
40%
18*2
24%
9*4
3%'
—
25
5%
134
*158
200
5*2
*47
21
53%
2034
3
%
Maryland
4% 2d preferred
100
Western Pacific 6% pref.. 100
Western Union Telegraph. 100
8*2
5*2
2012
*34
%
110
12*4
12%
8%'
500
34
Western
1,700
7%
*97*2
*9%
10%'
4%
; *7*8
1*
98
67
4*2
7%
23*4
23*2
23*2
2334
23%
23*4
22%
23*4'
112*4 11234 112*4 11234
*133
135
I 13434 13434 *133
13434
33
321g
32*2 32%
32*2 33*4
3634 *35%
*3512
3634 *35% 3634
*3514
37*2! *35% 36*2 *35% 36*2
4%
7%
34
65
Mar
5%
15%
Jan 16
3% Jan 13
4
6%
66*2 Aug
84 July
64*2
1934 Jan
100
4*4
100
Apr
116*2 July
44*4 Deo
9
Jan
Feb 21
33% Jan 13
113%
113
13434 13434
33*8
32
*3534 3634
34
No par
100
100
preferred
preferred
6% preferred
"4,166
17
112*2 Sept
4*2 July
5
Western Auto Supply Co... 10
40%
6%
*.%
23%
■
5
31% Jan
28% Feb
WestPennPowCo 4^ % pf.100
West Va Pulp A Pap Co No par
39%
40%
6
22% Apr
26
3
2
15
13
12
13
7
2
1,500
*102%
*102%
40*4
7%
6%
108
*117% 119
*117*4 119
15
14*4
14%
14%
4034
Mar 14
3% Jan
No par
West Penn El class A..No par
100
*4
|
7*4
11234 11234'
*60
*107
108
$4 conv preferred
100
Jan
100
preferred
Wesson Oil A Snowdrift No par
240
113
108
par
Wayne Pump Co
Webster Elsenlohr
"l~50d
23"
23
70
70
*6834
*6834
110
*109
109*2 110
113
11334
113%
113*2
40*2
23%
*ei2
*34
I
4034
4
40%
23"
Apr
Apr
Sept
34% Apr
54% Aug
65
Sept
18% Apr
2*2 Apr
2*8 Jan
l%Mar
7% Apr
1
22
No par
No
1,000
7%
Nov
1% Jan 18
1
5
Pipe
4,900
*82
*82
22*4'
11334 11334 *113
434
4%
■
Warren Fdy A
Sept
40
16
25
109
Mar
48
634 Feb
17
""566
40
16
1% Jan
5
JWarren Bros Co
10
3034
Feb
Sept
Jan 22
Waukesha Motor Co
100
$3 convertible pref..No par
*8
*30
June
126
1
500
$3.85 conv pref
600
1%
*1%
10
30
105
I 105
106
106
108
106*2
107
*117*4 119
*116l2 11738 *116*2 1173g *116*2 118
15
14
*1334
|
14
14%
14%
14*4
14
*100
*100
*100
*102%
405s
1%
preferred....
Warner Bros Pictures
30
50*4
*47
50
163
Sept
15% Apr
31% Mar 30
7%
July
Jan
400
21,100
Sept
Mar
No par
Washington Gas Lt Co.No par
400
4
Deo
17
85
21
35
No par
Ward Baking Co cl A..No par
Class B
No par
800
1%
25
3%
4%
64
Aug
100
100
100
No par
Oct
Sept
Apr
May
Feb 29
1
Feb
90
93% Jan 31
5% Jan 19
Preferred
Sept
June
July
Mar
Jan
Nov
1
43%Mar 27
3l34Mar 14
1434 Apr
7*8 Mar
1% Jan
21% Jan
3*2 Jan
4534 Jan
L%Mar
6*2 Jan
28% Mar
26% Apr
*24%
*8
*104
4058
8%
*1%
1%
25
29%
*82
*82
70
*6812
*10734 109*2'
113
134
1%
1,600
i
June
82'4
1207g
37*2
4684
Oct
Mar
July
78
118
20% Jan 18
Walworth Co
11,100
6%
Mar 27
5*2 Jan 23
Walk(H) Good A W Ltd No par
500
8
1%
14%
8*4
15
99*2
Sept
z70
Jan
9
46*4 Apr
27% Jan 31
4H % pref with warrants 100
100
15% Sept
60*2 Sept
146
Sept
37% Apr
39% Mar 15
Mar 18
No par
Co
Jan
Mar
37%
6*8
5234
II484
68*2
46
59*2 Feb 28
No par
System
-
7% July
35% July
29% Sept
10*2 Sept
4
I84 Dec
Sept
6% May .; 8% Mar
138 Apr
2% Oct
31% Mar 14
4% Jan 4
31*4 Jan
100
5% preferred A
5% preferred B
200
1%
113
180
Jan
6
116
Jan
Apr
100
J Wabash Railway Co
*1
5%
99*2
25
.100
Preferred
1*8
22*41
25
preferred
Vulcan Detlnnlng Co
*133
3H2
5%'
100
Va El A Pow $6 pref
No par
Va Iron Coal A Coke 5% pflOO
997«
534
534
preferred
170
220
11
87*2 Mar
17% Sept
14
Sept
*2
28% Jan 17
3
Sept
7% Sept
45%
116
Jan 23
56% Jan
Nov
14
Mar 27
19
3
28% Jan 22
35% Jan 15
No par
15*2
44%
*133
1
Chem
5
11634
| *44*2
Jan 2
15
117% June
% Jan 12
11434 Jan 23
43
Jan 15
Jan
Feb
8% Sept
36*2 Sept
95
Sept
49
39
100
Works
14
35*2
92
1%
1%
22
45
preferred
1*116
116
35*2* *33*2
1
1
22
I
6%
3,100
31
30*4
14*2
*133
1%
22
13
45
92
92
1*4
22
116
*33*4
35%
....
7i2
22
I
13*2'
*44
*34
73s
22
29
5%
80
80
3%
29*2
117
1034
*1%
*13s
*
3%'
3*4
117
10*4
*33
35
100
*133
*1
29
80
30
29*2
3*4
*44
45
*89
3*4
3*4
116%, 116*2 *116
912
*33
30
112
16% Jan
7% 1st preferred
800
15 9
100
46
46*4
Feb 13
Jan 19
„■
% Jan
Vanadium Corp of Am.No par
Van Raalte Co Inc
5
700
70
74
67
98*2 May
30
Sept
2% Mar 12
59% Mar 21
15% Mar 13
2
Feb
No par
46
46
1.
Sales
Preferred
'
34%
100
8%
17,400
19
62
Vadsco
50
*17i8
No par
Universal Pictures 1st pref. 100
240
2,300
*2
Jan 16
Apr
7% Jan 12
1334 Feb 20
Universal Leaf Tob
30
153*2 153*2
104
*2
54
..5
884
Apr
41% Aug
39% Apr
48*4 Feb 20
2% Mar 6
Jan
share
7% Mar
60
3
Jan
Feb 15
Jan 9
Jan 19
.25
1
No par
Universal-Cyclops Steel Corp 1
300
*153
106
*2
43%
1%
684
1%
preferred
534 Aug
46
Highest
\ per
3234 Sept
31% Oct
1*8 Dec
31% Apr
8684 Apr
48
July
7034 Jan 11
68% Jan
119
Apr
13% Apr
3*2 July
Apr
Jan
Apr
23
8
1*4 Jan
41% Jan
Jan
Feb 19
4
Apr
116
64% Feb 29
53% Mar 18
35
5% Aug
65% Sept
14934 Sept
Jan
65
Jan 15
115
$6 conv preferred.__No par
""260
1% Jan
32% Mar 26
61
Jan 11
70% Jan
38% Jan
Jan
100
United Stores class A
3,100
1%
%
19
*1718
-
,50
Jan 25
39
No par
Conv pref (70c).
400
60
1514
63
15
*5514
*1414
7%
Mar 26
Mar 26
109
Mar
11
9% Jan 18
34
June
5
6% Mar 9
3234Mar 11
26% Jan
684 Jan 10
Feb 24
60
75
89
5% Mar 18
35
-*"
Apr
Sept
6% Apr
334 Aug
634 Mar
Mar 18
181
8
No par
United Stockyards Corp
1,800
2
7*4
*5434
7i8
" 134
;
100
50
_
4,000
714
178
6434
w
10
U 8 Steel Corp
Preferred
39*4
21
11
110
934 Mar 12
10% Jan
4% Feb
l
29*4 Feb 13
No par
8% 1st preferred
U S Smelting Ref & Mln
6234 110,700
39
4434
10
US Rubber Co
2,800
68%
100
20
Feb
6
Jan
94
Jan 15
177
cl A..No par
f U S Realty & Imp
44,300
61%
conv
U 8 Pipe & Foundry
U 8 Playing Card Co
3,900
38
5
Prior preferred
400
62
68%
*2*8; 2*4
2l8
Partlo &
6,000
3,700
116
100
% conv preferred
50
U 8 Industrial Alcohol.No par
U 8 Leather Co
No par
1,000
118*2 H878
11834 119
38
38
2l8
6134
68*2
II8I4 11812
1%
37
preferred
U 8 Hoffman Mach Corp
"5,666
39
1157g| 116
7%
2,300
10%
*37*2
IV
38%'
1%
37*2
11534
30
64
36
9*4
I
38
38
1,000
2,100
6*2
32*2
26
534
64
61
46%
5%
10*4
85*2
181
6*4
*31 '
25
534
97g|
5834
2i4
*7
85*2
1*177
3634l
67
38i8
7% Jan 25
8% Jan 23
80% Mar 15
260
834
3
15
4% Feb 5
6% Mar 18
10
3
85% Jan
10% Jan 13
U 8 Dlstrlb Corp conv pref. 100
U S Freight Co
No par
U S Gypsum Co
20
834
934
32%
26*4
2534
373g
t c 1
54% Dec
3% Apr
2534 Apr
62% Apr
Jan
117% Feb 24
1334 Mar 12
5% Jan 8
7% Jan 3
6
80
6%'
6
115*2
6134
v
35
5
Mar
United Paperboard
63*2'
1*4
United Mer & Manu Inc
3,700
11% Mar
4%
65*2 Mar 14
5% Jan 3
Feb 27
75
112
USA Foreign Secur._.No par
$6 first preferred
No par
9%
3478
400
No par
4% Aug
Dec
Mar 13
6
Jan 18
100
3578
115
5
634Mar 23
4% Feb 29
33
United Gas Improv't__No par
$5 preferred
No par
6,300
24,900
2
1,600
63*2
114l2 11478
5
'
United Eng & Fdy
United Fruit Co
Jan
3,100
178
*31
3838
13s
5
4% Jan 11
56% Jan 10
6
61
383s
$ per share
95
85*2'
9%
95g
$ per share
6
36*2
9*2
United Electric Coal Cos
$ per share
*92
8*2
10 I
84*4
178
100
Preferred
50
Lowest
6
61
59l2
11834
38l8
46i4
13
36
912
38l2
1%
33*2
80*4
700
5
10
Highest
95
8*2
V.
United Drug Ino
United Dye wood Corp
1,100
1234
13
.45s
80
34*2
80
62
4%
33*8
64
36
35%
62
434
Par
.
500
64
Year 1939
Lowest
20,500
5*2
36%
39
1%
35
*61
11412
6134
67
585s
47
21*
*7
64
5%
65g
5*4
5% ~
534
32i2
26*4
512
25
55g
6*2
5*2
*92
" 9*4
86
*31
2434
*5i4
6®4
11534 11534 *115
11534
1158
12
1134
1178
47S
5*8
47g
5*8
812
*5%
Shares
1234
181
2434
3612
*37
*177
578
32i2
93s
64
36
*62
87s
8234
$ per share
*33*4
79*2
95
*8*4
834
8414
181
*31
914
*61
*92
8%
*512
3212
2538
5i2
512
5i2
Week
434
5
5%
558—6
5i8
95
*177
6
25U
12
8I4
*8%
82i2
914
8234
*31
12
*434
178
512
1278
1165s
12*4
116
Apr. 5
Ranoe for Precious
EXCHANGE
-
5*4
80
12l2
*92
834
82i2
180
783s
"5% 7
95
*8U
*834
3314
79i2
13
1134
5i2
*92
3314
78i4
12%
118
|
63
3314
*116
the
6*2
64
4l2
Friday
$ per share
434
34
412
12%
478
478
5%
9214
412
J
634
5i8
*63
64
64
*11578 120
123s
6i8
5*8
63(
5i2
On Basis of IWyShare Lots
\
Apr. 4
$ per share
*5
Ranoe Since Jan. 1
NEW YORK STOCK
Thursday
Wednesday
63s
5i2
*5
5%
,
STOCKS
for
Saturday
Mar. 30
Sales
CENT
9
Mar 19
Jan
4
1934 Feb 28
2% Mar 29
1% Jan 5
3
Jan 15
47g Jan 13
51*4 Jan 5
2
116
Jan
22
Mar
1
Jan
2
38%
17% Mar 18
68
Jan 19
8*2
Apr
3
Apr
2
Apr
3% Sept
1«4 Aug
Jan 26
Jan
Dec
7
Mar 29
»
14
14
Mar 16
43% Mar 16
105
Jan 22
85
Jan 22
22
Marl6
16% Mar 19
115% Jan
5
10% Feb
1
Sept
3% Jan 11
1% Feb 16
2%
4*4 Feb 15
2% June
6
70
121%
•27%
4214
21%
71
Jan 29
Mar
6
1
2%
Aug
Aug
105*2
Apr
Apr
15
Apr
Apr
Jan
36
Mar
Jan 25
37% Jan
8
Jan
8
50%
Aug
June
32
Sept
10*2 Apr
47*2 July
43
34
Apr
May
23*2 July
31% Apr
126 Mar 28
85
Apr
90% Apr
5
75
Mar
25
Jan
3
18«4 Sept
19%
Jan
4
122% Feb 24
12% Apr 4
11%
98
9*2
Apr
Apr
Aug
37% Mar 16
48%
Jan
30
Apr
86
Jan 15
89
Jan
74
May
22
Feb
5
28% Jan
17
Apr
J4*2 Feb'
3
17% Apr
2 34 Apr
12
Apr
2
Aug
2
Mar
z Kx-dlv
1
Ex-rl.h a.
Dec
Deo
12% Mar
1534 Oct
7
Jan
4% Nov
3484 Nov
20*2 Deo
4*4 Nov
3*g Feb
6*4 Feb
7% Sept
60*4 Nov
115
Sept
3134 Sept
50% Jan
23%
74
69
38*2
53*2
124*2
85*2
33%
217g
127
Jan
Oct
Oct
Sept
Sept
Nov
Deo
Mar
Oct
Nov
21*4 Jan
56% Sept
92
Sept
34
Sept
22% Jan
37g Sept
5 Called tor redemption
April 6, 1940
Bond Record—New York Stock
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices
"and Interest"—except for Income and defaulted bonds.
are
disregarded In the
shown in a footnote
Cash and deferred delivery sales are
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are
In the week in which they occur.
No account Is taken of such sales in computing the range for the year.
The Italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
Friday
Week's
Last
Range or
Range
BONDS
Sale
X?
Friday's
Since
N. Y. STOCK EXCHANGE
Jan. 1
Week Ended April 5
BONDS
N. Y. 8TOCK EXCHANGE
Price
Week Ended April 5
Bid
Asked
A
Low
United States Government
No.
High
Low
High
119.30121.3
1947-1952
Treasury 4s
Treasury 3 Ms
..
5Treasury 3 Mb
A
O
120.30
121.3
3
1944-1954
1946-1956
1940-1943
1941-1943
1943-1947
XYeasury 4M»
J
D
116.4
115.2
115.6
17
8
115.9
115.8
115.9
8
114.9
115.9
101.9
101.9
1
101 3
103.19
J
D
11
114.14115 6
103 17 104.24
8
103.18
D
109.24
109.24
1941
104.20
104.20
104.17105.17
1943-1945
O
109.26
110
109.24110.1
.1944-1946
1946-1949
1949-1952
110.16
110.21
110.6
110 21
D
112.9
112.13
111
112 13
D
♦113.5
113.9
111.19113.1
1946-1948
D
111.15
111.22
S
111.27 111.23
111.28
76
1965-1960 Af 8 109.10 109.5
109.26
.....1945-1947 M S
1948-1951 M S 109.18 109.18
109.16
109
109.26
2
109.19
14
Treasury 3 Ms..
Treasury 3 Mb
_
Treasury 3Ms
Treasury 3 M8
Treasury 3«.......
...
M
J
1951-1965 M
Treasury 3s...
Treasury 2Mb
Treasury 2Mb
Treasury 2Mb
110.21
O
Treasury 2Mb..........1951-1954 J D
Treasury 2Mb-...1956-1969 M S 108.8
Treasury 2Mb
1958-1963 J
Treasury 2Mb—.......1960-1965 J
110.10111 22
109.28111.28
107.7
109 16
108.28109.26
108.2
109.19
106.28108.30
108.19
108.30
8
108
108.12
13
106.9
D
107.21
108
44
105.27108
D
107.27 107.22
108.1
104
14
Treasury 2 Ms
1945 J D 109.13 109.11 109.13
♦108.31
109.2
Treasury 2Mb
........1948 M S
Treasury 2Mb..-.-—-.1949-1953 J D 106.28 106.25 107.2
107.3
107
Treasury 2Mb
1950-1952 M 8
108.12
105.25108.1
132
D
104.22 104.19
104.23
8
102.20104.23
1947 J
1948-1950 J
D
105.30
105.30
3
104.18105 30
D
104.24
104.24
1
♦108.23
108.27
3s
Jan
15 1942-1947 J
2 Ms
Mar
Home Owners' Loan
3s series A
102 23 104 .24
108.9
108.20
108.20
J
1 1942-1947 M 8
108.20
107.29108.20
105.5
15 1944-1949
105.5
105.1
♦104.31
1 1944 1952
May
AfN
1942-1944 J
J
&
*42M
4
36
30%
22
72
72
2
60
72
*85*
84
85
22
73
85
39
52 M
33M
49
♦Costa Rica (Rep of) 7s
(Republic) 5s of 1904
External 5s of 1914 ser A
External loan 4 Ms ser C
1944 Af
1977
20 H
1951 MAT
Cuba
103
62
102M
203
102
9
101
81M
6
74
81M
13M
13M
13M
73
103
*62
*102M
June 30 1945
61 M
*13M
*13M
17
102
♦99M
1949
Sinking fund 5Ms...Jan 15 1953
♦Public wks 5 Mb
21
20M
♦102
S
A
20M
105M
103M
81
1949 F
——
......
20 M
102M
102 M 103 M
99
101M
56
62
104
13M
63 M
55 M
75
75
6
71M
75
27
O
♦27
28M
♦63
66
14
14
3
14
4
-
*
•»
J
J
1
K*
'*»
m«*
*•>
**
+
*
*
*
*
-
-
66
Estonia (Republic of) 7s
Finland (Republic) ext 6s
13
16
14K
13M
15 M
14M
13M
15 M
7 Ms unstamped
14M
External 7sstamped
*9%
13
12M
13M
12M
14M
13
12M
D
72%
77
14 %
77
18
67
94
95M
95M
96 M
154
91 M
90 H
92 M
93
87 M
85M
85%
86%
95
79 H
58
85M
80%
80
81
55
76%
91
79%
21
75 M
90M
M
80 M
74 %
66
71
81
*8M
10M
74 %
73
......
A
J
100
D
rr
O
•*
*
rt
D
U
JM —
12M
21M
Mr
*
M
100 %
98 %
M
<* «
*•
106M
13M
4M-4Ms
Refunding s f 4M-4Ms
External reddj 4M-4M8
External s 14M-4MS
1976 F
A
A
MM Mr —»
O
1976
63M
1984
J
108
1967 J
100
5
13
12M
5
11
14
M
12 M
23 M
57
17%
17M
17M
116
13%
13%
22
66%
17M
69M
37
65
79
67 M
70 M
4
67
78
82 M
85 M
7
80
8M
13
7M
18M
18M
18%
10%
"63
60
64
60 M
63 M
15
(Republic)
J
16
~57M "65%
57 M
56 %
63%
66
13
♦Carlsbad (City) 8s
♦Cent Agrlc Bank
(Ger) 7s
J
M
f 6s...July 15
93%
94 %
44
86%
89M
100
Mr..
94 %
95
28
85 M
83%
86
49
85
83%
85
7
*5M
Mr
15M
M.M-
J
S
J
J
♦6s Jan. 1937 coupon on ..I960
A
s f 6s...Oct 15
♦Farm Loan
-
*
-»
-»
-
-
«
*.
Mr
*14M
*15M
*11M
15%
Mi
O
♦6s Apr. 1937 coupon on.. 1960
♦Chile (Rep)—Extl s f 7s
1942 M N
♦78 assented
1942 M AT
....
♦External sinking fund 6s
1960 A
♦68 assented...
1960 A
♦Extl sinking fund 6s_.Feb 1961 F
-MM----
Mt
—
-
14
♦7 Ms secured
♦7s secured
MT
m
•»
'
3
13M
14
15
15
13%
15%
13%
......
13M
MT
O
M
1963 AfN
.
M.
-
—
2227.
7M
13M
15M
16
*21%
20 M
21
21
14
14M
16M
79
90
10
11
22 M
75
~Y"
7
10 %
12 M
7
9M
s
-Mr
s
1951
ser
J
D
(Province)
1947 F
7 Ms 1950 J
«.
13M
15
M
«.
90
64 %
79
89
78%
88%
6
14
14
13%
11%
13%
1954 J
D
1954 J
(Colombia) 6 Ms
(Prov) 4s read)
♦Mexican Irriga'n gtd 4 Ms
♦4Mb stm p assented
30
87
83
92
64
65M
64
72 M
48 %
72 M
50 %
68
78 M
47
54 M
98
90
77M
90
64
64 %
57M
65
72
19
15
17M
14
14
12M
14
*14M
D
12M
12%
12M
14M
82
12M
82
72
82
1943 M N
1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
.!*
1%
1M
1
1M
1
1 %
H
1M
1M
1%
1%
M
1M
1M
1M
"1%
M
1M
*1M
♦Assenting 5s of 1899....... 1945 Q J
D
♦Assenting 4s of 1904
1954 J
♦Assenting 4s of 1910
1945
I^Treas 6s of '13 assent.....1933 Y'j
2%
%
1M
7
16M
15M
-
16%
Milan (City.
Italy) extl 6Ms
Mlnas Geraes (State)—
♦Sec extl
s
f 6 Ms
♦Sec extl
s
f 6 Ms
"l7"
14
M
17
1958 M
1959 M
(City) 78
♦6s series A
New So Wales
1952 A
...1952 J
O
46M
S
11M
11M
S
11 M
11 M
70
"76"
70
D
1959 M N
78
11
85
97
95 %
97
81 %
80
81 %
76
73
76
74 H
70 %
74
12
14M
13M
17
1963 F
f 5s...1970 /
A
D
82
14M
2
s
16 %
13M
J2M
12M
71M
71M
97
1
13M
40
8M
95M
Municipal Bank extl
12M
1
30
4s s f extl loan
13 M
12
70
8
30
17
4
44
82
16M
1
5
83 M
14M
2
3
81
13M
14
4
11%
53 M
79
12
15M
11%
71 M
46
83 M
F
External sink fund 4Ms..... 1956 Af S
External s f 4Mb
*...1965 A O
15
32
80 M
(State) extl 5s.. 1957
f 5s
14M
14
47 M
A
s
17
15
46
Apr 1958 A O
Norway 20-yearextl 6s....... 1943 F A
20-year external 6s
..1944 F A
External
13M
-
8
25M
♦15
D
12M
13M
1
M.
*49 H
A
14M
22
-
8
7M
40
83
64 M
B "47 M S
J
7
*7%
*31 M
i960 M N
f 5s
f 7s
*8
14M
'
For footnotes ?ee pare
2
8
10M
4
,
14
Mr
14
15M
18M
11M
*7%
1
13M
O
♦External sinking fund 6s... 1963 Af N
10 M
*7%
12
69
15%
13M
M.
Sept 1961 M S
39
1946
Italian Publio Utility extl 7b... 1952 J
♦Montevideo
11
S
92
93%
96%
*n%
14"
J
82M
m—
8
*
15M
13 %
15M
1945
sfg
f g
s
Irish Free State extl
♦Medellln
93M 101 %
100M 107
96 %
91M
M.
15
J
♦6s assented
M.
13M
Jan 1961 J
1962 A
m
Mr*.
«.
16M
14
f 6s
♦6s assented
M.
15M
♦6s assented
♦External sinking fund 6s... 1962 A
Mr
O
A
8M
5M
14
UM
15M
*15
A
♦Extl sinking fund 6s..Sept 1961 M
....
O
Feb 1961 F
Jan 1961 J
♦6s assented
102M
94 %
M N
15M
52
7M
75
♦Leipzig (Germany)
89%
J
30-year 3s
30-year 3s
15M
10M
108M
74 M
67%
104M
103%
13
*10%
45 M
91
J
11M
*6M
*24 M
*20%
♦Hungarian Land M Inst 7 Ms. 1961 AfN
♦Sinking fund 7 Ms ser B
1961 AfN
Hungary 7 Ms ext at 4Mb to... 1979 F A
Mendoza
J
106
88
56 M
80
F. A
116" 117"
*82 M
*10
40
6
98 %
Af N
"2
117
A...1952
15
96 %
J
ser
13
....
1961 J
f 6s
64 M
63M
.....
Aug 15
s
45 M
*14M
5s
12M
13M
100% 105
16
Japanese Govt 30-yr s f 6 Ms... 1954 F A
Extl sinking fund 5 Ms
1965 AfN
♦Jugoslavia (State Mtge Bk) 7a 1957 A O
♦12M
97%
"2
99M
15M
64
O
53 M
80
19M
101
1968
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
85
J
A
16
48
40
87 %
128
1988 M N
Canada (Dom of) 30-yr 4s
13 M
"5
10M
O
♦Hamburg (State 6s)
...1946
•Heidelberg (German) extl 7Msl950
Helslngfors (City) extl 6 Ms
1960
Hungarian Cons Municipal Loan—
14
14
14
♦Lower Austria
i
A
..1968 F A
Haiti
6
58
15M
12M
1964
10 >M
60 M
J
13M
75
75M
15
D
♦7s unstamped
1949
German Prov & Communal Bks
♦•Cons Agrlc Loan) 6Ms
1958 J D
♦Greek Government a f ser 7s.. 1964 M N
89
12M
Bulgaria (Kingdom of)—
♦Stabilization loan 7 Ma
1965 J
19
15M
*108^
42
1976 AfN
\ f $ bonds
117
D
1965
Holder)'65
7sstamped..l949
100 M
107 M
*7%
•
75
102 M
*78M
1977 Af S
f
unstamped
•5 Ms stamp (Canadian
♦German Repextl
♦7b part paid
♦Pink fund secured 6s
♦6s part paid
22 M
85M
D
German Govt International—
♦5M« of 1930 stamped
♦5Ms
*11M
100M
1949
96
16%
1961 Af S
10
75
♦92
.....1949 J
7s unstamped
5
—y
Buenos Aires (Prov of)
♦6s stamped
75
75 M
UM
15
♦56
8
.....1941
36
16M
69M
70 M
D
75
70
70%
71M
75
15
♦Frankfort (City of) s f 6Ms... 1953 Af N
French Republic 7 Ms stamped. 1941 J D
14
im
17
A
6M
1945 M
102
12%
21 M
10%
D
J
86%
14
101%
1957 Af 8
f 6s
85M
81
80 M
J
1958 F
i960 J
96 M
95
87%
87%
J
75
♦11
75
..1967 J
16%
*9%
1957 M S
1956 AfN
O
71
70 %
♦74
O
A
13 M
*10
13M
J
A
M N
60
*9%
f 5s
4
1948 J
MM
Sinking fund gold 5s
1
*75
♦74
♦El Salvador 8s ctfs of
dep
M.<*>«*•»
J
75
75
S
29
M,
1957
75
O
M
28%
M.
f 7s
O
1940 A
26 M
*10
/
60 M
1940 A
5Mb of 1926
2SM
27
O
1972
ser
1942 J
Customs Admin 5Ms 2d ser.. 1961
5Ms 1st series
..—1969
5Ms 2d series
1969
♦Dresden (City) external 7s—.1945
A
J
♦6s assented.
26 M
42
39
75
♦Brazil (U 8 of) external 8s
1941 J D
♦External s f 6Ms of 1926...1967 A O
♦External s f 6Mb of 1927... 1957 A O
s
27 %
26M
36 M
J
♦Ry extl
26 %
26
"27"
54
A
s
34M
45
O
f 6s
♦Farm Loan
34
26
96
1955 J
J
10-year 2Mb
25-year 3 Ms
7-year 2 Ms
27
27 M
28 M
26
F
t 7s
65
14
40
State) 6 Mb. ..1945
Belgium 25-yr extl 6 Mb
1949 M S
e
86
33 M
♦27
1953 Af N
J
34
♦27
♦Sinking fund 7s of 1927....1947 F A
Copenhagen (City) 5s
1952 J D
25-year gold 4Mb
32 M
33
6M
13
64 %
Municipal
♦Bavaria (Free
♦Secured
33
♦6s of 1928
Oct 1961 A O
J
♦6s of 1927
Jan 1961 J
♦Colombia Mtge Bank 6M8...1947 A O
M N
♦Sinking fund 7s of I926..—1946
1st
External g 4Mb of 1928
3% external
♦12M
54 M
O
s
13
6M
44
A
External
17%
I0M
10%
14M
48
1955 J
s
14
12M
*6%
39
8 f extl conv loan 4s
Apr
Australia 30 year 6s
External 5s of 1927
20-year
17M
12M
54 M
A
s
17M
S
63
1972 F
(City)
S
1960 M
1951 J D
♦Cologne (City) Germany 6 Ms. 1950 M 8
Colombia (Republic of)—
43
8 f extl conv loan 4s Feb
Brisbane
14
J
MAT
a
13%
External gold 5 Mb—
1955 F A
External g 4Mb
Apr 15 1962 A O
Dominican Rep Cust Ad 5Mb..1942 Af S
M N
External
11M
Denmark 20-year extl 6s
O
s
12M
104.15104.25
f 7s 2d series. 1967 A
A
(Govt)
12M
107.18108.12
108.12
J
♦Austrian
16
16
101.10102.12
J
s
12M
11M
13
"12M
...1960 M
♦7s assented
♦Chinese (Hukuang Ry) 5e
2d series sink fund 5 Ms
J
f 7b series C
J
f 7s series D....
f 7s 1st series... 1957 A
see 8
12M
13
14M
12M
♦14
1962 AfN
13
11M
102.12
J
♦External
2
16
104.20
108.8
Af 8
♦External
12M
16M
13 M
104.18 104.17
A
s
2
102.12 102.11
F
s
14
J
Agricultural Mtge Bank (Colombia)
♦External
14
High
D
See Over-the-counter Securities.
♦External
12%
K*
♦Czechoslovakia (Rep of) 8s...1951
♦Sinking fund 8s ser B
1952
New York City Bonds—
Govt.
1
6
Corp—
2Mb series Q
Foreign
Low
14
12 W
♦14
♦6s assented...
105.15
104.26105.2
105.2
No.
14
1962 AfN
4 Ms external debt
1951-1963 J
Federal Farm Mortgage Corp—
3 M»
Mar 15 1944-1964 M 8
AfN
3s
High
Jan. 1
12M
1961
J*Cordoba (City) 7s stamped..1957 F A
107.3
Since
Asked
107.2
105.5
A
12M
Cordoba (Prov) Argentina 7s..1942 J
105.1
Bid
14
♦Guar sink fund 6s.
♦Chilean Cons Munlc 7s
Range
Friday'8
Low
1961
♦6s assented
Range or
14
1961
♦Guar sink fund 6s
1
Sale
12M
108.10 109.13
Treasury 2Mb
May
Price
107.17108.31
*36
Treasury 2s
Treasury 2s
sa,
♦6Ms assented
109.20109.30
A
Treasury 3 Ms
Treasury 3 Ms..
Treasury 3%n
Last
Foreign Govt. & Munlc. (Cord.)
♦Chile Mtge Bank 6 Ms
.1957
♦6 Ms assented
...1957
♦8ink fund 8Mb of 1926
1961
102.8
Af
Week's
Fridayl
feS
79
90 M
89
7
97
68
90
58
M
85
38
61
80 M
68
59
80
73 M
80
Volume 150
New York Bond Record-Continued
Friday
BONDS
N.
Y.
STOCK
Last
Foreign Govt. & Mun.
♦Nuremburg (City) extl
Range
Sale
EXCHANGE
Week Ended April 5
Bid
1952 F
57
56 X
O
74
73 H
1953 /
D
♦Poland (Rep of) gold 6a.....1940 A
♦4 Ha assented
1958 A
♦Stabilization loan a f7s
1947 A
♦4Hs assented
deb
4Hs 1939 J
/
11
1941 J
51H
68
3
67 H
75
105H
"l"6
74
73
10
74 H
17
6H
3
9H
U
118
9H
10 H
119
10H
10H
10
10
0
♦8H
0
9H
8H
*8H
O
♦14H
"ion
15
"ion
*9
O
1950/
J
*7H
J
/
6H
J
D
♦10H
is
J
*10H
11H
*12H
M S
13H
.
.
♦External sf6a
9
♦Rio de Janeiro (City
of) 8s
♦Extl sec 6 Ha
Rio Grande do Sul (State
1946 A
A
"Th¬
13
13H
13H
13H
101H
32
99
85 H
86 H
10
85H
21
2
21
21
11H
9%
103
120
7H
11
10H
H
of)—
♦8s extl loan of 1921
♦6s extl a f g
1946 A
D
Rome (City) extl 6Hs
..1952 A
♦Roumanta (Kingdom of) 7a ..1959 F
♦February 1937 coupon paid
♦Saarbruecken (City) 6s
"58 H
58
A
'
8H
54
12 H
77
10
1957 MN
10 H
10H
J
9H
7H
77
80
1956 M
*20
13H
S
28
12H
12
7
23
12H
11H
7H
10 H
13 H
8
16
7H
23
12*
HH
J
10H
10H
11
12
7H
1940 A
O
37 H
36 %
37 H
43
37 H
D
16 H
16H
21H
16 H
D
*15H
16
16
11H
11H
15H
14H
1945 J
♦Sinking fund g 6 Ha
Serbs Croats A Slovenes
♦8a secured extl...
1946 J
18
(Kingdom)
1962 AfN
♦Silesia (Prov of) extl 7s
♦4 Ha assented
14
14
7
1962 AfN
extl
sec
12 H
12H
4
1958 /
D
*5H
..1958 /
D
*5H
♦SHeslan Landowners Asan 6S..1947 F
Sydney (City) 8 f 5 Ha
1955 F
A
*15H
Taiwan Elec Pow
/
f 5 Ha
City 5a loan of 1912
s
75
1971 J
S
~
m m
26H
27H
27 H
26
28
290
61H
75
5
63
13
40
62 H
*62 H
65
3
37
•
-
-
-
11
60
60
60
1
52
1964 AfN
63
external readjustment
55
148
3 H-4-4 Ha (S bonds of
'37)
external conversion
...1979 AfN
3H-4H-4si«a extl conv
1978 J D
4-4H-4HS extl readj....... 1978
3 Ha extl readjustment
1984
Venetian Prov Mtge Bank 7a..1952
♦Vienna (City of) 6a
1952
♦Warsaw (City) external 7a
1958
49 H
7
49
55
50 H
51H
55
H
53
F
A
/
J
A
5H
5H
5H
D
62 H
62 H
65 H
24
50
*.
48 H
110
*40
O
105H
70
.1948
O
A
81H
1949
D
....I960
66
O
.1946
Alleghany Corp coll trust 5s... 1944
48H
60
gtd 5s stmp ctfs
Consolidated 5s
Bush Term Bldgs 5s gu
48 H
20
38
A
Oil HAI
Canada Sou
"7 H
69
55
H
104 H
103H
108H
80 H
110
59
64 H
105H 106H
cons gu
1966
J
July 1969
Guaranteed gold 5s
Oct 1969
Guaranteed gold 5s.
1970
Guar gold 4Ha
June 15 1955
104H
22
102
105H
105H
30
103
105H
17H
60H
68H
107»«107»u
209
107««I09H
109H
110
122
108
109
109H
106H
107 H
106H
107 %
102H
103
110
104
29
104
38
A
D
Coll trust 4 Ha
1946 M
Dec
Collateral trust 4 Ha
1
1954
D
.1960
J
{♦Carolina Cent 1st guar 4s...1949
Caro Clinch A Ohio 1st 6s ser A 1952
D
.....
.
109
1955 J
D
1960 /
4
34
40
43
2
43
50
98 H
98 H
5
98
98 H
103H
102H
103H
88
100
103H
103
102
103
41
99 H 103
105H
105
106
124
103H 107
D
94 H
97
*95 H
1948 J
D
1965 J
J
99 H
1958 /
J
109 H
1962 Af S
104 H
104H
108 H
107 H
1946 J
D
/
*92
1944 J
/
Atl Coast Line let cons 4s
July 1952
General unified 4 Ha A
1964
10-year coll tr 5s
May 1 1945
LAN coll gold 4s
Oct 1952
M
8
H*
{♦Central of Ga 1st
♦Consol gold 58
g
♦Mobile Div 1st g 5s
Central Foundry mtge 6s
Gen mortgage 5s
..1981 F
4s
gen g 5s
♦General 4s
8 f deb 4Ha (1935 Issue)
S f deb 4H« (1938 Issue)
Craig Valley 1st 5s
99H IOOH
109H
14
108H llOH
108 H
36
103H 108 H
114
114
92
95
Potts Creek
80 H
101
79 H
69 H
89
H
12
70
77 H
3
108
109 H
77
50
con
97
77
53
62
General 4s
69 H
76
70
1st A ref 4 Hs series B
lat A ref 6s series A
38 H
40
26
38
41
33 H
34 H
13
32
34 H
1959 /
J
17
68
71 H
35
105
107 H
45 %
45H
85 H
90 H
9
1
8H
26 H
30 H
11
6 H
2H
1946 /
*7 X
*5
J
..1941 M S
95 H
8H
....
6%
....
19H
7H
3H
lH
5
05
95 H
3
95
95 H
74
S
75
8
73
77
*107H
111%
108H
111H
lOftH 109
....
2
110
1961 J
51
50
62
26
44
52
1987 J
19 H
17 H
75
15H
107H
37
16H
14H
20 H
16H
19H
16H
107H
10
1949 F
A
69 H
67 H
69 H
64
66
"48 H
46 H
60
49
110H
"80 H
1950 M 8
80
60
16
65H
(6
45H
17
54
58
1
80 H
73H
61
56
llOi'M
18
106 H 110
2
H
111H
62 H
110»« 112'«
53
3
75
82
104 H 106 H
103
104H
1950 M S
103H
106 %
103 %
123H
124%
17
99 H
99 H
99 H
52
98 H
99 H
98 H
104 H
99 H
11
98 H
99 H
105%
J11
J03H
107 H
101 H
May 1940
64 H
/
94 H 100 M
2
2H
D
106H
J
g 4s
Illinois Division 4s
/
18
26
K
7
105H
*100
3
122
101 H
.....
125H
99 H
109
109
1989 /
J
*117H
114
117H
1989 /
J
*rio
106
106
J
1941 M S
♦Chicago A Alton RR ref g 3s.. 1949 A
Chic Burl A Q— 111 Div 3Ha...1949 J
93 H
1948 J
45
14
1963
2d consol gold 4s
Warm Spring V 1st g 6s
68
1948 J
100 H
1949 J
14H
97H
/
100
13H
95 H
99H
1958 M S
92 H
1977 F
A
83
A
89 H
88 H
57
92 H 97 H
34(
m. /97H 102H
87 H
92 H
30;
77H
83H
82
.1971 F
91H
13
14H
97%
100
92 H
89 %
52
|
I
83 H
I
'Sfgl
108H
2H
Branch 1st 4s.. 1049 /
R A A Div 1st
86
I
60 H
2H
Ref A Imp mtge 3 Hs ser D..1996 M JV
A impt M 3 Ha ser E
1996 F A
34
t
96H 103
109 H 113H
1992 M 8
Chesapeake A Ohio Ry—
General gold 4 Ha
27
page 2227.
107
98 H 105 H
103 H
96
Champion Paper A Fibre—
95 H
101 H 105H
6
70
101
2 H
1962
95
"62
106 H
96
103H
99 H 106 H
10HH 107 H
2H
Central RR A Bkg of Ga 5s... 1942 MN
Central Steel 1st g a 8s
...1941 MN
Certain-teed Prod 5Ha A..... 1948 M 8
73 H
69 H
108
26 H
O
69
106
44
2%
A
57 H
70
40
61H
60
102H 104H
79H
85
7
..I960 F
71H
1953 M S
69H
6H
Through Short L Is* gu 4s... 1954 A
65 H
Atlantic Refining deb 3s
7
0H
66H
1987
{♦Central of N J
gu
73 H
Atl A Dan 1st g 4s
Second mortgage 4s.
Atl Gulf A W I 88 coll tr 5s
77
*42
108"
Cent Hud G A E 1st A ref 3 Ha. 1965 M S
Cent Illinois Light 3 Ha
1966 A O
Ref A Impt M 3 Hs ser F
53
39H
5
7
1941 M
69
57H
20
A
MN
D
107 H
5H
.
1945 MN
AfN
/
84
5s..Nov 1945 F
97
7
13
82 H
19%
26 H
91 H
57
77 H
J
Re
97
83 H
19
93 H
71H
14
25
D
88H
95
78
68
106
1948 J
92
68
71
88 H
6
105H
88
85H
"92 H
H
87
14
*114
1944 J
69
99 H
45 %
88 H
96
87
100 %
112H
88
87 H
105H
68
45%
8>H
100
29
A
1
13
19
100H
D
87 H
97 H
97
102 H
98 H
98 H
1947 J
107
102 H 107H
38H
*92
103 H
100 H
111
Carriers A Gen Corp deb 5s w w 1950 MN
Central N Y Power 3Ha
43
D
166"
/
Cent Pac 1st ref gu gold 4s
38H
1995 MN
103
102
S
1944 J
Guaranteed g 5s
1955 J
35
28
102
5s equip trust ctfs
Coll trust gold 6s
107H 109H
105H 107
♦Anglo-Chilean Nitrate—
87 H
88
100H
102
Guaranteed gold 4Hs
1956
A
Guaranteed gold 4Hs..8ept 1951 M 8
Canadian Northern deb 6 Ha. -.1946 J
/
Canadian Pac Ry 4% deb stk perpet J
/
{♦Cent New Engl 1st
O
15
/
D
104
Nov
12
104 H
80
O
♦Cbatt Div pur money g 4s.. 1951 /
104H
1995 A
23
58
79 H
1957
O
104
..1995
43
2
99H
5s A.....1962
Canadian Nat gold 4 Ha
Guaranteed gold 5s
O
105
{Ann Arbor 1st g 4s
...1955 Q /
Ark A Mem Bridge A Term 53.1964 Af S
sArmour A Co (Del) 4s series B.1955 F A
1st m 8 f 4s ser C (Del)
J
1957 J
58
103 H
1959 A
1949 AfN
38 H
2
36H
64
68 H
105
109
6H
5H
41
58
1960
1959 A
1949 /
1967 Jan
92
113H
111 H 115
93 H
97 H
72
68 H
♦Ref A gen 5s series C_.
Am Internat
80
50 H
112
8
39 %
6
1952
♦Ref A gen 5 Ha series B
2030 Af S
102 X
f
5 H
101 H
17H
83
15
O
A
94 H
98H
108
111
100
Am & Foreign Pow deb 5s
Amer IG Chem conv 5 Ha
Amer Wat Wks A Elec 6s ser A. 1975 M N
Anaconda Cop Min s f deb 4 Ha 1950 A O
31
102 H
61
1955 Af S
20-year sinking fund 5H8...1943 M N 10 7 23jj
3Ha debentures
1961 A O
109H
3Ha debentures
109 H
1966 J D
Am Type Founders conv deb.. 1950 J
/
91%
48 M
88 H
87
2
90
91H
8H
♦Alpine-Montan Steel 7s
J
102H
102
44 H
....
102
...1955
"98"
47 %
*55%
63
Allied Stores Corp deb 4Hs
4 Ha debentures
see
82
39 H
105H
For footnotes
684
109H 112H
Allegh & West 1st gu 4s.......1998
O
Allegh Val gen guar g 4s
1942 Af 8
Cal-Arlz 1st A ref 4 Ha A
H
108 H 108H
47 H
Atl Knox A Nor 1st g 5s
Atl A Charl A L 1st 4 Ha A
1st 30-year 5s series B
91
48
♦Certificates of deposit
Bush Terminal 1st 4s
i._
Amer Telep A Teleg—
83 H
14
89
1
41
163
102
91
108 H
47
68 H
101 H
79 H
110
108H
43 H
67 H
109
31
44 H
Conv gold 4s of 1910-.
Conv deb 4 Ha
Rocky Mtn Div 1st 4s
Trans-Con Short L 1st 4s
102
12H
62
7
20
O
117
9
109 H
79
97 %
Cart A Adir 1st gu gold 4s
31
79 H
109H
50 H
110H
Oelotex Corp deb 4 Ha w w
♦Cent Branch U P 1st g 4s
109H
9
109 H
87
*16H
64 H
1
39
97 H
74H
108
47 H
85
12H
106H
110H
66H
109
H
47 H
D
80
Stamped 4s
Conv gold 48 of 1909
Conv 4s of 1905
9H
1957 MN
74 H
4a...1952 M S
40 H
47 H
48H
47 H
49
O
1950 /
72 H
5
48
61
48 H
1st lien A ref 6s series B
74
38
46 H
41 H
48 H
115
82
98 H
109H 109H
41 H
51
25
USX
7« H
101H
155
48
112H
85
97 %
50 H
115
10
101 H
100H 101H
1947 MN
61
O
97
1945 MN
82
A
104 H
39
O
1950 F
86
F
1052#3j108H
104H 110H
110
A
1941
5s
62
1951
109
10516i6
*109 H
1941
st g
15H
H
109 H
103
8
1961
Stamped
16 %
16H
15 H
A
1st g 4Ha series JJ
79 H
1950 A
14H
15
«*>'
131
{♦Boston A N Y Air Line 1st 4s 1955 F A
Brooklyn City RR 1st 5a ctfs.,1941
Bklyn Edison cons mtge 3Ha..1966 M N
Bklyn Manhat Transit 4 Ha...1966 MN
Certificates of deposit
Bklyn Queens Co A Suburban RR—
85 H
16
"l"5H "If"
1
50 H
{|*Burl C R A Nor 1st A coll 5s 1934
109
106"
~
1
48 H
55
107H 108
60
54 H
105 H
«.
16H
48 H
63
-59"
*64
-
17
48H
60
110
171
4
AfN
...
....
44 H
63
115H 117 H
131H 134 H
23
116H
134H
46 H
104H
..1944 J D
Boston A Maine 1st 6s A C- ..1967
M S
^Stamped
J.
M 8
1st M 5s series II
..1955 M N
63
101
70 H
-
48 H
1959
Big Sandy 1st mtge 4s.
62
107 H
66
-
Debenture gold 5s
104
108 H
-
16 H
1052»32
Buffalo Gen Elec 4 Ha series B.1981 F A
Buff Nlag Elec 3 H« series C...1967
/ D
Buffalo Rochester A Pgh Ry—
48 H
14
-
17
110H
62
56 H
50
H5H
1952
*55 H
Adjustment gold 4a
72 H
59H
84
*105H
62 H
.....
*108
Atchison Top A Santa Fe—
General 4s.
45
72 H
....
49 H
1st Hen A ref 6s series A
40
8H
7
*102 H
O
S f Income deb
72
45
16H
53
4. -
*104H
D
5Hs
66
59 H
*74
'17
53
2
D
conv
70
134
63
43"
*5H
1948
Corp
57
D..1960
Calif-Oregon Power 4s
*8H
1943
conv
101
116
55 H
37
55
*44 H
1943
Allis-Chalmers Mfg
58
95
56
Certificates of depos t
Bklyn Un Gas 1st cons g 5s
51 H
O
Ala Gt Sou 1st
♦5s stamped
53
7
*35
87
46
A
A
5a
19
95 H
O
73
21
MV
A
10-year deb 4Hs stamped... 1946
Adriatic Elec Co extl 7a
1952
conv
55 H
*57 H
Bklyn Union El
30
F
{|*Abltibl Pow A Paper 1st 5a. 1953 / D
Adams Express coll tr g 4s
1948 Af S
Coll trust 4s of 1907
D
1947
Coll A
46
95
15H
AND
INDUSTRIAL
COMPANIES
A 5s
43
*14 H
1st 5s stmp ctfs
RAILROAD
4s series B
56
48 H
55 H
O
1st
*40 H
1958 P
Albany Perfor Wrap Pap 6s
16
46 H
♦Berlin Elec El A Undergr 6
Hs 1956 A
Beth Steel cons M
5
43 H
43 H
1961 J
Yokohoma (City) extl 6s
15H
59 H
4HsStamped modified......1957 MN
55
1979 AfN
♦4 Ha assented
14H
57
*15H
Stamped
59 H
15H
1943 /
Cons mtge 3H« aer F
28
16H
59
O
ser
27 H
24 H
14
55 H
A
.1955 A
4Ha
31H
24 H
48
F
1951 MN
debs
28
28--
111
due 1996 M 8
69 H
24 H
68
15H
9m
59
40
O
I960 AfN
f 6s
m
40
1952 M
6s with warr assented
Alb ASusq 1st guar 3 Ha
27H
♦Debenture 6s
con
70 H
67
148
due 2000 M S
F (interest at 1%
Belvldere Delaware cons 3 Hs_. 1943
♦Berlin City Elec Co deb 6Ha__ 1951
♦Deb sinking fund 6 Ha
1959
6H
3%a-4-4 Hs ($ bonds of *37)
cons
31H
1951 J
5
73 H
1961 A
f 5 Ha guar
♦External a f 6s
cons
30
1946)
5
7
61M
A
♦Uruguay (Republic) extl 8a...1946 F A
1st
31H
J
Sept 1 1946)
conv
87
101H
64 H
163
D
C
ser
4s stamped
.1951 J
Battle Creek A 8tur 1st gu 3s.. 1989
J
Beech Creek ext 1st g 3 Ha
1951 A
Bell Telep of Pa 5s series
B....1948
1st A ref 5s series C
1960
13H
1968 /
f 7s
♦Saxon State Mtge Inst 7s
a
61
'
3Hs
12
J
♦External
12
7H
80
1950 /
8
11H
22
11H
1936 /
External
12
8
79H
§♦88 extl loan of 1921
Tokyo
13
7H
7H
7H
14
*9H
79 H
15
60
*12
♦8s external
♦7s series B
7
69 H
28
r*.
♦7s extl water loan
♦6s extl dollar loan
s
9
11
13
1952 MN
♦6 Ha extl secured a f
San Paulo (State of)—
♦Secured
9
11%
*11
.1964 M 8
f
a
O
10H
11
1953 /
s f 4s.
Sao Paulo (City of.
Brazil)—
♦8a extl secured
10H
11
1966 M N
ig67 /
13
11
D
1968 /
♦7s extl loan of 1926
♦7a municipal loan....
12 H
0
115
68H
Con ref 4s
7
14S
26
Bangor A Aroostook 1st 5s
98
21
21
26
10H
11
"~9H
69 H
69 H
S'western Div 1st M (interest at
3 H% to Jan 1 1947) due 1950
J
Toledo Cln Div ref 4s A
1959 J
13H
HH
67H
27H
Ref g 4s extended to
11H
60H
100
100 H
O
due 1995 J
(interest at
♦Convertible due Feb 1 1960
Pgh L E & West Va System-
12
3
gen
Ref A gen ser
5H
"iTh
A
High
43H
82
D
1946)
to Sept 1
100 H
86
0
1953 F
7H
69 H
Low
6
g
1-5% to Dec 1 '46) due 1995
1%
to
7
1
0
1952
Queensland (State) extl a f 7a... 1941 A O
25-year external 6s
1947 F A
♦Rhine-Main Danube 7s A
1950 M S
Santa Fe extl
1
No.
60 H
90
*97 H
Ref & gen ser D (interest at
7H
Af N
Ref
3H
/
♦4Hs assented
..1963
♦Porto Alegre (City of) 8s
1961
♦Extl loan 7 Ha
1966
♦Prague (Greater City) 7 Hs
1952
♦Prussia (Free State) extl 6
Ha. 1951
mtge
to Dec 1
8H
10H
16H
6H
July 1948 A O
(interest at 4% to
Oct 1 1946) due ...July 1948
A
Ref & gen ser A (interest at 1%
10H
10 H
1st
Since
Jan. 1
Hinh
56 H
*86
Stamped modified bonds—
10 H
..1968 A
♦External sink fund g 8s..
.
1st mtge gold 4s
82
€8
10 H
9H
60 H
Baldwin Loco Works 5s stmpd.1940
Af JV
Baltimore A Ohio RR—
103 H 105H
166
conv
Range
or
Friday's
Bid & Asked
/
10
"io~
Sale
Low
{{♦Auburn Auto
Aust.n A N W 1st gu g 5s
82
9H
1947 Af S
Ranfje
Last
Price
Railroad & Indus. Cos. (Cont.)
13 %
71
♦Peru (Rep of) external 7s
1959 M S
♦Nat Loan extl a f 6s let aer..
1960 J D
♦Nat Loan extl a f 6a 2d ser_.1961 A O
High
t
^
65
78
73
$1.2
2
Week Ended April 5
12
63 H
♦104H
"82"
.1963 AfN
♦Pernambuco (State of) 7s
62
1
65H
74
..1963 AfN
Low
"•27
57
1955 A
♦Stamped assented
No.
17 H
63 H
1958 M N
♦Panama (Rep) extl 5 Ha
♦Extl a f 5s aer A
N. Y. STOCK EXCHANGE
Jan.
0903
High
♦11H
A
1953 M S
Oslo (City) 8 f 4Hs
BONDS
Since
Ask
A
Low
(ConcI)
6s
Extl deb 5 Ha
2223
Week's
Friday
Range
or
Friday's
Price
Oriental Devel guar 6a
Page 2
-
Week's
16H
90
New York Bond Record—Continued—Page 3
2224
Friday
Last
Y.
STOCK
EXCHANGE
Week Ended
Railroad & Indue. Co*.
Friday's
Price
April 5
{{♦Chicago A East III 1st
{♦Chic A E 111 Ry gen 6s
Range or
Bale
BONDS
N,
Bid
A
17%
17%
17%
90
90
17 H
6s series A
1966
♦1st A gen 6s series B_.May 1966
Chicago ind A Sou 50-year 48.1956
Chic L 8 A East 1st 4%s
1969
♦1st A get
mn
"30 %
29
J
"60
J
D
110%
28 H
11
0%
60
110%
27%
28%
'
26%
28%
~29~H
0
11
57
1
2
27
104
23%
27
29%
2%
Duquesne Light 1st M 3 %s
1905
17%
18%
East Ry Minn Nor Dlv 1st
4a. .1948
1
11
13%
13%
19
*
MN
~20"
12%
20
16
Elgin Joliet A East 1st g 5s
20
El Paso A S W 1st 58
.1905 A
11
10%
11%
J
D
1114
10%
11%
126
8%
J
D
11%
10%
11%
124
series A
1949 MN
{I ♦Chicago Railways 1st 6s stpd
Feb 1940 25% part paid.. 1927 F A
{♦Chic R I A Pac Ry gen 4s—1988 / J
♦Certificates of deposit..
2%
2%
8%
2%
45
45
18
17%
17%
19%
"s
7%
8%
18
202
1
19%
4%
5%
177
197
2
49
6
7%
4
13%
12%
9
8%
7%
1%
11%
11%
421
7
7%
11%
44
164
8%
7
"S
8
7
6%
1%
96
18
Electric Auto Lite
conv
6s— .1995 J
.1952 F
4s.<
7*>
75
June 16 1951
J
D
*60
67
07
1961
J
D
*50%
52
3
D
69%
59%
51
54
Memphis Dlv 1st g 4s
5s
M 8
»
1944
1st mtge 4s series D.......-1963
1st mtge 3%s series E
1963
3 %8 guaranteed
1951
Chic A West Indiana con 4s—.1952
1st A ref M 4%s series D—..1962
Chllde Co deb 6s
1943
{♦Choctaw Okla A Gulf con 6s_1952
Cincinnati Gas A Elec 3%s.—1966
1st mtge 3 Ha...
1967
CIn Leb A Nor 1st con gu 4s—.1942
Cln Un Term 1st gu 3%s ser D 1971
1st mtge gu 3%s ser E—...1969
-
104%
O
105%
109%
J
J
/
M
8
4s series D
106 H
105%
94
MN
*12%
14%
F
109%
D
A
J
109%
111%
J
"27
111%
41
60
59
59
*.
53
59%
21%
22%
25
100
18%
27%
25
24
22
24
55
23%
22%
23%
14
17
16
17%
472
19
24
18
23%
13%
18
16%
/
16
17%
623
13%
18
58
53%
58
18
57%
61%
29
49%
53%
58
61%
92
92%
61%
108% 110%
109
111%
*92
1942
1942
1942
1st lien 6s stamped
1942
30-year deb 0s series B
1954
Firestone Tire A Rubber 3 %s. .1948
{♦Fla Cent A Pennin 5s
1943
{Florida East Coast 1st 4 %s—1959
♦ lBt A ref 5s series A
1974
A
J
105% 107
46%
40%
J
D
106%
—
—
».
•».«.
{{♦Proof of claim filed by owner.. MN
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed by owner.. MN
J
J
1941
Sugar coll trust 6s—1956 MN
*52
74%
85%
79
49
73
70%
67%
*107%
D
105"
70
105
69
71
105"
70
83%
90%
82%
51
67%
i05~"
106%
1st A gen s f 6%s
•.
w
~
—
—
1980
AfN
Columbia G A E deb 6s.-May 1952 AfN
28%
104%
9
15 1961 J
J
O
Jan
Debenture 5s—;
Columbus A Tol 1st ext 4s
Columbus Ry Pow A Lt
104%
29%
08
105%
100
55
105
...Apr 16 1952 AO
Columbus A H V 1st ext g 4s..l948 A
28%
104%
105
4
104%
105
84
*113
73%
34%
27%
103% 106%
103% 105
103% 105
113% 114
*112
1955 F A
MN
108%
General 6s series C
1961
i07%
108%
110%
1968
1958
1st 4s.. 1943
Conn Ry A L 1st A ref 4 Ha
1951
Stamped guar 4 Ha—
1951
I
129%
Conv debs 3%s
89
110%
129
130
89
89
13
395
109%
109% 111
125
130
89
89
1
*108
108% 108%
109% 109%
104 %
16%
—
~
104% 107
66
14
-
20%
105%
2
17
22
22
21%
22
1
18%
33
105%
105%
5
89%
87
104
85%
71
14
22%
22
105%
91%
___
i04% i04%
104%
104%
*78
-
-
_
80
-
1
91
91
87
88
13
108
43
80
85
96%
72
88
105% 108
J
107%
107%
3
99%
98%
99%
00
9 5
3
93%
92
93%
40
88%
86
11
81
86
81
86%
General 4%s series D
1976
J
1977
J
86%
General mtge 4s series G
1946
J
103%
J
94%
J
78%
Gen mtge 4s series H
1946
Gen mtge 3%s series I
1967
84%
86%
93
103%
208
93%
94%
151
99% 104
88
94%
78%
151
71%
78%
58
58
76
Feb
64
*58
7
Greenbrier Ry 1st gu 4s
O
1950 A
7
6
8%
2
7%
83
87%
1940 MN
1950 A
93%
84%
101 %
Feb
♦Green Bay A West deb ctfs A.
100
1st mtge 6s series C
Gulf A Ship Island RR—
1st ref A Term M 5s stamped 1952
1961
Gulf States Steel 8 f 4 %s
87
87
O
81%
81%
3
*85%
O
79%
90%
83%
90%
l"66%
58
110%
99%
100%
12
18
107% 110%
6
21%
21%
120% 123
96
100%
1999 3
J
122
1944 A
O
72%
72%
2
1937 MN
51%
55%
23
44%
100
99%
100%
60
97
100%
1962 J
33
32%
33%
67
32
37%
Hudson Co Gas 1st g 5s
1949
1
125
126%
106%
106
109%
109
109%
1955 J
J
16%
♦Debenture 4s..
1965 A
O
*17 %
♦Debenture 4s
1956 J
J
1960 J
J
107%
107% 109%
16%
J
*14%
14
14%
104% 105%
15
18%
15
16%
~
"i.8%
1954 MN
15%
18%
15%
58
60
55%
60
AfN
108
MAT
*109
MN
110
MN
108%
MN
108%
J
D
J
J
1951 F
110%
107% 109%
108% 110%
108% 111
105% 109%
107
108%
102% 105%
101 % 102%
106% 110%
48%
97
45%
15%
178
12%
16%
112%
19
110%
112%
%8
1st gold 3
1952 A
Collateral trust gold 4s
Refunding 4s
—
102%
102%
102%
5
D
101%
101%
101%
4
D
108%
107%
108%
46
A
105%
105%
107%
105%
5
104% 105%
107%
1
104% 107%
104
104%
33
St Louis Dlv A Term g 3s
104%
105
102% 104%
101% 105
28%
30%
1952
39%
,7Ha series A extended to 1946...
44%
6s series B extended to 1946
39%
40
15
44
44%
11
*34
1943 AfN
60%
57%
60%
35
40
157
43
A
64
H
18
45
48%
27
45%
50
15
41%
45
43%
45%
82
43
46%
55%
54
55%
11
51%
56%
44%
42%
45%
*
125
41%
46%
78%
78%
78%
65
65
1
62%
65
65
05
65
3
62%
05%
52%
52%
53
56
*
60
*
56%
*55
I
86%
51%
43
1951
For footnotes see page 2227
86%
-
50
*76
63%
*-
-
47%
59%
*55
-
86
-
46%
1951
Western Lines 1st g 4s
^
48%
Springfield Dlv 1st g 3%s— 1951
Gold 3%s
•i-'-r
w'
50
47
1950
35
57
40-year 4%s
1966 F
46
32
39
1955 MN
1951
91
44%
Refunding 5s
Loulsv Dlv A Term g 3 %s— 1953
1951
—
90
-
42%
Collateral trust gold 4s
1951
-
50
O
1953
Litchfield Dlv 1st gold 3s...
^
SO %
86
*85
1952
Aug 1
-
*85
Purchased lines 3%s
Cairo Bridge gold 4s
•
*
S
1955
Omaha Dlv 1st gold 3s
104%
104%
19
*87%
,
1951
1951 M
111%
1951
Extended 1st gold 3 %s
65
27
5%
126%
108%
30%
80
14
109%
29%
72 %
46%
107%
30%
122
126%
107%
1942
_
14%
29
J
*
48
25
1950 MN
1948 J
1948
108%
«.
♦Adjustment Income 5s.Feb 1957
Hllnols Bell Telp 3%s ser B—. 1970
1951
Illinois Central 1st gold 4s
110%
109%
D
«.
Hudson A Manhat 1st 5s ser A. 1957
1st gold 3s sterling
18%
Consumers Power Co—
Del A Hudson 1st A ref 4s
43
71
69
*13
1st mtge
{{♦Housatonlc Ry cons g 5s
Houston Oil 4%s debs
108%
♦Debenture 4s
Cuba Nor Ry 1st 5%s_
Cuba RR 1st 5s g
45
104%
104%
70%
28%
31
29
Hoe (R) A Co
107%
18%
Crucible Steel 4 Ha debs
20%
100% 108%
106%
105%
f 4s
32%
1
3
106
16
8 I 4^s debentures
4
♦Harpen Mining 6s
Hocking Val 1st cons g 4 %s
107%
105
16-year deb 6s
Continental Oil conv 2%s
Crane Co s f deb 3Ha
34
29
*20
106%
18%
Container Corp 1st 6s
33%
110
108%
105%
1st mtge 3Ha
104%
24%
1949 J
107
J
1965
1967
1970
1966
1969
1946
1943
1948
105
101
1969 MN
108% 109%
D
May 1
103
1
Gulf States Utll 3%s ser D
109
of Upper Wuertemberg 7s—1956 J
conv deb 3 Ha
1951 J
{♦Consol Ry ron-coDV deb 4s.. 1954 J
3Ha
if
22
28%
106% 107%
111
109
Consol Oil
mtge 3Ha
105%
'
1961
Consol Edlsoft (N Y) deb 3)48.1946
3 Ha debentures
1948
3 Ha debentures
1956
3 Ha debentures
1958
♦Consolidated Hydro-Elec Works
1st mtge 3 Ha
1st mtge 3Ha
53%
Hudson Coal 1st 8 f 5a ser A
*109%
f 3%0 A
Consolidation Coal s f 5s
49
123% 124%
1962
♦Debentures ctfs B
Commonwealth Edison Co—
Conn A Pasump River
2%
1973
Great Northern 4%s series A.
General 5%s series B
Gulf Mob A Nor 1st 5 %sB
4s....1965
2%
104%
m
General 4%s series E
Colo A South 4 Ha series A
«
74%
"l2
1947
1944
1950
Grays Point Term 1st gu 5s
Gt Cons El Pow (Japan) 7s
—
-
103%
87%
29
73%
8%
29
J
19
88%
78%
8%
6
28%
104^
A
74%
85%
75%
88%
54
6%
103%
J
D
75%
O
49
2%
2%
100»%,109",,
*125
Fort St U D Co lstg 4%s
3
109% 10 >%
3
102%
54%
*101
F
111
1
2%
*2%
♦Certificates of deposit..
J
106% 100%
1
104%
6
2%
J
100
72
*
A
107% 110%
106% 108%
1
7
0%
102
102% 104%
104%
103
1962
Fonda Johns A Glov 4%s
Gen Amer Investors deb 6s A.. 1952 F
Gen Cable 1st s f 5%s A
1947 J
11
49
6%
6%
♦Gen Elec (Germany) 7s
99
107%
•»
3
6%
61%
67
*
-
49
M S
79%
51H
100%
102
-f
*42
~»
♦Certificates of deposit
:&
O
O
101%
29
J
40
O
1970 A
13
107
O
J
49%
A
O
104%
106%
D
A
Grand R A I ext 1st gu g 4 %s—1941 J
*99%
107%
108%
*109
MN
A
103%
J
140
*105%
1977
1945
1943
103
104
D
62
104%
304
Francisco
100
98
108
101% 105
*102
Gas A El of Berg Co cons g 5s.. 1949 J
15
93
106%
*102
*106
107%
65
15
M 8
75
101
40
103%
*102
*102%
64%
98
407%
97%
107%
107%
M 8
66%
8
—
M S
03%
*105%
1st s f 4 Ha series
*75
1945 J J
♦Sinking fund deb 6%s
1940 J D
♦20-year s f deb 6s
1948 MN
Gen Motors Accept deb 3%8—.1951 F A
J
Gen Steel Cast 5 %s with warr—1949 J
J
{♦Ga A Ala Ry 1st cons 5s Oct 11945 J
J
{{♦Ga Caro A Nor 1st ext 6s...1934 J
♦Good Hope Steel A Ir sec 7s.-.1945 A O
Goodrich (B F) 1st mtge 4 %8—1956 J D
Gotham Silk Hosiery deb 5s w w *46. M S
Gouv A Oswegatchle 1st 5s
1942 J D
J
1973
_
M S
19
79%
53
47%
„
M S
75
66
50
*100
J
1st s f 5s series B guar
mtge
63%
O
F
109%
47
O
4s
110%
*77
"52"
8
J
109% 111%
*75
66
J
M
2
*103
At N
F
111%
12%
107% 109%
109%
111%
A
J
M N
Cleve A Pgh gen gu
C
105% 107
100% 109%
104% 100%
95%
57%
12%
Cleve Elec Ilium 1st M
Colo Fuel A Iron Co gen s f 6s__
7
89%
MN
4s
1940
3%s.—1965
4 Ha ser B.1942
Series B 3%s guar
1942
Series A 4 Us guar
1942
Series C 3%s guar.—.
1948
Series D 3%s guar
1950
Gen 4 Ha series A
1977
Gen A ref mtge 4 Ha series B.1981
Cleve Short Line 1st gu 4 %S—-1961
Cleve Union Term gu 5%s
1972
15
90
1940
W W Val Dlv 1st g
5
109%
106%
49%
1990
4s
105%
107%
11
D
St L Dlv 1st coll tr? 4s
106%
105
34
J
105%
5?%
25
Federal Light A Traction 1st 5s
29
Cln Wabash A M Dlv 1st 4s 1991
s
105
56
52
Fairbanks Morse deb 4b
57%
94%
J
Crown Cork A Seal
4
59
306
Ernesto Breda 7s
94%
94
S
D
mtge
105%
93%
148
107% 110
*52
1954 F A
1956 J D
48%
64
94
J
J
1st
20
27%
{♦3d mtge 4 %S—....... .1938
03%
56%
A
J
1st
90%
141
:
-
109%
.1953
♦Series B_
60
93%
93%
M
1943
6s
Cleve Cln Chic A St L gen
s
16
93%
109
.1953
♦Conv 4s series A
59%
O
J
4s..1993
General 6s series B
..1993
Ref A lmpt 4%s series E
1977
Clearfield A Mab lstgu
Conn Rlv Pow
91
*149
59%
1st lien s t 5s stamped
Guaranteed 4s
1st mtge 3 Ha series
20
25%
6s International series
Debenture 6s
12
103% 109%
.1953
47%
3
26
Chicago Union Station—
Income
106% 108%
67
6s..1960
Dec I 1960
25
56%
♦N Y A Erie RR ext 1st 4s__ .1947 MN
80%
108
*100%
2%
♦74
34
27%
7%
D
4
20
*100%
♦Erie A Jersey 1st s f 6s... .1955 J
.1957 J
♦Genessee River 1st s f 6s
J
108
40%
97% 101
105% 107%
*52
8%
AfN
»
O
.1940
Series C3%s
{♦Erie RR 1st cons g 4a prior. .1990
.1996
♦1st consol gen lien g 4s
conv
•
.1940
Erie A Pitts g gu 3 %s ser B
♦Gen
4.
109%
.1967 MN
♦{Ref A Imp 5s of 1927
♦{Ref A lmpt 5s of 1930—— .1975 A O
1960
6s
Chic T H A So-eastern 1st
♦5s
«
.1965
6s stamped
109% 111%
*106%
^
A
8%
7%
1951
♦Conv g 4%s
Ch St L A New Orleans
Coal River Ry 1st gu
J
1
105%
107%
93%
.1941 MN
15%
"65
Ed El 111 (N Y) 1st cons g
2%
110% 113
40%
4
99
16
O
East T Va A Ga Dlv 1st 5s
D
3
A
.1950 MN
18%
18%
1 %
11%
30
105%
107%
-
107%
13%
41
20
"l9~~
D
9
12
48
99
553
52
111
*22%
20
J
Spr A Col Dlv 1st g
D
108
88
Income guar
D
MN
Ry3%sl902
5
f ♦Refunding gold 4s.
...1934 AO
♦Certificates of deposit...
109"" ""l*8
111%
J
{{♦Dul Sou Shore A Atl g 6e—.1937
18%
19%
....
110%
111%
J
7%
18%
♦Conv 4%s
111%
30%
18%
18%
AfN
110%
S
2
18%
158
6%
*40
1951 J
4
108%
O
0%
1%
17%
116%
7%
23%
17 H
108%
6%
*5%
24
M N
5
7
33
12
7%
4
O
52
173
3%
5%
2%
454
2H
2%
2%
3
2%
7%
Dow Chemical deb 8s
8
13
2%
2%
30%
Dul MIssabeAIr Range
24
3
6%
1%
%
243
11%
A
28%
MN
MN
28%
24%
11%
A
M
106% 108%
8%
11%
9
10
J
29%
1987 MAT
Gold 3%s
1966
Detroit A Mac 1st lien g 5s
1995
♦Second gold 4s...
1995
Detroit Term A Tunnel 4 %s—1901
High
108H 109
104% 100
10%
J
1965 A
G
Low
104%
J
J
{♦Des M A Ft Dodge 4a ctfS—1935
{♦Des Plains Val lstgu 4%8—.1947 M 8
Detroit Edison Co 4 %s ser D—1961 F A
F
No
High
109
*103%
♦Assented (sub] to plan)
♦Ref A lmpt 5s ser B
Apr 1978
ser
Since
Jan. 1
0Q6Q
*108 %
1971
1969
1st mortgage 4%s
1969
{{♦Den A R G 1st cons g 4s
1930
f ♦Consol gold 4%s
1936
{♦Den A R G West gen 5s. Aug 1955
Gen A ref M 4s
Range
f-s
Ask
A
Low
Railroad & Indus. Cos. (Cont.)
Del Power A Light 1st 4 %s
*st A ref 4%s
29 H
16
*
-
21
18
123
2%
17%
18%
M
60
110% 114
Bid
Price
.....
17 %
{♦Secured 4%s series A——1952
♦Certificates of deposit..
21
2
Friday's
Sale
EXCHANGE
29%
29%
MN
♦Stpd 4s non p Fed lnc tax 1987
stpd Fed lnc tax—1987
♦Gen 5s stpd Fed lnc tax....1987
♦4Mb stamped
1987
{♦Secured 0%B—
1936
♦1st ref g 6s...
May 1 2037
♦1st A ref 4%s stpd—May 1 2037
♦1st A ref 4%s ser C-May 1 2037
9%
9%
18%
10%
10%
10
448
STOCK
Gen A ref mtge 3 %s ser
B__May 11989 J
C
May 1 1989 J
♦Gen 4%s series E
May 1 1989 J
♦GeD 4%s series F
May 1 1989 J J
{♦Chic Mllw St P A Pac 6s A.-1976 F A
♦Conv adj 6s
Jan 1 2000 A O
♦Gen 4 S^s
12%
17%
♦Gen 4%s series
♦General 4s
9
J
♦Gen g 3 %s series
3%s__1987
18%
J
J
19%
20
20
J
19%
12%
20
19%
9%
9%
15%
27
High
120
1
20
J
9H
15%
4
30%
J
J
118
90
J
18 %
Low
198
30%
J
MN
NO.
86
8
Y.
Week Ended April 5
23%
16%
M
{Chic Milwaukee A St Paul—
♦Gen 4s series A
..May 1 1989 J
{♦Chic A N West gen g
Hioh
122 %
17
17 H
N.
Since
Range or
Last
BONDS
Range
Jan. 1
Ask
♦119
O
M N
♦Certificates of deposit
Chicago A Erie 1st gold 6s
1982
{♦Chicago Great West 1st 4a... 1969
{♦Chic Ind A Loulsv ref 6a
1947
♦Refunding g 6a aeries B
1947
♦Refunding 4s series C——1947
A
Low
(Cont.)
6a—.1934
1961
April 6, 1940
Week's
Friday
Week's
_
^
70
w
—
—
»
w
Volume
New York Bond Record—Continued—Page 4
150
jfg
BONDS
*
N.
Y.
STOCK
EXCHANGE
Last
Railroad
Indus. Cos.
&
•3
Friday's
|s
Bid
Low
(Cont.)
BONDS
Range
Ask
<fe
N.
Since
1963 J
D
No.
High
1st & ref 4%s series C
1963 J
D
48
49%
46%
A
76
50
43%
A
Illinois Steel deb 4 %s
41
46%
20%
20%
O
♦Useder Steel Corp 6s
1948 F
Ind Bloom <fc West 1st ext 4s. .1940 A
....
1
Low
*57
60
J
{♦Ind & Louisville 1st gu 4s
J
16%
50%
Railroad & Indus. Cos. (Cont.)
McCrory Stores Corp s f deb 5s_1951 M N
McKesson & Robbins deb 5%s 1950 M 8
43
47
Maine Central RR 4s ser A—1945 J
Ind Union Ry
.1986 M 8
*105%
106%
3%s series B
.1948 J
Industrial Rayon 4%s
Inland Steel 3%s series
.1961 F
D
J
A
.1966 J
J
_
♦Certificates of deposit
A
6s
conv
77%
60
77
77%
143
37%
35%
38
116
31%
74
O
74%
73%
74%
88
25
103
4
.1932 M S
7% notes
74
♦Certificates of deposit
Interlake Iron
conv
8
105ui«
77
77%
----
♦Certificates of deposit
{♦10-year
19
106
105%
105%
....
31%
{Interboro Rap Tran 1st 5s.
{♦10-year
105%
....
.1947 A
deb 4s
O
88
86%
-
103
.1942 MN
lnt Agric Corp 5s stamped
30%
72%
70%
1%
1%
110
1%
1956 J
J
11%
12%
26
1956 J
J
11%
12%
7
"71%
O
.1941 A
O
102%
71%
67
70%
123
102%
43
98%
26
69%
J
101%
97%
.1944 A
68%
68
S
lnt Rys Cent Amer 1st 5s B_. .1972 MN
1st lien & ref 6 %s
.1947 F A
68
1968
1950
{ §*Met West Side El (Chic) 4s. 1938
97
42
47%
2
1%
♦JCon ext 4%b
55
5
52
55
94%
95
34
93%
95
79
28%
"39%
28
28
65
34
64%
.1960 J
J
106%
107%
38
Kansas Gas & Electric 4%s__ .1980 J
D
102%
103
16
102% 105
38%
.
.1961 J
Stamped
1961
102%
J
J
1997 A
O
.1949 F
Kings County Elev 1st g 4s
A
50
80
80
85
SO
85
*80
et.fs
68
91
89%
'108%
108%
104%
105
*106%
---
--
1
107
104
106
22
A
1041s«1041532
16
104% 106 %
5
♦4
*
— -
86
5
86%
85
O
"83%
83%
84
A
49%
49%
47%
49%
40
44
A
47
49%
17
43%
Coll tr 6s series A
1942 F
A
41%
42%
3
40
44
Coll tr 6s series B
.1942 F
A
41%
....
82
2d gold 5s._
1941 J
1997 J
.1954 F
—
.1964
♦5s stamped
♦1st & ref
s
m
19%
11%
45
11%
15%
16%
A
O
6%
6%
84
5%
8%
F
A
21%
20%
95
13%
21%
14
20%
1975 M 8
i.1977 M 8
21%
H
♦General
cons
,
♦General
cons
Gen & ref
s
,
Constr M 5s series A
29%
50
55
48%
J
,
43%
38
1978
4s stpd..
1951
J
to...1946 Y'b
3%a w w..1951 MN
3%s...._.1949 M 8
National Rys of Mexico—
J
♦4%s Jan 1914 coupon OD...1957 J
J
♦4%s July 1914 coupon on.. 1957 J
J
♦4%s July 1914 coupon off_.1957 J
J
♦Assent warr & rets No 4 on '57 J
70%
66
96
55%
102% 102%
43%
42%
73
106
107%
18
104
106
17
14%
17
15%
56
14%
16%
17
19
16%
51%
19%
51%
50
54
116
118
15%
14%
*16%
16%
20
16%
17
8
----
-
-
—
*116%
117%
----
*96%
-
-
*103%
-
-
--
125% 127%
127% 131%
97% 101
109%
8
108
*65%
92%
92%
3
A
O
m,
m. -
m. ~
109%
i.
»
8
110
-----
-----
*,
----
-
-
....
M 8
92%
91%
92%
15
M 8
92%
92%
92%
1
108%
110
*%
O
*%
Nat RR of Mex prior lien
♦4s April
*1%
*%
1914 coupon off
1951
103
102
103%
104%
102% 104%
110
63 %
67
8 i
92%
8"%
9
87%
92%
{♦Naugatuck RR 1st g 4s
%
♦Consol
guar
126%
lstg 4%s series B
125
A. .1969 J
J
86%
86%
71
126% 129%
83
86 %
N J Junction RR guar 1st 4s.. 1986 F
1960 A
N J Pow & Light 1st 4 %s
108% no
New Orl Great Nor 5s A
1983 J
97% 100%
90%
94%
2003 A
O
92%
93
2003 A
2003 A
O
86
86%
2
85
8s
O
81%
82
5
79%
83
.1946 F
A
104%
104%
104%
7
80%
80%
80%
1
*111%
-----
J
77%
77%
1955 MN
*106%
-----
18
*14%
....
1
....
....
'
.
42
127%
3
125% 128%
128%
128%
2
124% 128%
*
71
107
"7
105%
109""
J
75%
76
5
69%
78%
J
57
58%
14
63%
58%
107
O
O
1955 J
D
102% 104 %
79
82%
112
112%
79
73%
105% 107
1st & ref 5s series B
4s... 1953
{{♦N O Tex <fe Mex n-c lnc 5s.. 1935
New Orleans Term 1st gu
J
J
A
105
104%
105
105%
105
105%
:—
31
*
1954 A
♦Certificates of deposit...
21
39
37%
102% 105%
103% 106%
71%
66%
27%
33
25
6
"5
30
30
39
1956
7
29
37%
4
3'>
36
5
32%
36
34%
F
37%
37%
34%
1
28
36%
*
♦Certificates of deposit—
♦1st 5%s series A....
15
36
37%
1956 FA
♦Certificates of deposit...
♦1st 4%a series D
69
33
8
32
36%*
O
♦Certificates of deposlt.
♦lst 58 series C.
68
69
O
♦Certificates of deposlt.
♦lst 5a series B
16
71
123% 124%
35% 38%
34
42
126%
127%
A
4%b A 1952 J
New Orl Pub Serv 1st 5s ser A. 1952 A
N O & N E 1st ref & Imp
92%
45
108% 111%
Louisville & Nashville RR—
28
40%
J
D
MN
15
44
*40
J
1945 J
1961
70
71
*124%
D
6s A.. 1952 J
4s
16
99%
*68
1954 MN
Newark Consol Gas cons 5s... 1948 J
{♦New England RR guar 5s_— 1945 J
128%
98%
%
103%
102%
104
125%
99%
%
%
*%
103
128
111%
%
1965
125
111%
%
1954
3%s
128%
14
1%
*%
♦Assent warr & rets No 4 on '51
National Steel 1st mtge 3s
Natl Supply
"2%
4%s—
{♦Assent warr <fe rets No 4 on '26
♦4s April 1914 coupon on
1951
125
111%
%
%
*%
O
A
109%
%
*%
A
F
85
*%
O
New England Tel <fc Tel
*109%
*1
♦Assent warr & rets No 5 on '77 A
--
109%
97%
*1
A
on—1977
♦4s April 1914 coupon off
1977
♦4s April 1914 coupon
1
12
136
15%
69%
For footnotes see page 2227
55%
14%
69%
A
96
53%
-----
10'% 104%
101% 105
68
73%
Atl Knox & Cine Dlv 4s
88
106
32
♦Lower Austria Hydro El 6%s.l944 F
96
107%
104%
.1945 M S
J
101% 101%
107%
108%
South Ry Joint Monon 4s_. .1952 J
9
39
31
107% 109%
117% 120
105%
104%
1980 M 8
1
70%
44%
*102%
108%
St Louis Dlv 2d gold 3s
Mob & Montg 1st g 4%s
101%
69%
A
56%
47%
6%
105%
104%
...
101%
54%
Nash Chatt & St L 4s ser A
F
11
■
107%
Little Miami gen 4s series A__ .1962 MN
Loews lnc 8 f deb 3%s
1946 F A
1st <fe ref 4 %s series C
3
109%
118
109
I
Certificates of deposit
Lion Oil Ref conv deb 4%s___ .1952 A O
Liquid Carbonic 4s conv debs. .1947 J D
Ist&ref 3%sserie8 E
Paducah & Mem Dlv 4s
93
117%
41
Nat Distillers Prod
32
1st & ref 4s series D
67
Nat Dairy Prod deb
21
O
45
38%
33%
Nat Acme 4%s extended
131
2003 A
32
56%
70%
44
16%
130%
1st & ref 58 series B
41
37%
16%
130%
ser
*50
2000 J
47
A
Louisiana & Ark 1st 5s
56%
14
126%
Louisville Gas & Elec 3%s
.1966 M S
Louisv & Jeff Bridge Co gu 4s_ .1945 M 8
65%
79
14%
J
O
86
75
O
O
83%
*50
*50
39%
125%
1944 A
109% 112
99% 101%
80%
3
126
5s debenture
109% 110%
422
10
O
Lorlllard (P) Co deb 7s
101%
57
O
Guar ref gold 4s
4s stamped.
112
15%
.1965 A
1953 F
4
110
111
100%
15%
.1955 J
McNeil & Libby 4s
Liggett & Myers Tobacco 7s. .1944 A
.1949 M 8
55
107
39%
50
.1950 A
51 %
14%
50%
Lone Star Gas 3%s debs
♦Long Dock Co 3%8 ext to
Long Island unified 4s
41
40%
14%
*45
D
33%
40%
36
110
*
30%
32
17
39%
*47
1952 J
25%
15
O
Lombard Elec 7s series A
20%
~26% "34"
15%
O
F
21%
75%
105
101%
33%
49%
41
21%
14
1
111 %
1955 M N
Morris & Essex 1st gu 3%s—
41
129
*106
O
1955 A
f 4 %a series C
Gen & ref s f 5s series D
45
.1951
54
117%
41
A
5s ''ebenture
54
O
.
1
1941 A
Lex & East 1st 50-yr 5s gu
40%
Mutual Fuel Gas 1st gu g 5s... 1947 M N
Mut Un Tel gtd 6s ext at 5% ..1941 MN
43
libby
41
40%
Constr M 4%a series B. . j _ 1955 M N
29%
29
i Mountain States T & T 3%a— 1968 J D
43
2003 MN
5s assented
33%
39%
24%
24%
J
{Leh Val Term Ry 1st gu g 5s. .1941
32
41
35
42%
2003 MN
5s
61
113
33%
29%
41
.2003 MN
♦5s assented.
25%
"33%
J
1955 A
Gen & ref s f 5s series A
50
7
23%
25
....
361
79
13%
68
21%
21%
"32%
29
....
20%
25%
24
57
21%
'33%
54
M
1941 J
1955 A
1955 A
Montreal Tram 1st & ref 5s
38
A
.2003 MN
4 %s
S
_
35
70
13%
15%
20%
*75
33
1938 M
♦Certificates of deposit.
32
24
2%
245
22
40%
♦Certificates of deposit..
2
9
.2003 MN
♦4 %s assented
•
1977 M~i?
33
*55
{♦Lehigh Val (Pa) cons g 4s.. .2003 MN
♦4s assented
"21%
21%
1%
♦Certificates of deposit
32
1940 J
...
A
90
1940 J
4 %s assented
~F
MN
21%
13
11
4
21%
96
1
21%
1981
87%
1
21%
*21
of deposit
Monongahela Ry 1st M 4s ser A '60 M N
""I
13%
20%
O
85
24
198
21%
A
81
25
21%
21%
1%
1
25%
20%
21%
21%
"i'%
82%
25
?1%
12
13%
13%
MN
Mohawk & Malone 1st gu g 4s. 1991
24
2%
529
1978 MN
.1949
1980
91 %
*24%
"3
258
20%
20%
of deposit
82
37%
21%
21%
21%
2%
3
21%
20
10
7
*21
of deposit
91%
26
73
40
70
25
59%
59
15%
45
*24
2
53
"23
73
15%
69 %
2
7%
2%
14%
39
38
6%
"77
14
5
37%
,7
15%
♦Ref & lmpt 4%a
Nassau Elec gu g
{Leh Val N Y 1st gu 4%s
2
4%
101
5%
*5%
6%
15%
2
*54%
.1954 F
Leh Val Harbor Term gu 6s
2%
J
7
....
1
J
88%
notes extended to. .1943
♦6s stamped
1%
J
48
—».«r
12
J
1962
1978
Jan 1967
49%
24
2%
32%
341*
A
2
*U
12
70
*21%
1974
16%
26
4
j.
13%
"5% ""8%
40
29
4* ^
1%
"21
139
28
±
-
8%
17%
54
A
....
1974 F
f 5s
♦5s stamped
♦Sec 6%
A
8%
31%
41%
24
.1964 F
"22% "32"
15%
39%
.1954
f 5s.
53
29%
53%
37%
16%
73
17%
Gen & ref s f 5s series B
—
"16
31
52%
33
52
57
27%
J
88
.1945 M S
66%
104%
9%
30 |
101 %
1962 J
38%
52%
O
15%
16%
54
RR—
Monongahela West Penn Pub Serv
1st mtge 4%s_.
1960 A O
39% |
6s debentures
1965 A O
57
55
! Montana Power 1st & ref 3%s.l966 J D
38%
7%
61%
66
104%
29
60%
53%
♦
28%
J
53%
1st mtge Income reg
.1975 Dec
Lehigh C & Nav s f 4%s A... .1954 J J
J
.1954 J
Cons sink fund 4%s ser C
f 58
J
82%
D
103%
28%
104
*56%
'
Lautaro Nitrate Co Ltd—
s
O
91
J
8
94%
*60
'69%
{♦Secured 5% notes
1947 J
♦5s stamped
91%
69%
''
5s extended at 3% to
♦1st & ref
96
{Mobile & Ohio RR—
♦Montgomery Dlv 1st g 5s..1947 F A
Lake Erie & Western RR—
♦1st & ref
70
*93%
J
1%
♦Certificates
49%
.1965 A
►—...
J
♦Certificates of deposit
.1960 F
Lehigh & New Eng RR 4s A
Lehigh & N Y 1st gu g 4s
Lehigh Valley Coal Co—
♦58 stamped
S
mn
M
3
♦1st & ref g 58 series
4
2%
.1942 A
Lake 8h & Mich So g 3 %s
18%
1%
♦Certificates
102 % 106%
42%
18%
1%
♦Conv gold 5%a
.1953 F
C
*16%
1%
♦1st & ref 5s series I
Coll & ref 5 %s series D
%
D
90
6%
5
1949 M 8
J
1978 J
5%s
{♦Mo Pac 3d 7s ext at 4% .July 1938
Coll & ref 5 %s series
%
1
6%
1%
♦1st & ref 5s series G
1<8%
13
90%
85%
51 %
Ref & ext mtge 5s
*%
♦Certificates of deposit
10213i#102l3ie
{♦Laclede Gas Light ref & ext 5s '39 A O
S
78
7
♦Certificates
J
8
78
6%
78
7%
♦1st & ref 5s series F
88 % 101
87
91
1055* 106%
108%
104%
IQ/iO M
of riennslt
110% 112%
111%
A
2
{♦Mo Pac 1st & ref 5s ser A.. 1965
{♦Kreuger & Toll secured 5s—
Uniform
19
111%
111%
O
6
♦General 4s..
101
101
J
3 %8 collateral trust notes.. .1947 F
103% 105%
•
170
J
.1945 J
50
....
MN
Koppers Co 4s series A
Kresge Foundation coll tr 4s
1
2
40-year 4s series B
Prior lien 4%s series D
♦Cum adjust 5s ser A
107 %
85
J
1st & ref 6%s
s
23
2
♦1st & ref 5%s series B
101% 103
85
1954 J
Kings Co Lighting 1st 5s
1
92%
91
83
72
23
70%
"~6%
Prior lien 5s ser A
107
*163%
Certificates of deposit
52%
52%
8l"
104^32
J
♦25-year
14%
*75~"
1961 J
unguaranteed
Kings County El L & P 6s
13%
*80
J
66
J
Missouri-Kansas-Texas
102%
*
1961 J
Plain
76
66
{♦Mo-Ill RR 1st 5s series A...1959 J J
Mo Kan & Tex 1st gold 4s
1990 J D
68%
-----
*106%
J
22
64%
F
1
09%
25
*14"
.1987 J
4
14%
14%
*
.1946 M S
4 %s
39%
37%
lnc—
.
22
75
A
{ §»M St P & SS M con g 4s lnt gu'38 J
§♦ 1st cons 5s
1938 J
5*lst cons 5s gu as to lnt
1938 J
♦1st & ref 6s series A
|L_1946 J
106% 109
(par $925)
22
87%
22
Kentucky Central gold 4s
Kentucky <fe Ind Term 4%s
m
{♦Mil Spar & N W 1st gu 4s... 1947 m s
J
{♦Mllw «fc State Line 1st 3%s..1941 J
{♦Minn & St Louts 5s ctfs
1934 MN
♦l8t& ref gold
.1949 M S
♦Ref & ext 50-yr 5s ser A
1962 Q F
1%
38%
Keith (B F) Corp 1st 6s
72%
61
26
1%
•••
"84"
1041*32
*47
67%
•
75
D
66
.1943
22
D
46%
.1943 MN
J
83
*85%
J
66
-
46%
J
45%
1%
$645). .1943
42%
1939
37
warr
60
1939
65
stmp (par $925)
51
46
1940 A
67%
w w
42%
{{♦Mil & No 1st ext 4%s
99
38%
♦Ctfs with
1951
1952
1979
Ref & lmpt 4 %s series C
44%
84
66
♦Ctfs w w stmp (par
8>%
77%
26
{♦Mid of N J 1st ext 5s
96 %
38%
O
♦Ctfs
78%
33
48
1963 M S
♦Certificate8 of deposit
Kan City Sou 1st gold 3s..'___ .1950 A
Ref & lmpt 5s
Apr 1950 J
4s
19
83
46%
Michigan Consol Gas 4s
39
(Rudolph)
82
82
48
IV*
94
96 %
O
Karstadt
f 7s
s
Jack Lans & Sag 3%a
1st gold 3%s
103 %
{{♦K C Ft S & M Ry ref g 4s. .1936 A
Kansas City Term 1st
55%
43%
61
Metrop Ed 1st 4%s series D
Metrop Wat Sew & D 5%s
74%
76%
65%
101
55
J
*9
1945 mn
1956 J
4
*85
81
50
15
Michigan Cent Det't & Bay City—
58
94%
Jones & Laughlin Steel 4%s A. .1961 M S
Kanawha <fc Mich lBt gu g 4s. .1990 A O .r..—
1940 Q
♦Mlag Mill Mach 1st
11
.1959 J D
James Frank 1 & Clear 1st 4s
74
27
41%
82%
*65
14%
94
......
12
52%
*
14%
9%
10
46%
A
{♦Iowa Central Ry 1st & ref 4s. 1951 M S
80
*70%
1977 M
98
93%
«•
High
104% 107%
94% 101
75%
*31
♦Mex Internat 1st 4s asstd
42%
w
Low
50
O
Certificates of deposit
2
97%
—
1
226
16%
40%
93%
<•»
NO.
40%
m~s
1947 A
Market St Ry 7s ser A...April
42%
mr
J
1953
Mead Corp 1st 6s with warr
83%
90%
102% 103
104%
Jan. 1
CQ
41 %
4s
1959 mn
J
{♦Man G B & N W 1st 3 %8—1941 J
75%
12%
101
Marlon Steam Shovel s f 6s
Stamped
High
104%
96%
Manila RR (South Lines)
75
14%
Low
99
O
D
♦Certificates of deposit
Manila Elec RR & Lt 8 f 5s
36
10
45
6
A
.2013 J
♦Certificates of deposit
♦Second 4s
38 %
♦1st g 5s series C
lnt Telep & Teleg deb g 4%s. .1952 J
1955 F
Debenture 5s...
17
30
♦1st 5s series B
Internat Paper 5s ser A & B_. -1947 J
.1955 M
Ref s f 6s series A
{♦Manhat Ry (N Y) cons 4s. .1990
61
31
14
14
J
.1952 J
{♦Int-Grt Nor 1st 6s ser A
♦Adjustment 6s ser A... July 1952 A O
Internat Hydro El deb 6s
lnt Merc Marine s f 6s
99%
67 %
105% 109 %
73%
77%
72%
77%
Since
Ask
45%
Manatl Sugar 4s s f
106
&
82%
21
101
Bid
D
1960 J D
..Feb 1 1957 MN
20%
105% 105 %
Range
Friday's
Sale
Price
Gen mtge 4%b series A
100'u 100"u
12
16%
ss
46%
High
Range or
Last
EXCHANGE
STOCK
Week Ended April 5
99%
O
1950 J
.1956 J
Ind 111 & Iowa 1st g 4s
y.
Jan. 1
Ill Cent and Chic St L & N O-
Joint 1st ref 5s series A
Week's
Friday
Range or
Sale
Price
Week Ended April 5
2225
Week's
Friday
1954 O
A
39
37
37%
37%
29
37
38%
40
25
35
37
5
32
31%
40
33
37
New York Bond
2226
Friday
BONDS
N. Y. STOCK EXCHANGE
5
Week Ended April
Railroad
' Inter st Peijriod
Ranqe
Sale
Bid
& lndu«. Cos. ICont.)
62 M
A
O
or
No.
High
Low
111
70
56 M
62 M
79
79 M
101
A
0
54 M
52 M
55M
752
A
0
60 M
58 M
61 M
207
67
65 M
56 M
76 M
78
J
A
A
94 M
"58 li
61 M
78
111
19
74
79 M
56 M
62 M
63 M
79 M
93 M
59
60 M
J
94 M
71
86
94
9
56
60 M
C6H
60
.60M
58
10
59
O
A
52
61M
374
43
53 M
77 M
85
12
81M
85
73
107
7
64
54 M
67 M
59 M
83
81M
83
1st mtge 3 Ms
extended to—1947
A
O
84 M
84
1941
1953
1953
1951
1947
1965
1966
A
O
3-year 6% notes
NY Connect 1st gu 4 Ms A
1st guar 5s series
B__
N Y Dock 1st gold 4s
Conv 6%
notes
N Y Edison 3Ms »er D
1st lien & ref 3M« ser E
84 M
F
A
F
A
F
A
A
O
51
A
O
110
.
M
82 M
107
108M
♦107M
53 M
52 M
"
53 M
11
Purchase money
gold 4s
—1948
1949
20
47
108
109M
109M
124M
125
F
A
117 H
117M
2
13M
8
9
10
J/N
N Y
5s—1946
A Harlem gold 3 Ms
2000
Lack A West 4s ser A
1973
M N
12M
*98M
M N
*56
1973
J/N
61 M
5 Ms *42 J/N
J
5s 1943 J
4Mb series B._
♦N Y L E A W Coal A RR
♦N Y L E A W Dock A Imp
4s
1941
{{•N Y A N E (BostTerm) 48.1939
{♦N Y N H A H n-c deb 4s
1947
♦Non-conv debenture 3 Ms—1947
♦Non-conv debenture 3 Ms—1954
N Y A Long Branch gen
♦Non-conv debenture
♦Non-conv debenture
M
A
117
""20
M 8
A
19M
O
J
1955 J
1956 M N "20
4s
4s
-
1956 J J
♦Conv debenture 6s
1948 J 3
♦Collateral trust 6s
—...1940 A O
♦Debenture 4s.
1957 MN
D
♦1st & ref 4 Ms ser of 1927...1967 J
UN
{♦Harlem R A Pt Ches 1st 4s 1954
♦Conv debenture 3 Ms-
-
^
-
4s
4s__1940 a o
61 M
64
f5
75
71
99
1943
4s
{♦N Y Providence A Boston 4s 1942
A
O
4s._1993
A
O
48 M
A Pow 3 Ms. 1965 M N
3
N Y Rys prior lien 6s stamp...1958 J
N Y A Rlchm Gas 1st 6s A
1951 J/N
J
N Y Steam Corp 1st mtge 3Msl963 J
109 M
N Y A Putnam 1st con gu
{{♦N Y Susq A West 1st ref 5s. 1937
{♦2d gold 4^s
1937
♦General gold 5s
— ...1940
♦Terminal 1st gold 5s__.—.1943
1967
N Y Trap Rock 1st 6s.
1946
6s 8tamped
-.1946
{{♦N Y Westch A Bost 1st 4 Ms *46
Niagara Falls Power 3 >48
1966
Niag Lock A O Pow 1st 5s A...1955
Niagara Share (Mo) deb 5 >48-1950
J {♦Norfolk South 1st A ref 58.1961
N Y Telep 3Ms ser B
J
F
16
20
23
15
I
19M
19M
19M
63
15
19M
19
15M
16
20
74
15
sec
1967 j
5s series A
3Ms—-1967
Phillips Petrol conv 3s
1948 M
4 Ms A. 1952 M
19M
J
J
Gen A ref 4 >4s series A
2
106M 108M
104M 106
108
50
9
3
5M
6M
7
39 M
4M
111
3
111 M
90 M
*88 M
90 H
....
9
91M
55
5
4M
112M
107M
107M
1
103M
103 M
103 M
24
15M
14M
A
....
178
16
~
+
mm
"i07M
106
/4,
15M
90
69 M
'
A
71H
3
XO
124M
125
32
107
107 M
19
106
107M
8
M 8
107
—w*
17
106M
6
107 M
M
116
....
*107 M
14
109 M 111M
85 M
90
87
91M
4M
110
6M
112
107M 109
102
104
.
O
*53 M
Series B
-.1942
1942
4Ms guar
60
"67M "64M
1
67 M
170
48
46 M
50
58 M
E4M
58 M
416
50
48
50
{♦Og A L Cham 1st gu g 4s...
Ohio Connecting Ry 1st 4s... .1943 M S
.1965 UN
Ohio Edison 1st mtge 4s
.1967 M
1st mtge 3Ms—
.1972 j
48
50 M
58
109 M
46 M
109M
46
108M
109M
d
^
Ontario Power N F 1st g 5s... .1943 F A
Ontario Transmission 1st 5s.. .1945 J/N
D
j
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
•» *■
105
j
Otis Steel
.1946 J
.1961 J
1st mtge A 4Ms—. .1962 j
Pacific Coast Co 1st g 5s
.1946 j
Pacific Gas A El 4s series G
.1964 J
„
F
a
^
J/N
D
a
O
serted C
j
1st gen 5s
1962
1974
1977
series B
C
1st 4 Ms series D
1st gen 5s series
j
-.1960 M 8
Port Gen Elec 1st 4 Ms
1950 j
1st 5s extended to
45
46 M
Pressed Steel Car deb 5s
{♦Providence 8ec guar deb 4s.-1957
{♦Providence Term 1st 4s
1956
Public Service El A Gas 3MS—1968
121 M 125M
104M 107M
105 M 106 M
105M 108
"74 H
-.1951 j
"74 M
110M
m a
111 M
j
3
4M
5
111 M
1
150
224
109M
16
108 M 109 M
104
104M
28
102 M
107M
Purity Bakeries s f deb 5s
54
40
"63
for deb 6s A com stk
1948 j
j
104M
M
"68 M
•
-
-
69M
70 M
45
70 M
j
j
70
69
75 M
70
15
69 M
75
Remington Rand deb 4Mb w w.1956 m a
101
101 M
16
100 M
9
98 M 102
98 M 100M
42 M
47 M
53
60 M
51M
45M
61M
108
109M
46
Gen A ref 4 M8 series B
1956
4Mb without warrants
m a
100M
100M
100 M
♦
Rensselaer A Saratoga 6s gu.,.1941 A/N
100 M
"96"
6M
8M
108M
Republic Steel Corp 4 Ms ser B 1961 f A
Purch money 1st M conv 5Ms '54 un
98
108M
97
98 M
148
102M
102
102M
8
1946 j
♦Rhelnelbe Union s f 7s
108M
j
103M 108M
1946
♦3Mb assented—
1953 f
♦Cons mtge 6s of 1928
---1955 a o
♦Cons mtge 6s of 1930
Richfield Oil
105
2
IIOM 1HM
Rlchm Term Ry 1st gen 5s
1952 j
116H 118M
♦Rlma Steel 1st s f 7s
1955 f
118
{{♦Rio Grande June 1st gu 5s..1939 j
118M
1
107 M
41
....
105M
119
4s
s
1952 m a
f conv debentures
106M
j
77
27
111M 113M
109 M 112M
HtfM
.1938 F A
{♦Pac RR of Mo 1st ext g 4s...
.1938 J
J
{♦2d ext gold 5s
Pacific Tel A Tel 3Ms ser B
1986 A O
Ref mtge 3Ms series C
1966 J d
Paducah A 111 1st if g 4 Ms
1955 J
j
79 M
79 X
5
74M
79M
♦Ruhr Chemical s f 6s
~
!
74
75
{♦Rut-Canadian 4s stmp
{♦Rutland RR 4Mb stmp.
1949
1941
26
....
110M
11
103 M
109 M
HO
1HM
103 M
104M
102 M
10
Paramount Broadway Corp—
Gen mtge 3 Ms series I
*-1967 u s
Gen mtge 3 Ms series J
1969 m a
{{♦R I Ark A Louis 1st 4MS—1934 m s
51M
51
13
48M
51M
87M
90
141
45
45
47
9
84 M
42
47
♦125M
124
*106M
104
96 M
96 M
102 M
'
107
....
10
96 H
4
107
99
100
*98 M
——
104 M
*106M
100
3
....
65
67 M
90
126
105
98
106M
96 M 100
97 M
1996
gold 6s-
A
12M
10M
3SM
40
32
28M
34M
—._
•
22
-
109M
4
107 M 109 M
6M
*20
21
9
*7M
94 M
95 M
2
9H
02 M
16
ill M
9
7M
13
ill M
98 M
110M 112
70
*11—
O
9M
21
6M
8M
7M
*._,
/
mmwrnm*.
108M 111
—_ .
104
9
8M
8M
12M
m
0
♦{Riv A G Div 1st g 4s
♦Certificates of deposit
J/N
-
65
63 M
65M
66
62
63
1933
65
6
99
{♦St L Peor A N W lst'gu 5s_. 1948 J
j
St Louis Pub Serv 1st mtge 5s. 1959 m a
1955 j
{♦St L-San Fran pr lien 4s A.-1950 j
♦Certificates of deposit
j
1950 j
j
♦Prior lien 5s series b
23 H
25 M
*
J.
♦
w
—
"43"
j
St L Rocky Mt A P 5s stpd
26M
59 M
58 M
66
65
13M
14M
14M
16
14M
16
14M
15
13M
13
53
.
35
14M
14M
16
15M
11
10M
14M
928
12M
13M
166
10
13M
64 M
13M
66
23
56
66
37
28
27 M
37
16
21M
37
33 M
{♦1st terminal A unifying 5s. 1952 j
J
21 H
18M
21 M
57
/
12M
10 M
13
58
1990 J
66 M
10
185
13M
62 M
10M
263
14M
J
Nov 1989 J
26M
39
3
15
♦Con M 4M8 series A
1978 M"a
♦Ctfs of deposit stamped
{♦St L S W 1st 48 bond ctfs—1989 UN
18M
65
M
14
♦Certificates of deposit
45
65
44
♦Gen A ref g 58 series A
6-
1
10M
....
-
109M
9
10M
5
•»
34 H
*111
-
109M
103 M 105
....
->
*122M
*108M
j
—.1996 j
Mi
109.
St Louis Iron Mtn A Southern—
♦2d 4s Inc bond ctfs
For footnotes see page 2227.
17
106
72
102M 102M
105M 106M
106
107M
104M 106M
103
104M
94
2d
16M
14M
8
40
11 M
12M
j
j
*
31
34 %
Saguenay Pow Ltd 1st M 4Ms. 1966 a O
j
St Jos A Grand Island 1st 4s—1947 j
St Lawr A Adir 1st g 5s
89
j
105
40
—
1948 a o
*74 M
*9
—
w
Roch Gas A El 4 Ms ser D.——1977 M 8
Gen mtge 3Ms series H
1967 M 8
*
17
14
—...
*103 M
A
d
60 M
104M 107M
17M
106M
15M
14M
....
106M
16
15M
1
17M
17
15
....
....
17
98 M
16M
....
19M
109
92
99 M 102 M
26
30
-
*16M
*16M
i
107
Corp—
3
73 M
A
—
17
a
58 M
.1952 J/N
201
98
*26 M
17
105M 107
"91M *98""
8
98 M
105M
111 M
57M
64M
55M 60M
15
105
*106
"52m "is""
....
59
109M
-
105
69M
j
—1997
1997
*
57 M
j
Gen A ref 4 M8 series A
39 M
42
*50
58
24
-
148
222 M 224
"58""; "59"" """§
d
{♦Debenture gold 6s
1941
{♦Deb 6s stamped
1941 j d
Reading Co Jersey Cent coll 4s. 1951 a O
24
-
147
....
D
(65% pd).
108 M
J
5
63 M
109M
107M
109M
*
3M
110M 112
*147M
*17
*107 M
79
*222 M
1
J
25M
110M
84 M
j
32
O
108 M
O
1968 A
107 M
.1981 j
83M
5
2037 j D
10
4Mb series B
83 M
17M
2037 j
Pub Serv of Nor III 3 Ms
110M
Pa Ohio A Det 1st A ref 4 Ms A. .1977 A
59
58 M
279
110M
*14M
*16M
*102M
*105M
1
1st A ref mtge 8s
114
75 M
D
P
1st A lef mtge 5s
114
j
"70M
V
|
135
63 M
j
69 M
67 M
*68
j
j
5s... 1949 M 8
t
132
84 M
♦Rhlne-Westphalla El Pr 7s—1950 un
♦Direct mtge 6s
1952 J/N
♦Paullsta Ry 1st s f 7s
.1942 M 8
Penn Co gu 3 Ms coll tr ser B... 1941 F A
Guar 3 Ms trust ctfs C
.1942 J D
1
1
81M
107M
4H
♦Rhine-Ruhr Water Service 6s. 1953 j
51M
1
1
t
25
82
108M 110
106M 108H
109 M 110M
104 M
now
1
f
101
107 M 109 M
104 M
>
1
83 M
.
15
104 H
1
1
83 M
24 M
j
113M
.1963 F
~75M ""60
72
72
J/N
111 M
28-year 4s
not*
1
1
*107
21
111M
45
46M
106 M 106 M
110
*109M
110M
*101M
46
41
40M
——
110M
60 M
- -
42M
2
41
*106
24 H
60 H
Penn-Dlxie Cement 1st 6s A... .1941 M 8
Penn Glass Sand 1st M 4Ms.. .1960 J D
5
44
83
74M
-
107
97 M 100
m
45
45
83 M
111M
.1944 J
~
42 M
j
112M
Guar 3M8 trust ctfs D
Guar 4s ser E trust ctfs
-m.
45
{♦Porto Rico Am Tob conv 63.1942 j
♦6s stamped
1942 j
60 H
M
104M
'
107 M
111M
104 M 108M
5
69
99
D
109 M
77 M
cons
11
105M
*106
111M
Pat A Passaic G A E
116M
115M 116 M
*110M
75M
-
109
116
106M
A
J
A
^
m *
D
109 H
1955 F
^
117M
j
D
f g 3s loan ctfs
108
109 M HO
f
D
s
108
109
—
45 M
1948 j D
Pitts Y A Ash 1st 4s ser A
D
h
108
108 M 108 M
^
w
*109
j
{ {♦Rio Grande West 1st gold 4s 1939 j
♦1st con A coll trust 4s A
1949 a O
113
107
112
98 M
d
106M
D
100M
10J
105M
99
un
.1961 J
1st & ref mtge 3 Ms ser H_._.
1st M
5
1
105M
j
1959 a o
1960 A O
1st mtge 4 Ms series B
1st mtge 4Mb
j
j
107 M
Paramount Pictures 3Ms deb_. 1947 M S
Parmelee Trans deb 6s
1944 A O
167""
108M
*117
1963
1964
Gen mtge 5s series A
1970
Gen mtge 5s series B
1975
Gen 4MB series C_.
1977
Pitts Va A Char 1st 4s guar.-.1943
Pitts A W Va 1st 4Ms ser A...1958
15M
108
110
119M
98
101H 103
*109
107 M
118M
i.
8M
108M 112M
5
99M
*117
Series J cons guar 4 Ms
J
Panhandle Eastern Pipe L 4s.. 1952 m s
52
3H
6
*109
Series I cons 4Mb
1st A ref mtge 3 Ms ser I
.1966 j
110
13
3
*105M
*108M
109 M
111M
*117M
^
10M
'
2
111M
105
D
Ore Short Line 1st cons g 5s.. .1946 J
74
30
3H
«
104%
107 M
109 M
S
Oregon RR A Nav con g 4s... .1946 j
8
6M
6M
*109M
J
Oklahoma Gas A Elec 3Ms—. .1966 J
.1946 J
4s debentures..
12
13
Gen mtge 4Mb series C
1956 J/N
j
Revere Cop A Br 1st mtge 4Ms 1956 j
109 %
j
1st mtge 4s
44
105 M
108M
A
72
....
42 M
,
106 M 108
104 M 106 M
109 M 11 IM
....
111 M
*109
1960 f
54 H
J
.1948 J
110M
-
{♦Radio-Keith-Orph pt pd ctfs
40 M
43
50 M
115
107
8
107
M n
16
40
A
Northwestern Teleg 4>4s ext.. 1944 j
110
Series D 4s guar
10
HM
45
♦Apr *33 to Oct
Northern States Power 3 Ms.—1967 F
114
8
o
{{♦Postal Teleg A Cable coll 5s 1953 j
Potomac Elec Pow 1st M 3M8-1966 j
Ctfs of deposit
46
109
1
9
110M
109M
♦108M
105M
110M
11M
3M
li2
62 M
•
*58
42 M
3M
3
115
110M
115
110M
a
107 M
*114
O
stamped—
'34 coups.1945
♦Apr '33 to Apr '38 coups. 1945
North Pacific prior Hen 4s
1997 q'j
Gen lien ry A Id g 3s Jan._—2047 Q F
j
Ref A impt 4 >4s series A
2047 J
J
Ref A lmpt 6s series B
2047 J
j
Ref A lmpt 5s series C
2047 J
j
Ref A lmpt 5s series D
2047 J
30
12M
15
} 10
106H
60
*111 M
{♦Northern Ohio Ry 1st guar 6s—
♦Apr 1 1935 A sub coupons..1945 A
♦Oct 1938 A sub coupons
1945 A
62
104
S
M
43
42
29
O
1959 F
...1974
1974
107 H
HM
15M
Debenture 4s
8
60
♦Certificates of deposit
North Cent gen A ref 5s
4M
2
M
{{♦Norfolk A South 1st g 5s...1941 J/N
Norf A W Ry 1st cons g 4s
1996 O A
North Amer Co deb 3J4s
1949 F A
Debenture 3 Ms—
1954 F A
8M
—
A
F
5M
"48M
*10M
J/N
M 110M
58
"
66
109M
46
109 M
105M
90 M
61M
111H
♦lOli'u
17M
2M
106M
J
109
S
60
54
7M
28
111M
55
62
110M
——
1945 J/N
Series E 3 M8 guar gold.-—,1949 f A
Series F 4s guar gold
1953 j d
Series G 4s guar
1957 J/N
4M
106
D
J
6M
105M
J
19
28
O
Series C 4 Ms guar.
4M
68
58
PittsCCC A St L4Ms A——1940 A
Pitts Coke A Iron conv
'
24
6
60 M
54 M
60
109M
99M
36 M
6M
22 M
40
28M
A
8
18 M
177
"lOflM
J/N
23
♦Certificates of deposit—
28 M
5M
l6""
106 M 106 M
....
68
111
j
39
66
69 M
6"
13
8M
no
64
-k'm
58
A
1977 j j
1981 j D
324
22 M
5
114M 117M
60
69
"—
19M
60
21M
113M 116
8
H7M
M
55
12M
20
*107 M
A
F
22
109
60
109M
105M
16M
*83 M
3
87 H
114
63 M
111M
17M
17M
*3M
N Y Queens El Lt
68
D
8
62
7M
98
82
8M
/
M n
-.1974 f
{{♦Philippine Ry 1st s t 4s.—.1937 j
19M
S
95 M
*107
j
m s
M
36M
D
a
{♦Phlla A Reading C A 1 ref 58.1973 / j
72M 1
♦Conv deb 6s
-.1949 M 8
Phlla Co
Phlla Electric 1st A ref
24
J
99M
37
60
8M
67
17M
M
95M
98
118M
90 H
19M
106 M 109
85
89 M
86 M
67
Apr
1956 j
1st 4s series B
60
17
100 M 103
33
99M
*66
Apr 1990
53 M
20
120M
50
117
58 H
32
1992
26
91M
117
97 M
117M
cons
General 5s series B
21 M
1955
♦General 4s
109
4
89 r.r"89M
113M
Series H cons guar 4s
{♦N Y Ont A West ref g 4s
108M
"89M
113M
General g 4 Ms series C
General 4 Ms series D
24
22 M
109
115
87 M
123
1943 a O
1947 M 8
6s
cons
13M
19
""m
103
97
99 M
17M
19M
102M
85 M
99 M
3
64
103
86 M
99M
61M
113
90 M
98
11M
*79
M 8
91
High
108 M 109 M
114M
*114M
9lM
120M
1st g 4 Ms series C
1980 M S
Phelps Dodge conv 3 Ms deb—.1952 j D
124M 126M
*72 M
O
113M 115
114M
Low
-
120
Peoria A Pekin Un 1st 5Ms——1974 F
Pere Marquette 1st ser A 5s—1956 j
108M 110
*66 M
8
14
-
1952
♦Income
*69 M
N Y
108 M
114M
1968
Phlla Bait A Wash 1st g
♦N Y A Greenwood Lake
109 M
107
*109
♦Certificates of deposit.—
110
O
107 M
39
98M
Refunding gold 5s
♦Peoria A Eastern 1st
52
17
D
44
1981
1984
Peoples Gas LAC
86
104H 107
106
108M
60 M
63 M
61
A
No.
108M
Conv deb
85M
110
J
High
109M
108
General 4Mb series D
Gen mtge 4 Ms series E
N Y & Erie—See Erie RR
N Y Gas El Lt H A Pow g 5s.
1
108M
Low
1965
3Ms
Jan.
83
109M
50
Since
oqciq
120M
Debenture g 4Ms———1970
1
Range
0
Asked
A
I960
General 5s series B
67 M
69 M
or
Friday's
Bid
108M
1948 m N
Consol sinking fund 4 M8
General 4 M8 series A
78 M
67 M
58 M
A
M
2
S
108M
4s sterl stpd dollar.May 1 1948 J/N
Gen mtge 3Ma series C
1970 a O
M
Ranoe
SaU
Price
1940
Week's
Last
EXCHANGE
Consol gold 4s
N Y Chic A St Louis—
F
STOCK
Railroad & Indus. Cos. (Cont.)
Pennsylvania Pow A Lt 3 Ms.-1969 F a
4Mb debentures
1974 f a
Pennsylvania RR cons g 4s
1943 m N
High
111
Y.
Week Ended April 5
62 M
J/N
F
1
59 M
77 M
74M
51M
J
N.
Since
*111
F
BONDS
Range
Jan.
Asked
&
Low
A
April 6,
Friday
•>
Friday's
Price
Newport & C Bdge gen gu 4 Ms-194i J
N Y Cent RR 4s series A
199! F
Record-Continued-Page 5
Week's
Last
10
8M
14 M
13
New York Bond Record-Concluded—Page 6
Volume ISO
Friday
Range or
Friday's
N.
Y.
8TOCK
EXCHANGE
Sale
Week Ended April 5
Railroad & Indus. Cos.
Bid
Price
Is
Ask
A
80%
5%
{♦St Paul E Gr Trk 1st 4%S—1947
{♦St Paul & K C Sh L gu 4 %s. -1941
!§
Ho.
High
*
(Cont.)
St Paul A Duluth 1st eon g 4s.. 1968
BQ
5%
7
8
14
BONDS
Since
N.
Low
High
97'm
S A A Ar Pass 1st gu g 4a
64
—1943
San Antonio Pub Serv 4s
1963
109%
Virginian Ry 3 Ms series A
{{♦Wabash RR 1st gold 5s
{♦2d gold 5s
5H
8
109% 111)4
109 % 111
30
33
33
29
33
5
18)4
33
42%
42%
3
28)4
44
42%
46
15
29)4
46
33
21
"46"
A
—III
13%
17
5M
""*2%
1935
123%
11%
15
li
1)4
15)4
VA
15
4%
6%
4%
3%
6%
5%
*13%
2%
*2%
6X
118
5
17
3%
5%
2
4%
♦Certificates of deposit..
..1945 M S
12%
2
12%
*1%
A
♦Certificates of deposit.
{{♦Atl & Birm 1st gu 4s...—1933
{♦Seaboard All Fla 6s A ctfS—-1935
1
12%.
A
121%
121%
......
'
106
7
t
8%
6%
16%
33
4%
2%
2%
43
13)4
2%
2%
97%
389
15%
4
97)4
67
Western Maryland 1st 4s
1st A ref 5 Ms series A
29)4
14)4
33)4
15)4
West NYAPa gen gold 4s
{♦Western Pac 1st 5s ser A
23
30%
28%
102%
19
99)4 102 %
Socony-Vacuum Oil 3s debs... 1964
South A North Ala BR gu 5s. 1963
106%
105%
106%
71
104)4 106)4
107)4 109*"
103)4 105)4
107)4 108)4
109)4 111
15
82
107%
109%
105%
105%
107%
105%
3
"99%
99%
99%
56
106%
40%
106%
106%
33
1st mtge A ref 4s.—
—1905 F
Southern Colo Power 6s A——1947 J
4%s
-1946
Southern Natural Gas—
1st mtge pipe line 4 %s
1951
So Pac coll 4a (Cent Pac coll)—1949
1st 4J4s (Oregon Lines) A... 1977
Gold 4%s_
1968
Gold4%s_—
———1969
Gold 4)4s.—
1981
J
D
A
J
1946
44
53
43)4
42)4
43
47
180
42
6054
50)4
50)4
{♦Wis Cent 50-yr 1st gen 4s
v
♦Certificates of deposit.
54
J
47
71
220
51
54
119
51
58
74
74
73%
56%
78
76%
79%
-
1956 A
..1956 A
1956 A
1996 J
.1951 J
B-1964 J
1968 J
1953
1950
1951
——1959
Texas A N O con gold 5s
..1943
Texas A Pacific 1st gold 6s.—2000
Gen & ref 5s series D
65)4
89)4
291
54)4
46
75
64
78)4
64)4
83%
«•
+
21
1977
—.1979
-
17
1960 / J
♦AdJ income 5s
-Jan i960 A O
{♦Third Ave RR 1st g 5s
1937 J J
J
Tide Water Asso Oil 3%s_—.1952 J
Tokyo Elec Light Co Ltd—
1st 6s dollar series
—1953 / D
Tol A Ohio Cent ref A Imp 3%s 1960 / D
1st mtge s f 4s ser C
Tol St Louis A West 1st 4s——I960 A O
Tol W V & Ohio 4s series C—1942 M S
Toronto Ham A Buff 1st g 4s__1946 J I
Trenton G & El 1st g 5s—
1949 M 8
38
107)4
105
104)4 10654
130
99)4 113)4
10454 106
126)4 128)4
114)4 115)4
107)4 110)4
106
50
129%
115%
110%
w
6
49
22
89%
108
123
84
106%
92
92
88
103)4 108
104)4 106)4
60)4
55
25
107%
170%
19
23
71%
92
92
Tri-Cont Corp 5s conv deb A..1953 J
61.
58
23%
20
99%
106
71
107)4 110)4
07% 72)4
67)4 72
9
67
91
97)4
{{♦Union Elev Ry (Chic) 5s
1945
Union Oil of Calif 6s series A—.1942 F A
3s debentures-1959 F A
Union Pac RR 1st A Id gr 4s—1947 J
8
106%,
9
25
86
87
Vv:. 6
67
2
65%
*13%
89%
107%
m
111%
103%
1st lien A ref 4s—.....June 2008
114%
108%
1st lien & ref 5s_.—..June 2008
116%
"99% ""3
88%
107%
8%
111%
102%
114%
.....
97%
"*76%
88%
89%
2
107%
23
8%
1
12
112
512
108
103%
114%
108%
110%
116%
66)4
85)4
64)4
*105%
+
m
-
No sales.
97%
*105%
97%
37
107
65
77%
73
67%
:
*15
m
-
49%
47
47%
70
6
101%
1021»)
2
12%
12%
106%
101%
2
209
25%
278
106%
■
99%
*110%
22%
24%
101%
J
J
^
-
«,
-
102
132
10%
8
9
18
108%
109%
12
109%
*11%
110
108
108
108%
21
105%
105%
106
82
109
110M
16%
16H
6M
4
23
7%
9
13 H
103 % 100 M
97
101M
110
23
m
103
12%
9
25%
23
10%
9
7
107% 109 M
109 M 110M
9M
9%
6
-
j. - - *
....1961 M N
14
106
during current week.
1 The following is
list of the New York Stock Exchange bond Issues which have
a
been called in their entirety:
Treasury 3Ms 1940-1943, June 15 at 100
{ Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
Friday's bid and asked price.
♦
No sales transacted during current week.
Bonds selling flat,
Deferred
delivery sales transacted during the ourrent week and not Included
In the yearly range:
Dominican Rep 2d 5Ms 1940, April 2 at 77.
Transactions
the
at
New
York
Stock
Exchange,
*
Daily, Weekly and Yearly
|V
1
...
United
Mis cell.
Municipal
Bonds
For'n Bonds
State
-
Thursday
Friday
1,725,340
1,994,360
1,256,290
6,101,000
6,083,000
9,466,000
9,410,000
8,050,000
$43,754,000
Bond
Bonds
190,000
124,000
118,000
112,000
84,000
Monday.
Tuesday
Wednesday
$4,594,000
7,136,000
0,999,000
10,307,000
10,539,000
9,471,000
$699,000
$4,593,000
$4,044,000
671,880
749,630
834,930
Saturday
Sales
$71,000
$479,000
845,000
792,000
723,000
1,017,000
737,000
7,132,430
Total
States
Number of
Shares
April 5 1940
Railroad &
$49,046,000
105
1940
Exchange
11054
106 54
Stocks—No. of shares
1939
1940
1939
6,759,110
52,292,338
$699,000
4,593,000
43,764,000
$1,240,000
4,765,000
25,687,000
$10,038,000
04,310,000
370,638,000
$25,581,000
76,420,000
393,808,000
$49,046,000
$31,692,000
$444,992,000
$496,809,000
Bonds
-
Government-
25
24)4
2454
70.377,957
7,132,430
.
.
.......
State and foreign.....
^
Jan. I to April 5
Week Ended April 6
Sales at
New York Stock
89
77
23)4
^
yearly
,
Ex-Interest.
96
97)4
105)4 109
61)4 77)4
23%
*17
105% 109%
105% 106%
98
96
106
105%
*23%
*23%
1
203
-
10%
15M
62 M
41M 47
113H 115M
96 H 101M
40 %
45%
115%
99%
■j :
70
14
52
115%
Z2
66 %
....
102'32
101%
18M
67 M
67 H
130
47
18 H
16 %
115
110
Railroad and industrial
E
*17
*23%
"2354 *25"
v' ±
20
"92"
20
5
20
91%
92%
23
96
94
412
"96*"
95
111%
—————1959
Total—
20
96
10
9354
100)4 103)4
101
103%
86)4 96
160)4 113
8654 96
113
32
100
19
96
17
113
113
Stock and Bond Averages
Below
*109
—
.
Bonds
.'./V;."Stocks
.....
——
*%
109%
109%
51%
50
60
83
62%
10
X
54
1%
*71%
"02*"
daily closing averages of representative
on the New York Stock Exchange
.
Vera Crux & Pacific RR—
51%
the
compiled by Dow, Jones & Co.:
*109
—-
are
stocks and bonds listed
as
A.—1955
f 4s series B——.... 1957
*109%
..
90
97
67%
-
70%
68%
17%
49%
91
64
9
1
\,"
Total
85)4 95
106)4 109
9
8)4
111)4 11254
101)4 103)4
1
110%
65
.1958
68
62
67
86
108%
during current week, a Deferred delivery sale; only
n Odd lot sale, not included In year's range.
( Negotiability impaired by maturity,
t The price represented Is
the dollar quotation per 200-pound unit of bonds.
Aocrued Interest payable at
exchange rate of $4.8484.
x
Week Ended
"13)4 *13)4
171
89
84%
103%
—
68%
82 M
113)4 116)4
103%
1st cons 5s
17%
66%
Stocks,
106 H 109
33
102%
{♦4)48 July coupon off
...1934
5*4)48 assented————1934
VaElec&Pow 3%sser B_____ 1968
Va Iron Coal A Coke 1st g 5s... 1949
Va A Southwest 1st gu 5s
2003
16 %
>
125
66
102
s
27
110% 112
99% 101
"98 " *9954
30
102%
Cons
18%
18%
18
120
Cash sales; only'transactlon
r
transaction
60%
113
103%
Vandalia cons g 4s series
107 %
14
Cash sales transacted during the current week and not Included In the
.'-v: ■,■■■"!. : ■-:
e
89%
67
52
98
110%
m
....
90%
98
88 %
6
127M
110
;il7M
105)4 107)4
106)4 108
107%
5s....1944
{{♦Utll Pow A Light 5)4s
1947
♦5 )4s stamped.
1947
{♦Debenture 5s.i..—...... 1959
♦5s8tamped.
62)4
24%
100)4
95
125
Utah Lt A Trac 1st A ref 5s...1944
Utah Power A Light 1st
5054
1354
*14
m'+immm
12
126
108
1
.
*99%
*125%
*100%
-
34-year 3%s deb
....—.1970
35-year 3%s debenture.—..1971
United Biscuit of Am deb 58—1950
United Cigar-Whelan Ste 5s...1952
United Drug Co (Del) 5s......1953
U N J RR A Canal gen 4s
1944
U S Steel Corp 3%s debs—1948
♦Un Steel Works Corp 6%s A. 1951
♦3)4s assented A—
—1951
♦Sec s f 6)4s series C——1951
♦3)48 assented C
,.1951
♦Sink fund deb 6 )4s ser A—1947
♦3%s assented A..
.1947
United Stockyards 4Mb w w— 1951
100%
64%
J
O
24% 1100
1
67
UJigawa Elec Power s f 7s.——1945 M S
Union Electric (Mo) 3)48.—-1962 J
A
279
62%
.
65
♦Tyrol Hydro-EIec Pow 7%s_. 1955 M N
♦Guar sec s f 7.
1952 F A
31
J
5
range:
72
,V;: 2
87
■T;" m,0m"
86
90%
108%
109 M 109 M
-
72
10454 106)4
69%
106
84%
89%
108%
V#-;
108)4
17)4 23)4
21
71%
Third Ave Ry 1st ref 4s.
107M 109M
6
107
86
70%
S
mm
4
-
-
67
Wisconsin Public Service 4s.... 1901 J D
{♦Wor & Conn East 1st 4 Ms.—1943 J
J
Youngstown Sheet & Tube—
Conv deb 4s..'
...1948 M S
z
Tex Pac Mo Pac Ter 5)48
70
~
112
106%
110%
107%
70%
70
m
mmmm
78
110
106%
71
1980
A..-1964 M
1
107
*60
m m
78
69%
111%
108%
22%
105%
100%
105%
110
108%
106
105%
*128%
115%
109
110%
89%
103% 103%
106%
105%
35
32%
84)4
"*26
31%
101
-
18%
18%
{♦Sup A Dul div A term 1st 4s *36 M N
♦Certificates of deposit.
Wisconsin Elec'Power 3 Ms—1968 A 0
SB
en
ou
*105 r
Gen refund s f g 4s
Gen & ref 5s series C
57%
86)4
78%
107%
21%
Texas Corp deb 3)4s
3s debentures
8054
60%
106%
Texarkana A Ft 8 gu 5J4s A...
7354
81
61%
64%
111%
108
Term Assn of St L 1st cons 5s.. 1944
6
.
*89% *118
58%
*77
1 4
J
'•/»
11
90M
36 H
35M
100%
.
J
1949 J
•»
77
84 M
127%
109%
117%
111%
90%
I960 J
.
70
74
127%
109%
117%
111%
,
.
64
7
101
-
—1947 A O
*
«
82%
Swift & Co 1st M 3%s_—1950 JfN
Tenn Coal Iron A RR gen 5s...1951 J
Gen & ref 5s series B...
M
"69%
♦{Spokane Internat 1st g 5s—1956 J
Staley (A E) Mfg 1st M 4s..„1946 F
Standard Oil N J deb 3s—
1961 J
2%s debenture
—
1953 J
Studcbaker Corp conv deb 6s_. 1945 J
*»
100
49%
18
mmJ'rn
34
.
46%
59%
1st & ref 3s series C.
48)4
32%
{ {♦ Wllkes-Barre A East gu 5a.. 1942 J D
Wilson A Co 1st M 4s series A .1955 J
J
48%
;
*87%
So'western Bell Tel 3J48 ser
43%
89%
1940 M N
-
7
8
106
69%
79%
89%
_
White Sew Mach deb 6s
48
61%
St Louis Div 1st g 4s
105M 107 %
131
7
109%
109%
—. .—.
43%
89%
Mem Div 1st g 5s.
100)4
8%
7%
105%
9«
9M
9M
7
9M
105% 106 M
46
-
70
Registered
.2361 J J
Wheeling&LERR 4s —1949 M S
Wheeling Steel 4 Ms series A—.1966 F A
44
Southern Ry 1st cons g 5s.—.1994 J
Devel A gen 6)48
97 %
49
*20
.1977 J
....2361 J
Conv deb 3%s.
Winston-Salem 8 B 1st 4s.
So Pac RR 1st ref guar 4s..—.1955 J
1st 4s stamped
1955 J
Devel & gen 6s——
44
47
106'
105
152
8%
8%
8%
13M
13
40
39%
7H
109%
*108%
„..
49%
San Fran Term 1st 4s..—..1950 A
Devel & gen 4s series A
12
109%
4
8
8
28
12%
10%
■+
40
33
1943 A O
1946 M S
47%
46%
46%
-
lQ-year secured 3%s
10
mm
1
89%
—1952 A
West Shore 1st 4s guar
49
Mi
11%
*76
30-year 5s.
—I960 M S
♦Westphalia Un El Power 6s
1953 J
J
.
109
104%
107%
109%
1979
—1961
Southern Kraft Corp
119
108%
*105%
1962
Southern Calif Gas 4%s
*117
«•**»
_
3%§
41
16
68
♦5s assented.
1946 MS
Western Union Teleg g 4Ms—.1950 M N
25-year gold 5s
—.1951 J D
*24
102
14
49
86
95
57
1
.
20
8%
Gen mtge 3 Ms
.1967 J D
West Penn Power 1st 5s ser E—1963 M S
1st mtge 3 Ms series I.
.1966 / J
West Va Pulp A Paper 3s
1954 J D
.
16 %
26%
8
106
{♦Warren Bros Co deb 6s..^...l941 M S
Warren RR 1st ref gu g 3 %s_..2000 F A
Washington Cent 1st gold 4s—1948 QM
Wash Term 1st gu 3%s__
.1945 F A
1st 40-year guar 4s.........1945 F A
Westchester Ltg 5s stpd gtd... 1950 J D
....
54
28
m
8%
-
..
4
_____
48
19%
8%
67
*15
mm
37 H
39%
FA
33%
96%
102 %
3sdebentures
MS
♦Ref A gen 6s series D.
.1980
Walker (Hiram) G&W deb 4)4s 1945
Walworth Co 1st M 4s
—.1955
6s debentures
..—.—1955
Warner Bros Plct 6s debs
1948 MS
.
119
18
A
M S
High
106 H 109
23
48
*26%
47%
*12%.
11%
L
«
....
Low
109
44%
/
66
97%
»
No.
High
108
19%
«
.
4)4
...1952
South Bell Tel A Tel
-
48—1939
♦Omaha Div 1st g 3Ms.....1941
♦Toledo & Chic Div g 4s——1941
{♦Wabash Ry ref A gen 6)4s A.1975
tRef A gen 5sseries B—...... 1976
♦Ref A gen 4 Ms series C.
1978
A
33%
1954
Shlnyetsu El Pour 1st 6 %s
1952
♦Siemens A Halske deb 6 %s
1951
♦Silesia Elec Corp 6%s
—.1946
Slleslan-Am Corp coll tr 7s
1941
Simmons Co deb 4s—.
47
g
.
F
Shell Union Oil 2%s debs.
34
no
""33"
A
1959
♦6s Series B certificates
109%
J
1950
♦1st cons 6s series A
107 % 108 %
J
—Oct 1949
{♦Refunding 4s....
{♦Dec Moines Div 1st
68 %
54
3
109
1939 ATN
?s
Bid
Low
1966 M S
..1939 F
♦1st Hen g term 4s.... .*...1954 /
♦Det A Chic Ext 1st 58—1941 J
98)4
116)4
108%
109%
*109%
| J ♦Seaboard Air Line 1st g 4s.. 1950 A
{♦Gold 4a stamped..
27
65
97i«
114
4
Scioto V & N E 1st gu 4a.—.1989 M
♦Adjustment 58
7
62%
Santa Fe Pres & Phen 1st 5s... 1942
{♦Schulco Co guar 6 %s
..1946
♦Stamped
♦Guar b f 6 %s series B.
1946
♦Stamped
.———
36
116%
108
-
San Diego Consol G & E 4s....1965
97%
115%
"116M
Range or
Friday's
A
Ask
Sale
Price
Railroad & Indus. Cos. (Concl.)
82
4)4
5%
Last
STOCK EXCHANGE
Week Ended April 5
St Paul Minn & Man—
tPaclflcextgu 4s (large)—.1940
-1972
Y.
Jan. 1
82
3
5%
Week's
Friday
Range
•w
Low
St Paul Un Dep 6s guar
2227
Week's
Last
BONDS
40
51)4
75
75
59
62
....
10
110
10
20
16
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
109
30
Indus¬
Date
12
11
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
%
Total
April
5.
150.36
31.82
25.68
50.64
107.16
93.31
49.59
109.22
89.82
April
4.
150.41
31.80
25.78
50,09
107.24
93.08
49.50
109.24
89.77
3.
April 2.
April 1.
149.65
31.32
25.68
50.33
107.46
48.78
109.16
89.57
147.92
30.59
25.17
49.58
107.40
92.86
92.34
47.84
109.04
89.16
147.72
30.73
25.10
49.36
107.36
92.31
47.66
109.04
89.07
Mar.30.
147.95
30.86
25.22
49.68
107.35
92.18
47.20
109.10
88.97
April
New York Curb
2228
NOTICE—-Cash and deferred delivery ealea
of the
are
Exchange—Weekly and Yearly Record
April 6,
disregarded In the week's range unless they are the only transactions of the week
regular weekly range are shown In a footnote In the week In which they occur.
1940
and when selling outside
No account is taken of such sales in computing the range for the year.
extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
Saturday last (Mar. 30, 1940) and ending the present Friday (April 5, 1940).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
In the following
the week beginning on
Week
Last
STOCKS
Price
r
Low
STOCKS
Range Since
for
s Rangtt
of Prices
Sale
High
Low
Shares
Par
20%
Feb
22 %
Jan
Mar
22 %
Mar
1,30 (]
4%
Jan
5%
Feb
60C
5%
Jan
0 %
Mar
10
Jan
12 %
Apr
Jan
3%
Apr
40(J
1%
17%
Jan
30%
Apr
5,000
75
lht
Apr
Jan
$2.50 preferred
.*
Birdsboro Steel Foundry
19
1
5
5%
30
6%
12%
3%
12%
2%
*
*
~%
-
-
*
Mar
00
90
1%
......
—
101
Jan
108
Feb
93
Jan
98
Mar
Feb
2%
1
Jan
Jan
1%
11%
20
Feb
100
1%
-
"20% "2l""
5
173%
—1(
163
118
Aluminum Co common...
—
.
175
7,800
1,950
118%
17%
17%
9% 10
104
106%
—
21
Jan
its
Jan
138%
114%
118 K
Jan
Feb
Jan
17%
Feb
Feb
Feb
11K
110%
Mar
103%
%
Jan
107K
Mar
IK
49K
150
1,000
80
■
41
Jan
Mar
Feb
Apr
Apr
Apr
......
-
...»—
700
-
*'♦
•
.
.
-
17%
preferred
-
'w'ii
m+'
5%
7
Jan
1%
2H
%
100
"""% """"%
»
Jan
*u
Mar
20%
72
Feb
80
Mar
2,800
35
—
m
""1%
35
'm
«
-
-
17 K
13%
13%
35%
%
Amer Foreign Pow warr...
37%
4
0.
1,100
%
ht
13 K
38
5%
100
5K
15 K
17 K
IK
45
9,900
2,700
1,100
12%
1H
44
7K
400
IK
43 K
7
Bohack (H
C) Co com..
7% 1st preferred
100
Borne Scrymser Co
25
Bourjois Inc
Bowman-Blltmore com
*
7% 1st preferred
48
27K
44K
OK
OK
1
1
2d preferred...
Jan
Brewster Aeronautical... 1
16 %
10 K
Jan
Bridgeport Gas Light Co.*
Bridgeport Machine
*
~2 K
35
Apr
Jan
33
Mar
31
K
IK
Apr
40 K
IK
2%
400
*
K
K
300
A
100
Jan
34
Jan
39 K
Mar
14%
Mar
18%
Feb
%
11%
Mar
•u
Jan
Feb
l^ii
38%
11,600
32%
3%
Mar
39 %
Apr
Jan
M
MM
M
-
600
50
4
1,000
Jan
Jan
30%
100
4
25
Jan
31%
Feb
British Amer Oil coupon..*
Registered
Am
Preferred
*
*
Republics
10
Amer Seal-Kap common.. 2
Am Superpower Corp com *
1st $6 preferred.—.—.*
*
*
m
*
~
.
J,
Angostura-Wupperm&n
.
Appalachian Elec Power—
$7 preferred..
—.*
{Arcturus Radio Tube
1
08
Feb
Bruce (E L) Co common.. 5
10%
10K
Jan
Buckeye Pipe Line
38%
37K
Jan
2K
2K
Arkansas Nat Gas com...*
Common cl A non-vot..*
'*ii
Jan
30
Jan
44
Jan
Jan
109 K
Apr
200
4%
Jan
8% Mar
OK Mar,
•ti
Jan
%
64%
8,200
6i«
Mar
300
75
3,700
61%
11%
Mar
15
Mar
17
3%
1%
Jan
Feb
1%
11%
Mar
400
200
100
—
2%
2%
7%
;
8
preferred........ 10
Arkansas P & L $7 pref—.*
Art Metal Works com....5
Ashland Oil & Ret Co
Jan
Feb
ht
98
2%
2%
8%
Jan
Jan
3%
IH
2
Jan
Feb
Mar
12 %
Burma Corp Am dep rets..
IK
Cable Elec Prod com...50c
IK
Am dep
1
$5
„
....*
»
Apr
Jan
K
Jan
2
Feb
2
Feb
2%
2%
Apr
Apr
Can Colonial Airways
1
Canadian Indus Alcohol—
7,200
7
Feb
8K
99
Apr
94%
Jan
5%
Apr
6K
Mar
5%
1,200
5%
Feb
6K
Jan
......
Jan
Class A voting
9K
8K
IK
*n
Jan
Carnegie Metals
%
5%
Jan
100
%
Jan
%
8,100
%
Feb
3%
800
%
2
Class B
Mar
M
H
MM
M
-----
""20%
%
Apr
Feb
ht
Feb
Casco Products...
*
M
M
M
-
•
Castle (A
M
""2% "2% """200 ""2%" "Feb "
19%
5
20%
5
*
M) common.. 10
20
1%
K
2%
13%
Feb
2%
Feb
4
Jan
18
300
hi
Jan
4
17
18
ht
5
1
Automatic Voting Mach..*
6
600
*x«
1
1
200
■
.,.7
1
Apr
Mar
$7 div. preferred
1st partlc pref
Cent Hud G A E com
7K
10
4%
%
Apr
Feb
11%
Jan
43
Feb
22%
Jan
108
Jan
14%
2%
Jan
Jan
1%
Jan
700
»n
Jan
1%
Apr
'hi
Jan
1
Mar
"ioo
/15%
Mar
18%
Mar
100
5%
Apr
5%
Apr
Feb
22
Jan
9%
2%
200
2%
Apr
2%
Jan
'"»16 "ik
4^700
%
Jan
1%
9%
Feb
1
8K
100
IK
8K
1,800
1
Jan
100
25
Feb
25
OK
100
39K
K
500
80
8
ht
7%
98%
14%
7%
10
12
100
-■
50
8,900
300
300
5%
38
3%
"moo
Jan
Jan
1%
25
Mar
40%
Feb
2%
%
106%
Mar
Feb
Jan
6%
Jan
Jan
Jan
Feb
Jan
100%
82%
11%
7%
9%
18
3
Jan
Mar
99
Jan
Apr
Feb
15%
7%
Jan
Feb
Mar
12
Feb
Jan
20
Jan
JaD
3%
M
M
M
Cent Pow A Lt 7% pfd 100
Cent A South West Util 50c
1%
Jan
Jan
6%
Feb
Feb
7K Mar
rn
3%
"4%
22,600
121
4
825
4
118
82%
15
15
Cent Ohio Steel Prod—1
5%
M.
*
Jan
5%
M
120%
200
16
Jan
20
Jan
Jan
15K
IK
3%
Jan
4%
Jan
Cent States Elec com
105%
9%
114
114
0%
Jan
7%
Feb
250
1,200
105%
""620
10%
700
50
114
14
100%
97%
7%
10.)
121
Jan
Apr
Jan
5%
34%
Jan
86
Jan
17%
Feb
Jan
Jan
109
Jan
Jan
Feb
105%
10%
Apr
Feb
115
Mar
%
%
2%
5%
Mar
8
1%
Mar
1
OK
Mar
Feb
Jan
Apr
Jan
%
%
1%
2,300
2,600
Feb
Feb
Jan
150
%
%
1%
6%
Conv preferred
100
Conv pref opt ser '29.100
preferred..—...100
preferred
100
3%
20%
69%
Jan
300
%
1
Mar
103"
82%
15%
105
H
2%
2%
Jan
Jan
Jan
Jan
Jan
Jan
Chamberlin Metal Weather
-
-
25%
45%
3%
23%
46
240
3%
26%
100
4,200
42
Feb
53
3
Jan
3%
26%
19%
Jan
Jan
Strip
Co.
6%
7
6%
3,700
22%
23%
200
7%
7%
7%
%
1,000
1
ht
%
%
Barlow & Seelig Mfg—
$1.20 conv A com—.5
10%
10%
300
5%
22%
6%
%
Mar
8
11%.
5%
4%
Mar
13
Jan
112% 117
500
110
Jan
117
800
68
Jan
83
Apr
Apr
Jan
20 %
Jan
Jan
7%
Apr
Mar
%
Apr
Cities Service common.. 10
K
Jan
10%
Apr
6%
200
6
12%
11,100
Beech Aircraft Corp—1
7%
6%
-
200
200
-
W
7%
M
M
M
M
~
~
6,000
79%
preferred
5%
4%
Jan
Jan
5
Apr
*
_*
$0 preferred BB
*
Cities Serv P A L $7 pref.*
$0 preferred.....
*
City Auto Stamping.....*
City A Suburban Homes 10
12%
5%
Feb
15
Mar
Clark Controller Co
Claude Neon Lights Inc
BK
02 K
7i«
*"900
28%
5%
63
175
4%
60%
5,900
1
Feb
7%
Jan
Mar
13 H
Jan
Mar
0
8H
Jan
Cleveland Tractor com...*
Cllnchfleld Coal Corp.. 100
Feb
21*
Jan
7lg
Jan
29%
4
Jan
56
56
103% 105
98
98%
6%
7%
6%
6%
64%
Feb
4%
2,700
Jan
44
K
OK
"II"
'Ilk
10
5%
63
5%
Apr
Mar
Apr
Mar
Mar
10
50
Feb
70
89
Jan
115%
Mar
50
82
Jan
110
Mar
1,000
300
5%
«%
16
""k ""ht
Mar
Mar
8%
7i«
27%
1
Feb
83
00c preferred B
Clayton A Lambert Mfg..*
Cleveland Elec Blum
*
2233
83
Childs Co preferred....100
Jan
5
.25
Mar
Mar
5%
Mfg
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach—.4
Chief Consol Mining
1
H
»
Mar
Jan
11%
9%
4%
4%
7%
OH
25
700
■
Feb
50
12
260
9%
3%
7
12
%
5%
Beaunit Mills Ino com..10
$1.50 conv pref
20
100
7
Cherry-Burrell common..5
$6
12%
4%
Char Is Corp common...10
Apr
10%
6
4%
———5
Mar
Chesebrough
30
1%
......
*
Apr
K
14%
...
Purch warrants for com
page
Mar
.*
7% pf 100
Cent N Y Pow 5% pref.100
1%
Baumann—See "Ludwlg"
Beau Brummell Ties Ino_.l
Mar
Mar
12%
Cent Maine Pow
100
7
Warrants
Basic Dolomite Ino com.. 1
Bath Iron Works Corp...1
Janj
100
BK
9%
"ilk
Celluloid Corp common. 15
Jan
Feb
6
400
0
Avery (B F) & Sons com.5
0% preferred w w
25
0% preferred x-w
25
Jan
Mar
3K
23 K
Mar
7,600
1%
3%
17%
Mar
4%
2,300
1%
4.
{Austin Sliver MHu«— .1
18
7% 1st partlc pref... 100
100
5
Atlas Corp warrants
Barium Stainless Steel
Mar
Jan
98%
$6
Apr
MMMM«
Atlas Drop Forge com...5
Atlas Plywood Corp.——*
Baldwin Rubber Co com.l
Bardstown Distill Ino
1
9%
28
Celanese Corp of America
Atlantic Coast Fisheries..*
Ayrshire Patoka Collieries 1
Babcook & Wilcox Co.,..*
Baldwin Locomotive—
4%""jan
98
39K
Catalln Corp of Amer..1
Aviation A Trans Corp...1
Axton-Fisher Tobacco—
Class A common.
.10
1%
Jan
0%
K
1
com
%
MMMMM
100
100
Atlanta Gas Lt 0% pref 100
Automatic Products
Feb
20%
10 BK 100%
*
common
preferred..
*
Carrier Corp common
1
Carter (J W) Co common. 1
Jan
Atlanta Birmingham &
Coast RR Co pref
Atlantic Coast Line Co..50
Atlantic Rayon Corp....1
1%
800
OK
*
316
M
*
Assoc Tel & Tel class A.—*
Jan
i2~666
25
Carolina P A L $7 pref.—*
5i«
——
Mar
2,500
8K
2K
IK
Products...*
Capital City
Feb
%
3
1%
2
19
....*
*
Marconi....—1
8%
5i«
warrants
Assoc Laundries of Amer *
BK
Class B non-voting
Canadian
Mar
7%
ht
-
Jan
500
IK
1
7% partlc preferred—.25
115
80
%
Feb
Canadian Car A Fdy Ltd—
Feb
2%
-
Feb
20
400
"i8K "ilk
Carib Syndicate
25c
Carman A Co class A——*
....1
1,800
IK
5%% pref shs £1
ht
300
...
250
1
16ie
50c
112%
6%
—
20%
Mar
Cables A Wireless Ltd—
10
99
...—
IK
1
Vor trust ctfs..
100
10K
38K
20K 21K
101K 101K
12K
12K
Burry Biscuit Corp.. 12%c
Carnation Co
Common
Class A.......
preferred..
101%
1,000
3,600
18,000
|Associated Gas & Eleo—
V t o common
21K
*
$1.00 preferred.—
$5 1st preferred
Calamba Sugar Estate..20
5%
1
1%
Mar
Camden Fire Insur Assn..5
Associated Elec Industries
XI
25
Bunker Hill A Sullivan 2.50
Jan
Assoc Breweries of Can...*
Amer deposit rets
50
Feb
12%
5%
OK
Jan
Buff Niagara A East Pow
112% 112%
«*.
3",800
Feb
%
32
3
Canada Cement Co Ltd..*
J
Tooo
Brown Rubber Co com—.1
85%
6%
1%
1%
19%
Feb
Feb
"ik "Ik
"~2K "3k
Brown Forman Distillery. 1
$6 preferred
.*
150
1%
«*■»
200
""350
IK
Jan
100
-----
'pr'>
IK
"24 K "~20"
25
Jan
7,800
1%
*
Mar
Mar
Feb
100
22
Jan
8%
l
.
Apex Elec Mfg Co com
14
34
Jan
Jan
{Brown Co 0% pref
16%
2<>%
2,300
3%
38
Feb
Mar
18%
18%
Mar
109%
3%
1%
Jan
Feb
3%
18
Jan
3%
Feb
16%
Mar
14
14%
1%
100
18
5%
%
62%
«.
$0 series preferred.....*
American Thread 5% pf—5
Anchor Post Fence...—.*
Apr
17
14%
28%
8
'is
Feb
30%
300
0
Jan
3
10
400
107
—
8%
5%
49
Apr
Apr
Feb
1,600
%
.
American
Apr
Feb
15%
28%
Amer Pneumatic Service.*
Amer Potash & Chemical.*
2%
40%
1%
Mar
Feb
Mar
Mar
22
%
17%
100
Class A preferred......*
34
8%
0%
Jan
4
Apr
ll16
Jan
10
Brown Fence A Wire com.l
17%
34
Mar
Mar
27%
6%
18%
Jan
K
Jan
22
16
68
>
1
Amer Meter Co
Jan
Jan
900
100
Amer Maracalbo Co
Jan
Apr
8%
Jan
2% Mar
31% Mar
48%
Apr
0%
Apr
%
Feb
8% Feb
1%
Feb
Feb
Jan
15%
45
Jan
Mar
22
20
J ml
Jan
Jan
22
28%
15%
Jan
Jan
Apr
5
17
17
6
17%
1%
7
13K
dep rets ord bearer £1
11%
17
IK
26%
28%
34
50
6%
Jan
Jan
*
200
17%
6
13 K
32
Mar
British Amer Tobacco—
16%
17%
16
40%
%
29%
12%
32
Am dep rets ord reg._10s
British Col Power cl A___*
Mar
10
Am dep rets ord reg._.£l
British Celanese Ltd—
Apr
Mar
Mar
-
Feb
Mar
Feb
34
32
..._*
34 K
10 K
16%
preferred.
"V.OOO
2%
40 K
31%
«.
^
31
Amer Mfg Co common. 100
17%
5,000
2,100
26,800
hi
14%
40
Mar
Jan
~~2K
7% preferred..
Class
Feb
Jan
*
Brlllo Mfg Co common...*
Mar
%
7%
%
—.100
Preferred
Jan
5
—_*
Brill Corp class A
Apr
%
500
0
Jan
050
Jan
46%
Mar
Mar
400
1
8K
Mar
130
28K
48K
OK
100
5,500
4
30%
.....
For footnote
800
K
43%
Jan
45
250
BK
1
31%
25
250
7K
Jan
Mar
14K
5K
Jan
125
39K
8%
Mar
Jan
Apr
Mar
4
1
*
Feb
122
common
17
Apr
8%
Jan
136
BH
& Machine Co com
Bliss (E W) common..—.1
12,600
«.
$2.50 conv preferred.
I
14K
39K
32
Apr
300
K
>32
39%
18%
%
13%
-
"11"
17%
7%
K
High
Jan
100
"46 % ~40K
1
31
150
-
i%
1%
39%
Class B n-v.
Option
46%
Purchase warrants.—
Blauner's
0Yt
39
Berkey A Gay Furniture.
Class B
Class B.
preferred
122
*
Am Cities Power & Lt—
0%
122
Low
17%
120
Benson & Hedges com.—*
Conv preferred
Range Since Jan. 1, 1940
390
123K
123 K
Brazilian Tr Lt A Pow
Jan
17%
-
17%
M
6%
%% pf-100
25.600
3,900
32
7
Breeze Corp common
BK
American Capltal-
$3
29%
OK
120
$3 opt conv pref..
Blumenthal (S) A Co...
17
for
Week
High Shares
Low
123
AimApr
Apr
7%
93%
OK
Week's Range
of Prices
.100
Blue Ridge Corp com
500
2,350
1
com
Bell Tel of Canada
Bell Tel of Pa 0
30 K
com.
Mar
200
108
107% 107%
1%
1%
48% 49%
5%
5%
-_1(
American Beverage com..
200
118
.
preferred
%
10
95
*
6%
77
50
105% 106%
.
-
*
preferred-
Mar
2
106%
»
preferred——
l,20fl
4.00C
"a
3
Alabama Power Co $7 pf.
75
—
1
Conv preferred..
BK
OK
12%
3%
30%
74%
5
6%
Corp
Bellanca Aircraft
1
$6
Bell Aircraft
Price
Blckfords Inc common.—*
72%
35C
22
20%
Aero Supply Mfg—
Warrants-.
Sals
22%
0
Class B
Last
(Continued)
Week
Higl
Sales
Friday
Sates
Fridai
i",000
"560
OK
7
3,700
2
2
100
H
3%
42
56
Mar
7%
Feb
Jan
6%
Mar
Mar
16%
%
Mar
Jan
Jan
Mar
Mar
5
Jan
Jan
Jan
48%
7%
Feb
5%
2
Jan
2%
Mar
Feb
Volume
New York Curb Exchange—Continued—Page 2
ISO
Friday
STOCKS
i
Week's Range
Last
(Continued)
Sale
Par
Club Alum Utensil Co
|
of Prices
3%
3N
*
High
Low
Price
Sale
Friday
Salts
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Wee
Range Since Jan. 1,1940
for
| Week
Low
Shares
Par
High
3
100
3N
2229
Jan
3%
Mar
Price
Low
High
Range Since Jan. 1, 1940
Shares
Cockshutt Plow Co com—*
6
Feb
6
Feb
Fiat Amer dep rets
Cohn <fe Rosenberger Inc.*
7%
Feb
8N
Jan
Fidello Brewery
IN
Feb
2N
Jan
Fire Association (Phlla) 100
70
4%
Jan
4N
Jan
Flsk Rubber Corp
15N
Colon Development ord
1
1N
N
IN
1,300
£1
6% conV preferred
6N
6
Colorado Fuel & Iron warr.
Colt's Patent Fire Arms.25
77%
80
4%
71)4
1,300
80)4
900
Mar
Mar
100
68)4
69)4
1
Columbia Pictures Corp..*
2%
5% preferred
Florida P & L $7 pref
Jan
Ford
2
70
2N
Jan
70 %
Feb
IN
300
Feb
2N
Jan
6N
Jan
64
5,600
-
-8
hi
Jan
*18
®32
7,400
IN
Distribution. .1
1)4
44)6
35%
%
200
IN
Jan
N
IN
Jan
Mar
600
40%
Feb
46 %
Feb
700
34
Jan
37 N
N
Community Pub Service 25
35 N
35)6
Community Water 8erv._l
N
ht
*i»
800
17)6
17N
300
17%
17 N
Jan
N% series B Dref—100
Consol Gas Utilities
1
"ln
83 n
2,900
20
118
118
_
Consol Min & Smelt Ltd._5
18
Conv
100
10
"l'n
;
pf 100
Continental Oil of Mex_..1
Cont Roil & Steel Fdy_—*
Cook Paint <Sp Varnish.,..*
Cooper-Bessemer com...*
S3 prior preference..—*
Copper Range Co
—*
Cornucopia Gold Mines 5c
Corroon & Reynolds
1
i*r
5n
Jan
IN
Jan
IN
conv
30N
Apr
39 N
Jan
3
Jan
3N
Jan
95
Mar
97 N
5%
Mar
100
200
preferred
General Alloys Co
*
5n
4,600
Til
93 n
40
Jan
90
98
Jm
$6
%
Jan
preferred
5N
Mar
7N
Apr
Gen Outdoor Adv
?8
Jan
ION
Jan
Gen Pub Serv §6 pref
""s'oo
Mar
ION
Jan
Gen Rayon Co A stock
Jan
25N
Jan
Feb
5N
Feb
Feb
25
200
4N
Jan
N
IN
77 N
"ii'ooo
800
un
10n
un
20%
21
*2~406
5%
1,800
•t*
H
1%
2%
8%
1%
1N
Apr
Feb
7%
Jan
19 H
Feb
22%
Jan
4%
Mar
ON
Jan
*
*
6% preferred A
Gen Water G & E com
.
$3
preferred
Georgia Power $6 pref
$5
preferred......
*
*
*
N
Jan
N
Apr
100
IN
Apr
IN
IN
Jan
3N
Apr
Mar
400
7%
Jan
8N
Feb
Gladding McBean & Co„*
Glen Alden Coal
*
1
Feb
IN
Feb
Jan
,,22%
Apr
Jan
8N
Feb
100
2N
Jan
Jan
Feb
Goodman Mfg Co..
Feb
Gorham
4N
19
Jan
Feb
Grand Rapids Varnish
19 N
100
4%
18N
500
31N
20
7
6N
7%
4,400
1
4%
4%
4%
500
Class B
„
Jan
2%
112
Jan
7
4
Feb
111
Jan
16 %
Mar
preferred
Gorham Inc class A
preferred
Jan
Apr
88
40
41
75
-
1
Mar
-Feb
78
140
72H
104 N 104 N
10
103 N
"*38N "38%
25
38 r-'
Mar
99%
175
98 N
Mar
87 N
5N
Jan
Jan
91
~"~7N "_7N
"""loo
^40N
Jan
45
4%
Jan
4N
Feb
8
78
Jan
105 H
Feb
10N
Mar
41
Jan
Mar
9N;; Jan
"99 %
99 N
"Tn
x7 N
7N
26
5,700
""ON"
250
23 N
8N
Apr
1"1N
Feb
Mar
7%
Jan!
200
Apr
Jan
Jan
J an
26
Apr
Jan
Feb
IN
2N
Mar
300
IN
Feb
Haloid Co..
200
18 %
Mar
Feb
22
Jan
Hammermill
26 %
Jan
26 N
Jan
Hartford Elec Light
"ioo
IN
1
20N
.10
*
106 N
25
25N
9H
25
Jan
Gulf States Utll $5 50 pf.*
preferred..
Gypsum Lime & Alabast.*
Lamp Co
5
"25N"
Apr
Jan
28
20 N
500
700
%
Mar
6N
8N
Mar
Jan
Hi
25
Jan
Feb
Feb
2:%
7
725
98
Mar
114
132
100
130
Jan
135
350
40
Jan
46
2N
18
42 N
9N
2%
21N
Feb
Mar
11%
107
Jan
Jan
Jan
Jan
Mar
900
7N
Jan
9N
500
2N
Jan
2%
Jan
45,600
14 N
Jan
Mar
21N
Apr
N
Jan
7,300
34
Mar
39 H
110
110
20
1C9
Mar
11 IN
Jan
112
37%
110
112
40
112
Jan
U4N
Mar
35 N
37 N
Jan
12N
18
5,400
700
12 N
Apr
Jan
18
Feb
27
10N
17
12 N
10
Mar
30
Jan
69
Jan
70N
Apr
IN
Jan
5%
14%
Feb
IN
1
IN
"70 N
'"""50
IN
1,000
in
Mar
%
~70~
Jan
E300
in
Jan
*
Brewing Co
f; Jan
102
>
104
hi
25
Hartman Tobacco Co
Harvard
.5
2 %
5
1
-
132
*
Hall
Paper
6N
9N
1
Hartford Rayon v t c
10
2
9N
8N
Gulf Oil Corp
'ii. Jan
Feb
9
-
"u %' Mar ~"l5N"jan
6N
*
*
Guardian Investors
■iV
25
*
Grocery Sts Prod corn..25c
Grumman Aircraft Engr__ 1
Feb
100
'2/266
Greenfield Tap & Die
86
SN
50
Feb
Feb
Jan
300
11)4
8N
41 N
N
200
25
25
Apr
x2
x2
N
2
Feb
Mar
Hat Corp of America—
Mar
Jan
B non-vot common
1
Dlvco-Twln Truck com__l
8N
8%
700
13 N
9N
Mar
4%
1,200
Mar
7N
Apr
Haverty Furniture conv pf*
Hazeltlne Corp
*
Dominion Steel & Coal B 25
10N
7N
11
7N
4N
Jan
Dobeckmun Co common. I
300
10N
Mar
12 N
Jan
Hearn Dept Stores com..5
13
reg—-£1
5N
Dominion Tar & Chemical*
*
N
"~1~N
100
Jan
Mar
Class
10
107 N
Mar
110
Apr
Heller Co
1
100
IN
71 %
Mar
75N
125
Jan
Preferred
Preferred
N
IN
Jan
IN
Mar
7%
300
6N
Jan
2N
7N
Mar
11%
2,800
Feb
12N
Jan
7%
6%
Eagle Picher Lead
10
East Gas & Fuel Assoc—
11N
11%
3%
3%
3N
54
52
10
Jan
2N
Feb
42 N
Jan
55 N
17 N
Feb
24 N
10
4
9%
225
8N
Apr
200
N
Mar
25
15
Mar
19 N
Jan
150
15
Mar
19 N
%
$7 preferred series A...*
16
16
$6 preferred series B—.*
15N
16N
Eastern States Corp.....*
16
4
600
16
3N
*
Economy Grocery Stores.*
100
Mar
Participating class A
Heyden Chemical
Hires (Chas E) Co
Holophane Co common..*
Jan
Feb
Horder's, Inc
*
Hormel (Geo A) & Co com*
Horn (A C) Co common..1
Feb
4N
Jan
17N
Jan
Horn
Feb
2N
taar
&
Hardart
Jan
Apr
Humble Oil & Ref
8.000
Mar
Apr
Hummel-Ross Fibre Corp 5
600
12%
Mar
20
Jan
Hussmann-Ligonler Co
Jan
100
12N
N
29 N
29N
425
1
15
2
Mar
Mar
Jan
Mar
3N
14
Jan
IN
29 N
Jan
Apr
100
100
23
Jan
Mar
79
Feb
60 N
Jan
70
Mar
Jan
70
Mar
Illinois Iowa Power Co...*
50
63%
Jan
71N Mar
100
65 N
Jan
72
Jan
26
Illinois Zinc Co
8N
Mar
11
Jan
Illuminating Shares A
2,200
Feb
hi
Feb
600
23 N
Jan
Jan
Jan
Mar
Mar
25N
Mar
2,600
4N
Feb
10
N
N
1
25
24 N
25N
1
5
4N
5N
Fanny Farmer Candy
1
Fansteel Metallurgical...*
27 N
14N
6N
5
2233
50
25
5N
6
15,800
4N
23 N
9N
4N
9N
26 N
14N
6N
10
600
7N
29N
•ION
5
31
UN
200
3,100
27N
15N
650
23 N
3,500
10N
6N
500
6
Jan
31
Apr
conv
preferred
50
Div arrear ctfs
Jan
Jan
Apr
Feb
Jan
8N
12
Jan
Mar
12 N
Mar
14
Jan
Feb
Feb
29%
3
Jan
Apr
14 N
35
120
35 N
Jan
120
Jan
Jan
35N
1UN
Apr
Mar
18 N
Apr
67
100
20%
7N
10N
200
7
300
9N
12N
13
1,000
3
35
3N
50
600
300
Jan
33 N
35 74
111)4 111 N
18N
18N
60%
63
150
14
Jan
1,600
58
Mar
4N
300
35 N
20
110
Feb
4N
4%
100
2N
45
3N
27N
5N
2N
45
3N
25N
Imperial Tobacco of Can.5
5N
6N
Jan
27N
Jan
15N
Mar
7
Jan
Ireland
Indiana Pipe Line
Indiana Service
7%
preferred
68
Feb
Apr
Jan
5N
Jan
N
7N
Jan
Jan
N
10N
Feb
Jan
Feb
ION
2N
Jan
3
Jan
47
Mar
Mar
4
9,400
2N
22 N
5,400
4N
Mar
6N
2N
1,050
29
4
2,800
29N
6N
6N
400
N
10N
10%
11%
11%
2,100
Apr
Apr
7N
Jan
63 N
Mar
Mar
Jan
10N
10 N
Mar
Apr
10
6
12 N
12 N
Apr
Jan
Jan
Jan
11
700
12%
900
11%
Apr
13 N
Jan
21N
5N
Mar
Feb
24 N
Feb
£1
6% pf.lOO
—100
Jan
29N
6N
Mar
5N
11
2N
Jan
Feb
Feb
Jan
500
47
Imperial Tobacco of Great
&
3N
Jan
Feb
60
12
Jan
Britain
12N
8%
2N
4N
11
Feb
Apr
Apr
Jan
Mar
81.
450
35
3N
Imperial Oil (Can) coup..*
Registered
*
6H
10
Feb
5%
12 N
Jan
Mar
21N
81
21
Imperial Chemical Indus—
Am dep rets regis
£1
10
Mar
27
Mar
78
*
N
25
11
27 n
Mar
14 N
13
*
100
100
Empire Power part stock.*
Emsco Derrick &
29N
11
Jan
1
Common
68N
70 %
25
1
Apr
*
70
Fairchild Aviation
Apr
UN
7N
10N
61N
67N
Fairchild Eng & Airplane.1
Falstaff Brewing
1
14
Jan
Jan
UN
*18 N
64
65N
65
Eureka Pipe Line com..50
Jan
8N
21
81
*
77
Empire DLst El 6% pf 100
N
4%
800
8N
100
5
7% pref stamped
100
7% pref unstamped.. 100
Hydro-Electric Securities *
Hygrade Food Prod
5
Hygrade Sylvania Corp..*
Empire Gas & Fuel Co—
Jan
1,800
§Huylers of Del Inc—
IN
73
IN
6N
5%
*
8N
1
Equity Corp common._ 10c
7N
Horn & Hardart Baking..*
64%
warrants
Equip..5
Feb
Holt (H)—See Henry
73
18N
100
6N
*
Mar
15N
100
2,800
Hewitt Rubber common..5
55
4,500
65,400
64%
72%
6N
Henry Holt & Co—
62
8
6N
62 N
71
*
Feb
26 N
2,000
2N
7N
63%
*
Jan
21N
26
IN
1
*
3N
Jan
2
Jan
3N
16
Jan
Jan
25
preferred...
Hubbell (Harvey) Inc
2
Elec Bond & Share com..5
see page
ex-warr
Apr
2N
25
w w
8N
29
17 %
14
Jan
N
Mar
400
UN
5
24 N
Jan
27
200
10N
Co class A
8N
6N
6
100
,2N
10
Holllnger Consol G M
23 N
%
"6N
1,600
20 N
13
Hoe (R) &
9N
2N
20
8N
29
10N
Mar
23 N
Eastern Malleable Iron..25
8
29
*
Mar
500
2N
50
25c
10
1
10
1,350
1,350
54
100
-.100
common
Mar
""l% ~~2~ "I"3()6
•1%
A
Jan
IN
77
Mar
*
Helena
8N
29
*
Rubensteln
78
31
40
preferred
conv
110
IN
72N
Common.————*
6%
Hecla Mining Co
Apr
.
cl B com *
preferred
Mar
Mar
29N
Duro-Test Corp common. 1
Elec P & L 2d pref A
Mar
27 %
69
29N
110
100
DubiJier Condenser Corp.l
.69
5N
67
100
69
69
29
Mar
Mar
67
100
10
For footnotes
*78"
100
17 N
Fedders Mfg Co
IN
7% 1st preferred
UN
preferred
Apr
Mar
Gt Northern Paper
Jan
conv
Mar
600
Jan
Mar
53
Apr
Mar
iji
Mar
300
V
;
IN
Jan
9N
Esquire Inc
60
IN
75 H
4N
16N
IN
IN
%
6% preferred
6 H% preferred
7% preferred
8% preferred
Feb
N
8
*
Elgin Nat Watch Co
hs
Apr
N
N
Feb
Feb
Jan
Electrol Inv v t c com
16 H
30
Jan
44
Mar
Mar
Option
Jan
Feb
90
4N
2
Electrographic Corp
Mar
13%
25
1,100
Jan
6N
Non-vot com stock
95
$6
Mar
Jan
Jan
Feb
Jan
preferred
Jan
1CN
Jan
32
Feb
55
IN
Mar
N
Jan
29
IN
Eisner Electric Corp
Mar
35 Z
10
Gray Mfg Co
84N
Easy Washing Mach B
1,400
30
H
*
100
4N% prior pref
6% preferred
16 N
30
N
Mfg common..10
Derby OU & Ref Corp com*
Duval Texas Sulphur
1
300
*
Feb
Durham Hosiery
Jan
150
*
14
"l9% ~19%
25N
78
Great Atl <fe Pac Tea—
10
31N
Diamond Shoe Corp com.*
•
Goldfield Consol Mines. .1
2%
17%
10
Apr
*
18
17 N
N
20N
Jan
69
200
Godchaux Sugars class A.*
Co
50
$3
IN
IN
——
Gilchrist
100
112
10N
50
71
1
800
6N
6% preferred w w
20
Detroit Gray Iron Fdy_—1
Det Mich Stove Co com„l
Detroit Paper Prod
1
Jan
87
N
Gilbert (A C) common.—*
Preferred
S7
Detroit Gasket & Mfg—1
41
I-8
N
100
7
com..5
50
Feb
87 N
39
1
$6 conv preferred
Apr
UN
*
22%
4%
Jan
27 N
Genera) Tire & Rubber—
Feb
Jan
Feb
2,500
1%
2%
7%
1%
Jan
IN
9
:
7
4%
120
19
Apr
Apr
Feb
~3^N
6% pf 100
Common..——
Feb
112
Jan
Apr
General SharehoIdlngsCorp
1,900
Feb
2%
38
1_3J
25%
5%
22
20 N
*
"~~9"66
N
'22%
32 N
50
Warrants
IN
2%
20
25
I5N
16%
Gen Gas & El 6% pref B.*
General Investment com.l
5
Apr
Apr
11N
Jan
25
25
Gen Flreproofing com
Jan
Apr
400
5%
Jan
Apr
Jan
13 N
Feb
n
in
IN
Jan
16
IN
__*
IN
18%
preferred...
Apr
15N
9N
17N
20 N
4,800
Amer dep rets ord reg-£l
IN
27 N
7%
-
Gen Electric Co Ltd—
5N
31%
Duke Power Co
Jan
—17—
Jan
27 N
16
69
71
..100
Feb
1
Driver Harris Co
Feb
-
85 %
Mar
.5
500
38
preferred...100
IN
25
!
500
20N
20 N
4%
Mills.*
5H% preferred
Draper Corp
Feb
Mar
16
*
10
35
Records common. .1
Am dep rets ord
30N
600
20%
Class A conv..
preferred..
28N
in
"in ""In "In
Darby Petroleum com—5
7%
20
97 n
1,500
*
pref-100
*
Curtis Mfg Co (Mo)—-.5
Distilled Liquors Corp._
Distillers Co Ltd—
11%
19N
1
stock
conv
4%
Feb
120
Curtis Lighting Inc
De Vllbis8 Co common.
11
Garnewell Co $6 conv pf..*
%
in
in
Cuneo Press 6 N%
Detroit Steel Prod new.
12 N
Mar
Gatineau Power Co com..*
2,000
93
*>"*•
Cuban Tobacco com
preferred
200
19N
"on
"
m
com—25c
25
*
preferred—10
A conv
15%
113
'
Feb
in
—
A..*
8% debenture
225
11
Apr
3n
'".6% Tm
7% conv preferred
Crystal Oil Ref comr
$6 prior pref
-
17
14N
1
3N
32 n
4n
5n
Crown Drug Co
Dennlson Mfg cl A
17%
1
1
83 N
70 V
Stores
Feb
—
15N
partic pref...—15
Jan
Jan
com—.1
5% conv preferred..—50
Courtaulds Ltd
£1
Creole Petroleum
5
Crocker Wheeler Elec—„*
Croft Brewing Co
1
Crowley, Milner & Co—*
Crown Cent Petrol (Md).5
Dejay
15%
15 N
-16N
Mar
117
preferred A
Decca
1,000
16H
in
—
Cosden Petroleum
Dayton Rubber Mfg
3%
15N
97 n
Cont G & E 7% prior
Davenport Hosiery
Jan
16N
*
Fuller (Geo A) Co com
Feb
45
in
3
3n
Consol steel Corp com...*
$6
Jan
2N
3N
Common
Feb
30 n
"
1
Crown Cork Internat
700
1,500
2N
2N
82 n
83
4
56
Feb
Jan
3N
78N
—1
preferred
Mar
44
Consol GELP Bait com.*
8%
Mar
13 N
110N
Class B voting————*
$3
*
Consol Royalty Oil
Jan
15N
70
Mar
96 N
*
Fox (Peter) Brewing Co..5
Conn Gas & Coke Secur—
Consol Retail Stores
Feb
N
6,800
Froedtert Grain & Malt—
.
1
Consol Biscuit Co
Mar
12
Jan
15N
111M
£1
ref
Fruehauf Trailer Co
preferred
109
Mar
Amer dep rets.. .100 frcs
Apr
43)6
S3
50
70
9N
%
67 N
Co Ltd—
Motor
Class A non-vot
-
Jan
Feb
Community P & L $6 pref *
44 N
Vtcextto 1946
600
N
36%
Ford Motor of France—
Warrants
Compo Shoe Mach—
High
Mar
Ford Motor of Canada—
-Jan
Commonwealth <fc Southern
Commonw
1
Am dep rets ord
Columbia Oil & Gas
He
1
Apr
6N
83
Columbia Gas & Eleo—
Low
36 %
Fed Compress & W'h'se 25
7N
2,100
7N
Mar
20%
16
20N
490
10
Mar
20%
20
16N
21
570
10N
Mar
21
Apr
Apr
7
6N
New York Curb
2230
Friday
STOCKS
Last
(Continued)
Week's Range
Sale
Par
IndplsP&L6*4% pf-100
of Prices
High
Price
Low
110*4
Exchange—Continued—Page
Sales
STOCKS
110*4 111
820
*4
1
1
*4
—1
1
Par
Jan
Midland Oil
Mar
Feb
Feb
Mar
300
*4
100
*4
ht
100
preferred...
113
*4
Jan
11
73*4
Feb
Feb
23*4
Apr
Mar
Feb
15*4
1*4
12*4
Jan
72
72*4
23
23J4
400
10*4
13*4
1,600
1*4
1*4
1,400
8
Mar
"ili "1*4
22.206
1*4
Mar
5,700
Mar
Apr
International Cigar Mach *
1,500
70*4
21
Mar
Jan
Jan
9
72*4
....
Mar
lnternat Hydro Elec—
60
Pref $3.60 series
13
lnternat Industries Inc—1
1*4
9*4
1*4
*
lnternat Metal Indus A..*
lnternat Paper
A Pow
wan-
"1*4
*
International
Mar
4*4
Jan
100
*4
Jan
19*4
5*4
*4
SiSJtn
9*4
Class B
1
*4
*4
100
$1.76 preferred
15*4
15*4
100
32
32
International
*4
1
Vitamin
8*4
Interstate Hosiery Mills..*
1*4"
Iron Fireman Mfg v t c—*
Irving Air Chute..
1
Italian Superpower A
*
Jacobs (F L) Co
.....1
Jeannette Glass Co.
*
16
8
200
4,100
7*4
Jan
100
10*4
Feb
4*4
10*4
15*4
Jan
3*4
*4
150
4*4
*4
Feb
3*4
Jan
Montreal Lt Ht A Pow..*
3*4
8*4
13*4
Mar
6*4
Mar
*4
Jan
17*4
17*4
Mar
Apr
Mar
Jan
Jan
Mar
16
500
15*4
Mar
400
*i6
Jan
900
2*4
Feb
3
Jan
100
1*4
Jan
2M
Feb
2*4
2*4
1*4
•1*4
Feb
Jan
Jersey Central Pow A Lt—
5*4% preferred
100
8% preferred.].....100
7%
.100
preferred
Jones & Laughlln Steel. 100
Julian A Kokenge com..*
95
MH
99*4 100
108
108
109
175
88
Jan
290
95
Jan
29*4'
32*4
120
5,200
Kansas G A E 7% pref. 100
Keith (Geo E)7% 1st pf 100
Kennedy's Inc
Jan
7*4
200
6
5*4
6
250
3*4
Jan
Mar
Jan
9r>54
jOO
l09
38
27*4
120*4
Apr
Mar
Mar
Jan
Mar
Mar
"~7 *4" Mar
Kelln (D Emll) Co com..*
KleInert(I B) Rubber Co. 10
Knott Corp common.....1
8*4
800
"88"
88
75
~88%
75
75
100
25
"660
12*4
600
19
*
*
2*4
34*4
33
Line Material Co
11*4
10*4
2*4
2*4
»ia
*4
34*4
"20*4
1*4
2
168*4 168
0*4
Mar
Jan
Mar
Jan
Jan
Mar
2
Jan
2*4
1*4
13*4
Jan
National Steel Car Ltd...*
National Sugar Refining.*
Jan
Jan
National Tea 5 *4 % pref. 10
National Transit
12.50
.10*4
8*4
Jan
Apr
85
55
5
Jan
88*4
Mar
75
Apr
Jan
1254
Feb
Feb
*0*4
Jan
Feb
Jan
43*4
Mar
17*4
Mar
3*4
Feb
25*4
454
Mar
Jan
Jan
80
9*4
Jan
12*4
Apr
Jan
1054
Feb
6*4
Mar
54
Feb
Jan
Mar
Feb
Feb
6
Feb
3
11*4
"26k "20*4
2*4
Jan
Jan
54
Jan
31*4
Feb
Jan
1,750
9*4
Jan
35*4
11*4
Feb
Jan
16*4
Mar
"260
Mar
Jan
22 54
Mar
Feb
18*4
154
Apr
Apr
13*4
10*4
Mar
Jan
Mar
1*4
48*4
154
1*4
100
13*4
350
12*4
2,500
9*4
Jan
4,200
1
Feb
1
*
Nehi Corp old common...*
New wi
*
1st preferred..
3% cum 4%non-cum_100
New Engl Pow Assoc..—*
6%
preferred
100
$2 preferred
_*
New England Tel A Tel 100
New Haven Clock Co—*
New Idea Inc common...*
New Jersey Zinc
25
New Mex & Ariz Land...1
New Process Co
1
N Y Auction Co com
*
9*4
954
1*4
1*4
10
1*4
Jan
42
6*4
106
39
40*4
Mar
44*4
Jan
2
161
43
2*4
500
1*4
Jan
6*4
5,000
5
Feb
2*4
6*4
Mar
5*4
106
10
103
Jan
106
2
300
1
Mar
2
106
2
,
225
575
39*4
36*4
Jan
10
NYPr&Lt 7% pref.. 100
$6 preferred
*
Jan
*11
Jan
4
it
Jan
5,000
4*4
3*4
Jan
4*4
Feb
4*4
Feb
5*4
5*4
6
1,300
5*4
Feb
6
Apr
18*4
Mar
21*4
141*4
Apr
Feb
19
20*4
21*4
2,900
12*4
"l3"
"260
15*4
16*4
7*4
77*4
8;*4
138
7*4
ISO
100
Vr
Jan
9*4
15*4
754
1it
Feb
Jan
13
Jan
17*4
Apr
Mar
Apr
10
Mar
77*4
30
77*4
Mar
81*4
Jan
11*4
10
54
100
10*4
7*4
Feb
2,500
11,300
11*4
10*4
*4
Jan
Mar
27*£;
28*4
100
16
16*4
600
14*4
45
45*4
100
43
10*4
12*4
3*4
2,000
11*4
9*4
9*4
*4
28*4
*4
sit
26
Jan
Jan
Mar
Apr
31
Jan
,
"lb"""'Feb
10
9*4
"n*4""
(i"
Feb
Jan
16*4
Feb
9*4
47
Jan
Jan
Mar
Jan
1
5*4%
preferred
29*4
450
3*4
New York Transit Co
5
N Y Water Serv 6% pf.100
Apr
Apr
Niagara Hudson Power—
Common
I
10
Jan
25
Jan
5% 1st preferred
100
Jan
25
Jan
5% 2d preferred
Jan
29*4
h$
Apr
Feb
1#i«
Feb
154
Mar
Class B common
Mar
Class A preferred
*
Jan
44
10
"n*4
11
10
Jan
10
Jan
Niles-Bement-Pond
Jan
29
Feb
1
17
3*4
17
100
32*4
3*4
3*4
200
4
Massey Harris common..*
4
100
31
32*4
750
16
Feb
2*4
2*4
3*4
21*4
17
Apr
Jan
4*4
Feb
Jan
Mar
2*4
Jan
5
Jan
Jan
32*4
May Hosiery Mills Inc—
$4 preferred
*
McCord Rad & Mfg B
McWilliams Dredging
*
*
8
Mead Johnson & Co
*
169*4
2
7*4
1,900
8
169*4 170*4
Memphis Nat Gas com..5
*4*4
Mercantile Stores com...*
Merchants & Mfg cl A
1
17
Participating preferred. *
Merrltt Chapman A Scott *
Warrants
27
4*4
18
3*4
Feb
7*4
Apr
390
152*4
4*4
Jan
2*4
9*4
17054
Mar
4*4
1,000
250
3*4
400
28
100
4
400
15
0*4% A preferred...100
25
*4
25c
3*4
40
40
"l»
3*4
40
100
10
preferred
Apr
4
Jan
Mar
Feb
30*4
454
54
Jan
67
*4
Mar
Prw footnotes see page 2233.
Jan
Feb
42*4
Jan
Feb
Jan
$6
preferred
1
*
North Amer Rayon cl A—*
Class B
common
*
Nor European Oil com___l
Nor Ind Pub Ser 6% pf.100
7%
Mar
1,700
700
8*4
1*4
Jan
11*4
154
Feb
*4
Mar
54
Jan
Mar
1254
Jan
11
200
11
117
20
115
600
60
Northern Pipe Line
10
Northern Sts Pow cl A..25
Northwest Engineering..*
Novadel-Agene Corp
6%
1st preferred
100
10854
Jan
Feb
*4
Jan
Mar
7*4
Jan
*4
*4
400
*4
Mar
'*11
Jan
Feb
5
Feb
3*4
Feb
4*4
Jan
Omar Inc
Jan
Overseas Securities
*
954
Jan
700
*4
Mar
8*4
9*4
2,900
7*4
Mar
70
Jan
Mar
5*4
5*4
100
5*4
5*4
Feb
6
Jan
100
Mar
6
Jan
Jan
1
Jan
Jan
1*4
Jan
11*4
Mar
13*4
76*4
25*4
Jan
11*4
1154
70
72
72
200
133
130
133
130
200
5
H?4
25
6
"14*4
61*4
'in 6
14*4
15*4
59*4., 61*4
1*4*
14*4
Jan
Mar
133
1,900
12
Jan
654
15*4
59 *4
Apr
65
400
Feb
33
Feb
400
3*4
1
100
36
3*4
Feb
Feb
124*4
1,100
1*4
36
65
24*4
2
Feb
20*4
20*4
Feb
Mar
1*4
36
3*4
Jan
Jan
Mar
Jan
Apr
Jan
Jan
Apr
Mar
22
106*4 106
750
20*4
Apr
28 *4
Jan
8*4
100
9*4
Mar
90
7*4
114*4
Jan
116*4
106*4
Jan
118*4
Jan
60
104*4
Jan
109
16*4
8*4
116*4 116
16*4
1,500
12*4
Feb
16*4
Apr
105*4
6*4
Feb
15
103*4
104*4
5*4
28*4
5*4
90*4
91*4
87
91
60
87
6
,
103*4
Apr
200
0*4
26*4
450
5*4
21*4
Jan
50,700
6*4
28
4*4
Feb
Jan
Jan
29
Feb
Jan
6*4
Jan
6.50
84
Mar
92
Mar
10
*73
Jan
87
Apr
*4
Jan
*4
"166
Jan
4*4" Mar
'»i
Feb
554
9954
Feb
1
Feb
9554
95*4
10
94*4
Feb
64
05*4
1,000
57*4
Jan
8*4
65*4
Jan
67*4
9*4
1,000
*4
Mar
1*4
Jan
4*4
100
4*4
Jan
5*4
Jan
Mar
*4
1
4*4
Ollstocks Ltd common...5
Oklahoma Nat Gas com. 15
$3 preferred
—.50
$5*4
Feb
Jan
Mar
1*4
1*4
1*4
15,300
•it
97
97
99*4
1,025
73*4
Jan
1*4
103*4
Mar
26*4
26
26*4
700
23*4
Feb
26*4
Apr
26*4
26*4
26*4
200
24*4
Feb
2054
Jan
50*4
51*4
344
49*4
Jan
52
Feb
*4
Mar
3*4
3*4
200
107*4 105
107*4
120
100
112
115*4
190
106*4
8
430
tH
prior pref...*
Oldetyme Distillers
1
Oliver United Filters B
*
conv
Jan
•it
354
Mar
Feb
Jan
7*4
"14*4
.
2*4
Jan
ht
Feb
'it
Jan
Jan
107*4
115*4
Apr
Apr
Jan
8
Mar
14
15
15*4
Jan
20*4
20*4
400
16*4
Jan
20*4
Mar
34
35
600
34
Apr
37
19*4
Jan
21*4
110*4
22
4,300
150
Mar
23
Jan
Feb
115*4
108*4
8*4
8*4
110*4
125
107
750
98*4
113*4
106*4 104*4
Feb
"""26
116*4
Feb
115*4
112*4
Feb
116H
Mar
108*4
50
106*4
754
Jan
10854
Apr
Feb
8 54
18*4
Jan
21*4
46
Jan
50
Mar
111*4
Mar
117
Mar
1
1,800
"i«
117
Jan
13*4
1*4
Ohio Brass Co cl B com..*
Ohio EdisQ# $6 pref
*
Ohio Oil 6% pref erred.. 100
Ohio Power 6% pref
100
Ohio PS 7% 1st pref.—100
5*4
4
Feb
Feb
2,500
5*4
*
100
*4
Jan
Feb
69*4
14*4
14
5*4
preferred.......100
6*4
3*4
*4
Jan
11*4
8*4
*4
14
6% prior preferred ...50
No Am Utility Securities. *
Nor Central Texas Oil...5
4*4
*4
54 H
Jan
1,900
»I6
Apr
Mar
5*4
'
•it
1
Middle West Corp com..5
Jan
54
3*4
Nor Amer Lt A Power—
Common
6*4
10
1
Jan
Mar
Mar
Apr
2*4
40
104
Michigan Bumper Corp__l
Michigan Steel Tube..2.50
Michigan Sugar Co
*
Jan
18
Feb
2,200
Jan
Apr
Mar
3*4
63
Mesabl Iron Co
Feb
Feb
3*4
>4
4-
Apr
Jan
9*4
11
68*4
Feb
25
117
Nineteen Hundred Corp B 1
Nipissing Mines
5
Noma Electric
1
*
44
Jan
700
5
25*4
Communlca'ns ord reg £1
1,825
2*4
3*4
1m
Manlschewltz(TneB) Co.*
*
11*4
1*4
*4
*4
Mapes Consol Mfg Co
Marconi lnternat Marine
50*4
10*4
8*4
11*4
1*4
8*4
Class A opt warrants
Class B opt warrants
Feb
39
900
10*4
100
1*4
6
Jan
Niagara Share—
35
*
5*4
12
100
50
100
Jan
3*4
5*4
100
Apr
20
28*4
4,500
New York State El & Gas—
21
28*4
12*4
Shipbuilding Corp—
Founders shares
Mar
Jan
Jan
1
N Y City Omnibus—
I Warrants
N Y & Honduras Rosario 10
•it
new.
30
Nestle Le Mur Co cl A...*
Nevada Calif Elec com. 100
24*4
*4
o
26
Jan
...*
700
v t
171
Mar
26
Nelson (Herman) Corp...6
Neptune Meter class A...*
1,200
Class B
Mar
22
25
3*4
{Nobel (Oscar) Co com...*
Nebraska Pow 7% pref. 100
*16
Middle States Petroleum
Class A v t c new
106
400
29
4*4
Nat Tunnel A Mines....*
Nat Union Radio Corp
1
»1«
Preferred
240
22*4
Jan
*4
15
169*4
22*4
Jan
Feb
54
56
Jan
Apr
654
500
1
Par tic preferred
Metropolitan Edison—
1
2*4
7*4
Jan
{Majestic Radio A Tel_.l
Corp
Mar
29
22*4
*
Manatl Sugar opt warr...
Metal Textile
Mar
Apr
N Y
1
7
3*4
2,100
2,500
Conv 7 % 1st pref
100
Conv 7% lstpfvtc.100
c
Feb
"466
Jan
N Y Merchandise
100
t
200
"7*4
97*4
12*4
Ludwlg Bauman & Co com*
v
*4
"7*4
Mar
44
Long Island Lighting—
Master Electric Co
Mar
Jan
1054
*4
6
Mass Utll Assoc
Jan
7*4
3254
Feb
Loblaw Groceterias cl A._*
Class B
*
*
11*4
Jan
Jan
Mar
6
*
Marlon Steam Shovel
Mar
3
16*4
6*4
I
*4
1
Margay Oil Corp
8*4
5*4
24*4
*4
400
88
J71
*
preferred
2,600
4,000
7
41
41
Leonard Oil Develop—25
Le Tourneau (R G) Inc.-l
conv
9*4
32*4
100
Langendorf Utd Bakeries—
$5
8*4
6*4
300
11*4
""5*4 "1*4
10*4
Mangel Stores
Apr
1,700
Navarro Oil Co
12*4
5
554
96
10
6*4
pref.. 100
common
Feb
Jan
43
500
1,500
1,700
Lynch Corp
117*4
4*4
93
1,100
4*4
100
Loudon Packing
*
Louisiana Land A Explor.l
Louisiana P & L $6 pref..*
Mar
300
42*4
Nat Rubber Mach
4*4
7% pref class A
6% pref class B
Apr
National Oil Products...4
Mar
18*4
*
Jan
Feb
—
68
Jan
Mar
4*4
Common
1
-
Jan
Mar
95
18*4
Lone Star Gas Corp.....*
Mar
"11
73*4
Lake* Foundry A Mach__l
Locke Steel Chain
11
*4
57*4
112*4
Jan
Lake Shore Mines Ltd...l
*
Jan
Jan
Jan
Apr
Jan
6*4
common
National Container (Del)_l
National Fuel Gas
.*
11
Jan
"is
preferred........25
National Candy Co
*
National City Lines com.l
$3 conv preferred
60
89
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Lit Brothers
"360
Apr
8
Mar
6
*
Llpton (Thos J) class A..1
6% preferred
25
100
"68"
114*4
2*4
31*4
7%
67*4
1*4
2*4
*4
13*4
2*4
6
Nachman-Springfilled
*
Nat Automotive Fibres..!
Nat Bellas Hess com
1
National Breweries com..*
50
1*4
Lehigh Coal A Nav
"
Jan
Feb
5*4
8*4
6*4
32
..100
60
2*4
Class B
preferred
94
1*4
Lefcourt Realty com
Conv preferred
6%
Jan
1*4
7*4
116*4
Murray Ohio Mfg Co
*
Muskegon Piston Rlng_2*4
Muskogee Co common...*
94
2*4
Class A
900
11
Mountain Sts Tel & Tel 100
72*4
.1
Lane Wells Co common.. 1
*
1,100
7*4
ft
7*4
5*4
Mountain City Cop com.5c
Mountain Producers
10
Mountain States PowerNew common
2*4
105
Nat Mfg & Stores com...*
—1
Klrkl'd Lake G M Co Ltd. 1
Kresge Dcpt Stores—
4% conv 1st pref
100
Kress (S H) special pref. 10
2
125
—
National P A L $6 pref
»
National Refining com...*
73*4
1*4
Koppers Co 6% pref... 100
Apr
107*4
r
12*4
3*4
111
100
Kobacher Stores Inc
Jan
19
11*4
13*4
3*4
Mar
*
5% preferred D
Kingston ProductsKirby Petroleum
6
Jan
54
5*4
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
Lane Bryant 7%
Mar
7
—5
Ken-Rad Tube A Lamp A *
Key Co common
103*4
26*4
27*4
116*4
30*4
Mar
17*4
66
Moody Investors part pf.*
§ Moore (Tom) Distillery. 1
Mtge Bank of Col Am shs..
16
.
4*4
50
11
7*4
*
Jan
Jan
350
*16
Montgomery Ward A
18*4
37
17
*lt
"1*4
Feb
Mar
14
8*4
8
12*4
Interstate Power $7 pref.*
Investors Royalty
1
H
80*4
12*4
3*4
Interstate Home Equip..1
60
High
100
7*4
Montana Dakota Utll... 10
1,900
"it
$3.50 prior pref
*
Warrants series of 1940.
Low
6
2*4
Midwest OH Co
10
Midwest Piping A Sup...♦
Mining Corp of Canada..*
Minnesota Mln A Mfg
*
Monarch Machine Tool..*
Monogram Pictures com.l
Monroe Loan 80c A
1
800
5*4
200
Range Since Jan. 1, 1940
19
100
Molybdenum Corp
16*4
4*4
8*4
Mid vale Co
♦
M Id-West Abrasive.... 50e
Feb
16*4
4*4
8*4
for
Shares
6
Apr
Mar
16*4
10*4
16*4
8 54
High
19
dlv shares.'
Mock Jud Voehringer—
Common
$2.60
17
....
preferred......1
non cum
Feb
Jan
Jan
Utility—
Class A
conv
$2
19*4
10*4
lnternat Safety Razor B.*
Low
Week
Corp—
Jan
3
16*4
International Products—*
Price
Minnesota P & L 7% pf 100
Mississippi River Power0% preferred
100
Missouri Pub Serv com..*
International Petroleum-
Coupon shares
Registered shares.
Week's Range
of Prices
Midland Steel Products—
Jan
109*<
V t c common.—.—-.1
7%
Sale
Hihg
Industrial Finance—
Insurance Co of No Am. 10
Sales
Last
(Continued)
Low
52
1
Class B
April 6, 1940
Friday
Range Since Jan. 1, 1940
for
Week
Shares
Indian Ter Ilium Oil—
Non-voting class A
3
107
Jan
11054
Jan
107
Mar
Apr
8*4
100
20*4
20*4
21*4
1,700
49*4
49
49 >4
200
116*4
200
2*4
6,600
1*4
Feb
254
Apr
Jan
100
7*4
2*4
854
3*4
Feb
116*4 115*4
2*4
2*4
2*4
2*4
Jan
Apr
Apr
Feb
*
Volume
New York Curb
149
Friday
STOCKS
Last
{Continued)
Sale
Par
Price
Week's Range
of Prices
High
Low
for
Range Since Jan. 1,1940
34)4
34)4
107
Pacific Public Service
~~5~X "Ix
14 X
Mar
33X
Jan
Feb
34 X
Mar
31X
Jan
k 108"
""50
107
Mar
108 X
95 X
Feb
Sculin Steel Co
Feb
Mar
6X
Feb
Securities Corp general
*
Feb
Seeman Bros Inc
5X
20
4X
21,100
5
4%
Feb
20
Jan
*
com
12
Range Since Jan. 1,1940
8
1
28X
Low
1
1
Jan
29 X
Mar
45X
7X
Jan
53
Mar
Mar
»u
Feb
1
Jan
X
600
8X
X
Mar
I
Apr
2,000
100
1
39
IX
IX
IX
29.200
X
Selberling Rubber com...*
7X
6X
7H
1,300
6X
Selby Shoe Co
9
Mar
12 X
Feb
Selected Industries Inc—
Mar
*
300
50
30
Feb
Convertible
43 X
Jan
10 X
35 X
49 X
Jan
20
Feb
$5.50 prior stock
15
14 H
15
800
12
Jan
16
Feb
Allotment certificates
com*
35
34)4
35
900
33 X
Jan
35
Apr
2X
Mar
Mar
IX
Jan
2X
Jan
Seton Leather common
19 X
Apr
Shattuck Denn Mining...5
9
8X
Jan
25
2**
1
2
com.l
114
2)4
7,000
17)4
19H
23,200
11X
Jan
65
Jan
37
im
Mar
su
3
Mar
Mar
Pennsylvania Edison Co—
174**
Penn Water & Power Co.*
69**
Peppered Mfg Co.——100
78
Pennsylvania s,ugar com
Penn Traffic Co
2**
Jan
59 X
Mar
57
50
Jan
59 X
Mar
1
3,700
rit
7
6X
7X
5X
300
6X
1,300
99 X
96
100
2,200
Jan
bherwln-Wllliams
com..25
38 X
Jan
6% cum pref
AAA 100
ser
Jan
113?*
Mar
112
Feb
Silex Co common
Jan
1,5
Feb
Feb
16
Feb
166 X
12
Mar
50
14
68**- 70
78
78 H
m
m
mm
5K
.1
14 X
45**
Simmons H'ware & Paint.*
3X
3X
Jan
Simplicity Pattern com..1
IX
IX
Jan
Mar
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
Sioux City G & E 7% pf 100
44)4
11H
47 H
12)4
500
1X
IX
IX
3,600
Feb
6
8X
Jan
Jan
7H
28 X
Mar
8X
Jan
Feb
Mar
5X
Mar
120
Jan
31X
6X
Feb
8X
Skinner Organ
Solar Mfg Co
1
Mar
So no tone Corp
Soss Mfg com
6X
Jan
15X
Jan
47 X
Apr
9%
Jan
13 X
Feb
X
Feb
IX
Feb
Jan
34
8X
8)4
1,400
4X
IX
"ii'x "JOH "llX
57
58
11)4
13 X
101** 103
2,000
1,400
1)4
10)4
1)4
"id"**
MOO
340
55
13
102 )4
2
Jan
Powdrell & Alexander
10
1
1
700
X
4)4
100
100
22 X
1
24
IX
400
148
144"
149"
8X
"""I56
143
10
103
103 X 103 X
1
South Coast Corp com—.1
South Penn Oil
25
2X
4X
IX
IX
IX
4X
IX
38X
Mar
IX
Jan
2**
5,900
IX
Jan
2X
Apr
4
Jan
5
Apr
800
5
2.100
IX
Mar
300
IX
38M
37 X
Mar
44
Jan
Jan
35
Feb
Southwest Pa Pipe Line. 10
Southern Calif Edison—
22
44 X
46 X
30**
Mar
Jan
28 X
Jan
30>*
Mar
9X
Jan
11X
61X
Jan
Southern Colo Pow cl A .25
IX
IX
800
IX
Mar
65
Jan
9H
99
Jan
Jan
IX
13X
104
Jan
Jan
Apr
Mar
IX
Jan
Jan
.11
Jan
15
Feb
»!•
98 H
Southern Pipe Line
Soutnern Union Gas
107
14 X
Jan
4,700
5X
2X
Jan
6X
Apr
900
Jan
2 X
Mar
Jan
5% 1st preferred
Spanish & Gen Corp—
15X
240
Jan
15?*
Apr
Jan
he
Jan
IX
IX
200
IX
Feb
2X
Mar
IX
ix
100
IX
Mar
"il'x "ie"
"800
X
Jan
4
Jan
Mar
81X
20 X
Jan
8X
81X
Jan
24
Jan
IX
Feb
Mar
6
Jan
97X
Jan
Feb
Jan
Apr
Jan
Mar
Am dep rets ord
.*
Standard Brewing Co
*
Feb
Standard Cap & Seal com. 1
15X
X
5X
Mar
22 X
9)4
9X
Feb
Mar
Conv preferred
10
Standard Dredging Corp—
Common
102
Jan
$1.60
conv
20X
1,800
36X
3,000
Mar
$5 preferred
Standard Pow & Lt
100
1,625
79 X
Feb
100 X
Apr
Common class B
*
2,825
39 X
Feb
52X
Apr
Preferred
(Ohio)
com
1
Jan
109 X
Feb
Standard Silver Lead
112X
Feb
Standard 8teel
5
Spring
75X
Mar
86
22 X
Mar
32 X
Jan
Jan
17X
Mar
10
250
8X
Feb
10
100
6X
Jan
90
115X
Mar
118X
149
153
130
149
9X
150
10
Feb
153 X
13
Mar
Mar
8
X
11
125
Mar
10 X
Feb
X
Feb
Feb
Apr
12 M
Feb
11X
650
10?*
Jan
14
35
11
....
Jan
40X
IX
2X
Mar
Feb
26 X
6
Jan
X
IX
Mar
400
24 X
Jan
5X
-
IX
300
25X
1
Mar
1
200
2
25
Jan
Feb
Jan
Jan
X
600
X
Jan
X
Feb
13
13 X
100
12 X
Mar
13X
Mar
6
6X
35,500
5X
Mar
6X
Feb
Jan
"ilk "l9X ""906
18?*
X
I
~ex
X
'it
Jan
'it
Feb
19X
Mar
Wholesale
*
Stein (A) & Co common..*
Sterchi Bros Stores
'36 X
9
8
34
Sterling Inc
Stetson (J B) Co com
14
Jan
11
20
5X
200
4X
Feb
z5X
Jan
5,800
IX
Feb
2X
Apr
Swan Finch Oil Corp
Class B common
X
Jan
*1#
Jan
Mar
Jan
104X
Feb
Tasty east Inc class A
Taylor Distilling Co
116 >4
Feb
Roeser & Pendleton Inc..*
12 X
Jan
Am dep rets ord reg
104 X
Jan
116 X
14
Feb
Technicolor Inc common.*
Jan
Texas P & L7%
59
Jan
8
10
Jan
600
X
200
X
1,600
32 X
900
59
57
1
250
Roosevelt Field Inc
5
11%
2X
Root Petroleum Co
1
2X
pref
20
International.....*
conv
11
11?*
2X
2%
7X
2,500
2X
700
2X
400
7X
500
2)4
Rustless Iron & Steel
—1
65
Jan
IX
Feb
Mar
"u
57
"3k "4"
""300
Ryan Consol Petrol
48 X
St Regis Paper com
preferred
Jan
Mar
"8%
"8k "sk"
Feb
Jan
8**
Apr
Jan
2
2X
2%
4X
Jan
200
Jan
3**
300
,
4X
Mar
Feb
Jan
'it
Mar
4**
**
9X
9X
100
ox
Feb
10 J*
Mar
13X
9X
Jan
13**
10X
Apr
Apr
IX
Jan
33 X
Feb
4X
X
X
100
IX
IX
38
38 X
1,000
35 X
15
38 X
1,500
1,200
3,300
36
13
15
IX
500
4X
4X
1,200
29X
29%
29
700
Jan
13
Jan
Jan
Mar
Mar
27
Jan
"~~~X "~ht
Tdoo
**
5,000
12 J*
Jan
10
110**
Jan
70 X
6X
Samson United Corp com. 1
Sanford Mills
—._*
X
common
Mfg
Scranton Elec $6 pref
18**
11**
58X
4X
58 X
68
70
Tishman Realty & Constr *
7X
Jan
»it
Feb
56
Jan
Mar
5
Mar
13
Mar
15?*
Jan
43
Jan
48**
Apr
Feb
2**
Jan
Jan
2
Feb
2X
100
IX
300
2X
3
IX
IX
3X
6,400
Feb
Jan
4**
15
Jan
r/.
Def registered
70 X
69
5X
125
6X
3,100
1,400
X
X
Trans Lux Corp
Transwestern Oil Co
Jan
75 X
Jan
...»
14
13 X
14
25
29
28X
29X
*
For footnotes see page 2233
200
1,100
Apr
7X
Jan
Tubize Chatlllon
X
Mar
IX
Jan
Mar
1
Jan
12**
Jan
14
Jan
Mar
31
Jan
28
Apr
14
Apr
Jan
1
59
Jan
5
Jan
Jan
Mar
150
64?*
Jan
70
Jan
50
105**
Jan
109
Mar
114
10
112
Jan
115
114
10?*
Jan
ht
300
""ix "Tx
Apr
ht
Apr
Jan
X
Jan
L500
1
Jan
IX
Mar
2X
2X
1,400
2X
Mar
3X
Feb
X
800
'it
Jan
»it
8X
IX
10
Jan
x8X
Jan
10**
39?*
3**
Jan
1,000
8X
Feb
1
9X
38X
950
Jan
Tung-Sol Lamp Works... 1
2X
2X
300
31**
2**
7X
7%
300
Corp—_1
Class A
preferred
Udylite Corp
fUlen & Co ser A pref
Jan
»x»
ht
'it
9X
36 X
Series B pref
Jan
4J*
Trunz Pork Stores Inc...*
5X
conv
Jan
Jan
Jan
108X 108X
TTl-Continental warrants
80c
Feb
2?*
24?*
X
1
Jan
Jan
56
Tonopah Mining of Nev.l
Jan
35
Feb
Mar
10**
68
7% preferred..
100
Tonopah-Belmont Dev. 10c
3X
Jan
Jan
5s
Mar
35
•11
16**
114
Jan
200
4X
£1
Todd Shipyards Corp
*
Toledo Edison 6% pref 100
2**
57**
5
65
Jan
50
Jan
Jan
36?*
**
Mar
X
Tobacco Prod Exports...*
Tobacco Secur Tr—
X
2X
1
Savoy Oil Co
1
2,500
Tobacco & Allied Stocks..*
9**
6
Jan
14X
15X
U3X 113**
3,000
Jan
Jan
Apr
36
14
Feb
2
38**
Jan
6X
4X
*u
15X
15
Jan
Mar
33
13
4X
Jan
24X
Mar
Feb
12X
4X
13
3X
Feb
5X
IX
2X
'jlooo
21X
3X
Feb
4**
8
13X
Jan
14**
Feb
23 X
Mar
Feb
8
5
Mar
Jan
62
36
Feb
Tilo Roofing Inc
Feb
1**
Jan
2**
2X
6X
15
5
100
Salt Dome Oil Co
Scovill
__
3X
21
33
900
Jan
200
48X
St Lawrence Corp Ltd
*
Class A $2 conv pref. .50
Schlff Co
Apr
2X
12**
6^500
46X
2X
IX
1
com..
650
65
"l4X "ilk 'iix
*
Ryerson & Haynes
7%
Mar
2%
Feb
3**
*
pref
X63
Jan
40**
"2X
Ordinary reg.
*
Rus8eks Fifth Ave
Jan
Jan
2
10**
IX
Royalite Oil Co Ltd
Royal Typewriter
Feb
Mar
12
.....
pref..100
'it
5
Feb
Mar
Jan
Thew Shovel Co com
£1
20 X
37 X
110
27**
Texon Oil & Land Co
Rome Cable Corp com
Mar
21
1
Rochester Tel 6)4% prflOO
Rolls Royce Ltd—
Mar
Mar
1
"""625
103 X
101
104**
Feb
;
X
**
*
1,000
104"
„•
Mar
15
Taggart Corp com
1
Tampa Electric Co com..*
:
Jan
Mar
36 X
"it
_
2%
x.
2X
Jan
28 H
108 X
Jan
1
1
*
Stinnes (Hugo) Corp....5
Stroock (8) Co...
Sullivan M achlnery
*
Sun Ray Drug Co
1
Sunray Oil
1
5X% conv pref
50
Superior Oil Co (Calif)..25
Superior Port Cement
$3.30 A part
*
5
1
Rochester G&E16 % pf C100
6% preferred D
100
J:
8X
Apr
Jan
ht
*
Sterling Aluminum Prod.l
Sterling Brewers Inc...—1
IX
Voting trust ctfs
Mar
'11
6% 1st preferred..—.50
5% 2d preferred
20
2X
Rio Grande Valley Gas Co-
Mar
24
Phos¬
Ordinary shares
5X
Radiator
8X
Starrett (The) Corp v t c.l
Steel Co of Canada—
117
X
16**
Jan
Ji»
phate & Acid Wks Inc.20
11X
Mar
J«D
19 X
Jan
Mar
1
900
7X
Jan
100
*16
1
Jan
Apr
2
20
104 X
Standard
14
Feb
(UOO
""in ""
1,825
1,975
1
Richmond
25
.
IX
35X
Apr
113 X
Jan
12
12X
20X
106?*
Jan
16
5
Rheem Mfg Co
Rice Stix Dry Goods
100
36 X
Jan
10
1
11
20 X
106 X
110**
82
50c
Republic Aviation
§Reynolds Investing
11
Standard Oil
10
common.*
Reliance Elec & Eng'g
500
preferred..20
27
*
Relter-Foster Oil
22X
Standard Invest $5 X pref *
Standard Oil (Ky)
10
15X
*
Reed Roller Bit Co
22
Apr
10
Railway & Util Invest A.l
Raymond Concrete Pile—
Red Bank Oil Co
15
he
*
79
"io"
*
50c
15X
reg..£l
Spencer Shoe Corp
Stahl-Meyer Inc
25
149
19**
100
6X
3X
6X
Apr
Apr
2X
1,100
6X
3X
5X
25
15X
.
9
Jan
2%
10
90
Jan
Jan
6X
Preferred A
81X
*
2,100
2X
42
*
preferred
Raytheon Mfg com
2,400
9
Mar
Spalding (A G) & Bros...1
26 X
55 prior preferred
*
$6 preferred
*
Puget Sound Pulp & Tim *
Pyle-National Co com
5
Pyrene M anufacturlng
10
Quaker Oats common
*
3X
19X
6**
Southland Royalty Co...5
Standard Tube clB
conv
3X
19 X
Apr
170**
Jan
Puget Sound P & L—
Common
8X
*
68
Feb
Mar
Jan
Jan
107X
Mar
5X
4X
2X
X
4X
Jan
100
66
167
10
109 X
107)4
,20
IX
Jan
95** 100 X
50
52 X
68
100
Jan
Feb
li«
100
68
100
Jan
2
Mar
1
9X
102
8X
7% preferred
South New Engl Tel
Southern Phosphate Co.10
Standard Products Co
Ry & Light Secur com..
Jan
29X
Public Service of Okla—
100
Mar
2X
500
8X
106 X 106 X
113
52
6% preferred
Quebec Power Co
Feb
IX
3,300
1,300
113
*
.
Mar
X
300
30**
29X
Public Service of Indiana—
100
105**
IX
29 X
""200
9
102
100
100
6% prior lien pref
7% prior lien pref
Mar
Jan
X nFeb
1
Feb
155
29X
Public Service of Colorado
57 prior preferred
$6 preferred
Feb
29X
8
9)4
*
7% 1st preferred
Mar
30 X
100
*
6% 1st preferred
9X
Jan
25
X
8X
X
*
56 preferred
Mar
5**% pref series C...25
39 X
1
25c
*
Prudential Investors
Feb
4X
IX
Apr
IX
9X
1,100
6% preferred B
3,300
Prentice-Hall Inc com...*
Prosperity Co class B
IX
Jan
Mar
Feb
8
Premier Gold Mining..—1
Providence Gas
21
Apr
200
4**
Pratt & Lambert Co
Pressed Metals of Am
15X
Jan
45
300
X
5
Producers Corp..
Jan
19
Jan
300
of Canada..*
6% 1st preferred
Mar
Feb
Jan
25c
5
Potero Sugar common
11X
7X
Pneumatic Scale com.-.10
Polaris Mining Co
Jan
Jan
22.900
5% original preferred.25
1
Pittsburgh & Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co
Plough Inc com
7.50
114X
40 X
*
60
Pittsburgh Forgings
100
5
Feb
Pitney-Bowes Postage
Meter
Jan
Apr
Feb
Jan
Simpson's Ltd B stock...*
6,400
Feb
14
Mar
70,200
6X
18X
Feb
■
*
2H
15X
Feb
Mar
89
*
pref
72 X
Pines Winterfront Co
Pioneer Gold Mines Ltd..
conv
90 X
X
Pierce Governor common
$3
Mar
13 H
Mar
25
Mar
Phoenix Securities—
pref series A. 10
Line stamped
f3
300
6
Mar
Feb
10 X
77
117
5X
Feb
lk
2X
7X
bhreveport El Dorado Pipe
325
300
•i#
Jan
111
850
2,000
Feb
Jan
Simmons-Boardman Pub—
75
*30 **
*
Pitts Bess & L E RR
7
5X
15X
800
-
Feb
•is
2
17
Mar
50
26
7 J*
Philadelphia Co common.*
Phila Elec Co $5 pref
*
Pnlla Elec Pow 8% pref.25
Common—
X
6**
Jan
Feb
16
111
100
14)4
1
Phillips Packing Co
Feb
4 X
52 X
52 X
17
109
112*4
109?* 110
171
174)4
...*
Perfect Circle Co
X
100
200
l*i«
•
Jan
2X
110
50
20
Pbarls Tire & Rubber
1,200
X
5
58
5
Amer dep rets reg
£1
Sentry Safety Control—.1
Serrick Corp
1
2
100
112
*
preferred
#ie
57
Apr
IX
1H
1H
Penn Pr & Lt $7 pref
conv
Jan
Jan
57 X
5
25
Sherwin-Williams of Can.*
*
Penn Salt Mfg Co
1
stock
65
Pennsylvania Gas & Elec—
Class A common
Common
Shawinlgan Wat <fc Pew..*
55 series pref—
52.80 series pref
$2.50
Mar
.11
Selfrldge Prov Stores—
X
Feb
IX
8X
Mar
Jan
Feb
39 X
Jan
Feb
3X
9)4
Pennroad Corp com
Rossi a
OX
Jan
5X
30)4
48
Penn Traffic Co
$1.20
High
24
70
Jan
Jan
47)4
30)4
Fuel—.-—60c
Reeves (Daniel)
8X
X
*
Power Corp.
28X
Warrants
47 **
Class B
Conv $3
for
Week
Shares
Jan
4X
3X
/
Parkersburg Rig & Reel—1
Patchogue-Ply mouthMills*
Pender (D) Grocery A
*
Airlines
Of Prices
High
Segal Lock & Hardware.. 1
American shares
Cent
Week's Range
Low
*
'"ioo
Paramount Motors Corp.l
Peninsular Telephone
$1.40 pre.'erred.
2231
Sales
Scranton Spring Brook
Water Service $6 pref..*
30 H
*
Price
Scranton Lace common..*
1,700
Parker Pen Co————10
$3
Sale
Par
High
Feb
51.30 1st preferred
*
Pantepec Oil of Venezuelan-
56
Last
(Continued)
Low
88
34 **
6**% 1st preferred—25
Pacific Lighting 55 pref—*
Pacific P & L 7% pref—100
Penn
STOCKS
Week
Shares
13 X
Pacific G & E 0% lat pf_25
4
Friday
Pacific Can Co common—*
Penn-Mex
Exchange—Continued—Page
Sales
9X
Mar
Jan
4?*
Apr
Mar
J*
1
Jan
*
X
Mar
4X
3X
4X
12,000
Jan
8
Feb
*
1
Feb
Feb
7X
3X
X
*
Jan
Jan
New York Curb
2232
Last
Week's Range
Sale
Par
for
2 X
2%
*
Union Gas ol Canada
Sts.l
UnStk Yds of Omaha. .100
United Aircraft Prod
1
United Chemicals com...*
S3 cum & oart pref
*
Un Cigar-Whelan Sts..lOc
Feb
300
11X
Apr
1<X
Feb
Birmingham Elec 4?*s 1968
Mar
Feb
Birmingham Gas 5s
97 X
175*
Jan
Jan
Feb
Broad River Pow 5s. .1954
400
13X
1,100
14X
60
Apr
Canadian Pac Ry 6s..1942
X
Apr
Carolina Pr & Lt 5s...1950
106?*
62
Cent Power 5s ser D..1957
100?*
1
pref. non-voting.*
1
X
IX
Mar
Jan
X
Jan
150
Jan
8X
13,900
1?*
Mar
2 X
2,000
8
92?*
X
Jan
Feb
108
Jan
89
8
IX
107?*
Feb
X
0?*
IX
103
108
1,400
X
7% pref. 100
~
*
*
37 X
35?*
United Profit Sharing..26c
X
7X
39
Feb
Cent States P & L 5?*s *53
82
39?* 225,000
83
69,000
Jan
Jan
Ry 4 ?*s series A
{♦Chic RysSs ctfs
-
Jan
Jan
Cities Service 5s
45
94?*
'
Jan
50
67?*
Jan
66
Jan
78?*
77?*
Feb
74
Mar
Debenture 5s
1969
72?*
70
72 X
66
Jan
88?*
86?*
49,000
147,000
80
Mar
88?*
96?*
87?*
88?*
49,000
80?*
Mar
94?*
96?*
39,000
91
4?*
Apr
5X
Feb
5?*S
—1949
Jan
243?*
1?*
Feb
Conn Lt & Pr 7s A
Apr
Feb
7?*
83?*
Apr
Jan
140
42?*
Mar
44
Feb
Jan
7
Apr
4?*
7?*
Feb
1954
50
6?*
1943
900
Jan
4
Feb
Apr
Feb
6s ser A stamped
Jan
27?*
Mar
Jan
34?*
Mar
Feb
2?*
71
800
27?*
1?*
4X
1,200
2?*
Feb
5
X
Jan
"~4X "lX
""ioo
4?*
Apr
X
200
»x«
Mar
6i«
Mar
2X
2X
1,800
1?<
Jan
2?*
Feb
2,000
3,100
1,400
2
61
3
Jan
Mar
6
Jan
Feb
Jan*
Mar
6
Jan
Cont'l Gas & El 5s. —1958
Cuban
2,200
6
88X
9IX
83*
500
150
55
61
Mar
1?*
X
52
♦Deb 7s
Edison El 111 (Bost)
3?*s'65
Mar
Empire Dist El 5s
24
Mar
91?* 161,000
59
16,000
87?*
52
Mar
96
93
Feb
106
106
13
Mar
18?*
1?<
Feb
Erie Lighting 5s
Feb
2",300
Finland Residential
63*
1?*
Jan
Florida Power 4s ser C 1960
Jan
Florida Power & Lt 5s. 1954
65
Feb
Mar
»»•
Jan
1?*
13?*
Jan
2 X
Apr
139
{109
Jan
20 X
Jan
stemped.1944
Gatlneau Power 3?*s A '69
325
17
Jan
29
Apr
25
Jan
28?*
Feb
Gen Pub Util 6?*s A. 1950
IX
l«i»
IX
T\x
110
X
X
3,300
75 X
72
Va Pub Serv
00
Jan
Mar
1?*
1?*
Feb
70
12
Mar
♦General Rayon 6s
Gen Wat Wks & El 53.1943
ioo""
106?*
A.1948
800
9X
Jan
Apr
Georgia Power ref 5s._1967
*
6
4X
6
1,700
4?*
Apr
6
Apr
9X
8X
10
1,500
5?*
Jan
10
Apr
Georgia Pow & Lt 5s..1978
♦Gesfruel 6s
1953
Glen Alden Coal 4s—1965
.—.100
1?*
100
*
*
X
3?*
X
1
Jan
Gobel
Feb
Mar
200
X
1
Feb
Jan
Feb
Grand Trunk West 4s. 1950
Gr Nor Pow 5s stpd._1950
Green Mount Pow 3?*s '63
14?*
....
Wayne Knitting Mills...5
Wellington Oil Co
1
Wentworth Mfg
1.25
500
2X
IX
"boo
100 X
70
2X
IX
200
*
2X
Western Air Express
1
7X
20
100
Jan
15
Feb
Mar
2?*
1?*
Mar
4
Jan
Guantanamo & West 6s '58
"53""
Mar
2
Jan
Guardian Investors 5s. 1948
34?*
Jan
102
Feb
1935
♦Hamburg El Underground
& St Ry 5?*s
1938
Heller (W E) 4s w W..1946
2X
1,800
96?*
1?*
7X
9,300
4?*
Jan
2?*
7?*
Apr
6X
IX
6X
6X
150
6
Jan
6?*
Apr
Feb
Jan
N
90
Grocery Store Prod 6s. 1945
101?*
Mar
Jan'
Mar
Jan
Jan
83?*
Mar
87?*
Feb
89
Feb
102
Feb
983*
99?*
{74
76?*
98?* 101
106?* 107?*
73
743*
{18
73
71?*
82
82?*
79
J773*
107?* 107?*
105?* 106?*
22?*
Apr
Apr
31,000
5,000
4,000
57,000
81
98?*
Jan
Apr*
55,000
Mar
74?*
65" 000
96 J*
Jan
75
Jan
96
Feb
101
Aor
Jan
107?*
105?*
66?*
100?*
4,000
"
Jan
Jan
73?*
70
Jan
87?*
Jan
Mar
75
70
75
8.000
36,000
Jan
78
LOOO
107?*
Mar
103
Mar
Jan
Feb
Mar
108 X
5,000
Mar
106 3*
Mar
Apr
60?*
Feb
63
53
1,000
13,000
50
Jan
53
Apr
34?*
65,000
32?*
42?*
Jan
15?*
Feb
16
1,000
102?*
103?*
101?*
Feb
103
Jan
Mar
105
Mar
Feb
103?*
108?*
Feb
111
Jan
663*
Jan
79
Mar
67
62
53
32?*
Mar
_
Jan
50
35
U4X
102?* 102?*
103?* 1033*
103
103
103
110?*
110
110?*
15
525
10
Jan
12?*
1949
77
77 X
600
9
Jan
11
6?*
Feb
2,000
6,000
6,000
Mar
Jan
25
.50
7?*
Apr
Apr
Feb
conv
deb 6?*S—
Hygrade Food 6s A
2,000
1949
176
Jan
78?*
Mar
1967
6s series B
Idaho Power 3?*s
{109
1093*
Feb
76,000
105 V*
Jan
Jan
109 3*
107?*
77
107?*
107?*
Apr
6
600
5?*
Jan
6?*
Feb
IU Pr & Lt 1st 6s ser A. 1953
107?*
7X
700
0?*
Feb
7?*
Mar
1st & ref 5?*sser B.1954
106
1053* 106?*
27,000
1033*
Jan
1063*
Aor
IX
500
Apr
2
1st & ref. 5s ser C
104
47,000
1013*
973*
Jan
104 3*
Mar
Mar
9X
"566
103?* 104?*
99?* 100?*
99?* 100
70
67?*
-
1?*
Jan
11?*
9?*
Jan
Jan
Mar
1956
7?*
Jan
Sf deb5?*s —May 1957
99?*
112*"
10
112
Indiana Hydro Elec 5s 1958
100
1950
70
1st lien & ref 5s
1963
69?*
104?*
Jan
Mar
4?*
Jan
♦Indianapolis Gas 5s A 1952
7?*
5?*
Jan
Indpls Pow & Lt 3?*s.l968
International Power Sec—
5X
7X
l",306
6?*
Jan
5X
5X
800
4X
Mar
Apr
Jan
UX
5X
200
UX
5X
3,200
12
5?*
Jan
12?*
Feb
Mar
6?*
Jan
7s series E
7s series F
1955
BONDS
Bonds
'106"
Sold
48?*
—.1961
1950
197 X
107
107?*
106?* 106?*
{104?* 104?*
$9,000
100?*
109
Feb
1,000
104?*
Feb
107?*
Jan
Italian Superpower
104?*
Mar
Jan
Jacksonville Gas
~
4^666
105
104?* 105
103X
102?* 103?*
39,000
101?* 103?* 161,000
2,000
102?* 102?*
103
Amer Seating 6s stp—1946
Mar
101?*
Mar
99?*
Jan
105?*
106?*
103?*
105?*
Jan
103
104
100
Feb
Jan
Jan
Jan
Mar
Appalachian Elec Pow—
108
108?*
106?* 107
127
Appalac Power Deb 6s 2024
Arkansas Pr & Lt 5s_. 1956
166?*
Associated Elec 4?*8__1953
54 J*
127
Mar
Mar
61
Feb
68
Jan
40
Feb
51
Jan
106
41?*
"46"
1942
51?*
Jersey Central Pow & Lt—
5s series B
1947
1023*
5s stamped
4?*sseries C
513*
12?*
Mar
Jan
13
Mar
125*
Mar
Jan
48?*
38
Jan
42
Mar
53?*
Mar
Jan
Mar
Jan
Jan
52
14,000
6,000
45
102?*
Jan
Apr
105
Feb
105 V*
Feb
Jan
107?*
Mar
8,000
125?*
Jan
127
Mar
12,000
105?*
Jan
107?*
Feb
104?*
Jan
106
Jan
18,000
105
Jan
108
Jan
1,000
67
Jan
71
Apr
4,000
2,000
993*
Jan
101
Jan
Long Island Ltg 6s
1945
Louisiana Pow & Lt 5s 1957
18?* 280,000
1,000
16?*
109?*
Mar
{16
18?* 150,000
Jan
Feb
105?*
{105
18?* 164,000
"9",000
104
107?*
Feb
5,000
Lake Sup Dist Pow
Jan
"41M
2,000
1,000
1063*
106?*
105?*
12,000
♦I,eonard Tietz 7?*s__ 1946
30
Jan
104?*
104
Jan
Mar
Jan
107?* 107?*
126?* 127
107
107?*
-1961
Feb
125*
106
102?* 1033*
108
13,000
Jan
40
129
Jan
Jan
43?*
49?*
47?*
40
111?*
Mar
109?*
6,000
20,000
Jan
62?*
Mar
224,000
63,000
44?*
48?*
2,000
1063* 1063*
Feb
107?*
105?*
Jan
68
126
Feb
Apr
403*
106?*
Apr
72?*
43?*
1,000
47
Jan
Mar
5,000
106?*
Jan
62 X
Jan
37?*
Jan
106?* 107?* 148,000
89,000
52?*
54?*
72 X
20,000
Apr
{Associated Gas & El Co—
Mar
38?*
108
12,000
73?*
—
Kansas Elec Pow 3 ?*s_ 1966
108?*
106?*
100
Mar
37?*
107?* 107?*
Isarco Hydro Elec 7s. 1952
6S.1963
100?*
Feb
633*
61?*
42?*
106""
Iowa Pow & Lt 4?*s__1958
1951
Jan
98?*
66
1952
6s series B
106
7,000
59,000
83,000
7,000
2,000
40
68
Iowa-Neb L & P 5s...1957
Co—
106
69?*
72?*
48,000
42
38?*
1957
Debenture 6s
67?*
70?*
....1957
1952
Interstate Power 5s
Kansas Gas & E ec 6s_2022
3 ?*s '66
40
105?*
107?* 108
108
104
Mansfeld Min & Smelt—
♦Conv deb 43*s
1948
♦Conv deb 4?*s
1949
17?*
♦Conv deb 5s
1950
17?*
♦Debenture
1968
17 X
14?*
14?*
14?*
14?*
16?*
16?*
1977
69
107
Apr
26?*
28?*
28?*
16?*
15
......
19
12,000
14
Mar
34?*
Jan
67?*
69
19,000
66
Mar
75
Feb
107
107?*
109?* 109?*
10?*
Apr
107?*
Mar
109?*
Apr
95?*
92?*
Jan
102
108?* 113?* 124,000
103?*
Mar
120
Jan
110?* 111?*
111?* 112?*
109?*
Mar
116
Jan
110
Mar
117
Jan
2,000
1123*
tl03
98
Jan
Jan
106?*
106?*
Avery & Sons (B F)—
6s with warrants...1947
Jan
Jan
14,000
1,000
Atlantic City Elec 3?*s '64
98
106
98?*
Jan
98?*
Mar
Apr
Baldwin Locom Works—
Bell Telep of Canada—
1st 5s series B
1957
111X
5s series
1960
U2X
51,000
28,000
For footnotes see page 2233.
Jan
101?*
♦Hungarian Ital Bk 7?*s'63
6X
5X
C
Jan
96
Jan
115X
4
UX
1950
109
100?*
Feb
7X
5X
U2
5s
♦Convertible 6s
Mar
47?*
109?*
3,000
62
Indiana Service 5s
Wright Hargreave3 Ltd..*
6s without warrants 1947
Jan
37,000
101?*
84?*
85?*
84
85?*
98?* 100?*
♦Hamburg Elec 7s
6 ?*s series C.i..—
Atlanta Gas Lt 43*s__1955
Jan
46?*
Apr
105
17?*
Wool worth (F W) Ltd—
♦Conv deb 53*s
105?*
503*
103?*
Jan
10
2
Assoc T & T deb 5 ?*s.A '55
Mar
Jan
1943
Houston Lt & Pr 3 ?*s. 1966
Wolverine Portl Cement. 10
Registered..
103?*
IX
7% pf 100
4?*s___1948
13,000
Anr
Mar
Jan
Jan
Winnipeg Electric B com.*
Debentures
84?*
120_
106
983*
59?*
1
*
1963
Jan
Jan
107
7
& Co
*
Williams OU-O-Mat Ht.„*
1st mtge 4s
Jan
9X
....
Williams (R C)
1907
112
103?*
12X
7 X
Jan
Apr
71,000
11
11X
10X
7X
Mar
Apr
1
27,000
Feb
...*
*
77
0?*
84?*
117?*
69
55
56 X
Western Tablet & Station'y
*
Feb
Mar
104?* 105
14 X
56
100
110
Jan
6?*
104?*
44?*
111
Houston Gulf Gas 6s.. 1943
ioo x
Western Grocer com
5s
74
"72"
(Adolf) 4?*s—1941
Jan
1?*
99X
Jan
*
...*
85?*
Jan
Wagner Baking v t c
12
Jan
Feb
Jan
107
1,000
106
101
1940
General Bronze 6s
Waco Aircraft Co
nx
77?*
Apr
1023* 1033*
*50
103?*
104?*
General Pub Serv 5s..1953
300
2,200
IX
Jan
Feb
56,000
7,000
100?* 100?*
5s ex-warr
28
IX
5?*
63*
X
Jan
59
Gary Electric & Gas—
29
1968
X
Feb
83X
84?* 197,000
42,000
110?* 111?*
803*
843* 412,000
119?* 119?*
1,000
1961
Banks 6s-5s stpd_._
27
lst&ref 4Hs—
6?*
»i«
104?*
93
98 X
Mtge
71?*
1?*
Apr
Feb
27
1,050
18
17X
9,000
106?*
84
111?*
83?*
Federal Wat Serv 5?*s 1954
*i»
"ix ~~2~X
Jan
20,000
1953
1907
6?*8 8erles A
28
1st & ref 5s
49,000
Ercole MareJli Elec Mfg—
28
Am Pow & Lt deb 6s. .2016
91
58
94
Aug 1 1952
Eastern Gas & Fuel 4s. 1956
Van Norman Mach Tool.5
1946
Mar
"9 6
Aug 1 1952
♦Certificates of deposit
preferred
7
§UtU Pow & Lt 7% Df.100
Valspar Corp com
1
$4 conv preferred
5
lst&ref 53—
90?*
♦6?*s
Mar
Jan
Utility & Ind Corp com..5
1st & ref 5s
Jan
1043* 104?*
1,700
1st 6s
78?*
104?*
IX
Power
30,000
1952
71X
Alabama
89
6?*
Jan
Jan
69X
1!
Amer dep rets
Jan
88
Jan
Utah Pow & Lt $7 pref—*
1
127?*
3
Jan
Petroleum
109
Feb
106
Feb
Woodley
Jan
125?*
106
1?*
com
107?*
1,000
1950
16?*
Wolverine Tube
Jan
55,000
126
El Paso Elec 5s A
400
Wisconsin P & L
1083* 108?*
Elmlra Wa Lt & RR 5s '56
4,600
Co—
Jan
Mar
UX
Wilson-Jones
Jan
1113*
Mar
19X
IX
Wilson Products Inc
134?*
5?*
IX
68 X
.
Feb
Feb
2
11?*
Wichita River Oil Corp.
133
Mar
17X
Conv
Jan
Jan
Mar
1093*
Mar
17?*
55
Jan
126
108?*
1944
5s
Tobacco
Cudahy Packing 3?*s_1955
Delaware El Pow 53*s 1959
Detroit Internat Bridge—
Elec Power & Light 5s 2030
1
JaD
Jan
76?*
92**
92?*
97?*
3,000
5X
Utility Equities com...10c
$6.50 priority stock
lf
Jan
Jan
1103* 1103*
{134?* 136
1951
(Bait) 3?*s ser N... 1971
1st ref mtge 3s ser P. 1969
X
Jan
4X
Community Pr & Lt 5s '57
Gen mtge 4?*s
Consol Gas Util Co—
19?*
325
70
5X
70
Consol Gas (Bait City)—
3,200
89
7,000
Consol Gas El Lt & Power
1,225
X
7?*
71?*
300
IX
1
10
Mar
51,000
19X
Westmoreland Ihc
95?*
72?*
5
Weyenberg Shoe Mfg
Jan
72?* 256,000
Universal Products Co---*
Westmoreland Coal Co
90
74?*
""300
Common
5,000
2
1
8
Universal Pictures com—1
7% 1st preferred
94?*
73
ht
~2H
Jan
Mar
70?*
27X
34 X
3X
43*
Jan
93?*
70
7
6X
IX
Universal Corp v t c
Western Maryland Ry—
49
Jan
74?*
Universal Insurance
West Va Coal & Coke
100
Mar
85
71?*
*
West Texas Util $0 pref..*
Feb
43?*
1,000
72?*
Universal Cooler class A..*
Co
104?*
91
1958
8
United Stores common.50c
Class B
11,000
57,000
Jan
91
1950
43 X
33
Watt & Bond class A
Jan
1966
100
Apr
......Apr
Conv deb 6s
8
33
U S Radiator com
Walker Mining
83
Debenture 5s
.
68 X
Wahl Co common
Jan
Jan
4X
4X
26X
7% preferred
71?*
Apr
Jan
Jan
Mar
4X
7% pref—100
Vogt Manufacturing
*
41
41?*
1?*
6X
6X
69 X
Petroleum—1
80?*
105?* 1053*
45
43?*
1956
1927
Cincinnati St Ry 5 ?*s A '52
6s series B
1955
X
6X
26X
Venezuelan
Jan
Mar
Mar
27
76X
1
Utah Radio Products
91*4
31?*
31
38?*
75 X
*
Utah-Idaho Sugar
Jan
Jan
100
U 8 Lines pref
Class B
Jan
107?*
100?*
Jan
7X
U S Plywood
Universal Consol Oil
Jan
83 X
Jan
Chicago & Illinois Midland
si#
2
10
100?*
Apr
Mar
8
"bx
..5
United Wall Paper
94X
75?*
•1«
U S and Int'l Securities
1
U S Rubber Reclaiming..*
U 8 Stores common
50c
1st $7 conv pref
*
59,000
34
33?*
Jan
106?*
24
42 X
75 H
25
20
7,000
19,000
29?*
50
240
10
pref
24,000
40,000
38
5?*s
Cities Serv P & L 5 ?*s. 1952
4X
conv
Apr
Apr
Jan
Mar
Mar
*
$51st pref with warr...*
Jan
103?*
11,000
X
27
Arndeprcts ord reg
United NJRR4 Canal 100
U 8 Graphite com
993*
38
United Molasses Co—
Preferred...
98 X
Jan
4,300
9,100
37%
20
Milk Products...*
United Specialties com—1
US Foil Co class B
1
Feb
0,900
X
ul«
X
$6 1st preferred
United Shoe Mach com.25
96
94?*
100?*
70
l'tt
Common class B
10% preferred
78
151?*
1954
Jan
1?*
Cent States Elec 5s
"bbx
Jan
1948
Apr
rtt
Canada Northern Pr 5s '53
High
141
64,000
100?* 100?*
Jan
*11
IX 135,900
X 12,500
IX
1
"8
S3 partlc pref
Jan
UX
14
83
1H
*
United Lt & Pow com A..*
64 X
Jan
1959
Low
$
11,000
69,000
151?* 151?*
97?*
97?*
97?*
96?*
102?* 103?*
96?*
95?*
78
75?*
106?* 108?*
Jan
5?*
12
1
High
Jan
64?*
22~900
~~9~x 'ux
"ux
1998
Range Since Jan. 1, 1940
Week
of Prices
Low
97 X
3X
19 X
19
Option warrants
$1?*
Bethlehem Steel 6s
IX
12
19
19
warrants
United Gas Corp com
United
Mar
2 X
for
Week's Range
Sale
Price
High
Low
2,500
2%
11%
-----
United Elastic Corp
1st 17
Last
(Continued)
Shares
Union Investment com
Union Premier Foods
United G & E
BONDS
1940
3?*
Unexcelled Mfg Co.—-.10
United Corp
Range Since Jan. 1,
Week
of Prices
Price, Low
High
Sales
Friday,
Sales
Friday
stocks
(Concluded)
April 6, 1940
Exchange—Continued—Page 5
I
♦7s mtgesf
{17
1941
McCord Rad & Mfg—
6s stamped
1948
71
71
71
Memphis Comml Appeal—
Deb 4?*s
1952
Mengel Co conv 4?*s_1947
Metropolitan Ed 4s E. 1971
4s series G
1965
/
100?* 101
92?*
92?*
92?*
1073* 1073*
{109
1093*
101
4,000
Jan
93?*
107
Feb
109?*
Jan
108
Jan
110?*
Feb
90?*
Jan
Volume
New York Curb Exchange—Concluded—Page 6
149
Sales
Friday
Last
:<*
Week's Range
BONDS
Sale
(Continued)
Price
100
100
Midland States Pet 63*b '45
of Prices
High
100
BONDS
$
Low
993*
Feb
65
1,000
Jan
1003*
Jan
663*
665*
15,000
1035*
1033*
20,000
15,000
1003*
Jan
103J*
Feb
102 3*
Jan
103 5*
Mar
106 3*
6,000
1055*
Jan
106 3*
104 5*
Feb
1943
Mllw Gas
1955)
1st & ret 5b
106 3*
Mississippi Power 5s..1955
Miss Power & Lt 5S..1957
1035* 1025*
1035*
13,000
102
103?* 1035*
1045*
36,000
103
Miss River Pow 1st 58.1951
1085*
108?*
1,000
96
96 3*
W2
Jan
995*
995*
10,000
18,COO
985*
Feb
Missouri Pub Serv 5s. 1960
Nassau & Suffolk Ltg 5s '45
99J*
Jan
3*
Mar
108 3*
Apr
Nat Pow & Lt 6s A...2026
1123*
1123*
1ST,000
1113*
2030
1075* 1075*
1075*
18,000
106
{♦Nat Pub Serv 5s ctfs '78
*22 5*
245*
Deb 5s series B
127
2022
Neisner Bros Realty 6s 1948
Nevada-Calif Elec 58.1956
New Amsterdam Gas 5s '48
N E Gas & El Assn 5s. 1947
5s
1948
Conv deb 5s
1950
6s series A
1045*
1103*
Mar
Feb
82>*
♦Income 6s series A.
Mar
Mar
107 5*
Apr
25 3*
Jan
417666
993*
Mar
1033*
67
61,000
62 3*
Jan
123*
86,000
115
113*
♦1st
42
1183* 1183*
42
Jan
19
"17666
173*
81
84
843*
57,000
75
H974
86
86
19,000
109
1,000
107
Jan
Jan
Debenture 63*s
Mar
1st lien &
110
13,000
106
Jan
110
Mar
Un Lt & Rys (Del) 53*s
'52
"923*
92
92 3*
57,000
88
Jan
83
40,000
83
Mar
United Lt & Rys (Me)—
6s series A
1952
1163*
116
1163*
14,000
115
Mar
77 5*
693*
68
693*
693*
J1093* 110
97 3*
100 3* 100
Jan
C2 3*
85 J)G0
Jan
63
43,000
".983*
Jan
635*
9,000
68
Mar
1225*
713*
713*
Jan
713*
1083*
985*
1005*
Jan
94 5*
65~000
Mar
110
Jan
Jan
Jan
Jan
Mar
80,000
96
Mar
995*
1005*
101
4,000
101
Jan
1023*
103
10.000
102
Jan
1033*
Jan
3.000
81
Jan
87 3*
Mar
Jan
Jan
Jan
833*
109
53*s_ 1959
cons
81
83
27,000
74
983*
1973
Deb 6s series A
773*
993*
24,000
983*
873*
873*
2.0001 102 3*
1025*
1033*
108
108
1,000
1053*
106
106
10,000
104 3*
1133*
1st lien & gen
43*s_.1944
Deb 6s series A..
.2022
-
Va Pub Service 53* A. 1946
993*
993*
103
10.000
100
102 3* 103
1003* 101
---1946
Jan
843*
Mar
1003*
Jan
99
Jan
Jan
1013*
Jan
37.000
1013*
Mar
1033*
Mar
1003*
97 3*
Jan
103
Mar
Jan
1013*
Mar
4,000
1145*
40
Apr
103
Apr
5*
Jan
106 3*
Feb
1105*
107 3*
Jan
Jan
1115*
Jan
1095*
Apr
Mar
1,000
103
104
4,000
1095*
28,000
1083*
1085*
16,000
1073*
Jan
1083*
1083*
4,000
10'3*
Jan
108 3*
Apr
'48
Co—
1941
Pacific Invest 5s ser A. 1948
Pacific Ltg & Pow 5s. 1942
1033*
1033*
3,000
1023*
Jan
105
Feb
19,000
108 5*
Apr
Jan
Pacific Gas & Elec
965*
973*
16,000
933*
Feb
1103*
97 3*
1095* 1095*
1095*
4,000
109 5*
Jan
112
953* 148,000
903*
Jan
43
935*
1433*
104?*
975*
Apr
Jan
1063*
Feb
97
Jan
Feb
983*
Jan
♦20-year 7s.___Apr 1946
♦7s ctfs of dep. Apr '46
126
28
263*
Jan
29
Feb
122
35
♦20-year 7s-.-.Jan 1947
♦7s ctfs of dep.Jan '47
♦6s ctfs of dep
Aug '47
♦6s ctfs of dep...Apr '48
126
293*
122
35
122
35
122
35
GOVERNMENT
FOREIGN
'<$
MUNICIPALITIES—
AND
Agricultural Mtge Bk (Col)
Jan
♦7s
1945
112
♦7
ser
B
ctfp, of dep. 1945
112
35
♦7
ser
C ctfs of dep. 1945
112
35
105
6,000
103 5*
D ctfs of dep. 1945
112
35
Mar
1073*
Jan
107 5*
Feb
106
Jan
107 3*
Jan
U55*
1085*
Feb
1093*
107 5*
Jan
Mar
Jan
Feb
Jan
107 M 1073*
1073*
2,000
1075*
Jan
108 3*
108 3*
973*
96
973*
49,000
94 5*
Mar
973*
Mar
983*
973*
983*
95,000
96 3*
Mar
985*
Jan
111?* 111
99?*
993*
1113*
19,000
1103*
Mar
115
100
21,000
96
Jan
1< 0
10,000
413*
Jan
48 3*
Mar
1043*
Jan
1063*
Feb
Peoples Gas L & Coke—
473*
473*
11063* 1063*
A ctfs of dep.
ser
♦7s
ser
♦7s 1st ser ctfs of dep '57
111
111
111
112
102
Feb
30
mmrnm'mm
14
Jan
14
Jan
Jan
Feb
94
Mar
Mar
109
Jan
1105*
Jan
93
19,000
19,000
3.000
108
110
110
83 V*
83 3*
903*
113*
110
Feb
113*
Feb
113*
Jan
12
Jan
Jan
Mar
15
Jan
14
25
Feb
14
Feb
143*
Feb
16
Apr
12
19
13 3*
Cent Bk of German State &
Jan
903*
Bogota (see Mtge Bank of)
♦Caldas 73*8 ctfs of dep '46
Feb
100
1083*
Feb
40
♦Baden 7s
Feb
3,000
893*
123*
"il 3*""jan
18
110
Feb
25
♦Bogota (City) 8s ctfs 1945
123*
25
*57
*57
1951
♦7s 3d ser ctfs of dep
7s
1948
depo8it..l948
♦73*8 ctfs of dep.-.1946
102
1083*
Jan
♦Cauca
133*
Valley
♦Prov Banks 6s
♦6 series A
B..1951
...1952
133*
110
25
U4
35
16
16
122
40
122
40
112
2,000
25
110
♦7s ctfs of
30
16
8,000
Colombia (Republic of)—
'61
dep..Oct '61
ctfs of dep..July
♦6
♦68
ctfs of
Cundinamarca (Dept ol)
1959
.1955
Danish
150
70
48
Jan
52
Jan
1953
♦63*s ctfs of dep
140
60
39
Feb
49
Mar
6
10,000
110
Jan
52 3*
1,000
50
Feb
53
Jan
863*
17,000
855*
Apr
913*
Jan
14
JaD
15
Feb
150
Jan
158
Mar
1939
108
Jan
♦Hanover (Prov) 63*8.1949
1003*
Jan
3*
Lima (City) Peru—
16
Public Service of N J—
1533*
1543*
1063*
1063*
1,000
1063*
Mar
973*
65,000
94 3*
Jan
14,000
Ext
53*8
5s
Danzig Port & Waterways
♦External 63*s
1952
♦German Con Munlc 7s '47
1947
♦Secured 6s
♦Hanover (City) 7s
Pub Serv of Oklahoma96
Mar
7
Jan
14
14
1,000
123*
Jan
14
Mar
13 3*
2,000
123*
Jan
133*
Mar
1113*
13 3*
25
1113*
20
16
13 3*
10
Jan
123*
Feb
93*
Jan
103*
Mar
Jan
Mar
133*
Mar
12
943*
953*
43,000
9'5*
Jan
100
Jan
923*
903*
923*
61,000
903*
Jan
97
Jan
95
94
95
203*
203*
203*
114
30
"166"
1083*
109
mm*
134 3*
1343*
Wks 6s..1937
mm.
1153*
35
126
♦Schulte Real Est 6s. .1951
103
Scripp (E W) Co 53*8.1943
Inc 3s—1951
273*
103
1033*
5,000
93 3*
Mar
11,000
18 3*
Jan
14 3*
rnmmmmm
203*
15
Mar
Jan
1073*
Jan
109 3*
Jan
Mar
1343*
Mar
23
mm
4,000
Jan
1025*
63 3*
9,000
1103*
11
1958
113?*
143*
10 V*
1133*
14
13 3*
110
25
}10
25
♦63*s stamped
♦Maranhao 7s
deposit..1951
♦63*s ctfs of dep
1954
Mtge Bk of Bogota 7s. 1947
♦78 ctfs of
Apr
12
mmrnmrnrn
mm
Jan
132 3*
8,000
1,000
mm
Mar
99
1958
♦Medellin 7s stamped. 1951
953*
«,
Jan
Jan
17
Mar
295*
♦Issue of May
263*
1927
Mar
'47
72 5*
122
40
♦Mtge Bk of Chile 6s. 1931
1133*
18
Mtge Bank of Colombia—
♦7s ctfs of dep
1946
120
1947
120
40
40
253*
47
♦7 ctfs of dep..Oct
'47
92?*
923*
923*
56,000
91
Mar
983*
93
925*
93
39,000
905*
Mar
97 5*
Jan
♦7s ctfs of dep
mmmmmm
933*
95
7,000
95
Jan
♦63*s ctfs of dep—1947
Shawinigan W & P 43*8 '67
series D—1970
1013* 101
1115*
Sou Carolina Pow 5s. .1957
112
2025
92
Feb
Jan
1013*
22,000
98 3*
Jan
3*
1015*
Apr
82,000
1103*
Jan
1125*
Jan
♦Parana (State) 7s
17,000
1083*
Jan
1103*
JaD
8,000
1085*
Jan
110 3*
1,000
1043*
Jan
1055*
Jan
Mar
♦Santa Fe 7-4s stmp.
Mar
♦Santiago 7s
1958
♦Rio de Janeiro 63*8.1959
Sou Calif Edison Ltd—
1960
Ref M 3?*s B.July 1 '60
1093*
109
1093*
1093*
Sou Counties Gas 43*s 1968
1053*
1053*
Ref M 3?*s_May 1
31,000
50
Jan
53
106 3*
102
1065*
21,000
105
Jan
106
5*
15.000
09
Feb
107
mmmmmm
So'west Pow & Lt 68.2022
m
m
m
mmm
107
2,000
1053*
1>8 5*
......
Jan
"i4k"Mar
,
93*
3*
13*
253*
Apr
253*
Apr
38 3*
Jan
46 3*
Mar
*27666
16
93*
13*
93*
1921
Mar
93*
Jan
16 3*
Mar
8,000
73*
Jan
103*
Mar
3*
Jan
•u
H
Jan
3*
Feb
79
Mar
143*
Jan
173*
Mar
2,000
3*
.1945
117
25
Jan
Feb
Jan
Feb
53
mm.
6s..1945
16
16
63*8—1919
♦53*s
Apr
263*
Apr
1023*
51
Sou Indiana Ry 4s....1951
S'western Assoc Tjel 5s 1961
♦Russian Govt
265*
26
773*
253*
132
Mtge Bk of Denmark 5s '72
1123*
Jan
"Feb
12*
1,000
35
Mar
70
Jan
40
Jan
104
683*
15
"26"
263*
122
126
♦7 ctis of dep. May
♦Issue of Oct 1927
70
Scullin Steel
Feb
35
Apr
Mar
5,000
"97
"283*"
lombia—
43 3*
7,000
114
263*"jan
Antioquia (Dept of) Co¬
1043*
107 3*
12,000
6% perpetual certific
Jan
94
Jan
1073*
Potrero Sug 7s stpd.
Mar
105
953*
Jan
3.000
523*
853*
107
Mar
2,000
Jan
1073*
"no"
Feb
103 3*
6,000
104
108
91
105 3*
8,000
98
1013*
mm
1073*
903*
Jan
147600
96
8,000
mrnmrn
107 3* 1073*
"93"
Feb
97
61,000
44
109
113
Jan
603*
104
96
1063*
109
101?* 1013*
1153*
Jan
Jan
973*
1937
1947
♦7s 2d ser ctfs of dep
473*
Mar
523*
104 3*
106 3* 1063*
1033* 104
1043*
1075*
4s series D
18,000
96~~
Jan
Penn Ohio Edison......
56
553*
105
1104
Jan
23.000
1033*
1063* 1063*
'44
Mar
4s._1962
953*
West Newspaper Un 6s
{♦York Rys Co 5s
♦Stamped 5s
106
"ioi"
"56"
Wheeling Elec Co 5s..1941
Okla Nat Gas 35*8 B.1955
973*
114
Feb
Feb
Jan
1115*
109
1,000
1143* 1143*
West Penn Traction 5s '60
Mar
106
Mar
103
1085* 1085*
Mar
108
108
109?*
1st 6s series B
Jan
1093*
Jan
106
109
Okla Power & Water 5s
103*
Feb
1063*
103
1113*
103
Jan
Mar
108 3*
Jan
1053*
Ogden Gas 1st 5s
1945
Ohio Pow 1st mtge 3 3*8-'68
1055*
73*
1,000
5,000
Feb
45
KN'westem El 6s stmp '45
N'western Pub Serv 5s 1957
Mar
Feb
Feb
Feb
25,000
1043*
14,000
Serv
Feb
1073* 1073*
83*
Yadkin River Power 5s '41
47
Pub
Jan
119
83*
83*
1093* 1093*
Wise Pow & Light 4s_1966
455*
Spalding (A G) 5s
1989
Standard Gas & Electric—
93?*
1951
1954
Mar
9,000
S'west
Jan
Apr
2030
♦5s income debt
Mar
18,000
Southeast P & L 6s
Jan
893*
West Penn Elec 5s
65
106
1947
873*
109
9.000
1023* 1033*
1950
1st ref 5s series B
Feb
55
4,000
1025*
_
-193*-Feb
Waldorf-Astoria Hotel—
1015*
U135*
1053*
Coal 6s
Jan
Wash Ry & Elec 4s
102 3* 1023*
1025*
1st 43*s
Jan
Jan
20
Utah Power & Light Co—
Deb sf 6s
101
1956
Sheridan Wyo
Jan
Mar
33*8 '47
Cont'l Utll 53*8—1948
♦Saxon Pub
-
128
68
No Bost Ltg Prop
L & P 6s B '52
Jan
20
1113*
643*
San Joaquin
Mar
Jan
643*
Safe Harbor Water 43*8 '79
123*
Jan
121
Apr
1183*
453*
Mar
124
122
Jan
67
Jan
42
1085*
82 3*
Jan
Feb
Feb
117?*
21,000
19
Light & Pow C<*—
1975
Debenture 6s
8
3,000
423*
25
120
f 6s....:. —1945
s
United
1183*
6,000
Nippon El Pow 63*8-1953
No Amer Lt & Power—
Serv
Jan
1083*
1183*
"7~oo6
685*
1949
Ohio Public
12
♦United Industrial 63*8 '41
Jan
99 5*
112 3*
Jan
High
Mar
111
693*
stamped. 1950
N Y State E & G 43*s 1980
1st mtge 3?*s
1964
N Y & Westch'r Ltg 4s 2004
Debenture 5s
1954
Nor
1950
Conv 6s 4th stp
United El Service 7s. .1956
Mar
65
106 3*
31,000
*1163* 119J*
100
1013*
66 3*
Low
$
{Ulen & Co—
Jan
98
203*
"69"
♦Ext 43*s
53*8 series A._
'52
United Elec N J 4s___1949
Penn & Ohio—
York
Tietz (L) see Leonard—
Twin City Rap Tr 53*s
1013*
Range Since Jan. 1. 1940
for
Week
127
U21
1942
New
106 3* 107
107
2022
6s series A
Tide Water Power 5s. 1979
Feb
New Orleans Pub Serv—
5s stamped
Texas Power & Lt 5s.1956
Range
of Prices
High
Low
127
109 3* 109 3*
33*8.1961
Assn 5s 1948
Debenture 53*s
1954
New Eng Pow
Jan
Week's
Price
110
Nebraska Power 43*s_1981
New Eng Power
70
Sales
Sale
(<Concluded)
High
Light 43*s..1967, 1035* 102
MinnPA L43*s
1025*
1978
Midland Valley RR 5s
Last
Range Since Jan. 1, 1940
for
Week
Low
2233
Friday
107
Apr
583*
583*
3,000
50
Jan
59
49
Jan
723*
1949
Jan
Mar
1948
(stamped). 1948
68 J*
69
66
693* 109,000
663*
69?*
97,000
493*
Jan
725*
Jan
-.1951
693*
66
693*
82,000
48
Jan
723*
'66
683*
66
693*
97,000
48
Jan
72 3*
Jan
Jan
1957
683*
653*
48
Jan
72
Jan
Standard Pow & Lt 6s 1957
683*
653*
695* 256,000
693*
97,000
49
Jan
♦Starrett Corp Inc 5s. 1950
19
19
193*
21,000
18
Mar
713*
213*
Jan
Feb
Jan
46 3*
Mar
Jan
30
Mar
Mar
46
6s (stamped)
Conv 6s
Debentures 6s
Debenture 6s. Dec
1
6s gold debs
Stinnes (Hugo) Corp—
7s 2d stamped
7s 2d stamped
4s
1940
4s—1946
145
50
mm
'
29
"36"
30
30
"9"6OO
243*
413*
41
42
14,000
41
106
21,000
Terni Hydro
El 6 3*8.1953
Texas Elec Service 5s.. 1960
106
1053*
1043*
Jan
106 3*
Jan
Mar
♦No par
interest
n
value
a
Deferred delivery sales not included in year's range,
Under the rule sales not Included In year's range.
cluded in year's range,
x
d Ex-
Cash sales not In¬
Ex dividend.
X Friday's bid and asked price.
Bonds being traded flat.
No sales being transacted during current
week.
♦
,
.
| Reported in receivership.
* Called for redemption*
Northwestern Elec. Co. 6s stpd. 1945, May 1 at 103.
e
Cash
transacted during
sates
the current week and not
Included in weekly or
yearly
range:
No S&lcs
y
",J
Under the-rule sales transacted during the
weekly or yearly range:
No sales
z
current week and not
included Id
'
Deferred delivery sales transacted during the current
week and not included In
weekly or yearly range:
No sales.
^
Abbreviations
Used
Above—"cod," certificates of deposit;
'v t c
" voting trust
without
nt.a
"cons." consolidated
"M," mortgage; "n-v." non-voting
certificates; "w 1," when issued: "w w." with wa-rani*;
"cum," cumulative; "conv," convertible;
stock
•
M
The Commercial & Financial Chronicle
2234
April 6,
1940
Other Stock Exchanges
Baltimore Stock
March 30
Exchange
Friday
Sales
Week's Range
Last
Sale
Stocks—
Arundel
Par
Corp
1st pref v t c
18%
18%
19%
200
36c
40c
99
1.65
2.00
82%
83%
Mar
"'36c
2.00
"118%
19
59
Jan
83%
119%
8
31
Jan
130
Jan
156
33
27
34
120
127% 128%
9%
9%
290
36c
49c
3,900
43c
200
"""36c
1
Common class A
Trust
19%
1
43c
Co. -.50
7%
272
18%
Apr
Merch & Miners Transp..*
15
National
Marine Bank. 30
New Amsterdam CasualtyS
16%
28%
50
"so
15
28%
mmmmmrn
50
Last
Week's Range
for
Apr
Sale
of Prices
Week
Apr
70c
Jan
30c
Feb
55c
Mar
Mar
10%
Jan
Jan
29%
Mar
44%
Jan
46%
Feb
13%
12%
100
Jan
1.25
1,296
Owlngs Mills Distillery.. 1
"25c
5% pref 50
Feb
40
23"
Mar
10%
1.45
Jan
Western National Bank. 20
34%
34%
Bait Transit 4s Cat...1975
Par
40c
Jan
i 32
'
14%
72%
Jan
Apr
Automatic Products com.5
Jan
Jan
37
Automatic Washer Co cap3
Aviation Corp (Del)
3
26%
Jan
Mar
32
1975
38
37
38
25,300
31
Jan
94
94
94
2,000
92
Jan
Last
Par
Week's Range
for
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1940
Shares
Low
50c
*
pref
non-cum
30c
1st pref
Amer Tel & Tel
-.50
100
50
1%
50
1%
30c
59
1%
15
15
175
411
20
171% 174%
Apr
Apr
Feb
13%
167%
2,340
60c
Jan
Jan
Mar
Mar
Preferred
100
-
*
Boston & Albany
100
100
12%
85
100
143%
Boston Elevated
100
47%
Boston Herald Traveler..*
19%
&
12%
85%
85
Boston Edison Co..
Boston
100
11%
142% 144%
47
47%
19%
19%
:
125
92
Jan
210
10%
Jan
332
78
103
Mar
12%
Jan
Apr
85
Feb
142%
Mar
149%
Jan
570
44%
Jan
60%
Mar
257
18%
Jan
20%
Feb
1,009
Maine—
Common stamped
Prior preferred
100
2
2
100
2
100
7%
2%
8%
2%
740
7
2
Class A 1st pref std_.100
1st pref C
2%
100
Boston Per Prop Trusts. *
Boston & Providence..100
5
Copper Range
25
18
7
6%
5,
18
31
69
7%
4%
5%
1,015
Mar
10%
2%
Jan
Mar
Feb
2%
Jan
12%
16%
6%
4%
225
8%
Feb
1%
20
15
14%
17%
_
Calumet & Hecla
2
Jan
Mar
1%
139
Feb
15
Mar
Mar
19%
Jan
Feb
8%
5%
Feb
Jan
Feb
East Gas & Fuel Assn—
Common
*
100
4 %% prior pref
6% preferred
3%
53%
Feb
3%
52
53%
507
42
Jan
55%
Mar
23%
100
Mar
24%
429
17%
Feb
24%
Mar
3%
3%
100
2%
1st preferred
100
Adjustment
100
1%
1%
510
59%
1%
Feb
2%
Jan
East Steamship Lines com*
Preferred
*
3%
3%
30
3%
Apr
4%
Jan
61
62
88
22
26
25%
20%
*
31%
31%
6%
Gillette Safety Razor.
Helvetia Oil Cote
22
*
Employers Group
General Capital Corp
6%
lie
...1
Isle Royale Copper Co.. 15
Maine CentralCommon
,
..100
5% cum pref
Inc
1
NYNH4HRR
22
Apr
30
Jan
26%
31%
30
29%
Jan
31%
Jan
6%
407
6
Jan
6%
Mar
lie
220
11c
Apr
11c
Apr
1%
Jan
2
Jan
8%
Feb
1#
370
7%
7%
7%
264
6
Mar
50
20
Mar
21
21
6%
30%
132"
130
Apr
25
Feb
303
2%
Jan
143
14%
Mar
15%
Feb
6%
36%
14%
6%
Mar
2%
15%
2%
15%
Jan
21%
.
1%
100
New Eng Gas & El Ass pfd*
New England Tel & Tel 100
63
1,267
"l%
Mass Utilities Assoc v t c.l
Mergenthaler Linotype.. .*
Narragansett Racing Assn
50
Feb
2,060
4%
Jan
6%
Apr
38%
133%
Mar
132
30
439
34
2%
Jan
Jan
124%
Mar
Jan
100
%
%
%
127
%
Jan
55c
51c
60c
4,440
45c
Feb
%
69c
Mar
Jan
78
Mar
Northn RR (New Ham) 100
Old Colony RR—
Common
77
100
77
27c
27c
14
15
61
25c
Jan
45c
Feb
Mar
Old Dominion Co
Pacific Mills Co
-.25
30c
510
30c
Apr
...»
14%
14%
14%
70
1H
Mar
15%
Jan
Pennsylvania RR
50
23%
22%
23%
1,296
21
Feb
24%
Jan
22c
Reece Button Hole MachlO
8%
8%
8%
Reece Folding Machine. 10
1%
655
8%
00
*
1%
11%
10%
1%
11%
875
Stone & Webster
*
11
10%
11%
667
Torrlngton Co (The)
*
Union Twist Drill Co
5
United Shoe Mach Cor p. 25
6% cum pref
25
Utah Metal & Tunnel Co.l
Vermont & Mass Ry.
100
65c
~45%
45%
31%
Mar
1%
10%
Shawmut Assn TC
Subur El Securities com..*
2nd pref
*
Jan
19c
65c
45
45%
15
9
9%
Jan
Feb
12
Feb
12%
Jan
57c
Jan
1%
Jan
Mar
Jan
65c
Apr
32
655
29
Jan
28
355
25%
Jan
28
Feb
77
728
72
Feb
84%
Jan
42%
43%
325
42%
Apr
44
Jan
46c
32
45%
33%
47c
650
41o
Mar
"75%
27%
75%
42%
88
88
30
45%
Apr
87
Apr
Mar
50c
Jan
*
7%
Warren Bros
Jan
90%
Mar
7%
7%
362
6%
Jan
7%
Mar
1%
..
Waldorf System
1%
20
1%
Jan
1%
Mar
1948
100
97% $21,000
100%
2,500
Series C 6s
1948
104
1
Series D 6s
1948
Series B 5s
4
500
103
150
92%
93%
103%
101%
Jan
97%
Jan
Apr
101% Mar
104
Feb
Mar1 103%
Apr
Feb
Stocks—
Par
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Range Since Jan. 1, 1940
Low
Acme Steel Co
see
Feb
Apr
18%
Apr
69
25
47
"T%
page 2237.
■
3%
12
69%
50%
400
67
Mar
70%
Jan
231
45%
Mar
50%
Apr
3%
1,050
2%
12%
600
11%
Feb
Jan
4
13%
%
6
100
18%
Mar
7%
Apr
Jan
10%
100
9%
Jan
17%
17%
18
300
11
11%
950
17%
8%
Jan
5%
35%
1,200
4%
Jan
18%
■'11%.
5%
2,850
27%
Jan
35%
10
Jan
11%
Feb
Jan
4%
Apr
1,200
3%
17%
Mar
23%
Jan
24%
22%
2,700
21%
Mar
25%
Jan
Feb
22%
Apr
4%
300
4%
23%
4%
5
22
400
11%
4%
21%
1
Preferred class A
*
Bruce Co (E L) com
Bunte Bros com
4%
— —
50
21
80
Cum
......
conv
pref
30c
Wy & Can Fdy cap*
——————
—
Castle (AM) com (new) 10.
Central Cold Stor com..20
19
17%
19%
— — ——
"
"
10
10%
18%
3%
6%
22%
10
18
10
— — —
—
"19"
10
Burd Piston Ring Co com.l
Camp
18
......
*
Jan
11
Jan
Jan
Apr
Apr
Apr
Mar
5%
Feb
Mar
20
Feb
9%
Mar
11%
Feb
20
14%
Feb
200
3%
17%
250
2%
6%
Mar
19
Jan
Apr
Mar
326
21
Jan
4%
7%
23%
600
7
13%
Jan
19%
Apr
Feb
20
Jan
1,550
23%
19%
19%
50
18
Jan
Apr
10
30
8%
Feb
11%
83%
960
78%
Mar
84%
Jan
%
1,300
%
Jan
%
Jan
7%
83%
10
81%
%
Cent,111 Pub Ser $6 pref..*
7%
100
6%
Jan
7%
Mar
%
5,200
%
Mar
130
54
Mar
114%
6%
200
112
Mar
Central-Illinois Seers com.l
Convertible pref
4
50
*
Jan
Central & S W—
Common
50c
new
$7 preferred
Prior Hen pref
%
55%
%
*
56
*
113
114%
Cen States Pow & Lt pref. *
Chain Belt Co com
*
5
"26"
Cherry Burrell Corp com.5
Chicago Corp common
1
-
—* —
-
19
36
36
83
81
84
Chic & N West Ry com 100
88%
10
com
10%
89%
5%
3%
4%
5%
Club Alum Utensil com..*
3%
Coleman Lmp & Stv com.*
*16
10%
86%
—
—
3%
Feb
5,500
1%
Jan
Feb
77
Jan
Feb
37
37
37
13
25
32%
32%
32%
Compressed Ind Gases cap5
Consolidated Oil Corp...*
Consmrs Co pt sh pf v t c50
Container Corp com
20
15%
7%
15%
7%
16
4
4
rV
Jan
Jan
1%
Jan
450
36
Jan
37
Feb
67
Jan
84
Apr
1
'16
Mar
1
8%
79%
Feb
%
11%
Jan
91
523
4
1,100
Feb
7%
4
Jan
Mar
Jan
5%
Apr
3%
Mar
300
3
.I&D
70
35
Jan
37
7
Feb
16,150
31
Jan
32%
16%
Apr
Commonwealth Edison—
Capital
Jan
Jan
300
®16
Chicago Yellow Cab com.*
4%
18%
10%
550
-
%
120%
6%
20%
Jan
200
12%
l%
1%
36%
:
70
20
12%
-
1%
Convertible preferred..*
Chi Flexible Shaft com...5
Cities Service Co
57
300
13%
Jan
7
20
Feb
8
3%
3,270
Feb
4%
.
Mar
Jan
Feb
16%
215
15
Mar
17%
Jan
178
25
Jan
459
20%
32%
24%
Apr
20%
32%
21%
17%
17%
16%
——————
Continental Steel—
Common
Crane Co
*
—
25
com
—
— -
30
-
20%
CunninghamDrugStores2 %
Curtis Lighting Inc com..*
Rubber
2
———
1
Mets Inc pref.
*
Diamond T Mot Car com.2
Dixie-Vortex Co—
De
CommoD
17%
17%
-
...
2%
23%
-
22%
—
-
11
———
9%
*
Class A
14
*
.*
com
13%
15%
3%
29%
Eddy Paper Corp(The)cm*
Elec Household Utll cap..5
Elgin Natl Watch Co... 15
*
Fairbanks Morse & Co cm*
13%
36%
12%
15%
3%
28%
44%
'
Fox
(Peter) Brewing com.5
Fuller Mfg Co com
Gardner Denver
14%
Jan
17%
Mar
19
Feb
50
1%
Mar
2
Jan
18
500
16%
Mar
com
Heller (W E) 7% pfd w w25
Hlbbard Spen Bart com.25
*
Feb
Jan
/14%
Mar
400
11%
37
250
34%
JaD
13%
300
11%
Feb
13%
16
450
15
Feb
16%
Jan
4
Mar
38
Mar
Apr
2,200
3
Jan
29%
1,700
4
29%
46%
15%
4%
160
22%
37%
Feb
Jan
46%
Apr
Apr
100
12%
Feb
3,950
3%
Mar
.
15%
Mar
4%
18
Apr
Feb
11%
100
10%
Feb
11%
Apr
52%
94
51%
Mar
57%
Jan
2%
2%
200
2%
Apr
2%
Jan
45%
Jan
48%
51
Jan
55%
Apr
Jan
6%
Mar
257
—
— —
54
55%
2,404
6%
253
6%
11%
200
6%
Jan
6%
Feb
150
12%
Feb
210
10%
21%
Jan
24%
Jan
11%
Jan
24%
12%
Feb
12%
25%
400
25%
—- —
48
1,100
Mar
27%
Jan
18
19
500
21%
17%
Jan
20%
Feb
9
70
6%
6%
——————
-
— —
"
—
—
— — —
9"
12
8%
.
4%
7
Jan
9
-
Jan
Feb
Apr
8%
8%
Jan
10
Feb
9%
9%
9%
1,100
------
Jan
10
Mar
------
26%
26%
50
26%
Apr
26%
38
38
Apr
42
9%
—
—
w
—
—
-
------
9%
39%
15%
70
80
13
Jan
15%
34%
100
30
Jan
34%
2,610
11%
Jan
15%
Apr
14
Jan
18%
Apr
5%
13%
Jan
11%
15%
18%
4%
12%
24
24
86%
58
89%
58%
17
17
—
—
-
-
Apr
15%
4
12%
------
100
34%
17
*
Apr
10%
Jan
18%
Co cap
11%
Jan
15%
14%
100
Jan
Mar
100
15"
com
8%
17
4
Houdallle-Hershey cl B__*
Illinois Central RR
10
20
11%
——
*
Hamilton Mfg cl A pt pfdlO
Helleman Brewing cap.__l
Heln-Werner Motor Parts 3
40
Jan
Mar
22%
55%
-
Goldblatt Bros Inc com..*
Hall Printing Co com...10
19%
2%
23%
Jan
Feb
47%
Gen Motors Corp com.. 10
Gillette Safety Razor—
Common
1%
1Q%
51%
——————
*
General Outdoor Adv com *
14
200
288
11%
4%
new.*
com.
2%
23%
11%
9%
17
1
General Candy cl A
5
Gen Amer Trans Corp cm.5
Gen Finance Corp com_..l
General Foods
Apr
250
2
Mfg—
Common.
Decker (Alt) & CohncomlO
Deere & Co com
.*
Dodge Mfg Co
:
International Harvest com*
Advance Alum Cstgs com.5
Aetna Ball Brng Mfg com 1
For footnote*
4
7%
Iron Fireman Mfg vtc...*
*
com
Jan
24%
Borg Warner Corp—
Common
Inland Steel
High
Abbott Laboratories—
Common
Jan
Feb
19%
Indep Pneumatic Tool vtc *
'
Shares
Apr
3%
Hubbell Harvey Inc com.5
Illinois Brick Co cap
10
bales
Last
Feb
%
6%
18%
""21%
Hormel & Co (Geo A) com*
April 5, both inclusive, compiled from official sales lists
Friday
1%
Jan
350
11%
Horders Inc com....
Chicago Stock Exchange
March 30 to
7
Feb
7,750
34%
Goodyear T & Rub com..*
Bonds—
97
Jan
1
7,050
11%
Gossard Co (H W) com..*
Great Lakes D <fe D com..*
Eastern Mass St Ry—
Series A 4%s
1948
5%
50
7
35%
Dayton
2.50
North Butte
Jan
Apr
4
"10%
Chrysler Corp common..5
Eastern Mass St Ry—
62
Mar
Jan
7%
3%
6%
18%
10%
5
Butler Brothers
Blgelow-Sanford Carpet—
Bird & Son Inc
Mar
Brown Fence & Wire—
2
15%
175%
JaD
100
6%
15%
1%
45%
11%
5%
Common..'
Common
37
Jan
Mar
500
Berghoff Brewing Corp...l
Blnks Mfg Co capital
1
American Pneumatic Ser-
0%
50
Mar
6%
4
Brach & Sons (E J) cap..*
High
Jan
Jan
Jan
175%
%
Bliss & Laughlin Inc com.5
bales
Sale
1
""7%
10
Belmont Radio Corp
Bendlx Aviation com
Exchange
%
Feb
*
Belden Mfg Co com
April 0, both inclusive, compiled from official sales lists
950
41%
100
%
Barlow&Seellg Mfg A com 5
Bastlan-Blesslng com
*
Mar
Jan
20%
■
Barber Co (W H) com___l
Apr
95%
Jan
Mar
167%
5%
13%
952
1,000
5%
1
......
Mar
38
1975
High
Apr
6,050
.
14%
1%
44%
Athey Truss Wheel Co cap4
40
B 5s
Stocks—
1%
44%
Associates Invest Co com. *
23%
20,000
Friday
89
14
1%
Jan
33
Boston Stock
35%
390
5%
1
Feb
A 5s flat
March 30 to
150
97
18%
1,350
172% 174%
5%
5%
Backstay Welt Co com...*
^
36%
92
5%
Aro Equipment Co com.-l
Asbestos Mfg Co com
Mar
33%
Low
19
35%
"97"
Armour & Co common...6
36
60
Range Since Jan. 1, 1940
Shares
High
18%
Amer Pub Serv Co pref. 100
Amer Tel & Tel Co cap. 100
22%
1,764
V
33
Low
Allied Laboratories com..*
Allla-Chalmers Mfg. Co..*
64
100
Price
Aviation Jk Transport cap. 1
;
Bonds—
Mar
90
Feb
23c
100
40
23%
34%
Jan
88
1,900
70
69
22%
....
2
U 8 Fidelity & Guar
30c
25c
Penna Water & Pwr com.*
Seaboard Com
10
Stocks (Continued)
Jan
265
Jan
28
100
90
Sales
Friday
Feb
258
63
1.30
1.30
90
CHICAGO
10
'
Northern Cnetral Ry...50
Salle St.,
36c
129
16%
16%
North Amer Oil Co com.l
La
19%
'
Monon W Pa P 8 7% pfd25
10 S.
Jan
Mar
9%
17
14
264
264
Trading Dept. CGO. 405-406
Jan
8
29
20
Exchanges
Teletype
Municipal Dept. CGO. 621
Apr
Feb
Principal
Bell System
Feb
Mar
Members
Apr
Jan
110
8
100
Jan
2 00
78%
144
29
Finance Co of Am A com.5
65c
Jan
Davison Cbem Co com__l
Fidelity & Deposit
Apr
1.60
Eastern Sgrs Assn pfd v t cl
Houston Oil pref
Mar Tex Oil
Unlisted
Panl H.Davis & <90.
Jan
20%
30c Mar
1,477
r
117% 118%
-
21%
Feb
18%
1,105
20%
-
Consol Gas E L & Pow. ._*
100
High
High
Low
Shares
19
100
4%% pref B
Range Since Jan. 1.
for
SECURITIES
Li»ted and
1940
Week
of Prices
Taw
Price
*
Atlantic Cst Ln (Conn).50
Bait Transit Co com v t c *
Mercantile
CHICAGO
April 5, both inclusive, compiled from official sales lists
to
250
400
525
4
Apr
9%
21%
Mar
400
92
82%
96
200
Feb
Mar
Apr
Feb
Jan
Jan
Jan
24%
90%
53%
Feb
62%
Jan
16
Jan
17
Feb
Jan
Jarvis (W B) Co—
Common
*
Jan
Jefferson Elec Co com...*
Feb
Katz Drug Co com.
1
15%
15
15%
22
20%
22
5%
5%
5%
1,550
550
600
14%
19
5%
Feb
17
Jan
Mar
22
Apr
Apr
6%
Feb
Volume
Stocks (Concluded)
Week's Range
of Prices
Week
Par
5%
cum conv
"~6
6% preferred
10C
Kerlyn Oil Co cl A com..5
Klngsbry Brewing Co cap. 1
Leath A Co
Cumulative pref
30
*
...10
"T%
LIbbyMcNeillALlbby com7
7%
Le Roi Co com
Mar
30
100
"24"
3%
Jan
%
%
Mar
350
1%
Jan
1%
Jan
100
3%
Jan
4%
Mar
30
^
40
•
25% _Jan
30
Mar
150
7%
750
500
Jan
2
<%
Feb
Early & Daniel
2%
Jan
Formica Insulation.
310
20%
Mar
26
Jan
6
300
4%
Jan
6
Mar
150
10%
10%
Merch
10%
13%
1<%
mm-
'
"
-
_
21
5
16%
18
235
54%
28%
55%
29
1%
450
1 %
Jnn
2%
Apr
130
5%
Jan
7%
Jan
50
8
Apr
8
Apr
Kroger
200
26
Jan
12%
Feb
3%
Mar
4
Jan
Mar
30
Jan
14%
4,110
3%
28%
3%
320
3%
8%
3%
100
25
*
*
Middle West Corp cap...5
Midland United conv pf A*
9%
1%
3
4,450
100
5%
5%
5%
6% cl A pref
100
9
%
5%
......
Miller A Hart Inc cnv pf.*
Jnn
1%
•
50
Mar
3
Apr
U 8 Printing...
6%
Jan
Preferred
Jan
5
50
„
%
Jan
%
Jan
510
%
6
?%
Jan
7%
Feb
Wurlitzer
9%
Jan
100
11%
Monroe Chemical Co com*
10
10
11%
11%
23%
Jan
11%
23%
1%
1%
50
1%
Jan
1%
Mar
38%
39%
60
38%
Apr
42%
Jan
55%
Jan
29
Jan
10
6
Jan
55
21
40
25
-
17
673
Mar
Apr
43%
Jan
15
Feb
Feb
12%
101
107
Mar
Apr
Apr
99%
Jan
32%
20
99%
28%
18%
Apr
22
Jan
65%
Jan
70
Mar
Feb
230
Feb
Feb
23
Apr
228
6
23
227
190
10%
Feb
3%
Jan
Jan
57%
Apr
Jan
39
Apr
157
214
3%
Mar
150
9%
Jan
page
2201.
51
37%
39
3
160
306
65
2%
2%
16
15
5%
5%
13
11%
Apr
47%
34%
1%
13%
4%
51%
4
,
11
Mar
885
20%
5%
Jan
Apr
Apr
6%
Jan
2%
Feb
Jan
17%
5%
Mar
13
Mar
Jan
Apr
23%
Jan
4%
32%
18%
50
'
Western Bank
-12%
26%
67%
—10
*
Feb
-10-Feb
Apr
48%
U S Playing Card
23%
Minneapolis Brew Co coml
Modlne Mfg Co com
*
Preferred
Mar
2%
Mar
31%
18%
23
Mar
18
32%
....
Jan
2
21
"68%
*
Tiraken Roller.
7%
6,700
2%
6% prior lien
*
B
7%
Jan
10
228
Mar
Mar
99%
100
Randall A
Jan
Jan
Apr
6%
13%
51%
99%
.*
Lunkenheimer
Procter & Gamble
3%
9%
3%
1,050
Mar
7%
30
107
106
.100
1st preferred..
Feb
Mar
14%
454
42%
13%
13%
*
Apr
Mar
100%
392
11
42%
Kemper Thomas spec pref.
30%
15%
2%
Jan
93
6%
11
-*
8% preferred
com.l
5%
..100
Kahn
7%
26%
"
29
10
Jan
3%
*
part pref
55%
—
pref—
Feb
Jan
97
165
21
6
110
Apr
12%
Jan
5% 'Mar
117
.—*
Jan
8
369
-210
12
13%
14%
2%
2%
99% 100
14%
14%
2%
99%
11%
15%
30%
Mar
-11%
35
8
Feb
106%
2%
57
107
107%
*
-—10
■-*
69
30
<•»
1
$2
Mickelberry's Food
-
Hobart A
Mar
Jan
2%
105
13%
Mfrs Sec—
&
Class A com
cum
-
pref
Mar
8%
Feb
2%
18%
1%
6%
"
*
com
Partic
10%
Apr
1%
150
2%
17%
m
8
Mapes Cons Mfg Co cap..*
Field
—
m — m —
—
McWil'lams Dredg Co cm*
Marshall
Feb
9%
Mar
Feb
6
2%
107%
1,621
---*
Hatfield prior
7
45
6
7%
7%
13
— —
*
MeCord Rad A Mfg A...*
_
954
10%
2%
High
Low
Shares
6%
General Motors
24
•
Packing com
ZZ,J~
Eagle-Picher
6%
2%
5%
—
*
Liquid Carbonic Corp com*
Loudon
Dow Drug
Jan
Jan
9
6
6
"T%
...
""6%
6
23
Crosley Corp
Feb
6%
-
Price
--.*
Columbia Gas.
Gibson Art
'm— —
—
m
...10
Preferred
Lion Oil Refg Co cap
Feb
103%
Jan
2
*
10
Jan
*
5
Cinci Gas A Elec pref--100
Cincinnati Street Ry
50
Cincinnati Telephone—50
Cinci Union Stock Yard..*
1940
Week
Clncl Ball Crank
Jan
Lindsay Lgt A Chem—
Common
Churngold
Feb
600
for
of Prices
Low
High
10%
Baldwin Locomotive..—8
2%
600
6%
Lincoln Printing Co com.*
$3.50 pref
43
Apr
Apr
4%
6%
—
560
6%
49%
1%
4%
*
com
Mar
%
%
1%
La Salle Ext Unlv com...5
Jan
4
3
2%
Par
(Concluded)
Feb
8%
101
100
102%
102
------
Jan
7%
30
1,050
47%
45%
47%
Kentucky Utll jrcum pf.50
150
6%
4%
Stocks
High
Low
hares
101
101
100
pref
>
8%
8%
Kellogg Switchboard com .*
Ken-Rad Tube&L'p com A*
High
Low
Rrice
TVee&'s Range
Sale
for
Sale
Range Since Jan. 1,
Last
Range Since Jan. 1, 1940
Last
Sales
Friday
Sales
Friday
•
2235
Chronicle
The Commercial & Financial
ISO
Jan
mm-
—
38%
*
1
50
19
Apr
Cleveland Stock
Exchange—See
Montgomery Ward—
55%
25
Nachman Sprlngfllled com*
mm-mrn'm —
Natl Bond& Invest Co cm*
------
com
770
55%
"
30
25
11%
39%
18%
11%
National Battery Co pref.*
National Standard
:
53
25
*
Common
Muskegon Mot Snec cl A.*
.
Jan
•
11%
10%
40
370
•8
Jan
55%
Jan
50%
21
100
Mar
Feb
11%
Apr
37
Jan
40
Apr
16%
Jan
18%
Apr
t
Feb
2s %
Jan
42
27
400
35%
34%
35%
1,350
28
Feb
35%
Apr
4%
.10
18%
27%
4%
4%
550
3
Feh
5%
Noblltt-Sparks Ind com..5
Nor Amer Car Corp com 20
Watling, Lerchen & Co.
Mar
mm--—-
2
Northwest Bancorp com..*
10%
10%
10%
1,550
10%
Mar
!<>
Jan
Northwest Eng Co cap
North West Utll—
20%
19%
20%
400
16%
Jan
20%
16
18%
720
22%
Mar
70
Chicago Stock Exchange
Exchange
Jan
63
15%
61%
13%
Mar
340
»
New York Curb Associate
Stock Exchange
York
Apr
18
Members
New
Detroit Stock
Jan
*
100
7% preferred
Prior lie pref
100
mm
62%
—
—
— — —
14%
Feb
15%
21%
Mar
24%
35%
520
35
Mar
38%
28
-
28
90
26
Feb
4%
------
Telephone; Randolph 5530
Mar
642
DETROIT
Building
Jan
100
23%
35
------
50
Peoples C Lt&Coke cap 100
Perfect Circle (The! Co...*
Pictorial Paper Pkge com.5
15%
22%
13%
------
Penn RR capital
14%
15%
13%
Omnibus Corp common..6
Penn Elec Switch conv A 10
Ford
125
13%
4%
100
Mar
29
Jan
Detroit
Feb
Mar
4%
Jan
5%
Stock
Exchange
both inclusive, compiled from official sales lists
March 30 to April 5,
Feb
%
%
200
%
Feb
*
10%
10%
50
Feb
Potter Co (The) com
1
%
%
100
10%
%
%
12%
Mar
%
Feb
Pressed Steel Car com
1
"Iz"
116%
13%
12%
116% 119%
2,030
Quaker Oats Co common.*
14%
123%
Feb
149
149
154
Feb
oates
rrida/
Jan
Poor A Co class B
Pines Wlntertront com___l
------
..100
Preferred
Reliance Mfg Co com...10
"29%
Mar
Mar
9
Apr
Jan
12
10
11%
Jan
12
30
200
26
Jan
30%
Mar
550
9
Feb
10%
Feb
87%
Apr
2%
Mar
9
9%
9%
Jan
87% V
1%
81%
%
Jan
200
30
31
340
28
Jan
31
16%
17
15%
Mar
17
Jan
13%
13%
50
1"*%
Apr
15
Jan
26%
1%
1,300
22%
Jan
1%
Mar
86%
1%
1
31,
Sign ode Steel Strap pref. 30
*
Common
1
12
Sears Roebuck A Co cap..*
Serrlck Corp cl B com
115
140
29%
mm--'mm
Sangamo Elec com (new).*
Schwltzer-Cummlns cap_.l
11%
390
152
Slvyer Steel Castings com. *
Sou Bend Lathe Wks cap. 5
"
26
26%
1%
South Colo Pow cl A com 25
101
Southwestern Lt A Pw pfd*
9%
Spiegel Inc common
2
St Louis Nat Stkyds cap..*
"78
78
840
_
100
20
10
101
Jan
Mar
1%
Mar
Apr
11
Jan
80
Feb
9%
Jnn
10
10%
27%
101
343
75%
Feb
78
Apr
J
Jan
97
13%
"28
25
13%
50
11%
Jan
27%
20
Preferred (new)
Standard OH of Ind
28%
8%
980
25%
Mar
531
2%
Feb
6%
Mar
8%
7%
Sunstrand Mach T'l com.5
"24%
6%
23%
Swift International cap.. 15
28%
...25
22%
5
Storkline Furn Corp. com 10
28%
22%
6%
100
24%
1,850
705
29
Jan
15%
28
Mar
22
42%
14
Mar
Apr
28%
Feb
9
Feb
7%
24%
Apr
Feb
Jan
32%
25%
Mar
Jan
47%
Apr
22%
1,000
45%
4%
15%
47%
324
16
1.000
14%
Jan
16
Apr
85
83%
85
494
Feb
88
Jan
United Air Lines Tr cap. .5
U S Gypsum Co com
20
22%
20%
Jan
23%
Apr
84%
23%
85%
78%
14%
166
81%
Mar
United States Steel com..*
"62%
58%
63
2,950
53%
115%
Mar
87%
68%
Jan
Feb
119%
Apr
Swift A Co
Texas Corp capital
25
Thompson (J R) common25
TraneCo (The) com
2
Union Carb A Carbon cap *
7%
250
4%
2,100
V
208
118% 119%
100
pref
cum
,
"T%
Utah Radio Products com 1
4
450
1%
1%
%
1%
%
22%
1%
Feb
%
1%
2,100
160
1%
600
2%
Jan
Jan
Jan
4%
Jan
Jan
1%
Utility A Ind Corp—
.5
Common
Convertible pref
Viking Pump Co
Wahl
Co
"
—mm —
i
2
7
22%
22%
"22%
1%
21%
*
com
Westh'se El A Mfg com.50
"
— —
—
-
—
-
WIeboldt Stores Inc com.*
7%
1%
Wisconsin Banksbrs com.*
cap..2
*
Yates-Amer Mach cap
5
.
*.
' 1
t
*
1%
20%
Jan
22%
Apr
180
22%
Mar
28%
Jan
Jan
117%
Jan
60
6%
Jan
1%
Apr
7%
1%
Jan
200
5
Jan
5%
Feb
4
Jan
5%
Apr
Jan
90%
3%
Apr
139
1,250
5%
5%
90%
186
3%
200
17%
4,350
3%
16%
'mm
"17 %
Zenith Radio Corp com..*
Feb
2
400
1,550
5%
5%
------
:
22%
22%
89%
5%
Woodall Indust Inc
Wrlgley (Wm Jr) cap
Apr
Apr
25%
23%
Williams Oll-O-Matic com*
Jan
19
Jan
%
2%
113% 115%
7%
7%
1%
1%
*
common
Walgreen Co common
*
Western Un Telegcom.100
Jan
900
10
Jan
%
Atlas Drop Forge com
1
Baldwin Rubber com
1
Brlggs Mfg com
*
Brown McLaren com
1
Burroughs Add Machine.*
Capital City Prod com...*
Chrysler Corp com
5
Consolidated Paper com. 10
Consumers Steel com
1
com—5
Det-Michigan Stove com.l
Detroit Paper Prod com._l
Detroit Steel Corp com...5
Eaton Mfg com
4
Ex-Cell-O Corp com..—3
Jan
2%
14%
Feb
Jan
17%
Apr
Jan
126%
Jan
130
com*
Frankenmuth Brew com.l
Fruehauf Trailer com .—1
Gar Wood Ind com
3
Gemmer Mfg B
*
General Finance com_...l
General Motors com
10
Federal Motor Truck
York 8tock Exchange
and Other Principal Exchanges
E.
Fourth
St., Cincinnati
Teletype Cln
Telephone Cherry 3470
Last
Sale
American Laundry
Price
Par
Stocks—
1
Low
High
Range Since Jan. 1,
15%
1940
Jan
7%
Mar
23%
19%
Jan
Mar
91c
,110
11%
370
11
Mar
8%
8%
100
Apr
9%
Jan
8b %
86%
717
8%
82%
Feb
86%
Mar
16%
320
Jan
16%
Mar
Feb
Feb
88c
Jan
80c
85c
323
15%
/ 66c
4
4%
715
3%
Jan
1%
4%
85c
80c
89c
3,535
70c
Feb
85c
118% 119%
113
1%
300
118%
1%
Jan
1%
1%
2%
1%
4,050
1%
Jan
75c
Mar
15%
119%
.....
.
125
Jan
1%
2%
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan
15%
15%
110
14%
Feb
1%
15%
Mar
35
35
319
30%
Jan
35
Mar
28%
28%
15%
4%
2%
390
20%
1
95c
28%
14%
4%
4
<
2%
2%
29
29
"~5%
5%
6y
11
11
1,700
Jan
28%
Apr
5,357
12
Jan
15%
Mar
7,810
4
Mar
1,685
2%
Mar
4%
2%
230
Jan
Mar
500
28%
4%
10%
Feb
28%
6%
13%
2%
Mar
2%
Jan
Jan
55%
Apr
Apr
3,210
2%
53%
"T%
2}
200
55 *
2,400
51%
2%
2*
Jan
Jan
Jan
Mar
Jan
2,982
2%
Jan
2%
312
87c
Mar
1%
Jan
800
56c
Jan
80c
11%
12}
2,440
5%
Feb
12%
Apr
Apr
17%
17}
13^
444
13%
14%
15
12%
14%
10
Apr
18
13%
Feb
14%
Jan
11%
Feb
15
Apr
Jan
6%
Feb
5%
5h
170
5%
42c
45i
2.550
41c
Feb
52c
1%
1%
175
1%
Mar
1%
Jan
46c
47(
300
35c
Feb
60c
Mar
25%
25%
666
24%
Jan
26%
Feb
225
4
Jan
Mar
Apr
42c
Kingston Products com . . 1
Kinsel Drug com
...1
Kresge (8 S) com
Jan
17%
100
1,948
"25%
Jan
863
1%
Feb
1%
1
4%
1%
1%
1,200
90c
Jan
4%
1%
1%
McAleer Mfg com......
50c
40c
50c
500
3Cc
Jan
50c
McClanahan Oil com
1
20C
20c
23c
2,700
19c
Jan
25c
2
2
400
2
Apr
2%
Feb
*
"75c
73c
75c
550
73c
Apr
90c
Mar
1
10%
Jan
11%
Mar
2%
Lakey Fdry A Mach
LaSalle Wines com
4%
com.l
Masco Screw Prod com.
—
2
l
1%
Micromatlc
t
one com
—
1
%
11
com..—*
"■7 %
3%
2%
5,935
15%
1,457
7%
8%
4,474
1,415
3%
3%
"Ii%
i%
43%
44
21%
11%
21%
11%
1%
1%
9
44
9
1%
1%
1%
2
2
22%
22%
6%
6%
1%
1%
1
24%
2%
2%
4
Jan
Feb
Mar
Jan
43
Feb
44%
160
20%
Jan
21%
Feb
1,375
8%
Jan
12%
Mar
2,475
1%
Jan
1%
Mar
100
6%
Jan
9%
Jan
Apr
1,691
Apr
1,625
1%
1%
2
Jan
2
1%
Mar
817
2%
Feb
Jan
6%
Apr
1%
200
1%
Jan
1%
Mar
1%
Jan
1%
25
2%
38 c
1
6%
6%
7
*
5
J
*
1%
1%
Apr
Apr
Jan
Jan
4%
5
2%
15%
%
4%
37c
18
Jan
Feb
8,935
4
B
Jan
2%
37c
Specialties
3%
Jan
22%
6%
4%
United
7%
1%
10%
5%
Jan
300
1
1
*
United Shirt Dlst com
1,045
2%
13%
—
707
235
897
22
21
Mar
Jan
25
1%
25
2%
2%
Jan
575
26c
Jan
43c
435
3%
Jan
4%
4
Jan
7
2,188
1,916
Jan
Feb
Apr
Jan
Jan
Mar
Apr
5%
350
5
Apr
5%
Mar
2%
550
1%
Jan
2%
Mar
19%
375
16%
Jan
19%
Low
17%
320
15%
Mar
14%
16
376
13%
Mar
High
Apr
17%
16%
Apr
Apr
19%
1
1%
1%
1%
3,582
1%
Apr
1%
Wayne Screw Prod com..4
Wolverine Brewing com.. 1
1%
1%
1%
1,700
1
Feb
1%
Jan
24c
24c
1,200
10c
Jan
20c
Feb
480
10%
Mar
Warner Aircraft com.
Young Spring A
Wire....*
"u"
11%
12
12
For footnotes see page 2231.
Jan
Universal Products com..*
Week
Shares
6%
1.C24
9C
Tom Moore Dlst com
17
Mach20|
American Rolling Mill
of Prices
4,921
Universal Cooler A
Exchange
for
7%
80
Std Tube B com
Sales
Week's Range
Apr
25c
91c
"8%
Simplicity Pattern com— 1
274-275
April 6, both inclusive, compiled from official sales lists
Friday
4%
Jan
78c
Tiboli Brewing com
March 30 to
Feb
18c
11%
Tic
Timken-Det Axle com-.10
Cincinnati Stock
2%
1,025
87 c
1
—1
com__l
Ball Lamp com
*
Hoover Ball & Bear com. 10
Hosklngs Mfg com
2%
Houdaille-T ershey B
*
Hudson Motor Car com..*
Hurd Lock & Mfg com.—l
*
Parker Bust-Proof com.2%
Parker-Wolverine com—*
Peninsular Mtl Prod com.l
Pfeilfer Brewing com
*
Prudential Invest com—1
Reo Motor com.:—,
6
River Ralson Paper com.. *
Scotten-Dillon com.
10
Sheller Mfg com
1
Established 1878
New
900
20c
Grand Valley Brew
Parkv Davis com
Si LYONS *£2i
Exchange,
Jan
4%
Graham-Paige com
Goebel Brewing com.
Murray Corp com
10
Packard Motor Car com.*
Cincinnati Listed and Unlisted Securities
Cincinnati Stock
1%
23%
1%
12%
Michigan Silica com
$29,000
High
Feb
6%
22
14%
Federal Mogul com
Motor Products
115
10
100
Detroit Edison com
Low
1%
18c
"7%
Range Since Jan. 1, 1940
155
1%
3%
4%
for
Week
Shares
4
Continental Motors com
Det & Clev Nav com
High
1%
Auto City Brew com
Michigan Sugar com
129% 130
UJ rTltCCb
Low
Mid-West Abrasive com50c
8"%
Bonds—
Members:
1
5
Allen Electric com
Price
Jan
■
Commonw Edison 3 %sl 958
Week's Range
Sale
Par
Stocks-
Detroit Gray Iron
Stand Dredge—
Stewart Warner
Last
Jan
I
Jan
Jan
The Commercial & Financial Chronicle
2236
April 6,
Sales
Friday
Range Since Jan. 1,1940
Last
Wm.Cavalier & Co.
.*
23%
7%
«3%
8%
a23%
Pennsylvania RR
Chicago Board of Tradm
Exchange
Shares
Ohio OU Co—
*
Packard Motor Car Co..*
Paramount Pictures Inc__l
MEMBERS
Now York Stock
for
of Prices
Low
High
Price
Par
North American Co
Week'8 Range
Sale
Stocks {Concluded)
Los Angeles
523 Wi 6th St.
Los
San francioco Stock
Exchange
50
Last
Bale
Par
Price
Bandlnl Petroleum Co—1
4%
Barnbart-Morro w Cons.,1
2
1%
Bolsa Chlca Oil A com.. 10
2%
87 He
0/ Prices
High
Low
..10
Broadway Dept Store.—*
Brock A Co com
100
*
Calif Packing Corp com..*
Central Invest Corp... 100
Chrysler Corp
..6
Consolidated Oil Corp..
Byron Jic son Co
4H
Creameries of Amer v t c.l
200
5
5
alO
alO
al4
089 H
1%
a5%
5%
10%
Douglas Aircraft Co.....*
Electrical Prods Corp....4
086 %
Fitzsimmons Stores Ltd..l
.10
General Motors com
General Paint Corp
pref..*
Gladding McBean A Co..*
Globe Grain A Milling..25
Goodyear Tire A Rubber.*
Hancock Oil Co A com...*
10%
9%
37c
10
55%
32%
6%
8%
24%
al4%
023% 024%
11% 11%
a80% o90
7%
7%
to5% o5%
5
5%
11
10%
a84% 086%
10%
10%
9%
9%
37c
36c
10
9
55
32%
6
8%
24%
55%
32%
6%
8%
24%
38
38
38
3%
3,605
mmmmmm
Mar
mmm
+
m
225
50c
Jan
Jan
4%
14%
Jan
64
23%
Mar
'm
mmm
Feb
3
2% Mar
87 %C Apr
Jan
5
Mar
130
235
Jan
4%
mo^mmm
Feb
335
1%
1%
125
14%
Jan
26
Jan
8%
Feb
12
83%
7%
Feb
90%
382
Feb
8
6%
Jan
5%
Feb
585
4%
Jan
084%
21%
049%
02%
5%
858
9%
Jan
10%
300
Mar
11
2,800
35c
Feb
8%
300
115
to
Mar
Stocks—
Par
Jan
American Stores
*
10
Jan
American Tel A Tel. _—100
65%
32%
Atr
32%
Apr
Apr
Jan
6%
Apr
Bell Tel Co of Pa pref.
Budd (E G) Mfg Co.
Budd Wheel Co
Jan
8%
Mar
Mar
24%
Feb
Jan
13%
Electric Storage Battery 100
General Motors
10
36%
Mar
38%
Mar
.
"120%
100
*
*
-mmmmm
Chrysler Corp
5
mmmmmrn
Curtis Pub Co com
*
—-
4
32%
80c
Jan
Horn&Hardart (NY) com *
6%
Mar
3c
Mar
Lehigh Coal A Navigation *
Lehigh Valley
....60
2%
Jan
Pennroad Corp v t c—.l
2%
23%
11
9%
Jan
15c
2,000
7c
Jan
16c
Mar
38%
4%
34%
38%
4,669
27 M
Mar
38%
Apr
Pennsylvania RR
4%
4%
255
4%
Jan
4%
Jan
1,000
40c
Jan
50c
44,282
1%
Jan
3
al3c
100
15c
Ma«
47c
Jan
Salt Dome OU Co—— 1
Scott Paper
—*
Tacony-Palmyra Bridge—
Class A part
*
Transit Invest Corp pref..
48c
48c
48c
200
45c
Jan
54c
Jan
36c
36c
37c
400
35o
Mar
47c
Feb
5%% 1st pref..
25
Paciflo Indemnity Co... 10
Pacific Lighting Corp com *
Pacific Public Serv com..*
Pacific Western Oil Corp 10
Puget Sound Pulp & Tlmb*
Republic Petroleum com.l
6% % preferred
..
.
...50
Richfield Oil Corp com...*
Warrants
Ryan Aeronautical Co...l
Safeway Stores Inc......*
Security Co units benJnt..
Shell Union OU Corp
Sontag Chain Stores Co..*
So Calif Edison Co Ltd..25
6% preferred B
..25
5%% preferred C
25
So Calif Gas Co 6% pf A 25
Southern Pacific Co...100
Standard OU Co of Calif..*
34%
Mar
30%
31%
Jan
100
35%
Jan
39%
Apr
250
47%
5%
Mar
49%
13
395
11%
34
200
a7
016%
2%
a38
7%
o30% o30%
39%
39%
48% 48%
5%
5%
o7
a7
016% al6%
2%
2%
a38
a, 38
7
7%
1
9%
6%
5%
1
9
50%
32
012%
Signal OU & Gas Co A—.*
13
Jan
Feb
12%
34
1
Roberts Public Markets..2
Jan
33%
4
12%
030%
39%
48%
5%
9%
6%
50%
32
32
al2% al2%
07%
29%
a7%
30%
30
30%
29%
033%
30
29%
29%
07%
30%
30%
29% 29%
a33% 033%
100
17%
6%
Mar
8%
Jan
219
87 %c
Mar
1%
Jan
9%
6%
50%
Mar
33
Mar
Feb
1,941
7%
14,682
4%
Jan
50%
Mar
175
85
Jar
31
39
31
Mar
300
27
Jar
20
6
Fel
6%
Mar
30%
30%
29%
Apr
1,487
28%
Jai
1,148
'9%
Fel
426
2'%
32
33%
Ja-
Jan
Jan
Fel
34%
Jan
1,115
3,132
12
Mai
Jan
22%
Ma»
15%
26%
16
8%
Jai
10
Jan
7
Mar
2,311
5%
Mar
Jan
Fel
16
17%
Jan
Mar
15*
Jan
1
12,125
4%
Jai
%
Apr
2%
2%
1,225
2%
Mar
•%
Jan
Western Air Express.....1
a7
9%c
9%c
9%c
%c
2%
8%
9%
a50% 052%
174% 174%
029% o30%
5%
5%
23%
24%
7%
7%
4
3%
16% 16%
034% a35%
a76% o81%
a23% a24%
5
5%
Mar
7
Mar
245
2%
Mar
3
Feb
1,000
9c
Mar
14%c
Jan
%c
2
%c
2
7,000
%c
1%
Jan
2c
Jan
500
Mar
2%
Jan
438
8%
Mar
Unlisted—
Amer Rad & Std Sanl
*
Amer Smelting & Refining*
9%
c52%
Amer Tel & Tel Co
100
174%
Anaconda Copper......50
Armour A Co (111).
..6
Atch Topeka & 8 Fe Ry 100
fl30%
5%
24%
7%
4%
16%
a35%
a80%
024%
Aviation Corp (The) (Del) 3
Aviation & Trans Co
Baldwin Locomo Wks
1
v t c.
Bendix Aviation
Corp....5
Bethlehem Steel Corp
*
Borg-Warner Corp
5
Canadian Paciflo Ry Co.25
CaterpUlar Tractor Co...*
Cities Service Co.......10
Columbia Gas & Elec....*
Commercial Solvents....
Commonwealth & South..*
Continental Motors Corp..
Continental OU Co (Del).5
6
052 %
o5%
7%
16%
1%
4
6
6
a52%
a5%
6%
7%
15% 16%
1%
1%
o5%
4
4
120
350
376
437
47%
172
47%
Jan
174%
29%
Mar
Mar
6
Mar
Jan
Mar
1,614
300
Jan
5%
22
Jan
Mar
2^%
530
10
Mar
24%
6
Jan
*7%
Apr
3%
Jan
4%
Mar
u%
34%
Mar
Feb
165
15
Jan
177
Feb
365
31%
73%
Feb
76
Feb
235
23%
Feb
23%
Feb
100
5%
Feb
128
61%
Jan
6
Apr
1,780
594
5%"
13%
580
1
180
3%
Mar
Jan
Mar
6
Jan
Jan
Jan
Feb
6%
90%
75
80%
Feb
3%
Feb
28%
60%
Jan
4%
32%
Jan
65%
254
Jan
Jan
-
Mar
Jan
27
34
Feb
35%
Apr
392
2
Jan
2%
Apr
2%
3%
Mar
115
2%
23%
5,883
1%
Mar
3,540
21
Jan
49
117
Apr
470
30%
Mar
200
15%
5%
45%
Mar
1%
22%
16
6%
35
6%
%
2%
2%
40%
13%
39%
12%
115% 116%
12
10%
41%
%
1%
36%
11%
111%
9%
805
2,977
245
21,056
346
60
Feb
Jan
Mar
Jan
Jan
2%
24%
120%
31%
Jan
Jan
Jan
16
Jan
Jan
7%
49
Apr
48%fMar
Feb
1
Mar
2%
41%
15%
117%
Mar
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Feb
12
Apr
*
o34%
International Tel & Tel..*
Kennecott Copper Corp..*
3%
9%
Bates
Stocks—
Range Since Jan. 1, 1940
Week's Range
for
Sale
of Prices
Week
Price
Par
22%
2%
7%
100
Armstrong Cork Co..
Blaw-Knox Co..
43%
10%
*
._*
Carnegie Metals Co
Columbia Gas A Elec Co.*
"~7%
Consolidated Ice Co com.*
20c
1
1
Duquesne Brewing Co.-.5
13%
._..*
5
Follansbee Bros
pref...100
Fort Pitt Brewing
—1
Horne (Joseph) com..
*
Koppers Co pref.
100
Lone Star Gas Co com.—*
1
18%
"is"
mmrn
m
mmm
mmmm m
mmm
Mountain Fuel Supply..10
mmm
5%
Natl lire proofing Corp.. .*
Pittsburgh Brewing pref. .*
Pittsburgh Coal Co com 100
Pittsburgh Forglngs Co.-l
Pittsburgh Oil & Gas.
5
Pittsburgh Plate Glass..25
Pittsburgh Screw A Bolt..*
mrnrn
mm
11%
"102%
7%
1%
7%
10
15
7%
20c
20c
1
Apr
2
228
Jan
2%
Apr
Feb
8
Apr
37
Jan
43%
Apr
1,264
1,400
9%
Mar
11%
25c
Mar
40c
Jan
/1,125
5%
Mar
7%
Apr
145
20c
Apr
25c
Jan
30c
6
24%
6%
100
8
'
1
45
1
Jan
Jan
1
Jan
22%
954
15%
13%
14
984
11
Jan
5%
18%
300
5
Jan
148
13
Jan
1%
110
1%
Jan
15
60
14%
Apr
15
Apr
88%
9%
1%
5%
1%
73
84%
Jan
90
Feb
462
9%
Feb
1%
Mar
5
18%
1%
14%
88
9%
1%
5%
"24%
Westinghouse El A Mfg. 50
114%
.
,
Jan
22%
14
6%
1%
Jan
50
32%
4%
Jan
36
5%
5%
12
11%
1%
1%
101% 103%
7%
6%
1%
2
7%
7%
120
10
Jau
1%
99%
6%
1%
7%
Feb
130
50
200
20
30
24%
Jan
120
813
2,325
22%
'
Jan
496
Jan
Feb
Mar
Apr
30
Jan
Mar
Mar
Jan
1%
350
5
Apr
20
10%
1%
5%
1%
100
2,175
36
30
*
Westlnghouse Air Brake..*
Unlisted—
43%
10%
1%
10
Pennroad Corp vtc
41%
36
Shamrock OU & Gas Co._l
6% preferred....
Vanadium-Alloys Steel
High
Jan
18%
20%
Copperweld Steel... _—5
Electric Products
Low
309
24%
2%
25c
1
Preferred......
High Shares
f
Arkansas Natl Gas com..*
Preferred
Low
6%
Jan
Jan
Mar
Mar
Jan
Mar
Mar
12
1%
103%
8%
2%
7%
33%
Apr
Feb
Mar
Jan
Jan
Apr
Jan
22%
106%
Mar
139
112% 115
Jan
28%
117%
Jan
89
1%
Jan
2%
Jan
Jan
;
1%
1
1%
St. Louis Stock
Exchange
April 5, both inclusive, compiled from official sales lists
to
Sales
for
Goodrich (B F) Co......*
Jan
130
Last
Stocks—
49
Intl Nickel Co of Can
For footnotes see pave 2237.
Jan
Week
Feb
16%
24%
High
13%
175%
125%
422
of Prices
Low
High
40
17%
25%
Jan
Week's Range
47%
Nor American Aviation. 10
4%
Sale
Jan
Mountain City Copper..5c
New York Central RR
*
415
Last
Jan
Montgomery Ward A Co.*
Mar
654
Friday
45%
18%
7%
a55%
4%
736
190
171% 173%
120% 120
5%
5%
6%
5%
87
86%
4
3%
30% 32%
54% 55
35%
35%
2%
2%
3%
2%
Jan
38
McKesson A Robbins
r
Feb
11%
108%
122%
4%
Apr
210
a38%
a37%
Apr
Mar
Low
207
13%
Feb
407
*
12%
1%
29
Loew's Inc
4%
1%
Range Since Jan. 1, 1940
4%
16%
370
a32% 034%
3%
3%
a35% o38%
036% 037%
7%
7%
o53
a55%
4%
4%
Jan
Mar
Shares
Jan
1,502
General Electric Co—...*
General Foods Corp
*
High
Mar
10%
9%
Low
rriaay
March 30
a27% a28%
a38% a40%
a47% a48
19% 20%
1
3%
1%
90
Apr
10%
fl28%
a39%
o47%
20%
l
JaD
Feb
Jan
April 5, both inclusive, compiled from official sales lists
to
Jan
~~7%"
023% 023%
Class A_...
Mar
Pittsburgh Stock Exchange
March 30
Apr
51%
on
a23%
Curtlss-Wrlght Corp
*
McKlnriey Mfg Co
Mining—
Black Mammoth Consol 10c
Calumet Gold Mines Co 10c
Cons Chollar Q & s Mln__l
13
-
-
■
10%
2%
.
Allegheny Ludlum Steel..*
2%
a7
.
Apr
8%
-
54
328
%
2%
»
Apr
10%
2%
-. .
Jan
25
13%
o7
35%
48%
2%
38%
62%
Mar
Feb
Sales
Jan
460
2%
48%
2%
260
_
.
Jan
63
1,361
Vega Airplane Co
--1 %
Wellington Oil Co of Del.l
Yosemlte Ptld Cem pref. 10
Jan
Jan
100
Mar
2%
2,581
14
6;
125
49
115%
Jan
6%
17%
14%
5%
16%
14
435
Apr
Jan
8
Jan
a8%
16%
78%
15%
47%
%
United Gas Improve com.*
Preferred
'—.-.*
Apr
24%
10
Apr
Jan
85
47%
Westmoreland Coal
8
12%
25
21%
o83% o84%
21% 21%
a48% o50
a2%
a2%
44
Jan
2%
36%
23
Universal Consol OU
Feb
45%
45
40%
12
24%
Union OU of Calif
89%
22%
600
48%
Jan
6
Mar
mm m m mm
United Corp com ..—*
Preferred
*
10
14
a8%
Apr
23
1,150
14
Taylor Milling Corp.....*
Transamerlca Corp......2
Feb
265
117
117
Phila Insulated Wire.—*
Mar
Oceanic Oil Co—.—1
34
50
Apr
15c
Mt Diablo OU Mng & D..1
Pacific Finance Corp comlO
Pacific Gas A Elec com..26
23%
47%
22%
47%
22%
45%
16
Phila Elec of Pa S5 pref. .. *
PhUa ElecPow pref
.50
3
Jan
Mar
Feb
Apr
Feb
2
Apr
400
15c
46c
Feb
12%
2
117%
30%
30%
mmrn'mm'm
.....
15c
2%
43%
Jan
Apr
80
100
2
Jan
43c
Feb
al3c
Feb
9%
119
•;
for
Price
2c
47c
43%
7%
6
Week
65c
2%
al3c
Apr
Jan
Jan
of Prices
6
1
7%
Week's Range
140
Merchants Petroleum Co.l
12%
17%
Jan
Last
600
Menasco Mfg Co
Jan
043% 043%
all% all%
Friday
1,000
Corp..'l
Mar
17%
April 5, both inclusive, compiled from official sales lists
3c
Los Angeles Investment. 10
Mascot Oil Co
1
11%
20
1,840
7
165
06%
Lockheed Aircraft
100
210
3c
11
Apr
4%
4%
o5%
10
22%
155
3c
11
Jan
Apr
Mar
1,428
06%
Lane-Wells Co.....
1
Lincoln Petroleum Co.. 10c
9
7%
19
61
72 %C
70c 72 %c
Jan
Feb
Philadelphia Stock ExchangeMarch 30
Jan
8
Jan
Apr
Jan
Jan
Feb
22%
8%
24%
5%
115% all3%oll5%
al%
al% al%
.
52
5
Jan
Mar
9
37
Hudson Motor Car Co.—*
10c
21%
33
58%
4%
Holly Development Co.. 1
Jade Oil Co
82
1,485
1,822
37
5
Westnghse El & Mfg Co.50
Willys-Overland Motors. 1
Apr
Mar
426
a22% o23%
09%
09%
7%
6%
21% 22%
Sale
11
9%
8%
598
575
8
61
120
100
8%
Apr
7%
4
37
...
Jan
1,187
Jan
Jan
Jan
2
22%
47%
United Air Lines Trans p. 5
United Aircraft Corp....5
Jan
60
910
7
3%
7%
Mar
180
201
165
129
100
40
25
Warner Bros Pictures
7%
o3%
144
25
United Corp (The (Del)..*
US Rubber Co
10
U S Steel Corp
*
High
23%
Mar
o3%
086% o87%
12%
12%
017% aI7%
2
Union Carbide & Carbon.*
20%
23%
al8% al8%
Superior OU Corp (Del)_.l
Corp (The)
Low
495
22%
7%
o87%
12%
al7%
7%
a43%
all%
Standard OU Co (N J) _—25
Studebaker Corp
1
Swift & Co
Week
ai#%
*
Texas
High
Low
860
o7c
1%
2
2%
75c 87 %c
al4%
a23%
11%
Consolidated Steel Corp.
Preferred...
,.....*
Emsco Derrick A Equip.. 6
Exeter Oil Co A com
,.1
4%
a7c
1%
alO
5
Standard Brands Inc
Week
Shares
22%J
7%
So cony-Vacuum OU Co..l5
Southern Ry Co.
*
Range Since Jan. 1,1940
Week's Range
09%
Seaboard OU Co of Del. ..*
Sears Roebuck A Co..
*
Bales
ale
Blue Diamond Corp
com
Teletype L.Af 290
compiled from official sales liscs
Friday
Class Bo
Exchange
Angeles Stock Exchange
March 30 to April 5, both inclusive,
Stocks—
Pure Oil Co—....—*
Radio Corp of Amer..
*
RepubUc Steel Corp.....*
Loo Angoloo Stock
1940
Par
-
Feb
D%
2°%
Feb
A S Aloe Co common.
Jan
American Inv
Range Since Jan. 1, 1950
Shares
Low
High
Mar
Mar
Price
6%
*
common
preferred..
53%
20
43%
Mar
20%
Apr
Brown Shoe common
Mar
38%
Jan
Chlo & Sou Air Line pref. 10
Coca-Cola Bottling com._ 1
180
Feb
4%
.5%
Mar
42
43%
53%
35%
476
12
85
31
1
35%
53%
Apr
55
Jan
492
41
Feb
51
Jan
35
35
43%
53%
35%
Apr
150
Apr
Jan
17%
Apr
Jan
34
Apr
Mar
2
Mar
Apr
Jan
145
150
52%
50
35%
3%
53%
457
85
70
1,442
36%
Jan
Collins-Morris Shoe
Jan
3*%
Feb
Columbia Brewing com
7%
Apr
7%
Mar
3%
Jan
4%
Apr
3f
com..
35%
17
15%
17%
34
34
34
1
1.38
1.50
500
18%
18%
22%
53
22%
119% 119%
275
22
Mar
27
Jan
5
118
Feb
120
Mar
9%
10%
1,370
18
718
16
25%
931
20%
14%
56%
57%
1
18%
*
22%
Ely & Walk D G 1st pf. 100
143
100
*
119%
10%
Dr Pepper common
_.
Jan
18%
Jan
Balstaff Brewing common 1
General Shoe common
Mar
2«%
Feb
Hyde Park Brew
com
10
15
15
25
165
•
14%
7%
14%
53
^eb
19%
Jan
Mar
Jan
10%
Apr
Mar
15%
57%
Feb
Jan
Apr
Volume
The Commercial & Financial Chronicle
150
Sales
Friday
Last
Stocks (Concluded)
Week's
Sale
of Prices
Low
High
Price
Par
Range
Common.
100
%
1%
Internat'l Shoe common..*
32
33
Key Co common
*
Knapp Monarch common *
Low
Stocks
High
Preferred
%
Apr
1%
Apr
32
34
34
6
Feb
Magnavox Co Ltd
Mar
36%
Jan
7%
Jan
Mar
Jan
9%
Feb
34
ex
4
Lemp Brew common.__.-5
38%
McQuay-Norris common.*
Midwest Piping & Supply
Common
._.____*
Feb
St LBk Bldg
830
74
104
20
Menasco Mfg Co com
Natl Auto Fibres' com
Jan
Jan
Oliver Utd Filters A.....*
100
40
6
9
Jan
1
Apr
Apr
Apr
9
Feb
Pac Pub Service com
Apr
90c
Apr
Jan
8%
28%
1st preferred.....
*
Pacific Tel A Tel com..100
Mar
8%
100
90c
184
70c
8%
28
642
27%
Apr
40
88
8%
8%
28
8%
515
5%
26
Mar
Apr
Bonds—
Scullin Steel 3s.
1941
St L Pub Serv 5s.
1959
Income
*
69
64%
9%
36%
..1964
United Ry 4s c-d's
ST.
1,000
67
64%
9%
69
4,000
1,900
6,000
64%
9%
36%
36%
_
Jan
82%
8%
69
Jan
Mar
66%
12%
38%
Mar
Mar
Apr
Jan
Preferred..
1
com.
Preferred-
..25
Richfield Oil Corp com...*
Warrants
Roos Bros com
1
Pref
ser A
Bros., Jordan & McKinney
Inc.
LOUIS
STOCK EXCHANGE ISSUES
1
St. L. 494
First National Bank
40
42
Mississippi Valley Tr Co..
29%
31%
Bid
Commerce
Mercantile
Ask
Bk
130
St Louis Union Trust Co.
133
52
& Trust Co
54
-
open
on
1
Thomas Alec Corp A
*
Tide Water Ass'd OU com 10
._.*
Corp
.2
Tread well-Yukon Corp
1
Union Oil Co of Calif...25
Union Sugar com
Pacific
Stock
Coast
Exchanges,
which
Jan
26
300
10c
100
5
21%
105
4%
7%
1.192
3%
Mar
1,560
6
Mar
14%
145
11
21%
;
28c
6%
Mar
Jan
23%
4%
7%
Feb
Jan
.
Feb
Jan
Apr
14% Mar
Jan
3'
%
Feb
Feb
34%
31%
Apr
31%
937
133%
1.05
16
15%
16%
27%
16%
27%
47
Feb
140
107
Mar
1.50
Jan
Jan
50
Jan
Jan
108%
6%
21%
138%
40
149%
Jan
154
200
Feb
100%
237
99%
1.05
Feb
1.35
Jan
16
515
12%
Jan
Mar
16%
536
■6
362
26
17%
19%
28%
107% 108
5%
5%
-21% 21%
131% 133%
150% 150%
99% 99%
5%
Feb
912
48
1,045
562
352
1.05
28
Jan
5%
20%
Jan
130
Mar
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
2.50
2.50
2.50
200
2.60
Mar
2.75
Feb
19%
7%
19
19%
7%
1,628
1,779
lc%
6%
Mar
Jan
Mar
19%
8%
700
1.00
Apr
1.50
Jan
200
Jan
17%
108%
6%
Feb
Mar
52%
Apr
Jan
7
si.oO
1.00
1.00
17%
17%
108%
107
r,v
115
,16
103%
14,157
5%
6%
4%
Jan
270
Jan
Mar
Mar
Feb
835
47%
5%
10%
20%
25%
114
99
140
33%
11%
5%
22%
Jan
Mar
30
52%
6
T3%
31
31
20c
46c
45c
46c
11%
91%
10%
6
5%
11%
91%
6%
15c
14c
15c
90%
16%
16%
10
23
10
9
21%
14
14%
8
300
2.25
166
175
5,106
60
5,924
31
15c
20c
160
6
25% 27%
99% 100
34% 34%
12%
14%
5%
5%
23
24%
100
25
1 %
Feb
Jan
Mar
Mar
Yosemlte Ptld Cem pref. 10
until 5:30 P. M. Eastern Standard Time (2 P. M. Saturdays)
Jan
11
Jan
25
4
Apr
1.25
Wells Fargo Bk & U Tr. 100
are
46
Mar
9%
82%
3*%
30%
Vega Airplane Co
solicited
3
Apr
692
United Air Lines Corp...5
Universal Consol OU....10
Orders
Mar
1,448
2,101
*
Texas Consol Oil Co
.i
Mar
10%
16c
30
Preferred
Transamerlca
10%
Jan
88
26
30
..100
Spring Valley Co Ltd
Ask
36
2/0
Jan
941
11%
Super Mold Corp cap...10
34
Jan
7%
9%
^
Mar
18%
1.35
Standard OU Co of Calif.. *
Bid
1.75
692
1,805
11%
So Cal Gas Co pref ser A.25
Southern Pacific Co... 100
A. T. & T. Tel.
Boatmen's National Bank.
9%
Feb
Jan
34%
34%
31%
*
Preferred..
St. Louis Bank and Trust Companies
on
2.90
10%
3%
10%
Jan
9%
106
15
2,102
31,892
1.35
Signal OU & Gas A..
—*
Sound view Pulp Co com. 5
(MEMBER)
Garfield 3450
Quotations
Jan
52%
STOCKS
OLIVE ST.
418
Mar
102%
Shell Union Oil com
-
ST. LOUIS BANK
8%
150
Safeway Stores Inc com..*
Schelsslnger (B F)7% prf25
ACTIVE IN:
ST
880
Jan
33%
34%
30%
100
Ryan Aeronautical Co
Gatch
Feb
"34%
100
Republic Petroleum com.l
Rheem Mfg Co
1
LOUIS, MO.
Apr
70c
"l~35
*
Parafflne Co's pref.
100
Pig'n Whistle pref
Puget Sound P & T com..*
Rayonier Inc
38%
Jan
5%
14%
$5 dividend........
Jan
Jan
7%
25
6% 1st preferred.
25
5%% 1st preferred...25
Pac Light Corp com
*
Feb
8%
15
Pac G & E Co com..
Jan
Mar
oOo
5%
21%
3%
6%
Class B.
34
11
70c
Sterling Alum com
Wagner Electric com
Mar
3%
88
Warrants.
Pacific Can Co com
.*
Pacific Coast Aggregates.5
1.37
40
__*
Pac Amer Fisheries com..5
Jan
55
com
Jan
Mar
Mar
27%
2,470
16c
105%
12%
6%
110%
Apr
88
25%
Occidental Petroleum
O'Connor Moffatt cl AA_.*
Jan
1
100
Occidental Insurance Co. 10
Feb
Apr
11%
2%
100
8%
9%
12
250
8%
8%
5
com
....
N American Invest com 100
28
5,755
70c
9%
No American Oil Consol. 10
Apr
38%
2.35
2.80
1<F
Apr
Feb
52
2d preferred
1
1
35
9%
9%
105% 106
17%
18
Natomaa Co._ .C .^—
High
Mar
63o
17%
Low
32%
34
34%
37%
Range Since Jan. 1,1940
Shares
456
33%
100
.
_
Feb
Feb
1
<
11
Feb
Mar
3%
Preferred.
March Calcul Machine
10%
9%
4%
1
Price
Apr
108%
3
Week
Feb
4%
20
109
for
of Prices
Low
High
Magnln & Co (I) com
26%
490
Equip com..*
1
'
39
Feb
290
11%
5
4%
109
Scruggs-V-B Inc
Scullin Steel
110
11%
100
St L Pub Serv com cl A
Preferred.
10%
11%
6%
Feb
37%
30
28
104
Nat Candy common.....*
Rice-Stix D Gds com
__*
3
505
10%
Nat Bearing Metals com.*
Preferred
100
-
~
11%
26%
10%
Mo Portl'd Cement com.25
1st preferred
65
—
ex
4%
39
Week's Range
2%
Feb
34
Feb
'6
3
Laclede-Christy Clay
A-Products common._.__*
Par
Feb
%
2
9
93
9
(Concluded)
LeTourneau (R G) Inc..
Lockheed Aircraft Corp._l
5%
333
7x
9
*
50
20)
33
m
Last
Sale
Shares
%
IX
Sales
Friday
Range Since Jan. 1,1940
for
Week
Hydraulic Pressed BrickPreferred ..........100
2237
17
10
23%
397
4,290
1,085
1,620
50
11,609
2,400
1,803
1,351
2,485
14%
647
10%
8,206
300
5
2.25
447
4%
4%
a9% a9%
174% 174%
300
Jan
Mar
Feb
Mar
Mar
6%
Jan
Apr
11%
Apr
30% Mar
30
Feb
100%
34%
15%
Feb
6
Jan
Jan
Jan
Mar
26%
33%
15c
Feb
20o
Feb
45c
Apr
Feb
60c
Feb
11%
Apr
93
Jan
10%
90% Apr
5% Mar
13c
16
8%
14 %
13%
4%
294
2.10
6% Mar
15c Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
17%
Jan
10
Apr
Apr
2'%
15%
Jan
10%
Apr
300
Jan
Mar
2.90
Jan
4%
Apr
8%
Mar
4%
9%
174%
Apr
Mar
60c
Mar
Unlisted—
American Power & Light.*
Amer Rad & Std Sanitary*
Members New
York
Stock Exchange
4%
American Tel & Tel Co. 100
Schwabacher & Co.
174%
Amer Toll Bridge
111
Broadway, New York
Anaconda Copper
Cwtlahdt 7-4150
(Del)-.l
Min..50
9
Argonaut Mining Co
3%
2%
....
.5
Ark Nat Gas Corp A
*
Atchls Top & Santa Fe 100
Atlas Corp common
5
Francisco Stock
March
30 to
Exchange
April 5, both inclusive, compiled from official sales lists
Friday
Mies
Last
Stocks—
Par
Week's Range
Sale
Price
Low
High
Aviation Corp. of Del....3
Aviation & Trans. Corp__l
Bait & Ohio RR com...100
Bendix
Aviation
Corp...5
Blair & Co Inc cap
of Prices
flange Since Jan. 1, 1940
for
Low
H ijh
Sullivan.2%
Pw6% pref '27100
Bunker Hill &
Calif-Ore
Shares
1
23
8
Anglo Amer Min Corp
v
4%
835
*
20
23%
51%
Calif Water Service pref 100
Caterpillar Tractor com..*
Cent Eureka Min Co com 1
4%
EdLson.25
Cons Chern Ind A
Coppermlnes
Creameries of Amer com
Preferred-
.
14%
18%
21%
1%
12%
5
,.._.*
295
16
89%
295
15%
88%
Mar
5%
Mar
Domlnguez OU Fields Co.*
Jan
7%
Feb
125
Jan
1.60
Feb
....
1
5
15%
Feb
19
Mar
19%
Jan
21%
Mar
Mar
2.25
Jan
272
52
402
51
102%
49
3%
9
20%
Jan
52%
Jan
Apr
Mar
General
Idaho-Maryland
.20
Mines.. 1
Intl Tel & Tel Co com
Jan
Italo Pet Corp of Am com 1
Preferred
1
Jari
10.
Mar
Feb
55
Jan
Kenn
a37%
"7%
Jan
4%
Mar
McKesson & Robbing com5
Jan
3>%
Apr
M J & M & M Cons
Jan
25
Apr
20
3,689
195
5%
Feb
290
15
88%
9%
Feb
5%
Feb
Mountain City Copper
Apr
1
29»
6
Jan
17%
Jan
Nash-Kelvlnator Corp
6
National Distillers Prod..*
Feb
92%
Jan
No
Jan
American
1.95
Preferred
._._____100
Doernbecjer Mfg Co
8%
*
Preferred
msco
50
^
20
42%
Der & Equip Co..5
Ewa Plantation Co cap. .20
Fireman's Fund Ins Co..25
Foster <t Kleiser com
Preferred
25
8%
4%
8%
4%
7%
20
550
550
19%
41%
9%
31%
550
2,123
43
105
9._
31%
202
16
99
336
2.00
2.00
400
19
20
54%
32%
55%
32%
6%
11%
17%
98
2%
...
150
7
El Dorado OU Works..... *
Emporium Capwell Corp.*
1.95
20
109
1 95
Mar
3 50
Jan
8
Mar
Greyhound Corp com
.*
5%
10%
17%
Hale Bros Stores Inc.
*
14%
Jan
10%
5%
7
Apr
17%
40
8%
31
93%
1.75
18
8%
Jan
Jan
Jan
20
Apr
Jan
Hawaiian Pine Co Ltd...*
19%
Hoily Development
Honolulu Oil Corp cap...*
Hunt Brothers pref.
10
Langendorf Utd Bk A
Leslie Salt Co
i....
*
10
25c
262
3)
300
25c
50
39
455
20%
120
5%
37%
so%
21%
100
20
6%
34%
1,100
4%
370
12c
900
1.35
880
185
35%
24%
25
7%
9c
4%
6%
a26%
'23%
183
25
8%
2,020
10c
Jan
2%
25%
9%
Mar
8
Jan
4
Jan
5%.
Feb
35%
Feb
Apr
Jan
Feb
Jan
Feb
Jan
Apr
Apr
120
Mar
2
14%
86%
Apr
Jan
Apr
Jan
Apr
Jan
Mar
Apr
Mar
Apr
Mar
Jan
Jan
Mar
5%
32%
7%
Apr
Apr
11%
Mar
36
Jan
Jan
25c—Apr
6%
41
Jan
20%
21%
Apr
Apr
0%
38%
4%
Jan
Jan
Jan
Mar
Mar
10c
Mar
l.'O
Mar
1 65
Jan
Jan
Mar
Jan
35%
25%
7%
Apr
8%
9c
Mar
8
Jan
Feb
Apr
12e
Jan
9%
Mar
55%
4%
7%
25%
26%
23%
0%
1,650
3%
6%
Apr
90
16c
Apr
Mar
845
Jan
3%
54 M
1,000
Jan
Jan
425
725
8%
Apr
Jan
23
2,200
8
55% 55%
3%
4%
7
6%
a26% a26%
23% 25%
22% 23%
20% 20%
Pacific Ptld Cement prf 100
Packard Motor Co com..*
41%
a3%
Pennsylvania RR Co
50
Radio Corp of America.. *
23%
7
4%
44%
Feb
11
Jan
Riverside Cement Co A..*
32
Jan
Schumacher Wall Bd com.*
99
Mar
2.20
Mar
Jan
Feb
Feb
20
Apr
52
Jan
55%
30%
Jan
34
5%
Jan
6%
Apr
9
Jan
11%
Mar
211
16
Mar
17%
Feb
25
Mar
22%
20%
Mar
Mar
Jan
Feb
Feb
Mat
Feb
13%
Jan
15
Feb
19
Jan
20%
Jan
Prpfprrpd
So Calif Edison
5%
*
com
25
6%
4%
41%
a3%
23%
7%
4%
5%
25
30%
6% preferred........25
5%% preferred...
25
So Pac Gold Gate 6% pf 100
25
30
30%
29%
30%
29%
30
50
10
30
392
4,255
5
41%
3%
21%
5%
Mar
Jan
Jan
Jan
Jan
Feb
70
4
Jan
200
5
Jan
23%
Jan
1,349
29
Jan
672
29
Jan
550
29% Mar
50
41%
4%
23%
Feb
Jan
Jan
Apr
7%
4%
5%
25%
?0%
30%
30%
Apr
Feb
Mar
Apr
Mar
Apr
Mar
Jan
Apr
250
.
4,314
105
Apr
Mar
Standard Brands Inc
*
Studebaker Corp com
1
30c
7%
11%
Superior Ptld Cem pref A.*
Texas Corp common
25
United Aircraft Corp cap.5
United Corp of Del
*
U 8 Petroleum Co
50c
178
7
7%
-575
11%
41%
1,183
11%
41%
2%
46%
48%
2%
73c
1,300
65c
Mar
1
1.00
43%
50
Feb
United States Steel com..*
15%
1,842
41%
13%
44
14
Mar
17%
Jan
Utah-Idaho Sug Co com..5
58%
1%
2.00
Jan
4.00
40%
50
3lC
Apr
1.10
6
Jan
Jan
7%
12%
25
41%
Apr
44
294
44%
Mar
712
47
2%
817
1.00
1,600
9
2%
4.00
500 r
8
76c
Jan
Feb
'
Feb
Feb
*
No par value,
8%
100
159
3%
Apr
trading privUeges.
15%
Mar
8%
3%
16%
Apr
223
Feb
year,
518
42
Mar
44
Apr
15%
15%
3%
15%
44
43
44
<
x
63
1%
1,021
100
95c
JttU
40%
60
Jan
Feb
Mar
Apr
Apr
2%
Apr
Feb
1.15
Jan
Mar
66%
1%
Jan
Jan
Mar
Mar
3%
8%
3%
Hutchinson Sugar Plant. 15
IXL Mining Co
....2
539
a7
56c
14%
9
3,520
43%
1
Home F & M Ins Co cap.10
320
10%
34%
8
20
Sugar Co.
Jan
789
19%
6%
11
Olaa
Mar
115
1,605
15
Golden State Co Ltd....*
80
3,003
8%
6
3%
5%
30%
1%
12%
82%
'%
30%
7%
9%
Feb
31
Jan
4
u
General Motors Corp com 10
General Paint Corp pref..*
Gladding McBean & Co..*
100
120
-
Aviation.
North American Co com.10
Di Giorgio Fruit com... 10
700
310
25
MonollthPtldCem8% prflO
Montgomery Ward & Co.*
365
5%
295
262
4,921
llx
12c
Copper Corp com..*
Marine Bancorporation..*
31%
Feb
Jan
1.25
*
23%
8
22%
a36% a37%
6%
Int Nickel Co of Can...
Feb
870
800
1,005
38%
20%
21%
6%
34%
3%
Electric Co.--.-*
1,377
1,324
4%
32%
9%
4
7%
25c
Hawaiian Sugar Co
Mar
Feb
Feb
200
8%
3%
2%
100
32%
33
Goodrich (B F) Co com..*
9
671
a7
Feb
2.00
Jan
9%
10%
33
Dumbarton Bridge.10
16
23
Feb
27%
32%
Elec Bond & Share Co
13%
10
52c
787
-
4
r
Feb
Jan
Feb
980
457
25
9
16
89%
20c
Jan
1,211
9
24%
52%
104% 105%
49% 49%
5%
100
1.50
Mar
Consolidated OU Corp.
Curt lss-Wrlght Corp.
171
1,000
8
5%
5%
a34% a35%
1%
1%
12%
12%
a87% a87%
*a35%
20
7%
Feb
100
'2.25
4%
32%
24%
5%
122
o9%
6%
3%
4
Cities Service Co com.. 10
6X
623
A
23%
51%
8%
5
.
14
18%
9
*
Calif Packing Corp com.
Preferred
,....50
Crocker First Natl Bk
Crown Zellerbach com
100
2.00
Calaveras Cement Co com *
Calif Art Tile A
Consol
15
1.60
21%
14%
18%
20
Commonwealth
122% 122%
1.60
Preferred
4
4%
260
122%
....
Byron Jackson Co
Calamba Sugar com.
13c
457
7
4%
Atlas Imp Diesel Engine
Bank of California N A..80
Bishop Oil Co
Mar
275
6%
1
Associated Ins Fund Inc. 10
6
6%
6%
24
a8%
a8%
Cons Edison Co of N Y._*
Alaska Juneau Gold Min 10
60c
31
9%
3%
2%
Anglo Nat Corp A com...*
.
Private Wire to own offices in San Francisco and Los Angeles
San
60c
29%
100
55
1%
Jan
Odd lot Sales. 6 Ex-stock dividend,
c Admitted to unllstd
d Deferred delivery,
r Cash sale—Not Included in range for
y Ex-rights,
a Listed,
fin default.
a
Ex-dividend,
The Commercial & Financial Chronicle
2238
April 6, 1940
Canadian Markets
LISTED
Service
AND
UNLISTED
Week's Range
Last
Sale
Securities.
Stocks
.
(Concluded)
Par
Gatineau Power.
Greenshields & Co
Members
Montreal Stock Exchange
507 Place
Montreal Curb Market
5*4% preferred
93*4
101
100
4*4
.......
General steel Wares.....*
Bid
1 1948
4*4s—.Oct
1 1956
Prov of British Columblar¬
63
55
5s...:
51*4
53
08—.*
5s
12 1949
92
89
4s
94*4
4*4s..
Oct
1 1953
Province of Manitoba—
91
es.—.July
....
4*4s
Sept 16 1943
May
I 1969
.....June
1 1062
Jan
15 1965
98
1 1941
.June 15 1954
88
92
4*4s
Mar
2 1950
97*4
82
4s
Feb
1 1958
92
2 1969
78
82
4*4s
May
1 1901
92
5s....
4*4s_.
Apr
15 1961
Province of Nova Scotia—
4*4s.
Sept
5s...
Mar
15 1952
1
1960
94
5s..
June 16 1943
71
5 *4 s
4*4s
Nov
Oct
15 1946
71
65
4s
4*4s
Deo
15 1944
.July
1 1944
Dominion
150
26*4
Mar
41*4
A TV
28*4
46*4
Feb
1,312
12
1
13
Jan
14
Feb
55
55
1
58
Jan
58
Jan
21
Feb
22*4
25*4
Feb
27
35
122
Apr
128
15*4
100
15
Jan
16*4
12*4
7*4
13
155
12 H
Feb
13
8*4
165
7*4
Jan
3
125
2*4
Apr
9*4
5*4
Mar
254
30*4
Mar
31*4
Feb
50
50
53
37*4
37*4
37*4
39
39
70
60
1,370
100
*
5*4
8
25
1S*4
63*4
31
31
125
74
74*4
508
33
910
11
11
25
110
115
6
32*4
31*4
Ottawa Car Aircraft..—.*
12*4
12*4
11*4
11*4
14*4
*
100
67*4
67*4
Power Corp of Canada...*
Price Bros A Co Ltd
*
10
11
Quebec Power
*
Regent Knitting
111*4 112*4
92
84
St Lawrence Paper pref.100
6s
1970
S
preferred..
..60
awlnlgan W A Power..*
Simpsons pref
Steel Co of Canada—
hast
Sale
Week'e Range
TwlnCity
Range Since Jan. 1,1940
for
High
...
Low
*
Algoma Steel Corp......*
15*4
Anglo Can Tel Co prpf.,50
Asbestos Corp..........*
"23*4
"14*4
165*4
10*4
""5*4
*
Canadian Bronze
*
Canadian Gar A Foundry.*
Preferred...... .....25
Celanese
*
Preferred 7%.......100
Canadian
Rights
*
Canadian Converters.. 100
9*4
10*4
•29
7,140
29
3
5*4
250
60
245
English Electric A
...*
Famous Players C Corp..*
Foundation Co. of Canada*
22
76
Feb
81
28
2*4
5*4
Mar
Jan
Jan
2*4
6*4
Feb
Mar
Jan
4
Mar
37
Apr
Mar
*
62
62
12
55
Feb
55
Feb
21*4
Jan
Feb
..—.—.*
225
2
Feb
2
22
2
Jan
23*4
2*4
2*4
10
"io
220
2*4
2
2
22*4
2
.___.*
10
35
10
Mar
11*4
58
Jan
9*4
23*4
Jan
11*4
Feb
Feb
24*4
Feb
69
50
11
11
600
24*4
24*4
69
"if
25
35
21*4
Mar
70
Jan
Jan
Mar
Jan
Banks—
Jan
163
100
163
18
160
163
Jan
Apr
Mar
Nova Scotia
—100
4
302
Jan
Mar
Feb
17*4
23*4
Mar
8*4
99
18
.....
.
100
Royal
Toronto
311
Mar
182
184
123
182
Jan
1°0
Mar
263
263
1
203
Apr
203
Apr
307*4 307*4
183
——100
Jan
Feb
Montreal Curb Market
Jan
March 30
to
Feb
April 5, both Inclusive, compiled from official sales lists
Sales
Jan
Fridaj
5*4
Jan
Last
Week's Range
15*4
Jan
2
8*4
*4
Mar
5,062
Am-
Sale
of Prices
40
56
Jan
64*4
Mar
43
Jan
45
Jan
1654
28 m'
37*4
Jan
1,250
12*4
Mar
Feb
Jan
127
127
Jan
Stocks—
Par
Abitibl Pow A Paper Co..*
1.50
13*4
911
11
Mar
1.41
1.45
389
119
Bathurst PAP Co B
*
4*4
5*4
415
124
Mar
128
Mar
20
Jan
21
Feb
Beauharnols Power Corp.*
16
Jan
19*4
Feb
Beldihg-Corticelli Ltd.. 100
115
115
20
14
150
3
435
3
175
8
10,740
7*4
8
130
42*4
24*4
43
123
1,500
38
946
21*4
235
123
155
10
254
2*4
6
Jan
7
Feb
87
15
i
Jan
j
Jan
23
Jan
25 H
Mar
36
Mar
20*4
13*4
4*4
6*4
5J4
*
CalgaryPow6%cum prf 100
22*4
Co. *
Canada Malting Co Ltd..*
Can Nor P 7% cum pref 100
40*4
Jan
Canada Vinegars Ltd
22
Feb
Jan
Jan
155
Feb
Preferred
*
15*4
5*4
Jan
Cndn Ind 7 % cum pref. 100
CndnIntlInvTr5%cm pflOO
Jan
Canadian
Jan
8*4
Apr
Cndn Power A Paper Inv_*
Cndn VIckers Ltd..,
*
Feb
89
Apr
90*4
625
7*4
Mar
U*<
60
75e
Apr
Jan
Mar
Marconi
—
Jan
—
2
Jan
Jan
Apr
5*4
Feb
Co___l
2354
1954
Jan
Jan
100
Apr
100
33*4
437
33
Jan
35
Jan
38
84
36
Jan
39
110
Feb
110
20
109
Jan
111
Feb
12
Feb
15
Jan
1.55
Jan
254
30*4
Apr
100
12
12
2*4
1.00
31*4
29*4
2*4
31*4
175
175
44
45
45
115
10,022
737
5
175
Mar
175
5
43
Feb
45
—
—
—
6
1 40
1.00
1.00
6
1.00
Feb
1.05
Jan
6*4
210
Jan
8*4
Jan
4*4
10
r
18
Feb
50
1,100
15c
Feb
20c
15
15
14
No par value,
Jan
Jan
17
20
9*4
*
5
17
17
„
Canadian market.
550
Apr
Mar
4*4
13*4
954
Feb
6
15
5%
J ah
15*4
Jan
Feb
6
—
1.00
9*4
34
24
Jan
Mar
2.450
ConsolidatedDivSecprf 2*4
Jan
Apr
10
Apr
1.40
Fen
31
22*4
100
Jan
1.35
2,795
160
2454
Apr
4*4
1.40
3*4
13
.
38
3*4
23*4
50
Mar
17
3*4
33
5*4
22*4
119
Commercial Alcohols Ltd.*
13.
12
1,428
17*4
6*4
95
Jan
Claude Neon Gen Adv...*
22*4
Jan
Jan
4*4
Apr
33
2*4
16
Feb
11*4
6*4
10
5*4
23
City Gas A Electric Corp.*
11*4
4*4
112
Apr
Jan
75c
420
5
Feb
95
Apr
9*4
75c
.
Mar
5
1
cum pref
—r*
Catelli Food Prods Ltd
*
8*4
75c
354
975
Jan
110
—
*
Jan
81*4
95
Apr
X
17*4
33
—
Cndn Breweries Ltd...—*
125
86
22*4
17*4
100
100
Canada A Dom Sugar
Jan
307
5
5*4
British Columbia Packers'*
Jan
Mar
3*4
95
Jan
145
I
Mar
4*4
95
Vanc.5
Brit Amer Oil Co Ltd
Jan
4854
150
3,665
8*
Brewers A Dlsts of
Mar
Jan
6
645
14*4
3*<
3*4
Ad
122
4,054
Feb
42*4
100
5
Jan
Feb
Mar
2
•
Feb
2
14
High
Feb
12*4
75
3
Low
1.30
1.43
132
115
1,025
13*4
pref
18
Feb
1.65
*
cum
20
112*4
1.50
Range Since Jan. 1, 1940
High Shares
100
6%
18
127*4
Low
Price
for
Week
Aluminum Ltd.:
•
Feb
20
v
Jan
7
30
13
86*4
3
24
""5*4
Feb
30
420
80*4
77
Jan
2,367
88
Jan
231
Jan
26
8*4
89
15
Jan
37
7*4
103
Mar
Mar
36
..1
79*4
65
15*4
Feb
13
Mar
26
9*4
78
3,505
44
14*4
4*4
99*4
176*4
37
...»
Jan
50
70
212
26
100
24*4
Jan
14*4
7*4
Feb
Feb
44
154
20
168
14*4
5
Jan
Jan
1,198
200
44
15
'0*4
21*4 22*4
102*4 102*4
13*4
13*4
78*4 7854
56
Mar
21
Mar
107
21
30*4
Mar
172
165
123
1«54
42
960
209
64
21*4
670
1,930
172
64
38
Feb
19*4
48 *4
4*4
209
Mar
Dominion Coal pref
25
Glass......100
Preferred
100
Dominion Steel A Coal B 25
4*4
19
100
16
Dominion
Jan
Jan
Mar
Jan
.....100
21
25*4
19*4
107*4
5*4
20*4
TV-
Montreal
145
"24*4
Jk
10*4' Mar
10*4
8*4
21*4
64 *4
Distillers Seagrams
...»
Dominion Bridge.......*
Mar
Jan
Feb
7*4
16
105
Jan
Feb
54
Preferred
Commerce
16*4
7*4
20*4
......
17*4
Jan
Canadlenne...
15
14*4
5
Feb
Feb
16
Jan
80*4
45
4
Woods Mfg pref——.100
Mar
375
-
Jan
24
Jan
74
Jan
Zellers—
Mar
16
«*<
11*4
Jan
Jan
40
7*4
21*4
8
Enamel A Heating Prod..*
2*4
4>|
Mar
Jan
Mar
2H
Jan
169
Jan
7*4
Domluion Textile.......*
Dryden Paper..........*
27
1.75
Mar
17*4
72
51*4
28*4
..100
Feb
5*4
16*4
2*4
Dominion Stores Ltd....*
Dom Tar & Chem
*
8*4
Ap
9*4
Feb
102*4
7
Preferred
Feb
95
...»
*
1.05
25*4
165
Jan
Feb
90
Jan
35
Consol Mining & SmeltlngS
Electrolux Corp..
100
383
16
Jan
58
Apr
Mar
25
16*4
49*4
26*4
722
Cockshutt Plow
Eastern Dairies
40
167
15
100
35
4
Jan
7
Canadian Pacific Ry._.25
Preferred
40
Feb
Apr
Mar
54
14*4
15
13*4
'1*4
36
Jan
Mar
115
Feb
11*4
7*4
54
35
97
Industrial Alcohol.
Class B
1.25
1,690
1,005
11
Apr
Mar
Jan
36
*
Apr
19*4 Mar
Mar
50
990
31
Jan
10*4
110
6
6
Winnipeg Electric A.....*
Winnipeg Electric B
*
Mar
32*4. Feb
78*4
Jan
33*4 Jan
17
2*4
Wllsils Ltd....
Mar
6'»
Jan
Jan
5*4
Aor
16*4
12*4
Jan
Feb
Mar
Mar
16*4
107*4
5
6'
26*4
70*4
30*4
16*4
10
2*4
Feb
40
220
235
1654
6
12
23
170
120
2*4
110
1,042
165
6*4
Canadian Cottons pref.100
Cndn Foreign tnvestm't.
Cndn
2.965
1,847
"78""
Jan
96
Can North Power Corp..*
Can Wire & Cable cl A...*
135
*
Apr
11
108*4
21
16
100
6% preferred........60
10
10
24*4
19*4
14*4
3
29
*
Canada Steamship (new).*
23*4
19*4
13*4
1.05
~40
135
48
,48
»
i........
11*4 12
108*4 108*4
31
31*4
15
16*4
13*4
6
755
Mar
...»
Western Grocers Ltd
Preferred.
—._100
AlbertaPaclficGrain prf 100
16*4
J
55
38*4
...100
Wabasso Cotton,
High
4*4
19*4
48*4
22*4
*
Preferred...
Shares
10*4
105
35
._*
.;
United Steel Corp
Vlau Biscuit
Week
of Prices
Low
107*4
155
..25
Preferred
sates
75
6
100
Southern Canada Power..*
April 5, both inclusive, compiled from official sales lists
20*4
16
Saguenay Power pref.-.100
St Lawrence Corp
*
A
19*4
10*4
25
82
Preferred.
.....
*
Preferred
100
100
74
20*4
100
89
Price
15
100
Holland Paper v t
rridau
12*4
11*4
Ottawa L H A P pref... 100
Penmans
*
1 1962
Canada Cement Co
Mar
100
1 1902
Building Products A (new)*
Bulolo.................6
Jan
38*4
41*4
Ontario Steel Products...*
3s........Jan
SHV Miiis-;::::::;*
56*4
Feb
Ogtlvle Flour Mills......*
4s........Jan
B
Feb
36
79
1969
Bruck
50
89*4
Preferred
Jan
Jan
871
84
1969
Brazilian Tr Lt & Power.*
British Col Power Corp A *
.
78
Exchange
Jan
Jan
Feb
127
88*4
Montreal Stock
23*4
227
83
1957
100
123
1954
Grand Trunk Pacific Ry—
Jan
21*4
Jan
1,040
6s..... ...Oct
.100
542
3,216
4*4s... ...July
6s.....
July
Bawlf (N) Grain....
1,105
26*4
6*4
8*4
1950
Preferred.
Bell Telephone..
23*4
30*4
4J4s... ...Feb
Associated Breweries....*
Bathurst Pow A Paper A.*
Feb
1 1960
454s... ...June 15 1956
Agnew-Surpass Shoe
Feb
23
1 1946
Ask
nr
29
Mar
1
Bid
A
Jan
20*4
Dec
1 1946
Jan
27
Sept
.July
Feb
100
July
0*4s
Jan
15*4
16*4
7*4
280
6s
Canadian Nortbern Ry—
Feb
34
21*4
4*4s
Bonds
Mar
29
75
Government Guaranteed
Par
Mar
73
Canadian National Ry—
1 1961
4*4S... ...Sept
Stocks—
6*4
30*4
5% preferred
to
40
79
(American Dollar Prices;
March 30
Jan
70
Closing bid and asked quotations, Friday, April 5
...Feb
15*4
103*4
Feb
78
105*4 106*4
Apr
Jan
Mar
1»*4
69
4>4s
Feb
27
Niagara Wire Weaving...*
Noranda Mines Ltd
—*
Ask
Mar
23
Jan
27*4
2,054
2,756
"30*4
National Steel Car Corp.*
Bid
Ask
Mar
5*4
43
Ottawa Electric Rys
Ottawa LHAP...
5s
100
.—.100
25
*
Preferred
Canadian Pacific Ry—
perpetual debentures.
Sept 15 1942
6s...
30
1254
8*4
2*4
5*4
...3
Montreal Tramways
National Breweries
(American Dollar Prices)
Feb
55*4
10*4
Feb
15
Laura Secord
Closing bid and asked quotations, Friday, April 5
Jan
Feb
Mar
19
122
Pre erred..
Canadian Pacific Ry—
13*4
1,305
29*4
15*4
16*4
7*4
6
10*4
91
12
26*4
*
...
Legare preferred
Lindsay (CW).
Railway Bonds
Bid
000
102
Jan
Feb
Feb
Jan
830
Lang A Sons (John A)....*
98
6
105
27
22*4
74
94
95
2,005
100
Preferred
70
86
900
High
16*4
9054
41*4
Intl Petroleum Co Ltd...*
74
1 1951
84
15
76
7*4
5*4
8*4
14*4
London Can Tn-' Corp iOO
Mont L H A P Consol....*
90
92
16*4
7*4
28*4
20*4
120
Low
14*4 Mar
Apr
93*4
100*4 Mar
4*4 Mar
Jan
9*4
Jan
89*4
54*4 Mar
6*4 Mar
4*4 Feb
43
Lake of the Woods.
Prov of Saskatchewan—
15 1900
.Apr
*
15
Preferred—100
94
Deo
27*4
14*4
1,600
Range Since Jan. 1,1940
27
Preferred
Intl Nickel of Can...
Intl Paper A Power
95
„
16*4
Intl Bronze Powders......
98*4
78
14*4
,..£1
Industrial Acceptance...*
99
6s
102
Preferred..
105*4 106*4
102
103*4
91*4 93
4*4s...—.Aug
6e.
102
*
Imperial Tobacco of Can.5
Province of Quebec—
Prov of New Brunswick—
2154
Imperial Oil Ltd
104*4 105
1 1942
Oct
22*4
14*4
Hudson Bay Mining......*
Ask
Province of Ontario—
Province of Alberta-^
6s....—..Jan
Howard Smith Paper
Preferred.
Bid
Ask
54*4
100
Hollinger Gold
Closing bid and ask«d quotations, Friday, April 5
(American Dollar Prices)
145
5
10*4
22
8
*
...5
5
106
95
*
Hamilton Bridge
Issues
7*4
91
93*4
101*4
10*4
54*4
0*4
4*4
7*4
14*4
Goodyear T pref inc '27.50
Gurd (Charles)
.*
Gypsum Lime A Alabas..*
143
15
95
10*4
Preferred
Provincial and Municipal
for
Week
of Prices
Low
High Shares
15
...100
Preferred..
MR
Price
*
Rights
d'Armes, Montreal
Sales
Friday
all Canadian
on
Jan
10c
Feb
,15c
Feb
3
Jan
3*4
Mar
9*4
Jan
10
Feb
Volume
The Commercial & Financial Chronicle
ISO
2239
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Last
{Concluded)
Par
Week's Range
for
Sale
Stocks
of Prices
Week
Low
Price
Consolidated Paper Corp.*
7H
Cub Aircraft
2H
7H
2H
2H
*
B
High
6H
"
Corp Ltd..*
David <fc Frere Ltee A
Inquiries
Sales
Friday
17
Range Since Jan. 1, 1940
Shares
Low
Mar
2H
—
1,810
17
Mar
10
50
*
3H
3H
75
Dom Engineering Works.*
Dom Oilcloth & Linoleum.*
38H
38H
76
35
35
15
33
8
*
B
Jan
33 H
4.75
7 H
Mar
7k
7
5H
5H
5H
5H
Fleet Aircraft Ltd
*
8%
8
9
Ford Motor of Can A
*
22
22
Fraser Cos Ltd
*
Voting trust
*
50
7H
6
Intl Paints
245
1,335
H
503
16
17H
2H
2H
5H
7H
18 H
1,828
2H
700
(Can) Ltd A._*
3
3
11
MacLaren Pow & Paper..*
McColl-Fron 6% cm pf.lOQ
45c
45c
22 H
Feb
Feb
20
2H
Jan
Feb
35c
19 H
Jan
Mar
Apr
8H
21
11
28
21
225
Jan
96
Jan
ICO
25
8
Apr
Massey-Harris5%cm prf 100
52
Melchers Distilleries pf__10
Mitchell (Robt) Co Ltd..*
5H
14H
15H
46
46
15H
Moore Corp Ltd
N S L & P 6% cum pref 100
Page-Hereey Tubes Ltd..*
53 H
142
48
59
Mar
5H
81
6
Feb
1,010
12 H
44 H
Feb
106H 106H
3
107H
108H 108H
5
107
Jan
107 H
111H
Jan
1st pref
cum
100
104 H 105 f
Provincial Transport Co..*
Quebec Tel & Pow A
6k
75
6H
*
6H
*
Sangamo Co Ltd
26
Sou Can Pr
6%
cum
pf.100
4k
4 H
106 k
Mar
Mar
6
60
4H
Jan
7H
Feb
4H
Mar
Jan
35
35
110
110
110
13
13
5
"43
43
43
240
20
20 k
450
1.15
1,645
5,000
24c
7,000
1,300
13,000
12c
Jan
United Amusement A____*
Walker-Good & Worts(H) *
$1 cum pref
Walkerville Brewery
*
99 H
1.15
1.00
25
30
Jan
35
24
109
Mar
112
Feb
13
Apr
13
Apr
41
Jan
435i
Feb
19 H
Jan
20 H
Feb
90c
Mar
1.15
Jan
Apr
35o
Jan
8c
Mar
16He
10c
Jan
5k
22 k
29 H
Beaufor Gold Mines
25c
1
10 He
10c 11 He
10c
"42c
Cent Cadillac G M Ltd._l
Central Patricia Gold
1
Consol Cblbougamau
1
10c
26 He
42c
lkc
Bidgood-Kirk Gold_.____l
Cartier-Maiartlc Gold
1
me
1,000
lkc
12c 14 He
4,800
12o
14 He
Duparquet Mining
20c
Mar
2.15
100
2.15
Apr
2.40
11c
500
lie
Apr
16c
2Hc
2Hc
3.75
1,250
Mar
4.10
3c
2c
2c
*
*
90c
5,800
8O0
Apr
1.25
2~20
1
Nickel
"~6H
37 H
l03~~
"7 H
22
1H
45
*
31
173
4.95
300
4.00
Feb
4.95
Mar
A
6,000
43c
Mar
680
Jan
B
*
39o
1,000
34c
Jan
45c
Mar
2Mc
2Hc
2,071
2c
Mar
4Ho
Feb
4c
6Hc
3He
Feb
8 He
Mar
225
Lake Shore Mines Ltd
1
25 H
La pa-Cadillac Gold
1
16 He
Lebel-Oro Mines
1
4C
Macassa Mines
1
Murphy Mines
*
22 H
Mar
31k
Jan
500
16 He
Apr
16 He
Apr
3,170
lHc
Jan
2Hc
Apr
4.20
4.30
130
4.20
Mar
4.80
Feb
1.33
1.42
19,550
1.02
Mar
1.45
Apr
2c
2c
200
2c
Mar
2c
Mar
50c
50c
1,100
48c
Jan
50c
Mar
Canadian Oil pref
"56c
1
1
Pickle-Crow Gold
1
Red Crest Gold
1
1.34
475
1.33
Mar
1.82
Jan
C P R
1,800
4Hc
Jan
lOHc
Jan
1.75
Mar
2.11
Jan
3.45
3.45
1,000
3.30
Apr
4.15
Jan
8Ho
Feb
Canadian Wire bound
Cariboo
4Ho
4Hc
200
3c
Jan
2.39
2.39
300
2.25
Mar
2.40
2 He
500
2He
Apr
5Hc
Jan
90c
90c
1,154
90c
Apr
1.15
85c
87c
5,450
75c
Feb
90c
Mar
40c
44c
5,800
38c
Jan
61c
Jan
1
82c
Gold
1
Wood-Cadillac Mines.... 1
21HC
Oil—
*
.
17
20
4,282
Jan
22
Mar
48
1.55
3
Mar
1H
04
Jan
2.60
31
623
Jan
31
175
171
75
168
Jan
178
60
9
Mar
10k
Mar
22
9H
24 k
21
114
19k
Ilk
12
575
Ilk
36 H
885
126
12
Mar
H
ar
23 k
30
Mar
Jan
14
16k
29
37H
129
27
266
124 H
21 H
Jan
25 H
Mar
32
2H
3
250
2H
Feb
15
410
10k
Jan
1,200
610
Mar
127
15
65c
05c
19
120
7H
71c
140
21
210
118k 120
7k
8
120
85o
Apr
6
21
Apr
19
118k
9,073
3H
20
123
8k
H
Feb
10
2.15
1
llHc
10H
15
9H
Mar
10k
4k
15
Jan
100
9H
4H
22
1
10H
10k
4H
22
85
19H
Jan
22
2.55
25
2.25
Jan
2.65
2.11
2.20
12,475
2.10
Mar
2.55
10He llHc
10k
Mar
4H
14o
10kc
Jan
30c
1,200
27c
Apr
54c
75c
80c
3,500
27c
1
80c
8,817
2,450
73o
Mar
1.05
40o
Mar
78c
Mar
1.00
Jan
Mar
4.15
Jan
Cochenour-Williams Gold 1
65c
02c 05He
Feb
78o
Apr
3ic
Jan
Cockshutt Plow
8H
Mar
8.20
Jan
0H
Feb
7.25
8k
948
50
7H
9k
Commoll
30c
33c
27 Ho
Mar
33o
26c
Mar
3,000
87c
Mar
103
Jan
Chromium
43
1.00
1.00
Consolidated
*
16c
Mar
18c
Mar
2.35
Jan
55c
Jan
Consumers
*
2.80
2.49
2.40
Homestead Oil & Gas Ltd.l
5c
Jan
30c
1.70
1.60
1.76
0,400
1.55
Mar
17 H
17k
18k
370
17H
Mar
11c
35c
100
2.80
9,610
7,000
5c
Apr
Apr
3.10
6c
7o
Jan
Crows Nest Coal
1.27
400
1.10
Feb
1.27
Apr
35c
35c
47
Cub Aircraft Corp...
*
Davles Petroleum.......*
33
Feb
36
Cosmos..
Jan
Delnite
Toronto Stock
Last
Sale
Price
Sales
Week's Range
Range Since Jan. 1, 1940
Week
of Prices
Low
for
High
Mines
Dome Mines
April 5, both inclusive, compiled from official sales lists
Friday
*
Low
170
31
29c
.*
...100
Dominion Coal pref
25
Dominion Exploration
1
Dominion Foundry
._.*
Preferred
570
217
30 H
31
32
513
42
33
2
Apr
3H
24c
30c
20,250
22 He
1.15
Mar
32c
Mar
5c
Anr
8c
Jan
25 k
29
1.34
130
2,100
1,536
23
25 k
25k
25 H
870
23
15
20«
5o
208 k 208 H
20 H
21
lkc
lkc
'32
34
k
Mar
126
20 H
Apr
1,000
lkc
Apr
Mar
1.499
1.25
1.25
30k
15
31
Jan
27
5 He
1
Jan
20
950
25 H
50
25
178
2H
1.34
33H
16c
49
Jan
2
25
lkc
30c
1.98
19
Apr
169 k
27
25
(new)..
Dominion Steel B
900
43 k
173H
""5c
Dominion Bank
High
11c
42
170
32
"~2H
1
Dominion Scottish Inv
Shares
"43k
100
Denison..
Distillers Seagrams
Exchange
11c
1
5
Gas.
680
Apr
28c
5c
Jan
0
*
1.23
*
0
15,202
.__*
Consol Chibougamau
Cons Smelters
Mar
43
2,600
1,500
Bakeries
35c
6%
05
134
121
Jan
3.65
1.97
Abltibl
8k
21k
Feb
18 He
300
Par
Jan
55
50
6,090
340
Stocks—
6k
15H
159
1,628
2,044
42,600
799
to
17k
104 H
150
82c
49c
March 30
Jan
3.85
2.00
*
Apr
Mar
80c
35c
Royallte Oil Co Ltd
16k
101 k
140 H
34 k
Chesterville-Larder Lake
1.97
Home Oil Co Ltd
39
18 He 21 He
7.40
7.40
16Hc 16Hc
*
Okalta Oils Ltd
106
2.55
Porcelain...
49c
*
Dalhousie Oil Co
8k
Jan
Jan
30
21
36 H
4k
Commonwealth Pete
Coniarum Mines
1.00
Brown Oil Corp Ltd.....*
Calgary & Edmonton
Mar
6H
104k
140
121
*
Chemical Research
>
Anglo-Canadian Oil Co...*
47o
5H
58
3.85
Teck Hughes
Wright-Hargreaves
Central
100
1,285
26
Central Patricia
Jan
87c
40c
60
14 H
B
Jan
2Hc
2~39
35
26k
Canadian Wine
3.35
240
14
Canadian Wallpaper A...*
2,550
29 H
2.50
Feb
2.39
Feb
55
26
126
3o
14
Mar
5
5
14H
*
100
1.90
33o
185
26
*
1.83
1
Sullivan Consol
Malartic
5Hc
1
i
Canadian
1.75
Sherritt-Gordon Mines...1
Slscoe Gold
100
48
1
21
12
*
Canadian Ind Alcohol A..*
Canadian Locomotive..100
5c
Shawkey Gold Mining... 1
Sladen-Malartlc Mines
Preferred
Canadian Dredge
1.33
1.78
*
San Antonio Gold..
*
Canadian Oil
Pandora Cadillac Gold___l
Perron Gold
*
25
Ceianese
4c
1
Normetal Mining
O'Brien Gold
Canadian
2c
"I'm
Malartic Gold Fields
25 H
25H
16Hc 10HC
Can Car & Foundry
Preferred
1H
9H
20
54c
49,400
39c
5
21k
39c
5Hc
35c
6
55H
55H
6H
7
105H 105H
37k
38k
16k
16k
101k 103
145
146 H
7k
8k
21H
Preferred
4kc
17 H
1
Feb
*
4.90
1
Mar
95
65
50 He
1
11H
5,575
15,100
21k
*
Joliet-Quebec Mines
35
2.20
20 H
Cndn Bk of Commerce.100
Canadian Can
*
18c
Feb
12
63 H
2.50
3H
Apr
1.98
21H
*
30
Apr
3c
Apr
63 H
Breweries
6 25
15
2c
*
*
J-M Consol Gold
445
•
Jan
19,300
...50
Inspiration Min & Dev___l
Francoeur Gold
500
4c
Feb
Mar
H
27
1,000
5
*
6.40
16
10H
5H
23 k
2c
39c
*
50
Canadian
Jan
5,500
6.25
4
22
20
12
"
Bakeries......*
Cndn Bakeries pf (new) 100
Jan
80c
1
19 He
8.60
Canadian
Jan
3.75
1 He
3.55
Feb
3.75
Eldorado Gold....
2c
Mar
15H
B
Jan
2c
69o
15ko
4c
Canada Wire A
Feb
He
Mar
6.30
Preferred
Feb
Mar
47c
15H
Can Permanent Mtge..l00
Canada Steamships......*
Jan
2Ho
15,165
7,500
..1
Canada Cement Co
*
Can Cycle & Motor preflOO
Canada Malting
*
Apr
Apr
Mar
19c
B
Jan
13c
42c
2.15
1
East Malartic M Ltd
Falcon bridge
25c
Feb
lie
16 He
Canada Packers
25c
2H
2,000
19c
Canada Northern Power..*
1
105
12c
.
8H
215
11
Jan
Jan
19
2,364
105
29H
*
Canada Bread..
Mines—
Aldermac Copp Corp Ltd.*
Arntfield Gold
3H
12c
19
7,641
52c
*
Feb
10k
47C
Burlington Steel..
Calgary & Edmonton
Calmont
Apr
10H
llHo
10H
5k
22H
50c
Bunker Hill
Mar
20
1
Buffalo-Ankerlte..
High
7 Ho
9k
5k
22H
28k
2k
12c
.
Low
9,900
4,155
8He
10H
Buffalo-Canadian
*
Building Products (new).*
Power of Canada—
6%
7He
Range Since Jan. 1, 1940
Shares
20
"lOH
*
Brown Oil
Mar
Feb
10H
High
Broulan-Porcuplne.
Feb
Mar
Low
British Dominion Oil-...*
Jan
46
*
B
Week
8 He
Brewers & Distillers..
6
British American Oil..
*
Brit Columbia Power A..*
Mar
6H
15H
Mar
60
Jan
Apr
for
of Prices
Price
1
Brantford Cordage pref.25
Brazilian Traction
*
Mar
8H
Par
Bralorne
Jan
Jan
22
33
{Continued)
Bobjo
Apr
60c
100
100
Maple Leaf pref
Stocks
Week's Range
Sale
Apr
3H
Apr
Sales
Last
Jan
2H
Exchange
Friday
Jan
21H
3
76
20 H
22 H
Toronto Stock
Feb
Mar
705
22 H
20 H
Jan
10
Mar
50
TORONTO
Jan
15
50
11
Jordan Street
Jan
15H
75
Intl Utilities Corp A
*
International Utilities B..1
Lake St John P & P
*
8 X
6
6H
Mar
19H
11
Jan
Jan
Mar
5
665
Jan
Mar
6H
50
6
16
*
{Winnipeg
Feb
910
3H
10
unlisted
Jan
Feb
and
(The Toronto Stock Exchange
Grain Exchange
1
.
Feb
Mar
5
Hydro-Elec Securities
44
2H
EasternDaries7%cm pf 100
"Ish
Jan
Members
Mar
3H
1.50
Fairehlld Aircraft Ltd
22
Feb
listed
on
F. J. CRAWFORD & CO.
Jan
Feb
475
1.50
3
8H
2H
Jan
3H
17
8H
3
*
"
3
1.50
*
8k
Jan
37
Dominion Square Corp
Dominion Woollens
Donnacona Paper A
High
0H
4,245
invited
Canadian Mining and Industrial Securities
30k
20
14k
4H
15H
3,805
40
Jan
32
H
1.34
210
22
H
2Hc
36H
Mar
1.25
30
Mar
30 k
Mar
15H
1.25
7H
8H
470
13H
4k
6H
Feb
8H
3c
3Hc
313
lc
Jan
3Ho
400
5H
Jan
9H
1.45
preferred
100
Acme Gas
Afton
1
1.45
1.00
610
Feb
2.25
Jan
Dominion
13 H
12 H
4Hc
13H
890
11
Mar
Dominion Tar
500
4Hc
Mar
17 H
6c
Jan
4Hc
Mar
lc
lkc
2,000
lc
Mar
lHc
Mar
Preferred
16c
840
15c
Mar
21c
Jan
Dorval-Siscoe
3c
Feb
40
2H
Jan
Duquesne Mining...
1
5c
5c
6c
3,600
5c
Mar
lOHc
Jan
East
*
6Hc
5Hc
6Hc
11,500
5 Ho
Mar
7Hc
3.75
3.70
3.80
18,520
16
16
*
lkc
Alberta Pacific Consol...1
Alberta Pacific Grain
*
Preferred
16c
2k
100
Aldermac Copper.....
32
1.30
15
2k
Apr
120
2k
33
29 H
Mar
20,600
24kc
36
Stores
Dominion Woollens
*
20
Crest
4H
*
3c
...*
9
5
8k
1
9
3c
3c
*
25c
Mar
38c
Jan
East Malartic
1
Algoma Steel
*
16H
15k
10k
*10
14
Feb
16 H
Feb
Eastern Steel
*
Amm Gold Mines
1
3c
2c
3c
19,000
2kc
Apr
6Hc
Jan
Eldorado
1
77c
77c
Anglo-Can Hold Dev
*
1.00
90c
1.00
24,375
85o
Mar
1.03
Jan
Extension
*
2.56
2.56
125
2.30
Jan
300
Jan
Oil...........*
Falconbridge
*
24c
Anglo-Huronian
5.00
4.95
10c llHc 104,100
2c
3c
5,100
7H0
Mar
17c
Jan
Fanny Farmer
29 k
29 H
30
Arntfield Gold
1
like
Astoria Que
Aunor Gold
1
3c
1
2.20
Mines
Bagamac
Bankfleld
1
Bank of Montreal
100
Bank of Nova Scotia
Bank of Toronto
100
21c
100
Bakers
*
207
Bathurts Power A
4Hc
Jan
Federal-Kir kland
2.15
2.27
4,650
2.10
Feb
2.08
Jan
3,675
5 He
Mar
10 Ho
Jan
21c
8,426
18c
Mar
265"
19c
36
201
Feb
211
Mar
307
40
305
Apr
315
Feb
Jan
268
264
Mar
5Ho
Feb
8H0
Ford
22
A
Foundation
*
Francoeur
Gatineau Power
13H
14k
470
12H
Mar
15H
6c
7 He
Feb
8c
Feb
1.11
7,600
1,500
5 HO
1.07
1.05
Jan
1.19
Mar
5H
167
4H
Mar
304
5
1
Biltmore
*
11
Blue Ribbon
«
9
165
150
45c 711,875
165
Jan
•12c
Jan
8Hc
Mar
6k
169
45c
14c
Jan
Mar
Apr
Jan
9Hc
9Hc
11
11
150
10
Jan
12
Mar
9
477
8
Feb
9
Preferred
40k
41
1,350
60
36H
Jan
41
Anr
8
*
7k
Mar
1"H
22 k
1,867
9Hc
1,500
19 H
80
Feb
9Hc
50c
420
21k
*
100
9
6H0
Mar
22 H
11c
54c
11,750
50c
14 H
15
253
95
90
90
49
40o
Mar
70c
14
Mar
16H
92 H
Mar
97
Rights
General Steel Wares
*
*
10 %
10 H
10 k
857
9k
Jan
10 k
Gillies
1
5c
5c
5c
5,700
4Hc
Mar
10HC
2c
Lake
Glenora
..1
God's Lake
4H
.
60
5
4k
Mar
6
*
2c
2,500
lkc
Jan
2c
..*
50c
50c 50 He
10,400
48c
Mar
69o
Goldale
1
18c 19Hc
5,400
15kc
Mar
23c
Golden Gate
1
19Hc
14Hc
14c 10 He
21,900
22c
1
18 He
16 He 20 He
21,500
13 He
12c
Mar
Gold
Mar
26C
Feb
8k
9
Petroleum.25c
Jan
Big Missouri
Feb
3c
Feb
24 He
30
3c
Feb
45c
Jan
5Hc
33c
165
26 k
8,500
6H
1
840
91,700
1,100
Jan
*
500
7c
Mar
100
26c
Jan
6kC
20c
Bell Telephone Co
Jan
4.00
4Hc
5
Bldgood Klrkland
22 He
4c
260
Jan
1,000
2,430
4c
61
14k
t.23
24c
5.00
0kc
135
7 He
4.10
18H
Apr
6c
1,200
1
265
Mar
Mar
770
7c
22c
,
3.55
16
10,660
4Hc
6H
*
50
Jan
208
15
90c
5H
1
21c
1
Preferred
28c
207
1.500
Feb
1
Firestone Petroleum...25c
Fleet Aircraft
*
5H
Bear Expl__
Beauharnois
Anr
21c
Beattie Gold
...1
Fernland
7c
305
*
Base Metals
2c
_
5Hc
1
Cons
24 He 25 He
1,078
•
Eagle
Vi ov
2c
The Commercial & Financial Chronicle
2240
April 6, 1940
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange
IjOSt
Sale
Stock* 0Continued)
Par
Price
of Prices
low
High Shares
2%c
Great Lakes voting
Great Lakes voting tr pref*
Great West Saddlery.....
6%
30%
5
Hal crow-Swazey ........ 1
Halllwell.i
.....
205
2c
T
2%c
8
4
'1.09
6c
1.07
4
1.10
6c
16c
Hlnde & Daucb...
14%
Holllnger Consolidated...6
14%
14%
14%
2.45
2.80
2.80
Home Oil Co
Homestead Oil..........!
*
4%c
23}
..1
6m..*
28%
Honey Dew.
—
Howey Gold......
Hudson Bay Mln 6c
Hunts A...
B.
35c
*
......100
Imperial Bank of Can.. 100
Imperial Oil
Imperial Tobacco.......5
69%
211
Mar
,60c
1
4c
Jellicoe
1
11c
J M Consolidated..
1
3c
Kerr-Addison. .......... 1
2.50
Kirkland Lake..—
Lake Shore..
1.27
Mar
64c
Jan
2c
Jan
6
Jan
Feb
4%
Jan
6,720
4,000
2,700
100
Mar
1.48
Jan
1,?77
23,190
19,300
175
5,150
3,948
70
Feb
10c
19%C
Jan
14%
13 %
Mar
Ma>
15
Jan
2 40
Mar
3.10
Jan
4% C
1
—-1
9%
Feb
1
3c
2%c
3c
4,500
2%C
Mar
5%c
Jan
1.05
1.08
1,200
I 05
Apr
1.24
Jan
Jan
Shawkey
Sheep Creek
Sherrltt-Gordon
Jan
Sigma—
Jan
Silverwoods
10%
74%
220
Apr
15%
113
Jan
21%
8%
Jan
24
Jan
11%
Mar
1.05
100
1.00
Feb
1,09
Jan
52
15%
135
12c 16 He
13
1
.3
12%
12%
1,850
4%C
2c
4%C 194,050
16c
——.25
7%
7%
60
1
70c
74c
5,900
2,220
Apr
.50c
+
10,843
90c
Mar
1,18
420
7.55
Mar
8.75
Jan
5%
7%
55
4%
Mar
Feb
6%
Mar
6%
7%
21%
12%
7
19
85c
90c
40c
44c
5%
43%
43%
Preferred-...—.
_
III*
2.75
6
Standard Steel pref... III*
43%
*
Steep Rock Iron Mines _.,.*
Feb
Jan
Sterling Coal
Mar
32
Jan
Straw Lake Beach
Feb
27
Jan
River
Sudbury Basin
7.50
Jan
Mar
Jan
55
Jan
"2l77
Apr
17
Feb
12c
Anr
Sylvanite Gold
—
2.95
3.10
11%
12
Mar
4.15
Jan
2.00
Mar
2.05
Mar
2 95
Jan
Tip Top Tailors
12
12
12%
220
12
Mar
13%
Mar
1.65
540
*
nil
37c
Feb
62o
Jan
92o
Feb
145
Mar
Toronto Mortgage
Towagmac
%c
Jan
1 %o
lc
l%c
6%
6%
106
6
5
5%
826
4%
Mar
Feb
7
4c
2,500
*
6
5%
6%
2,891
5
Feb
100
53
52%
54%
330
48
Mar
5%
9%
4%c
6%
59%
8%
27
Feb
9%
1.60
*
Morrls-Klrkland.
...
12c
Jan
Jan
147
9o
Mar
15%c
40c
Mar
6%
Jan
1.12
1,970
1 00
Mar
18%
30
15%
Jan
"7 Ho
7%c
2,800
6%c
Mar
9c
68C
72c
4,350
660
Mar
93 %c
Jan
"46%
45%
46%
475
44%
Feb
46%
Apr
Jan
1
Thc
5%o
2c
l%c
6%c
2%C
Feb
181
Jan
Jan
Jan
37 %
37%
National Grocers pref...20
National Sewer A
..*
National Steel Car......*
'25%
25%
.....1
;_».„*■
25%c
3c
6c
1.38
_..*
National Grocers
*
___*
Westons...
"i*
"ioo
Jan
Preferred
Feb
Whitewater
Jan
Mar
80
Jan
Jan
2%c
Apr
Ymir Yankee
Naybob.........
Newbec........
New GoldRose
.1
Niplssing
6
Nor an da Mines..
*
Nor don Oil
"T.38
Norgold
.........
Normetal............
Northern Canada...
9
25
9
Mar
26%
10%
66%
1,406
60
Mar
69
24c
28c
48,000
2%0
3c
7c
7,500
1,350
1.38
132
61
..1
*
1.25
4%c
5%c
1,700
38%
Feb
42
Mar
Jan
10
Feb
40
4.00
5.70
42%
42%
19%
8
60
6%
85c
4.10
5.80
43
3,350
51,220
1,062
944
1,402
15%c
20%
498
10c 15 %c
20
500
Feb
6%
Jan
59c
Feb
85c
Jan
4.35
Jan
4.00
Jan
5.45
Feb
6.05
Jan
Jan
43%
20%
15%c
Feb
4c
Mar
41
19%
Mar
8c
Jan
3%c
Apr
12
Feb
15
Apr
40
94
Mar
99
Apr
2%C
Apr
98
98
99
2%c
1,000
3,500
2%c
Apr
Orange Crush.
Orange Crush pref
2c
2c
Apr
2%
2%
108
1%
Mar
2%
Jan
"T%
9%
9%
18
9%
Apr
11%
Feb
21c
18c
21c
18o
Apr
30c
Jan
7.30
7.20
7.50
7.05
Mar
8.15
5c
4%c
5c
7,500
6,280
4,800
4%C
Feb
5%C
Jan
9%
55
7%
Jan
11
Jan
94%
$5,000
44,700
93%
Apr
97
Feb
99%
Feb
100
Mar
*
III*
III*
9
——
Jan
Plata
93%
....
"lOO"
99% 100
Mar
37%C
3o
Jan
Apr
9%c
1.16
Mar
1.40
Jan
Mar
78%
Jan
Apr
7c
Feb
4%c Mar
6%c
Feb
70
4c
Toronto Stock
Jan
52c
370
45c
Feb
600
51 %c 51 He
1.25
1.25
1,280
51c
Feb
55c
Jan
100
60c
Feb
1 25
3%
Feb
4%
Apr
A
•
Mar
75
Exchange—Curb Section
See-page 2244
Jan
Industrial and Public Utility Bonds
1.33
1.30
1.33
850
1.30
Fen
1.H1
Jan
1.32
1.16
1.35
1.08
Feb
1.35
III
Apr
26 He
29c
24c
Feb
34c
Jan
..*
4%
4H
10,950
8,091
300
3
Jan
4%
Apr
9
7
Jan
9
Feb
35C
Jan
61c
Feb
Abitlbl P & P ctfe 5S..1953
43
Ho
Feb
Alberta Pac Grain 6s.. 1946
80
Jan
Algoma Steel 5s
...1948
Beauharnois Pr Corp 5s '78
78
81
74%
73%
76%
Lake St John Pr & Pap Co
52c
I*
6c
"*
46c 53 He
5 He
6c
108
"*
1.64
1.52
II
Part anen-M al artic. ....
8%c
109
175
9,100
4,000
16
7,950
10c 192,000
1.70
1.52
Mar
6
Mar
4%0
107
111
Anr
Jan
2.35
Jan
Closing bid and asked quotations, Friday, April 5
"
(American Dollar Prices)
■
Bid
Apr
38c
6%C
35%c
10c
..1
Cons
Perron Gold..
38c
27,140
350
Feb
53c
Jan
1
1.80
1.75
1.85
5,365
115
1 75
Mar
2.12
Jan
Calgary Power Co 5s.
—
*
Photo Engravers
19%
9%
Apr
McColl-Front Oil 4%s 1949
1.13
Feb
2 18
11
430
101
Jan
Canadian Inter Pap 6s 1949
85
86
Jan
Canadian Vlckers Co 6s '47
45
Consol Paper Corp—
Apr
11%
Jan
17c
Mar
22c
Feb
Feb
1.42
Pressed Metals
10
10
90
9%
Feb
12%
Feb
2.25
2.13
2.25
12,780
1.98
3%
3%
3%
200
30c
35c
3,000
4%0
5%c
7,600
N Scotia Stl & Coal 3 %s
Jan
...100
Russell Undus trial
Preferred
183
35%
100
100
190
182
34%
180
175
184
35%
190
190
37
317
5%s ex-stock.
Power Corp of Can 4%s '59
Price Brothers 1st 5s.. 1957
Quebec Power 4s
Saguenay Power—
Dom Gas 6c Elec 6%s.l945
85%
86%
Feb
2.38
Jan
Dom Steel & Coal 6 %s 1955
82
84
Jan
3%
Feb
Dom Tar 6c Chem 4 %s 1951
76
78
30c
Apr
67c
Jan
Donnacona Paper Co—
Feb
6%C
Jan
4s................1956
62
64
Jan
Famous Players 4%s_.1951
Federal Grain 6s
1949
75%
77%
80
84
%e
180
32%
Jan
Mar
190
36%
Jan
56
135
Feb
190
Apr
41
155
Feb
190
Apr
*
No
par
value,
f Flat
*63
49%
1961
3
4
1945
*8
9%
Royaltte Oil
50
98%
4,735
1.25
""he
58%
10
1.42
500
.1
57
Minn 6c Ont Pap 6s
98%
3,700
Roche L L_
48
78%
18c
1
4-5s series B.......1965
76%
24
1.39
Relnhardt Brew
4%s series B
..1966
Winnipeg Electric—
4-5s series A———1965
Canadian Canners 4s. 1951
Jan
18c
Preston E Dome..—__1
86%
Apr
3
1.29
Reno Gold......
85
2.35
18%
Prairie Royalties ..... .25c
Premier
...
34""
'8
66
Feb
1.35
♦
33
76
65
2.05
98%
.
70
1961
2,175
2.35
Corp.....
67
5%8
Maple Leaf Milling—
2%s to *38-5 %8 to '49..
Massey-Harrls 4 %s
1954
Canada S3 Lines 5s_._1957
2.29
1.40
41%
91%
Canada Cement 4%s.l951
13,843
"
.
75%
75
82
Jan
3.50
..1
1960
90
77%
72
Int Pr & Pap of Nfld 5s '68
Feb
3.30
2.33
100
40
Ask
75%
4.25
3l45
..1
...
British Col Pow 4%s.l960
Brown Co 1st 5%s
1946
Gen Steel Wares 4%s_1952
Ct Lakes Pap Co 1st 5s '55
46
Mar
III
Pioneer
Gold....,
4c
Bid
Ask
0
21
Pickle Crow
Royal Bank...
Jan
Jan
Feb
6c
4%
...
Porto Rico pref
Powell Rou_.
Jan
Jan
4%
Pacalta OUs..........
Page-Hereey
Pamour Porcupine.
Paymaster
3%C
Bonds—
Uchl..—........
War Loan 1948-1952..
9
.....
Apr
2%c
2%c
*
......
Jan
2,560
15
4H
Okalta Oils—
Omega...
Apr
5%
17,800
3%c
13%
3%c
14%
"
6
..1
O'Brien
Power
Feb
Apr
Mar
Mar
19 %C
2 He
1,500
4%o
Mar
17
"5
Preferred
Oro
1,397
52c
~£%c
North Star....
75
4c
.
37%
8%
Jan
73%
*
_
Mar
36%
7%
25
1
74
60
Jan
—I
Wright Hargreaves...
lc
765
15%
—l
4%c
235
Jan
1,833
Jan
"ioo
Preferred
5,000
8
9
"65%
37%
1.12
Wiltsey-Coghlin
... —I
*
Winnipeg Electric A—
...
84,100
26
8
Apr
5.80
nil
...
Westflank.
Feb
York Knitting.
National Breweries
65c
4.00
*
....
Wendigo
680
184
12,525
77c
in*
Wood Cadillac
6
70c
80c
""i
*
1.00
183
2%
39%
7%
5%
Preferred
18%
6 He
183
35o
Mar
7%
6%
*
...
9
1.33
Feb
Mar
40
————
230
20
98
20c
2%
16%
Waite Amulet
Walkers
58
Mar
91
45
16%
*
Ventures.
Apr
Mar
Feb
Mar
14 %c
Mar
90
2,180
40
Upper Canada
100
1.20
Apr
21c
16%
B................
Apr
48%
Jan
Feb
2%
67c
United Steel..
45c
1
......
.
Murphy.
Jan
Jan
Jan
Jan
Jan
49
81
15
1.90
32
Mar
20c
2%
65C
United Fuel A
Feb
96
92
Mar
Feb
47%
21c
...*
Gas....
8%
....100
A..
7%
373
9c ll%c
1
Corp
Mar
92
1 50
29
25
nil
42c
Monarch Oils---25c
Moore
Mar
3c
82
50
220
2%
—1
....
8%
"llll
Moneta.
7%
Union
48%
81
-.50
31
48
48%
*
Twin City
Uchl Gold
Jan
30%
"so
...
Apr
Jan
1.65
*
.
Preferred
5,900
36,700
7,500
44c
Feb
3.65
95,925
5,100
1
Feb
12
6,680
53c
*
3.45
Feb
3,170
1.43
____*
*
—*
Mar
2.00
42c
McWatters Gold
2.95
II
3.95
1.30
Mercury Mills.
Mining Corp
Modern Containers
550
2.00
52c
McVittle
Jan
3.90
1.41
1.30
Feb
1.02
2.00
1
1
50
8%C
Mar
3.90
Madsen Red Lake
1.25
Feb
75c
...i
Toronto General Trusts 100
60
Jan
4%c
nil
Jan
1.29
2.05
Teck Hughes...
2.55
"So"
2,670
3.10
Apr
Jan
Texas-Canadian.
Ma*
1
3,865
Apr
Jan
1 76
.5
1,000
82c
4
6%e
20%C Mar
88c
9,930
45,650
.
6%c
11%
♦
Tamblyn common
2.24
.
850
Jan
Apr
Jan
2.17
.
Jan
80c
2.20
-
Mar
Feb
6%c
1
McKenzIe
3
3%C
Mar
Jan
2 80
Jan
11%C
1.80
82c
...1
1.80
10
6%C 301,900
6%c
MacLeod CockBhutt
Mclntyre-Porcuplne
4
5c
nil
Toburn
40
30,810
1.98
Toronto Elevator
500
2.80
1.87
Jan
12c
83
1.98
*
Jan
100
28%
86%
Feb
22,400
Feb
12c
Feb
76
9%
28%
8%
23%
76%
33
Jan
70o
Feb
97
25
384
2.44
Jan
Jan
Feb
Mar
7
Ma
ioo"
Jan
Apr
Mar
Mar
*
Feb
6%
27
20c
4.75
100
45
18c
26%
Preferred
Jan
6%c
20c
Sullivan
Jan
Mar
39
79
4
♦
Sudbury Contact
15%
4%c
5
5
i
60
22 %c
13
155
6
79
1100
Sturgeon
Mar
77%
77%
77%
IIIi
1.54
Mar
McDougall-Segur
Mar
105
27
*
-25
Preferred..
Mar
26%
25%
McColl Frontenac. ..—._*
2.00
20
4/5
Preferred
1.20
1.25
Steel of Canada..
285
325
Jan
1.25
8 ted man
310
8
7%c
7%0
1.25
Jan
3.15
7%
3%C
Mar
*
Standard Paving
Jan
27%
26%
4c
Jan
4c
3%C Mar
6c
Feb
5c
3.05
.1
Mar
61o
5%c
2.045
Maralgo..
Massey-Harrls
91c
Jan
4c
%e
27%
25%
l%c
Jan
39c
4c
19c
3.40
Maple Leaf Gardens pref 10
Maple Leaf Milling..
*
Preferred......
..*
Jan
75c
6c
4.25
Gold
99%
Feb
Feb
3.10
Manitoba & Eastern.....*
Jan
5%c
4.20
Malartlc
Feb
Feb
5%
—1
Slave Lake—
Jan
Jan
183
South End Petroleum. -..*
Mar
47
16
Jan
217
104
103
90c
4lC
4.25
Mines
15
...1
1
Macassa
12%
200
20
11%
13,050
19,900
15,700
7,000
...
1.23
12% Mar
Jan
1%C
95c
8.00
5%
» +
...1
Slscoe Gold.
2.29
Mar
91c
7.85
+
III*
Preferred
22%
6 25
*
Simpsons A..—...... III* ^
*
B
12%
1100 104
Preferred
114%
4
—.1
*
115
Apr
95c
7.85
...1
Sladen Malartlc
21%
..*
—
....
Mar
Mar
37,350
25
.1
..........
Little Long Lac
Loblaw A...
Apr
80
15%
15 %
*
Leitch......
Jan
11
3,614
52
Legare pref
57c
11
2,188
Jan
Jan
15c
Feb
10%
6.65
Jan
Apr
2.50
Feb
43
23%
6.40
Feb
8c
41%
22%
*
Landed Bank 6c Loan.. 100
G__
2.16
34c
Jan
22
4,950
Feb
6,000
Mar
20
2.44
45
3,500
41%
25%
2.30
5%
Apr
36c
113
2.62
2.40
Mar
45
9%e
10
2.48
5
-.1
4%
13
45
34c
Mar
Mar
45
—
8%c
Mar
80
M. m -
21c
35c
2,904
3 %C
High
Feb
9%c
41c
2%C
...
W
70,960
1
Feb
4,066
10,668
5,100
8,109
*
1100
15%c 18%e
4%
4%
—
Feb
4C
San Antonio—
-
13c
—.1
106
lie 12 HC
3c
St Anthony
St Lawrence Corp.
St Lawrence Paper
17 %c
Senator-Rouyn
106
3%c
1
Sand River
42
2%C
Low
Shares
Jan
100
113%
Week
Jan
7%
Feb
Range Since Jan. 1,1940
for
of Prices
Low
High
Price
Par
Stocks (Concluded)
Week's Range
Sale
34
4<:%«
Jan
30c
25%
(new)..
Feb
Mar
Jan
15%
6%
Lake of the Woods. ...... *
LauraSecord
%c
25
Jan
75
9%
7
Sales
Last
Jan
15%
16%
1.044
10,360
1,297
Lebel-Oro
Feb
4,500
1.29
Lapa-Cadlllac
Feb
7
Mar
25 %
...
Apr
Jan
17%
?3%c Mar
27% Mar
16
Exchange
Friday
Jan
Mar
14%
22
Toronto Stock
Feb
Mar
13c
4,603
10%
11
111% 113
Jan
5%c
Apr
41c
Teletype N. Y. 1-2316
Mar
48c
3%
25
YORK
Jan
4% Mar
1HC Mar
4,500
3,341
1.23
Lang & Sons
14%
NEW
Telephone Whitehall 4-0784
Mar
5%
3%C
3%c
8%
25%
Lamaque
35
Jan
1.05
22%
10%
International Utilities A..*
............
Feb
13
Mar
7
113
International Petroleum..*
Jacola.
25
8
113% 113%
112%
42%
..
Mar
69
16%
100
pref....... 100
_
3.25
210
36C
International Nickel
Island Mountain..
Feb
17
7
preferred..—.
Intl Milling
Jan
40
16
11
100
1.75
RECTOR STREET
19
Jan
27%
130
15
..
Jan
Feb
Mar
10%
16
Intl Metals A
Mar
24
/
3c
70
213%
14%
Preferred ...^.......£1
Inspiration
....
1
A
10%
69%
210
29%
10%
14%
...
Preferred........
6c
23%
35c 35Hc
27%
10
.......
Huron & Erie
4% c
23%
"67%
Apr
25
2%c
8%
5%c
....
87
Mar
10
58C 23,550
935
5%
2%C 101,500
15 %C
Harker
High wood
Mar
7'
2%c
6%
50
30%
14
50 %c
4%
...*
1
112
3
30%
81
53
1 So. American Bonds
English Transcontinental, Ltd.
~
85
Other European Internal Securities
Foreign Dollar Bonds
High
Low
158
75
2%c
Hamilton Bridge....
Hard Rock.
*
4,300
26
14
"53c
Gypsum........
Harding Carpets
,
~
3
3
Greening Wire.
1
82%
54%
2%C
6%
25
60
Gunnar.............
Range Since Jan. 1, 1940
for
Week
53%
1
Preferred.......
Week's Range
82
Goodyear Tire & RubberPreferred—
50
Graham-Bousquet
British and Any
dales
Friday
price,
n
Nominal.
1962
The Commercial & Financial Chronicle
Volume ISO
Quotations
Bid
e2*s July
15
1969
City Bonds
Bid
95*
Jan
1977.
99* 100*
a3s
Feb
1979.
99* 100*
1975.
Ask
Bid
a4*s Mar
a4*s Apr
a4*s Apr
1964.
117
1966.
MM 118*
118
119*
1972.
118
101* 103
a4*s June
1974.
118* 120
1954.
107
a4*s Feb
1976.
1954.
c3*s Mar
107* 108*
a4*s Jan
1977.
a4*s
a4*s
a4 Me
a4*s
a4*s
119* 120*
119* 120*
120
121*
108
1960.
107
15
a3*s Jan
Federal Intermediate Credit Bank Debentures
Ask
94 *
o3s
a3*s July
a3*s May
e3*S Nov
Over-the-Counter Securities-Friday April 5
on
New York
1976.
1
1957.
104* 106
112* 113*
112* 113*
108
15 1978.
1 1981.
Nov
Mar
121
May
a4s
Nov
1958.
a4s
May
May
1959.
113
1977.
114* 115*
a4 Ma June
1965.
118* 119*
118* 119*
120M 121*
121* 122*
a4*s July
1967.
122
a4*s Dec
a4MB Deo
1971.
122* 124
1979.
125* 126*
a 4a
Oct
114
1980.
115
116
o4*s Sept
1960.
116
117
a4*s Mar
1962.
116* 117M
May
1957.
Nov
Mar
1957.
1963.
*% due.....May
*% & 1% due June
*%&1% due July
*% due
Aug
Ask
Bid
1 1940 b. 20%
1 1940 5.25%
11940 5.25%
11940 6.30%
Ask
*% due.....Sept 3 1940 6.30%
*% due.....Oct
1 1940 6.30%
*% due.....Dec 2 1940 6.35%
*% due
.Jan 2 1941 6.35%
122
<z4s
a4s
2241
123
Chicago & San Francisco Banks
Par
Bid
As A;
Par
American National Bank
& Trust..
Continental
210
100
Harris Trust & Savings. 100
Northern Trust Co....100
221
Bid
Ask
302
313
668
583
Illinois Natl
Bank & Trust
33 1-3
90
First National........100
244
SAN
92*
250
FRANCISCO—
Bkof AmefNT&SA
12*
39*
41*
New York State Bonds
Bid
Bid
Ask
3s 1974
62.15 less
1
62.20 less
1
4*8 April 1940 to 1949.
Highway Improvement—
4s Mar & Sept 1958 to '67
133
Canal Imp 4s J&J '60 to
Ask
World War Bonus—
38 1981
133
Canal & Highway—
6s Jan & Mar 1964 to '71
Highway Imp 4 *8 Sept '63
Canal Imp 4*8 Jan 1964
Can & High Imp 4*8 1965
62.30
...
143
143
...
Vermilye Brothers
...
Unlisted Industrial Stocks
...
140
'67
61.20
Barge C T 4*s Jan 1 1945.
114*
...
30 BROAD
Public
Authority Bonds
Bid
Bid
Ask
California Toll Bridge—
ST., N. Y. CITY
;
Teletype N. Y. 1-894
Ask
Port of New York—
San Fran-Oakland 4s '76
107
6.25
108*
107*
104*
100* 101*
Gen & ref 3*s
"k.
Af&S
Gen & ref 4s Mar 1 1975.
Gen & ref 4th ser 3s 1976
108* 109*
Holland funnel 4*8 ser E
1940-1941.
M&S
1942-1960
HAnover-2-7881.
103*
Gen & ref 3d ser 3*s '76
1977
I
---
Aetna Cas & Surety-
—
nsurance
Bid
Par
—
-10
124
Aetna
Companies
Ask
128
Par
Home
Home Fire
33
Security..... 10
2
M&S
6.25
107*
b
38 serial
—
rev
61.50
United States Insular Bonds
Bid
4*s Oct
4*s July
U S Panama 3s June 11961
1959
116
114
115
122
mmm
Ins Co of North Amer...10
American Alliance
—10
Jersey Insurance of N Y.20
22
Knickerbocker..........6
—10
23*
20*
7*
13*
24*
—
15
Maryland Casualty...
48
50
Mass
22*
51*
24
Merch Fire Assur
53*
Merch & Mfrs Fir eN Y..5
Automobile...—... —10
35
Apr
1955
100* 101*
9*
Feb
1952
116* 118*
5s
6*8 Aug
1941
117
4*s July 1952
5s
120
Baltimore American.. -2*
Bankers & Shippers... —25
101
104
111
112*
Boston
625
635
105* 107
July 1948 opt 1943.
117* 119*
112
Carolina
112*
Conversion 3s 1947
Bid
3s 1955 opt 1945
3s 1956 opt 1946
J&J
38 1956 opt 1946
Af&N
J&J
20*
30*
24*
-.10
...
—10
3*s 1955 opt 1945..M&V
48 1946 opt 1944
J&J
fl4
/2*
/2*
/2*
5s
5*8
Denver 3s..
16
3*
3*
108»i« 108»»i#
112h« 112»i«
Bank Bonds
Excess
Federal..
—
10
77*
79*
52
First Trust of Chicago—
..I.I...
,mm
100
4*8-Fletcher 3*8
mmm
100
100
Reinsurance Corp (N Y) .2
7*
Republic (Texas).......10
26*
25*
9*
10*
32*
25
27
Seaboard Fire & Marine..5
5
44*
46*
Seaboard Surety
5
Globe & Republic
Globe & Rutgers Fire. -15
10*
17*
12
---
93
91
—
68
64
66
Illinois Midwest 5s
2d preferred.......
Great American.
47
/44
100
Phoenix 4*s
102
105
«...
19*
98*
100
Lafayette 5s
4*8
99*
...
99*
Virginia Carolina 1 *s
99*
St Louis 4*s...
5S
Southern Minnesota 5s
Bid
27*
12*
16
10
—
26*
27*
U S Fidelity & Guar
U S Fire
84
87
U S Guarantee
—
10
60*
62*
Westchester Fire.....2.50
Co-2
4
..-.10
246
6
252
7
38*
34*
123
'
8*
40*
36*
127
3
4
290
340
460
470
22*
51*
74*
34*
24
53*
77
36*
23
14
FHA Insured
...
WHITEHEAD &
Par
A sk
Mortgages
Offerings Wanted—Circular on Request
...
-
Joint Stock Land Bank Stocks
Par
3*
18
38*
8*
27*
86
99
77
29*
14
Hanover............
Hartford Fire
99
Iowa of Sioux City 4*s..
85
23
83
74
27*
10*
.10
Security New Haven....10
Sprlnglleld Fire & Mar..25
Stuyvesant.—........
5
Sun Life Assurance....100
Travelers.....
..100
10
Halifax...
Hartford Steam Boiler
/21
/21
/12
15
—5
Great Amer Indemnity —1
104
103
Virginian 2s
66
65
..5
Glens Falls Fire
Union of Detroit 2*s
64
5s
Revere (Paul) Fire...—10
St Paul Fire & Marine..25
mmm
5*8
122* 126
81
30*
26*
131
126
15*
36*
29
Southwest 5s
Fremont 4*s
104
25*
Providence-Washington.10
93*
5s
3*
100
.—..—.10
Preferred Accident......5
27
Pacific Coast of Portland 5s
100
4*8
16
18
44*
99* 100
Oregon-Washington 5s
146
Phoenix
42*
North Carolina l*s
mmm
7*
71
79*
5*8
Montgomery 3*s
58*
140
129
•
99*
.5
12.60
...2.50
General Reinsurance Corp 6
10
Georgia Home..
Gibraltar Fire & Marine. 10
New York 6s
First Texas of Houston 5s
North River..
99
5s
31*
60*
8*
36
10
69*
5
8*
28*
50*
17*
4*
Northwestern National .25
Pacific Fire...
25
97
7*
48*
New Hampshire Fire.—10
New York Fire—...—5
54
128
50
2
34
10
8*
50*
-.10
46
72*
42*
9*
New Brunswick
52
—6
2*
68*
20*
73*
45*
11*
2*
3*
70*
16*
Rhode Island......
77
3
19
New Amsterdam Cas....2
Northern
Firemen's of Newark.. —.6
74
Lincoln 4*s
New" Orleans 2s
99*
....
.—....10
National Liberty
2
National Union Fire....20
Northeastern......
2*
Ask
Bid
3*
100
First Carollnas 2s
National Fire
39
Franklin Fire.
16
Casualty———10
30*
1*
5
eom
37
Fidelity & Dep of Md- —20
Ask
114
8
5
1
Bonding & Ins..12*
29*
Eagle Fire
.2*
Employers Re-Insurance 10
Fireman's Fd of San Fr.25
Burlington 5a...,
4*8
Chicago 4*8
22*
32*
25*
7
—5
Flre Assn of Phtla
Bid
Lincoln Fire
Continental Casualty. —.5
Ask
Bid
Joint Stock Land
8*
.....10
Connecticut Gen Life. —10
Ask
107* 107*
107* 107*
107* 107*
7*
...6
City of New York
City Title
Federal Land Bank Bonds
f
....
Camden Fire
U S conversion 3s 1946
Hawaii 4*8 Oct 1956
35
37
5
Homestead Fire
National
Govt of Puerto Rico—
6s
•
80
119
1952
Ask
Bid
A sk
Philippine Government—
75
American Surety..... —25
2.50%
-25
American Re-Insuranoe.lO
2*8 serial rev 1945-1952
Agricultural
American of Newark.. -2*
103* 103*
1953-1975.. i 62.55%
99*
f revenue..-.1980
-10
American Reserve
1942-1960
3*s
Aetna Life.....
American Equitable..
Inland Terminal 4*8 ser D
1940-1941
m&8
Ask
Bid
5
53*
34*
51*
32*
American Home.
Triborough Bridge—
44 Wall
Ask
Bid
2
Atlanta
..—
90
New York
Atlantic....
.....100
45
50
North Carolina..
100
94
100
100
155
165
Pennsylvania....
100
30
34
48
52
Potomac
100
100
no
100
56
66
98
106
....100
8
FISCHER
Street, New York, N. Y.
Dallas
100
80
Denver
Des Moines
First Carollnas.
.
.
_
...
San Antonio.—
100
5
Virginia
Fremont.
100
1M
3~~
Lincoln
100
3
2*
Telephone: WHItehaU 3-6850
FHA Insured Mortgages
3
7
Vlrcrinifl-Carolina_
100
106
100
Bid
Bid
102*
New Jersey 4*s
New Mexico 4*8-..
102
103
101
102
Delaware 4*8..........
101
101
102
District of Columbia 4*8.
Florida 4*s...
101* 102*
N Y (Metrop area) 4*8..
New York State 4*8.....
101
102*
North Carolina 4*s
Georgia 4*8...........
101
102*
Pennsylvania 4*s
Ask
Bid
Bank of Manhattan Co.10
17*
18*
National Bronx Bank.,.50
40
44
Bank of Yorktown__06 2-3
40
50
National City
29*
31*
Bensonhurst National... 50
75
100
...12*
National Safety Bank. 12*
12*
14*
Chase
13.55
35
37
12
14
Commercial National.. 100
203
209
.10
Peoples National.......50
45
Public National
Illinois 4*s
.
Fifth Avenue
765
100
First National of N Y__ 100 1900
Merchants Bank.
.
100
no
Penn Exchange
17*
.......
55
101
102
31*
33*
Maryland 4*8
101
102
102
103*
26
28
Michigan 4*8
4*8.....
101* 102*
A servicing fee from
Par
Bid
Par
Ask
Bid
452
Fulton
.100
205
220
59
61
Guaranty
.100
298
19
22
Irving
..10
12*
.........
*% to *% must be deducted from Interest rate.
SPECIALIZIN0
1680
Kings County
.100 1640
—25
29
32
Manufacturers
-20
39
41
52*
54*
90
104
107
Chemical Bank & Trust-10
50
52
Clinton Trust
50
32
40
Colonial Trust..
25
10*
14*
55*
11*
12*
New York..
Title Guarantee & Tr. -12
15*
Trade Bank & Trust- ..10
56*
12*
Underwriters....
*100
United States.....
.100 1695
Continental Bank & Tr.10
20
10
For footnotes see page 2244.
F.H.A. INSURED MORTGAGES
13*
Lawyers
85
20
Empire
102
303
Brooklyn. ........... 100
Corn Exch Bk & Tr.
103*
4*8........... 101* 102*
Texas 4*g.............. .101* 103
101
102
Virginia 4*8...
West Virginia 4*s..
101
' 102
Ask
442
10
Bronx County new
Central Hanover
102
101
Tennessee
Companies
'
Bank of New York....100
101* 102*
101* 102*
102* 103*
120
New York Trust
Bankers
101* 102* Rhode Island 4*8........
102* South Carolina 4*8-.,
101
Massachusetts
Sterling Nat Bank & Tr 25
102
Indiana 4*s
Louisiana 4*8
'
795
1940
Preferred
20
113
3
The
best "Hedge" aecurity for Banks and Insurance
Circular
on
Co's.
request
116
4
12*
14*
80
90
1 1745
Asked
100* 102
102* 104
Arkansas 4*s..........
5s
Par
Ask
102
101
101
New York Bank Stocks
Par
Bid
Asked
Minnesota 4*8
Alabama 4*8—.......
STORMS AND CO.
Commonwealth Building
Phone Atlantic 1170
PITTSBURGH, PA#
The Commercial & Financial Chronicle
2242
April 6. 1940
Quotations on Over-the-Counter Securities—Friday April 5-Continued
Railroad Bonds
Bid
....1945
Akron Canton A Youngstown 534s
6s
3os<?pb Walkers Sons
Tel. RE ctor
Chlca
o
77
53
58
_—--.^.--^-1944
-48
1955
100
1956
1951
1961
1963
55
...
--
Union Station 3 '4 ser F
Cleveland Terminal A Valley
....
77
35)4
"36)4
101x
76 x
101 x
77 x
Florida Southern 4s
Parentheses)
1945
1946
45
Terminal 3)48—...—1953
1950
60
Ulinols Central—Louisville Dlv A
Dividend
Alabama A Vlcksburg
6.00
Allegheny A Western (Buff Roch A
Beech Creek (New York Central).
2.00
86 x
19
38
41
89)4
91)4
6.00
64
67
3.50
79x
82)*
2.00
46
47 x
47 x
45 x
2.00
(Pennsylvania)
...25
pref (N Y Central)
100
Georgia RB A Banking (L A N-A C L)
100
Lackawanna RR of N J (Del Lack A Western).... 100
5.50
69
63
9.00
164
168
4.00
43 x
41
50.00
650
50
....60
..50
Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
31x
16
6.00
Fort Wayne A Jackson
Northern Central (Pennsylvania)
30
8'x
3.00
Delaware
Oswego A Syracuse (Del Lack A
75
8.50
(New
Michigan Central (New York Central)
100
Morris A Essex (Del Lack A Western)...
50
New York Lackawanna A Destern (D L A W)—..100
128
73
8.75
Central)
100
Haven)..........--..100
Canada Southern (New York Central)
100
Carolina Cllnchfleld A Ohio com (L A N-A C L)—100
Cleve Cin Chicago A St Louts pref (N Y Central)..100
Cleveland a Pittsburgh (Pennsylvania)....
60
Betterment stock
60
Boston A Albany (New York
Boston A Providence
82
122
6.00
Pitts)
78
10.50
100
Hudson).......100
100
50
(Illinois Central)
Albany & Susquehanna (Delaware A
A sled
Bid
Par in Dollars
800
3.875
2754
29 X
5.00
54*1
56
4.00
89
91
4.60
38)4
42 x
45
42
1.50
83
50
3.00
Pittsburgh Fort Wayne A Chicago (Penna) pref
100
Pittsburgh Youngstown A Ashtabula pref (Penna).. 100
Rensselaer A Saratoga (Delaware A Hudson)......100
St Louis Bridge 1st pref (Terminal RR)
100
7.00
173 x
7.00
154
Preferred
137 X
6.00
Indiana Illinois <fe Iowa 4s
Louisville A Nashville 3)4s
4s
-
65
62
07 x
98 x
102 x
102 X
105 x
—1978
1950
I960
Kansas Oklahoma A Gulf 5s
49
58
106 X
.
Memphis Union Station 5s..
1959
113
New London Northern 4s
1940
100
Norfolk 4s
New Orleans Great Northern Income
New York A Hoboken Ferry
5s
99
Norwich A Worcester 4Xb
15)4
40
35
90
16"
56
extended to.........1949
.....
1941
Pittsburgh Bessemer A Lake Erie 5s
.....1947
Portland Terminal 4s
1961
Pennsylvania A New York Canal 5s
103
Philadelphia A Reading Terminal 5s
118
89
87
80
1947
Tennessee Alabama A Georgia 4s
,.1957
Terre Haute A Peoria 5s
1942
Toledo Peoria A Western 4s
1967
Toledo Terminal 4Xb
1957
Toronto Hamilton A Buffalo 4s
....—..1946
United New Jersey Railroad A Canal 3)4s...—..........1951
Vermont Valley 4)4s
—..1940
Vlcksburgh Bridge 1st 4-6s
..1968
Washington County Ry 3)4s
1954
West Virginia A Pittsburgh 4s
—
1990
Providence A Worcester 4s
99 X
mn
1946
..1947
5s
102
98
2000
..1948
2032
New York A Harlen 3Xb
New York Philadelphia A
,t
"75"
70
106
100
102"
108
109 x
98
94
105
"66"
85
75x
77
44
48
63
65
69 X
67
6.64
176"
59 x
58
112
Hoboken Ferry 5s
(Guarantor in
100 X
100 h
1951
...I960
1970
and equipment 5s—
El-fin Jollet A Eastern 3Xb ser A—.
Cuba RR Improvement
50
"62"
103
1995
s
Connecting Railway of Philadelphia 4s
Guaranteed Railroad Stocks
67
..1940
Chicago Indiana A Southern 4s
Chicago St Louis A New Orleans 5s
Chicago Stock Yards 5s
2-6600
STOCKS
Sine* 1855
46
75
Cambria A Clearfield 4s
GUARANTEED
NEW YORK
....—. .
45
56
...1943
Boston A Maine 5s
4)48Dctknln
J-
Baltimore A Ohio 4s secured notes
Boston A Albany 4)4s...
Mjtmktrt hlrw Yark Stock Extbaag*
120 Broadway
1945
1944
Ashed
/44
/4 4,
Guaranteed Railroad Stocks
142
Industrial Stocks and Bonds
71
100
3.00
67
(Terminal RR)
100
United New Jersey RR A Canal (Pennsylvania)
100
Utlca Chenango A Susquehanna (D L & W)
100
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central).. 100
Preferred
...100
Warren RR of N J (Del Lack A Western)
60
West Jersey A Seashore (Penn-Readlng).
60
6 00
136
140
10.00
241
244
6.00
56
69
5.00
63
5.00
62
65""
5.00
64
68
3.60
24 x
27
3.00
66
58
Second
preferred
Tunnel RR St Louis
Ash
Bid
Pa
.*
*
Alabama Mills Inc
IX
Par
2)4
B d
*
40
A com...*
American Cyanamld—
19X
20)4
Nat Paper A Type com... 1
5% conv pref 1st ser.. 10
12X
13
New Britain Machine
Norwich
Amer B em berg
Preferred
5%
Ash
14
18
98
National Casket
37
American Arch
102
3h
4x
19 x
21
*
38
40
2X
17
18)4
50
preferred
12)4
3)4
13
American Enka Corp...
47
49 X
Pan Amer Match
25
Amer Maize Products...*
24 X
23
25X
Penal-Cola
25
Petroleum
1
x
x
pref 100
Arlington Mills
100
Armstrong Rubber A....*
73
77
Petroleum Heat A Power. *
2x
25
27 X
Pilgrim
3x
2x
63X
68X
Pollak
Art Metal Construction. 10
17
19
Postal Telegraph System—
3Qrl6B
2(J
Amer Distilling Co 5%
American
Railroad
Equipment Bonds
0.75
Bid
1.75
63.25|
2.25
New York Central 4X8
63.25
2.25
New
63.00
2.00
1936-1944..
4)4s
St Louis. 4)4s
64.00
Canadian National 4)4s_
Hartford 4)4s
3.00
1.75
18)4
20 X
IX
2X
2.00
Chic Burl A Quincy—100
39
3.00
62.00
Canadian Pacific 4)4s
Cent RR New Jersey 4)4s
61.70
-
-
64.50
Chilton Co common
10
City A Suburban Homes 10
Coca Cola Bottling (N Y) *
6X
7X
94 X
98 X
61.00
0.50
62.25
1.75
3.75
64.60
5s
1.25
0.50
4s series E due
Jan A July
1937-49
2X 8 series G non-call
Dec 1 1937-50
3.75
61.80
1.50
1.50
$3 conv pref
Crowell-CoJller
100 X
100
.*
*
Dentists 8upply com...10
1.25
4s
62.75
2.00
Dictaphone Corp
Dixon (Jos) Crucible
4)48
62.75
St Louis Southwestern 5b..
Southern Pacific 4)4s
63.00
2.00
St
r
62.50
Great Northern 4)4s
-
1.75
61.00
Erie RR 4)43
0.60
62.00
6s
7x
5)4
Standard Screw
...20
38)4
40 x
Stanley Works Inc
...25
47 x
*
*
1
3x
49x
4x
24 x
26 x
7Vs
7)4
*
7%
Stromberg-Carlson
Sylvanla Indus Corp
11
12X
Tarn pax Inc com
23X
25X
Taylor Wharton Iron A
common...
66
69
Tennessee Products
28
30
Time Inc
62 X
65X
Trlco Products Corp..
*
33%
35 x
Triumph Explosives
•
..*
ix
180
2x
134
22
2
3x
4x
United Artists Theat com. *
ix
28
United Piece Dye Works.*
x
2)4
x
2.00
Domestic Finance cum pf. •
29
32
100
2x
3)4
1.75
Draper Corp
*
69X
72 X
*
62x
1.50
Farnsworth Telev A Rad.l
3X
9X
4X
05 x
24
61.75
1.25
1.50
Texas Pacific 4s
1.50
Veeder-Root Inc com
Welch Grape Juice com
West Dairies Inc com v t c 1
3)4
preferred
*
Wickwire Spencer Steel..*
$3
2%
*
American shares
preferred
7%
cum
1.00 Virginia Ry 4Xb—.....
61.00
0.50
2.00 Western Maryland 4)4s
61.75
1.00
1.75
Western Pacific 5s
63.00
2.00
52
Gen Fire Extinguisher...*
14X
Worcester Salt..
21 X
23 X
28)4
4X
29)4
7%
1.75
2
1
*
Graton A Knight com
*
3x
4x
24)4
26 x
64
66 x
99)4
99x
preferred
Amer Writ Paper
Beth Steel 3s
6S..1961
....I960
44
48
Great Lakes SS Co com..*
42
45
41
43
10X
IX
11)4
IX
1965
Blaw-KnoxCo3)4s
.1950
Brown Co 5)4s ser A.. 1946
Carrier Corp 4Xb
1948
Comml Mackay 4s w 1.1969
27 X
29X
Deep Rock Oil 7s
X
28X
X
10X
30X
Lawrence Portl Cement 100
14
16
Ley (Fred T) A Co
X
lix
IX
12X
Great Northern
We Maintain Markets In Unlisted
*
1
King Seeley Corp com
1
Landers Frary A Clark..25
Sugar Securities
preferred
Kildun Mining Corp
$5
Lawrence Turnure & Co.
Founded
Paper..25
Harrisburg Steel Corp
5
Interstate Bakeries com..*
1832
New y ork Coffee & Sugar Exchange
NewYork Curb Exchange (Associate)
Members New York Stock Exchange
*
*
100
Long Bell Lumber
$5 preferred...
.
9X
3XB
53 x
57 x
98)4 100
Minn A Ont Pap 6s
Radiator 5s
102)4 103x
35
j33x
1946
/23x
Nat
*
Old Ben Coal 1st mtg 6s
Merck Co Inc common.. 1
64X
66X
Scovill Mfg 5XB
NY World's Fair 4s. 1941
Skelly Oil 3s.
t—-
1945
15)4
100
91 x
51x
102)4 103
57 X
'48
1945
1950
16)4
17)4
26
32
34
40 x
42 x
107
109)4
99)4 100)4
Woodward Iron 1st 5s. 1962
106x
2d conv Income 5s.. 1962
Muskegon Piston Ring.2)4
42 x
90
1950
Libby McN A Llbby 4s '55
Mead Corp 4)4s
1955
Kresge Foundation 3s.
50 X
$6 preferred
/40x
Insplr Consol Copper 4s *52
14
117
102 x 102 x
99
98
s55x
Stamped
49
56
9)4
1937
Mallory (P R) A Co—.
Marlln Rockwell Corp...l
ONE WALL ST., N. Y.
WHitehall 3-0770
Bell Teletype NY 1-1642
7
Bonds—
6
6)4
4
2)4
28)4
6
7x
100
Preferred
ix
26 x
43 x
York Ice Machinery
Machine Tool
■
60
Wilcox A Gibbs com
13X
Good Humor Corp
108)4
100
50
Glddlngs A Lewis
22
100
Garlock Packings com...*
2.00
2)4
100
...
23
30
Preferred
Preferred
10X
Foundation Co-
62.00
*
Federal Bake Shops
62.00
62.40
62.40
3
6
43
62.50
5s
149
2
24
Missouri Paclf
4Xa
147
20
Maine Central 5s
c
30x
4x
Gen Machinery Corp com *
62.50
29
40
1.25
4)48
Long Island 4J4s
5
57
61.90
0.50 Southern Ry 4)4s
2.00
9x
54
62.25
-
62.00
62.50
4x
16x
*
100
Louis-San Francisco—
61.00
...
Illinois Central 4Xb
Internat Great Nor 4)4 s_
8)4
Devoe A Raynolds B com *
2.00
63.00
Denver A R G West 4)4s.
100 x 101
18)4
1
Steel
Pub
61.75
Reading Co 4)4s........-
Manufacturing..25
Singer Manufacturing.. 100
Singer Mfg Ltd
£1
Skenandoa Rayon Corp..*
Consolidated Aircraft—
62.00
Pere Marquette 4)4s
Chicago R I A Pacific—
Trustees' ctfs 3)4s
Colgate-Palmollve-Peet—
$4.25 preferred
*
Columbia Baking com
*
$1 cum preferred.
♦
14)4
4%
Solar Aircraft
62.25
2.00
2
Exploration
1
Manufacturing...*
4)4
61.00
5s
1.10
62.75
4)4s
Chicago A Nor West 4)4s
Chic Milw&St Paul 4)4 s
Hocking Valley 5s
•'
Northern Pacific 4)4s
1.00
Chesapeake & Ohio—
58
X
3)4
3.00
Conversion
13)4
363
345
8covlll
11.25 preferred
10
Buckeye Steel Castings..*
Cessna Aircraft
1
com
Pennsylvania RR 4)4s__
64.00
64 00
5b
.,..*
5X
Botany Worsted Mills cl A5
New York New Haven A
Co
3X
1.26
York Chicago A
12)4
17 h
2X
4)4
2.00
62.75
62.50
Boston A Maine
Co
...»
Corp..25
preferred
60
Remington Arms com
*
Safety Car Htg A Ltg.__60
9X
61.85
Autocar
Pharmacal
Ohio Match Co
8X
10
Bankers Indus Service A.*
62.25
Baltimore A Ohio 4)4s_._,
3 )4s Dec 1
4)4
62.50
61.10
5s
Ast
New Orleans Tex A Mex
Atlantic Coast Line 4)48.,
4Xb
Hardware
American Mfg 5%
Ast
Bid
pflO
114)4
117"
Sugar Securities
Obligations of Governmental Agencies
Bid
Bonds
Ash
6s
1951
J25
27
5
Eastern Sugar Assoc com.l
64
Punta Alegre Sugar
45
Preferred
Caribbean Sugar 7s...
1941
S62
f4X
Haytlan Corp 4s
1954
J43
5s
1989
Par
Cuban Atlantic Sugar
Antilla Sugar Estates—
Baraqua Sugar Estates—
6s
1947
Stocks
17 X
6
19
1
Corp.*
Savannah Sugar Refg...l
Vertientes-Camaguey
Sugar Co
5
West Indies Sugar Corp-.l
Bid
9
8X
Ash
9X
9X
28
30
10X
11X
32
34
Bid
Aug
Nov
1 1941
15 1941
100.20 10022
101.10 101.12
Federal Home Loan Banks
101.8
2s
3
8)4
3X
8)4
Dec
1 1940 101,5
2s
Apr
1 1943 102.28 103.2
Federal Natl Mtge Assn—
2s May 16
1943—
Call May 16 *40 at
For footnotes see page 2244.
Home Owners'
Commodity Credit Corp—
X%
1%
100X 101.24 101.30
1)48 Jan 3 1944—
Call July 3 '40 at 102
Bid
Ask
Ask
Loan Corp
100 3
Xb
May 15 1940 100
XB
May 15 1941 100.19 100.22
Reconstruction Finance
Corp—
X% notes July 20 1941
X%
Nov
1 1941
X%
1%
Jan
July
101.1
101.3
101.4
101.6
15 1942 101.6 101.8
1 1942 101.22 101.24
U 8 Housing Authority—
101.26 101.30
1)4% notes Feb 11944.. 102.30 103.1
Volume
The Commercial & Financial Chronicle
150
Quotations
Over-the-Counter
on
Securities—Friday April 5—Continued
Investing Companies
Public Utility Preferred Stocks'
Par
Adminis'd Fund Inc
Bought
Sold
•
Aeronautical
Quoted
•
Amer
Jackson & Curtis
'
tr',
Members
Tel. B Arc lay
b-l./.
27.06
...
21.45
8.39
Series b-4
.39
Series k-l
Series k-2
£.34
i..
3%
4%
5%
Series s-4
7
14.37
6.66
,
15.08
.v......
\ Series s-2
Series s-3__...
Investing—
Basic Industry Shares.. 10
Boston Fund Inc
10.84
Series b-3
7.63
10,.28
14.16
10.36
j_.__
.
4.23
.....
8
3%
.....
1
Series b-2
3.55
3%
5% preferred
Teletype N.Y. 1-1600
Series
3.22
Class a
New York City
7-1600
3.91
18
16%
Corp*
Bankers Nat
115 Broadway
3.58
Holding Corp..*
Assoc Stand Oil Shares...2
established 1879
Bid
Par
Investors Fund c
Keystone Custodian Funds
Business Shares
Am Insurance Stock
Ask
13.20
11.55
Amer Foreign Invest Inc..
Amer Gen Equities Inc 25c
"-"tv"'
Principal Stock and Commodity Exchanges
"v",',"' '
Bid
12.41
£10.63
_.*
Securities
Affiliated Fund Inc....l%
♦Amerex
v'.
2243
Knickbocker Fund
1
6.64
5
/
Manhattan Bond Fund Inc
£6.77
3.95
Maryland
17~32
16.11
British Type Invest a...1
.10
.25
Broad St Invest Co Inc..5
Bullock Fund Ltd
1
24.90
Fund
4.20
Inc...10c
Mass Investors Trust
1
21.15
26.92
14
15%
Mutual
Invest Fund... 10
11.10
Nation .Wide Securities—
Par
Bid
Amer g & e
112H 113%
6%
7%
Gas
a
108
3
2%
97 %
99%
%
121%
1%
Electric
$6.50 preferred
*
Atlantic City el 6% pref.*
Birmingham Elec $7 pref.*
Birmingham Gas—
$3.50 prior preferred..50
4.00
25.75
27.69
Ask
(Md) voting shares. _25o
National Investors Corp. 1
6.40
Chemical Fund
10.94
11.83
New
3.69
36%
♦Continental 8hares pf 100
Corporate Trust Shares.. 1
2.52
(Colo)
Par
Ask
106
Associated
3.92
3.25
Century Shares Trust...*
Utility Stocks
Alabama Power $7 pref.
Amer Cable a Radio w i._5
4%% pref_ 100
Amer Utll Serv 6% pref.25
Arkansas Pr & lt 7% pf__*
b shares....*
Canadian Inv Fund Ltd..l
Commonwealth Invest... 1
Public
Nassau & Suf Ltg
7%pf 100
Bid
34%
$7
7% pf 100
37
Series a a
1
2.45
69%
Automobile...
Aviation....
71%
Accumulative series... 1
2.45
Bank stock
46 %
48%
n y Water Serv
.*
6% pf.100
preferred
$7
81%
Central Maine Power—
7%
$6
Series aa mod
71%
73
66
68%
12%
14%
18%
20%
118% 120%
27% 29%
Cent Pr & Lt 7% pref. 100
Consol Elec & Gas $6 pref.*
_
Consumers Power $5 pref.*
Continental Gas a Elec—
7%
100
preferred
7%
cum
*
preferred... 100
Derby Gas & el $7 pref..*
$6.50
cum
*
108% 111%
101% 103%
113% 115%
10%
12%
106
Ohio Edison $6 pref.....*
preferred
*
Florida Pr & Lt $7 pref..*
108
pref
(Minn) 5% pref
93
95%
56%
59
43%
45%
47%
45%
111
109
*
preferred
72%
Interstate Natural Gas...*
26%
28
32%
33%
6%
7%
100
100
7% pref...100
preferred
preferred
Panhandle
*
*
preferred...
*
40
1.36
18.23
19.58
f
Putnam (Geo) Fund
20.84
6.89
7.63
2.53
2.80
Selected Amer Shares. .2%
Selected Income Shares.. 1
series. 10c
3.32
3.67
Sovereign
Fixed Trust Shares a... 10
10.12
4.15
4.70
18.13
5.21
79%
.........
Bank stock
series... 10c
Insurance stk
Fundamental Invest
b
Inc. 2
....*
2
General Capital Corp
*
Investors Trust. 1
33
5%
Southern Nat Gas com.7 %
103% 105%
10
4.8% preferred
s'western g & e
5% pf.100
Texas Pow & Lt 7% pf-100
Utah Pow A Lt $7 pref...*
28%
29%
22%
49
50
units
West Texas Utll $6 pref..*
113
115
Public
Participating
s
f debs
1960
3%s
s
f debs..
1970
| Ask
106%
107% 107%
109% 109%
106
54%.
Amer
88%! 90%
62%
63%
Utility 8erv 6s.. 1964
5
%
Assoc Gas a Elec
Corp—
Income deb 3%s
1978
Income deb 3%s
1978
/17%
Income deb 4s
.1978
/18%
Income deb 4%s._.1978
....1973
Conv deb 4%s
1973
/18%
/31
/33
/ 5
/ 5
/58
Conv deb 4s
CoLt deb 5s
1973
Conv deb 5%s
1973
8s without warrants 1940
/17%
18%
18%
19%
19%
Sink fund inc 5s
1983
8 f inc 4%8-5%b
1986
Sink fund inc 5-6s..1986
Blackstone Valley Gas
A Electric 3%s
1968
Cent Ark Pub Serv 5s. 1948
/12
/12
/12
/12
/12
Ask
110% 111%
102
102%
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s'68
Marion Res Pow 3%s. 1960
6.60
7.69
shares
9.52
4.53
3.48
3.80
5.57
6.03
5.98
shares
4.44
4.84
4.00
4.36
5.42
5.80
.18
1954
5s *62
ny pa nj Utilities 5s 1956
62%
94 '4
105% 10
shares....
shares
Tobacco shares
66
1st lien coll trust 6s. 1946
1964
5s. 1952
3%s 1964
1970
Peoples Light a Power—
3%s..
1st
93%
1961
lien 3-6s
'64
103% 104
77%
79"
5%s...l948
104 % 104%
1962
89%
91%
1947
Sioux City g a e 4s..1966
Sou Cities Utll 5s a... 1958
58
5s# %
s'western Gas a El 3 %s '70
1962
53
Coll inc 6s (w-s)
1954
4%s
s'western Lt a Pow 3%s'69
Tel Bond a Share 5s.. 1958
Public Service—
Cumberl'd Co pal 3%s'66
po"
108
5s
62%
109
3%s.l967
Dallas Ry a Term 6s
1951
110
75%
Texas Public Serv 5s.. 1961
Toledo Edison 3%s...l968
United Pub Utll 6s a. 1960
78
Dayton Pow a Lt 3s. .1970
104
104%
Federated Util 6%s_..1957
89
90%
1957
5s
Wash Wat Pow 3%s..l964
106% 107
110% 111%
81%
83%
104% 105%
10 % iQ7%
10
% 106%
6%s stamped
..1952
Iowa Pub Serv 3%s__1969
/60% 6"%
10.% 104%
3%s.l969
i960
Wisconsin g a e 3%s
Wis
Mich
25c
1.04
1
Voting shares
Wellington Fund
14.58
Investment
Banking
Corporations
1966
Pow 3%s..l96i
1%
♦Central Nat Corp cl a..*
♦Class b._
*
26
17%
10
Schoellkopf Hutton a
Pomeroy Inc com
10c
2
%
Bid
Penna State Water—
Community
trust
|
4%s..l966
/21 %
1st A ref 5s
105%
106% 108%
1950
89%
90%
1948
1948
101
Prior lien 5s.
101%
1948
104
Phlla Suburb Wat 4s..1965
Pinellas Water Co 6%s.'59
107%
101%
105%
Pittsburgh Sub Wat 5s *58
103
Water Service
..1946
86
89
94
107
Richmond W W Co 5s 1957
Roch A L Ont Wat 5s. 1938
105%
106
91
5%s series b
Huntington
101
Water—
5s series b
1954
101%
8t
1954
103
Scranton Gas A Water Co
5s
1962
105%
5s
4%s
....1958
Water Service 5e. 1961
103%
1st A ref 5s A
1957
r5
105%
1967
9 5
Shenango Val 4s ser B. 1961
South Bay Cons Water—
100%
4% s. 1939
ser A 1966
Scranton-Sprtng Brook
106% 108
1958
Joplln w w Co 5s
Joseph Wat 4s
10 5
5s.
103
..1950
81%
Springfield City Water—
105%
4s A..
1956
10 5%
100% 103%
Texarkana Wat 1st 5s. 1958
105 %
102
Union Water Serv 5%s '51
104
W Va Water Serv 4s_. 1961
106
Monongahela Valley Water
105% 106%
106
5%s
1950
%j 5 %
Morgantown Water 5s 1965
%
104% 105%
Muncle Water Works 6s '65
105%
105%
New Jersey Water 5s. 1950
101%
77%
i10
79
100% 102
108
108%
102
104
Western N
New Rochelle Water—
5s series b
1st mtge 5s
..1951
97
102
1951
99
104
New York Wat Serv 5s *51
94%
99%
107% 108
105% 106%
108
Ohio Water Service 4s. 1964|
104 % 105%
Ore-Wash Wat Serv 5s 19571
ioo
96
100% 101%
107%
For footnotes see page 2244.
1950
101
...1951
100
1st mtge 5%s
1950
Westmoreland Water5f'52
101
10 5
Wichita Water—
103
uol
1956
131
5« series C
1960
105%
6s series A
Ohio Cities Water 5%s '53
Ohio Valley Water 5b. 1955
108
Y Water Co—
5s series B
6s series B
132
108
101
Plalnfleld Union Wat 5s '61
75%
104
51
103
1957
Monmouth Consol w 5s *56
73%
101%
1st consol 4s
1st consol 5s
104%
103
104%,
Peoria Water Works Co—
6s
103% 105%
Western Public Service—
5%s
.87
2.34
1st coll
Utica Gas a Electric Co—
West Texas Utll
Indiana Assoc Tel 3 %sl970
Inland Gas Corp—
b
.57
17
...1954
5s series b
5%s—
Dallas Pow a Lt
...1941
1st 5s series c
Lt Ht a Pow
1962
6s series b
Calif Water Service 4s 1961
Kokomr w w Co 5s.. 1958
1951
Collateral 5s
Cons Cities Lt Pow a Trac
25c
Ask
102%
Kankakee Water
St Joseph Ry
Class b,_
City of New Castle Water
106 % 107
Republic Service—
Crescent
Bid
102% 103
Indianapolis w w Securs—
4s
Pub Serv of Indiana 4s 1969
2%
72%
5.19
Trusteed Industry Shs 25o
us el Lt a Pr Shares a...
105%
106% ±07%
Central Pow a Lt 3%s 1969
Central Public Utility—
5s
1.43
Ashtabula Wat Wks 5s *58
106% 106%
Debenture
5.58
1
Water Bonds
1949
Pub Utll Cons
Consol e a g 68 a
1.20
1.30
Group shares.
Pub Serv of Colo 3%s.l964
104% 105%
103% 104%
/1%
71%
1.09
Group shares
22%
1950
6s
1st mtge 3%s
1968
Cent Ohio Lt a Pow 4s 1964
Income 5%s with stk '52
Bank
Insurance
Indianapolis Water—
1st mtge 3%s
1966
101
101 %
.......1
b
Trusteed Amer Bank Shs—
♦First Boston Corp
Institutional Securities Ltd
6s series a.........1946
Parr Shoals Power
Cent 111 el a Gas 3%s. 1964
Central Illinois Pub Serv
Cities Service deb 5s..1963
17.54
City Water (Chattanooga)
Old Dominion Pow 58.1951
99% 100%
94%
2.26
Butler Water Co 5s.-.1957
Indiana—
Penn Wat a Pow
92
16.31
Alabama Wat Serv 5s. 1957
Portland Electric Power—
5%s..l946
Investors..5
Independence Trust 8hs.»
%
103% 107
Corp
1965
4s
3%s.
110% 111
2.50
a
.38
shares
Merchandise
r4
96%
Nor States Power (Wise)
.
2.56
.1
5.90
5.33
..1
♦Series
6.51
Equipment shares..
c__
d
♦8erles
4.97
Investing
Atlantic County Wat 5s '58
Northern
♦Series
♦Series
Trustee Stand Oil Shs—
102% 103
Util—
4%s
n y State Elec a Gas
Central Gas a Elec—
1st lien coll tr
11.07
9.03
rr
102% 102%
37
62
10.26
5.21
7.07
Steel
3%b...1969
Kentucky Util 4s
1970
4%s
1955
Kan Pow a Lt
Montana-Dakota
3.94
Supervised Shares.......1
6.02
6.06
Petroleum
1
3.76
Trustee Stand Invest Shs—
5.53
4.78
....
21
Kansas Power Co 4s._1964
Public Service 3%s.l969
Sink fund inc4%s.,1983
2.61
2
5.51
shares.....
Incorporated
35~
Assoc Gas a Elec co—
Conkref deb 4%s...l958
73%
Electrical Equipment...
Food shares
71%
Bid
New Eng g a e Assn
?8
Utilities
.......
10.19
20
Utility Bonds
Amer Gas & Pow 3-5s. 1953
Associated Electric 5s. 1961
.68
15.89
Standard
Super Corp of Amer ol a.2
aa
.......1
:
69%
101%
9.20
4.44
Investors... 10c
♦Blair a Co
Bid
3%s
85.97
♦State St Invest Corp...*
33.67
♦Huron Holding Corp__.l
Amer Gas A Elec 2%s 1950
Clark Fund Inc
6.00
5.06
Mining shares
Washington Ry a Ltg co—
21
101% 103
19%
20%
105% 106%
4.66
Scudder, Stevens and
19.71
Aviation shares
Chemical
10.59
.47
Building shares
23%
22%
100%
Inc. 60c
31.31
Group Securities—
Agricultural shares
Automobile
7.50
Spencer Trask Fund .....*
'
4.71
General
6%
.43
14.04
Quarterly Inc Shares.. 10c
5% deb spries a
Representative Tr Shs..10
Republic Invest Fund
19.36
Southern Indiana g & e—
6~~
2.68
Plymouth Fund Inc...10c
*
19%
18%
30%
Sierra Pacific Pow com...*
Monongahela West Penn
5% preferred-
1.25
2.90
1
6.70
25c
2.96
1
First Mutual Trust Fund..
Fiscal Fund Ino—
65% 66%
111% 113%
100
preferred
34%
92%
15
5.95
1
Series 1958
3.90
Howard Manage¬
Series
2.36
Series 1955
b
85%
94%
7% pref
Eaton a
45%
Series 1956
Fundament'l Tr Shares a 2
33%
90%
Pub Serv
No Amer Tr Shares 1953.*
2.54
2.50
Shares
7.07
2.92
1
Diversified Trustee Shares
c
1
Dividend
6.67
Steel
No Amer Bond Trust ctfs
Fidelity Fund Inc..
98% 100%
6% preferred d.....100
*
Mountain States Power
b
18.56
1.61
41%
91%
77%
25%
Mississippi p & l $6 pref.*
preferred
17.45
;
25%
*
£24%
Miss Riv Pow 6% pref.100
Missouri Kan Pipe Line..5
7.86
3.37
Railroad equipment
Delaware Fund
8.34
10.09
7.61
.
Railroad
12.85
Rochester Gas a Elec*—
87%
97%
$7
Metals.
Oils
29.84
Mass Utilities Associates—
5% conv partic pref..60
Mississippi Power $6 pref.*
36%
5.06
24%
*
preferred
Republic Natural Gas
$2
34%
113
;
8.19
Machinery
11.96
44
42%
Mass Pow & Lt Associates
.....
27.75
Pub Serv Co of Indiana—
6%
100
Insurance stock
Equit Inv Corp (Mass)..6
Equity Corp $3 conv pref 1
118
Philadelphia co—
cum
9.74
equipment...
93%
116
Eastern Pipe
Penn Pow & Lt $7 pref...*
$5
6.40
supplies
Electrical
31%
117
Deposited Bank Shs ser a 1
Deposited Insur Shs a... 1
107% 109%
116% 117%
Queens Borough g a e—
preferred
♦7% preferred
100
Cumulative Trust Shares. *
8.99
.....
Chemical
29%
96%
Long Island Lighting—
7%
♦Crum a Forster Insurance
♦Common Bshares... 10
5.58
13.35
Foundation Trust Shs a.l
Pacific Pr a Lt 7% pf-100
$7 prior lien pref
94%
..100
ment Fund series a-l...
Peoples Lt a Pr $3 pref-25
107% 109%
109% 110%
115
117%
Ohio Public Service—
Line Co
70%
♦8% preferred
10
Building
2.91
•
com..
d
Penna Edison $5 pref
Kings Co Ltg 7% pref.100
60
85%
86%
112% 114%
2.91
1
Series acc mod
♦Crum a Forster
Series
100
*
(Del) 7%
$7
Hartford Electric Llght.25
Jamaica Water Supply
*
Jer Cent p & l 7% pf._100
58
Northern States Power—
Okla g & e
Federal Water Serv Corp—
$6 cum preferred
*
106% 107%
116% 117%
Northeastern el Wat & el
$4 preferred
100
..100
preferred
preferred
7.87
36
New Orleans Pub Service.*
79%
1.28
12.86
Agriculture
5%% pf.*
New Eng Pr Assn 6%pf 100
New Eng Pub Serv co—
$7 prior lien pref
*
$6 prior lien pref
$6 cum preferred
*
New Eng g & e
87%
106% 107%
1
n y Stocks Ino—
10
5
$6 cum preferred
.*
preferred
Fund
4
New York Power & Light—
Cent Indian Pow
4.01
9
England
National Gas a el Corp. 10
85%
Carolina Power a Light—
1
ser
19491
103
W'msport Water 5s... 1952
104
103%
The Commercial
2244
& Financial Chronicle
April 6,
April 5 -Concluded
Quotations on Over-the-Counter Securities—Friday
Certificates
Real Estate Bonds and Title Co. Mortgage
Here
If You Don't Find the Securities Quoted
A5
16
in which
our
have Interest, you will
you
monthly Bank
probably find them in
In this publi-
B'way Barclay Inc 2s..1956
B'way A 4l8t Street—
1st leasehold 3 34-5s 1944
and Quotation Record.
carried for all active over-the-counter
The classes of securities covered are:
cation quotations are
,
bonds.
stocks and
634
/23
1957
Beacon Hotel Inc 4s.. 1958
Metropol Playhouses Inc—
S f deb 5s
1945
2434
74
72
N Y Athletic Club—
36
1948
63
6«r
1957
18
10
Corp—
stmp—1956
N Y Majestic
20
18
1955
2s
34
Broadway Motors Bldg—
4-6s
Ask
Bid
Ask
Bid
Alden Apt 1st mtge 3s.
1940
-
034
53*
4s with stock
Brooklyn Fox Corp—
Municipal Bonds—
Banks and Trust CompaniesDomestic (New York
3s
534s series BK
Public Utility
Canadian
Public Utility
Bonds
Bonds
Stocks
534s series C-2
3634
38 X
52
5348 series F-l
663*
58 3*
53*8 series Q
*234
4434
1948
21
Court A Remsen St Off Bid
Real Estate Bonds
Insurance Stocks
Real Estate Trust and
Stocks
Deposit
38
37
39
mm
m
Sec s f ctfs 43*s (w-s) '58
63
1961
534s stamped
20
18
1940
1534
1734
34
6Xb (stamped 4s)..1949
Realty Assoc Sec Corp—
5s Income
1943
30
533*
553*
1957
653*
673*
1956
/1034
1134
Roxy Theatre—
1st leasehold 3s. Jan 1 *52
and Quotation
24
25
52d A Madison Off Bldg—
Record Is published monthly and
sells for $12.50 per year.
Your subscription should be sent to
Dept. B, Wm. B. Dana Co.. 25 Spruce St., New York Olty.
The Bank
22
165 Broadway Building—
500 Fifth Avenue—
Bonds
U. S. Territorial
52
Prudence Secur Co—
50 Broadway Bldg—
1st Income 38
,
U. S. Government Securities
Mining Stocks
33
Equit Off Bldg deb 5s 1952
Deb 6s 1952 legended..
1951
103 E 57th St 1st 03—1941
Hotel units
Stocks
ties
3
3
12
Park Avenue—
2d mtge 6s
Eastern Ambassador
Land
Title Guarantee and Safe
Mill Stocks
28
2
1
29
26
1st 33*8
Industrial Stocks
Securities
Stock Land Bank Securi¬
26
Ollcrom Corp vtc
-
v
1950
Dorset 1st A fixed 2s.. 1957
Railroad Stocks
Investing Company
4s '45
1st 4s (w-s)
Railroad Bonds
Bonds
Industrial Bonds
Joint
55
4134
50
Chanln Bldg 1st mtge
Canadian
Foreign Government
53f
3934
Cheseborough Bldg lst0s'48
Colonade Construction—
Domestic
and
Out-of-Town)
Federal Land Bank
N Y Title A Mtge Co—
1st mtge 4s.
oi)
*49
1958
.1939
1400 Broadway Bldg—
1st 4s stamped
1948
Fuller Bldg debt 6s...1944
1st 2 34-4s (w-e)
1949
Graybar Bldg 1st lshld 5s *40
Film Center Bldg 1st 4s
2l"
20
40 Wall St Corp 6s...
125
42 Bway 1st 6s
Savoy Plaza Corp—
3s with stock
'
mmm
Sherneth Corp—
'
'
39
1956
(Newark)—
—1947
1st 53*s (w-s)
m
21
mm*
38
80
60 Park
'■"mm*
Place
1134
110
82
1st 334s..
34
37
1950
29
3034
1957
26
61 Broadway Bldg—
Harriman Bldg 1st 08.1951
Foreign Stocks* Bonds
and Coupons
/18
20
334 s with stock
6s* 42
41
43
616 Madison Ave—
Hearst Brisbane Prop
33 34
Hotel St George 4s. J„ 1950
3534
Syracuse Hotel
Inactive Exchanges
1948
54
1951
47
41
45
w-s—1963
69
70
Walbrldge Bldg (Buffalo)—
3s
1950
37
38
Wall A Beaver St Corp—
1st 4s
Tel. HAnover 2-5422
St., N. Y.
Lexington Hotel units
Lincoln
TextUe Bldg—
1st 3-5s
below are
Bid
1940
Anhalt 7s to
Antloqula 8s
1940
Bank of Colombia 7%.1947
1948
78
Barranqullla 8s'35-40-46-48
1945
Bavarian Palatinate Cons
Cities 7s to
1945
Bogota (Colombia) 634 s '47
8s
1945
Boliva (Republic) 8s. 1947
Bavaria 634 s to
A3
152
126
126
136
A3
A st
mmm
mmm.
mmm
39
—
2134
119 X
21
63*
78
14 3*
434
78
/43*
434
/4 34
A4
/28
/35c
116
112
*****
2834
1930
Jugoslavia 5s funding. 1950
Jugoslavia 2d series 5s. 1950
change Bank 7s
1st 5s
British
24
734s
1902
16
mm
1953
034s
Burmelster A Wain 08.1940
*40
(Colombia) 7s... 1947
Callao (Peru) 7348—1944
Cauca Valley 734s
1940
Ceara (BrazU) 8s
1947
Central Agric Bank—
Caldas (Colombia) 734s
Call
90
116
127
16 X
15
11X
1948
B
114 X
Water 7s
Mannheim A Palat 78.1941
Merldionale Elec 7s.-1957
55
A4
634s *38
A4
scrip..
1945
Munich 7s to
■mmm
—
153*
mmm
7
15 H
334
(A A B)
4s...1940-1947
(C A D) 4s...1948-1949
Nat Central Savings Bk of
Hungary 734s
National Hungarian
Mtge 7s
1902
A Ind
1948
1947
4s
1940
Oberpfals Elec 7s
Central German Power
58
1953
16
/79
/52
/08
/15
/18
62"
..1940
Colombia 4s
Cordoba 7s stamped.. 1937
1957
7s stamped
Costa Rica funding 5s. '51
Costa Rica Pac Ry 734 s '49
1949
5s
Cundinamarca
634s.. 1959
A434
/14
Dortmund MunUtll634s'48
..1945
81
1945
scrip
...
....1950
1908
Porto Alegre 7s
Protestant Church
7l"
1034
1940
Westphalia 6s '33
6s 1930
16 X
Diamond Shoe
Electric Pr (Ger'y) 634 s '60
1953
European Mortgage A In¬
vestment 734 s
1900
734s income
1900
634s
5b
...1941
Rio de Janeiro 0%
1933
Rom Cath Chinch 634 s '46
R C Church Welfare 7s '46
A4
114 x
114 X
French Nat Mail SS 08 *52
Mtge 7s. '03
Frankfurt 7s to
German Atl Cable 7s.. 1945
1948
1940
Funding 3s
115
mmm
1954
23 X
Guatemala 8s
f5
*mrn
mm m
Hanover Harz
08
Haiti 0S
43
1953
/1234
75
Hamburg Electrics* ..193Si A2
Housing A Real! mp' i
4?! fUX
120
3034
100
18
34
3S
303*
3134
y
n
Sou New Eng
934
Toronto Stock
93*
5% was paid on July 2 and 534%
Exchange—Curb Section
March 30 to April 5, both inclusive,
compiled from official sales lists
Sales
Friday
Range Since Jan. 1, 1940
Last
Par
Stocks-
Week's Range
for
of Prices
Low
High
Week
Price
Bruck Silk
1
1
Brett-Trethewey
*
*
Canadian Marconi
6
12
113*
12
310
1534
Jan
1.00
Jan
1.40
Feb
1.55
Apr
2.00
4,157
634
Mar
30
734
Jan
4,629
40c
Mar
234
Mar
63*
734
8
8
8
Foothills
Kirkland-Townsite
22
25
4434c
*
H4X
Montreal Power
Ogllvle Flour prior
81
Pawnee Kirk
19
Pend-Oreille
Kingdom of Great
Britain A Ireland 4s. 1990
77
78
334% War Loan..
Uruguay conversion scrip .
Unterelbe Electric 6s. .1953
70
71
/50
A4
Robb Montbr
Rodgers Majestic A
Shawinigan
Temiskamlng Mining
*
No par value.
45c
234
37
3
350
3634
*
38
120
36
Mar
834
10
Jan
33*
Mar
40
Jan
77c
77c
83c
5,300
73c
Mar
1.05
13c
13c
13c
500
10c
Feb
15c
10c
*
100
303*
303*
10c
,
18
Mar
9c
700
Jan
Jan
Mar
27
Mar
1334c
Jan
2
177
30
Mar
313*
Jan
1,500
14,500
303*
2
2
2
25
23
23
Jan
55c
1
100
Jan
Feb
—*
Mandy
A4
1134
385
73*
*
Mar
185
*
Steel.
Apr
200
*
Disher
Feb
6
1.65
5
Dominion Bridge
634
Jan
1.35
Consolidated Press A
H4X
Feb
1.55
Consolidated Paper
,
Jan
5
4
1.35
Coast Copper
Dalhousie
134c
30
53*
53*
*1~65
1956
Wurtemberg 7s to
High
Mar
510
53*
1
lc
1,500
134
6
*
—
Can Bud Brew...
A*34
A4
Low
Shares
8X
Langley's preferred
1947
1945
—-
Quotation not furnished by sponsor or Issuer.
5 Quotation on $89.50 of principal amount.
Sept. 25.
25
Vesten Elec Ry 7s
111
$ Now selling on New York Curb Exchange.
♦
A5
78
L'
16834 17134
tNow listed on New York Stock Exchange.
41
Canada Vinegars
118X
100
Telep
Wisconsin Telep 7 % pf. 100
142
a Interchangeable.
6 Basis price,
d Coupon,
e Ex coupon.
Nominal quota Ion.
to i When issued
to-s With stock,
x Ez-
22
1955
1947
...
19
17
Ex-rights.
1956
Stettin Pub Util 78—1946
11334
No par value,
114
19
100
Telegraph.....25
So A Atl
71
/Flat price,
114
114
114
18 X
114
114
114
...25
m'mm
'mm*
139
dividend,
12
18 X
_
16
*
$6.50 1st pref
46
25
Mtn States Tel A Tel.. 100
♦
mx
114
18
Rochester Telephone—
mmm
y
Int Ocean Telegraph
145
13 8
Ask
Bid
124
53
Bell Telep of Pa pref
,
16
29
3034
2834
Telegraph...25
Preferred A.
125
122
Bell Telep of Canada...
Emp A Bay State Tel.. 100
Franklin Telegraph
100
Jugoslavia
Toho Electric 7s
48
Pac A Atl
mmm
21X
9X
Tolima 7s
Water Wks
1957
100
100
Cuban Teleph 6% pref. 100
165
160
United
1948
New York Mutual Tel..25
Peninsular Telep com
234
A3
PaT
Ask
1153* 1163*
100
Preferred
2d series 5s
See United Kingdom
99
*
$5 preferred
106
102
Teleg (N J) com. *
5s
A4
Great Britain A Ireland-
Reeves (Daniel) pref. -100
13
Bid
Par
Am Dlst
120 X
1942
7s_1948
08.1943
Saxon Pub Works 7s__1945
634s
—.1951
Saxon State Mtge 08..1947
Sao Paulo (Brazil)
Slem A Halske deb 08.2930
A4
122 X
934
mmm
Santander (Colom)
..1947
8%
120
/2
Graz (Austria) 8s
123*
mm
mm
8
Telephone and Telegraph Stocks
Santa Fe 4s stamped.
1948
(Brazil)—
Santa Catharlna
German Conversion Office
German scrip
18
...
—
10
1948
8s ctfs of deposit.
State Mtge Bk
1938
4
14
•
58
19
187
deposit.. 1957
4s scrip
8s
German Central Bank
Agricultural 0s
2
t
United Cigar-Whelan Stores-
13
7a ctfs of
Building A Land-
bank 634 s
pref... 100
Kress (S H) 6%
19
17 X
/3o
A6
A4
/2
111
Farmers Natl
65
— ..
Miller (I) Sons
Sale
7a 1957
A2
...1945
1907
78 Income
1083*
Salvador
A2
12
/5
A3
1907
7s
pref
100
Co Inc..*
Flshman (M H)
143*
Saarbruecken M Bk 6s.'47
East Prussian Pow 08.1953
H o©
common..5
—50
preferred
7% preferred
3
2834
834
(Ger¬
many) 7s
Prov Bk
20
A3
A3
Dulsburg 7% to
1952
City 634s
Poland 3s.
/14
Duesseldorf 7s to
Panama
Panama 5%
City Savings Bank
Budapest 7s
Ask
'
117
1908
Bid
33*
2
25
100
7% preferred
North German Lloyd—
...
1934
62
Kobacker Stores—
7
234
/G Foods Inc common..*
*
Bohack (H C) common
114
150
A3
A3
Oldenburg-Free State—
7a to
1945
Madgeburg 0s
58
Ask
5
*
Berland Shoe Stores
Nat Bank Panama—
German Central Bk
Chilean Nitrate 5s
Westlnghouse Bldg—
1st mtge 4s
1948
24
A4
16
A434
114
Nassau Landbank
114X
150
mmm
m
Brown Coal Ind Corp—
Buenos Aires scrip
mmm
Bid
Par
26
22
Municipal Gas A Elec Corp
Recklinghausen 78..1947
Hungarian Bank—
-
63
Chain Store Stocks
17
Munlc Bk Hessen 7s to '45
British see United Kingdom
German
45
(Bklyn)—.1947
1951
15
16
1943
'41
Leipzig O'land.Pr 634 s '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
Land M Bk Warsaw 8s
Montevideo
-
14
22
Ask
63*
1958
1909
08
1940
Brandenburg Elec 08.1953
Brazil funding 5s__ 1931-51
Brazil funding scrip
Bremen (Germany) 78.1935
0s
1940
14
20
Hungarian Discount A Ex
Koholyt 034 s
18
f20
16
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 734s '32
12
.1951
1st 434s w-s
1st 5s (L I)
Bid
30
33
Ludwlg Baumann—
nominal.
see
1952
1st A gen 3-48
situation some of the quotations shown
2734
/31
A434
Par
London Terrace Apts—
Due to the European
1958
Trinity Bldgs Corp—
1st 534 s
1939
2 Park Ave Bldg 1st 4-5s'46
Building-
Income 5Xb
Foreign Unlisted Dollar Bonds
mmm
51
1st lease 4-0Mb
52 William
7134
1955
1948
Lewis Morris Apt Bldg—
1st 4-5s
& CO., INC.
mmm
(Syracuse)
1st 3s
Lefcourt Manhattan Bldg
Lefcourt State Bldg—
BRAUNL
3s with stock
2
Apr
234
Mar
1
1?*
13*
3*
Mar
1
1.78
1.70
1.80
4,420
1.66
Mar
2.35
Jan
...1
Xc
34c
34 c
2,000
34c
Mar
3*c
Mar
33*
223*
334
2134
334
223*
80
23*
Jan
33*
Feb
310
7c
6c
8c
17,200
*
*
1
Feb
203*
534c Mar
2
•
Apr
24
Jan
834c
Jan
Volume
The Commercial & Financial Chronicle
150
General Corporation and
2245
Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
However, they
FILING
REGISTRATION
OF
SECURITIES
it is not always possible to
are
always
STATEMENTS
as near
arrange companies in exact alphabetical order.
alphabetical position as possible.
UNDER
ACT
Exchange Commission under the Securities Act of 1933.
The amount involved is approximately $37,702,901.
(2-4364, Form A-2), of Gardner, Mass., has filed a
registration statement covering 40,000 shares of no par value common
stock.
The stock is being offered for the account of Sears, Roebuck & Co.
Robert L. Fowier is President of the company.
Goidman, Sachs & Co.
and Lehman Brothers have been named underwriters.
Filed March 27,
Chicago Daily News,
Inc.
(2-4365, Form A-2), of Chicago, Ili., has
registration statement covering $2,600,000 of 10-year 3M% sinking
1, 1950, and 48,000 shares of 5% cumulative
preferred stock, par $100.
(See subsequent page for further details.)
Filed March 28, 1940.
a
Corp. (2-4366, Form AO-1), of Philadelphia, Pa., has
a
registration statement covering 50,000 shares of common stock,
$10, and which viu be offered at $10 per share.
Proceeds of the issue
will be used for machinery, equipment, development, plant and working
capital.
F. E. Newbold is President of the company.
W. H. Newbold's
Son & Co. has been named underwriter.
Filed March 27, 1940.
New Almaden
filed
par
Toledo, Ohio, has filed a regis¬
covering $3,000,000 of 1st mtge. 3M% bonds, due 1970,
and $7,250,000 of 314% sinking fund debentures, due 1960.
(See subse¬
quent page for further details.)
Filed March 28, 1940.
Toledo Edison Co. (2-4367, Form A-2), of
tration statement
Line Co. (2-4368, Form A-2), of Chicago,
registration statement covering $700,000 of 2lA% serial
certificates, series L, due 1941 to 1950, and they will be
Proceeds of the issue will be used toward the purchase of
cars.
Allin K. Ingalls is President of the company.
be named by amendment.
Filed March 28, 1940.
North Western Refrigerator
111., has filed a
equipment trust
offered at $100.
refrigerator
Underwriter will
Superior Oil Co. (2-4369, Form A-2), of Los Angeles, Calif., has filed
a
registration statement covering $10,000,000 of 3H% debentures, due
April 1, 1950.
(Bee subsequent page for further details.)
Filed March
28, 1940.
.•
Bemberg Corp. (2-4370, Form A-2), of New York, N. Y.,
has filed a registration statement covering 35,000 shares of no par value
common stock and 35,000 shares of class B no par value common stock , both
of which will be offered at $19 per share.
The stock will be offered first to
stockholders through warrants on a basis of one share for each four shares
held of the same class of stock and the unsubscribed portion will go to under¬
writers for investment.
Proceeds of the issue will be used to settle claim of
underwriter for dividend advances and toward preferred stock sinking fund
requirements.
Algemeene Kunstzijde Unie N. V. of Arnhem, Netherlands
is the parent company.
S. R. Fuller Jr. is President of the company.
American
Filed March 29, 1940.
Springfield Associates (2-4371, Form A-l), of Boston, Mass., has
filed a registration statement covering 17,500 shares of $10 par 5% cumula¬
tive preferred stock and 17,500 shares common stock of no par value.
The
preferred stock is cumulative from July 1,1939 to June 30, 1941 only to the
extent earned.
The stocks will be offered in units of one of each at $11
per unit.
The offering will be made first to the holders of record as of
April 1, 1940 of preferred shares of Springfield Ry. Co., and the unsub¬
scribed portion may be offered to other persons.
Proceeds of the issue
will be used for bank loan, and to purchase securities of Springfield Street
Ry. Co.
George A. Stevens is President of the company. No underwriter
named.
to
Selling
previous list of registration statements
Brock way
Glass Co.,
Inc.
(9-4372, Form F-l), Dubois, Pa., voting
2-4331, appearing in the "Chronicle" of
is the trustee.
Filed March 29, 1940.
covering 4,000 voting trust
(See registration statement
Deposit National Bank
March 2).
North American Finance Corp. (2-4373, Form
A-2), of Richmond, Va.,
registration statement covering 316,877 shares of class A common
which will be offered at $14 per share.
The proceeds from
10,000 shares will be used for debt, expansion and working capital and
306,877 shares will go to McAlister, Smith & Pate, Inc.
W. T. Smithdeal
is President of the company.
Underwriter will be named by amendment.
Filed March 29, 1940.
has filed
stock,
a
no
par,
Corp. (2-4374. Form A-2) of New York, N. Y., has
registration statement covering 380,767 shares of $1 par common
The offering is being made for the account of the City Company
of N. Y., Inc.
Frederick B. Adams is President of the company. Under¬
writer will be named by amendment.
Filed March 29, 1940.
Union Premier Food Stores, Inc. (2-4375, Form A-2), of Philadelphia,
Pa., have filed a registration statement covering 50,000 shares of $15 par
$2.50 cumulative preferred stock with warrants attached, 50,000 warrants
for the $1 par common stock (attached to preferred) and 50,000 shares of
$1 par common stock.
Proceeds of the issue will be used for the redemption
of the cumulative convertible preferred stock, bank loans, property, build¬
ings, equipment and working capital.
Samuel Friedland is Fresident of the
company.
Wertheim & Co. and Hemphill, Noyes & Co. and others to be
named by amendment will be the underwriters.
Filed March 29, 1940.
West Indies Sugar
a
stock.
Bottlers, Inc. (2-4376, Form Al) of Atlanta, Ga. have filed
i7i,250 shares of $1 par common stock.
be offered by issuer first to stockholders and the un¬
subscribed portion wiil be offered by underwriters subject to subscription
rights being waived regarding a minimum of 120,000 shares; 16,250 shares
(maximum) will go to underwriters as partial compensation and may be
offered for resale, these stocks being relinquished by certain stockholders;
and 5,000 shares will go to Hoit, Rose & Troster.
S. C. Satterthwait, Jr.
is president of the company.
Satterfield & Lohrke and Hoit, Rose & Troster
may be underwriters.
Filed March 29, 1940.
Red Rock
Economic
Corp.
(2-4377, Form Fl),
New York, N. Y.,
voting trustees, have filed a registration statement covering 25,016 voting
trust certificates for the $100 par common stock.
10,016.232 shares of
common stock now issued and 15,000 shares are to be issued under registra¬
tion statement 2-1271.
Bernard Flexner, et al, are voting trustees.
Filed
March 30,
1940.
Gas Co. (2-4378, Form A2) of Houston, Texas has
filed a registration statement covering 2,660 shares of $100 par 6% cumula¬
tive preferred stock, which wiu be offered at a maximum of $99 per share.
1,105 shares are for the account of the Hope Engineering Co. and 1,555
shares are for the account of YoungstoWn Sheet & Tube Co.
B. E. Hepler
is president of the company.
Loewi & Co. and Morris F. Fox & Co. have
been named underwriters.
Filed March 30, 1940.
/
Rio Grande Valley
Union Light Heat
V
♦
-
■'-/>
-
i
(J. D.) Adams Mfg. Co.—New Director—7
At the recent annual meeting of stockholders James A. Ross'was elected
All other directors were reelected.
At directors meeting all
to the Board.
officers
were
reelected.—V. 149, p. 3707.
Co.—Proposed Acquisition—
Company and Federal Water Service Corp. have filed with the Securities
Exchange Commission an application (File 70-29) regarding the acquisi¬
tion by Alabama Water Service Co. of the assets of Mobile Gas Service
Corp. of Mobile, Ala.
Alabama Water Service Co. proposes to purchase all of the capital stock,
consisting of 5,000 shares, of Mobile Gas Service Corp. from Consolidated
Electric & Gas Co. for $330,000.
The company will assume the outstanding
bonds of Mobile Gas Service Corp. and will redeem the 9% series A and 7%
series B 1st mtge. income bonds.
The physical properties to be acquired
are to be subject to the lien of the indenture securing the 1st
mtge
5%
bonds of Alabama Water Service Co. against the release by the trustee of
and
approximately $390,000 in cash.
Of the $1,466,781 required for the purchase of the stock and the redemp¬
tion of the bonds, $600,000 is to be derived from the sale to Federal Water
Service of 3,500 shares of its
no par value common stock, $390,000 is to
be released by the trustee, as stated above, and approximately $477,000 is
to be
provided from the company's general funds.
application (File 70-30) regarding the
The companies also filed an
sur¬
cancellation
by Federal Water Service Corp. of $500 000 of
bearing debentures of Alabama Water Service Co
Federal
Water Service Corp. will also convert $364,300 of 5% debentures of Ala¬
for
render
non-interest
bama Water
Service Co. into 3,643 shares of that company's $6
cumul
eld by
EreferredFederal Water Service Corp. isprincipal amount offor cancellation.
stock. The remaining $52.94 to be surrendered such d ebentures
Consolidated
Electric
&
Gas
Co.
also filed
an
applicationfFile 70-32)
regarding the sale of 5,000 shares of common stock, $39,800 of 1st mtge
5% bonds and $41,800 of 1st mtge. income bonds of Mobile Gas Service
Corp.—V. 149, p. 2959.
Alleghany Corp.—Time for Readjustment Plan Extended—
Co. of New York, as trustee for the Alleghany
and the Alleghany Corp. have extended to April 19
1940
a plan of readjustment for the 5s of 1950 may be
submitted, under the terms of the agreement dated Sept. 28
1939 under
which the Manufacturers Trust Co. is holding in trust
107,579 shares of
Chesapeake & Ohio Ry. Co. common stock withdrawn from the collateral
securing Alleghany 5s of 1944.
The Marine Midland Trust
5s
of
1950,
the time within which
Warrants Removed
from Dealings—
The common stock, purchase warrants, have been removed from dealings
by the New York Curb Exchange, the warrants having expired April 1.
Securityholders1 Position Improved, According to Report—
The position of the
holders of all classes of the corporation's securities
has been improved; yet much remains to be done, states the annual report
released March 31 by Robert R. Young, Chairman, and Allan P
Kirby
Seven objectives have recently been achieved by the managed
listing them as follows:
Liquidation of Chesapeake Corp. after many obstructions and delays
has been substantially completed.
A saving of approximately $300 000
annually in operating expenses and taxes will have been achieved on complete
liquidation.
(2) A policy of reducing debt rather than increasing investments has
resulted in the purchase for retirement of $2,683,000 principal amount of
the corporation's bonds at an average cost of $52.16 per $100 of bond
Total interest savings as a result of these purchases are $134,150 annually!
(3) After a five year period in which interest on the 1950 bonds was paid
in prior preferred stock, interest was again paid in cash on Oct. 1
1939
Funds are now in the trustees' hands with which to meet the interest due
President.
ment, the report states,
April 1, 1940.
■
'
■
" v;,
(4) On Alleghany's initiative contributions by the railroads to a common
expense fund for usage of a joint technical staff have been discontinued with
an overall saving to the participants.
(5) The refunding of bond issues of the Chesapeake & Ohio Railway and
affiliated terminal companies has been, at Alleghany's insistence, subjected
.
& Power Co. (4379, Form A2) of
Cincinnati, Ohio
.
to open
or competitive bidding, with a saving of nearly $3,000,000 in prin¬
cipal and interest to maturity over private bids on first two bond issues
(6) A large unsecured note issue of the Nickel Plate Railroad maturing
in 1938 has been extended under Alleghany's sponsorship to 1941 without
drawing Upon the resources of the Chesapeake & Ohio Ry., and at an
unprecedentediy low rate.
Twice previously these notes were extended
with C.& O. being forced to aid to the extent of $3,934,000
(7) After seven years of net losses averaging almost one and one-half
million dollars annually, the Pittston Co., under new officers and policies
insta.led late in 1938 by the present management of Alleghany Corp., was
in 1939 placed on an approximately break-even basis.
The report concludes with a section on the corporation's future which
reads
registration statement covering
150,000 shares will
Palestine
given
was
issue of March 30, page 2075.
ou»*
(1)
Filed March 29, 1940.
trustees, have filed a registration statement
certificates for the $50 par common stock.
a
by two
are
capital.
Alabama Water Service
fund debentures due April
filed
working
The last
in
1940.
200
offered
stockhoxders to public at $100 per share.
be loaned to the issuer for patent litigation
stockholders may be the underwriters.
Charles H. Garrett is President of the company.
Filed April 3, 1940.
Florence Stove Co.
filed
be
Proceeds of the issue
and
The following additional registration statements (Nos. 4364^
tcf'4381, inclusive) have been filed with the Securities and
will
which
as
follows:
"It is the responsibility of your management to preserve the integrity
of the corporation, and to increase the present value of its
and solvency
olders.
Eroperties It is the benefit that a 12,463 bondholders losses its 31,789 stockfor recognized of its major part of the and sustained under
prior management in securities of Missouri Pacific, Erie, and certain other
properties will not be recovered. But the management'believes continuance
of active and progressive measures—such as listed above—can enhance the
value of many of the corporation's affiliated enterprises."
'
Interest—
the 20-year coll. trust conv. 5% bonds, series
"stamped," is being paid.
Interest is payable at office
Co., Inc., New York, N. Y.—V. 150, p. 2075.
The interest due April 1 on
of 1930, due 1950,
of J. P. Morgan &
Allied Chemical & Dye
Corp.—Secretary to Resign—
for the annual stockholders meeting on April 29
that all present directors are nominees for reelection with the addition
of W. C. King, Secretary of the company, who will resign following election
to leave a vacancy which may be filled at some future time.
The manage¬
ment has no present intention of filling this vacancy, it advises.—V. 150,
p.1750.
The proxy statement
says
Allied Owners Corp.—Tenders—
Trust Co., N. Y. Oity, wiil until 3 p. m.
sale to it of sufficient first lien cumulative
The Manufacturers
registration statement covering 25,000 shares of $100 par common
stock, wh-Ch is to be offered in units of 5-94 share at $5.23 per unit.
The
stock wid first be offered to stockholders and tue unsubscribed portion to
under writers.
Proceeds of the issue will be used for debt and construction.
H. C. Blackwell is president of the company.
Columoia Gas & Electric
Corp. will be underwriter.
Fded March 30, 1940.
receive
Casualty Co. (2-4380, Form A2) of ChucagJ, Til. has filed
a registration statement covering 20,000 shares of $5 par common stock,
which will be offered at $9 per share.
The stock will first be offered to
the stockholders and the unsubscribed portion will be offered to the public.
Proceeds of the issue will be used for capital and surplus.
Albert Kahn is
president of the company. No underwriter named.
Filed April 1, 1940.
National Electric Signal Co. (2-4381, Form Al) of Dallas, Texas has
filed a registration statement covering 400 shares of common stock, no
May 3
of 5%
Mo.
has fiied
a
New Century
bids
for
the
income
bonds, due July 1, 1958, to exhaust the sum of $105,819 at prices not
ceeding par and accrued interest.—V. 145, p. 2685.
Allied Stores
ex¬
Corp.—Listing-—Acquisition—
Exchange has authorized the listing of 1,000 shares
preferred stock (cumulative) par $100, on official notice of issuance in
connection with the acquisition of the securities of the Heer's, Inc., making
the total amount applied for 238,742 shares.
The New York Stock
Missouri corporation, owns and operates a depart¬
store doing a general retail merchandising business in Springfield,
Under an agreement dated Feb. 14, 1940, between The lleer Stores
Co. and Allied Stores Corp., The Heer Stores Co. will transfer to Heer's,
The Heer Stores Co., a
ment
Inc.,
a
Missouri corporation, all customers' notes and accounts receivable,
The
2246
Commercial & Financial Chronicle
inventories, deferred expenses
The
and all trade names owned or used by The Heer 8tores Co. in its
value of the assets to be transferred will exceed $100,000.
business.
In full
thereof, Heer's, Tnc.. will issue to Heer Stores Co. its entire
authorised capital stock, consisting of 1,000 shares (par $100).
The 1,000
shares of 5% preferred stock of Allied Stores Corp. plus a sum in cash equal
to the amount by which the assets sold by The Heer Stores Co. to Heer's,
Inc. exceeds $100,000 will then be given to The Heer Stores Co. in exchange
for the 1,000 shares of the capita! stock of Heer's, Tnc.
The result of these
transactions will be that Heer's, Inc., as a 100% owned subsidiary of Allied
payment
whom board of directors may deem to be of value to
p. 426.
»m 0..an
American Beverage
.
to the board of directors of this company
29, increasing the Board from 11 to 13 members. Two vacancies had resulted
fron,theresignationofC.D.DIckeyandthedeathofA.W.Sewall._V.M5.
American Superpower
elected President and a
149. p.
director
Corp.—Financial Statement—
Ernest G. Strand, Secretary, states:
From the balance sheet, it will be seen,
assets of the corporation (after
A
/-»
j
D
iv ew Directors
Artierican Pulley Co.
GL C. Munoz, R. H. Bowen, John P. Herrthe annual meeting held March at and Philip O. Herr were added
••
announced on March 28.—V.
.
_
.
the board
Tlirprtrvr*
t>,,i|A,r C«
Corp.—New President—
Brig. General Walter A. DeLamater was
of this corporation, it was
New Chairman
American Ice Co.
With SEC~~~
American Bemherr Com ——Renisters
company.—V. 150.
Chairman
*r
*
Thomas M. Howell was, on March 27, elected Chairman of
of directors.—V. 150, p. 1924.
;
\
;
store presently
lease for a term
of 15 years with an option on the part of the lessee to renew for an additional term of 10 years will be entered into by Heer's, Inc. with the owner
of the building in which the store is operated.—V. 150, p. 1127.
Stores Corp., will continue to operate the department
operated by The Heer Stores Co. in Springfield, Mo. A new
_
1940
6,
Letter to stockholders states that one of the purposes for increase in number of common shares is to permit board of directors when as and if they
deem it advisable to declare a stock dividend on the $1 par value common
stock of two additional shares of such common for each share outstanding.
Stockholders will also vote on a plan for the sale at less than market price
but not less than $7.50 per share of 150,000 shares of the $1 par common to
certain classes of persons including senior and junior executives, excluding
directors not salaried officers, also certain employees and other persons
having balances less than 90 days old, merchandise Inventories, store and
and equipment, automobiles and trucks, supply
applicable to future operations, goodwill and
office furniture, fixtures
any
April
American Brake Shoe & Foundry Co.— Acquisition
that the market value of the
deducting liabilities other than capital and
balance sheet to $20,929,510,
which is less than the book capital of the corporation represented by the
first preferred stock, preference stock and common stock, which aggregate
$21,655,186. As a result directors did not declare the quarterly dividend
surplus) had declined as of the date of the
Company has purchased the creat Lakts 1 orge Co., Chicago, according
by W. B. Given Jr., President of .American l rake Shoe.
The Great Lakes plant's forging machims and presses are used in coin
pressing, sizing and preliminary and finishing work to and from hammer
equipment.
It will be operated by American Forge division of the Brake
Shoe Co.—V. 150, p. 1924.
to announcement
payable on April 1, 1940. Dividends on the first preferred stock were
suspended for the same reason in 1932, in 1935 and 1938. In each of these
years, as a result of the subsequent increase in market value of the assets
¥
n
a „nnivv.n,ito an amount in excess of capital, dividends were resumed.
American Cities Power & Light Corp.—ACCUmuiaiea
Dividends on the first preferred stock are cumulative and, therefore, no
Di?)irlpnrf
dividends can be paid on any other class of stock of the corporation until all
r.f
back dividends on the first preferred stock have been paid in full.
Directors have declared a dividend of 75 cents per share on account of
nf rnmmp fnr the Pprind
Tan
1 to March 25
1940
accumulations on the $3 conv. class A optional series of 1928. payable
'
Period Jan. 1 to March 25, 4940
May 1 to holders of record April 11.
Holders have option of receiving
"
4 799
1-32 of a share of clans B stock In lieu of cash.—V. 150. p. 1586.
Interest on corporate bonds...
—-—
4.722
.
0
„
.
American
Cyanamid Co
Calendar Years—
Net operating
,j,
c
$8,827,967
$7,876,170 $10,141,604
434,091
1,013,320
service charges
Other income (net)
198,102
53,336
190,106
88,213
267,818
340,681
Total income........$12,276,304
$8,588,580
$7lSi^5
$9,786,780
1,925.372
532,962
3,125,058
1,110,622
1.869.844
630,258
2,875,070
1.807.433
458,058
2,774,825
1,047,532
1.542.076
407.790
2,285,728
xl,009,281
57.350
66,640
66,640
86,973
$5,524,941
104,193
z4,189,390
$2,452,912
76,680
1,526,921
$5,268,255
$4,454,930
y4,032,589
2,520,368
$1,235,666
$1,934,562
XelopmentTx?.!?.!.'
Int. & discount paid....
Deprec. and depletion..
Prov. for income tax
693,856
Minority stkhldrs' int in
net income of
Net income
Preferred dividends
Common dividends
.....$1,231,358
Surplus...
$849,312
-_0
.
—---
^
-----——
Shs. combined class A &
2,618,369
$2.07
outstanding..
Earnings per share
At the time of the payment of this special dividend, the preferred
a market value of approximately $11,625 per share,
that the actual value of cash
so
on
the
common
See also V. 150, p.
American
vj
Evns
inRr^WkTifVoV^,
OA.
^2'orq
la'aAA
39.644
ol'fo?
25,187
In™™
«$n
n_n
....
v'aqc
nS/
lnia
2
sold
Vy'naa
37,088
....
Deduct. Int. pd. or accrd
"Nw
«n19o«Q
$93,863
oV«5ro
37,363
!y«
■
"
accrued;—„
-
rr,-fQ,
declared during the
$1.76 per share.
any
*77
Kon
or'S
35,098
or nqo
35,098
®,q A
~oft
t'VrA
qqq
90 978
qv'lio
37.713
07700
37,788
7 1 no
«oi
C77 017
$77,037
WA
x$lll,520
vt1,,
$91,754
$67,159
,700
Nfit irtmmp
inet income
A103
««« oi 7
$88,ui/
4R4 QQR
$o4,yyo
9 ifio
Computed without regard to net loss on sales of securities in the amount
of $337,139 which was charged to "Reserve for possible losses on sales of
securities."
The actual cost of the securities, identified by stock certificates
delivered against sales, was used to determine gains and losses on securities
sold.—v. 150, P. 426,
American Gas & Electric Co.
(Ac Subs.)—Earnings—
Period End. Feb. 29—
1940—Month—1939b
Subsidiaries Consolidated—
$7,198,216
revenue
°POperatfon-t----
2,197,231
Maintenance
388,562
959,209
Depreciation.
Taxes
1,089,317
1940—12 Mos.—1939b
!
22,716,431
4,133,262
10,675,307
9,942,997
25,512,984
4,438,394
11,101,812
11,512,691
$2,256,290 $26,722,627 $25,717,846
Dr. 1,435
179,642
73,426
$2,568,222
$2,254,855 $26,902,275 $25,791,271
Other income
Total income......
^tJ1^co!;herdeduction8 Dividends
802,122
pfd. stocks
424,394
792,151
424,394
10,036,222
9,504,966
5,092,519
5,092,519
.—
a
Balance-
$1,341,706
$1,038,311 $12,304,790 $10,662,531
American Gas & Elec. Co.—
a
Balance.
Int. from subs, consol
consolidatedL1.
.
$1,341,706
129,071
165,681
4,488
_
Other income
$1,038,311 $12,304,790 $10,662,531
150,808
1,630,575
2,282,921
165,681
4,747
.
Total income...
_
Taxes and expenses (net)
$1,640,946
87,886
1 988 170
74,316
1 988 170
59 465
^
$1,359,546 $15,997,851 $14,993,087
44,193
744,243
556 032
:
Balance..
.
.
..
...
$1,553,060
Int. and other deductions
Div*.
o„
Balance
a
96.979
140,767
preferred Stock
$1,315,313
$1,315,353 $15,253,608 $14,437,055
128 140
1 490 324
1 950 566
177H11
21073:233
2J33J38
$1,009,402 $11,690,051
$10,352,752
Of income for
& Electric Go.
common stocks of subsidiaries owned by American Gas
b Restated for comparative purposes.—V. 150. p. 1750.
American Investment Co. of Illinois—To Increase Commnn
^fnch—
meeting on April 22 to vote on
proposal to increase number of authorized common shares from 750,000
to 1,800.000 and to change such common stock from no-par value to $1
a
value.
$2,450,856
Appraisal
$2,450,856
64,639
317,455
3,567,540
24,629,515
4,136,725
14,050,938
As per Books
_
Interest and dividends receivable
Corporate bonds
Preferred stocks
a Common stocks and option warrants
23,648
16,389,814
4,539,696
23,648
16,147,600
235,207
5,272,379
3,448.616
b Common stock (no par)
Capital surplus
-
.
64,639
250,000
$31,030,004 $20,953,158
Total
Liabilities—
Reserve for taxes, expenses, Arc
b 1st preferred stock, $6 cumulative (no par)
b Preference stock $6 cumulative (no par)
--—_
5,902,555
..—$31,030,004 $20,953,158
.
Cost $81,618,112, less reserve of $56,988,597.
b The foregoing balance sheet indicates no appraisal value for the common
a
stock, as the priorities of the 1st preferred and preferencecorporation. The
stocks are greater
jn amount than the market value of the assets of the
1st preferred stock has priority to the extent of $100 per share and accrued
dividends. The preference stock, following the 1st preferred stock, has
priority on such extent of $100 per share and accrued dividends remaining
to the preference stock. To March 31, 1940, the total accrued
unpaid
dividends on the 1st preferred stock from Jan. 1, 1910, would amount to
$242,214 or $1.50 per share: and accrued dividends on the preference stock
from April 1910, after allowing for to $11,289,936 or $48 per share. months
1, 1932, would amount the accrued dividends for three
As at
March 25.
on the 1st stock werestock, the net assets $19.30 per share. priority of the
preferred $4,539,696 equal to applicable to this There were no
preference
net assets applicable to the common stock at March 25, 1940, on the basis
0f valuing the corporation's holdings of securities at market prices on that
,i- date.—V. 150, p. 426.
;
_
__
American Water Works & Electric Co.,
n
.
.
Inc.—Report—
Consolidated Income Account (Including Subsidiaries) for Calendar Years
1£9... .Ennn!?™n
Worqi
$53,590,457 $50,004,3$0 $53,222,011 $51,322,891
Non-oper. income
626,696
586,492
696,948
"30,160
_
+
Total earnings.
$54,217,153 $50,590,792
Operating expenses
18,416,018 17,879,879
Maintenance..
?'o7§'fnJ
Federal income taxes... 1.991,431
1.372,603
5,784,144
5,227,462
Reserve for renewals retirement & depletion. z5,519,819
4,758,850
Other taxes
Gross income
_
.
-.0.
•_
of debt dis-
y7,741,184
count and expense..
Preferred dividends. _
852,236
Interest
Amortiz.
$53,918,959 $52,053,052
lf.779,891 17,248,627
Jcq?'Jq8 i'non'S
*1-691,398 xl,090,916
5,478,198
5,091,090
9
4,492,704
,
3,804,728
-...$18,682,863 $17,593,115 $19,104,620 $20,433,483
Deductions—Subs.—
ftC1
y7,604,058
841,212
824,417
-
.
Balance
210,844
207,189
$3,098,221
$4,754,877
$5,700,050
Deductions—Am. Water
SC El6CtnC CO
"
832,126
180,253
$4,412,216
167,769
7,980,988
5,712,778
1cn?|I
Miscell. deductions
y o«o oco
5,710,073
5,737,101
*54
,
y aot ona
y7,735,981
5,509,004
5J!nor.1.t3^_ interest
oinaS
on?
?to
ono71n
878,036
892,719
7fi8 ,fi,
count and expense—
Miscell. deductions
92,921
14,642
92,921
92,921
15,303
13,559
^ income.......
,3.426.617
$2,095,085
$3,878,287
$4,749,846
First prefeired dividends
1,200,000
1,200,000
1,200,000
1,200,000
T
Interest
Amortiz.
c,onoe
of debt dis-
17,496
Common dividends
Balance, surplus
Shs. com. outst. (popar)
Earned per share.......
768,38o
1,874,399
S9fl/t„
820,455
Includes
_
,
937,200
.
$2,226,617
$895,085
$803,868
$2,612,646
!
2,343.105
$U.95
2,343,105
2,342,999
51.14
2,342,999
5i.5o
j
50.00
approximately $45,000 for the year 1937 and
approximately $8,500 for the year 1936 to cover estimated Federal surtax
on undistributed profits of consolidated subsidiaries,
y After deduction of
interest charged to construction amounting to $78,118 in 1939, $147,298
In 1938 and $260,013 in 1937. In 1936 such interest, amounting to $20,905,
x
Stockholders will be asked at their annual
oar
1940
Assets—
Cash
Totaloper.revenues
4,326
Operating income.. $2,563,896
,
$6,433,011 $79,288,508 $73,185,843
1,925,016
341,041
919,065
991,599
-$56,988,597
Balance, March 25, 1940
Note—In 1934 a reserve of $65,000,000 was created to provide for the
decrease in the market value of common stocks and option warrants owned
by the corporation by charging earned surplus with $27,647,447 and capital
surplus with $37,352,552.
can
x
on
~
SQRdQfi
3,738
$77,037
*111.520
Vi+r~
(arter taxes)—
Operating
for decreaee in market value of securitlts created to 1934
Total....
«oq8rcr
....
$169,664
Balance to earned surplus
Earned surplus
,
JSiPcAa
$106,843
1,571
37
Reserve for Decrease in Market Value of Securities
Balance, Dec. 31, 1939-------------------$57,511,867
Loss on sales during the periof of 97,400 shares of common stock
°f Commonwealth & Southern Corp. under Bankers Trust
Co. agreement of Nov. 22, 1935
523,270
European Securities Co.—Earnings—
?
or
and stock dividends
stock amounted to approximately
2076.
MaIi 3iTrit
Int. r<w»vi
rec d
a
Ralancp Sheet March 25
stock, second series, had
year
8,575
mo»^-
2,618 369
Including $52,050 surtax,
y
payable optionally in cash or in shares of 5% cum. conv. pref. stock,
$1,499,588 paid in cash and $1,020,780 paid in shares of preferred stock
(102,078 shares).
z includes a special dividend of $1 per share ($2,618,369) payable in 5%
payable in 5% cumulative convertible preferred stock, second series, at its
par value of $10 per share.
This special dividend required the issuance of
259,217 such shares and the payment of $26,199 in cash in lieu of fractional
x
shares.
?
„
2,520.368
2,520 368
$0.91
$2.09
$1.77
Includes special dividends of $2,520,368
B stock
/
:
-
Office and miscellaneous expenses
Taxes..
......
......
>
subs...
stockholders...,.
618,132
632,357
'
*179'847
"iss'ufnV"and" YramreVrtagYhe
notices to the
capital stocks of the corporation, reports and
1936
1937
1938
Dlvs., int. & discount._v
Royalties, licenses and
-
Exp^J1EJn™mceonnK,Vion" with
(&Subs.)—Earns.(Correction)—
1939
$11,392,510
profit
.
provisions of
1
I
I
The Commercial & Financial Chronicle
Volufh'e ISO
included in non-operating
electric plant adjustments.
was
income,
Includes $806,700 amortization of
z
Assets—
sec. of C. W. S. Co.—non-consol. sub. co__
Investments in and advances to assoc. and other
1,767,870
hand and in banks
Spec. deps. & cash on dep. with trustees
x Accounts, notes,
&c., receivable...
Materials and supplies
Other assets
1,753,309
3,717,446
12,094,058
non-consol. sub. cos. & miscell. investments
on
$
359,998,015 354,875,338
Inv. in
Cash
1938
$
Plants, property and equipment
3,622,772
11,884,404
5,839,970
1,442,425
1,669,048
769,506
16,089,514
1,724,137
798,290
_
Prepayments
15,115,717
/
2,464,027
649,718
Unamort. debt, discount and expense
Unamortized redemption premium and commission
and expense on sale of
capital stock
Other deferred charges
——
— __
Atchison
-v.,':.;-'''-,.
Liabilities—
.
830,177
725,157
z
First preferred stock
y
•
.
-
Common stock
20,000,000
23,431,050
.
Funded debt subsidiaries
Accounts payable
Notes payable (current)
Payrolls accrued
.
20,000,000
23,431,050
88,286,000
Preferred stocks of subsidiaries
Minority stockholders' int. in com. stock and sur¬
plus of subsidiaries
6% debentures
5% debentures.
Notes payable
1
168,901
168,142
8,000,000
8,000,000
3,000,000
3.000,000
7,520,000
7,950,000
175,086,000 172,103,000
1,729,747
1,910,783
2,970,000
2,730,000
392,898
408,072
revenue per
ton
No. pf pass,
Pass, carriedl
rev. per
Aver.
rev.
x
per
pass.
mile
per
Income Account for Calendar
Passenger
160,039,967
154,323,227
Maintenance of way & structures 23,724,842
Maintenance of equipment.
34,584,862
19,755,023
33,480,712
Dividends declared, preferred stock
Long-term debt of subsidiaries due currently-
1,305,725
116,000
1,448,848
615,000
General
42,078,036
40,686,834
1,743,397
Miscellaneous
5,533,725
57,249,355
82,901
4,489,565
line
operations
expenses
Transportation for Investment...
437,747
sales of preferred capital stock——
Total
After
deducting
16,555,041
for
reserve
uncollectibles
of $523,989
in
1939 and
Represented by 2,343,105 shares no par, after deducting
y
9,845 shares held in system,
z
Represented by 200,000 shares $6
cum.
1st
..
...
Income Account Years Ended Dec. 31
Divs. from subs. co...
Other dividend income
Interest
sub.
on
bonds
1939
$3,552,718
7,425
1938
$2,408,584
5,647
1937
$4,241,765
57,420
18,026,118
17,077,111
135,236
329,044
459,146
1,632,284
937,248
284,741
174,507
308,646
451,428
1,639,321
1,303,272
182,015
2,618,104
1,288,870
166,006
7,450
306,746
282,098
...
4,392
69,167
87,900
1,031,624
911,199
146,689
Revenue from miscell. operations
490,291
623,820
474,618
Inc. from unfunded sees. & accts.
Inc. from sinking & other res. Ids.
708,654
10,599
655,614
11,257
620,650
21,442
Gross
$3,814,727
$5,456,815
$4,315,737
1,509,447
75,957
1,399,987
59,451
1,383,631
51,411
1,253,435
34,486
$1,433,490
$1,340,536
$1,332,219
$1,218,949
10,670
61,515
110,063
$1,444,160
$1,402,051
$1,442,283
Salaries, rents, taxes and
other expenses
Deductions
Prov. for losses of certain
not consol—
$3,401,509
878,036
long-term debt..
accts. payable to
$2,412,675
892,719
$4,014,532
768,385
979
999
12,571
8,950
47,408
11,567
48,418
2,796
22,056,289
21,876,365
21,196,465
23,346,246
1,557
30,794
otv:.;:
441
5,046
92,921
companies
116,191
Amortization of debt dis¬
92,921
count and expense
92,921
Paym'ts under tax cove¬
14,642
nants on bonds
17,496
income
1,557
33,014
141,738
13,148,339
1,557
30,150
138,185
13,001,716
111,235
157,196
66,069
114,101
63,848
123,745
1,557
33,710
140,098
12,802,559
203,723
50,803
115,669
20,663
15,303
13,689
....
Miscellaneous rents..
Miscellaneous tax accruals
Interest
on
Interest
165,045
funded debt
on
unfunded debt
Separately operated props., loss..
Miscellaneous Income debits
12,990,944
118,038
103,493
119,936
Expense of miscell. operations...
19,263
28,089
miscell. oper. properties
4,486
4,179
8,502,732
8,228,044
1,241,728
Taxes
$3,096,787
820,325
146,136
267,135
350,640
Deductions—
Rent for leased roads
on
■
$1,218,949
18,501,904
7,605
50,36 1
8,839
449,507
749,912
10,548
cos
$4,845,670
on
19,170,866
Non-Operating Income—
Release of prems. on funded debt.
Other income
cos.
Net railway operating Income.
Income from funded securities...
notes & accts.
of sub.
sub.
17,801,929
18,100,460
Crll,499 Crl,123,232
Dr736,318
Dr721,789
Miscellaneous Income credits
Management & service
charges to sub. cos.
Int.
Dr655,173
Income from lease of road
1936
$3,132,943
3,294
of
companies
on
on
18,923,013
Dr241,722
MisceU. non-oper. physical prop.
Dividend income
(Company Only)
34,776
Earnings.
Int.
19,220,593
Cr635,104
Dr684,831
139,282
Equipment rents (net)
MlsceUaneous rent income
preferred stock.
sub.
116,900
5,466,220
Cr468,176
5,127,074
Cr309,508
405,753,636 399,501,620
Total.
$649,495 in 1938.
x
5,103,876
54,676,590
139,436
125,334,705 120,412,014 139,901,740 125,061,818
33,911,213
30,768,205
32,203,686
15,484,669
14,988,200 zl2,966,276
14,103,226
expenses.
Joint faculty rents (net)
Int.
35,846,340
62,336,122
Net railway operating revenue... 34,705,262
Taxes...
Railway operating income
18,617,673
Earned surplus
x
57,470,659
79,771
4,557,800
Crl96,439
Cr330,546
24,320,068
27,282,428
39,863,367
5,462,819
5,264,488
f 1,729,941
Miscellaneous current liabilities
Consumers' deposits...
......
Deferred liabilities and deferred credits
on
Traffic
74,950
236,731
170,669,945 157,265,504
OpCTQiffitlQ EzpCTlSBS-*-*
Dividends accrued
2,420,833
$
138,984,860 128,400,302
16,896,757
17,526,621
15,629,082
13,286,828
14,158,463
13,236,120
14,231,367
Total revenue
1936
$
124,139,642
18,277,823
Mall, express and miscell
1937
■
$
..127,530,776
Transportation—rail
70,937
1938
$
Freight
1,814,319
92,325
233,227
1.790 cts.
Years—System
1939
Operating Revenues—
1,912,137
92,325
2,488,128
1.788 cts.
miles, San Francisco and Galveston bays.
706,797
Premiums
1.852 cts.
1.769 cts.
...
Number of tons of freight carried one mile shown above includes water ton
5,135,453
Reserve for depreciation, damages, &c
Contributions in aid of construction
30,999.881
mile
carried-
627,235
__
1936
37,409,894
11,700,077,134 11,172,423,784 12,937,725,968 11,513,453,101
$4.11
$4.17
$3.72
$4.14
1.090 cts. •
1.111 cts.
1.074 eta.
1.115 cts.
2,595,556
2,336,292
2,645,221
2,489,949
mile.. 1,033,309,776
912,203,274
980,243,435
872,941,585
pass..
$7.04
'
$7.23
$6.63
$6.28
mile—
Aver,
1937
29,801,220
31,053,547
,
—
been
frt. car'd
rev.
5,447,072
Matured interest payable
Accrued interest
of New York has
1938
1939
xTons
88,283,500
Accrued taxes.
Trust Co.
&
Av. rev. p. ton p.
405,753,636 399.501,620
19.39
.1938
$
$
—
—
Bank
Topeka & Santa Fe Ry.—Earnings—
Tons rev. frt. carried
Aver.
Total
National
Commercial
appointed registrar of the $5 div. pref. stock of this corporation.—V. 150,
p. 2079.
Manufacturers Trust Co. is transfer agent for 715,550 shares common
stock and 40,905 shares $5 dividend preferred stock of this corporation.
—V. 150, p. 2079.
Traffic Statistics for Calendar Years—System
15,236
5,950,738
1,458,384
__
Registrar—Transfer Agent—
The
Consolidated Balance Sheet Dec. 31
1939
2247
Net corporate Income
6,208,640
dividends
Common
S. F. &S. J.&V. Ry.
11,900
Surplus
outstanding (par $100)
Earnings per share on common...
$0.94
com.
Includes credit of
9,998,126
6,208,640
4,854,120
10,700
14,200
11,500
2,282,192
2,427,060
z
7,659,404
Co. bonds, :«v
sinking fund
Shs.
6,208,640
4,854,120
Preferred dividends
6,974,816 def3,414,056 defl,078,834
2,427,060
2,427,060
2,427,06f)
$0.83
$1.56
$0.59
$2,234,364 canceling accruals In 1936 under the Taxing Act of
Aug. 29,1935, in connection with the Railroad Retirement Act of that year.
$6 series 1st pref. divs.
Common dividends
$2,415,911
1,200,000
$1,409,540
1,200,000
$3,137,481
1,200,000
1,882,360
$2,141,537
1,200,000
941,180
Proportion of head office salaries and expenses chargeable to American
Water Works Construction Co. (a subsidiary).
x
Balance Sheet
of Dec. 31 (Company Only)
as
1939
Securities
&
$
54,469,670 50,724,323
of sub
Open acct. and in-
11,617,279
88,642
1,866,817
4,999,331
6,034,939
Other invest, sec..
7,286,155
87,969
Deferred charges__
1,734,292
debt. of sub.cos.
Cash
Accts.
sub.
from
rec.
cos.
991,845
(curr.)
Miscell.
receivable
776,970
3,853
5,294
$
1st pref. stock
int.
Earned surp.
(Del.
company)
Notes instal.
Accts.
1,969,101
/
4,439,687
3,333,244
pay.
payable
320,000
69,206
300,000
divs. receivable.
Other
curr.
assets.
156,468
3,708
275,903
3,232
102,210
70,768,900 70,357.791
Total
706,797
Accrued liabilities.
505,209
Divs. declared
284,251
300,000
149,025
curr.
Total
llabs
300,000
■
100,835
70,768,900 70,357,791
210
Mar. 30.
—V.
150, p.
American
23,271,937
Special deposits
8,319,464
50,250
2,520,032
Loans and bills receivable
5,034
3,126,917
10,353
2,415,478
6,357
2,765,228
1,025,857
3,870,348
21,727,204
135,036
971,462
4,501,892
26,113,501
139,298
Time
deposits
service bal._
car
Agents and conductors...
Miscell. accts. receivable.
Int. and divs. receivable.
Other current assets
Deferred assets
Unadjusted
1,026,844
debits
50,528
66,882
2,004,451
1,969,600
2,059,348
1,677,-696
2,485,650
2,841,185
56,903
1938
$
9,798
400
Smelting & Refining Co.—To Extend Charter
Unmatured divs. declared
3,104,320
and special meetings on April 23, will consider
Unmatured int. accrued..
Unmatured rents accrued
American Steel Foundries—Vice-President Retires—
Lynch, Vice-President since 1911, retired on March 27 from
that position. He will remain a director. A. W. MacLaren, who has beeen
with the company 12 years, will succeed Mr. Lynch as Vice-President.—V,
150, p. 1418.
Warren J.
Anchor Hocking Glass
Corp.—Pref. Stock Called—
pref. stock of this corporation
remaining outstanding will be redeemed on April 30, 1940, by the payment
of $110 for each share plus dividends accruing on such shares from April 1,
1940, to April 30, 1940, in the amount of $0,542 per share.
Such re¬
demption will take place at the office of the New York Trust Co., 100
Broadway, New York, N. Y.
All of the shares of the $6.50 div.
conv.
1,649,713
Common
stock
Prem. on capital stock...
Government
grants
debt
Traffic &
car
service bal__
Aud. accts. & wages pay.
Other current liabilities..
liabilities
Tax liability
Premium on funded debt.
Accrued depreciation
Other unadjusted
credits.
1937
$
Divs. matured, unpaid...
Preferred stock
Deferred
2,070,671
22,290
3,007,508
1,187,118
5,189,623
16,832,514
186,862
86,999
5,040,530
20,951,659
132,557
770,191
of the company
31,782,344
1,329,000
1,310,420,069 1,297,744,922 1,292,641,014 1,284,177,735
Liabilities—
Funded
16,359,076
30,017,826
*
1,860,171
Materials and supplies...
Interest matured, unpaid.
renewing and extending perpetually the corporate existence
in the State of Colorado.—V. 150, p. 1925.
218
16,507,606
22,723,646
18,665,512
365,000
16,920,504
Miscell. accounts payable
Stockholders at annual
5,126,272
34,493,016
1,602
16,626,814
19,621,511
30,174,128
347,500
Investments
1939
.51,267,000 44,045,000 39,791,000 51,680,000 36,228,000
50,632,000 45,840,000 38,212,000 48,157.000 39,040,000
2078.
20,732,620
35,233,257
34,707,673
1,135,000
Miscell. physical property
Fund, debt mat'd, unpaid
Mar. 23
3,545,674
36,225,623
426
42,000
124,172,800
242,706,000
717,800
1,642,065
332,127,036
828,475
10,269,354
794,201
kwh., an increase of 10.4% over the output of 45,840,000 kwh. for the
corresponding week of 1939.
Comparative table of weekly output of
electric energy for the last five years follows:
1940
1939
1938
1937
1936
Week Ended—
Mar.
9.
52,115,000 45,149,000 40,430,000 52,466,000 43,606,000
Mar. 16
50,439,000 45,138,000 40,178,000 52,373,000 44,172,000
1936
<5
gaged property sold
Total
Weekly Input—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended March 30,1940, totaled 50,632,000
1937
1,157,854,392 1,137,121,772 1,131,995,500
Deposits in lieu of mort¬
Traffic &
627,235
§
Cr69,322
35,033,688
Inv. in term. & coll. cos..
Cash
1,969,101
31—System
1938
$
"•
Sinking fund
Other
decessor co
Matured int. pay.
and
-
Exp. for add'ns & better¬
ments & road exten'B
Earned surplus pre¬
Other
Accrued
v '•
Invest, inroad &equlp..l,156,925,699
20,000,000 20,000,000
Common stock...23,529,500 23,529,500
Capital surplus
560,894
560,894
to bank
notes and
accts.
1938
$
Liabilities—
Tot. long-term dt_ 18,520,000 18,950,000
notes
1939
1
during curr. fiscal year.
1939
1938
$
Assets—
General Balance Sheet Dec.
A sects
1936
$
124,172,800
$
124,172,800
242,706,000
242,706,000
717,800
1,251,473
325,447,796
919,092
124,172,800
242,706,000
717,800
717,800
987,514
322,870,636
848,463
,
289,029
309,642,556
1,047,183
9,111,898
1,327,824
782,705
.15,909
12,008,606
1,515,967
10,741,789
748,469
825,712
400
400
40,491
592,496
2,124,691
40,408
540,726
2,234,072
3,104,320
3,493,620
47,889
3,104,320
3,506,138
400
1,241,728
3,481,062
2,246,498
5,444,108
181,004
193,938,853
3,228,356
4,913,102
59,865
191,056,357
3,153,463
4,213,845
19,297
188,430,067
3,547,327
186,031,815
3,279,701
88,317,906
88,301,684
88,289,415
88,249,168
521,515
383,877
294,998,191
509,799
383,693
295,375,264
497,924
384,068
291,264,386
485,106
386,186
296,584,686
35,008
490,696
-
3,045,950
34,084
3,376,283
86,477
486,270
2,340,523
6,543,897
Additions to property
through inc. & surplus.
Funded debt retired
through Inc. & surplus.
Sinking fund reserves
Profit & loss balance
Total
—Y.
150, p. 2079.
1,310,420,069 1,297,744,922 1,292,641,014 1,284,177,735
The Commercial & Financial Chronicle
2248
Associated Gas & Electric
The
net electric output
units
Co.—Weekly Output—
Utility Management Corp. reports that for the week ended March 29,
(kwh.).
of the Associated Gas & Electric group was 92,800,880
an increase of 7,920,998 units or 9.3% above pro¬
This is
April 6, 1940
governments with optical gun-fire control instruments
the contract has prevented Zeiss from supplying such
and, further, that
instruments to the
United States. It is also alleged that, as a result, Bausch & Lomb has been
able to charge, and has charged, arbitrary, artificial, and unreasonably-
on a
high prices for instruments sold to the United States Government.
The
contract granting such licenses has entitled Bausch & Lomb to receive in¬
as to the latest developments made by Zeiss in the design and
manufacture of optical military instruments.
Royalty payments on the
part of Bausch & Lomb are provided for.
Federal J udge Samuel Mandelbaum has set April 29 for trial under the
indictment charging alleged violation under the Sherman Anti-Trust Act
Of the company as "Goodwill and Franchises" by
The following statement has been issued by Bausch & Lomb Optical Co.
concerning the indictments:
There is no quarrel as to the underlying facts of this case, including the
central facts that Bausch & Lomb has not sought foreign military business
duction of 84,879,882 units a year ago.
Atlantic
Gulf
&
West
capitalize—
—V. 150, p. 2079.
Indies
S.
S.
Lines—To
Re¬
;
■;...
Stockholders at their annual meeting on April 23, will be
asked to vote
proposal of directors to reduce the stated common capital to $150,000,
or $1 a share, from $6,000,000, or $40 a share, and to change the par value
from no par to $1 par.
They will also be asked to vote on a proposal to authorize directors to
write off and eliminate the item of $10,539,361 shown on the balance sheet
"
charging the amount of
formation
and the Wilson Tariff Act.
such write-off against capital surplus which will be created
the reduction
of common stock capital to the extent of such surplus; namely, $5,850,000,
(although Mr. Zeiss has at times urged that we do so) and that the U.
Government has not"made Zeiss, or any other foreign-concern, a source
of the amount of such write-off; namely, $4,689,361, against the item of $5,185,429 shown on the company's books as
"reserve arising from reduction of par value in common stock."
In past years an asset has been shown on the books of the company and
its subsidiaries in the amount of $11,807,418 representing the intangible
value of goodwill and franchises of the companies.
The proposed reduction of common stock capital liability, the change
from no-par to $1 par value of the shares of common, arid the write-off of
goodwill and franchises will not change the number of shares of capital stock
authorized or presently outstanding.
The earned surplus now standing on
the books of the company will not be affected. No additional surplus will be
created nor charges against income eliminated.
Since Dec. 31, last, Agwilines, Inc. has sold the SS. Oomerio which was
fully depreciated. Net proceeds from the sale of this vessel were approxim¬
ately $65,000.—V. 150, p. 1753.
supply for its military instruments. It is our understanding that our Govern¬
ment, as in the case of most major powers, has aimed to develop its own
domestic sources of supply for such equipment.
The operations of our
military business have been built on that premise and have been regarded
by us as in the nature of a joint enterprise with our Government, particu¬
larly the Navy Department for which most of our military instruments are
6y
and to charge the balance
Atlantic Steel Co.—2o-Cent Dividend—
Naval officers, continuously since 1912, have been stationed at
factory in Rochester to serve as resident inspectors of military instru¬
of manufacture and our technical staff has worked in close
association with the Navy in developing gunfire control instruments.
Viewed in the light or the foregoing, the contractual relationship with
produced.
the
ments in process
Zeiss should not be difficult to
Company paid a dividend of 25 cents per share on the common
stock,
Year-end
of Exchange—
work on which we were engaged, together with information as to the latest
development work of Zeiss in that field.
We also acquired an exclusive
to manufacture under alt Zeiss military instrument patents in the
United States and have used these rights extensively in our military instru¬
ment work
The purpose and effect of our contractual relationship with
Zeiss has thus been to place at the disposal of our Government such Zeiss
inventions and discoveries as were useful in the development of the Govern¬
ment's
A letter has been prepared to explain the merger to company and CurtissWright Corp. and Wright Aeronautical Corp. and to present to stockholders
the reasons why the directors entered into the agreement and why they be¬
lieve the agreement to be in the interests of the corporation and its securities
holders.
Since company is informed that a rule of the Securities and
Exchange Commission may require that the letter be filed with that Com¬
mission for a period before it is sent to shareholders the letter cannot be
sent at this time.
The agreement of merger as signed provides that if the holders of a
majority of the outstanding preferred stock of Atlas Corp. as a class object
and vote against it, there will be no merger.
The following will be issuable to holders of Atlas securities:
to the merger
(a) Each holder of one share of preferred stock shall be entitled to receive
share cum. 5% pref. stock of the same par value of the merged company
(to be called "Curtiss-Wright Co., Inc.") plus XA share of common stock of
said continuing company.
Each one share of such new 5% pref. stock will
be convertible at the option of the holder thereof into four shares of common
stock of Curtiss-Wright Co., Inc., for a period of 60 days following the
merger.
The pref. stock will be redeemable at the option of the con¬
tinuing company during the first year at its par value of $50 per share plus
accrued dividends, during the second year at $52.50 per share plus accrued
dividends, and thereafter at $55 per share and accrued dividends.
It
carries one vote per share.
(b) Each holder of one share of common stock will be entitled to receive
65-100 of a share of common stock of the continuing company.
Such holder
also receive one share of common stock of a new Atlas Corp. which will hold
one
approximately 40% of the present assets of the company.
These assets
comprise the so-called special situations in which the company has
will
investments, such as the common stock of Ogden Corp. (the reorganized
Utilities Power & Light Corp.), Bonwit Teller, Radio-Keith-Orpheum
Corp., and the like.
(c) Each holder of an option warrant unlimited as to time to buy one
share of common stock of the company at $25 per share will be given the
right, for a period after the merger and effective registration under the
Federal Securities Act of the stock involved, to exchange such option for an
option to buy one share of common stock of Curtiss-Wright Co., Inc. .with a
life of five years at a price of $12.50 in the first year, $13 in the second,
$13.50 in the third, $14 in the fourth and $14.50 in the fifth year.
The
option warrants of the company will be obligations of the continuing com¬
pany, and if the holder of such an option warrant does not exercise this
above mentioned right, he will, according to counsel, automatically have a
light unlimited as to time to buy, instead of each one share of common
stock, 65-100 of a share of common stock of Curtiss-Wright Co., Inc., at a
price of $25.
The holders of common stock of the present Curtiss-Wright company will
have the right to receive share for share in new common stock, plus their
pro rata share (along with all other stockholders of said Curtiss-Wright)
of the stock of a company that will take over certain non-manufacturing
real estate from present Curtiss-Wright.
The holders of A stock of the
present Curtiss-Wright company, in addition to their pro rata of the stock
of said real estate company, will have the right to receive either A share of
said cumulative and temporarily convertible 5% preferred stock plus 1.8
shares of common stock of the continuing company or A share of such
bank
loan.—VT
148,
p.
Baldwin Locomotive
It has not been, as the Depart¬
of monopolizing the domestic market.
with other
increasingly
large, amount of work for the Government.
The Government naturally desires diversified
accordingly, assisted, and from our
sources of supply and has,
point of view with propriety, m the
development of our domestic competitiors. We have no statistical data as
to the exact volume of militaty business done by other concerns.
The
indictment alleges that it has been approximately 50% of the entire domestic
volume. We do not consider that such technical advantage as we have had
by reason of our relationship with Zeiss has overbalanced our attendant
costs
which, of course, have placed us at disadvantage in competitive
bidding.
During at least the last six years, the benefits derived from the
Zeiss contract have been so meagre that we have made every effort to
effect a reduction in royalty payments. The outbreak of the war in Europe
last year has rendered further performance by Zeiss obviously impossible.
The contract expires in 1941.
...
Under all the circumstances, we fail to see any constructive purpose which
could motivate the Department of Justice in bringing the present action
and creating the impression that Bausch & Lomb has entered into secret
arrangements with a foreign concern to mulct our own Government by
exacting "arbitrary, artificial, unreasonable, and non-competitive prices.
The prices at which we have supplied military instruments to our Govern¬
ment have been based solely
upon our own costs and are subject to no
control under the Zeiss contract.
During the first 10 years in which the
contract was operative, our military business resulted in an accumulated net
loss.
During the past 10 years, the average net profit on our military
business has been less than 5%.
^
We have made no secret of our Zeiss arrangements.
The Navy Depart¬
ment was advised of the existence of the contract within a month after its
execution.
A copy of the 1926 contract was handed to the Department of
.
.
Justice in 1929 and became a
public record when filed
with the Securities
Commission in 1937.
..
~
of Bausch & Lomb deeply resents the imputation of
unpatriotic purposes in the operations of its business.
We do not believe
that the attitude of the Department of Justice is shared by other Depart¬
ments of the Government having an intimate knowledge of our business
operations. There are in such Departments men who served during the last
World War and who remember the part which this company played at that
time—V. 150, p. 2080.
and Exchange
.
The management
Bedford Pulp
A total of $8,000
& Paper Co.,
1st mtge. s. f. gold
ment
Inc.—-Bonds Called
bonds 6A%, due Dec. 1, 1942, has
redemption on June 1 at 101 A
will be made at the Guaranty Trust Co. of
been called for
and accrued interest. Pay¬
New York. V, 148, p. 1947
Belden Manufacturing Co.—New Officers—
directors' meeting Herbert W. Clougb was
At the recent
President in Charge of Sales, and
director for 35 years, was elected
H29.
elected Vice-
Newel B. Parsons, Vice-President and
Honorary Vice-President.—V. 150, p.
'-V..,
.
Bell Telephone Co. of Pennsylvania—Earnings—
Period End. Feb. 29—
1940—Month—1939
Afos—1'939
BSbgrn:- >6-°!5;li $5,62i;o7o
'l-.lls'.of?
Works—Scrip—
sl2,4II:2il $u'6!i:§i
the plan of reorganization becoming void as
Bangor Hydro-Electric Co.—Earnings—
Period End. Mar. 31—
Gross earnings..
1940—Month—1939
Depreciation
Net oper. revenue
Fixed charges
$196,965
66,512
36,000
14,699
$177,339
64,769
31,500
12,543
$2,308,228
730,098
390,000
184,864
$2,245,764
703,115
374,184
165,785
$79,755
25,470
$68,527
24,803
$1,003,267
305,771
$1,002,680
306,711
$54,285
25,483
21,722
$43,723
25,483
21,722
$697,496
305,794
260,659
$695,969
305,794
260,659
def$3,481
$131,042
$129,516
$1;K «?«S
o»OTtar=:;: $2«
Net
operating income.
$1,212,073
1,013,745
Net income
—V. 150, p.
$1,459,078
761,838
$3,077,414
2,181,394
$2,603,262
1,694,714
1591.
Berkshire Fine Spinning Associates
Alpaca Co., below.—V. 150, p. 832.
-Acquisition—
See Farr
Bethlehem Steel
All of the outstanding
Corp.—Bonds Called
•,
f. 4M% bonds
July 1 at 105 and accrued
stock transfer department,
consolidated mortgage 25 year s.
D, have been called for redemption on
interest.
Payment will be made at company s
25 Broadway, N. Y, City.—V. 150, p. 1754.
series
Bishop Oil Co.—Earnings—
1939
Years. End. Dec. 31—
1940—12 Mos.—1939
$7,080
Operating expenses
Taxes accrued.________
"Iigj&g "TO
will result from scrip which was issued in
of Sept. 1,
1940, the company in an announcement on April 4 points out that holders
thereof must prior to that date either acquire additional scrip sufficient
to round out a unit of the security in question or dispose of such scrip.
The plan of reorganization which was confirmed on Sept. 1, 1937 by the
District Court of the United States for the Eastern District of Pennsylvania
required the company to issue non-interest bearing and (or) non-dividend
bearing scrip for refunding mortgage bonds of the first convertible series,
new preferred stock, and voting trust certificates representing new common
stock, if and to.the extent that the units of exchange tendered by security
holders entitled them to a fraction of any new security.
The plan further
provided that this scrip in appropriate aggregate amounts would be ex¬
changeable for new securities and, if not so exchanged, would become void
at the expiration of three years from the date when the plan was confirmed
by the Court. Hence such scrip will become void as of Sept. 1, 1940.—V.
150, p. 2080.
with
means
Government
3681.
In order to avoid loss which
connection
a
contracts result from competitive bidding
American manufacturers who do asubstantial, and we believe an
Our
Corp.—To Retire Preferred Stock—
Company will retire on May 31 the 12,745 outstanding shares of its
$100 par 7% preferred stock.
Funds will be provided mainly through a
optical military instrument program.
of Justice charges,
ment
preferred stock plus 4our-fifths share of common stock.—Y. 150, p. 1926.
Balaban & Katz
In consideration of royalty
understand.
part, we became entitled to receive from Zeiss technical
advice and assistant in connection with the military instrument development
payments on our
license
no
par
value, on March 30 to holders of record March'20.
dividend of $2.15 was paid on Dec. 20, last.—V. 150, p. 122.
Atlas Corp.—Terms
S.
of
1936
1937
$623,518
$924,247
$437,052
$592,825
b320,481
bl78,019
309
46 c180
$0.48
$0.86
Earnings per share
Nil
$U.io
b Includes gain on sale of securities amounting to $32,395 in 1937 and
$1,492 in 1936.
c After all charges, including depletion, depreciation,
Federal income tax and surtax on undistributed profits.
Y. 149, p. 3546.
Gioss income
c
Net
profit
...
Blaw-Knox Co.—Listing
of Bonds—
„
Stock Exchange has authorized the listing of $3,000,000
bonds, 3A% series, dated Feb. 1, 1940, due Feb. 1, 1950.
Manufacturers Trust Co. is New York paying agent and New York
registrar for $3,000,000 first mortgage, 3 A % series bonds of the company.
—V. 150, p. 1754.
The New York
Surplus
Dividend
on
Dividend
on com.
pref. stock.
stock.
Balance
—V. 150, p. 1590.
first mortgage
Boston & Maine
RR.—Stock Exchange Arrangements—
Announcement was made
Bausch
& Lomb
Optical Co.-
■Trial Set for
April 29—
Company Explains Contracts—
The Department of Justice has obtained indictments of Bausch & Lomb
Optical Co. and three of its officers, alleging that, by reason of an exclusive
license held since 1921 (revised in 1926) from Carl Zeiss, of Jena, Germany,
for the use of all Zeiss patents issued in the United States covering the
manufacture and sale of optical fire control instruments for military uses in
this country.
Bausch & Lomb has been prevented from supplying foreign
I
byW.S. Trowbridge, Vice-President in charge
road, that arrangements have been completed with the
New York Stock Exchange so that assented bonds of the B. & M., series
AC, II, and JJ, will be listed from April 4, in the regular way. with interest
accrued, rather than on a "flat" basis as they were listed on April 3.
Mr. Trowbridge stated,1-"'There has never been any question but that the
railroad would pay full interest on outstanding bonds, whether assented or
unassented to the bond plan of exchange, up to the time the plan is declared
of Finance of the
operative.
Interest payments thereafter will, of course,
specified on the new bonds to be issued in exchange.
be at the rate
Volume
The Commercial & Financial Chronicle
ISO
'That the bonds would be listed
2249
'flat' basis
by the New York Stock
Exchange on April 3, was entirely unanticipated by the railroad, the
officers of which immediately started negotiations for listing with interest
on a
Braniff
accrued,
on
so that the assented bonds and unassented bonds would be listed
the same basis.
Airways, Inc.
"It
was feared by the management of the railroad," Mr.
Trowbridge
stated, "that some bondholders might be under the misapprehension that
they would not receive full interest to the date the plan was declared
operative, if they deposited their bonds for stamping.
The action by the
New York Stock Exchange should do away with the possibility of
any such
misapprehension."
The Boston Stock Exchange admitted to trading April 3, three issues of
the stamped bonds in the regular
way with interest accrued.
Mr. Trowbridge further stated, "Holders of unassented bonds should
not be misled by the fact that about 80% of the outstanding bonds of the
road has assented to the plan, thereby making their assent of no importance.
He reit rated the fact that the road has been informed by the Reconstruct
tion Finance Corporation that the 140,750,000 which that agency has
agreed to furnish to make the plan possible, will not be forthcoming unless
it is satisfied that substantially all of the bondholders have assented.—
V. 150, p. 2081.
Boston Edison
1938
1939
Sales of elec. energy
Sales of steam..
Other oper. revenue._
TRADING
1937
1936
$34,118,358 $31,673,449 $31,809,477 $30,580,136
1,219,124
1,097,588
960,703
932,249
105,806
127,319
141,007
155,010
Total
$35,443,288 $32,898,357 $32,911,188 $31,667,395
Operating expenses.
12,525,516
13,151,124
12,236,089
12,818,095
Special pro v. for operat¬
ing annuities.
1,250,000
Maintenance
2,213,032
2,590,239
3,302,380
3,136,947
3,460,000
3,460,000
3,482,580
Depreciation
3,661,932
Provision for special
property retirement-.
750,000
Uncollectible oper. rev.
169,601
163,991
169,343
87,311
Taxes assign, to oper.._
6,030,019
6,090,226
6,279,888
6,467,955
DEPARTMENT
Eastman, Dillon 8 Co.
MEMBERS
■':
NEW
YORK
STOCK
16 Broad Street
'
Tel.
Bowling Green 9-3100
-/
Operating
EXCHANGE
New York
Bell System Teletype N. Y. 1-752
British Columbia Power
Period Ended Feb. 29—
Gross earnings.........
Co.—Earnings—
Calendar Years—
Gross oper. revenues—
Common Stock
Corp., Ltd.—Earnings—
1940—Month—1939
$1,361,369
$1,276,928
812,404
755,328
expenses
Net earnings
$548,965
1940—2 Mos.—1939
$2,783,545
1,622,004
$2,669,417
1,557,691
$1,161,541
$1,111,726
$521,600
-V. 150, p. 1756.
Brockway Glass Co.K Inc.—Registers with SEC—
See list given on first page of this department.—V. 150, p. 1423.
....
.
•
Net oper. income
$7,271,047
Mdse., broadcasting and
miscell. non-operating
income—net.84,473
Amort, of prem. on bds.
24,303
Butler Bros.—New
Secretary—
Hazel R. Ferguson was elected Secretary of this company at a directors'
meeting held March 28.
She succeeds Chester A. Creider, who recently
resigned.—V. 150, p. 1594.
(A. M.) Byers Co.—To Pay Preferred Dividend—
Directors have declared a dividend of $2,166 per share on the preferred
stock, payable May 1 to holders of record April 5.
This dividend repre¬
sents the $1.75 dividend ordinarily due on Aug. 1,1935 and interest thereon
$7,138,649
$7,455,607
$7,558,653
82,146
24,303
179,125
24,303
186,378
33,796
$7,245,098
1,855,000
37,788
160,847
19,500
$7,659,035
1,855,000
34,923
293,310
86,694
7,228
$7,778,828
2,088,333
92,087
347,794
79,706
$5,466,890
2,719,191
$5,171,963
2,253,766
230,750
$5,381,879
1,876,250
$5,170,907
1,478,053
Isurplus........ $8,186,081
4,937,300
Surplus charges—net
$7,656,479
4,937,288
$7,258,129
4,937,288
67,075
$6,648,960
4,772,710
Surplus Dec. 31
$3,248,781
Shs. cap. stk. outstand'g
$2,719,191
$2,253,766
$1,876,250
617,161
$8.38
617,161
617,161
quired to retire the issue and the company will then be relieved of dividend
payments amounting to $72,490 per year.
Calling of the preferred would leave the company with a capital structure
$8.72
$8.38
composed of250,000 shares of $20 par value common stock.—V. 147, p. 1331.
-
Gross income
Interest
Other
on
$7,379,824
1,855,000
30,827
bonds.
interest
Amort, of disc't & exp__
Miscellaneous rents
deductions
Other
Net
;"
income
...
Previous surplus...
Surplus
...
19,500
7,608
credits.
Tota
Dividends
.......
'(par $100)
617,164
$8.86
Earned per share
to
$
$
This company and the Byllesby Corp. have instituted proceedings in the
Chancery Court in Wilmington, Del., petitioning dissolution of the voting
trol
over the 330,000 shares of stock was vested in a
voting trust by the
Byllesby Co. in 1936 to avoid necessity of the investment banking firm
registering under the Holding Company Act.
The H. M. Byllesby Co. a few months ago petitioned the Securities and
Exchange Commission for exemption under the Act, declaring it self notto be
a holding company.
The SEC held that the voting trust agreement did
not insulate control of the utility holding company's stock and denied the
petition.—V. 150, p. 429.
Calamba Sugar
$
Plant investm't. 173,808,713 166,984,621
Unfin. constr'n.
610,668
5,692,409
Capital stock—. 61,716,400
Prem .on cap .stk. 41,105,947
61,716,100
41,105,797
38,690
1,957,436
1st mtge. bonds
due July 1 '65 53,000,000
53,000,000
Other
34,592
invest'ts.
4,349,162
Cash
Spec.
bond interest.
927,500
Mat'ls & suppl's
1,700,343
927,500
1,570,715
on
619,740
bonds
250,000
bank...
3,829,724
144,279
3,570,393
218,594
Interest accrued
Other curr.assets
44,939
29,791
Prepaid accounts
Prop.abandoned
175,160
766,180
105,863
1,016,180
Other unadjust¬
ed
debits
21,249
47,723
723,929
887,242
1,527,168
Accts. payable..
Mdse. for resale
receivable.
...
Dlvs.
.
Consumers' dep.
Empl.
Tax
sav.
fund
liability
...
933,186
1,234,328
314,390
542,921
2,052,478
75,682
Deprec. reserve- 20,785,970
Other reserves..
101,308
Other
Unbilled install.
sales contracts
payable.
•
Spec. dep. in lieu
curr.
Surplus
llab.
....
3,248,781
986,121
932,943
1,234,322
304,344
Net earnings
Other income
Gross corp. income—
Net interest deductions.
568,971
1,447,062
53,204
18,545,054
67,538
2,719,191
-
Net income
Preferred dividends.
.
Common dividends.
-V.
$895,536
9,514
$950,877
9,204
$960,481
477,656
$883,642
467,317
$905,051
455,264
$960,081
529,703
a$482,825
177,660
249,870
$416,325
177,660
293,325
$449,786
177,660
199,171
$430,378
177,660
149,922
.187,258,299 183,574,691
Total
149, p. 2963.
Plant,
Common Dividend—
Directors have declared a dividend of 75 cents per share on the common
stock, par $5, payable June 20 to holders of record June 7. Like amount was
paid on March 20, last, and dividends of 50 cents were paid in each of the
five preceding quarters and on March 25, 1938.—V. 150, p. 123.
1939
1938
Liabilities—
$
Ac. 16,530,432 16,113,622
Accounts payable.
lnvest'ts.
5,103
5,003
Special deposits...
6,171
551,848
143,179
147,254
Interest accrued
121,984
170,212
Taxes accrued
145,160
685,232
738,112
Cash
Receivables
supplies,
y
Mat'ls &
Note payable
11,361
Dlvs. accrued.
&
prepaid accts.
1939
$1,382,666
12,476
$1,097,517
4,411
$1,749,299
1,537,640
165,297
Dr2,185
$1,395,143
1,158,124
177,519
1,421
$1,101,928
1,002,750
153,374
Drl4,817
$58,078
2,629
loss$39,378
2,830
$60,708
27,803
4,140
loss$36,548
27,657
8,709
$43,824
—
$1,739,110
10,188
$48,547
4,678
_
$28,765
def$64,205
1938
-
$
.
53,854
50,000
71,279
73,637
22,207
6,097
338,857
30,311
69,068
55,000
76,406
89,262
22,207
6,436
346,876
Reserves—18,137
6% cum. pref.stk. 2,961,000
z Common stock..
2,414,200
Capital surplus.
54,137
Sur.
for
approp.
1937
$53,225
Transportation revenue.
Other operating re venue-
1938
—
Contrlb. for exten.
Braniff Airways, Inc.—Earnings—
Calendar Years—
.
.
Miscell. accruals..
Deferred charges
x
:
$
Funded debt
11,430,000 10,740,000
Deferred liabilities
246,501
260,014
property,
Miscell.
Co.—I75-Cent
251',864
Comparative Balance Sheet Dec. 31
$
equipment,
Bearing
$875,506
8,135
1939
..187,258,299 183,574.691
Bower Roller
$952,099
8,382
.
527,534
Assets—
Total
$2,359,888
912,213
81,417
163,518
a
Earnings per share on 24,142 shares of common stock, par $100, is
$12.64.
>%■
.
121,860
1936
$2,458,823
974,323
90,170
179,329
52,300
267,164
..
...
1937
1938
1,008,716
102,612
216,267
54,120
280,491
$2,537,713
_.
of mtgd. prop,
sold...—.
Co.—Earnings—
1939
644,044
Note payable to
Accts. and notes
Years—
Calendar
Operating revenues—$2,699,941
Operation.
1,058,555
Maintenance.
99,007
General taxes.
—;_
231,081
Prov. for Fed. inc. taxes
69,100
Prov. for depreciation..
290,099
_
Unamort. prem.
for
deps.
Estate—To Retire Preferred Stock—
It is reported that company plans to reture irs present issue of 51,779
shares $20 par value 7% cumul. preferred stock on next dividend date,
which is July 1, 1940. at $21.50,
Approximately $1,113,250' will be re¬
1938
$
Liabilities—
>
trust agreement covering 330,000 shares of class B stock of the Standard
Power & Light Co., a subsidiary of the Standard Gas & Electric Co.
Con¬
California Water Service
1939
1938
Assets—
833.
p.
(H. M.) Byllesby & Co. —To Dissolve Voting Trust—
Balance Sheet Dec. 31
1939
May 1, 1940.—V. 150,
„
2,961,000
2,414,200
39,779
plant contingen¬
Total operating revenue ......
Operating expenses
Depreciation.
—
.
.
.
...
—
Retirements
_
Net reve. from operations.—
Non-operating income..
— ...
Gross income.
Deductions from gross income
Federal income taxes..
691
.
cies...
Total
..18,067,125
17,307,551)
banks, $133,286; working
$256,805; materials and supplies,
in
Callite Tungsten
Corp.—New Name—
See Eisler Electric Corp. below.
Period Ended Feb. 29—
Net
common
stock of this company.—V.
$875,898
407,912
$210,744
$223,914
$426,383
$467,986
Canadian National
Ry.—Earnings—
,
Earnings of the System for the 10 Day Period Ended March 1.
1 Q/in
Gross
revenues^.$5,872,336
2084.
1QQQ
$4,975,735
Tyicyphrp
$896,601
—V. 150. P.
Ltd.—Extra Dividend—
Directors have declared an extra dividend of 12y% cents per share in addi¬
tion to the regular quarterly dividend of like amount on the common stock,
both
and
Corp.—New Director—
Dayton T. Brown, Vice-President and General Manager of this corpo¬
fill a vacancy existing for
a year.
Frank S. Hubbard has been promoted from Assistant Treasurer to
Vice-President.—V. 150, p. 1272.
ration has been elected to the board of directors to
Brown Rubber Co., Inc.—-New Director—
Company announced on March 28, following a meeting of the board of
directors that Russell McGee had been elected a director.—V. 150, p. 1594.
442,546
payable May 15 to holders of record May 1.
Similar payments were
on Feb. 15, last, and on Nov. 15, Aug. 15, May 15 and Feb. 15, 1939
Feb. 15, 1938.—Y. 150, p. 430.
made
150, p. 2082.
Brewster Aeronautical
...
$868,929
Canadian Oil Companies,
is registrar for 400,000 shares
1940—2 Mos.—1939
$428,546
204,632
-V. 150, p. 1928.
Transfer Agent—
Co.
earnings
Corp., Ltd.—Earnings-
1940— Month—1938
$430,967
220,223
earnings...
Operating expenses
,
The Chase National Bank of the City of New York has been appointed
transfer agent for the common stockx>f this company. Manufacturers Trust
259,827
....18,067,125 17,307,551
x Including debt discount and expense in process of amortization,
y Less
for uncollectible accounts of $11,305 in 1939 and $20,059 In 1938.
Represented by 24,142 shares of $100 par.—V. 150, p. 124.
z
Gross
funds, $2,340; accounts
receivable,
$93,117; special deposit,
$16,059; securities of affiliate, $150; fixed assets (net), $825,258; deferred
charges, $21,452; total, $1,348,468.
■
Liabilities—Chattel mortgage note payable, $578; equipment purchase
obligations, $167,481; accounts payable, $144,017; traffic balances payable,
$55,633; salaries and wages accrued, $21,881; interest accrued, $21; taxes
accrued, $17,660; other accrued liabilities, $15,127; air travel contract
deposits, $26,350; equipment purchase obligations,
$273,870; chattel
mortgage note payable, $3,131; deferred credits, $5,985; capital stock (par
$10), $750,000; deficit, $133,269; total, $1,348,468.
Assets—<Cash
Total
180,970
93,409
reserve
Canada Northern Power
Balance Sheet Dec. 31,1939
....
Earned surplus...
on
Carolina Clinchfield & Ohio
Ry.—Deposited Securities
Released—
'
under the
consolidated mortgage, dated Dec. 15, 1922, has notified the
The Chase National Bank of the City of New York as trustee
first
and
York Stock Exchange that the following securities deposited with
the bank as trustee under the above mortgage, were released and surrendered
for cancellation to the Carolina Clinchfield & Ohio Ry.:
New
*
The Commercial & Financial Chronicle
2250
$500,000 principal amount of Clinchfield Northern By. of Kentucky, tem¬
porary first mortgage 5% gold note No. 1, dated J^ay 1, 1912,
due May 1, 1917, bearing notation of having been extended to
amount of Clinchfield Northern By. of Kentucky,
promissory note, dated July 1, 1928, due April 1, 1956 with in¬
6,201 principal
terest at
5% per annum.
Directors
a
1940
$3,494,000
Chartered Investors, Inc.—
—
to
To Reduce Stock—
207,000 shares to consist of 37,000 shares of preferred without par valuevalue of $1.—V. 150, p. 1131.
D.
(Chicago
Mr. Fletcher will continue as head of the export department, the position
due
($100 par).
The preferred stock will be offered, in exchange, for a limited time, tor
holders of the company's outstanding $7 cumulative preferred stock on a
share for share basis plus $5 in cash for each share.
of America—Listing—
The New York Stock Exchange has authorized the listing of 25,625 addi¬
tional shares (no par) common stock on official notice of issue as a stock
dividend, making the total number of shares applied for, 1,050,625 shares.
Directors Feb. 14, 1940, declared a dividend payable on May 1, in com¬
mon stock to the holders of the outstanding shares of common stock of
record March 15, at the rate of one share os such common stock for each
40 shares held.
In connection with the issue of such common stock there will be trans¬
ferred from earned surplus to capital an amount equal to $1 per share and to
.
capital surplus an amount equal to approximately $3.23 (representing the
share value of the capital surplus; per share, for each share issued.
Accordingly, as a result of the issue of the shares the capitak stock account
will be increased $25,625, the capital surplus account will be increased
$82,793 and the earned surplus account will be decreased $108,418.—V. 150,
P. 1928.
per
Celluloid Corp.—To Pay
$2 Preferred Dividend—
Directors have declared a dividend of $2 per share on the first preferred
participating stock, payable April 30 to holders of record April 16. Dividend
of $3.50 was paid on Dec. 1, last, this latter being the first payment made
on the issue since Dec. 22, 1937 when $3 per
share was distributed.—V
150, p. 2086. :
■ •>
■
^
7
.
,
Electric
Central
& Telephone
Co.—$3,800,000 Bonds
Privately—
Company has sold privately to eight institutional investors $3,800,000
first mortgage and collateral lien sinking funds bonds, series A,
due 1965.
The remaining $1,200,000 of the issue have been 'made avail¬
able for exchange for a like amount of first mortgage and collateral lien 5%
bonds of the company in 1955.
The latter issue is called for redemption on
AprL 29 to the extent not exchanged.
The $5,000,000 of new bonds, together with $200,000 of notes maturing
serially to Dec. 31, 1943, and 4,000 shares ($50 par) preferred stock were
issued for the purpose or refunding the 5% bonds, purchase of the Sioux
Falls (S. D.) Gas Co. property, and for other corporate purposes.
See also
V. 150, p. 2086.
4H%
.
Central Illinois Light
Period End. Feb. 29—
Gross revenue.--
Co.—Earnings—
1940—12 Mos.—1939
1940—Month—1939
$957,791
$849,659
506,654
456,989
Int. and other deduct'ns
Net income
Divs. on pref. stock
Amort, of pref. stk. exp.
Balance
-V. 150, P. 1928.
90,000
$9,387,659
5,324,877
1,080,000
$8,657,898
4,960,925
1,006,000
$302,669
66,758
$2,982,781
784,685
$2,690,973
768,951
$295,611
41,800
15,951
$235,911
$2,198,097
501,607
$1,922,022
501,608
$237,860
Gross income
90.000
$361,137
and taxes
Prov.for depreciation.exps.
$178,160
65,526
_
41,800
15,951
Central Investors Corp .—-Five-Cent
Securities and Exchange Com¬
Form A-2) under the Securities;
$2,600,000 of 10-year 3 H % sinking fund debentures
April 1, 1950 and 48,000 shares of 5% cumulative preferred stock,
Act of 1933, covering
which he has held for the past 10 years, and in which he gained wide recogni¬
tion in the field of international trade relations.
He is a director of the
National Trade Council, Inc.—V. 150, p. 1928.
Celanese Corp.
Daily News, Inc.—Registers with SEC—
The company on March 28 filed with the
mission a registration statement (No. 2-4365,
Calif., March 26.
Oper.
191.406
$1,229,009
■
The net proceeds, it is stated, will be used to redeem outstanding 10-year
5% sinking fund debentures due Jan. 1, 1945, to make the payments of $5
for each share under the exchange offer and to redeem the $7 preferred not
exchanged.
The amount required to redeem the debentures, exclusive of
interest, at $102.50 will be $2,723,835, it is stated, of which $191,816 will
be paid into the sinking fund for retirement of the debentures on April 1,
1940.
The amount necessary to redeem the $7 preferred stock at $105 a
share, if none of the outstanding shares are exchanged, will be $5,050,080.
The balance which may be required to redeem the 5% debentures and toeffect the exchange or redemption of the 7 % preferred stock is to be supplied:
from the company's general corporate funds, it is stated.
Glore, Forgan & Co. and Central Bepublic Co., Chicago, will be the
principal underwriters.
Information concerning the underwriting commit¬
ment will be furnished by amendment to the registration statement but it
is indicated that shares of the new preferred stock not taken under the
exchange offer will be underwritten.
The debentures are redeemable after at least 30 days' notice at the
principal amount and accrued interest together "with a premium as follows:
If red. on or before Jan. 1, 1943, 6%; thereafter and incl. Jan. 1, 1944, 5%;
thereafter and incl. Jan. 1, 1945, 4%; thereafter and incl. Jan. 1, 1946, 3%;:
thereafter and incl. Jan. 1, 1947, 2%: thereafter and incl. Jan. 1,1948, 1%;
thereafter and incl. Jan. 1, 1949, % %; and thereafter without premium.
.
The 5% preferred stock is redeemable after 30 days notice at $110 a
share and accrued divs. if red. other than through operation of the sinking
fund.
If red. through the sinking fund the price will be $103.50 and accrued,
dividends.
The price at which the debentures are to be offered, the details concerning
the
exchange offer and the underwriting discounts
Period Ended Jan. 31—
Co.—Earnings—
1940—12 Mos.—1939
$7,441,594
$6,799,537
2,671,027
2,362,375
748,225
713,268
48,287
47,820
466,628
406,032
Non-oper. income (net).
$339,018
4,931
$296,494
4,197
$3,507,427
43,938
$3,270,042
46,996
Gross income
Bond interest-
$343,949
113,458
$300,691
109,929
Cr2,181
15,158
$3,551,365
1,322,061
Cr36,285
180,825
$3,317,038
1,308,583
24,242
181,758
$177,785
$2,084,764
1,297,182
$1,802,455
1,297,182
State & munic. taxes
Social security taxes
Fed. (incl. income) taxes
Net oper. income.—.
Other interest
-
(net).
543
Other deductions
_
Net income
Pref. div. requirements.
14,697
$215,251
108,099
108.099
Earnings for the 12 months ended Dec. 31,1939 appeared in the "Chron¬
icle" of March 30, page 2086.
Balance Sheet Dec. 31
1939
1938
$
Assets—
§
1939
Liabilities—
1938
$
$
capital——63,862,139 61,613,058
Property held
for
future develop..
Investments in
curities
of
2,200,827
se¬
affil.
companies..
163,150
Other investments
12,720
Cash—
Cash in closed bks.
1,923,701
2,589
776,444
213,000
380,065
Notes & accts.
rec.
Unbilled income.Mat'l & supplies..
Cash on dep. with
trustees
7% pref. stock
11,199,000 11,199,000
6% pref.stock..._
635,100
635,100
2,207.640 $6 div.ser. pf.stk. 7,919,100 7,919,100
x Common stock—
5,800,000
3,200,000
Funded debt—36,350,000 33,903,000
163,150 Notes payable (not
12,719
current).
98,000
529,493 Notes payable698,000
1,098,000
'4,048 Accounts payable.
290,809
225,215
753,730 Consumers' depos.
167,391
159,437
192,000 Dividends declared 1,621,477
324,295
378,005 Adv. by New Eng.
Pub. Serv. Co—
500,000
45,997
14,309 Accrued liabilities.
482,083
610
Deferred debits... 2,772,112
Other assets—.—.
404,499
67,255 Prov.for Fed. tax.
422.906
2,811,385 Mat'd bonds & int.
unclaim. (contra)
419,941
(contra)
Special deposits.
45,997
Reserves.—— 4,575,572
Capital surplus... 1,336,580
Contributed surp.
—.72,757,853 69,166,733
..
Earned surplus—.
Total.
1,213,838
456,297
398,123
14,309
4,115,660
1,321,620
1,225,382
2,374,195
Total—.——72,757,853 69,166,733
Bepresented by 140,000 no par shares in
shares in 1938.—V. 150, p. 2086.
x
are to
be
Chicago Rock Island & Pacific Ry.—Equipment Trusts
group composed of Salomon Bros. & Hutzler,
Offered—A
$2,680,000 equipment trust series S 2%% (non-callable)
equipment trust certificates due $134,000 on Aug. 1 and
Feb. 1 from Aug. 1,1940, to Feb. 1,1950, inclusive, at prices
to yield from 0.25% to 2.40%, according to maturity.
the company
in the proceedings for its reorganization.
Upon reorganiza"
tion or termination of the proceedings, the obligations of the trustees under
such guaranty are to be assumed as a general obligation by a successor -
corporation,
or
by receivers, succeeding to not less than 75% of the owned
certificates are to become dueChicago is trustee.
lines of railroad, or, if not so assumed, these
and payable.
The First National Bank of
The Beconstructlon Finance Corporation sold the
certificates to Salomon*
Brothers & Hutzler at 103.55 plus interest.
The price represented a pre¬
mium of $95,140 and an interest basis of 2%.—V. 150, p. 2088.
Chicago South Shore & South Bend RR.—Tenders—
Dividend—
1940—Month—1939
$697,822
$618,231
235,124
214,055
63,687
59,379
4,195
4,023
55,798
44,280
Operating revenues.:
Operating expenses—
commissions
Dick & Merle-Smith, and Stroud & Co., Inc., April 3 offered
The First National Bank of Chicago will until 3 p. m. April 18 receivebids for the sale to it of sufficient 3% mortgage bonds, series B, due Jan. 1,
1963, to exhaust the
723.
sum
of $57,112 at lowest prices offered.—V.
p.
1939 and 130,000
no
par
149,
•.-yT:\: "A'
jost and one of six cents was paid on July 20 last.—V. 150, p. 834.7
Central Maine Power
or
furnished by amendments to the registration statement.—Y. 150, p. 2087.
191,405
$1,505,084
Directors have declared a dividend of five cents per share on the common
stock, par 50 cents, payable April 20 to holders of record March 30. Div.
of 10 cents was paid on Jan. 20, last; one of five cents was paid on Oct. 20
Fixed
of
and 170,000 shares of common with a par
Fletcher, Export Sales Manaher, and T. R. Farley, assistant to
the President, have been elected Vice-Presidents of this company, it was
announced following the company's annual .meeting, held in San Lenadro,
Sold
account
At the recent annual meeting, stockholders voted to amend the certificateof incorporation to decrease the authorized capital stock of the corporation-
$116,000
Caterpillar Tractor Co.—New Vice-Presidents—
J.
on
Chapman Valve Mfg. Co.—Common Dividend—
Increase
1939
$3,610,000
...
share
Directors have declared a dividdnd of 50 cents per share on the commoa
stock, payable April 1 toholdersof record March 27.
This compares with "
$1 paid on Dec. 26, last; 50 cents paid on Oct. 2, last; 25 cents paid in two
preceding quarters and regular quarterly dividend of 50 cents paid on Dec..
15,1938.—V. 150, p. 1929.
Ry.—Earnings—
—V. 150, p. 2085.
per
—
Earnings for the 10-Day Period Ended March 31
Traffic earnings
Co.—Accumulated Dividend—
dividend of $1.75
the 7% prior lien
paid in previous quarters.—V. 150, p. 274.
supplemental indenture dated March 26, 1940
Clinchfield & Ohio By. for the purpose of subjecting
to the lien Of its first and consolidated mortgage, dated Dec. 15, 1922, all
of the liens of railroads, properties and franchises acquired" by it from"
Clinchfield Northern By. of Kentucky.—V. 150, p. 1595.
Canadian Pacific
on
dividend of $1.50 per share on the prior
received
executed by Carolina
;
a
preferred stock, $7 dividend series and
lien preferred stock, $6 dividend
series, both payable May 1 to holders of record April 15. Like amounts were
foregoing, the bank reports that it received an
instrument dated March 26, 1940, executed by Bankers Trust Co., as
trustee under the first mortgage dated May 1, 1912 of Clinchfield Northern
By. of Kentucky for the purpose of releasing and satisfying said mortgage.
also
have declared
accumulation
In connection with the
bank
Ry.—Delisting—
Central Power & Light
Clinchfield
Northern By. of Kentucky.
The
1940
The Middle Georgia & Atlantic Division purchase money 5% bonds due
Jan. 1, 1947 and the Macon & Northern Division 1st mtge. 5% bonds, due
Jan, 1.1946 were suspended from dealings on the New York Stock Exchange,
March 30 because of the small amounts outstanding.—V. 160, p. 2086.
Jan. 1, 1920.
50 Bhs. of capital stock of the par value of $100 per share of
April 6,
Central of Georgia
y
City Title Insurance Co.—Stock Offered—R. V. Bontecou & Co., Inc., Albany, N. Y., is offering by means of a
prospectus 10,000 shares ($5 par) common stock at $8 pershare.—V. 149, p. 1470.
.
Cleveland Graphite Bronze
Co.—Officials Pro moted—
Promotions amongofficials of this company were announced on April 1
by President Ben F. Hopkins at the Board of Directors meeting immediately *v
following the annual meeting of shareholders held at Hotel Hoilenden.
J. J. Mclntyre, Vice-President and General Manager, becomes Senior
Vice-President.
James L. Myers, Secretary and Treasurer, becomes,
Executive Vice-President, and Carl W. Johnson, Director of Sales, becomes
Vice-President in Charge of Sales.
John V. O. Palm, Chief Engineer, was made Vice-President in charge of '
engineering and research, and George S. Salzman, Works Manager, becomes
Vice-President in charge of manufacturing.
Glen O. Smith, Attorney, has been elected company Secretary. F. H.
Standley, Cashier, is now Treasurer. O, W. Berndt, Chief Cost Accountant,
becomes Controller, and Wilbur D. Prescott has been made Assistant
Secretary-Treasurer.
• "
L. W. Christensen, B. E. Mooney, and Drew McKenna were made
Assistant Sales Managers, and L. W. Krumm became Planning Manager.
—V. 150, p. 2089.
Columbia Broadcasting
System, Inc. (& Subs.)—Earn.
Consolidated Income Account for Stated Periods
52 Weeks Ended—
Dec. 30, '39 Dec. 31, '38
Jan. 1, '37
Gross income from sale of facilities,
'
talent and lines....
$42,845,394 $32,662,993 $34,239,896
Time disc, and agency commissions.. 12,420,158
9,597,399
10,410,352
.
—
Expenses..
23,707,134
.
Profit......
interest
...............
$4,812,701
$5,644,066
44,324
593,066
767,871
$4,875,546
125,983
$3,402,099
139,642
$4,167,568129,999
*
undistributed profit...
Profit
*
49,665
660,749
1,127,157
....
Federal income tax
on
$6,718,101
*
18,185,478
54,649
Depreciation
Surtax
18,252,893
.......
—-
Miscellaneous income (net)
Net profit
535,153
776,636
120,385
$5,001,529
$3,541,741
$4,297,567
Dividends
2,563,841
2,135,006
3,329,682
Surplus
$2,437,688
capital stock...
1,709,723
$2.93
$1,406,735
1,708,147
$2.07
-
.....
Shares class A and B
Earnings
per
share
_ -
—- -
is
$967,885*
-1,707,950
$2.52:
Volume
The Commercial & Financial Chronicle
ISO
Consolidated Balance Sheet
The present
Dec. 30 '39 Dec. 31 '38
Assets—
Cash
$
XJ. 8. Treas. bills.
Notes & accta.
Dec. 30 '39 Dec. 31 '38
Liabilities—
J
6,318,917
_
_
3,432,896
551,970
Prpd. Ina.,tx8.,&0479,500
Depoalta
187,522
rec
Notes payable
Reserve for Fed'l
700,000
442"586
income taxes—
1,127,157
767,871
1,595,500 dl,361,500
Mtge. payable
108,446
130.815
54,011
rec
affiliated
Serial
260,417
payments..
Deferred Income..
83,095
Mlscell
invest'ts.
22,761
Fixed assets.
6,179,193
a Goodwill
2,000,116
co
Deferred charges
1,952,870
sundry accruals. 2,975,223
800,000
In & adv. to
Inv.
{
Accta. payable and
Inventories.
Other assets
$
2,041,997
2,000,000
2,519,574
621,562
25,000
4,991,987
2,258,362
36,640
Res.
40,493
11,504
91,821
4,751,868
43,463
6,291,328
for conting..
279,294
fi Capital Stock... 4,755,808
f Capital surplus.
63,163
_
Earned surplus—
8,729,016
b Treasury stock
Drl,055,671 £>rl,055,671
(at cost)
2251
consolidated capitalization
now consists
of: 46% mortgage
bonds, 7 % convertible debentures and 47 % Edison common stock.
Upon the conversion of all the debentures, the capitalization will consist
of 46% mortgage bonds and 54% Edison common stock.
During 1939 we wore able to make still further progress in the simplifi¬
cation of our corporate structure.
The business of our group of properties
is now transacted through 10 companies.
A year ago there were 12; two
years ago, 20.
Our construction program for 1940 is now fully under way.
It involves
the expenditure of approximately 42 million dollars,
lhe two major
projects mentioned in the annual report will provide over 200,000 kilowatts
of additional electric generating capacity at Powerton and Northwest sta¬
tions, approximately half of which is to be ready this fall and the remainder
in the fall of 1941.
In addition, studies are being made which contemplate the installation
of electric generating capacity of 147,000 kilowatts at lisk Station, to be
ready in 1942.
The 25,000-kdowatt unit for Joliet Station of Public Service
Co. of Northern Illinois is scheduled for completion by the end of 1941.
/Major projects contemplated during the years 1940, 1941 and 1942,
together with construction expenditures for replacements andrthe~ expansion
of the system, involve an aggregate ohtlay over thsee years of
approximately
™
Totals..—19,309,98215,176,9701
Total. .~=Z ..... 19,309^82 15,176,970
Representing premiums paid for capital stocks of merged subsidiaries
formerly consolidated,
b 2,850 class A shares and 189,750 class b shares
reacquired, at cost,
d $14,350 ($/,3( 0 in 1938) current mortgage instal¬
ment payable $1,581,150 ($1,354,211 in 1938) not current,
f Representing
excess of proceeds from sale of option stock over par value thereof,
g Par
a
$2.£0.-—V. 150,
1759.
p.
This, however, included
Columbia Gas & Electric
Corp.—To Pay Common Div.—
Directors on April 4 declared a dividend of 20 cents a share on the cor¬
poration's 12,223.256 common shares payable May 15 to holders of record
April 20.
This is the first common dividend declared by the company
since Nov., 1937, when 25 cents per share were distributed, the payment
of such dividends having been restricted by the Securities and Exchange
Commission until such time as the corporation had accumulated an earned
surplus, dating from Dec. 31, 1937, of $9,763,050.
Phillip Ct. Dossier, Chairman of the Board, in announcing the common
dividend, said that the consolidated earnings of the corporation for the
first quarter of 1940 "were veiy favorable and, with one month's results
estimated, v ill exceed $5,000,000 available to the common stock."
As of
March 31, he added, consolidated earned surplus of the corporation and its
subsidiaries since Jan. 1, 1938, after providing for preferred stock dividends
for the quarter, should amount to about $15,00.0,000.
Pointing out that the current common stock dividend is the first such dis¬
bursement declared by the corporation since Nov., 1937, Mr. Gossler said
that ' it seems appropriate m connection with this dividend to review the
corporation's situation in some detail for the information of shareholders."
"The directors," he continued, "have availed of the first opportunity
within their authority, in complying with the restriction of the Securities
and Exchange Commission, to declare a dividend on the common stock to
be paid from available earnings.
The cash position of the corporation is
favorable and there are no bank loans outstanding.
Consolidated cash
balances of the system on April 1, exceeded $38,000,000, including about
$5,000,000 realized from the sale of bonds and held for definite capital
expenditures, and cash balances of the parent company exceeding $11,500,000."—V. 150, p. 2089.
Columbia Pictures
Corp.—Removed from Dealings—
Combustion Engineering Co.,
i
,
non
Weekly Output—
The electricity output of the Commonwealth
Edison Co. group (inter¬
sales deducted) for the week ended March 30, 1940 was 149,010,000 kilowatt hours compared with 138,728,000 kilowatt hours In the
corresponding period last year, an increase of 7.4%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
Kilowatt Hour Output
Per Cent
company
Week Ended—
March 30
March 23—
March 16
March
9
$456,790
Net profit before
income tax
loss$l,275
65,821
85.417
deductions)
47,399
$56,383
___
Prov. for depreciation.
Exchange loss
Interest on funded debt.
Other interest charges..
$507,941
266,413
285,576
d41,516
_
$46,124
225,689
$522,611
236,924
190,600
39,686
a23,407
$324,612
_
Community Public Service Co. (& Subs.)—Earnings—
1939
95", 442
49,340
b32,511
9,443
16,715
Prov.
for
1939
$1,167,605
2,475,698
3,088,659
19,661
Assets—
Cash
Receivables
....
...
Other assets....
—
Prepaid expenses and deferred charges.
y Property, plant and equipment
Patents, trade-marks & good-will, at nominal value
1938
$1,272,364
2,239,276
2,390,849
16,932
207,559
3,508,091
3,511,392
1
Amort,
1
additional
costs
on
$188,957
375,493
430.842
20,391
298,887
259,397
292,704
271,891
227,596
228,605
204,756
$949,102
$993,031
$888,377
239,256
t
$945,956
I
15,062
Dr21,359
25,087
38,372
$961,018
332,546
$927,742
335,925
$1,018,119
341,694
$926,749
349,771
of debt disct.
8,957
&
6,818
11,748
11,922
9,291
16,530
25,761
24,109
6,967
b$593,375
381,550
Net income....
$554,132
355,071
$643,023
355,490
$561,052
&349,623
Common dividends-
per
There
share
preferred dividends of $14,275 paid in 1936.
stock in 1939 was $3.34, in 1938, $3.13.
were
Consolidated Balance Sheet Dec. 31
.....—
...—
11,310
5.444,000
121,012
2,248",638
89,501
154,830
1,372,025
3,879,892
.110,467,276
$9,549,715
89,501
154,830
Capital stock (par $1)__
Deficit
.
Capital surplus
-
-
billings on installation contracts and reserve for bad
debts and allowances,
y After reserve for depreciation
1939 and $3,689,059 in 1938.—V. 146, p. 2037.
Program—Charles T. Freeman,
April 2 said in part:
#
12,478,009
715
2,751
6,334
10,876
906.749
1,073,172
398,805
482,207
303,149
4,849
under mortgage.
Sec. inv. (at cost)
Cash
.
-
1939
Liabilities-—
$
$
1938
$
$
Common stock.. 4,436,625
Funded debt.....
6.600,000
a
Accts. pay.—trade
Consumers'
dep..
Unredeemed
4,436,625
6,659,600
89,903
270,440
101,964
275,639
ice
625
1.057
190,932
4,633
105.252
Res. for conting..
1,786,531
1,778,041
1,028,204
coupons
(net)
Inventories
Other curr. llabll..
20,793
Earned surplus... 1,240,029
rec.—trade
Accts.
283,570
.
5,941
260,829
Ins., <fcc., deposits
38,281
Accrued
....
liabilities
Contribs.
for
4,619
line
extensions-..:.
14,657.772 14,391,2581
Total....
a
Total
17,516
14,657,772 14,391,268
Represented by 177,465 no par shares.—V. 150, p. 685.
Consolidated Edison Co. of
New York, Inc.—Weekly
Company announced production of the electric plants of its system for
143,100,000 kwh., compared with
141,400,000 kwh. for the corresponding week of 1939, an increase of 1.2%.
—V. 150, p. 2092.
the week ended March 31. amounting to
Consolidated
Gas Electric Light
(& Sub.)—Earnings—
Baltimore
Period End. Feb. 29—
Electric oper. revenues.
Gas
operating revenues.
Steam heating oper. revs
of $3,933,841 in
Total oper. revenues—
Co., Chicago—Chairman Out¬
Commonwealth Edison
1938
1939
"
Fixed assets (net). 12,792,792
Funds with trustee
165,129
228,942
Minority interest in capital stock of a sub. con¬
herein...
Earnings
»
on common
Output—
23.589
5,144,000
bonds (held by the Superheater Co.)
Chairman, at the
Operating expenses
Depreciation
— —
Power
Co.
of
$6,998,303
3,681,535
677,476
1,032,044
$6,376,000 $37,207,242 $34,731,950
3,254,085
19,661,582
18,626,467
607,762
3,457,490
3,351,176
974,241
5,383,828
5,069,177
$1,607,248
$1,539,913
106,470
108,109
$8,704,342
655,966
$7,685,131
739,027
$1,713,718
$1,648,021
$9,360,309
$8,424,158
391,664
27,062
Operating income
Freeman, Chairman, at the annual meeting April 2 said in
&
1940—2 Mos.—1939
1 940—12 Mos.—1939
$4,879,661
$4,462,881 $27,210,533 $25,121,656
1,831,509
1,672,905
9,162,845
8,859,738
287,133
240,215
833,865
750,556
Taxes
annual meeting
Charles T
273,507
Fed.
Prov. for Federal & State
262.673
completed
contracts
Reserve for contingencies
lines
1,463,691
187,397
1938
$1,186,025
570,572
Co
wages, commission, taxes
(other than
Federal, Canadian & State income taxes), &c—
Reserve for Federal, Canadian & State income taxes
Advance payments by customers
Reserve for
losses on
installation contracts in
After unearned
1,666,597
229,283
—net...
Accrued
x
248,776
Bai. avail, for int., &c.
Interest on bonds
9,549,715
1939
Total......
1,733,453
283,347
&c., operations
118,900
.$10,467,276
—
Liabilities—
solidated
1,768,120
Net oper. revenues—
Net from merchandising,
Deferred charges--
Total....-
&
$3,016,114
and
renewals
replacements(other thnn
& State income)
A 8sets
progress
1936
$3,410,222
administrative expense
Maintenance
d Exchange loss (unrealized) oo net current assets in Canada.
Consllidated Balance Sheet Dec. 31
1st mtge.
1937
$3,432,436
Oper., sell., general and
a
Due to the Superheater
Accounts payable
1938
$3,496,076
Calendar Years—
Total operating revenues
Includes $12,386 Federal surtax on undistributed profit,
b Provision
for Federal and State income taxes,
c Provision for Federal and Canadian
Inventories
9.5
8.3
—V. 150, p. 2091.
a
x
7.4
12.8
1*18",890
$380,242 prof$64,236 prof$31,994
income taxes.
Increase
138,728,000
132,416;000
138,411.000
139,046,000
149,393,000
151,563,000
150,544,000
—•
income taxes
102,308
2,302
c4,922
Net loss.
1939
149,010,000
-
-
expense
Sundry int. paid public
Fed.
Prov. for Fed. inc. tax.
1940
-
1936
1937
1 no*7
$422,524
$56,383
profit from opers...
Other inc. (less miscell.
Net
neighboring
certain older units now available for service which are to be dismantled to
make way for the new equipment.
Inc. (& Subs.)—Earns.
1938
1939
a
years approximately 360,000 kilowatts of additional electric generating
capacity will become available.
This takes.into account the retirement of
common
Calendar Years—
supply to
a temporary emergency
utility.
Excluding this, our peak load was 1,494,000 kilowatts.
The con¬
struction program already outlined contemplates that over the next three
Taxes
stock, without par value, has been removed from dealings
11 < New York Curb Exchange. The stock has been admitted to dealings
h iNew York Stock Exchange.—V. 150, p. 1596.
The
100 million dollars.
Sufficient funds should be available to meet these
expenditures without the need for new financing.
•
At the present time our total electric generating capacity is 1,866,000
kilowatts.
In the winter just past our peak load was 1,542,000 kilowatts.
389,362
8,991
2,363,850
145,304
2,428,557
59,700
$1,294,992
167,191
700,438
$1,249,668
185,886
700,438
$6,851,155
1,023,428
4,202,629
$5,935,901
1,115,315
4,202,629
$363,344
$0.91
$1,625,098
$4.99
$617,957
$4.13
Other income.—
part:
The year 1939 saw
tion.
the successful completion of our financial reorganiza¬
One of the results was a substantial decrease in interest
which, of course, had a favorable effect on our earnings.
An offset, however, to the saving in interest charges was a
charges,
Gross income
prem.
reduction in
second quarter in an amount estimated at $2,208,000
annually.
This brings the aggregate rate reductions made by our group
of companies in the past seven years to more than $10,000,000 annually.
In this same period tax provisions increased about $13,000,000 annually.
Another interesting and satisfactory outgrowth of our financial program
has been the rapid conversion of debentures into Edison common stock.
Of the $129,431,400 of debentures originally issued, more than $88,000,000,
or 68%, have thus far been converted into an equal amount of Edison stock,
leaving about $41.000,000 of debentures now outstanding.
This in effect is
equivalent to selling since Sept. 1, 1938? 3,520,000 shares of common stock.
In the recent history of utility financing there is no other instance of the
issuance of such a sizable amount of common stock to the public.
Since the end of 1936, in effecting the financial reorganization of our group
of companies, we have issued a total of nearly $142,000,000 of Edison com¬
...
Int. & amortlz. of disc't,
Other
& exp. on bonds
deductions
rates, effective in the
stock.
•
Notwithstanding this large increase in Edison stock, it should be borate
in mind that the total consolidated capitalization has not been increased by
any appreciable amount as the result of our program.
Tn the main,
the effect has been a substitution of Edison stock for previously outstanding
senior securities of the company's subsidiaries.
This, of course, has
Net
....
on
Divs.
on common
preferred stock.
Balance
...
stock.
—
Earns, per sh. of com—
—V. 150. p. 1429.
'*
$427,363
$0.97
Continental Motors
3 Mos. End. Jan. 31—
loss after deprec.,
Corp.—Earnings—
1940
1938
1939
1937
Net
devel.exps., taxes. &c.
x
mon
greatly strengthened our financial position.
income-
Divs.
$141,664
$160,728
$36,414
Profit before Federal taxes.—V. 150, p. 836.
Decca
Directors
on
x$94,875
Records, Inc.-—15-Cent Common Dividend—
on
April 2 declared a quarterly dividend of 15 cents per share
payable May 28 to holders of record May 14. Divi¬
the common stock,
dend of 20 cents was paid on Feb. 27, last and
dividends of 30 cents were
paid in April and August of 1939.—V. 150, p. 1431.
The Commercial &
2252
Financial Chronicle
Electric Auto-Lite Co.—Directorate Increased—
Crosley Corp.—hew Directors—
Raymond C. Cosgrove were elected directors of
corporation at the annual meeting held March 26.—-V. 150, p. 2092.
James I). Shouse and
an
.
1
■
.
5%
record April 15.—V. 149,
•.
.
and Registration—
Detroit Steel Products—Listing
company's application to
were issued on
The New York Oujb Exchange approved the
list 200,395 shares of the new common stock, par $10, which
a share for share basis for the no par value common stock.
mon
The new com¬
listing and registration and the old common
stock has been admitted to
stock has been removed.—V. 150. p.
-
.....
—^
-p—
Truck Co. of Detroit,
announced that the Federal Motor
Mich., has settled for past infringements on certain of Divco's patents on
In the settlement agreement the Federal company
has acknowledged the validity of the principal Divco patents on stand-drive
vehicles and has agreed that It will not make any vehicle of this type
infringing said patents during the life thereof.—V. 150, p. 1761.
issued a certificate
Commission on March 25
permitting the company to abandon, as to interstate and foreign commerce,
its entire line of railroad, extending from a point east of Due West to
Donalds, approximately 4.5 miles, all in Abbeville County, 8. O.
East Kootenay
order to the company
which was issued concurrently with the order effect¬
ing Engineers Public Service Co., called for the filing of answers to the order
on or before April 6.—V. 150, p. 1433.
,
184,589
171,365
$313,753
$21,163
$25,639
earnings
$336,695
V. 150, P. 1762.
Lines, Inc. (& Subs.)—Earnings—
Eastern Steamship
1940—2 Mos.—1939
$1,206,259
$1,146,025
1,416,342
1,248,255
1940—Month—1939
$602,498
$559,743
715,227
622,054
Period End. Feb. 29—
Operating revenue
Operating expenses
distributed.—Y. 149, p.
1913.
Elgin Joliet & Eastern Ry.—Bonds Called—
4H % first mortgage gold bonds, due June 1, 1969
Chicago Lake Shore & Eastern Ry. Co. have been called for redemp¬
June 1 at 110 and accrued interest.
Payment will be made at the
All of the outstanding
of the
on
New York Trust Co.
All of the outstanding
5% first mortgage gold bonds due May 1, 1941
immediate redemption at par and accrued interest.
have been called for
Payment will be made at the Central
Broadway, N. Y. City.
$210,083
$102,230
1,534
909
3,258
1,808
Other expense
52,268
55,119
107,192
110,382
$163,463
$116,521
$314,017
The Interstate Commerce Commission has authorized the Illinois Centra
Deficit
—-
V;
operations after depreciation, interest,
rentals and local taxes, but before Federal income tax, capital stock tax,
capital gains or losses and other nonoperating adj ustments.—V. 150, P. 1598.
Note—The above statement covers
Eastman Kodak Co.
now
range
from 12.67 to 15.84 cents a 100
52
Net sales
Depreciation
and dividends
....
sales of securities..
7,143,002
$26,931,387 $20,244,148
542,591
658,072
23,323
18,727
269,113
76,774
operations
Income from
Interest
Net profit on
Other income
7,979,314
—
-— —
...
$27,766,414 $20,997,721
Total income
Other charges......
— _ —
—i,009,165
504,257
5,219,672
3,451,666
Prov. for U. S. and foreign income taxes
Net profit for the year
Dividends—Preferred, 6%.
$21,537,577 $17,041,798
;
369,942
-
369,942
14,518,440
13,505,526
$8.55
$7.54
Note—For purposes of comparison, figures in respect of the subsidiary
companies in Germany are omitted in i938.
Common, $6
per
share
...
Earnings per share on common stock
—
Consolidated Balance Sheet
Liabilities—
27,491,119
Marketable bds.
11,893,584
v
Accts. & bills re-
Prov.for taxes..
7,930,5411
3,457,999
3,806,505
17,240,656
Diva, payable..
47,860,011
4,264,427
Res. for contlng.
88,817,420
86,383,735
lnsur. reserves
Misc. reserve
zL*d,bldgs.,ma-
6%
cum.
1,256,339
8,611,206
6,165,700
99,040,520
19,273,502
52,275,968
6,165,700
90,036,840
pf.stk.
y Common stock
de¬
ferred charges
905,454
723,548
Paid-in surplus.
Earned surp
213,611,627 177,061,899
lotal
Reserve
x
50,784", 786
213,611,627 177,061,899
Total
for intercompany profit in inventories of affiliated and sub¬
sidiary companies not consolidated,
y Represented by 2,476,013 (2,250,921
in 1938) no par shares, excluding 12,229 treasury shares,
z After reserve
for depreciation and obsolescence of $73,295,193 in 1939 and $69,879,344
in 1938—V. 150, p. 2095.
Ebasco Services
Inc.—Weekly Input—
For the week ended March 28, 1940, the kilowatt-hour system input of
the operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National, Power & Light Co., as
compared with the corresponding week during 1939, was as follows:
——J yiCTCOLSQr—"
Operating Subsidiaries of—
1939
1940
American Power & Light Co....119.602,000 T06r774,000
Electric Power & Light Corp...
National Power & Light Co....
d Indicates
57,851,000
77,738,000
50,750,000
78.538,000
Amount
%
12,828,000
12.0
14.0
dl.O
7,101,000
d800,000
Eisler Electric
Associates have
Eitingon Scbild Co., Inc.—Polish Claims Given to Reich
Government—Stock to Be Removed from List—
The Securities and Exchange Commission
The "Wall Street Journal" March 29 stated:
an
class A stock as follows:
$1,907,976.
The Committee, on Stock List of the New York Stock Exchange is to
hold a hearing on April 22 to consider the advisability of making an appli¬
Exchange to strike the common stock from list¬
ing and registration on the Exchange.
The reason for the hearing is due to
Eitingon has advised the Exchange that its operations have
practically ceased.
The date, April 22, was selected because at that time
the Eitingon annual report for the 1939 fiscal year ended Nov. 30 is expected
to be available.—V. 150, p. 432.
the fact that
shares of
7
common
/
:
for each share of $7 preferred;
6 Yi shares of common for each share of $6.50 preferred;
6
shares of common for each share of $6 preferred;
1
i
shares of common for each share of $4 preferred;
4
share of common for each 10 shares of class A.
No shares of the new common stock will be issued to holders of the com¬
pany's class B voting stock, all of which is owned by Utility Operators Co.,
nor will any of the new stock be issued for arrearages, at Dec. 31, 1939, of
$8,259,042 on the preferred stocks and $9,479,583 on the class A stock.
Investors in Utility Operators Co., wixl participate in the plan only through
the ownership of 6,536 shares of various issues of preferred stock held by the
parent company.
Tne
plan also provides for the elimination of all
deficits in the company's
earned surplus and capital surplus so that dividend payments can
out of future earnings.
It also provides for a restatement
sumed
value of the company's
The
directors
declared
have
be re¬
of the
investment.—V. 150, p. 2097.
Stores, Inc.—2o-Cent Div.—
dividend of 25 cents per share on the
a
stock, no par value, payable April 30 to holders of record April 20.
Dividend of 50 cents was paid on Jan. 30, last and regular quarterly divi¬
dends of 25 cents were paid during 1939 and on Dec. 20 and Oct. 31, 1938
and in each of the three preceding quarters.—V. 150, p. 127.
common
Fisk Rubber
Corp.—Removed from Dealings—
removed from dealings, the common
The transfer books for the common stock were permanently
An initial liquidating distribution at the rate of one-quarter
share of common stock of United States Rubber Co. and $6 in cash per share
of Fisk common stock was paid commencing April 2, to the holders of each
share of common stock of Fisk Rubber Corp. upon surrender of certificates
therefor.—V. 150, p. 1933.
The New York Curb Exchange has
stock,
$1.
closed April 1.
unofficial report made to this company
Meanwhile, Eitingon has received word from the State Department that
its claim on these properties had been presented to Berlin.
In the annual
report for the November, 1938, fiscal year, the company valued its total
cation to the Securities and
Filed with SEC—
April 1 announced that Utility
plan was filed Nov. 8, 1937) which provides for the issuance of a maximum
of 1,058,269 shares ($12 par) common stock for its preferred stock and
par
Flintkote Co.
stated that its Polish plant was operating, although on a curtailed basis due
to a coal shortage at that time.
assets in Poland at
per
Operators Co. and its subsidiary, Federal Water Service Corp., had filed
applications (Files 34-41 and 70-28) under the Holding Company Act re¬
garding a plan of reorganization providing for the merger of the parent
company into the subsidiary company.
Upon consummation of the plan
the name will be changed to Federal Water & Gas Corp.
Federal Water Service also filed an amended plan (File 34-9) (the original
companies
Corp.—Name Changed—
December,
purchased three mills from a newly organized subsidiary
Alpaca Co. for $675,000 cash, an amount equal to approximately
share on the latter's 140,000 shares.
Berkshire will operate
one of the mills, employing 750 people on a two-shift basis.
In accordance with authorization of a special stockholders' meeting in
February, Farr Alpaca Co. organized a subsidiary, F. A. Properties, Inc.,
to which it conveyed three plants, known as Numbers 1, 2 and 4.
Stock
of this subsidiary has now been purchased by Oldwood, Inc., a Maine
corporation formed by interests close to Berkshire Fine Spinning Associates.
Within a few days the Berkshire company will take over the No. 4 plant,
a spinning mill, and will utilize it to produce yarns for the other Berkshire
plants throughout New England.
Oldwood, Inc. will hold No. 1 plant, a
worsted unit, but will not operate.
It will sell the unit as a whole, or will
sell the machinery in it.
Also Oldwood, Inc. will hold No. 2 plant a
dyeing and finishing unit, now being operated by Farr Alpaca to run out
orders.
There is some possibility that this plant can be sold as a going
concern, as two or three parties are looking it over.
Oldwood will not
operateit.
A tax settlement, upon which negotiations with Berkshire were con¬
ditioned, has been effected.
Taxes for 1938 and 1939, amounting to
approximately $111,000, on the three mills sold to Oldwood, Inc. were
abated by the City of Holyoke when these properties were owned by FanAlpaca.
Farr Alpaca Co. has retained three parcels, the top mill, the
auditorium and Falco Field, an athletic field, these three having an assessed
valuation of $329,000.
The company has made an agreement with the
city whereby it will maintain the properties until such time as they can be
sold at a price satisfactory to the city, and when a sale takes place, the
proceeds will accrue to the city.—V. 150, p. 1434.
$4.80
Federated Department
any
By a vote of approximately 57 to 1, stockholders of this corporation on
April 2 voted to change the corporate name to Callile Tungsten Corp., at
their annual meeting held at Wilmington, Del.
Charles H. Kraft, President, stated that new stock certificates of Callite
Tungsten Corp. would be exchanged for stock certificates of Eisler Electric
Corp. after May 1, 1940.—V. 150, p. 1598.
As recently as last
Alpaca Co.—Mills Sold—
1 reported that negotiations have
completed whereby new interests close to Berkshire Fine Spinning
of Farr
decrease.
include the system inputs of
appearing in both periods.—V. 150, p. 2095.
The above figures do not
not
Farr
The "Boston News Bureau" of April
been
Federal Water Service Corp .—Plan
1,310,778
10,313,234
> *175,000
($100 par)
Prepd. ins..taxes
other
Fairbanks, Morse & Co.—New Director—
pen.& sundry
Invest. & advs.
ch'y & eciuip.
6,821,644
1,559,005
3,468,868
Payment will be
City.—Vf 150, p.
Philip F. La Follette, former Governor of Wisconsin, and now a practic¬
ing lawyer in Madison, Wis., was on March 27 elected a director of this
company at the annual stockholders' meeting.
William S. Covington also
was elected a director.—V. 150, p. 1765.
Workmen's com-
5,710,437
3,532,306
sub.
cos.notconsol
and
2,327,577
6,213,178
2,144,334
47,929,355
Inventories
in
7,534,303
17,295,649
ceiv. (lessres.)
Invest,
$
accrued liab__
and
pay.
Foreign bills disc
8,695,939
21,929,887
and stocks
Dec. 31,'38
$
Accts.
hand
30,'39
Wage div. pay..
$
Cash in banks &
on
Dec.
'39 Dec. 31, *38
Dec. 30,
Assets—
2096.
1434.
Dec. 31 '38
$140,331,990 $128,262832
105,421,289 100,875,682
-
Cost of sales and expenses
p.
5% sinking fund debentures have been called
for redemption on May 1 at par and accrued interest.
made at the Empire Trust Co., 120 Broadway, N. Y.
53 Weeks
Weeks
Dec. 30 '39
pounds.—V, 150,
Equitable Office Building Corp.—Debentures Called—
(& Subs.)- -Earnings—
Period—
20% in their
freight rates on grain from points in Illinois to New Orleans, La., and Gulfport, Miss., for export.
The present export rates on grain from Illinois to New Orleans range from
19 to 29 cents a 100 pounds while the new rates will be from 18 to 23 cents.
The Commission said reductions of six cents a 100 pounds would predominate.
The combination truck-barge rates from Illinois points to New Orleans
$210,804
$112,729.
...
Bank & Trust Co., 70
Hanover
Railroad and this railway to make reductions ranging up to
A total of $198,000 35-year
$62,311
Other income.
Operating loss
10-Cent Div.—
__L Directors have declared a dividend of 10 cents per share on the common
stotk, payable April 25 to holder# of record Ap^iHO.
This will be the first
dividend paid on the common shares since Jan. 25, 1937, when 25'cents was
ICC Sanctions Grain Rate Cuts—
1940—11 Mos.—1938
$498,342
1508,060
1940—Month—1939
$44,328
$38,618
18,689
17,455
Operating expenses.
of the two first utility holding companies cited by the
Corpmission to show cause why it should not be
compelled to take steps to provide for integration of its various operating
properties in accordance with provisions of the Public Utility Act of 1935,
on April 3 filed an answer to the show-cause order.
The SEC 's original
Power Co., Ltd.—Earnings—
Period. End. Feb. 29—
Gross earnings
Net
Electric Bond & Share Co.—Files Answer with SEC—
The company, one
Securities and Exchange
tion
Ry.—Abandonment—
The Interstate Commerce
Kennedy, of Toledo.
Electric Household Utilities Co.—To Pay
Suit Settled-
stand-drive vehicles.
Due West
meeting held March 26 by adding Frank J.
—V. 150, p. 2095.
2094.
Divco-Twin Truck Co.—Patent
Company
Stockholders increased company's board of directors to nine members at
annual
initial dividend of $1 per share on the
preferred stock, payable April 25 to holders of
p.2229.
this
Co.—Initial Preferred Dividend
Detroit Michigan Stove
Directors have declared
April 6, 1940
(& Subs.)—Earnings—
12
i
Period—
Net sales
x
Net incomex
$3,130,884
114,318
After Federal, State and
Florence Stove
i.
H7*ccJcs
Mar. 23,'40 Afar. 25,'39 Mar. 23,'40 Mar. 25,'39
$2,850,117 $17,444,915 $15,164,642
102,494
1,444,207
910,915
foreign taxes.—V. 150, p. 1135.
Co.—Registers with SEC—
See list given on first page
of this department.—V. 150, p. 2097.
Florida Public Service Co.—Tenders-—
The
Florida National Bank of
Jacksonville will, until April 19, receive
first mortgage 4% bonds series C, due
bids for the sale to it of sufficient
1955 to exhaust the sum of $28,647 at lowest prices offered.—V. 150, p. 1277
Volume
Gair
(Robert)
Co.,
Consolidated Balance Sheet Dec. 31, 1939
Voted-
Inc.—Profit-Sharing Plan
$96,000.—V. 150,
p.
Co.—Preferred Stock Offered—Lehman
Lcrchen & Co. headed a banking
group that offered April 3 40,000 shares ($100 par) cumula-_
tive 5% convertible preferred stock at $100 per share.
Other
and
Watling,
of the offering group include Goldman, Sachs
Co., F. S. Moseley & Co. and Stern, Wampler & Co., Inc.
members
&
prior to redemption at the
share of common stock, provision being made for
Convertible into common stock at any time
conversion price of $36 per
adjustment of the conversion price in certain events.
Cumulative dividends
from the date of issuance, payable June 1, 1940, and quarterly thereafter.
Entitled in preference to the common stock, to the prevailing redemption
Srice per share upon voluntary liquidation, and in either per share upon
to $100 case. Red. in
lvoluntary liquidation, plus accrued dividends
less than 60 nor more than 70 days'
notice, at $110 per share on or before March 1, 1942; at $107.50 per share
if red. thereafter and on or before March 1, 1945; at $106.50 per share if red.
thereafter and on or before March 1, 1946; at $ 105.50 per share if red. there¬
after and on or before March 1, 1947; at $104.50 per share if red. thereafter
and on or before March 1, 1948; at $103.50 per share if red. thereafter and
on or before March
1, 1949; and at $102.50 per snare if red. thereafter,
plus accrued divs. in each case.
Annual sinking fund, commencing Jan. 1,
1941, of 15% of consolidated net income, after deducting preferred dividends
during the preceding fiscal year, or $120,000, whichever shall be greater,
limited to $400,000 with respect to any one year, to purchase or redeem
shares of the preferred stock.
Business—Company was incorporated in Michigan, Feb. 27, 1918, as
successor to a business established by August C. Fruehauf in 1897.
It is at
present the largest manufacturer of commercial trailers in the United States.
The business done consists primarily of the manufacture, assembly, sale
and distribution of commercial trailers and parts and accessories therefor.
In order to meet the varying requirements of different types of businesses
the company produces trailers in many different body and chassis designs
with load capacities varying from two tons to 50 tons.
The more importanttypes of trailers now produced by the company are the van, refrigerator,
and tank trailers.
Company and its subsidiaries sell both new and used
trailers, the used trailer business being limited to the sale of repossessed
trailers, and trailers accepted as part payment in connection with the sale
of the products of the company and its subsidiaries.
The manufacture and assembly operations are carried on in the com¬
whole
or
in part, at any time on not
pany's Detroit factory and in the factories of its subsidiaries, Fruehauf
Trailer Co. of Calif., Fruehauf Trailer Co. of Canada, Ltd., and Fruehauf
Trailer Co. of Kansas, Inc.
Fruehauf Trailer Co. of Louisiana is engaged
primarily in the manufacture and assembly of certain special types of trailers.
Company also operates an assembly plant at Richmond, Va.
The required material in connection with the manufacture of the products
of the company and its subsidiaries is obtained in the open market except
material obtained pursuant to contracts with Detroit Compensating Axle
Corp. and Edward G. Budd Manufacturing Co.
Company and its subsidiaries sell and distribute their products primarily
through 62 branches operating in 26 States; 57 of these branches are operated
by the company directly; four of these branches are operated by Fruehauf
Trailer Co. of Calif, and the branch in Canada is operated by Fruehauf
Trailer Co. of Canada, Ltd.
All of these branches are equipped to service
trailers produced by the company and its subsidiaries.
Company also sells
and distributes its products through seven distributors which are not
affiliated with the company, operating in territories which are not served
by any branches of the company or its subsidiaries.
A substantial portion of the sales by the company and its subsidiaries are
financed on a time payment basis, the deferred payments being secured by
conditional sales contracts or chattel mortgages.
Approximately 51% of
the amount, in dollars, of sales of the company and its subsidiaries for the
year 1939 was financed on a time payment basis.
1940, is as
Capitalization—Capitalization of the company as of April 2,
follows;
4^%
s.
a$l,326,000
None
$1,500,000
f. deb. notes, due Apr. 1, 1947-
5% conv. pref. stock, (par
Common stock (par $l)
40,000 shs.
$100)
b600,000 shs.
c399,400 shs.
a Concurrently with the delivery by the company of the securities now
offered company will deposit in trust with the Detroit Trust Co., trustee,
for the 10-year 4 lA% sinking fund debenture notes, funds sufficient to dis¬
charge the entire outstanding issue, and will irrevocably vest Detroit Trust
Co. as such trustee with power to take all steps necessary to the call or
redemption of such issue as promptly as possible thereafter.
As the result
of the deposit in the sinking fund made as of April 1, 1940, there are out¬
standing as of that date $1,280,000.
b 111,200 of these shares are reserved by the company for issue solely
upon conversion of the shares of 5% convertible preferred stock now offered,
c The capital stock liability as stated in the balance sheets included in
the prospectus is $399,400.
Note—The capitalization
of the company as of Dec. 31, 1939, was the
same as stated above with the exception of the 40,000 shares of 5% con¬
vertible preferred stock, now authorized but unissued.
Underwriting—The respective name of each principal underwriter and the
respective amounts underwritten are as follows:
6,000
5,000
5,000
5,000
3,000
Watling, Lerchen & Co
Goldman, Sachs & Co
F. S. Moseley & Co
Stern, Wampler & Co., Inc..
First of Michigan Corp
Shares
Name—
Shares
9,000
Name—
Lehman Brothers
Hallgarten & Co
Jackson & Curtis
2,000
2,000
1,000
Co.1,000
1,000
Bacon, Whipple &Co
G. M.-P. Murphy &
Wertheim & Co
Accrued liabilities
Patents
Deferred charges
Purpose—The estimated net proceeds that will fee received by the com¬
after deducting expenses (estimated at $46,420) will be $3,813,580.
proceeds will be used, in part, for the redemption, of all the out¬
standing 10-year 4±4% sinking fund debenture notes, due April 1, 1947.
The amount estimated for this purpose is $1,306,000, subject to variation.
The balance of the proceeds will be used for general corporate purposes and
Such
for working
capital.
Consolidated Income Statement Years
Ended Dec. 31
1938
1937
$6,572,788
4,781,722
$9,582,348
1,739,705
6,988,158
2,307,161
$2,036,139
476,355
$51,360
383,989
$287,028
460,916
$2,512,495
59,702
$435,350
63,320
7,810
15,816
7,500
27.323
847
$747,945
42,750
2,056
50,337
5,625
31,268
1,242
4,087
392
1939
Net sales
.$14,878,640
—
products sold
.
Selling, administrative & gen. exps_.
Cost of
Operating profit
...
Other income
Total income
Interest on debenture notes
on
other long-term debt.
Interest on current debt
Amortiz. of discount on deb. notes
Pro v. for doubtful notes & accounts.
Discounts allowed
Miscellaneous
Net loss of Canadian sub. (not consol)
Federal inc. & excess-profits taxes.w„.
Federal surtax on undist.
9,946,395
2,896,105
-
7,120
57,121
7,500
48,569
1,354
8,032
28,655
465,400
i..
Net profit
$1,829,040
42,013
90,674
$264,337
$510,859
a
——
134 656
1,326 ,000
333 ,312
381 ,041
399 ,400
1,818 .616
3,203 ,570
Capital surplus
Earned surplus
a
After
depreciation of $967,018.
—Stock.Listed
•
'.
Curb—
on
The New York Curb Exchange has
tional
of common stock,
shares
—V. 150, p.
2097.
'
,
-
V "
par
"
■
approved the listing of 111,200 addi¬
$1, upon official notice of issuance.
\ ,\;
,
$14,815,073
Total
$14,815,073
Total
400
465
_
Common stock (par $1)__
;■'','-v,-
■
.
Fyr-Fyter Co.—Earnings—
1938
1939
$646,829
12 Months Ended Dec. 31—
339,434
267,501
$665,146
364,826
i287,233
$39,893
5,915
$13,086
8,717
Prov. for Federal income & undistrib. profits tax..
$45,808
9,257
6,617
$21,803
6,757
2,601
providing for Federal taxes..
$29,933
$12,445
Net sales billed
Cost of goods sold..
.
Selling and administrative expense
..
Net profit on sales
Other income
Total income
Deductions from income
Net income after
Comparative Balance Sheet Dec. 31
on
'
1939
1938
$26,371
$31,943
profits..
17,630
Accrued Fed. taxes
10,219
1,880
16,740
5,867
1,826
13,408
12,383
Liabilities—
1938
1939
Assets^-
Cash
Accounts payable-
deposit &
Acer.
and
dealers'
$125,931
$132,047
Securities at cost..
34,586
34,718
Notes & acc'ts
97,227
94,731
Other accr. items.
hand
on
rec.
Inventories
164,143
Bldgs. & equip...
432,387
155,543
419,369
10,257
1
12,262
9,886
22,489
22,480
distrib.
10,033
1
Patents
Goodwill
•.
Deferred charges..
Treas.
stock
(1.554M
Res.
doubtful
for
accounts
Res.
v
for
2,083
assessment
a
$878,812
$899,287
187,882
180,357
$899,287
$878,812
...
Total
20,000 shares preference class A, no par; 40,000
149, p. 4029.
a
186,193
443,500
196,310
443,500
Capital stock...
Surplus
Total
tak
sales
Res. for deprec
cl. A
shares)
shares class B, no par.
-V.
Subs.)- -Earnings—
Galveston-Houston Co. (&
1940—12 Mos—1939
1940—Month—1939
Period End. Feb. 29—
$3,766,878
1,862,560
$3,585,704
1,755,856
46,794
35,860
552,368
472,633
501,323
429,742
$62,623
$55,586
539
294
$879,317
3,148
$898,783
4,049
$63,162
30,976
$55,880
34,152
$882,465
373,212
$902,832
$32,187
$21,729
$509,253
$520,312
eqpt. notes, &c_.
13,501
2,992
13,396
3,352
Amort, of debt expense.
242
271
161,685
35,909
2,982
164,141
30,397
3,378
$308,677
$322,396
31,693
$294,657
150,393
$278,865
140,624
42,861
38,779
Net oper. revenues—
Non-oper. income (net).
Operating revenues.
Operation
Maintenance
Taxes
Balance
Retirement accruals
Gross income
...
382,520
Int. on bonds—Houston
Electric Co-.-i.__...
Int.
on
Balance
Interest paid on
$15,451
$4,709
G.-H. Co. sec'd 6% inc. bonds....
$290,702
$308,677
43,811
Note—Net income for the above 12 months' periods includes net income
of Houston Electric
Co. in the amounts of $257,197 and $236,087,
Net income
_
;.
respectively.—Y. .150, p. 1765.
Co., Inc.—May Create New
Gannett
Class A common
Stock—
stockholders at a special meeting on April 18 will con¬
of preferred stock to be designated participating
sider creation of a new class
preferred stock which will be subordinate to the preferential rights of the
outstandig convertible preferred stock, but ranking ahead of the class B
common
stock into which outstanding preferred stock is convertible.
—V. 150, p.1765.
Gaylord, Inc., Los Angeles, Calif.—Time
Extended—
offer made by
Hotel has been
have not replied
to former communications the further opportunity of either accepting or
rejecting his offer.
Due to the expiration dates on the consents signed by
The voting trustees announce
that the expiration date of the
Barney Goodman to purchase the Gaylord Apartment
extended to May 15,1940, in order to give bondholders who
file the necessary legal documents
consummated, it will be impossible to grant any further
Goodman.
So far, the voting trustees have received consents from owners and holders
of approximately 60% of the principal amount of outstanding bonds, and
dissents from approximately 10%.
The voting trustees aer; T. R. Cadwalader, H. H. Cotton and F. E. Harris.
, ;
: v
bondholders, and the time required to
should the sale be
extensions of time to Barney
General American Investors Co.,
Int., amortiz., taxes,
&c.
Net income.
Divs. on pref.
Inc.—Earnings-—
3 Months Ended March 31
1938
1937
$281,817
stock
1940
$262,280
1939
$219,365
$192,936
144,285
132,239
138,378
146.608
$117,994
108,000
Period End. Mar. 31—
Total income
$87,126
111,000
$54,558
114,000
$135,209
"
■
117,000
Notes—(a) Net profit from sale of securities (on the basis of first-in,
first-out), $162,988; less—provision for taxes thereon, $11,516; net profit
credited to special account under surplus, $151,472.
(b) Aggregate un¬
realized appreciation in value of securities as compared with cost, March
31, 1940, $3,605,409; Dec. 31, 1939, $3,845,294; decrease, $239,886; de¬
duction for taxes (other than the excess profits tax) at present rates on
appreciation, if realized, March 31, 1940, $663,000; Dec. 31,1939, $745,000;
decrease, $82,000; decrease in appreciation after deduction for taxes,
$157,886.
Comparative Balance Sheet March 31
1940
$
1,707,110
Rec.for sec.sold..
2,744,857
60,752
interest
116,690
93,720
b Represented
1,300,220
6,600,000
55,000
78,000
55,000
216,000
.
.
111,000
33,672
99,780 Pay. for sec. pur..
14,264,031 14,363,022
101,640 Capital surplus
Profit on sees, sold
380,695
304,689
Undistrib. income.
170,166
349,334
26,589,784 26,999,265
Total
1,300,220
6,600,000
stock
Pref. divs. payable
ac¬
Deferred charges..
3,700,000
25-yr. 5% debs...
b Common
Reserve for taxes
Dividends received
and
3,600,000
Int. accrd. on debs
24,611,511 d24052,987
Cash...
1939
$
Liabilities—
6% pref.stock
Securities owned at
cost
1940
1939
$
Assets—
10,468
2,871
5,162
Common dividends
399,850
100,000
408,028
Including sales in the amount of $114,109 for the year ended Dec. 31,
1939, to Canadian subsidiary not consolidated.
Preferred dividends
Federal taxes 1939—est
Deferred finance revenue
crued
'~2~, 293
profits
Dominion of Canada income taxes—
47 ,777
...
a2,024,427 Purchase contract liability...
1 4H% sink, fund deb. notes..
153,736 Reserves.
...
Income Account for
pany
Interest
3,955,903
394,388
.
take the issue has been made.
No firm commitment to
a
Inventories
Dividends declared
Outstanding
Authorized
Title of Issue—
10-yr.
Accounts payable
Investments & other assets..
299
1,805
7,467,073
Property, plant & equipm't..
000
$4,900
Notes, payable to banks.
Trade notes & accts. receiv'le
1933.
Fruehauf Trailer
Brothers
$819,542
Cash
departmental executives of this
company, whereby this group would receive up to 25% of profits in excess
of $75'),000 after provision for income note interest, was approved by
stockholders of the company at the annual meeting held March 29.
Stockholders also approved the selection by the board of directors of
George E. Dyke as President and director of the company.
Under the
terms of Mr. Dyke's five-year contract, he will receive a salary of $4,000
per month and in addition, 15% of consolidated net profits of the company
in excess of $1,000,000.
His total remuneration in any one year, however,
profit sharing plan for officers and
cannot exceed
Liabilities—
Assets—
New President—
A
2253
The Commercial & Financial Chronicle
150
Total
by 1,300,220 no par shares,
108,000
26,589,784 26,999,265
d The value of securities
owned, at bid prices, was, as of March 31, 1939, as follows: Bonds, $1,066,620; pref. stock, $2,797,550, and common stock of $24,352,750.—V. 150,
P.
277.
-
The Commercial & Financial Chronicle
2254
General
Alloys Co.—Options Extended—
At the adjourned annual meeting of stockholders, held March 11. it was
voted to ratify and approve the action of the ooard of directors in extending
for an additional period of two years the option contained in the warrants
issued by the company to purchase 17,500 shares of common stock at $5
General Public Utilities, Inc. (&
per share, so that they shall expire at midnight Dec. 31, 1941.—V. 150, p.
2.97.
•
•
Period End. Feb. 29—
Gross operating revenues
11.225
10,355
102,370
$153,383
533
$151,065
777
$1,926,197
30,349
$1,862,645
18,010
$153,917
30,638
$L51,842
29.730
$1,956,546
365,701
Prov. for retirements
General taxes
Corporation was organized April 20, 1937 in New York by the consoli¬
of another New York corporation of ^ the same name and General
Banknote Engineering Corp. (N. Y.),
The manufacturing plant of the
corporation is located at 1160 University Avenue, Rochester, N. Y.''
The general character of the ousiness is printing stock certificates, bonds,
stamps, banknotes, letters of credit, labels, Sec., from int iglio or engraved
platen.
Corporation has not heretofore engaged in commercial operations,
but a start has been made, and the corporation is engaged ih filling an order
for 30,000 liquor license forms.
In addition thereto, the corporation has
received several requests for estimates and samples of labels, stamps,
certificates, &c., on which bids have been submitted.
Capitalization—The authorized capital stock consists of 300,000 shares
(par $1).
The total number of shares of stock issued and outstanding, as
of Dec. 31, 1939, was 70,889.
Non-operating income.Gross income
Charges of subsidiaries.-
Divs.
71,728
avail,
for
71,998
860.137
863.646
$50,214
3,242
$730,708
38,910
$653,700
38,910
$48,308
...
$5 pref. stock.,
on
Bal.
,v
$46,972
$691,798
$614,790
com.
stock and surplus.-
—V. 150. p. 2098.
special meeting held Aug. 4, 1939, the stockholders adopted a resolu¬
certificate of amendment fixing the author¬
at $306,000 common stock (par $1).
Prior
thereto, the corporation was authorized to issue 600,000 shares of common
stock, (par one cent per share), of which number there were issued and
outstanding 464,602 shares.
By this amendment the old common stock
(par value one cent) was changed into one-tenth of a share of the new
common stock (par $1) and accordingly, the new stock has been issued on
the basis of one share of the new common stock (par $1) for 10 shares of
General Refractories
Calendar Years—
Net sales
Cost
and
Co.—Earnings—
1939
$10,976,980
8,718,491
expenses
Gross profit from oper.
1938
1937
/
$6,565,746 $12,617,5391
5,501,350
9,949,283
xl936
Not
available
$2,258,488
$1,064,396
$2,668,256
281,940
129.762
312,914
$2,668,104
280,282
$2,540,428
27,674
$1,194,159
53,241
$2,981,170
44,736
$2,948,386
25,578
320,203
242,809
334,405
184,848
ing debt
47,455
Deprec. and depletion..
573,283
Extraordinary items,186,208
Fed'l inc. tax (estimated)
333,000
82,6^6
518,938
75,995
78,300
124,487
480,682
55,364
438.045
134,429
477,134
175.929
371,695
$1,503,450
$1,578,773
908.562
1.476.413
$594,888
$3.20
$102,360
$3.36
Miscellaneous income
stock
(par value one cent).
Aug. 4, 1939, the corporation had issued and outstanding $60,000
five-year 5% cumulative income notes the proceeds of which had been
used for the installation of the hydrostatic press and the purchase and
installation of additional machinery and equipment and general expenses.
These notes have been retired by the corporation through the issuance of
12,000 shares of the common stock ($1 par value) on the basis of twp shares
As of
Total income—
Bond discount and exp.-
Corp
municipal and in¬
,
come
Int.
stock for each $10 in income notes.
Upon the completion of the sale and distribution of the 40,000 shares of
stock ($1 par) corporation will have issued and outstanding,
98,775 shares of common stock.
,
.
Underwriting—The underwriters, Neelands & Platte, New York, have
the limited right to sell for the account of the corporation 38,000 shares of
common stock at the net price to the corporation of $2 per share or a total
of $76,000.
The difference between the offering price and the net to the
corporation (i. e. 50c. per share) represents the underwriters' selling com¬
$1,880,655
363,309
$51,550
3,242
Utilities, Inc
Net income
tion authorizing the filing of a
ized capital of the corporation
common
/
Charges of General Pub.
t
common
$6,130,755
2,580,658
221,370
682.591
617,568
Net operating income-
expense
Maintenance.
dation
the old
1910—12 Mos.—1939
$474,011
201,043
16.350
47,172
48,025
$507,810
213,231
19,917
57,456
52,598
$5,687,346
2,380,949
204,557
553,757
565,395
120,042
Operating
speculation.
a
Subs.)—Earnings—
1940—Month—1939
Federal normal inc. tax_
Corp.—Stock Offered—Neelands &
Platte, New York, are offering at $2.50 per share 40,000
shares of common stock (par $1).
Stock is offered as a
Banknote
General
At
April 6, 1940
month, through joint contributions by the emplloyees and the corporationThis. Mr. Sloan points out, is in line with current practice among other
representative American com anies in supplementing the present old age
benefits under the Federal Social Security Act.—V. 15o, p. 2098.
common
tax
-•
bond
on
float¬
and
"'"
t
mission
Net income
$1,052,605
234,806
$817,799
$2.24
Dividends
$142,190
$142,190
$0.30
Balance, surplus
Earnings
per
share
.
Upon completion of the sale and distribution of 38,000 shares, corporation
has agreed to issue 2,000 shares to the underwriters as additional compensa¬
tion for their services in connection with this offering.
Purpose—The net proceeds, amounting to not less than $75,000, will be
used for the following purposes: (a) Payment of liabilities of the corporation,
322,890; (b) repurchase of stock, $36,285; (c) working capital, $21,824.
—V. 147, p. 572.
Condensed Balance Sheet Dec. 31
Assets—
1939
Cash in banks and
on
-
Accounts receivable, less reserve
Inventories.
Accrued interest receivable
Orders received by this company in the first quarter of 1940 amounted to
$197,490,047, compared with $86,882,953 for the corresponding period in
1939. an increase of 12%, President Charles E. Wilson announced on
April 4,.—V. 150, p. 2098.
Six-Cent Dividend—
The directors have declared a dividend of six cents per share on com¬
pany's shares of beneficial interest, par $1, payable April 20 to holders of
April 1.
This compares with eight cents paid on Dec. 28, last;
six cents paid on Oct. 2, last; five cents paid on June 15, last; three cents on
March 15, 1939; six cents on Dec. 20, 1938; four cents on Sept. 15, 1938;
three cents on June 15, 1938, and two cents on March 15, 1938.—V. 149,
record
11.247
-
1,012,651
2,429.012
664
484
28.643
695.000
6,000
1,700
16,008
165,098
217,368
Cash with sinking fund trustee
Due from employees and former officers
Deferred accounts
Repair parts, &c
Patents, at cost, net of amortization
Deposits in closed banks
Real estate, buildings,
mining lands, &c
$1,036,437
-
Investment in Northwest Magnesite Co
Investment in foreign subsidiary
a
1938
$892,395
8,739
1,972,452
2,544.585
hand
Notes receivable
Investments, other..
General Electric Co.—Orders Received—-
General Investors Trust—To Pay
Revised.
x
22,046
775,000
12,000
500
12,850
121,227
167,655
6,966
9.215
7,647
machinery,
7,603
equipment.
.
11,613,941
Total..—
11,421,565
$18,177,205 $17,039,493
Liabilities—
1939
1938
Accounts payable
$580,755
$410,812
Notes payable
cl96,664
4029.
p.
Inc.—Common Dividend—
General Mills,
-
Accrued accounts
337.230
declared
Allowance for taxes
333,000
share upon the common stock of the company, both payable
May 1, to stockholders of record at the close of business April 10.
Previously regular quarterly dividends of 87
cents per share were
distributed.—V. 150, p. 1435.
Provision for taxes, prior years
Prov for additional income & capital stock taxes..
First mortgage 4 M% sinking fund bonds
145,810
First mortgage
700.060
Executive Committee of the Board of Directors, on March 29,
a dividend of $1
per share and an additional dividend of 37
The
cents
per
General Printing
Ink Corp. (& Subs.)—Earnings—
1939
Calendar Years—■
$9,982,477
Net sales.
Cost of goods sold, selling
and general expense..
9,719,629
8,592,045
$779,996
20,383
$1,382,404
174,152
$1,333,142
184,794
$1,085,334
$800,379
$1,556,556
$1,517,936
1115,558
160,885
15.018
$1,015,509
Gross income
on
sales
.
-
Prov. for doubtful accts.
-_
190,966
136,712
x214,904
2,020
12,700
194,836
$894,368
204,696
588,112
$663,667
204,696
367,980
$1,180,768
205,896
772,758
Prov. for Fed. inc. tax..
Net income for
year..
Preferred dividends
Common
dividends
Shares of
common
$90,991
stock.
Earned per share
735,000
$0.94
$202,114
735,960
$101,560
735,960
$51,957
183,990
$0.62
$1.32
General Theatres Equipment Corp.—20-Cent Dividend
_
""Directors have declared a dividend of 20 cents per share on the capital
stock, payable April 18 to holders of record April 8.
This compares with
15 cents paid on Dec. 18 and on Oct. 16, last, and 25 cents paid on July 14
and April 17, 1939, and on Dec. 22, Oct. 18, July 16 and April 1, 1938.—V.
149, p. 3557.
Georgia & Florida RR.—Earnings—
—
„
Operating revenues (est.)
—V. 150, p. 2098.
1939
Accounts payable.
273,258 Divs. payable....
1,192,025 Fed'l Income taxes
28,697 Other accruals
$1,313,208 $1,096,379
Cash
Notes &accep.rec.
Cust'rs accts. rec.
Other accts.
rec_.
224,264
1,328,459
29,083
Int.
rec..
5,405
6,193
1,995,316
28,539
1,826.997
328,924
37,118
36,002
Accrued
Inventories
Investments
tual insur., &e—
Cash
for pur.
res.
Deferred income..
$346,086
51,174
277.201
51,174
103,891
------
45,000
)
mach'y & equip.
1,892,952
Deferred charges..
163,990
1939
$22,300
$22,300
Jan.
1
to
March
1940
$238,289
21—
1939
$224,371
7,988
3,411,600
3,411,600
a
Common stock-
735,000
735,960
2,037,349
1,942,006
158
Profit and loss sur¬
1,806,394
162,869
Calendar Years—
•
Total oper. revenues
Maintenance
1939
Subs.)—Earnings—
1938
1937
1936
$18,468,870 $15,074,019 $13,114,889 $11,962 327
3,087,249
2,715,233
2.354.569
2.103.308
Provision for deprec*n__
3,231,508
2.564,326
2,269,589
2,113 470
Traffic expenses
2,211,864
1,775,729
1,504.683
1,405 219
Commercial expenses...
1,366,925
1,161,576
1,010.053
847,267
Gen. & miscell. exps. of
operating companies..
1,496,070
1,213,094
*1,119,775
933,636
Oper. exps. of Gen. Tel.
.
Corp. and subs, hold¬
ing companies
135,427
136,131
130.621
114 693
Taxes
2,339,070
1,880.581
1,559.312
1.21P985
-
-
45,000
Land,
91,575
$6 pref. stock—.
of pf. stk. under
x
216,191
z
plus
i
1938
$447,118
Capital surplus
Deposits with mu¬
1940
(Excluding General Telephone Allied Corp.]
1939
Liabilities—
1938
Week End. March 21—
General Telephone Corp. (&
Consolidated Balance Sheet Dec. 31
Assets—
$18,177,205 $17,039,493
After
$5.28
'<
Includes $17,868 surtax on undistributed profits.
x
84,889
12,395,724
611,313
1.954.310
reserve
for depreciation and depletion of $4,883,173 in 1939
$4,401,879 in 1938.
b Represented by 472,987 shares in 1939 and
473,535 shares in 1938 of no par value.—V. 156, p. 1278, 994.
a
^
Balance, surplus
1,200,666
and
$1,177,803
205,896
919,950
Miscellaneous charges..
Federal capital stock tax
J
Total.
8,801,884
69,825
Profit from operations
Earned surplus
78 300
51,816
104,629
12.395,695
611,313
2,772,109
Capital surplus
^
Other income credits
Cash discount
1938
1937
1936
$9,372,042 $11,102,033 $10,135,026
8,966,969
3%% sinking fund bonds
Reserves
b Capital stock
252.328
retire,
provision
buildings,
Net
operating income.
$4,600,756
$3,627,345
$3,166,284
46.435
61.884
52.970
$4,647,191
1,788.977
4,466
$3,689,230
1,551.807
8,830
$3,219,254
2,604
5 417
119,952
Cr41,511
823,139
94,565
Cr69,441
538,158
82.720
Cr20.989
436,886
88 853
Cr23 461
pref. di vs. not declared
Minority com. stockhld.
1Q9.726
122.137
19.005
44 203
int. in net inc. of subs.
154,817
13,218
81,608
12,103
45.362
45 794
10.399
12,197
_a$l,674.405
$1,349,460
$1,331,689
$1,299 910
220,539
922,945
815,329
Other income
Net earnings
$7,063,333 $6,802,738
Total
x
After
1938.
z
share,
reserves
$7,063,333 $6,802,738
Total
$2,768,627 in
decreared value of $100 per
for depreciation of $2,843,849 in 1939 and
Represented by no par shares but of a
Par $1.—V. 150, p. 1278.
a
General Motors Corp.—To Vote on Retirement Plan—
proposal for the adoption of an Emoloyees Contributory Retirement
Plan was transmitted on April 1 by Alfred P. Sloan Jr., Chairman, to
A
General
Motors stockholders with the recommendation of Directors that
it be adopted at the annual meeting on April 30.
The plan provides that General Motors employees
between the ages of
given an opportunity to begin contributions toward
retirement income based en the amount of their salaries above the Federal
Social Security Act maximum.
Since the Federal Social Security Act
provides old age benefits with respect only to the first $3,000 of an em¬
ployee's annual salary, the proposed plan is designed to provide propor¬
tionate additional benefits for employees earning more than $250 per
40
and
55
will
be
Int.
on
long-term debt..
General interest
1,311,575
$3,232 745
43,755
$3,276,501
1,357,787
Amort, of debt discount
and expense
Int. chgd. to construct'n
Di vs.
on
pf. stk. of subs.
Prov. for sub. cos.
Miscellaneous
deduct'ns
Net income
Divs.
on
Gen. Tel. Corp.:
Preferred stock
220,539
2 20.539
Common stock
854.352
820,037
a
445 797
cum.
Earnings per share of common $2.12.
220 539
Volume
The Commercial & Financial Chronicle
150
Consolidated Balance Sheet Dec. 31
$
$
88,504,196
T. Allied Corp
1,856,907
528,034
1,663,738
516,227
455,206
416,125
all^in^Beaverhead County, Mont., and Lemhi County, Idaho.—V. 148,
16,519,580
Surplus
14,024,316
10,485,783
held by public
of
sub.
cos—
4,392,822
126,282
4,553,743
Spec, cash depos
130,515
470,724
1,140,023
Long-term debt.
152,794
1,034,996
40,921,000
Notes payable..
ing funds)
Acc'ts
Accts. and notes
41,615,000
22,000
payable—
1,192,464
1,089,662
981,177
2,230,028
receivable
Mat'ls & suppl's
2,161.264
Adv.bill'g & pay
Accrued taxes
Prepaid accts. &
3,508,482
3,601,528
deferred chgs.
81,464
__
Accrued Interest
298,695
Deprec. on res..
16,770,012
158,289
•:
566,478
688,987
Amort,
Only)
on
$1,103,252
57,379
8,076
94,047
43,007
26,593
32
76,336
9,258
111,995
37,866
21,034
2,435
$1,384,867
$1,362,177
123,817
16,159
50,974
Miscellaneous income
Total income
Operating
.
expenses
Taxes—General
Federal income
$1,185,034
on
on common
preferred stock
stock
r:
$1,165,953
220,539
871,647
Net income
Dividends
220,539
820,037
and receivables from sub.
Earnings
per
1,329,427
$ T
,
Cumulative preferred stock, at cost
6,311
shares
at
Dec.
31,
1939
Trade
1,264,354
c
Prepaid tax
Miscellaneous deferred charges
-
Paid-in surplus
Earned surplus
Cost of 2,000 shs. of com. stock
Accounts payable
General taxes
held in treasury..
Total
_
.
.
I
*
Sagamo)
60,585
50,209
88,916
__
accounts
in
632
Deps. in closed bks
620
in
Grove
50,472
50,472
842,553
822,984
Assets
for empl's
pension fund
outstanding—73,513 shares, stated at $50 per share.
Note—Certain of the companies whose securities are included under these
classifications"hold in their portfolios 107,411.48 shares of common stock of
General Telephone Corp. (including 11,400 shares held by a company, the
investment in which is carried in miscellaneous investments), the value of
which is in turn reflected in the investments of General Telephone Corp. in
such companies at Dec. 31, 1939, and Dec. 31, 1938, in the amounts of
$2,453,165 and $2,259,758, respectively, and to such extent, surplus of
General Telephone Corp. may not be available for dividends.
Subsequent to Dec. 31, 1939, General Telephone Corp. called for re¬
Issued and
demption on April 1, 1940, at $50 per share plus accrued dividends, all or
its $3 convertible preferred stock and temporarily borrowed $3,675,650
for such purpose.
As authorized by the stockholders, the authorized capital
stock was changed to 250,000 shares of preferred stock (of which 135,000
shares were designated as $2.50 preferred stock, par $50, each share con¬
vertible into two shares of common stock until March 31, 1943, convertible
thereafter into \% shares of common stock until March 31, 1946, and
thereafter until March 31, 1950, convertible into 1H shares of common
stock) and 2,000,000 shares of common stock, par $20.
The 135,OpO shares
of $2.50 preferred stock were issued and sold by the company for $6,952,500
($51.50 per share).
Of the proceeds from such preferred stock, $3,675,650
was used to liquidate the temporary indebtedness referred to above and
$2,561,431 was donated, as authorized by the board of directors, to General
Telephone Allied Corp. to enable that subsidiary company to redeem at
$106.50 per share the 24,051 shares of its $6 preferred stock outstanding in
the hands of the public.,
Also, as authorized by the board of directors, the
company donated and surrendered to General Telephone Allied Corp. for
cancellation the 8,193 shares of that subsidiary company's
The amounts of the foregoing cash donation ($2,561,431)
$6 preferred stock.
and the cost of the
($753,080) will be transferred on
the books to
stock of General Telephone Allied Corp
Here¬
after, the accounts of General Telephone Allied Corp. will be included in
the consolidated statements of General Telephone Corp. and subsidiary
companies.
An option held by an officer to purchase up to 2,000 shares of common
stock at $20 per share expired Nov. 2, 1939.
On Nov. 21, 1939, in ac¬
cordance with a resolution of the board of directors, options, expiring
Dec. 20, 1941, were granted, effective Dec. 20, 1939, to two officers (who
are also directors) of the corporation and three officers of subsidiary operat¬
ing companies to purchase a total of 2,000 shares of common stock at $20
per share: the 2,000 shares of common stock in the treasury were reseeved
for the exercise of such options.—V. 150, p. 2098.
the investment in common
Great Western Sugar
and332,601 shares Dec. 31,1938.
Co.—New Treasurer, <&c.—
Kisler, Assistant Treasurer and Auditor of the company, was
director, succeeding M. D. Thatcher,
John G.
on
March 28 elected Treasurer and
resigned.
Herbert R. Corsberg was appointed Auditor.
R.
also resigned as a director.—V. 150, p. 1137; V. 149, p. 2233.
Grumman Aircraft
the form of
K. Marsh,
Engineering Corp.—Listing—
has authorized the listing of $481,560 '
(par $1) which are issued and outstanding, with
The New York Stock Exchange
shares of common stock
authority to add to the list 26,500 additional shares, upon official notice of
the issuance thereof upon the exercise of outstanding stock purchase war¬
total amount applied for 508,060 shares.
'
Income Account Years Ended Dec. 31
1939
1938
1937
Sales
of
aeronautical
products and parts
$4,482,350 $4,904,945 $2,284,764
Cost of sales (incl. depre.)
3.364,066
4,203,211
2,091,011
$719,648
635,166
$193,752
$84,481
rants
::
making
a
Net profit on
$701,733
$1,118,284
sales
1936
Accrued loss on contracts
governed
$45,223
15,629
in progress
Excess prof, on
contracts
by
Vinson
Act
2,555
A-
Accrued loss chgd. off in
period on con¬
tracts
completed
in
current period
prior
f
Cr 4:5,223
v-.
$1,102,654
13,570
$145,973
61,656
$84,481
12,579
;■«,
$746,957
17,144
$1,116,224
Other income
$764,101
14,907
$207,630
23,210
$107,714
2,250
x211,581
xl32,119
z45,358
Income deductions—
Prov. for Fed. income
undistrib.
excess
profits
&
profits taxes—
Net income
z
23,233
or
Includes surtax on
$892,063
$617,074
$139,061
undistributed profits, x Includes excess
zl5,834
$89,629
profits tax.
Balance Sheet Dec. 31
$$•1,060
Accts. rec., trade.
384,760
Inventories _•
1,031,719
.
Other
curr.
3,754
591,971
assets.
Fixed assets (net).
$183,857 Accounts payable.
311,451 Accrued liabilities.
1,037,078
3,911
410,604
Deps.
on
Contr.
270,333
1938
$240,736
173,487
uncom-
sales contracts.,
a
$133,933
&
428,396
orders
56,131
1
in progress.....
58,975
9,995
8,756
473,060
8,538
Cap. stock ($1 par)
Capital surplus...
Earned surplus—
481,060
9,851
726,340
747,073
662,910
Patents
Deferred charges.
.
Other assets
"
On which
357,873
$2,846,112 $1,964,199
payments and billings exceed accumulated costs.
$2,846,112 $1,964,199
Total
a
1939
Liabilities—
1938
Assets—
Cash
advance
Totdl
—V. 149, p. 3717.
Gulf Power Co.Period End. Feb. 29—
Gross revenue
Oper. expenses & taxes..
Prov. for depreciation.
_
Stock Increase
meeting on April 15 on a proposal
to increase authorized $1 par common stock from 3,500,000 shares to 5,000,000 shares, and to decrease authorized preferred stock from 30,000 to
4,444 shares.
Stockholders will be asked to waive their preemptive rights
to subscribe to additional shares, which may be sold or used for exchange of
the outstanding 4,444 preferred shares, in the conversion of convertible
Stockholders will vote at the annual
notes, and in exchange for first mortgage bonds, depending on
financing that may be decided upon.—V. 150, p. 1436.
13,872.541 13,108,882
Total
332,243 shares (no par) Dec. 30,1939,
—V. 150, p. 1766.
x
,
Graham-Paige Motors Corp.—To Vote on
13,108,8821
13,872,541
Total
$28,593,419 $28,527,110
sequent investments at cost.
$6 preferred stock donated
270,128
54.527
822,984
1,288,495
surplus... 1,456,904
Earned
228,657
(net)
Restricted deps.
1,875
74,925
by the board of directors as of date of ac¬
quisition, July 17, 1935 (based on appraisals made in 1934 and 1935 by
independent engineers), plus subsequent investments at cost.
b Stated at adjusted underlying book value as of July 17, 1935.
This
subsidiary company
in turn, owns 82,175.4 shares of common stock of
General Telephone Corp. carried on its books at $2,965,722.
c Stated at values approved by the board of directors as of July 17, 1935,
based on appraisals made in 1934 by independent engineers, plus sub¬
a
Capital surplus... 3,185,267
Special surplus
842,553
Deferred
Stated at values approved
a
26,862
5,709,366
^
3,675,650
14,013,016
10,716,257
68,191
Dr38,150
15,344
4,254
47,211
...
Federal income taxes
39,770
lnvestm'ts
buildings &
(net) 5,596,066
6% preferred stock 3,853,900
x Common stock..
3,332,430
339,722
3,675,650
14,013,016
10,716,257
161,039
Dr38,150
14,140
175
...
Unamort. cost (rts.
1,174,016
„
stock (cumulative)
3,853,900
3,326,010
3,016,417
stockholders
2,422,752
marks
$28,593,419 $28,527,110
Total
Liabilities—
d $3 convertible preferred
Common stock (par $20)
113,470
Can. inc. taxes.
Equity of minority
5,381
em pi.
Addition Trust.
10,310
6,381
305,382
Prov. for Fed. and
Patents and trade¬
6,311
.12,977
6,377
Miscellaneous investments
Cash in banks
265,002
422,429
1,049,445
rec.
equipment
559,911
8,193
340,787
1,236,178
505,454
expenses.
2,610,781
Invest,
753,080
Dividend receivable
390,650
Accrued
260,753
and
notes
$
%
Trade accts. pay-
2,339,984
195,301
accts. receivable
(8,193 and
and 1938,
respectively)
327,784
327,789
$3.54
Dec. 30 '39 Dec. 31.*38
Liabilities—
$
2,937,850
Marketable securs.
1,103,826
1,103,826
$1,420,357
717,540
231,234
493,966
330,071
$3.29
v-:Consolidated Balance Sheet
foreign banks...
i
b Common stock
175,255
1,058,635
$1,315,743
$104,190
231,234
49,890
332,601
Nil •
Dec. 30 *39 Dec. 31 '38
1,313,722
187,217
878,486
Common stocks
Cumulative preferred stocks
Bonds, notes and interest receivable
General Telephone Allied Corp.:
1,004,416
2,016,014
14,064
276,083
43,355
232,430
bl59,063
share
i'
Assets—
Land,
1,000,466
788,042
"6",622
240,638
47,446
al54,408
a Representing excess of payments to or for employees for pensions and
other benefits under income for the year 1939.
b Decrease in pension fund
representing excess of payments to or for employees for pension annuities,,
group insurance, vacation payroll, &c., over income for the year 1938.
$20,948,358 $19,758,586
Notes, accounts, interest and dividends rec_„
Subsidiary holding companies—
v
36,701
$1,001,786
231,234
333,243
333,243
$2.01
Common shares outst'g.
Sundry
cos.:
Cumulative preferred stocks
101,048
8,852
227,306
Inventories
1938
Operating telephone companies—
Common stocks
39,480
Common dividends
officers &
1939
Investments in
26,250
Preferred dividends
(Company Only)
Assets—
a
26,250
undist. profit.
on
Notes & accts.
Balance Sheet Dec. 31
$2,012,540
18,164
Cash.
Dividends
$1,791,107
2,538,666
_
sale & abandon't
on
129,090
40,633
35,381
miscellaneous investments
on
$428,019
1938
$1,155,731
preferred stock
pref. stock of General Tel. Allied Corp._
on
$1,268,572
Net consol. income
Note interest
Dividends
28,975
$1,965,716
46,824
capital assets
Miscell. deductions
Prov. for Federal & Can.
consolidated:
Bond interest
Divs.
$1,762,132
Decrease in pension fund
1939
Dividends
$393,432
34,587
income taxes
Income Years Ended Dec. 31 (Company
Divs. & interest from sub. companies
Dividends on common stock
$1,228,364
40,208
2,616*914
_
electric clock
of
Surtax
Statement of
2,181,378
Total income
Loss
7,231,239
7,173,224
-2,372,006
of
.108,754,682 102,906,194
Total
108,754,682 102,906,194
7,935,157
8,116,475
Gross profit
Other income
Represented by 73,513 shares without par value.
a
$8,748,033 $12,314,203 $11,735,622
$11,716,845
sales—_-*r
gen) and
motor
phone plant—
'37
adver.,
-admin, expenses
*
'38 Jan. 2,
•
214,681
14,755,777
137,565
Contribs.to tele¬
Total
Sell.,
1,
returns,
230.279
1,426,931
366,694
Misc. curr. liab.
Other reserves—
less
&c__.
Cost of
971*558
93,457
242,282
1,392,794
370,852
Pf.stk.divs. pay.
charges,
'38 Jan.
Dec. 30, '39 Dec. 31,
inbl. service
Gross sales,
stk. & surplus
Ctfs. of deposit.
YearsiEnded—
Fiscal
Min.int. in com.
Cash(incl. work¬
(& Subs.)—Earnings
General Time Instruments Corp.
Pf. stks. of subs.
Depreclat'n fund
CO--..
3,675,650
14,013,017
S
(par
$20)
Other lnvestm'ts
of sub.
3,675,650
$
$3 conv. pf.stk
Com. stock
Invest't In Gen.
certificate
a
14,013,017
10,561,579
1938
Liabilities—
a
Telephone plant,
equip., Ac
94,321,418
March 22 issued
permitting abandonment by the company, of its entire line of railroad,
extending from Armstead, Mont., to Salmon, Idaho, 100 miles, with a
branch line from Leadore to Gilmore, Idaho, 18 miles, a total of 118 miles,
1939
1938
Assets—
Co., Ltd.—Abandonment—
The Interstate Commerce Commission on
[Corporation and Subs. Excluding General Telephone Allied Corp.]
1939
2255
Gilmore & Pittsburgh RR.
Gross income
Int. & other deductions.
Net
Divs.
income
on
preferred stock.
Balance
—V. 150, P. 1436.
Earnings1940—Month—1939
$172,559
$149,637
106.060
97,772
15,833
14,583
1940—12 Mos—1939
$1,914,153 $1,767,585
1,242,779
1,143,003
177.500
181,583
$50,666
$37,281
19,690
19,408
$493,871
241.719
$442,999
240,799
$30,976
$17,873
$252,155
5,584
5,584
67.014
$202,199
67,014
$25,391
$12,288
$185,141
$135,185
The Commercial & Financial Chronicle
2256
Haloid Co.—Removed from
The
stock,
common
par
Dealings—
by the
has been removed from dealings
$5,
New York Curb Exchange.
The Securities and Exchange Commission has
granted the application of the company to withdraw its common stock from
the New York Curb Exchange, effective at
April 5, 1940.—V. 150, p. 1767.
listing and registration on
close of the trading session
Hamilton Watch Co.—To Vote
on
the
Annuity Plan—
annual meeting on April 9,
annuity retirement plan for offers and employees.
All
directors have been renominated, including D. L. Armstrong, J. W. B.
Bausman Jr., and J. H. Steinman, who were elected by board Feb. 21 to
fill vacancies created by resignations of R. H. Dick, R. H. Matthiessen and
W. E. Torrey.—V. 150, p. 2099.
Stockholders will be asked to approve at their
insured
an
group
_
Co,^r-Common Dividend—*
Harvard Brewing
share on the
payable April 15 to holders of record April 2. Initial dividend
was paid on Sept. 28, 1939.—V. 149, p. 3874.
Directors have declared April 15 dividend of five cents per
common
stock,
of like amount
,
inL
Hayes Manufacturing Corp.-
Indianapolis Power & Light Co.—Common Stock Offered
Exchange has authorized the listing of additional
notice of issuance and payment in
full, as follows:
50,000 shares upon sale to A. W. Porter, Inc., pursuant
to the terms of an underwriting agreement dated March 18, 1940; 225,000
shares upon sale on an agency basis by A. W. Porter, Inc., on or before
July 19, 1940, and 25,000 shares upon sale to John W. Young, President
of the company, pursuant to the terms of an option agreement dated
Dec. 26, 1939; making the total number of shares authorized for listing to
The New York Stock
shares.
Ended Dec. 31, 1939
—
$96,273
124,103
Consolidated Income Statement for Three Months
Gross sales less returns
Cost of sales
(exclusive of provision for depreciation)
Selling expenses
Administrative expenses..*
27,537
16,452
Provision for depreciation
Loss from operations—
................
...
Gross loss
$89,426
2,273
—.—
Income credits
Loss for
...$82,855
6,570
-
—
...
Income charges—
-
period—
-..-$87,152
.
Consolidated Balance Sheet Dec. 31, 1939
Assets—
Liabilities—
-
.
Cash
$132,182
33,563
13,821
272,411
-—
receivable
& acceptances recelv'le.
Net accounts
Notes
Inventories....
,
N otes payable—trade..
*18,636
Accounts payable
49,705
Accrued liabilities
19,727
Mortgage note payable
Investments—..—.-.——-—
409,612
Local taxes payable
Property, plant A equip,
Common stock (par $2)
Patents...
18,996
(net) 1,207,187
19,755
10,698
Deferred charges
Other assets
...
Deficit from operations
Total..
$1,708,615
Total
—V. 150, p. 840,
791
999,706
1, 182,169
Capital surplus—
\
—
-
971,732
*1,708,615
149, p. 4030.
129; V.
Hercules Motor Corp.—Earnings
1939
Calendar Years—
1938
1937
1936
$1,413,202
659,211
$785,343
593,704
$1,794,731
723.984
$1,199,474
587,146
$753,991
36,425
$191,640
18,236
$1,070,747
138,850
$612,328
76,241
$790,416
$209,876
See y
$1,209,597
174,034
x250,925
63,415
$688,569
See y
Manufacturing profit.._
Sell., gen. & adm. exps__
$170,312
$721,223
311,100
$432,696
543,550
$170,312^
311,100
$0.55
$410,123 def$110,854
311,100
310,600
$2.32
$1.39
Operating income
Other income
zl44,826
Federal taxes.__—_—
Other
2,037
deductions
inc<
$643,553
Dividends.
z32,477
7,087
...
155,550
Net
$488,003
311,100
$2.07
Balance, surplus
Shs.com .stk.out. (no
par)
Earnings per share
152.876
83,953
19,044
x Includes
$70,108 surtax on undistributed profits and $2,088 underprovision for prior years,
y Provision
for depreciation amounted to
$206,028 in 1939 and $194,917 in 1938.
z /xfter deducting $1,674 ($1,523
in 1938) over-provision for prior years.
Balance Sheet Dec. 31
x
.....
Receiv. (cust.)
—
*321,412
1,613,889
1,648,392
Inventory—
40,798
Other assets
186,503
Land
y
pat'ns, dies, &c.
Deferred charges.
Total..
Liabilities—
*798,509
62,628
1,513,305 Fed.inc. taxes (est)
146,734
42,553 z Capital stock
1,315,738
105,662 Profit & loss surp. 2,716,977
34,000
1,315,738
2,228,974
After
1,246,913
17,536
32,950
*5,040,588 $4,095,614
reserve
of $30,000.
1939 and $896,713 in
—V. 150. p. 1768.
in
underwriting group headed by Lehman Brothers,
Goldman, Sachs & Co. and the First Boston Corp. offered
April 3 714,835 shares of common stock (no par) at $24 per
share.
Of the stock offered, 68,855 shares represent new
financing by the company and 645,980 shares, the total now
outstanding, are held by Charles True Adams as trustee of
the estate of Utilities Power & Light Corp.
Other members
of the offering group include: Glore, Forgan & Co.; Blyth
& Co., Inc.; Harriman Ripley & Co., Inc.; Stone & Webster
and Blodget, Inc.; Hemphill, Noyes & Co.; Kidder, Peabody
& Co.; Lazard Freres & Co.; Shields & Co.; White, Weld &
Co.; A. C. Allyn & Co., Inc.; A. G. Becker & Co., Inc.;
Central Republic Co.; Clark, Dodge & Co.; Hornblower &
Weeks; Lee Higginson Corp.; F. S. Moseley & Co. and E. H.
Rollins & Sons, Inc.
,v
Prior to or contemporaneously with the sale by the com¬
pany of 68,855 common shares, the company plans to sell
2,500 shares ($100 par) 6% cumulative preferred stock at
private sale.
\
Business—Company is a public utility operating in and about the City
Indianapolis, Ind., and engaged principally in the generation, distribu¬
It also is engaged in the production, dis¬
heating and general industrial purposes.
Company sells electric appliances and cooperates with dealers in the sale
and financing of major load-building appliances to its customers.
Company has two wholly-owned subsidiaries, Mooresville Public Service
Co. and Electric Building Co., Inc.
There are no privately owned electric public utility companies or munic¬
ipally owned electric light and power plants in competition with the com¬
pany within the City of Indianapolis.
Of the 1939 consolidated operating
revenue of the company and its subsidiaries, totaling $11,828,311, approxi¬
mately 90.71% was derived from the electric departments, about 8.80%
from the steam department, about 0.09% from the water department,
and about 0.40% from building rentals.
At Dec. 31, 1939 the company and its utility subsidiary rendered electric
service to 127,147 customers in Indianapolis and adjacent villages, towns
and rural areas, all within the State of Indiana, the most distant point
being about 55 miles from Indianapolis.
Of these customers, 112,705 are
classified as domestic, 14,430 as commercial and industrial, 11 as municipal
street lighting, and one as an electric company.
At the same date, steam
service was rendered to 819 customers in Indianapolis in an area of approxi¬
mately 4.2 square miles.
The total population of the area served by the
company and its utility subsidiary is estimated to be approximately 468,692.
Of this total, it is estimated that approximately 91% ii in Indianapolis and
surrounding towns and villages, and the remaining 9% is in rural areas.
Mooresville Public Service Co. is engaged primarily in the distribution
and sale of electric energy in the Town of Mooresville, Morgan County,
Ind., and 15 other communities in Morgan, Hendricks, Putnam and Owen
Counties, Ind.; and secondarily in the pumping and distribution of water
in the Town of Mooresville.
It purchases all its power from non-affiliated
companies.
Its operating revenue for the year 1939 was less than 1% of
the consolidated operating revenue of the company and its subsidiaries.
Electric Building Co., Inc. owns and operates an office building, wherein
the company has its principal executive and other offices and sales room,
occupying approximately 67 % of the rentable area.
Its operating revenue
for the year 1939 was approximately 0.40% of the consolidated operating
revenue of the company and its subsidiaries.
of
tion and sale of electric energy.
tribution and sale of steam for
Earnings for Year Ended Dec. 31
*500,818
16,083
1,212,059
_
—
—An
1938
1939
$174,537 Accounts payable.
979,694 Accrued taxes-
mach'y,
Bldgs.,
x
1938
1939
Assets—
Cash
Kuhn, Loeb & Co., $7,000,000; Morgan Stanley & Co., Inc., $3,500,000;
Dillon, Read & Co., $2,500,000; Harriman Ripley A Co., Inc., and Smith,
Barney & Co., $2,000,000 each; the First Boston Corp., $1,250,000; Blyth
& Co., Inc., Bonbright & Co., Inc., Drexel A Co., Goldman, Sachs A Co.,
Lehman Brothers, and Mellon Securities Corp., $1,000,000 each; A. G.
Becker and Co., Inc., Hayden, Stone A Co., and Lee Higginson Corp.,
$750,000 each; Glore, Forgan & Co., Kidder, Peabody & Co., Ladenburg,
Thalmann & Co., Lazard Freres & Co., and Union Securities Corp.. $500,000 each; Clark, Dodge A Co. and Stone A Webster and Blodget, Inc.,
$400,000 each.
Harris, Hall & Co., Inc., Stern. Wampler A Co., Inc., and White, Weld
A Co., $350,000 each; Hemphill, Noyes A Co., W. E. Hutton A Co., Schro¬
der, Rockefeller A Co., Inc., Shields A Co., and Dean Whitter A Co.,
$300,000 each; Blair, Bonner A Co., Blair A Co., Inc., H. M. Byllesby A
Co., Inc., Central Republic Co., Eastman, Dillon A Co., Estabrook A Co.,
First of_Michigan Corp., Hallgarten A Co., F. S. Moseley A Co., E. H.
Rollins A Sons, Inc., $250,000 each; The Illinois Co. of Chicago and Bacon,
Whipple A Co., $200,000 each; A. C. Allyn A Co., Inc., Emanual A Co.,
Laurence M. Marks A Co., Starkweather A Co., and Whiting, Weeks A
Stubbs, Inc., $150,000 each.—V. 150, p. 2101.
-Listing-
shares of common stock upon official
date 800,000
y
1938.
Total
$5,040,588 $4,095,614
After
z
reserve for depreciation of $984,896
Represented by 311,100 no-par shares.
Operating income
(net)
Hollinger Consolidated Gold Mines, Ltd.—Extra Div.—
Directors have declared an extra dividend of five cents per share in addi¬
April 22 to holders of record April 8. Dividends of like amounts
paid on Feb. 26, last: Dec. 30, Dec. 2, Nov. 4, Oct. 7 and on Aug. 12,
both payable
1939.—V. 150, p. 996.
holders of record March 19.
Company paid a stock dividend of 100% on Dsc. 30, last. Regular quar¬
terly dividend of 50 cents was paid on the smaller amount of stock pre¬
viously outstanding on Dec. 23, 1939.—V. 150, p. 279.
Illinois Central RR.—Grain Rates Reduced—
See Elgin,
Joliet & Eastern Ry. above.—V. 150, p. 2100.
Illinois Zinc Co.—Suits Filed—
It is
reported that
an
$3,830,667
v
70,144
on
—
preferred stocks
-
$3,835,323
1,893,358
$3,816,571
2,059,628
$2,210,81^3
$1,941,964
886.434
$1,756,942
886,434
$1,324,378
Net income.
Dividends
$3,718,535
98,036
886,434
Gross income
$3,835,262
61
$3,900,811
1,689,997
-
$1,055,530
$870,507
provision for Federal income tax for 1938
a loss after making certain special
deductions relating to funded debt, including the redemption premium
and the unamortized discount and expense applicable to the first mortgage
gold bonds called for redemption in that year.
If such deductions had not
been available,
Federal tax would have amounted to approximately
$355,000.
The annual dividend requirements on the 140,591 shares of preferred
stocks to be outstanding upon completion of this financing amount to
$901,434.
a
Company did not make
because
the
tax
return
any
filed
showed
Capitalization upon Completion of Present Financing
several individuals to recover alleged losses he sustained in the purchase of
stock in 1938.
Mr. Bauman claims he bought the stock following the
report
Incorporated Investors—To Pay 15-Cent Dividend—
The board of directors on April 1 voted a dividend of 15 cents per share,
payable April 30 to shareholders of record April 4.
This compares with
40 cents paid on Dec. 22, last; 15 cents paid on Oct. 31, July 31, and on
April 29, 1939; 50 cents paid on Dec. 22, 1938: 15 cents paid on Oct. 31
July 30, and April 30, 1938; and 40 cents paid on Dec. 22, 1937; 25 cents
on
Oct. 30, 1937; 30 cents on July 30, 1937; 25 cents per share paid on
April 30, 1937, and a dividend of $1.90 distributed on Dec. 22. 1936.—V.
150, p. 691.
Inland Steel Co.—Underwriters Named—
Underwriters for the proposed
$36,000,000 first mortgage 3% bond offer¬
ing were filed in an amendment to the company's registration statement at
the Securities and Exchange Commission April 4.
The underwriters and their participations were listed as follows:
—
application for inspection of the books and records
of this company and examination of its President, James A. Hill, has been
made in Supreme Court by George Bauman, who is suing the company and
publication of the company's Securities and Exchange Commission
for 1938, which he claims was false.—V. 150, p. 1602.
1937
—
Interest and other deductions
Balance
Humphreys Mfg. Co.—Initial Dividend—
Directors have declared an initial dividend of 30 cents per share on the
larger amount of common stock now outstanding payable March 30 to
1938
1939
$11,828,311 $11,165,932 $11,478,943
3,436,530
3,403,826
3,620,021
33,645
28,012
43,244
Maintenance
711,251
802,530
888,283
Amortiz. of rate case expense
179,193
111,996
Provision for depreciation
1,604,654
1,510,147
1,476,152
State, local and miscell. Federal taxes
1,498,900
1,471,718
1,415,549
Federal taxes on income, company._
528,000
a
315,000
Federal taxes on income, subsidiaries
5,472
2,440
,
2,159
Operating revenue
Operating expenses
Power purchased
Other income
tion to the regular monthly dividend of like amount on the capital stock,
were
April 6, 1940
To Be
.
First mtge. bonds, 3%% series, due 1968----Serial notes
Authorized
a
Outstanding
Unlimited
$32,000,000
$5,500,000
b5,400,000
6H%% cum. pref. stock (par $100) —
\cl50,000 shs. (115,777 shs.
6% cum. pref. stock (par $100)
j
\c24,814 shs.
Common stock (no par value)
—750,000 shs.
714,835 shs.
a Unlimited as to amount but limited by the requirements of the instru¬
ment under which such securities are issued.
b $600,000 of serial notes mature each Aug. 1 from 1940 to 1948, inclu¬
sive, and bear interest at the annual rates of 3% for the 1940 and 1941
maturities, 3H% for the 1942, 1943, 1944 and 1945 maturities, and 4% for
the 1946, 1947 and 1948 maturities.
v
|
c Company is authorized to issue 150,000 shares of prefgjspfd stock, issu¬
able in series, consisting of (a) 120,000 shares, designate^jcs "6H% cumu¬
lative preferred stock," of which 4,223 shares have been reacquired and are
not available for reissue; (b) 25,000 shares, designated as "6% cumulative
preferred stock," of which 186 shares have been reacquired and are not
available for reissue, and 2,500 shares are authorized but unissued; and
5,000 shares, not classified into series, having the status of unissued
Prior to or contemporaneously with the sale of the shares of common
offered, company will issue and sell said 2,500 shares of 6%
cumulative preferred stock at private sale.
(c)
stock.
stock now
Volume
The Commercial & Financial
150
at Dec. 31, 1939 there were outstanding 115,777 shares of
cumulative preferred stock, 22,314 shares of 6% cumulative pre¬
stock, and 645,980 shares of common stock.
In addition, 68,855
shares of common stock are now being offered by the company.
The management
Note—As
6J^%
ferred
Underwriting—The names of the several principal underwriters of the
stock and the number of such shares to be purchased by each
from the estate of Utilities Power & Light Corp. and from the company,
common
respectively,
follows:
are as
.
Shares to Be
Shares to Be
Purchased
Purchased
From
Vtils.
Com¬
P.dkL.
pany
43,100
5,729
5,729
210
260
Francis, Bro. &Co
2,900
290
6,000
2,600
600
Faroll
Brothers
43,100
5,729
Farwell, Chapman & Co..
Ferris & Hardgrove
Blyth & Co., Inc........ 20,000
Glore, Forgan A Co
20,000
2,000
Field, Richards & Shepard,
Goldman, Sachs A Co„T 43,100
The First Boston Corp...
Ripley
&
Inc..
2,000
The First Cleveland Corp.
Co.,
Inc
2,000
20,000
__
Stone A Webster and
20,000
2,000
Cranberry & Co
1,700
Granbery Marache &
Kidder, Peabody & Co...
17,000
17,000
1,700
Lazard Freres A Co.....
17,000
1,700
Shields & Co..
1,700
White, Weld A Co
17,000
17,000
A.C.Allyn&Co
12,000
1,700
1,200
12,000
1,200
Blodget, Inc
Hemphill, Noyes & Co...
A. G. Becker &
pang
2,100
2,600
3,800
1 ' ■■ 2,600
2,100
Graham, Parsons & Co
Lehman Brothers
Harriman
Com-
Ulils.
P.&L.
Co., Inc..
r
380
210
260
210
Hallgarten & Co
•
Harrison A Austin, Inc.1,300
850
2,100
210
Hayden, Miller A Co....
The 111 inois Co. of Chicago
130
2,900
290
8,500
850
2,900
290
2,100
3,800
210
2,100
2,100
2,900
6,000
210
8,500
2,900
Central Republic Co
12,000
1,200
Jackson A Curtis
Clark, Dodge A Co.
12,000
1,200
2,600
880
2,900
2,900
260
Kiser, Cohn A Shumaker,
,—
Inc
Hornblower & Weeks
12,000
1,200
Lee Higginson Corp
12,000
1,200
Laurence M. Marks A
Merrill Lynch A
F. S. Moseley & Co
12,000
1,200
E. H. Rollins & Sons Inc.
12,000
1,200
Ames, Emerich A Co., Inc
2,600
Co.
Co., Inc
Minsch, Monell A Co., Inc
Mitchum, Tully A Co
260
.
G. M .-P. Murphy A
Auchincloss, Parker A
Co.
.
2,900
290
Otis A Co
Bacon, Whipple & Co..6,000
600
Pacific Co. of California..
Bartlett, Knight & Co...
Bear, Stearns & Co.
Blair, Bonner A Co
4.
2,100
2,100
210
Paine, Webber A Co.....
210
Gavin L.Payne A
2,900
290
Arthur Perry A Co., Inc..
Blair & Co., Inc
6,000
600
Reynolds A Co
Redpath
Arnhold
and
Bleich-
S.
....
Co..Inc.
j"
Rlter A Co.
j
2,100
210
L. F. Rothschild A Co...
8,500
850
Schwabacher A Co
2,100
210
Starkweather A Co...
Alex. Brown A Sons.;
2,900
290
Stein Bros. A Boyce
Brush, Slocumb & Co....
2,100
210
Stern Brothers A
H. M.
8,500
850
Stern, Wampler A
2,100
210
Stifel, Nicolaus A Co., Inc
Syix A Co
Coffin A Burr, Iilc
2,100
2,900
210
290
Stroud A Co., Inc
J. M. Dain & Co.......
2,600
260
Swiss American Corp
Paul H. Davis & Co.
8,500
850
Spencer Trask A Co
Davis, Skaggs & Co.....
2,600
260
Tucker, Anthony A Co...
Dominick & Domlnick...
8,500
850
Eastman, Dillon A Co...
6,000
600
Wells-Dickey Co
Wertheim A Co
Gilbert Eliott & Co.i.
2,100
210
Elworthy & Co
Equitable Securities Corp.
2,900
290
2,100
210
Estabrook A Co..2 900
2,600
2,900
2,100
2,100
2,600
2,100
3,800
380
210
290
Bodell & Co
I. M.Simon A Co
George D. B. Bonbright
& Co
Byllesby & Co.,Inc.
Wm. Cavalier & Co
City Securities Corp
Co
Inc
Wood, Trubee A Co
Use of Proceeds—Company will use the
shares of common stock being sold by it
88
260
290
represent financing on the part of the company, and
sale of those shares will not accrue to the company.
8,493,529
119,028
Intangibles
Investments
_
Cash In banks A on hand
2,471,275
tract)
10,000
...
1,260,875
receivable
2,100
8,500
6,000
2,900
8,500
210
210
210
payable
992,700
Ac.,
on
refunded
bonds
3,162,812
601,814
50,688
51,812
Rate case expense
Miscellaneous
expense
Prepaid insur. and taxes....
Miscell. deferred debits
Discount
on
32,626
1,082,414
pref. stocks
850
600
290
850
local
and
income
577,700
231,400
Net
rev.
from ry. oper__
Net income
Central America—Earnings—
1940—2 Mos.—1939
$1,170,321 $1,097,710
.
502,864
517,983
458,014
479,945
290,243
300,396
1940—Month—1939
$604,831
$549,437
271,957
268,002
249,592
251,629
165,778
162,133
Inc. avail, for fixed chgs_
430,000
—
Directorate Reduced—
The stockholders
approved reducing the number of
annual meeting held March 28.
from 11 to 10 at the
director
p.
80,000
company's directors
Frank F. Walker, a
of a change in residence.—V.
1927, resigned because
since
150,
1439.
1 190,289
1, 1940)..
Subs.)—Earnings—
567,475
600,000
(These income accounts are
60,823
Contrib'ns in aid of construc'n
43,877,095
46,673,050
$ 17,502,362
34,234,274
4,878,162
$2,214,315 in 1939 and $2,018,338
268,648
Capital surplus from appraisal
Other capital surplus..
Earned surplus...
of
profit on sales
_ _ . — — - - — - —
$15,533,268
Telephone and radiotelephone operating revenues, 31,615,010
Cable and radiotelegraph operating revenues
5,736,263
Dividends, interest, royalties, miscellaneous and
„„„
non-operating income (net)..,, —
2,783,413
1,920
Reserve for legal expenses
1939
1938
$59,410,363 $64,175,412
.
Sales by manufacturing and sales subsidiaries
Cost of goods sold (incl. prov. for depreciation
13 769,578
for depreciation
•
subject to adjustments upon completion of the
being made by independent auditors.)
Calendar Years—
98,392
Deferred credits
(&
Corp.
annual examination of accounts now
227,000
Preferred stock dividends
Telegraph
;■
&
Telephone
International
miscell.
tax
Miscellaneous
Serial notes (Aug.
Reserves
International Rys. of
Railway operating revs.
812,693
Co.—Profit-Sharing Plan—-
May, 1 a new twofold plan to reduce the
and old age for its employees by means of savings
and profit-sharing, according to Sydney G. McAllister, President.
This
plan will apply to about 50,000 American and Canadian employees in all
departments of the company but will not apply to the managerial group of
employees, who will be provided for otherwise.
Under the plan an individual account will be created for every employee
who participates.
Employees who have more than one and less than three
•years of service, whose participation will be limited, may deposit up to 10%
of their salary and wages and receive interest from the company.
Em¬
ployees with three or more years of service will receive full benefits of the
plan.
Into their accounts will go money derived from three sources:
(1) The employee voluntarily may save up to 10% of his salary or wages.
(2) If he does save, the company will match his savings on a 50% per
basis up to a minimum of 5% of his salary or wages.
That is, the company
will give him special matching credits up to a maximum of 2J^% of his
income.
It will also pay him interest on both his savings and the matching
credits
'
"
'
(3) The company will distribute to employees 25% of all earnings in
excess of $3 a share on the common stock.
This formula is automatic.
The
individual employee's share in this extra compensation will be determined in
proportion to his salary or wages.
Every eligible employee will receive
extra
compensation when it is paid, regardless of whether or not he takes
part in the savings feature of the plan.—V. 150, p. 1281.
Company will put into effect
hazards of unemployment
173,934
Federal taxes
Federal
150, p. 1602.
International Harvester
69,221
Int. on serial notes
State,
on
V.
500,000
Int. on customers' deposits
expense
International Business Machines Corp.—New Director
R. Ogsbury has been nominated for the board of directors of
corporation to fill the vacancy left by the late Otto E. Braitmayer.—
Charles
this
348,844
227,000
and
—V. 150, p. 1439.
352,791
-
deposits
Special deposits
bonds, Ac
210
;
o,
Payrolls payable
Customers'
plan of recapitalization, has been adjourned until April 4.
The plan was
opposed by a committee for common stockholders, and, as stated Feb. 24,
the annual meeting was adjourned for the purpose of continuing discussions
with the committee and other preferred and common stockholders to the
end that a modified plan of recapitalization might be submitted.
The
management has not as yet been able to arrive at a satisfactory basis and is
not prepared for the submission of a modified plan.
Accordingly, it is con¬
templated that no action will be taken at the adjourned annual meeting on
April 4.
However, the refunding of the funded indebtedness of the corporation
having been satisfactorily arranged, the management will continue to give
consideration to the reclassification of the capital stock of the corporation.
Period End. Feb. 29—
Materials, supplies, Ac
Discount,
380
210
1939
Accruals—Int. on 1st mtge_.
Discount
380
850
494,363
658,667
Unbilled utility revenue
260
210
8,500
3,800
2,100
2,100
6H% cum. preferred stock..$11
6% cum. preferred stock
2
Common stock (no par).
7
Funded debt
37
Accounts
Cash deposited (lighting con¬
Accounts
210
stock does not
Liabilities—
Property, plant and equip...$66,178,929
poses; and—
•
(6) Since the management negotiated the sale of the serial debentures
privately, the corporation saves the payment of commissions or under¬
writing expenses and also the cost of registration with the Securities and
Exchange Commission, which would have been necessary if there had been a
sale by public offering.
The annual meeting of stockholders at which consideration was given to a
the proceeds from the
Consolidated Balance Sheet as at Dec. 31,
Assets—
210
net proceeds from the sale of the
(estimated at $1,496,054) toward
the reimbursement of its treasury for capital expenditures.
The offering of the remaining 645,980 shares of common
corporation is permitted to borrow on a long-term basis an ad¬
as and when authorized by the preferred stockholders
$1,000,000
(5) As the serial maturities of the debentures do not begin until July 1,
_1942, the corporation will be able to accumulate during the intervening
period the cash which would otherwise be required for sinking fund pur¬
290
2,100
:
The
290
2,100
Co.,Inc
(4)
ditional
to do so;
290
290
......
$56,000 per year and such amount will be reduced annually thereafter:
(2) For the first time in 28 years the properties of the corporation will be
free of mortgage indebtedness;
(3) The impending maturity, in two years, of $4,500,000 of indebtedness
of the corporation has been extended until July 1, 1956 with intervening
serial maturities of $300,000 per year, beginning July 1, 1942;
600
Whiting, Weeks A Stubbs
roeder. Inc...
the corporation from this financing as
of the first mortgage bonds will start at
The cash interest saving to
(1)
compared with the interest cost
850
Indianapolis Bond A Share
Corp
follows.
_
260
2,100
8,500
Lord
believes that the financing outlined above has many
the corporation, which may be briefly summarized
distinct advantages to
as
From
From
From
2257
Chronicle
4 479,721
in 1938)
Gross
701,448
3 346,646
„
$85,888,530
Total
Total..............
$85,888,530
-V. 150, p. 2100.
■
*
Indian Motorcycle
Maintenance
Taxes
$269,272
of Feb. 29, company had on
provision for Federal income taxes
E. Paul du Pont, President, states that as
its books approximately $1,600,000
Mr. du Pont further states:
worth of unfilled orders.
has been a prosperous one for company, but
criterios of the normal business of the company.
"The past six-month period
it should not be taken
as a
Since the beginning of our fiscal year in September there has been a regular,
moderate increase in our domestic business which may be expected to con¬
During that time, however, we received orders for
cycles for the French army and 1,000 with side cars for the
army at total figures of about $3,000,000.
tinue.
.--—
Operating, selling and general expenses
and repairs
— _ —
Co.—Earnings—
Earnings for 6 Months Ended Feb. 29, 1940
Net earnings after
Total gross earnings.
5,000
motor¬
United States
"While these military orders have produced a considerable income for the
they also necessitated a large increase in our working staff and
heavy purchases of new machinery and other factory equipment.
There is
no expectancy of a continuation of such orders but we are now fully pre¬
pared to handle them if they should be given to us.—V. 150, p. 1769.
company,
to
(less credit of $591,658 in
stockholders says:
1st mtge. & collat. trust 5% 20-yr. sink,
called for redemption and retirement
on May 1, 1940 at 103 and int.
Payment will be made at Bankers Trust
Co., New York. Upon such redemption, the first mortgage which has been
Louis Ware, President, in letter to
depreciation (other than depreciation
included in cost of goods sold, above).-.-....-Loss on foreign exchange (net)....
Net earnings
—
outstanding upon the properties of the corporation since May 1,
1912 will
discharged and corporation will be free of morrtgage liens.
In order to finance the redemption of the first mortgage bonds and the
discharge of the mortgage, the management has arranged for the sale to a
group of private investors of an issue of $4,500,000 serial debentures matur¬
ing serially beginning July 1, 1942 until July 1. 1956 at the rate of $300,000
annually, of which the first six maturities carry interest at 2*A% and the
balance at \
%, making an annual average interest cost of 4.027%. The
serial debentures are being sold at their principal amount, are unsecured and,
in addition, permit the borrowing by the corporation of an additional
$1,000,000 on a long-term basis. This latter additional long-term borrow¬
ing, however, when and if needed, will be subject to the approval of the
preferred stockholders since the preferred shares provide that any longterm borrowing for purposes other .than refunding of present outstanding
indebtedness must have the apprd^l of the preferred shareholders.
be canceled and
c
_
7,190,591
7,262,988
9,296,752
769,801
8,505,506
2,556,360
........$14,798,486 $17,762,889
Charges of Subsidiaries—
on funded debt
Amortization of bond discount and expense
...
Other interest charges.
Divs. declared or accr'd on pref. stock of subs.
consolidated outstanding in hands of public
Interest
—
Minority
income
stockholders'
common
equity
(net)...
Interest Charges of
in
Net income exclusive
Polish
245,612
/-
4,749,925
391,454
29,302
5,562,935
484,476
485,651
$4,894,491
—
$6,889,846
of income of German and
German
consolidated in 1938
of
763,258
294,062
$10,065,172 $13,422,908
—
subsidiaries
income
741,474
Parent Company—
on
Other interest charges
Net
2,653,499
240,851
436,761
interest charges of
funded debt
Amortization of debt discount and expense..,.-.-Interest
2,665,376
491,346
541,056
net
— —
Net income before deducting
The entire issue of $4,500,000
fund bonds, due May 1. 1942 has been
1939 applicable
prior years)
Provision for
parent company
Agricultural Corp.—Bonds Called—$4,500,000 Serial Debentures Placed Privately—No Action on
Plan April 4—
International
4,037,656
,$55,667,954 $60,652,454
18,914,975 19,594,349
4,697,349
4,970,362
and
Polish subsidiaries
See a
148,744
$4,894,491 $7,038,590
German and Polish subsidiaries have not been consolidated in 1939.
Notes—The amount of consolidated net income should not be understood
to represent U.S. dollars actually received by or available to the corporation.
No income or losses of Spanish subsidiaries are included in the above
accounts as financial reports of such subsidiaries are not yet available.
The accounts of subsidiaries located in Germany have not been consoli¬
dated for the year ended Dec. 31, 1939, and the same is true as to the ac¬
counts of the corporation's small sales subsidiary in Poland.
The translation of net current assets of foreign subsidiaries into U. S.
dollars and other exchange losses resulted in a net foreign exchange loss of
$1,536,587 after deducting a profit on foreward xchange transactions.
This loss was the result principally of lower rates of exchange on Dec. 31,
1939, as compared with Dec. 31, 1938.—V. 150, p. 2101.
Net income
a
■
---
— —
The Commercial & Financial Chronicle
2258
Iowa Southern Utilities Co. of
Period End. Jan. 31—
exp.,
earnings...
maint. & tax.
Prov. for retirements
34,500
$4,244,754
2.399,054
387,500
30,000
Consolidated Income Account for
$4,078,661
2.367,702
360,000
Calendar Years
[Including Wholly-Owned Subsidiary)
Net oper. earnings...
$160,356
3,135
Total net earnings...
Interest
on
interest
$1,458,200
41,714
$147,549
4.033
$1,350,959
$1,396,965
702,234
$151,582
58.519
$1,499,914
12,509
7,486
mtge. bonds.
other funded
$163,491
58,151
12,561
7,902
46,006
150,600
701,568
Gross profit
:
Income from other prop.
Other income
$554,963
863,536
39,671
$342,777
1,004,367
98,890
$597,165
1,092,480
74,036
$2,131,798
1,218,538
39,023
$1,458,170
732,111
97,183
$1,446,034
$1,763,681
847,501
96,435
$3,389,359
91,330
382,218
357,938
287,961
190,598
241,127
1,340,551
267,414
1,393,073
229,665
1,394,636
245,181
Net loss for year
$1,335,020
Profit and loss adjust—Drl,006,726
$l,092,517prof$589,724
6,280,737
$1,453,633
Dr242,897
4,584,207
Cr630,453
4,122,143
Cr5,806
4,717,673
$8,622,483
$6,280,737
$4,584,207
$4,122,143
Gross income
on
fdebt
Amort, and other deduc.
150,845
96,491
91.724
Interest payable
Miscell. deductions
Federal
Net ihc. before special
and
$556,022
41,968
$447,394
$514,053
$72,600
$85,344
State
Carrying
a
$72,600
$85,344
^nd other
expenses
and other special
in connection with plan of recapitalization
charges.—V.
150, p.
($28,604)
1939.
■
Previous deficit
Joplin Union Depot Co.—Bonds Offered—Salomon Bros.
Hutzler, Dick & Merle-Smith and Stroud & Co. on April 2
yield 0.40% to 2.85%, according to maturity,
$650,000 3% bonds due 1941-55, of the company.
The
bankers had purchased the issue April 1 on a bid of 102.689.
Five other bids were submitted for the issue, as follows:
Bear, Stearns & Co. and Freeman & Co., 102.086; R. W.
Pressprich & Co., 101.646; Otis & Co., 101.03; Halsey,
Stuart & Co., Inc., 100.987, and the Central Republic Co.,
Deficit-
&
""The
;
V;
J
■■
mission.
Assets—
$
Cash
v
p.
paying
Accts.
receiv.
m
expenses..-
Net earnings
—
•» «•
857,546
~
b Total other assets
a
$1,465,927
688,520
$1,399,993 $16,943,921 $16,568,514
664,710
8,365,846
8,200,827
515,018
$777,407
120,295
$8,578,076
1,441,128
$735,283
117,951
$8,367,687
Fed.
premiums
of
8,540
178,289
limited
A
8,540
174,913
Other
def. charges
curr.
92,858
1,264,918
89,169
1,616,076
180,926
liabs—
66,217
881,673
expense-
Net profit and loss...
$379,689
$355,615
$3,944,254
ed debt
513,716
with
acct.
parent company
Other llab. def...
$0.69
$0.64
$7.06
$6.58
Mortgage
$3,696,150
Earns, per sh. com. after
income tax
19,334
.
Including maintenance and general property tax.—V. 150,
Privately—
p
1771.
'
_
_
The Securities and Exchange Commisson March 30 announced that com¬
pany has filed an application on
(File 70-23) under the Holding Company
Act regarding the issuance and private sale of $16,000,000 of first mortgage
3H% bonds, series due 1970, to 10 insurance companies.
The insurance
companies and the amounts to be taken by each are as follows: Metropolitan
Life Insurance Co., $4,000,000; The Equitable Life Assurance Society of the
United States, $4,000,000; John Hancock Mutual Life Insurance Co.,
$2,000,000; The Mutual Life Insurance Co. of N. Y., $1,500,000; Mass¬
achusetts Mutual Life Insurance Co., $1,000,000; New York Life Insurance
Co., $1,000,000; The Penn Mutual Life Insurance Co., $1,000,000; Aetna
Life Insurance Co., $500,000: New England Mutual Life Insurance Co.,
$500,000; Provident Mutual Life Insurance Co. of Philadelphia, $500,000;
total, $16,000,000.
The application states that Dillon, Read & Co., the company's agent,
expects that a price of 105% of the principal amount can be obtained for
the bonds.
The net proceeds to be received
by the company from the sale of the
security will be applied to the redemption, at 101 % %, of $16,000,000 of the
company's first mortgage gold bonds, 4^% series due 1980.
The balance
will be used for general corporate purposes.
> A hearing has been set for April 17, 1940, in the Securities and Exchange
Commission's Washington offices on the declaration .(File 70-23) of com¬
pany regarding the issuance and private sale of $16,000,000 of first mortgage
3H% bonds to insurance companies.—V. 150, p. 1603.
Keith-Albee-Orpheum Corp.—May Repurchase Stock—
plan of recapitalization may be presented soon, officers
of this company will ask stockholders at their annual
meeting on April 10 to
a
approve amendments to the certificate of incorporation permitting the
repurchase of outstanding preferred stock.
If such authority is given, the
management will ask permission to repurchase 3,000 shares at $100 each.
payable
reserve...
Total
....25,447,544 28,213,678«
and its security holders if an opportunity were offered to
preferred stock¬
holders to sell to the corporation certain shares of their preferred stock at a
price higher than that which has prevailed on the New York Stock Ex¬
change during recent months."—V. 150, p. 437.
Kellogg Switchboard & Supply Co.—New Director—
At the annual stockholders' meeting held March
27, Maurice K. McGrath
elected a director to fill the vacancy caused by the death of
was
George A.
All other directors
were
re-elected.—V. 149, p. 2977.
Kelsey-Hayes Wheel Co.—Directorate Reduced—
Company has notified the New York Stock Exchange of change in its
by-laws reducing the number of directors from 11 to 9 and change in com¬
pany's fiscal year from the calendar year to Sept. 1 to Aug. 31.—V. 150,
p. 1772.
participating dividend of $1.38 per share in
to the regular quarterly dividend of $1.50 per share on the $6
preferred class A stock, both payable June 1 to holders of record May 10.—
a
Total
Lehigh Valley Coal Corp. (& Subs.)—Earnings—
Calendar Years—
1939
Sales of coal
Gross prof it
Selling,
State
gen.
&
$1,119,762
791,563
$1,596,770
787,442
$3,262,223
373,903
300,024
98,681
$19,661
97,128
$45,703
92,432
pf.$509,303pf$2,425,255
$116,789
914,964
$138,135
1,122.607
pf.$414.031 pf$2,337,974
1,193,735
1,281,014
$798,175
$984,472
$1,607,766
732,699
784,537
847,500
920.316
241,127
267,414
229,665
"2,900
"~6~, 600
245,181
2,725
104,808
15,900
93,325
Cr2,170
1,449,124
10,302
1,417,411
&
other oper
Tot. loss from oper
Other income
Total income
Interest
on
-
funded
serve
Prem.
on
_
_
on
bonds purch..
for surtax
on
.
Equity of minority stock¬
holders in net
inc.
of
subs..
Cr9,627
1,382,157
Cr8,298
1,447,878
$1,548,181
$1,509,958
Depletion & deprec'n
Net loss
$938,854prof$824,919
Consolidated Balance Sheet Dec. 31
'
1939
$
2,337,688
Notes
A
1,354,131
receivable
1,696,861
2,165,593
1,653,490
424,897
Other assets
878,270
981,186
a Inv. in property.20,809,581
22,633,095
Inv. in Burns Bros.
117,376
282,376
Coal
Inventory
Inv.
in
retail
tribute
Wages
payable.
1,073,771
128,959
1,171,110
295,713
Interest accrued..
agents..
1,264,018
1,604
diately and receive the full redemption price, with interest to June 1.—
2103.
Kroger Grocery & Baking Co.—Sales—
Period End. Mar. 23—
1940—4 Weeks—1939
1940—12 Weeks—1939
Sales.
$19,671,054 $18,423,464 $57,278,915 $53,620,204
3'92®
3,951
Long Island Lighting Co.—Obituary—
Flagg Van Doorn,
and
its
director of this company and formerly a
for over 25 years, died on March 29.
a
Treasurer
>
,
.
1,500,000
513,716
llabll-.
48,424
Federal taxes, Ac.
152,180
49,710
161,052
462,262
1,331,637
Other
curr.
local
taxes
66,955
1,616,076
Mat'd funded debt
423,501
A int. accrued..
9,785
16,480
42,817
477,829
13.612,000 13,612,000
137,023
142,672
40,000
Mtge. payable
Deferred liabilities
Funded debt
1,083,822
80 652
101,347
11,370,450 11,370.450
9,412,052
9,412,052
c Surp. at organlz.
4,012,780
4,004,841
Deficit
14,039 934 11,471,376
d Treasury stock.. Drl58,385 Z>rl58,385
6% pref. stock
b Common stock..
Kresge Foundation—Notes Called—
—V. 150, p. 1773.
339,396
1,500,000
Int. accr* don fund¬
Minority interests.
The Foundation, through the National Bank of Detroit,
trustee, has
called for redemption on June 1, 1940 all of its
outstanding 10-year 3H%
collateral trust notes due 1947 at 104 and accrued interest.
Payment will
be made at the office of the National Bank of
Detroit, or at the option of
the holder, at the principal New York office of Bankers Trust
Co.
Holders are advised that they may present their notes for
payment imme¬
Russell
319,507
Coll. notes payable
Reserves
Vice-President
430,492
182,737
435,920
151,630
Accrued State and
coupon
Edwin K. Gordon has been elected a Vice-President of this
corporation,
according to David H. Knott, Chairman of the Board.—V. 150, p. 2103.
-V.eS160.pPexr604n
%
300,000
372,093
_.
ed debt
facils-.
1938.
806,340
42,000
Work, com p. ins
dis¬
Sink, fund assets..
$
505,429
.
Accr. sk. fd. obJig.
916,254
422,099
Deferred charges..
Deps. with
Liabilities—
Accounts payable
Note pay., bank..
accounts
Material A suppl's
1939
1938
$
Assets—
Cash
Knott Corp.—New Vice-President—
p.
$3,618,988
un¬
distributed profit
V. 150, p. 2102.
150,
87,281
re¬
coal land
Prov. for Fed. inc. taxes
Prov.
95,273
and
unfunded debt (net)
Carrying charges
738,297
social
from
on
1936
397,460
&
mining
selling coal
Loss
1937
$1,318,714
940,916
& adm. exp.
Fed.
security taxes
Loss
1938
$16,703,660 $15,557,897 $17,845,422 $18,842,281
15,384,945
14,438,134
16,248,652
15,580,049
Cost of sales
addition
V.
6,280,737
25,447,544 28,213,678
investment in Burns Bros.—V. 150, p. 998.
Advanced royalties
Co.—Participating Dividend—
40,000
13,612,000
137,023
5,820,784
468,330
16,480
42,818
13,612,000
142,672
9,465,000
a After reserves of $46,808,819 ($48,229,232 in
1938) and surplus arising
from revaluation of $8,847,044 ($9,149,915 in 1938).
b Includes $60,000
paying
Kendall
9,785
9,465,000
8,622,483
Earned deficit
George J. Schaeffer, President, said that "pending the plan of recapitaliza¬
tion, the directors have decided it would be advantageous to the corporation
Directors have declared
5,820,784
1,076,323
,
Funded debt
Mining
Capital stock
Kansas Gas & Electric Co.—To Sell $16,000,000 Bonds
182,737
1,500,000
Notes payable and
19,023
65,186
828,284
Yanochowski.
319", 507
Mat'd fd. dt., Ac.
1,320
5,449
71,485
Indicating that
6,508
com-
Int. accr'don fund¬
102,479
2,268,985
1,560
5,642
83,392
11,200
137,179
pensa'n insur'ce
151,630
Coll. note payable 1,500,000
term
investments
Miscl. income deductions
Fed. & State inc. taxes..
a
4,500
139,017
un-
Accr'ds.f.obllga's
1,387,579
102,479
2,122,990
1,282,043
accr.
State
Workmen's
20,916,779 22,789,880
open
Depreciation.
47,084
410,963
taxes
Ac
Stripping
72,180
employm't tax-
Aunadj. items..
434,633
to
co
Federal taxes
423,501
1,045,784
Amort, of discounts and
Amort,
339,396
local
1,604
936,368
427,484
Accrued State and
Real est., bldgs.,
Total
370,076
fund,
payable
affiliated
structures, eqpt.,
leases, contracts,'
1940—12 Mos.—1939
1940—Month—1939
payable—
accr. on
Acct.
45,379
410,820
511,006
Inventories
584,458
42,000
Ac
48,401
289,610
rec.
$
359,124
debt, notes pay.,
for
coal—customers
Advanced royalties
Interest charges
m
Total sinking fund
Kansas City Power & Light Co.—Earnings—
Operating
Wages
Int.
cos
1938
$
Accounts payable.
66,955
agents..
affiliated
"
4404.
Period End. Feb. 29—
Gross earns, (all sources)
Liabilities—
$
172,625
Accts. receiv. from
like amount of bonds maturing May 1,
a
1939
Note payable
assets
140,
■'
■
1,385,997
Miscell. accts.
"
1938
Dep. with coupon
■
Proceeds will be used to retire
next.—V.
a
1939
■
.
.
.
Interstate Commerce Com¬
issue is subject to the approval of the
1,358,748
Consolidated Balance Sheet Dec. 31
reoffered to
96.5772.
920,316
84,792
•
$447,394
expenses on re-
coal lands
serve
Deprec'n and depletion.
Net income
789,911
in-
&C., taxes
come,
charges
Prov. for legal fees...
a
1936
$14,157,988 $16,156,094 $17,432,537
13,815,211
15,558,929
15,300,739
$14,851,000
14,296,037
of sales.
1937
1938
1939
Sales of coal....
Cost
■Other income
April 6, 1940
Lehigh Valley Coal Co.—Earnings—
1940—12 Mos.—1939
1940—Month—1939
$417,009
$381,621
222,153
204,072
-Gross oper.
Oper.
Delaware—Earnings—
Total
...29,647,382
33,068,1231
Total
29,647,382 33,068,123
a After
depletion and depreciation reserve $49,059,376 in 1939 and
$50,443,001 in 1938: also after deductions, surplus arising from revaluation
of properties, $8,847,044 in 1939, and $9,149,915 in 1938. b Represented by
1,205,437 no par shares,
c Consisting of $2,642,319 declared by directors
as initial surplus of parent company, together with $1,370,461 representing
excess of net assets of subsidiary companies at Jan. 1, 1929, over statutory
declaration of value of parent company 's capital stock issued in exchange for
capital stock of subsidiaries, incl. stock acquired by purchase,
d 750 3-5
preferred and 5,000 common shares.
Note—Ownership by the Lehigh Valley Coal Corp. of stock of Lehigh
Valley Coal Co. is through the medium of ctfe. of interest.
Under tne
S. District Court, dated Nov. 7, 1923, trustees were au¬
thorized to issue 1,212,160 certificates of interest in the 189,300 shares of
capital stock then outstanding all of which capital stock is pledged under
the Lehigh Valley RR.
Cq.'s general consolidated mortgage, maturing
2003 —V. 150, p. 1940.
decree of the U
Volume
The Commercial & Financial Chronicle
ISO
Lehn & Fink Products
(R. G.) Le Tourneau, Inc.—Earnings—
Corp. (& Subs.)—Earnings—
1938
1937
$914,252
84,852
$647,098
86.754
$828,946
87,610
$1,057,101
$829,400
40,182
$560,344
47,399
$741,336
57,429
1939
Depreciation
Period Ended—•
27,683
Other income
$869,582
408,572
$607,743
453.179
y97,000
a40,595
*21,879
x38,320
$624,661
$420,414
495,875
$532,622
$685,086
500,000
600,000
$1,084,784
Profit f rom foreign opers.
Net profit
545.463
Common dividends
$32,622
$85,086
400,000
400,000
Earnings per share
$1.33
$1.71
a loss,
x Profit
from foreign operations, exclusive of $17,238 in 1936
and $18,917 in 1935. profits earned by foreign subsidiaries in countries sub¬
def$75.461
$79,198
400,000
$1.56
Surplus.
8hs.com.stk.out.(par$5)
400,000
$1.05
ject to exchange restrictions and credited to reserve for foreign exchange
fluctuations,
y including $2,000 in 1937 and $9,000 in 1936 for surtax on
undistributed profits.
z After
deducting $13,933 representing foreign
taxes on dividends received from foreign subsidiaries during the current year
$5,873,381 for cost
b After deducting
deducted at the source,
were
of goods sold, selling, general
and administrative expenses.
Assets—
a
Accts.
Loft, Inc.—To Reduce Directorate—
less reserve
492
986,039
1,303,703
1,343,527
1
23,667
Radnitzer.
The candidacies of Messrs.
,
suffer
b Investments
Tradem'ks,
names,
Prepaid
$314,681
100,000
expenses..
Less
for depreciation of
reserve
2,000,000
1,915,939
2,000,000
Capital stock
Earned surplus
of mdse.
a
$5,008,503 $4,852,739
Total
$1,170,883 in 1939 and $1,0T4,672 in
companies.—V.
34,092.512
325,890
$1,876,558
$1,532,317
97,637
$2,566,057
86,373
94,360
$2,759,786
81,947
$1,962,931
Gross profit.
36,542,941
442,067
$1,629,954
$2,660,418
$2,841,733
26,076
12,383
113,054
49,483
Other income.
Totaiincome..
scrapping
through
•
45,681
23,183
of fixtures, &c
Miscellaneous
charges..
Prov. for Fed. inc. & ex¬
152,645
1
„v.:
cess profits taxes
Federal surtax
$1,535,318
$1,299,232
6H% pref. stk.
4>£ % pref. stk.
144,000
stock.
790,000
144,000
790,000
Shs. outstdg.—-common.
400,000
$3.48
400,000
$2.89
$2,181,510
$2,003,617
144,000
987,500
400,000
$4.65
on common
Earnings
per
share
88,830
19,331
1940
400,000
$5.18
$
Assets—
3,094,074
2,801
2,506,595
rec.
9,359
28,175
Mdse. inventories.
3,404,382
3,151,857
Cash
Rents receiv. (net)
Miscell. accts.
172,855
Deferred charges.
.
less
■>'■■■ ■'"'".■■■I:
'
$
a
band.
13,844
13,424
Fed.
376,438
261,432
134,986
39,208
$733,593
209,050
834,400
$1,337,080
210,000
1,043,000
_
_
203,550
520,000
—
.
$238,274 def$309,857
$84,080
9,208,953
8,973,364
9,323,411
520,000
520,000
521,500
Earns, per sh. on com
$1.50
$1.01
$2.16
a Includes net miscellaneous income,
b Includes $47,468 for undistributed
profits taxes, c No provision for Federal surtax on undistributed profits.
$360,516
9,448,205
520,000
$1.69
Balance, surplus
Profit & loss surplus....
Com. shs. out. (par $25)
Consolidated Balance Sheet Dec. 31
1939
$
Goodwill
deps.
8,085,060
8,085,060
8,252
9,055
Cash
2,788,429
2,637,642
Accts. receivable..
2,124,083
4,282,353
2,193,122
4,004,683
Prov. for Fed. and
in
process
of amortization.
307,704
323,285
900,347
847,072
Res. for replacem't
Defcrrad charges &
prepaid expenses
30,025
27,350
391,939
x
49,083
48,224
1,319,950
26,999
Preferred stock.. 3,200,000
1,224,250
24,596
y
Common stock..
700,000
700,000
Other
426,974
6,224,412
426,974
Revenue from other rail and coach
13,795,991
12,671,195
Earned surplus...
Total
x4M% cumulative preferred stock, par $100.
shares.—V. 150, p. 1604.
y
3,200,000
Represented by 400,000
no par
$2,560,715
Miscellaneous income-..
93,796
Balance
Totaiincome
Res. fordepr.A depl.,&c
Interest payable. &c
Fed. and State taxes
Amt. of net inc.
$2,654,511
1,639,943
348,995
13,221
2,196,137
$2,587,589
1
1,906.566
$2,337,089
121,941
80,293*
$2,387,382'
_
_
$2,709,530
1,316,741.
271,191
193,903
584,150
$1,037,499
1,074,693
164,574
al90,610
250,975
$1,288,474
582,618
62,390
a48,666
of sub.
minority
Drl5,212
Drl2,170
Dr64
$912,483
434,847
$6o2,352
434,989
$1.50
$945,335
640,149
$2.17
$594,735
290,075
$1.43
$2.10
$5,260 ($21,518 in 1936) Federal surtax on undistributed
profits, b The company purchased all of the assets of Lion Oil Sales Co.
(a subsidiary company) on July 1, 1936, and the latter company was
a
Includes
The consolidated income statement includes
operations of Lion Oil Sales Co. for the six montsh ended June 30,1936.
Consolidated Balance Sheet Dec. 31
dissolyeid.
thereafter
1939
Property,
and
%
Cash
plant
equipment. 13,015,585 12,470,017
145,109
128,039
628,107
1,242,055
(net)
Life ins., cash val.
2,093,280
797,390
129,855
708,553
117,605
Invest. & advances
Unamort.
113,530
290,010
12,513
disct. &
Total
x
397.
204,827
247,724
88,378
17,442,865
After depreciation
y
7,577,769
7,559,649
Reserved for issue
in connection
32,411
34,591
3,206,500
3,421,500
3,469,931
Accounts payable.
Accrued expenses.
777,465
592,039
91,731
1,034,050
711,298
154,255
with merger
1952..
1,016,219
Surplus
Interest on
142,629
892
1,374
$39,962
200
...
funded debt
unfunded debt.
Net loss
-V. 150, p.
$104,240
134",080
$105,064
on
$102,371
1,869
$29,908
Gross income
Miscellaneous rents
1441.
McCall Corp.—To Vote on
for William
President s Contract—
annual meeting April 16 to approve a
The contract will run three
B. Warner, President.
and in the event
up to $500,000,
of the excess over $1,000,000.
years from Jan. 1, 1940, and provides a salary of $75,000,
of net earnings of $500,000 pr more, bonuses of 5% of earnings
the next $500,000,land 2j^%
—V. 150, p. 990.
314%,
on
•
Net
.
.
McGraw Electric Co.—Earnings—
Calendar Years—
1939
1938
-
1937]
1936
after deduct¬
sales,
ing discts., returns and
$5,403,094
$6,919,554
$5,797,501
$5,884,315
5,240,032
4,710,595
4,643,123
4,199,106
profit from oper.. $1,679,523
Other income
71,859
$1,086,907
$1,241,191
$1,203,987
35,791
37,572
39,586
$1,122,698
$1,278,763
$1,243,573
before ad¬
justments of res. &
prov. for inc. taxes. $1,751,382
Expense of moving Toastmaster
1,057,591
17,274,431 17,442,865
and 1938, $9,889,and 1938,434,950.—V.
48,440
division
Provision for Federal and
238,397
profit
x338,200
xl82,400
*334,237.
$1,413,182
$891,858
$944,526
$1,005,177
827,050
State income taxes—
Net
Dividends
Represented by no par shares: 1939, 435,003
$254,877
152,506
311
$29,597
Operating income.
Non-operating income.
472,600
472,696
827,386
z236,396
y472.600
y472,600
y472,600
$4.25
$1.99
$1.88
Earnings
$2.99
x Includes
provision for Federal surtax on undistributed profits of ap¬
proximately $89,000 for 1937; $15,000 for 1938 and $24,000 for 1939.
y $1 par,
z Par. $5.
stk. outst'd'g
per share
Shs. of cap.
and depletion: 1939, $10,779,450
150. p. 1441.
158,321
$1,950,661,
1.455,765
240,018-
Net profits
Oth. long-term dt. 2,928,442
Notes payable
1,051,854
Total
$187,918
..... ..
-
Net
outstanding
232,586
:
115,999
17,274,431
expense
Deferred charges..
$
Capital stock
Deb. 4Hs,
Other curr. assets.
....
___________
allowances
Funded debt due..
2,168,720
Notes & accts. re¬
ceivable
$2,025,689
1.605,186
Cost of goods sold, gen,
& admin. & sell. exps.
1938
$
Liabilities—
y
Patent license
Inventories
1939
1938
$
Assets—■
x
the
287
17,968
— .
......
...
operating revenue
Interest
1939
$1,932,406
128
9,295
— —
operations
Stockholders will be asked at the
common
Earns.persh.oncom.stk.
1940
$2,016,266
—
from transportation._______
Operating revenue
Operating expenses
Depreciation
contract
stockholders..-
Net profit
Dividends paid
revenue
_.
bl936
$9,428,695
6,807,046
1937
applicable to int.
cos.
of
Calendar Years
Angeles Ry. Corp.—Earnings—
Passenger revenue
Net
$10,831,474 $11,329,784 $1o,5o5,j66
6.546,058
6,341,412
6,193,552
2,077.207
Los
2 Months End. Feb. 29—
Taxes.
Co.—Earnings—
Consolidated Income Account for
1938
1939
Adm. & gen. exp., &c
Includes 1,290 shares in
5.629,344
year..
Capital surplus
Gross oper income
Cost of sales
y
Processing tax recovered.—V. 150, p. 1940.
z
x
Lion Oil Refining
28,586,115 28,302,119
Includes at par 28,303 shares in treasury,
Deferred Income..
12,671,195
9,4 8,205
stock...Dr836,575
Total
28,586,115 28,302,119
Total
treasury,
61,358187,456
9,208,952
Dr836,575
employees'
Earned surplus..
22,470
418,250
28,499
206,461
of equipment
pensions
Real estate mtges.
13,795,991
446,451
z446,452
dispute..
due
Accts. pay. not
Total
tax in
220,178
Res. for Fed. taxes
within
252,500*
285,710
Res. for processing
36,588
-
270,945-
286,166
taxes
State inc. taxes.
96,588
323,959
Ad
Treasury
and contlng's.--
479,496
valorem, cap.
stock & franchise
marks
Patents
118,000
245,649
4,200,000
y
&
credits..
$
stock..13,707,575 13,707,575
Common
6% pref. stock.. 4,200,000
468,106
Accts. pay. (trade)
Accrued expenses.
345,516
trade¬
&
$
Liabilities—
x
9,993,300 10,165,606
Prop., plant & eq.
1938
1939
1938
$
Assets—
Res. for
inc..
instalments
Mtge.
26,001
$1,084,066
5 % pref. stock di vs
Common dividends
Investments
Other accts. pay..
Cust'ers'
34,064
$988,074
203,800
546,000
other
taxes
than
49,557
40,787
_
ing fund..
712,891
267,563
discount
unred.
'■,;.
$
Acer. sal. & exps..
Acer,
2,300
c244,413
1936
$2,532,797
839,877
2,300
b327.540
50,000
sales &
on
capital assets
Sundry charges
5% pref. stk. sink¬
trade,
Accts. pay.,
179,152
6,400,536
398,572
1939
Liabilities—
6,309
6,693,442
419,078
Other assets
Fixed assets ("net).
1940
1939
$
V
873.817
Inventories
1,186,000
Cosnolidated Balance Sheet Jan. 31
**
3,713
264,497
Fed. & State inc. taxes..
$1,888,188
Provision for employees'
,,
397,559
110,019
365,380
128,884
292,263
358,748
...
Consol. net profit
on
844,734
Net income
35,961,828
503,351
$2,192,260
866,438
2,365
245,039
$2,274,278
Amortization..
of
38,075,439
548,220
sell. & gen. expenses..
on
Net prof.after oper .exp
Depreciation..,
Losses
Subs.)—Earnings—
and
sold
(& Subs.)—Earnings-
Consolidated Income Account for Calendar Years
1937
1938
1939
1939
1938
1937
$40,500,217 $37,997,496 $39,551,065 $37,178,189
Depreciation
Divs.
Divs.
Divs.
a
Loose-Wiles Biscuit Co.
2,086,740
1940
Net sales
Loss
report filed with the
year,
mission.—V. 150, p. 2104.
pension fund
Lernlbr Stores Corp. (&
the preceding fiscal1
Securities and Exchange Com¬
the fiscal year then current or
profits for
net
according to
101,725
249,593
150, p. 1940.
Cost
of
out
150,000
b Investments in and advances to foreign operating
Years End. Jan. 31—
of dividends on the
Feb. 9 voted to permit the declaration
541,005
$5,008,503 $4,852,7391
Total
a
on
capital shares of the company either out of net assets in excess of capital,,
in accordance with Delaware laws, or, in case there shall be no such excess,
trade
Ac
having held an office or directorship of
(other than expenses and the usual fee for attendance at meetings)
capacity in respect of which such loss or liability occurred.
sation
Fed. inc. tax pay.
•
1938.
incur out of his holding or
or
Loft, provided that at the time of the arising of the cause or action in respect
incurred he was an officer or director of
Phoenix and of Loft and was serving the latter company without compen¬
of which such loss or damage was
Reserves
142,084
Dom. ot Can. bds.
Colpitts, LeRoy and Mack for reelection as
are thfe subject of an arrangement or understanding between them
and Phoenix, according to the proxy statement.
Under this arrangement
each is indemnified by Phoenix against loss, damage or liabilities he may
directors
Dividend Plans—
1
13,174
...
in the board of directors tp
as
Carner, Walter W. Colpitts, Walter F. Fitzgerald, Edward A. LeRoy Jr.,,
Alfred B. Hoppe, Walter S. Mack Jr., Arthur J. Patton and Adolph
Directors
Notes payable
465,822
50,012
1,014,653
22
48,522
Sundry debtors...
be held April 10 in lieu of the annual
compared with 12 formerly.
Three directors are retiring.
The directors nominated fbr reelection are: Francis P. Burns, James W.
nine members
1938
$401,558
&c
taxes,
$6,478,841
1,476,018
been made in the current year for surtax on un¬
149, p. 3876.
provision has
Stockholders at the special meeting to
.
accrued interest,
receivable,
Inventories
payable,
Accounts
489,488
860,099
$7,942,525
1,892,883
$353,682
66,075
meeting will be asked to vote on a reduction
in the
1939
Liabilities—
1938
1939
Capital assets...$ 1.293,549 f 1.333,948
No
x
Consolidated Balance Sheet Dec. 31
Cash
Net income
distributed profits.—V.
$798,766
yl52,000
a6,944
Total income
Federal taxes.
$388,681
74,899
Net sales
x
Balance
which
-Month
12 MonthsFeb. 29, '40 Feb. 28, '39 Feb. 29, '40 Feb. 28, '39
1936
b$l,136.637
79,536
Colen iar Years—
Profit after expenses
2259
The Commercial & Financial Chronicle
2260
Assets—
Inventories
c
472,600
500,000
1,031,549
1,066,760
2,401,177
1,819,367
Common stock..
Paid-in and capital
supplies,
Investments, &c._
b Plant accounts.
$158,066
269,395
$143,677
484,002
Accrued liabilities,
Prepaid Insurance,
42,235
55,139
1,074,631
.
37,068
68,112
surplus
23,725
Mandel
Earned surp. since
Jan. 1. 1933
1,001,881
d
Development work
(new products).
Bros., Inc.—Earnings—
Years Ended Jan. 31
1940
1939
Net sales.
.__$18,089,250 $17,798,545
Dr66,933
Cap.stk.lntreas
_
Cost
20,377
of
goods
operating
Patents, tradem'ks
and goodwill...
1940
Virginia, and 15,986 of the 16,000 out¬
standing shares of Fayette County Gas Co.
The applications were filed as part of the general program for the pro¬
posed consolidation of the Manufacturers Light & Heat Co. (old company)
Manufacturers Gas Co., Pennsylvania Fuel Supply Co. and Gieensboro
Gas Co. (See File 70.7).—V. 150, p. 1773.
1938
1939
Liabilities
Accounts payable.
..$1,687,087 $1,107,262
856,428
770,469
893,857
741,485
Receivables
a
1938
1939
Cash
April 6.
Gas Co., Natural Gas Co., of West
Comparative Balance Sheet Dec. 31
1
1938
_
_
1937
$19,377,722 $18,668,825
and
sold
17,737,103
17,563,100
18,881,885
18,132,503
$352,147
$235,445
$495,837
$536,322
168,452
174,555
237,412
153,111
$520,599
$410,000
$733,249
$689,433
208,412
50,000
expenses
Operating profit
211,240
209,952
a100,000
9,372
194,630
Income credits—Interest
Total
After
a
in
reserves
b
in 1938.
1938.
After
in 1939 and $41,959
of $42,637
for doubtful accounts
earned,
shares of common stock.—V. 150, p.
&c
Gross profit
Pro v. for deprec. of prop.
for depreciation of $671,836 in 1939 and $675,646
stock of $i par value,
d Represented by 27,400
reserve
Common
c
$4,533,005 $3,746,654
Total
$4,533,005 $3,746,654
and
1940.
improvements
Federal taxes.,
Miscellaneous
McKesson & Robbing,
.
Inc.—Sale of Distillery—
$407,630
306,600
$0.86
$0.49
$1.39
$1.33
or
Cash
Sundry
rec.
lnvestm'ts
largest in the country, but
would be continued.
Mc¬
Prepaid
Total
Inventories
y
was
obtained
by a committee of
common
stock
'
McLellan Stores
Co.—Earnings—
Feb. 1 '39 to Feb. 1 '38 to Feb. 1 '37 to Feb. 1 '36 to
Jan. 31 '40
Jan. 31 '39 Jan. 31 '38 Jan. 31 '37
Period—
Net sales
$23,086,048
Cost of sales, sell, and adminis, exps., int., &c.,
,
21,630,378
20,983,145 a21,121,923
20,315,284
$1,455,670
$1,298,923
$1,493,364
$1,677,022
363,928
312,007
294,828
266,472
Miscell. other charges.
Prov. for Fed. inc. taxes
3,435
115,000
3,129
123,000
4", 33 7
62,881
15,635
11,963
156,576
Net profit for period..
$973,306
179,970
Deprec. of bldgs. & fixts.
& amort, of invest, in
improvem'ts
Prov.for deprec.& consol.
inventory
_
$860,788
179,970
439,881
733,185
733,188
$0.93
$1.30
share
439,878
•,
Cash
on
1940
hand,
1939
Liabilities-
in
$1,383,668
inventory &
$911,396
Accrued expenses.
395,251
$960,579
332,045
less reserve
116,000
894
income tax
Res.
30,181
53,834
Claims with fire In¬
for
scrip
Res. for tort claims
surance compauy
42,512
30,907
5,834
5,198
1
1
71,978
88,863
.stk.(par $1)
Capital surplus
1,464,775
1,441,720
10,000
Earned surp. since
Res. for insurance.
a
Securities (nominal
6%
cum.
42,512
Leasehold valua'ns
1
2,999,500
733,186
2,999.500
733,186
779,914
775,823
163,911
Jan.1,1935
Invest, in leadeh-d
improvements..
Prepaid ins.,taxes,
store
suppl, &c_
Total
Total
$8,735,584 $8,373,389
v
i
outstanding common stock is shown upon the basis of treating
137 shares (189 shares in 1939) of new common stock for
issued
as
though
137 shares
(189 shares in 1939) of old class A common stock, not
yet converted; 282
8hares (360 shares in 1939) of new common stock
to be issued in connection
with the conversion of 188 shares
(240 shares in 1939) of old series A 6%
prer. stock and 16 shares of new common stock to be
issued in
plus subsequent additions
at cost.—V.
c
.
.
„
.
Earnings
per
share
Feb. 29, '40
reserve for
9 Months'40 Feb. 28, '39
$224,414
$280,890
$272,835
$1.12
$0.99
on
Manufacturers Light & Heat
The Manufacturers Light
$1.02
Federal
Natural Gas Co
Cost of sales
Deprec. & depletion
Interest (net)..:
538,742
...
Amort, of bd. disc.& exp.
Prov. for loss on assets of
Calendar Years
1937
449,359
132,121
16,042
122,973
15,387
1936
464,941
137,165
17,907
sub. in liquidation
18,752
125,612
Flood loss
432,712
170,928
26,080
50,950
Prov. for Federal & State
income taxes.
b40,000
a40,000
$360,374
$0.56
$279,805
; $0.15
11,000
$33,631 loss$340,986
Nil
Nil
x Includes profit on joint venture of $22,756 and rentals and other
income,
&c.
(net) of $9,635.
y Includes
profit on joint venture of $20,934;
profit on sale of timberlands, stumpage, fixed assets, &c., of $18,356, and
rentals and other income, &c.
(net), $15,051.
z Includes
recovery of
account receivable applicable to prior years, $29,808; profit on joint venture
of $23,403, and other income of $20,136.
a No provision for surtax on
undistributed profits,
b Includes $5,000 Federal surtax on undistributed
c Includes profit on joint venture of $9,037; profit on sale of
profits,
timberlands, stumpage, fixed assets, &c., of $10,744, and rentals and
other income, &c. (net), of $16,997.
Consolidated Balance Sheet Dec. 31
1939
1938
$
$
Assets—
on
a
hand
516,997
524,143
in
assets
operations
timber
at
720,331
turities due, cur.
Due on timber pur¬
Prepaid
deferred
542,163
478,395
Notes payable
450,000
157,533
350,000
208,287
167,836
Acfcrued
293,729
248,546
26,000
2,202,000
2,350,500
662,589
319,849
expenses.
Prov. for Fed. and
State inc. taxes.
cost,
863,983
1,061,238
debt
Funded
Reserves
3,813,738
4,763,308
Deferred income
56,051
63,028
1st
pf.stk. (par $50) 3,249,000
7% cum. pref. stk.
3,249,000
5%
and
charges
175,000
Accounts payable.
210,477
buildings,
exps.
150,000
chase contracts.
and
mrch. & equip..
$
ma¬
2,718,358
158,950
Timberlands
b Land,
fund,
other
836,070
Investments and
-other
1938
$
3,020,612
Receivables
Inventories
■*
1939
Liabilities—
Bonds, f. pay. and
244,917
282,625
conv. cum.
($100
par)
45.800
45,800
Com. stk. (SI par)
417,591
417,591
Capital surplus...
2,236,383
3,310,776
9,997,430
10,758,875
Earned surplus ac¬
Corp.
The companies also filed an
application (File 70-26) regarding the issu¬
and sale by the new
company of $7,500,000 4j^s% 30-year notes to
Columbia Gas & Electric Corp.
Supply
Greensboro Gas Co., Gettysburg Gas Corp., Cumberland &
Allegheny
first mortgage
x$8,968,176 c$6,997,135 y$9,782,542 *$9,141,882
8,617,791
8,246,443
6,740,599
8,141,406
cumulated
ance
-,V
1605,
Consolidated Income Account for
1939
1938
Net sales.....
Gettysburg Gas Corp., Cumberland & Allegheny Gas Co.,
of West Virginia, and Fayette
County Gas Co. in exchange
Columbia Gas & Electric Corp. owns
450,482 of the 450,608 outstanding
shares of the Manufacturers Light & Heat Co.
(old company), all the outlanding shares of Manufacturers Gas Co., Pennsylvania Fuel
3,922
Mengel Co. (& Subs.)—Earnings—
for common stock of the new
company and the assumption of their liabilities.
The new company will be a
subsidiary of Columbia Gas & Electric
o.,
$486,637
\
$4,709,000 outstanding.—V. 150, p.
less depletion
Co.—Proposed Acquisition
& Heat Co., Manufacturers Gas Co., Penn¬
sylvania Fuel Supply Co. and Greensboro Gas Co. have filed with the
Securities and Exchange Commission an
application (File 70-25) regarding
the acquisition by the Manufacturers
Light & Heat Co., a new company
of the assets of
x$20,995
440,755
20,964
1939
•
Properties not used
$0.82
After deprec. and all other
charges, but before provision for
surtax on undistributed earnings.—V.
150, p. 132.
x
x$31,591
10,596
.
Cash in banks and
Feb. 28, '39 Feb. 29,
$306,468
common stock
_
...
$6,415,613
4,654,333
863,870
500,000
429,000
bonds to April 1, 1945, and to reduce interest rate to 5% has been declared
effective.
Deposits of bonds amounted to a little more than 85% of the
depreciation
(& Subs.)—Earnings—
3 Months
—
.
Less
150, p. 1940.
Madison Square Garden
Corp.
Period Ended—
Net profit..
3
connection
scrip certificates,
—
Effective—
....
a The
outstanding preferred stock is shown upon the basis of treating as
though issued 188 shares (240 shares in 1939) of new preferred stock for
188 shares (240 shares in 1939) of old series A
6% JJl UlUHuU, stock,
preferred otUvIV.
b The
vja. vi.u oca
v /0
W
1 Uu
„
Plan
Net profit
Earn, per share on com.
....$8,735,584 $8,373,389
with the conversion of 31
Loss.
X
2,246,525
1,370,883
166,323
155,142
2,593,292
b Com
1
1,509,945
30,907
153,643
con v.
pf. stk. (par $100)
value)
Real estPte
Furniture & fixt's
10,000
Res've for conting's
rec.,
less reserve
...
<
.1940
$6,426,329
4,560,651
•
711,141
500,000
424,000
...
re¬
tirement
bond sinking
1, 1939, for
$211,656
—
.
Net loss
128,788
890
3,834,404
upon offcial
due April 1.
$237,357
424,583
20,699
3,731
—
inW™
Interest charges
Reserve for Federal
mdse. in transit. 4,081,727
Miscell. accts. rec.,
*
accts.
1939
Accounts payable.
bks.&in transit $1,362,307
Other
1940
1939»
$230,536
6,821
—
...
The plan to extend the maturity of the outstanding 7 %
Comparative Balance Sheet Jan. 31
Assets—
in
Ry.—Earnings—
Amortization of debt discount and expense..
Other income deductions
$1.43
439,886
stk. (par $1)__
Other
Including $109,042, social security taxes.
Mdse.
421,277
$7,489,514 $7,477,932
Total
Years Ended Jan. 31—
Operating revenues
,
Operation.
....
Maintenance and repairs..
Appropriation for retirement reserve
Taxes (other than income taxes)
,226,376
180,000
696,475
733,195
$1.08
dividends....
Common dividends
$1,131,318
179,985
733,185
Preferred
a
Capital surplus... 2,274,505
surplus...
458,557
Earned
Co.—Listing—
...
Gross income
per
85,100
2,274,505
x After
depreciation of $1,747,436 in 1940 and $1,679,921
Represented by 296,800 no par shares.—V. 150, p. 1773.
Market Street
$22282,068 $22,615,287 $21,992,306
•
less other income
com.
54,908
446,062
65,377
Commencing Feb. 26, 1940 the Guaranty Trust Co. of New York, as
Agent and depositary for the company, commenced returning bonds, as
stamped, to the owners thereof, upon surrender of certificates of deposit.
It is the intention of the company to cause the plan to be made available
to holders of bonds who have not heretofore assented thereto, by providing
that such bondholders may forward their bonds to the Guaranty Trust
Co. of New York, as agent and depositary, for stamping, whereupon the
same will be returned to them immediately.—V. 150, p. 1442.
It
owners.
Distillers Corp. was pr
>repared to pay $250,000 more for the property than
8hs.
65,296
48 <,932
Res. for insur., Ac.
first mortgage
6% 20-year sinking fund gold bonds due April 1, 1947, dated
Oct. 23, 1939.
A majority (50 + %) of bonds outstanding were deposited
under the plan and agreement on said date.
reconsideration of the sale, partly because, it was said, the Shenley
irtly bi
Earnings
105,742
Accrued tax, &c..
Exchange has authorized the listing
mortgage 6% 20-year gold bonds
1947, as stamped, for not in excess of $1,859,500.
On Feb. 9, 1940, the directors declared operative the plan of
fund adjustment and deposit agreement dated as of Aug.
the Browne Vintner bid.- -V. 150, p. 2106.
of
Accrued rent
$7,489,514 $7,477,932
Marion Steam Shovel
Distillery Delayed—
leasehold
101,626
17,895
7,558
111,197
The New York Stock
C. Coxe, who approved the sale.
Judge Coxe is sitting in Connecticut this
month, so that a hearing on the order may be put off until May.
a
2,459,585
77,290
III. occupa'n tax..
notice of issuance of first
An order staying the sale of the Hunter Baltimore Rye Distillery to
Browne Vintners Co., Inc., was signed April 3 by Federal Judge Samuel
Mandelbaum.
Judge Mandelbaum referred the matter to Judge Alfred
The order
expenses.
1,246,439
1,760,695
25,722
61,099
1,245,606
1,680,637
32,637
2,364,771
57,748
104,811
accruals..
Sundry
121,678
as
acquires the Hunter plant at Gwynnbrook, Md., certain stocks of whiskies,
gins and supplies, and the trade marks and trade names.
The Hunter distillery, which was purchased by McKesson in 1936, has a
production capacity of 75 barrels of whiskey per day and a storage facilities
for 65.000 barrels.
It makes Hunter Baltimore Rye, a blend, and Hunter
Straight Rye.
The rectifying plant has a capacity of 1,500 cases per day
and makes gin under various trade names.
asked
salaries
100,000
warrants.
Notes & accts.
wholesalers of the whiskies made by Hunters' new owner.
Under the contract of sale, as approved by the Court, Browne Vintners
Sale of
1
1
name
a book value of approximately $800,000.
He emphasized that the
the Hunter plant did not mean that the company was withdrawing
1939
Capital stock...$3,287,714 $3,287,714
630,565
683,102
Accrued wages and
y
Accounts payable.
City of Chicago tax
antic,
1940
Liabilities—
1939
1940
U.S.Govt, bonds
Kesson will act
•
$413,925
222,975
Goodwill and trade
from its liquor wholesale business which is the
that this division of the company's operations
x
$144,536
Prop. & impts..$1,798,103 $1,935,433
hinged on a guarantee by Browne Vintners to indemnify the trustee of
McKesson and Robbins against possible claims for brokers' commissions.
William J. Wardall, trustee, said that the terms of sale Included the re¬
tention by the drug firm of cash, receivables and stocks of finished goods
c
$256,208
207,760
Balance Sheet Jan. 31
Assets—
x
by Schenley,
having
75,000
12,172
Including provision of $28,000 for surtax.
a
was raised, through successive stages to the final price
at which the sale was authorized.
The final figure accepted by the Court,
sale
38.000
16.224
5,979
_
Net profit
Dividends paid
Earnings per share on
capital stock, no par
Sale of the principal assets of Hunter Baltimore Rye Distillery, Inc.,
subsidiary of McKesson & Robbins, to Browne Vintners Co., Inc., for a
cash price of $2,000,000 was approved March 29 by Judge Alfred C. Coxe
in Federal District Court following spirited bidding between the Browne
Vintners Co. and Schenley Distillers Corp.
In a court room filled with counsel representing various interests in the
McKesson & Robbins reorganization, Judge Coxe conducted what was
virtual ly an auction of the property in which the bid of $ 1,850,000, original ly
made
_____
charges.
Mar.
Total
a
After
9,997,430
reserve
10,758,875
Total
since
1, 1937...
def96,584
for doubtful accounts and notes, &c., of $69,022 in 1939
and $55,093 in 1938.
b After reserves for depreciation accumulations since
1921 of $4,417,584 in 1939 and $4,756,387 in 1938.—V. 150, p. 1940.
Volume
Mead
The Commercial & Financial Chronicle
150
2261
Morris Plan Corp.
Corp.—Entire Issue Called—
Corporation has called for redemption on May 1, 1940. at 104, all of its
outstanding first mortgage 6% bonds, series A, due 1945, not previously
called for redemption on that date for the account of the sinking fund.
Payment will be made at the principal office of City Bank Farmers Trust
Co., New York, trustee.
Holders are advised that they may present their
bonds for payment at any time on or after April 1 and receive the fttll
redemption price, with interest to May 1.
of America—Accumulated Dividend—
Directors have declared
a
the series
accumulations on
holders of record March 25.
and April 1, 1939,
dividend of 15 cents per share on account of
1931 6% preferred stock, payable April 1 to
Similar amounts were paid on Dec. 23, July 1
Oct. 1, July 1 and April 1, 1938.—V. 150, p. 2108.
Y.—Bonds Called—
Mortbon Corp. of N.
Holders of coll. trust mtge. bonds, series A, due June 1, 1941, are
that $1,350,000 aggregate principal amount of
the bonds
notified
Trustee—
dividend of 10 cents on the class A and class B
a
Mountain States Power Co.— Unlisted
stock, payable April 15 to holders of record April 11.
Like
paid on Oct. 16, last; dividend of 20 cents was paid on April 15,
1939, and the previous dividend on these issues was a quarterly payment
of 15 cents on Nov. 15, 1938.
Company also declared a participating dividend of 20 cents and the
regular semi-annual disbursement of $1 on the participating preferred stock,
likewise payable April 15 to holders of record April 11.
Same amounts were
paid on Oct. 16, last—V. 149, p. 2979.
common
The
amount was
Mexican Gold & Silver Mining
the
new common
the
with
amended
419.
Trading—
no par, has been admitted to unlisted trading by
Exchange, and the old common stock has been re¬
trading.
The new stock is issuable in accordance
stock,
York Curb
New
moved from unlisted
plan
of
reorganization,
which,
among
other things,
in exchange
provides for the issuance of one share of "new" common stock
for each 20 shares of "old" common stock.—V. 150, p. 1942.
& Telegraph Co.—Earns.
Mountain States Telephone
1940—Month—1939
$2,102,805
$1,992,995
6,650
5,226
Period End. Feb. 29—
Co.—Delisting—
Operating
The Securities and Exchange Commission has announced that it granted
the application of the San Francisco Mining Exchange to strike from listing
revenues
Uncollectible oper. rev__
and registration the $1 par value assessable common stock of this company.
The application stated, among other things, that the security was suspended
$4,248,610
2,879,090
$4,020,562
2,717,834
$651,749
290,635
$1,369,520
$1,302,728
318,902
646,490
583,697
$356,765
278,486
$361,114
280,891
$723,030
563,494
$719,031
556,195
$2,096,155
Net oper. revenues
Exchange that it had no funds to meet the expense entailed by continued
listing.
The Commission's order granting the application becomes effective
at the close of the trading session on April 9.
$675,667
1,420,488
Operating taxes
Net oper.
Net income
Co., Ltd.—Earnings—
1940—2 Mos.—1939
$4,265,044
$4,032,424
16,434
11,862
$1,987,769
1,336,020
Operating revenues
Operating expenses
from dealings on the Exchange on Sept. 23, 1938, because of the company's
failure to pay its annual listing fee, and that the company advised the
Mexican Light & Power
on
redemption date, interest on the bonds will cease.—V. 149, p.
Merchants & Manufacturers Securities Co.—Divs.-——
Directors have declared
income
—V. 150, p. 1606.
[Canadian Currency]
■■■
$655,381
533,873
Oper. exps. & deprec....
$648,159
597,068
$7,453,670
6,075,588
$8,073,584
6,267,358
$121,508
from oper..
earns,
1939—12 Mos.—1938
1939—Month—1638
Period End. Dec. 31—
Gross
$51,091
$1,378,082
$1,806,226
—
Murray Corp. of America—Earnings—
.
Gross
Earnings for 6 Months Ended Feb. 29, 1940
profit from sales, before deducting prov. for deprec
on purchases
$1,652,890
26,277
Discounts
Net earnings
-V. 150, p. 439.
4,950
Miscellaneous income
—$1,684,116
Total income
Michigan Bell Telephone Co.—Earnings—
Uncollectible oper. rev..
Operating revenues..
Operating expenses
$3,693,302
2,217,682
$3,421,529
$1,475,620
542,813
$1,384,656
revenues
_
Net oper. revenues
Operating taxes
Net operating income.
income
Net
—V.
150,
$7,511,807
4,508,751
$6,885,321
4,169,761
$3,003,056
1,097,362
$2,715,560
2,036,873
498,305
$932,807
$1,905,694
1,866,348
$886,351
828,943
915,080
...
Sell., service,
1940—2 Mos.—1S39
$7,535,682
$6,898,338
23,875
13,017
1940—Month—1939
$3,705,332
$3,427,427
12,030
5,898
Period End. Feb. 29—
Operating
$1,749,593
1,629,775
Michigan Gas & Electric Co.—Dividends—
Directors have declared
a
the 7% prior
stock, both payable
May 1 to holders of record April 15.
150, p. 282.
Dividends
in arrears on both issues.
are
—V.
Miehle Printing Press & Mfg.
Co.—Debentures Called—
All of the outstanding sinking fund gold debentures series A, due Feb. 1,
1948 have been called for redemption on May 1 at 102 and accrued interest.
Payment will be made at the Continental Illinois National Bank & Trust
Co., Chicago.—V. 146,
Mission Dry
p.
3960.
Corp.—New Director—
Richard A. Bigger was on March 28 elected a director of
—V.
this corporation.
148, p. 880.
$3,546,719
2,280,295
296,667
$70,738
43,146
$86,659
$1,074,128
581,743
$969,757
$27,592
21,088
$37,308
21,088
$492,385
253,062
$369,029
253,062
$6,503
income
pref. stock
on
$3,642,053
2,284,592
283,333
$16,220
$239,323
Balance
49,351
Nachman-Springfilled Corp.—Earnings—
Earnings for the 6 Months Ended Dec. 31, 1939
Net sales
Netprofit
Dividends paid
Earnings per share on common stock...
the
of
confirmation
...
plan of reorganization by the
company has been discharged from
Motor Products Corp.—Earnings—
Calendar
1939
Years—
$11,107,991
10,989,516
Cost of sales
Gross
Total
i,
$78,646
141,452
$3,365,493
162,577
$2,485,311
157,582
$220,098
454,360
$3,528,070
515,758
$2,642,893
204", 302
208", 664
231",660
397,107
17,410
215,499
Sell., admin. & gen. fexps
Loss on disposal of props
Provision for depreciat'n
Prov. for contingencies__
Interest paid
Provision for taxes
1938
1937
1936
$8,721,892 $20,172,055 $17,214,007
8,643,246
16,806,562
14,728,696
$243,760
Other income
Loss for period
140,000
2,314
$95,710; accrued wages, com¬
accrued local, State and Federal
decline in inventory and com¬
mitments, $28,000; capital stock issued, 101,500 no par shares, stated value
$5 per share (of which 14,237 shares have been reacquired and are held in
treasury as per contra), $507,500; paid.in surplus (no change since June 30,
1939), $632,937; earned surplus (since June 30, 1933), $434,718: total,
per
1,956,270
880,321
391,254
391.254
$5.49
.
391,254
391,254
$3.51
Nil
Nil
share
Unrealized loss in foreign exchange on conversion of Canadian branch
at Dec. 31, 1939 into U.
S. dollars,
y Includes provision for
accounts
undistributed profits.
surtax on
1939
Assets—
on
$1,860,576.—V. 149, p. 2239.
$565,318
Profit
&othersecur
Acer, bond int. rec.
Accts.
rec.,
1,117,340
3,380
2,822,386
24,782
919,283
income
1,105,026
of Tenn. Corp..
Properties
(net)
Deferred charges..
Total
x
1938
80,941
$6,834,580 $7,684,884
140,795
23,300
137.510
$135,773
$0.27
$571,203
Netincome
Earns, per share on common
$1.13
stock....
conversion department,
y Includes
depreciation of $136,003 and maintenance and repairs of $303,420.
of
Plxclusive
net
sales
of cloth
Consolidated Balance Sheet Dec. 31, 1939
Liabilities—
Assets—
Cash
on
demand
Accounts payable
deposit and
_$1,297,619 Accruals
Notes and accounts receivable. x693,097 Reserve for U. 8. & Cndn. In¬
come taxes, year 1939
Inventories
1,103,461
Other assets..
^ .v.
i. ..i
147,581 Dlv. payable on common stock
due Jan. 15, 1940.....
Fixed assets
y2,839,161
Deferred charges..
91,758 6% cum. conv. pref. stock
on
hand
.
*
*
.
.
-
$384,358
103,463
134,441
-
125,719
—..
Intangible assets.
_
88,692
........ ...
2,000,000
(par $10)
Common stock
1,723,700
...
1,789,689
Earned surplus.
x
After reserve
$6,261,3691
for
$6,261,369
Total...
doubtful accounts of $14,790.
depreciation of $714,547.—V. 150, p.
y
After reserve for
2108.
National Breweries, Ltd.—New Director—
elected a director to fill a vacancy on the board.
reelected.—V. 147, p. 2539.
Allan A. Magee has been
Other directors were
National Broadcasting Co.—Revenues—
the NBC networks for the first quarter of 1940
amounted to the greatest quarter business in the company's history, with
the total figure of $12,841,636 showing an^increase of 7.4% over the 1939
proiits taxes
191,034
396,607
166,061
415,000
cess
x
&c._
&
&
ex¬
compensation100,000
3,912,540
Capital stock
Capital surplus
Earned surplus
Total
Represented by 391,254 no par shares.—V.
$299,868
_;
Res. for conting's.
.
2,328,750
.. —
income taxes
$4,304,344 showing an increase of 3.2% over the March, 1939 figure of
$4 170 852
Total gross network revenue on the NBC-Red Network for the first
quarter of 1940 amounted to $10,061,816, an increase of 6.1% over the
1939 total of $9,484,411.
The 1940 figure on the NBC-Blue^Network was
$2,779,820, an increase of 12.6% over the 1939 figure of $2,469,036.
The March, 1940 revenue from the NBC-Red Network amounted to
$3,338,440, an increase of 1.2% over the 1939 figure of $3,297,992.
The
NBC-Blue Network figure for this year was $965,904, an increase of 10.7%
over the March, 1939 figure of $872,860.—V. 150, p. 1492.
inc.
Res. for workmen's
400,000
2,405,887
76,954
$851,423
142,710
.....
—
—
Prov. for Federal & Canadian
311,675
757,680
1,253,932
(net)
$174,031
125,837
270,878
insurance,
$404,324
int.,
Res've for Fed.
Can.
Inv. in serial notes
$667,829
183,593
......
Other income
figure of $11,953,447.
/*
.
Contributing to the record-breaking quarter was the biggest March vol¬
ume of business ever reached at NBC, with the total gross revenue figure of
trade
Inventories
_
„
$411,665
300,000
payable.
bank
Note pay. to
Acer, payrolls,
Munic.,Can. Govt.
Inc. (& Sub.)—Earnings
1939
1938
x$6,216,030 $4,021,730
handling, gen.& adm. expsy5,548.201
3,847,699
'
and allowances
Years Ended Dec. 31—
Gross sales, less returns
Cost of goods sold, sell.,
...—
Accounts
$657,804
1939
Liabilities—
1938
hand & in
banks...
trade,
Gross network revenue for
Balance Sheet Dec. 31
Cash
payable,
missions, royalties, services, &c., $82,130;
taxes, $79,580; reserve for possible price
Total
stk. outstand¬
cap.
ing (no par)
$305,352; accounts and notes re¬
hand and in banks,
on
y425,000
$619,718prf$2147,130prf$1372,160
$465,361
Dividends paid
Earnings
471,758
x27,141
Unrealized loss, &c
Shs.
55,000
1,516
y600,000
120,000
1,154
60,000
3,964
48,000
_
—
Balance Sheet Dec. 31, 1939
Assets—Cash
x
$118,475
125,285
profit from oper
35,600
$138,871
43,632
$1.37
ceivable, trade, less reserve, $393,057; inventories at the lower of cost or
market, $577,696; non-current notes and accounts receivable, less reserves,
$8,678; company's own capital stock reacquired 14,237 shares at nominal
value, $1; machinery and equipment as approaised by the management as
at June 13. 1931 with subsequent additions at cost (less, reserve for depre¬
ciation of $340,735), $450,015; idle plant investment (less, reserve for depre¬
ciation of $153,976), $106,843; prepaid expenses and deferred charges,
$18,931; good-will, trademarks, patents, &c., $1; total, $1,860,576.
Other deductions
of the
Federal Court in Louisville,
Ky.,
reorganization proceedings under jurisdiction of the court.—V. 147, p. 3616.
Netsales........
1,399,912
235,657
20,499
28,000
-
—
_
Total
result
$1,858,539
—-
_
National Automotive Fibres,
(Tom) Moore Distillery Co.—Out of Receivership—
a
_
sold including depreciation
—
Selling, administrative and general expenses..
Other expenses, less other income
_
Provision for possible price decline in inventory % commitments
Provision for estimated Federal income tax—...
........
Cost of goods
600,729
Note—Results of operation through Dec. 18, 1939, of certain properties
conveyed to Tennessee Valley Authority and other public agencies on that
date are included herein.—V. 150, p. 1443.
As
126,000
$659,731
Net profit
-V. 150, p. 133.
$115,967
25,000
Gross income
Net
$293,418
183,425
23,333
$272,014
176,276
Int. & other deductions.
Divs.
1940—12 Mos.—1939
1940—Month—1939
Oper. exps. & taxes
Provision for deprecia!n-
464,339
93,309
340,737
_
deductions.
Provision for Federal taxes on income
Liabilities—Accounts
-Earnings—
Mississippi Power Co.
Period End. Feb. 29—
Gross revenue
& adminis. exps. & corporate taxes
dividend of $1.75 per share on
of $1.50 per share on the $6 prior lien
one
gen.
Idle property expenses and miscellaneous
Provision for depreciation
965,967
1605.
p.
lien stock and
x
being
have
June 1, 1940.
Bonds should be presented
at the office of the trustee, the United States Trust Co. of New York,
45 Wall St., New York, for payment of the principal amount plus accrued
and accumulated interest to the redemption date.
From and after the
been called for redemption
City Bank Farmers Trust Co. has been appointed trustee for $6,000,000
principal amount of 15-year 4^% first mortgage bonds due May 1, 1955.
—V. 150, p. 2106.
\
808,274
750,922
100,000
3,912,540
808,274
1,259,668
$6,834,580 $7,684,884
150, p. 1941.
National Electric Signal Co .^-Register s with
first page of this department.—V. 150, p.
See list given on
SEC—
1445.
The Commercial & Financial Chronicle
2262
National Dairy Products Corp.
Years Ended Dec. 31—
Net sales (excluding inter-company gales)
Cost of products
Delivery
expense
(& Subs.)—Earnings—
1939
1938
_
—------
...
Selling expense:
-----------—
Administrative and general expenses--
-#Mi
$336,694,389 $334,355,270
225,837,854 228,585,145
52,857,360
52,820,113
26,158,746
24,191,237
13,619,919
12,858,120
in
1938.
National Gas & Electric Corp.
Period End.
Operating
Operating income—
Other income
$15,900,655
1,154,685
::::::
———
April 6, 1940
Represented by 114,775 no par shares,
a Includes $104,329
payable in American money by customers abroad which is being collected
currently. All other assets of the company are located in the United States.
—V. 149. P. 1184.
'
z
Gross
income after
tirement accruals
re¬
$17,055,340
2,335.199
176,240
126,724
229,566
prof9,412
2,602,000
—
-- --
-
--
117,411
2,793,000
Realized exchange loss arising from foreign opers.
Provision for Federal income taxes.-—
Prov. for adjust, of net current assets of foreign
subs. lncl. in consol. to commercial exchange
—V. 150. p. 1942.'
~~7
373,611
120,750
13,903
127,499
120,750
20,414
Net profit--————
$13,034,157
Earnings per share on 6,255,247 shs, common
stock (no par)
$1-97
The post
Years Ended Dec. 31
Total.
employees
13,034,157
retirement
on
of
9,083
—.
Cr2,099
5,227,338
and equipment no longer useful in thi business-.
Reduction to fair value of certain property and
Dividends paid on common stock
690,963
,255,246
—$46,569,394 $44,717,298
Years End. Dec. 31
Earned surplus at end of year-—--—
1939
$4,308,305
$4,168,660
319,573
$4,308,305
10,584
Capital surplus at end of year—————— $3,849,086
Consolidated Balance Sheet Dec. 31
$4,297,721
—
[Consolidating as heretofore all subsidiaries 90%
equity stock is owned, except the German subsidiaries]
$
16,073,954
16,840,571
06,829
17,803,157
17,050,732
Other notes pay.
to banks
Notes & accts.
x
•receivable—
Accts. pay.
Inven. at cost or
market, which¬
ever is lower.
27,369,420
Miscell. supplies
4,743,371
-
303,779
5,779,526
of life insur'ce
Invest. & advs.
Cash
in
Land,
bldgs.,
mach. & equip.
Prepaid
taxes,
insur.,lnt.,Ac
Goodwill.---.—
After
-—-
3,094,404
2,100,000
1939
56,899,000
914,450
2,762,233
5,733,900
4,137,000
51,337,430
Dr70,754
4,168,660
44,717,298
Total... —-.193,066,088 199,524,860
1939
$8,614,795
Earned surplus.
25,453,581 24,600,165
'
1938
Co.—
Natomas
■Earnings—
1939
7.822,125
Rock operations
_
Expenses (deprec., taxes, &c.) less
income of inactive props, held for
disposal-
$807,797
61/37
91,983
los,$9,231
288,125
192,771
$899,780
418,081
163,904
25.331
44,329
...
47,473
Land rentals
a
Gross income
$1,912,311
Salaries and gen. exps__
81,555
Insurance
23.423
104.091
Taxes—Property
Corporate and other
82,741
(except income)
1,199
Depreciation..
and in transit
Invest,
(inel.
taxes....
Accrued social
2,324,822
1,924,627
500
curity taxes
28,680
3,283,478
Reserves
1,319,276
38,995
z
—.
-
$450,281
30,537
40,618
85,306
$988,626
128,866
$1,239,521
120,296
$1,497,646
41,224
197,599
47,477
166,224
$1,117,492
40,076
117,624
$1,359,817
120,364
140,099
$959,791
476,854
$1,099,353
431.440
$1,432,887
Previous balance.
Surplus credit
$252,167
31,818
34,671
32,216
268
$2,421,566
$1,866,579
$1,436,645
$1,530,793
x42,521
978.450
882,225
67,557
786,722
65,499
988,440
$1,400,595
Total surplus....
$984,354
$582,366
$476,854
.
Dividend declared (net).
Cost of 4,500 shares own
stock repurchased during the year and retired.
Consolidated Balance Sheet Dec. 31
1939
Gold
—
bullion
155,119
132,607
Reclam. dist.warr.
78~554
Accrued interest--
3,716
81,150
Other receivables.
current liabilities
82,878
4,546 Notes payable—
25,054 Accrd. Fed .inc. tax
3,825 Liab. on reclam.
dist. bonds curr.
46,336
280,905 Res. for life insur.
benefits
8,677
632,179 Res. for repairs
802,624
Properties..—.10,512,867 10,762,041
Deferred charges.
<
382,151
394,817
x
Total
y
After
reserve
111,311
300,000
182,165
32,781
32,091
5,000
3,000
1,189,924
1,223,358
2,146
8,962,380'
4,795
reclam.
district bonds..
.
1,861
Capital stock
8,962,380
19,288
y
Capital surplus.
Earned surplus
2,338,541
578,089
1,400,595
19,288
578,089984,354
256,459
.—$8,304,099 $8,266,775
for depreciation of $1,455,485 in 1939 and $1,769,054
on
Deferred credits.
107,630
5,738,750
After reserve for depreciation of $6,794,611 in 1939 and $6,914,502 in
1938.
Liability
96,249
217,669
Paid-in surplus
22,113
5,738,750
2,338,541
357,158
$
payrolls,
vouchers A other
In
Total......—12,503,835 12,402,9771
x
$8,304,099 $8,266,7751
Audited
1938
$
Liabilities—
$
510,168
_
62,069
Capital stock
Capital Burplus
1939
1938
$
Assets—
Cash
Secure. A invest'ts
se¬
$1,283,945
582,366.
4,324
Cost of shares purchased
and held in treasury.
Land sales contr's.
36,945
*.
984,354
...
...
__
Inventories
undlstr. profits.
Deficit—
Total—
53,428
$1,397,778
99,868
tax & surtax on
161,805
..
x
72,643
33,897
Notes & accts. rec.
Prov. for Fed. inc.
Oper. properties. 3,266,554
y Inactive props.
1,164,492
Def. assets & chgs.
26,461
—
1938
and capital stock
shares co. stock)
at cost.
1939
$811,554
payrolls
—
860,165 Accrued State,local
dise, material A
supplies on hand
75,979
1,199
86,314
transit
Liabilities—
Stock of merchan¬
$1,553,068
81,461
15,708
77,641
$1,671,718
Total Income..
Other expenses..
14,380
Accts. payable and
$386,648
a973,316
$1,285,865
83,345
16,632
84,000
8,757
assess¬
ments for interest....
Balance Sheet Dec. 31
hand.
$1,694,512
79,593
18,488
90,938
.
Reclamation dist.
228,550
-
1938
5,209
10,844
165,675
10,819
54,582
14,690
24,868
11,932
3,512
16,904
6,747
$537,599prof$278,084
Covers inactive property in St. Louis, New Orleans, Chicago and
New York in 1937, 1938 and 1939 and at Milwaukee for a portion of 1938
and 1939.
on
$1,311,148
_
.
x
Accts. & notes rec.
1936
$1,084,297
16,965
170,638
Water system
.
Miscell. revenues
x
$100,699
1939
1937
$1,639,510
9,373,329
Io3s$70,268
$d3u,46U
293,625
193,215
...
_
Assets-
1938
$1,737,547
12,892
138,220
dredging.
Other income
8,256.116
Repairs, renewals and maintenance.
Prov. for deprec. of oper. properties..
Provision for Federal income tax.
Cash in banks and
(Colo.)—Dividend—
a dividend of 10 cents per share on the common
payable April 1. Dividend of 15 7-10 cents was paid on Feb; 1, last;
1H cents was paid on Dec. 23, last, and one of three cents was paid on
Nov. 1, last.—V. 150, p. 283.
1937
$7,751,857 $10,181,126
$358,679
71,782
...
..25,463,681 24,600,165
Total..
Directors have declared
Net income
Net loss for year.
Dividends
251,205
5,511,018
x After depreciation,
y Represented by 571,300 (579,100 in 1938) shares
(no par) after deducting 28.700 (20,900 in 1938) treasury shares carried
at $719,500 ($522,050 in 1938).—V. 15C. p. 1446.
Federal income tax..
Profit from operations
Other income
x
123,289
194,46'
4,007,277
General reserve-
$1,585,404
allowances
and selling, publicity and adminis¬
trative expenses, &C-.
—
-
%
Cont. prof.ontreas.
Gold
Enameling & Stamping Co.-—Earnings—
Total profit
1938
$
Liabilities—
.
Calendar Years—
for doubtful notes and accounts of $1,951,033 In 1939 and
—
$
13,306,231 13,634,124 y Capital stock... 14,282,500 14,477,600
1,203,469 Serial notes pay'ble 1,650,000 1,250,000
1,682,249
notes
Accts. & notes rec. 2,779,766
2,513,740 Short-term
Inventories
payable...
2,000,000
6,722,287
7,190,409
Cash In closed bks.
3,038 Accts Atr. accept.
N.Y. World's Fair,
payable
1,165.658
1,781,060
1939 4% bonds.
55,000 Fed. excise tax on
24,613
Miscell. In vestm't.
mfgd. sugar
901,809
934,607
44,093
39,427
Serial notes pay'ble
N.Y.State & N.Y.
(curret)......
350,000
250,000
177,298
City bonds.....
176,511
Deferred charges
247,116 Dlvs. payable.—
144,775.
264,376
Def. income
Pats. & tr. marks.
1
178", 680
58,775,500
$1,921,054 in 1938.
y After reserves for depreciation on buildings, ma¬
chinery and equipment of $53,636,983 in 1939 and $57,524,455 in 1938.
z
Represented.by 6,263,880 no par shares,
a 8,633 shares at average
tetea value.—V. 150, p. 2108.
National
1939
1938
$
A 8 SCt 3
Property acct
Cash, &c
stock¬
subsidiary
893,411
Res. forcontlng,
3,073,998
57
195 Class A pref stk. 5,733,900
Class B pref. stk.
4,137,000
97,680.538 105,677,328 z Common stock 51,337,430
a Treasury stk..
Dr70,754
3,849,086
806,971
877,910 Capital surplus.
22,391,854
22,391,854 Earned surplus. 46,569,394
Years Ended Dec. 31—
Sales billed to customers
Cost of sales, incl. sales
$2.52
x
Nation-Wide Securities Co.
3,299,037
1951
Minority
reserve
579,100
$1.22
stock
taxes..
Total.....—193.006,088 199,624,860'
x
^
4,464,125
15,990,015
17,944,587
holders' int. in
due 1951—.
579,100
^
354% debs, due
purchase
otSH% debs,
Nil
:
a Includes provision for contingencies of $30,891.
b Consists of $11,234
pre-operating expense of subsidiary company; $144,116 loss on account of
spurious raw sugar warehouse receipts; $76,877 strike costs and $17,840
sundry.
Consolidated Balance Sheet Dec. 31
lncl;
Reserves for Fed.
5,754,014
deposit
on
fund for retire.
y
347,717
Nil
Total
1,400,000
2 H % bank loans
Cash surr. value
$449,418 sur$300,025
579,100
$
S
sundry accr..
27^564,368
2,953,337
$2,016,738
571,300
standing (no par).
Earns, per sh. on cap.
of whose
1 of
and Aug.
ties at cost...
pf$708.782pf$l,458,225
1,158,200
1,158,200
1938
following year
securi¬
$1,292,863
723,875
$866,594
Balance, deficit
._—.
$434,144
432,450
Shares of cap. stock out¬
2M% bank loans
matur'gFeb.l
53,460
hand
on
$2,511,062
1,052,837
stock..
Liabilities—
Cash in banks A
$1,586,023
877,241
b250,069
curring items...
_
more
1939
$
Assets—
Market,
or
1938
1939
$2,362,978
148,083
$508,884 loss$488,774
692,959
aS04,089
Gross earnings
Deirtc., int. & taxes...
Extraordinary & non-re¬
$1,566,415
19,608
..
Capital surplus at beginning of year as adjusted
written off
1936
Not
67,960.173/ available
64,964,566
$494,724 loss$5C6,667
14,159
17.893
Profit from operations
1938
Capital surplus at beginning of year
—
$4,297,721
Reduction of common shares held in treasury
(formerly carried under invest, and advances)
from cost to average stated value——
129,061
for comparative purposes
49,526,284
Other income
Consolidated Statements of Capital Surplus
Goodwill purchased during year,
__. —
stock....
550,480
690,963
5,004,196
—
Dividends paid on preferred stock.
1776.
p.
$50,021,008 $64,457,899 $69,526,5881
Cost and expense.
...
Reduction to est. realizable value of certain property
equipment carried at excessive val ues
,1
3694.
Consolidated Income Account for Calendar Years
1939
1938
1937
Net loss, after taxes..
Dividends paid.
through
—
-
„
Refining Co. (& Subs.)—Earnings—
Net sales..
——$58,051,455 $51 ,661,409
debentures
operation of purchase fund-
p.
financing.—V. 150,
represent new
National Sugar
11,326,360
300,000
■ -
....
*——————
Premium
A
1938
—S44,717.298 $40,335,049
Net profit (as above)-- — — —
---—
Restoration to earned surplus of portion of reserve
not
$1.69
1939
for loans to
counseBs new.—V. 148,
of general
:_.
7^
Louis S. Pierce was elected Secretary
Secretary T. J. H. Wiegand, resigned.
Corp.—Stock Sold—Union Securities Corp.
April 3 offered and sold after the close of the market 19,000
shares (par $25) common stock at 69 }£>
The offering does
■.■'
Note—Depreciation included in the above accounts for the year 1939
aggregated $10,217,003 for the year 1938 aggregated $10,557,281
Repairs and maintenance (including replacements of milk bottles)
amounted to $10,020,002 for the year 1939 and $9,732,303 for the year 1938.
The corporation's equity in the 1939 profits of domestic subsidiaries not
consolidated was $10,694 greater than the dividends of $12,525 received
from such companies.
surplus at beginning of year
Co.—New Secretary—
At the recent meeting of directors,
and general counsel, Succeeding as
$11,326,360
——
Consolidated Statements of Earned Surplus
National Refining
224,692)
124,301
'
National Steel
rates prevailing at Dec. 31, 1939
—
Dividends on pref. stock of sub. held by publicMinority interest in earnings---—-—-——
Earned
V
278,093
182.682
19,019
10,866
25,894
18,003
Netincome
Total income
$19,246,241
Interest on funded debt-2,238,943
90,477
Other Interest—
i-—
165,758
Net loss on disposition of capital assets..
298,231
Miscellaneous charges ---,
..........
(& Subs.)—Earnings—
194C—Month—1939
1940—12 Mos.—1939
$134,480
$113,743
$1,492,702
$1,309,810
Feb. 29—
revenues
x
in
Total.
After depletion and depreciation of $1,157,894
1938.
y Represented by 975,750
(980,250 in
—V. 150, p. 1942.
12,503,835 12,402,977*
in 1939 and $882,894
1938) no par shares.
Volume
The Commercial & Financial Chronicle
150
National Tea Co.—Sales—
Sales for the four weeks ended March 23, 1940 amounted to $4,883,934
compared with $4,191,207 for the corresponding four weeks in 1939,
as
increase of
p.
1939
1938
$
%
Assets—
an
Cash in bank and
16.52%.
The number of stores in operation decreased from 1,102 in 1939 to 1,070
at March 23, 1940.
Average sales per location increased 20.01%.—V.
150.
2109.
on
hand
256,264
...
Acc'ts receivable,
Notes receivable.,
3,432
_
27,180
Period End. Mar. 31Sales..
1939—Month—1938
$1,842,643
$1,509,744
-
__
-
cal agt.
1939—3 Mo.?.—1938
$4,468,730
$3,891,063
a
Feb.
Operating revenues.
Subs.)—Earnings
29—
....
Maintenance
...
Other ©per. expenses
Taxes
_
__
1940—Month—1939
1940—12 Mos.—1939
~ $423,794
$430,737 $5,392,835—$5,498,273
^kOO
Ofifi A7n
17,445
245,592
280,670
20,905}
2,203.408
186,179
2,252.660
187r739
47,160
567,704
47,723
568,653
Depreciation
49,693
582,981
52,278
604,410
(contra)
Subs,
of
N.
-
mol nof(1 + n
479,641
-40,381
1,131
_____
Other assets
Prepaid
$123,317
$122,072
744
540
$1,793,150
17,521
$1,791,880
33,761
$124,061
112,397
$122,612
$1,810,671
112,783
1,354,255
Insurance)
f
81,512
13,806
14,882
$3,820
$1,907
$361,098
$340,234
3,512
18,272
26,078
credits to surplus (net)
Crl ,354
Dr3,800
Dr50,094
Dr41,373
a
Earned surplus..-..
$5,174
$1,619
$329,276
$324,939
a
Available for redemption of bonds, dividends, &c.—V. 150, p. 1776.
Other income
___.
Gross income
Interest
Amortiz. of debt discount
and expenses
Miscellaneous deducts.
Other def'd
on retirement of
bonds & debs. (net).__
misc. debits and
Other
New Almaden
Total
5,205,000
503,415 Pref. cum. stock 1
(no par):
50,693
c $7 div. series. 4,471,550
1,241
d $6 div. series. 0,728,592
e Adjust, series.
2,725
33,750
f $6 conv. pref.
1,305
cum: stk.
(no
161,856
par).
453,468
Com. stk. (par $5) 4,819,953
Capital surplus.._ 2,627,025
Earned surplus.
2,524,333
4,459,175
9,684,524
46,125
After
reserves,
c
44,577,540 43,892,422
Total
44,577,540 43,892,422
48,154 shares in 1939 and 47,989 shares in 1938.
e 450 shares in 1939
5,408 shares in 1938.
—V. 150, p. 1142.
Newmont
Mining Corp.-
Vote
•To
Retiring Treasury
on
Stock—
Stockholders at
a
special meeting at
10
May 6, will consider
a.m.,
re-
New Orleans Public Service Inc.—Tenders—
The New York Trust Co. will until 11
y
a.
m.
April 30 receive bids for the
1935, to
sale to it of sufficient general lien 4H%
gold bonds, due July 1,
exhaust the sum of $150,000 at lowest prices pffered.—V. 150, p.
See list given on first page of this department.—V. 133, p. 3799.
England Gas & Electric Association—Accumulated
New York
1777,
Shipbuilding Corp.—Earnings—
Years Ended Dec. 31—
Dividend—
Directors have declared
dividend of 50 cents
a
a
share on $5.50 dividend
series
preferred stock, payable April 30 to holders of record April 12.
This
on account of arrears, and reduces total amount of accumulations
$21.50 per share.—V. 150, p. 2109.
This payment is applicable to arrears for quarterly period ended March 31,
1936.
After current payment arrears will amount to $23.33 1-3.
1939
1938
1937
1936
.—$25,717,850 $11,068,047 $13,016,823 $14,077,219
23,858.560
9,646,270
13,626,060
13,272,100
Gross billings
Cost of
billings
dividend is
to
System Output—
For the week ended March 29 New England Gas & Electric System re¬
ports electric output of 8.215,741 kwh.
This is an increase of 298,921 kwh.
3.78% above production of 7,916,820 kwh. for the corresponding week
year ago.
Gas output is reported at 118,569 MCF, an increase of 27,013 MCF, or
29.50% above production of 91,556 MCF in the corresponding week
ago.—V. 150, P. 2109.
New
497,536
4,819,953
2,607,697
1,863,187
tMn^268,354 shares of capital stock now held in the treasury.—Y. 150.
Corp.—Registers with SEC—
Century Casualty Co.—Registers with SEC—
New
161,856
d 104,876 shares in 1939 and 104,397 shares in 1938.
and 615 shares in 1938.
f 4,929 shares in 1939 and
See list given on first page of this department.
New
charges]
Reacquired securs.
a
Profit
a
11,600,000
5,205,000
..
6,752«
1,092
_
Net income
or
3,000,000
83,395
1.140
3,690
$1,825,641
1,387,130
6,782
$6 div. ser., 60,000 shares.
__
and taxes.
Net oper. revenues..,
__
sites and
realestate
3,000,000
11,393
$7 div. ser., 120,000 shares
.11,600,000
580,000
Miscell. invest
21,161
Divs .unci, (contra)
Undeveloped water
power
5,376
2,354
79,826
21,667
Prior lien pref.cum.
stk. (no par):
E.
Ind., Inc
$
6,047
2,738
72,529
yet determined.
______
Invests.—utility
31,585,671 31,053,669
N. E. Ind., Inc.12,001,586 11,325,891
1938
$
161,042 Accrued taxes
14,282 Prov. for Fed. tax_
32,180 Other accr'd llab__
4,121 Res .for anticipated
capital losses not
subsidiaries
a
Nevada-California Electric Corp. (&
End.
5,314
'
11,393
Cash dep. with fis-
—V. 150, p. 1606.
1939
Liabilities—
Accounts payable.
Int. & diva, receiv.
Neisner Bros.- ■Sales—-
Period.
2263
Balance Sheet Dec. 31 (Company Only)
1938
______
.
..
$738,537 *$1,263,469
42,870
75,592
$150,974
$1,140,655
135,837
tax assessment.
$1,059,424
81,231
$781,407 *$1,187,877
148,514
159,427
14,931
9,802
$240,717
172,760
_
—
Miscell. deductions
Prem.
—
bonds retired.
on
89,743
"l",554
_
"5",475
$1,003,264
$632,894
*$1,372,038
$62,476
x423,261
$1,003,264
1939
_____
on
$805,118
654,144
_
Total income
Int. on funded debt
Int.
*$609,238
654,231
$1,421,777
683,240
$632,894
*$1,372,038
$485,737
75,000
100,000
Non-operating profit
$22,767,941 $21,384,251
Expenses, interest and other charges against inc.__ 17,909,912
16,841.912
1938 storm damages
390,653
Net earnings..
Net operating profit.
Other income
Profit—.
Earnings of the System for Calendar Years
Utility Subsidiary Group—
$1,859,290
799,865
a year
England Public Service Co.—Earnings—
Gross operating revenues
Admin. & gen. expense._
$4,858,029
2,712,110
$4,151,686
2,661,265
$2,145,919
$1,490,421
Prov,
Fed. normal
(est.)
for
income tax
57,000
Prov. for Fed. surtax on
undistrib. profits (est.)
31,000
Net profit for year
(pref. stock).
Earnings per share _y
$928,264
$532,894
"Mil
*$1,372,038
$0.86
$397,737
156,187
$0.54
Cash divs.
Nil
*
-
25,024
_
-
25,024
$2,170,943
$1,515,445
2,143
14,581
20,308
670
31,747
$2,207,975
Applicable to New England Public Service Co.
New England Public Service Co.—
$1,547,862
Loss,
x Profit on sale of 4,200 shares of Allis-Chalmers Mfg. Co. stock,
y On 500,000 shares of combined participating and founders' stock out¬
standing ($1 par).
Note—Provision of $342,405 in 1939, $295,115 in 1938, $300,005 in 1937
and $283,995 in 1936 for depreciation included in overhead costs in 1937,
1938 and 1939, and in overhead costs and administration expenses in 1936.
Balance Sheet Dec. 31
.
Miscellaneous interest and dividends
Int.
paid by Maine Seaboard Paper Co..
Net profit from sale of property
a
on notes
Gross earnings
New
74,106
8,533
23,000
Net expenses of property investments
Provision, for Federal income tax
National Light, Heat & Power Co. charges:
General expenses.
Interest
publicly held bonds
on
Net earnings._—
h Undistributed net earnings
a
Of New
71,662
22,099
31,000
1,881
1,220
______
...
$2,102,336
354,994
.
Net earnings of system
a
a
England Public Service charges:
General expenses and taxes
f
________
England Public Service Co.
1939
As86t8~~~~m
$1,420,000
Drl69,369
$2,457,330
$1,250,631
b Of
and utility subsidiaries,
industrial subsidiaries applicable to New England Public Service Co. in¬
vestment.
Plant & property
1
Cash____________
4,474,850
307,200
Bond deposit.
Accts. receivable
Years Ended Dec. 31 {Company Only)
1939
Inventories
■_
197,771
Other assets......
5,000
41,970
27,970
Subsidiary
cos
Deferred debits.
Interest on notes.
1938
_
_
$543,479
y 12,674
$132,728
10,064
10",000
io",600
"5", 972
14,581
_
$661,420
yl2,674
31,828
58,179
Interest on bonds.
Other income—...
$85,979
26,685
1 b Participating &
founders' stock.
500,000
1,329,345
* 2,619,400
307,200 Funded debt
100,000 Accounts payable. 1,288,867
50,681
272,447 Compensa. awards
500,000
2,769,400
610,837
27,247
2,284,646
186,666
5,000
20,516
21,349
against
collec'ns
future
530,790
costs
Res. for Fed.
inc.
Total .........12,559,064
a
176,000
100,000
606,110
5,003,210
248,575
4,074,962
12,559,064
10,116,011
taxes (est.).....
Accrued payroll,
Interest, &c
Surplus
Total
10,116,011
b Represented by 325,000 $1
175,000 $1 par founders' shares.—V. 150, p
After depreciation,
New York
1936
1937
.
ar
participating
Telephone Co.—Earnings—
Period End. Feb. 29—
Inc.—From util. subs.:
Dividends.
1,786,000
Contract
2,011,805
process.
1938
§
Preferred stock
Preferred stock.__
1,785,000
Contracts in
shares and
Income Account for
126,969
.
_
Mobilities—
Liabilities—'
S
5,588,841
5,365,529
Goodwill & patents
Market, securities.
1939
1938
$
1940—2 Mos.—1939
1940—Monthr—1939
Operating revenues—-_$17,430,961 $16,734,103 $35,805,340 $34,367,720
Uncollectible oper. rev..
67,126
79,230
140,131
155,429
_
t Operating revenues.._$17,363,835 $16,654,933 $35,665,209 $34,212,291
Operating expenses
.
11,269,329
11,081,134
23,149,251
22,928,732
From industrial subs.:
Interest on notes of
Maine
Seaboard
Net oper. revenues.__
Paper Co.______
88,407
$6,094,506
3,016,904
$5,573,799 $12,515,958 $11,283,559
2,783,186
6,027,494
5,563,633
$3,077,602
2,725,196
Operating taxes...
$2,790,613
2,369,109
Interest on notes of
textile mills—
Interest
Net
1,137
*3,063
2,058
1,090
412
3,704
COS.__-.-_—
415
_
_
_
""245
"1735
"""554
_.
Other income.
z20,542
___—
$6,488,464
5,771,110
$5,719,926
4,852,890
—V. 150, p. 1943.
New York Trap Rock Corp.
1,231
From non-affil. cos.:
Dividends
Interest-
Net oper. income
income
1,707
of
on notes
N. Y. Indus., Inc.
Int. from other affil.
(& Subs.)-—Earnings-
Consolidated Income Account for Calendar Years
1937
1939
1938
1936
$1,116,355
$715,979
73,839
Net operating profit
Other income
36.002
$816,457
41,773
$1,017,644
48,809
$1,190,194
264,163
$751,981
282,813
$858,230
290,978
$1,066,454
313.884
39,105
422,568
34,036
23,901
8,201
40,562
408,934
5.010
56,196
5,644
Comp. for engineering &
other services:
Gross 'ncomej
31.713
Subsidiary companiesOthers.
583
;_—
__
Miscellaneous income.
_
4,383
_
Total income.
$605,534
69,398
8,533
Admin. & gen. expense..
Exps. Of properties (net)
Other expenses—;—
r__.
Interest
$212,860
67,960
28,193
~4~ 124
"4J08
4,243
Cr99~600
733
627
23,000
31,000
25,000
12,000
$499,895
$594,881
$187,183
;»
——...
Loss on sale of sees, (net)
Prov. for Fed. inc. tax—
Balance of income—.
_
Includes dividends.
Includes interest on advances,
profit from sale of property.
x
$241,209
129,923
35 A19
'
__
Taxes..
$719,642
67,419
22,098
y
z
4,294
$58,511
Include net
Interest charges
Prov. for add'l pay'ts to
holders
of
stamped
bonds and debentures.
Prov. for deprec. & depl.
Prov. for doubtful accts.
Prov .for Fed.& State tax
retired.
41,425
25,460
169,138
Reduction in book value
of investments
Other deductions
41",299
Loss on property
Prov. for Fed. inc. tax..
Prov. for Fed. surtaxPortion
applicable
49,915
35,254
16,537
12,214
14,264
25,901
1,168
24,954
7,699
11", 508
Crl ,046
Cr414
los8$91,048
$33,840
77,305
$168,397
127,694
44,985
6,502
103
to
Net income.
Dividends
on
stock to $45,000.
Dividends
on common..
•
39,363
389,970
Cr249
19,251
minority stockholders.
Note—Dividends paid on $7 dividend series prior lien preferred stock
amounted to $103,909 and on the $6 dividend series prior lien preferred
Im
548",337
preferred-
$81,129
77,336
44,973
77,336
the Commercial & Financial Chronicle
2264
Comparative Consolidated Balance Sheet Dec. 31
d Notes and accounts receivable
1,999
Marketable securities (at cost)
Inventories
preferred
stock!
the
On
235,776
of dividend
Accounts receivable (officer)
Inventory of repair parts and supplies
deposited with 8tate insurance fund under
workmen's compensation insurance
Deposited with State Insurance Fund of N. Y——
Unpaid instalment on sale of investment—
Cash in sinking funds
Company's bonds and debentures—
————
------
14,149
13,856
313,016
Miscellaneous investments...
J
32,368
12,790
24,478
281
h88,357
14,953
—17,292
281
.
about March 15,1940, the
Nickel Plate and the committee approved
(Del.)—Weekly Output—
States Power Co. system for the week
1940, totaled 28,420,187 kwh., an increase of 10.1%,
compared with the corresponding week last year.—V. 150, p. 2111.
_
11,143
10,672
less amount
agreeable to
the committee.
Northern States Power Co.
233,213
694,651
—
Securities deposited with Industrial Commissioner,
N. Y. State Dept. of Labor
to
Electric output of the Northern
ended
Amount
.
or
Plate and
$380,000, being a total face amount of $2,068,000.
Consequently, as of that
date, the agreement became operative.—V. 150, p. 2111.
19,334
19,334
50,000
7,470
«15,056
312,071
-------
Time deposit not current
„
Trade notes receivable, not due within one year..
Nickel
the reduction of the principal amount from $2,375,000 to $2,OOO,00O.
As
of March 15, 1940, there were on deposit with the escrow agent certificates
of deposit in the face amount of $1,688,000 and bonds in the face amount of
1,999
296,615
__
Cash deposit with agent for payment
on
1938
$677,453
1,037,187
1939
$798,142
896,732
Assets—
Cash
April 6, 1940
The agreement might become operative upon the deposit of a
than the required principal amount of $2,375,000 if mutually
March
30,
Northwestern Bell Telephone Co.— -Earnings—
194 0—2 MoSs^t939
1940—Month—1939
/
$5,734,818
$5,571,814
revenues
$2,829,829
$2,769,224
177208
"17.561
Uncollectible oper. rev..
9,915
9,463
Period End. Feb. 29—
Operating
■
Total
12,245,058
equipment
—
36,742
13,536,465
_
$15,608,777 $16,312,240
—
$2,819,914
1,950,175
$2,759,761
1,878,593
$5,717,610
3,933,768
$5,554,253
$869,739
404,542
$881,168
387,034
$1,783,842
809,79J
$1,726,668
773,972
$465,197
$494,134
455,451
$974,052
868,910
$952,696
853,364
—
3,827,585
111,990
103,351
-——
Operating revenues.
Operating expenses.
Net oper. revenues.
f Property, plant and
Deferred debit items
36,742
Operating taxes.
—
_
Liabilities—
Accounts and accrued liabilities
Notes payable
Federal and State taxes...
1300,000
....
...
—---
80,584
40,781
19,334
12,000
real estate
liability for workmen's compensation
insurance claims
arising during corporation's
on
1,823
3,200
terms as self-insurer
holders of
to
Reserves
_
136,778
.
22,971
.....
Preferred stock
;;
........
b Common stock.
Profit and loss surplus......
c Preferred treasury stock at cost
...
e Common stock in treasury at cost.........
a
par
2,000,000
5,875,925
2,941,213
Z>r819,894
Dr850
2,000,000
5,875,925
3,795,132
Dr819,894
Dr850
...$15,608,777 $16,312,240
Total.
Represented by 20,000 no par shares,
b Represented by 180,000 no
shares,
c 8,952 shares,
d After reserve of $142,381 in 1939 and $139,e 110 shares,
f After reserve for depreciation and depletion.
986 in 1938.
h Balance of deposits with State Insurance Fund was
January, 1940, by the receipt of a dividend of $38,874 which
corresponding reduction in the reserve,
i $90,000 current and
$210,000 not current.-—V. 150, p. 1002.
g
Ohio Bell Telephone
Operating revenues
Operating expenses
$3,787.527
2,345,443
with SEC—
oiji first page of this department.—V. 150, p. 1943.
North Boston Lighting
Properties—To Defer Payments
of Subsidiaries' Indebtedness—
Securities
Exchange Commission, April 2, announced that
application (File 70-31) under the Holding Company
a proposal to defer the payment of indebtedness
owed it by certain subsidiaries.
The company holds $3,109,375 of notes
of subsidiaries due May 1, 1940 which it has pledged and $200,000 of notes
due April 5, 1940 which are unpledged.
All of the notes bear interest at
the rate of 3% per annum.
The amount of indebtedness of each subsidiary evidenced by such notes
The
company
is
has filed
and
an
in connection with
Act
follows:
as
$3,109,375
Beverly Gas & Electric Co.
Gloucester Electric Co.
......
Haverhill Electric Co
Salem Gas Light Co
Suburban Gas & Electric Co
Unpledged
40,000
.>■.:>
Company announced that $18,000 principal amount of its first mortgage
5M % sinking fund bonds have been selected by lot for redemption on April
15, 1940, at par and,accrued interest.
The bonds will be piad at the office
of the United States National Bank of Denver, trustee, on and after the
redemption date.—V. 148, p. 2130.
150,
Line Co.—Registers with
of this department.—V. 146, p. 2895.
Northern Indiana Gas & Electric Co.—Unlisted
Ohio-Midland
'
-
'•
$2,979,213
$1,854,844
1,822,908
$853,773
832,541
$2,589,817
976,880
>
$1,612,937
1,558,523
increase in
Ry.—Lease of Road Approved-—
Oliver Farm Equipment
Co. (& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1939
1938
1937
j
1936
,
-..$19,111,672 $18,777,579 $26,206,911 $18,808,804
Cost of sales, selling and
general expenses, &c_. 17,737,789
17,987,804
22,715,773
16,399,125
Depreciation..
...
652,990
637,141
580,103
518,315
sales
__
$720,893
$152,634
139,257
135,671
$2,911,035
146,137
$1,891,364
168,887
$860,150
238,111
xl91,771
$288,305
1,057,172
212,555
15,000
494,408
380.000
$2,060,251
601,249
$430,267
Net profit from oper..
Total income
—.
Int. & other charges
Prov. for Fed. inc. taxes
Net profit...
Earns, per sh. on cap.stk.
$60,750
$0.18
$2,182,763
$6.44
>■■>,.
$i.26
Includes $40,771 applicable to
>1939
Fixed assets...
Pats., goodwill,&c.
Cash.
Inventories
.
1,052,935
Unused
Accrued
3,696,457
7,800,448
13,799,966 13,799,966
d Common stock
Accounts
1
1,762,921
4,462,202
10,020,415
$
Liabilities-
$
7,016,291
6,837,803
1938
1939
1938
$
Assets—
a
$4.24
prior years.
Consolidated Balance Sheet Dec. 31
>
.
305,363
$1,153,639
taxes,
892,155
593,097
678,530
2,400,000
420,208
4,000
3,077,951
3,345,414
4,000
3,077,951
2,915,147
payable.
payrolls,
&c..
Notes pay. to bks.
Sub. co.'s stk. held
538,190
643,566
450,624
125,860
property
492,042
e
108,629
Earned surplus
by others..
Paid-in surplus..
24,198,016 20,810,368
Total
....24,198.016 20,810,368
Total
for depreciation,
b After reserve for losses
1938.
c Not used in operations:
for reduction to estimated liqudating values,
d Represented by 339,196.37 no par shares,
e Including
$750,000 reserved for loss on possible future abandonment or consolidation
of properties.—V. 149, p. 2374.
a
After
deducting
reserves
of $899,300 in 1939 and $1,106,772 in
after reserve for depreciation and reserve
;
Northern Indiana Public Service
Hobart Light
>1,124,369
Trading
Exchange has removed the first lien and refunding
2111.
$1,353,594
499,821
18 approved the lease
by the Ohio-Midland Ry. of the line of railroad of the Ohio-Midland Light
& Power Co.
The line in question extends over 13 miles from the power
plant of the Columbus & Southern Ohio Electric Co. at Picway, easterly
to Midway, thence northerly and easterly to Groveport, in Franilin and
Pickaway Counties, Ohio.
c
mortgage 6% gold bonds, due May 1, 1952, from unlisted trading.—V. 150,
P.
$7,047,437
4,457,620
The Interstate Commerce Commission on March
Deferred charges._
The New York Curb
$7,628,495
4,649,282
capitalization calling for issuance of 10,000 shares of $100 par 5% prior
preference stock.
Proceeds are to be used in making loans and purchasing receivables.
Officers and directors were re-elected.—V. 150, p. 2111.
distributor
See list given on first page
$3,528,191
2,174,597
$888,435
879,245
Accts. with foreign
SEC—
$7,059259
11,822
1781.
p.
b Receivables
Refrigerator
$7,645,875
17,380
Ohio Finance Co.—Stock Increase Voted—
x
Western
—
Other income
North Central Gas Co.—Bonds Called—
1940—2 Mo*.—1939
At their recent annual meeting, stockholders authorized an
75,000
35,000
The application states that upon liquidation of the company, proceedings
concerning which are now pending, the subsidiary companies will perma¬
nently finance the indebtedness.
The company therefore does not intend
to press for payment of the existing notes nor require the issuance of new
notes to evidence the indebtedness, it is stated.—V. 150, p. 698.
North
—
Net oper. income..
$200,000
$50,000
.
Net income
—V.
Net
Pledged
$650,000
235,000
1,014,375
425,000
785,000
.
7
a
North American Finance Corp.—Registers
29—
Net oper. revenues-.- $1,442,084
Operating taxes.553,649
Includes notes,
See list given
Co.—Earnings—
Uncollectible oper. rev—
Feb.
revenues
Extra of 20 cents
of record April 6,
3880.
1940—Month—1939
$3,795,634
$3,533,086
8,107
4,895
Period End.
Operating
reduced in
effected
Ltd.—Special Dividend—
stock, both payable April 15 to holders
was paid on Dec. 11, last.—V. 149, p.
4,871,000
35,075
Equity of minority stockholders of Carbonate of
Lime Corp
a
Oahu Sugar Co.,
135,825
4,731,000
88,357
Funded debt
420,488
—V. 150, p. 1608.
Directors have declared a special dividend of 10 cents per share in addi¬
tion to the regular monthly dividend of 5 cents per share on the common
Estimated
Liability for additional payments
stamped bonds and debentures
Net operating income.
Net income..--.
19,334
12,000
—
Dividend payable on preferred stock—
Mortgage
323,117
241,131
...
Co.—Acquisition—
& Water Co., of Hammond, Ind.t has filed with the Se¬
curities and Exchange Commission an application (File 70-24) regarding
the proposed sale of its utility assets to Northern Indiana Public Service
Co. for $500,000.
Upon consummation of the sale, the company will be
Corp.—Registers with SEC—
Palestine Economic
See list given on first pgae
dissolved.
of this department.
Both Hobart
Co.
are
Light & Water Co. and Northern Indiana Public Service
in the Midland Utilities Holding Co. system.—V. 150, p. 2111.
Pennroad Corp.—To
Stockholders of the
Northern Ohio Ry.
Co.—Listing—
The New York Stock Exchange has authorized the listing of $2,500,000
1st mtge. 5% gold bonds due Oct. 1, 1945 (and also certificates of deposits
therefor) bearing a cancellation endorsement stamped over the endorsement
of guaranty
an
of Lake Erie & Western RR. in accordance with the
terms of
Write Off Deficit—
corporation voted on March 28 to write off to capital
surplus an $84,469,036 deficit incurred since the
1929.
corporation was formed in
charge to capital surplus was the result of adjusting ledger
values of certain investments from the original costs to figures more nearly
This deferred
reflecting conditions
agreement dated as of Dec. 18, 1939.
about Dec. 18, 1939, an escrow agreement was entered into by and
as
of Dec. 31, 1938.—V. 150, p.
1450.
escrow
On
or
among
the Nickel
Plate, Central
Hanover
Bank & Trust Co.,
deposit therefor as should accept the terms and provisions thereof.
This
agreement provided as follows:
(1) The Nickel Plate agreed to deposit with the escrow agent $187,500
in cash, together with all of the coupons held by it which had become due
April 1, 1935 to April 1, 1938, incl.
These coupons were in the total face
amount of $429,650.
The Nickel Plate further agreed from time to time to
deposit with the escrow agent such additional coupons of the aforesaid
seven interest dates as might thereafter be acquired by it during the period
as
The
as escrow
agent, National State B ank of Newark, at Newark, N. J., and such holders
of the 1st mtge. 5% gold bonds of Northern Ohio Ry. and of certificates of
of the agreement and until such time
Peoples Drug Stores, Inc.—Listing—
it should be declared operative.
(2) Holders of bonds or of certificates of deposit might become parties to
the agreement by depositing with the escrow agent their bonds or certificates
of deposit, together with
any
"consents," on or before Feb. 15, 1940, or within
extended deposit period.
(The "consents" refer to the cancellation of
the
New
York
Stock
Exchange has
to
Pennsylvania Glass Sand Corp. (& Subs.)—Earnings—
1939
1938
1937
1936
$2,568,444
Calendar Years—•
Net sales
$2,244,968
$2,860,414
$2,321,627
Cost of goods sold, sell.,
„
1,490,668
1,329,256
1,589,825
1,371,088
Gross profit
Allow, for deprec. & depl
$1,077,776
193,285
$915,712
194,683
$1,270,589
204,837
$950,539
174,386
Profit from operations
$884,490
33,375
$721,029
33,294
$1,065,752
55,753
$776,153
55,021
$917,865
192,259
$754,324
196,625
$1,121,506
201,321
$831,174
205,565
37,148
Other income
Total income
(3) The Nickel Plate directed the escrow agent that upon the cancellation
of said guaranty on not less than $2,375,000 of bonds, to deliver to each
cancelling bondholder the coupons due April 1,1935 to and including April 1,
1938, which appertained to the bonds of such cancelling bondholder to the
Amort,
extent that such coupons were available for that purpose in the hands
Income taxes
of the
„
admin. & general exps.
Lake Erie & Western guaranty.)
agent, and to pay to such cancelling bondholder from the aforesaid
of cash an amount equal to the face amount of the Oct. 1, 1938, April 1,
authorized the listing of 490,948
common stock (par $5), on official notice of issuance, pursuant
split-up of shares in ratio of two-for-one, in substitution for 245,474 shares
of common stock (no par) previously listed and outstanding.—V.150,p.2113.
shares of
Int.
on
1st mtge. bonds.
of bond, disct.,
tax on
27,961
29,164
19,762
141,767
loans, &c
92,892
xl66,000
83,660
$555,878
$435,643
173,376
241,328
175,642
$734,423
182,704
321,420
$.504,800
238,394
156,673
escrow
sum
1939, and Oct. 1, 1939, coupons appertaining to his bonds, to the extent that
such coupons were then annexed to such bonds, which coupons, however,
were to remain so annexed
notwithstanding such payment.
Net income
Divs.
on
Divs.
on
x
-
$7 pref. stock..
common
stock.
160,885
Including undistributed profits taxes.
Volume
The Commercial & Financial Chronicle
ISO
Consolidated Balance Sheet Dec. 31
1939
$
Cash
Peoples Gas Light & Coke Co.—Losses Rate Case—
1938
$
Assets—
366,859
1939
1938
%
$
Liabilities—
234.356
Accounts
Bills and accts. re¬
266,107
263,226
Accrued bond int.
15,754
263,290
ceivable,
107,643
16,151
197,168
Other accrd. accts.
38,141
38,574
79,300
69,500
Dividends
43,344
43,344
82,384
55,170
141,258..
95,175
net
Inventories
Pref.
2,672
Investments
130,039
Gen. prop, accts.. 12 ,750,509
12,814,494
Deferred accounts.
207,599
214,448
2,460
3,152
Sinking fund
payable
stock
sink'g
fund accrual....
157440
Total
143,565
Income taxes
1st
mtge.
4
y<x%
4,203,000
4,310,000
8,669,815 a8,669,815
Capital stock
813,957
672,782
Earned surplus...
Prfef. stk. sink. Id -b£>r82,384 Z>r55,170
bonds
j!___14,068,834 13,953,485
...
shares
due March 31, 1940.—V.
Pet Milk Co.
Net sales.
$29,702,594 $25,105,479
24,449,373
19,998,312
3,736,439
3,199,703
642,499
631,431
.$29,711,501
23,403,767
Sell., gen. & admin, exps
4,159,152
Depreciation.
712,766
$28,555,164
22,885,393
3,886,890
712,511
$1,435,816
11,405
$1,070,370
97,765
$874,283
135,080
$1,276,032
97,320
$1,447,221
$1,168,135
$1,009,364
$1,373,352
2,463
25,838
267,692
2,319
51,846
206,806
2,176
Cost of goods sold.
Int.
Total income
Reduction
in
value
of
on
62,053
140,518
2,236
17,531
209,060
45,000
Federal taxes
surtax
funded debt
on
Other
43,000
un¬
distributed profits
Prov.
for
income
tax,
interest
$9,069,722 $10,978,569 $11,053,625
3,000,000
3,000,000
3,000,000
1,388
5,829
127,237
2,121
464
132,227
130", 749
69,192
191,336
853,540
3,397
69,192
19.1,093
843,719
5,392
69,192
190,875
852,106
8,299
69,192
190,661
852,790
3,428
$5,376,705
2,343,552
2,880,210
$4,836,656
2,343,552
2,400,166
$6,740,347
$6,813,197
2,343,573
3,840,244
260
1,259
130,279
626,221
;
Apprp. to
Guar.
div.
res.
for pay.
Gas
Con.
on
preferred stock
Amort .of debt disc.& exp
Approp. for retire, res..
Int. chgd. to constr.—Cr
36,550
44,506
20,611
prior years
on disposal of capi¬
income.
Divs.
on
Divs.
on com.
a
pref. stocks
stocks....
Made to others
"■W:'
>
728
4-
6,164
92,943
15,955
$1,129,888
$901,001
441,354
441,354
$688,534
441,354
$459,647
$911,553
31,662
551,693
$699,155
441,354
profits
Divs. on pref. stock
Divs. on com. stk. (cash)
obligations of street railway companies guaranteed
*
Balance Sheet Dec. 31
:
Discount
on
1939
38,328,359
10
38,723,059
3,015
_—
Earnings per share
441.354
$2.04
$2.56
.
$328,198
441,354
$1.99
$257,801
441,354,
■•f;
$1.58
deposit
for payment of
1939
Liabilities—
Cash in banks and
on
x
1,038,232
1,540,930
32,625
781,477
1,632,197
54,167
Misc. accts. receiv
Due from empl. &
agents
19,059
■\
Inventories
16,183
2,989,330
3,878,742
Invest. & advs
y
637,008
632,248
,
Real eBt., mach.
and
94,957
Sundry accts. pay
Notes payable
al ,100,000
Fed. Income tax..
305,:-65
Res. for insurance256,631
89,573
1,000,000
212,131
248,418
4,166
7,798,534
3,657,657
Accrued taxes.
.
Min. Int. in subs.,
z
equipment. 7,335,718
Goodwill
6,932,027
831,347
174,649
15,344,364
Common stock..
Earned
14,144,444
surplus...
1,534
,798,534
,346,191
69,999
139,611
631,269
251,583
1,417,423
53,746
Other accr. llab.
28,830
251,768
1,177,401
28,830
1,456
845
divs.,
Petroleum Corp. of
2,376,814
3,370,132
receiv..
16,699,471
6,250,235
18,435,030
Deferred, charges
5,885,884
(/•
;'V- vVf.:
v//
;
/ yy
1939
1938
1937
1936
$5,903,471
2,415,832
$4,755,586
1,883,071
$3,974,552
1,609,662
$3,487,639
1,884,407
$2,872,516
1,751,454
$2,364,890
1,241,948
2,516,025
of
$3,687,762
1,916,050
-
$1,771,711
323,202
456,013
$1,122,942
$1,603,232
290,600
274,423
160,000
228,206
272,371
232,907
308,405
393,841
189,851
$759,590
17,795
$711,135
13,277
$396,039
8,193
$724,412
1,813
$404,231
2,831
60,934
(Co. and Sub. Cos.)
Consolidated Balance Sheet Dec. 31
Assets""**
$
plant
Prop.,
pf. stk. 24,557,000
15,850
5% non-cum. pf.
&
,
...—
on cap.
787,176
406,268
stock
55,151,073
11,194,618
58,122,288
8,036,663
Cash...
depos.
cum.
$5 pref. stock.
eqa.arls'g from :
appr. of subs. 19,747,991
Discount
$
Liabilities—
capital...266,274,304 285,310,015 6%
Fixed
Cash
xl939
yl938
S
*
$6
5,386,800
10,000,000
__
pf. stk
cum.
Common stock. 34,802,566
1,515
Duq.Lt.5% pf. 27,500,000
Cons.G. Pitts, pf
1,729,800
Common scrip.-
Total income
Other
deductions.
19,858
141,073
Allowances for Fed. inc.
Loss
on
131,500
bldg. razed..
idends, &c—_
217,395
217,898
Co. com. stk.
Accounts rec—
3,645,891
3,540,606
429,801
317,714
Mat'l & supplies
3,232,888
332,921
Deferred charges 17,404,863
Other assets.... 10,706,415
3,540,520
Prepaid acc'ts..
444,529
assets
17,812,678
3,200,000
subs
Notes
—.
521,886
Acc'ts
payable
payable-
Acer.
liabilities.
201,039
100,000
150,000
2,970,950
8,960,090
8,267,793
Def'd liabilities.
9,700,263
1,801,654
68,770
10,633,412
57,194,791
Oth. curr. assets
Customers' deps
reserve.
126,511
reserve.
5,680,136
Other reserves..
1,008,178
149,645
$340,465
743,725
821,131
Res.
Contrlb.s
73,838
$1,084,190
257,672
25,873
$1,439,572
214,727
7,580
$1,618,993
$1,217,266
$1.32
$0.79
Includes special cash dividend of $175,685.
z
Includes
excess
profits
Note—Allowances for depreciation aggregating $112,256, $125,027, $117.650 and $144,230 are included in above for 1936, 1937, 1938 and 1939,
respectively.
Balance Sheet Dec. 31
Assets—
a
Inventories
90,685
1,147
332,679
74,322
Notes receivable..
1938
$417,316
43,077
25,000
347,471
Accts. receivable
53,889
Accounts payable.
Notes
Contr.
material
Property,
104,623
98,513
2,340,380
......
1,868,012
plant
$165,000
15,134
expenses.
for
z
depos.
containers.
.
Capital stock...
194,999
70,589
673,459
92,511
Earned surplus
$3,549,792 $2,875,241
due
Feb.
1,
1940.
y
Total
After
$591,656 in 1939 and $512,936 in 1938.
shares.
,
z
...388,557.690 388,017,090
Total-.
.
—
_a32,332,002 b48,776,742
388,557,690 388,017,090
Co., its subsidiaries, street railway
Beaver Valley Traction Co. and its
subsidiary,
y Not
including Pittsburgh Ry. Co. (and the companies
operated by it), Pittsburgh Motor Coach Co. (both companies in process
of reorganization), and Beaver Valley Traction Co. (in receivership) and its
subsidiary,
a Capital surplus,
b Unclassified as to capital and earned
surplus—V. 150, p. 1783.
x
Not
including
Pittsburgh
Rys.
subsidiaries of Philadelphia Co., and
Wine Co.—To Pay 5-Cent Dividend—
Directors have declared
a
dividend of five cents per share on the common
stock, payable May 1 to holders of record April 15.
This compares with
10 cents paid on Oct. 27, last; six cents paid on Oct. 27, 1938 and five cents
paid on Sept. 1, 1938.—V. 150, p. 850.
Portland Gas &
Light Co.—$1 Preferred Dividend—
a dividend of $1 per share on the $6 cumu¬
April 15 to holders of record
April 1.
Like amount was paid on Jan. 15, last, and compares with 75
cents paid on Oct. 15, last; 50 cents paid on July 15, April 15 and Jan. 15,
1939; dividends of 75 cents were paid on April 15 and Jan. 15, 1938, and
previously regular quarterly dividends of $1.50 per share were distributed.
—V. 150, p. 135.
The directors have declared
673,459
389,331
389,331
1,217,266
..$3,549,792 $2,875,241
allowance for depreciation of
Represented by 429,453 no par
-
After allowance for return of containers, $3,558 ($15,865 in 1938), and
for doubtful accounts, $4,079 ($10,288 in 1938).—V. 150, p. 1945.
a
2,101,379
3,371
41,942
201,600
1,618,993
Capital surplus...
and equipment.
x
payable for
Accrued
13,000
Total
165,000
Customers'
Dep. for purch. of
y
$100,732
x500,000
equipment
taxes, &c
1938
$80,684
to
bank.
Prepaid insurance,
Containers.
payable
Total
Pleasant Valley
1939
Liabilities—
1939
$614,918
1,980,310
reacq—
Surplus.
1,740
$743,725
$1.00
in aid
construct'n
stock
468,494
taxes.
Cash..
23,000,000
Sur. inv. in com.
$1,213,959
$800,645
$1.43
Earns, per sh. on cap.stk
4,704,558
reval'n
for
of assets
Additional Fed. tax, &c.
x
apprais.
of subs, prop.
$392,828
800,645
of
Dividends declared
1,635,995
70,752
10,312,630
58,166,991
123,194
5,680,136
Retire, res. aris.
$565,089
$1,833,719
214,727
1,071,123
Amort,
z73J14
$616,454
Total surplus
1,729,800
2,937,500
Special
1,217,266
preciation restored
48,003,320
2,309
27,500,000
212,744
Funded debt—.130,339,000 130,381,000
of
from
Net income
15,850
5,386,800
10,000,000
Min. int. in sur.
current
26,010
Previous earned surplus.
Excess allowance for de¬
$
521,886
pf
Ky. W. Va. Gas
Res. for deprec.
Profit from operations
Other income
yl938
24,557,000
West Va.
Kent.
Gas Co. 5%
for
$466,542
162,095
3,371
a2,749,966 bl4.793.140
a Paid-in surplus,
b Unclassified as between capital and earned surplus,
Represented by 4,800,354 shares (no par) in 1939 and 4,800,332 shares
(no par) in 1938.
y Represented by 100,000 shares (no par).
$460,270
6,272
...
In
stk. reac.
x
fund accounts
$777,385
.
_
.
invest.
185.101
Total-......205,354,297 201,744,038
...205,354,297 201,744,038
Total
Other
Gross profit
Shipping and delivery..
Selling and advertising. 2
40,860
construct'n
Surp.
paym't of div¬
Net sales
Cost of sales
435
in aid
Contrlbs.
Investments and
$6,203,787
Calendar Years—
Sales
Fed. & State excise taxes
945,920
_
of lease¬
holds
ital
Co.—Earnings—
121,459
21,541,760
14,810,588
23,000,000
of assets...
Amort,
xl939
America—Asset Value—
y
23,987,186
reval'n
for
Res.
Other reserves.
15,344,364 14,144,444
Total.
30, 1940, a net asset value of $11.42
share on 1,937,800 shares of capital stock outstanding at that time.
This compares with net asset values of $11.42 per share outstanding on
Dec. 31. 1939; and $11.45 on March 31, 1939.—V. 150, p. 1291; V. 149,
Pfeiffer Brewing
88,937
Def'd liabilities-
Deprec. reserves 15,205,250
and
com.
The company reports as of March
3568,
to
Surplus
per
Administrative
Indebtedness
_
affiliates
131,406
x After reserve for doubtful debts and discounts of $117,396 in
1939 and
$121,309 in 1938.
y After reserve for depreciation of $7,179,428 in 1939
and $6,763,193 in 1938.
z Represented by 441,354 no par shares.
a $900,000 current and $200,000 not current.—V. 150, p. 1945.
p.
864,469
Accrued divs—
Accrued taxes.
of
oblig.
rents
15,850
Accrued Interest
street ry. cos.
Int.,
1,851,770
5,386,800
217,335
831,462
Defd.chgs.to oper
Total.....
924,355
Acer .sals. & wages
Guar,
60,172,000
65,009
718,257
Prepayments
$
1 ,209,277
75,502
156,373
Accounts payable-
hand
Customers' accts
■'
$
10,000,000
24,557,000
10,000,000
24,557,000
5,386,800
5% pref. stock..
15,850
217,335
Acc'ts receivable
1938
1939
$
2,309
$6 cum. pf. stk
6% pref. stock..
$5 pref. stock
1,114,805
69,308
consol. subs..
1938
$
1938
48,003,320
1,515
_
Acc'ts payable—
of
Indebtedness
Consolidated Balance Sheet Dec. 31
Assets—
on
dividends
Includes miscellaneous income.
x
135,158,120 132,739,351
3,174,738
2,773,857
Cash
...
Total fund, debt 60,155,000
787,176
Cash....
34,802,566
Common stock
Common scrip.
y
cap¬
stock
ital
x
;
$
$
Liabilities—
$
$
Special deposits.
(Philadelphia Co. Only)
1938
-.•.-.iSS,1939
S-.CJ.1'
Assets—
Investments
Balance, surplus.
Shs.com .stk.out. (no par)
3,840,264
"Chronicle" of March 16, page 1783.
Fixed capital...
Net
2,343,552
Note—The consolidated income account for calendar years was given in
35,250
Goodwill of subsidiaries.
on
by Philadelphia Co.
Loss
tal assets
-
Other income deductions
Net
.
for
$10,245,396
3,
',000,000
25,230
capital assets.
Proportion applicable to
minority int. in subs..
Interest paid.
Prov.
•
-
Amort. of leaseholds
x
Dividends received.
197,200
$9,366,097 $11,206,528 $11,254,849
177,375
204,235
181,224
119,000
23,725
20,000
&C-..$10,720,724
278,128
revenue..
~
^_
int. and
revenue,
divs. from inv.,
General expenses
Net
„
.<1936
1937
1938
1939
Gross
,.y_;
—
(.Philadelphia Co. Only)
—Income Account Y^ars Ended Dec. 31
1936
1937
1938
1939
Philadelphia Co.—Earnings—
Prov. for Fed. inc. taxes
(& Subs.)—Earnings—
Calendar Years—
—
14,068,834 13,953,485
Total
Represented by 24,768 shares (no par) $7 cum. pref. stock, and 321,860
common stock (no par).
b Preferred stock sinking fund payment
150, p. 1945.
a
was denied U. S. Supreme Court review of a State Commerce
order denying a requested gas rate increase.
Company had
requested Commission authority to increase its rate by approximately 3 %.
In a per curiam ruling the high court dismissed the appeal on the grounds
that a substantial Federal question was not involved in the action of the
State Supreme Court in ruling against the gas company.
William W. Hart, Chairman of the Illinois Commerce Commission, and
Harry R. Booth, Assistant Attorney General, who was in charge of the gas
litigation involving the company, issued a joint statement declaring that
th6 Supreme Court dismissal of the company's appeal "means the more
than $6,000,000 now impounded in two Chicago banks should shortly be
refunded to the 800,000 gas consumers in Chicago and the rates reduced to
all of them 32 cents per month or $3,000,000 per year."—V. 150, p. 1144.
Company
Commission
payable,
vendors, &c
Life ins. policies..
Accrd. int. receiv.
2265
lative preferred stock, no par value, payable
Pressed Metals of America,
Inc.—Sales—
Sales for the period Jan. 1, 1940 to March 27, 1940 were $1,154,078,
against $1,094,394 in like period of 1939, an increase of $59,684, or 5.4%.—
V. 150, p. 2113.
Commercial & Financial Chronicle
The
2266
Public Service Co. of New
Pittsburgh Coal Co.—Earnings—
Consolidated Income Account for
1939
1938
Gross sales (less discts.,
.
ancProyalties/.f—J $35,768,199
als
$33,336,322 $17,878,579
1936
43,800.621
42.929.748
Operating profit-—
$3,421,369
$1,171,583
*4.077,958
521,947
619,365
$3,422,723
727,306
$4,148,675
$1,693,530
$4,697,323
— — —
.
-'Total income..
Prov. for doubtful acets.
less recoveries
-
or
55,239
xl30.209
982,825
and expense
for Federal
and
Normal
Gross Income
Bond interest
$189,507
$198,892
$2,045,954
54,233
59,841
excess-
2,407,637
247,187
1,876
—
Fixed capital
39,147,599
Other land A prop.
22,198
41,225
$1,036,330
$1,684,956
217,828
680,582
1,803
207,965
Accr'd liabilities—
227,336
219,483
633,263
Prov.
382,693
329,540
Mat'ls &
supplies-
435,046
460,511
income.
156,709
133,151
141,231
130,092
Cash in banks and
Pref. stock
Common stock.
2,973,282
48,592
291,140
35,000,000
17,795,500
427,028
277,618
7,726,416
5,642,069
438,169
285,465
Capital surplus...
Accrued
per
349,673
payroll.
pens'n claims.
904,657
5,764,448
Pension fund---
87,228
2,475,000
payable.—
payable..
1,388,978
33,500
53,482,875
22,476,577
Accts.
225,640
Mtg. due in 1940
1,997,778
stock
Z>r319,833
916,889
102,094
4,325,000
1,322,046
30,000
53,482,875
21,690,547
Dr319,833
488,014
1.000,000
pension & relief
1,926,895
"
263,027
—•—
-
a$6,488,907a$18,287,969ab$15321834
Net inc. for the year.d$10,766,412
beginning of
44,406,388
47,313,307
year
41,140,663
37,198,836
of market-
«hlA cAPnpitlpc and triifl—
184,792 Drl,093,830
35,502
cellaneous investm'ts.
income
Surtax
403,114
Surplus beforedivs...$58,115,220
8,672,611
$51,080,088 $58,334,803 $52,923,785
3,766,781
13,928,415
11,783,121
Surplus at end of year .$49,442,609
Earns, per share on cap.
stock.
$4.94
$47,313,307 $44,406,388 $41,140,663
—
.
$8.53
$3.01
—
$7.15
1936, $68,614 in
depreciation of property not in
operation in 1936, $7,556 in 1937 and $6,891 in 1938, these amounts having
been charged to the reserve for contingencies,
b Also without deduction
of $607,805 for reduction of book value of plants not in operation to esti¬
mated realizable value,
c After deducting net losses and expenses ip con¬
nection with retirement of property,
d Without deduction of $71,742 for
idle plant expenses charged to the reserve for contingencies.
Note—Depreciation and depletion in the amount of $4,424,928, and taxes
in the amount Of $2,187,068 (which taxes are in addition to Federal and
State income taxes shown above), have been charged against net income for
the year in the 1939 statement.
deduction
for maintenance in
of $54,991
1937 and $45,316 in 1938 and $3,890 for
on
62,358,536
Capital stock— 54 ,430,600
19,742,728
Accts,
Notes and accts.
7,274,797
Govt. «fcoth. sec. 13,994,865
7,527,665
742,381
8,242,061
6,486
7,617,949
8,988
1,090,529
10,476,680
988,577
12,125,917
Deferred charges
-
501,978
1938
$
2 ,992,189
121,113
53,969,100
2,387,441
146,360
5,279,030
3,986,977
lnstal. sales..
y
8,609,286
Cash—
$
Liabilities—
$
$
1
Property accts. 60,603,223
Inventories
20,385,039
X
909,113
173,155
122,132
1,544,132
1,424,472
5,852
1,674,212
5,003,107
1,000,000
47,313,107
Accrued salaries,
wages, &c
Collect. A other
net credits
Deferred
Res. for
malnt.,
repairs, Ac
retail stores..
5,920
Insur. reserve..
1 ,796,324
Conting.res., Ac
4 ,931,365
Pension A relief.
2 ,000,000
Surplus
124,150,550 118,147,136
x
After
reserve,
Porto
y
Total —
477,608
278,966
9,481
$515,116
463,653
927,305
$0.55
$1,029,250
1,020,036
927,305
$1.11
$1,041,034
1,005,036
927,305
-
$1.71
927,305
$1.23
Consolidated Balance Sheet Dec. 31
$
1,868,014
3,453,727
y
513,426
391,002
Employees' i'ns A
accts.partly sec.
Claims
30,325
32,999
42,621
61,256
for
221,263
Federal
income tax
103,077
117,430
9,273,050
5,809,514
9,273,050
5,809,514
1,695,122
1,131,13)
8,510,829
par)
Capital surplus
Earned surplus
8,779,976
238,145
Capital stock ($10
49,748
202,917
against
bks._...
Inventories
Prov.
871,069
369,022
Other accr'd llabil.
Other notes,mtg.
& accts. receiv..
closed
1,784,598
3,426,033
1,020,026
369,155
448,710
Accounts payableAccrued taxes
Inventories
$
$
Liabilities—
2,940,488
4,122,734
xNotes, accepts. &
accts. receivable
1938
1939
1938
S
Cash
-j
62,295
Ld., bldgs. & eqpt.
& leaseholds (less
allow, for
depr.)
Prepd.exp. Adef'd
charges
Total
Total
18,718,654 17,792,480
-
18,718,654 17.792,480
—
Less allowances for doubtful notes and accounts,
x
losses.—V. 150, p. 1785.
Radio
y
Less allowance for
„
Corp. of America—Television Industry
FCC to Express
Asked by
Views—
been asked by the Federal Com¬
"appropriate date for commencing
Members of the television industry have
munications Commission to suggest the
limited commercialization" of television.
was
extended April 4 by the FCC when it
of its reconvened hearing April 8 on
outlined the
the question of allowing commer¬
cialization of television.
the prospects for improving
television broadcasting but descriptions of recent im¬
provements are desired only if they have taken plact since the date of the
original hearings or are the final results of previous experimcetation," the
Commission said.
"Evidence will be received also as to the effect of the
above matters on the prospects for higher transmission standards and as to
whether there has been any retardation of progress."—V. 150, p. 2114.
"General conclusions should be offered as to
the performance of
49 ,967,009
Railway Express Agency,
Inc.—Earnings—
1940
1939
$12,653,588 $11,627,481
Month of January—
Charges for transportation
Other revenues and income.-
193,867
8,512,371
Operating expenses
Express taxes
585,961
Interest and discount on
funded debt.
Other deductions
83,761
10,583
8,049,012
525,437
75,609
6,437
1
$3,654,779 $3,167,522
carriers—express privileges.—V. 150, p. 1453.
transportation revenue
x
Rail
x
Tobacco Co., Inc.—Plan to Be
196,536
$12,847,455 $11,824,017
Total revenues and income.
124,150,550 118,147,136
proposed plan of reorganization for the company will
plan will be filed in Federal Court April 8,
Gordon Auchincloss, trustee, informed Federal Judge Henry W. Goddard,
April 3.
"I have received additional information which convinces me that the
plan should be amended," said the trustee.
The nature of the information
was not disclosed, nor was the proposed amendment.—V.
150, p. 1945.
amended
250,925
8,500
$1,584,026
1,020,036
stk. (par $10)
Payments to rail & other
Red Rock Bottlers,
See list given on
the
227,427
1939
A revision of the
made and
$1,329,481
Pa.
Assets—
Amended—
be
$1,288,675
adopted the last-inHad the previous
method of valuing such inventories been followed in 1939, the net income
for the year would have been increased approximately $79,000.
Includes acceptances payable.—V. 150, p. 1784.
Rican American
33,388
$742,543
on
Min. Int. In sub.
Total
$1,296,093
40,223
Note—Effective as at Jan. 1. 1939, the corporation
first-out method of valuing inventories of crude oil.
1,114,177
credits
payable.
Notes payable
$1,248,452
89,074
taxes
com.
scope
1939
1938
$653,468
undistr. profits
This invitation
Consolidated Balance Sheet Dec. 31
1939
25,130,457
780,759
Earnings per share
y
Dividends declared.
28,423,710
809,960
39,404
Fed. and
for
Prov.
Federal surtax on undis¬
tributed profits
23.405,522
765,662
$2,061,634
$8,032,570 $22,569,942 $18,770,588
1,543,663
3,793,959
3,185,727
14,285,734
2,519,323
Fed. and State inc. taxes
2,438,207
832,765
21,544,463
Other income, net of int.
Shs.
1936
1936
$24,824,652 $30,482,122 $27,207,309
$2,022,230
& admin, expenses
Allowance for deprecia'n
Dividends paid
Calendar Years
1937
3,128,686
1,498,043
Net income before Fed.
and State Inc. taxes$
Consolidated Income Account for Calendar Years
1939
1938
1937
Net sales (excl. inter-co.)$24,399.458
Cost of sales, sell., gen.
and other charges
$4,903,884 $20,131,735 $16,843,693
profit from opers.$ 12,787.692
income—net.--.
Other Income—net
Patents
—-.43.712,970 42,999,327
Total
shares.—V. 150, p. 2113.
Quaker State Oil Refining Co. (& Subs.)—Earnings'—
130,621,005 135,780,020
Total
135,780,020
Consolidated Income Account for
1939
1938
Other receivables
Earned surplus...
was
Workmen's com-
Bills
Investments—..
2,195,827
1,920,201
8,333,091
5,477,459
272,765
1,052,075
257,562
1,381,947
dividend of 25 cents per share on the common
$5, payable April 1 to holders of record March 21. Dividend of
paid on Dec. 21, last and regular quarterly dividend of 50 cents
share was paid on Dec. 21, 1937.—V. 149, p. 4184.
159,196
7,383,859
207,999
1,566,607
receivable
260,538
1,128,818
cum.
par
1,358,397
386,098
Pittsburgh Plate Glass Co.—Earnings—
A.sscts
4,592,891
8,277,700
pref. stk. 8,277,700
$5 cum. pref. stk._ 3,333,091
x Common stock..
5,477,459
$6
Directors have declared a
147,934
a After
depletion,
b After depreciation of $27,809,160 in 1939 and
$26,082,339 in 1938.
c Dividends have accumulated on pref. stock from
1, 1926.
d Represented by 530 shares of pref. and 2,668 shares of
comraon.—V. 150, p. 2113..
Without
29,940
4,559,818
Reserves
Pyle-National Co.—To Pay 25-Cent Dividend—
255,458
1,998,253
Jan.
a
29,940
5,487
24,383
Represented by 134,000 no par
x
40.000,000
1,339,118
125,836
and taxes
292,624
130,621,005
adjust,
24,383
Accrued interest
Deficit
Net
interest thereon.
43,712,970 42,999,327
60 cents
Miscell. liabils—
211,005
d Treasury
at
Consum's' deps. &
di vs. unclaimed.
charges..
658,594
pensation adj.
4,379,056
2,587,875
211,005
315,290
Federal
Mat'd bds., int. &
Miscell. Investm'ts
stock,
Capital surplus.
Surplus
.
for
Income tax
1,803
trustee
Total
Workmen's com¬
Miscell. accts. &
Prov. for
with
(contra)
Special deposits...
$
35,000,000
40,000,000
Bonds
15,804,000
Insurance fund.
266,751
Min. Int. In subs
2,011,864
c
89,081,684
22,698,417
42,018
patent
development.
Net
hand
Note pay.
1938
$
Liabilities—
$
Patents &
c
$
375,000
345,749
ferred
1939
1938
....
2,735,206
Total
38,872,720
18,929,000 18,929,000
(bank).
Accounts payable.
and other assets-
Invest. In stocks
bills receivable
1938
$
Liabilities—
Funded debt
198,121
Consolidated Balance Sheet Dec. 31
Cash
1939
$
Prepayments & de¬
Mortgage rec.-_
Sink. fund & re-
669,797
629,752
given in the "Chronicle"
1938
$
and fiscal agents
1939
$
Coal lands--. 86,643,970
Plant & equip, 22,362,053
Inventory
Accts. & bills rec
55,816
1939
Cash
Assets—"
Market, securs.
$936,308
Unbilled
70,974
284,095
160,910
183,904
$3,179,765
Deferred charges
$1,231,669
*
Balance Sheet Dec. 31
1,437,040
on
$1,068,787
Invest, fund..
120,776
$135,295
55,816
1,099,071
Fixed assets.
Pension fund Inv
112,527
58,361
Earnings for 12 months ended Dec. 31, 1939 was
64,317
14,652
bonds
700,337
1,421
9,212
$120,172
income
Accts. receiv., Ac-
23.414
and
CV3,976
Notes receivable..
——
Net loss for year...
b
690.962
021.570
715
of March 30, page 2113.
taxes
minority interest.....
a
26.003
$1,726,476
—
10,259
J58,361
Other interest (net)
Other deductions
""8,243
2.361,145
2,379,818
profits tax
Undistrib. profits tax.
Proportion or net loss of
subsidiaries accruing to
x
$2,044,855
1,099
$1,700,473
1,066
Pref. div. requirements-
income of subs.:
on
$197 826
41,815
Amortiz. of debt., disct.
Prov.
$188,364
1,143
Assets—
2,357,122
and amort, of patents.
Net oper. income
Non-oper. income (net).
Net
1,926
1,048,674
1,488,772
Jl ,093,907
&c.,
plant,
911.100
63.675
268.394
55,032
T, 072
1,217,991
Depletion
Deprec. of
907,708
.791
297,749
"
5,392
914.485
275,000
76,243
5,192
33,082
53.680
C'rl4,908
57,682
70,442
62,251
2,846.115
3,182,544
••
76.105
5,472
27,124
49,395
290,738
54,049
1,569
67,287
on
'
$3,750,233
46,459
on
disposal of securs
Int. & disct. excl. of Int.
on funded debt—
Prov. for foreign exch—
MIscell. deductions
Interest on funded debtLoss
-
60,971
137,744
-_
bonds purch.
retired, net.I
Prem.
327,510
1940—12 AIos.—1939
$6,497,647
$6,064,757
due to 1938 storm
Social security taxes
Federal taxes (incl. inc.)
32,164,739
—
—
State & municipal taxes-
32,313,830
Other Income-
Operating revenues
Operating expenses
Extraordinary expenses
$16,352,471
C%eL$T?™ld-™d
Hampshire—Earnings-
1940—Month—1939
$610,715
$574,067
313,650
261,724
Period End. Jan. 31-
Calendar Years
1937
1940
April 6,
Inc.—Registers with SEC—
first page of this
(C. A.) Reed
department.—V. 149, p. 1036.
Co.—Accumulated Dividend—
a dividend of $2 per share on account of accumu¬
pref. class A stock, no par value, payable May 1
April 20.
Dividend of 50 cents was paid on Feb. 1,
last, one of $1 was paid on Nov. 1, last, and dividend of 50 cents were paid
in preceding quarters.—V. 149, p. 4184.
Directors have
lations on the $2
to
declared
cum.
holders of record
Volume
The Commercial & Financial Chronicle
ISO
Real Silk Hosiery
[Reo Motors, Inc.]
1936
1937
1938
1939
Cost of goods sold,
Consolidated Balance Sheet Jan. 2, 1940
Mills, Inc. (& Subs.)—Earnings-
Calendar Years—
__
_
$11,864,648 $12,349,284
Sales, less returns, Ac—$11,463,718 $11,859,302
sell11.974.825
11,697,496
11,721.388
10.910.749
Liabilities—
Assets—
Cash
328,336
—
—
Operating profit
Depreciation,-
$552,969
316,945
Other income.
$236,024
49,509
$137,914
41,510
$167,152
75,377
$374,459
46,256
$285,533
5,286
c80<710
30,000
$179,424
9,088
24,31727.000
$242,530
12,840
Accrued payroll
39,500
32,800
$119,018
$20,583
$116,615
194.250
$119,018
$20,583
—
$11,319
86,022
19,719
80,958
,
-
-
Accrued taxes,.
Miscollaneous accounts, Ac
12,286
1,973,431
36,235
1,613,213
275,025
$420,715
$169,536
—
Accounts payable
829,689
Notes A accts. rcc. (net)
Fixed assets: Less: deprec.)
$374,459
$167,152
Notes payable.-
$311,785
—
Inventories
$137,914
2267
def$77,635
Total income
Interest
Special charges
Federal taxes, &c
—
Federal surtax
—
on
—
.
See b
See b
See b
Deferred charges
Assets segregated--
,
$169,536
Balance, surplus
.
1937, and 1938 statements include charges of $306,725
for 1938: $327,800 for 1937 and $436,788 for 1936, for depreciation com¬
puted on the same basis as ii^ prior years,
c Consists of $60,718 loss on
raw silk transactions; $17,518 loss in connection with scrapping machinery
and $2,474 special profit and loss charge (net).
Condensed Consolidated Balance Sheet Dec.
Maclu contr's pay.
246,189
Accounts payable-
200,039
2,133
2,219,448
1,843,292
5,299
23,248
Miscell. depos., Ac
118,179
Investments,-,.,
903
903
Fixed assets--.
2,624,549
2,640,169
Goodwill,
1,509
5,213
employees.
Due to
145,583
5,669
259,239
5,027
depos.
Accruals
and
charges
"4",851
257,055
Customers'
1,074
-
deferred
118,420
Acceptances pay-
loans A adv„ Ac
Reserves
b Common
890,220
1,390,500
—
1,393,500
890,220
Paid-in surplus...
1
&c
890,220
Capital surplus...
Earned surplus—
marks,
1,041,278
totaling $4,445,387 in
After deduction of depreciation reserves
a
1939 and
b Par $5.—V. 150, p. 1453.
$4,374,154 in 1938.
(Robert) Reis & Co. (& Subs.)—Earnings
Selling
$524,706
y$519,851
$513,655
$556,518
433,481
441,577
422,420
397,467
$91,225
19,016
33,406
5,288
$78,274
$91,235
22,908
80,651
x248
$159,051
22,670
78,606
7,145
179
x384
expenses
& admin, expenses
Gen.
1936
1937
1938
1939
Calendar Years—
Gross profit on sales
?
Total.
Depreciation
Int. paid, less int. rec'dFederal taxes
22,805
See y
8,137
378,226
—
of segre¬
664,326
1,800,000
2,200,000
-
—
--
—
—
—
$5,379,998
Total
$5,379,999
reorganization to liquidate creditors
RFC.
c Reo Motor Car Co. approved
creditors claims, unapproved creditor claims, contingent claim—Belgium
Government.—Y. 150, P. 1947.
In
accordance with
the plan for
b To be pledged to the
Co.—20-Cent Dividend—
Rhinelander Paper
Directors have declared
a
divid3nd of 20 cents per share on the common
payable April 1 to holders of record March 25.
This compares with
40 cents paid on Dec. 20, last, and 20 cents paid on Oct. 2, last. Dividends
of 10 cents paid on July 1 and on April 1,1939; 20 cents was paid on Dec. 15,
1938; 10 cents paid on Oct. 1, 1938 and an initial dividend of 20 cents was
paid on Dec. 20, 1937.—V. 149, p. 4040.
stock
Rio Grande Valley
Gas Co.—Registers with SEC—•
Rose's 5, 10 & 25 Cent
Calendar
department.—V. 148, p. 1656.
Stores, Inc.—Earnings—-
Net profit...
1
Dividends paid--.
Earnings
per
$.326,257
v.:
Includes surtax.
x
$411,707
$254,720
145,630
$1.75
$313,787
189,319
$2.15
71,538
$332,533
233,008
$2.28
—
—
share.
1937
1938
1939
Years—
Profit for the year
$424,561
Provision for income taxes—92,028
x97,920
&
Condensed Balance Sheet Dec. 31,1939
Assets—Cash, $413,684; merchandise inventories,
$970,999; investments
equipment (less reserves for depre¬
charges, $1,265; total, $2,036,760.
Liabilities—Accounts
payable,
$179,395; accrued accounts, $37,898;
Federal and State taxes on income (est.), $92,028; capital stock, common
(par $1), $145,630; paid-in surplus, $67,376; surplus arising from con¬
version of preferred stock into common stock, $219,770; earned surplus,
$1,294,663; total, $2,036,760.—V. 150, p. 1786.
and other assets, $33,134: property and
ciation of $357,738), $617,677: deferred
Russ
Building Co.—Earnings—
x
Earnings for the Year Ended Dec.
Profit from operation.
70,828
30,995
-------
Capital surplus-ss-i
claims,
1,039,784
346,515
516,051
-_$5,709,352 $5,425,856
Total
$5,709,352 $5,425,856
Total.
23,651
890,220
stock-
Preferred stock
trade¬
155,197
19,404
...
Capital stock (par 51.00)
See list given on first page of this
90,672
316,599
Inventories.
a
100,000
Notes pay.
Miscell.acct8.rec.,
exps.
banks.
$296,719
$294,892
77,505
.1
brokers..-,
Accts. receivable-_
Prepaid
1938
Reserve for taxes..
$576,048
deposit with
silk
31
1939
Liabilities—
1938
1939
$322,632
Cash
Deferred income--
gated assets
.^69,200
1936,
Assets-—
-
cSegregated liabilities
A.
18,198
foreign Income tax-.-
Miscellaneous
Reserve for conting. A miscell.
Prov. for liquidation
a
Net profit
Pref. divs. (10>S%)
Cash
Prov. for
undis¬
tributed profits
b The
_
b Segregated assets..
23,782
178,318
137,106
32,500
,
a
31
1939
Rental income
$788,120
——
—.
—
Garage operations (net)
28,892
-----
Miscellaneous
——
1,871
-
1938
$790,559
32,866
1,740
Provision for surtaxes on
undistributed
profits,
al4,000
Special credit
$50,247
processing tax claims,
Amount estimated to be recoverable on
a
Operating
$1,249
$47,332
$33,515
Net profit
x
The
Ford Mfg. Co., a wholly-owned subsidiary, is a party to an agreement
prohibiting the payment of dividends which, in the opinion of the manage¬
ment, exempts that company from liability for surtaxes on undistributed
net earnings,
y Includes $119,250 interest income, recovery on lawsuit, less
expenses; less interest expenses and other miscellaneous deductions.
Consolidated Balance Sheet Dec. 31
Cash
transit & In bks_
64,100
$196,971
a
Receivables
26,401
Due trom factor.
a
Mdse.
1st mtge. 5%
17,927
a
Cash
374,613
468,851
inventory
val. of
crued
Notes
\
less
5,320
a
—
237,220
299,875
2,108,700
stock ($100 par)
$7
cum.
stock
13,358
j
$815,967
After reserves,
8,579
279,816
—
2,108,700
2d pref.
(no par)-,
$871,2691
75,COO
75,000
620,725
620,725
2,507,653
Common stock-
c
Deficit
Total
71,642
.
......
1
Goodwin
expenses
7% cum. 1st pref.
27,223
15,712
218,259
charges12,075
assets(net)
Deferred
23,697
52,783
payable (not
current)
4,555
5,C40
reserves
b Fixed
140,000
Res. for Fed. taxes
3,550
Deps. with mutual
assets,
120,000
62,911
—-
trade-
Sundry liab. & ac¬
surr.
insurance cos
1938
$34,680
note
to RFC
pay.
Accts. pay.,
1,978
life insurance
Other
1939
$27,451
Liabilities—
Notes payable
in
hand
on
1938
1939
Assets—
2,540,715
$871,269
Represented by
$815,967
Total
b After reserve for depreciation,
c
Total income—
expenses,
-
—
incl. rent and taxes
528,267
—
— —
$825,165
515,041
79.245
—
73,316
193,704
206,633
$23,596
Amortization and depreciation..._ —
Funded debt interest discount and expense
Net income-
$818,882
$24,245
Balance Sheet Dec. 31, 1939
(less depreciation), $5,914,207; equipment and furni¬
(less depreciation of $28,462), $24,797; uncompleted alterations (elesystem), $12,265; cash in banks and on hand, $14,159; cash on deposit
with trustee, $202,137; notes and accounts receivable (less reserve), $13,301;
investments, $118,715; deferred charges, $185,470; leasehold (at cost, less
amortization, $21,114), $163,323; excess of par value over proceeds from
Assets—Russ bldg.
ture
vztor
capital stock, $4,125,000; total, $10,773,375.
Liabilities—6% preferred cumul. stock (par $100), $3,750,000; common
stock
(par $100), $3,750,700; surplus, $16,002; notes payable to bank,
$65,000; accounts payable and accrued expenses, $20,219; accrued interest,
$132,082; purchase contracts, $10,871; funded debt, $3,028,500; total,
$10,773,375.—V. 146, p. 3819.
St.
Maurice
Power
Corp.—Bonds Offered—An issue of
$10,000,000 first mortgage sinking fund bonds, series B 4^s,
was publicly offered in the Canadian market on April 2 at
99, to yield 4.56%, by a syndicate headed by Dominion
Securities Corp., Wood, Gundy & Co., MacLeod, Young,
Weir & Co. and Aldred & Co., Ltd.
Dated April 1, 1940; due April 1, 1970.
Principal, interest (A. & O. 1)
premium, if any, payable in lawful money of Canada, at
principal office of the corporation's bankers in the cities of Montreal or
holder. Red. prior to maturity, in whole at
any time, or in part by lot from time to time, on at least 30 days' prior
notice, at the following percentages of principal amount with accrued
interest to the date fixed for redemption; at 104% if red. on or before
April 1, 1945; at 103% if red. thereafter on or before April 1, 1950; at 102%
if red. thereafter on or before April 1, 1955; at 101 % if red. thereafter on or
before April 1, 1960; at 100>^ % if red. thereafter on or before April 1, 1965;
and, at 100% if red. thereafter to maturity.
Coupon bonds, registerable
as to principal in Montreal and Toronto, in interchangeable denominations
of $500 and $1,000.
Trustee:
Montreal Trust Co.
In the opinion of counsel, these bonds will be a legal investment for
insurance companies registered under the Canadian ancl British Insurance
Companies Act, 1932 (Dominion) as amended.
.
.. ■
Under agreements the Shawinigan Water & Power Co. is bound and
obligated to advance to St. Maurice Power Corp. sufficient moneys, as
required, to complete to 162,000 h.p. the development now under con¬
struction, and, to the extent required, for all expenses whatsoever, including
accrued interest, until completion of such development and the putting of
same into operation, and, in addition
,is to operate the development, at
the expense of St. Maurice Power Corp., as part of the hydro-electric
system of the ShaSvinigan Water & Power Co. on the St. Maurice River.
Other Bankers Making Offering—In addition to the foregoing the follow¬
ing bankers are offering the bonds:
A. E. Ames & Co., Ltd.; Collier, Norris
& Henderson, Ltd.; Royal Securities Corp., Ltd.; Nesbitt, Thomson A Co.,
Ltd.; L. G. Beaubien & Co., Ltd.; Bell, Gouinlock & Co., Ltd.; Hanson
Bros., Inc.; Cochran, Murray & Co., Ltd.; Kerrigan, MacTier & Co., Ltd.;
Savard, Hodgson & Co., Inc.; W. C. Pitfield <& Co., Ltd.; Mills, Spence A
Co., Ltd.; Societe de Placements Incorporee; Mead & Co., Ltd.; Greenshields A Co., Inc.; James Richardson & Sons; Anglo-Canadian Securities
Corp.; Burns Bros. A Denton, Ltd.; Midland Securities, Ltd.; McTaggart,
Hannaford, Birks & Gordon, Ltd.; Matthews & Co.; Rene-T. Leclere,
Inc.; Brawley, Gathers & Co.; Dyment, Anderson & Co.; J. O. Boulet
Limitee; R. A. Daly Co., Ltd.; Canadian Alliance Corp., Ltd.; Harris,
Ramsay & Co., Ltd.; Milner, Ross & Co.; Bettay, Webster & Co., Ltd.;
Seagram, Harris A Bricker; Eastern Securities Co., Ltd.; T. M. Bell & Co.,
Ltd.; Comptoir National de Placement Limitee; Bartlett, Cayley & Co..
Ltd.; F. J. Brennan & Co., Ltd.; H. C. Monk A Co.; J. L. Graham & Co.,
Ltd.; Mackenzie A Kingman, and John Graham & Co.—V. 149, p. 3571.
and redemption
the
99,145 no par shares.—V. 150, p, 443.
Toronto, at the option of the
Richardson Co.—Dividend—
dividend of 40 cents per share on
The directors have declared a
the no
stock, payable April 18 to holders of record April 6.
This
with $1.50 paid on Dec. 15, last; 40 cents paid on Sept. 11, last;
30 cents paid on March 14, 1939; $1 paid on Dec. 13, 1938; 50 cents paid
on Sept. 12, 1938; $1 paid on Dec. 14, 1937; 40 cents paid on Sept. 14 and
June 12, 1937; 20 cents paid on March 12, 1937; $1 paid on Dec. 14, 1936;
40 cents paid on Sept. 14 and June 15, 1936, and 20 cents on March 12,
1936.—V. 149, p. 3728.
par
common
compares
Motors, Inc.—Listing, &c.—
Reo
has authorized the listing
2,000.000 shares of capital stock
The New York Stock Exchange
certificates representing
official notice of issuance in exchange
Car
pursuant to a plan of
Co.
of voting trust
$1 par) upon
for outstanding shares of
Reo Motor
reorganization confirmed by the court on
21, 1939.
In accordance with the plan of
Dec
reorganization of the Reo Motor
Car Co.,
organized in Michigan Jan. 2, 1940.
In accordance
of reorganization, stock of the company is to be
number of shares as stock of the Reo Motor Car Co., the
Reo Motors, Inc., was
with the terms of the plan
issued in the same
predecessor, is issued and outstanding, and the same shall be deposited by
the company with three voting trustees, under a voting trust agreement
dated Jan. 2, 1940.
,
,
For the purpose of providing working capital, application has been made
to the Reconstruction
Finance Corporation for a corporate loan in the
amount of $2,000,000.
.
.
Consolidated Income Account for
Calendar Years
[Reo Motor Car Co. and
subsidiaries ]
1939
$3,331,822
3,051,942
Net sales of vehicles and parts
Cost of sales
i
Other income
Net loss from operations
Depreciation
1,272,888
1,955,458
2,108,678
$1,551,960
68,273
$828,210
87,023
$869,262
174,826
Loss
$1,483,687
"$741,186
202,391
121,164
486,123
269.342
253,571
883.243
$1,883,105
226,311
$2,293,365
$2,147,344
87.598
192,248
$1,656,794
$2,205,768
23,037
$1,955,096
27,195
$2,228,806
$1,982,292
120,000
Tool amortization
719,017
Other charges
—
1937
$993,008
123,746
Gen., selling A administrative exp—
Total.,.
1938
$7,747,146 $13,069,350
7.343,648 11.788,8^1
—
.
Other credits
Net loss before taxes on income—
Prov. for inc. tax foreign
Net loss for year
subs
25,597
$1,682,391
San
Francisco
Bay Toll-Bridge
Co.—Plan Condemned
hy SEC—
The amended plan for
reorganization of the company, which owns and
operates the San Mateo-Hayward toll bridge across San
was condemned April
2 by the Securities and Exchange
Francisco Bay,
Commission as
presenting "a serious danger to the investing public."
The Commission, in its report, informed the Federal District Court for
the Northern District of California, Southern Division, before which the
plan is pending, that it was neither fair nor feasible.
The court had asked
for the SEC's counsel.
The Commercial <5 Financial Chronicle
2268
The
a
1929 at $9-
the company, capitalized in
that
found
Commission
882,374. has
$2,111,000. and that while its
value of not more than
earnings
provides
could not average more than $180,000 a year, the proposed plan
for annual interest of $279,700 on bonds alone, not taking into considera¬
anything for the new class A and class B stocks.
As of November,
1939, claims against the debtor aggregated $5,100,000.
"It is clear," the Commission said, "that the reorganized company wil
be unable to meet the obligations imposed by the plan.
"The net effect will be that as the value of the bridge decrease# with the
tion
v»v company's
TtTV—,
franchise, the vvj»pw»v « V
indebtedness will not
On the contrary, the debt will be increasing
uiiiiijig,
running i/l the life vi the
of tin?
of vuv
i
show
a
.
,
corresponding decrease.
by approximately $100,000 a year, and arrearage of dividends
stock will be accumulating at the rate of $53,700 a year
on the class
A
of the bonds, only 8 M months before the bridge becomes
a public highway, the company's initial d^ht of $4,303,000, instead of
having been retired, will have increased to approximately $8,000,000, and
arrearages of dividends on the class
A stock will total approximately
$2,000,000."
,
,
..
The Commission said "it follows that the new securities proposed by the
plan will present a serious danger to the investing public.
The two classes
of stock, including a preference stock with a contractual right to accumulated
dividends, will be worthless for all practical purposes.
The bonds likewise
will I)© cicc^ptlV6»*'
"At the maturity
,
1XI
particular danger, the
There was
requirement for registration
San Jose Water
„
1938
71.811
10,389
19,693
825,639
124,150
243,360
134,755
326,305
312,290
24,795
$23,288
$68,952
—
Dr688
$23,489
$68,265
$731,087
$748,892
31.436
32,238
375,230
378,060
def.»7,948
$36,027
$355,867
149,115
$370,832
149,115
200
Balance
Interest & amortization.
B a lance
<.
dividend requirements
*■
Balance
$206,752
60,000
"requirements
—
stock and surplus...
Balance for common
$221,717
60,000
$146,752
*
amounted to $928,475) in earned surplus by charging such deficit against
capital surplus account.
"To approve the restoration from capital surplus created in 1935 through
reduction in stated value of preferred stocks ($442,152), to preferred capital
that the capital stock
stock accounts of the sum of $328,700 to the end t
ies, and cumulative
liability for shares of cumulative preferred stock, $7
ted in the accounts
preferred stock, $6 series, now outstanding, shall
"
~
" *
"
share, representing the preferential amount (exclusive of accrued
fiayabledn any liquidation. —^——J~—-f~"To change the status of the common shares of t/he corporation from
shares having no par value to shares having a par value equal to the present
stated value of 50 cents per share."
,
Only holders of the common stock are entitled to vote on the proposed
changes, it is stated, but the board of directors has decided to obtain the
vote of the preferred stockholders, voting as a class, on the first
two re¬
commendations.—V.150, p.286.
it
at $100 per
divi
lividends)
.
Shell Union Oil Corp.
1938
$161,717
$
$
investl4,810,126 14,580,674
262,385
Cash..
467,308
2,712
Special deposits...
7,712
A 8 Sot 8
Other income & credits,
1,043
1,000,000
1,043
1,000,000
Common stock
3,100,012
236,641
7,330,000
7,330,000
16,127
232", 158
Materials & suppls
147,838
Prepayments,.2,680
131,856
244,370
258,650
Deferred debits..,
7H%7% cum,
Series D, 6H%8er. C,
.
Prem. on deb.
not consolidated.
2,680,980
3,157,490
4,184,367
4,301,391
57,282,536
57,640,421
64,016,002
58,457,174
Prop,
provisions
and
abandonments
41,521,633
Int. on funded debt and
40,147,413
37,518,393
34,297,795
2,809,464
1,145,727
2,661,570
x3,513,014
2,280,659
x3,507,693
2,431,885
x2,005,590
serial notes
Prov. for income taxes.
Pf. stk.,
6%
cum.
Notes
payable
Accounts payable,
.
73,445
136,300
67,414
50,097
53,303
Int. & taxes accrd.
184,354
145,619
Other current liab.
24,242
Deferred credits,.
4,359
6,109
5,415
Customers' depos.
Reserves
1,060,108
805,977
Earned surplus
1,153,344
1948.
15,917,304
15.473,910
Total..
'
v
-
'
—
40,377
67,044
20,668,880
19,654,860
—
11,318,423
of Fed.
applied there
propor.
2,839,504
Net inc. from oper. &
■
receivable (less reserve for doubtful
discounts), $748,195; merchandise and supplies, $1,200,774;
charges deferred to future operatiions, $12,047; investments, $33,109;
refining plant, including machinery, real estate, wharf, warehouses, office
building, hotel, cottages, &c.
(less depreciation reserve), $1,472,591;
total, $6,074,705.
$690,425; reserve
(sundry), $370,625;
Liabilities—Accounts payable,
capital stock (218,664 shares), $2,842,632; surplus, $2,171,022; total.
Assets—Cash, $2,607,989; accounts
accounts and
$6,074,705.—V. 146. D. 1566.
11,318,423
prof, on sale of invst. 11,805,713
20,668,880
22,494,364
Earns, per sh. on 13,070,625 shs. com. stk. out¬
$0.72
$1.44
$1.57
standing..
$0.76
x No provision for Federal surtaxes on undistributed earnings considered
.-.'v
/,
necessary.
...
.
•
Consolidated Surplus Account for the
Year Ended Dec. 31
1939
1938
1937
..$17,661,533 $17,350,251 $11,579,155
Previous Surplus.
Net income from operations.
11,805,713
...
11,318,423
20,668,880
through sinking fund of
acquired at less than
Retirement
debentures
18,360
principal amount
Restoration
of
reserves
provided
Total
7,450
in
prior years for taxes and contingcs.
678,895
—...
-$29,467,245 $28,687,034
-
$32,934,380
Adjust, applic. to pr. years of intang.
develop, costs incl. in joint venture
Kettleman North
in
invest,
Savannah Sugar Refining Corp.—Annual Report—
Earnings for 1939 were $2.15 on the capital stock of the company, as
compared with $2.07 in 1938.
Dividends paid amounted to $437,328,
equivalent to $2 per share.
After deducting reserves for depreciation,
bad debts, and taxes, $32,909 was added to surplus.
Balance Sheet. Dec. 31, 1939
:
Net inc. from oper— .11,80.5,713
Profit realized on sale of
invest,
in affil. cos.,
1,006,592
15,917,304 15,473,910
Total
—V. 150, p.
.
Propor. of earns, of subs,
applic. to min. stkhldrs
stk.,
series B
5,474
54,155.783
"
Total inc. and credits.
cos.
3,100,012
Long-term debt
Acc'ts receivable.,
Series B,
177,542,251
59,831,636
together with equity in
oper. results of affil.
inc. taxes
1,300,000
250,000
250,000
136,300
Ser.A, 8% cum.
$
against—-
1,300,000
250,000
250,000
628
54,482,930
54,601,556
Profit
1st pf.ordeb.stk.:
...
receiv'le
Warrants
1936
$
248,402,482 252,831,764 260,307,699 231,698,034
sales)
$
$
1937
$
Costs, sell. & gen. exps.,
together
with
taxes
other than inc. taxes..193,800,926 198,348,834 200,476,063
less
Liabilities—
"
1938
$
Operating earns, (after
eliminating
inter-co.
1938
1939
-
Plant & oth.
(& Subs.)—Earnings—
Consolidated Income Statement Years Ending Dec. 31
Balance Sheet Dec. 31
1939
following recommendations of the board of
the
"To authorize the elimination as of the end of the month next preceding
the date of the special meeting, of the deficit (which at Feb, 29, 1940
279,631
$759,575
Dr 10,683
$729,463
1,624
Non-oper. income (net).
Preferred dividends
consider
to
directors:
$2,232,355
834,625
55,605
28,516
--
Net oper. revenues—
Debenture
1939—12 Mas.
$2,337,438
12,567
Maintenance
•
$195,641
$198,250
78,273
surplus by charging it against the capital
1939
Co.—Earnings
1939—Month—1938
Period End. Dec. 31—
Operating revenues
Operation
—«
April 6, 1940
earned
Works—Bonds Called—
first mortgage 3%%
Savannah Electric & Power
Depreciation
in
surplus account.
The application states that it is proposed to call a special meeting of
Commission added, because there is no
issued pursuant to a
V. 149, p. 4185.
bonds series A due Dec 1. 1961
have been called for redemption on June 1 at 105 and accrued Interest.
Payment will be made at the Bank of America National Trust & Savings
Association, San Francisco, Calif.—V. 149, p. 3571.
Taxes
deficit
stockholders
with the SEC of securities
inadequate disclosure.
reorganization plan, and hence,
A total of $23,000
accumulated
Assn. (in accordance
Dome
with Treasury
492,309
Department ruling)
Prem. unamort. discount & expenses,
&c
x4,126,225
Amort, of comm. on sale of pref. stock
56,959
Excess of cost over par value of pref.
and adjusted interest,
141,832
stock held in treasury. Dividends: On 5H % cum. conv. pref.
stock
1,876,064
6,535,313
On common stock.
1,876,063
9,149,438
$16,872,684 $17,661,533 $17,350,251
Surplus as at Dec. 31-..-
and adjusted interest
and 3%% debentures
Premiums, unamortized discount and expense,
Shell Union Oil Corp. 3)4% debentures due 1951
x
on
1,879,363
13,070,625
redeemed on Aug. 24, 1939.
due 1953,
Consolidated Balance Sheet Dec. 31
Sears, Roebuck &
Co.—Stipulation with FTC—
1939
Company has entered into a stipulation with the Federal Trade Com¬
mission in which it agrees to cease misleading representations in the sale of
marble and granite monuments.
The respondent stipulates that it will
cease the use in advertising matter of the words "lasts forever" or "eternally
beautiful" or other words of similar meaning so as to imply that the monu¬
ments or makers to which such words refer will last forever or throughout
long periods of time beyond their provable capacity of endurance.
The respondent also agrees to discontinue Representing that lettering
ornamentation will show up better on blue vein
Vermont marble than
on
"any other kind," including by inference all other kinds of blue marble,
is not a fact.
The stipulation points out that while the blue
vein Vermont marble has an advantage over white marble in the matter of
wherever
quarried.—V.
accrs.
2,725,378
8 ,528,185
6,988,896
150, p. 2116.
Schmidt Brewing Co.,
Directors have declared
a
paid
on
29 to holders of record March 22. This compares with
Dec. 20, last; three cents paid in each of the four preceding
this latter being the first
limited number of preferred
stockholders of the corporation of an exchange of 360 shares of new common
stock of the reorganized company for each 100 shares of old preferred stock.
This offer compares with an offer under the plan of reorganization to exhange 325 shares of the new common for each 100 shares of preferred.
The same firm is offering to a limited number of common stockholders
an exchange of six new common shares for each 100 old common shares.
Under the plan, common stockholders were offered an exchange of four
common shares for each 100 shares of old common.
The exchange offers
made by B. H. Roth & Co. are subject to withdrawal without notice.
Federal Judge Knox approved the plans of reorganization of the corpo¬
ration and Schulco, Inc., on Feb. 10, 1940.—V. 150, p. 1787.
Scullin Steel Co.—Interest
Company on April 1 will pay $25.09 on each $1,000 income bond and
$12.54 on each $500 bond, representing amount of additional interest
earned in 1939, according to President Scullin.—V. 150, p. 2116.
Securities
Corporation General—Proposed Changes in
Accounts—
Corporation has filed with the Securities and Exchange Commission an
application (File 70-34) in regard to proposed changes in the accounts of
the company by stating the preferred stocks at liquidating values, by assign¬
ing a par value of 50c. a share to common stock and by absorbing the
a
a
Payment—
401,048,417 399,399,214
Total
Corp.—Offer—
offering to
10 ,657,636
13,207,218
Taxes, lncl. prov.
Note
affil.
pay.
469,016
to
t
469,016
co
456,563
452,828
85 ,000,000
82,427,000
53^ % cum.conv.
36,038,000
pref. stock
35 ,071,800
d Com. stock-.233 .672,822 233,672,821
17,661,533
Surplus
16 ,872,684
quarters and five cents paid on Nov. 30, 1938,
dividend paid in several years.—V, 149, p. 4040.
Schulte Retail Stores
204,176
3,848,365
Funded debt...
dividend of three cents per share on the common
B. H. Roth & Co. announce the
260,127
4 ,379,362
accruals
Prop,
purchase
obligations
Inc.—Pays Three-Cent Dividend—
stock, payable March
11 cents
misc.
for inc. taxes.
2 ,130,463
sundry deps__
Deferred charges
11,418,256
pur.
within 1 year-
Pref. div. pay-
&
rec.
$
Wages, Int. and
Other notes and
when such
lettering and ornamentation, the same is true of any other blue marble,
.all
1,547,660 el3,098,821
.
Prop., plant &
equipment.. .261,105.471 262,819,975
14 ,208,408
Notes payable &
property
21
1,633,381
46 ,198,483
_
1938
obligs.matur'g
notes
receivable
Inventories
c
$
20,628,882
47,056,604
11 ,034,750
&
Liabilities—
Accts. payable..
U.S.Govt, secur
Investments
and
%
39,126,909
6,953,750
38
5,870,023
Accts.
1939
1938
%
Assets—
Cash
cost
Consists of:
Total..
401,048,417 399,399,214
Investments in and advances to affiliated companies, at
$9,516,689, other investments and securities,
(less reserve of $263,294),
cost (less reserve of $167,807) $1,069,171 and 5H-% cum. conv. pref,
stock of this company 9,618 shares, at par value $961,800.
c After reserve
at
depreciation, depletion, and amortization of intangible development
expenditures $388,448,895 in 1939 and $375,550,415 in 1938.
d Repre¬
by 13,070,625 no par shares,
e Consists of: Investments in and
advances to affiliated companies at cost (less reserve of $457,845), $9,690,for
sented
securities, at cost (less reserve of $27,424),
and 5H% cum. conv. pref. stock of this company, 19,280
$1,928,000.—V. 150, p. 1146.
295; other investments, including
$1,480,526,
shares at cost,
South Carolina Power Co.—Earnings—
Period
End.
Feb.
29—
Gross revenue
Oper. exps. & taxes
Prov. for depreciation..
Net income
on
preferred stock.
Balance
—V. 150, p. 1787, 1455,
I
$107,265
55,552
$96,192
57,139
$1,088,005
674,181
685.700
$51,713
$413,824
14,286
$39,052
14,286
171,438
$333,259
171,438
$37,427
Gross income
Int. & other deductions.
Divs.
1940—Month—1939
1940—12 Mos.—1939
$336,285
$304,719
$3,701,731
$3,411,180
197,770
177,277
2,238,726
2,008,469
31,250
31,250
375,000
383,752
$24,766
$242,386
$161,821
1006.
$1,018,958
Volume
The Commercial & Financial Chronicle
ISO
Sierra Pacific Power
Period.
End.
Operating
Feb.
Co.—Earnings1940—12 Mos—1939
$2,133,605
$1,986,861
696,848
659,837
108,528
105,134
24,498
320,188
292,761
1940—Month—1939
29—
$173,267
$155,288
Operation....
59,286
Maintenance
6,986
25,913
46,670
5,676
revenues
Taxes
Net oper. revenues
$81,082
$1,008,040
3,752
$929,129
t>r 51
$81,044
12,390
$78,393
7.631
$1,011,792
99,624
$932,970
90,932
$68,654
11,279
$70,762
$912,168
134,436
$842,039
134,219
$57,375
Balance
Retirement accruals
$78,444
2>38
Non-oper. income (net).
$59,419
$777,732
210,000
339,628
$707,820
210,000
339,626
Skilsaw, Inc.—EarningsIncome Account for Seven Months Ended Dec. 31, 1939
Gross profit on sales
Net income
11,343
Preferred dividends.
Common dividends
_
3,841
King Coalition MineiTCo.—Earnings—
1936
1937
1938
1939
$1,361,182
8,955
$566,103
20,464
$3,345,417
16.945
$2,124,561
17,619
$1,370,138
$586,567
$3,362,362
474,819
Depreciation
761,837
33,655
47,340
Tax
139,381
22,515
52,035
1,434,056
51,043
70,278
390,994
$2,142,181
1,058,590
62,107
48,321
203,758
$387,924
305,117
Joss$2.710
122,047
$1,415,992
1,220,467
$769,405
610,234
$82,807 def$124,756
$195,525
1,220,467
$1.16
$159,171
1,220.467
$0.63
Ore sales
Other earnings
Administrative
exp__
expensesi
reserve
Other income
..X.
Total
Loss
Balance, surplus
Shs.cap.8tk.out.(par $5)
Earnings per share
—V. 150, p. 1614.
39,909
1,220,467
1,220.467
$0.32
Nil
Net profit
1939
$662,837
53,000
15,000
$19,825
47,810
12,841
33,395
63,262
27,000
Accounts payable.
66,557
Federal taxes
Utah occupa.taxes
concentr's
80,321
(at cost)
Receivables
98,670
Reserves:
•>
-
10,988
pensa'n insur.
8,776,308
Net proceeds tax
Southern Bell Telephone & Telegraph
State corp.
7,205
8,080
chise tax.....
1,153
6,250,000
3,458,839
Drl47,665
3,559,918
Drl47,665
Earnings—
!■
..$39,238,135 $34,818,382 $44,360,131 $41,331,717
Cost of sales, incl. sell.,
admin. & adv. exps.. 31,278,755
31,795,492
28,279,726
35,204,023
Int. & other deductions.
841,734
775,476
828,453
968,633
v
Reserve for depreciation
1,125,429
934,104
1,008,989
1,069,794
Maint. of properties
916,722
924,037
788,236
1,014,586
Reserve for taxes
1,942,169
1,204,278
1,503,990
1,784,493
-
-
Prov. for Fed. & foreign
income taxes
Prov.
for
56,190,549
3,926,327
$5,547,022 $12,410,170 $11,141,142
3,560,389
7,897,025
7,226,560
$2,264,222
899,269
$1,986,633
803,875
$4,513,145
1,797,069
$3,914,582
1,597,592
$1,364,953
1,154,695
$1,182,758
972,457
$2,716,076
2,314,765
$2,316,990
1.916,351
Net operating income.
Net income
—V. 150, p.
1614.
Period End.
Feb.
29—
revenue
Prov.for deprec.fc amort
Gross income
1940—
shrinkage
49.454
764,121
1,000,595
652,717
$2,446,681
Net profit
$1,644,867
$3,318,006
$4,057,452
3,755
54,146
Preferred divs. of subs..
$2,446,681
2,026,913
$1,644,867
1,447,795
$3,314,251
2.577,118
$4,003,306
3,399,708
1,158,236
1,158,236
1,149,286
1,133,236
$2.11
Net income
Dividends paid
Shs. common stock out¬
$1.42
$2^8
$3.53
standing (no par)
Earned per share
1940—12 Mos.—1939"
$3,981,975
$4,418,156
2,543,911
2,187,548
583.286
471,272
$130,216
32,924
$1,290,960
390,386
$1,323,155
373,536
$92,872
34,358
10,848
$97,292
34,358
10.848
$900,574
412,296
130,181
$949,619
412,296
130,181
$47,666
$52,085
$358,097
$407,142
Int. & other deductions
32,806
—V. 150, p.
1456.
Southwestern Bell Telephone Co.—Earnings—
^Period EnaTFet)729^~1940^fonta—1939~""T940—2~Mos.—I939~i
Uncollectible oper. rev..
$7,918,367
31,323
$7,447,415 $15,904,185 $14,941,846
31,469
62,792
63,531
x Operating revenues.
Operating expenses
$7,887,044
4,864,305
$7,415,946 $15,841,393 $14,878,315
4,651,577
9,874,701
9,478,750
$3,022,739
1,127,190
$2,764,369
1,034,599
$5,966,692
2,233,269
$5,399,565
Net operating income.
Net income
$1,895,549
1,644,953
$1,729,770
1,487,387
$3,733,423
3,191,285
$3,356,046
2,834,055
18,750
2,525
37,515
5,020
Operating
revenues.....
Net oper. revenues
130,000
969,420
Advertising
$363,980
195,846
37,918
Operating taxes
575,383
in
net current assets
Co.—Earnings-
fonthlonth—1939
$422,423
247,291
$125,678
-
Balance.
1936
Net sales
-
Operating revenues.
Operating expenses...
Uncollectible oper. rev..
$9,902,085 $9,687,216
Total
$9,902,085 $9,687,216
1614.
Consolidated Income Account for Calendar Years
1939
1938
1937
-
$6,211,951
21,402
1940—Month—1939
29—
Amort, of pref. stk. exp
Treasury stock
Simmons Co.
Co.—Earnings
1940—2 Mos.—1939
$5,566,936 $12,449,840 $11,180,105
19,914
39,670
38,963
Feb.
revenues
Oper. expenses and taxes
fran¬
Surplus
Total
End.
Operating
Gross
Cap.stk. ($5 par). 6,250,000
-V. 150, p.
38,709
Assets—Cash, $40,130; accounts and notes receivable (less reserve),
$64,773; inventories, $211,736; stocks, $5,518; land, building, machinery
and equipment (less reserve for depreciation of $27,872), $184,847: patents
and patent
applications, $1,551; prepaid expenses, $19,262; other assets,
$1,320; total, $529,136.
Liabilities—Accounts payable, $11,138; accounts payable (United States
Government income taxes), $12,473; accounts payable, other (contrareceivables), $3,120; accrued liabilities, $40,244; common stock ($2 par),
$222,054; surplus, $240,107; total, $529,136 —V. 149, p. 3728.
Southern Indiana Gas & Electric
Workmen's com-
116,206
8,813,553
15,394
Other assets
5,111
■.
10,199
101,864
Inventories..
Total fixed assets.
$85,811
...
1938
$80,829
Liabilities—
1938
$827,755
Sec. owned (cost).
&
10,943
19,276
Cash dividends paid
Operating taxes
Balance Sheet Dec. 31
1939
Assets—
Cash
11,694
...
>>
Net oper. revenues.
income
Dividends paid
Ores
$127,723
capital and fixed assets._L
on
Other charges.
Federal income taxes
Period
Net
9,443
$122,337
5,386
Condensed Balance Sheet Dec. 31, 1939
Calendar Years—
Mining, mill., &c.,
161,510
;
n
Operating profit.
—V. 150, p. 1948.
Silver
$293,290
Operating expenses.
Depreciation
t
Gross income
Int. & amortiz., &c
2269
acquired and held in treasury (120 shares, at cost), Dr$ 1,001; total, $1,550,079.—V. 149, p. 3728.
Note—The above statement of 1939 includes net income of foreign sub¬
United
for the
period and after deducting provision for decline in foreign exchange.
Divi¬
dends of approximately $24,000 less than such earnings were distributed
sidiaries and branches amounting to $272,041 when translated into
States dollars at the average of the month-end rates of exchange
in 1939.
Includes possible re¬
fund of
x
—V.
2,043,519
150, p. 1788.
Spicer Manufacturing Corp.—New Product—
Corporation has signed a contract with the Automatic Turbine Drive
Corp. for rights to manufacture fluid fly-wheeis for motor cars which are
expected to do away with necessity of gear shifting.
The fluid fly wheel transmits power from the motor to the wheels through
two turbines or veined disks acting inside a closed oil chamber.
In action
the disk activated by the motor throws the oil against the other disk which
sends the power to the rear wheels.
American Car Foundry Co. is using the new drive on its A. C. F. under
floor powered buses.—V. 150, p. 2117.
Consolidated Balance Sheet Dec. 31
a
5,627,493
....
7,575,420
receivable, &c_. 4,568,284
7,913,774
Prepaid insurance,
114,473
424,527
463,735
436,261
75,000
75,000
expenses,
Goodwill
and
Calendar
&c
350,361
367,188
1
4% debs,
300,000
mons
32,187,480 31,498,099
Total
goods sold,}
incl. materials, labor
and factory expenses]
Provision for deprecia'n]
Cost of tooLs & dies
10,000,000 10,000,000
Co
14,160
Capital stock... 6,166,132
Capital surplus... 8,623,377
Earned
1938
Not
Not
reported
reported
reported
See f
See f
4,317,741
surplus
6,166.132
8,623,377
See f
Total......... 32,187,480 31,498,099
a After reserves of $369,021 in 1939 and $345,841 in 1938.
b Authorized
2,000,000 shares of no par value.
1,158,236 shares issued and outstanding,
Gross profit.
Sell. & advertis. expenses
Admin. &
Earnings for Year Ended Dec. 31
general exp...
Other deductions (net).
for Federal and
.
56,346
335,850
13,157
......
$1,346,336
82,839
244,800
234,229
5,295
41,950
$1,062,773
$982,022
67,779
236,010
$1,380,168
24,096
$473,302
$2,648,041
a948,103
a353,602
48",500
$1,282,545
8,043
$2,923,043
1,093,756
449,118
$1,757,831
948,679
State income taxes
Add'l
for
assess,
paid
prior
for
or prov.
m
mm
m
.
271,029
55,160
120,351
481,404
439,437
mm.rn:
Profit
1Q3Q
1938
$504,360
71,772
Gross profit..
$189,802
60,967
$432,588
211,418
$128,835
applic. to capital
stock of subs, held by
public
$403,799
Consol. net profit
$1,038,491
on
cl.
A non-par
Div.
Gross profit after provision for depreciation....
Selling and administrative expense.
......
197,252
value
Div.
pref. stock
on
value
cl.
B
non-par
stock..
cl. B com. stock.
common
$221,169
4,714
in come.
deductions
J 89,628
1118,483
$2,849,462
1,121.844
445,074
Prov. for Fed. surtax
Other
$2,856,158
Prov.
years
Sivyer Steel Casting Co.—Earnings—
Other
(
I
,
3,897,973
—v. 149, p. 3571.
Provision for depreciation
dl936
1937
Not
deduct.]
of
of Sim¬
Com. stk. of subs.
b
1939
Years—
Gross prof. aft.
cost
war
contingencies
1
...
for
Reserve
13,262,789 13,057,360
Deferred charges..
•
this department.
Square D Co.—Earnings—
State,
Fed.
Res. for self-insur.
<fc Invests
Fixed assets..
1,675,525
trade.
for
local,
139,737
350,305
int., taxes, <fec_.
Misc. accts. <fc note
rec.
foreign taxes... 1,381,376
Accrd. int., wages,
Springfield Associates—Registers with SEC—
See list given on first page of
609,670
3,825,337
6,108,528
$
860,119
Accts. pay.,
Prov.
Notes and accts.
Inventories
1938
$
Liabilities—
$
$
Cash
1939
1938
1939
Assets—
loss$68,417
5,889
Div.
on
Div.
on common
$225,884
15,874
1o8S$62,528
income for 1936 include the results from
a
...
Provision for est. State and Federal income taxes..
11,208
36,400
stock..
"
257,895
601,755
Including depreciation of $14,628.
d The consolidated statements of
operations of the company's former
subsidiaries, all of which were dissolved during the year 1936.
Ail inter¬
company transactions have been eliminated, f Provision for depreciation of
properties for the year amounted to $109,005 in 1939, $110,929 in
Net profit for the year
Dividends paid.
Earnings
per
share
$173,610
79,880
$2.17
loss$73,736
29,996
Nil
Balance Sheet Dec. 31, 1939
Assets—Cash, $141,761; marketable securities (at cost), $14,121; accounts
and notes receivable (less reserve of $5,885), $187,298; inventories, $237,353;
cash surrender value of life insurance, $86,790; accrued interest receivable,
$90; property, plant and equipment (less reserves for depreciation of
$1,083,373), $869,016; other assets and deferred charges, $13,649; total,
$1,550,079.
Liabilities—Accounts payable, $23,287; accrued salaries and wages,
$18,569; accrued property taxes, $8,906; accrued social security excise
taxes. $4,398; accrued Federal capital stock tax, $3,00C; provision for esti¬
mated State and Federal income taxes, $36,400; common stock (80,000
,
no
par
shares), $1,200,000; earned surplus,
materially broadens the field covered by the Square D. Co.
The earnings on the common stock of the Square D Co., 343,860 shares,
which does not include the stock, issued to cover the acquisition of the Kolls¬
man
Instrument Co., Inc., amount to
,
$256,518; common stock re¬
1938 and
$108,191 in 1937, and the cost of tools and dies charged to expense during the
year aggregated $107,505 in 1939, $79,569 in 1938 and $111,267 in 1937.
Dec. 30, 1939, company purchased the assets of the Kollsman Instrument
Co., Inc., manufacturers of precision aircraft instruments, for 20,000
shares ($100 par) 5% cumulative convertible preferred stock and 70,000
shares of common stock (par $1). The acquisition of the Kollsman company
earnings
on
the
common
approximately $3.02 per share.
stock of the
The
company, 421,360 shares, which
of the Kollsman Instru¬
includes the stock issued to cover the acquisition
ment Co., Inc., and including the 1939 earnings of the Kollsman Instrument
Co., Inc., with allowances for non-recurring charges, amount to approxi¬
mately $3.20 per share. This figure represents the earnings per share on the
The Commercial & Financial Chronicle
2270
common
of dividends on the
stock after deducting $100,000 for the payment
proceeds will be added to the company's general funds, it is stated.
Dillon, Read & Co., New York, will be the principal underwriter.
The
prospectus states that to facilitate the offering it is intended to stabilize
the price of the debentures.
This is not an assurance, it states, that the
price will be stabilized or that the stabilizing, if commenced, may not be
preferred stock.
Balance Sheet Dec. 31
U.
Accts.
Treasury
589,985
1,139,540
473,990
531,281
2,312,680
29,854
1,428,518
19,486
Other assets
204,264
Real estate
58,358
44,449
313,400
73,354
448,750
39,000
39,000
prop..;.:.^—130,432
—
343,860
1
77,016
1,558,7571,581.574
73,515
..$6,537,733 $4,316,909
Total...
$6,537,733 $4,316,909
Standard Oil Co. of Kansas—Earnings—
Cost of
1936x
1939
1938
1937
$1,173,536
$1,650,757
$1,307,372
$1,146,448
112,239
106,732
82,467
80,148
"$1,061,297
$1,544,025
$1,224,905
$1,066,300
e8,131
b36,719
a.343,542
7,097
$1,069,428
145,033
$1,580,744
153,479
$1,568,447
140,404
127,116
152,780
97,358
f99,362
c64,235
93,651
88,011
44,506
107,071
15,782
23,467
production..
Gross oper. profit
Other income
...
915,119
$922,561
$808,480
139,658
127,281
75.954
$2,876,673
136,163
145,309
38,472
$602,618
542,923
__
$465,587
452,436
$2,085,989
y2,375,246
$899,791
839,909
$13,151 def$289,257
904,855
904,855
$0.52
$2.30
$59,882
885,655
$1.01
_
Applic. to minority int..
Net profit
Dividends paid.....
Earnings
$59,695
904.855
$0.67
share.
per
$1,340,987
119,296
139,709
531,019
119,956
247,384
74.516
x After deducting $83,013 in
1936 and $93,511 in 1935, loss on sales of
y Dividends disbursed during the year, include distribution of
capital surplus in the amount of $351,010, which was the profit derived
from sale of 19,000 reacquired shares in treasury, after deducing ($74,105)
securities,
prorata proportion of Federal income taxes.
$1,073,397
147,550
Calendar Years—
Sale of crude oil, &c
679,545
Shs. of cap. stk. (no par)
the Standard
1940, totaled
compared with the
121,354,457 kilowatt hours, an increase of 12.4%
corresponding week last year/—V. 150, p. 2117.
$1,961,554
653.421
Balance, surplus
Co.—Weekly Output—
Standard Gas & Electric
Electric output of the public utility operating companies in
Gas & Electiric Co. system for the week ended March 30,
$764,856
x576,131
$128,935
...
Federal taxes, &c
a After allowance for doubtful accounts of $57,350 in
1939 and $49,535
in 1938.
b After allowance for depreciation of $1,576,591 in 1939 and
$1,417,416 in 1938.
c Not used in operations.—V. 150, p. 1951.
.
Total income...
1936
1937
1938
1939
$269,140
....
Depreciation
Company]
Canadian
Affiliated
Profit from operationsa_
Other income
1
—
_
[Including
Calendar Years—
2,000,000
421,360
Capital surplus...
490,091
Earned surplus... 1,949,459
stock
56,568
1
1
Superheater Co.—Earnings—
5% cum. conv. pf.
Com. stk. (par $1)
Patents
Total
&
Funded debt
1,306,793
discontinued at any time.
The price at which the debentures will be offered to the public, the under¬
writing discounts or commissions and the redemption provisions are to be
furnished by amendment to the registration statement.—V. 149, p. 889.
-
(est.)
Fed.
for
State taxes
Improvs. to leased
Deferred charges.
152,165
Accrd. int.,tax.,<fcc
Prov.
equipm't
tools, dies, &c__
Goodwill
$75,000
486,318
rolls, &c.
204,264
1,624,338
56,235
Land
c
$779,797
-
pay¬
pay.,
Res. for conting's.
Inventories
b Bldgs.,
1938
1939
Liabilities—
Notes pay able.,.
$222,493
$473,387
8.
bills (at cost)
Receivables
a
1938
1939
Assets—
Cash
April 6f 1940
the net
Note—The proportion of earnings of the
Canadian affiliate included in
11M % discount to bring into
The share of approximate net
earnings of foreign affiliates is included in consolidated earnings only to the
consolidated earnings has been reduced by
with prevailing rate of exchange.
accord
extent of dividends received.
Consolidated Balance Sheet Dec. 31
Gross earned income._
Gen. & admin, expenses.
local and
gross production)....
Federal inc. taxes (est.).
Interest charges.
Taxes
Loss
(State,
on
sale & retirement
5,362
3,208
5,000
Warehouse expenses....
Dry hole contributions
Reimbursement of exps.
..
~Y, 000
427,836
341,913
440,226
$557,813
$781,783
565,150
112,837
$257,081
135,329
134,841
$1.90
215,368
Dividends declared
106,189
$5 25
97,890
$1.25
Shs.cap.stock (par $100)
Earnings per share.
Includes Coastal Plains
$6.93
Oil Corp., a subsidiary organized in
b Includes
$29,319 profit on sales of royalties and fee lands,
c Includes $52,484 income
and excess profits taxes for the year 1938 and $11,750 additional assess¬
ments for the years 1936 and 1937.
e Includes $2,801 profit on sale of
investments; $1,933 profit on sales of leases and $3,397 interest and discount
earned,
f Includes $575 commissions paid.
a
Includes $332,660 profit on sales of leases and royalties,
Invent'y(crude oil)
3,767
Com.
stk,,
capital
Duval
56,000
stk.
Duval
Gas
of
69,000
......
surance,
69,000
leases,
Prov .for Fed.taxes
oil wells & eq., &
Notes pay. to bank
other facilities..
Prepel. & def. Items
Goodwill
Total
a
a60,638
3,531,556
13,157
3,724,081
due after 1 year.
15,861
Capital stock.....
978,907 el,061,897
1
1
Earned surplus...
480,854
...$3,939,970 $4,990,518
|
'2,425,000
2,664,226
693,786
600,000
1,083,553
1,161,366
& cap. val. of stk
56,524
69,189
Minority stkhldrs.'
Surp.
38,562
1,990,580
prepayments
provision for Federal income taxes year 1938, estimated, $52,485.
b After
for depletion, depreciation and intangible development costs of
$1,276,811 in 1939 and $991,558 in 1938.
e Represented by 97,890 (106,189 in 1938) shares, par $10, after deducting 38,796 (30,497 in 1938) shares
held in treasury and 1,313 shares unissued.—Y. 149, p. 3422.
at
their
annual
seven
meeting
members.
on
April
1
All directors
increased
were
Superior Steel Corp.—Earnings—
Calendar
Spring Co.—Stock Increase Voted—
incorporation fixing the company's authorized capital at
537,500 shares of common stock of $5 par value.
Previously company had 12,500 shares of $100 par preferred stock au¬
thorized, but unissued, and 287,500 shares of common stock, of which
219,712 shares were outstanding.—V. 150, p. 1957.
Drug Co.—New Director—
Net profit from oper..
(& Sub.)—Earnings—
Earnings for Years Ended Dec. 31
i
...
Other deductions (net)
43,531
73,637
j.
279,743
262,800
185,028
90,922
133,600
81,257
97,961
96,693
$371,830
41,364
$618,351
43,777
27,575
Gross profit
on
1st mtge.
17,956
10881202,36/
$413,194
$662,128
z70,849
62.842
70,320
18,458
$320,606
53,724
Int.
6%
gold bonds..
Prov. for obsoles. of rolls,
bldgs., mach. & equip.
sink. fd.
Prov,
Fed.
for
a96,415
State
&
income taxes
49,000
Net profit for year...
57,102
136,865
$239,525
$454,943
......
$175,192 loss$291,674
Includes $36,961 for possible decline in value of inventory of billets and
z
Includes othr interest in the amount of $14,038 and $322 for
a Includes $28,405 for other
interest; $4,067 for amortization of bond discount and expense and $1,443
loss on property retired.
'
y
slabs,
amortization of bond discount and expense,
Property accts..$2,071,974 $1,992,690
1938
y
370,546
Accts.
592,017
398,898
763,194
Wsges payable
1,140,474
1
1
Notes & accts. rec.,
a
customers..
Inventories
on
500
on
excess
issued
44,673
44,673
of
253
-
.
....
_
53,178
1,561
z
Earnings
Treasury stock..
313,408
Dr27,029
Dr27,029
40,660
.$4,117,818 $3,612,282
Total
$4,117,818 $3,612,282
depreciation of $2,598,872 in 1939 and $2,521,270 in 1938.
y Represented by
115.000 shares (par $100).
z Represented by 1,724
shares,
a
Includes $400,000 ($450,000 in 1938)not current,
b Includes
x
After
1617-
Superior Tool & Die Co.—Earnings—
Earnings Year Ended Nov. 30, 1939
Net sales
_.—
——......
$765,469
568,779
$303,858 loss$108,149
per common share
...
$2.42
Nil
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash on hand and in banks, $83,574; notes and accounts
re¬
(less reserves), $349,088; inventories, $660,986; investments,
$12,226; land, buildings, machinery, equipment and fixtures (less reserves
$656,886). $759,474; patents, patent licenses and manu¬
facturing rights (less $20,664 amortization), $13,777; prepaid expenses,
$9,298; total, $1,941,174.
Liabilities—6% five year notes maturing Dec. 20, 1941, $170,903;
accounts payable, $101,095; accruals, $177,846; common stock (par
$5)
$627,095; paid-in surplus,
$634,170; earned surplus, $230,065; total,
$1,941,174.—Y. 150, p. 1457.
for depreciation of
Superior Oil Co., Los Angeles—Registers with SEC—
March 28 filed with the Securities and Exchange Com¬
mission
a registration statement (No. 2-4369, Form A-2) under the Securities
Act of 1933, covering $10,000,000 3M % debentures, due April 1, 1950.
According to the registration statement, the net proceeds from the sale of
the debentures will be applied as follows: $3,950,000 to pay in full the com¬
pany's bank loans outstanding at the time of issuance of the debentures, and
$2,062,716 (including an estimated $300,000 for purchases during March
1940.) to pay in full the company's indebtedness as of March 31, 1940, to
an oil well supply company for purchases of equipment.
The balance of
Gross profit on sales
Sales and administrative expense
ceivable
The company
253
138,216
Deficit.
Cost of sales
Net income
44,732
aver,
cost
44,732
$67,000 payable within one year.-—V. 150, p.
$343,857
272,412
149,840
29,754
of
val.
treas. stock over
comp.
in closed
Total..
65,146
51,384
1,250,000
5% bds_bl,250,000
compensation
Net
41,416
funds
Deposits
1st mtge.
■
eq.
charges
Workmen's
74,073
100,571
Other accruals
Res. for workmen's
dep. with
trustee
pays,
1938
Capital stock...$1,803,000 $1,803,000
238,204
payable
560,494
Notes pay., bank
500,000
450,000
173,584
Cash.
Adv.
1939
Liabilities—
1938
1939
Assets—
x
Deferred charges..
19-39
Gross income from operations
$916,511
Selling, administrative and general expenses.354,901
Provision for depreciation
140,584
Provision for Federal income tax
1936
$7,086,121
5,876,717
......
Other income
banks
Harry O. Lathan was on March 27 elected a director of this company.
He succeeds Edward C. King.—V. 148, p. 449.
Sundstrand Machine Tool Co.
1937
$8,182,789
y7,174,008
1939
$5,989,317
5,163,901
Selling expenses
220,328
General expenses136,373
Prov. for deprec. of prop.
137,060
Other charges.
38,624
Cash
of
Sun Ray
1938
$3,591,306
3,333,482
174,761
140,984
120,204
42,198
$293,031 loss$220,323
Years—
Cost of sales
Miscell. invest
At their recent annual meeting, stockholders ratified an amendment to
articles
19,088,565 19,689,992
Total
Comparative Balance Sheet Dec. 31
Swensrud and George W. Hannoken were elected as the new
directors.
Both are vice-presidents of the company.
At the directors meeting, following the stockholders meeting, officers
of the company were re-elected.—V. 150, p. 1788.
Standard Steel
1,030,093
d 80,350 shares.—V. 149, p. 4186.
Board of
re-elected and
Sidney A.
the
937,614
of Can. affiliate.
43,011
1,990,580
19,088,565 19,689,992
Standard Oil Co. of Ohio—Directorate Increased—
Stockholders
Directors from five to
406,376
a
After depreciation of $1,690,915 in 1939 and $1,619,546 in 1938.
b After amortization reserve,
c
Represented by 985,205 no par shares,
Includes provision for Federal income taxes year 1937, of $8,153. and
reserves
340,095
int.in cap.& surp
d Treasury stock..
Total
arising from
dif. between cost
held in Can.affil.
rights
.$3,939,970 $4,990,518
Total
1,565,230
c Capital stock...
5 137,380
5,137,379
Earned surplus
10 ,834,720 10,872,802
75,201
note
Real est. & bldgs
219,253
for develop.,
conting.,&c
1 050,561
Res.
Deferred charges <fe
42,013
29,395
&c
113,109
281,673
6,725,471
91,776
Engin'g
Inc.,
$
345,747
113,109
393,413
come taxes.
b Patents & license
Co.
(contra)
Acer, taxes and in¬
/
Gas Co. (contra)
b Oil & gas
stock
accruals
Divs. payable
Deferred receiv—
Combust.
1938
•.
Federal &Dom. in¬
....
Subscr. toshs.com.
Duval
Gas Co
1938
$98,173
300,786
Notes payable
112,855
5,561
Subscr.toshs.com.
cap.
1939
Accounts payable.
$274,505 $1,007,159
116,985
$25,814
Liabilities—
1938
1939
Assets—
Accts. receivable..
54,529
863,328
5,462,225
dlvs.
Net sales
Comparative Balance Sheet Dec. 31
Cash............
Liabilities—
1,100,097
&
Investm't (at cost) 4,579,622
Invest. In allied cos 6,736,702
March,
1935.
1939
$ '
.
50,934
int.
receivable-
473,056
profit...
•
.
Accts. payable and
accrued
Inventories
Co.,
$
2,620,785
607,733
1,455,402
1,321,388
Receivables
Bond
1938
V
$
Cash
a
$122,814
Deprec., depl., &c. (net)
x
"5",668
._
5,799
43,533
25,898
Crl 1,777
Parr lease.....
Net
6,415
53,972
8,417
4,277
103,033
19,734
3,889
6,978
93,276
of capital assets
Exploration expenses
Lease rentals paid
1939
Assets—
— ...
Other expense
28,841
Provision for Federal income taxes
$125,638
Net income
Dividends paid
Earnings
per
$196,689
40,929
1,281
{
share
—
1
39,750
$0.47
Consolidated Balance Sheet Nov. 30, 1939
Assets—Cash, $48,976; reseivables, $20,827; inventories. $34,063; wholly-
subsidiary (Standard Reamer & Tool Co.), $14,541; land, building,
machinery, office equipment, autos and truck (less reserves for depreciation
of $76,048), $244,823; prepaid insurance and taxes, $6,005; total, $369,236.
Liabilities—Accounts payable, $4,396; dividend notes unclaimed, $740;
accrued payroll and interest, $656: taxes payable (Federal income), $28,841:
taxes payable (all others), $6,417; capital stock
($1), $265,000; surplus
(earned), $63,186; total, $369,236.—V. 149, p. 3422.
owned
Sutherland Paper
Directors
Co.—Merger Offer Rejected—
of this company, at their meeting on March 25 rejected an
by the Continental Can Co. which would give control to the latter
concern,
L. W. Sutherland, President of the paper company, said on
offer
March 27.
Volume
^
The Commercial & Financial Chronicle
ISO
Continental Can Co. for
shares of the Sutherland Paper Co. inolved the exchange of stocks of the
two concerns.
"The ratio was unsatsifactory and as far as we are concerned
the deal is off." he declared.
Possibility of negotiations being reopened lie
with the Continental Can Co. he asserted.—V. 150, p. 2117.
Mr.
Sutherland stated
that
2271
offer of the
the
{The "TOMMY" Gun)
Thompson Automatic Arms
Swift International Co. S. A. C.—Earnings—
CORPORATION
Consolidated Income Account
[Figures in Argentine Pesos]
20,841,105
4,031,918
15,917,740
3,651,102.
16,809,187
leasehold props__
12,^66,638
Net gain from operations
Other income.^.«.
4,456,751
Total income
—
Interest paid..
Income taxes__
Exchange loss
of the net
;
.
18,682,901
335,104
1,162,423
251,686
.
1,755,420
Dividends
on
CLOKEY & MILLER
Members
New York Security
~3~, 358
5,222,925
...
Net income
Surplus
Earnings per share
capital stock
1938
5,201,275
U.S. marketable
Accts.
*
from
6,680,240
Other accruals..
1,915,026
Due to employes
346,672
76,928
112,125
24,461
53,943
2,498,407
30,902,940
surplus.
471,893
471,893
29,697,247
Earne 1 surplus.
805,688
Legal reserves..
46,254,498
10,591,147
45,916,690
607,444
1,564,212
532,193
held
42,989
Capital stock..
Other investm't8
—at cost
Fixed assets..
Deferred charges
Earned
54,164
int.
42,881
called
for
1,050
redemption
1,186,381
1,186,381
26,097
26,097
a Capital stock
2,125,050
1,348,960
Capital surplus
Operating deficit.. 1,250,894
32,424,614
51,136,364
Total —
$3,693,233 $3,747,365
Total
86,777
&c..._
for
bonds
2,613,680 Funded debt
2,613,680 Funded debt
13,627 Deferred credit...
Deferred credit—.
40,075
34,173,480
51,136,364
stk. of sub. co.
Reserves
on
1,145
2,244,289
Deferred charges..
12,639
Min. int. in com.
em¬
mission,
Provision
Bonds
by
trustees...
Capital assets
$71,945
Accrd. wages, com¬
211,545
463,643
Investments
Cash
come taxes
ployes on pur¬
chase of securs
y
1,599,391
5,274,674
504,521
Provision for in¬
21,839,011
78,498,526
1,915,026
.
11,133,600
90,306,348
2,709,762
...
Dep. in escrow
Due
3,999",995
33,238,655
rec'le__
Inventories
446,233
Inventories
15,779,182
payable-
26,372,667
securities.
x
Accts. & notes rec.
1938
1939
overdrafts 24,605,391
Bank
Accts.
$448,569
1938
$127,991
Accounts payable.
$449,502
hand
on
1939
Liabilities—
1938
1939
Assets—
Cash in banks and
Liabilities—
1939
5,561,920
New York
BOwling Green 9 0923
Consolidated Balance Sheet Dec. 31
9.87
[Figures in Argentine Pesos]
Assets—
Dealers Association
52 Broadway
Phone
Consolidated Balance Sheet Dec. 31
Cash
Request
on
17,182,016
11,959,091
1,808,913
11.45
Net income applicable to minority interest
4,439,904
5,015
14,813,913
13,005,000
curr.
Current Bulletin
6,416,263
21,265,937
translation to Argentine currency
asset values of foreign subsidiaries
on
Bought—Sold—Quoted
1938
1939
Calendar Years—
Income from operations
Prov. for deprec. & for amort, of
1,324,881
26,097
2,125,050
1,348,950
1,204,773
$3,693,233 $3,747,365
..
Represented by 83,832 shares no par value.—J. 149, p. 889.
a
10,082,139
-
Thompson Automatic Arms Corp.—Report—
*;There is
contingent liability in respect of this deposit,
for doubtful accounts,
reserve
y
Symington-Gould Corp.—Earnings-
Profit from
2.611,842
575,382
■_
Engineering, sell. & gen.
$6,857,129
5,219,562
$2,514,636
$5,254,518
4,134,512
admin, exps.
562,985
Cost of shipments
1938
1939
1940
12 Months Ended Jan. 31—
Net shipments
706,958
$930,609
$557,020 loss$672,588
268,814
146,358
operations
Other income
-
387.066
$825,834 loss$526,230
42,979
16,144
138.793
Prov. for Federal income taxes *
$1,317,675
$644,062 loss$542,374
S
Total profit
Other charges
At
carried to surplus
Dividends paid
...
667,039
ammunition calibre .45.
$366,698
$0.80
Nil
$1.29
No provision has been made for undistributed profits tax with respect
to the operations of the Symington-Gould Corp. for the month of January,
1938.
The estimated maximum amount of such taxes involved is $60,000.
The Symington-Gould Corp. files its tax returns on a calendar-year basis.
stock
♦
Consolidated Balance Sheet Jan. 31
$314,555
$376,556
...
1,742,961
585,250
2,177
serve)
3,010
Inventories
677,334
Deferred assets
12,437
975,000
Investments
570,875
176,452
1,180,000
2,649,166
equipment
2,698,663
2
2
Pats. & goodwill..
Prepd. exps. and
defd.charges
64,342
53,203
Other assets
32,576
close of the World War, Thomas Fortune
Prov
was
gun,
$223,325
51,038
4,900
(or
32,029
802,075
3,995,226
paid
in) surplus
Earned surplus
$342,361
9,269
19,603
357,909
$6,470,552 $5,663,614
Lease cancellation exp._
depreciation and depletion of $4,438,178 in 1940 and
$4,769,051 in 1939.—V. 150, p. 1951.
$735,582
80,102
$284,686
85,422
400,872
$438,647
135,616
453,592
$815,685
164,196
444,900
xCr6,492
deductions
$359,910
78,737
Crll,140
71,215
Total income
Other
Deprec'n & amortiza'n..
Excess accrual of prop. &
$278,338
6,348
$351,630
139,480
379,840
Operating income
Other income
29,356
801,861
3,857,683
961,349
Com. stk. ($1 par)
Capital
-
238,505
—
Deferred liabils
contained.]—V. 149, p. 890.
1939
1938
1937
1936
$11,286,252 $11,583,769 $12,525,938 $11,950,225
10,943,891
11,305,431
12,166,028
11,214,643
Sales...
Cost and expenses
90,750
come taxes
Res. for conting
popularly known as the "Tommy Gun," Is
(John R.) Thompson Co. (& Subs.)—Earnings—
Calendar Years—
193,869
—
for Fed. in¬
Ryan took a financial interest in
In March, 1939, the Thompson Automatic Arms Corp.
incorporated and subsequently acquiied the majority interest of the
Thomas Fortune Ryan estate in the form of stock and notes of AutoOrdnance Corp.
[Clokey & Miller have piepared a bulletin on the corporation, in which
current information relative to the company and the Thompson Submachine
the company.
200,000
Misc. oper. reserve
Land, bldgs. and
$294,290
payable
other expenses
ceivable
formed in 1916 by
developing and commercial exploiting automatic military small arms
based on the invention of Commander John Blish. U. S. Navy.
After the
Accrd. royalties &
Interest re¬
Accr'd
x
Accounts payable.
Notes
Accts. rec. (less re¬
1939
1940
Liabilities—
1939
1940
Assets—
Cash
subsidiary of Thompson Automatic Arms Corp.)
Brigadier General John T. Thompson for the purpose
Auto-Ordnance Corp. (a
was
of
$644,062 def$542,374
Balance, surplus
Earns, per share on capital
41.468
Prov. for Fed. inc. taxes
...
....$6,470,552
Total
x
.
gen. taxes & profit on
sale of securities
$5,663,6141
Total....
After reserves for
Feb.
29—
Operating revenues
Operation
Maintenance
Taxes
1940—12 Mos.—1939
1940—Month—1939
$4,758,123
$4,483,159
$432,054
$400,113
1,849,932
1,634,887
•
162,904
132,752
285,752
272,818
24,528
21,180
695,950
649,145
62,702
57,937
Non-oper. income (net).
$188,243
507
524
$182,426
35,833
...
$1,929,578
35,833
430,000
$1,928,756
430,000
$152,934
631
Gross income
Interest
$188,767
$146,592
Retirement accruals.
594
$1,499,578
7,002
$1,498,756
7,754
$152,340
$145,961
Preferred dividends
Common dividends
$1,491,002
$1,492,576
70,000
1,338,943
70,000
1,338,902
—V. 150, p. 1951.
Taylor-Wharton Iron & Steel Co. (& Subs.)- -Earnings
1938
1939
Calendar Years—
Operating profitand profit from in¬
Miscellaneous
income..
$145,531
Bond interest
Other int. & disc't (net)
Expenses of leased planti
Loss
on
sale
of
x
25.000
1,128
26,048
5,945
$195,443 loss$112,916
85,763
86,245
10,079
3.004
2,874
2,327
$280,732
87,470
5,423
1,166
$189,268
87,788
2,150
1,164
Goodwill, &c
Securities owned.
_
4,000,000
125,877
_
9,7
13,793
221,766
1,309,828
Accts. & notes rec.
Inventories..
....
Previous deficit
Disct.
58,247
*
on
b9,5T0
$156,100
1,112,905
$88,668
1,151,273
67,065
50 299
——
$1,204,772
$1,023,870 $1,112,905
83,832
83,832
83,832
Nil
$1.86
$1.05
a After
depreciation of plant and property in 1937, $147,356: in 1938,
$143,620;in 1939 $142,295. b Includes $3,500 based on taxable net income,
and $6,000 on surtax on undistributed profits,
c Includes $6,500 surtax on
Deficit at Dec. 31
Shs.
stk.
(no par).
Earnings per share
com.
undistributed profits.
23,750
Mortgage due
Accrued
in¬
taxes,
$1,250,894
83,832
Nil
.
320,608
13,866
1,500,000
4,409,836
DT59.210
312,413
12,244
1,500,000
4,210,528
241,706 Treasury stock— Z>r61,578
Deposits as secur¬
ity on leases
Due from employ.
167,137
surplus
26,166
8,799
46,450
11,365
191,007
174,137
Miscell. assets
14,124,236 14,272,731
Total
14,124,236 14,272,731
for depreciation and amortization in 1939
and $6,296,012 in 1938.—V. 150, p. 1953.
x
After deducting $6,460,669
Thompson Products, Inc. (& Subs.)—Earnings-
Manufacturing profit.
Sell., gen. & adm. exps.
$3,659,139
2,009,177
$2,114,920
1,550,477
Depreciation.
112,237
53,268
75,934
142,706
24,500
$1,232,199
$435,241
$905,813
$785,256
89,447
293,290
45,933
73,323
48,546
494,881
50,613
426,285
293,290
$3.90
293,290
Common dividends...'..
Shs.
com.
stk. (no par).
Earnings per share
a
$2,643,580
c305,526
See note
Federal taxes
Net profit
Preferred dividends
1936
$3,144,942
1,712,928
143,892
215,102
1,429,886
81,447
184,165
131,325
31,500
Surtax on undist. profits
CY23.591
bonds red
22,500
Pur. money mtges.
Earned
a
c27,909
10,502
loss$46,121 loss$204,494
1,204,773
1,023,870
$
7,500,000
290,176
251,206
7,500,000
Accounts payable.
392,772
Insurance reserve257,857
25,000 Capital surplus
Ctfs. of deposit—
Total
1938
$
stock
terest, &c
Deferred Income._
Cash deposit under
leases
Common
■
2,663
Dividends paid
0
201,041
967,220
Other deductions (net)..
Profit
Liabilities
$
8,490,459
Consolidated Income Account for Calendar Years
1939
1938
1937
132,346
>
$0.62
1939
1938
$
8,107,212
4,000 000
Prop, and equip.
Deferred assets—
Prov. for State inc. taxes
Prov. for Fed. taxes
298,454
Nil
Consolidated Balance Sheet Dec. 31
1939
Phila.
properties
sur$7,636
298,444
'
33,184
10,553
-
$302,548
294,440
Nil
Nil
Includes $500 for surtax on undivided profits,
z After deducting
on sale of securities of $6,985.
a Provision for Federal taxes on profits
subsidiary company, including surtax on undistributed profits.
for stock purch.
a$248,739
a$148,4081ossa$139,044
37,500
9,534
$243,076
293,848
$25).
y
1936
1937
Inc.
vestments
$ 190,038prof $ 186,72 3
112,510
179,087
loss
Cash
Net income
$243,076
$238,904
Deficit
Shs. com. out. (par
Earnings per sh. on com.
$1,926,308
2,448
$1,926,489
3,089
y31~666
500
$238,904
Assets—
Balance
a
Net loss
of
$181,918
Net oper. revenues
45,469
Common dividends
Tampa Electric Co.—Earnings—
Period End.
presented
months ended Jan. 31,1940.
The consolidated balance sheet shows, for the ten months under review,
an earned surplus of $176,257.
Capital Stock authorized 500,000 shares
of the par value of $1 per share; issued and outstanding 252,955 shares.
In the president's report, it is stated that the bank loan of $539,000
effected by the company in July, 1939, has been reduced to $100,000.
In
addition to this, the company had deposited with the manufacturer $200,000
under the contract for the production of Thompson Submachine guns.
The Thompson Submachine gun, widely known as the "Tommy Gun,"
is considered by experts to be the most effective weapon of its kind in the
world, and is the only Submachine gun made in this country.
It is based
on the invention of the late Commander John Blish, of the U. S. Navy.
The gun is a light portable weapon, capable of delivering individual machine
gun fire from the shoulder, simple and rugged in construction, remarkably
free from heating and malfunctions, weighing nine pounds 13 ounces, with
an
Net profit
meeting of the stockholders held March 11, the president
the consolidated income and surplus for the ten
$1,033,737
109,113
174,825
a
consolidated balance sheet as of Jan. 31, 1940, together with summary of
a
After reserve for depreciation,
Par $15 Argentine gold.—V. 148, p. 3391.
After
x
z
a
190,433,530 152,848,415
Total
190,433,530 152,848,415
Total..
After deducting cost of
goods sold,
c
284,610
$1.33
'
$2.92
$2.58
Includes $26,760 underprovision
293,290
for prior years.
Note-—Provision for depreciation for the year amounted to
$293,071.
The Commercial &
2272
Consolidated Surplus
Year Ended Dec. 31, 1939
surplus
(restatement of prior years
surplus Items) as authorized by the board of directors
Transfer to stated capital of cum. con v. prior preference stock
as authorized by the board of directors
earned
from
capital surplus at Dec. 31, 1939
Earned Surplus—
Balance at Jan. 1, 1939
:::::::
Net profit for the year
Balance
Total
.
.
.
_
_
_
_
.
.
65,000
$101,200
2,365,178
1.232,199
- - - -
Cash dividends paid:
"On cumulative convertible prior preference
On common stock—$1 per snare
$166,200
.
.
$3,597,378
89,447
293,290
stock—
of prior years surplus
items) as authorized by the board of directors
—
Expenses in connection with issuance and sale of 20,000 shares
of cumulative convertible prior preference stock
...—
Excess of cost over stated value of 168 shares of cumulative
convertible prior preference stock retired
Transfer to capital surplus (restatement
Balance earned surplus at Dec. 31,
Consolidated Balance Sheet Dec.
1939
<fe
ceptances
assets
2,909,102
y
140,020
4,040,693
77,838
24,770
prior pref. stock 2,894,500
2,932,900
3,077,059
28,626
63,185
less amortization
Prepaid insurance,
taxes, advertis'g,
$5 cum. convert.
Common stock.
911,300
_
2,365,178
surplus — 3,013,124
101,200
Capital surplus...
b Treasury stock—
Earned
-
...
Blyth & Co., Inc
Bonbright & Co., Inc
Harriman Ripley & Co., Inc
Goldman, Sachs & Co
Hayden, Miller & Co.
Drl6,423
8,480,712
bl58 shares prior preference stock.
New
375,000
375,000
375,000
375,000
200,000
200,000
375,000
80,000
that the prices will be stabilized or
not be discontinued at any time.
The prices at which the securities are to be offered to the public, the
underwriting discounts or commissions and the redemption provisions are
to be furnished by amendment to the registration statement.
Financing Plans April 15—
proposed offering of $3,000,000 of 3 Vi % first mortgage
$7,250,000 of 3M% sinking fund debentures of 1960
has been set by the Securities and Exchange Commission for April 15 at
its Washington offices.—V. 150, p. 703.
A hearing on the
bonds of 1970 and
Trane Co. (&
Subs.)—Earnings—
„n
$5,073,779
$3,639,<358
2,853,395
2,101,770
$2,220,384
$1,538,088
4,730
—
.
T
Gross profit on jobbing saleSi
,.*<£•——-U—^
8,241 i
3:
$2,228,625
1,431,436
Total gross profit
Operating expenses
.
$1,542,819
1,246,272
$797,189
$296,547
'
19,169
17,534
$816,358
126,659
"^ $314,081
153,616
5,550
45,349
5,550
$530,533
$196,625
18,000
252,679
18,000
188,646
$2.02
$0.71
Other income
organization meeting of directors, L. M. Clegg, Senior
Vice-President, was elected Executive Vice-President to have charge of all
Total income
.
Other deductions
149, p. 2989.
plant operations as well as customer relations.—V.
Federal, State and Dominion income taxes
Minority interests
Co.—Stock Dividend—Stock Increased—
a meeting held April 3 declared a cash dividend of 30 cents
share of common stock and a stock dividend of one-half of one share of
common stock of the company for each such share outstanding, payable
June 15 to holders of record May 28 with respect to the cash dividend and
to holders of record June 11 with respect to the stock dividend.
In the first
1938
_
—
Cost of goods sold
recent
Tilo Roofing
375,000
375,000
the offering, it is intended to
is not an assurance. It states,
that the stabilizing, if commenced, may
Operating profit..
Official—
the
420,000sf
—
150,000
Mellon Securities Corp
Gross profit
At
...
Years Ended Dec. 31—
Total-...".—^11,634,922 8,480,712
x After reserve of $104,047 in 1939 and $113,987 in 1938.
y After reserve
for depreciation of $1,777,004 in 1939 and $1,518,685 in 1938.
z Rep¬
resented by no par shares,
a Represented
by 293,290 no par shares.
11,634,922
Total
1 175,000
150,000
150,000
150,000
150,000
150,000
150,000
80,000
,
E. H. Rollins & Sons, Inc
Sales
at cost
125,641
138,776
catalogues, &c..
950,000
950,000
405,000
SEC to Weigh Company1s
--
—
a
at cost
Harris, Hall & Co
$1,905,000
$805,000
405,000
2,932,900
Reserves—
z
equipment
—
311,421
30,981
Federal
for
taxes on inc. est.
106,047
Prop., plant and
Patents
63,213
Prov,
other
.
.
$
1,450,000
671,935
92,417
alties, <fcc
1,698,655
receiv'le 2,188,601
4,480,613
counts,
Inventories
Invests, and
1938
$
600,000
bks.
payable- 1,658,379
Debentures
Bonds
JIalsey, Stuart & Co., Inc
Smith, Barney & Co
prospectus states that to facilitate
stabilize the prices of the securities.
This
Accrued taxes,roy¬
ac¬
follows:
First Boston Corp
Otis & Co
Notes pay. to
Accounts
Trade notes, ac¬
x
as
Stone & Webster and Blodget, Inc
668
31
Liabilities—
501,609
617,007
Cash
34,649
1939
%
1940
The company intends, during the course of the next 18 months, it is
to carry out a construction program under which it will expend
approximately $4,000,000 of the proceeds from the sale of the securities for
improvements.
Such improvements, it is stated, will consist principally
of the installation in its Acme Electric Generating Station of a 50,000 kw.
turbo-generator unit at a cost-of about $800,000, two high pressure steam
boilers at a cost of about $780,000, and certain other additions to its sub¬
station equipment and distribution system.
The names of the underwriters and the amounts to be taken by each are
The
1938
$
Assets—
166,200
$3,013,124
1939
April 6,
stated,
Capital Surplus—
Transfer
Financial Chronicle
..
66,556
Directors at
per
quarter, a dividend of 25 cents per share was paid.
It was pointed out that
the 30 cent cash dividend is equivalent to a 20 cent payment on the larger
number of shares of common stock to be outstanding after the payment of
by stockholders
The declaration of the stock dividend followed approval
at a
meeting held
number
on
April 2. 1940, of an increase in the authorized number
400,000 to 600,000.
The increase in the auth¬
shares from
common
orized number of
of
common
of
shares
shares also permits the reservation of a sufficient
stock for conversion
of the
company's
common
60,000 authorized shares of $1.40 convertible preferred stock at an increased
conversion rate and over a conversion period which has been extended with
respect to the first two conversion periods.
As of April 1, the company had outstanding 294,984 common shares
excluding 2,084 shares held in the treasury of the company of the then
authorized 400,000 shares.
After giving effect to the common stock divi¬
dend the number of shares of common stock outstanding will be 442,476.
—V.
150,
p.
Common..
^
Earnings per common share
Consolidated Balance Sheet Year Ended Dec. 31, 1939
Assets—Cash
on
hand and
f
payable, $225,303; Federal, State and Dominion
$140,494; accrued expenses, $52,889; reserve for contingent
taxes,
$24,639; preferred stock of subsidiary, $27,750; 6% cumulative
preferred stock ($100 par), $300,000; common stock ($2 par), $505,780;
capital surplus, $337,689; earned surplus, $766,392; total, $2,380,937.—
V. 149, p. 3278.
Liabilities—Accounts
Tri-St.ate
Telephone & Telegraph Co.—Earnings—
Uncollectible oper. rev..
$524,350
2,163
$527,276
1,605
1940—2 Mos.—1939
$1,062,273
$1,061,845
3,302
3,007
Operating re venues...
Operating expenses
$527,187
377,752
$525,671
360,098
$1,058,921
767,391
$1,058,838
739,630
$144,435
$165,573
$291,530
46,254
52,480
96.377
$319,208
105,405
$98,181
$113,093
52,802
$195,153
$213,803
59,165
91.112
1940—Month—1939
Period End. Feb. 29—
1789.
Timken-Detroit Axle Co. (&
Subs.)—Earnings—
Consolidated Income Account for Calendar
1939
1938
Years
1937
1936
$5,052,519
$2,143,156
$5,085,593
$5,923,622
1,849,158
1,394,299
2,252,671
2,647,470
$3,203,360
$2,832,921
228,819
$3,276,152
169,585
$748,857
280,758
$3,372,946
income.,
$1,029,615
$3,061,741
717,677
$3,612,792
Expenses.....
Operating profit...
..
Other income
336,640
Net oper. revenues—
Operating taxes—
Net operating income-
30,073
Net income
Total income
Deprec'n & amortiza'n.
Special reserves
140,000
a469~O0()
69,244
61,580
63,817
a460,000
122,546
$2,653,701
b57,831
1,979,169
$828,035
492,075
$1,811,247
165,707
1,476,225
$2,160,202
163,042
1,962,250
$616,701
deductions
Net
720,044
150,000
650,000
$192,197
$169,314
$34,910
„Federal & State taxes.__
Other
deposit, $115,956; customers' notes and
income taxes,
Operating revenues
Gross
on
receivable (less allowance for doubtful accounts, returns and
discounts), $767,233; merchandise inventories, $872,683; land, buildings,
machinery and equipment (less allowance for depreciation), $560,501;
other
assets, $47,402; prepaid and deferred expenses, $17,162; total,
$2,380,937.
'
■
accounts
the stock dividend.
of
Net profit
Dividends—Preferred
...
profit.
.
Preferred
dividends.
Common
dividends
__
.
143,763
-
—V. 150, p. 1618.
Trusteed Industry
The
28
consecutive
Shares—Dividend—
quarterly
cash
distribution
shares will be paid on April 5, 1940 for the quarter
This distribution amounts on $0,011 per share.
on trusteed industry
ended March 31, 1940.
Jersey, Jersey City, N. J., trustee,
The Trust Co. of New
payment.
Surplus
Shares
com.
stock
as
„
of March 31, 1940 total assets of trusteed industry
986,150
$0.69
990,075
$2.62
981,500
$2.03
984.150
$1.68
Including provision for Canadian taxes and surtax on undistributed
profits amounting to $60,000 in 1937 and $20,000 in 1936.
b From Jan. 1,
1939 to June 1. i939 date of retirement.
a
Note—Provision for depreciation amounted to $588,744
1938) and amortization, $68,717 ($67,744 in 1938).
($615,716
Transamerica
Corp.—Earnings—
Consolidated Income Account Years Ended
in
[Including Consolidated
Consolidated Balance Sheet Dec. 31
-1939
x
Cum. 7%
mach., eqpt., &c 4,453,316
pref. stk.
4,489,624
Common
3,012,604
Accounts payable.
accrued
interest
accrued
sees.
70,421
731,195
Trade accts. &
74,048
585,598
con¬
receiv...
1,950,593
3,176,016
Dies, jigs, fixtures
and patterns...
Goodwill, &c
Deferred charges.
1
e2,526,620
457,832
46,995
a883,236
Total
$7,165,742
64,047
Interest
566,024
641,932
140,000
Expenses, taxes, &c
Trans, and regular fees
453,190
73,282
472,992
Dlvs.
payable
169,108
on
11.624
Reserve for contlng
Deferred income..
277,213
64,582
45,628
2,884,819
1936
$7,873,809 $11,071,766
692,243
610,239
1,413,067
7,641
al.404,219
al.556,498
$6,682,251 $11,383,339 $13,246,144
67,019
126,707
677,312
Earned surplus...
230,971
73,203
484,066
2,317,730
460,431
224,985
51,188
Other
Securs. transacts., prof.
$5,294,188
1937
620,677
1,233,944
340,350
.
381,350
Interest
Dec. 31
Companies]
1938
expenses.
Capital surplus
1,277,158
Other assets
1,992,700
9,861,500
pref. stock
2,767,267
5,610,325
Inventories
______
d$4,206,584
Income—dividends
-
State taxes,.&c_
Accrued
y
$
9,900,750
1,720,263
Payrolls, comm. ,&c
&
interest
stock
1938
$
1,048,513
Time deposits and
tracts
1939
Liabilities—
$
Land, buildings,
Marketable
1939
1938
$
Cash
„
shares valued at
$5,000,000.
There are 5,886,287 trusteed in¬
dustry shares now outstanding.
This distribution of $0,011 per share compares with $0,007 per share paid
on the same date in 1939.—V. 150, p. 107.
market are approximately
out¬
standing (par $10)
Earnings per share
Assets—
will make
payment to all registered holders by check mailed on April 5, 1940. Holders
of bearer certificates should present their coupons dir ect to the trustee for
223,531
Prov.
for
reserve
doubtful notes
__
79,505
395,550
632,766
256,817
190,872
914,672
121,739
for
receiv.
615,464
$5,457,782
Net profit
$5,487,822 $10,098,207 $12,018,861
Net profits of contr.subs.
other than consol. cos.
(after prov. for taxes
min. int.) in excess
divs. paid to con¬
&
of
Total
y
15,866,383 15,863,5371
Total
15,866,383 15,863,537
x After
depreciation of $4,908,529 in 1939 and $6,183,119
Includes Federal and Canadian taxes.—V. 150, p. 1789.
in
1938.
solidated
Consol.
cos....
net
profits..
6,695,416
Dividends
Toledo Edison Co.—Bonds and Debentures
Registered—
The company on March 28 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-4367. Form A-2) under the Securities
Act of 1933,
covering $3,000,000 of first mortgage 3 H% bonds, series due
1970 and $7,250,000 of 3% % sinking fund debentures due 1960.
The com¬
pany also filed an application (File 70-19) under the Holding Company Act
regarding the issuance and sale of the securities.
The net proceeds from the sale of the bonds and debentures, to the extent
$6,132,763, will be applied to the redemption at 102%, of $6,013,000 of
company's 4% sinking fund debentures due 1948 within 40 days after
delivery of the new securities.
The balance of the proceeds will be used
principally for additions and improvements made or to be made to the
company's properties and the remainder, if any, will be added to working
capital.
1,985,890
$7,443,672
1,551,859
2,700,117
12,997,340
$7,039,681 $12,798,324 $25,016,201
8,835,160 bl2,081,813
11,576,807
$716,511 $13,439,394
11,200.000 c23,181,568
$1.14
$1.08
a Consists of loss of $148,439 in 1938 and profits of $957,623 in 1937 and
$1,088,235 in 1936 based on written down values of securities held by
Transamerica Corp. and consolidated companies on Dec. 31, 1931 and
$1,031,675 in 1938, $446,597 in 1937 and $468,263 in 1936. profits on sales
of securities based on cost of subsequent acquisitions,
b Includes extra
Surplus...
Shs. cap. stk. (par $2)—
Earns, per share
$748,256def$1795,479
10,713,688
$0.66
10,713.620
$0.69
of Bancamerica-Blair Corp. stock paid
in the amount of $1,706,260.
c No par.
d Consists of
from controlled banks and $3,826,636 from other banks and
corporations,
e Consists of net profit of $2,790,756 based on written down
values of securities held by Transamerica Corp. and consolidated companies
dividend of 463.095 7-50ths shares
Jan.
30,
$379,948
1937
Volume
2273
The Commercial & Financial Chronicle
150
on Dec. 31, 1931, and $264,136 net loss based on cost or nominal values of
subsequent acquisitions.
Securities profit includes $2,986,488 profit on
& S. A.
sale of shares of stock of Bank of America N. T.
ceivables, $238,323; plant and equipment at cost, (less reserve for deprecia¬
tion of $956,986), $1,106,538; franchises, licenses, patent rights, &c., $1;
deferred charges and prepaid expenses, $64,726; total, $3,391,117.
payable (bank loans due within one year), $70,000;
Liabilities—Notes
Consolidated Balance Sheet Dec. 31
dividend notes, called Aug. 1, 1939, $8,216; accounts payable, $125,316;
accrued payrolls, State and local taxes, &c., $77,146; provision for Federal
[Transamerica Corp. and Consolidated Companies.!
taxes, $62,262; notes
1938
$
1939
$
capital stocks of non-consol. banks and
corporations
57,782,419
Marketable securities
51,588,355
Cash in banks and on hand
4,442,436
Notes, contracts, accounts receivable. &c
7,569,172
Officers' and employees' notes and accounts
382,449
Owing from subs, not consolidated
738,973
Other assets
8
Assets—
payable (bank loans due serially from Jan. 1, 1941,
July 1, 1946), $412,500; deferred income $34,888; miscellaneous reserves^
contingencies, $89,696; preference stock $0.80 cumulative, 208.757 no^
par shares, $711,427; common stock (par $1), $280,659; earned surplus,
to
for
Invest, in
56,304,502
_
62,030,385
3,265,377
5,583,538
.
Twin State Gas & Electric
392,111
858,863
10,392
$3,391,117.—V. 149, p. 3884.
$1,151,787; capital surplus, $367,217; total,
Co.—Earnings—
1940—12 Mos.—1939
1940—Month—1939
$239,014
$233,338
162.005
145,222
15,809
15,635
1,598
1.618
12,106
12,862
Period Ended Jan. 31—
Operating revenues
Operating expenses
$2,581,671
1,716,431
- - 190,928
18,504
119,843
—
Assets reserved
a3.961,010
_
Goodwill, going concern and control
1
1
value
State &
taxes...
munic.
Social security taxes
Fed'l (incl. income) taxes
122.503,813 132,406,180
$
$
Total
Liabilities—
*
15,850,000
421,514
200,313
Owing to subs., other than holding cos
5,895.590
Res. for deprec. of assets of subs, not consolidated.
1,758,731
Reserves for taxes and contingencies
9,716,120
General reserve_
4,300,000
21,250,000
334,200
426,901
Notes payable to banks, secured
Accounts payable
Taxes payable
_
1,260,197
consol. sub._
122,503,813
Total
a
Consists of $50,000 cash and 150,000 shares of
& S. A., having a carrying value
America N. T.
new
members
'
were
21,427,376
53,762,992
9,240,366
meeting. The new directors are E. D.
—V. 150, p. 288.1
Transcontinental
-
Inc.—Listing
Air,
of
•
,.f.
Stock Exchange has authorized the listing of
stock (par $5) on official notice of issuance, and
York
but unissued common stock and
shares of the authorized
management to make an agreement with Hughes Tool
the Hughes Tool Co., corporation
$36,650
20,790
1939
Co.
be
will
133,936
88,153
48,974
253,122
Accts. receiv.,&c
a
261,901
835
765
49,159
46,610
Mat'ls & supplies.
Unbilled inc.(estd.)
76,152
94,447
4,830
1,000
22,700
75,733
86,014
4,120
3,644
22,700
37,872
364,969
449,412
185,686
63,900
b Cash
deposited
_
Other assets
Prepayments
and
deferred charges
Pref.
stock
2,435,200
2,405,250
134,113
2,435,200
Notes payable
2,405,250
Accounts payable.
193,838
5)4 % bonds
185,686
63,900
1st lien&ref.mtge.
78,299
authorized the
Co. for the sale of such
*
Notes receivable
$
$
Liabilities—
Mdse. for resale..
1938
1939
$
12,629.485 12,494,749
254,165
235,092
7% prior lien pref.
42,962
42,962
100,000
100,000
dividends pay_.
Advs. from N.
E.
P. S. Co
-
106,078
98,057
income taxes. Ji
100,247
100,175
Consumers' depos.
& int. thereon..
93,721
96,999
4,830
1,956,903
1,972,136
Accrued liabilities.
Provision for Fed'l
Matured bonds, in¬
selling
expense
unclaimed
ities at par
divs.
and
terest
cReacquired secur¬
—
Reserves..
4,120
7% prior lien cum.
pref. stock ($100
agreed to sell and the Hughes Tool Co.
agreed to purchase from the corporation 119,154 shares of the common stock
(par $5) at a price of $14 per share, or for an aggregate purchase price of
$1,668,156.
NkThe net proceeds of approximately $1,659,000 (after deducting expenses
In connection with the financing payable by the corporation) to be received
by the corporation from the sale of shares of common stock to the Hughes
Tool
$517,383
.
$278,510
$246,320
249,475
249,475
appeared in the "Chron¬
1938
$
Assets—
Fixed capital
Cash.
By agreement dated March 2, 1940 between the corporation and
shares.
income
Earnings for the 12 months ended Dec. 31,1939
icle" of March 30, page 2118.
Miscell. investm-ts
119,154
shares of common
sale for
cash, making the total amount applied for to date 1,000,000 shares.
Directors at a meeting held Feb. 22, authorized the issuance of 119,154
The New
Net
Pref. div. requirements.
Special deposits
Additional Common Stock—
$539,486
133,936
87,303
39,737
$25,777
20,790
(net)
deductions
a
recent
Woodruff and W. W. Douglas-
Western
&
$57,952
11,161
7,462
2,679
$58,001
Balance Sheet Dec. 31
added to the board of directors at the
annual
Other
132,406,180
capital stock of Bank of
of $3,911,010.
New Directors—
Two
152
153
21,427,240
53,783,743
7,890,212
Capital stock
Paid-in surplus.
Earned surplus
c
Other interest
$515,507
1,876
$535,965
3,521
$47,584
11,161
7,490
3,156
Gross income
Bond interest
2,772,253
9,894,752
4.300,000
1,148,688
.
Deferred income
Min. int. in capital stock & surplus of
f)M9
Non-oper. income (net).
7,848.501
,
88
$47,496
Net oper. income
$2,523,066
1,696,141
183,238
18,053
110,127
-
2,518,900
2,518,900
par)
5% cum. pref. stk.
1,552,500
($100 par)
Com. stock ($100
1,792,900
Par)
772,854
Earned surplus
applied to the extent necessary to the payment of the
1,552,500
1,792,900
717,452
...
balance of the purchase price of five Boeing transport
aircraft, spare parts
Any balance of the net proceeds remaining will be used
and accessories.
for
general corporate purposes.
a
Income Account
639
for Calendar Years
1939
1937
1938
$66,456 in 1938—V. 150, p. 2118.
1936
$2,403,725 x$2,198,483
5,456,865
3,927,775
69,715
46,334
$1,716,948
3,674,809
41,898
30,263
$5,433,655
1,042,774
496,240
$6,195,973
1,158,157
1,008,287
3,323,356
867,116
439,271
$6,202,821
1,068,807
791,032
2,758,150
902,380
285,105
Loss from oper. for yr.prof$43,449
$600,213
Total mail revenues
Total
transport'n
Other (net)
rev...
Total oper.revenues..
Maintenance
$7,906,924
1,256,297
Depreciation.
935,651
Conducting transport'n.
3,995,890
Traffic & advertising
1,179.396
General & adminis
Taxes assignable to oper.
M (other than Fed. inc.).
Total income charges
Federal income tax, est.
$1,775,556
4,397,001
843,515
3,148,382
1,040,840
351,008
$992,864prof$397,348
90,216
80,874
105,374
68,123
38,750
139,651
102,344
125,751
63,592
$198,546
$789,557
16,294
&l,163,954prof$185,101
9,719
$188,827
$773,263
$959,837prof$205,126
830,846
Nil
830,846
■«-
Gross loss for the year.
Total other inc. credits..
20,024
204,117
Lb
Net loss
.T
Dividends
Shs. cap. stock (par
Earnings
per
$5).
share
830,846
Nil
Nil
155,784
638,743
$0.32
x Includes $415,150 representing 1938 portion of retroactive rate increase
granted by Interstate Commerce Commission order dated Dec. 22, 1938.
Balance Sheet Dec. 31
1938
1939
Assets—
$874,574
Install, notes
$627,618
484,400
257,319
175.150
749,867
536,555
319,568
13,565
Cash
4,801
19,500
rec__
U.S. Govt
U. 8. Post Office
Dept
Traffic & agents
Employees
Sundry
103,165
89,689
Inventories
365,535
362,781
225,213
Investments
Property..
Special deposits.
for
fund
Res.
__
insurance.
130,000
332,542
x
48,475
382,075
231,719
130,000
77,879
47,045
travel plans
craft
for
air¬
insurance.
credits..
Net worth:
After depreciation
22,271
-
Capital stock... 4,154,230
Capital surplus. 2,684,562
1,494,181
4,154,230
2,637,292
1,302,273
$6,646,597 $6,646,453
Total
and amortization of $3,948,342 in 1939 and $3,152,$397,500 for advance on aircraft purchased.
1938.
y Includes
—V. 150, p. 2118.
074
in
Tung-Sol Lamp Works, Inc—Earnings—
Period—
Gross income from sales
,
and rentals of film and
b$53,752,352 $58,201,314 $56,172,192 $51,670,695
Dividends received
864,213
1,042,243
1,189,028
1,145,909
Proportion of profits of
controlled subs,
(not
consolidated)
71,247
214,801
Other income
1,098,339
1,157,917
1,241,016
1,000,375
literature
„
$54,031,780
$7,252,467
$8,617,114
$7,924,126
1,415,320
1,450,024
4,304,679
8,753.622
Dr201,171
1,916,132
3,150,149
6,096,947
Other credits, net..
For exch. adjustments..
Preferred dividends
Common dividends:
Previous surplus.
$4,146,814
y92,700
1,395,847
1,741,987
13,969,281
$358,539
94,390
Depreciation
Loss
on
$135,697
94,958
$345,640
factory
Disct. allowed, int., &c.
Adj. due to obsolescence
of inventory & mach_
Federal tax provisions
Extraordinary and non¬
recurring expenses
_
31,548
71,919
a5.392
$
Assets—
8,127,384
Net income
on
...
122,513
Balance, surplus
Earns, per com. share.,
a
Interest
$25,694
144,502
$138,433
143,718
$180,648
122,683
$6,574 •def$118.808
$0.02
Nil
def$5,284
$57,965
$0.14
$151,076
Nil
•
only.
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash,
notes receivable
ance
$402,402;
$46,628; accounts and
of life insur¬
other investments and re¬
marketable securities,
(less reserves), $410,212; cash surrender value
policies, $43,465; inventories, $1,078,823;
Res've
b Land, bldgs. and
affiliated
144,502
pref. stock
/
c$3.55
Other assets..
4,119,049
4,139,355
396,192
credits..
877,921
1,281,574
1,072,160
1,391,230
1,681,574
lor Federal
Deferred
c
*
1,000,000
income tax
Reserves
cos..el4,902,084dl4,471,711
Dec. 31 '38
payable and
accrd. expenses.
2,401,079
Inv. In & advs. to
equipment
Divs.
2,509,398
$
Notes payable
Accts.
(unamort.
45". 185
35,044
Liabilities—
$
6,502,168
Accts. and notes
Invent,
Dec. 30 *39
Dec. 31 '38
product'ncosts) .20,244,609 21,658,338
Prepaid expenses.
260,496
714,323
~5~,800
$8,753,622
Consolidated Balance Sheet
receivable......
260,386
'70,438
__
"•9,245
32,279
269,471
849.172
254,916
[Including Wholly-Owned Subsidiaries x]
a
all" 086
73,046
185,177
Not including
Cash...
sale of Chicago
12,380,893
25,987,301
6,075,399
$792,752 in 1939, $825,222 in 1938, $837,092 in 1937 and
$627,476 in 1936 depreciation of studio buildings and equipment absorbed
in production costs,
b Includes $273,908 from Roxy Theatre, Inc. c Earn¬
ings per share on 1,636,168 no par shares common stock,
d Earnings per
share on 1,741,683 no par shares common stock,
e Earnings per share on
1,741,984 no par shares common stock,
x With the exception of Roxy
Theatre, Inc.
y Proportion of profits of controlled company ($310,875), less adjust¬
ments of participations in film rentals applicable thereto $195,115 less
additional foreign income taxes, less claim for refund of Federal taxes on
income $102,416 balance (as above) $92,700.
z Earnings per share on
1,741,991 no par shares of common stock.
a
$608,732
94,852
3,483,899
11,616,033
$15,070,960 $13,969,281 $11,616,033
z$1.58
e$3.35
d$4.11
Balance, Dec. 31
Earnings per share
Dec. 30 '39
Gross income
_
Total income
$55,786,151 $60,401,474 $58,602,236
Oper. exps. of exchanges,
head
offices,
admin.
15,062,186
14,184,168
expenses, &c._
12 ,887,261
30,554,896
27,200,922
Amort, of produc. costs. 33 ,629,114
6,353,116
6,546.179
Participa. in film rentals
4 ,458,761
Propor'n of losses of con¬
trol led subs, (not con¬
solidated)
110,411
68,815
11,840
Interest expense
Amortization of disct. &
120,910
exps. of funded debt _ .
269,978
304,277
a Deprec. of fixed assets
344,040
1,230,970
805,718
308,321
Prov. for Fed. inc. taxes
321,584
Surtax on undist. profits
Dec. 31 '39 Dec. 25 *38 Dec. 25 '37 Dec. 25\'36
$556,087
$336,947
$130,783
$358,539
52,645
8,693
4,914
Years Ended—
Net operating profit
Other income
Slated Periods
[Including Wholly-Owned Subsidiary Companies x]
52 Weeks
53 Weeks
52 Weeks
52 Weeks
Ended
Ended
Ended
Ended
Dec. 30, '39 Dec. 31, '38 Dec. 25, '37 Dec. 26, '36
Net operating profit..
to
Deps.rec .under air
Reserve
Corp.—Earnings—
Consolidated Income Account for
em¬
22,271
323,846
..$6,646,597 $6,646,453
Total...
$540,318
151,432
115,944
Deficit
air¬
Deferred charges..
craft
216,188
3,317,235 y3,604,530
48,475
87,771
x
on
ployees' sub.
capital stock
Deferred
889
Accrued int.rec
Collections
$430,461
45,928
147,873
87,770
Traffic bal. pay
Accrued accounts-
Accts. receivable:
1938
1939
Liabilities—
Accounts payable.
Twentieth Century-Fox Film
^
I*
'
14,076,184 13,970,765
After reserves,
b With trustees and fiscal agents,
c Represented by
shares 7% prior lien pref. stock, market value $67,734 in 1939 and
Total
14,076,184 13,970,765
Total...
Capital
stock...15,910,934 15,910,934
..21,141,389 21,433,236
30,043
105,344
Paid-in surplus.
12,555,047 13,467,369
229,044
1,488,125
Pref. stk. retire.fd.
Earned surp. since
April 1,
1933...15,070,960 13,969,281
58,828,062 60,703,113
and $8,741,307 in 1938.
c Represented by 926,214
(938,745 in 1938) no par.
shares of $1.50 cumulative convertible preferred stock and
1,741,991
(1,741,984 in 1938) no par shares of common.
d United American Investing Corp. (50% owned) and Metropolis and
radford Trust Co., Ltd. (holding companies for investment in Gaumont
Total
After
a
*9
■
58,828,062 60,703,113
reserves,
Total
b After depreciation of $9,725,873 in 1939
-
The Commercial & Financial Chronicle
2274
British Pictures Corp., Ltd.), $3,737,568; National Theatres Corp., repre¬
senting investment In 42% or the capital stock $8,859,887; Boxy Theatres,
Inc., at cost $893,637; Hoyts Theatres, Ltd, (advances only), $372,000 and
Movietonews, Inc., and sundry other companies, adjusted by results or
operations to date ,$608,619.
e United
American Investing Corp. (50% owned) and Metropolis and
Bradford Trust Co.y Ltd. (holding companies for investment in GaumontBritish Picture Corp., Ltd.), $3,737,757; National Theatre* Corp.
$8,859,887; Boxy Theatres, Inc., at cost $893,637; Hoyts Theatres, Ltd.
(advances only), $320,000 and Movietonews, Inc., and sundry other com¬
panies, $1,090,803.
x With
the exception of Boxy Theatre, Inc.
To Vote
<Union
Light, Heat & Power Co. also proposes to issue and sell $721,000
during 1940 to provide funds for
construction durng the year and to reimburse its treasury in
part for construction expenditures during 1939.
See also list given on first page of this department.
of notes to Columbia Gas & Electric Corp.
necessary
April 16 to vote on
option to Darryl F. Zanuck, Vice-President and head oL
production, to purchase 100,000 shares of common stock either at $13 a
share or at a sum $1 in excess of the average price at which sales were
made on the last business day before approval of the plan, whichever is the
higher.
The option will run from Aug. 22, this year, to March 31, 1947.
The option is to be granted as an inducement to Mr. Zanuck to enter into
a new employment contract with the company for the period it covers,
with no chancre in his present salary of $255,000 annually.
Stockholders will be asked at their annual meeting on
the granting of an
—V. 149, p.
3126.
Operating revenues
Cost,
expenses
.
- -
.
_
$12,287,374
$289,093 a$1,045,701
33,029
48,480
300,000
$2,967,355
$1,408,293
$2,204,825
51,288
52,086
$1,462,581
654.953
97,867
$2,256,910
240.498
$322,121
1,500,451
5,533,612
$7,944,278
$7,070,562
$7,599,745
1,525,195
surplus
1.536,950
1,893,897
$6,419,083
1,167,081
$2.06
$5,533,612
1,177,381
$1.15
$5,705,848
1,180,742
1.71
Dividends declared (net)
Earned surplus at end of year
com. stk. outstanding (no par)..
Shs.
Earnings per share
$88,229
1,394,138
Nil
Nil
$0.26
5,583,332
Liabilities—
x
*
Cash
1939
1938
1939
funds...
77,214
1,522,109
Acc'ts receivable..
1,918,981
Deposits
1,028,644
3,860,655
Working
rec.
Ac.
397,087
Misc.
contr'ts annulled
curr.
Deferred
404,200
U. S. Treas. notes
investm'ts
85,292
5,538,857
268,893
assets.
241,686
credits..
7,497,962
7,502,255
6,373,378
1,941,228
6,373,380
2,221,550
91,415
134,854
Real prop. A eqpt.
Deferred charges
319,087
359,944
Capital stock
Paid in surplus
Earned surp. (def.)
92,057
344,995
568,006
——
withheld by U.S.
P. O. Dept. on
431,266
248,871
for air
Acer, wages, taxes,
610,307
Accts. due from A
and
288,554
586,868
linesi Ac...
travel cards, Ac.
Feb.19,1934...
%
404,438
.
Amts. due other air
Inv. of repair parts
455,424
1938
$
payable
Accounts
2,560,073
61,022
1,518,181
$2,016,412
Earned surplus at beginning of year—
a$754,487
1,441,688
U. 8. Treas. notes.
$1,364,714
5,705,848
$2,410,666
Net income..
a$997,221
1,499,592
$0.21
Assets-
and supplies
Fed. inc. and excess profits taxes
$367,283
279,054
share
1937
3,843,919
3,438,962
330,692
—
Total income.
Total
per
$9,818,398
$3,065,619
Other income
a$754,487
Consolidated Balance Sheet Dec. 31
1938
$8,718,565
3,709,589
3,300,682
98,264
—
a$997,221
115,000
Loss.
a
Years
1939
Net income from operations—
$259,805
107,478
$322,121
Operating profit.
Other income
Surplus.
$8,634,866
3,568,411
1,820,1/6
278,925
Depreciation
a$834,795
80,309
✓
131,000
Federal income tax
Earnings
Consolidated Income Account for Calendar
Taxes
9,286,233
1,011,106
1,553,997
Shs. cap. stk. (par $5)._
Maintenance, repairs & gen. exps
$9^989,016
8,272,282
1,341.929
9,714,836
1,256,025.
and taxes 10,313,284
Depreciation.
2118.
Co.—Earnings—
Gross income from operations
\ 1936
$9,925,153—$9,462,543
Inc.—Registers with SEC—
of this department.—V. 150, p.
See list given on first page
1937
1938
1939
Calendar Years—
Net income.
Dividends
Union Premier Food Stores,
Union Tank Car
Corp. (& Sub.)—Earnings
United Air Line Transport
Option—
on
April 6, 1940
proceeds from the sale of the stock and notes will be used by Union
Light, Heat & Power Co. to purchase $784,900 of its 1st mtge. bonds from
Columbia Gas & Electric Corp., and $2,050,100 of 1st mtge. bonds from
Columbia Corp.
It will also retire $2,367,238 of its 6% demand notes and
$577,000 of its 6% demand loan account held by Columbia Gas & Electric
The
6,388,292
295,995
bonds
Sundry
Total
14,250,749 13,092,985
Total
14,250,749 13,092,985
—V. 150, p. 1954.
Consolidated Balance Sheet Dec. 31
1939
326,482
37,080
33,626
Res. for gen'l taxes
8,453
1,163,150
738,196
343,123
3,028,813
^
__
2,228
Accts. receivable..
1,108,466
Mat'l & supplies..
691,523
632,866
Other assets
x
(& Subs.)—Earnings—
Years End. Dec. 31—
1939
1938
1937
1936
Sales, less returns, allow¬
ances & discounts
$89,356,381 $87,867,228 $93,358,258 $88,464,982
x Cost of goods .sell. ,gen.
,
Accounts payable.
Accrued wages
Res. for Fed'l taxes
217,CSC
700,615
237,866
131,633
566,774
494,261
Accrued Interest on
investments..
$
$
2,619,629
3,028,812
4.911.047
U. S. Govt, notes-
Liabilities—
$
United Drug, Inc.
1938
1939
1938
$
Assets—
Cash....
Tank cars, plant,
Reserves
y
z
30,000,000 30,000,000
Capital stock
Earned
224,770
6,419,083
surplus...
5,533,612
Reacquired capi¬
tal stock
equipt. A fixts..27,127,544 28,219,016
36,728
45,505
1
1
and admin, expenses..
85,775,983
84,985,996
89,497,962
84,537,958
Net profit on sales
Income from investm'ts-
$3,580,398
17,086
$2,881,233
$3,^60,296
41,466
18,045
51,135
30,523
50,205
$3,927,024
37,629
49,403
26,860
63,500
29,099
Int.
Z>r719,090 Z>r498,660
Deferred charges..
&c
on notes rec.,
Adj. of prior yr's
pro vs.
for Fed. income tax;es.
Excess of proceeds from
Goodwill, pats., Ac
sale
36,157,1091
of
invests'
over
37.547,993 36,157,109
book value thereof
x After depreciation reserves of $61,155,852 in 1939 and $59,337,089 in
1938.
y 1.200.000 no par shares,
z Represented by 32,919 shares in 1939
and 22,619 shares in 1938.—V. 150, p. 1008.
Miscellaneous income
Total
37,547,993
United Aircraft
Total
Corp. (& Subs.)—Earnings—
Calendar Years—•
1939
1936
*
$29,295,491 $22,303,421
24,214,462
20,065.873
699,238
646,089
578,217
1,221,349
$11,133,161
'
304,971
$6,263,848
222,332
$4,434,940
207,461
$1,659,331
539,117
....$11,438,132
150,363
i,486,181
46,591
$4,642,401
17,038
$2,198,448
27,221
$11,287,768
$6,439,589
996,832
$4,625,363
614,003
$2,171,227
223,221
142,905
Miscellaneous charges._
Net income.
Other deductions
Net
__
profit.
Federal income
Surtax
on
tax.....
1,889,997
$0.76
stock (par$5)
$5,442,758
$3,868,455
$1,936,897
22,334
16,482
12,183
10,454
$9,375,437
5,298,816
$5,426,276
3,245,842
$3,856,272
2,517,903
$1,926,442
1,252,239
$4,076,621
2,652,302
Dividends
$2,180,434
2,649,437
$2.04
$1,338,369
2,531,295
$1.52
$674,203
2,518,603
$0.77
1939
Other
$
4,576,776
7,385,301
6,183,068
Accounts payableAcer. wages, taxes,
52,701
Acer, incent. comp.
marketable
$
Cash
8 934,885
Misc. market, sec.
467,582
Trade
Prov.
3,591,659
Inventories
7,629,947 Accts. pay able and
accrued expenses 6,085,252
344,713
4,976,544 Accrued interest on
for
Advances
1,074
1,609
164,720
11,904,827
Investments
&
267,009
Fixed assets
zl2990,866
Deferred charges..
718,063
164.93C
8,016,659
266,661
8,875,820
accts.
Goodwill,
1, 502,065
1,708,146
marks, Ac..... 6 300,000
7,500,000
720,132
687,247
Prepaid
74,300
accounts.
654,023
26
461,051
996,832
5,500
9,053
22,130
stock and surplus
of subsidiaries
_
.
85,170
13 ,283,455 13,247,205
10 ,791,214
9,923,604
8 455,114
4,599,668
67,047,397 32,092,828
Includes 4,389 (5,166 in 1938) shares to be issued for shares of capital
Aircraft & Transport Corp. not presented for exchange,
z After reserves for
depreciation, amortization and retirement of $6,226,070
(1938. $4,140,487).—V. 150, p. 1954.
Light Heat & Power Co.—To Sell Stock and Notes
Union Light, Heat & Power Co., Columbia Gas & Electric Corp., and
Columbia Jorp. have filed with the Securities and Exchange Commission,
application (File 70-27) regarding the issuance and sale by Union Light,
of 25,000 shares of
common
stock
and
$3,279,000 of
4H% notes due Jan. 1, 1970.
Both Union Light, Heat & Power Co. and
Columbia Corp. are subsidiaries of Cloumbia Gas & Electric Corp.
The Union Light, Heat & Power Co. will offer the 25,000 shares of
stock to stockholders at the rate of 25-94 of a share of new stock for
a
share held.
The new shares will be sold in units, each unit
each 5-94 of
consist of 5-94 of
share, at $5.32 a unit.
Columbia Gas & Electric Corp.
will exercise its preemptive right to purchase the common stock and will
also purchase all the shares not taken by other stockholders.
Columbia Gas & Electric Corp. will purchase $1,228,900 of the 4J^%
notes and Columbia Corp. will buy the remaining $2,050,100.
one
Improvement Co.—Annual Report—
Sales of electricity—thousand kwhs_.
Number of electric customers
y
common
United Gas
The year's sales of electricity and gas
and the number of customers at
Gas Works) were as follows:
1939
98,504
Capital stk. (par
stock of United
Co.
After depreciation,
the end of the year (excluding the Philadelphia
Min. int. in capital
Sales of gas—thousand cubic feet
Number of gas customers
The indications
are
4.648,720
1,008,247
19,310,067
453,121
1938
4,149,311
985,533
18,849,717
443.868
1937
4,235,497
969,974
19,052,945
440,890
that 1940 will witness the largest capital expenditures
the part of the utilities since
1931, when the industry, in the interest
of employment and at the behest of the Government, was loyally proceeding
with a full
construction
program despite the then prevailing uncertain
business conditions.
In the U. G. I. system, capital expenditures pro¬
jected for 1940 total over $20,000,000, which compares with $11,300,000
for that purpose in 1939.
*
Financial and Corporate
on
Power
56,106,455 56,417,855
a Cost of 48,973 (48,958 in 1938) shares of capital
acquired and held by subsidiary company for corporate purposes,
principally, net earnings of subsidiary companies since
Sept. 1, 1933, which have not been distributed to the parent company.
—V. 150. P. 1954.
x
Sundry reserves..
$5)
Heat &
Dr529,250
Z>r529,439
Total
b Representing
1,888,475
Earned surplus
an
United Drug,Inc.
sales
Paid-in surplus
Union
1,238,649
980,215
6,715,185
stock
136,000
Federal
on
Total
577,741
gencies, Ac...„
capital stock
1,173,224
45,700
67,047,397 32,092,8281
255,791
Capital surplus
588,319
b Earned surplus. 7,585,152
-.56,106,455 56,417,8551
Total.
729,789
contracts..
y
502,324
325,057
Prov. for inc. taxes
Reserve for contin¬
trade¬
1,209,273
Deferred income..
rec.,
accrued int., &c-
Inventories...
Total...
5,807,041
495,573
funded debt
18 342,158 18,666,538
368,750
Income tax
3,880,304
Accts. rec., officers
and employees..
$
7,002,800
33,976,000 34,445,100
7,002,800
Funded debt
Notes A accts. rec. 4 815,773
1938
$
Liabilities—
Capital stock
956,492
Ac....
securities
Other
1939
1938
$
a
Liabilities—
30,023,880
accts. rec.,
less reserve.....
$1.47
$
1938
$
U. 8. Treas. notes.
$0.94
Land, bldgs.,ma-
Consolidated Balance Sheet Dec. 31
Cash
$2,065,475
$0.37
1938
$
$3.53
1939
Assets—
$1,312,314
chin'y A equip..15 023,862 14,904,721
x
Inv. & adv., Ac...
Surplus
Shares capital stock
Earnings per share
509", 934
$518,432
Consolidated Balance Sheet Dec. 31
1939
$9,397,771
Net profit for period..
100,614
14,100
70,273
391,334
x Including
depreciation of $1,204^421 in 1939. $1,170,452 in 1938,
$1,077,587 in 1937 and $977,923 in 1936, and provisiion for replacement of
fixtures and equipment, &c., amounting to $611,157 in 1935.
y After
deducting $28,0o0, portion applicable to discount on purchase of bonds of
United Drug Co., charged to surplus,
z Provision for contingencies.
Assets—
Minor, prop, of profits of
sub. company.
128,506
6,002
,
Earns, per sh. on capital
Net profit before min.
interest
8,141
78,041
434,504
$1,063,249
undistributed
profits
221,499
z83,389
31,299
464,367
Prov. for misceil. invest.
Loss from guar, leases
11,110
Operating profit
$4,931,206
1,810,985
430,099
undis¬
on
Netprofit
Other Income
74,148
$4,092,025
1,783,534
y400,G62
tributed profits
Sales & oper. revenues..$52,082,290 $36,799,545
Cost of sales & oper. exp. 39,727,780
29,836,458
Depreciation
$3,013,912
1,753.294
$3,692,741
Int. on funded debt
1,731,936
Fed. & foreign inc. taxes
318,500
Federal surtax
1937
1938
121,901
Total income
Consolidated Income Account
843,002
.
26,932
There
was no
change in the authorized
or
outstanding capital stock during
the
year.
Company has no bank loans nor indebtedness of any kind,
except the usual current items.
Total advances to subsidiaries, as of Dec. 31, 1939. amounted to $8,569,173 (compared with $8,026,423 at the end of 1938) consisting of $3,830,000
to the Utilities
the
Realty Co., $1,685,000 to Ugite Sales Corp., $1,250,000 to
Philadelphia Gas Works, $1,153,000 to Welsbach Co., $480,000 to
By. & Lighting Co., and, $171,173 to the Connecticut Gas &
Connecticut
Coke Securities Co.
The advances to the Connecticut Gas & Coke Securi¬
ties Co. do not include payments of $311,600 made by U. G. I. under its
indemnification agreement with the Koppers Co. of Del. with respect to
preferred dividends of the Connecticut Gas & Coke Securities Co.
The investment in preferred and common stocks of the Welsbach Co.,
which had been carried at $1,302,390. was written down to $1 by a corre¬
sponding charge to contingent
reserve.
Volume
The Commercial &
150
Financial Chronicle
holdings of $112,000 of Luzerne County Gas & Electric Co.
20-year 7% sinking fund convertible bonds, due 1944, $39,000 were called
and converted into 429 shares of $7 dividend first preferred stock of the
Luzerne County Gas & Electric Corp. (successor company), the conversion
ratio being 11 shares of stock for each $1,000 of bonds.
In Jan., 1940,
company sold the balance, $73,000, to the Luzerne County Gas & Electric
Corp. and, in addition, 200 shares of the $7 dividend first preferred stock,
at cost to U. G. I.
It is the intention ultimately to sell tne remainder of
the preferred stock owned by U. G. I. to that corporation for retirement,
so that we will hold only common stock.
U.G.I, sold to United Engineers & Constructors, Inc. as of Dec. 31, 1939,
$25,000 of that company's 4% cumulative income debentures, due Jan. 1,
1958, at par and interest, leaving $975,000 of such debentures still owned
at a cost of $839,148.
U. G. I. also sold to the Welsbach Street Illuminating Co. $107,000 of
-
1939
which
cost to U.
was
Concord
G. I.
Co.
Liabilities—
1,620,012
11,377,649
21,985,962
1 ,410,282
Pref.
6,251,256
12 ,249,391
24 590,759
2,629,207
2,599,530
(notcurr.)
Cash
69.896,148
1,132,610
69,060,004
1,162,454
andsurp.sub.
curities
2 461,611
Special deposit.
A
terest.
■
Connecticut Railway & Lighting Co.
Last year's annual report stated that the United States Supreme Court
in a decision rendered Jan. 3. 1939, upheld the contention of the Connecticut
Railway & Lighting Co. as to the method of determining damages suffered
as a result of the rejection and disaffirmance of the lease o" 1906
by the New York New Haven & Hartford RR.
The Supreme Court
remanded the case to the District Court for the District of Connecticut
for the determination of the amount of damages in accordance with the
opinion of the Supreme Court.
'
The District Court handed down a decision on June 21, 1939, allowing
by it
the Railway & Lighting Co. no damages on account of the termination of
the lease by the Railroad company and the sum of $29,037 only for breach
The company took an appeal
U. S. Circuit Court of Appeals for the Second
decision handed down Feb. 13, 1940, the Circuit Court
reversed the District Court and awarded the Railway & Lighting company
$4,411,838 as damages on account of the termination of the lease and
affirmed the allowance of $29,037 as damages for breach of the tax covenant.
A previous allowance of $173,537 against the Railroad company for de¬
ficiency for property repossessed was not retried nor disturbed.
While no reorganization plan for the New Haven has been appqpved by
the Interstate Commerce Commission, it is anticipated that the company
will receive, for the amounts finally awarded, junior securities of the Rail¬
road company, the value of which is not presently determinable.
28,657,290
114,764
credits
1,954,856
439,690
1,828,942
payable. ——13,738,183
15,212,703
Deferred
debt
Notes and accts.
-
"
-
able.________
Notes
A
88.342 -
:
~
90,331
Divs.
accts.
1,903,507
692,554
13,839,690
'2,039,199
<• 611,106
payable..
Matured int....
14,115,869
15 052,634
receivable
Federal tax, Ac.
13,764,609
Accrued interest
3,005,5,79
Other curr. liabs.
5109,436
Materials A sup¬
curr. assets
22,278
5,417,101
76,865
Deferred charges
19 043,841
20,031,568
5 881,792
plies—.....
Renewals
&
3,050,269
776,756
re¬
67,161,064
24,195,048
11,069,883
68,911,860
placement res.
Conting. reserve 22,835,712
Other reserves.. 11,176,063
Divs.
pref.
on
stocks of subs,
bonds
Z%% series, due 1965.
The sale was made privately at 104 and
interest without any underwriting commissions.
8t. Louis County Water Co., a subsidiary of Commonwealth Utilities
Corp., sold privately $1,000,000 first mortgage bonds, 3M% series, due
1959, at par and interest, without any underwriting commissions.
The
proceeds were used to retire short-term borrowings made to finance the
construction of a filter plant and other property.
The Connecticut Light & Power Co. redeemed, on Jan.l, 1939, at 105%
of par, $9,720,000 first and refunding mortgage 3% % series E bonds, due
1965.
These bonds were redeemed with part of the proceeds of the sale
of $15,000,000 bonds late in 1938.
The Bolton Reservoir & Water Power
Co., an inactive subsidiary, was dissolved as of June 28, 1939.
Connecticut Railway & Lighting Co. met the maturity on Jan. 1, 1939,
of an underlying issue of $209,000 of 5% bonds.
Delaware Electric Power Co. called for redemption and retired, as of
July 1, 1939, $240,000 debentures, 5H% series, due 1959, and paid off
$12,000 equipment notes, series C, due Sept. 1, 1939.
Although not
reported as part of the year's operations, the company also retired, as of
March 1, 1940, $400,000 debentures at a premium of 2%, and canceled
$2,000 of 6% equipment notes, series D, due April 1, 1940.
Delaware
Power & Light Co., a subsidiary of Delaware Electric Power Co., redeemed,
on
May 1, 1939, $400,000 first mortgage gold bonds 4M% series, due
1969, at par and interest.
Erie County Electric Co.'s wholly owned subsidiary, Central Heating
Co., discontinued operations due to the unprofitable nature of the heating
business in which it was engaged and the company was dissolved as of
Nov. 8, 1939.
The Erie Co.'s loss in this investment, in the amount of
$64,473, was charged to its earned surplus account.
Luzerne County Gas & Electric Corp. changed its capitalization con¬
siderably during the year due to the call on May 1 of $500,000 and on
Dec. 30, of $400,000 20-year 7% sinking fund convertbile bonds, due
July 1, 1944.
Of the total amount called, $489,500 were converted by
the holders into 5,384^ shares of $7 preferred stock; $391,000 were re¬
deemed in cash, and $19,500, which had been reacquired by the corporation
subsequent to call, were canceled.
In addition, the holders of $81,000
uncalled bonds of the same issue converted their bonds into 891 shares of
preferred stock.
Since Jan. 1, 1940, the bonds and stock of the corpora¬
tion purchased from U. G. I. were canceled and retired, the stated capital
was reduced by $18,598, and the difference between that amount and the
cost of the stock was charged to earned surplus.
In January, 1940, $500,000
of the corporation's first and refunding mortgage bonds, 6% series, due
1954, were called for redemption on March 1, 1940, at 105 and accrued in¬
28,584,759
called.......
Long-term
in¬
recelv-
terest
stock sub.
companies...
Cust. dep., Ac..
Min. int. & cap.
Marketable se¬
Dividends
75,146,600
Commonstk..204,111,554 204,111,554
Long-term debt
sub. cos
255,924,658 257,285,200
Sk. fd. & special
funds
$
75,146,600
a
Ad vs. and accts.
rec.
$
Preferred stock.
626 ,523,345 625,402,403
Investments.. 128 559,685 127,638,651
Other
paid off $4,000 of its serial notes held by U. G. I.,
leaving $18,000 still owned, and the Manchester Gas Co. paid off all of
its notes, amounting to $20,000.
Principal financial transactions of the subsidiary companies included a
number of changes in capitalization as follows:
Allentown-Bethlebem Gas Co. issued and sold $240,000 first mortgage
Gas
$
equipment
b
1938
1939
1938
$
Assets—
Prop., plant and
that company's collateral 4.rust 6%
bonds for $95,765, reducing the invest¬
ment
by such principal amount.' the loss being charged to contingent
reserve.
It still owns $600,000 of these bonds, its only interest in that
company, which is entirely unrelated to the Welsbach Co.
All of its holdings of Nashville Gas & Heating Co. first mortgage bonds,
5% series, due 1951, $40,000, were sold to the Nashville company for $35,250
2275
Consolidated Balance Sheet Dec. 31
Of the
cos.
in
276,360
170,540
4,718,455
4,681,672
57,170,970
arrears
Contributions in
aid of construe
Sur.appl. U.G.I. 59,051,464
837,503,972 837,616,393
Total..
a
837,503,972 837,616,393
Total
b At cost or less.
Represented by 23,252,010 no par shares,
Balance Sheet Dec. 31
1939
1939
$
1938
$
1938
%
Assets—
b Investment
(Company Only)
$
Liabilities
in
y
$5
div.
pref'd
212,763,955 213,499,204
b Other Invest—118,955,982 119,172,562
25,034
Special fund
26,335
Cash
4,328,468
4,712,968
Marketable sees.
973,047
Divs.& int.rec.
608,243
594,780
75,146/00
x Commonstk—204,111,554 204,111,554
Accts. payable..
58,726
32,974
Accrued taxes..
1,188,338
1,285,585
Divs. declared—
641,305
775,237
Accts. and notes
Miscell.
sub.
44,175
Def'd
772,953
4,612
llabil
152,310
108,259
105,272
reserves
23,939,024
34,358,884
208,935
charges..
_
337,944,649 339,705,0001
Total...
curr.
108,538
Contingent res.
22,627,325
Earned surplus. 33,751,563
639,363
56,561
68,887
,
Other
193,582
receivable
Div. special deps
Oth. curr. assets
75,146,600
stock
cos.
337,944,649 339,705,000
Total...
x Represented by 23,252,010 shares of no par value,
y Represented b^
765,216 shares (no par).
b|At cost or less.
Advances also included in these items.
Weekly Output—
U. G. I. system companies for the week just
week la st year are as follows:
Week
kwh.; same week last year, 95,862,945
increase of 8,191,706 kwh. on 8.5%.—V. 150, p. 2119.
The electric output for the
closed and the figures for the same
ended March 30, 1940, 104,054,651
kwh., an
United Engineering &
Foundry Co.—Earnings—
1939
1938
1937
1936
$3,995,608
154,607
$5,239,634
180,386
$6,148,591
a514,570
$4,535,555
187,666
$4,150,215
$5,420,020
$6,663,162
$4,723,221
899,221
329,274
51,393
892,849
367,185
10,267
911,469
347,832
Cr6,S65
810,979
306,611
13,965
204,000
211,100
212,681
207,235
517,000
746,000
1,044,797
108,304
576,373
11,984
$2,149,328
57,754
2,051,865
$3,192,619
57,796
2,049,690
$4,043,644
57,911
3,272,864
$2,796,072
57,932
2,659,204
$39,709
$1,085,133
820,746
820,746
$3.82
$712,869
819,876
$4.86
$78,936
818,215
$3.35
Calendar Years—
Gross profit from
Other income
mfg_.
_
Gross income
Gen. administrative and
selling expense
Depreciation
Disposal of cap'l assets.
_
I*rovision for Penn. State
capital stock & income
taxes
Prov. for Federal
capital
stock and income taxes
Prov, for Fed'l surtax—
Preferred dividends
...
of the tax covenant contained in such lease.
from this
decision to the
Circuit, and in
a
Balance, surplus
Shares of common stock-
a Includes $288,753,
income arising from acquisition of Davy & United
Engineering Co., Ltd., stock.
Balance Sheet Dec. 31
Cash
5,499,367
37,002
2,075,697
Inventories—;— 3,357,080
1939
xl938
Maintenance
Provision for
$112,401,349 $107440,943
40,348,706
38,304,154
expenses
5,687,584
5,933,434
depreciation, renewals &replacem'ts. 10,235,103
9,236,222
Provision for Federal income taxes—
5,361,628
2,125,352
7,016,763
_
Provision for other Federal taxes
Provision for State and local taxes
5,034,224
2,075,002
6,898,003
Accrued
2,769,636
37,002
3,803,494
Marketable securs.
A
pay
1,297,082
1,466,454
808,959
$
rolls,
Taxes, Ac...—
1,263,266
Reserves
Accounts
7% cum. preferred
stock (par $100)
Common stk. (par
—Cr2755624Crl,344,13S
Investments
Mtge. receivable- .
5,166,370
458,941
295,524
30,000
652,433
current
825,200
4,103,730
1,467,803
surplus— 4,770,650
4,103,730
1,475,272
Earned
paymts. on con¬
Notesreceivbl. not
824,700
$5)
Capital surplus
2,489,024
Advance billings or
tracts
391,715
Accounts payable-
hand & in
on
banks..— .—_
1938
522,185
Liabilities—
$
receivable
Operating revenues of utility subsidiaries..
Ordinary expenses
1939
1938
1939
Assets—
Notes
Consolidated Income Account for Calendar Years
$2.55
Earnings per share..
60,000
......
xLand, buildings &
$41,626,212 $39,959,905
1,066,153
855,884
Operating income
Non-operating income
equpt., at cost..
Patterns & drawgs-
4,912,144
Deferred charges—
on
__
Other interest
Other
deductions
Interest
charged to construction
10,379,695
517,043
176,317
236,662
129,464
10,357,900
527,539
183,021
Cr47,768
long-term debt
Amortization or debt discount, premium & expense
Taxes assumed on interest
Interest
Cr237,602
293,633
99,545
Net income of utility subsidiaries
$31,300,954 $29,591,753
Sinking & other fund appropriations of net income
273,766
244,228
Divs. on pref. stocks and other prior deductions..
4,082,745
4,028,902
Earnings available for com. stocks of utility subs. $26,944,443
Minority and former interests
2.213,421
Balance of earnings of utility
to U. G. I. Co
subs, applicable
$25,318,622
2,065,378
«
$24,731,021 $23,253,244
Earnings of non-utility subs, applicable to U.G.I.
34,602
25,694
Earnings of subs, applicable to U. G. I. Co.....$24,765,623 $23,278,938
Deferred divs. on cum. pref. stocks of subsidiaries
applicable to U. G. I. Co. (deducted above)
.
81,665
73,629
Other income of U. G. I. Co
6,878,599
6,446,279
$31,725,887 $29,798,846
Total
Expenses, taxes and other deductions
Bal.
.
3,006,559
2,966,178
applicable to capital stocks of U.G.I. Co__$28,719,328 $26,832,668
on $5 dividend preferred stock
3,826,080
3,826,080
Dividends
Balance applicable to com. stock of U. G. I.
Earnings
per
share
Co_$24.893,248 $23,006,588
$1.07
$0.99
1938 figures restated for comparative purposes.
Note—The income statement for the company only appeared in our
856.
142,354
....14,249,415 14,227,700
Total
x
After reserve for
issue
I
14,249,415 14,227,700
Total
depreciation of $4,438,517 in 1939 and $4,429,367 in
1938.—V. 149, p. 3884.
United
Merchants
&
Manufacturers,
Inc.—Common
Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, of which 25 cents will be paid on June 15 to holders of record June 1
and 25 cents on Dec. 16 to holders of record Dec. 2.
This will be the first
distribution made on the common shares since Dec. 1, 1937 when 25 cents
per
share was distributed.—V, 150, P. 856.
.
United Molasses Co., Ltd.—Common Dividend—.
Company declared a final common dividend ot 5H% actual, less tax,
making 23*4% for the 15 months ended Dec. 31, 1939.
This was at the
rate of22H % per annum, the same as had been paid previously.
Net profit or the company during the 15 months ended Dec. 31, 1939,
amounted to £883,038 after provision had been made for national defense
contribution, excess profits tax and income tax and depreciation.—V.
149, p. 3731.
United States Cold Storage Corp .—Accumulated
Directors have declared
a
Div.—
dividend of $1 per share on account of accumu¬
the 7% cum. pref. stock, payable April
March 28. Like amount was paid on Sept. 30, last.
lations
on
1 to holders of record
Dividend of $1.50 was
paid on Dec. 27, 1938 one of $3 was paid on Sept. 30, 1937 and a
$2.50 was paid on June 30, 1937.—V. 149, p. 2990.
United States Graphite Co.Period End. March 15, 1940—
Federal income tax...
Earns, per share on capital stock
—V. 150, p. 1458.
Est. earnings after
x
of Feb. 3, page
300,000
141,315
$42,692,365 $40,815,789
J.
Gross income
5,215,863
300, OOC
dividend of
-Earnings—
3 Mos.
$32,000
$0.20
12 Mos.
$123,500
$0.77
The Commercial &
2276
Financial Chronicle
April 6,
1940
Balance Sheet Dec. 31
(The)
Upson-Walton Co.—Earnings—
Years Ended Dec. 31—
Sales (net)
Cost of goods sold
1939
^
$1,733,164
1,249,859
$1,317,062
990,299
322.046
30,191
_
-
«i
316,38b
28,644
Selling, administrative and general expenses
depreciation and amortization
Provision for
$131,067 loss$18,266
3.071
293
Operating profit
——
Other deductions (net)
24.750
Federal and State income taxes (est.)
profit
Dividends paid
Earnings per share
—
——,—
property, plant and
$294,979; intangible
$1,209,657.
earned surplus, $201,570; total,
$1,209,657.—V.
$2,755,264
2,198,032
l^8nQ$2,324,987
1,906,573
$557,232
244,130
_
sold
—--
-
Gross profits
$418,414
190,025
-----
Administrative, selling and financial expenses
Provision for Fed. income & excess profits taxes..
Net
61,755
41,214
S251.346
'
profits
5187,175
—
-
—...
114,552
28,638
$0.88
Dividends
Earnings
$0.65
share
per
Balance Sheet Dec. 31,1939
$48,743; accounts receivable (less reserve),
$635,036; deferred charges, $14,872; fixed assets
Assets—Cash and cash items,
inventories,
(less depreciation reserve of $242,835), $432,127; dies Jigs and fixtures
(less depreciation of $496,701). $1; patents, $1; total, $1,424,798.
Liabilities—Accounts payable, $101,363; accrued expenses,
$21,928;
Federal income and excess profits tax, $61,755; contingent reserve, $12,186;
capital stock (286,380 shares at $1), $286,380; capital surplus, $195,455;
earned surplus, $745,731; total, $1,424,798.—V. 149, p. 1342.
$294,017;
Vanadium Corp. of
America—-Annual Report—
E. D. Bransome, President, states:
The consolidated net income for 1939
,
amounted to $1,224,450, or $3.25
corporation, as compared
62 cents a share.
per share on the outstanding common stock of
with a consolidated net income for 1938 of $231,314, or
Notes and Debentures
outstanding 10-year 5% conv. sink, fund gold
$2,330,000 (funds in the amount of $14,000 were on
desposit with the sinking fund agent to cover bonds called Oct. 1, 1939 but
not surrendered) of the original issue of $5,000,000.
Also outstanding were
the 3M % conv. notes issued in 1937 in the amount of $600,000.
On Feb. 13, 1940, all of such debentures and notes were called for re¬
demption on March 15, 1940.
To effect such redemption corporation
provided from its own funds an amount sufficient to pay the interest and
premiums required for such redemption and $416,000 of principal.
To
provide the balance of principal corporation borrowed from bankers the sum
of $2,500,000 repayable (subject to the rights reserved by corporation to
effect prepayment) in instalments of $125,000 each on July 15, 1940 and at
the end of six months thereafter to and including July 15, 1944, and the
balance on Jan. 15, 1945.
The weighted average of the interest rates on
the loan, apart from an initial charge of Yi of 1%, is approximately 2.8%
As of Dec. 31, 1939, the
debentures amounted to
annum.
per
Consolidated Income Account for Calendar Years
1939
1938
1937
— .
Cost, expenses, &c
Net
earns,
from oper-_
Other income
1936
-
Total income
Deprec. and depletion
Int. on 10-year 5% debs.
Int. on notes payable
_
-
$8,762,136
6,945,019
$3,966,664
$6,417,651
$5,353,468
2,876,808
4,908,553
4,595,061
$1,817,116
93,723
$1,089,856
46,484
$1,509,097
$758,408
54,217
$1,910,840
See note
$1,136,340
$1,841,847
121,087
21,000
622,423
131,769
24,956
516,259
139,935
15,750
50,000
12,596
15,707
466,000
13,653
6,353
105,873
y299,237
31,296
15,724
31,804
$1,224,450
Net sales
$231,315
$836,658
$152,193
x332,750
$812,624
404,010
153,342
24,255
Discount allowed on pay.
ofmtge. bondreceiv-Loss property retired
Other charges
Pro v. for Fed. inc. taxes-
Net profit-
—
17,491
16,517
x Includes $249,187 discount on settlement of notes payable,
y Includes
$72,047 surtax on undistributed profits.
Note—Production costs (affecting both cost of goods sold and inventories)
and appropriate expense classifications for the year include provision for
depreciation and depletion in the following amounts: depreciation of build¬
ings and equipment, $268,912, and depletion of ore lands and mineral rights,
$450,671, total, $719,592.
x
Accts. receivable.
-
Sundry debts
Other assets
Inventories
-
1938
1939
1938
9,318,168
y
$
$
Liabilities—
%
$
Plant, prop., Ac. 9,049,173
Cash
3,771,400
5%
3,766,370
2,330,000
2,546,000
600,000
Capital stock.
600,000
f.
367,640
10-year
532,573
14,820
3H% conv. notes,
2,070,748
1,244,656
11,745
222,599
3,316,646
54,453
3,105,437
148,866
1
1
s.
gold debentures.
1941
729,165
Res. for workmen's
Patents
-
95,252
107,865
39,303
37,075
Accounts payable-
_
95,304
Accrued Interest--
Prepaid expenses.
716,049
146,503
insurance
Accrued payroll—
com p.
Accrued taxes
-
Reserves
surplusEarned surplus—
z
Total---.
Capital
24,448
98,657
65,103
521,690
6,151,100
1,538,651
6,137,263
107,320
691,335
-15,970,020 14,216,669
x After reserve for depreciation and depletion of $5,828,390 in 1939 and
$6,702,993 in 1938.
y Represented by 377,140 (376,637 in 1938) (no Par)
shares,
z Includes $17,303 representing capital stock in
treasury.—V. 150,
P.
recelv
Materials & suppl.
1,285,426
875,922
62,198
4,936,96 1
15,970,020 14,216,6691
1,348,414
796.623
28,201
5,226,830
Total
Long-term debt
Notes
1939-
Operation
Maintenance
676,383
128,195
211,075
226,955
Depreciation
Texas
Net oper. revenues
1939—12 Mos.—1938
$1,610,356 $19,354,026 $18,177,597
618,643
7,421,262
7,093,128
156,978
1,493,728
1,477,061
275,641
2,240,242
2,151,141
a97,174
2,606,127
2,007.004
Month—1938
$1,717,667
Balance.Interest and amortiz,.
$475,057
6,327
$461,920
Dr5,779
$5,592,666
Dr21,072
$5,449,263
DrlOS.lll
$481,384
Non-oper. income (net)
$456,141
144,721
$5,571,594
1,737,976
$5,341,152
1,856,856
$311,420
$3,833,617
1,171,596
$3,484,296
1,171,420
$2,662,021
$2,312,876
147,259
Balance
$334,126
Preferred dividend requirements
Balance for
a
The
common
redemption
stock and surplus
of series
A
bonds
on
Nov.
7,
1938,
substantially
reduced Federal income taxes for 1938.
During the last three months of
the year the company reversed accruals of approximately $150,000, of
which $72,000
December.
was
applied to October, $28,000 to November and $50,000
to
to
570,000
598,119
year
payable
558,975
Customers' depos.
216,965
Int. & tax. accrued
941,064
Total
.
—
.94,715,524 90,215,211
246,754
1,526,605
Other curr. liab—
113,443
Deferred credits.99,305
Reserves
8,289,713
7,115,025
5,800,324
95,893
134,687
299,136
94,715,524 90,215,211
Total
-V. 150, p. 1954.
U. S. Rubber Reclaiming Co.,
a
Inc.—-Accum. Div.—
dividend of 50 cents per share on account of ac¬
the 8% prior preference stock,
to holders of record March 30.
This compares
on
par
$25, payable April 2
with $1 paid on Dec. 27,
last; 50 cents paid on Oct. 31 and on Sept. 1, last, dividend of $1 paid on
May 2, 1939 and on Dec. 23, 1938 and 50 cents was paid on Oct. 25, 1938.
Arrearages after the current payment will amount to $10.50 per share.—V.
149, p. 4188.
Productions—Preferred Stock Offered—The
producers of motion pictures based on animated
characters such as Mickey Mouse, Snow White and Pinocchio, was publicly financed for the first time with the offering
April 2 of 150,000 shares of 6% cumulative convertible pre¬
ferred stock ($25 par) at a price of $25 per share.
At the
same time the company is offering 5,000 shares to employees
and officers of the company at a price of $25 per share.
The
aggregate offering price of the 155,000 shares amounts to
$3,875,000.
The financing will provide new permanent
capital for expansion and production purposes.
Kidder, Peabody & Co., Harriman Ripley & Co., Inc.,
Pacific Capital Corp. and Mitchum, Tully & Co. head the
underwriting group, which also includes William R. Staats
Co., W. E. Hutton & Co., Lee Higginson Corp., Graham,
Parsons & Co., Stone & Webster andBlodget, Inc., G. M.-P.
Murphy & Co., Merrill, Lynch & Co., Inc., Alex. Brown &
Sons, Pacific Co. of California!, Baker, Watts & Co., Schwa-'
bacher & Co., Page, Hubbard & Asche, Moore, Leonard &
Lynch and Banks, Huntley & Co.
Walt Disney
company,
The preferred stock is convertible into common stock on
One share of common stock if converted on or before
bases:
the following
April 1, 1944;
through April 1, 1945; 8-10th share thereafter
through April 1, 1940; 7-10th share thereafter through April 1, 1947; 6-10th
share thereafter through April 1, 1948; and M share if converted thereafter.
Strong sinking fund provisions for the preferred stock include a fixed
sinking fund and an additional sinking fund based on earnings.
A fixed
sinking fund of $50,000 is to be set aside on or before April 1, 1941 with
$100,000 set aside on or before each Oct. 1 and April 1 thereafter.
It is
also provided that in each calendar year subsequent to 1940 the company
shall set aside out of the excess of consolidated net profits over $500,000 a
sum equal to 20% of such excess but not exceeding $200,000 additional in
any one year.
Both sinking funds are to be applied to the acquisition of
preferred shares either by redemption or purchase.
Provision is made for
a reduction in sinking fund requirements in proportion to conversions of
9-10th
share
thereafter
preferred stock into common shares.
An unusual protective feature for the preferred stock is the provision for
insuring the life of Walt Disney for 10 years in the amount of $1,500,000.
In the event of his death on or before April 1, 1944, while any of the pre¬
ferred stock is outstanding, the proceeds of the insurance would be paid in
trust for the benefit of the holders of outstanding shares of preferred stock.
During a specified period after the deposit of such insurance proceeds, the
company would have the right to purchase out of the proceeds shares of
preferred stock at not exceeding their par value. After the expiration of the
period specified, any balance or the insurance proceeds would be applied to
the redemption of the preferred stock at par.
In the event of the death of
Mr. Disney after April 1, 1944, the proceeds of the insurance would be
retained by the company and used for any corporate purposes.
Aside from the redemption provisions based on application of insurance
proceeds, the preferred shares are subject to redemption at any time at
prices ranging from $27.50 per share through April 1, 1944 to $25 per share
after April 1, 1948.
Business—Company, which was formed in
Sept., 1938, as the result of
corporations, is engaged principally in the
and distributing through others motion pictures of
animated cartoons in color.
Pictures produced by the company are of two
general classes, short subjects (less than 1,000 feet), and feature length
subjects (over 5,000 feet).
Company also engages in licensing for various
commercial purposes the use of names, characters, designs, music and
figures developed by the company and its constituent corporations in con¬
nection with the production of motion pictures, and in the preparation of
comic strips and material for books.
Company is the outgrowth of a business organized in 1923 by its present
President, Walter E. Disney, who was among the pioneers in th i develop¬
ment of the medium of the animated cartoon as motion picture entertain¬
ment.
The use of sound effects in conjunction with the cartoons was first
introduced in 1928 and the use of color in 1932, all the pictures now produced
by the company being prepared with both sound and color.
Until 1937 all
the pictures produced by the company were short subjects.
These were
produced and released under two well-known trade names known as Mickey
Mouse cartoons and Silly Symphony cartoons.
Through the medium of
these cartoons there were developed such fanciful characters as Mjckey
Mouse, Minnie Mouse, the Three Little Pigs, Pluto the Pup, and Donald
Duck.- Recently the company produced a short subject originating from
the woll-known book Ferdinand the Bull, which was released under that
the consolidation of constituent
title.
In Dec..
the
entitled 8now White
of this feature, the
has materially changed, the prin¬
1937 there was released the first feature,
Dwarfs.
As a result of the success
Seven
cipal activities of the company since 1938 being devoted to the development
of features.
The second feature, entitled Pinocchio, was released in Feb.,
Virginia Electric & Power Co.—Earnings—
revenues
one
Accts.
character of the business of the company
Period End. Dec. 31—
payable
banks, due with¬
in
Capital surplus.—~ 299,136
Earned surplus
6,189,306
Deferred debits
and
1148.
Operating
16,637,260 16,637,260
40,930,000 39,200,000
business of producing
Consolidated Balance Sheet Dec. 31
1939
Assets—
Accts.
Directors have declared
United Stove Co.—Earnings—
Sales (net)
.
cumulations
Calendar Years—
Cost of goods
Common stock
,
$159,620; inventories, $580,720; other assets, $17,343;
equipment (less reserves for depreciation of $213,646) .
capital surplus, $752,493;
150, p. 1621.
84,850,009 80,698,823
Cash
1,156,695
1,192,611
U. 8. Treas. secur. 1,512,819
900,000
Special deposits—
35,493
23,708
vestments
receivable (less reserve of $12,000),.
asset, $97,656; deferred charges, $6,750; total,
Liabilities—Accounts payable, $102,889; accrued taxes, $6,538: Federal
and State taxes on incomes (est.). $24,750; common stock (par $1), $121,416.
I
Preferred stock.--19,215,883 19,215,883
_
Balance Sheet Dec>3 r, 1939
Assets—Cash, $52,589; trade accounts
1938
%
Liabilities—
Plant and other in¬
Prepayments
$103,245 loss$18,559
36.425
12,142
$0.85
Net
%
1939
1938
$
Assets—
1940.
Company is now engaged in the production of a concert feature
entitled Fantasia featuring music played by the Philadelphia Philharmonic
Symphony Orchestra conducted by Leopold Stokowski, which is expected
before the end of 1940.
Other features currently in various
to be released
stages of production include Bambi, Wind in the Willows, and Peter Pan.
Company has acquired rights to other stories intended for development into
feature length pictures.
As
a
consequence
of the increase in production and the development of
the technique employed by the company,* the number of employees has
increased materially in recent years, being at present approximately 1,200
The production of both shorts and features has become increasingly coordi¬
nated and departmentalized, although continuing under the close general
supervision of Walter E. Disney. ■
The pictures produced by the company are distributed under contracts
with corporations engaged in the distribution of motion pictures.
Among
the corporations which have distributed pictures produced by the company
or its corporate predecessors, are Columbia Pictures Corp., United Artists
Corp., and RKO Radio Pictures, Inc. All pictures released since the latter
part of 1937, including both shorts and features, have been and are being
distributed under contracts with RKO Radio Pictures, Inc.
Company has
no contract for the distribution of features to be hereafter completed, or
for shorts to be produced after the current calendar year.
Volume
The Commercial & Financial Chronicle
150
Capitalization Upon Completion of Present Financing
Authorized
Outstanding
155,000 shs. 155,000 shs.
600,000 shs. 355,000 shs.
Underwriting—The principal underwriters have severally agreed to pur¬
chase in the respective amounts set forth opposite their names, and the
company has agreed to sell to such underwriters, 150,000 shares of 6%
cumulative convertible-preferred stock.
6% cumulative
conv.
pref. stock ($25 par)
(101,440 no par shares), $4,309,300; consolidated earned
surplus, $898,633; cost of 53 shares of stock held in treasury, Dr$4,602;
total, $10,563,583.—V. 150, p. 1458.
Common stock ($5 par)
Name—
Shares
Mitchum, Tully & Co
Merrill Lynch & Co.,
Alex. Brown & Sons
Pacific Co. of Calif
5,000
4,000
4,000
Baker, Watts & Co
Schwabacher & Co
2,000
1,500
1,500
William R. Staats Co
W. E. Hutton & Co
Lee
Higginson Corp
Graham, Parsons & Co
Stone & Webster and Blodget,
5,000
5,000
Inc__
Inc
G. M.-P. Murphy & Co
to
Income from operation $1,029,924
$861,387
$1,092,687
29,265
30,046
42,123
34,639
$1,059,189
$891,433
$1,134,810
$1,300,813
Income credits..
Gross income
apply
net
proceeds
to
and State taxes, &c._:.rY"~ 668,673-
Net Income
$1,600,000 to pay indebtedness evidenced by promissory notes, in
(accrued interest to be paid by the company out of teassury funds), held oy Bank of America National Trust & Savings Associa¬
tion, which notes were issued on various dates between July 17, 1939,
and Feb. 7, 1940.
Proceeds from these notes were used in constructing
buildings and improvements and purchasing equipment for the company's
new plant at Bur bank, Calif.
(b) The balance of such net proceeds to pay indebtedness in a total
amount equal to the balance of such net proceeds, which indebtedness is
evidenced by promissory notes in various amounts (accrued interest to be
paid by the company out of treasury funds), held by Bank of America
National Trust & Savings Association, which notes were issued on various
dates since Aug. 30, 1939.
Proceeds from these notes were used by the
company for its general corporate purposes, including production of pictures,
(a)
and
general, administrative and selling expenses.
Principal Stockholders—As of March 10, 1940, all the issued and out¬
standing shares of the company's capital stock, consistingof 3553)00 shares
of common stock, were beneficially owned as follows:
Walter E. Disney,
106,500 shares or 30%; Lillian B. Disney, 106,500 shares or 30%; Roy O.
Disney, 71.000 shares or 20%; Edna F. DisDey, 71,000 shares or 20%.
$134,846
2,382,740
426,419
$0.91
Balance, surplus
Profit and loss surplus..
Com. shs. outst. (nopar)
$52,022
2,334,548
426,419
$0.62
$76,588
2,298,386
426,419
$1.17
$63,355
2,245,182
Earns, per share on com.
x Includes $192,792 in 1939, $189,615
$46,530 in 1936 for social security taxes.
1939
1 ,087,676
440,194
127,103
131,462
99,167
222,251
Social security tax
accrued
71,204
66,940
Due from employ's
Miscell. assets
15,543
43,189
14,777
Fed. A State taxes
64,905
43,449
41,819
Constr.
Deferred charges..
79,490
540,532
79,118
not
8,052
20,263
50,000
394,271
444,271
Suspense
account;
Agawam..
Goodwill
540,532
54,571
2,926
©271,932
Total
x
$6,476,149 $8,700,4841
y
1955.
■
180,696
real estate not in use in the business
66.227
8,677
19,938
47,739
148,565
97,666
97,139
61,424
23,103
13,561
Other income
7.603
41,831
6,080
33,839
3,403
4,231
61,611
—.
—
on
Interest
on
funded debt of Walworth Co
funded debt of subsidiary
Other interest
Provision for Federal taxes on income
$1,562,130
312,000
Consolidated Balance Sheet Dec. 31
1939
on
a
def$64,436
...
Deferred charges
4,936,398
9,646
2,623,752
9,154
120,607
Accrued salaries...—
250,016
c
Plant A equip...
,140,474
7,610,579
Bonus payable to employees.
165,475
420,905
Pats. A goodwill._
23,093
1
198,252
244,180
Other income, social
security
and taxes
Prepaid exp. A def.
charges
<
Eng.
5% unsecured notes
Deferred
Initial surplus
Earned surplus
$7,758,464
Total
—V. 150, P.
Total
1938
1937
$1,465,063
726,160
314,038
$2,047,633
841,467
298,230
$772,985
$424,865
$907,936
223,842
,
228,305
233,678
9,226
74,000
14,696
17,500
6,836
37,173
25,500
$465,916
253,468
$164,364
177,427
$604,748
278,783
Other interest
—
Other charges
Provision for Federal income tax
Consolidated net income
Dividends paid on common
stock
$212,448
def$13.063
$4.59
Balance, surplus
Earnings per share
$1.62
Consolidated Balance Sheet Dec.
Assets—Cash in banks and on hand,
31,1939
$325,965
$5.96
>
$528,036; accounts and notes re¬
$1,901,439;
due July 1,
receivables,
$127,715; plant and equipment (less depreciation reserve of $4,831,521),
$5,546,962; timberlands (less depletion reserve of $377,362), $970,868;
(less reserve for discounts), $1,232,458; inventories,
cash reserved for first mortgage bond sinking fund instalment
1940, $51,195; investments (at cost), advances and deferred
ceivable
deferred debits, $204,909; total,
ing
fund
bonds,
$10,563,583.
payable and accrued items, $556,251; provision
$74,000; first closed mortgage 15-year 4^% sink¬
$2,298,000; convertible 4H% debentures, $2,432,000;
036,841
680,881
3,394,080
3,385,463
Realty
80,100
Co. 1st mtge...
e6% pref.stk.(par
$10)
a
After reserve for
warr.
for
347
stock..
Total
13,857,270 13,629,871
doubtful accounts notes and drafts,
in 1938 and $20,000 in 1939.
b After reserve
c After reserve
for depreciation of $10,689,030 in 1938 and $10,936,900 in 1939.
d Rep¬
resented by
1,357,632 (1,354,185 in
1938) no par shares.
©Includes
fractional warrants for shares of 6% preferred stock.—V. 150, p. 1954.
Stockholders at their annual meeting on
funded debt & amort, of debt
discount and expense
Liabilities—Accounts
757,500
Walworth
for doubtful notes of $110,000
Stock—
April 9 will consider increasing
capital stock of the corporation from 500,000 shares of
common stock of $1 par value stock to 1,000,000 shares of common stock
of $1 par value stock or equivalent and to authorize the board of directors
to fix the time of sale of said stock, the sale price thereof pursuant to law
and also to fix the time within which the preemptive rights of the stock¬
holders may be exercised; and to authorize the board of directors to do
all things which it may deem proper in connection with the foregoing.
—V. 149. p. 2709.
the
910,820
350,474
1939
other income $2,034,280
Years Ended Dec. 31—
for Federal income tax,
240"587
6,769,000
748,500
Warner Aircraft Corp.—To Increase
Selling and administrative expenses
Depreciation
on
230,262
0,725,000
6% debentures...
$7,758,464
-
(S. D.) Warren & Co. (& Subs.)—Earnings—
Int.
13,857,270 13,629,871
Total
74,636
1,500,000
670,438
1,185,693
2130.
Gross profit on sales and
74,875
876,332
Capital surplus
912,188
Surp. earned since
Jan. 1,1936 ....def496,733 def702,633
22,619
144,676
unearned
Income,
license deposits
Capital stock (150,000 shares)
33,000
23,271
common
44,287
29,886
Adv.
Mickey MouseiLtd.,
S. f. lnstal., curr..
Fract.
and
Empl. group insur. premiums
from
Walt
Disney
84,857
208,478
payroll..
Accrued taxes
dCommonstock..
96,302
...
E.
Acer. Int. on bds__
Accrued
850,000
337,670
81,438
58,383
168,702
30,000
16,550
1st mtge. 4% bds.
369,001
Payable to Walter
Roy O. Disney
503,451
78,852
Lease purch. contr
12,228
Co. bd. Indent.,
Accounts payable...
Federal Income taxesT
Accounts payable.
Other acc'd exps_.
Walworth
$2,784,523
bank
149,079
65,931
by trustee under
R'lty
5% demand notes payable to
$
700,000
Mtge. note pay...
Mtge. receivable..
Sink. fd. cash held
Liabilities—
Foreign funds
Land, buildings and equip.
(net)
Copyrigh ts, trade-marks, Ac.
(other)
Misc. securities—
Balance Sheet Dec. 31, 1939
Assets—
492,387
1,190,178
3,975,309
458,612
,438,555
,354,360
117,553
42,438
83,333
Receivables
b Notes rec.
1938
$
Liabilities—
Notes pay. to bks.
hand and
In banks
loss$64,436
$1,250,130
$
Assets—
26,482
1939
1938
$
loss$37,953
Inventories
$918,412
$205,9001oss$1297878
Consolidated net profit
Cash
$1,095,412
177,000
82,449
6,925
$562,450 def$957,462
316,187
318,748
4,379
7,908
27,742
13,256
8,242
505
Total income
10",464
$1,572,853
10,723
21,142
$516,882 loss$1060239
38,643
20,328
...
on Walworth company bonds and deben¬
reacquired for sinking fund
...
30,000
$1,116,554
44,199
129,679
28,894
52,037
Discount
Interest
200.000
438,208
1,937,056
39,839
172,532
64,142
Operating profit
27,437
23,625
30,904
38,335
9,975
1,199
19,647
Interest expense (net).
Inventories
1938
*
1939
allowances
$14,274,416 $10,468,787
including expense of unused
8,898,953
11,088,224
of goods sold,
facilities
tures
Advertising and publicity.
Traveling and entertainment
Prov. for loss on foreign curr. balances
Legal and miscellaneous expenses
Bonus to employees
5,132
11,232
.
.
.
33,496
52*920
studio
$42,539
.
Walworth Co. (& All Subs.) —Annual Report—
$129,433
Taxes, except United States inc. tax.
*
$6,470,149 $8,760,484
Total
Net expense of
Miscellaneous
346,116
and expenses
hand..
21,065
2,217,488
2,334,548
Dr275,633
(no par) shares, including 35,191 shares held
Represented by 35,191 shares of coinmon stock.—V. 150.
■
'■ •„
•
r
/
89,578
$2,469,832
283,537
37,960
Training school salaries and expenses
Pro v. for special obsolescence of old
on
10,515
2,382,740
Dr275,633
50,000
45,000
48,412
Represented by 461,610
in treasury,
salaries
Notes receivable
46,020
438,021
1,921,280
360
19,059
Accounts receivable
32.500
Depreciation
Selling, general and administrative expenses......
Provision for doubtful accounts
Cash discounts on sales, less discounts on purchases
1,027,888
_
Cash in banks and
Serial notes pay'le:
Surplus
y Treas. stock
Calendar Years—
$1,707,675
Prov. for United States inc. tax
completed..
Res. for deprecla'n
Cost
911,385
1,488,('62
239,180
Costs applicable to other income
experimental
contracts
Non-current
541
$3,844,198
Snow White and the Seven Dwarfs.
Office expenses
Research
and
and taxes
Gross sales, less returns and
"
Amortization of picture costs:
Short subjects
Salaries
Wages, accr'd exp.
Current
49",088
2*382
.
1938
Commonstock..$3,108,300 $3,108,300
449,412
604,818
56,723
Inventories
83,662
estate rentals
Balance
x
Accounts payable-
471,081
Accts. A notes rec.
4,612
2,210
and
1,042,762
52,859
Res. for self-Ins. Ac
©4,346,304
Real
1939
Liabilities—
1938
$4 ,082,148 $6,320,173
Cash
p.
Sales of special productions to indus¬
trial customers.
1937
Consolidated Balance Sheet Dec. 31
Assets—
Fixed assets
_
Income from radio programs
Music royalties
$1.62
Res. for contlng's.
books and
46,013
426,419
in 1938, $149,309 in
^
-
47,069
628,520
Mtge. notes pay'le
Sept. 30 '38 Sept. 30 *39 Dec. 31 '39
Film rental income (producer's share):
Short subjects
$1,274,425
$1,148,024
$134,663
Snow White and the Seven Dwarfs.
2,550,771
2,089,191
37,899
Fees
for
licensing use of cartoon
characters
356.559
71,089
325,264
Income from newspaper comic strip.
97.822
23,125
60,518
608,939
$691,875
9 Mos. End. 12 Mos. End. 3 Mos. End.
periodicals
--
$502,703
426,115
{Walt Disney Productions)
—Predecessor Companies Combined—
Income from art work for
632,107
r-r
$265,080
213,058
Combined Statement of Income
'
-626,353
$390,516
255,670
following
the
various amounts
~
$1,266,174
Depreciation, amort'n
of leaseholds, Federal
x
Common dividends
5,000
intends
purposes:
Income—
1936
$13,696,683 $13,310,793 $14,785,373 $14,621,621
12,666,760
12,449,406
13,692,686
13,355.447
Cost of sales...
150,000
5,000
Purpose—Company
Consolidated Income Account for Calendar Years
1939
1938
1937
Total sales.
3,000
Page, Hubbard & Asche
Moore, Leonard & Lynch
Banks, Huntley & Co....
Waldorf System, Inc.—Earnings—
4,000
8,000
5,000
Corp
30,000
25,000
20,000
17,000
Kidder, Pea body & Co
Harriman Ripley & Co., Inc_
Pacific Capital
Shares
Name—
'
2277
stock
common
authorized
Warren
Foundry & Pipe Corp. (& Subs.)—Earnings—
1939
1938
1937
1936
Calendar Years—
^
$3,302,622
$2,509,591
$3,234,080
$2,503,160
Ac...
2,676,511
2,113,685
2,591,591
2,038,222
Net oper. income
Miscellaneous Income—
$626,111
57,980
$395,906
49,637
$642,489
75,476
$464,938
$684,091
117,271
$445,544
120,441
$717,965
110,454
$509,202
65,000
44,050
y39,600
x36,800
$501,820
$281,053
$567,911
$395,880
Netsales
General expenses,
Total income
Deprec. & depletion—_
L
Provision for Federal and
State taxes
Net profit
428,453
(no par val.)
Earnings per share
175,000
$2.87
x
Including
sessable.
$300 surtax,
y
76.523
478,044
348.754
175,000
171.400
175,000
$1.61
$3.31
$2.26
Surtax on undistributed profits not as¬
Dividends
Shs. outst'g
44,264
257,072
The Commercial
2278
31
Consolidated Balance Sheet Dec.
Plant,
$1,962,193 $2,042,325
equipment
977,971
830.480
33,483
Cash
Market,
34,933
66,650
and
Prov, for Fed.
securities
(at cost)
1938
Capital stock—$1 ,750,000 $1,750,000
Accounts payable,
103,268
86,204
Ac
y
A
prop.
1939
Liabilities—
1938
1939
Assets—
x
__
66,6.50
Treasury stock
Notes A accta. rec.
319,349
898,625
886,447
21,225
66,285
76,915
36,996
1,841,144
514,659
Capital surplus
Earned surplus—
276,032
Inventories
104,045
28,593
,845,216
State taxes
Reserves
in favor of the corporation; and provided further
said dividend shall be made upon such a date as
shall be subsequently fixed by the board of directors."
A dividend of like amount was declared Dec. 18 which was to have been
paid Feb. 1, 1940, on the prior preference stock and payment of this
dividend has been deferred pending final decision of the suit brought by a
holder of preference stock who sued to restrain the Feb. 1 dividend, holding
that the company first must clear up the $40 arrearage on the preference
stock.—V. 149, p. 4047.
such final disposition is
that actual payment of
432,219
64,665
West Penn Power Co.
Real estate mtges.
& sundry rets
Def'd charges, Ac.
x
After reserve for
$1,861,249 in 1938.
Total-...
Represented by 175,000 no
$4,345,782 $4,223,477
$1,969,550 in 1939 and
par shares.—V. 149, p.
$22,627,448 $20,853,452 $23,024,723
258,313
140,890
470,963
-
$22,885,761 $20,994,342 $23,495,686
7,379,499
7,879,844
7,757,293
Total earnings..^
j expenses
,
faintenance
2991.
Sugar Corp.—Registers
West Indies
with SEC
Interest
.
the 5%
Years Ended Dec.
p. 2130.
Amortiz. of bond discount,
304,956
Cr52,908
306,303
CV53.380
307,795
Crl51,610
$80,297
construction
Payments under tax covenants, paying
agents' fees A other bond expenses.
Assets—Cash
on
hand and in bank,
$u.4z
$u.y»
of
Total earnings
Cash.
a
Other taxes
Reserve for renewals, retirements
depletion
p.2386.
1938
3,893,473
a4,638,958
4,719,910
Notes
633,624
635,117
-—
2,557,736
2,804,235
2,803,956
122,406
154,909
225,972
103,495
283,420
282,562
$3,860,788
Dividends
1,548,729
719,118
1,742,320
808,292
719,118
412,027
Class B
1,408,807
1,740,291
Common-.
399,000
a Includes $806,700 amortization of electric plant adjustments.
1939
Assets—
1938
non-consolidated
cos., and miscel¬
Investments in and advances to
associated
investments
;
-
-
Receivables
•
...
2,078,589
4,166,010
4,276,639
1,341,193
Operating materials
1,324,040
Other assets
14,120,386
Deferred charges
1,952,383
4,348,286
4,233,403
1,328,053
1,312,366
13,126,342
$281,817,573 $277,453,735
Total
1938
1939
Liabilities—
$109,716,000 $107,797,000
Long-term debt of subsidiaries
43,014,500
43,017,100
Preferred capital stocks of subsidiaries
5,000,000
5,000,000
Long-term debt of the West Penn Elec. Co
5,000,000
1,400,000
Open account indebtedness to parent company..
2,000,000
2,220,000
Notes payable to banks
1,475,780
1,218,066
Accounts payable
382,827
363,182
Payrolls accrued
3,526,543
4,154,396
Taxes accrued.
1,062,720
Interest accrued
1,078,707
68,648
68,648
Preferred dividends accrued
1,168,315
Dividends declared on preferred stocks
1,025,193
151,322
430,012
Other current liabilities
512,794
498,300
Customers' security and construction deposits.
169,271
174,895
Deferred liabilities and deferred credits
30,359,285
31,256,233
Reserves
I.
923,537
904,104
Contributions in aid of construction.^
437,747
Premium on sales of preferred capital stock
640,501
Surplus of sub. applic. to stock held by parent co.
1,471
3,001,471
Common stock of subs, held by parent company
22,124,700
22,124,700
7% cumulative preferred stock...11,985,300
11,985,300
6% cumulative preferred
5,912,600
Class A stock ($7 cumulative, no par)
5,912,600
16,574,200
Class B stock ($7 non-cumulative, no par)
16,574,200
Common stock
7,997,047
7,997,047
749,378
749,378
Capital surplus
9,530,423
General surplus
9,835,864
$281,817,573 $277,453,735
reserve
for doubtful accounts of $424,750 in 1939 and $541,532
In 1938 and $595,068 in 1937.—V. 149, p.
3128.
5% gold bonds due May 1, 1941,'
1 at 101 and accrued interest.
Payment will be made at the Irving Trust Co., N. Y. City—V. 149, p. 128
a
Corp.—Conditional Dividend—
dividend of 50 cents a share on prior
preference
stock, payable May 1 to holders of record April 29.
announcing the dividend, A. S. Rodgers, President, said the dividend
was made with the provision that payment would be made
only "after the final disposition of the suit now pending against the cor¬
poration in the Court of Chancery of Delaware," and "only in the event
In
declaration
sales of preferred
stocks
29,707,700
4K% preferred stock (cumulative).
7% cumulative preferred stock—
6% cumulative preferred stock
b Common stock.
27,750,000
5,965,211
Earned surplus
a
in
After reserve for doubtful accounts
b 2,775,000
1938.
12,707,700
17,000,000
27,750,000
6,326,492
$145,618,133 $142,102,417
Total
Amends
no par
of $211,767 in 1939 and
$324,311
shares.
Application—
Company, a subsidiary of American
Water Works A Electric Cq., Inc.,
Commission an amended applica¬
has filed with the Securities and Exchange
(File 32-196) under the Holding Company Act in connection with the
proposed issue and sale of $3,500,000 3% first mortgage bonds, series K,
due 1970, and not more than 200,000 shares of common stock, (no par).
Previously, the company had proposed to issue $5,000,000 of 3% first
mortgage bonds, series K, due 1970, and 24,923 shares of 4H % cumulative
preferred stock ($100 par)
The exact number of shares of common
stock to be issued will be filed by amendment.
The proceeds from the sale of the bonds and common stock will be applied
toward the completion, construction,
or acquisition of improvements,
additions and betterments to plant and property.
Commenting on company's proposal to sell an issue of new common
stock to the public, H. Hobart Porter, Chairman of American Water Works
A Electric Co., Inc. which controls West Penn Power Co., states:
"West Penn Power Co. is the largest operating company in our system.
efficiently serving an im¬
steadily growing
time to time to
provide for its expected growth.
Considering these factors, and looking
ahead to its future needs, it is believed desirable for the Company to have an
established market for all classes of its securities.
With that end in view,
the company now plans to offer a block of its common stock to the public.
It
owns
a
large and well maintained property
portant industrial area in western Pennsylvania.
Tt is a
property and will require large amounts of capital from
heretofore controlled all of
This 100% control is not
the same management which
Co. from its origin, almost
"American Water Works A Electric Co. has
the common stock of West
Penn Power Co.
essential, however, to insure a continuation of
successfully developed the West Penn Power
25 years ago.
The American Water Works A
Electric Co. will continue to hold its
large and controlling interest in West Penn Power Co.
the same from time to time.
The proposed plan does not
and may increase
in any way change
the management or status of our interconnected electric system, of which
West Penn Power Co. is a part.
Our system has formally been declared by
the Securities and Exchange
system under Section II of
1935."—V. 150. p. 2130.
.
Commission to constitute a single integrated
the Public Utility Holding Company Act of
Weston Electrical Instrument Corp.
1939
Calendar Years—
Net
$662,900
29,610
51.133
45512
$384,039
$473,579
180,598
35,221
$714,033
182,395
>108,752
$256,301
58,124
136,496
i
$428,067
177,108
40,171
80,292
$422,885
54,752
160,583
$325,600
$33,176
$207,550
$61,681
$3.03
$0.70
$2.10
$1.23
$527,201
41,018
160,583
Common dividends.
Surplus
Earns, persh.on 160,583
Includes $31,165
$354,429
172,005
Class A dividends
x
$682,694
19,794
yl33,761
profit
shares
13,450
$832,969
taxes
common
1936
$441,012
12,945
$367,879
31,454
Operating profit
Other income
Federal
(& Subs.)—Earn.
1937
1938
$878,285
76,770
$801,515
Profit after costs A exps.
Other deductions
Depreciation
Wheeling Electric Co.—Bonds Called—
Directors have declared
on
Total income
A total of $73,500 first mortgage 30-year
have been called for redemption on May
White Sewing Machine
17,885,418
698,779
437,747
Reserves
Contributions in aid of construction
Premiums
_
Total
27,300
106,678
709", 133
206,865
2,039,734
441,421
477,385
8,760
57,943
23,000
139,463
17.022,177
692,344
tion
$254,510,716 $251,152,901
Property, plant and equipment
51,056
-
Deferred liabilities and deferred credits
— -
Consolidated Balance Sheet Dec. 31
334,224
preferred stocks
on
Customers' security deposits
liabilities..
Miscellaneous current liabilities
413,882
596,671
413,882
2,690,703
454,987
—
Due to affiliated companies
$5,448,438
6% cumulative preferred
Class A
320,000
584,015
184,313
—
Interest accrued
274,588
$4,754,427
7% cumulative preferred1,548,729
Net income
payable to banks...
payable
Taxes accrued
4,413,978
632,278
Minority interest held by parent co__
Miscellaneous deductions
Deductions—West Penn. El. Co.—
Interest, amortization, &c. expenses.
39,958
6,692,980
Payrolls accrued
3,647,355
4,744,466
-
(net) and expense-..
Preferred dividends
41,830
8,090,915
Accounts
Amortization of debt discount, prem¬
ium
116,820
...$145,618,133 $142,102,417
1938
1939
$58,420,000 $56,500,000
Total
Liabilities—
.-..$13,301,795 $12,423,526 $13,730,987
Gross income
548.000
124,614
1937
Deductions—Subsidiaries—
and
665,632
107,787
480,348
Construction materials
--
subsidiary
2,151,150
1,360,928
—-
Receivables
Inventories, materials, Ac
Due from affiliated companies
and
—
Cash
1,217,599
associated companies
Special deposits
to superannuated employees secured by
life insurance policies
Deferred charges
$40,555,036 $37,383,975 $40,568,093
13,721,538
13,365,609 14,290,925
3,256,667
3,190,394
3,743,499
1,681,817
1,052,780
1,436,719
3,954,260
3,458,192
3,718,608
-
500,000
301,216
1,149,139
2,455,455
1,445,430
725,147
105,938
companies at cost
Securities of associated
Funded debt
-
7,000,019
500,000
301,216
Loans
1939
Federal income taxes
Interest
7,000,019
Public Service Co..
Long-term advances to
$40,321,335 $37,164,678 $40,260,821
219,298
307,273
233,701
...
$121,022,315
Penn
.
(& Subs.)—Earnings-
Operating expenses
Maintenance
1938
1939
$123,576,094
West
Long-term advances to Monongahela West
Westmoreland, Inc.- -Offer to Stockholders—
Calendar Years—■
4,606,500
b From effective date
Consolidated Balance Sheet Dec. 31
„
Operating revenues
Non-operating income
3,524",250
b631,312
4,329,000
To effective date of
Assets—
Westmoreland Coal Co.—Offer Made to Purchase Stock—
Corp., 80 Broad St., New York City has offered
51% of the outstanding shares of the company at $15 a share, ac¬
cording to a letter to stockholders. The offer shall not be operative if the
company authorizes a dividend or distribution on the stock prior to April 30.
Unless sufficient shares are tendered to give control the corporation will
not be obligated to accept the shares offered.
To shareholders of Westmoreland, Inc., Graham-Newman Corp. has
offered to buy their shares at $12 each if the shares are tendered with an
equal number of the coal company's shares.—V. 149, p. 2532.
West Penn Electric Co.
889,539
1,020,000
Property, plant and equipment
Common capital stock of Monongahela
Penn Public Service Co
The Graham-Newman
Co.-
a432,415
a495,833
exchange—July 25, 1939.
exchange—July 25, 1939.
a
to buy
See Westmoreland Coal
96,661
$6,941,489
889,539
1,020,000
Common dividends
companies, $71,737; land, buildings, machinery &
equipment (less, reserve for depreciation of $1,549,384), $580,850; patents
(net), $11,805; total, $1,368,172.
,
Liabilities—Accounts payable, $29,839; accruals, $67,009; contract pay¬
able, $49,767; capital stock, $1,221,557; total, $1,368,172.—V. 149, p.4046.
-V. 149,
66,463
$5,511,604
AJ4 % preferred dividends
inven¬
$13,879;
(net), $241,569; cash surrender value life insurance, $28,756;
tories, $144,941; investments, $19,546; prepaid insurance and taxes,
able
48,517
7% preferred dividends
6% preferred dividends
investments In affiliated
607,784
$6,044,914
Net income
1939
$255,088; notes and aexxmnts receiv¬
1,747,870
premium
97,136
-
Earnings per common share
—
Consolidated Balance Sheet Dec. 31,
After
$9,216,349
1,970,000
52,014
Interest charged to
5171,661
Dividends paid
funded debt
(net) and expense
Steel Foundry Co.—Earnings31—
,*939^,
Profit after all charges
on
Other interest
West Michigan
a
$7,923,640
2,022,951
69,700
Reserved for renewals and retirements
Gross income
a
1,977,773
964,175
1,780,879
1,676,666
-
first page of this department.
Registrar—
laneous
1,492,686
1,842,865
$8,486,435
2,137,153
3,803
Other taxes
City Bank Farmers Trust Co. has been appointed registrar for
cumulative convertible preferred stock of this corporation.—*. 150,
Dividends
1,841,309
984,232
1,827,763
1,988,727
,
Federal income taxes
See list given on
1937
1938
1939
Operating revenues
Non-operating income.
depletion and depreciation of
y
(& Subs.)—Earnings—
Calendar Years—
21,946
$4,345,782 $4,223,477
Total
April 6, 1940
& Financial Chronicle
.
$168,220
54,752
_
surtax on undistributed
provision for 1937 income tax in
profits,
the amount of $7,761.
y
Includes under-
The Commercial & Financial Chronicle
Volume ISO
Consolidated Balance Sheet Dec. 31
1939
Assets—
Cash
x
Notes & accts.
1938
Liabilities—
$434,645 Accts. pay'le—pur¬
234,920
chases, royalties,
612,492
1,188,660
335,938 Notes pay. to bank
1,030,528 Accrd. accts.—pay¬
re¬
_
Cap. stk. of Soogamo
rec.
and
9275,907
400,000
West., Ltd.
39,462
23.349
on
from Weston
24,791
17,504
(excl. idle plant) 1,152,636
Idle plant, less res.
for deprec. and
loss on disposal.
241,362
Deferred charges..
40,672
12,587
Patents, less amort.
Capital stock
land
189,782 Earned surplus...
75,165
74,666
Property, plant &
equipment
1,367,833
2
Pats, and goodwill
Deferred charges.
27,654
35,221
127,504
b2,500,000 #2,500,000
187,402
888,401
y
1,376,703
-
and
em¬
14,608
3,000,000
X
...
x
Total.....—.93,691.274 $3,715,929
x After reserve for doubtful accounts of $40,259 in
1939 and $23,162 in
1938.
y After reserve for depreciation of $1,336,952 in 1939 and $1,308,122
1938.
a Represented by 72,376 shares of class A and 160,583 shares
after
deducting 3,417 shares reacquired out of surplus and held in
treasury both of no par value,
b Represented by 160,583 shares common
after deducting 3,417 shares reacquired out of surplus and held in treasury
both of no par vaiue.—V. 150, P. 1796.
After
1939.
241,904
61,315
9.279
y
....$4,163,089 $3,983,284
$4,163,089 $3,983,284
Total
reserve for depreciation of $1,875,001 in 1940 and $1,833,868 in
Represented by 272,080 no par shares.-—V. 149, p. 4047.
Wisconsin Public Service Corp. (& Subs.)—Earnings—
in
Years Ended Jan. 31—
Operating
.......
$8,911,541
3,120,795
531,212
985,000
1,229,835
328,700
$2,983,972
.......
1940
$9,247,134
2.881,602
545,102
1,096,713
1,259,000
480,745
,
revenues.
Operation
$2,715,999
Maintenance
Depreciation....
Taxes
Western Public Service Co.
Period End. Dec. 31—
Operation......
Maintenance
Depreciation
....
Taxes.....
-Earnings—
(& Subs.)
Provision for Federal and State income taxes..
1939—12 Mos.—1938
$2,216,351
$2,129,988
1,037,633
986,863
141,759
123,997
—1938
1939—Month—1938
$181,953
$190,546
86,828
.97,403
15,709
9,768
17,050
44,438
16,090
20,244
revenues
209,321
228,300
191,034
258,437
$20,675
Dr6,839
(net)
Balance
$44,294
Dr6.586
$551,371
I>r74,739
$617,625
Dr72,238
$13,836
Net oper. revenues
Non-oper. inc.
$37,708
28,683
$476,632
326,180
$545,387
348,821
$150,452
119,453
$196,566
119,452
$30,999
$77,114
Interest and amortiz
26,178
Balance.--
$9,025
def$12,342
Preferred dividend requirements
Balance for
common
stock and surplus
Net operating income..
Other income
Liabilities—■
$
Plant & other invs.12 ,642,157
12,766,488 Preferred stock
520,552
578,338 a Common stock
1,284
65,499 Long-term debt..
Cash
Special deposits
Notes and
_. .
729
728
172,986
213,836
223,470
211,029
warr. rec
Accts. receivable..
Mater. & supplies.
8,816
21,558
445,137
Prepayments;
Deferred debits
$
5,000,000
5,210,000
1,661,559
5,000,000
5,726,100
38,000
bonds
Munlc.
■si1938
$
11,000
1,661,559
as¬
544,365
notes
within
Accts.
due
10,100
79,329
74,232
233,402
8,315
7,100
one year.
payable
Customers' deps
Int. and tax. accr.
Oth curr. liabilities
Deferred
income........................ $1,675,464
$1,438,877
income...............
...
credits..
Wolverine Tube Co.—Income Statement■—
Calendar Years—
Gross profit
Capital surplus
Earned surplus...
Net profit..........
Other income
.
.
_
a
14,005,497 14,411,475
Total
3,087
1,105,989
223,900
273,986
14,005,497 14,411,475
Represented by 500,000 no par shares.—V. 150, p
Willson
1955.
1939
.
$494,709
319,191
$564,709
$175,517
...........—J
10,714
20,580
$575,423
4,667
;
Income deductions
Obsolescence
$196,097
1938
1937
91,053
13,199
$411,530
;
$104,088
26,516
...
Net profit
26,516
158,449
....
per share on common
$1,006,194
771,866
$1,355,536
889,461
1939
Liabilities—
1938
Cash on hand and
In banks.......
1939
Accts. pay., trade.
Metal contr. pay..
5246,007
8,000
6,161
378,688
874,862
5124,426
Total fixed assets.
1,263^819
1,266,216
28,034
14,623
29,863
27,196
& admin, expsi
$234,328
233,740
$466,075
234,876
$182,350
9,575
$588
$231,200
3,488
827
see.
Receivables
68,686
6,161
209,219
$4,076
$232,027
49,768
17,039
17,619
12,433
180
449
1,608
1,073
26,678
Oust, credit bai. &
advances
Acer,
......
payroll
salaries.
814,143
and
.......
Accrued Insurance
Acer. Fed., Ac.tax.
788
113,311
1st mortgage notes
(current)...
90,000
Reserve for factory
vacations
$250,070
3,520
$191,925
$84,112
113,126
note Interest...
Other markt'le
$465,130
215,060
Net profit from opers.
Other income (net)
1938
5200,606
Unclaimed wages.
Accrued mortgage
XT. 8. Govt, secur.
$1,261,264
796,134
$468,197
285,847
"$Cf.25
$0.97
Balance Sheet Dec. 31
Assets—
1936
$1,441,538
973,341
4,08§
66,715
.
Preferred dividends.
Common dividends....
Earnings
8,009
48
68,124
.
Depreciation
Products, Inc.—Earnings—
Calendar Years—
Gross sales (net)......
Cost of sales—
......
1938
$1,012,452
447,743
—...i
..........
,
Gross income
Inventories.
Total....i
1939
,
Selling, general and administrative expense.....
Total defef'd chgs.
Other assets......
1,170,742
223,900
288,818
Reserves.
10,100
86,299
73,173
225,917
10,366
...
....
—V. 150,p.1623.
Federal income tax.
sumed, due with¬
in one year
Unsec.
$2,716,203
1,023,273
150,926
50,000
4,216
48,911
...
Miscellaneous deductions...........
_
1939
1938
$
203
$2,988,507
1,074,920
147,971
50,000
10,461
29,691
....
Interest on funded debt.
Amortization of debt discount and expense
Amortization of abandoned street ry. property
Other interest (net)
Net
1939
4,535
Gross
Consolidated Balance Sheet Dec. 31
1939
Assets—
314,108
Plant & equlpm't
Total.
38,246
Total.........93,691,274 93,715,929
Operating
478,285
2
_
common
$176,283
1,164,740
Officers'
ployees* notes &
126,000
162,504
$217,813
come tax
54,597
y Capital stock
3,000,000
Capital surplus...
478,285
Earned surp., since
Aug. 31, 1932..
412,393
1,080,742
15,001
accounts
Res. for contlng, &c
Co., Ltd., Eng¬
Prov. for Fed. In¬
15,001
income—1939
(estimated)....
Elec. Instrument
'39
and
accruals.......
665,750
Accts. rec., less res.
714,756
Inventories..
1,259,192
Res. for Fed'l taxes
65,817
Other assets
9141,454
pay.
$827,048
$702,091
sis
Feb. 29 '40 Feb.
Liabilities—
Accts.
.
hand
on
Invests., less res..
rolls & expenses.
Invest, in and acct.
Feb. 29 *40 Feb. 28 *39
Assets—
Cash in banks and
&c
taxes,
ceivable—trade.
Inventories
1938
1939
9329,836
124,326
Marketable secure.
2279
Comparative Balance Sheet
16,000
$253,590
Gross profit on sales.
.
gen.
Total income.
_
Total
Prov. for Federal & State
44,200
725
x51,000
x60,600
$147,725
89,713
$3,351
44,857
$181,027
140,978
$192,990
159,467
$58,012
$1.25
def$41,506
$0.02
$40,049
$1.41
$33,523
income taxes
Net profit
Dividends paid—...
Net to earned surplus
Earnings per share
x
Includes Federal surtax
on
undistributed profits of $5,600 in 1937 and
Liabilities—Accounts payable. $70,595; accrued items, $24,856; provision
for Federal and Pennsylvania income taxes, $46,513; capital stock ($1 par),
capital
surplus,
$632,237;
earned surplus,
$586,407;
capital
stock held in treasury (8,838 shares at cost), Z>r$32,623; total, $1,464,984.
—V. 150, p. 1955.
Winnipeg Electric Co.—Earnings—
Period Ended Feb. 29—
Gross earnings
and taxes
Net earnings........
1940—2 Mos.—1939
1940—Month—1939
$636,930
$602,699
360,982
340,80l
$1,304,648
717,868
$1,242,195
678,636
$261,898
$586,780
$563,559
$275,948
—V. 150, p. 449.
...
Wood, Alexander & James, Ltd.—Accumulated Div.—
The directors have declared a dividend of $1.75 per share on account of
accumulations on the 7% cumulative first preferred stocks, par $100 pay¬
able May 1 to holders of record April 15. Like amounts were paid in each
of the 12 preceding quarters.—V. 150, p. 449.
Wilson-Jones
Net sales...
Cost of goods sold and expenses
2,138,930
51,117
42,700
Total income
Other deductions
........
Provision for Federal income tax.
Net income
beginning of fiscal
Total income..
.....
year—.—...
....
...—.
Dividends paid in cash
Capital surplus—
—
...
Total capital surplus and earned surplus
Earns, per share on 272,800 shs. capital stock
$116,738
16,501
$300,519
...
2,005,780
$281,381
19,138
........
Other income
Earned surplus,
—V. 150, p. 1796.
Woods
Mfg. Co., Ltd.—Earnings—
Years Ended Dec. 31—
Operating profit
1939
1938
$254,497
9,113
Executive officers' remuneration.
Directors' fees...
Bond interest-------...:
Prov. for deprec. on bldgs., mach. & eqpt
Amortization of bond issue expenses..
$66,121
23,900
....
$45,265
20,856
$263,610
Miscellaneous income..
25,300
520
Profit for the year
40,000
.i....—...
25,600
58,707
2,345
3,542
$99,020
i..
Provision for Dominion & Provincial income taxes.
580
24,400
73,425
2,345
loss$49,952
Balance Sheet Dec, 31,1939
Assets—Land buildings, plant and equipment (less: reserve for deprewuxxuiufto,
o4uxpiucup
v4000'
iTOoi vo
lui
utJyrtr
elation of $1,712,040), $1,574,574; patents and processes, $12,997;
goodwill,
j.
wmwva
$1; investment in associated companies (at cost), $58,845; cash in bank and
hand, $24,902; accounts receivable (less reserve), $555,003; miscell.
(less amount written off), $4,899; inventory, $1,185,094:
unexpired insurance, taxes prepaid, Ac., $36,626; deferred charges, $30,932;
total, $3,483,874.
Liabilities—First mortgage bonds, $580,000; bank loan, $401,000; ac¬
counts payable and accrued liabilities, $364,630; bond interest
accrued,
$12,200; reserve for taxes, $52,113; serial bonds due Jan. 1, 1940, $40,000;
7% cumulative preferred stock, $1,528,300: common stock (17,106 no par
on
investments
shares), $36,660; earned
p. 1576.
surplus,
.468,971; total,
$3,483,874.—V.
146,
(Wm.) Wrigley Jr. Co. —New Officials—
Denis E. Sullivan Jr. was elected Assistant Secretary of this
company,
replacing Henry L. Webster and Wendell S. Reid was named Controller,
following the annual meeting on March 26.—V. 150, p. 1955.
Years Ended Dec. 31—
Feb. 29, '40 Feb. 28, '39
$2,420,310 $2,122,518
Net profit from operations
378,800
792,244
402,147
616,109
(J. S.) Young Co.—Earnings—
Co.—Earnings—
6 Months Ended—
402,147
.$2,819,086 $2,634,897
-
Assets—Cash, $52,162; accounts receivable (less—reserve for bad debts
of $6,358), $143,426; inventories, $354,609; cash surrender value of life
insurance policies, $73,454; other assets, $52,402; prepaid expenses and
deferred charges, $15,431; property, plant and equipment (less—reserves
for depreciation of $130,899), $773,501; total, $1,464,984.
exps.
847,914
Total..
i.'—52,819,086 52,634,897
....
Balance Sheet Dec. 31,1939
Oper.
;
378,800
792,244
$i.50
$5,200 in 1936.
$137,000;
7% cum. pref. stk.
(par $100).....
Com. stk. (par 52)
Capital surplus...
Earned surplus
Sell.,
$133,239
52,367
13,200
$206,702
273,891
$67,672
246,436
$480,59$
$314,108
68,200
$412,393
478,285
$314,108
478,285
$890,678
$0.75
$792,393
$0.25
Net profit (after all charges)....
...
Earnings per common share..
1939
$166,471
$8.20
1938
$142,651
$6.32
Balance Sheet Dec. 31,1939
Assets—Cash, $276,464; accounts receivable (less: reserve for discounts of
$117), $38,858; inventories, $437,520; foreign purchase advances, $8,648;
sinking fund for plant replacement, $601,728; plant and equipment (less:
reserve
for depreciation of $578,988), $504,842; goodwill,
$1,000,000;
accounts and notes receivable, $78,220; investments (less reserve for
possible
losses and contingencies of $299,988), $103,493; prepaid
items, $14,997;
total, $3,064,770.
Liabilities—Accounts payable, $10,035; accrued items, $6,646; Federal
and State income taxes, $35,123: dividends declared and
payable, $33,864;
other liabilities, $1,281; preferred stock ($1C0
par), $650,600; common stock
($100 par), $1,469,400; earned surplus, $857,820; total, $3,064,770.—V.
148. p. 3860.
Youngstown Steel Car Corp.—Dividends Resumed—Directors have declared a dividend of 12 X cents per share on the common
stock, payable March 30 to holders of record March 20. Dividend of 25
cents was paid on Dec. 20, last, and an
on Dec. 23,1937.—V. 149, p. 4047.
initial dividend of 10 emits
was paid
The Commercial
2280
April 6, 1940
& Financial Chronicle
The Commercial Markets
and the Crops
COTTON—SUGAR—COFFEE—GRAIN ;
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
the
30th
1940.
closed 3 points to 1
lilt, futures
of the
The market ruled heavy during most
point lower.
lower priced
by shorts who were covering for
Hedge selling against purchases of
session.
Santos coffee
absorbed
was
coffee,
Prices in Brazil were lower for spot
the week-end.
reis per 10 kilos to
Rio 5s and soft Santos 4s declining 100
10 kilos respectively.
For
levels were un¬
Afloat supplies from Brazil were 593,800 bags
15.400 and
milreis per
18.900
shipment to New York, however, asking
changed.
and afloat and in stock Brazilian coffee
amounted to 1,049,-
On the 1st inst. futures closed 1 to 3 points net
872 bags.
higher, with sales of only 4 lots, all in the Santos contract.
today was at a standstill, with
The coffee futures market
The lack of news
buyers and sellers equally disinterested.
from
Brazil regarding regulations
regarded
for the next cro
was
Meanwhile actual coffee
hampering trading.
as
barely steady with very little being done.
Deliveries
mild (Pther than Brazilian) coffee in the United States
was
of
sales
Brazil revealed
from
United
the
to
the record
reached
during Mar.
Advices
225,000
were
against but 90,000 during the previous week.
inst. futures closed 2
to 4
lots in
Rio
new
bags
On the 2d
points net lower for the Santos
contracts, with sales totaling 22 lots.
11
bags.
606,703
of
registered spot Santos
week
last
States
total
that
There
sale of
was a
May at the unchanged price of 4.25c.
Santos coffee futures turned active
as
During
prices sagged.
early^afternoon, with about 6,500 bags done, prices were
2
to~5 points lower, with Mar., 1941, contracts selling at
Some of the selling appeared to be
6.25c., off 6 points.
emanating from Brazil, while buying appeared to be profittaking by
trade shorts.
bags of May
were
were
In
However,
shipment early in 1941
lots,
to
5
in
all
recovered
to
Santos
1,250
contracts
Actual coffees
source
said that
being offered
on a
On the 3d inst. futures
Transactions totaled 17
points net higher.
the
3
one
were
basis of about 5.85c. for Santos 4s.
closed 3
A
new
done at 4.25c., unchanged.
generally unchanged.
Brazils for
the
contract.
Santos
coffee
futures
5
points from yesterday's low on a small
volume of business.
July was selling at 6.00c., up 3 points
and 4 points above the seasonal low made the middle of Mar.
In Brazil the official Rio de Janeiro spot price on
coffee was up 200 reis per 10 kilos at 14.9 milreis.
in the local market
over
type 7
Actuals
generally unchanged, but the turn¬
Local closing: May, 5.90; July, 6.00;
were
continued small.
Mar., 6.30.
All Santos contracts.
On the 4th inst. futures closed
unchanged to
for the Santos contract, with sales totaling
1 point lower
only 4 lots.
Santos coffee futures were
extremely dull, with prices a point
under yesterday's improved values.
In early afternoon May
was selling at
5.89c., off 1 point.
There was nothing in the
news
to
move
values much in either direction.
The out¬
standing interest was small and actual coffee generally un¬
changed. Manizales was quoted at 8%c. in the shipment
market, but on the spot and for jobbing lots, fully )^c. more
was being asked.
As has been usual during recent months,
choice lots of all
secured
growths of coffee, were in demand and often
disproportionate premium above ordinary types.
Today futures closed 2 points net lower for the Santos con¬
tract, with sales totaling only 5 lots.
Coffee futures con¬
tinued stalemated.
Santos contracts were 2 points lower
with only 500 bags done
up to 1 o'clock, that in December
a
contract at 6.18c.
In Santos last
was
10 kilos.
Actuals
night, the official spot price
marked off 100 reis to 15.4 milreis per
were
unchanged here with little doing. Still
heard from Brazil regarding the next crop.
The
important question is whether there will be a sacrifice quota
nothing
is
lor destruction and what
percentage will fall in that classi¬
fication.
Rio coffee prices closed
May
July
September
as
4.23
~ ~ ~ ~ "4 [24
Santos coffee prices closed
Cocoa
follows:
4.25 December
4 25 March
May
July
September
as
5.87
5 97
follows*
December
March
—
6.18
■
6.27
On the 30th ult. futures closed
unchanged to 2
Transactions totaled 184 lots.
The feature of
points lower.
the
trading
today
further May liquidation through
delivery. Prices ruled within a narrow
A total of 68 May contracts was exchanged for distant
was
switches into the Dec.
range.
a
the total turnover of 184 lots, or
Friday Night, April 5,
Coffee—On
difference of 28 points, accounting for most_of
2,466 tons. Manufacturers
and trade interests absorbed offerings readily on the ^jnor
recessions but buying on advances was inconsistent.
West
African offerings were agam limited.
Local closing: May,
5.33; June, 5.37; July, 5.41; Sept., 5.49; Oct., 5.53.
On the
1st inst. future closed unchanged compared with previous
finals.
Transactions totaled 187 lots.
Trading in cocoa
positions at
COMMERCIAL EPITOME
was
only moderately active, with prices standing
unchanged in mid-afternoon, with May at 5.33c. a pound.
The feature of the dealings was an exchange of about 50 lots
futures
futures for actuals. Considerable
reported.
Sales to early afternoon
of May
was
Warehouse stocks declined 320 bags.
switching around
totaled 168 lots.
They now total 1,058,-
bags compared with 1,166,491 bags a year ago.
Local
closing: May, 5.33; July, 5.41; Sept., 5,49; Dec., 5.61; Mar.,
5.73.
On the 2d inst. futures closed 1 point up to unchanged.
Transactions totaled 393 lots.
The virtual stalemate in the
cocoa futures market continued.
Sales to early afternoon
totaled 124 lots.
There were no offerings to speak of, but
on the other hand manufacturers refused to bid for cocoa.
542
Trading
St.
was
was
largely switching about by professionals. Wall
Warehouse stocks increased for a
content to look on.
overnight gain was 5,800 bags, raising the
compared with 1,166,488 bags a year
ago.
Local closing: May, 5.34; July, 5.42; Sept., 5.49. On
the 3d inst. futures closed 6 to 4 points net higher.
Transac¬
tions totaled 112 lots.
Scattered Wall St. buying in the
change.
The
total to 1,064,368 bags
absence of selling pressure was sufficient to advance cocoa
futures 3 to 4 points.
The movement was in sympathy
the strength of the stock market.
Sales to early afternoon
with
totaled 95 lots, with May selling at 5.34c., up 4 points. Ware¬
stocks decreased 1,800 bags overnight.
They now
house
1,166,488 bags a year
Arrivals so far this year are about 600,000 bags less
they were last year.
The total since Jan. 1 has been
1,008,925 bags against 1,648,530 bags a year ago.
Local
closing: May, 5.40; July, 5.47; Sept., 5.54; Dec., 5.65.
On the 4th inst. futures closed 4 to 5 points net higher.
Transactions totaled 209 lots. New Wall Street buying and
1,062,513 bags compared with
total
ago.
than
factory interest combined to advance cocoa
points in fairly active trading. Sales to early
afternoon totaled 175 lots. At that time May stood at 5.45c.
increased
futures 5 to 6
a
pound,
firmer.
up
5 points.
Primary markets were
reported to be
Warehouse stocks increased 4,800 bags.
The total
compared with 1,166,170 bags a year
ago.
Local closing: May 5.44; July 5.52; Sept. 5.59; Dec.
5.69.
Today futures closed 3 points down to 5 points net
higher. Transactions totaled 238 lots. The buying movement
now
in
is 1,067,396 bags,
cocoa
futures continued.
Manufacturers were more
active
buying was re-enforced by Wall Street purchases
because of the general improvement in commodity markets.
Prices during early afternoon were 5 to 6 points higher, with
May at 5.50c., up 6 points. Sales to that time totaled 150
lots.
Warehouse stocks decreased 3,000 bags.
They now
and their
compared with 1,167,638 bags a year
London cabled that French cocoa could be imported
England under license.
Local closing: May 5.4R
July 5.57; Sept. 5.63; Dec. 5.74.
total 1,064,336 bags,
ago.
into
Sugar—On the 30th ult. futures closed unchanged to 1
point lower for the domestic contract.
In the final minute
of trading on Saturday 150 lots of sugar, 119 in Sept. at 1.98c.
and 31 in July at 1.92c. were posted to swell the day's volume
to the moderate quantity of 298 lots for the two-hour session.
Activity in this contract was believed to be largely against
actuals.
In the market for raws Pennsylvania bought a
cargo
while
of Puerto Ricos, due mid-Apr., at 2.80c. today, and
additional business was effected, according to well
made available.
1 point lower,
futures closed
1 to 2 points net lower for the domestic contract, with sales
totaling 154 lots.
The world sugar contract closed 43^ to 2
informed
sources,
the
details
were
not
The world sugar contract closed unchanged to
with sales totaling 153 lots.
On the 1st inst.
goints net of worldwith sales totaling 255 lots. Further
quidation lower,
future contracts brought losses of 2 to
points by early afternoon after the market had been a
point higher momentarily in the early trading.
Nothing
in the news could be given as the cause of the fall in prices.
Sterling exchange was steady at $3.56.
While no further
sales of sugar to Europe were reported, Greece was said to be
still interested in refined sugar.
Domestic sugar futures
were unchanged to 1 point lower on scattered selling.
Al¬
though raws were not offered at 2.80c. a pound, it was be¬
lieved that they could be had at that price.
Refiners were
said to be fully covered on near needs, but were interested
in sugar at that price for late April arrival.
Cubas were
offered at 1.92c. for prompt shipment and at 1.99c. for
June shipment.
Twenty-three Cuban mills have finished
grinding sugar cane.
It is believed that Cuba will have
another full crop made in two weeks.
On the 21 inst. futures
3
Volume
The Commercial & Financial Chronicle
150
closed 1 point down to 1 point up
finals for the domestic contract.
compared with previous
Sales
in
this
contract
208 lots.
World sugar contracts closed 2 points
higher to unchanged, with sales totaling 139 lots.
The
world sugar contracts recovered a portion of yesterday's
losses when selling slackened and shorts covered to take
profits.
During the early afternoon prices were 34 to 234
points higher, with May at 1.4534, up 234 points.
Some
small lots of American refined sugar have been sold recently
in the world market, at 2.15c. a pound, it is said.
The
market heard that renewed inquiry for raw sugar has de¬
veloped in Europe, but nothing tangible on the report was available.
In the domestic market Cuban support in Jan.,
1941, contracts was the feature.
That position was bid up
2 points to 2.01c.
On the 3d inst. futures closed 2 to 3
points net lower for the domestic contract, with sales totaling
412 lots.
The world sugar contract closed 1^ to H point
lower, with sales totaling 154 lots.
The domestic contract
declined to new low ground for the year on heavy trading,
much of which was believed to represent placing of hedges
against actual sugar.
In the raw market the spot price
dipped to 2.77c. a pound, off 1 point and the lowest price
paid since Mar., 1939, when the American Sugar Refining
Co. paid that for 20,000 bags of Puerto Ricos clearing Apr.
10.
Prompt Cubas were offered at 1.89c., while several
parcels of Puerto Ricos were reported available at 2.80c.
Other sugars could be had at 2.82 to 2.85c. a pound.
On the 4th inst. futures closed unchanged to 2 points
higher for the domestic contract, with sales totaling 452 lots.
The world sugar contract closed 134 points lower to 34 point
higher, with sales totaling 170 lots.
Strength in the stock
market met with good response in the sugar market when
active buying caught shorts napping.
Prices were bid up
3 to 4 points with September selling during early afternoon at
1.97c. Shorts and hedge lifting furnished most of the demand,
but new outside buying also was noted.
A rise of 3 points in
the raw sugar market helped.
An operator paid 2.80c. for
25,000 bags of Puerto Ricos clearing April 19th.
Little
nearby sugar is pressing for sale just now and sugar for late
April and May arrival was offered at 2.85c. Reports that
Great Britain wants more sugar helped sentiment as also did
the recovery in the domestic sugar market.
Further talk
of destructive warfare also helped.
Today futures closed 1 to
3 points net higher for the domestic contract, with sales
totaling 406 lots.
The world sugar contract closed 434 to
334 points net higher, with sales totaling 110 lots. The im¬
provement in the sugar market continued.
Domestic con¬
tracts were bid up 2 to 3 points and stood 1 to 2 higher this
afternoon. Cuban producer buying was credited with having
caused the rise. The generally improved tone of other com¬
modities and of the stock market was believed to have in¬
totaled
net
A parcel
2.72c. a
pound, but the offer was withdrawn later.
A cargo lot of
April shipment was held at 2.85c., but parcels of Puerto
Ricos were available at 2.82c. a pound.
Philadelphias due
this month were to be had also at 2.82c. a pound.
The re¬
fined sugar market was unchanged, but rather nervous.
In
the world sugar market prices were bid up 4 points.
fluenced buyers. The raw market was unchanged.
of Puerto Ricos, clearing tomorrow, was offered at
Prices closed
as
May.
July
September
follows:
:
x
1.851 November
1.90 J January
1.96 (March
Lard—On the 30th ult. futures closed 2 to 5
.
••
x;
'•
2.01
2.02
...2.04
points net
Trading was light and without particular feature.
Prices on hogs at Chicago remained nominally steady on the
close of the week and only a few sales were reported at prices
ranging from $5.10 to $5.20.
Western hog receipts today
totaled 14,400 head, against 9,200 head for the same day last
higher.
On the 1st inst. futures closed unchanged to 8 points
The opening range was 2 to 5 points off compared
with previous close, but later prices declined 5 to 7 points
net.
Export clearances of lard from the Port of New York
today totaled 9,375 pounds, with destination "Europe."
Chicago bog prices closed 15c. to 25c. lower, with the late
top price $5.15. Sales ranged from $4.50 to $5.15. Western
hog marketings totaled 95,700 head, against 60,000 head for
the same day a year ago.
After the close of the market the
Chicago lard stocks report was issued and it showed that
supplies there increased 12,595,966 pounds during the month
of March. During the last two weeks of Mar. Chicago stocks
increased 5,941,632 pounds.
On the 2d inst. futures closed
2 to 7 points net higher.
The opening range was 2 points
lower to 2 points higher.
Towards the close considerable
strength developed and prices rose 5 tc/7 ppoints above previous
finals.
Clearances of lard from the Port of New York today
totaled 120 000 pounds, with the destination "Europe."
Chicago hog prices were steady, with sales ranging from $4.50
to $5.15.
Western hog marketings were quite heavy and
totaled 72,600 head, against 58,000 head for the same day
last year.
On the 3d inst. futures closed 7 to 10 points net
higher.
Trading was relatively light, with the undertone
firm during most of the session.
Shipments of American lard
to Europe continue to run light.- Clearances of lard from the
Port of New York today were 6,000 pounds, with destination
"Europe." Chicago hog prices closed 10c. higher, with sales
ranging from $4.65 to $5.25. Receipts of hogs at the principal
packing centers in the West totaled 57,800 head, against
36,900 head for the same day a year ago.
On the 4th inst. futures closed 7 points net higher on all
active deliveries.
The opening range was 2 to 5 points
year.
lower.
2281
higher, prices later advancing 7 to 10 points over the pre¬
vious finals.
Heavy lard exports were reported from the
Port of New York today.
Clearances totaled 1,780,980
pounds. The only information given on destination of the
shipments was "Europe."
Western hog marketings were
slightly heavier than trade expectations and totaled 67,400
head, against 37,300 head for the same day last year. Prices
on hogs at Chicago closed 5c. to
10c. lower. Sales of hogs
ranged from $4.50 to $5.15. Today futures closed unchanged
to 3 points off compared with previous finals.
Trading was
light and without special feature.
• '
Mon,
Sat.
March——.
5.5(K
,
—
——
*
Wed.
5.97'
5.62
5.82
6.05
5.70
5.92
6.12
6.10
6.15
6.22
-5.57
5.80,
5.80
6.00
Thurs.
Fri.
5.77 ~
6.00
6.20
5.77
6.00
6.20
...
6.30
6.27
....
6.10
October
December
Tues.
—
—5.60
May
July
September..;
FUTURES IN CHICAGO
OP LARD
—DAILY CLOSING PRICES
....
Pork—(Export), mess, $18.75 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.25 (200 pound barrel)
Beef: (export), steady, Family (export), unquoted.
Cut
Meats: Pickled Hams: Picnic, Loose, c.a.f.—4 to 6 lbs.,
934c.; 6 to 8 lbs., 9c.; 8 to 10 lbs., 9c. Skinned, loose, c.a.f.—
14 to 16 lbs., 13%c.; 18 to 20 lbs., 13%e.
Bellies: Clear,
f.o.b. New York—6 to 8 lbs., 10%c.; 8 to 10 lbs., 10c.; 10
to 12 lbs., 934c.
Bellies: Clear, Dry Salted, Boxed, N. Y.—
16 to 18 lbs., 6%c.; 18 to 20 lbs., 634c.; 20 to 25 lbs., 634c.;
25 to 30 lbs., 634c. Butter: Creamery, Firsts to Higher than
Extra and Premium Marks: 2734c. to 28%c. Cheese: State,
Held '38, 21c. to 22c. Held '39, 20c. to 2034c. Eggs: Mixed
Colors—Checks to Special Packs: 1434c. to 1834c.
Oils—The linseed
oil
market has ruled relatively quiet,
with very little change in prices.
•<10.4.
Quotations: Chinawood:
Tank cars quoted—10.2 to
tanks, ' spot—2434 to 26;
tanks, shipment—24 bid; drums—2534 to 2634Coconut:
crude: tanks—.03 to .0334; Pacific Coast: .0234 to .02%.
Corn: crude, West, tanks, nearby—.06% bid.
Olive: de¬
natured, drums, spot, afloat—90 bid.
Soy bean: tanks,
West—.0534 bid; New York, 1. c. 1., raw—.075 bid. Edible:
coconut, 76 degrees—.0834 bid.
Lard: ex. winter prime—
834 offer. Cod: crude, Norwegian, dark filtered—64 offer;
light—70 offer; Japanese—58 offer.
Turpentine: 3634 to
3834- Rosins: $5.90 to $7.60.
Cottonseed Oil sales, yesterday,
contracts.
Crude, S. E., val.
April
May
w.
.
including switches, 138
as follows:
Prices closed
6.70(3)
6.71 @
6.60(3)
n
August
6.59(3) 6.61 September
October.
6.62(3)
July--
6.66@ 6.68 November.-—
n
n
6.99(3)
June
-
—
6.56@ 6.69
Rubber—On the 30th ult. futures closed 1 to 18
points
short
session today.
Sales totaled 870 tons.
On Friday there
was no spread between the Apr. and May positions, while
on Saturday
the spread had widened to 15 points at the
close.
Certificated rubber stocks in licensed Commodity
Exchange warehouses decreased on Saturday to 1,400 tons.
The actual market was generally quiet.
Spot standard No.
1 ribbed smoked sheets in the trade remained unchanged at
The market ruled weak during most of the
net lower.
18%g. per pound.
Local closing: Apr., 18.25; May, 18.10;
July, 17.72 Sept., 17.59 Nov., 17.42 Jan., 17.38. On the 1st
inst. futures closed 14 to 8 points net higher.
Transactions
totaled 149 lots.
News that an export tax has been levied
shipped out of Malaya, caused rubber futures to
rally, as much as 23 points on the opening, but gains were
partly lost in later trading on sales of 46 lots to early after¬
noon.
In addition to the export tax, the market was aided
by news of tire price advances and news that shipment rub¬
ber was offered less freely.
During early afternoon the
market was 8 points higher on active options, with July at
on
rubber
17.80c.
and
Dec.
at
17.50c.
London
was
l-16d.
lower.
Singapore also was easier.
Local closing: May, 18.24;
July, 17.80; Sept., 17.70; Dec., 17.50.
On the 2d inst.
futures closed 5 to 15 points net higher.
Transactions
totaled 255 lots.
The rubber market was surprisingly firm,
in view of the general bearish trend of most commodity
markets.
Trading was active and prices strong on advances
at primary centers.
Shipment offerings were high, due to
increased taxation of exports.
Trading in futures to early
afternoon totaled 181 lots.
At that time prices were 5 to 12
points higher, with May at 18.36c. and July at 17.95c.
Ten
tons were tendered on Apr. contracts.
The London and
Singapore markets were steady, unchanged to %d. higher.
Local closing: May, 18.38; July, 17.94; Sept., 17.75; Dec.,
17.65.
On the 3d inst. futures closed 5,„to 10 points net
lower.
Transactions totaled 182 lots.
market
was
The rubber futures
fairly active in mixed trading, with a steady
undertone.
During early afternoon prices were 3 to 5 points
net higher.
Sales to that time totaled 95 lots.
Towards
the close all the early gains were lost and net declines of 5
to 10 points were registered.
It was reported that factories
were buying a little
rubber in the outside market.
Cer¬
tificated stock of rubber decreased to 1,370 tons overnight.
London closed l-32d. higher to %d. lower.
The recent
increase in export taxes apparently has been discounted.
Singapore also closed irregular.
Local closing: May, 18.32;
July, 17.86; Sept., 17.70; Dec., 17.55.
On the 4th inst. futures closed 13 to 20 points net lower.
Transactions
but had
totaled 157 lots.
Rubber futures
were
lower
There was speculative buying
in response to the strength of the stock market, but London
and local dealers took advantage of the bulge to sell pera
steady undertone.
The Commercial & Financial Chronicle
2282
sistently, with the result that this afternoon prices were 4
to 5 points net lower, with May at 18.28c. a pound. London
closed 1-16 to }/%&. lower. Singapore also was easier. Local
closing: May 18.19; July 17.71; Sept. 17.50; Dec. 17.36;
Mar. 17.32. To-day futures closed 9 to 4 points net higher.
Transactions totaled 97 lots. Although the primary markets
were easier, rubber futures here had a firm tone.
The market
dipped 1 to 17 points on the opening, but rallied to recover
all
the
losses
when
absorbed the sales.
commission
There
was
houses
quite
a
and
local
traders
little buying of May
against sales of December. Trading was light, totaling only
50 lots to early afternoon.
At that time May and July
stood at 17.73c., up 2 points, and Sept. at 17.53c., up 3.
Certificated stocks have decreased to 1,310 tons.
London
and
Singapore were unchanged to yd. lower. Local closing:
May 18.26; July 17.80; Sept. 17.57; Dec. 17.40.
Hides—On the 30th ult. futures closed 5 to 8 points net
higher. Transactions totaled 3,760,000 pounds. The major
portion of today's business was done in the June and Sept.
positions. There were 49 contracts traded in June and 39 in
Sept.
Opening prices showed gains of from 5 to 9 points
over
Friday's closing. No important developments have been
reported in the domestic spot hide situation. The undertone
of the spot market appeared to be a shade weaker but no
price reductions were reported. Local closing: June, 13.45;
Sept., 13.70; Dec., 13.94; Mar., 14.17.
On the 1st inst.
futures closed 15 to 7 points net lower.
Transactions totaled
96 lots.
The opening range was 7 to 3 points higher.
Prices
eased off during the morning in quiet trading.
Transactions
during that period totaled 21 lots. June sold at 1.45, un¬
changed, and Sept. at 13.68, of' 2 points.
On scattered
liquidation early improvement was lost.
Local closing:
June, 13.30; Sept., 13.58; Dec., 13.85; Mar., 14.10.
On the
2d inst. futures closed 7 to 17 points net lower.
Transactions
totaled 225 lots.
Raw hide futures opened 4 to 15 points
lower.
Prices were easy during the morning on sales of 122
lots.
June sold at 13.20, off 10; Sept. at 13.47, off 11, and
Mar. at 13.95, off 15 points.
The decline was attributed to
liquidation and hedge sales against spot hides. Local closing:
June, 13.23; Sept., 13.47; Dec., 13.70; Mar., 13.93.
On the
3d inst. futures closed 37 to 38 points net higher.
Transac¬
tions totaled 259 lots.
The opening range was 3 points lower
to 7 points higher.
Considerable strength developed during
the morning on sales of 135 lots.
The advance was due to
buying and short covering based on a firm spot market and
higher securities. Certificated stocks of hides in warehouses
licensed by the Exchange increased to 914,187 hides in store.
Local closing: June, 13.61; Sept., 13.84; Dec., 14.08; Mar.,
14.31.
On the 4th inst. futures closed net 1
lower.
Transactions
totaled
248
lots.
point
up
Raw
to 2 points
hide
futures
April 6, 1940
produce a fuel crisis, a complete and equitable system of
rationing could be introduced on very short notice," he said.
According to figures furnished by the Association of American
Railroads, the shipments of anthracite into eastern New
York and New England for the week ended March 16th
have amounted to 1,403 cars, as compared with 1,597 cars
during the same week in 1939, showing a decrease of 194
cars, or approximately 9,700 tons.
Shipments of anthracite
for the current calendar year up to and including the week
ended March 16th have amounted to 21,513 cars against
20,700
cars
in 1939.
v
■
.
Wool
Tops-—On the 30th ult. futures closed 1 to 7 points
higher. > Transactions totaled about 75 contracts or
375,000 pounds.
Spot tops were unchanged at 98yo. a
pound.
Local closing: May, 94.7; July, 93.2; Oct., 92.7;
Dec., 92.7.
On the 1st inst. futures closed 3 points advance
to 2 points decline compared with previous finals.
Spot
tops were b£c. a pound higher at 99.0c. a pound.
Local
closing: May, 94.5; July, 93.3; Oct., 93.0; Dec., 92.7.
On
the 2d inst. futures closed 3 to 6 points net lower.
Spot
tops were quoted unchanged at 99c. a pound.
Wool tops
in the actual market are following a trend toward lower
net
futures.
New
is very limited and deliveries are
combing declined 7.2% in average
weekly working hours during Feb.
Top prices are lower,
but are mostly nominal in the absence of business.
Average
fine top is quoted within the range of $1 to $1.05.
Local
closing for wool tops: May, 94.1; July, 92.9; Oct., 92.4;
Dec., 92.2; Mar., 92.0.
On the 3d inst. futures closed very
steady and unchanged to 2 points lower.
Trading was
light, sales for the day totaling 350,000 pounds.
Spot tops
were
unchanged at 99c. a pound.
Reports from Boston
state that very little business is being done in spot domestic
wools.
Small lots of foreign wools are moved.
Choice
combing length fine Australian merino wool was sold at
95 to 97c. scoured basis, including duty.
Local closing for
wool tops: May, 94.0; July, 92.7; Oct., 92.4; Dec., 92.2.
On the 4th inst. futures closed 6 to 11 points net higher.
Spot tops were 3^c. higher at 993^c. a pound. Most kinds
of domestic wools were very quiet in the Boston market. An
occasional car of new bright fleece wool, in country packed
lots containing % and y blood grades, was selling at 34-35c.,
mostly 34c., in the grease, delivered to mills.
Scoured fall
Texas wool was receiving some demand at about steady
prices. Local closing for wool tops: May, 95.0; July, 93.8;
Oct., 93.1; Dec., 92.8.
Today futures closed 5 to 9 points
net higher.
Wool top futures continued to strengthen today
in a fair turnover.
Total sales to midday were estimated in
the trade at approximately 400,000 pounds of tops.
On the
opening, prices on the New York exchange showed advances
of 1 to 9 points over the previous closing and in later dealings
were 8 to 11
points over last night's close.
Local closing:
May, 95.5; July, 94.3; Oct., 93.9; Dec., 93.7; Mar., 93.6.
much
smaller.
business
Wool
opened 3 to 9 points higher.
Prices held firm throughout
the morning in fairly active trading.
Transactions totaled
159 lots. The rise was due to new buying and short covering.
Certificated stocks of hides in warehouses licensed by the
exchange decreased to 913,160 hides in store.
Sales in the
domestic spot markets totaled about 22,000 hides, including
light native cows, March take-off, at 12 Kc. and April take¬
off at 12%c.
Local closing: June, 13.62; Sept., 13.85; Dec.,
14.07; Mar., 14.29. Today futures closed 3 points lower to
4 points higher compared with
previous finals.
Raw hide
futures opened 4 points higher to 4 points lower.
Prices were
steady throughout the morning on sales of 39 lots. June sold
at 13.65, up 3 and Sept. at 13.86,
up 1 point.
Commission
house buying absorbed selling of hedges
by dealers. Certifi¬
cated stocks of hides in warehouses licensed by the exchange
decreased by 5,599 hides to a total of 918,759 hides in store.
Local closing: June, 13.60; Sept., 13.82; Dec., 14.07; Mar.,
8lA to 11
points
sharp decline in silk futures was attributed
to a decline in the Japanese markets over the week-end,
which left them 53 to 62 yen net lower.
Early losses in
prices amounted to as much as 10b£c. a pound, but short
covering on the decline brought a moderate rally from the
extreme lows.
During early afternoon the market stood 7
to 83^c. net lower on a turnover of 72 bales, all on the No. 1
contract.
Apr. stood at $2.72 and July at $2.63 H.
The
price of crack double extra silk declined 7c. a pound to
&2.83K- Local closing: No. 1 Contract: Apr., 2.703^
May, 2.68 July, 2.62 Sept., 2.54^ Oct., 2.53^2 Nov.,
2.513^2. On the 2d inst. futures closed 193^ to 22points
net lower.
Transactions totaled 311 lots.
The sharp break
14.33.
in
Ocean
ocean
Coal—There
unusual developments in the coal
The Anthracite Stabilization Com¬
the anthracite production allocation of
720,000
were
no
industry the past week.
set
tons for this week.
The demand for buckwheat sizes
locally
good, resulting in a continued shortage of the steam
complete licensing system for coal has been devised
by the Canadian Wartime Prices and Trade Board, Prof.
Kenneth W. Taylor, Secretary of the
Board, told the
is still
sizes.
the
York
Freights—Chartering of tonnage in the
freight market continues spotty. However, grain chartering
was fairly active.
Charters included: Grain: New York, to
Antwerp (berth), April 80c. asked.
Australia to North
Atlantic, $17.50 per ton.
Buenos Aires to Antwerp, $29
per ton April.
Buenos Aires to north of Hatteras (linseed),
$8.50 per ton (parcel last booked at latter rate). A steamer,
Bahia Blanca to Antwerp, May, $29
per ton.
Grain booked:
Five loads, New York to
Antwerp, prompt, 75c. per 100
pounds.
Fifteen loads, New York to Antwerp, prompt,
75c. per hundred pounds.
Time charter: West Indies trade,
$5 per ton.
West Indies trade, $5.25 per ton.
Round trip
Pacific trade, delivery and
redelivery Far East, continua¬
tion, April, $6 per ton. Four to five months, United StatesSouth African trade, April, no rate
given. Sugar: Philippines
to United States.
Atlantic, $11.50 per ton.
Brazil to
Antwerp $26 per ton. San Domingo to Marseilles, $20 per
ton.
San Domingo to Casablanca 95s
per ton.
Philippines
to United States
Atlantic, $12 per ton. Brazil to Antwerp,
$26 per ton.
San Domingo to Marseilles, $2 per ton.
San
Domingo to Casablanca 95s per ton.
mittee
Silk—On the 1st inst. futures closed
net lower.
A
Montreal Canadian Club.
"Should unforeseen
developments
-
A
Yokohama market
was
translated into
lower New
the silk exchange.
Trading was active with
a total of 180 lots done to early afternoon.
At that time
prices were at new lows for the season all around, off as
much as 20c. a pound from last night, with May at $2.51,
July at $2.42, and Sept. at $2.35, respectively.
The price
of crack double extra silk in the New York spot market
declined 13c. to $2,703^.
Twenty bales were tendered on
contracts.
Yokohama closed 78 to 86-yen lower.
Spot
grade D silk was 115 yen lower at 1,450 yen a bale.
Local
closing: No. 1 Contract: Apr., 2.51 May, 2.49 July, 2.42
Sept., 2.32 Oct., 2.31 Nov., 2.32.
On the 3d inst. futures
closed 5 to 8c. net higher.
Transactions totaled 161 lots.
Following yesterday's bad break, the silk futures market
rallied a little, but renewed liquidation was in evidence on
the scale up.
The rally was regarded as largely technical.
During early afternoon June stood at $2.45, up 2c., and^July
at $2.42^, up Ao.
Sales to that time totaled 111 lots, all
on
the No. 1 contract.
Twenty bales were,tendered on
contract.
The price of crack double extra silk in the uptown
spot market declined 13^c. to $2.69 a pound.
There were
no cables from Japan,
where markets observed a holiday.
Local closing: No. 1 Contract: Apr., 2.56 May, 2.54 July,
2.47 Sept., 2.40; Oct., 2.36; Nov., 2.37.
prices
on
On the 4th inst. futures closed 13 to 16c. net lower.
actions totaled 212 lots.
Trans¬
Failure of the Japanese markets to
respond to the improvement here yesterday caused a fresh
break in silk futures today, with the result that during early
afternoon prices were 9 to 11c. lower in active trading.
Sales
to early afternoon totaled 134 lots, all in the No. 1 contract.
May sold at $2.37, off 10c.
Tender was made of 140 bales
on the April contract, making 410 bales
altogether.
The
#
Volume
The Commercial & Financial Chronicle
ISO
price of crack double silk on the New York spot market de¬
clined 9c. to $2.60 a pound.
The Yokohama Bourse closed
40 to 66 yen lower.
Spot grade D silk was 35 yen lower at
1,416 yen a bale.
Local closing: No. 1 Contract: April,
2.42; May, 2.38; July, 2.31*6; Aug., 2.26*6; Sept., 2.25;
Oct., 2.23; Nov., 2.22. Today futures closed 3c. up to *^c.
off compared with previous finals. Transactions totaled 86
lots.
After hesitating on the opening, silk futures this after¬
noon showed advances of 1*6 to 3*£c. on small transactions
2283
Exported to—
From
Aug. 1,1939 to
Ger¬
April 5, 1940
Great
Exports from—
Britain
Galveston.
347,330 138,496
433,222 145,806
71,308 27.424
6,861
8,496
Houston
Corpus Christi
Brownsville
__
400
Beaumont
New
Mobile
Jacksonville—
-
4,334
«,«• +
»
Gulfport
42,314
26,235
6,773
11,135
11,507
New
*»
*.
185
.
8,169 177,498
4,179
2,631
19,494
-
.
Charleston
Wilmington
__
Norfolk
York—
""486
5,498
w
601
91,289
10,510
50
-
2,708
8,837
~
11,170
1,704
31,419
11,267
100
70,109
27,810
6,773
"
*---
^
«
„
1,271
1,825
-
-
-
11,791
26,618
-
199
"ioo
•»
Los Angeles.-
1,050
-
---
6,037
100
—
—
•*.'
Francisco
-
-
48,783
17,231
L
-
214
200
7,371
Ml
-
«
«.
1,336
-
—
-
~
of
Movement
1
60,783
5,562
13,956
319,044
78,971
12
of 3,390,174
396,784 268,934
762,743 446,737
1937-38 1483,696 710,186
On Shipboard
Britain
973
269
1,114
2,066
8,170
3,148
1,882
64
30
67
1
4
6
21
__
m
16,053
Orleans
32
931
Mobile
7
Savannah
21
•»
40,023
1,750
9,434
626
18
"
-
-
—
—
—
3
3
227
547
Lake Charles
48
756
547
19,384
72,250
-
'
31
10
103
71
7
Wilmington..
Norfolk
355
Baltimore
4,655
5,403
17,680
6.555
18,573
Totals this week_
Other
Leaving
Leaving
Coast¬
many
France
Foreign
wise
Total
New Orleans—
7,100
12,828
18,100
10,300
26,986
8,306
2,700
3,545
2,748
12
24,100
43,371
29,154
2",000
4,000
Savannah
10,657
18,427
377
3,844
9,506
529
Corpus Christi
New
4,194
3,791
2,704
1,053
Houston
Not Cleared for—
2",66O
Houston
Galveston
telegrams tonight also
Ger¬
Great
w
Total
Fri.
Thurs.
Wed.
Tues.
Mon.
69,519 572,736 2844,633
71,329 883,703 4850,185
Apr. 5 at—
Galveston
Sat.
750,351
491,791
give us the following amounts of cdtton on shipboard, not
cleared, at the ports named:
bales.
Receipts at—'
780,816 360,664 1078928 5247,626
In addition to above exports, our
For the
reached
72,250 bales, against 87,760 bales last week and 74,870 bales
the previous week, making the total receipts since Aug. 1,
1939, 6,585,967 bales, against 3,195,793 bales for the same
period of 1938-39, showing an increase since Aug. 1, 1939,
ending this evening the total receipts have
week
413,835 372,474
1938-39
Total
from the South tonight, is given below.
grams
33,456 501,729
Total
Crop, as indicated by our tele¬
the
1748,764 743,269
Total
Friday Night, April 5, 1940
The
6,287
1
26,673
*.
175,020
40,886
Seattle
COTTON
20,322
8,500
_
-.
--
284
'
«*.
-
6,091
«. *
,
811
196
-
12
Baltimore
San
*
1,575
50
Boston
-
9,324
2,106
75
585
60,343 209,766 1567,562
78,647
491
16,869
—
Total
50,381 391,153 1240,317
217,587 185,260 342,515 1507,985
37,586
10,390 25,452 200,731
3,922
27,922
4,309
188,782
211
6,182
Savannah.
Spot Grade D silk in the Yokohama market was 25 yen lower
at 1,990 yen a bale.
Local closing: April, 2.43*6; May,
2.39*6; July, 2.32*6; Sept., 2.24*6; Oct., 2.22*6; Nov., 2.22.
w
8,257 175,338
18,329
10,242
550
Pensacola, Ac.
was
•
286 123,889
Other
China
Japan
Italy
many
630,375 402,764
16,290
1,135
53,714
4,339
Orleans.
Lake Charles.
totaling 40 lots to that time, all in the No. 1 contract. It
reported that dealers and importers covered shorts.
Sales of hedges were absorbed by commission house demand.
The price of crack double extra silk in the uptown spot mar¬
ket continued to decline.
It lost 4*£c. to $2.55*6c. a pound.
France
Charleston
Mobile
Norfolk
24,941
229,170
.
Other ports,.—
Total 1940
Total 1939--
..
—
Total 1938.—
Stock
679,232
687,306
697,718
120,422
26,711
99,748
38.028
5,233
26,236
8,993
2,952
5,555
"302
45,592
25,137
10,341
58,338
6,012 98,625 2,565,248
36.776 2,073,206
3,152
4,937 105,407 2,722,669
Speculation in cotton for future delivery during the past
active, with the market's under¬
week was decidedly more
generally firmer.
On Wednesday the market made
showing, registering net gains of 13 to
Spot sales in the South have also been showing
quite a pick-up the past few days.
A higher and stronger
tone
following table shows the week's total receipts, the
total since Aug. 1, 1939, and the stocks tonight, compared
The
with last year:
,
an
unusually good
16 points.
securities market had a bullish influence on cotton traders.
Receipts to
Apr. 5
Stock
1938-39
1939-40
This
This
W'.ek
1 1938
Brownsville
Houston..—_
Beaumont
Orleans
Mobile
Pensacola & G'p't
Jacksonville
Savannah
Charleston
Lake Charles
Wilmington
Norfolk.—
895
934,158
703,332
538,095
1*165
730",677
648", 593
686
985,935
289,306
7,323
16,678
766,069
46,432
31,800
"319
33,992
15,833
38,724
12,234
272
13,823
40,657
92,420
726,872
99,748
77,000
1,473
120,422
28,711
4,218
10,030
24,941
100
18,789
1,647
1,225
2,397
loo
910
118
57,530
10,850
1,872
New York
Boston
17,626
547
Baltimore
x
1939
1940
500
Corpus Christi—
Totals.
On the 30th ult
537,449
61,972
z4,162
1,587
148,181
34,069
5,741
15,400
28,500
1,250
11,788 3.195,793 2,663,873 2,105,728
72,25u 6,585,967
..:-
—
Receipts included in Corpus
Christi.
Gulfport not included.
z
comparison may be made with other years 1
give below the totals at leading ports for six seasons:
In order that
we
1934 35
18,427
40,023
Mobile
910
319
Savannah——
Brunswick
4,091
6,776
11,846
3,692
1,026
1,964
6,949
13,439
229
1,165
7,323
18
.
9,324
6,055
21,222
6,078
2,546
"1,771
1,164
""652
•11,299
7,642
27,541
2,132
895
1,750
Orleans
295
457
"
Charleston
Wilmington
1935-36
1936-37
1,467
10,657
Houston
New
1937-38
1938-39
1939-40
Receipts at—
Galveston
6
54
50
43
756
"""272
362
505
1,041
838
57i
""904
""802
"2",587
3,921
""§82
72,250
11,788
51,480
50,142
35,607
25,529
48
__
Norfolk..
N'port News.
AU others.
Total this wk_
6,248,611 3,801,403
Since Aug. 1__ 2,663,873 3.195,793 6,779,865 5,884,676
The exports
for the week ending this evening
reach
a
total
105,420 bales, of which 36,939 were to Great Britain,
19,700 to France, 6,127 to Italy, 25,013 to Japan, 6,507
to China, and 11,134 to other destinations.
In the corre¬
of
sponding week last year total exports were 47,991 bales.
For the season to date aggregate exports have been 5,247,626
bales, against 2,844,633 bales in the same period of the
previous season.
Below are the exports for the week:
r*
Exported to—
Week Ended
April 5, 1940
Exports from—
Britain
Galveston
Ger¬
Great
France
many
3,687
2,440
8,806
Houston
New Orleans
20^451
Mobile
Japan
4,709
9,614
China
Other
6,307
19^200
21,268
3,335
3,533
43,184
New York.4—
Angeles
Total
Total
1939
Total
1938
194
500
::::
500
10,690
19,700
9,609
30,551
2,421
10,017
8,931
6,321
25,013
6,507
9,320
15,163
5,128
39,860
921
"500
36,939
"200
6,127
6,122
21,696
866
194
Los
Total
4,066
866
Norfolk
Italy
6,710
"200
17,712
11,134 105,420
10,575
prices closed 3 to 7 points net higher.
moderately active, with fluctuations held
within a range of 4 to 5 points.
The undertone was steady,
with foreign pressure comparatively light and other offerings
limited chiefly to Southern account.
Outside interest in the
market was restricted, with the demand coming chiefly
Trading
Since Aug
1 1939
10,657 1,664,232
41,153
18",427 1,960,032
21
178,793
66,930
40",023 2,274,603
153.686
1,750
54,564
1,869
18
62,326
38,462
"3
45,954
48
8,625
756
17,112
Galveston
New
Since Aug
Week
47,991
18,146 125,682
was
from the trade and local
sources.
Sentiment
was
influenced
favorably by developments in the Worth Street cotton
goods markets where, following an extended period in which
buyers had displayed interest in obtaining goods at con¬
cessions, they entered the market late Friday afternoon to
purchase about 15,000,000 to 20,000,000 yards of goods.
Mills advanced asking prices
to *£c. a yard and were
inclined to hold firmly in view of unsatisfactory goods quota¬
tions in relation to raw cotton replacement costs.
Bombay
offerings here were comparatively light although discounts at
Bombay under New York widened to the greatest differences
recorded in recent years in terms of American cents a pound.
Spot markets reported sales today of 7,104 bales, compared
with 2,889 bales a year ago.
Middling quotations were
unchanged to 6 points higher, ranging from 10.01c. up to
10.80c. at the 10 designated spot markets.
On the 1st inst.
prices closed 6 to 9 points net lower.
The opening range
was 8 to 12 points lower, with quite vigorous selling for a
time by houses with Bombay connections, which was evi¬
dently undoing spreads.
These interests continued to sell
from time to time during the day and they proved the
principal sources of contracts, aside from a moderate amount
of selling,
probably against foreign growths, and local
liquidation at the close.
Evidence that the improved buy¬
ing movement in the Worth Street section of late last week
had carried over into the new week, stimulated quite active
price fixing during the forenoon, and at one time values
showed rallies of 6 to 8 points from the initial figures.
The
demand was not as aggressive as had been expected, however,
and during the day the market was subject to reactions with
final quotations only 2 to 6 points above the lowest.
New
outside interest was again largely lacking.
Traders ap¬
peared to be puzzled as to what to expect in the way of future
developments.
Sales in the leading Southern spot markets
totaled 5,735 bales, compared with 1,773 bales last year.
Prices ranged from 2 to 10 points lower than Saturday.
On
the 2d inst. prices closed 3 to 8 points net lower.
The
opening range was 4 to 7 points off from previous close, due
to the selling of about 10,000 bales of July, Oct. and Dec.
by Bombay brokers.
Shortly after, these losses were erased
as a result of price fixing for mill accounts, but the market
lost ground at the close.
Again the Bombay market turned
weak, closing at a new low for the season.
Apr .-May
broach was quoted at 227*£ rupees, equal to 7.76c., based
on "free" sterling, or 277 points under New York May, the
widest discount in recent years.
Foreign selling, however,
is diminishing in volume, as the foreign interest is being
rapidly reduced.
The weather in the South was favorab
The Commercial & Financial Chronicle
2284
for crop
preparations.
There
was
no
major rainfall, and.
for
grades
temperatures were distinctly higher in most regions.
Spot
cotton demand in the South continued to diminish in volume,
mills.
Spot
7,736 bales,
against 3,628 bales last year.
Prices were unchanged to 8
points lower, ranging from 9.85 to 10.69c.
On the 3d inst.
prices closed 4 to 16 points net higher.
Sentiment in the
cotton trade was better today, with the result that the
market was bid up as much as 50c. a bale.
It is believed
that foreign liquidation is about over and that the domestic
and staples are the average quotations of
designated by the Secretary of Agriculture.
markets
liveries
except for a small fill-in demand from domestic
sales at the 10 designated spot markets totaled
contract
on
on
fixed sterling they
the basis of
the
at
10 markets
better, the market here ignored them on the open¬
ing, which was 2 points lower to 1 point higher.
The Bom¬
bay selling, which has been an early feature for several days,
was still in evidence.
It converged on near positions.
In
addition there was scattered liquidation as well as domestic
and foreign hedge selling.
Other hedges were placed in new
crop positions.
Bombay also was a moderate seller of those
months.
The buying originated with spot firms, (which
picked up May and July), cooperatives and New Orleans.
Mill price fixing was also done.
Bombay liquidation was
not as heavy as heretofore.
The spot cotton business con¬
tinues dull in all important markets.
On the 4th inst. prices closed 1 point up to 4 points lower
compared with previous finals.
Trading in cotton futures
was more active and fairly well balanced, prices standing
2 to 3 points lower during early afternoon with the excep¬
tion of July, which was slightly higher.
The dry goods
market
active
was
Although
strong.
and
both
Liverpool
Bombay were higher, Liverpool cables coming 8 to 15
and
points better than due, the market here made no response
the
opening.
Initial prices were unchanged to 2 points
higher.
The feature of the trading on and after the open¬
ing was the increased price-fixing and buying by trade
on
and
interests
commission
houses.
Bombay
continued
to
sell, but pressure from that quarter was noticeably lighter
than heretofore, leading to the inference that liquidation
by Bombay had about run its course.
Hedge selling and
liquidation by spot houses contributed to the offerings.
The selling was chiefly in the near positions, but it was
well balanced by a substantial volume of
that the trading broadened considerably.
noted
was
buying orders.
It
inch
ration will
the
new
try to force cotton out of the 1938 loan
crop
comes
on
10 markets
July 31.
revert
15-16
1 In.
H
29-32
15-16
31-32
1 In.
Inch
Inch
and Up
Inch
Inch
Inch
Inch
and Up
White—
Mid.
Fair
.54 on
.65
on
.73
on
.36
.45 on
.54
on
.59
St. Good Mid-
.49
.59
on
.68 on
.31
on
.39
on
.49
on
.54 on
Good
.43 on
.53 on
.62 on
.25
on
.33
on
.43
on
.49 on
.54
.30
.41
on
.50
on
.13
on
.21
on
.30
on
.36 on
.41
on
Basis
.11
on
.20
on
.18 off
.10 off
Basis
.06 on
.12
on
.48 off
.38 off
.30 off
.65 off
.58 off
.60 off
.45 off
.39 off
1.03 off
.93 off
.87 off 1.20 off 1.14 off 1.05 off 1.01 off
.97 off
St.
Mid
Mid
Mid
Low Mid
St
Low
Mid
Good Ord._
•St.
♦Good
on
to
the
Today prices closed 7 points up to unchanged, compared
with
previous finals.
Cotton futures had a steady tone
throughout the session under mill buying, which was suf¬
ficient to offset diminished
foreign selling.
This afternoon
prices were unchanged to 4 points higher.
Although Liver¬
pool cables were 3 to 11 points lower than due, the market
here ignored that decline at the opening.
Initial prices
were unchanged to 5 points higher than last night's close.
One of the features of the early dealings was the active
buying, of July,
It may be recalled that buying of that
position was conspicuous yesterday afternoon. The demand
July
bales
is attributed
Southern
offerings
More
accounts.
taken by them on the
were
sellers,
to mill
and
than
5,000
opening call, with Bombay
scattered liquidation fur¬
nishing the bulk of the contracts.
10.85c.
1924
29.75c.
1916
12.00c.
8.79c.
1932
1931
"6.05c.
1939
9.95c.
1930
,..30.00c.
17.95c.
1915
8.44c.
10.30c.
16.75c.
1923
1938
1914
1937
1936
1935
1934
1933
8.57c.
14.80c.
1929
20.55c.
1921
1928-....20.30c.
1920
12.00c.
42.50c.
11.69c.
1927
14.40c.
1919
29.05c.
1912
1911
11.40c.
1926
13.40c.
12.60c.
11.00c.
14.60c.
19.30c.
1918
35.70c.
1910.__i_15.00c
1925 .....24.60c.
1917
20.55c.
1909
Market and Sales
at New
on
on
White—
Good Mid
.33
on
.21
on
.43
on
.49
.54
on
.30
on
.36
on
.41
on
.06
on
.12 on
.45 off
.39 off
.87 off 1.20 off 1.14 off 1.05 off 1.01 off
.97 off
.43
on
on
.62
.25
on
St. Mid
.30
on
.41
on
.50
on
.13
on
Mid
Even
.11
on
.20
on
.18 off
.10 off
Even
St. Low Mid
.48 off
.38 off
.30 off
.65 off
.58 off
.50 off
1.03 off
.93 off
Low Mid
.63
on
on
•St. Good Ord.. 1.62 off 1.45 off 1.41 off 1.70 off 1.66 off 1.58 off 1.5*1 off 1.63 off
2.12 off 2.02 off 1.99 off 2.23 off 2.20 off 2.13 off 2.11 off 2.09 off
•Good Ord
Spotted—
Good Mid
.08
on
.18
on
.27
on
.11 off
.02 off
.06
8t
.07 off
.03
on
.12
on
.25 off
.16 off
.07 off
.60 off
.49 off
Mid
Mid
on
.12
.17
on
.04
on
.01 off
.42 off a.77 off a.69 off a.60 off a.55 Oft
on
a
60 off
Low Mid... 1.22 off 1.14 off 1.08 off 1.39 off 1.35 off 1.26 off 1.24 off 1.19 off
•St
•Low
1.87 Off 1.82 off 1.80 off 2.05 off 2.03 off 1.97 off 1.96 off 1.93 off
Mid..
Tinged—
Good Mid
.49 off
.41 off
.35 off ♦.67 off •.62 off •.54 off *.61 off *.46 off
.69 off
St. Mid
.62 off
.56 off ♦.87 off *.83 off •.75 off ♦.72 off *.67 off
1.26 off 1.22 off 1.20 off 1.42 off 1.41 off 1.37 off 1.36 off 1.34 off
•Mid
Low Mid... 1.83 off 1.81 off 1.81 off 1.99 off 1.98 off 1.96 off 1.96 off 1.96 off
•St
•Low Mid
2.32 off 2.31 off 2.31 off 2.49 off 2.49 off 2.49 off 2.49 off 2.49 off
Yellow Stained-
Good Mid
1.01 off
•St. Mid
1.36 off 1.35 off 1.34 off 1.54 off 1.53 off 1.52 off 1.51 off 1.50 off
•Mid
1.86 off 1.85 off 1.85 off 2.03 off 2.03 off 2.03 off 2.03 off 2.03 off
.94 off
.87 off *1.18off *1.15off ♦l.oeoff *1.04off ♦.98 off
'
Oray—
.60 off
.66 off
.43 offl*.77 off •.73 off •.65 off. ♦.61 off *.54 off
.58 off J .92 off
.88 off
.75 off
.68 off
.79 off
1.25 off 1.18 off 1.14 off 1.43 off 1.39 off 1.32 off i 1.29 off 1.27 off
•Mid
•
.52 off
.74 off
Good Mid.
St. Mid
Not deliverable
future contract,
on
a
Middling
4 potted
only when and If the Secretary of Agriculture establishes
Futures—The
a
shall
be tender able
type for such grade
highest, lowest and closing prices at New
York for the past week have been as follows:
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Mar. 30
April 1
April 2
April 3
April 4
April 5
Apr.(1940)
(old)
Range..
Closing.
Apr. (new)
Range..
Closing
May
(old)
Range..
Closing
May (new)
Range..
Closing.
10.70n
10.62n
10.5972
10.7472
10.7372
10.7472
.
10.84n
10.78n
10.7472
10.9072
10.8872
10.9072
.
10.56-10.60 10.48-10.58 10.45-10.54 10.48-10.66 10.60-10.69 10.62-10.65
10.60
10.52-10.53 10.49
10.64
10.63-10.64 10.64
10."2-10.68 10.65-10.68 10.62-10.69
10.79-10.81
10.74n
10.68n
10.6472
10.8072
10.7872
10.80
Closing. 10.49n
10.41n
10.3672
10.5172
10.5172
10.5372
10.56n
10.5172
10.6572
10.6672
10.6872
June
(old)
Range..
June (new)
Range..
10.63n
Closing
July
(old)
.
Range.. 10.36-10.40 10.28-10.36 10.22-10.29 10.22-10.39 10.36-10.43 10.41-10.45
10.42
Closing. 10.39-10.40 10.30-10.31 10.23-10.24 10.38-10.39 10.40
July (new)
10.43-10.43
10.50-10.53 10.51-10.55 10.58-10.58
Range..
10.45n
10.3872
10.51
10.35n
10.2872
10.0072
10.5572
10.5772
10.4172
10.4572
10.4772
10.1572
10.1572
10.1772
—
Aug.—
Range..
Closing. 10.42n
Sept.—
Range..
Closing. 10.14n
10.07n
Range..
1940
6.55c.
.60
Oct.—
Quotations for 32 Years
1922
.65 on
on
2.12 off 2.02 off 1.99 off 2.23 off 2.20 off 2.13 oil 2.11 off 2.09 off
Closing. 10.52n
The official quotation for middling upland cotton in the
New York market each day for the last week has been:
March 30 to April 5—
Sat.
Mon. Tuea. Wed. Thurs.
Fri.
Middling upland % (nominal).. 10.85
10.74
10.73
10.85
10.84
10.85
Middling upland 15-16 (nom'l) .11.05
10.94
10.93
11.05
11.04
11.05
New York
on
1.62 off I.41 off 1.41 off 1.70 off 1.66 off 1.-8 off 1.56 off 1.63 off
Ord
Extra
on
before
original owners, namely the farmers who negotiated loans.
for
15-16-ineh
*;
over
New Contract
Old Contract
the market by refusing to permit
Cotton not repossessed will
premiums
April 4.
average
on
%
holders of equities to retain them for more than two weeks
after
April 4.
staple and 75% of the
cotton at the
From
Washington came word that the Commodity Credit Corpo¬
on
New Contract—Basis Middling 15-16 inch, established for
deliveries on contract on Anril 11, and staple premiums
and discounts represent full discount for %-inch and 29-32-
8 to
were
7A-mch, established for de¬
11, and staple premiums
premiums over %-ineh cotton
April
on
represent 60% of the average
on
while
10
Old Contract—Basis Middling
Eolitical outlook is improving. to
ased
free sterling, were 10 Although Liverpool cables,
English points better
than due,
10 points
April 6, 1940
1913
10.10c;
9.82- 9.87
9.76-
Closing.
9.86
9.72- 9.79
9.73- 9.89
9.82- 9.92
9.86-
9.78- 9.80
9.72
9.87
9.86
9.88
9.7772
9.7972
—
9.89
Nov.—
Range..
9.79 n
9.7172
9.6572
9.8072
Range..
9.67- 9.72
9.62- 9.68
9.57- 9.64
9.59-
Closing
9.72
9.64
9.58
9.72- 9.74
Closing.
Dec.—
.
—
—
9.74
9.69- 9.76
9.71- 9.74
9.69
9.71- 9.72
9.69- 9.69
9.69- 9.69
9.6572
9.6772
Jan. (1941)
9.56- 9.59
Range..
Closing.
York
—
9.84
9.54-
9.5972
9.67n
9.5472
9.57
9.6972
Feb.—
Spot
Contract
Total
Range..
9.62n
9.55n
9.4872
9.6372
9.60rt
9.6272
Range..
9.55- 9.59
9.50- 9.57
9.45- 9.51
9.49- 9.58
9.55- 9.61
9.57-
Closing
9.58
9.5172
9.4372
9.5872
9.5572
9.57
Closing.
Old
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
New
Old
New
Old
New
400
400
300
300
200
200
Mar.—
72
509
Since Aug. 1
1,409
90.051
59.800
—
9.60
Nominal.
Range for future prices at New York for the week ended
April 5,1940, and since trading began on each option:
509
1,409
.
Total week
.
Option for—
Range for Week,
Range Since Beginning of Option
1940—
2,000 149.851
2.000
April old
New
Futures Market Closed
Spot Market Closed
May
old— 10.45 Apr.
New
June
2 10.69 Apr.
1 10.81 Apr.
4
7.54
May 17 1939 10.95 Feb. 26 1940
10.62 Apr.
5
8.05
Sept.
1 1939 11.07 Jan.
10.22 Apr.
10.43 Apr.
2 10.45 Apr.
1 10.58 Apr.
5
7.63
Sept.
1 1939 10.60 Jan.
7.90
Sept.
1 1939 10.82 Jan.
8.08
New
Old
Aug. 31 1939
3 1940
old
New
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Nominal
Nominal
Nominal
_
Nominal
Nominal
Nominal-
Steady
Steady
Barely steady.
Barely steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
■— I
Steady
;
.
_
July old
New.....
August
September
9.72
January
March
Premiums and discounts
3 1940
3 1940
Deo.
7 1939
2
9.92 Apr.
4
8.25 Nov.
2
9.76 Apr.
4
9.28
1 1939 10.14 Jan.
3 1940
3
9.69
Apr.
4
9.07 Jan.
9.45 Apr.
2
9.61
Apr.
4
9.33
.
December..
staple in relation to the base grade.
Apr.
9.57 Apr.
9.54 Apr.
November
9.54
.
October
Premiums and Discounts for Grade and
Staple—The
table below gives the premiums and discounts for
grade and
5
29 1940 10.07
Jan.
23 1940
9.81
Feb. 26 1940
Mar. 18 1940
9.62
Mar. 21 1940
Jan.
3 1940
1941—
February
__
Volume
The Commercial & Financial Chronicle
150
2285
-1939-40-
Volume of Sales for Future Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
Apr. 5—
Shipped—
Via St. Louis
900
Via Louisville
3,940
16,677
Virginia points
Via other routes, &c
Total gross overland
Deduct
Open
Mar. 29 Mar. 30
New York
Apr. 3
Apr. 2
Apr. 1
11,853.
952,566
70
221
32,325 1,321,934
&c
547
....25,208
Inland, &c., from South
100
4,367
—
.
,
."WJ
4^643
-16,100
New
New
32,300
28,500
1,300
700
300
13~600
28,700
28,600
50,800
73",900
400
200
Total
530,100
40,700
400
13,800
July—Old
23,400
13,500
300
300
33,400
433,500
-f
26,300
Leaving total net overland *
6,327 1,035,012
Including movement by rail to Canada.
*
October—Old
-1939-40—
if, 100
8,366
19",200
15,806
19",I66
34700
34l",466
4,600
New
3,900
5,266
10.600
ll",300 24~800
135*366
....
300
600
100
135,000
Aug. 1
3.195,793
600,169
4,378,000
1,200
3,400
6,300
3,200
600
2,000
26,800
223,577 12,720,979
*47,175
140,675
153,998
*43,275
8,173,962
955,035
Total marketed
Interior stocks in
Inactive months—
Excess
200
August, 1940
Total all futures
47,500
82,800 115,400 168,800 1,544,600
89,500
42,500
11,788
7,210
10,300
January
March
Since
Week
Aug. 1
6,585,967
1,035,012
5,100,000
...
1941—
-1938-39
Since
In Sight and Spinners'
Takings
Week
Receipts at ports to April 5___... 72,250
Net overland to April 5_.
6,327
Southern consumption to April 5. .145,000
December—Old
New
600,169
■
.
286,922(
...25,998
tp be deducted
352,397
176
194i—
Msy—Old.
19.100
7,432
325,865
7,210
17,648
7,064
262,210
243
Between interior towns
Apr. 4
3,199
2,850
Aug. 1
148,869
146,876
2,714
6,864
133,488
513,755
3,558
1,955
Shipments—
Overland to N. Y., Boston,
Contracts
Apr. 4
Since
Week
Aug. 1
291,710
222,375
10,028
7,410
137,463
652,948
7,983
2,825
,
Via Mounds, &c
Via Rock Island
Via
1938-39
Since
Week
•
over
of
excess
Southern
mill
takings
consumption to March 1..
Came into sight during week
Total in sight April 5
366,332
862,534
110,723
176,401
—13,724,188
9,495,329
Open
Mar. 27 Mar. 28 Mar. 29 Afar.30
New Orleans
Apr. 1
Contracts
Apr. 2
Apr. 2
North, spinn's* takings to April 5
*
Decrease.
14,793
1,283,328
11,095
1,018,686
Movement into sight in previous years:
1940
5,500
May—Old
1,800
6,400
17,500
5,700
3,500
85,200
1,500
74,250
New
6,050
5",000
7",200
L400
4",850
3,800
6",700
6",750
4",400
2,000
3",600
2",000
500
July—Old
900
2,000
500
350
15,400
"166
"250
I766
6,5.0
20,100
5,950
16,200
3,800
New
October—Old
Since Aug. 1—
Bales
Week—
1938—April
8
1937—April
9-..
1926—April 10.
.145,003
142,138
..127,712
Bales
....13,670,271
....12,889,102
....12,081,313
1937..
1936
1925
....
New
December
58,600
'
Quotations for Middling Cotton at Other Markets
Closing Quotations for Middling Cotton on-
1941—
1,550
January
"50
Week Ended
Monday
Tuesday
%
15-16
%
H
15-16
H
In.
March
In.
In.
In.
In.
In.
Saturday
Friday
Wednesday\ Thursday
Apr. 6
Total all futures
18,850
30,150
9,300
246,850
The Visible
Supply of Cotton—Due to war conditions,
cotton statistics are not permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the stock at
Alexandria and the spot prices at Liverpool.
Interior
the
1Q37
1Q?R
1,225,000 1,128,000 1,089,000 1,145,000
356.000
391,000
391,000
286,000
7.84'i.
11.39d.
4.92d.
4.79d.
7.87d.
6.96d.
8.39d.
3.84d.
5.07d.
3.99d.
5.94d.
6.40d.
9.42d.
6.97d.
Middling upland, Liverpool
Egypt, good Giza, Liverpool — Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super¬
fine, Liverpool
At
IQ^tQ
1Q40
A nril
Stock in Bombay, India
Stock in Alexandria, Egypt
4.09d.
4.lid.
6.30d.
the
movement,
Towns,
that is,
the
In
10.38 10.58 10.29
New Orleans. 10.37 10.57 10.35
15-16
H
In. | In.
49 10.21 10.4110
Galveston
Movement to April
5510.33 10.53.10
6910.45 10.65 10.47 10.67
37 10.24 10.3410
.4910.38 10.48 10.39 10.49
10.45 10.60 10.38
53 10.34
.64 10.49 10.64 10.49 10.64
Norfolk
10.49,10
10.60 10.75 10.55
7010.50 10.6510
8010.65 10.80 10.65 10.80
Montgomery
10.30 10.40 10.20
3010.20 10.30 10
.4510.35 10.45 10.35 10.45
Augusta
10.80 10.95 10.72 10 8710.69 10.84 10
Memphis
10.20 10.40
10
.4510.25 10.45 10.25 10.45
Houston
10.38 10.58 10.29 10 4910.23 10.43 10
.6810.38 10.58 10.38 10.58
10.10'10 3010.10 10.30
9910.83 10.98 10.84 10.99
.4010.20 10.40 10.20 10.40
Little Rock.. 10.15 10.35 10.05 10 2510.05 10.25 10
9.92 10 12 9.85 10.05 10 00'10 2010.02 10.22 10.04 10.24
10.01 10.21
Dallas
♦Holiday.
New Orleans Contract Market—The
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
for
Saturday
Monday
Tuesday
Mar. 30
April 1
Wednesday
April 2
Thursday
April 3
5
593
494
48,821
16,113
4
60,211
629
Eufaula..
Montgom'y
Week
Apr.
7
402
70,420
12,716
2,812
45,429
8,809
"37
85,897
1,954
74,618
74,890
160,948
50,278
52,733
28,257
1,214
56,232
18
44,096
163
3,588
144,106
20
131,432
732
32,075
269
40,932
42
184
"82
67,146
1,719
42,376
8
6
40,982
9,244
262
35,485
3
700
28,352
38,998
60,202
38,923
19,314
Helena
Hope
Jones boro...
Little
8
38,632
907
134,373
28,034
859
134.386
3,433
78,573
62,703
291
134
37,134
14,356
42,030
117,458
127,546
30,500
31,693
37,827
63,907
"49,015
35,839
72,387
17,412
14,493
17,642
35,235
1,398
Rook
Newport
Bluff.
Walnut Rge
""20
106,030
2,013
Miss., Clarksd
1,213
14,689
39,898
137,971
142,460
13,100
37,039
16,512
107,756
158,927
Columbus..
423
19,834
661
Greenwood.
1,754
251
233,417
33,626
7,099
Jackson....
7,258
25
428
Ga., Albany..
*
9
Athens
3,141
Atlanta
Augusta
2,109
—
Columbus..
500
Macon
192
25
Rome
"347
La., Shrevep't
Natchez
"77
875
8,087
2,432
500
313
95
500
4,961
705
145
41,002
195
16,399
37,583
103,352
143,767
34,200
30,854
30,752
9,800
85,839
320
976
130,485
2,136
53,132
63
27,213
23
39,155
759
196,701
2,947
87,507
32,528
602
7,841
28,417
40
474
37,653
16,143
20,969
511
46,659
3,558
3,604
7,983
5,663
3,558
4,450
97
2,202
122
325,895
1,582 104,769
54,838 3083,360
1
26,920
66,724
540
15 towns *.
8. C., Gr'vllle
Tenn., Mem's
Texas, Abilene
9
Austin
Bren ham
.
13
.
279
Dallas
148
Paris
Robstown.
.
"_2
Marcos
Tot.. 56 towns
338,374
81,954
1,973
16,101 1840,313
21,979
15,457
129
49,398
75,477
6,518
4,090
459
247
25,483
6,477
13,306
398
1,282
24,946
146
13,631
54,394
126,337 2570,714
28,787 4383,427
36
36,773
56,069
39
40
combined totals of 15 towns In
78,822
1,224
1,716
1,413
2,158
33,571
273,339
69,687
733,028
1
12,561
63,165
577
"64
79,161l5943,594
Includes the
88
7,405
15,673
20
.
Waco
2,012
45,341
149,209
5,104
725,754
9,952
1,727
1,492
34,202
55
Texarkana
71
'
212,138
73,801
"839
20
47
4,788
3,161
27,079
16,756
27,193
47,878
295,038
Oklahoma—
500
6,015
22
20
6
4,651
22
14,696
47
178
44,959
330
2,959
41,114
42,585
"19
729
2,459
35,447
27,264
134
23,053
72,092 2907,928
Oklahoma.
interior stocks have
47,176 bales and are tonight
27,214 bales less than at the same period last year.
The
sceipts of all the towns have been 50,374 bales more than
The
above
ecreased
the
1
totals
show
that
week last year.
Overland Movement for the
7e
jr
the
during the week
same
Lug.
Week and Since Aug. 1—
night. The results for the
1 in the last two years are as follows:
10.35
10.48-10.49 10.49
...
10.615
10.555
10.475
10.605
9.84
9.78
9.92- 9.93
9.775
10.875
10.615
9.89-
—
10.52
10.645
9.90
9.93
9.735-9750 9.765-9.78a
January
March
..
...
9.575
9.625
9.685
9.555-9.56a 9.495-9.50a
9.605
9.705
9.625
9.665
9.695
9.585-9.60a 9.605-9.62a
Tone—
•
Quiet
Quiet
Quiet
Quiet
Quiet.
Quiet.
Old futures
Steady
Steaty
Steady
Steady
Steady.
Steady.
New fut'es
Steady
Steady
Steady
Steady
Steady.
Steady.
Spot
Million-Bale Reduction Indicated in World Carryover
American
Cotton—Domestic and foreign consumption
that the world
carryover
of American
Aug. 1, 1940 is likely to be about 1,000,000 bales
smaller than the record high carryover of 14,000,000 bales
on
Aug. 1, 1939 the Bureau of Agricultural Economics
reported on March 28 in its monthly anlaysis of the cotton
situation.
The carryover in the United States seems likely
to be about 2,000,000 bales less than at the beginning of the
current season—when the total was about 13,000,000 bales
—but stocks of American cotton in foreign countries are
expected to increase by 1,000,000 bales or more.
The
world carryover will be the third largest on record and about
two-fifths larger than the 10-year (1929-38) average.
The
report added:
cotton
on
Domestic
consumption
of nearly 4,600,000 bales
of American
cotton
during the seven months ended with February established a record high for
period, despite a marked decline in mill activity since December. Even
with some additional decline in mill activity, total consumption for the
current season seems likely
to exceed 7,500,000 bales compared with
6,700,000 bales last seaso.
This, together with prospective exports* seems
likely to result in a total distribution of more than 13,500,000 bales, as
contrasted with 10,100,000 bales in the preceding year.
Foreign consumption of American cotton is expected to be somewhat
larger this season than last but will be much smaller than United States
exports.
As a result, the foreign carryover of American cotton will show a
marked increase over the small stocks of Aug. 1 last year.
This increase
seems likely to equal or exceed 1,000,000 bales, thereby offsetting roughty
half, or more than half, of the decrease in domestic stocks.
On this basis,
the foreign carryover of American cotton on Aug. 1 next would total about
2,000,000 bales.
Cotton mill activity in the Allied and neutral countries of Europe appears
to have changed comparatively little in February and early March.
In
most of these countries mill consumption continued high.
Manufacturers'
sales, however, were apparently relatively small in Great Britain, France,
and at least a few other countries.
But mills generally are said to have large
unfilled orders.
The lack of skilled mill workers whicn has existed in France
the
and England is
r6C6nt
believed to have been alleviated somewhat in France within
weeks*
Japan, mill activity in February Was again materially reduced.
Mill
consumption was about 10% smaller than in January, which in turn was
18% less than in December.
The decline in mill activity is attributed
largely to a shortage of fuel.
The decline in domestic cotton prices during the past few weeks has been
In
give below a statement showing the overland movement
the week and since Aug. 1, as made up from telegraphic
sports Friday
10.43
prospects now indicate
13,234
31,425
111,516
113,796
7,971
10.895
10.49n
of
48,551
290
._
34,940
39,991
119,170
"16
10.915
October
47,728
112
"42
10.77
10.745
131,513
3,080
Yazoo City.
774
29
40,096
"812
..
10.62-10.63 10.79-10.80 1075
184
134,061
2,047
,—
■
10.775
1,570
5
Mo., St. Louis
N.C., Gr'boro
Vicksburg..
104,099
977
573
"150
April 5
..
10.65
December. 9.755-9.76a 9.695-9.71a 9.645-9.65a
21,896
8,813
74,318
169,601
City
'/•
9.90
July old
New
-
1941—
63
Forest
♦
Stocks
Week
286
Selma.
Ark.. Blythev.
San
Shipments
Season
Friday
April 4
■
10.805
New
\
Apr.
In.
10.35 10.45 10.27
May old.. 10.68
7, 1939
•I
Receipts
Stocks
Week
Season
"726
Ala.. Blrm'am
Pine
Ship¬
ments
Receipts
Week
In.
Savannah
1940—
Towns
15-16
In.
set out in
detail below:
1940
1A
5510.35 10.55 10.37 10.57
•
Movement to April 5,
15-16
Mobile
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding periods of the previous year—is
15-16
week and since
a substantially greater decline in Liverpool.
As a result,
spot price of American cotton in Liverpool, converted to cents per
was the lowest relative to domestic prices on March 21 since the
accompanied by
the
pound,
rv.
The Commercial & Financial Chronicle
2286
outbreak of
In Liverpool, prices of American cotton
In September.
war
continue comparatively low relative to most
CCC Extends
Loan
on
other growths.
1938 Cotton—The
that the maturity of
extended one year to
July 31, 1941. Up to March 26, 1940 repayments of $81,923,000 had been made on 1,777,000 bales of 1938 crop
cotton, leaving a balance outstanding of $127,838,000 on
2,705,000 bales of 1938 loan cotton. The following was also
announced by the CCC:
31,1940 no request for the release of loan cotton to any person
producer will be accepted unless the request is submitted,
or its agent, on a standard form to be printed and
provided by the Corporation, within 15 days after it has been executed by
-After July
other than the
the Corporation
tih6 producer
Officials of the Corporation pointed out that by deferring this necessary
use of a standard mease form until after July 31, 1940, there would be no
interference with the release of cotton requested on other forms executed
and presented prior to July 31, 1940,
when release forms were executed by
the maturity date in effect heretofore
producers.
by Telegraph—Telegraphic advices to us this
evening indicate that there has been some rain in southwest
central and northeastern portions of the cotton belt, and
Temperatures have beem
elsewhere.
mostly
High
80
Britain
nent
China
3,000
tf,000
19*000
28,000
2,000
11,000
19,000
32,000
12,000
2,000
8,000
20,000
10,000
1939-40—
~
a
Low
70
88
86
91
90
65
56
42
55
1
3
83
91
87
90
90
90
87
87
86
88
0.37
0.01
0.44
dry
—
1
2.38
0.85
2.71
2.61
1.50
2.22
1.74
0.05
3
2
3
2
—
—
————————
—
Augusta.——-—
Macon.South Carolina—-Charle
Greenwood-
—
...
—
-
--
--
Columbia-—Conway——
.—
.
■
-
2
—-
n
—
------
Wilmington.
—
Tennessee—-Memphis-_.
Nashville--
...
...
—
—
68
77
73
74
73
;
69
67
68
71
87
91
66
52
49
91
54
87
82
89
55
2
1
1
1
2
67
67
3-
44
84
85
41
65
63
86
52
52
69
69
86
47
67
71
71
71
Apr. 5, 1940
Apr. 7, 1939
Feet
zero
of
of gauge.
gauge.
Above zero of gauge.
Above zero of gauge-
Week
Receipts at Ports
17.3
14.3
37.0
3.8
11.5
27.4
1940
1939
1938
Stocks at Interior Towns
1939
16.6
40.6
Upl'ds
s.
d.
12
5..
d.
s.
6
@1*
42,596
38,827
37,387
43,199
137.632
9. 168,666
16. 177.019
23- 122.734
Receipts from Plantations
1938
1940
1939
1938
125,656 3265,094 3400,27C 2619,799 89,025
121,714 3189.004 3369,048 2613,016 105,463
116,840 3127,764 3329,120 2629,636 135,437
120.688 3072,688 3291,719 2628,795 94,692
7.896
86,716
7,605 128,497
NO
133,463
5,798 119.744
35,546 104,958 3016,68/ 3246.532 2598,040
81,631
na
29,078 112.608 2956,982 3212,973 2575,215 108,960
25,681 101,785 2897,286 3174,825 2570.224 117,323
21,337 86,337 $845,482 3138,203 2543,310 70,930
Nil
Nil
Nil
74,203
135,433
96.794
59,413
Mar.
1- 138,982
87,760
25,736
27,264
32,436
21,973
19,979
82,658 2795,204
02,663 2737,778
57,994 2705,278
47,032 2666,756
44,696 2617,890
72,250
11,788
8. 107,381
15- 115,052
21. 74,870
29-
88,704
49,955
NO
Nil
2397,991
82,552
86,348
38.925
Nil
39,957
71,853
49.069
17,929
10.815
51,480 2570.714 2907,928 2362,621
25,074
Nil
16,110
3096,651
3051,323
3012,260
2986,570
2961,233
2500,609
2479,799
2460,874
2431,771
Nil
Nil
Apr.
5.
Cotton
834 Lbs. Shirt¬
ings, Common
Middl'g
to Finest
32* Cop
Twist
d.
134
Upl'ds
d.
d.
8.
8 1034®
8 1034®
d.
9.29
>.98
9
s.
d.
6.30
134
134
12-
Nominal
'2
3
@12
1926-
Nominal
12
3
@12
6
F.75
8H@ 934
834® 934
834@ 934
8
9
@9
5.18
Nominal
12
1M@12
434
8.30
834@
934
8
9
@
9
6.10
Unquoted
Unquoted
Unquoted
12
134 @12
434
8.29
@
9
5.13
434
8.29
8
9
@
9
5.07
1 J4@12
8.12
8
9
@
9
5.15
23-
Unquoted
12
134@12
434
434
934
9H
9H
m
9
134@12
12
834@
8H®
8H®
8H@
8
12
17-
8
9
@
9
6.15
8
9
@
9
8
9
@
9
4
9
6.19
Feb.
9-
A/T fvr
iYJlcU.
8.04
•
l—
14.54
12
134@12
434
7.99
815-
14.64
12
4 34
8.03
14.18
12
3
7.68
3
7.65
3
7.70
834 @ 934
834 @ 934
9
@10
834 @ 934
834 @ 934
7.84
834@ 934
21-
14.20
12
114 @12
@12
@12
29-
14.31
12
@12
14.40
12
9
8
5.29
5.40
3
@9
1034® 9
9
@ 9
8
5.27
5.16
134
4.95
Apr.
5-
3
@12 6
News—As
made up from mail and
Feb.
2.
Cotton
shown
8
9
a
on
4.92
@9
previous
telegraphic reports,
page,
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1939, are 6,785,050 bales;
in 1938-39 they were 4,392,943 bales, and in 1937-38 were
8,380,001 bales.
(2) That, although the receipts at the
outports the past week were 72,250 bales, the actual move¬
ment from plantaionts was 25,074 bales, stock at interior
towns having decreased 47,176 bales during the week.
India Cotton Movement from All Porte-*—1The receipts
are as
the
follows:
Bales
Bales
GALVESTON—
To Great Britain
To Italy
To Japan
To South
America-—--—
To Belgium—-
8,806
3,687
4,709
1,367
2,699
NEW ORLEANS— ;
To Holland
To Australia
To
.—l—
To Australia
To Belgium.
-
—
350
—
-
To Great Britain
To France—
—
-
——
—
—
1,483
20,451
19,200
500
6,122
500
-
10,690
—
To China
194
250
-
—
NEW YORK—
2,440
•To Great Britain.
9,614
LOS ANGELES—
6,307
To Great Britain
1,500
To France1,835
To Japan—
Italy
To Japan.
To China
1,450
...
To DenmarkTo Sweden
HOUSTON—
To Great Britain.--
169,961
12. 181,563
871,299
1939
NORFOLK—
19- 196,677
26. 149,76'
400
Egyptian bales weigh about 750 lbs.
Middl'g
Shipping
Plantations—The
1940
774,907 25,650'
exports of cotton from the United States the past week
have reached 105,420 bales.
The shipments in detail,/as
19.9
End.
Jan.
5.
726,789 39,100
Feet
4.1
following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Receipts from the
31,000
to Finest
d.
68
zero
—
17",550
jan.
51
48
Above
151,988
136,384
561,100
21*827
122,430
131,437
500,938
20,102
8J4 Lbs. Shirt¬
ings, Common
71
84
86
85
Above
7,700
146,952 2,700
121,800 11,000
423,194 23,800
34,943 1,600
73
'
62
Memphis
Since
Aug. 1
Twist
46
Nashville.——-
This
Week
32* Cop
85
2.19
Since
Atlg. 1
1940
87
89
0.30
0.08
0.01
1.27
2
This
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Manufacturers are generally com¬
plaining. We give prices today below and leave those'for
previous weeks of this and last year for comparison:
0.51
0.19
dry
170.000
8,827,582
This statement shows that the receipts for the week ended April 3 wer®
147,000 cantars and the foreign shipments 31,000 bales.
0.01
1
125,000
6,823,594
Week
Note—-A cantar is 99 lbs.
51
53
55
52
New Orleans—-----Above zero of gauge-
...
1937-38
1938-39
Since
8,000
10,000
-
&c
Total exports--
69
54
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a.m. of the dates given:
———
and Shipments
Aug. 1
To Continent & India- 13,000
To America——
72
88
57
The
Shreveport
Vicksburg.—
Exports {bales)—
To Liverpool-To Manchester*
73
78
65
77
dry
Raleigh
60
49
87
88
0.02
1
Newborn.
Weidon.
72
76
0.96
3
2
2
—
71
69
84
75
1
3
—
North Carolina—Ashevl
Charlotte
71
57
58
60
59
51
48
49
86
dry
—
-- -
a
1802,000
759,000 1524,000
487,000 1129,000
511*000
This
69
32
78
2.20
.
-- --
425,000
Week
73
„
55
48
54
61
88
87
dry
...
70
72
0.01
0.48
1.28
0.23
1
1
-
77
53
56
59
55
45
87
93
2
2
Pensacoia—
Tampa
Georgia—Savannah
Atlanta
464,000
147,000
7,215,296
71
67
73
63
42
84
87
1.78
0.37
1.95
0.23
1
Amite
—
254,000
178,000
850,000
530,000
a
{Receipts Cantars)—
0,02
0.19
0.22
1
dry
...
50,000
48,000
44,000
a
1939-40
Since Aug. 1.
2
--
19,000
19,000
This week
—
—
331,000
278,000
71
Little Rock.
Vicksburg—
a
14,000
21,000
Alexandria^ Egypt,
46
1
Alabama—Mobile,
199,000
147,000
Mean
95
—
Mississippi—Meridian—
487,000
Alexandria Receipts
0.10
dry
dry
—
759,000
186,000
Not available.
a
62
1
Louisiana—Alexandria.
180,000
12,000
a
15,000
4,000
1937-38—
69
dry
...
55,000
31,000
Total all—
50
—
.—
952,000
994,000
704,000
a
~
45,000
a
a
1937—38—
32
—
Palestine—
Total
Other India-
87
dry
.—
China
5,000
a
1938-39—
1937-38—
91
1
Houston...
Japan «fc
nent
Bombay—
0.30
dry
—
Total
Conti¬
Britain
Jajfndt
1
Dallas
Del Rio
El Paso....
Great
Conti¬
1
9 4+ mi
...
Since Aug. 1
Pot the Week
Great
from—
above
60
1
...
Amarillo
Aug. 1
72,000 1,759,000
83,000 1,662,000
6«5,000 1,772,000
„
Since
Week
Aug. 1
Week
Aug. 1
Exports
-Thermometer-
Rainfall
Inches
1.14
Rain
Since
Since
Week
Bombay.
normal.
Days
Apra 4
Receipts at—
1939-40—
1938-39—
Returns
dry
1938-409
1937-38
1938-39
1939-40
Commodity
Credit Corporation announced April 3
its loans on 1938 crop cotton has been
to
April 6, 1940
200
To Belgium
MOBILE—
To Great Britain—
Cotton
York
Total------—
866
Freights—rCurrent rates
are no
longer quoted,
as
-..-105,320
for cotton from New
all quotations
are open
rates.
Foreign Cotton Statistics—Regulations due to the war
in Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
Liverpool Imports, Stocks, &c.
Liverpool—The tone of the Liverpool, market for spots
and futures each day of the past week ana the daily closing
prices of spot cotton have been
12:15
P.
M.
Market
Monday
Tuesday
Wednesday
Thursday
Friday
Dull
Quiet
Quiet
Quiet
f
\
1
Mid. upl'ds
Futures
follows:
Quiet
Saturday
Spot
Market*
as
CLOSED
7.88d.
7.78d.
f
Steady:
Queit ;1 pt.
\
5 to 7 pts.
decline to
advance
1 pt. adv.
opened [
7.73d.
Quiet:
7.89d.
Steady;
7.84d.
Quiet;
3 to 4 pts. 6 to 10 ots. 1 to 3 pts.
decline
advance
decline
of Indian cotton at
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1, as cabled,
for three years, have been as follows:
Market*
P.
f
M.I
Q't but st'y Q't but st'y
unch.
to
pts dec.
Steady:
Steady;
Q't but st'y
4 5 to 7 pts. 4 to 5 pts. 14 to 18 pis 2 to 6 pts.
decline
advance
advance
decline
Volume
The Commercial & Financial Chronicle
ISO
Prices of futures at Liverpool for
each day
are
given below:
Condition of the crop as a whole was estimated
bushels.
at from 61
March 30
Sat.
Thurs.
Wed.
Tues.
1 Mon.
wheat market
New Contract
d.
d.
d.
d.
d.
d.
d.
<1.
d.
d.
d.
*
7.79
7.73
7.69
7.66
7.66
7.70
7.80
7.84
7.76
7.78
ing
*
7.80
7.74
7.70
7.68
7.68
7.72
7.84
7.87
7.81
7.83
winter
October
*
7.42
7.42
7.46
7.60
7.63
7.58
7.61
7.54
*
Jan.
*
(1941)
March
May
7.43
7.38
7.31
m'mmmm
7.26
7.30
7.30
7.30
7.26
7.35
*
7.36
7.32
7.38
*
July
7.48
7.43
*
7.26
7.26
mm
7.52
7.54
7.34
7.48
7.52
7.46
7.50
—
7.30
7.44
7.48
7.42
7.46
7.21
-
7.20
7.25
7.43
7.41
7.15
—
7.20
7.38
7.36
of
that
April 1 was near the lowest on record for
While private forecasts suggesting the 1940
wheat
date.
wheat harvest
winter
be the fourth
may
smallest in the
last
quarter century, we_re about in line with trade expecta¬
tions, buying gained momentum as the session progressed,
due to continued
♦Closed.
prices closed % to %c. net higher. The
more than lc. today follow¬
scored gains of
release of crop survey figures indicating condition
May (1940)
July
December
63.5% of normal compared with the official
figure of 55 and 78% last year.
On the 4th inst.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
April 5
to
Dec. condition
Fri.
to
2287
Wither in the Southwest.
dry
The four
ranged-' from 410,000,000 to 437,000,000 bushels,
which brought the average Tor the six private crop experts
estimates
Friday Night, April 5, 1940.
Flour—So far this week regular shipments on contracts
been
have
running light,
structions
are
received
will not reopen
open
up,
for the
a
shipping in¬
overnight many of the large
for the rest of the week.
mills
If they do not
it will be the second consecutive part-time week
mill employees, it is said.
that flour consumers wrere
and
unless heavier
and
Mill interests reported
feeling the market out recently,
fairly large number of inquiries were received.
It
bakers and jobbers will
is felt that within the near future
have
to
come
into the market for
their early
summer
re¬
quirements.
Wheat—On
the
30th ult.
prices closed
lA to V2c. net
Wheat values closed higher today for the first time
in five sessions, but the advance was feeble and met con^
siderable resistance.
Clearing weather in the Southwest
without any material moisture relief having been received
this week and prospects of only light rain the middle of next
week, accounted for most of the buying.
Mills were in the
market at times, however, and the complicated international
situation also attracted attention.
Grain men said the
higher.
"peace complex" which has permeated the trade,
apparently has been dissipated.
Reports of diminished
selling of loan wheat tended to strengthen the market at
times, although hedging continued to contribute to the
selling.
The 12 principal markets received 898,000 bushels
compared with 1,309,000 a week ago, and 663,000 a year ago,
but the total for the week was 5,788,000 bushels, about
recent
1,300,000 greater than
the previous
week and 2,600,000
greater than a year ago.
On the 1st inst. prices closed M to
%c. net higher.
At one time the market showed gains of as
much as lMc., which were reduced substantially in the later
trading.
bullish
The market's early strength was due largely to
that included another supply of pessimistic
news
10,000,000 bushels of Cana¬
dian grain to Europe.
Grain traders said the market's
failure to respond more strongly to these developments was
due partly to persistent hedging sales in connection with
marketing of grain that has been under loan.
Furthermore,
Canadian export business, most of which went to Great
Britain, had little effect at Winnipeg, where prices were up
only about a cent and later reacted.
Pit brokers said
British Government purchases apparently were met with
wheat board sales.
Some buying of wheat came from mills,
but this was offset by hedges against increased movement of
loan grain.
The 12 principal terminals received 1,318,000
bushels, almost 300,000 more than a week ago and 500,000
more than a year ago.
On the 2d inst. prices closed % to
crop
reports and export sale of
net lower.
Grain dealers who followed usual marketing
practices today, sold wheat futures equivalent to their
purchases of actual grain, thus depressing prices here and
nipping in the bud an attempt to extend the recent rally.
This hedging, by which grain interests protect themselves
against reduced prices during their ownership of the grain,
reflected abnormally heavy supplies now coming to market
as a result of liquidation of grain which has been stored for
months under Government loans.
It is very unusual that
pit is forced to absorb selling of this nature at
The hedging more than offset early pur¬
chasing based on unfavorable weather and crop reports,
and after prices had advanced % of a cent the market dipped
a full cent from the early highs and closed
% to
lower
than previous close.
Tending to strengthen wheat at times
was the fact that local receipts were only two cars and ship¬
the futures
this time of year.
sold 75,000 bushels.
On the 3d inst. prices closed
Shaking off early weakness due to
favorable weather in the Northwest and higher estimates of
wihter wheat production, wheat prices today staged a strong
rally that wiped out losses of almost a cent and substituted
fractional net gains.
Buying on the rally came from Eastern
and Southwest interests and was believed to have been based
on strength in securities and continued dry weather in the
hard winter wheat belt.
The two reports, issued ahead of
pers
34 to 34c. net higher.
bearish
than many traders had expected in view of recent reports of
cron damage in the Southwest.
E. H. Miller, widely known
statistician, whose estimate was the higher of the two, said
there has been a material improvement in wheat on the
Pacific Coast as well as in Missouri and sections of the
Southwest
where seeds germinated last fall.
The two
estimates compared with a preliminary Government fore¬
cast last Dec. of only 399,000,000, compared with 563,431,000 produced in 1939 and the 1928-37 average of 560,160,000
four others due to be released tomorrow, were more
428,000,000 bushels. This compared with the Dec. 1
Government estimate of 399,000,000 bushels
of 563,000,000 bushels last year.
Strength
in the securities
market and reports of lower tempera¬
tures over most of the grain belt as well as continued dry
down to
BREADSTUFFS
preliminary
and
harvest
a
in
weather
But
this
offset
to the market's strength.
added
Southwest
the
liquidation of loan wheat being
absorbed by commercial dealers who are paying producers
well over the original loan rates for their grain.
Today prices closed % to l^c. net higher.
July wheat,
representing the new 1940 crop, advanced l%c. to the high¬
est price since late in December today as the grain market
was
by
continuation
reflected
of
dry
in
weather
Southwest.
the
%c.
of the season's peak.
Further advances in Buenos Aires wheat prices to the
highest levels of the year, due to the short Argentine crop,
September wheat
and
within
came
prospects of no moisture relief in the domestic Southstimulated buying sentiment here.
At early highs
went,
of
$1.0534
$1.05 these
and
two
their best levels in
at
were
contracts,
than
more
fractions to 2c. of their season's
peaks.
May
and
July,
month and within
a
May wheat,
repre¬
senting the old crop, also advanced about lc. at times, but
hedging of loan wheat tended to restrict gains, and quota¬
this
contract
well
tions
for
eased
frequently to about V2c. above previous closing levels.
as
as
the
deferred
deliveries
Open interest in wheat tonight was 95,737,000 bushels.
CLOSING
DAILY
„
PRICES
124%
-
CLOSING
DAILY
OF WHEAT IN
Sat. Mon.
„
No. 2 red--.
OF
PRICES
WHEAT
Sat.
124%
NEW
YORK
Wed.
Thurs.
124%
FUTURES
Tues.
Mon.
104%
103%
103%
104%
103%
103
May
July..
September
Tues.
125
IN
Wed.
July
Oct.
Feb.
...
CLOSING
PRICES
OF WHEAT FUTURES
Sat.
Mon.
88%
89%
89%
90%
91%
92
——
-
October
Thurs.
Tues.
Fri.
106%
105%
105
When Made
-
DAILY
Fri.
126
CHICAGO
104% 104% 105%
103% 103% 104%
103% 103% 104
Season's Low and
Season's High and When Made
May
109%
Dec. 19, 1939 May
63%
77}
July
107%
Dec. 19, 1939 July
92
September-_-105%
Feb. 21,1940 September
May
July
125%
24,1939
9. 1939
1, 1940
IN WINNIPEG
Thurs.
Fri.
Wed.
83%
90
90%
88%
90%
91%
89%
90%
92
89%
90%
92%
Corn—On the 30th ult. prices
closed unchanged to %c.
Steadiness of corn reflected light receipts, with spot
unchanged to 34c. higher, only 34 cars received and
11,000 bushels booked to arrive.
This was the last day in
which applications could be made for government loans, and
official figures showed that through Mar. 27 more than
260,000,000 bushels had been stored under loans, an increase
of 10,310,000 bushels for the week.
On the 1st inst. prices
closed unchanged to
up.
The corn market's firmness
was partly in sympathy with wheat and partly in reflection
of the cash market situation due to the loan program.
Spot
prices were unchanged to h£c. higher, with 98 cars and 18,000
bushels booked to arrive. Traders said the end of the period
in which loans could be obtained is not expected to bring any
material increase in receipts.
The principal markets received
only 488,000 bushels, 300,000 less than a week ago and
150,000 less than a year ago.
The government estimated
loans on 1939 corn may aggregate 275,000,000 bushels, bring¬
ing the total quantity of all corn sealed and held by the
Government to around 525,000,000 bushels.
On the 2d
inst. prices closed 34c. off to %c. up.
Corn trade was dull,
but the market was steadied by receipts of only 73 cars at
Chicago and the firm spot market.
Shippers sold 28,000
higher.
market
and dealers booked 41,000 bushels to arrive.
bushels
On
the 3d inst.
prices closed 14c. lower to
higher. Corn
the unchanged spot market with only
received, none sold to shippers and only 27,000 bushels
steadiness reflected
76
cars
booked to arrive.
On the 4th inst. prices closed unchanged to
trade
but
Receipts were
higher.
booked
of
dull,
was
to
corn
R.
arrive.
on
%c. up. Corn
prices were unchanged to lc.
89 cars, but only 6,000 bushels were
spot
O.
Cromwell
estimated
farm
stocks
April 1 at 1,310,000,000 bushels, compared with
1,218,000,000 bushels last year.
Today prices closed % to
%c. net higher.
Corn prices advanced largely in sympathy
with wheat.
A sharp drop in corn receipts to only 39 cars,
the smallest in some time, attracted attention.
est in
corn
tonight
was
OF
Sat.
No. 2 yellow
DAILY
CLOSING
Open inter¬
40,856,000 bushels.
DAILY CLOSING PRICES
73
PRICES
OF
CORN IN NEW YORK
Mon.
Tues.
Wed.
Thurs.
73
73%
73%
CORN FUTURES
Sat.
Mon.
Tues.
73%
Fri.
73%
IN CHICAGO
Thurs.
Fri.
Wed.
56%. 56%
56%
56%
56%
57%
57%
57%
57%
58
58
58%
58%
58%
58%
58%
58%
59%
Season's High and When Made
Season's Low and When Made
May/
63%
Sept. 7, 1939 May
42
July 26, 1939
July—.
61%
Dec. 19, 1939 July
52%
Oct. 23,1939
September
61%
Jan.
4,1940 September... 65%
Feb.
1,1940
May
July
September
—-
—
The Commercial A Financial Chronicle
2288
prices closed unchanged to ^c.
Shippers sold 18,000 bushels of oats, continuing tne
good business in that grain recently. On the 1st inst. prices
closed unchanged to
^c. up. Trading was light in this grain,
with the undertone firm.
On the 2d inst. prices closed
to
3^c. net lower.
Shippers sold 32,000 bushels of oats.
Trading in futures was very light.
On the 3d inst. prices
closed ygd. lower to
higher.
Shippers sold 52,000
bushels of oats.
Outside of this item there wras little to the
Total receipts of flour
Oats—On the 30th ult.
lower.
08bts niRrkot
Shippers
prices closed Vs to %c. higher.
On the 4th inst.
23,000 bushels of oats, which strengthened the May
contract.
Today prices closed Vs to %c. net higher.
Trad¬
sold
ing
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
New
active in this grain today, with prices tend¬
in sympathy with the strength- displayed in
Rye
96,000
York.
139,000
259,000
Philadelphia
26,000
463,000
4,000
13,000
388,000
94,000
New Orln's*
19,000
54,000
130,000
15,000
16,000
"l",666
2,000
Baltimore-
2,000
2*43*,000
6,000
4,000
Barley
bush 56 lbs bush 48 lbs
Galveston..
26,000
St. John,W
102,000
*73.666
26,000
2,000
Halifax
——
405,000
197,000
1,723,000
232,000
114,000
339,000
,3,000
3,209,000
30,219,000
11,566,000
2,447,000
1,170,000
845,000
—
Tot. wk. '40
Since Jan. 1
1940
more
was
ing
upward
the
OF OATS FUTURES IN CHICAGO
Sat.
-
-
Season's
When
High and
43
May
July—_
September
Feb.
27%
30%
31%
May
July
23, 1940 September
Fri.
41%
37
33 %
_
July 24, 1939
Oct.
9, 1939
Feb.
1, 1940
Sat.
+
66,000
24,000
19,000
844,000
269,000
$07,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
on
Tues.
Mon.
Wed.
Thurs.
'
33%
37%
38%
37%
38%
37%
38%
37%
35
35
35%
35%
Philadelphia
Boston
light, and without particular
bushels, compared with 30,249,000 bushels last year. Today
prices closed % to lc. net higher. The strong wheat market
and fresh speculative buying caused the sharp upturn in
rye values, and the market closed strong at about the high
3,000
Sat.
66%
67%
68%
68%
77%
76
75%
CLOSING
DAILY
When
Dec.
Dec.
Dec.
Tues.
Mon.
65%
67 %
May
July
September
...
"5", 000
226:666
"73,666
lOYoOO
405,000
..
220,000
3,344,000
1,557,000
Total week 1940..
Same week 1939
47,000
16,000
73,000
a65,505
117,790
250,000
22,000
Complete flour export data not available from Canadian ports.
The destination of these exports
July 1, 1939, is
for the week and since
below:
as
*
Corn
Wheat
Flour
Exports for Week
and Since
Week
Since
Week
Since
Week
Since
July 1 to—
Mar. 3C
July 1
Mar. 30
July 1
Mar. 30
July 1
1940
1939
1940
1939
1940
1939
Bushels
Bushels
Bushels
Barrels
Barrels
*
Total 1940
65,505
*
3,279,826
117,790
Total 1939
4,089,354
Detailed figures not
visible
The
3,344,000 105,576,000
1,557,000 107,670,000
■
i
Bushels
220,000 24,917,000
250,000 63,456,000
available.
of grain,
supply
comprising the
stocks in
at principal points of accumulation at lake and
seaboard ports, Saturday, March 30, were as follows:
granary
GRAIN STOCKS
RYE FUTURES
OF
CLOSING PRICES
May...
July
September
47,000
1,132,000
—.
St. John, West
Halifax —
levels of the day.
Season's High and
Barley
Bushels
603,000
New Orleans
a
Rye
Bushels
57,505
.j—-
Dec. 1.
closed %c. off to %c. up.
Trad¬
feature.
Nat
Murray's estimate of probable rye production was 20,385,000
DAILY
Oats
Bushels
Barrels
144,000
New York
35%
On the 4th inst. prices
very
Corn
Bushels
958,000
33%
37%
Baltimore
was
Flour
Wheat
Bushels
Exports from—
Fri.
Rye—On the 30th ult. prices closed %c. to
net higher.
Trading was light, but the undertone was decidedly firm
during most of today's session. On the 1st inst. prices closed
%c. to y8c. net higher.
Trading was fairly active in this
market, with prices at one time during the session ruling a
cent higher than the previous close.
The strength of rye was
influenced largely by the bullish news on wheat.
On the
2d inst. prices closed %c. to l^c. net lower.
Rains in the
Northwest weakened rye. With bearish sentiment prevailing
generally, there was very little support given rye futures. On
the 3d inst. prices closed unchanged to ^c. higher.
The
Miller report placed rye condition at 71.8% of normal com¬
on
several seaboard ports for the week
30, 1940, are shown in the annexed
statement:
33%
37 %
-
October
pared with 64
»
The exports from the
ended Saturday, March
35%
May
July-
198,000
6,875,000
OF OATS FUTURES IN WINNIPEG
PRICES
CLOSING
DAILY
40%
36%
33%
Season's Low and When Made
Made
Mar. 11, 1940
Feb. 11, 1940
37%
34b%
40%
36%
33%
40%
36%
32%
40%
36%
33%
Thurs.
Wid.
Tue.t.
Mon.
40%
30%
33%
....
_
531,000
16,532,000
Since Jan. 1
1939.
PRICES
CLOSING
DAILY
May
July
September
324,000
3,865,000
1939.
Week
wheat market.
ing
and grain at the seaboard ports fo
Saturday, March 30, 1940, follow:
the week ended
Boston
i
April 6, 1940
65%
66%
67%
Wed.
Thurs.
65%
66%
67%
65%
66%
67%
Fri.
66%
67%
68%
Made
Season's Low and When Made
26, 1939 May
43%
Aug. 12, 1939
18, 1939 July
52^
Oct.
9. 1939
26, 1939 September — 64%
Feb.
2, 1940
RYE FUTURES
OF
PRICES
Sat.
Tues.
Mon.
Wed.
7294
Thurs.
7094
7194
Fri.
Bushels
United States—
Boston
Oats
Rye
Bushels
Bushels
271,000
•
94,000
Philadelphia...
114,000
Baltimore...—
352,000
362,000
860,000
Galveston
—
2,434,000
-
Wichita
Hutchinson
DAILY CLOSING PRICES OF
Sat.
October....
5294
5094
4894
53
51
4994
49
Closing quotations
Tues.
Mon.
52%
5094
May
July
Wed.
Omaha
5,854,000
7194
Sioux City.
St. Louis
876,000
49
Fri.
5254
5094
4994
21,000
30,000
9,000
128.000
3,000
afloat.,.—..—.—
4,340,000 15,891,000
550,000
-
205,000
109,000
1,3*09,666
906,666
199,000
1,061,000
~86~, 000
•
518,000
684,000
205*,000
15,460,000
Duluth
FLOUR
235,000
Minneapolis...
follows:
were as
144,000
298,000
-
Chicago
"
21,000
13,000
15,000
483,000
253,000
141,000
1,544,000
2,242,000
714,000
Indianapolis
Peoria
16,000
95,000
68,000
1,049,000
1,193,000
5294
5094
9,000
4,000
2,000
2,000
389,000
401,000
3,450,000
Thws.
5294
5094
22,000
165*666
eoaT.ooo
Kansas
City
4,000
i5,ooo
217,000
2,000
71%
7194
WINNIPEG
BARLEY FUTURES IN
57,000
t
198.656
2,161,000
19,759,000
St. Joseph
Bushels
227:665
*
6,602,000
2,410,000
5,367,000
Fort Worth
7094
7194
October
2*666
409,000
791,000
New Orleans
Barley
~
115,000
New York—
7194
May
July
7194
7194
IN WINNIPEG
Corn
Bushels
Wheat
IN CHICAGO
20,735,000
80,000
64,000
5,164,000
4,893,000
2,000
1,849,000
1.284,000
5,000
2,000
1,786,000
6,345,000
1,237,000
300,000
1,358,000
495,000
557,000
663,000
121,000
708,000
Milwaukee
Detroit
"
5.00(9)5.25
Spring pat. high protein..6.00 >6.25 Rye flour patents
Spring patents
5.80 >6.00 Seminola, bbl., bulk basis-6.60@
5.25 Oats good
Clears, first spring
3.05
5.10
Hard winter straights
6.25 Corn flour
.2.10
6.00
Hard winter patents
5.80(2)6.00 Barley goods—
...
...
i
afloat
3,564,000
Buffalo
"
578,000
afloat
2,866,000
3,028,000
_
Prices Withdrawn
Coarse.
Nominal
Hard winter clears
Fancy pearl (new) Nos.
1.2-0.3-0.2
Corn, New York—
No. 2 yellow, all rail
Total Mar. 23, 1940 —
96,182,000 38,979,000
6,754,000
7,083,000
9,788,000 11,857,000
9,793,000 12,330,000
Oats—Erie, 34,000 bushels; Buffalo*
461,000 bushels, against none in 1939.
Baltimore, 156,000; total,
1,271,000 bushels, against none in 1939.
Wheat—New York, 436,000 bushels;
Boston, 1,111,000; Philadelphia, 1,847,000; Baltimore, 4,310,000; Portland, 953,000;
Buffalo, 2,368,000; Buffalo aloat, 283,000; Duluth, 2,731,000; Erie, 25,000; Erie
afloat, 637,000; Albany, 7,598,000; total, 22,299,000 bushels, against 1,829,000
253,000;
not included above:
Buffalo afloat,
174,000; total,
Barley—New York, 217,000 bushels; Buffalo, 898,000;
Oats. New York—
No. 2 white..
Rye, United States, c.i.f
I Barley, New York—
:
.
1
,
7394
95,605,000 38,518,000
Note—Bonded grain
4.50 @6.90
GRAIN
Wheat, New York—
No.2red,c.i.f.,domestic
126
Manitoba No. 1, f.o.b. N. Y.103 54
—
Total Mar. 30, 1940
54%
85
6554
40 lbs. feeding
Chicago,
cash
53-64N
All the statemen ts below
bushels In 1939.
,
r
Wheat
Oats
Bushels
Rye
Barley
Bushels
Corn
Bushels
Canadian—
Bushels
Bushels
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and Since Aug. 1 for each
Lake, bay, river Aseab'd. 38,157,000
1,500,000
328,000
Ft. William & Pt. Arthur 79,772,000
2,738,000
7,640.000
1,173,000
714,000
1,648,000
Other Can. & other elev. 170,463,000
1,624,000
6,271,000
Total Mar. 30, 1940.-288,392,000
11,878,000
3,125,000
Total Mar. 23, 1940.-288,446,000
12,133,000
3,093,000
8,633,000
8,607,000
of tha last three years:
American
95,605,000 38,518,000
Flour
Wheal
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
Rye
Barley
Total Mar. 30, 1940.-383,997,000
Total Mar. 23, 1940.-384,628,000
Chicago
Minneapolis
223,000
9,788,000 11,857,000
3,125,000
8,633,000
38,518,000 18,632,000 12,913,000 20,490,000
38,979,000 19,216,000 12,886,000 20,937,000
bush 56 lbs bush 48 lbs
292,000
240,000
180,000
17,000
106,000
2*09*,000
1,182,000
107,000
23,000
88,000
149,000
48,000
357,000
98,000
1*17,666
133,000
315,000
90,000
Peoria
40,000
402,000
290,000
shipments of wheat and corn, as furnished by
Exchange for the week
July 1,1939, and July 1,1938, are
shown in the following:
47,000
27,000
13,000
1,297,000
303,000
34,000
Kansas City
The world's
"52",000
Duluth
1,034,000
Milwaukee.
*1*5*,000
Toledo
Indianapolis
St.
Louis..
Omaha
St.
Joseph.
18,000
10,000
9,000
49,000
276,000
532,000
,
46,000
406,000
3,000
*6*,000
Broomhall to the New York Produce
ended March 29 and since
Week
34,000
335,000
5,000
77,000
1,000
9,000
21,000
3,493,000
1,020,000
312,000
3,573,000
1,720,000
Argentina.
9,333,000
1,705,000
239,000
174,000
1,392,000
1,525,000
1,209,000
Australia
No. Amer.
Tot. wk. '40
422,000
6,026,000
Same wk'39
466,000
Same wk '38
399,000
3,242,000
2,786,000
,
Black Sea.
.
Since
July 1,
July 1,
1939
1938
1940
Bushels
24,000
Since
Mar. 29,
Exports
48,000
45,000
35,000
.
Bushels
Bushels
Bushels
Since Aug. 1
1939
15,246,000 263,061,000 171,627,000
1938
15,826,000 251,889,000 197,681,000
13,438,000 233,519,000 212,593,000
Week
Mar.
29,
5,398,000 152,607,000 183,832,000
520,000
33,020,000 77,455,000
229,000
59,512,000
1,433,000
1,869,000 124,301,000
11,293,000
9,000
Since
Since
July 1,
July 1,
1939
1938
Bushels
24,971,000
3,301,000
,
Bushels
67,865,000
13,758,000
83,212,000 101,209,000
75,938,000
7,344,000
India
1937
Corn
Wheat
28,000
1940
119,000
92,000
77,000
323,000
Wichita
Sioux City
Buffalo
314,000
2,195,000
6,754,000
11,878,000
288,392,000
Canadian
bbls 196 lbs
Receipts at—
Summary—
Other
75,020,000 21,962,000 90,205,000
80,683,000 20,975,000 77,310,000
87,483,000 23,005,000 80.344,000
countries
Total...
304,000
19,208,000
27,920,000
8,091,000 340,429,000 432,001.000
994,000
35,719,000
35,325,000
2,665,000 147,203,000 218,157,000
The Commercial & Financial Chronicle
150
Volume
State; still very dry in upper Arkansas Valley. Week favorable for planting;
farm work made rapid progress. Bulk of fruit not damaged. Cotton planting
starting; early corn planted: oats improving; potatoes planted; sweet potatoes
Weather Report for the Week Ended April 3—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended April 3, follows:
bedded.
high-pressure system was moving off
development of low pressure over
Mountain region had resulted in
extensive precipitation over the Great Lakes and adjacent sections, while
warmer weather was general over the central valleys.
The western dis¬
turbance continued to develop, with the result that during the middle of
the week widespread precipitation and unseasonably high temperatures
were noted over practically all sections east of the Mississippi River.
At
At the beginning of the week the
THE DRY
the eastern coast, but at the same time a
the lower Great Plains and upper Rocky
Somewhat
Throughout most of the South seasonal averages were
retail
business
during
comparisons with last
the
week,
past
-
reflected, of
year
although
volume
the usual
course,
post-Eastern letdown in sales, and the further fact that
pre-Eastern sales in 1939 were then approaching their peak.
An
improvement
shown
'was
in the
interest in
demand
for
lines
apparel
whereas
slackening.
they
home-
showed
furnishings,
well above normal
Rocky Mountain sections and locally in the Northwest,
from six degrees to 12 degrees above normal.
The week showed a marked recession of the freezing
Night, April 5, 1940
improved weather conditions, and intensified
promotion activities, served to impart a better aspect to
the week
Temperatures for the week were slightly below normal in the upper
Mississippi Valley and the Lake region, but were generally considerably
above average elsewhere.
In the lower Missouri Valley the weekly de¬
partures ranged from 10 degrees to as many as 16 degrees above normal,
while in the lower Great Plains they were only slightly less than this.
and in some
GQODS TRADE
New York, Friday
somewhat lower temperatures were reported from
eastern districts.
In most sections west of the Rocky Mountains tempera¬
tures were moderate and precipitation was widespread attending the moT-_:
ment inland of a low-pressure system from the Pacific.
the close of
2289
Department store sales, the country
a
for
over,
were
from
westward
central
New
the week ended March 23,
line, as first-order
weather south of a line extending
Jersey to northern Kansas, except
stations did not report subfreezing
roughly
in the
Appalachians. Some higher elevations of the West were also below freezing,
but in general temperatures were well above freezing throughout practically
all of the South and the central valleys.
The lowest temperature for the
week was seven degrees below zero at Greenville, Maine, on March 29.
The weekly totals of precipitation were again extremely light in a rather
wide belt extending from southern Iowa southeastward to eastern New
Mexico, covering most-of Kansas and Oklahoma.
In contrast to this,
however, heavy rains were noted in the central Gulf area and moderate to
heavy precipitation in central New York and Pennsylvania, white excessive
fails occurred in northern California.
Adequate to substantial rains were
quite general in most northeastern and
according to the Federal Reserve
Board, exceeded those of the corresponding week of last
New York and Brooklyn stores showed
by 12%.
year
a
gain of 10.2%, while in Newark establishments the increase
in volume reached
18.3%.
Trading in the wholesale dry goods markets continued
spotty as both wholesalers and retailers limited their pur¬
chases to
south-central sections, while the
districts also had sufficient moisture.
The reaction to warmer weather, in connection with adequate surface
moisture, made a better growing week in most central and southern sections.
All vegetation made rapid growth the latter part of the week, while farm
work advanced rapidly wherever the soil was sufficiently dry.
Conditions
continue detrimental, hd^ever, in the southern Great Plains, centering in
Oklahoma where maximum temperatures of 90 degrees to 98 degrees and
dust storms were reported.
In this State streams and ponds were reported
drying at an alarming rate, while in Kansas severe dust storms were re¬
ported on two days in the central part of the State.
In a rather general
area from northern Illinois southwestward to New Mexico, a good, soaking
rain is badly needed as reports are quite general of serious deficiencies of
northern Great Basin and Pacific Coast
subsoil moisture.
continues about two weeks late, but
rapid advance of vegetation and outdoor work,
southern sections. In some northern localities the warmth
melted the snow cover rapidly, resulting in some floods in New York and
In more eastern States the season
the warmer weather favored
In connection with special
nearby requirements.
promotions, further scattered orders on wanted items were
received, and
wash
there
was
additional substantial
goods, notably of the sheer type.
•
buying in
During the latter
part of the week, sentiment improved considerably in con¬
of the marked revival in the primary cotton goods
sequence
markets, and reports were heard that wholesalers and chains
displayed more interest in forward commitments. Business
in silk goods remained inactive although it was believed
in
quarters that the decline in raw silk values may
some
at least in more
result
Michigan.
sections from the Rocky Mountains westward conditions are
favorable, with quite adequate surface-water supplies and vavor-
continued fairly active, with un¬
abated interest being shown in the finer deniers.
Total
However, heavy to excessive rains in northern Cali¬
produced serious floods in the Sacramento and northern coastal
inundated.
increase
In
most
rather
able
temperatures.
fornia
valleys, with muctfe.lowland
Small Grains—Winter wheat is beginning to show green
northward to
influence of favorable temperature and
moisture conditions.
In the Ohio Valley progress ranged from fair to good
rather generally, and condition ranges from poor in local areas in Illinois
to fairly good; considerable improvement was noted during the past few
days.
Winter wheat made good growth in Missouri, while progress and
condition varied from poor to fair in Kansas.
In Oklahoma the crop made poor progress or deteriorated, due to high
winds, heat, and drought, with condition poor to only fairly good.
In
Texas progress and condition were mostly fair, except local areas where
there has been deficient rainfall.
Wheat is greening in Montana where
the soil moisture is satisfactory for starting growth.
In the more north¬
western localities moisture is, at present, adequate, and winter wheat is
making satisfactory advance.
Oat seeding has begun northward to central Iowa and this work has
made good advance in more southern districts, with a greater portion
already seeded in Missouri.
Fair progress was noted in Oklahoma and
Texas, but the lack of rain is becoming serious in portions of these States.
Elsewhere in the South oats are improving and are in fair to good con¬
dition. Good progress was made in the preparation of rice land in Louisiana,
and a little has been planted, but in Texas seeding has been delayed, al¬
though conditions have improved recently.
,
South Dakota and Iowa, under the
Corn
and
the past
the Gulf
conditions were more favorable during
pl&nting did not advance much beyond the limits of
central part of Arkansas, and southern Oklahoma.
corn planting made generally good advance, although
Cotton—Although
week, corn
States,
the
In the Gulf States
remains to ba done in Texas.
planting made considerable advance in central Texas, and else¬
where preparation of soil continued.
Outdoor work advanced in southern
localities, with planting begun in southern Alabama and Georgia and
resumption of this work begun in coastal regions of South Carolina. Some
cotton planting has been done in south-central New Mexico and California.
much planting
Cotton
The Weather Bulletin
furnished the following resume
of
conditions in different States:
Favorable temperatures for wheat, oats,
Georgia—Atlanta:'
truck, pastures, and meadows. Adequate to too much
too wet.
Planting cotton in south; some coming up.
bloom in some places.
tobacco,
rain; clay soils still
Peaches past full
Florida—Jacksonville;
Favorable temperatures with adequate rainfall;
moisture now ample.
Cotton planting slow progress and slow ger¬
Cora coming up good and planting continues. Potatoes up and
in
reviving interest
Trading in
rayon
good;
good growth.
Setting out tobacco plants.
Truck progress fair to
damage to beans in Broward County by scalding. Citrus new growth and
heavy bloom.
Pears and peaches setting heavy crop. Planting cane and
peanuts.
v
Alabama—Montgomery:
Cotton planting begun in south; land prepa¬
ration making better progress other sections. Corn planting well advanced
in south and extending into north.
Oats, clover, and vetch improving and
fair to good in middle and south.
Fruit trees through blooming in south;
blooming freely farther north. Strawberries developing nicely.
Mississippi—Vicksburg:
Moderate to heavy
precipitation 28th and
farming activities which appear 10 days to two
considerable corn must be replanted. Cotton now
being planted; tomatoes being set in fields.
Conditions now appearing
favorable for good progress generally.
Louisiana—New Orleans:
Good progress made planting corn and pre¬
paring rice and cotton land.
Some rice and cotton planted locally.
dition and progress of early corn, potatoes, truck, and gardens good.
Moderate to locally excessive rains 29th very beneficial, but retarded farm
work locally. Truck set back and some early corn and bloom on fruit trees
killed by freeze in extreme north at close of preceding week.
29th causing cessation of
weeks seasonally late;
rain needed,
coast. Progress and
in sections where
dry. Oats and minor grains fair to good condition, but some wilting due to
lack of rain and soil moisture in north. Planting corn continues, with some
coming up; good stands in north and central; much to be planted yet;
general condition of corn fair.
Cotton planting considerable advance in
central; elsewhere preparation of soil continues; ample rains very beneficial
to cotton in south
Truck being planted, with some coming up; fair con¬
dition. Ranges improved somewhat; fair condition benerally. Alfalfa growth
made favorable advance in north and west.
Livestock mostly good con¬
dition.
Fruit trees blooming generally; some beginning to put on fruit in
north and central.
Little rice has been planted, but conditions good for
Texas—Houston:
Temperatures
favorable for growth; more
although adequate for present along middle and upper
condition of winter wheat mostly fair, although some poor
planting in near future
Rock:
Temperatures below normal first
averaging six degrees above normal; sunshine
Arkansas—Little
above thereafter,
Rains, one to two
inches in east and
of week,
adequate.
south, light amounts, remainder
of
finished
silks
beforelong.
surplus stocks in the hands of producers registered a moderate
during last month, and it was predicted that the
sharp reaction in raw silk prices may cause knitters to reshift
their purchases to
the natural product.
Domestic Cotton Goods—The
improvement in the
cloths markets which started late last
week
was
gray
continued
during the period under review, and total sales exceeded
the
output
current
the
same
by
very
a
considerable margin.
At
time prices of most constructions showed a stiffening
While the revival in trading was looked upon as a
trend.
logical reversal from the previous long period of inactivity,
it
was
also predicated on the expectation that a
mild upturn
The better trend of security
prices, and somewhat more encouraging reports from the
finished goods markets also helped to improve sentiment.
in
general business is at hand.
Most
of the
buying
and converters,
too,
displayed
was
but it
more
credited to corporation printers
was
noted that bag manufacturers,
interest in offerings.
Business in fine
goods improved moderately, and prices showed a slightly
steadier tone.
Lawns and broadcloths sold in scattered
existed for challis and flakes.
follows: 39-inch 80s,
6^c.; 39-inch 72-76s, 634 to 6^gC.; 39-inch 78-72s,
5%c.; 3834-inch 64-60s, 4J4 to 5c.; 3834-inch 60-48s,
lots, and continued interest
Closing prices in print cloths were as
6% to
5
34 to
43i to 434c.
Woolen
Goods—Trading
soil
mination.
in
yarns
mained spotty as
in
men's
fabrics
wear
re¬
clothing manufacturers maintained their
cautious attitude, pending clarification of the
response to the introduction of the new spring
Moreover, further resistance to current price de¬
was experienced as a result of the recent softening in
previous
consumer
lines.
mands
raw
wool values.
Scattered interest continued in lightwear
materials, and further substantial orders were placed on
overcoatings.
Mill operations showed few changes, pending
the receipt of specifications on the new fall lines.
Reports
from retail clothing centers made a slightly better showing
as warmer temperatures prevailing in some sections of the
country stimulated consumer buying of spring apparel
items.
Business in women's wear fabrics came to a virtual
standstill
the
new
as garment manufacturers awaited the opening of
fall collections scheduled to take place later this
month.
*
Goods—Trading in linens remained spotty,
confined to occasional lots of house¬
Sentiment improved somewhat, in view of
the more stabilized foreign price structure.
Business in
burlap expanded moderately, and prices, following early
further weakness, displayed a stiffening trend, in line with
better Calcutta cables as a result of the comparatively
moderate increase in stocks at that center during last
month.
Domestically lightweights were quoted at 5.40c.,
Foreign Dry
and transactions were
hold numbers.
heavies at 7.30c.*
The Commercial & Financial Chronicle
2290
April 6, 1940
i
State and
City Department
Specialists in
Illinois & Missouri Bonds
$5,500,000 for the same purpose was negotiated in January
by the Los Angeles, Calif., Department of Water and Power.
The total for March of the present year, it should be noted,
does not take into account the agreement whereby the Re¬
construction Finance Corporation has promised to purchase
^$57,000,000 N. Y. City Tunnel Authority, N. Y.r33^%
tunnel construction bonds.
This loan, in accordance with our
policy regarding municipal borrowings from Federal agencies,
will not be reflected in our totals of tax-exempt financing
unless and until the securities are taken by private sources.
The March offerings included the following issues of
$1,000,000 or more:
Stifet, Nicotaus & Cojnc.
Founded 1890
106 W. Adams St.
314 N. Broadway
DIRECT
CHICAGO
WIRE
MUNICIPAL
BOND
THE
SALES
FIRST
ST.
IN
MARCH
LOUIS
AND
$28,160,000 Miami, Fla., refunding bonds, comprising $6,300,000 4s, due
from 1941 to 19.50 incl., $2,300,000 3 Ms, due in 1951 and 1952,
$11,200,000 3Ms, due 1953-60 and $8,360,000 3 Ms, maturing
from 1961 to 1965 incl., were awarded to a syndicate headed
by the Chase National Bank of New York, at a price of 98.50,
a net interest cost of about 3.76%.
Reoffered to yield from
1% to 3.75%, according to coupon rate and date of maturity.
Bonds due after 1960 are callable July 1, 1945 and thereafter at
various premiums.
FOR
QUARTER
The outstanding feature of the municipal bond market dur¬
ing the past month was the marked success which attended
the refunding program negotiated by the City of Miami,
Fla.
This operation, involving the public award of $28,160,000 bonds, overshadowed in dealer interest all of the
other borrowings undertaken in that period.
The sale was
3,600,000 Brazos River Conservation and Reclamation District,
Texas, refunding bonds, embracing $220,000 2s and $3,380,000
2 Ms, due serially from 1941 to 1955 incl., purchased by Phelps,
Fenn
&
Co., Inc., New York, and associates.
Reoffered
from a yield of 0.40% to a price of 99.50.
1950 to 1959 incl., bearing 4M% interest to Aug. 1, 1941 and
3%
Eartieularly significant, not only due to the evidence ofloan,
size of the the
ut also because it constituted concrete
3,100,000 Chicago,
t
favorable cost basis and in
The output in the first
a
a manner
three months of 1939
on
the large amount of
refunding issues brought
Offerings of that character aggregated
than $189,299,083, in contrast with an
output of
only $51,775,272 in the same period of 1939; $46,498,050 in
1938, $81,187,329 in 1937 and $117,782,726 in 1936.
It
was in the latter
year, incidentally, that municipal refunding
attained the all-time high of
$382,442,632. Another feature
of the financing to date in 1940 has been the
substantial
offering of revenue issues, bulk of which was in the refund¬
ing category.
Largest of such loans was the $98,500,000
Triborough Bridge Authority, N. Y., issue in February,
of which $71,000,000 was for
refunding. The same month
witnessed the placement of a
$33,000,000 refunding issue
by the Port of New York Authority, N. Y. Borrowing of
period.
3.05%,
according
Reoffered to yield from
interest rate and date of
to
Pa.,
2%
refunding
bonds,
due
yearly
from
to 1960 incl., purchased by Phelps, Fenn & Co., Inc.,
York, and associates, at 100.829, a basis of about 1.91%.
Reoffered to yield from 0.20% to 2.10%, according to ma¬
turity.
1941
New
1,795,000 Rochester, N.
Y., 1M% bonds, due from 1941 to 1950 incl.,
sold to the First National Bank of New York and associates, at
100.167, a basis of about 1.22%.
Reoffered to yield from
0.20% to 1.40%, according to maturity.
1,781,000 Wichita Falls Independent School District, Texas, 3%
refunding bonds sold to the State Board of Education.
Due
in 22 years.
1,500,000 New Mexico (State of) 3% highway debentures, due semi¬
annually from 1951 to 1955 incl., purchased by the State
Treasurer, at par.
1,350,000 Houston, Texas, 1 %% and 2)4% Jiew capital issues, due
yearly from 1941 to 1965 incl., purchased by Kidder, Peabody
& Co. of New York and associates, at 100.017, a net interest
cost of about 1.86%. Reoffered to yield from 0.20% to 2.10%,
according to interest rate and date of maturity.
1,350,000 New York City Housing Authority, N. Y., Vladeck City
Houses bonds bearing interest rates of2M%,2M%,3% and
3)4% and maturing from 1941 to 1980 incl., awarded to
Phelps, Fenn & Co., Inc., New York, and associates, at
100.059, a net interest cost of about 3.14%. They were placed
privately with the Bowery Savings Bank, New York City.
1,213,000 King County, Wash., 2M% funding bonds, due from 1942
to 1950 incl., purchased by John Nuveen & Co., Chicago, and
associates, at 100.296,
a
2.45% cost basis.
Reoffered to
yield from 1.25% to 2.60%, according to maturity.
1 000,000
Northampton Borough Municipal Authority, Pa., water
system purchase revenue bonds bearing 2 % % interest and due
from 1941 to 1970 incl., purchased privately by B. J. Van
Ingen
Inc.,
Co.,
&
offered to yield from
The
of New York, and associates, and
0.50 % to 3 %, according to maturity.
unsuccessfully offered last month
Page number of the "Chronicle" is
issues
herewith.
re¬
given
given for
are
reference purposes:
Page
2150
Int. Rate
Name
Campbell County, Tenn
1970
2145
bLiberty Civil Township, Ind
cLouislana (State of).
x
aDallas Center, Iowa
1812
x
__
—
dLuck, Wis
1974
North Kingsvllle, Ohio
1976
1974
less
interest cost of about 3.03%.
1,850,000 Pittsburgh,
1642
out in that
waterworks system
2,130,000 Birmingham, Ala., bonds consisting of $1,820,000 3s, due
yearly from 1944 to 1959 incl., and $310,000 2Ms, maturing
from 1941 to 1952, were sold to Blair & Co., Inc., New York,
and associates, at 100.019, a net interest cost of about 2.94%.
Reoffered to yield from 0.75% to 3%, according to interest
rate and date of maturity.
was
quarter bears
net
0.75% to
maturity.
$276,948,227; in 1938, $221,339,709; in 1937, $309,562,106,
and in 1936 the figure reached
$316,137,064.
A further
point of interest in connection with the financing in the 1940
no
111. 2)4%
2,500,000 Yonkers, N. Y., bonds, bearing interest rates of 3% and
3)4% and maturing serially from 1941 to 1960 incl., awarded
to an account headed by Lehman Bros, of New York, at 100.02,
1924k°U^ $25,000,000, or approximately 40%, since July,
1931.
by
2.40% to
2,760,000 Minneapolis, Minn., 1.90% new capital issues awarded to
Phelps, Fenn & Co., Inc., New York, and associates, at 100.201, a basis of about 2.87%.
Due from 1941 to 1960 incl.
Reoffered to yield from 0.25% to 2.15%, according to maturity.
only available to borrowers whose debt-paying ability is
definitely established amply testifies to the confidence of
investment bankers in the soundness of the city's finances.
Two syndicates competed for the new issue and the award
was made
in exceptionally close bidding to a formidable
group headed by the Chase National Bank of New York
City.
The operation was no less a success to the under¬
writers, as the avid demand for the securities on the reoffering made possible the closing of the syndicate account
by the close of business on the day of the award.
The
success of financing, moreover,
quite possibly may have a
beneficial effect on the market for Florida municipals
generally.
Still another operation of more than general interest in the
recent month was the public offering by Lehman Bros, of
New York and associates of $3,297,000 State of South Dakota
refunding bonds, for the reason that it represented one of the
final steps in the State's $20,000,000 rural credit refinancing
program.
Announcement was made in connection with the
offering that arrangements have been made for the refund¬
ing of $10,846,000 of the outstanding debt and^that an
exchange offer governing a further $9,579,000 of old bonds
will complete the program.
The initial step occurred last
January when the aforementioned bankers placed $2,200,000
of new bonds on the market.
As a result of the refinancing,
the State's annual cost of liquidating its rural credit indebted¬
ness will
average around $2,500,000 annually over the next
20 years.
The State, incidentally, has reduced its net debt
The importance of the Miami
offering on the course of
municipal financing in the past month is emphasized in the
fact that it accounted for no less than
$28,160,000 of the
grand total of $83,014,146 of borrowing completed in that
period.
This compared with an output of $172,316,014 in
the previous month and
$85,037,177 in January. Thus taxexempt awards in the first quarter of the present year
aggregated $340,367,337, this figure being substantially
larger than the total for any corresponding quarter since
headed
certificates of In¬
$1,800,000, due in 1954 and
Hutzler of New York,
at 101.337, a basis of about 2.14%: $1,300,000, due in 1953
and 1954, went to First National Bank of Chicago and R. D.
White & Co., New York, as agents, at 101.23, a basis of
about 2.14%.
was
on a
account
1955, purchased by Salomon Bros. &
collapse of its financial structure.
precipitated by the Florida real estate
1926, the task of reconstruction was severely handi¬
capped by the general business depression .which sub¬
sequently developed.
It thus is evident that the job of
fiscal rehabilitation was fraught with difficulties consider¬
ably more burdensome than was the lot of the majority of
taxing units which were obliged to undergo the correction of
defaults in recent years.
Certainly the city's ability to
credit
an
debtedness were issued as follows:
crash in
new
by
Lehman Bros, of New York, at prices to yield from
stances which attended the
obtain
publicly offered
thereafter,
2.55%, according to maturity.
restoration of the credit rating of the city.
The community's
achievement is the more noteworthy in view of the circum¬
While the decline
Dakota (State of) series AA refunding bonds, due
3,297,000 South
x
Rate of interest was
>
not exc. 4%
not exc. 4%
not exc. 2)4%
5%
eOklahoma City, Okla.._.
Youngsvllle, N. C
.
x
-
not exc. 6%
optional with the bidder,
a
Amount
$250,000
17,039
32,800
2,500,000
20,800
6,250
6,911,000
28,000
Report
Bids rejected
Re-offered
Re-offered
Re-offered
Re-offered
Not sold
Bids rejected
No bids
Issue re-offered April 8. b Sale
postponed to April 10.
c New sale date is April 17.
d Issue will be re-offered,
Rejection of bids as "to high" followed legal attack in court on validity of election
at which the bonds were approved.
e
Public sale of $53,683,000 notes
by
a group
of local hous¬
ing authorities, marking the third operation of this character,
plus the issuance of $45,000,000 revenue bills by the City of
New York, helped the grand total of temporary municipal
financing during March to a figure of $133,584,250. As was
true of the two
previous offerings, the bulk of the housing
successfully bid for by the Chemical Bank &
Co., New York City.
Interest cost on short-term
credit continue to reflect the constantly expaading supply
of investable funds in the hands of banks and other
insti¬
notes
were
Trust
tutions.
The Canadian
>
new
dormant throughout
issue municipal market was practically
March, the several issues sold having
/
Volume
involved
The Commercial & Financial Chronicle
15%
of
aggregate
an
$877,356
election held in the Dominion
bonds.
general
The
March 26 resulted in the
on
overwhelming majority, of Prime
Liberal party.
The
Government borrowed $50,000,000 on three-months Trea¬
sury bills for refunding purposes.
The Province of British
Columbia sold $3,000,000 3}4% bill to provide for payment
return
to
office, by
Minister
of
William
an
Mackenzie's
L.
like amount of bonds which matured March 15.
a
city
and
2147
county
Rate" Maturity
Name
2.20
,1972 Cozad, Neb
3X
1643
Dallas, Texas (3 Issues)
1976 Danville, Va
—
1974 Dayton, Ohio (4 Issues)
2145 Dayton,
Ohio
Daytona Beach, Fla
1974 Defiance, Ohio
59,345,983 128,568,023
84,360,000 74,934,468
Placed in
General
U.S...
fund
None
1642
;
3,000,000
2148 East Cleveland, Ohio
Elkhorn 8. D., Neb—
1813
9,658,501
2146
None
None
1641
None
22
8
1974
1976
218,225,752 245,552,548 299,435,078 165,956,428 213,160,992
Total
New York City In March: $45,000,000
1940; $50,000,000 in 1939; $45,000,000 in 1938; $58,000,000 in 1937 and $51,000,-
*
In
Includes temporary securities Issued by
000 in
1936.
places in the United States selling perma¬
made during
March, 1940, were 267 and 364, respectively. This contrasts
with 236 and 284 for February, 1940, and with 325 and 372
nent bonds and the number
for
of separate issues
add the following table show¬
ing the aggregates for March and the three months for a
series of years.
In these figures temporary loans, New
York City's "general fund" bonds and also issues by Cana¬
dian municipalities are excluded:
For comparative purposes we
Month of
3 Months
March
276,948,227
221,339,709
309,562,106
316,137,064
300,921,678
218,265,914
67,335,063
282,703,824
449,603,589
316,829,935
251,388,122
364,000,414
372,613,765
359,623,729
326,927,507
295,559,537
246,574,494
1898
292,061,290
204,456,916
174,073,118
106,239,269
75,130,589
101,047,293
120,003,238'
1897
128,568,023
al50,313,900
98,012,229
13,928,639
1934
1933
1929
109,163,071
b279,508,181
125,428,605
105,775,676
1928
cl29,832,864
1932
1931...
1930
1927
88,605.561
1926
1922
116,898,902
111,067,656
101,135,402
69,575,262
116,816,422
1921
51,570,797
1920
58,838,866
50,221,395
28,376,235
35,017,852
1925
1924
1923
1919
1918
-
32,779,315
1916
Note—Including New York State
500,000
In
165,762,752
72,613,546
75,634,179
123,463,619
1908
1937
1935
$144,859,202
1913--
1938
1936
..d$67,939,805
1914
109,859,180
59,345,983
1939
$340,367,337
d $27,000,000; e
the
1912
1911
1910.
1909
1907
1906
1905
1904
1903
1902
1901
1900
1899
-
1896
1895
1894
1893
1892
22,800,196
e69,093,390
32,680,227
18,912,083
10,620,197
20,332,012
17,980,922
14,723,524
9,084,046
7,989,232
10,432,241
8,980,735
5,507,311
6,309,351
12,488,809
4,219,027
4,915,355
5,080,424
6,994,246
8,150,500
104,017,321
79,940,446
90,769,225
58,320,063
67,030,249
35,727,806
46,518,646
40,176,768
31,519,536
23,894,354
34,492,466
18,621,686
23,765,733
35,571,062
15,150,268
21,026,942
24,118,813
17,504,423
22,264,431
bonds:
\
list the various issues sold during
we
Name
1975
Arena,
-
Rate
3
1X
College,
.
Alice S. D.. Texas.
2150
1637 Arizona
Wis..
Teachers
State
Ariz
Maturity
1942-1970
1945-1953
2146
1XAX
Auburn, Me. (2 issues)
Bay City 8. D., Mich
2X
—4
1970 Baltimore County, Md
1975 Barstow S. D., Texas
2145 Belmont, Mass.
1813
1945-1949
194C-1947
Bennett, Neb
Bellaire, Ohio
1974
Berlin 8. D.f Ohio
1814
Binghamton, N.Y
1968
Birmingham, Ala
1968 Birmingham, Ala.
2148
1817
1643
2146
1643
1639
1975
1643
1817
2146
2146
1972
-
—
1941-1950
1941-1949
2X
(2 issues)
IX
Blanchard-Pleasant 8. D., Ohio..3
Blount County, Tenn
2X
BoggsTwp. 8. D., Pa. i2 issues)_.3>$
Bordentown, N. J
3X
Bowie, Texas (2 issues)
—-4-4X
Bralnerd, Minn
3
Brazos
River
Conservation
and
Reclaming District, Texas—-2-2X
Brooksmith Con. Rural H. 8. D.,
TffXftfl
Brownsville,
m
-t
f
~ **r
Pa. (2 issues)
1941-1954
—IX
3
IX
2X
— 1
-—3
Black Hawk County, Iowa
-
1942-1952
1941-1950
1941-1980
0.75
(4 issues).
Ohio
Belmont County,
2298
1812
1814
2143
Price
Basis
lbV.oi"
1.56
10 years
1941-1948
1941-1954
1941-1950
1944-1959
1941-1952
1945-1950
1940-1949
1941-1950
1943-1952
1940-1944
1941-1954
1941-1960
335,000
r5,000
7-21,000
8,000
38,000
130,000
83,000
800,000
7*12,500
110,000
150,000
7-8,COO
15,000
32,000
100,000
rl,820,000
310,000
0220,000
15,000
10,000
10,000
6,500
r92,000
30,000
100.51
2.43
100
4.00
4,000
100.05
2.38
1943-1950
15,000
75,000
100.30
1.45
100.10
2.08
100.70
1.10
100.47
1.87
1941-1949
1941-1947
1941-1948
1941-1958
1.70
2.54
9,500
24,000
63,000
19,000
2,000
6,000
r29,000
11,000
45,000
100.05
3.48
1976
Granville
3X
Buchanan, Mich. (2 issues).IX
Caldwell-WestColdwell8. D„ N.J.2
Bruning, Neb
100.63
1.38
7*45,000
100.20
0.93
55,000
100.10
100.04
1.74
100
3.50
&
8.
Wauwatosa
1.98
100.34
l".95
100.64
1.17
160". li~
2.11
25,000
101.40
4.62
100.15
1.98
104.58
1.35
101.06
1.27
100.10
1.98
100.20
1.96
1.80
D.
2
4
IX
1973
Greenville Fire Dist., N.Y
2
1941-1951
1644
Green River, Wyo
2
1%
2
4
4
2X
4
1941-1950
1941-1949
85,000
100.44
10,000
100.72
0.50
No. 14, Wis. (2
Issues).
1813
Greenwood, Miss
2145
j
Grimes Ind. 8. D., Iowa
2144
Halifax Hospital Dist., Fla
1976
Hamlin, Texas
1970
Hammond San. Dist., Ind
1970 Hancock, Iowa
—
2149 Harrisburg, Pa..
1644 Harris Co. Water Control &
Dist. No. 1, Texas—;
1643
2298
4.00
100,000
100.35
0.38
83,000
1940-1949
1942-1955
IX
1944-1955
issues)
Miss
2X
Homestead 8. D., Pa
—2
Horicon, Chester & Hague 8. D.
15,000
16,000
1,350,000
250,000
7*207,000
27,000
15,000
IX
1940-1954
2
3X
2
5
IX
4
1941-1954
Tenn
Huntington, Ind
Texas
Indianapolis School City, Ind
Iowa City, Iowa
1971
Jackson County, Minn
Jacksonville, Tex..
(3 issues)
3 ;
1811 Jefferson Twp. 8. D., Ind
2X
1644 Karnes Co. R. D. No. 4, Texas..-3X
1818 Kelso 8. D. No. 133, Wash
2X
Jefferson Co., Ala.
Kenesaw, Neb.
Kenton, Ohio
\X
±X
%X
2X
-1
1643
Kingsport, Tenn. (2
100.10
1.63
100.18"
2.19
issues)
Y. (4 issues)
(2 issues)—..2.20
Larchmont, N. Y.
IX
1638
2.15
2147
100.18
0.97
1816
Lockport, N.Y
Lorain, Ohio
100.01
2.94
1644
1943-1979
1952-1961
1941-1960
100.01
2.94
1.42
1644
10(129 ~
2.19
4X
2150 Latt, Texas
100.73
1643
Luck Joint 8. D. No.
1942-1945
1942-1950
1941-1965
1941-1950
1941-1950
1943-1947
1940-1949
100.80
3.33
100
3.50
1971
Macomb County,
1640
2149
1975
1976
2150
2.90
1814
100.23~
117
20,000
100.38
1.94
1641
1638
Mason City, Iowa
1638
Mason County, Ky—
l".78
100.30
102.27
T.82
"99.12"
1.13
102.07
3.06
2.35
100.31
100.35
7,426
11,770
1,213,000
190,000
150,000
100.04
1.74
100.29
2.45
100.30
0.92
15,000
20,000
20,000
14,000
100.27
2.14
100.19
2.48
100
1.75
100.49
3.15
100.57
100.14
1.68
82,500
100.13
1.17
12,000
7-4,500
15,000
27,500
500,000
300,000
7-67,600
7-555,500
rd25,000
10,000
20,000
100.20
1.21
109.04
1.21
10,000
10,000
105.25
2.47
100.44
2.45
15 years
1941-1970
1970
1.74
loVil"
1941-1945
IX
4-4X
-3X-4X
-AX
Madras, Ore
2
Madison Co. 8. D. No. 77, 111
3
Mahoning Twp. 8. D., Pa...
3X
Maiden Rock 8. D. No. 3, Wis..-2X
Malakoff 8. D., Texas
4
Mamaroneck, N. Y
2.20
Manor haven, N. Y
3.40
Marion, Ind
2
1.86
100.01
1941-1956
2
Mich
4.00
100.01
150,000
7*25,100
73,700
1942-1945
McCook 8. D., Neb
100
1943-1950
1941-1953
issues)
Lynn, Mass. (2
1976 Mabank, Texas
1.79
13,000
3, Wis...—2X
Luzerne County, Pa
1473
7*352,000
27,000
35,000
65,000
1941-1951
Loraine, Texas
-
101.11
100.30
C— —
—
1.75
3.18
100.43
120
IX
1.41
100
6,000
1940-1954
2147
2145
2.40
2,973
3X
3^
Lewisboro, Bedford & Poundridge
S.D.No. 1, N. Y
170
Liberal, Kan. (2 issues)..—-3X-3X
Liberty Twp., Ind. (2 issues)
1.32
1.16
3.00
100.74
48,000
Lawton, Okla
Leslie-8. D. No. 52, 8.
IOO.45"
100
194Y1947
1637
Leeds, Ala.
100.31
r400,000
2149
1817
95
1941-1960
--
—
—
2147
1973 Kingston, N.
r120,000
1941-1948
1941-1965
Houston, Texas
7-20,000
8,000
230,000
7,000
13,500
60,000
38,000
7-25,000
1941-1950
1942-1952
Dak—.—4
issues)
Houston, Texas (7
1638
2150
2.49
1941-1945
Holmes Co. R.D. No. 5,
1975 Humphreys County,
2145
4.00
100
1941-1958
No. 1, N. Y
1976
l66""""
100.14
d8,000
3
Hobart 8. D., Okla
1817 Hosmer Ind. 8. D., 8.
1976
7*38,000
408,000
1951-1960
1942-1946
4, Neb
1974 Holdenville, Okla.(5
1813
1941-1957
2X
Hayes Co. 8. D. No.
7*500,000
1942-1971
1941-1950
2146 Hebron, Neb
1817
1941-1962
IX
Harrison Twp., Mich
2145 Haverhill, Mass..
1814
1948-1950
.—3X
--5
1640 Harrison County, Miss..
1639
1940-1942
Impt.
5
King County, Wash
dl55,000
2.09
100.29
Greene County, Iowa
4.00
1941-1955
2150 Calhoun Co. R.D. No. 1, Texas
1.37
100.06
Greensboro, N. C
100
...
2.09
1973
101.03
1942-1951
2.17
101.10
100.91
2145
50,000
d2,500
36,800
1941-1945
105.93"
69,000
75,000
0220,000
55,000
7-37,000
3,500
1950
2.36
1941-1955
1941-1965
.*—3
2.93
102.25
r50,000
250,000
1944-1959
1974
1940-1969
f
2.72
100.19
97.50
100,000
Kenton, Ohio—
r3,600,COO
100.28
100.57
78,000
1943-1950
1810
1969
1941-1955
1.50
107
7-65,000
1818
2.90
100
6 .89
113.15
1941-1968
1816
100.66
..
12,000
1941-1955
IX
3X
Graham County, Ariz..
—2-2X
Grand Forks Park Dist., N. Dak. .2%
1.93
100.73
166.25"
8,000
15,000
49,000
rd8,000
r21,700
38,000
110,000
15,000
Grandview Ind. 8. D., Texas
2148
.
2.16
100.45~
4.45
98
50,000
265,000
Gloucester, Mass
1811
100.36
0.60
2.97
1941-1944
2150
2143
101.26
1C0.93
1.04
10016"
27,000
7-173,500
150,000
7-25,000
75,000
2143
1816
100.48
1.97
100.68
1941-1965
—
1814
1638 Auburn, IU
1639
r40,500
1941-1950
2X
2X
3X
Arlington, Ore.. — —.Atlantic Highlands, N. J—
Amount
10,000
4
—-
1817 Arlington, Ore
2148
1642
1,94
100.30
3,710
—
1970
a$45,025,000; b $100,000,000; c $22,-
March:
1817
1811
1.87
98.63"
13,000
1941-1947
IX
1942-1946
3X
1954-1956
Eureka 8. D., Mo.
....—--3X
1941-1945
Exeter Twp. 8. D., Pa
3X
1941-1964
Fallsburgh, N. Y
2X
1942-1960
Fair Lawn 8. D., N. J—
3
1940-1949
Falrview Fire Dist., N.Y—
2.40
1941-1950
Farmington, Minn
4X
1941-1950
Felicity, Ohio
2X
1941-1959
Fernnimore, Wis..
2X
1944-1950
Fertile Con. 8. D., Iowa
2X
1946-1949
Floyd County, Iowa
IX
Forreston, 111
4.X
1945-1954
Forsyth County, N. C
2-2^
1941-1950
Franklin County, Ohio
IX
1941-1945
Fremont, Neb
1
1942-1952
Fresno County, Calif
2
1942-1948
Fresno County, Calif..—
—AH
1943-1966
Gadsden, Ala. (6 issues)
3X
1946-1953
Gary, Ind
2X
1941-1952
Girard City 8. D., Ohio
2
1968
Page
2146
1970
3.25
100.69
1941-1944
—
_
2.18
166""""
1941-1945
—
-
2150 Huntington 8. D.,
$50,000,000.
following
3 Months
43,346,491
14,541,020
21,138,269
1915----.
$83,014,146
119,325.184
For the
March
For the
Month of
1940
Wis
r31,000
r500,000
dr87,000
600,000
r75,000
300,000
210,000
3,000
r300,000
Basis
100.12
49,555
17,500
1812
March, 1939.
1917
1638
1816
The number of
1941-1959
1812 Estherville, Iowa (4 issues).
1644 Ettrick, Wis
22,250,445
None
1941-1950
2.10
IX
2
„
Elkhart County, Ind
1975
None
None
None
1941-1955
—
.
1973 East Syracuse, N.Y
1639
(New York City).
1941-1965
3X
AX
2146 Duluth, Minn—
None
bonds
1941-1960
1
2X
4
2.40
Dennison Vil. S. D., Ohio.--
1973 Duanesburg, N. Y
1976 Dublin 8. D., Texas
Ohio
1941-1959
—
-
2145 De Quincy, La
None
None
1941-1946
1638 Delaware County, Ind
1818 Elm wood,
$
$
$
$
$
1941-1950
IX
2X
..3
4-4X
__
_
1642 Dayton, Ohio
2148 Elyria,
83,014,146 119,325,184 109,859,180
♦Temp, loans (U. S.) 133,584,250
92,846,939 183,305,098
None
None
Bonds U. 8. Poss'ns.
750,000
Can. loans (perm't):
Placed In Canada6,270,800
30,380,425
877,356
2
3-3X
1.80
2
2148 Cuyahoga County, Ohio
1813 Dakota Co., Neb. (2 issues)
1972
Perm't loans (U. 8.).
1941-1946
¥
1811
1936
1937
1938
1939
1940
March
1940-1949
Md
Price
Amount
1941-1950
3%
Cohoes, N.Y
2145 Cottage City,
1811
of Honolulu, Hawaii, awarded
March 15 an issue of $750,000 3% sewer bonds to the First
Boston Corp., New York, and associates, at 109.15, a basis
of about 2.34%. They mature from 1945 to 1960, incl.~—
A comparison is given in the table below of all the various
securities placed in March in the last five years:
The
Page
2291
1941-1968
1959
1943-1948
1941-1945
1944-1947
1941-1950
1942-1956
102.37
1.99
100.19
1.20
100.41
100.34
100.17
3.67
1.95
7*7,000
1940-1959
1943-1949
1941-1949
...—5
100
4.00
8,750
50,000
100.22
2.14
100.02
3.39
40,000
29,463
100.27
1.95
100
5.00
50.000
1946-1948
101.12
-
-
6,500
103
1941-1950
12,000
Ma this,
4
1941-1957
IX
1644
2148 Canton, Ohio—
1947-1949
30,000
16,500
1940-1957
105,000
100.39
1.95
1971
Meridian, Miss
100.27
2.72
100.45
98.50
3.76
1942-1954
50,000
d225,000
61,000
1814
Mathis, Texas
4
Mechanicville, N. Y. (2 issues)...2
1941-1957
4X
1644
N.J
19b9 Carrollton Township, 111
1943-1960
r245,000
1940-1969
8,000
1942-1949
16,000
1943-1970
30,000
.1814 Cape May,
4
Cascade, Iowa
3X
Cass County, Minn
3X
Cass Co. 8. D. No. 17, Texas—-.4
Cad bourn, N. C. (2 issues)
3X
Chalmers, Ind
—4M
Champaign County, Ohio..
3
Cherokee County, Kan
IX
2145
1813
1976
1973
1638
1642
2145
2J44 Chicago, 111
2144 Chicago. Ill
;
1971 Clarke County, Miss
Clarksdale, Miss
1971
2X
1
IX
CliatonCo.,New York (2issues).1.70
Clinton Co., New York
1.70
Cochise County 8 D. No. 14, Ariz.3
Cohoes,N. Y
2.20
Cleveland Heights, Ohio
1638 Cttaton Co., Ind
2148
1641
1641
1810
2147
2X
——2M
4%
1.49
Texas
1945-1955
r55,000
lbb.27"
2.47
2145
1941-1945
50,000
100.34
0.90
2145
1941-1960
7-163,600
2X
1961-1965 r8,360,000
Miami, Fla
3X
1941-1950 r6,300,000
Miami, Fla
4
1951-1952 r2,300,000
Miami, Fla
3X
1953-1960rl 1,200,000
Miami, Fla
3X
1942-1953
6,000
Middlefield, Ohio
4
1941-1968
dr683,000
Mineral Wells, Tex. (4 issues)-3X-4X
Minneapolis, Minn. (5 issues)
1.90 1941-1960 2,760,000
1941-1960
176,444
Minneapolis, Minn. (5 issues)
2
35,000
Missouri Valley 8. D., Iowa
2
1941-1956
160,000
Montgomery, Ala. (2 issues)—--3X
r214,500
1945-1959
Montgomery County, Md
2.20
75,000
Montgomery County, Md
2.20 1945-1959
1942-1946
25,000
100.66
1.08
2149
Mount Vernon, 8. Dak
1941-1960
209,000
100.28
1.66
1975
1946-1958
7*65,000
20,000
7*85,000
100.28
1.66
2150
100.31
2.97
2144
2.1
1974 New Hanover
—
1817 Carter County, Tenn
101.16
1941-1965
1940-1941
7,800
1941-1948
3.34
2144
100.54
3.70
2144
100
4.00
2144
100.01
3.24
2144
100.64
2.35
2150
1974
50,000
1971
1954-1955
1,800,000
101.33
1953-1954
1,300,000
101.23
2.14
2.14
1942-1950
2145
1810
50,000
1941-1960
1971
100.12
Nacogdoches, Texas (2 issues)
Nashville, Tenn.
New Fairfield, Conn
102.90
98.50
3.76
98 50
3 76
98 50
3.76
100
4.00
100
100.20
1~.87
101.02
1.80
100
2.00
98.74
3.75
100.46
2.16
100.46
2.16
10,000
1942-1949
60,000
100,000
40,000
100.39
1.18
1942-1959
98,000
100.10
2.27
2X-3
IX
County, N. C—2>i~3
The Commercial & Financial Chronicle
2292
Rate
Name
1970 New London, Iowa
1813
1972
1941-1952
New Madrid Co. 8. D. 6, Mo
New Mexico (State ol)
1970
1815
2149
2149
1817
2149
1974
1811
2150
-1816
2145
2150
75,000
10,000
1,500,000
5
1951-1955
1941-1965
3
Newport. Ky
3
New York City Housing Authorlty, N. Y
-2)4-3X
Northampton Municipal Author¬
ity, Pa
2X
North Sewlckley Twp., Pa
2H
Nytwa, Ore—;
3)4
O'Hara Twp., Pa
2#
Okmulgee 8. D., Okla
2)*-3
Orange County, Calif
3-5
Orange Grove Ind. 8. D., Texas..3)4
Oswego, N. Y. (2 Issues)-,
1.30
Owensboro. Ky
3
Pacific Co. Pub. UtU.Dlst. No. 2,
Price
100.46
Amount
Maturity
2X
Page
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN MARCH
Basis
2.14
Page
100.059
7181,000
3.00
2.80
3.14
1818 Greater
1,350,000
1941-1980
Winnipeg
1644
1,000,000
10,000
7,365
30,000
1941-1970
1949-1953
1941-1948
1954-1957
1941-1955
8-20 yrs.
1941-1950
1941-1958
109,000
d35,000
J95.000
03,000
1942-1960
d690,000
1941-1944
0,000
—
—
Dlst.,
4)4
1950
1950
1941-1950
3
3
-
-
Total long-term Canadian debentures sold
Price
Amount
*5.000
*25,000,000
*25,000,000
Basis
100
7700,000
7,350
165,000
3.00
99.77
97.50
97.28
4.28
3.30
3.59
In March_$877,356
♦Temporary loan; not Included in total for month.
4.000
1940-1902
Weston, Ont
2.68
3.45
100.65
100.19
100.88
—'
Water
Orono, Ont
1941-1950
3
Man.
1644
Maturity
Rate
Name
2150 Brockvllle,Ont
1818 Canada (Dominion of)
1818 Canada (Dominion of)-
----
100
102.10
April 6, 1940
-----
100,20
,
100.12
102.60
11.28
2.70
_
News Items
-
"
(0 Issues)----Ji—
4-4)4
2148 Palenvllle Fire Dlst., N^'Y
4
1970 Parker Co. H. 8. D. No. 49, Tex-.4
Wash.
100
——
...
....
N. J
60,000
1941-1965
-—3
-
.
2,000
120,000
726,000
23,000
489,000
r25,600
715,000
1974 Pembina, N. Dak
2144
2X
3)4
1945-1904
1943-1959
— -3)4
Issues)—_3-3X
4
1943-1950
Petersburg, 111. (2 Issues)
1976 Philadelphia, Pa
1813 Pike County, Miss. (2
1974 Plnetops 8. D., N. C
1940-1957
100.24
2.98
101.60
100
2.12
3.50
104.30
2.95
The
100.10
3.98
101.01
2.41
100.47
100.82
100.02
100.13
100.27
100.06
0.84
1.91
3.02
4.96
0.95
1.49
3.84
r90,000
101.04
100.41
100.10
100.33
101.27
100.01
rd425,000
4,300
16,000
110,000
97.64
104.63
100
100
1909 Pinellas Co. Road & Bridge Dlst.
2144
Pitkin County 8. D., Colo—
1643
Pittsburgh,
--------
1941-1945
1941-1960
1041 1905
1941 1947
1941-1950
1941-1950
2
1975 Pittsburgh, Pa
2145 Plaquemine, La
£-3)4
1640 PleasantvUle, N.J. (2 Issues)
5
2145 Qulncy, Mass--------------1
Ramsey County, Minn.,
--1)4
Rlmrock Highway Dlst., Idaho—2
1813
2144
1943-1952
1941-1953
1941-1950
1944-1955
1941-1955
1941-1959
2144 Riverside County,
1973
Calif—-—---4
ml X
1)4
8t. James, Mo. (2 Issues)
----2)4
St. Marys, Ohio
2
Salisbury, N. C
3)4-4 ;
Salt River Project Agrlc. & Impt.
Power Dlst., Ariz
3X
Sandusky, Ohio--3
Sand Springs, Okla
1
San Luis Obispo Co., Calif
0.875
Santa Fe 8. D„ N. Mex
2)4
Sarotoga Springs, N.Y. (3 lss.)- —1.40
2144
Savanna, 111
1043
Robeson Twp., Pa
1815
Rochester, N.Y. (3 Issues)
2146
1642
2148
1810
736,000
36,000
375,000
rl,850,000
50,000
30,000
250,000
725,000
r12,000
10,000
13,000
1,795,000
24.000
230,000
1.69
1.22
2.46
1.85
3.90
.
1042
1817
1037
2147
1960-1965
1941-1944
1943-1950
1941-1943
1941-1954
1941-1954
140,000
209,500
25,000
100,000
11,000
—
2144 Savanna, 111
1973
Schoharie. N. Y
1043
3
4
2)4-2)4
Seneca 8. D. No. 03, 8. C
—
1941-1962
1941-1955
50,000
1941-1954
1949-1953
1944-1948
1943-1952
1941-1950
75,000
714,000
7110,000
72,500
10,000
95,000
1941-1969
1970
Serena 8. D., Ill
1644 Sheridan Co. 8. D. No. 5, Wyo_
1974 Silver Lake, Ohio
1975 Silverton, Ore.
1817 Skiatook, Okla
1818 SUgo Con. 8. D., Texas
2148 Smlthtown 8. D. No. 5, N. Y
1970 Snohomish
Co.
8.
D,
No.
-2)4
-—3)4
2)*
4
2
2.30
325,
-
2149 Spartanburg Co., 8. C
2)4
1)4
2
4)4
1)4
4)4-3
2144 Sonoma Co.. Calif
1976 Spur, Texas
2149 SteubenvUle, Ohio
2149 South Dakota (State of)
1970 Sullivan. Ill
1.00
0.875
—
100.21
1.36
107
100.03
2.05
100.25
2.71
101.17
3.38
100.13
100.05
2.73
3.23
100.52
2.40
legal for savings
100.02
1.49
Banks
100.25
1.97
735,000
100.60
3.16
50,000
101.02
1.86
,
2149 Union, 8. C
2
1)4
4
-
1969 Volusia Co. S. D. No. 11, Fla...-.4
1816 Wadesboro, N. C
214b Walthall Co., Miss
2145 Ware, Mass...
1642
2148
2045
1972
1817
2150
1812
2160
Warren, Ohio
Waynesville, N. C
Webster Co., Iowa
Weehawken Twp., N. J
West Liberty, Ohio
White County, Tenn...
Wichita, Kan.
Wichita Falls 8. D., Texas
1973 Wlllsboro, N. Y
2148 Wilna, N. Y
1976 Woodland, Wash
1817 Woodruff, S. C
1812
2148
1641
1641
2150
Worcester, Mass. (2 Issues)
Wurtsboro, N. Y
Yonkers, N. Y
Yonkers, N. Y. (5 Issues)
Yaukum County,
Texas^s.
2)4
3)4
IX
IX
5)4-6
1)4
2.70
—.-4
727,500
20,000
711,000
19,500
10,500
7125,000
26,000
227,000
460,000
3
2
IX
3)4
3)4-3)4
1
785,000
190,000
'
1941-1950
2)4
1941-1947
3-3)4
1941-1900
3,500
7900,000
1,600.000
1)4-2
1941-1950
250,000
1941-1960
3
100.10
100.65
1.88
100.14
1.47
i.
100.20
99
1.72
4.12
100.57
2.42
100
3.50
100.59
101.21
1.56
100.04
5.95
100.22
1.27
98.20
2.96
....
100.63
1.37
100.11
1.95
100.11
1.23
100.31
0.94
100.02
3.03
100.02
3.03
100.17
1.79
183,014,146
following additional sales for
1638
...2
2)4
Maturity
Amount
1941-1953
1941-1960
Harrison County, Iowa
1818
Harrisonburg, Va. (Jan.)
1643
Hopewell Twp., Pa
Juneau, Alaska
....3
1976
Leavenworth, Wash
-.2)4-3
1942-1950
Livingston Par. S. D., La. (2 lss.).5)4
1038 Taylor County, Iowa..
1)4
1942-1960
1948-1951
Price
39,000
101.34
1.80
780,000
10,000
7
100.31
2.35
2.85
3
1942-1949
125,000
100.87
1948-1959
12,000
r129,000
100.01
2.49
75,000
60,000
98.62
3 06
100
5.75
24.000
100.30
1.72
1-15 yrs.
(except as indicated) are for Febru¬
ary.
These additional February issues will make the total
sales (not including temporary or RFC and PWA loans)
for that month $172,316,014.
The following items included in our totals for the
previous
months should be eliminated from the
page
We give the
paper in which reasons for
Page
Maturity
number of the issue of our
these eliminations may be found.
Name
Rate
Richmond School City, Ind. (Jan.)
same.
Amount
Price
Basis
$60,000
STATES POSSESSION BONDS ISSUED IN MARCH
Name
Rate
1969 Honolulu (City and Co.), Hawaii.3
the
considered
Commissioner of
ADDED
Utilities—as
TO
of
THE
Feb.
LIST
29,
1940:
OF
JULY
Public
1,
1939
Service Co.
V
of Indiana
•
Marion-Reserve Power Co. 1st mtge. 3Hs,
REMOVED
FROM
THE
LIST
Municipal Bonds and Notes—Town of Hennlker, N. H.
Municipal Bonds—City of Scranton, Pa.
Railroad Equipment Trusts—Northern Pacific Ry. equipment trust of
1925 (serially) 4)4s, 1940.
Matured March 15. 1940.
Municipal Bond Purposes Changed Since 1929—The
for which municipal bonds are issued have changed
greatly since 1929, information to the Municipal Finance
purposes
Officers'
showed
Association
on
of
the
United
States
and
Canada
April 4.
The Issuance of local revenue and lefunding bonds has increased sharply
since 1929, while road and school bonds have been issued by the cities in
lessening amounts, according to a report by a Chicago bond house.
Revenue bonds in 1929 amounted to only .73% of the total bonds issued
by the municipalities for the year, and refunding bonds amounted to 1.3% •
On the other hand, road bonds totaled 16% and school bonds
15.6% of
the total bonds issued.
The picture changed during the next 10 years, however, and in 1939
municipal revenue bonds totaled 12.6% of all local bond issues, while re¬
funding bonds comprised 22.5% of the total.
Meanwhile, road bonds
dropped during the 10-year period to 6.3%, and school bonds to 6.8% of
The report said that municipal relief bonds, of which there were no issues
in 1929, totaled $66,118,000 last year.
The increased use of revenue bonds has been due to tax limitations, debt
limits and the desire to participate in Federal projects, according to the re¬
port.
Road bond issues were smaller in 1939 because of pay-as-you-go
financing through gasoline taxes and Federal relief expenditures.
The
Association said that from April, 1935 to Jan. 1, 1940, more than $3,000,000,000 was spent from Federal emergency relief appropriations for high¬
ways, roads, streets, etc.
The refunding was due largely to favorable rates for refunding bonds,
before maturity, the report said.
While loans for school construction have
declined, the amount of construction may be nearly normal due to Federal
aid through the Public Works Administration and the Works Projects
Administration.
refunding bonds reflect that
New
Jersey—Municipal Statistics Revised—Statistics on
Jersey municipalities revised to Dec. 31, 1939, are con¬
tained in the April 1 issue of the "New Jersey Municipal
Bond Market," published by J. B. Hanauer & Co. of Newark.
Included are figures on the gross debt, legal net debt, and
tax delinquencies.
New
New
All of the above sales
UNITED
investments
by
Basis
2)4
1638
Page
of
part of the cities relief costs not paid from current revenues.
Rate
1637
1970
list
issued
The relief bonds and about $50,000,000 of
previous months:
Name
the
all bonds issued.
funding bonds.
1644 Durand, Wis
1644 Fairfield, Vt...
in
banks,
March 29:
on
Public
3.34
—
d Subject to call, k Not including $133,584,250 temporary loans or funds obtained
States and municipalities from agencies of the Federal Government,
r Re¬
Page
revisions
latest
1960.
by
We have also learned of the
Massachusetts—Changes in List of Legal Investments-—
following is the text of a bulletin (No. 6) showing
-
Total bond sales for March (267 municipalities, cover-
lng 304 separate issues)
of
The
1st mtge. series A 4s, 1969.
As of March 11/ 1940:
The
d61,000
33,000
1941-1950
150,000
22 years rl,781,000
1941-1944
10,000
1941-1950
79,000
5-7 yrs.
5,000
1)4
decision
as
70,000
7222,500
75,000
62,000
716,000
1941-1965
1941-1954
1941-1900
1947-1949
1941-1942
1941-1950
1942-1951
1948-1956
1941 1950
1943-1951
1943-1970
1042 Toledo City 8. D., Ohio
1642 Trumbull Co., Ohio
Court
to
the
—
Supreme
be issued.
1.81
1.43
State
the situation now stands the city must pay off enough of
bring the indebtedness down to the legal limit before more
A possible loophole was seen in the fact that part of the
$4,178,000 of the municipally owned water works bonds are not labeled
general obligations and might be exempt from the indebtedness classification
However,
can
100.79
100.36
a
below par.
748.000
1945-1950
4
reasoning was
$600,000 a year
on its bonds, it was estimated that four or five years must elapse before
the statute would allow more bonds.
In the meantime, some 3,000 WPA
laborers will probably be turned over to the county for relief aid.
The decision was rendered in the case of $289,000 of city bonds, issued
last fail, but protested by Gregory Brunk, local attorney and taxpayer.
Although the decision curtails the ability of the city to issue more bonds,
neither the arguments nor the ruling question the validity of the Des
Moines city bonds outstanding.
Local investment dealers said that Des
Moines bonds had lost some of their premium at the time the suit was
filed three months ago and many of the "limited levy" issues dropped
1.99
.
8 want on, Vt
1975 Tullahoma, Tenn
1972 Union, Neb
this
2.26
3X
1976 Superior, Wis
for
100.51
1643 Upper Moreland Twp. 8. D„Pa-_2
2150 Verona H. 8. D., Wis
IX
IX
3-4%
—
2144 Tallahassee, Fla
basis
68,750
2)4
3
2150 Sumner Co., Tenn—..
The
1902 governing a similar case in another Iowa city.
Since the City of Des Moines pays off approximately
100.02
1941-1950
70,000
1950-1959 r3,297,000
1941-1943
22,000
1941-1946
50,000
1943-1959
146,000
1941-1955
775,000
1942-1960
300,000
1942-1949
600,000
1941-1950
7140,000
1-22 years
60,000
1941-1950
79,500
a
stitutional limits
the bonds
3.99
It is
knotty problem for the City Council which took office on Monday.
Four
of the five members are newly elected.
The State Constitution provides that Iowa municipalities must hold
their bonded indebtedness to 5%
of the assessed property valuations.
On last year's valuation the Des Moines debt limit would be $8,246,847compared with $10,355,315 in bonds now outstanding.
In the past the
city, as have other Iowa municipalities, has gotten around this barrier
by issuing bonds for certain funds to be paid from the proceeds of special
levies made against property.
These were claimed to be no direct obliga¬
tions of the city and were not counted in the debt governed by the con¬
1941-1962
1949-1958
1941-1955
1940-1950
—
2149 Spartanburg Co.. 8. C
1971 Somervllle, Mass
five years, unless officials can find a new way to raise funds.
1942-1951
2
Wash
4.03
1.41
Important immediate effect will be the cessation of all city
Progress Administration activities, probably for a period of four
most
"Works
or
1941-1943
3
3)4
No. 1, Fla
Moines, Iowa—Supreme Court Rules Against "Limited
Levyi" Bonds—The Iowa Supreme Court has thrown Des
City finances into a turmoil with a unanimous
decision holding that the issuance of "limited levy" bonds
by this city is in violation of the State Constitution, according
to a report from Des Moines to the "Wall Street Journal"
of April 4.
Moines
1814 Parslppany-Troy Hills Twp. 8. D.,
1817 Penn Twp. 8. D., Pa
1972 Petersburg, Neb
Des
Maturity
1945-1909
Amount
$750,000
Price
109.15
Basis
2.34
York, N. Y.—Mayor Files Budget of $581,114,244—
of $6,395,594—An executive budget of
$581,114,244.88 for the fiscal year 1940-1941, a total of
$6,395,594.57 under the budget for 1939-1940, was submitted
to the Board of Estimated on April 1 by Mayor LaGuardia.
Shows
Reduction
In his
budget message Mayor LaGuardia made no specific recommenda¬
taxes, but he painted a gloomy picture of the city's financial
revenues were provided to supplement real estate
taxes.
A real crisis, he warned, would be reached in 1944 or 1945 unless
"a permanent and constructive new financial policy is determined and
made possible."
The present budget, the Mayor pointed out, was soundly balanced,
but this was achieved only by a policy of vigilant, rigorous economy, and
he pointed with pride to the fact that it absorbed increases of $15,897,081.32
in mandatory and "inescapable" items beyond the $6,395,594.57 saving
tion for
new
future unless additional
over
last year.
Volume
Mayor LaGuardia departed sharply from traditional budget-making
practice by adding to the Board of Education schedules appropriations
for doctors and nurses engaged in school health work, water supply, light,
power and heat for school buildings, teachers' retirement funds and school
debt service customarily scheduled under other city departments.
This
bookkeeping change transferred items totaling $42,516,869.61 to the Board
of Education schedules, bringing the total appropriations for education to
$194,179,792.02.
"For the first time," the Mayor commented, "the people of this city
can see
clearily and in one schedule what they
common
provide for the maintenance of
schools."
In comparison with 1939-1940 the budget for school purposes shows a
reduction of $1,566,896.95, but Mayor LaGuardia said he proposed to
make available $900,000 in accruals from last year for the purchase of
necessary supplies,
for education.
which would result in a net reduction
Board
of
of only $666,896.95
Estimate received
the budget
at a special meeting at
and after its receipt had been acknowledged in a
formal resolution, Newbold Morris, President of the City Council, fixed
April 16 at 2.30 p.m. and April 17 at 10.30 a.m. for public hearings.
The
Board must complete its work on the budget by April 27, after which it
goes to the City Council for further deliberation and action.
The Council,
which may not increase appropriations, must pass the budget by May 22,
and Mayor LaGuardia has until June 1 to exercise his veto power.
The budget, as presented by the Mayor, restores the 5 and 10% salary
cuts for city employees earning more than $5,000 a year, put into effect
last year in those departments under the Mayor's control.
They would
have been continued, the Mayor explained, had the Legislature provided
for similar reductions in other departments, but he did not want to con¬
tinue the reduction on "loyal, hardworking employees" while others escaped
City Hall at 8
The
2293
major measures enacted at this session are as follows:
a $391,600,000 State budget, and a supplemental budget
$1,791,000, cut to the bone by both Governor and Legislature in line
with economy demands.
Adoption by the Legislature of a revenue-raising program which in¬
volved no new taxes, but imposed increased fees for various State services,
including camp sites: and the sequestration of several dormant funds.
Continuation of all present State taxes, except the double taxation of
Enactment of
of
odd-lot securities sales.
p.m.,
taxing powers, minus the
Continuation of New York City's emergency
right to levy the city cigarette tax, but with the city receiving the
to divert funds from its relief fund surplus to general city purposes.
right
Adoption of a bill permitting income tax payers to deduct the State
cigarette tax from their income tax returns, and also permitting them to
instalments, due April 15 and
Say the 1% emergency income tax in two
15.
une
~
The
Chronicle
The Commercial & Financial
150
~~
pari-mutuel race-track betting bill in accordance with
last fall.
Transfer to New York City's Board of Estimate of the right to increase
the fare on the unified city subway system after June 1 of this year.
Presentation to the Governor of two bills affecting the Transit Com¬
mission, for him to choose from, one abolishing the Commission and
turning some of its duties over the to Public Service Commission, and the
second giving New York City budgetary control over the Transit Com¬
Adoption
of
a
the constitutional amendment adopted by the voters
mission.
Enactment
of
a
of
series
housing
measures, in¬
and encouragement
housing and slum-
and slum-clearance
cluding revision of the present public housing law,
of private limited dividend companies to embark on
clearance work.
General
of the
revision
insurance
law in the State, with greater pro¬
several of the bills.
the cut.
tection for policy holders provided in
Mayor's message was a vigorous, and at times, dramatic lesson
in city finance.
After explaining that the 1940-1941 budget had been
brought into balance after a total of $22,292,675.89 in mandatory and
"inescapable" items, and the saving over last year had been absorbed in
compenrating economies, he added:
"It must be understood that these figures, striking as they are, do not
houses of the Ryan "Little Hatch bill," forbidding
intimidation of relief workers, and relief recipients, in State elections.
Ratification of two constitutional amendments dealing with highways
The
Debt service, for example, would have been higher
by $10,718,000 except for the use of increased income resulting from unifi¬
The cost of old-age assistance would have
tell the whole story.
cation and from other funds.
increased $275,000 in tax
charges to
All through the depart¬
levy except for the transfer of these
tax funds by legislative
mental allowances are provisions for
emergency
authority.
increases Ln services to the city which
are balanced by economies in the same departments and which are, there¬
fore, not visible and could be stated only after a line by line analysis of
the page budget."
Passage by both
grade crossings.
The first permits use for highway construction of
$60,000,000 of grade-crossing bonds authorized but not allocated.
The
permits the Legislature to revoke any remainder of the original
$300,000,000 authorization made years ago, if not allocated in the future.
Both amendments must be approved again next year, and submitted to
the people before becoming effective.
Adoption of the Desmond constitutional amendment permitting the
Legislature to make lump-sum appropriations as they attempted to do
in 1939.
This also must be reenacted next year, and submitted to the
and
second
people.
moratorium on mortgage fore¬
deficiency judgments, and refusal to embark on a tapering-off
•
Enactment of several election-law bills, including requirement of personal
consent by persons whose names are used on primary petitions, and abolition
of single-voter election districts in New York City.
The making of a token cut in State aid for education, and appointment
of a commission to investigate the State-aid financial formula, with an
inquiry into subversive activities in New York City's municipal colleges
Extension for another year of the present
closures and
program.
Legislative Measures Affecting City—Reuben A. Lazarus,
special legislative represenative for N. Y. City, summing up
the record of the 1940 Legislature on bills affecting the city
policy, expressed the opinion that the emergency tax legisla¬
tion could be placed at the top of Acts benefiting the city.
He said, however, that any strict appraisal should come from
Mayor LaGuardia.
as
Relations Act,
plan.
Taking over by the State of the revenues from
refunded to the localities, and principally to
move
Rejection of the proposed new judiciary
of tolls on
The new law specifically
revokes the right of the City Council to
levy the
State—Legislative Session Ends—The 1940
session of the Legislature came to an end early on the
morning of March 31, after a final sitting which lasted about
14 hours.
As one of the first definite actions of the final
York
to
adjournment the teachers' pay-cut bill for
New
City was stricken from the Assembly calendar on
motion of its sponsor, Abbott Low Moffat, who denounced
the teachers' lobby.
In place of this bill New York City
received the right to use $4,500,000 from its relief tax surplus
to help it out of a financial jam into which the Legislature
York
had placed it.
action
on
this
arrangement,
and thus adjournment,
was
made
possible by a special message from Governor Lehman as required by the
Constitution.
The Governor had recommended a diversion of $3,500,000
of the relief tax surplus, but assented to the increase since he had scored
a victory on the principle.
The provision for the city use of the $4,500,000 was embodied in an
amendment to the bill extending the city's emergency taxing powers.
Passage of this bill was without debate or opposition after the reading
of the emergency message.
On the heels of the agreement on
to
allow
_
the Republican
rejected the plan, gave their
a proposed constitutional amendment sponsored by the Governor
use of $60,000,000 in grade-crossing funds for a highway im¬
majorities,
assent to
the $4,500,000 item,
which earlier in the week had
provement program.
Thus the Governor, who had
suffered a major defeat
early in the year
Republicans rejected his income tax increase and devised an
of their own which involved balancing the budget without
new taxes, made a political comeback which had full recognition in Albany.
The chief work of the session centered around the adoption of the budget,
which totaled $393,400,000, slightly more than the economy budget of
when
the
economy program
last year.
article to the State Constitution,
levying
constitutional amendment permitting the
the State barge canal system.
Victory for the teachers in standing
seemed
the bank tax, heretofore
New York City, as part of a
of "shared" taxes.
off a pay cut bill which for a
time
certain of passage.
Adoption of the McCaffrey bill requiring that a Bill of Rights
dedicated to an explanation of the American system of personal
be observed each year in the schools.
Week,
rights,
Banning of the sale of fireworks in the State except at licensed exhibitions
1.
Authorization for charging tolls on the Westchester Parkway system,
and acquisition by the State of privately owned Bear Mountain Bridge.
Wiping out of the State Publicity Bureau, but continuation of World's
Fair publicity, with a $100,000 appropriation for this year, besides con¬
tinuation of the milk publicity campaign.
Continuation of the Ives Labor Relations Committee with a new task,
that of investigating the exodus of industry from the State.
,
A general tightening of the liquor control laws, to foster better enforce¬
ment through Increased penalties and easier license revocations.
Extension of the Devany bill barring avowed radicals from the civil
service.
This takes in appointive positions and applies also to persons
now in the service who hold radical views.
after Aug.
•
New York
State—Pari-Mutuel Bill Signed by Governor—
Governor Lehman's office
announced
on
April 1 that he had
track betting
No message
signed the Dunnigan-Penny pari-mutuel race
bill, one of the major Acts of the rcent session.
was
sent
with
the
announcement.
Pari-mutuel legislation was made possible when the anti-gambling pro¬
State Constitution were changed with the approval of the
visions of the
cigarette tax, although its power to continue all other emergency relief
The measure did not affect the present 2-cent-a-pack
tax levied by the State on cigarettes which will be continued.
Final
to curtail the field
and of another proposed
bills
taxes is continued.
drive
and permitting
in cases where
public interest is vitally affected.
Adoption of a merit-rating system for employer payments to the unem¬
ployment insurance fund, and the scrapping of another measure in which
benefits for partial unemployment were linked with another merit-rating
Re-enact
New
a series of Ives committee bills revising the State Labor
including rewriting of the preamble to the Act, making of
the
oster
services.
of oral examinations in
agreements in contracts legally enforceable,
Industrial Commission to appoint boards of inquiry
the
that could not be enacted locally under the
Cityfs Cigarette Tax to Be Dropped July 1—The one-cent-apack tax now imposed by N. Y. City on cigarettes will be
discontinued after July 1 under a bill passed in the closing
hours of the legislative session and signed immediately by
Gov. Herbert H. Lehman.
The provision was contained in
the bill authorizing the city to divert $4,500,000 of revenues
from the emergency relief taxes to permanent budget welfare
*
.
arbitration
Jmblicsamity.to improve social and commercial relationships and otherwise
so as
provisions of the reorganized police and fire pension local laws
Home Rule Law. .
were passed to supplement and improve the N. Y.
City
Employees' Retirement Act.
Mr. Lazarus explained that, "had the City
Council been more alert, it would have adopted Home Rule requests,
without which several additional desirable measures could not legally be
enacted.
Consequently, such measures did not pass."
Mr. Lazarus
pointed out that the deadline for making such changes is July 1 under the
pension provisions of the new constitution.
_—i-
sideline.
Enactment of
Legislature did for and to New York,"
far reaching that I do not venture to comment.
Mayor LaGuardia alone is competent to do so.
I assume he will do so when
he has had an opportunity to consider the effect of the session."
Heading his list of defeated city bills, Mr. Lazarus placed the proposal to
establish a "yardstick" power plant, and bills to repeal the mandatory
sslaries of court attaches and to give the city control of the mandatory
county salaries.
The Legislature passed eight transit bills conferring on the city, through
the Board of Transportation, subject to Board of Estimate approval, the
right to operate the unified subway and surface transit facilities.
A bill enacted to supplement the N. Y. City Tunnel Authority Act
confers on the Authority powers similar to those of the Tri-Borough Bridge
Authority.
This, it was explained, was to enable the Tunnel Authority
to construct the Brooklyn-Battery Tunnel and to save money in financing it
and otherwise to facilitate the projects undertaken by the Authority.
Other city bills passed would:
Consolidated the N.*Y. City Parkway
Authority with the Tri-Borough Bridge Authority.
Extend for another year the prohibition against rent increases for multiple
dwellings which fail to comply with proper housing standards.
Permit an exchange of college students with the South American Re"The implications of what the
Mr. Lazarus said, "are so
Several
a
Passage of the Mahoney bill curtailing the use
civil service cases.
The budget was adopted
several weeks ago and the
the final
£rogram forweek.
balancing it by revenues
l
Republican
without new taxes was put through
OlCKJtOfJllitst) Jfclfll
Since the amendment was only permissive, an
with
support a day before
the legislation in preparing
bipartisan
counted
on
revenue
at $1,000,000
enabling Act was passed
adjournment.
Governor Lehman
his budget, estimating the State's
from April 15, when the season opens
in New York
State, to June 30, the end of the curretn fiscal year, and $4,000,000 a year
thereafter.
'
The minimum admission charge at the tracks is fixed In the law at $1.50
charged. The machines
pools, with the State
a person, including all taxes, but higher rates can be
will operate with a "take" of 10% from the betting
ln addition, "breakage", representing
the odd change on winning bets, is set to five cents on the dollar, with the
State and tracks again sharing equally.
The breaage is estimated at another
1H % of all money bet.
and the
Bill
race
tracks sharing equally,
for City Control of Transit Board
Approved—Although
the bill abolishing
sigued the^ alternative
measure placing the expenditures of the Commission uader
the control of the N. Y. City Board of Estimate.
Governor Lehman vetoed on March 31
the
State
Transit
Commission, he
The Commission, a State agency
with which Mayor LaGuardia
has had
battles, had the right to make its own budget and requisition the city
had to go into court to mandamus the pay¬
Mayor.
More recently, however, friendlier
relations have been established between the city and the Commission, and
the saving to the city budget as a result of the bill signed is not expected to
be substantial for this year.
The Governor's veto of the bill abolishing the Commission was consistent
with the stand he took earlier in the legislative session when he disapproved
another bill along these lines on the grounds that, since abolition of the
Commission meant transfer of a number of its duties to the Public Service
Commission, it would saddle another $500,000 of expense on the State.
Thus the Republicans, who wound up the 1940 session with a paper budget
surplus of $183,000, based on a State expenditure program of $394,955,000,
claim a surplus of $683,000 as a result of the veto.
This surplus will be
increased by any other expenditures item which the Governor vetoes and
will be diminished if he chooses to veto any of the "taxless" revenue bills
many
for payment.
Several times it
ment of checks held up by the
which they designed.
Bars Tax on Out-of-State Cigarettes for Personal\ Use—The
Appellate Division ruled on April 2 that the city had no
The Commercial & Financial Chronicle
2294
right to impose a tax on cigarettes purchased in New Jersey
and brought into the city by an individual for
personal use.
The court reversed
was
$25 fine given Ruth Anderson, a dressmaker.
picked up for bringing six cartons of cigarettes from New Jersey.
a
Public Works
She
Administration—Report
on Current Status
schedule its current program the
Public Works Administration has again launched a drive to
finish prior, to June 30 virtually all of the 774 projects which
of Program—Completing
are
now
on
under construction.
Acting Commissioner of Public Works, Col. E. W. Clark reported to
John M.
Carmody, the Federal Works Administrator, that with a com¬
paratively few exceptions the current PWA program will be completed at
the close of the current fiscal year.
Colonel Clark said that under the
1938 PWA program, allotments were
ARKANSAS
ARKANSAS
(State of)—REPORT MADE ON SPECIAL LEVY COL¬
LECTIONS—Department of Revenue of Arkansas reports March collections
on 29 special levies at
$1,887.364 compared with $2,922,135 in March, 1939,
a decrease of
$1,034,771 attributed by Commissioner McCarroll to changes
in regulations for motor vehicle license, cigarette and liquor levies.
The
greater part of the 1939 motor vehicle license was collected in March, that
year, and new tax on floor stocks of liquor was also paid that month to
give it abnormally large revenue.
Mr. McCarroll said the coming months
should show special tax income at normal levels.
Cigarette tax was listed
at $119,780 compared with $182,217 and liquor tax at $124,676 was off
approximately $100,000 compared to March, 1939. Sales tax was listed
at $420,494 compared with $393,659.
MALVERN SPECIAL SCHOOL DISTRICT (P. O. Malvern), Ark.-n
BONDS SOLD—An issue of $142,000 414% semi-ann.
refunding
said to have been sold on March 30 to the Bank of Malvern.
made for 6,150 projects valued at $1,436,015,706 and that to date 5,442
have been constructed.
According to the terms of the 1938 Public Works Administration Act,
all of the projects were to be substantially complete prior to June 30, 1940.
Because of circumstances beyond the control of PWA or the owners of the
projects,
April 6, 1940
TEXARKANA
SCHOOL
DISTRICT
TP.
O.
bonds is
Texarkana),
Ark.—
BOND DISPOSAL REPORT.—It is stated by W. E. Gann, Superintendent
of Schools, that $491,000 approved by the voters at an election held on
March 16, will be handled through T. J. Raney & Sons, and the W. R.
Stevens Investments, both of Little Rock.
construction schedules have been extended, due to prolonged
litigation, and other reasons.
In all
agreements between PWA and public bodies on projects, a completion date
for construction was a part of the agreement.
The majority of the projects yet to be completed Colonel Clark stated,
will be finished within the next three months and PWA through its
Regional
Directors, is urging all project owners to meet the deadline of June 30, 1940.
Projects yet to be completed include some of the largest of their type ever
undertaken, such as Pennsylvania's superhighway, Chicago's subway,
Baltimore's city-wide improvement program, water system for the Boston
metroplitan area, Queens-Midtown Tunnel and circumferential highway in
New York, State-wide highway improvement programs in Kansas, Michisome
adverse weather conditions, strikes,
California
BANKAMERICA COMPANY
San Francisco
52 Wall
sippi and Washington.
"The
income
tax
treatment
of these
redemption premiums
surrounded by considerable doubt,"
Mr. Seidman explained.
bondholders have contended that the premiums are additional
and hence tax exempt.
However, in the
been
"Many
interest,
has
ruling, the Chief Counsel holds
paid for the use of borrowed money, but rather to
terminate the obligation so that no further interest need be
paid in the
future. On this basis, the 'profit' on redemption is taxable as a
capital gain.
new
that the premium is not
"A different treatment is given in the
ruling to any discount at which
tax-exempt bonds are bought," Mr. Seidman added.
"The discount is
regarded in the nature of interest, and when collected on the
redemption
of the bonds, is tax exempt."
.
United
States
Housing Authority—Additional Projec
Loans Approved—The number of public
housing projects for
which
President
Roosevelt
has
approved
reached 400
loan contracts
recommendation of
on March 30
when, upon
Nathan Straus, Administrator of the United States
Housing
Authority, the President sanctioned further loans totaling
$13,004,000 to 11 local housing authorities.
These loans, to defray 90% of the estimated
$14,459,000 cost of 18 low-rent
projects, brought the total of approved USHA loans to
$634,953,162 for 165 local housing authorities in 32 States, the District of
and slum clearance
Columbia, Hawaii and Puerto Rico.
The 400 projects which make up the
144,700 homes in which
programs in 179 communities will provide a total of
to rehouse more than 573,000 dwellers from
from ramshackle and
city slums and
insanitary farmhouses.
more
than 5,000
With Presidential approval of the 24th list of loan
contracts, earmarkings
outstanding for further loans dwindled to $44,144,838, which, with the
$634,953,162 in approved loan contracts, makes a total of $679,098,000 in
USHA commitments to 182 local
housing authorities throughout the Nation.
Local
Housing Authorities Sell Notes—Additional shortfinancing by local hohsing authorities was effected
April 2 with the public award of a series of note issues aggre¬
gating $19,857,000.
As was true in ease of the three previous •
offerings, the bulk of the notes were purchased by a large
banking group headed by .the Chemical Bank & Trust Co.
of New York and
including the Chase National Bank,
National City Bank, Guaranty Trust
Co., Bankers Trust
Co., Manufacturers Trust Co., and the New York Trust Co.
Also in this account were
many banks in other cities.
The
Chemical Bank syndicate bought an
aggregate of $17,635,000
of the notes at an interest rate of
0.44%, plus a premium
which resulted in a net cost to the borrowers of
0.435%.
Aside from this award, the Girard Trust Co. of
Philadelpnia
purchased $1,415,000 Reading Housing Authority, Pa.,
notes at 0.40%
interest, plus a $5 premium.
Salomon Bros.
term
& Hutzler of New York bid
a
rate of
0.42%, plus $1.
The
$807,000 McKeesport Housing Authority, Pa. notes went to
R. W. Pressprich &
Co., New York, at an interest cost of
0.39%.
The local housing authorities involved in
the recent sale
are
listed here-
Y
«The Columbus, Ga., and Delaware County, Ind., issues are dated
April 9, 1940 and mature Aug. 9, 1940, while each of
the others bear date
April 9 and mature Oct. 9.
They are all non-callable.
of
Charlotte, N. C
-.--$1,783,000
Columbus, Ga
1,100,000
Delaware County, Ind
425,000
Harrisburg, Pa
1,587,000
Kingsport, Tenn
325,000
Knoxville, Tenn
3,100,000
Laurel, Miss
765,000
McComb, Miss_._
250,000
McKeesport, Pa
Muncie, Ind__
Nashville, Tenn
Omaha, Neb
Raleigh, N. C_
Reading, Pa-_
Wilmington, N. C__
Zanesville, Ohio
$807,000
900,000
1,100,000
3,300,000
1,500,000
1,415,000
750,000
750,000
This financing represents the fourth
major group sale of local housing
temporary loan notes issued under the auspices of the United
States Housing Authority.
The first sale of notes of this
type was held on
N°v 14, 1939, when the
housing authorities of 11 other cities sold 14 loans
as .60s.
The second group sale on Jan.
24, 1940, resulted in the placing
of notes aggregating
$34,481,000 bearing interest at the rate of
authorities
*445%.
gro"P,S?1® on March 26, 1940, placed
at
on^?00 at
$1.400,000at .34%; $500,000
.29%.
/
$48,063,000 at .44%;
at .39%, and $1,100,000
Los Angeles
New York Representative
fjan, Westprojects inand Mississippi, Detroit's sewage disposal plant, and
Virginia Texas and California, and highway bridges in Missis¬
rrigation
Redemption Premiums on Tax-Exempt Bonds Subject
to
Federal Levy—Premiums received on
redemption of
State and other tax-exempt bonds are subject to Federal
income tax under an important ruling just announced
by the
Chief Counsel of the Bureau of Internal Revenue,
according
to J. S. Seidman, of New York, certified
public accountant
and tax authority.
Municipals
St.
Telephone WHitehall 3-3470
CALIFORNIA
CALIFORNIA, State of— WARRANTS OFFERED—Sealed bids
received until 11
a.
m.
on
were
April 5 by Harry B. Riley, State Controller, for
War¬
the purchase of $3,500,000 unemployment relief registered warrants.
rants to be dated April 9, 1940. to mature on or about May 28,1941.
CASTRO VALLEY SANITARY DISTRICT (P. O.
'
Hayward), Calif.
—BOND OFFERING—It is stated by E. H. Lum, Secretary of the
Sanitary
District Board, that he will receive sealed bids until 8 p. m. on
April 12
for the purchase of an issue of $130,000 sewage disposal system bonds.
Denom. $1,000 and $500.
Dated April 15, 1940.
Interest rate is not to
payable J-J 15.
Due on Jan. 15 as follows: $3,500 in 1941 to
1950; $4,000. 1951 to I960, and $5,000 in 1961 to 1971, all incl.
The rate
of interest for all of said bonds shall be in multiples of V* of 1
% and it shall
not oe necessary for such rate to be uniform for all of the bonds.
Split- rate
interest bids will be accepted.
The highest bid will be determined by de¬
ducting from the total amount of interest to maturity the amount of pre¬
mium paid therefor, and the award will be made at the lowest net cost to
the sanitary district.
None of said bonds shall be sold for less than their
par value and accrued interest thereon to date of delivery.
For the con¬
venience of the Sanitary Board, bidders are requested, but not
required,
exceed 5%
,
to submit a calculation of the total net interest cost to the
on
sanitary district
the basis of their respective bids, which estimate, however, shall not be
on the bidder or on the Castro
Valley Sanitary District.
conclusive either
The said
Sanitary District will furnish to the successful binder without
charge, the unqualified opinion of Orrick, Dahlquist, Neff & Herrington,
approving the validity of said bonds.
Application'has been made to the
Superintendent of Banks of the State of California for a certificate certifying
that said bonds are legal investments for savings banks.
A certified check
for $5,000 must accompany the bid.
FALLBROOK
PUBLIC
UTILITY
DISTRICT
(P.
O.
Fallbrook),
Calif.—BONDS SOLD—It is reported that $14,000 water revenue bonds
have been purchased by Ellis Bishop & Co., Ltd. of Pasadena.
IMPERIAL
COUNTY
(P. O. El Centre), Calif.—SCHOOL BOND
bids will be received until 2 p. m. on April 15, by
McClelland, County Clerk, for the purchase of a $32,001 issue of
Imperial Valley Union High School Distiict bonds.
Interest rate is not
to exceed 5%, payable A-O,
Dated April 15, 1940.
Denom. $1,000.
Due April 15 as follows: $6,COO in 1941 to 1943, and$7,00f in 1944 and 1945.
Prin. and int. payable at the County Treasurer's office.
The bonds will be
OFFERING—Sealed
W.
J.
sold for cash only and at not less than par and accrued interest to the date of
delivery.
Enclose a certified check for not less than 5% of the amount of
the bonds bid for, payable to the Chairman, Board of Supervisors.
KERN COUNTY (P. O.
Bakerafield), Calif.—SCHOOL BOND OFFER.
ING—It is stated by R. J. Veon, County Clerk, that he will receive sealed
bids until 11.30 a. m. on April 15, for the purchase of a $95,000 issue of
5% coupon semi-ann. Beardsley School District bonds.
Denom. $1,000.
Dated March 25, 1940.
Due $19,000 on March 25 in 1941 to 1945 incl.
int. (M-S) payable in lawful money at the County Treasurer's
office.
Bids will be received for one or any number of the bonds.
A cer¬
tified check for at least 10% of the amount of the bid, payable to the County
Clerk, is required.
Prin. and
LOS
ANGELES,
Calif.—WATER CERTIFICATES
READY
TO
BE
DELIVERED—The National City Bank of New York is now prepared to
deliver definitive certificates of the Department of Water and Power of the
City of Los Angeles Water Works Refunding Revenue bonds of 1940 due
serially for like temporary interim receipts now outstanding.
ANGELES COUNTY (P. O. Los Angeles), Calif.—SCHOOL
SALE—The following bonds aggregating $25,000 offered for sale
April 2—V. 150, p. 2144—were awarded to Dean Witter & Co. of San
Francisco, as 3 Ms, paying a premium of $167.5, equal to 100.67, a basis
LOS
BOND
on
of about 3.20%:
$15,000 Newhall School District bonds, dated Aug. 1, 1939.
Due on
Aug. 1, in 1957 to 1964.
10,000 Newhall School District bonds, dated April 1, 1929.
Due from
April 1, 1950 to 1959.
LOS ANGELES COUNTY ACQUISITION AND IMPROVEMENT
DISTRICTS NOS. 136 and 137 (P. O. Los Angeles), Calif.—BOND
TENDERS INVITED—It is stated
by H. L. Byram, County Treasurer
that he will receive sealed tenders until
bonds issued
under the
amount available for the
10 a. m. on May 7, of refunding
Refunding Assessment Bond Act of 1935.
The
purchase of bonds is said to be $15,330.33.
TULARE COUNTY (P. O. Visalia), Calif.—SCHOOL BOND OFFER¬
ING—Sealed bids will be received by Gladys Stewart, County Clerk, until
10 a. m. on April 16, for the purchase of $3,500 not to exceed 5% semi-ann.
Olive
School
District
bonds.
Dated
April 16, 1940.
Denom.
$350.
Due $350 April 16, 1941 to 1950.
Prin. and int.
payable in lawful money
The bonds will be sold for cash only,
delivery.
A trans¬
cript of the proceedings will be furnished purchaser immediately after
purchase, and purchaser will pay for the legal opinion on the proceedings.
at
the County Treasurer's office.
and at not less than par and accrued interest to date of
Enclose
a
certified check for not less than 5% of the amount of the bonds
bid for. payable to the Chairman, Board of Supervisors.
VENTURA
COUNTY
(P.
O.
Ventura), Calif.—SCHOOL BOND
OFFERING—It is stated by L. E. Hallo well, County Clerk, that he will
receive sealed bids until 10 a. m. on April 10. for the purchase of a $25,000
issue of 2% Saticoy Grammar School District semi-ann. bonds.
Denom.
$1,000.
Dated May 15, 1940.
Due $5,000 May 15. 1941 to 1945.
Prin.
payable at the County Treasurer's office.
These bonds were
an election held on March 18, by a vote of 81 to 24.
No bid
at less than par and accrued interest will be considered.
Enclose a cer¬
tified check for at least 2% of the bid, payable to the County Clerk.
and
int.
authorized at
Bond Proposals and Negotiations
ALABAMA
COLORADO
WINSTON COUNTY (P. O. Double
Springs), Ala.—MATURITY—
It is now reported that the $16,000
4% semi-ann. water works revenue
bonds sold to the Public Works
Administration, at
par,
January,
are
due
on
Oct.
1953 to 1963.
1
as
follows: $500 in 1943 to
as
noted here in
1952, and $1,000 in
PROWERS COUNTY SCHOOL DISTRICT No. 14 (P. O.
Lamar),
Colo.—BONDS SOLD.—It is stated by James H. Buchanan, Superintend¬
ent of Schools, that $26,000 3% refunding bonds approved
by the voters
on
April 1,
1940.
were
purchased by Oswald F. Ben well of Denver.
Due serially to 1952.
Dated April 1,
Volume
The Commercial &
150
2295
Financial Chronicle
SCHOOL DISTRICT NO. 205 (P. O. Rockford),
■—BOND SALE—The $159,000 coupon funding bonds offered April
ROCKFORD
FLORIDA
III.
1—
1969—were awarded to the First National Bank of Chicago as
l%s at par plus a premium of $870, equal to 100.547, a basis of about
1.43%.
Dated March 1, 1940, and due Dec. 1 as follows:
$10,000 from
1941 to 1946, inclusive, and $11,000 from 1947 to 1955, inclusive.
Bids for the issue were as follows:
V. 150, p.
DELRAY
Fla.—BONDS OFFERED FOR INVESTMENT—
Beach, and Allen & Co., New York,
BEACH,
Thomas M. Cook & Co., West Palm
April 3 for public subscription $200,000 refunding 1H% to
bonds, dated July 1, 1938 and due July 1, 1968, at a' price of 61 and
offered
on
5%
int.
Federal income taxes, according to the
bankers, who point out that the city's waterworks plant and distribution
system is now municipally owned and that its net operating profit, while
unpledged, is at present equal to the interest requirements on the bonded
debt.
The finances of the city, whose tax collections for the past five
years have averaged 80%, are on a sound basis, it was stated.
The bonds
are
COUNTY
DUVAL
O.
(P.
TAX SCHOOL DISTRICT NO.
Fla.—BOND OFFERING—Sealed bids will
10
SPECIAL
Jacksonville),
be
Superintendent of the
issue of $150,000 4%
coupon semi-ann. scho<pl bonds.
Dated Nov. 1, 1938.
Denoms. Sl.OOO
and $500.
Due Nov. 1 as follows: $4,500 in 1941 and 1942, $5,000 ind 943
to 1957, and $6,000 in 1958 to 1968.
Prin. and int. payable in lawful
money at the Florida National Bank, Jacksonville.
The bonds are registerable as to principal only and will be sold to the highest and best bidder and
received until 4 p. m. on May 2, by R. C. Marshall,
Board of Public Instruction, for the purchase of an
will
not
be sold
election held on
These bonds were authorized at an
Nov. 15, 1938, and have been validated by a decree of the
in fractional parts.
Boper Circuit Court having jurisdiction of bond validation proceedings in
uval County.
The approving opinion of Masslich & Mitchell of New
York, will be furnished.
Enclose a certified eh ckfor 2% of the amount
bonds bid for, payable to the Secretary Board of Public Instruction.
of
of—BOND AND NOTE TENDERS RECEIVED—
In connection with the call for tenders of sealed offerings of matured or
unmatured original or refunding road and bridge or highway bonds, time
warrants, certificates of indebtedness and (or) negotiable notes of various
counties and special road and bridge districts, noted here on March 9—
V. 150, p. 1638—it is reported by W. V. Knott, State Treasurer, that 18
parties offered bonds.
FLORIDA,
State
HOSPITAL DISTRICT (P. O. Daytona Beach), Fla.—
PRICE PAID—In connection with the sale of the $500,000 4% semi-ann.
HALIFAX
refunding bonds to the Clyde C. Pierce Corp. of Jacksonville, as noted here
150, p. 2144— it is stated by the Secretary of the Board of Com¬
missioners that the bonds were sold at par.
Due on April 1 In 1941 to 1962,
incl.
1
; ' "v .
First National Bank of Chicago
John Nuveen &
COUNTY SPECIAL TAX
O. Douglas),
County Superintendent of
building enlargement and improvement
last November, have been sold.
Dated
(P. O. Douglas), Ga.—BONDS SOLD
Superintendent of Schools that $21,000 construction
Brooke, Tindall & Co. of Atlanta, at a price
These bonds were approved by the voters last August.
SAT ILL A SCHOOL DISTRICT
system
bonds was sold to C. E.
AUGUSTA, III.—BOND ELECTION—An election will
the question of issuing $55,000 water system bonds,
general obligation and $48,000 revenue.
on
be held April 25
including $7,000
TOWNSHIP (P. O. Nashville), 111.—BONDS SOLD—
The $15,000 road bond issue was approved by the voters at the March'9
election and later sold to Ballman & Main of Chicago, as 4s, at par plus a
Due on Jan. 1 from 1942 to
v
1951 incl.
BERWYN,
111.—BOND SALE— The $88,000 coupon public benefit
judgment funding bonds offered Apirl 2—V. 150, p. 2144—were awarded
to an account composed of Doyle, O'Connor &
Co.: Ballman & Main:
A. 8. Huyck & Co.; T. J. Grace & Co.; and Morris Mather & Co., all of
Chicago, as follows:
$44,000 2%s, due Feb. 1:
$8,000 from 1947 to 1951
incl., and $4,000 in 1952; $44,000 3s, due $4,000 in 1952 and $8,000 from
1953 to 1957 incl.
BERWYN, 111,— WARRANT SALE—An issue of $170,000 lM%tax
anticipation warrants was sold to Enyart, Van Camp & Co. of Chicago.
Municipal Bond Corp. of Chicago, as 2Hs, at a price of 101, a
of about 2.90%.
Due Dec. 1 as follows: $500 from 1943 to 1945,
$4,500, 1946 to 1950, incl.; $5,000, 1951 to 1954, incl.; $6,00CL 1955 to
incl.; $7,000 in 1959.
to the
VOTED—At an
$15,000 road im¬
provement bonds.
III.—JUDGMENTS
DESCRIBED— City judgments
as
tax-exempt field, as distinguished from funded
securities of the city, are described in a discussion of the obligations and the
market for them by Anderson, Plotz & Co., Inc.
Judgments are the evidences of claims against the city on various accounts
that have been adjudicated and the liability sustained in court rulings.
They generally are the results of verdicts for personal injury, property
damage, condemnation of property, and special judgments.
They bear
the statutory interest of 5% until paid.
Markets on the obligations generally give effect to length of time they have
been outstanding.
For example, judgments entered in 1935 have been
quoted recently around 105, compared with about 85 on current judgments.
medium of investment in the
They are traded "flat,"
price.
although accumulated interest is
All uncontested judgments
for payment in full.
Because definite time
reflected in the
entered prior to 1935 have been
of payments cannot be
called
stated, the obligations are
suggested only for funds that do not demand periodic
but, instead can await for retirement in due course of
payment of interest,
the judgments held.
CHRISMAN, 111.—BONDS SOLD—The $11,000 4% street improvement
bonds authorized at an election on March 26 have been sold, according
to Frank
McCuddy,~City Clerk.
DANFORTH
TOWNSHIP
(P. O. Danforth),
111.—BONDS
held March 19 the proposal to issue $70,000
FEA TED—At an election
SPRINGFIELD SCHOOL DISTRICT NO. 97,
III.—BONDS DE¬
an election held March
16 the voters refused to authorize
FEATED—At
an
issue
of $20,000
construction bonds.
Melrose Park), III.—BONDS SOLD—Doyle,
purchased $5,000 5% general obligation water¬
election in March.
Due $1,000 from 1950
Legality approved by Chapman & Cutler of Chicago.
PARK
STONE
O.
(P.
O'Connor & Co. of Chicago
works bonds authorized at
to
1954, incl.
WALNUT,
bonds
was
111.—BONDS SOLD—An issue of $5,000 5% fire equipment
and the Citizens State Bank, both
par.
Due $1,000 on March 1 from 1941 to 1945, incl,
INDIANA
BROOKVILLE
years.
TOWNSHIP (P. O. Freeburg), 111.—BONDS SOLD—
road bonds authorized at an election on March 19—V. 150,
FREEBURG
The $30,000
p.
2144—were sold to the First
National Bank of Freeburg.
ELECTION—An election will be held
GREENVILLE,
III.—BOND
May 7 on the question of issuing
$32,000 water softener bonds.
HAWTHORNE TOWNSHIP. III.—BONDS VOTED—At an
held recently the voters approved an issue of $10,000 road bonds.
LOOKING
VOTED—At
GLASS TOWNSHIP (P. O. New
election held recently the voters
an
election
Baden), 111.—BONDS
approved an issue of
$10,000 road bonds.
MACON, 111.—BONDS VOTED—At an election held on March
authorized an issue of $167,000 sewage system bonds.
26 the
voters
Columbia),
MONROE COUNTY SCHOOL DISTRICT NO. 20 (P. O.
III.—BOND OFFERING—George Roessler Jr., Secretary of the Board of
Education, will receive sealed bids until 7 p. m. on April 10 for the purchase
of $64,000 3H% building bonds.
Dated May 1, 1940. Denom.
$1,000
Due May 1 as follows:
$2,000 in 1941 and 1942; $2,500,
1943 to 1946 incl.; $3,000, 1947 to 1950 incl.; $3,500, 1951 to 1955 incl.;
$4,000 from 1956 to 1959 incl., and $4,500 in 1960.
Principal
interest
(M-N) to be payable at a place designated by the bidder and
by the Board of Education.
The bonds are unlimited tax
the district.
Purchaser is to furnish the legal opinion of a recognized
bond attorney and is to pay for printing of the bonds.
A certified check
for $5,000, payable to order of the District Treasurer, is required.
and
"
TOWN, Ind.—BOND OFFERING—Ed.
Board of School Trustees, will receive sealed
SCHOOL
Gwinnup, Secretary of the
April 12 for the purchase of $10,000 not to exceed
4% interest improvement bonds of 1940.
Dated April 15, 1940.
Denom.
$500.
Due as follows:
$500 on Dec. 15 in 1941, 1942, 1943 and 1945;
$2,500 June 15 and Dec. 15 in 1946; $1,500 Jun> 15 and Dec. 15, 1947.
Bidder to name a single rate of interest, expressed in a multiple of M of 1 %.
Interest J-D.
The oonds are direct obligations of the school town, payable
bids until 4 p.
m.
from unlimited ad
certified
on
valorem taxes to be levied on
check for $1,000,
all of its taxable property.
payable to order of the school town,
must
McCord &
$27,000 sewer construction
Hughes & Co. of Indianapolis, as 2s, at
HUNTINGTON, Ind.—OTHER BIDS—The
plus a premium of $407.79, equal to 101.51, a
V. 150, p. 214.5—were also bid for as follows:
par
Bidders (All for 2%
Fletcher Trust Co
basis of about 1.78%—
Premium
$243.00
186.33
129.00
54.00
Bonds)
Browning, VanDuyn, Tischler & Co
John Nuveen & Co
Central Securities Corp. of Fort WayneFirst National Bank of Huntington
-
Par
INDIANAPOLIS
SCHOOL
CITY,
Ind.—BOND SALE—BOND
OFFERING—The $214,000 series B coupon refunding bonds offered April 2
—V. 150, p. 1638—were awarded to the Harris Trust & Sacings Bank of
Chicago as 1 Ms at par plus a premium of $2,052, equal to 100.958, a basis
of about 1.67%.
Dated April 9. 1940, and due July 1 as follows:
$9,000
in 1944; $10,000, 1945; $10,000, 1948 to 1952, incl.; $20,000, 1953; $25,000
in 1955, and $20,000 from 1956 to 1960, incl.
Other bids:
Int. Rate
Bidder—
Hemphill, Noyes & Co
Phelps, Fenn & Co., Inc
Harriman Ripley & Co., Inc., and F. S.
First National Bank of Chicago
Rate Bid
1 %%
1M% *
2%
100.64$
100.053
—
2%
2%
2%
102.709
102.67
102.52
102.44
Blyth & Co. and First
2%
102.356
-Shields &Co_
$500.
and
approved
obligations of
Moseley & Co
-----
Trust Co
of Michigan Corp
Boatmen's National Bank, and
Braun, Bos worth & Co
—
2%
102.033
Halsey, Stuart & Co., Inc
2%
NEW ISSUE OFFERED—A. B. Good, Business Director of Board of
School Commisssioners. will receive scaled bids until 12:15 p. m. (C8T)
on May 7 for the purchase of $189,000 not to exceed 5% interest, series 0
refunding bonds.
Dated May 14, 1940.
Denom. $1,000. Due July 1
as follows:
$4,000 in 194'; $5,000 in 1945, 1948 and, 1949; $10,000 in
1950, 1951 and 1952, and $20,000 in 1953, and from 1955 to 1960 incl.
Bidder to name a single rate of interest, expressed in a multiple of M of 1 %.
Principal and interest (J-J) payable at office of the Treasurer of the Board
of School Commissioners.
Bonds and interest payable out of unlimited
ad valorem taxes to be levied and collected on all of the school city's
taxable property.
Bonds to be refunded mature in 1940.
A certified
check for 3% of the bods bid for, payable to order of the Board of School
Lazard Freres & Co..
101.10
Commissioners, must accompany
each proposal.
Ind.—BOND SALE—An issue of $40,000 4M% water¬
sold to Bliss, Bowman & Co. of Toledo, at par.
Dated Feb. 1, 1940. Due Jan. 1, 1969. Interest J-J. Legality approved by
Matson, Ross, McCord & Ice of Indianapolis.
WAVELAND,
works revenue bonds was
DEroad
defeated.
EAST ST. LOUIS PARK DISTRICT, 111.—BOND SALE—An issue
of $81,000 414% refunding bonds was sold to Barcus, Kindred & Co. of
Chicago.
Due in 1960.
The old bonds bear 5% interest and mature in
two
an
sold to the First State Bank
of Walnut, at
IOWA
improvement bonds was
the next
basis
incl.;
1958,
Mercantile-Commerce Bank &
TOWNSHIP (P. O. Carmi), III.—BONDS
14 the voters authorized an issue of
election held March
CHICAGO,
DISTRICT, 111.—BONDS SOLD—The $75,000
authorized by the voters on March 18 were sold
SCHOOL
SERENA
school construction bonds
bonds awarded to Raffensperger,
BEAUCOUP
CARMI
81.51
to the
each proposal.
Legal opinion of Matson, Ross,
Ice of Indianapolis will be furnished the successful bidder.
ILLINOIS
premium of $818, equal to 105.45.
Interest J-J.
Registered.
sold
accompany
III^r—BONDS SOLD—An issue of $25,000 water
Bohlander & Co. of Bloomington.
ATLANTA,
1.70%
1.75% 7
-
111.—BONDS SOLD—An issue of $100,000 3% road bonds
H. C. Speer & Sons Co. of Chicago, subject to approval
the loan by the voters.
Price of par plus a premium of $1,200.
of
A
revenue
27.03
666.21
"477.00
285.00
212.00
SAVANNA,
was
Ga.—BONDSSOLD
Schools that $7,500 4M%
bonds approved by the voters
Jan. 1, 1940.
bonds have been purchased by
;
'
1.60%
_1.70%
1.70%
1.70%
'
ANGOLA, Ind.—BOND SALE—The $5,000 3H% fire apparatus bonds
offered April 1—V. 150, p. 1970—were sold at a price of 103.50, a basis
of about 2.92%.
Dated March 15, 1940, and due $500 on July 1 from
1942 to 1951, inclusive.
—It is stated by the
of 100.357.
-
Mississippi Valley Trust Co
Mercantile-Commerce Bank & Trust Co
"Blyth & Co.vlnc-.--.--™.^.^^Harriman Ripley & Co.-, Ipc
—
Northern Trust Co. of .Chicago
Lazard Freres & Co
—
Paine Webber & Co___
of
20
GEORGIA
—Jt is stated by the
425.00
340.35
350.00
222.60
1.60%
1.60%
1.60%
1.60%
—
Farwell, Chapman & Co-__
SCHOOL DISTRICT No. 1
(P. O. Bradenton), Fla.—BONDS SOLlJ TO RFC.—A $50,000 issue
4% semi-ann. school bonds is reported to have been sold at par on March
to the Reconstruction Finance Corporation.
Due in 30 years.
PRIDGEN SCHOOL DISTRICT (P.
Co
Halsey, Stuart & Co., Inc
Blair & Co., Inc
—V.
MANATEE
-
Savings Bank—
Harris Trust &
Premium
$870.00
1,002.00
442.02
Int. Rate
1H%
1.60%
1.60%
Bidder—
free from all present
Iowa—BONDS SOLD—It is reported that $8,000
Works Progress Administration, city's portion bonds have been purchased
by Jackley & Co. of Des Moines.
COUNCIL BLUFFS,
CRAWFORD COUNTY (P. O. Denison), low a—BONDS SOLD—It
Leo Collins, County Treasurer, that $82,500 refunding bonds
offered for sale at public auction on Arpil 1 and were awarded to*a
is stated by
were
syndicate composed of the Harris Trust & Savings Bank of Chicago, the
lowa-Des Moines National Bank & Trust Co. of Des Moines, and the
White-Phillips Corp. of Davenoprt, as lHs, paying a premium of $9.15,
equal to 100.0119.
FERTILE CONSOLIDATED SCHOOL DISTRICT
Iowa—BONDS OFFERED—Sealed and open bids were
E. m. onbonds. 5, by the District1940. Due
Secretary,
uilding April
Dated March 1,
in 1944
to 1946,
and $2,000 in 1947 to
1950.
(P. O. Fertile),
received until 8
for the purchase of $11,000
1 as follows: $1,000
on May
INDEPENDENT SCHOOL DISTRICT (P. O. Grimes)
Iowa—MA TURITY—It is stated by the Secretary of the Board of Directors
that the $10,000 school bonds sold to the Polk-Peterson Corp. of Des
Moines, as 2s, at 100.72, as noted here—V. 150, p. 2145—are due $1,000
on April 1 in 1941 to 1950, giving a basis of about 1.86%,
GRIMES
(P. O. Missouri Valley)'
Secretary that the $35,000
of Chicago, as 2s, at par—
MISSOURI VALLEY SCHOOL DISTRICT
Iowa—MATURITY—It is stated by the District
building bonds sold to Paine, Webber & Co.
V. 150, p. 2145—are due on Nov. 1 as follows:
$2,000 in 1944 to 1959;
OELWEIN,
$1,000 in 1941 to 1943, and
callable on and after Nov. 1,
1949.
Iowa—BOND ELECTION—It is stated that an election
order to have the voters pass on the issuance of
will be held on April 25 in
$650,000 in bonds for the
construction of a municipal electric
plant.
The Commercial & Financial Chronicle
2296
STORM LAKE INDEPENDENT SCHOOL DISTRICT (P. O. Storm
Lake), Iowa—BOND OFFERING—It Is reported that bids will be received
until 7:30 p. m. on April 8 by W, H. Kaufman, Secretary of the Board of
until 10
a. m. on April 9 for the purchase at discount of the following:
$12,000 industrial farm loan notes.
Dat April 10,1940, and due April 10,
Directors, for the purchase of $100,000 building bonds, approved by the
voters at an election held on Jan, 18.
1941.
125,000 tuberculosis hospital maintenance notes.
Dated April 10, 1940,
and due April 10, 1941.
All of the notes will be payable at the National Shawmut Bank of
Boston, which will certify as to their genuineness and validity, under
advice of Ropes, Gray, Boyden & Perkins of Boston.
KANSAS
LIBERAL, Kan.—PRICE PAID—In connection with the sale of the
$25,1003 Vi% aud 3H% refunding bonds to Beecroft, Cole & Co, of Topeka,
as described in our issue of March 30—V. 150, p. 2145—it Is stated by
the City Clerk that the bonds were sold at par.
BROOKLINE, Mass.—NOTE SALE— The $500,000 revenue antici¬
pation notes offered April 1—V. 150, p. 2145—were awarded to the Boston
Safe Deposit & Trust Co. of Boston, at 0.06% discount, plus a
premium of
Dated April 1, 1940 and due Nov. 13, 1940.
$10.
Other bids:
Second
National Bank of Boston, 0.073%; National Shawmut Bank of Boston,
0.10%.
KANSAS. State of—SCHOOL FUND COMMISSION BANS REFUND¬
ING OF BONDS—An Associated Press dispatch from Topeka on March 25
reported
as follows:
■"
~
The State School Fund Commission decided today
7
it would not permit
owned by the Commission to pay off such
securities by issuing refunding bonds carrying a lower rate of Interest.
State Treasurer waiter E. Wilson was instructed to refuse to accept pay¬
ment from municipalities seeking to take up their bonds in this way.
Attorney General Jay S. Parker, a Commission member, explained that
interest rates on the bonds owned by the State body range from 2 H to 4 A %.
whereas it is possible to float securities now at rates as low as 1A %.
"It is no job at all for a bond salesman to convince municipalities it is
to their advantage to refund their bonds when they can save as much as
muncipalities whose bonds
are
CANTON,
DEDHAM,
factory rate of interest, there will be nothing to distribute to the schools."
The Attorney General said bond companies frequently were asking 1%
town decides to issue refunding bonds, it brings them to the
and offers them to us," Mr. Parker continued.
"We have
such offers of securities at 1 A % recently and have turned them
a
Commission
refusal, the municipality sells the refunding bonds through a
the proceeds to pay off the bonds held by
company and then wants to use
the Commission."
The Commission
has about $9,000,000 of its funds Invested at present
and $2,000,000 uninvested.
TOPEKA, Kan .—BOND SALE—The $55,000 1% coupon semi-ann.
public and civil works projects bonds offered for sale on March 29—V. 150,
2145—were awarded to Estes, Snyder & Co. of Topeka, paying a price
101.114, a basis of about 0.58%.
Dated March 15, 1940.
Due on
March 15 in 1941 to 1945, incl.
Other bids
follows (all prices given are premiums on the $1,000
were as
bond):
of
Other Bidders—
Price Paid
Beecroft-Cole & Co
7.54
10.10
*
W. E. Davis Co
Baum, Bernheimer & Co
$100,000
5.74
5.90
Sullivan-Brooks Co
semi-annual interest payable at the Merchants National
5.56
Legal opinion of Storey.
7.98
furnished the successful bidder.
Small-Mil burn Co
-
Bidder
to
name
rate of interest
in
multiples of A of 1%.
Thorndike, Palmer &
"
J
EDUCATIONAL
CORPORATION
Orchard), Ky.—BOND OFFERING-—Sealed bids
will
be
(P. O.
March 25 at 0.20% discount.
1940.
April 8.
Int.Rate
Whiting, Weeks & Stubbs..
Graham, Parsons & Co., and Chace,
V
:
,
Rate Bid
1M%
Union Securities Corp
...
Halsey, Stuart & Co., Inc
National Shawmut Bank—
...
100.143
1M%
1M%
_1M%
IA%
Whiteside
Symonds
100.134
100.089
100.888
100.456
&
SOUTHBRIDGE,
is
was
Mass.—NOTE SALE—An issue of $150,000 notes
the Second National Bank of Boston at 0.116% discount.
Due
sold to
Nov.
^
15, 1940.
SOUTHGATE,
LOUISIANA
_
notes was sold on
Nov. 22 and Dec. 13,
\
Bidder—
until
stated by the City Clerk that an award of $75,000
refunding bonds will be
taken up by the City Council at the next regular
on
on
Mass.—BOND SALE—The issue of $150,000 coupon
April 1—V. 150, p. 2145—was awarded to Tyler & Co.
of Boston, as 1Mb, at a price of 100.222, a basis of about 1.21%.
Dated
April 1,1940 and due $15,000 on April 1 from 1941 to 1950 incl.
Other bids:
April 8, by Attorney S. R. Cheek, Jr., at the Court House in Stan¬
ford, for the purchase of $31,000
semi-ann. first mortgage refunding
bonds.
Dated April 1, 1940.
Due April 1, 1941 to 1960.
Prin. and int.
payable at the Citizens National Bank, Danville, Trustee.
The purchaser
will be required, among other things, to pay the call
premium on the bonds
now outstanding and which will be retired from the
proceeds of this issue
meeting
Due $100,000 each
SOMERVILLE,
noon on
FRANKFORT, Ky.—BOND AWARD DECISION EXPECTED—It
revenue notes
Due March 28, 1941.
relief bonds offered
Crab
received
discount.
SAUGUS, Mass.1—NOTE SALE—An issue of $200,000
BRODHEAD EDUCATIONAL CORPORATION
(P. O. Brodhead),
Ky.—BOND OFFERING—Sealed bids will be received until 10 a. m. on
April 8, by 8. R. Cheek Jr., Attorney for the Corporation, for the purchase
of $12,000 4H% first mortgage bonds.
Dated April 1, 1940.
Due $1,000
on April 1 in 1941 to 1952, incl.
Prin. and int. (A-O) payable at the Citizens
Bank & Trust Co. of Lexington.
ORCHARD
sold at 0.19%
was
KENTUCKY
.
Principal and
Bank of Boston.
Dodge of Boston will be
RANDOLPH, Mass.—NOTE SALE—An issue of $25,000
CRAB
was
for the purchase of $60,000 coupon municipal relief bonds.
Soden & Co
CityNational Bank & Trust!
notes
Trust Co. of
NORTH ADAMS, Mass .—BOND OFFERING.—Adrien Bonvouloir, City
Treasurer, will receive binds, other than by telephone, until noon on April 9
Dated April 1,
1940.
Denom. $1,000.
Due $6,000 on April 1 from 1941 to 1950, incl.
$10.74
Rhodes-Seltsma Co
of
LUNENBURG WATER DISTRICT, Mass .—BONDS SOLD— Bond,
Judge & Co. of Boston purchased $40,000 2M% water bonds.
Dated
April 1, 194P. Denom. $1,000.
Due $2,000 on April 1 from 1943 to 1962,
incl.
Principal and interest (A-O) payaDle at the First National Bank of
Boston.
Legality approved by Ropes, Gray, Boyden & Perkins of Boston.
p.
of
Names
issue
LAWRENCE, Mass.—BOND SALE.—The $250,000 coupon second
municipal relief bonds offered April 4 were awarded to Tyler & Co. of
Boston, at lMs, at a price of 100.733, a basis of about 1.11%.
Dated
April 1, 1940.
Denom. $1,000.
Due $25,000 on April 1 from 1941 to
1950, incl.
Principal and interest (A-O) payable at the Second National
Bank of Boston, or at holder's option at the City Treasurer's office.
These
bonds may be registered upon presentation at the City Treasurer's office
for cancellation of coupons and for appropriate endorsement.
Legality
approved by Iiopes, Gray, Boyden & Perkins of Boston.
Other bids:
(for 1Mb) Chace, Whiteside & Symonds and Harriman, Ripley & Co.,
100.678; Goldman, Sachs & Co., and Shields & Co., 100.669; Second
National Bank of Boston,
100.577; First Boston Corporation, 100.55;
Newton, Abbe & Co., 100.55: Halsey, Stuart & Co., par plus $122.50;
Harris Trust and Savings Bank, 100.289; Kidder, Peabody & Co., Whiting,
Weeks & Stubbs and F. L. Dabney & Co., 100.261; Bond, Judge & Co.,
First Michigan Corporation and Lyons, Shafto, Inc., 100.0678; (for IHb)
Estabrook & Co., 100.86.
of the interest saving as their commission on the transaction.
our
SALE—An
Boston.
"What officials of these communities forget is that they have a stake in
If the money is not invested in securities paying a satis¬
"After
Mass.—NOTE
awarded March 27 at 0.063% discount.
Due Dec. 13, 1940.
The loan was purchased by the Boston Safe Deposit &
the school fund.
had many
all down.
Mass.—NOTE SALE—An issue of $150,000 revenue notes
0.08% discount. Due Dec. 2, 1940.
awarded March 27 at
was
3% in interest," Mr. Parker said.
►•"When
April 6, 1940
BRISTOL COUNTY (P. O. Taunton), Mass .—NOTE OFFERING—
Ernest W. Kilroy, County Treasurer, announces that bids will be received
Boston
was
Mass.—NOTE SALE—The Second National Bank of
an issue of $150,000 notes at 0.116% discount.
Due
awarded
Nov. 15, 1940.
CONCORDIA PARISH SCHOOL DISTRICT NO. 5
(P. O. Vidalia),
La.—BOND .OFFERING—It is reported that sealed bids will be received
until 9 a. m. on April 26, by J. S. Burris,
Secretary of the Parish School
WINCHENDON,
Mas s.—NOTE SALE—An issue of $100,000 notes
Corp., at 0.18% discount.
Due Dec. 16,
awarded to the First Boston
was
Board, for the purchase of $25,000 not to exceed 5%, payable
semi-annually.
Denom. $500.
Due in 10 years.
Other bids: First National Bank of Boston, 0.184 %; Second National
Bank of Boston, 0.187%; National Shawmut Bank of Boston,
0.21%;
Merchants National Bank of Boston, 0.21%.
1940.
DONALDSONVILLE, La.—CERTIFICATE OFFERING— Sealed bids
will be received until 8 p. m. on April 15,
by J. C. Bouchereau, City Secre¬
tary, for the purchase of a $75,000 issue of not to exceed 6% semi-ann.
MICHIGAN
paving certificates. Dated May 1, 1940. Denom. $500. Due May 1,1941
1950. No bid at less than par will be considered. These certificates are
payable from funds derived from the levy and collection of the local and
special assessments on real property abutting the streets paved. /.The
properties so affected abut four of the principal streets in the city and
consist almost entirely of residences.
In the opinion of the Commission
to
BAY
CITY,
Mich.—BOND SALE—The
$45,000 coupon emergency
bonds offered April 2—V. 150, p. 2146—were awarded to Cray, McFawn
& Fetter of Detroit, as Is, at par plus a premium of $18.66, equal to 100.041,
a
basis of about 0.98%.
Dated March 1, 1940 and due $15,000 on Mar. 1
1941 to 1943 incl.
Second high bid of 100.036 for Is was made
from
Council of the city these certificates, are
thoroughly reliable and are amply
secured by the assessments levied.
The approving opinion of Charles &
Trauernicht, of St. Louis, and a copy of the certified transcript of record, as
passed upon, will be furnished the purchaser. Enclose a certified check for
jointly by the Peoples Commercial & Savings Bank and the National Bank,
City.
both of Bay
BAY CITY SCHOOL
DISTRICT, Mich.—NOTE ISSUE DETAILS—
Farragut School notes awarded to the Bay City Bank—V. 150,
2146-—were sold at a price of 100.036.
Notes due in 1S41 and 1942 bear
1% interest and the balance are lMs.
The $83,000
$250, payable to the Commissioner of Finance.
p.
^,£SS.iyVER»~ATCHAFALAYA
AND
BAYOU
BOEUF
LEVEE
DISTRICT (P. O.
Alexandria), La.—BONDS NOT SOLD—It is stated
by the Secretary of the Board of Commissioners that the $216,000 not to
exceed 5% semi-ann. refunding bonds offered on
March 26—V. 150, p.
1638—were not sold as all bids were rejected.
BERRIEN COUNTY (P. O. St. Joseph), Mich.—BOND SALE—The
$185,000 refunding highway improvement bonds offered March 29—
V. 150, p. 1812—were awarded to John Nuveen & Co. of Chicago, as 1M*,
at par plus a premium of $88, equal to 100.047, a basis of about
1.24%.
BONDS SOLD—The bonds
Bank of
were purchased
subsequently by the National
Commerce, of New Orleans, at an interest cost of about 2.64%.
Due serially in 1941 to 1965.
Sale
MAINE
HOULTON, Me.—BONDS AND NOTES SOLD—Smith, White & Stan¬
ley of Waterville purchased on March 29 an issue of $50,000 1 ^ % bonds at
a price of par.
Due from 1941 to 1945 incl. The same firm was successful
bidder for the $150,000 tax anticipation notes offered the
same day, naming
a rate of 0.44%.
Due $50,000 each on Nov. 9 and Dec. 10,
1940, and on
Jan. 31, 1941.
.
KITTERY, Me.—BOND SALE—The $16,000
coupon
refunding bonds
offered March 29—V. 150, p. 1970—were awarded to
Perrin, West & Winslowof Boston, as 1 As, at a price of
April 1, 1940 and due $2,000
on
101.32, a basis of about 1.20%.
April 1 from 1941 to 1948, incl.
BIDS FOR BOND ISSUE—Other bids for the bond
issue
were as
Dated
NOTE SALE—An issue of
$60,000 notes was sold on the same date to
F. W. Home & Co. of Hartford, at
0.315% discount.
Due Dec. 31, 1940.
Chapman & Co. of Portland, other bidder, named a rate of
0.54%.
of:
DETROIT, Mich.—TENDERS WANTED—Donald Slutz, City Comp¬
troller, will receive sealed offerings until 10 a. m. on April 15 (to be firm
until 1p.m. the following day) of bonds in amount of about
$250,000 for
the Water Board Sinking Fund, under the following conditions:
Offerings shall show the purpose, the rate of interest, date of maturity,
the dollar value and the yield.
Offerings will be accepted on the basis of the highest net yield to the city,
as computed from the dollar price.
No bonds maturing beyond 1959 will be accepted.
The city reserves the right on bonds purchased, which are delivered sub¬
sequent to April 22, 1940, to pay accrued interest up to that date only.
follows:
Pierce, White & Drummond, Bangor, 100.156 for 1 Ms; (for 1 Ms): Chapman
Sc Co., Portland, 100.753; Coffin &
Burr, 100.16; H. M. Payson & Co.,
Portland, 100.125; (for lMs): F. W. Home & Co., 100.648; Harriman,
Ripley & Co., 100.568; Bond, Judge & Co., 100.345; Lyons &
Co., 100.299.
consisted
$100,000 refunding (county) bonds.
Due May 1, 1945.
85,000 refunding (township) bonds.
Due May 1, 1944.
All of the bonds will be dated April 1,1940 and callable at par and accrued
interest on any interest date on 90 days' notice.
Dated May 15, 1940.
BONDS
PURCHASED—Mr.
Slutz
reports
purchased at the previous call for tenders at
that
an
$299,500 bonds were
yield of 3.312%.
average
MIDLAND
TOWNSHIP
SCHOOL
DISTRICT
(P. O.
Midland),
Mich.—BONDS DEFEATED—At the Mar. 5 election the proposal to
issue $10,000 building bonds was defeated.
MONROE COUNTY (P. O. Monroe), Mich .—BONDS DEFEATED—
1 primary election the voters refused to approve an issue of
$40,000 courthouse remodeling bonds.
At the April
"
MARYLAND
OAKLAND, Md.—BOND SALE—The
purchased
an issue of
ROCKFORD, Mich.—PLANS BOND SALE—The State Public Debt
Commission has been requested to approve an issue of $20,000 not to exceed
First National Bank of Oakland
$25,000 3A% community building bonds at
par.
MASSACHUSETTS
REVERE, Mass .—NOTE SALE—The First National Bank
purchased
on
discount.
This
March 29
was
the
an
of Boston
issue of $700,000 nine-months notes at
0.79%
only bid for the loan.
4%
sewer
bonds.
Dated March
1,
1940.
Denom.
ST. CLAIR COUNTY (P. O. Port Huron), Mich.—BOND OFFERING
—John Watson, Chairman of County Road
Commissioners, will receive
sealed bids until 11 a. m. on April 15, for the purchase of $85,000
5%
high¬
way
%
interest paving and
$500.
Due Sept. 1 as follows: $2,500 from 1941 to 1945 incl. and $1,500
from 1946 to 1950 incl.
Prin. and int. payable at the Rockford State Bank.
Issue was approved at an election held March 11.
refunding bonds, divided
as
follows:
Volume
jointly to the Harris Trust & Savings Bank of Chicago, and the Empire
Trust Co. of St. Joseph, paying a premium of $53.04, equal to 100.039,. a
about 1.763 %, on the bonds divided as follows: $91,000
#39,000 county portion bonds.
Due May 1 as follows:
#500 in 1943;
#3,000, 1947: #15,500 in 1948 and #20,000 in 1949.
30,000 township portion bonds.
Due May 1 as follows:
#500 in 1943;
#2,000, 1947; #12,500 in 1948 and #15.000 in 1949.
13,000 district portion bonds.
Due May 1 as follows: #1,000 from 1943
to 1947, incl.; #5,000 in 1948 and #6,000 in 1949.
3,000 combined portion bonds.
Due May 1, 1946.
All of the bonds will be dated May 1, 1934.
Denoms.
Callable at any time on 30 days' published notice of such
cipal and interest (M-N) payable at
net interest cost of
bonds will be furnished without cost to
2s, due
as
on
May 1:
$8,000 in 1945 to 1952, and $9,000 in 1953 to 1955;
j^s, due $9,000 on May 1 in 1956 to 1960 incl.
the remaining $45,000 as 1
MONTANA
$1,000 and #500.
intention. Prin¬
the County Treasurer's office. Blank
BELGRADE HIGH SCHOOL DISTRICT (P. O. Belgrade), Mont.—
BOND SALE.—The $3,000 semi-ann. school bonds offered for sale on April
be obliged to
& Stone of Detroit.
the purchaser, who will
3—V.
150, p. 1972—were purchased
according to the DistrictlClerk.
for cost of legal opinion of Miller, Canfield, Paddock
A certified check for #1,700 must accompany each proposal.
pay
DISTRICT NO. 8 (P. O. VanderWANTED—F. L. Yoss, Secretary of
until 4 p. m/on May 7, for
Aug. 1, 1935.
UNIVERSITY OF MICHIGAN,
Mich.—BOND CALD-A total of
$223,000 health service bonds, dated Oct. 15, 1938, have been called for
payment on April 15, 1940 at par plus accrued interest and premium of
1%, through the Ann Arbor Trust Co., Ann Arbor, as trustee.
WHITE
PIGEON,
Mich.—PROPOSED BOND ISSUE— The State
Public Debt Commission has been asked to approve an issue of $12,758
not to exceed 6% interest street improvement bonds.
Dated April 1, 1940.
One bond for $758, others $1,000 and $500.
Due March 31 as follows:
$1,000 from 1941 to 1945, incl.; $1,500 from 1946 to 1949, incl. and $1,758
Mich.—TENDERS
Lake),
Board of Education, will receive sealed tenders
he purchase of series A refunding bonds, dated
by the State Land Board, as 2%s,
NEBRASKA
SUMMIT TOWNSHIP SCHOOL
cook
2297
The Commercial & Financial Chronicle
ISO
7";
in 1950.
CITY, Neb .-PRE-ELECTION SALE.—It is stated
Hull, City Clerk, that $75,000 municipal auditorium bonds have
subject to an election to be held in the near future.
DAVID
by the Village Clerk that
been sold to the Securty
LAUREL, Neb.—BONDS SOLD—It is stated
$3,000 3 % water system improvement
National Bank of Laurel.
bonds have
HAMPSHIRE
NEW
BELKNAP COUNTY (P. O. Laconia),
of
$100,000
by F. C.
been sold,
N. H.—NOTE SALE—An issue
sold to
anticipation notes, payable in December, was
New Haven, at 0.25% discount.
tax
Lincoln R. Youngl&^Co. of
MINNESOTA
JERSEY
NEW
BAUDETTE, Minn.—BOND SALE—The $16,000 coupon semi-annual
refunding bonds offered for sale on March 29—V. 150, p. 1813—were
awarded at auction to Juran, Moody & Rice of St. Paul, as 2J^s, paying
a
premium of $51, equal to 100.318, a basis of about 2.21%.
Dated
April 1, 1940.
Due on April 1 in 1943 to 1952 inclusive.
The second best bid was an offer of $50 premium on 2Ms, submitted by
the Allison-Williams Co. of Minneapolis.
CARLSTADT, N. J.—BOND OFFERING—G. Theodore
Borough Clerk, will receive sealed bids until 8 p.m. on April
purchase of $36,000 not to exceed
bonds.
Dated April 15, 1940.
Swenson,
17 for the
6% interest coupon or registered sewer
Due April 15 as follows:
Denom. $1,000.
offered for sale on Apr.
$2,000 from 1941 to 1949 incl. and $3,000 from 1950 to 1955 incl.
Bidder
to name a single rate of interest, expressed in a multiple of H or 1-10 of 1 %.
Principal and interest (A-O) payable at the Rutherford National Bank,
Carlstady branch.
The price for which the bonds may be sold cannot
exceed $37,000.
The bonds are unlimited tax obligations of the borough
&
and
BAYPORT, Minn.— WARRANT SALE—The $30,000 sewer warrants
2—V. 150, p. 1813—were awarded to Piper. Jaffray
Hopwood of Minneapolis, as 2Ms, paying a premium of $301, equal to
101.003, a basis of about 2.55%.
Dated May 1, 1940.
Due $3,000 on
May 1 in 1941 to 1950 incl.
SANDSTONE, Mi nn.—BOND OFFERING—It is stated by H. O.
Johnson, Village Clerk, that he will receive bids until April 18, for the
purchase of $15,000 sewage disposal plant completion bonds approved
the voters on March 25 by a count of 168 to 27.
Bidders are to name the
rate of interest.
Due on Jan. 1 in 1943 to 1953.
by
CONSOLIDATED
SCHOOL
(P. O.
DISTRICT
Macon), Miss.—BONDS SOLD—It is stated by C. V. Adams, Clerk of
the Board of Supervisors, that $20,000 school bonds were offered for sale
on April 1 and were purchasM jointly by Geo. T. Carter, Inc., and John R.
Nunnery & Co., both of Meridian, as 2Ms, paying a premium of $165,
equal to 100.825, a basis of about 2.39%.
The purchaser agreed to pay
for printing and the attorney's fee.
Denom. $500.
Dated Jan. 1, 1940.
Due on Jan. 1 as follows:
$1,000 in 1941 to 1945, and $1,500 on 1946 to
1955, all inclusive.
EDWARDS, Miss.—BONDS SOLD—It is reported that
bonds have been purchased by the
semi-ann. water works
$12,500 2M%
First National
GREENWOOD, Miss.—BOND OFFERING—Sealed bids were received
April 4, by Bonner Duggan, City Clerk, for the purchase
of $30,000 sewer system bonds.
Dated April 4, 1940. Due $1,000 in 1941
to 1944; $6,000, 1945, and $10,000 in 1946 and 1947.
until 7:30 p. m. on
MISSISSIPPI,
OFFERING—Sealed
of—BOND
State
bids will be
of the State
April 9, by Greek L. Rice, Secretary
Commission, for the purchase of a $2,000,000 issue of highway,
sixth series, coupon bonds.
Interest rate is not to exceed 4%,
F-A.
Dated Feb. 1, 1940.
Denom. $1,000.
Due $100,000 Feb. and Aug.
Bond
payable
1, 1946 to 1950, $500,000 Aug. 1, 1958, and $500,000 Feb. 1, 1959.
Rate
or rates of interest to be in multiples of M of 1%.
No bid of less than par
and accrued interest will be considered.
Each bidder is requested to bid
in the alternative for the above bonds issued without option, of prior pay¬
ment and for the above bonds issued in such manner that the State will
have the option of redeeming the bonds in inverse numerical order on
Feb. 1, 1945, and any interest payment date thereafter at par and accrued
interest, plus a premium of 1 %.
Bidders may specify one rate or rates for
non-optional bonds and another rate or rates for optional bonds.
The
bonds will be issued and sold pursuant to Chapter 130, Laws of Mississippi,
1938, and resolutions adopted by the State Bond Commission, reference to
which is made for a more
detailed description thereof.
registered as to principal only.
be
Treasurer's office, or at the
These bonds may
Prin. and int. payable at the
Guaranty Trust Co., New
payable as to both principal and
gasoline or motor fuel taxes levied by
are
York.
State
The bonds
interest from such portion of
the State as may be necessary
the
and
fully sufficient for such purpose, or in accordance with the provisions and
definitions contained in the aforesaid Chapter 130, Laws of Mississippi,
1938.
Under the terms of and as permitted by the act, the bonds together,
with the other bonds authorized, issued and permitted under the act, enjoy
a prior pledge of such portion of the revenues as may be necessary for the
prompt payment of the principal of and interest on the bonds, and it is
recited, covenanted and agreed that the taxes, to the amount necessary as
aforesaid, shall be irrevocable until all of the bonds have been paid in full
as to principal and interest.
The approving opinion of Chapman & Cutler,
of Chicago, to the effect that such bonds are valid and legally binding
obligations of the State payable solely as aforesaid will be delivered to the
purchaser without charge.
Enclose a certified check for 2%.
CONSOLIDATED SCHOOL DISTRICT (P. O. New
Augusta), Miss.—BONDS PUBLICLY OFFERED— Edward Jones & Co.
NEW AUGUSTA
of Jackson are
offering what they term a new
issue of $23,000 4% school
building bonds for general investment.
Denoms. $500 and $1,000.
Nov. 1, 1935.
Due on Nov. 1 as follows: $500 in 1940; $1,000,
1950; $1,500. 1951 to 1957, and $2,000 in 1958.
Prin. and int.
payable at the Chancery Clerk's office in New
by Charles & Trauernicht of St. Louis, Mo.
MISSOURI
Markets in all State,
Dated
1941 to
(M-N)
Augusta. Legality approved
id
BONDS
County & Town Issues
RICHTER COMPANY
SCHERCK,
LANDRETH BUILDING,
ST. LOUIS, MO.
MISSOURI
DISTRICT (P. O. Kansas City) Mo.—
of coupon semi-ann. refunding bonds
offered for sale on Apirl 4—V. 150, p. 2146—was awarded to a syndicate
composed of the Harris Trust & Savings Bank of Chicago: Harriman Ripley
& Co., Inc.; the Northern Trust Co. of Chicago: the Mercantile-Commerce
Bank & Trust Co. of St. Louis; the First National Bank of Chicago- the
Commerce Trust Co.; the City National Bank & Trust Co., and Stern
Bros. & Co., all of Kansas City, as 2}4&. paying a price of 100.559. a basis
of about 2.21%.
Dated April 1, 1940. Due on April 1 in 1948 to 1960 incl.
The second highest bid for the bonds was an offer of 100.288 on 2Ms,
submitted by a group headed by Phelps, Fenn & Co. of New York.
KANSAS
r-
EAST RUTHERFORD, N. J.—BOND
CITY SCHOOL
BOND SALE—The $5,000,000 issue
ST. JOSEPH,
Mo.—BOND SALE— The $136,000 coupon semi-ann.
refunding bonds offered for sale on April 1—Y. 150, p. 1640—were awarded
OFFERING—William E. DeNike
Borough Clerk, will receive sealed bids until 8 p. m. on Apr. 15 for the pur¬
chase of $40,000 not to exceed 6% interest coupon or registered sewer bonds.
Dated Apr. 15, 1940.
Denom. $1,000.
Due $2,000 on Apr. 15 from 1941
to 1960 incl.
Bidder to name a single rate of interest, expressed in a mul¬
Ruth¬
The
price for which the bonds may be sold cannot exceed $41,000.
The bonds
are general obligations of the borough, payable from unlimited ad valorem
taxes to be levied on all of its taxable property.
A certified check for $800
payable to order of the borough, must accompany each proposal.
The ap¬
proving legal opinion of Reed, Hoyt, Washburn & Clay of New York City
will be furnished the successful bidder.
HADDON TOWNSHIP
CISED—Leroy V. Worrell,
(P. O. Westmont), N. J.—OPTION
Acting Township Clerk, reports that
EXER¬
M. M.
exercised their option to purchase as
4s, an issue of $236,000 refunding bonds, subject to approval of the State
Funding Commission—V. 150, p. 1474.
Freeman & Co.
of Philadelphia have
MARGATE CITY, N.
Bank of Vicksburg.
received until 10 a. m. on
approving legal opinion of Reed, Hoyt, Washburn & Clay of
will be furnished the successful bidder.
A certified check
payable to order of the borough, must accompany each proposal.
tiple of
or 1-10th %. Principal and interest (A-O) payable at the
erford National Bank (East Rutherford branch). East Rutherford.
MISSISSIPPI
BROOKSVILLE
the
New York City
for $720,
J.—SEEKS TO EXTEND BOND
MATURITY—
resolution
to
1940,
paid at
would
The City Commission is reported to have recently adopted a
authorizing Thomas J. Christensen, City Auditor and refunding agent,
obtain agreement from holders of refunding bonds maturing Dec. 1,
to extend the maturity date to June 1, 1941.
Interest would be
rate of 4% for the extended period.
Postponement of the due date
permit adoption of the
1940 budget, it was stated.
COUNTY (P. O. New Brunswick), N. 3.—BOND
SALE—Halsey, Stuart & Co., Inc., New York, in account with B. J.
Van Ingen & Co., Inc. and Campbell, Phelps & Co., Inc., also of New
York, obtained award at the offering of $524,000 coupon or registered bonds
on April 4—V. 150, p. 2146.
This group bid for $523,000 bonds, naming an
interest rate of 2.20% and paying a price of 100.313, a basis of about
2.17%.
Sale consisted of:
MIDDLESEX
$108,000 impt. bonds. Due April 15 as follows: $5,000
incl. and $6,000 from 1953 to 1960 incl.
from 1941 to 1952
269,000 impt. bonds. Due April 15 as follows: $17,000
incl. and $16,000 from 1954 to 1956 incl.
from 1941 to 1953
146,000 county vocational school bonds, series
$3,000 from 1941 to 1953 incl.; $4,000
f
' $3,000 in 1980.
7. Due April 15 as follows:
from 1954 to 1979 incl. and
1, 1940, were
Inc. and associates, as noted
yield from 0.30% to 2.35% for
maturities, and from 96.50 to 92 for the later maturities. Other
BONDS PUBLICLY
OFFERED—-The bonds, all dated April
publicly reoffered by Halsey, Stuart & Co.,
in the advertisement on page v, at prices to
the 1941-60
bids at the sale were
reported as follows:
No.
Shields
&
Bonds
Rate Bid
Bid For
Int. Rate
524
Bidder—
2.20%
100.111
524
524
2\i%
2^%
100.08
100.003
523
2.30%
100.272
524
2.30%
100.098
520
2.40%
100.83
521
2.40%
100.595
522
2M %
Co.; Hemphill, Noyes & Co.;
Colyer, Robinson &
Stroud & Co., and
Co.
Lehman
man,
-
Bros.; H. L. Allen & Co ; East¬
Dillon & Co., and Charles Clark
& Co.
-
-
Co.
Goldman, Sachs & Co.,
and Minsch, Monell & Co., Inc
Buckley Bros.; J. B. Hanauer & Co.; John
B. Carroll & Co.; Suples, Yeatman &
Co., and Bioren & Co
Phelps, Fenn & Co., Inc.; Kean, Taylor &
Co. and Van Deventer Bros., Inc
E. H. Rollins & Sons, Inc.; A. C. Allyn &
Co., Inc. and MacBride, Miller & Co...
Union Securities Corp.; R. W. Pressprich
& Co. and First of Michigan Corp
Dougherty, Corkran & Co.; MercantileCommerce Bank & Trust Co., and Julius
A. Rippel, Inc
H. B. Boland &
Blair & Co., Inc.;
523
100.42
100.266
MIDDLETOWN TOWNSHIP (P. O. Middletown), N. 3.—BOND
OFFERING—Joseph E. Johnson, Township Treasurer, will receive sealed
bids until 3:30 p. m. on Apr. 18 for the purchase of $2,5,000 not to exceed
6% interest series A coupon or registered harbor improvement assessment
bonds.
Dated Apr. 1, 1940.
Denom. $500.
Due $2,500 on Apr. 1 from
1941 to 1950 incl.
Bidder to name a single rate of interest, expressed in
a multiple of
or l-10th of 1%.
Prin. and int. (A-O) payable at the
Atlantic Highlands National Bank, Atlantic Highlands.
The bonds are
unlimited tax obligations of the township and the approving legal opinion
of Caldwell & Raymond of New York City will be furnished the successful
bidder.
A certified check for 2% of the bonds offered, payable to order
of the Township Treasurer, must accompany each proposal.
MILBURN TOWNSHIP SCHOOL
3.—BOND OFFERING—Walter R.
N.
sealed bids until 8 p. m. on
DISTRICT (P. O. Millburn),
Staub, District Clerk, will receive
Apr. 18 for the purchase
of $20,000 114, 1M,
Dated Apr. 1,
and 1943
of interest.
The
required to be obtained at sale of the bonds is $20,000.
The bonds
are unlimited tax obligations of the district and the approving legal opinion
of Hawkins, Delafield & Longfellow of New York City will be furnished
the successful bidder.
A certified check for 2% of the bonds offered, pay¬
able to order of the Board of Education, must accompany each proposal.
RARITAN TOWNSHIP FIRE DISTRICT (P. O. Metuchen), N. J.
—BONDS SOLD—The First Bank & Trust Co. of Perth Am boy purchased
2, 2M, 2H, or 2^% coupon or registered school bonds.
1940.
Denom. $1,000.
Due Apr. 1 as follows: $3,000 in 1942
and $2,000 from 1944 to 1950 incl.
Bidder to name a single rate
Prin. and int. (A-O) payable at the First National Bank, Millburn.
sum
an
issue of $7,500
5% fire house construction
bonds.
The Commercial & Financial Chronicle
2298
SOMERDALE, N. J.—BOND SALE—The $60,000
to
to
April 6,
name
a
A certified check for $3,500,
payable to order of Mary E. Miller, District
Treasurer, is required.
Legal opinion of Dillon, Vandewater & Moore of
1965, incl.
New York City will be furnished the
Municipal Bonds
Tilney & Company
76 BEAVER STREET
NEW YORK, N.
Y.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
—
.
YORK
NEW
on April 8 for the
purchase of $10,000 not to exceed 6% Interest coupon or
registered bonds, divided as follows$2,500 fire apparatus bonds.
Due $500 on Sept. 1 from 1940 to 1944, incl.
7,500 fire house bonds.
Due $500 on Sept. 1 from 1940 to 1954, incl.
All of the bonds will be dated March 1, 1940.
Denom. $500. - Bidder to
name a single rate of interest, expressed in a multiple of 34 or 1-10th ofl%.
Principal and interest (M-S) payable at the Schenectady Trust Co., Schenec¬
tady, with New York exchange.
The bonds are general obligations of the
fire district, payable from unlimited taxes.
A certified check for $200.
payable to order of the district, must accompany each proposal.
Legal
opinion of Dillon, Vandewater & Moore of New York City will be furnished
--
the successful
ALBION
(P. O. Altmar), N. Y.—BOND SALE—The issue of $7,000
coupon or registered funding bonds offered April 3—V. 150, p. 1972, 1814
—was awarded to Tilney & Co. of New York, as 2.20s, at a price of 100.11,
a basis of about 2.16%.
Dated March 1, 1940 and due March 1 as fodows:
$l,0fK) in 1941 and $1,500 from 1942 to 1945 incl.
C. E. Weinig Co. of
Buffalo, second high bidder, named an interest rate of 2.40%.
COMMON SCHOOL DISTRICT NO.
successful bidder.
STANFORD HEIGHTS FIRE DISTRICT, TOWNS OF NISKAYUNA AND COLON IE (P. O. Schnectady), N. Y.—BOND OFFERING
—E, H. Gagne, District Treasurer, will receive sealed bids until 11 a. m.
Government Bonds
-
Housing Authority Bonds
AMHERST
1940
single rate of interest, expressed in a multiple of 34 or l-10th of
1%.
Principal and interest payable with New York exchange at the
Dunkirk Trust Co., Dunkirk, or at the Marine Trust Co., Buffalo.
The
bonds are general obligations of the district, payable from unlimited taxes.
registered
sewer bonds offered March 29—V. 150, p. 1972—were awarded to Bailey,
Dwyer & Co, of Jersey City as 5s, at par.
Dated April 1, 1940 and due
April 1 as follows: $2,000 from 1941 to 1955, Incl. and $3,000 from 1956
coupon or
13 (P. O.
S-yder),
N. Y.—BOND SALE—The $11,000 coupon or registered debt equalization
bidder.
WESTCHESTER COUNTY PARKWAY AUTHORITY (P. O. White
Plain#), N. Y —TOLL REVENUE BILL PASSED—The Assembly passed
on March 29 and sent to Governor Lenman the Williamson bill which
per¬
mits Westchester County to charge motorists a 10-cent toll for using the
Saw Mill River and Hulchison River Parkways.
The bill, which creates the Westchester County
Parkway Authority,
6rovides that revenues from the toll must bethe parkways and $8,600,000
used to retire an build
ond issue which is to be floated to repair
new
When that work is done the Authority dies.
connecting links.
bonds offered April 3—V. 150, p. 2147—were awarded to the Marine Trust
Co. of Buffalo, as 2.40s, at par plus a premium of $18.40. equal to 100.167,
basis
a
Other
of
about
Dated April
2.37%.
1,
1940 and
due Nov.
1,
Int. Rate
Manufacturers & Traders Trust Co
Buffalo Savings Bank--
—
Roosevelt & Weigold, Inc
—
SIMPSONVILLE, N.
Rate Bid
2M%
-
100.119
214%
2.80%
Par
100.11
NORTH
Larson,
April 1, 1940 and due Nov. 1, 1949.
debtedness
Other bids:
Int. Rate
Bidder—
Roosevelt & Weigold,
BLACK
BROOK
Inc
(P.
Marine Trust Co.
The
2.70%
2.90%
O.
Sable
Au
of Buffalo
was
Rate Bid
ELLISVILLE
on
March
29
TOWNSHIP
an
issue of
$8,000 registered public works projects bonds as 2.20s, at a price of 100.179,
basis of about 2.13%.
Dated March 1, 1940.
Denom. $1,000.
Due
$2,000 on March 1 from 1941 to 1944, incl.
Principal and interest (M-S)
payable at the Plattsburg National Bank & Trust Co.
DAKOTA
DISTRICT
SCHOOL
NO.
65
(P.
O.
District Clerk, that $4,000 not to exceed 7%
offered
were
for
sale
without
success
on
certificates of in¬
March 12, no bids
being received.
NORTH
Fork#(, N. Y.—BOND SALE.—
awarded
by the Town
Alamo), N. Dak.-—CERTIFICATES NOT SOLD—It is stated by Clifford
100.229
100.11
-
C.—BONDS SOLD—It is stated
Clerk that $15,000 refunding bonds have been purchased by W. F. Coley
& Co. of Greenville.
AMHERST COMMON SCHOOL DISTRICT NO. IS (P. O. Snyder),
N. Y.—BOND SALE—The $10,000 coupon or registered debt equalization
bonds offered April 3—V. 150, p. 2147—were awarded to the Marine Trust
Co. of Buffalo, as 2.60s, at a price of 100.22, a basis of about 2.57%.
Dated
Manufacturers & Traders Trust Co. of Buffalo
CAROLINA
NORTH
1946.
bids:
Bidder—
HAZEN,
DAKOTA
Dak.—BONDS SOLD—The State Board of University
School Lands is said to have purchased $19,000 water works system
and
N.
completion bonds.
a
FAIRVIEW
County,
apparatus
FIRE
DISTRICT (P. O. White Plains), Westchester
N. Y.—BOND SALE—The $19,000 coupon or registered fire
bonds offered March 29—V. 150, p. 2147—were awarded to
REEDF.R, N. Dak.—BOND SALE.—The $2,000 4% semi-ann. refunding
bonds offered for sale on March 30—V. 150,
p. 1816—were awarded to the
Bank of North Dakota, of Bismarck, at par.
No other bid was received,
according to the Village Clerk.
Dated April 1, 1940.
Due $500 on April 1
in 1942 to 1945, incl.
A. C. Allyu & Co., Inc., New York, as 2.40s, at a price of 100.193, a basis
of about 2.36%.
Dated March 1, 1940 and due Sept. 1 as follows: $2,010
from
1940 to 1948, incl. and $1,000 in 1949.
Other bids:
Bidder—
First
Ira
Int. Rate
National
Haupt
Roosevelt
of
Elmsford
2.60%
2.70%
2.70%
2%%
Co
&
&
County Trust
Bank
Weigold, Inc
Co. of White Plains
Rate Bid
100.526
100.278
100.25
100.02
HEMPSTEAD (Village of), N. Y.—BOND OFFERING—Lael Von Elm,
Village Clerk, will receive sealed bids until 2 p. m. on April lo for the pur¬
chase of $53,000 not to exceed 6% interest coupon or registered refunding
bonds of 1940.
Dated April 1, 1940,
Denom. $1,000.
Due April 1 as
follows:
$11,000 from 1949 to 1952 incl. and $9,000 in 1953.
Bidder to
name a single rate of interest, expressed in a multiple of 34 oi l-10th of
1%.
Prin. and int. (A-O), payabla at the West Hempstead National Bank, West
Hempstead, or at the Bank of New York, New York.
The bonds to be
refunded mature in 1940.
The bonds are unlimited tax obligations of the
village and the approving legal opinion of Hawkins, Delafield & Longfellow
Y. City will be furnished the successful bidder.
A certified check
for $1,060, payable to order of the village, must accompany each proposal.
of N.
HORICON,
CHESTER AND HAGUE CENTRAL SCHOOL DIS¬
(P. O. Brant Lake), N. Y.—BOND SALE—The $15,000
registered bonds offered March 29—V. 150, p. 2147—were
awarded to O. E. Weinig Co. of Buffalo, as 2.20s.
Dated Feb. 1, 1940 and
due Feb. 1 as follows: $2,000 from 1941 to 1947, incl. and $1,000 in 1948.
The Emerson National Bank of Warrensburg, second
high bidder, named
a rate of 3%.
OHIO
BEAVER RURAL SCHOOL DISTRICT
OFFERING—F. M. Atkinson, Clerk
(P. O. Batesville), Ohio—
of the Board of Education,
April 13 for the purchase of $14,000
4% school bonds.
Dated April 1, 1940.
Denom. $1,000.
Due $1,000 on
Oct. 1 from 1941 to 1954, incl.
Bidder may name a different rate of interest
provided that fractional rates are expressed in a multiple of 34 of 1%.
Interest A-O.
A certified check for $500, payable to order of the Board of
Education, is required.
BOND
will receive sealed bids until
or
JOHNSON
CITY,
N. Y.—PROPOSED BOND ISSUES—G. R. Nimmons, Village Clerk, states that offering will be made soon of $14,300 curb
and gutter and $11,000 Works Progress Administration project bonds.
NEW
was
YORK, N. Y.—DEFINITIVE BONDS
READY— Announcement
made last week that definitive bonds of the issue of
$30,000,000 2 *4
%
and 3 34 % serial bonds dated Nov. 15, 1939 and due Nov.
15, 1940 to 1969
inclusive, will be ready on and after Monday, April 8, 1940, at the office of
the City Comptroller (Stock and Bond
Division) Room 830, Municipal
Building, New York City. Temporary bonds will be received for exchange
at that office between 9:30 a. m. and 2:30
p. m. Mondays to Fridays in¬
clusive and should be endorsed with the
tion making presentation for exchange.
name
of $15,000 funding bonds
1816—was awarded to the BancOhio Se¬
1 14b, at par plus a premium of $67.50, equal
to 100.45, a basis of about
1.41%.
Dated April 1, 1940, and due Oct. 1
as follows: $1,000
in 1941 and $2,000 from 1942 to 1948, incl.
Second
high bid of 100.41 for l%s was made by Ellis & Co. of Cincinnati.
UNDER BILL PASSED
BY SENATE—The State Senate
unanimously passed and sent to the
Assembly on March 26 a bill designed to legalize the municipality's trans¬
formation from a village to a city under a charter invalidated
by the Court
of Appeals, according to an Associated Press
dispatch out of Albany.
In
invalidating a vote by which the Peekskiii electorate favored the transfer to
a
city status, the Court of Appeals ruled that the proposition was not
'legally submitted" because of improper publication notice. Balloting was
on April 12, 1938.
Since then there has been a series of court tests in which
the town of Cortlandt
was
p.3440.
arrayed against the Village of Peekskiii.—V. 149,
of $350,000 not to exceed
5% interest
coupon or
registered bonds, divided
$50,000 series I general bonds of 1940 for WPA projects.
^^V154'000 from 1941
Due May 1 as
to 1944 incl; $5,000 in 1945 and 1946 and
$6,000 from 1947 to 1950 incl.
100,000 series II general bonds of 1940 for home relief.
Due May 1 as
follows: $8,000 frora 1941 to 1944
incld S10.000 in 1945 and 1946
and $12."0 from 1947 to 1950 incl.
200,000 series of 1940 general refunding bonds. Due
$10,000 on May 1
1.32%.
from 1941 to 1960 incl.
May 1, 1940.
Denom. $1,000.
Bidder
a single rate of
interest, expressed in a multiple of )4 or l-10th of
1%.
Prin and int. (M-N) payable at the Fallkill National Bank & Trust
Co., Poughkeepsie, or at the Chase National Bank, New York
City.
The
Bonds are general obligations of the
city, payable from unlimited ad val¬
orem taxes to be levied on all of its
taxable property.
Legal opinion of
Hawkins, Delafield & Longfellow of New York City will be furnished the
successful bidder.
A certified check for
$7,000, payable to order of the
city, must accompany each proposal.
N-
V.—PROPOSED
FINANCING—City
RIPLEY
5%
is
CENTRAL SCHOOL DISTRICT NO.
Y.—BOND OFFERING—E. L.
Averill, District
interest
coupon
or
1
(P. O. Ripley),
Clerk, will receive
April 8 for the purchase of $175,000
registered
~a,nd $500-
school
Due April 1
bonds.
as
Dated
not to exceed
1, 1940.
April
follows. $4,500 in 1941 and
942; $5,000 in 1943 and 1944 and $6,000 from 1945 to 1970, incl.
Int. Rate
1 34%
-
Premium
$637.00
256.00
120.85
1,321.00
1,037.60
905.00
785.00
105.00
1)4%
134 %
134%
.
1*4%
134%
134%
134%
2%
3,310.50
2k%
57.00
BETHESDA, Ohio—BOND SALE—The $3,000 coupon delinquent tax
bonds offered March 26—V.
150, p. 1816—were awarded to Fox, Einhorn
& Co. of Cincinnati.
Dated April 1,1940 and due Oct. 1 as follows:
$200
In 1941 and $400 from 1942 to
1948, incl. Callable at any interest paying
period.
AMPBEL I, Ohio—BONDS NOT SOLD—John B. Ross.
City Auditor,
states that no bids were received for the $32,815 4 % bonds offered March 29
—V. 150, p. 1642—because of faulty legislation.
CINCINNATI, Ohio—BONDS SOLD—An issue of $50,000 234% play- '
ground bonds
was sold to
the Board of Sinking Fund Trustees.
Dated
April 1, 1940.
CIRCLEVILLE, Ohio—BOND SALE—The $4,000 fire equipment bonds
offered March 30—V. 150, p. 1816—were awarded to J. A. White & Co. of
Cincinnati, as 134s.
Dated Dec. 15, 1939 and due $1,000 on March 1 from
1942 to 1945, incl.
Ellis & Co. of Cincinnati, second high bidder, named a
rate of 2 %.
100.196,
a
was a price of par plus a premium of $7.87, equal to
basis of about 1.44%.
Other bids:
Bidder—
Int. Rate
Ellis & Co
-
Browning, VanDuyn, Tischler & Co
Provident Savings Bank & Trust Co.
Third National Bank of Circleville
Bidder
Rate Bid
2% 2)4%
2)4%
214%
100.323
100.367
100.07
100.062
CLEVELAND, Ohio—APPROVAL OF BONDS ASKED IN SUIT—A
G. A. Gesell, Director of Finance, to approve issuance of
$2,138,000 delinquent tax poor relief bonds, authorized by the State Board
of Tax Appeals last month, was filed in the Ohio State Supreme Court.
The friendly action was brought in order to clarify legal questions con¬
cerning the proposed issue.
suit to compel
COLUMBIANA COUNTY
C.
C.
McLaughlin,
Clerk
receive sealed bids until
poor
(P. O. Lisbon), Ohio—BOND OFFERING—
Board of County Commissioners, will
of the
on April 22 for the purchase of $70,000
3%
Dated May 1, 1940.
Denom. $1,000.
Due $7,000 on
relief bonds.
noon
March 1 and Sept. 1 from 1941 to 1945, incl.
rate of interest provided that fractional rates
Bidder may name
a
different
are expressed in a multiple of
Interest M-S.
A certified check for $700, payable to order of
the Board of Commissioners, is required.
34 of 1%.
HAMILTON,
ex-
following bonds: $200,000 refunding, $100,000 home
$50,000 Work Projects Administration projects.
sealed bidsruntil 4 p. m. on
-
Braun, Bos worth & Co
State Teachers'Retirement
System
Provident Savings Bank & Trust Co
Fangboner, Ginther & Co
First National Bank of St. Clairsville.
All of the bonds will be dated
N-
Other bids:
Bidder—
to name
P.°VGI1KEEF!SIE'
to issue the
p.
as
The successful bid
follows:
relief and
150,
Ryan. Sutherland & Co
Fox, Einhorn & Co., Inc
Seasongood & Mayer
Stranahan, Harris & Co
Fahey, Clark & Co
-
POUGHKEEPSIE, N. Y.—BOND OFFERING—Jesse D. Wetsel, City
Tre^urer , will receive sealed bids until 11 a. m. on Apr. 11 for the purchase
as
29—V.
Columbus,
BELMONT COUNTY (P. O. St. Clairsville), Ohio—BOND SALE
DETAILS—The $150,000 delinquent tax poor relief bonds awarded to
BancOhio Securities Co. of Columbus, as \)4a—V. 150, p. 2148—were sold
at a price of par plus a premium of
$1,400, equal to 100.93, a basis of about
of the bank, firm or corpora¬
PEEKSKILL, N. Y.—WOULD BECOME CITY
on
BELLAIRE, Ohio—BOND SALE—The issue
offered March
curities Co. of
TRICT NO. 1
coupon
noon
recently
Ohio—BONDS
authorized
the
issuance
AUTHORIZED—'The
City
Council
$82,634.23 2% refunding bonds as
of
follows:
$37,109.00 fire department, city hall refunding, sewer improvement, and
street lighting bonds.
Dated July 1, 1940, and due Oct. 1 as
follows:
$3,809 in 1945 and $3,700 from 1946 to 1954 incl.
10,000.00 street cleaning bonds.
Dated May 1, 1940, and due $1,000
on
Oct.
1 from 1945 to 1954 incl.
35,525.23 special assessment bonds.
Dated July 1, 1940, and due Oct. 1
as follows:
$4,025.23 in 1945 and $3,500 from 1946 to 1954 incl.
/
/
Volume
The Commercial & Financial Chronicle
ISO
LORAIN, Ohio—BOND SALE—The $14,000 fire
bonds offered
April 1—V. 150, p. 1642—were awarded to Seasongood & Mayer of Cin¬
cinnati, as 114b, at par plus a premium of $7.85, equal to 100.053, a basis
of about 1.24%.
Dated March 1, 1940 and due $2,000 on Oct. 15 from 1941
pumper
Other bids:
to 1947, incl.
Premium
Bidder—
.$86.00
,
75.95
Johnson, Kase & Co., Cleveland, O
Ellis & Co., Cincinnati, O
Ryan, Sutherland Co., Toledo. O
Fangboner, Ginther & Co., Cleveland, O
Paine, Webber Co., Chicago, 111
Int. Rale
1H%
1
H%
6l.00
1M%
33.75
33.30
iW
25.00
44.80
BancOhio
Securities, Columbus, O
VanLahr, Doll & Isphording, Inc. Cincinnati, O
City Bank Co., Lorain, O
Ohio—PROPOSED BOND ISSUE—The Village Counci
an issue of $8,500 4% water plant construction
bonds.
Dated April 1, 1940.
Denom. $1,000 and $500.
Due Oct. 1
as follows:
$500 in 1941 and $1,000 from 1942 to 1949 inclusive.
MAUMEE,
authorized
2299
CASTANEA TOWNSHIP SCHOOL DISTRICT (P. O. 103 West
Brown St., Castanea),
Pa.—BOND SALE—The $18,000 3% school
bonds offered April 3—V. 150, p. 1975—were awarded to the Lockhaven
Trust Co. of Lockhaven.
Due $1,000 on Nov. 1 from 1941 to 1958, incl.
in
February
METZGER
WATER
DISTRICT
(P.
O.
Metzger),
Ore.—BONDS
that $26,000 water improvement bonds have been
purchased at par by Camp & Co. of Portland, divided as follows:
$10,500
as 2Ms and $15,500 as 3s.
SOLD—It is reported
NILES, Ohio—BONDS SOLD—The City Treasurer purchased an issue
refunding bonds at par.
Dated April 1, 1940.
Denom.
Due Oct. 1 as follows: $1,000 from 1942 to 1944, incl., and $3,000
from 1945 to 1949, incl.
Principal and interest payable at office of the
Sinking Fund Trustees.
of $18,000 4%
$1,000.
SYCAMORE VILLAGE SCHOOL DISTRICT, Ohio—BOND ELEC
TION—An election will be held May 14 on the question of issuing $140,000
grade and high school building construction bonds.
DUBOIS SCHOOL DISTRICT,
Pa.—BOND OFFERING—T. L. Males,
District Secretary, will receive sealed bids until 8 p. m. on April 10 for the
purchase of $40,000 1, 1)4, 1M, l%,2,2^,2Hor3% coupon, registerable
as to principal only, improvement bonds.
Dated May 1, 1940.
Denom.
$1,000. Due May 1 as follows: $2,000 from 1941 to 1955, incl. and $10,000
in 1956.
Bidder to name a single rate of interest, payable M-N.
Bonds
will be issued subject to favorable legal opinion of Burgwin, Scully &
Churchill of Pittsburgh.
A certified check for 2% of the bonds bid for,
payable to order of the District Treasurer, is required.
ERIE, Pa .—PROPOSED BOND ISSUE— It is reported that the city
plans to issue $131,000 bonds to cover loan made to pay off bonds held by
T. R. Palmer*. "-The Pennsylvania Supreme Court is said to bave ruled in
favor of Mr. Palmer in a suit involving the liability of the city for payment
of certain paving bonds.
MERCER COUNTY
(P. O. Mercer), Pa.—BOND OFFERING—Caro¬
line
Armstrong, City Clerk, will receive sealed bids until 10:30 a. m. on
April 15 for the purchase of $233,000 coupon improvement bonds.
Dated
April 15, 1940. Denom. $1,000.
Due Oct. 15 as follows; $60,000 in 1948;
$50,000 in 1949; $80,000 in 1950 and $43,000 in 1951.
Bidder to name a
single rate of interest, expressed in a multiple of )4 of 1%.
Bonds are
registerable as to principal only and will be sold subject to approval of
proceedings by the Pennsylvania Department of Internal Affairs.
Success¬
ful bidder will be furnished with legal opinion of Burgwin, Scully & Churchill
of Pittsburgh.
A certified check for $5,000, payable to order of the county,
must accompany each proposal.
NESCOPECK SCHOOL DISTRICT, Pa.—BOND OFFERING—Pres¬
Gearhart, Dist. Sec., will receive sealed bids until 8 p. m. on Apr.lOfor
purchase of $30,000 school bonds.
Dated Mar. 1, 1940.
Denom.
$1,000.
A certified check for 2% of the bonds must accompany each
proposal.
ton
the
TOLEDO, Ohio—BONDS AUTHORIZED—City Council authorized an
issue of $82,000 2refunding bonds.
Dated March 1, 1940.
Denom.
$1,000.
Due Sept. 1 as follows:
$16,000 from 1945 to 1947, incl. and
$17,000 in 1948 and 1949.
WILLOWICK (P. O. Willoughby), Ohio—BONDS PURCHASED—In
connection with the call for tenders of refunding bonds, dated Oct. 1, 1936,
Village Clerk William C. Detman reports the purchase of $5,000 at 48.89
and $5,000 at 49.
PITTSBURGH, Pa.—BOND SALE—The $500,000 coupon series B re¬
funding bonds offered April 2—V. 150, p. 1817—were awarded to Blyth &
Co. and Salomon Bros. & Hutzler, both of New York, jointly, as 1.90s,
at par plus $300 premium, equal to 100.06, a basis of about 1.89%.
Dated
April 1, 1940 and due $25,000 on April 1 from 1941 to 1960, incl.
Other
bids:
Int. Rate
Bidder—
OKLAHOMA
DISTRICT (P. O. Paul, Valley), Okla.
•—BOND OFFERING—It is stated by J. E. Suggs Jr., District Clerk, that
he will receive bids until 10 a. m. on April 9, for the purchase of $71,000
PAULS VALLEV SCHOOL
school
years.
March
It
bopds.
Bidder to name the rate of interest.
Due serially in 15
These bonds were approved by the voters at an election held on
26.
was
1953, and $5,000 in 1954.
No bid at less than par and accrued interest
A certified check for 2% of the bid is required.
VINITA, Okla.—BOND ELECTION—A special election to vote on bonds
improvement of this city's water and firefighting
totaling $200,000 for
systems and purchase or construction of power lines, was set for May 7 by
the City Council at a recent meeting.
Bonds, if passed, will be issued serially payable within 25 years and
bearing not more than 6% interest.
The first ordinance authorizes an
election for $160,000 for the power lines purchase or construction, the second
for $32,000 for water system work and the third for $8,000 for purchase,
repair and maintenance of fire fighting equipment.
OREGON
ALBANY, Ore.—BOND OFFERING—Sealed bids will be received until
7 p. m. on April 12, by K. R. Horton, City Recorder, for the purchase of
$15,000 coupon 1940 refunding bonds.
Interest rate is not to exceed 6%,
payable M-N.
Dated May 1, 1940.
Denom. $1,000.
Due Nov. 1, as
follows:
$2,000 in 1941 to 1947, and $1,000 in 1948.
The legal opinion of
John W. Shuler of Portland, will be furnished.
Enclose a certified check
for 2% of the bid.
OREGON
STATE
AGRICULTURAL COLLEGE
(P. O.
Corvallis),
Ore.—BOND OFFERING—It is stated by Charles D. Byrne, Secretary of
Education, that he will receive sealed bids at
Room 831, of the Old Heatham Hotel, Portland, until 2 p. m. (PST), on
April 22, for the purchase of $160,000 building bonds.
Interest rate is not
to exceed 3H%, payable A-O.
Dated April 15, 1940.
Denom. $1,000.
Due April 15. as follows:
$3,000 in 1942 and 1943, $4,000 in 1944 to 1949,
$5,000 in 1950 to 1956, $6,000 in 1957 to 1960. $7,000 in 1961 to 1965,
$8,000 in 1966 to 1969, and $4,000 in 1970.
Bonds may be redeemed by the
State Board of Higher Education on any interest payment date on or after
April 15, 1945, if two years' reserve is present in the fund, In any order the
board determines, upon notice by publication in a newspaper published and
of circulation in the City of Portland, at the following prices:
103 if called
on April 15, 1945, or any interest payment date thereafter up to and includ¬
ing Oct. 15, 1949; 102 \4 if called on April 15, 1950. or any interest payment
date thereafter up to and including Oct. 15, 1954; 101H if called on April 15,
1955, or any interest payment date thereafter up to and including Oct./15,
1959; 101 if called on April 15, 1960, or any interest payment date there¬
after up to and including Oct. 15, 1964; and 100 if called on April 15,
1965, or any interest payment date thereafter.
Prin. and int. payable in
lawful money at the State Treasurer's office in Salem.
The bonds will not
be sold for less than par and accrued interest.
Each bidder shall submit with
or include in his proposal a statement of the annual interest cost which the
State Board of Higher Education would be obliged to pay upon the bonds
under the terms of his bid, if accepted, provided none of the bonds are called
prior to final maturity date.
The bonds will be delivered complete in
Portland, either to the purchaser or his designated agent. The board will
make the award of the bonds on April 23.
The bonds are to be issued pur¬
suant to Chapter 27, Oregon Laws 1933, Second Special Session, as amended
by Chapter 88, Oregon Laws 1937.
Both principal and interest are to be
payable solely out of and limited in payment to a special fund in the State
Treasury, designated as "Oregon State Agricultural College Building Fund."
A $1 student fee authorized by the statute to oe collected from each regular
student at the college each regular term or semester, of which there shall be
not l(ss than three in any school year, is to be paid into the fund.
The
average enrollment of regular students of the college for the year 1939-1940
is 4,338.
The approving legal opinion of Teal. Winfree, McCulloch Shuler
& Kelley, of Portland, will be furnished the purchaser.
Enclose a certified
check for $5,000, payable to the State Department of Higher Education.
State Board of Higher
PENNSYLVANIA
ALLEGHENY COUNTY (P. O. Pitt.brugh),
PLANNED—Robert G. Woodside, County
Pa.—BOND OFFERING
Controller, states that April 23
tentatively set for the offering of $3,900,000
bonds.—V. 150, p. 2149.
has
been
various purposes
Borough Sec¬
the purchase of
Dated Apr. 1,
1940. Denom. $1,000.
Due Apr. 1 as follows: $5,000 in 1947 and $10,000
from 1948 to 1952 incl.
Bidder to name a single rate of interest, expressed
in a multiple of )4 of 1%.
Registerable as to principlal only. Interest
(A-O).
Sale of bonds is subject to approval of proceedings by the Penn¬
sylvania Department of Internal Affairs.
Legal opinion of Burgwin,
Scully & Churchill of Pittsburgh will be furnished the successful bidder.
A certified check for $1,000, payable to order of the borough, must ac¬
AMBRIDGE, Pa.—BOND OFFERING—Samuel L. Card,
retary, will receive sealed bids until 8 p. m. on Apr. 22 for
$55,000 not to exceed 5% interest coupon borough bonds.
company
Premium
2%
'2%
2%
$3,900
2,685
2,500
2%
2,100
2%
1,850
2%
2%
1,790
1,649
1,145
Schmertz & Co
Lazard Freres & Co. and Moore, Leonard & Lynch of
reported subsequently that the bonds mature $6,000 in 1943 to
will be accepted.
the
Phelps, Fenn & Co., Inc., R. W. Pressprich & Co.,
Dougherty, Corkran & Co., et al
Halsey, Stuart & Co., Inc
National City Bank of New York
Union Securities Corp., New York and MercantileCommerce Bank & Trust Co., St. Louis
Lehman Bros., Hemphill, Noyes & Co. and Phillips,
each proposal.
(P. O. Reading), Pa.—NOTE SALE—The $650,000
tax anticipation notes offered April 1—V. 150, p. 2149—were awarded to
the Berks County Trust Co. of Reading, as follows: $400,000 general
county, dated April 4, 1940, as 0.30s, and $250,000 Institution District,
dated May 4, 1940, as 0.35s.
All of the notes will mature Nov. 4, 1940.
The Union Trust Co. of Pittsburgh, second high bidder for the county loan,
named a rate of 0.31%.
Edward Lowber Stokes & Co. bid 0.36% for the
BERKS COUNTY
district issue.
Pittsburgh
Harriman Ripley & Co., Inc
Harris Trust & Savings Bank, and F. S. Moseley & Co.
E. H. Rollins & Sons, Inc. and Glover & MacGregor__
Northern Trust Co. of Chicago
Union Trust Co. of Pittsburgh and Mellon Securities
Corp
2.10%
3,900
Stroud & Co. and associates..
2.10%
1,585
2%
2%
2%
945
551
SCRANTON, Pa .—PROPOSED BOND ISSUE—The city is said to be
considering the refinancing of $956,000 matured street improvements for
the payment of which a 6% judgment has been issued.
Bonds bearing
interest at 3% or less may be issued to liquidate the improvement bonds.
The city is liable for payment of the obligations and is required to obtain
collections from property owners assessed for payment of the bonds,
according to report.
Council is stated to have confessed judgment for
$113,198 due the J. F. Fleming Estate, including $95,uC0 in bond principal
and $18,198 of interest.
SPRINGFIELD
SCHOOL
TOWNSHIP
DISTRICT
(P.
O. Spring¬
field), Pa.—BOND OFFERING—Harriet 8. Marshall, Secretary of Board
of School Directors, will receive sealed bids until 7 p. m. (EST) on May 3
for the purchase of $80,000 1, 114, 1)4, 1H, 2. 2)4, 2)4, 2%, or 3% coupon
funding and improvement bonds.
Dated May 1, 1940.
Denom. $1,000.
Due $4,000 on May 1 from 1941 to 1960 incl.
Bidder to name a single
rate of interest, payable M-N.
Registerable as to principle only.
Bonds
will be issued subject to favorable legal opinion of Townsend, Elliott &
Munson of Philadelphia.
A certified check for 2% of the bonds bid for,
payable to order of the District Treasurer, is required.
(P. O. Flicksville), Pa .—BOND SALE
WASHINGTON TOWNSHIP
—The $14,000 coupon funding bonds offered Apr. 2—V. 150, p.
were awarded to the First National Bank of Bangor, as 3s, at par.
May 1, 1940 and due $1,000 on May 1 from 1941 to 1954
WILLI AMSPORT,
election on Apr.
Pa .—FLOOD
CONTROL
1975—
Dated
incl.
BONDS VOTED—At an
control work carried
1 a bond issue of $175,000 for flood
vote of 10,592 to 550.
An extensive campaign to obtain a favorable
vote was climaxed when the north branch of the Susquehanna River went
by
a
over
its banks, flooding 200 homes in
RHODE
the city.
ISLAND
NEWPORT, R. I .—NOTE OFFERING.—B. F. Downing, City Treas¬
urer, announces that sealed bids will be received until 5 p. m. on April 11
for the purchase of $300,000 notes issued in anticipation of revenue for the
year ending March 31, 1941.
Dated April 16, 1940 and payable Sept. 9,
1940.
Notes will be authenticated as to genuineness and validity by the
First National Bank of Boston, under advice of Storey, Thorndike, Palmer
& Dodge of Boston.
CAROLINA
SOUTH
FORT MILL, S. C.—CERTIFICATES PUBLICLY OFFERED—Hamil¬
ton & Co. of Chester is offering for general investment at prices to yield
1.50% to 2.25%, an issue of $12,500 4% paving certificates.
Coupon
15, 1940.
Denom $500., Due on Mar. 15: $3,000 in
to 1943, and $3,500 in 1944. Prin.andint. (M-S 15) payable at the
American Trust Co. in Charlotte.
Legality to be approved by Nathans
& Sinkler of Charleston, S. C.
from
form, dated. Mar.
1941
LESLIE
SALE
SCHOOL
DETAILS—In
DISTRICT NO. 52 (P. O. York), S. C.—BOND
connection with the sale of the $14,000 building
and C. W. Haynes & Co. of Columbia,
bonds to Hamilton & Co. of Chester,
jointly, as 3 14b, at 100.571, as noted here on Mar. 23,it is stated that the
bonds are dated Mar. 1, 1940 and mature $1,000 on Mar. 1 in 1941 to
1954 incl., giving a basis of about 3.165%.
Coupon bonds in $1,000 de¬
nominations.
Prin. and int. (M-S) payable at the Chase National Bank
in New York.
Legality to be approved by Nathans & Sinkler of Charles¬
ton, S. C.
DAKOTA
SOUTH
BRENTFORD SCHOOL
DISTRICT
BONDS SOLD—It is reported that $19,000
recently by the Commercial Trust &
(P. O. Brentford), S. Dak.—
refunding bonds were purchased
as 3s at a
Savings Bank of Mitchell
price of 100.27.
SOUTH
CAROLINA
COUNTY (P. O. Spartanburg), S. C.—BOND
OFFERING.—It is stated by J. F. Brooks, County Superintendent of Edu¬
cation, that he will receive sealed bids until 11 a. m. on April 9, for the
SPARTANBURG
purchase of the following coupon
$20 000 Woodruff
bonds aggregating $47,500:
Due April 1, as follows:
School District No. 33 bonds.
$1,000 in 1941 to 1953, $3,000 in 1954, and $4,000 in 1955.
These
are the bonds
offered on March 26, for which all bids received
were
rejected.
27,500 Whitney School
District No. 44 bonds.
Due April 1, as follows:
Dated April 1, 1940.
of 1 %, such rate to be
Principal and interest
$1,500 in 1941, and $2,000 in 1942 to 1954.
Bidder to name rate of interest in a multiple of %
the same for all the bonds of each issue bid for.
e
<4
The Commercial &
2300
(A-O) payable In New York City.
Each issue will be sold separately.
No
particular form of bid required, but same must comply with the notice of
sale.
The expense of printing the bonds and the
legal opinion to be paid
for by the respective districts.
The purchaser will be furnished with the
opinion of Reed, Hoyt, Washburn & Clay of New York, that the bonds
are valid and binding obligations of the district.
Enclose a certified check
for 2% of the amount of bonds bid for,
•
TENNESSEE
BENTON
COUNTY
(P. O. Camden), Tenn.—BONDS SOLD—A
$50,000 issue of electric plant bonds is said to have been purchased jointly
by the Thomas H. Temple Co. and the Commerce Union Bank, both of
Nashville, as 3s, paying a price of 101.00.
These bonds were authorized
by the County Court on Jan. 20.
-+
4
HUMPHREYS
COUNTY
O.
(P.
Tenn.—BOND SALE
Waverly),
DETAILS—It is stated by the County Court Clerk that the $207,000 re¬
funding bonds purchased jointly by W. N. Estes & Co., and the Cumberland
Securities Corp., both of Nashville, as noted here —V. 150, p. 1975—were
sold as 3s. at par.
Coupon bonds, dated Mar. 1, 1940.
Denom. $1,000.
Due serially over a period of 24 years.
Interest payable M-S.
NASHVILLE, Tenn.—PRICE PAID—It is stated by the City Clerk that
City Sinking Fund, as
2^s, at par.
Due in
,?
Financial Chronicle
for
the
bonds.
The bonds cannot be sold at less than par and accrued interest.
Pur¬
chasers will be required to pay accrued interest to the date of delivery.
Delivery will be made in N. Y. City.
To expedite delivery, interim cer¬
tificates will be furnished purchasers.
Th&purchaser or purchasers will be
-furbished with the final approving opioioh'W Caldwell & Raymond, New_.
JYprk. but will be required to
ALICE INDEPENDENT SCHOOL DISTRICT
(P. O. Alice), Texas—
BOND SALE DETAILS— It is stated by the District Clerk that the $10,000
3% semi-ann. school bonds sold to the State Board of Education, as noted
here—V. 150, p. 1975—were purchased at a price of 101.25, and mature
on Feb. 1 as follows. $3,000 in 1941; $1,000, 1942 to 1946, and $2,000 in
1947, giving a basis of about 2.64%.
BANDERA, Texas—BONDS SOLD—It is reported that $39,000 water
works bonds have been sold
as
4s to an undisclosed purchaser.
by
at
the call for tenders of refunding bonds, series of 1935, it Is stated
H. C. Oldham, City Secretary, that $2,000 bonds were purchased
84.75, and $2,500 at 85.00.
HAMLIN, Texas—MATURITY—It Is stated by the City Secretary
that the $38,000 refunding bonds sold to Walker, Austin & Waggener of
Dallas, as 4s, at par, as noted here—V. 150, p. 1976—are dated Feb. 1.
1940, and mature on Feb. 1
and $5,500 in 1953 to 1957.
as
follows: $500 in 1941 to 1951; $5,000 in 1952;
HUNTINGTON RURAL HIGH SCHOOL DISTRICT (P. O. Hunt-
Texas—MATURITY—The Superintendent of Schools states
McClung & Knickerbocker of Houston,
3^s, at 100.30—V. 150, p. 2150—are due on April 10 as follows: $500
in 1941 to 1950, and $1,000 in 1951 to 1960, giving a basis of about 3.72%.
ington),
that the $15,000 school bonds sold to
as
LEXINGTON, Texas—BONDS SOLD—It is stated by Mayor E. E.
Shi vers
that $54,000 water works and electric system mortgage revenue
bonds approved by the voters last May, have been sold to Fenner & Beane
of New Orleans,
MEDINA COUNTY ROAD DISTRICT NO. 2 (P. O. Hondo), Texas
connection with the report given here on Feb. 17
—CORRECTION— In
that $60,000 3%
semi-ann. road bonds were purchased by a group com¬
posed of Garrett & Co. of Dallas, and associates, it is now reported by Arthur
H. Rothe, County Judge, that this sale was not consummated and the bonds
were sold subsequently to the State School Board for a premium of $1,650,
equal to 102.75, a basis of about 2.75%.Due on Aug. 1 in 1941 to 1959, incl.
PHARR, Texan—BOND TENDERS ACCEPTED—In connection with
the call for tenders of refunding bonds, series of 1938, it is stated by Shirley
Burks, City Secretary, that $27,000
par
value of bonds
were
purchased at 27.
VERMONT
SWANTON, Vt.—BOND SALE—The $75,000
refunding bonds
offered March 29—V. 150, p. 1976—were awarded to the First National
Bank of Boston, as 2]4s, at 100.678, a basis of about 2.155%.
Dated
April 1, 1940 and due $5,000 on April 1 from 1941 to 1955, incl.
Other
bids: F. W. Horne & Co., 2%s, 100.596; Bond, Judge & Co., 2Ks, 100.567:
First Boston Corp., 2Ms, 100.229: E. H. Rollins & Sons, Inc., 2^8.100.167;
Vermont Securities Co., 2^s, 100.10.
coupon
bonds.
portunity to dispose of this issue.
WISCONSIN
BELOIT, Wis.—BONDS DEFEATED— It is stated by A. D. Telfer,
City Manager, that at the election held on April 2 the voters turned down
the proposal to issue $900,000 in high school building bonds.
KENOSHA
COUNTY
(P.
O.
Kenosha),
Wis.—BOND
SALE.—The
$300,000 corporate purpose bonds offered for sale on April 3—V. 150, p. 1818
—were awarded to a syndicate composed of Paine, Webber & Co. of Chicago,
Stern Bros. & Co. of Kansas City, and Bartlett, Knight & Co. of Chicago,
as Is, payable a price of 95.66, a basis of about 1.81%, to final maturity.
Dated April 15, 1940.
Due $30,000 on April 15 in 1941 to 1950, incl.;
bonds maturing on and after April 15, 1944 becoming optional on and after
April 15. 1943.
CROSBYTON, Texas—BOND TENDERS ACCEPTED—In connection
with
pay the fee for approving said
?t0PTION—The successful bidder will be awarded an option until 1p.m.
(EST) April 12 to purchase an additional $500,000 of road bonds alike in 1
all respects to this issue at the same price, conditions and terms bid for this
issue.
In case the option is not exercised, the additional bonds will not be
offered for sale until after the successful bidder has had a reasonable op¬
the $100,000 airport extension bonds sold to the
noted here—V. 150, p. 2150—were purchased as
1941 to 1960, incl.
TEXAS
April 6, 1940
Virginia shall annually cause to be levied and collected an annual State tax
on all
property in the State, until said bond is fully paid, sufficient to pay
the annual interest on said bond and the principal sum thereof within th?
time this bond becomes due and payable.
The bonds will be sold to the bidder offering to take the bonds bearing the
lowest interest rate and to pay the highest prices offered for bonds bearing
such rate.
Each bid must be accompanied by a certified check upon a bank
or trust
company for 2% of the face value of the bonds bid for, payable to
the order of the State for security for the performance of such bid and as
liquidated damages in case a successful bidder fails to take up and pay
LUCK, Win.—BOND OFFERING—Sealed and oral bids will be received
until April 8, at 9 p.m., by Ida R. Pedereen, Village Clerk, for the purchase
of
$20,800
bonds.
not to exceed 2 M%
Dated March 15, 1940.
semi-ann. general obligation refunding
Denom. $1,000 and $500, one for $800.
Due March 15, as follows: $800 in 1941, $1,000 in 1942 to 1952, and $1,500
in 1953 to 1958.
Delivery of the bonds is expected to be made on or about
April 1 at
any bank in the city containing the principal office of the pur¬
The village will furnish the executed bonds and the approving
legal opinion of Fletcher, Dorsey, Barker, Colman & Barber, of Minne¬
apolis, without cost to the purchaser.
Enclose a certified check for 2%
of the par value of the bonds.
(These bonds were originally scheduled for sale on March 19 but the
offering was postponed, as noted here—V. 150, p. 1976.)
chaser.
MILLTOWN UNION FREE HIGH SCHOOL DISTRICT (P.
O.
Milltown, Wis.—BOND OFFERING—Sealed and oral bids will be received
until April 9, at 8 p. m., by J. M. Hammer, District Clerk, for the purchase
of
$36,000 not to exceed 2M% semi-ann. refunding bonds.
Dated April 1,
Denom. $1,000.
Due Feb. 1, as follows: $2,000 in 1941 to 1952,
1940.
and $3,000 in 1953 to 1956.
Prin. and int. payable at the District Treas¬
urer's office.
The district will furnish printed bonds and approvingopinion
of Fletcher, Dorsey, Barker. Colman & Barber of Minneapolis. Delivery
of the bonds is expected to be made on or aoout April 15, at a bank in the
city containing the principal office of the purchaser.
All bids may be
conditioned on delivery to the purchaser on or before May 1.
Enclose a
certified check for 2% of the par value of the bonds.
VILLAGE OF BRUCE AND TOWN OF STUBBS, JOINT SCHOOL
DISTRICT NO. 1 (P. O. Bruce), Win.—BOND OFFERING—Sealed and
oral bids will be received until April 10, at 2 p.m., by W. C. Bender, Clerk
of the School Board, for the purchase of the following not to exceed 2M%
semi-ann.
bonds aggregating $23,800: $13,800 refunding, and $10,000
building bonds.
Dated April 1, 1940.
Denoms. $1,000 and $500, one for
$800.
Due April 1, as follows: $1,300 in 1941, $1,500 in 1942 to 1952, and
$2,000 in 1953 to 1955.
Prm. and int. payable at the District Treasurer's
office.
The district will furnish the printed bonds and the approving legal
opinion of Fletcher, Dorsey, Barker, Colman & Barber of Minneapolis. All
bids may be conditioned on delivery to the purchaser on or before May 10.
Enclose a certified check for 2% of the par value of the bonds.
VILLAGE OF FREDERICK AND TOWNS OF WEST SWEDEN,
LUCK AND CLAM FALLS JOINT SCHOOL DISTRICT NO. 3 (P. O.
Frederick), Wis.—BOND OFFERING—Sealed and oral bids will be
HAMPTON, Va.—BOND SALE.—The $106,500 semi-ann. funding
on April 4—V. 150, p.
1976—were awarded to the
Peoples National Bank of Charlottesville, as 2s, payable a premium of
$402.72, equal to 100.378, a basis of about 1.95%. Dated March 15, 1940.
bonds offered for sale
Due
on
March 15 in 1941 to 1952, incl.
WASHINGTON
KELSO SCHOOL DISTRICT NO.
133
(P. O. Kel.o), W..h,—
MATURITY—It is stated by the County Treasurer that the $65,000
building bonds sold to Ferris & Hardgrove of Seattle, as 25is, at 100.35,
as noted here—V.
150, p. 1818—are due on Jan. 1 as follows: $2,000 in
1942 to 1946: $3,000 in 1947 to 1959, and $4,000 in 1960 to 1963, giving a
basis of about 2.72%.
KITTITAS COUNTY (P.|0. Ellensburg), Wash.SCHOOL BOND
OFFERING—Sealed bids will be received until 2 p. m. on April 23, by James
M. Snowden, County Treasurer, for the purchase of $5,000 not to exceed
5% annual school bonds.
Bonds to be dated when sold and delivered.
Denoms. to be in multiples of $100, but not less than $100 nor more than
$1,000.
Due and payable serially in numerical order, the lowest numbers
first, beginning the second year after the date of issuance, and in such
amounts as nearly as practicable as
will, together with interest on out¬
standing bonds, be met by equal annual tax levies for the payment of the
by Ada Johnson, Clerk of the School
Board, for the purchase of a $30a 00 issue of refunding bonds.
Interest
rate is not to exceed 2M %. payable M-S
Denom. $1,000.
Dated March
15, 1940.
Due March 15, as follows: $2,000 in 1941 to 1949, and $3,000 in
1950 and 1953.
Prin. and int. payable at the District Treasure!'s office.
The district will furnish the printed bonds and the approving opinion of
Fletcher, Dorsey, Barker, Colman & Barber of Minneapolis.
All bids may
be conditioned on delivery to the purchaser on or before April 15.
Enclose
a ceitified check for 2% of the par value of the bonds.
WYOMING
SHERIDAN SCHOOL DISTRICT NO. T (P. O. Sheridan), Wyo.—
BOND ELECTION—It is stated that the voters will pass on the issuance
of $70,0,0 in school construction bonds at a special election scheduled for
April 9.
,
bid
on
all
or
any
payable to the County Treasurer.
WHITMAN COUNTY SCHOOL DISTRICT No. 253 (P. O.
Colfax),
Wash.—BOND SALE.—The $63,000 issue of school bonds offered for sale
April 3—V. 150, p. 2150—-was awarded to the Seattle-First National
Bank of Spokane, as 2s, 2K» and 2Ms,
according to the County Treasurer.
on
Due in from 2 to 7 years after date of issue.
"
;
O.¬
CANADA
portion of the bonds, but shall specify the certain
bonds upon which they bid. Bidders shall submit a bid
specifying: (a) the
lowest rate of interest and premium, if any, above
par, at which such bidder
will purchase the bonds, or
(b) the lowest rate of interest at which the bidder
will purchase the bonds at
par.
Prin. and int. payable at the County
Treasurer's office.
Enclose a certified check for 5% of the amount bid,
■;
SHERIDAN COUNTY SCHOOL DISTRICT NO. 5 (P. O. Dayton),
Wyo.—BOND SALE—The $14,000 coupon or registered semi-ann. refund¬
ing bonds offered for sale on March 28—V. 150, p. 1644—were awarded
to the Casper National Bank of Casper, as 2^s, paying a premium of $35,
equal to 100.25, a basis of about 2.71%.
Due $1,000 on May 1 in 1941 to
1954, incl.
The second best bid was an offer of $48.30 premium on 3s, tendered by
the Stock Growers National Bank of Cheyenne.
The State of Wyoming
offered par for 3% bonds.
bonds and interest. The bonds shall run for a period of 22 years, and
may be
redeemed after two years at the option of the Board of Directors.
Bidders
may
re¬
ceived until April 8, at 7:30 p. m.,
VIRGINIA
MONTREAL, Que.—$3,000,000 NOTE MATURITY EXTENDED.—
City's bankers agreed to extend until May 15 the maturity of a $3,000,000
temporary loan which was scheduled to be met on March 29.
This marked
the third time that the obligation has been renewed, according to Montreal
"Gazette" of March 28, from which we quote in part as follows:
Originally incuired last May, when the banks advanced the money to
enable Concordia to meet
a
public issue, the loan has already been extended
twice.
The first time, Maurice Duplessis, then Premier of Quebec, lent his
a renewal for the city, and the second time Hon. J.
Arthur
Mathewson, K.C., Provincial Treasurer, used his good offices with the
bankers to have payment delayed until tomorrow, March 29.
efforts towards
What steps Concordia will take in May to meet the maturity
may or
be the concern of the Houde administration.
There is supposed
may not
WEST
WEST
VIRGINIA
VIRGINIA, State of—BOND OFFERING—We
to be a
are
informed by
Governor Homer A. Holt that he will receive sealed bids until 1
p. m. on
April 9 for the purchase of a $500,000 issue of road bonds.
Bidders are to
the rate of interest, not to exceed 4%, in a multiple of H of
1% it
name
being, provided that
ferent rate.
Not
a
part of the issue may bear one rate and a part a dif¬
than two rates will be considered in any one bid.
more
Coupon bonds in $1,000 denominations, convertible into fully registered
bonds of $1,000 and $5,000 denominations.
Dated Sept. 1, 1939.
Due
$20,000 from Sept. 1, 1940, to 1964, incl.
Prin. and int. (M-S) payable
in lawful money of the United States at the State Treasurer's office in
Charleston, or at the option of the holder, at the National City Bank in
New York.
These bonds are issued under authority of amendment to the Constitu¬
known as
$50,000,000 State Road Bond Amendment, and under
authority of an Act of the Legislature of the State of West Virginia known
as Chapter 77, Act of 1937,"regular session.
To secure the payment of these
bonds, principal sum and interest, when other funds and revenues sufficient
are not available for that purpose, it is
agreed that, within the limits pre¬
scribed by the Constitution, the Board of Public Works of the State of West
tion
municipal election in December of this year.
But there is this much
due to be given the present mayor and his administration:
With a 86,681,815 deficiency looming for 1940-41, they have signified their desire to
arrive at some permanent solution to Montreal's financial ills so that not
only may the coming year's budget be balanced, but such deficiencies
avoided in the future.
Renewed attemps in that direction may be expected some time next
week,
according to His Worship.
Yesterday he said that a conference between
representatives of the city and provincial spokesmen would
probably be
held to discuss Concordia's financial situation.
This would be in the nature
of further exploration of the problem, the several
parleys on the same sub¬
ject have already been held at various times since advent of the Godbout
Government at Quebec and prior to the federal election of
Tuesday.
As things stand at present, it would seem that Montreal's
monetary0
headaches have
more or less bunched themselves for the
coming month of
May.
Not only will there be the $3,000,000 maturity to the banks just ex¬
tended, but on May 1 there fall due funded issues of $1,325,316, while on
May 15 there is also a funded maturity of $3,949,500.
And to top all this,
the 1940-41 budget must be adopted by City Council on or before
May 26
the Quebec Legislature
having given its consent to a delay until that date.
The city's charter calls for such adoption on or before March
15.
@FedFRASER