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BUS. ADM.
library
AUG 17 19 41
COPYRIGHTED IN 1841 BY WILLIAM B.
DANA COMPANY, NEW YORK.
Issued WeeklyjtO OentB a Copy—
VOL 153.
ENTERED AS SECOND-CLASS MATTER JUNE 23,
1870, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
BROOKLYN TRUST
BA N K
COMPANY
NO. 3973.
&W
NEW YORK, AUGUST 16,1941
CHASE
THE
BANK
NATIONAL
Chartered 1866
OF THE CITY OF NEW YORK
OF
George V. McLaughlin
President
BROOKLYN
NEW YORK
Member Federal Deposit Insurance
Corporation
NEW
YOR K
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"Guide to Railroad
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Securities"
Improved 1941 Issue
The New and
Containing all New Plans of
tion and all the changes in
detailed
with
together
system.
'The
Reorganiza¬
prior plans,
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|
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The Commercial & Financial Chronicle
This
announcement
securities
is under
for sale
The
or as a
circumstances
no
solicitation of
offer is made only by
an
means
to
be construed
offer to buy
any
Aug.
as
an
offer of these
of such securities.
of the Offering Prospectus.
Pacific Gas and Electric
Company
(A California Corporation)
400,000 Shares
.
5% First Preferred Stock
Cumulative, Par Value $25.00
per
share
and Installment Subscription Agreements for 400,000 shares of such stock
The
offering price is $27.00
subscription
or
per
share, payable in full
in installments upon the
scribed in the Installment
terms
and conditions de¬
change without notice.
to
Ottering Price: $27.00
to Yield
per
shore
4.63%
Offering Prospectus and stock subscription forms
tained
upon
and Electric
its Division
application
at
PACIFIC
may
be ob¬
the Stock Sales Department, Pacific Gas
Company, 245 Market Street, San Francisco,
or
the time of
Subscription Agreements and the Offering
Prospectus. Such price is subject
The
at
or at
any
of
District Offices.
GAS
AND
Stock Sales
245 MARKET
ELECTRIC
COMPANY
Department
STREET
.
SAN FRANCISCO
F 2-741
16,
Volume
The Commercial & Financial Chronicle
153
This is under
no
circumstances to be construed
solicitation
of
an
offer to buy,
as an
iff
offering of this Common Stock for sale,
or as an
offer to buy,
or as a
of such Stock. The offer is made only by means of the Prospectus.
any
NOT A NEW ISSUE
186,667 Shares
THE STANDARD OIL COMPANY
(Incorporated in Ohio)
Common Stock
Par Value
$25
Price $44% per
'
share
'n'^V '!;4:'
Copies of the Prospectus
may
he obtained from only such of the undersigned as may
legally offer this Stock in compliance with the securities laws of the respective States.
F. S. MOSELEY & CO.
LEE HIGGINSON CORPORATION
SMITH, BARNEY & CO.
BLYTH & CO., INC.
THE FIRST BOSTON CORPORATION
\
_:;=r
y:
HARRIMAN RIPLEY & CO.
(v..Incorporated
1
'
August 13, 1941
-
Dividends
Dividends
AMERICAN CAS
American
COMPANY
AND ELECTRIC
-II-
COLUMBIAN
Telephone and
Preferred Stock Dividend
the 4)4%
of the
company
issued and outstanding in the
hands of the public has been declared out
of the surplus net earnings of the company
for the quarter ending September 30,1941,
CARBON COMPANY
Telegraph Company
Cents ($1.18)4)
cumulative
Seventy-Ninth Consecutive
Quarterly Dividend
3% Convertible
Debentures
THE regular quarterly dividend of One
I Dollar Eighteen and Three-quarter
_
•
The
share
quarterly dividend of $1.00 per share,
payable September 10, 1941, to stock¬
.
(When, as and if issued)
Common Stock
holders of record August 22, 1941 at
GEORGE L. BUBB
Treasurer
OFFICE OF
,
STATES POWER COMPANY
(Wisconsin)
CHICAGO,
Prospectus on request
The
THE
~
NORTHERN
Board
of
ILLINOIS
Directors
of
Northern
Dividend
regular quarterly dividend of
I Forty Cents (40c) per share on the
Grnmon capital stock of the company is¬
sued and outstanding in the hands of the
public has been declared out of the surplus
net earnings of the company for the quarter
ending September 30,
1941, payable
September 15, 1941, to holders of such
stock of record on the books of the company
at the close of business August 19, 1941.
3 P.M.
Rights
on
payable October 1, 1941, to holders of
such stock of record on the books of the
company at the close of business September
5, 1941.
Directors of Columbian Carbon
Company have declared a regular
(1956)
per
Preferred capital stock
Extra
States
Common Stock Dividend
Power
JffipONNELL & 0).
Members New
York Stock Exchange
New
York Curb Exchange
Members
120 Broadway, N.
Company (Wisconsin), at a meeting held
on
August 12, 1941, declared a dividend of
one and one-quarter per cent (1)4%)
per share
on the Preferred Stock of the Company, payable
by check September 2, 1941, to stockholders of
ecord as of the close of business August 20, 1941,
for the quarter ending August 31, 1941.
extra
•ANc
(10c)
.
.
N.
Y. Tel. REctor 2-7815-30
H.
Gas and
on
FRANK B.
Dividend
No.
Board of Directors has declared dividend
844
of thirty-seven and one-half cents
($ 37H) per share of $12.50 par value Capita
Stock, payable August 25, 1941 to stockholders
The
3:00 o'clock P. M. August 20, 1941.
Checks will be mailed by Irving Trust Com¬
of record
Dividend Disbursing Agent.
R. A.
August 5,
August 13, 1941.
day declared a
quarterly dividend of one and three-quarters per
(1)4%) on the Preferred Stock of the Cor¬
poration, payable September 20, 1941 to stock¬
holders of record September 5, 1941.
The
Board
of
Directors
this
cent
J.
A.
McKENNA, Treasurer.
Renter IteUoss anti SS>ona, 3nt.
A
quarterly dividend of $0.40 per share has been
declared
on
the
stock,
For other dividends
see
page
iv.
payable
1941, to Stockholders of record
as
September
10,
of the close of
business August 23, 1941.
JAMES
CLARK, Secretary.
1941.
BALL, Secretary.
August 13, 1941.
Exchange Place, Jersey City, New Jersey
844
No
pany,
One
Cents
earnings
ber 15,
Electric Corporation
HOMESTAKE MINING COMPANY
Ten
of the company, payable Septem¬
1941, to holders of such stock of
the books of the company at the
close of business August 19, 1941.
BUCKSTAFF, Treasurer.
United
of
.
record
The
dividend
per
share, for the quarter
ending September 30, 1941, on the Com¬
mon
capital stock of the company issued
and outstanding in the hands of the public
has been declared out of the surplus net
L. WICKSTEAD
Treasurer.
The Commercial & Financial
IV
M'
Aug.
Chronicle
16,
1941
v
II
Protection
Total
Needs
Today American industry is proving its capacity
for
New plants are mushrooming
existence, old plants are expanding.
production.
into
With total production comes a
insurance
protection.
with
unfamiliar
cerns
are
bilities.
demand for total
New concerns are faced
Established
situations.
unaccustomed
their
to
new
Both need guidance by men
con¬
responsi¬
acquainted
with insurance protection.
of 9,000 through¬
Your U. S. F. & G. agent—one
the nation—is familiar with today's insurance
out
problems, business and personal. For your pro¬
tection get in touch with him: you'll find him
listed in your 'phone book.
U. S. F.&G.
UNITED
GUARANTY COMPANY
STATES FIDELITY AND
With which is
FIDELITY AND
HOME
affiliated
GUARANTY FIRE
CORPORATION
OFFICES—BALTIMORE, MARYLAND
Dividends
Dividends
KAUFMANN DEPARTMENT
Dividend
5% Preference Stock Dividend No. 11
Pittsburgh, Pa., August 13, 1941.
have declared a dividend of
25/100 Dollars ($1.25) per share on
Cumulative Preference Stock, payable
September 15, 1941, to all holders of record
September 1, 1941.
Checks will be mailed.
The
One
the
The
Magma Copper Company
STORES, Inc.
Directors
and
No.
76
"Expandit" Binder
On August 14, 1941, a
share
Company,
per
dividend of Fifty cents
declared on the stock of this
payable September 15, 1941, to
was
stockholders of record August 29,
5%
1941.
opens as
H. E. DODGE, Treasurer.
a
single
flat
as
copy
'
E.
R.
CLARKSON, Treasurer.
Notice
The
B
a
share
a
on
ber
closing its affairs.
All note holders and other
creditors of the association are therefore hereby
Plus postage
notified to present the notes and other claims
Stock
have
I. W. MORRIS, Trea;u.'.r
Philadelphia, Pa.
for payment.
F.
iii.
Prices for larger sizes
JONES, President
on
application
The Winters National Bank located at Winters,
in the State of California, is closing its affairs.
All
note
holders
association
are
and
other
therefore
creditors
hereby
of
the
notified
to
and other claims for payment.
W.
see page
S.
Dated July 9, 1941
present the notes
13x8 M inches
Association
Common
THE UNITED CAS IMPROVEMENT CO.
For other dividends
In sizes up to
National
dividend of 20 cents
declared, payable Septem¬
30,1941, to respective holders
29, 1941.
June 24, 1941
Suisun,
Price $2.00 each
been
of record August
of
located at Suisun, in the State of California is
The quarterly dividend of $1.25
a share on $5 Dividend Preferred
Stock and
Bank
Dated July 8, 1941,
W.
STARK, Cashier.
The "EXPANDIT" Binder
25 Spruce St., New York City
IV
omtmrrifl
Vol. 153
AUGUST
16,
No. 3973'
1941
CONTENTS
Editorials
The Financial Situation
Smelly
_
Soviet Economy
.
Comment and Review
Gross and Net Earnings
June_
_
Week
_
_
the European
on
of United States Railroads in
—
.
893
------:
Stock Exchanges
Foreign Political and Economic Situation
881
..
—
Foreign Exchange Rates and Comment
881
886 & 934
Course of the Bond Market
896
Indications of Business Activity
897
Week
on
the New York Stock
879
Week
on
the New York Curb
Exchange
Exchange
931
News
Current Events and Discussions
Bank and Trust
914
Company Items
930
General Corporation and Investment News
Dry Goods Trade
State and
978
.
...1019
Municipal Department
1020
Stocks and Bonds
Monthly Range of Prices
on
N. Y. Stock Exchange... 961
Foreign Stock Exchange Quotations
932
Bonds Called and Sinking
934
Fund Notices
Dividends Declared
938
Auction Sales
932
.
New York Stock
Exchange—Stock Quotations
946
♦New York Stock Exchange—Bond Quotations...946 & 956
New York Curb
Exchange—Stock Quotations
♦New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock and Bond Quotations.
962
....
966
968
Canadian Markets—Stock and Bond Quotations
972
Over-the-Counter Securities—Stock & Bond Quotations.
974
Reports
Foreign Bank Statements
932
Course of Bank Clearings
932
Federal Reserve Bank Statements.
General
Corporation and Investment
878 & 944
News.-,
978
Commodities
The Commercial Markets and the Crops
Cotton
Breadstuff s
*
1008
—..1010
1014
is directed to the new column incorporated in our tables
on New York Stock Exchange and New York Curb Exchange bond quota¬
tions pertaining to bank eligibility and rating.
Published Every Saturday
Attention
Morning by the William B. Dana Company, 25 Spruce Street, New York City, N. Y.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South
and Treasurer; William D. Rlggs, Business Manager.
La Salle Street (Telephone State 0613).
London1 Drapers' Gardens, London, B.C.
Copyright 1941 by William B. Dana Company.
Entered as second-class matter
June23,1879, at the post office at New York, N. Y., under the Act of March 3,1879.
Subscriptions in United Statee and Possessions, $1».UU
Edwards
& Smith,
8er year, $10.00 for 6 months; in Dominion ofGreat Britain, Continental Europe (except Spain), Asia. Australia and Africa, $23.00 per year,
South and Central America, Spain, Mexico and
uba, $21.50 per year, $11.75 for 6 months: Canada, $19.60 per year. $10.75 for 6 months.
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate line.
Contract and card rates on request.
NOTE; On account
for foreign subscriptions and advertisements must be made in New York funds.
of the fluctuations in the rates of exchange, remittances
The Financial Situation
probably intended by the master show-
if
men
taking part, the attention of much the
this
lace upon
doubtless
planned that
"Piteous Platitudes,"
granted that
the whole affair
to
come
might have
obviously
much to the
fourteen
dent
owes
the enjoyment by all States, great or
victor or
vanquished, of access, on
of Presi¬
points
much
of
its
is
world
which
needed
are
for
their
"enemy,"
little
contains
or
which
peace
nothing
they hope to see established a
will afford to all nations the
of
which President Roosevelt
dwelling in safety within their own
boundaries, and which will afford assurance
in any event
their lives in freedom from fear and want;
means
that all the
asso¬
to
men
before.
that
fact
Churchill
Mr.
The
now
best,
ment
the
century
quarter of
a
and
ago,
others
the
in
a
that
in
only
the
nations
is
threaten,
or may
aggression
out¬
are
Dictatorship of the Proletariat,
at least to suppress
give
(see
up
in part,
for the time being, his
point
three),
the
ment nonetheless has the further very
am¬
everywhere
joint
state¬
serious defect
being flavored quite noticeably with world-wide
New Deal ambitions.
It
or
is
not it
a
morale—-which
of
such
danger
utterance,
important effect
seems
D.
S.
air
nations
is
ROOSEVELT.
almost
dictators of
condemned
Europe
and
anxiety
on
not
And
Asia.
this
score
is
allayed by the various
developments of the past
which
have
again
there is nothing ap¬
proaching
tion
to
in
unity
in
country
this
determina¬
a
provide the limit
in support to
the "democ¬
racies"
(including Russia),
to
say
nothing of taking
an
active part
in the hos¬
tilities themselves.
What
Did
Take
Place?
not
upon
rather doubtful—and
whether
"enemy"
one
which
Of
course,
for
poses
the
main,
no
one
sup¬
nnment that
a
or even a
major
topic, of discussion at this
meeting
concerned
A
matters.
war
post¬
suckling
babe would find its cred¬
ulity strained to the break¬
ing
point
by
such
any
supposition.
Observe
what the official statement
CHURCHILL.
Wilson's
fail to note
now
itself has to say
concerning
what took place:
"The
States
President
States
of
and
the
the
Prime
Minister, Mr.
Churchill, representing His
Majesty's Government in
the
United Kingdom,
have met at
sea.
"They have been accompanied by officials of their
two
governments, including high ranking officers of
their military, naval and air services.
"The whole problem of the supply of munitions
of war, as
provided by the Lend-Lease Act, for the
armed
forces
countries
of
the
actively
United
States
engaged in
and
resisting
for
those
aggression
has been further examined.
"Lord
Beaverbrook, the Minister of Supply of
Government, has joined in these con¬
ferences. * He is going to proceed to Washington
to discuss further details with
appropriate officials
the
thoroughly
has any
or
of general security,
famjiliar with the fate of
While apparently
weapons.
bition to establish the "four freedoms"
of
sea
future
to
President has been willing to
world
no
being hailed in
some
quarters here as the "Mein Kampf of
Democracy," are already labeled in London
as
"piteous
platitudes,"
while
practical
people on both sides of the Atlantic are
asking what really took place at this much
publicized sea conference.
(including
deprived of their
the
Since
League of Nations notion will
the
of
in concession to the
in
oceans
be
WINSTON
Realists
which
side their frontiers"
or
to
FRANKLIN
victorious
"democracies"
the
force.
that these declarations
Russia) "threaten,
and
They will likewise aid and en¬
courage all other practicable measures which
will lighten
for peace-loving peoples the
crushing burden of armaments.
bargain.
judgment
seas
essential.
candidly set forth
assumed
be
continue
heap in favor of the
notion
of
permanent system
that
the
disarmament
apparently relegated to the
scrap
use
and
some
disarmament
General
high
employed by na¬
tions which threaten, or
may threaten, ag¬
gression
outside
of their
frontiers,
they
believe, pending the establishment of a wider
weaknesses of the fourteen
points of
should enable all
be maintained if land,
can
armaments
the
all
from
peace
the
traverse
of
peace
suffers
powers
grown
to match those of the much
hindrance;
EIGHTH, they believe that all of the
world, for realistic as well as
spiritual reasons, must come to the abandon¬
nificance.
It
whose
now
nations of the
doubtful sig¬
of
a
live out
without
appends his signature is,
at
in all the lands may
men
SEVENTH, such
ciates have not said many
times
President
have
that
Nazi tyrrany,
really
and his
of
produced strong evidence
object of securing,
all, improved labor standards, economic
adjustment and social security;
SIXTH, after the final destruction of the
morale in the ranks
the
course
headstrong and secretive
the economic field with the
sup¬
posed to have done, dam¬
age
fur¬
this country
they desire to bring about the
fullest collaboration between all nations in
for
of
can
cause
the
concerning
a
a
were
It
scarcely fail to
week
prosperity;
FIFTH,
hope that it will,
prototype
the
economic
question is in part
born of
small,
equal
terms, to the trade and to the raw materials
Wilson, and without
things
many
ther anxiety in
other;
or
FOURTH, they will endeavor, with due re¬
spect for their existing obligations, to further
famous
once
aggrandise¬
no
them;
joint pronouncement
which
as
any¬
sad anti-climax.
a
found in expressing
"arranged."
SECOND, they desire to see no territorial
changes that do not accord with the freely
expressed wishes of the peoples concerned;
THIRD, they respect the right of all peoples
to
choose
the
form of government
under
which they will live; and they wish to see
sovereign rights and self-government restored
to those who have been forcibly deprived of
therein,
contained
thing
The
for
Kingdom] seek
ment, territorial
significant by reason of its
than
good
but—
FIRST, their countries [the United States
and the United
of the two officials is more
omissions
judge from dis¬
may
one
the confident belief that
formal announcement
the
If
patches out of London the affair has raised hopes
was
that it
way,
is taken for
warrant.
high there where little reticense is
that occasion.
also
which
full
with
and results of the conversations taking
Were it not for the fact,
the purpose
another
bring
to
not said
speculation is naturally rife concerning
ments, and
policy by
post-war
certain
here, but it is not what was said but what was
that is attracting attention, and probably
of the past week to the meeting
British and American govern¬
heads of the
of the
of
cornerstone
is almost
country
disappointment and further disillusion to our dreamers
larger part of the world appears to have been di¬
rected during most
the
made
WAS
AS
r\
British
of the United States Government.
These conferences
Volume
The
153
supply problems of the Soviet
:'t:
President and the Prime Minister have had
conferences.
They have considered the
will also cover the
Union.
"The
several
civilization arising from the policies
of military domination by conquest upon which the
Hitlerite government of Germany and other govern¬
associated therewith have embarked, and
the steps which their countries are
have made clear
respectively taking for
these dangers."
To this account
statement
is
afterthought.
in this
their safety in the face
of the meeting the
appended apparently
of
so-called joint
almost as an
in
colors
that political considerations
had obliged him last fall to accompany his strong
words about measures short of war with repeated
and most
that
all thoughtful minds
commitments, under¬
agreements, implicit or explicit, were
of
some
to do those
else's making, at the same
ment aid or
time
At least so far as our
concerned? A satisfying
answer is obviously quite beyond any one not closely
in the confidence of the participants, and from them
that we cry
"Peace! Peace!"
a
either as to arma¬
participation.
of discussion would obviously have
with effective deeds
military
course
helpful than the
assurances
many,
difficult to proceed
things which are
recent words
been more
given all these as¬
with vigor
necessary to match his
adding that having
he found it
surances
Such
of war, and of
surrender of
of any one,
the heads of these two
one
no
of his determination
his adamant resolve
social gains would be required
emphatic assertions
to remain short
governments
flanked by their ranking military and naval ad¬
visers which are likely to involve us further in this
mess
He might have ex¬
participation in foreign wars.
plained to his conferee
The question in
entered into by
obtaining Congressional
tion of
country is this: What
standings, or
difficulty encountered even
approval of a prolonga¬
service by those who had been called to the
Vith definite
understandings as to our
regretful finger at the
dangers to world
ments
877
Commercial & Financial Chronicle
of aid to each
the one after the
heretofore largely barren
country attacked by
other, and, unless
Ger¬
the Presi¬
and institute revolu¬
tionary changes in his own policies and has reason
to believe that at this late date he can make such
changes really effective, it plainly would have been
we may expect no immediate enlightenment if the
fairer treatment of the head of a sorely pressed
past is to be a guide. The President could scarcely
Nation.
But why pursue the matter further?
Of
have supposed or hoped that this New Deal edition
course, no such action was taken.
Perhaps, after
of the old League of Nations notion would rally the
all it was not really necessary.
Mr. Churchill was
rank and file of the people of this country to his
not born yesterday.
He has his own avenues of in¬
support in an even more belligerent course than that
formation.
He may well be fully aware of the re¬
he has so far taken, or give rise to a greater willing¬
serve with which it is necessary to take grandiose
ness on the part of many» particularly the farmer
assurances.
The really serious question is whether
and the wage-earner, to give aid until it really hurts,
arrangements or understandings of one sort or an¬
or to cause a rise in the mild war fever that now
other were reached which enhance the risk of our
possesses us, if we are in any degree now suffering
becoming involved when plainly we as a people are
from such a malady.
Yet in light of experience,
not in any sense of the term prepared for such in¬
who can feel a great deal of assurance that further
volvement.
We, of course, can merely hope that
rash steps have not been taken in plain defiance of
nothing of the sort has occurred.
Nation of Laodiceans, or a people who act as if
they were such when the real pinch comes.
Back to His Problems
soldiers and
sailors are
dent is
prepared to come home
a
He
Might Have
Plainly one would
President's position
fully to the Prime
Said!
Meanwhile the President,
expect a prudent man
to explain
in the
frankly and care¬
Minister of Great
Britain that
the
despite all the or ato ry, no twitlist an ding all
emotional froth in this country, regardless of
the
"communists" were
largely responsible for our labor difficulties and the
hope that when Soviet Russia was attacked and the
oft-repeated
assertion
that
began to preach coopera¬
obstruction—all this to the contrary
notwithstanding, organized labor in this country is
Stalinists in this country
tion instead
of
getting all it can of every¬
armament effort and equally plainly
determined to give nothing.
He might have added
that being a politician, first, last and always, he did
not feel it prudent to take the steps necessary to get
this situation in hand, not even to the point of
emulating the often lauded Wilson.
He might also have reminded the Prime Minister
that protection of the social gains of the farmers
of the country required continued limitation of pro¬
duction and higher prices (at least relatively) —
still
plainly bent upon
thing out of the
quite without reference to any belligerence
tillers of the soil at times appear to show
that the
in their
Japan—and
that Congress going well ahead of him was bent
upon hoarding Government stocks of cotton and
conversations concerning
further increases
He might have pointed an ominous if
wheat in order to
in
prices.
Germany and
make certain of
quite regardless
of what
Mr. Churchill, will return to
face some real problems—if he will face them.
Most
of them in one form or another have long existed but
have not been recognized and dealt with effectively.
Some of them have been taking a definitely more
serious course of late.
The farmers, or their repre¬
sentatives in Congress, are on a rampage.
They
are
making many demands which should not be
countenanced for a moment.
Virtual exemption
from any price control which may be imposed upon
he may
have said to
and "freezing" of government owned
cotton are among the most
and most greatly in need of stern rejection
other groups,
of wheat and
stocks
brazen
when necessary. It has been increas¬
the past week or two that we are
to get no respite from labor difficulties unless some¬
thing effective is done to assure it. Interruptions of
by veto if and
ingly evident for
work
no
we
in
on
one
can
defense projects
and
otherwise—and let
that in the existing circumstances
afford to look with equanimity upon strikes
suppose
non-defense
industries—are obviously
and omin¬
'
ously on the increase.
Still more serious if one takes
the longer view is
the evident campaign of the unions to fasten the
closed shop upon industry generally if it can be done
while defense pressure is upon us.
There were a
good many evidences of such a determination before
Mr. Ford startled the country with his much pub¬
licized maneuver some
weeks ago.
Since then it is
The Commercial & Financial Chronicle
878
gaining
evidently
almost
momentum
daily.
The
technique appears plain enough. The unions demand
completely closed shop, with the so-called check¬
a
where.
Discounts
New York alone
by the Federal Reserve Bank of
$8,676,000,
are
week. Industrial advances by
off, strike and ultimately the matter is taken to the
down
Mediation Board which
to make such advances
apparently is rapidly adopt¬
ing the policy in such cases of practically command¬
install the so-called main¬
membership system, which in practice is
ing the employers
tenance of
to
obviously the next thing to the completely closed
ing the week,
the
the
ing
a
union
any
from maintaining his membership
or
The installation of that
therein.
repeatedly dubbed
similar term.
some
system has been
milestone in social progress
a
or
Now it is demanded that the
employer relieve the union
officials of their old
problem of keeping their members and collecting
It
dues.
seems
to
be
an
answer
to the racketeer's
prayer,
to drop into the vernacular.
we
rapidly encouraging the growth of
are
oligarchy which is certain to cost
the
perhaps
Avage-earner,
earner, a
This
In any event,
us
labor
a
all, including
particularly
the
wage
pretty penny.
problem has been neatly dumped in the lap
of the President
by
large industrial
one
take
possession of the plant and operate it.
that the dramatic conferences
hoped that the President
of these
some
can
are
over
Now
it is to be
get down to grips with
times
for
Currency
in
in
are
the
weekly
period
circulation
when contrasted with the
ended
Aug.
13.
declined
$9,792,000,000, which is
a
$3,000,000 to
modest recession
very
slightly, and their total
000 to
huge rise of recent months.
account variations
bank
000;
a
matter of
requirements, for the actual
balances
reserve
Treasury
was
deposits
a
slight reduction in
sum
of member bank
little lower.
a
with
the
12
United States
Federal
of
advanced,owing principally to sizable purchases
tax anticipation notes
by large corporations. This
rise
was
offset in part
by
a
other accounts with the
decline in non-member and
regional banks.
The
excess
total for many months has been affected
reserve
prin¬
cipally by the large United States Treasury oper¬
ations, and all signs point to continuance of this
situation.
The
sum
is
ample, however, and the
demand for credit accommodation, while
steady, is
too small to
make
great deal of difference.
a
condition statement of
New York
The
City weekly
$80,111,000
Government Cotton
000 to
$4,000,-
$328,000,000.
cate
advance
is
well
a
$4,573,000 in the week, to $9,962,-
000, which is the highest figure in
situation of
some years.
The
significant only because it reflects the
New
York
supplied with
sidered, than
many
a
the smallest since
bales in 1940 and
1935, comparing with 12,566,000
11,816,000 bales in 1939, according
Aug. 1 forecast of the Department of Agri¬
The
would
report of a month previous had re¬
the
that
prospective
City banks, which
excess
reserves,
are
all things
for harvest
acreage
probably be the smallest in nearly a half
century, but no forecast was then made of produc¬
tion.
The present
prediction is based
upon an an¬
ticipated yield of 224.4 pounds per acre, the smallest
since
1936, but otherwise
record.
in the
past few years a peak yield of 269.9 pounds
established in
was
This
of the largest on
one
During the period of extraordinary yields
1937, and in the succeeding
dropped to less than 235.8 pounds.
yields rarely reached
year's yield
as
high
years
But prior
200 pounds.
as
held down by unfavorable
was
weather conditions and boll weevil
activities, said
to have been the most extensive since 1932.
Coming
in
overs
of the
ness
the
it does upon one of the largest carry¬
as
history, about 12,250,000 bales, the short¬
prospective
have dwindled to
domestic
crop
In fact, without
staple.
so
low
consumption
an
implies
scarcity of
no
any carryover, exports
estate
that,
even
with
continuing at the present
peak levels, the prospective crop would be about
sufficient
meet
to
No
demand.
scarcity therefore is implied in the
indication
crop
of
The
report.
only direction from which scarcity might arise is
from the
political element.
Government holdings,
loans, aggregate about 6,500,000 bales.
a
farm constituents to "freeze" such amounts
in
less
con¬
of their sister institutions else¬
for
the hands of the Government.
cotton
price
recent
1929.
these
of
And
strong movement among legislators with
already succeeded in legislating
Discounts by the 12 Federal Reserve banks show
modest increase of
Report
INITIAL harvest offor the current cotton crop year,
prospects only 10,817,000 bales this indi¬
jral
securities collateral fell
foreign
drop of other deposits by $42,023,000 to $621,665,000.
reserve ratio was unchanged at 91.2%.
there is
$35,000,000 in business loans, to a
$2,372,000,000. Loans by the same banks to
on
drop of
a
together with amounts pledged by growers for Fed-
rise of
brokers and dealers
$919,425,000;
to
The
discloses
total of
$12,947,724,-
increase of the Treasury general account by
porting member banks for the period ended Aug. 13
a
drop of member
a
deposits by $7,347,000 to $1,194,306,000, and a
Reserve
banks
consisting of
balances by $3,703,000 to
reserve
an
to 1937
$10,000,000 to $5,030,000,000,
were up
entirely
$6,906,-
with the
increased $27,038,000 to $15,683,120,000,
requirements
was
$11,739,-
up
Total deposits with the regional banks
411,000.
never
but this
moved
Federal Reserve notes in
increased $2,626,000 to
circulation
actual
Monetary gold stocks of the country advanced a
$21,000,000 to another record at $22,703,000,000. Excess reserves of member banks over legal
further
$20,300,-
12 banks increased
reserves
$20,597,170,000.
vealed
FEW variations that are sizable orofficial banking
these
discernible
the important for
statistics
The
unchanged at $2,184,100,000.
Other cash of the
culture.
Federal Reserve Bank Statement
market operations dur¬
holdings of United States Treasury
as
regional banks declining $2,000 to
529,000.
to the
problems awaiting him.
increased $248,000 to $13,-
gold acquisition, holdings of gold certificates by
concern en
gaged in vital defense activities by the simple ex¬
pedient of asking that the Government immediately
were
while commitments
Treasury again refrained from reimbursing itself for
good while it has been unlawful for the
For
$4,535,000 for the
were no open
issues remained
employer to try to prevent his employees from join¬
shop.
up
the regional banks
$178,000 to $9,270,000,
058,000. There
16, 1941
Aug.
and
the
months
Forced
times;
other
staple
as
crops
has
a
are
has
higher loan rate
risen
to reach the
so
markedly
in
highest levels since
an
incongruity in
justification exists for making
exception of the farmer when others
to sacrifice in
as
grouji
for this year, and the
scarcity is surely
no
This
are
an
called upon
face of the proclaimed emergency.
Volume
The Commercial
153
879
& Financial Chronicle
assertions.
PROSPECTS for both change for the better during
underwent a the winter and spring wheat
crops
this year, based
Aug. 1 conditions is for an aggregate crop of
950,953,000 bushels, the largest since 1919 and the
third greatest in history.
It was obvious a month
ago, from the Agricultural Department's
report
based on July 1 conditions, that this year's produc¬
tion was to be of bumper size—it was then calcu¬
lated at 923,613,000 bushels; the present forecast,
however, places it above all other years, but 1915
and 1919, during and immediately following the
July and the outlook for the harvest
For the week as a
trial issues
Crop Report
Government
dropped
vulnerable at
were
The 1915 harvest, the greatest
in
history, amounted to 1,008,637,000 bushels.
The outlook for the corn crop also improved dur¬
ing July and the estimate for
this crop on Aug. 1
2,587,574,000 bushels, 38,865,000 bushels more
than a month earlier.
A crop of the size con¬
growing shortage of scrap might make necessary
curtailment
some
of
manufacturing
last
exceed
would
year's
outturn
of
2,449,200,000 bushels and the ten year average of
2,307,452,000 bushels.
The increased
expectations for wheat production
chiefly due to improved prospects for the
are
spring
and only slightly to a better winter crop out¬
crop
The
look.
estimate
spring
rose
241,292,000 bushels on
bushels from
265,987,000
July 1, and, if
to
bushels
of 178,090,000
realized, would compare with 227,547,000
last
and a ten year average
year
be
would
It
bushels.
the
largest
spring harvest
The winter wheat forecast was
since 1928.
raised
684,966,000 bushels from 682,321,000 bushels a
In 1940 winter production amounted
to
month earlier.
589,151,000 bushels and the ten year average to
to
A crop of the size anticipated
569,417,000 bushels.
this year
slightly surpassed in both 1937 and
1938, but otherwise exceeds all winter crops since
It is the coincidence of
1931.
same
year
that brings about the prospect of a total
only exceeded twice in history.
crop
When the forecasted
the
on
of nearly 400,000,000 bushels
the start of the current season, it shows
record carryover
hand at
that total
to
about
available supplies
tion of
ordinary domestic consump¬
approximately 685,000,000 bushels annually.
view of
received
to crop
this year will amount
1,350,000,000 bushels, the largest of all
time and about double
In
wheat harvest is added to
by
this, it is not surprising that answers
a
private investigator to a question put
reporters in various sections of the country,
525,000,000 bushels of this year's
indicate that about
wheat crop
will
go
into the Government loan.
The New York Stock Market
WITH fewinexceptions stocksextremelylower this
week,
succession of drifted quiet ses¬
a
sions
no
on
the New York stock
market.
There
was
particular pressure of offerings at any time, but
an almost complete lack of buying interest.
rather
The downward trend was
half of the
first half of
ward
week, and the prospects were that the
August would see an unchanged down¬
Small gains developed on Thurs¬
tendency.
day, however, as the
tion
was
read
joint Anglo-American declara¬
with momentary enthusiasm.
movement toward lower
day, after careful
declaration
The
levels was resumed yester¬
analysis of the Roosevelt-Church¬
ill statement made
in the
uninterrupted in the first
it evident that there was little
save a
recapitulation of previous
lost
little
a
strike developments and indications that
manufacture of war materials will not in all
ground
the
on
the rest, not
off with
moved
Railroad shares
increase of earnings.
an
cases mean
only because of gen¬
eral
consideration
machinery
considerations, but also because the
for
unions swung into
dull for
of
wage
demands by the /rail
action.' Utility
groups
have been
time and showed no trend toward
some
im¬
provement..
Trading
to
on
the New York Stock Exchange
levels below the
Even
securities.
the public indifference to
of
state¬
for the
the joint Anglo-American
add to the trading volume,
failed to
ment
held
500,000-share mark, which is a
indication
sufficient
415,260 shares
immediate influ¬
ence was the tendency at Washington to place ever
closer controls upon all aspects of economic life.
session
Thursday
on
saw
only
Perhaps the most potent
handled.
measures
for modifying the use of consumer
credit will mean,
of course, lessened production of
Official
items that ordinarily produce good profits for
makers.
Small industries began to make plain
many
the
through their
complaints the dislocations caused
by priorities.
Price controls are hurting business
On top of all this the markets faced
gloomily the prospect of still higher taxation by the
Federal Government, in order to meet at least a
generally.
part of the ever-rising costs of armaments.
The
course of the war in Europe and the threat of Amer¬
involvement in the Far East were
ican
preted optimistically by the
principal changes were toward
the
marked
of
States
United
levels.
sharply lower last Monday, in
tures in the
were
continuance
the fear of military ven¬
The losses were regained
Pacific.
and
slightly lower
securities
Treasury
trend occasioned by
a
not inter¬
market.
trading was on a modest scale,
Listed bond
substantial harvests
spring and winter wheat crops in the
the
both
in
was
stocks
similar
and
Motor, aircraft
operations.
was
templated
Steel stocks
times, owing to warnings that a
on
first World War.
whole, leading indus¬
point or two.
a
sub¬
apprehensions dwindled. Highlittle changed for the
week.
Speculative railroad issues were not in de¬
mand, and only a few specialties attracted atten¬
tion.
Foreign dollar bond dealings revealed a fairly
steady
tone,
notwithstanding the momentous
changes taking place in many parts of the world.
In the commodity markets agricultural items joined
the downward drift, possibly because even the ex¬
cessive tenderness of the New Deal with respect to
farm votes was overdiscounted in wheat, corn and
other staples.
Base metals naturally were motion¬
less
under the controls.
The foreign exchanges
sequently, as such
grade corporate bonds were
revealed nothing new.
the
On
touched
week
the
new
Stock
York
Exchange 35
high levels for the year the
while 29
New
stocks
present
stocks touched new low levels. On
Curb Exchange 45 stocks touched
New
new
York
high levels and 23 stocks
touched new low
levels.
Call loans on the New
mained unchanged at
On
the New York
York Stock Exchange re¬
1%.
Stock Exchange the sales on
Saturday were 321,110 shares; on
shares; on Tuesday,
Monday, 448,130
428,200 shares; on Wednesday,
420,740 shares; on Thursday, 415,260 shares,
Friday, 385,570 shares.
and on
The Commercial & Financial Chronicle
880
On
Curb Exchange the
the
New
York
Saturday
were
62,960 shares;
shares;
Tuesday, 79,080 shares;
on
62,415 shares;
sales
Weakness which marked the
stock
market
Friday
on
the short session
Steels,
on
aircrafts
losses.
and
Those in
chemicals
rails
had
the
heaviest
limited to small frac-
were
tions, and public utilities showed little effect from
the recession.
in the final
The downward trend
hour, and the close
the bottom for the
steel
day.
picked
speed
up
with prices at
came
Despite reports of record
production in July, steel shares paced the
ket downward.
appear
mar-
News developments and events that
to be foreshadowed kept a good many traders
out of the market
over
the week-end.
With
third
a
impending German offensive, the debate
a
on taxes,
strikes, and the rumored mid-Atlantic ren-
rash of
dezvous
between
Minister
President
Churchill
vestors wished
day's session
to
Roosevelt
overhanging
be clear of
the
Prime
market,
commitments.
the third successive
was
and
in-
Mon-
of declin-
one
ing prices for stocks, with trading the narrowest
and smallest since
from the
losses
mid-July.
was
lower
start, with only minor pauses, and while
were
mostly confined to fractions,
the
control
that
the
Office
of
Production
to
insure defense
requirements "uncompro-
misingly ahead of non-defense needs," the industry's
stocks
on
weaken.
Monday showed
further disposition to
were
a
bit firmer
following their
unsettlement, while public utility, motion
picture, motors and
and
a
Oils
week-end
eased
rayons
which
followed
nessed
building
slightly
issues
after
were
the
mixed,
firmness
another
the
silk
embargo.
aggressive.
Roosevelt
some
to
Steps
curb
announced
instalment
major losses in
the
by
President
brought
other
section.
company
chemicals, but oils
resumption of demand for the rails
a
small additions in
some
firm
market
spot
the
was
this
airlines.
Although the
was
previous business days.
An-
group.
spotty, the general trend
ward, but not quite as accentuated as
was
down-
the
on
two
provided the main weakening influences on
the day, the railroad stocks
helped to bring about
semblance of evenness, but traders
some
were
too
bogged down with
changing
war
national economy news and
quick
developments to gain sufficient heart
increase their commitments.
went
through
day.
The stock
mild hardening process
a
Stocks moved narrowly but with
than in
sugar
recent
sessions.
a
on
better tone
Weakness crept into
the
stocks, "while airline issues
higher prices
chemical shares.
were
were again
strong,
paid also for mail order and
The Roosevelt-Churchill statement
Thursday
on war and peace
reports of
a secret rendezvous of the two leaders at
sea
apparently
was a
An attempt to
By
aims, which confirmed
negligible factor in the stock
Friday
on
was
a
rally in the early trad-
slight current moved
noon a
through the industrials and carried them fractions
lower.
Steels, motors, mines and oils declined, and
rails
the
gave
up
early
an
attempt
to
advance,
Early firmness among some of the airplanes also
Lower prices
disappeared.
as
may
be
seen
by
were
the rule this week,
comparison of closing prices
a
Friday of this week with final figures
on
Friday of
on
the previous week.
General
31%
Electric
closed
Friday at 31% against
Friday of last week; Consolidated Edison
on
Co. of New York at 17% against 18; Columbia Gas &
Electric at
N. J. at
at
2% against 2%; Public Service Corp. of
22% against 22%; International Harvester
52% against 54%; Sears, Roebuck & Co. at 70%
against 70%;
Montgomery
Ward
&
Co.
at
32%
against 33%; Woolworth at 29% against 30, and
152% against 153%.
Friday at 27% against 27%
Friday of last week; Allied Chemical & Dye at
on
161
against 162%; E. I. du Pont de Nemours at
157%
against
160%;
National
Cash
Register
at
13% against 14; National Dairy Products at 14%
against 14%; National Biscuit at 16% against 17%;
Gulf
Texas
Sulphur at 3734 against 38%; Conti-
nental Can at
at
at
36% against 37%; Eastman Kodak
139% against 139%; Westinghouse Elec. & Mfg.
91% against 93%; Standard Brands at 5%
against 5%
; Canada Dry at 14% against 14%;
Schenley Distillers at 14% against 153/8, and National Distillers at 20% against 22%.
In
the
rubber
group,
closed Friday at 18%
last
Goodyear
Tire
against 19%
on
&
Rubber
Friday of
week; B. F. Goodrich at 18 against 18%, and
United States Rubber at 22% against 23%.
Railroad
stocks
were
lower
the
present
week,
Pennsylvania RR. closed Friday at 23 against 24%
on Friday of last week; Atchison
Topeka & Santa
Fe at 27% against
against
13;
28%; New York Central at 12%
Union
Southern Pacific at
at
Pacific
at
81%
against
82;
13% against 13%; Southern Ry.
17% against 17%, and Northern Pacific at 7%
against 7%.
The
steel
this week.
shares
moved
into
United
States
Steel
the
lower
closed
bracket
Friday at
56% against 58%
Steel at
on Friday of last week; Crucible
39% against 41; Bethlehem Steel at 67%
against 72%, and Youngstown Sheet & Tube at 37
against 38%.
market
Wednes-
reached
were
under the best
were
The trading trend
day.
ing got nowhere.
Whereas finance company
issues
and
the
mixed affair.
selling brought out
loan
Easier tendencies
crept into the
firmed and
Best quotations
apathetic and final values
was
of
Tuesday
witday of declining interest in stocks,
while losses were the
rule, the selling again was
not
to
ing the list higher.
at the end of the third hour, but thereafter trading
Western Union closed
Management has placed steel under 100% priority
and
Following its pub-
Washington announcement.
traders awaited
ligation prices improved fractionally, with rails pac-
American Tel. & Tel. at
may, to some extent, have discounted
announcement
Initial
as
more
Saturday
process
fractions.
mostly to
few issues
a
pronounced in the steels, aircrafts, rails
and coppers.
While the action of the steel shares
on
limited
The extent of the decline
showed wider deviations.
was
The trend
were
hardening
the
closing hour of the
Saturday of last week, and by
ranged from fractions to two points,
the close losses
values
the
Wednesday, and variations in
on
dealings in stocks were hesitant,
on
carried forward into
was
which had set in
Wednesday,
on
Thursday, 72,000 shares, and
Friday, 79,965 shares.
on
continued
Prices
market.
on
Monday, 84,170
on
Aug. 16, 1941
In the motor
group,
at
37% against 39%
ler at
General Motors closed Friday
Friday of last week; Chrys-
on
56% against 57%
and Studebaker at
;
Packard at 3 against 3%,
5% against 6.
Among the oil stocks, Standard Oil of N. J. closed
Friday at 41% against 41% on Friday of last week;
Shell Union Oil at
14% against 15, and Atlantic Refining at 22 against 22.
Among the
copper
stocks, Anaconda Copper closed
Friday at 27% against 28%
on
Friday of last week;
Volume
Smelting & Refining at 41 against
American
and
The Commercial
153
42%,
of victories in the
Curtiss-Wright closed Fri¬
level
at 69
17% against 17%, and Douglas
Boeing
Aircraft
Trade and industrial
traction in
a
modest con¬
Steel operations for
general business.
ending today were estimated by American
the week
Institute
Steel
and
Iron
reports reveal
at
97.5%
of
capacity
against 98.3% last week, 97.2% a month ago,
for the week ended Aug. 9 is reported by
power
son
Electric Institute at
and
Production of electric
89.5% at this time last year.
Edi¬
3,196,009,000 kwh. against
day,
in
Churchill during a three-day
preceding week of 4,516 cars, but a gain of
over
As
151,476
the similar week of 1940.
indicating the
course
which the authors
Chicago
closed Friday at 112%c. against 112%c. on Friday
of last week,
September corn at Chicago closed
Friday at 78%c. against 78%c. the close on Friday
of last week.
September oats at Chicago closed
Friday at 42c. against 42%c. the close on Friday
kets, the September option for wheat in
of last week.
The
tyranny," and disarmament of the aggressor
The two countries announced in this fashion
the Nazi
sistent with
Domestic copper closed
by all States,
raw
ounce
the close
on
In the matter of
fers
on
closed
from the close
Utopian in
Friday at 12c.,
a
of
Friday at 34%, the close
ter
on
the
Friday at $4.03%, unchanged
the high seas,
and
Prime
meeting
Minister
where
rency
other
rency
other
which
slowly forged ahead.
concessions.
Some
sweeping
described generally in
the press as the world's worst kept secret.
Even
before the meetings began, there was no doubt in
the mind of any informed person that the President
and the Prime Minister would meet.
The manner
in which Mr. Roosevelt set out upon his "fishing"
declaration of
industrial stocks,
lacking despite the
was reported in
occasional buying of external
Dealings
on
trip
gave
the Berlin Boerse wrere sub¬
'
High Command reports
on
principles
was
the un¬
London,
the Presidential yacht Potomac, and
explained absence of Mr. Churchill from
indicating steady to firm
dued, and even the German
which their countries are respec¬
Privy Seal, Clement Attlee.
The conference which resulted in this
gold and similar shares was indicated.
The
Amsterdam market was less active than usual, with
sessions.
therewith have em¬
disclosed. They
the face of these
specifically the whole prob¬
lem of supply of munitions of war.
Lord Beaverbrook, British Minister of Supply, joined in the con¬
versations, and would proceed to Washington to
discuss
further details,
it was indicated.
Such
further conferences, it was stated, will cover also
the supply problems of the Soviet Union.
In London
a virtually identical statement was made by the Lord
oil,
the few available reports
governments associated
dangers, and considered
improvement
Japanese bonds, and
the
tively taking for their safety in
between
Churchill
Gilt-edged issues lost
fractions, with buying interest
Minister considered
world civilization arising from
made clear the steps
concern was
centered this week mainly in
with the assistance of a
barked, the White House Secretariat
phenomena are hardly to be avoided in such circum¬
stances.
Trading on the London Stock Exchange
was
It was
and
policies of military domination by conquest upon
which the Hitlerite Government of Germany and
but after the joint declaration was
good deal of
high historic importance.
of
the dangers to
Earlier in
prevalent every¬
regarding the insistent upward trend of cur¬
in use.
In Britain, France, Germany and
countries, as well as the United States, cur¬
circulation tends upward and inflationary
a
of
Washington
Atlantic, the President and Prime
published the markets failed to react.
the week
practical in
diplomatic, military and economic aides on
either side.
In the several conferences on the broad
foreign exchanges, cable trans¬
history-making
in
had conferred at length
score
with trading everywhere at a mini¬
Roosevelt
aspects and intensely
London simultaneously
with the disclosure that, as all the world well knew,
the American President and the British Prime Minis¬
mum./ The disposition in London was to await the
President
document
issued
MODEST exchanges in thethe rule European fin¬
stock advances were
leading this week on
outcome
some
others, the joint declaration signed by Franklin D.
Roosevelt and Winston S. Churchill promises to be
European Stock Markets
ancial centers,
further aim of the
joint statement.
Friday of last week.
on
Freedom of the seas was a
want.
Friday of last week, and spot
London closed
would not only
provide safety for all nations within their boundaries,
but freedom for all men everywhere from fear and
Friday of last week.
on
that the declaration urged
peace
price of bar silver closed Friday
silver in New York closed
object of securing improved labor standards,
advancement and social security.
The
economic
23% pence per ounce against 23 7/16 pence per
at
equal terms, to the trade and
fullest collabora¬
nations in the economic field with
on
materials of the world, and the
tion between all
the
Friday of last week.
In London the
economic section, the statement proposes
In
access
an
the right
under which they
the form of government
to choose
22%c. against 23c. nominal the close on Friday of
on
no
concerned, and that all people must have
/
spot price for cotton here in New York
the close
territorial or other aggrandizement,
territorial changes incon¬
the freely expressed wishes of the peoples
they seek
that they discountenance
Friday at 16.65c. against 17.21c. the close on Friday
of last week.
Domestic rubber closed Friday at
last week.
based hopes for a better future
These include "final destruction of
for the world.
live.
of the commodity mar¬
conference on the high
The declaration, which
eight points, proposes various measures upon
contains
that
ended
Aug. 9 were reported by the Association of Amer¬
ican Railroads at 878,549 cars, a decrease from the
the last week-end.
seas over
284,000 kwh. in the corresponding week of last year.
loadings of revenue freight for the week
statement of common J principles
Roosevelt and Prime Minister
joint
a
fashioned by President
nations.
cars
policies of the United States and British
were set forth briefly last Thurs¬
Governments
3,226,141,000 kwh. in the preceding week and 2,743,Car
failed to stir
The German price
Anglo-American Declaration
A IMS and
/"*
against 70.
lethargy.
well maintained.,
was
day at 9 against 8% on Friday of last week;
Aircraft at
Russian campaign
the market out of its
Phelps Dodge at 31% against 33%.
In the aviation group,
881
& Financial Chronicle
the show away.
For s>me days, however, no
uttered officially. The
word about the meeting was
882
The Commercial & Financial Chronicle
profound official silence enhanced curiosity among
the peoples and issuance of the declaration was well
timed.
and
The document claimed attention
everywhere
studied for what it omitted as much as for
was
what it contained.
The lack of specific reference to
Japan
was held ominous in some quarters, but others
pointed out that it accorded with the aim of isolat-
ingf Japan from the Berlin-Rome
connection.
Per-
Aug.
which have placed the Tokio militarists in command
of
large part of Eastern Asia and which
a
definite threats
Public
interests.
serious
British
to
Empire
warnings
repercussions
martial ventures by the Japanese.
also
steps
Ambassador
these
however,
hope to
authorities have not been disclosed.
followed by
a
safe peace and
of the
some
freedoms which Mr.
will
prove
the
C.
Joseph
tyranny," which the President and Prime Minister
since
Grew
Craigie.
intentions
of
the
more
The
direction
preparations
of aggressors are,
in the
of
course,
the most significant items
"principles."
The
most rosy
British spokesmen
mixed
was
generally took
a
view, the tendency in London being to see
more firmly committed to British
the United States
support and perhaps also to full military participation in the war.
Some Britons viewed the statement
as
an
alliance.
not
are
Others
pointed out coolly that wars
by declarations.
In American circles
won
the reactions differed from
warm
acceptance to cold
denunciation, in accordance with the degree of
ment with the
velt.
set
made,
agree-
foreign policy pursued by Mr. Roose-
similarity of the statement to the 14 points
forth by President Wilson in 1918 was
emphanoted that there
was
departures from the statement which
are
marked
contributed
greatly to the German collapse in the earlier
Germany and Italy the declaration
as mere
propaganda, and the assertion
victories by the Reich in Russia
French circles insisted for
tant.
statement
was
inadequate.
was
was
so
war.
described
made that
are far more
imporpublication that the
There
was no
suggestion
anywhere that the declaration will have the profound
and electrifying effect of the 1918
counterpart.
The
degree to which it is implemented in such portions
as
or
the other.
entertained at Washington and London seemed
measures.
made evident,
however, that any extension of the
Far Eastern conflict might easily involve both Britain
and the United States.
Japanese military spokesmen continued to
the utmost vexation
of
principles
over-
shadowed other incidents of American
policy in the
week
in
ending.
now
Washington
stated that all
Lord Beaverbrook, who arrived
by
airplane
Thursday,
promptly
possible American aid in the shortest
possible time is desried by Britain, "on the cuff."
Notwithstanding serious objections in many quarters
to
the program of
over
the economic
Threats
Objections
and again to what the Japanese now
"encirclement" by the ABCD of America,
made again
view
as
Britain, Communism and the Dutch.
by
Premier
Prince
Japanese nationals
Fumimaro
were
country from Thailand and from
aviation
tanker
with
gasoline had sailed from Los Angeles for
Vladivostok that day.
Significant in
many ways was
the vote in the House
tion proposal for
Tuesday on the Administraextending the service terms for
®'
na
armed forces.
margin of
a
1^?a extension
glJar .smen and others bv the
in the
I he
approved
was
single vote, 203 members voting in favor
and 202 against.
concurrence
bill
Rather than chance another test,
of the Senate in the House version of the
promptly
was
arranged by the Administration
leaders.
^
apanese
Aggression
Monday,
areas
being at least, to
preparation for
a
secure
was
Siberia,
near
listening posts the impression
occupation of Indo-China
Siberia, which
Konoye,
reported returning to that
was
that
intended, for the
the Japanese flank in
drive against the Soviet regime in
expected to develop only if and
was
when the Germans win their
war
against Russia in
The rate at which Japanese troops were
the west.
landed from transports at Indo-Chinese
ports aroused
keenest apprehensions as to
the
possible moves
against the great British and Netherlands possessions,
troops
American
Full wartime
economic powers were invoked by the Cabinet headed
nator,
an
voiced
by the Japanese in "the Nazi manner."
were
commodities coveted by the Japanese.
that
were
that oil, rubber and other materials
might be gained
sending war materials to Soviet
Russia, first shipments were reported on their way
Thursday. Harold L. Ickes, Petroleum Coordiannounced
express
sanctions,
imposed by the British Empire, the United States and
the Netherlands East Indies.
time
declaration
more
active with respect to possible southward moves by
the Japanese than to northward ventures.
It was
the
eight-point
south-
Singapore and the Netherlands East
French Indo-China, under the military agreement
between Tokio and Vichy, and the apprehensions
ment of aggressors
The
moves
one
being
are
northward toward the Soviet Maritime
or
In Far Eastern
military
decisively in
Provinces and the vitally important port of Vladivostok.
Japanese troops continued to pour into
relate to the destruction of Nazism and the disarma-
obviously will determine American
Vast
the other hand, for eventual
on
toward
Indies,
The
sized, but it also
In
certain that Japan really desires to take fresh steps
ward
reception accorded the declaration
in all countries.
Tokio
Indeed, it is not
until the European war turns
aims of Nazi destruction and of disarmament
and
Whether
effective is far from clear,
real
Roosevelt previously had suggested nobly but unrealistically for all the world,
war
more
Formal diplomatic
British Ambassador Sir Robert L.
moves
the
to
as
still
reported taken at Tokio, through
were
States
United
American
follow
to
offer
now
and
issued
were
bound
haps the most enlightening phrase in the declaration
is that concerning the "final destruction of the Nazi
see
16,1941
with their vast stores of
oil, tin, rubber and other
Reports from
Manila suggested that no less than
180,000
on
are
to be landed in
Thailand
was
rumors prove
regarded
Indo-China, and
as more
Japanese
an
attack
than likely if such
accurate. The Far East thus remained
a
tinder-box.
Secretary of State
several occasions his
Tr
r
Cordell
earnest
*
i
Hull
made
concern over
i.
•
i_
•
clear
on
the Japanese
•
i
V
^0ves* If Japan feels she 18 being encircled> the
Secretary said late last week, she has accomplished
that encirclement herself.
Returning to this problem
last Monday, Mr. Hull suggested that Japan abjure
the use of forece as an instrument of national policy
an(j return to the method of
peaceful negotiation un-
STRENUOUS diplomatic effortsand other capitals report, Tuesday, law. From Japanese tankers had
der international that two Los Angeles came the
week
London, Washington were made this
in
to hold in check the
aggressive Japanese tendencies
received
permission to load
low-grade fuel oil for
Volume
883
The Commercial & Financial Chronicle
153
Although merely a clarification 7 cessions, if any, which the Nazis may hare granted
between Japan and the
Vichy. The attitude of the British authorities doubtUnited States, this indicated that restrictions might
less will depend upon the developments which will
be less drastic than was at first thought likely.
A , follow, but the uneasy realization prevails that
move
of a different nature was announced last
Great Britain may find herself fully at war with
shipment to Japan.
of
economic relations
the
Santvoord Merle-Smith
when Col. Van
Saturday,
was
.
;
the first military attache
United States in Australia.
The Australian
ordered to Canberra, as
of the
Cabinet
in
met
Minister
Prime
mergency
session, Monday, and
Menzies stated that
Commonwealth,
that
face
decisions
momentous
G.
Robert
especially with respect to the security of Singapore.
The British Government took drastic action on
simple prohibition of
under license arrangements,
continued to maintain silence re-
Thursday, in the form of a
exports to Japan, save
Tokio authorities
garding their ultimate objectives,
but internal strains
incidents. Baron Kiichiro
Hiranuma, 75-year old Vice Premier, was wounded
by a gunshot, early Thursday, and the incident was
held to be political. Kaname Wakasugi, a Japanese
diplomat long stationed in the United States, warned
his countrymen, Monday, that the United States is
"preparcd and determined to meet the worst eventbegan to occasion various
ualities"
Franco-German Collaboration
ANOTHER chapter
of France
was
in the ever sadder war history
written this week, when the
Marshal Henri Philippe
the side of the
"New Order" for Europe which the German Nazis
vaguely proclaim as their war aim. It requires no
stretch of the imagination to realize that the Vichy
ranged itself defintely on
toward
acted
Government
nationals in the
such
ends only under
from Berlin and those French
tremendous pressure
unoccupied territory who hope to
the decision. The results
and may well depend in
the degree to which Vichy makes the
gain some advantage from
are
not
yet entirely clear,
part upon
"collaboration"
The
effective.
incident,
however,
if little
intended,
At its worst the proclamation by the aged Marshal
Petain may signify a virtual alliance between the
cannot be
two
regarded as a happy one, even
lip-service to the Nazi aims is
than
more
States which now are
after
in apparent agreement,
conflict as bitter enemies,
affords still another indication
having started in the
The turn in
affairs
unpredictable nature of this endless war of
of the
surprises.
That
Vichy was approaching momentous
decisions
before Marshal Petain informed his countrymen, Tuesday, of what he considered the requirements of the dire situation confronting France.
Negotiations between German
was
plain for some days
authorities
in
Paris
the
and
Vichy were hastened, and a long
lowed in the temporary
From
nated
to
the effect that
furnish material and
The
Russia.
Petain
disclosed
nature, but the
no
of
meanwhile, rumors, ema-
unoccupied France would
possibly full military aid to
Germany in the conflict
Soviet
representatives
Cabinet session fol-
French capital on Monday,
nearby Switzerland,
forced by the Nazis upon
actual
announcement
by M.
precise commitments of this
radio address can be interpreted as
paving the way for French participation in the antiCommunist crusade.
It remains for the time being
a
matter of
conjecture whether Vichy granted Ger-
rights in French African possessions, and
reliable information also is lacking as to
con-
many
Frenchmen, lie spoke of "grave things," such as
the doubts that are widespread in France and the
uncertain authority of his own regime. Scoring all
dissidents and denouncing the former regimes which
led France to defeat, the Marshal made it clear that
the armistice convention is about to be superseded
by Franco-German collaboration. "We must be
able," he said, "to overcome a heavy heritage of distrust handed down by centuries of dissensions and
quarrels and to turn ourselves to broad perspectives
that can open up a reconciled Continent to our
activities." With Italy, also, a more lasting arrangement than the armistice agreement is to be
effected, itunderstanding was voiced by Marwas indicated.
An appeal for
American
shal
Vichy regime headed by
Petain
France even if nothing more is intended than participation in the Russian conflict. , The United States
Government adopted a watchful waiting policy.
Despite his 85 years, Marshal Petain spoke firmly
and vigorously when he informed the world of his
decisions and called for loyal cooperation by all
Petain in the course
of this address.
Al-
though French parliamentary democracy is dead, it
never had more than a few traits in common with
democracy in the United States,
and America in
event was assured that it has no cause to fear a
decline of French ideals. "As for the instinct of
any
liberty, it still lives within us, proud and strong,"
the Marshal added. America was asked to cornprehend the "quality of our souls and the destiny
of a Nation whose soil through the course of history
lias been periodically ravaged, whose youth has been
decimated, whose well-being has been troubled by
the fragility of a Europe in whose reconstruction
France intends today to participate."
For the unrest prevalent in France the aged Marshal blamed the "troops of the old regime," along
with Freemasonry, political parties thirsting for
power and officials attached to an order of which
they were beneficiaries and masters. The power of
"the trusts" and unsuccessful attempts to rectify
the "errors of capitalism" were mentioned in the
speech as preludes to a flat assertion that the only
power and authority to be recognized hereafter in
France will be that which M. Petain entrusts or
delegates. Specific measures to be adopted immediately were listed by the Marshal in outline. They
include a suspension of all political activities and a
discontinuance of salary payments to Senators and
Deputies. Fresh police regulations were called for,
along with punishment for official violators of rules
against secret societies. A new charter for labor
was promised, and better administration of the Ministry of Supplies also was indicated. Some modest
changes in the Cabinet were announced at the same
time, foremost among them a strengthening of the
authority exercised by Admiral Francois Darlan
in both domestic and colonial spheres.
Other than the Nazis and Fascists, it would seem
that few were pleased by the stand thus taken by
Marshal Petain and his aides. A demonstration
against the Vichy decision took place in Paris,
Wednesday, and several persons were reported
wounded. The clash was due to Communist agitation, according to the belated Vichy disclosure of
The Commercial & Financial Chronich
884
Aug.
1941
16,
but such an interpretation may or
may not be accurate. Admiral Darlan addressed the
French armed forces of all descriptions over the
line of battle has not moved much toward Moscow.
radio, Thursday, and the mantle of military power
reservations
the occurrence,
placed
his shoulders by Marshal Petain was ac¬
on
"I know
cepted quietly by the pro-Nazi spokesman.
I
count
can
France
the devotion of all to the cause of
on
nobly defended by the Marshal," said Ad¬
so
miral Darlan. This comment
as
Weygand, commander of the French forces
in North Africa.
Assurances
miral that he would carry
the
given by the Ad¬
were
out faithfully the direc¬
provided by the "wisdom and farsightedness"
Marshal
of
regarded
was
appeal for the loyal collaboration of General
an
Maxime
tions
generally
General
Petain.
Weygand, who holds
key to the French African position, maintained
silence.
The
expectation prevailed in
French
some
quarters, according to Vichy reports, that the United
would
States
proceed against Martinique,
Guiana and other
French
possessions in the Western Hemi¬
other
In
mitted
are
started
forces
Campaigns
observers
Germans
the
were
per¬
Russians, and
or
with respect to all claims
necessary
Over the last week-end the Reich
gigantic push in the Ukraine, ac¬
a
cording to Berlin, and Panzer units developed this
with such
maneuver
Sea
Black
rapidity that the shores of the
reported reached by the Nazis on
were
The push
Thursday.
apparently down the val¬
was
ley of the Bug, for the Black Sea
been attained
Odessa.
dicate, and there
that
their
of
vessels.
number
Krivoi
talk in Berlin of
was
a new
Rog
"Dunseek¬
were
from Odessa by transports, and the
escape
a
trapped in
are
Some of the Russians reputedly
claimed
sank
60 miles east of
encirclement, the German statements in¬
kerque."
Nazis
said to have
was
some
Important Russian forces
this vast
ing to
Nikolaev,
near
was
attacked
Luftwaffe
The
and
mining center of
taken by the Nazi
Thursday,
on
said, and the important industrial region of
the Ukraine thus
Russo-German
foreign
no
either
and counterclaims.
Berlin
sphere.
areas
by
All of this the Rus¬
approached.
sians
insistently denied, while stating merely that
FIGHTING in the vast and vague theater of and
Russo-German^ conflict continued firecely the
there
was
unremittingly, this week, according to official state¬
troops at points more than 100 miles north of Odessa
ments issued
by both sides from time to time.
declarations from Berlin and Moscow
The
agreed,
were
however, only as to the nature of the fighting.
claims differed
observations
of
at
least
independent witness
one
This does
finally supporting the Reich statements.
not
of
mean,
The
widely in all other respects, with the
that
course,
descriptions of the battles
German
the
accurate than those of the Russians.
more
A touchstone
finally is supplied, however, and the inferences
not
be
war
is of the gravest
ignored.
of the
world,
The course of the Russo-German
of
the tremendous
on
view
announcements, this week, of sweeping
the northern end
grad.
of the
spectacular
moves
line, south of Lenin¬
Moscow officials scoffed at most of the Reich
claims, much
they did last week when the Berlin
as
Command declared that the Battle of Smolensk had
ended in
Nazi
a
developments.
that Moscow
victory which made possible fresh
The Germans at that time asserted
no
longer had
a
reliable picture of the
situation.
war
Whether
with
some
Russians actually have lost touch
of the
military aspects,
The incident of the
interesting,
claimed
in
this
merely
or
are
in¬
matter of great
a
City of Smolensk is
Smolensk
connection.
officially by the Germans
on
was
July 16, but
the Russians announced
day after day that at least
portions of the city still
were
J.
Alvin
in their hands.
Steinkopf, Associated Press correspondent in Ber¬
lin,
last
Monday
was
conducted
on
a
tour
of
on
the Ukraine
appearance
In the
of German
area
south
of Leningrad the Germans
junctions, and they claimed
occupation of points southeast of Leningrad,
Wednesday. Such German claims again
were
scorned
by the Communists.
Rains
reported beginning in the Ukraine,
were
yesterday, and the usual heavy autumn precipita¬
tion will turn the
of such
a
area
into
a sea
of mud.
The effect
development unquestionably will be highly
adverse for the Nazis, and with winter soon due in
course
of events possibly will change
It is generally believed, however, that
the Reich forces will have favorable
in
more
ber.
are
fighting weather
northerly regions at least until late Septem¬
Problems of transport and of supply
plainly
becoming vital in the campaigns, and here the
Germans
are
considered to be
more
efficient.
Ger¬
airplanes bombed Moscow repeatedly this week,
man
with little damage admitted by the
bombers soared
over
Soviet.
Berlin and other
Russian
points in the
Reich, in obvious correlation with British attacks.
The Germans disclaimed
"few
civilians."
versary
the
dulging in propaganda,.is in itself
moment.
the
drastically.
This is especially true in
capital
drove hard toward rail
Russia, the
advances in the Ukraine and less
near
former
well as for the two countries im¬
as
welcome.
German
the
possible moment for the rest
mediately engaged, and any light
battle is
can¬
"nothing new" to report
Early yesterday the
finally conceded by Moscow.
was
of
official
in all respects
are
front.
tacks.
Each
losses, other than
any
side
claimed
that
the
a
ad¬
lost large numbers of airplanes in such at¬
Turkey apparently noted the
course
of the
struggle with growing restlessness, for assurances
were
conveyed to Ankara by London and Moscow,
Tuesday, that aid will be extended to Turkey if she
is attacked
to be
a
by
sentations
are
London, with
the
any
a
Iran
was
intrigue and diplomatic
understood
have
been
said
repre¬
made
by
view to expulsion of the Nazis.
If
Germans win
sions
E uropean Power.
center of Nazi
in
to
Russia, tremendous
throughout the East
are
repercus¬
unavoidable.
Smolensk, and he asserted flatly that the ruins of
the
city
were
in German hands.
Not until Wednes¬
day did Moscow admit the loss of Smolensk.
Steinkopf
also
noted
Smolensk and the
man
airplane
rumble
of
no
that
in
his
flights
surrounding territory in
Russian planes
were
artillery to the east of
a
seen.
Smolensk
Mr.
over
Ger¬
British air force this week
by the
against Nazi-held
Europe, and only mild retaliatory attacks
were
at¬
The
tempted by the Germans, who are deeply occupied
was
with their assault upon
clearly discernible, however, which suggests that the
England and the Axis
REAT hammer blows again were struck
Russia.
Night raiders from
England ranged deep into the Reich, attacks against
Volume
Berlin
flights
Germany. Such activities
dustrial cities of Western
modified for
were
Daylight
German capital.
essayed against Cologne and other in¬
were
time, in the middle of the week,
a
immediately
resumed when the gales diminished and flying could
again be undertaken on a grand scale. The invasion
ports of France and the Low Countries were hit
savagely.
German airplanes finally appeared over
owing to inclement weather, but were
numbers, toward the end of
British towns in small
of
number
siderable
Each side lost con¬
with London ob¬
did little damage.
the week, but
airplanes,
of the prob¬
viously less concerned over this phase
since large numbers of American
arriving in England. On the high
lem than Berlin,
aircraft
are
now
only occasional and scattered
seas
sinkings of Brit¬
The liner Georgic,
reported.
ish merchantmen were
Saturday.
27,759 tons, was, admitted damaged last
without
lost
the Admiralty disclosed last
destroyer Defender, 1,375 tons, was
The British
casualties,
Bank of England Statement
coordination with
times in
developing at
Russian bombings of the
THE Bank's note circulation rose Aug. 13. This
£668,177,000 for the week ended £1,158,000 to
straight week of expansion which is
is the eleventh
continuing to
carry
holdings showed
many
other
005
deposits
region also were
the air and the sea, this week.
Italian forces remain in contact at
confined largely to
and
Libyan-Egyptian border, with
for large-scale operations. Brit¬
Tobruk and along the
the weather too hot
and
of
to
reserves
dropped to 7.5% from 8.4% a week ago,
9.2%
with
compared
security
holdings
curities,
£2,059,521.
Government
ago.
year
a
£6,085,000
rose
other
and
se¬
The latter consists of discounts
advances, which increased £2,637,787 and se¬
curities, which declined £578,266.
the
in
made
furnish
2%
discount
various
the
items
No change was
Following
we
comparisons
for
rate..
with
previous years:
COMPARATIVE STATEMENT
OF ENGLAND'S
BANK
Aug. 13,
1941
Aug. 17,
Aug. 18,
1939
1938
1937
1940
668,177,000
37,673,000
145,449,089
Bankers' accounts.
96,127,491
Otber accounts
49,321,598
Govt, securities
162,202,838
Other securities..
25,090,113
6,245,721
<
Disc'ts & advances
Securities^
18,844,392
Reserve notes & coin
13,792,000
Public deposits
Otber deposits
Coin and bullion
Aug. 16,
Aug. 14,
Circulation
Activities in the Mediterranean
British
The proportion
respectively.
possibility of invading the Continent, but nothing
was made known as to the conclusions, for obvious
military reasons.
accounts"
"bankers'
accounts," which fell off £12,722,758 and £74,-
liabilities
and
reduced by £12,796,763.
were
include
deposits
"other
slight decrease of £2,991 while
Public deposits increased £19,766,000
weeks.
while
Other
circulation to new heights. Gold
a
dropped £1,156,000, the eleventh loss in as
reserves
Close study was given in London to the
Sunday.
885
Commercial & Financial Chronicle
The
153
613,906,516 512,389,010 482,623,335 490,974,774
27,456,966
20,107,445 28,540,330
30,691,757
156,397,000 130,444,795 139,789,668 125.030,695
88,499,571
94,728,140 105,722.857
36,531,124
48.780,793
35,716,655 34,066,811
161,707,838 111,636,164 104,641,164 107,137,487
27,815,704
26,142,234
29,458,346 28,453,884
107,616,207
5,385,366
5,908.860
6,462,076
6,187,053
20,756,868
23,549,486
17,271,045
34,951,074
21,991,808
44,973,532
21,628,651
36,801,106
1,177,561 247,340,084 327,596,867 327,775,880
1,968,760
Proportion of reserve
Italian ports along the shores
ish fliers bombed the
Africa, and some bombs were dropped
of Northern
cities,
Italian
Southern
on
Wednesday.
other
blocking
tliat
the
German-Italian
the
of
some
Reports from Cairo state
passage.
heavy, and on one occasion 11
and
attacks
were
Egyptians were killed
Bank of France Statement
THE Bank's statement as of July 17, the first since
the capitulation, showed sight obligations had
risen to
335,000,000,000 francs from 197,680,767,742
The proportion of
francs, the last recorded total.
gold to sight obligations stood at 25.49%; on Aug. 31,
Notes in circulation, which
1939, it was 59.42%.
compared with 170,852,904,800 francs May 30, 1940.
Gold
holdings
and
francs
Central Banks
Discount Rates of Foreign
any
Present
banks.
at
rates
shown in the table which
the
leading
centers
were
estimated
temporary
Below
576,820,960 francs.
we
Effective
Effect
Aug 15
Country
vious
1941 May 30, 1940a
July 17,
Effect
Aug 15
Rale
Holland
3
Oct.
India
3
Nov. 28 1935
334
May 18 1936
Apr.
7 1936
234
3
Dec. 16 1936
4
Italy
Japan.....
4
July
18 1933
5
Java...
3
Jan.
1 1936
Jan.
2 1937
3 34
5
Morocco
4
Norway
4
Oct.
16 1940
43*
Poland
Portugal
Mar. 11 1935
---
...
334
434
3.29
14 1937
4
6
July
15 1939
May 28 1935
Mar. 31 1941
434
334
3
June 30 1932
2
Oct.
26 1939
3
Rumania
Estonia
434
Oct.
1 1935
5
South Africa
4
Dec.
3 1934
434
Spain
Wa.
Mar. 17 1941
2
Sweden
3
Switzerland
Yugoslavia.
334
Apr.
6 1940
6
Jan.
4 1937
7
Not officially
..
Estimated,
434
4
*
3
Sept. 12 1940
334
May 15 1933
Mar. 29 1939
434
334
134
May 29 1941
Nov. 26 1936
5
Feb.
1 1935
634
♦4
5
2
were
Friday of last
week, and 1 1-32@1 1-16% for
as against 1 1-32@1 1-16% on
bills,
Friday of last week.
Friday
was
1%.
.
capitulation,
statement prior to
c
Prior to declaration
Money Market
MONEY market dealings inthat idesuetude which
New York continued
reflect, this week,
to
afflicted
has
Money on call at London on
the
the New Deal.
market
for
recent
years
under
Bankers bills and commercial paper
with all rates merely
The supply of bankers
actually fell $3,033,000 in July, according to
remained inactive,
carried along from last week.
bills
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%, as rates 1 short
three months'
Last
New York
trading
Foreign Money Rates
on
a
59.42%
5
confirmed.
on
42.80%
25.49%
Occupa'n 117,655,000,000
of war.
434
434
May 13 1940
Dec. 17 1937
England
*
to
sight liabilities
Cost of German Army of
7
634
3
.
Jan.
Erie
4
3.65
3
Lithuania.
Czechoslo¬
_.
_
Sight obligations .........- .
Temporary advances to State
Proportion of gold on hand
Francs
*84,000,(KM),000 84,615,732,590 97,266,039,155
239,000,000,000 170,852,904,800 142,358,597,920
335.000,000,000 197,680,767,742 163,699,920,993
32,600,000,000 20,576,820,960
62,200,000,000
Gold holdings
Note circulation
Aug. 31, 1939c
Francs
5
Colombia..
Greece
4
Hungary...
Chile
Germany
22 1940
2H
Canada
France
3
6
5
...
Rate
1 1940
2
Bulgaria...
Finland
Effective
June 26 1941
Jan.
Belgium...
._
vious
Dec.
334
...
234
Date
1 1936
51940
Mar.
Argentina..
Danzig
Pre¬
Rale in
Country
show the various
FRANCE'S COMPARATIVE STATEMENT
BANK OF
are
follows:
Pre¬
Date
84,000,000,000
State rose to
comparative figures:
Francs
Rate in
at
advances to
62,200,000,000 francs from the pre-war total of 20,-
THEREdiscount rates of
have been no changes during the week in
the
of the foreign central
Denmark
28.1%
23.9%
2%
2%
llKd. 84s. ll^d.
,
84s.
Mediterranean probably will be deter¬
The course of the action in
wounded.
conflict.
vakia
7d.
eventually by the outcome of the Russo-Ger-
mined
man
148s.
aggregated 142,358,597,920 francs when the state of
war was declared, now totals 239,000,000,000 francs,
seven
eastern
the
Suez Canal, with a
sinking of ships in that waterway and
view to the
2%
2%
168s.
168s;
Gold val. per fine oz.
Several
Axis planes, on the
aerial attacks.
beat against the
hand,
Bank rate..
22.1%
9.2%
7.5%
2%
liabilities
in the Mediterranean
Axis merchantmen went down
under British
to
reports to the Federal Reserve Bank of New York.
The Treasury in Washington sold last Monday a
further issue of $100,000,000
91
days, and awards were at
puted
on
an
discount bills due in
0.114%
average, com¬
annual bank discount basis.
Call
The Commercial & Financial Chronicle
886
loans
the
on
New
York
Stock
Exchange held to
1% for all transactions, and time loans again were
freezing order.
Exchange
similarly suspended
1%% for 60 and 90 days, and 1%% f°r f°ur to
resumed in the
six months.
license.
New York
Money Rates
and
continues
quiet.
maturities.
has
market
for
time
new
been
prime commercial
active this week.
very
paper
Paper has been
coming out in large volume and the demand has been
brisk.
very
Ruling
rates
%@%%
are
for
all
Bankers'
Thursday by the British Board
on
placed all exports to Japan under license
of
implementing
credits.
the
the
recent
a
convenient method
freezing
of
Japanese
Announcement of the order coincided with
joint declaration by
President
Roosevelt and
Prime Minister Churchill of basic principles under¬
lying
free
future
any
access
peace,
to trade and
collaboration,
maturities.
under special Treasury
tory. Officials termed the order
money
Rates continued nominal at 1%%
1 %% for four to six months'
The market for
yuan,
outstanding licenses for Japan, Korea,
Manchukuo, Formosa and the Kwantung-leased terri¬
90 days and
to
up
The
renewals.
was
and revoked all
was
ruling quotation all through the week for both
loans
Shanghai
An order issued
on the
the
Japan and China
on
July 26, but trading has been
on
\
of Trade
DEALING in detailfrom day toloan rates
with call day, 1%
Stock Exchange
Aug. 16, 1941
a
which
among
raw
specified
are
materials and economic
fact which will doubtless be pondered
in Tokio.
Acceptances
War
THE market for this week. Highacceptances has
prime bankers' class bills
been inactive
supplies for Britain and Russia will be further
expedited
result of the staff conferences held
as a
con¬
are
scarce
and
the
demand
supply available.
greatly exceeds the small
Dealers' rates
reported by the
are
Federal Reserve Bank of New York for bills
up to
and including 90 days are %% bid and
7-16% asked;
for
bills
running for four months, 9-16% bid and
%% asked; for five and six months, %% bid and
9-16% asked. The bill buying rate of the New York
Reserve Bank is
90
%% for bills running from 1
days.
to
/WS:-- tvf;:;
:;;-y
currently with the Roosevelt-Churchill meetings.
was
announced that Lord
Government's Minister of Supply, had attended the
conferences and will continue discussions in Wash¬
ington.
London Government circles feel that France will be
forced into full collaboration with Hitler under the
Fascist
rule
forcing
on
surrender
THERE have been
rediscount
no changes this week banks;
in the
rates of the Federal Reserve
recent advances
on
in the footnote
Governnent obligations
to the
schedule of rates
table.
The
are
shown
following is the
in effect for the various classes
now
The
in
2
guards
being applied to
IX
IX
IX
Sept.
Aug.
Atlanta
*1X
Aug.
Chicago
*1X
*1X
IX
*1X
*1X
Aug. 24, 1937
2
3, 1937
Aug. 31, 1937
Sept. 3, 1937
2
*
Advances
Aug.
1, 1939
27, 1937
4,1937
11, 1935
27, 1937
21, 1937
21, 1937
2, 1937
2
2
.
2
the
2
2
bankers'
$4.03
sight, compared with
$4.03% and $3.03% last week.
transfers has been between
pared with
a range
a
per
moves sterling
for within
range
of between
The range for cable
$4.03% and $4.03%,
England
com- :
a
con¬
York, $4.02%@$4.03%; Can¬
(Canadian official, 90.09c.@90.91c.
United States dollar); Australia, 3.2150@3.2280;
Zealand, 3.2280@3.2442. American commer¬
sterling continue at 4.02
buying and 4.04 selling.
Italy,
or
any
Since July 26
Germany,
of the invaded European countries.
exchange
Japan and China has been
suspended by Government order.
In New
York,
on
exchange is not quoted
on any of the Continental
European countries, due to the June 14 Executive
weekly meat ration of
the essential food
of
shortage
Under
ton
loan
of the safe¬
are
larger
campaigns, and
year,
and said
However,
Is. 2d.
per
person,
He said that Britain has
war.
required and that there is
no
sign
malnutrition.
or
a
provisional agreement reached in Washing¬
conferences between representatives of the United
States, Great Britain, Argentina, Canada and Aus¬
tralia, after the war wheat will be available at prices
reasonable for
consumers and producers and countries
threatened with famine will receive free wheat. Post¬
war
relief, for devastated countries, unfair
competi¬
tion, and control
of wheat production are
among the
problems considered in the series of conferences held
since
on
some
inflation
British that they
may expect no increase in their
until the end of the
London, exchange is not quoted
curb
Minister, Lord Woolton, has warned the
$4.03% for
New
In
England, who arrived here by
He said that
20% during the last
and
of between $4.03% and $4.04
cial bank rates for official
only
"Black Bourse" for
illegal traffic in essential
commodities is non-existent in
present
Official rates quoted
by the Bank of
tinue unchanged: New
13,
a
the Food
week ago.
ada, 4.43-4.47
that
range
this week has been between
steady rise
England.
Sterling Exchange
narrow
a
Aug.
on
reported that food prices in England have
risen only about
2
on
STERLING exchange is dull and
extremely
limits.
The
which
rationing of most articles.
Sir Otto
Government obligations bear a rate ot 1%, effective
Sept. 1, 1939,
Chicago; Sept. 16, 1939. Atlanta, Kansas City and Dallas; Sept.
21,1939, St. Louis.
Course of
Tuesday.
taxation, government bond and
2
Sept.
IX
of further
the; Axis
as great now as it was during the
War, in the opinion of Sir Otto Niemeyer, a
on
Sept.
with
£666,177,000
director of the Bank of
Philadelphia
San Francisco
to
Clipper
Aug.
Minneapolis
possible position for
measures
danger of inflation reflected in
circulation
IX
IX
May
an
his countrymen."
Rate
Sept.
1
St. Louis
collaboration
Previous
1
Kansas City
Dallas
and
Dale
New York
Richmond
French people
Established
15
Boston
Cleveland
the
According to
"Dictator Darlan
otherwise would be impossible for him to foist
upon
World
Aw.
Darlan.
statement,
ciary issue, is not
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Rate in Effect
Admiral
British
£13,823,000 less than the present £680,000,000 fidu¬
of paper at the different Reserve banks:
Federal Reserve Banks
of
authoritative
has been placed in the
strongest
Discount Rates of the Federal Reserve Banks
It
Beaverbrook, the British
July 10.
countries
now
It is
reported that wheat-growing
have supplies sufficient to meet normal
export requirements for at least
Britain's
tea
demand
is
two years.
considered
to be
fully
by virtue of the Food Ministry's acquisition of
503,000,000 pounds of tea under bulk agreements
covered
wdth the British and Dutch
producing
areas.
Volume
The Commercial
153
Official rubber statistics for the first half
published by the International Rubber
Committee show that world exports
while world
609,178 tons against 586,681 tons,
committee's next meeting, tentatively set for
consumption
At the
was
Aug. 19, it is expected that the 100% export
be maintained during
will
the last quarter.
Following the placing of orders for a total
of 1,000,-
steel last month for fall
of semi-finished
tons
quota
prevailed since the beginning of 1941
which has
000
crop year on July 31 was reported as
480,083,691 bushels, which was, according to the
Dominion Bureau of Statistics, by far the largest
amount of Canadian wheat ever carried over from
one crop year to another. The carryover includes
448,292,181 bushels in Store, in transit or on farms in
Canada, and 31,791,510 bushels in store or in transit
to the United States. Montreal funds ranged during
the week between a discount of ll^g% and a discount
of 10 15-16%.
The amounts of gold imports and exports which
the end of the
of 1941
Regulation
reached 746,388
long tons, against 669,939 tons last year,
follow are taken from the weekly statement of the
United States Department of Commerce and cover
shipment to Britain under the lease-lend program,
is expected to be pur-
additional 1,000,000 tons
an
chased
soon
the week ended Aug. 6, 1941.
gold imports and exports, july 31 to aug. 6. inclusive
winter.
for delivery next
7
by the Egyptian Cabinet, to be raised either in Egypt
or abroad,
to finance the purchase of half of next
year's cotton crop.
Great Britain is buying the
£15,000,000 was authorized on Aug.
A loan of
other half.
An Aug. 10
is being
ment
chase of this
%
ties
can
Detail of Refined Bullion and Coin lmv°rt8
British indiaTJ "JIT."."IIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
^ g7o ^
L995',042
Canada' Sm'975 Ecuador' S187'084 Venezuela'
Gold held under earmark at the Federal Reserve banks remained un-
hundred
changed during the weekended July 30 at $1,944,513,695.
Referring to day-to-day rates, sterling exchange
,
.
pounds, depending on the grade. The rest is to be
held by an Egyptian company until transport facili-
$1,719
$7,739,600
Total
Canada
Half of last year's crop
expected to be taken at $59 to $64 a
is
4,555,339
Refined bullion and coin
dispatch states that an agree-
crop.
_„__4!m,26i ^$T.7i9
0re and basebullion___
negotiated with Britain for the puryear's
887
& Financial Chronicle
,
on
ga^ur(^ay ias^
was
$4.03M@$4.03}^ for bankers'
improve.
Much of the $100,000,000 in Amencredits which have been going to Japan for silk
gight and $4.03^@$4.03M for cable transfers.
England by buying cotton hsle
gjght and $4.03J^@$4.03^ for cable transfers.
could be diverted to
]y[on(jay the
range was
On
$4.03}<£@$4.03^ and
$4.033^@$4.03^-On Wednesday
made from long-staple Egyptian cotton, it was
asserted last week in Philadelphia by Alexander
Tuesday bankers' sight
American Federation of
Hosiery Workers, in discussing the industry s search
kankers> sight was
yarns
McKeown, President of the
A British labor
labor
^
delegation is expected to visit the
order to convince Amencan
the United States soon in
that the workers of
both countries have an
equal stake in the outcome of this war. It is felt
here that direct contact with British workingmen who
feel they are
were
was
$4.03)4@$4.03J^
and cable trans-
$4.03K@$4.03M On Thursday the
fighting to preserve their own hard-won
would be swept away in
a
Hitler victory, will provide the impetus to full
productive effort and stimulate the American arma-
ferg
were
Was
for silk substitutes.
^
cable transfers
On
$4.03J^@$4.033^ for bankers'
$4.03@$4.03Yi for bankers' sight and $4.03
@$4>03% for cable transfers.
wag
On Friday the
range
range
$4.03%@$4.03^ for bankers' sight and $4.03}^
@$4.03% for cable transfers.
cahie
Closing quotations on
$4.03j4 for demand and $4.03}^ for
transfers. Commercial sight bills finished at
Friday
were
^4 qq- 00- and 90-day bills are no
longer quoted,
rights and standards, which
ment
output.
Currency receipts by
the United States were $1,-
898,000, it was reported on Monday by the New
York Federal Reserve Bank, exceeding shipments of
and reversing the June
$4,571,000, against receiptsof only $612,000. Canada provided $1,270,000
of the July currency receipts. Continued hoarding in
$1,273,000
by $625,000,
trend, when shipments were
Cuba
accounted
for
July
currency
shipments of
June. Large amounts
unofficially reported
to be reaching Latin American countries, where currency dealers are said to be offering substantial
$700,000, against $3,875,000 in
of
United States currency are
premiums.
The London money
market continues easy.
Call
Bill rates are as follows:
Two-months' bills,
1 1-32%; three-months' bills,
1 1-32%; four-months' bills, 1 1-32%—1 1-16%, and
money
is available at 1%.
six-months' bills, 1
The
Canadian
3-32%.
continues relatively firm,
dollar
The Dominion Bureau
of Statistics on Aug. 10 re-
ported Canadian gold production in May of 449,185
ounces, compared with 443,199 ounces in May, 1940.
Effective Aug. 10, all Canadian stocks of raw silk in,
outside,
or
in transit to Canada, were
frozen for the
production of war materials. Silk found not suitable
or not required for war production may be released
for civilian use.
The Canadian wheat carryover at
Continental and Other Foreign Exchange
A GENERAL license issued by the United States
**
Treasury on Aug. 12 releases about $160,000,000 of Portuguese assets affected by the June 14
Executive Order freezing Continental European assets
in the United States. The license authorizes transactions by the Government or central bank of Portugal, provided no other blocked country or its nationals
are
interested, and permits transfers by Portuguese
nationals provided the Bank of Portugal has first
certified in writing that it has determined that no
other blocked country or its nationals are involved,
The assets of Spain, Switzerland, Sweden and the
Soviet Union were previously released. Finland is
the only other country promised exemption from the
freezing order on receipt of assurances that the funds
would not be used to aid the Axis nations, and release
of Finnish funds is not likely in view of Finland's
military association with Germany.
As a result of additional restrictions imposed
Wednesday on blocked United States funds, Americans in Italy must pay the official rate for dollars,
which on Aug. 13 reached an all-time low of 17.20
lire to the dollar. Before credits were frozen in June,
lire were obtainable at 25 in the United States and
at 19 in Italy.
Under a German decree published on Aug. 8, all
property in the Reich belonging to United States
citizens must be reported to the. Finance Ministry
by Oct. 1. Administrators of property of United
The Commercial & Financial Chronicle
888
States
are
citizens and
among
indebted to Americans
persons
those required to file reports.
erty, movables, securities and money
the
decree, with values to be stated
1940 and June
Real
are
subject to
30, 1941.
concentration
huge
war costs
brought an official denial last Saturday by
Fritz Reinhardt, Assistant Minister of Finance at
spread of such
rumors
The
465,000,000-mark increase
culation
is attributed
in
the added cost of the
1,600,000,000
marks
over
Berlin
Russian
and
campaign.
1,000,000,000
to
Coin of
marks
in
Rentenbank notes bring the total
currency circulation
to
18,600,000,000 marks at the end of July,
against 16,700,000,000 marks on Dec. 31, 1940 and
10,800,000,000 marks at the beginning.of the
The Rentenbank notes
of 1 and 2 marks to
strengthen
the
were
war.
issued in denominations
replace nickel coin withdrawn
Reich's
non-ferrous
metal
to
reserve.
Currency expansion in spite of rationing and lack of
consumer goods is ascribed to the use of
Reichsmark
currency in annexed and occupied territories and
Army needs for current payments. In addition
the domestic currency,
the Reich credit offices
authorized
maximum
issue
to
a
of
the
335,000,000,000 francs since the start of hostilities, with the
gold ratio now at 25.49%.
The special account for
occupation costs is given
as 117,655,000,000 francs
July 17, 71,000,000 francs more than the week
on
before.
Note
circulation,
which
stood
The urgent problem of food
supply in France is
being attacked by the reorganized regime. The new
Secretary of State for Supplies, Paul Charbin, prom-
ised
energetic effort to relieve the distress.
an
announced
supplies
even
though neighboring departments may
and a new system of
be suffering from shortage,
transportation control to make available
transferring food from
for their
currency
soldiers
with
to
expenses.
Two
Wednesday are suppression
of the system of departmental
self-sufficiency, under
which each section of the country holds its own excess
on
territory to supply
units and
around
at
140,000,000,000 francs in Aug., 1939, was placed at
239,000,000,000 francs on July 17, against 239,783,000,000 francs on July 10.
credit offices have been opened in
occupied Russian
army
pending
the Bank's position as of July 10 and July 17, 1941.
It shows that sight obligations have risen to
measures
marks in special "occupation
marks," which are used
by German forces in occupied territory. Several such
with
The first complete statement published by the
Bank of France since the beginning of the war gives
to
are
connected
on
The present
expected in German circles to be concluded mSep-
to
3,000,000,000
pre-
reported
were
in Istanbul.
way
not
are
Nevertheless,
special commercial accord
tember.
July 31.
circles
Turkey
Germany and
conferences
June note cir-
financial
1941
25,000,000 Turkish pound trade agreement which is
is attributed to
on
a
Tuesday to be under
apprehension caused by rising prices, food shortages
and increasing conversion of savings into
goods. Note
circulation stood at 16,030,612,000 marks
production.
between
Rumors in Germany that the Government
planned
all savings in order to meet the
The
on war
liminary negotiations for
\
to confiscate
Berlin.
16,
German deliveries to Turkey are reported to be
far behind schedule, due to British bombing of indust rial regions, lack of raw materials, and German
prop-
of Sept. 30,
as
Aug.
section
one
of
means
the
of
country
another.
According to recent British radio reports, German
agents, acting for high Nazi officials, are buying up
A serious shortage of copper, lead, nickel, tin and
zinc is disclosed by the drive to collect all non-ferrous
all available dollar values in France.
metals in
that
although
marks, their
total
German
It
forbids
was
the
stated
export
of
for such acquisitions, reported to
use
$10,000,000 worth in
because it
month, is encouraged
helps to strengthen the German mark in
foreign exchange.
A
law
survey
of
one
-
economic
conditions
by the
Government-
bank, holds that the present
war
has
divided the world economically into two sections—
Continental European
market, within which
the
production is being adjusted to the Continent's own
requirements, with trade and price currents directed
bythe "leading centers," i.e., the Axis Powers; and
"Anglo-American world space." The report sees
the
the United States
as
controlling the remaining world
markets for agricultural
products and industrial
materials,
and
credit and
capital leadership.
the^ bank,
are
"reichsmark
displacing Britain in
largely
bloc"
a
is
European continent,
copper,
international
Free currencies,
says
thing of the past, and the
being
as
raw
consolidated
on
the
payments between the Axis
Powers, occupied and neutral
nations
are
being in-
creasingly settled through the German clearing office
in Berlin.
Recent Swiss statistics indicate that
51% of the
imports of 10 industrial countries of
are re-
ceived from contiguous
of
their
exports
Europe buys
go
more
world than it sells.
countries, and similarly 40%
to other European countries,
on
balance from the rest of the
In
1937
ports by about $3,000,000,000.
imports exceeded
ex-
announcement
on
Aug. 11
high price for all articles of
'
over
q.V
4—~
Hi
quiet.
Government,
of
1,000,000
the Latin American countries is
on
Under
a
a
special decree of the Argentine
corporation with
pesos
an authorized capital
has been formed to promote trade
with the United States in
petitive products.
a
wide
variety of
non-com-
The Argentine Trade Promotion
Corporation has opened offices in Rockefeller
Center,
City, to seek markets for Argentine manufactured goods, agricultural
products, minerals and
metals, especially tungsten, by bringing Argentine
New York
producers in touch with United States
buyers, distributors and importers.
sentative of the
The United States repre-
organization, J. B. Thomas, until
recently
manager
of the United States Chamber of
Commerce in the Argentine Republic, stated that
the objective of the
corporation is to increase Argentine exports in order to
provide
exchange with which
to
United
pay
for imports from the
corporation is authorized
exporters of
.
Europe
pay a
tin, aluminum, lead and zinc turned
promptly.
EXCHANGE
world
Reichskreditgesellschaft, the leading
owned German
France, with the
that the State will
s >me
200
States.
The
to
purchase exchange from
products not normally con-
sidered regular exports to the United States.
Thomas explained: "The
corporation
porters at the rate of 421.89
pesos per
pays
Mr.
these
ex-
$100 and sells
this
exchange to importers of American automobiles,
parts, automobile accessories, agricultural machinery and spare parts, in accordance with quotas
spare
set
by the Argentine Exchange Control Office.
This
Volume
The
153
regular reports were not obtainable from Spain and Italy, figures for which
war,
exchange is sold at the rate of 455 pesos per $100.
Quotas
total
such American products this year will
on
It is estimated that several mil¬
$11,000,000.
lions of dollars
than this figure
more
will be created
by the export of the articles under the
This balance will go into a
control.
fund to be distributed
as
-V
corporation's
general exchange
the Argentine
decides."
889
Commercial & Financial Chronicle
Central Bank
/•
are
The last report from
30, 1938, and March 20, 1940. respectively.
*
Pursuant to the Currency and Bank Notes Act,
1939, the Bank of England
statements for March 1, 1939, and since have carried the gold holdings of the Bank
at the market value current as of the statement date, instead of the statutory price
which was formerly the basis cf value.
On the market price basis (168s. per fine
ounce), the Bank reported holdings of £1,968,760, equivalent, however, to only
about £995,602 at the statutory rate (84s. 11 Hd. per fine ounce), according to our
calculations.
In order to make the current figure comparable with former periods
as well as with the figures for other countries in the tabulation, we show English
holdings in the above In statutory pounds.
x Gold holdings of the Bank of Germany as reported In 1939 and since Include
•deposits held abroad" and "reserves in foreign currencies."
y
Foreign traders have learned unofficially that goods
of April
as
Switzerland was received Oct. 25; Belgium, May 24; Netherlands, May 17; Sweden,
May 24; Denmark, March 29; Norway, March 1 (all as of 1940), and Germany as of
Aug. 8, 1941, and France as of Aug. 15, 1941.
The Bank of France gold holdings have been revalued several times in recent
(23.34 mg.gold 0.9 fine equals one franc), insti¬
years; on basis of latest valuation
tuted March
7, 1940, there are per British statutory pound about 349 francs; prior
7, 1940, there were about2 96 francs per pound, and as recently as Septem¬
ber, 1936, as few as 125 francs were equivalent to the statutory pound.
For details
to March
for export
will rank fifth in priority rating. According
will be as
follows: Army and Navy, defense manufacturing,
lease-lend requirements, Office of Production Man¬
agement, export and Office of Price Administration
and Civilian Supplies.
In allotting priorities to Latin;
American shipments, it is understood that Govern¬
of changes, see footnote to this table in issue
of July 20, 1940.
present advices, the order of priorities
to
ment needs will be met
first, with supplies for utilities
maintenance, highways and machinery already in
operation in manufacturing plants next after Govern¬
ment needs.
J
Argentine unofficial or free market peso closed
at 23.90, against 23.90.
The Argentine official peso
is pegged at 29.78.
The Brazilian milreis closed at
5.15, against 5.15.
Chilean exchange is nominally
quoted at 5.17, against 5.17.
The Chilean export
peso is nominally quoted at 4.00.
Peru is nominal
at 15.75, against 15.75.
The Mexican peso is quoted
nominally at 20.70, against 20.70.
The
Smelly
On
ury
Friday of last week the Secretary of the Treas¬
of the United States,
closest
friends,
Committee
Senate
demanded,
bill just passed
revenue
enlarged to raise the total estimated yield
$800,000,000, to
some
and that about
aggregate of $4,000,000,000
an
5,500,000 individuals whose annual
hitherto
have
incomes
Specificially, he
Administration, that
behalf of the
on
which he
at
increase in the huge burden
an
proposed in the
by the House of Representatives.
the bill be
his
among
hearing before the
a
of the
Finance
pleaded earnestly for
of taxation
reputed to rank
accorded
was
on
official and confidential
an
adviser of the President,
been
considered,
the
by
—«—
'HE Far Eastern exchange
and financial situation
continues obscure in view of the acute
and military tension.
for
Japanese
yen
Quotations
are
not available
owing to the freezing of Japanese
by British and United States action on
assets
political
July 26.
Shanghai exchange recovered to 5,08 cents on Tues¬
day, but two days later fell below 5 cents for the
time, to 4.99, as trade has come to a virtual
standstill.
Indo-China's commerce in strategic com¬
first
modities, such
as
rice, rubber and tin, is now under
Japanese control and the Japanese army of occupa¬
paying for equipment and requisitioned cotton
tion is
properties with funds placed at their dis¬
and rubber
Japanese military,
economic and political mobilization is proceeding,
with extension, of working hours, registration of work¬
ers, freezing of wages, tightened control of food and
commodities, prices, shipping and other stringent
measures to prepare for all eventualities.
The Shanghai yuan closed on Friday at 5.25,
against 5.10 on Friday of last week.
The Hongkong^
dollar closed at 25.35, against 25 5-16; Manila at
49%, against 49%; Singapore at 47%, against 47%;
Bombay at 30.31, against 30.31; and Calcutta at
posal by the Bank of Indo-China.
majority in Congress, too small to be subjected to
the
tions
prevail,
as
Gold Bullion in European
'HE following table indicates
the amounts of gold
84s.
ll%d.
per
fine ounce)
the
principal European banks as of respective
of most recent statements, reported to us by
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
1941
1940
1939
1938
1937
£
£
£
£
£
*995.602
*595,493
France y—
240,687,670
242,451.946
Germany x.
3,882,700
63,667,000
3,889,300
63,667,000
England
Spain
Italy
16,602,000
17,440,000
Netherlands
97,714,000
97,714,000
Nat. Belg'rn
132,857,000
84,758,000
132,857,000
86,730,000
41,994,000
6,505,000
41,994,000
6,505,000
Switzerland
Sweden
Denmark
Norway
.
.
6,667,000
6,667,000
696,329,972
698,095,760
—
deductions
Prey. week.
Note—me
from
many
interest
as
and State taxation.
At the
700,510,793
war
in
700,462,764
murope nas
*141,424,113
328,601,484
3,840,500
63,667,000
23,400,000
96,117,000
98,800,000
98,442,000
34,500,000
6,500,000
6,666,000
327,596,867
327,775.880
293,728,209
3,008,600
293,246,138
63,667,000
87,323,000
25,232,000
123,403,000
105,490,000
2,497,650
same
time, the Secretary
third
has
taxation
two-thirds
to
formerly urged
to
way
expenditures
upon
for the
provide
and
fiscal
least
against
further immediate
measure so
to
as
provide for
during. the
next
that such drastic and
seem
the
from
recommendations
urgent
of Federal
safeguard
a
$5,000,000,000
It would
year.
one-
which he
the desirable
as
growing rate
require
increase of the taxation
at
Congress
essential
an
price-inflation, would
raising
borrowing,
Treasury Department ought
head
of
the
last to make the
at
great majority of the American people tax-conscious
and
incline
them
scrutinize
to
governmental
ex¬
whim
and tend
even
to influence the Federal Govern¬
itself against temptation to
and
inclination
the
of
maae it,
lmpossioie to
gratify the
chief
every
office-holders,
regardless of cost.
Yet it must have done very
for the
very same
Morgenthau's
revenue
than
urgent
had
of the House of
the
White
Florida
which disclosed Mr.
demand
much
for
greater
previously been suggested, also
on
Rivers and Harbors
Representatives, under
pressure
from
House, had made provision for the St.
Lawrence River
the
much less than that,
newspapers
Seaway and
Ship Canal,
as
power
project and for
items in
an
enormous
25,232,000
84,919,000
25,895,000
6,539,000
6,549,000
7,442,000
6,602,000
'/pork-barrel" and "log-rolling" bill by which it is
103,513,000
113,041,000
29,234,000
83,452,000
901,958,097 1,077,810,676 1,067,575,668
899,472.930 1,075,496.151 1.039.380,465
of the countries shown In this tabulation.
by such lawful
personal indebtedness
upon
represented that maintenance of the ratio of
proposed to appropriate $766,000,000, and perhaps
much more, for the improvement of rivers and
harbors
Total week.
as
com¬
income tax to the Federal Govern¬
reported that the Committee
four years:
Banks of—
will be
a year,
is reduced below that minimum
come
care,
Banks
(converted into pounds sterling at the
British statutory rate,
dates
pay an
$750
or
ment, unless, indeed, his actual net or taxable in¬
ment
in
week,
a
penditures and proposed expenditures with extreme
30.31, against 30.31.
bullion
recipient of wages earning
every
$14.44
should be
taxes,
If these recommenda¬
such taxes.
pay
much
pelled to
Federal income
of
payment
required to
ontain
up-to-date reports
Even before the present
serving
scattered
throughout the
congressmen,
some
of re-election in 1942 unless
districts
of
de¬
of whom might despair
extraordinary
means are
The Commercial & Financial Chronicle
890
devised to promote
favorable sentiment
the
among
the economic aspects of which he is neither
voters.
The
authority
Chicago'Tribune Press Service," under date
advice,
of
Aug. 8, accurately described the incident in the
following words:
colossal omnibus Rivers and Harbors bill was
approved today by the House Rwe^a^ Harbors Committee." The
oft repudiated
$200,000,000 Florida Ship
Canal also was tossed into the barrel to get Southern votes
for
the St.
Lawrence project.
With the miscellaneous
in
a
the total of the pork-barrel-measure to
$766,000,000.
If the Committee approves other pending
river and harbor developments the total outlay proposed will
approximate $1,(XX),000,(XX).
The resurrection of these two
and
in
repeatedly rejected
wholly indefensible projects and their inclusion
bill formulated to scatter
a
unnecessary
appro-
priations in exchange for, first, congressional votes
the support of a large
thus induced to combine in
number of separate
of which could be
undertakings,
passed
their
upon
few, if
very
own
or
alone, and second, for suffrages at an ensuing national
Federal
of
election
legislators,
unpardonably
is
proposal
spend
to
undertaking could not command
0ongress not actually
any
nrin
rp,
nnn
$500,000,000.
which
jobbery
to
measures
century, at least, the congressional
found
has
harbors and for increasing
has been
the
had
have
discourage such
was
time when
a
penditures
scathing terms.
and
it
is
this
takes
economy
never
in such
ex-
people than at this moment
that
misfortune
vast
a
There
essential to the safety and
more
welfare of the American
Department
and honesty to
courage
decency and
were
disgrace and most
and frequently to condemn
excesses
them in deserved and
enlargement
the navigability of streams
national scandal and
a
Presidents
the
omnibus
of
in
expression
for
appropriate
merely to omit the salutary check
Executive
the
particular
occasion,
not
log-rolling
upon
recklessness
which
and in
degree restrained, but also to augment
the
some
evil
of its
by inspiring
devising.
own
additional wastes
enormous
with
defensible and it is
of
the
injuries that it
i
i
+r
f
a
.
each
own
other
the
public
Most of the items
only
as
are
loot
political
State
is
capable of
and
nor
the Florida Ship Canal
defense that is not contemptible in
any
and in its avoidance of essential facts
unreason
conditions
alike
upon
the
Rmituwjlrfj
„nri
provident expenditures
a
a
There has
11wptW
immense
area.
the
an
created
upon
Early
were
inl¬
this project, which of
local employment and inspired
some
certain inevitable regional cupidity but, otherwise,
it lacks advocates
well
as
Congress will, of
as
course,
defenders,
have to
pass
upon
is most devoutly to be hoped that it will do
more
the
containing these resurrected projects and it
measure
in
so
a
suitable and patriotic spirit and with sounder
than the Committee, which by divided votes,
projects that
are
many
less spectacular
in themselves entirely inexpedient
under the fiscal conditions of the present.
agreeable to record that eight votes
were
It is
cast, in the
Committee, against the St. Lawrence River project
and 10 against the Florida scheme but, lamentably,
there were 17 votes in support of the former and 14
for the latter.
Department
Of course, Mr. Berle, of the State
was
energetic and omnipresent in the
supporting the Canadian expenditure,
President's determination and favor in
pressure-group
with the
matters of patronage always in the not remote back-
ground.
It would be
a
curious and by
no
means
unprofitable study that would undertake to fathom
the mental
a
processes
great nation,
which could lead the head of
himself broadly unacquainted with
great engineering problems, not trained in business,
and
never
actually successful in
considerable series
a
a relentless determination to impose
heavily burdened body of taxpayers, obviously
objecting and strongly reluctant to assume the
upon a
additional load, huge and untimely expenditures for
wholly
experimentation
without
any
in
projects
substantial
that
endorsement
are
or
support, other than that which he accords and which
he personally inspires.
whoever
finds
himself
And it
may
well be that
long in the possession and
the
substantially unchecked exercise of large executive
powers should regard as a danger to be cautiously
avoided the unconscious expansion of his own self-
engineering examination of the
competent
fertile
opr:nnoiv
SOUtnwara ana SenOUSiy DWering tne
permanent water-table of
course
possible
now
never
engineering,
physical, and the economic sides.
been
the
of
account
on
inflict by draining
may
during the present Administration, there
far-reaching
merits, neither the St. Lawrence
Seaway and Power project
its
u
.
,
undertakings, to
infidelity to
planned to be filched from taxpayers' pockets.
Upon their
/
,
this
bill, including the two especially mentioned
connected
„
,
of rather ambitious and adventurous private business
trust and still be far too weak.
in the
deplored
have
.
Invective might exhaust itself
of
condemnation
in
Presidents
past
■
Florida project is equally indreaded by at least one-half the
purpose
a
,
™
The
favored both of them, and also
For half
50 votes
And only
mad.
blind stupidity would accept any estimate of cost to
be borne by the Federal Government that is below
arrogant, brazen in its effrontery, and as essentially
form.
in
$285,000,000
gone
wicked and
corrupt as bribery itself in its crudest
qualified
as many as
/ &
.
any,
merits
a
has taken competent and disinterested
nor
the
residents
action today brings
16, 1941
Canada in the promotion of this utterly unwarranted
The Administration scheme to get the $285,000,000, St.
Lawrence Seaway and Water Power project through Congress
Aug.
special and peculiar conditions of the St. Lawrence
confidence and the arrogant obstinacy which might
River
together lead to
project;
no
who at all comprehends its
one
inescapable difficulties
that it is
of
be
of every
economical
account of ice during five
on
12; there
means
for
lent to the most it could
much
more
knows that its navigation
everyone
impossible
months out
more
feel reasonably assured
physically practicable of construction and
maintenance;
must
can
efficient
far simpler and
obtaining
ever
and
are
power
equiva-
deliver; and there
less
far
are
costly facilities
an
unyielding and intolerant faith
that whatever he wills for the people must be superior
in their interest to anything they might devise and
will for themselves.
From that source springs
tyranny and at that point democracy perishes,
But whatever may be the response upon these
ultimate and basic features, the thick atmosphere
of trading and log-rolling that enmeshes the measure
just launched in aid of the St. Lawrence and Florida
already existing for carrying all the freight it could
projects is unpleasantly contaminated and mephitic
possibly
even
obstinate
ever
transport.
determination
advocacy of this project,
Without
not
to
upon
the
President's
yield in
his
long
the engineering and
at the
others that
and
upon
beginning.
are as
Should these projects, and
generally unsound, which separately
their individual merits would be absurd,
Volume
would rise
prevail in combination, the stench that
the
convince
not
majority that radical changes
of 1942
great
The congressional election
must be made.
is
would inevitably
the nostrils of the people
to revolt
far away and
very
many congressmen
are
consciousinevitably accumulating records
already contemplating Its approach with
that
ness
they are
defend before an alert electorate.
difficult to
In-
acquiescence in such fantastic profligacy
this measure of omnibus jobbery has been made
include would meet merited condemnation at the
excusable
as
to
polls.
the disregard shown for human suffering, and the
great emphasis placed on industrial development
rather than on the wellbeing of the individual. The
Russian leaders, however, believed that their objective would tend eventually to the general welfare
of their people. Moreover, they were in a hurry, for
they genuinely feared that their two near neighbors,
much less well equipped with the material resources
required by great modern powers, would sooner or
later attack Russia, if she remained weak.
ajso
would
Soviet Economy
S. R. in 1940 and the
of the U. S.
nomic Results
Economic Development for
1941,"
Government, is of interest
clues with respect to the efforts
published by the Soviet
as
affording some
which
making to prepare herself
been
Russia has
of the defensive
economically against the great test
she has
war
Her two natural
the extreme ends of
long anticipated.
so
enemies are located at, or near,
at least
abet if not
Soviet ideology,
participate in such an
attack.
before Soviet Russia's
the report entitled "Eco-
Though, of course, written
Plan of National
They
feare<^ perhaps to a lesser degree, that other
great Powers, impelled by dislike of
______
involvement in this war,
891
Chronicle
The Commercial & Financial
153
small peasant holdings by collective
ment of the
farms, and the effort to become industrially
self-
particularly in the construction of
machinery and other capital goods, as well as in the
sufficient,
production
of
the
needed
raw
materials.
The
second Five-Year Plan, which ended in 1937, while
still stressing the same major fields of endeavor,
sought to give more attention to the consumer goods
She is now
industries.
The third Five-Year Plan, like the
second, endeavored to correct the errors made in the
attempt to carry out its predecessor, and while con-
engaged in a life and death struggle with Germany
in the West.
Some of the recently reported move-
tinning the development of the various branches of
the economy placed much emphasis on the im-
Far East
portance of integration.
How far the plans have been carried out is a
territory and, since the
her
had
has
which
miles apart.
4,700
some
are
alleged plans of Japan in the
ments and
be for a long time of much
question to which no unqualified answer can be
Stalin claimed that the first plan was
93.7% successful. Many observers, while admitting
that a tremendous effort was made, with substantial
but uneven resnlts, were of the opinion that failure
obviously, therefore, de-
of coordination, particularly due to bottle-necks in
has been able to
and marshal the tremendous volume of
implements of war required
the imperfect transportation system, had prevented
any close approximation of the plan.
Admittedly,
the second and much less grandiose plan was not
prolonged resistance to the mighty on-
fully carried out, especially as to the production of
ficiently weakened by the German
nese
will
as
Since neither the British
Siberia.
the United
attack the Japa-
they can to compel the
withdraw from a large section of eastrapidly
move as
Russians to
ern
to be suf-
is believed
Russia
when
that
indicate
prepared to defend two frontiers
be
to
partition of Poland, she
The two outstanding features of the first FiveYear Plan, which ended in 1932, were the replace-
States
can
assistance, Russia's future
Empire
nor
pends primarily on whether she
develop
material resources and
for
any
slaught of Germany and presently,
menace
perhaps, to the
Japan's ambitions. Clearly there is an
relation between these vital factors and
of
intimate
the state of Russia's economy.
Russia
Tsarist
with
nation
primarily
was
an
agricultural
Her
primitive exploitation methods.
industrial development was
scarcely more than em-
and
satisfied with bending those in control to
will, the Bolsheviki
system they found and set
establishing
uprooted the economic
themselves the colossal
entirely new one.
an
Thus they
began at rock bottom, and in the course of their
human
handicapped
further
undertaking
going
counter
instead
to,
instincts
as
respect
to
consumer
goods.
The
themselves
using,
such
sense
by
basic
and the
Finnish campaign.
It is not possible to get exact pictures from an
examination of progress reports published by the
Soviet Government.
Their statements are being
subjected to the severest and most exacting of
audits and tests which could be devised—a sudden
and determined assault by the greatest military
power
in the world.
So far the Soviet Government
restricting many whose aibili-
lias appeared to stand that test quite well. To one,
however, who is not seeking to test the authenticity
might have been usefully employed by less rigid
of the .Soviet achievements, but merely to under-
well
ties
of
the acquisitive
desire of the peasants
as
with
machinations of "wreckers" was, however, also
blamed, and this period was followed by the famous
by other military and war measures, including the
over
task of
ments
Unlike the Nazis in Germany,
who took
their
goods.
crepancy was
advanced industrial organization
capital and skills.
were
The chief reason given for the disthat the activities of Japan and Germany had forced the Soviet Government to favor
defense products and consequently to alter arrangeconsumer
large-scale purges and dismissals. The working out
of the third plan has also been affected by necessary
defense operations, and since the latter part of 1939
bryonic, if her then widespread handicrafts are
excluded, and most of it was controlled by foreign
an
given.
as
purging
or
to possess^ their own outfit,
stand the statistics offered, these reports are not as
economic zealots.
A series of Five-Year
Plans, the first of which got
helpful as they might be.
Even the severest critics
of
admit that Russia had made astonishing progress
attempting to develop the undoubtedly outstanding
in certain economic fields during the last 13 years,
They have claimed, however, not only that the
progress has been made at an exorbitant cost of
various kinds but also that it has not been uniform
under
way
in
1928,
was
the
Soviet
method
towards economic selfsufficiency and general power.
In the effort the
potentialities
of
Russia
"elder earth" has at times
been deeply shocked at
The Commercial &
892
indicate.
;.v:^
-../■
presented appear to
the figures
great as
as
or
-'■• *'
7,
7Vva777'V-:7':--'
>
statistics only here
Especially since 1937, Soviet
give quantity figures, relying most of the
values measured in percentages or in rubles.
and there
time
on
of compari¬
though much has happened since then to the
Apparently the 1926-27 ruble is the basis
son,
Thus most of the figures given
value of the ruble.
from
relative progress
to year indicate the
year
plan series rather than the amount of
made in the
production.
!
t
The report first mentioned above covers the re¬
Aug.
Financial Chronicle
16, 1941
467,000 tons from 379,900 tons; oil and oil-gas,
97,000-98,000 tons from 84,000-86,000 tons. Never¬
theless,- this progress was declared to be inadequate,
and in the case of the metal and oil outputs to have
fallen behind the demands of the five-year plan as
well
as
of "the
growing requirements of the national
economy."
For 1941 the
report calls for not only
increased
production (in capital goods at the rate of 23.5%
over 1940, and in consumers goods 9%), but also
for
in the quality of the
"decided improvement
a
,
sults of
1940, which was the third year of the third
plan, and also outlines the plan for the fourth year,
namely 1941, as adjusted to developments. It was
presented last February to the eighteenth All-Union
by N. Voznesen-
Conference of the Communist party
State Planning
sky, who is the Chairman of the
charged with the formula¬
Commission—the body
V.';
\v>;
plans—and, also rather significantly,
tion of these
of the Council of Defense Industry.
the Chairman
politicians the world over share certain more or
amiable traits, it is not surprising that the
As
less
comparing the
growth of production in the Soviet Union with that
report gets off to a good start by
k'PP't
i
•
United States,
the
in
taking, presumably as most
satisfactory to the writer's thesis, the level of 1929
100, and finding that while our production had
as
increased
.■
:-:pP'~pPp,
S&0P
only 11% by 1940, theirs had increased by
He quickly adds, however, that from the
430%.
V
■■
point of view of production per capita they are still
behind us, as
power
The
report states that the Soviet Union "is taking
to
measures
date
in
equip its national economy with up-to-
technique and generally to keep the country
a
state of preparedness."
proper
m
first
their output of steel, coal and electric
is one-third or one-fourth of ours.
three
of the third Five-Year Plan the
years
industrial output
of Soviet
PP'"'-: P-PP
to
■
«
liia
Russia increased by 44%
Of special interest to the
137,500,900,000 rubles.
defense
During the
;
development was the fact that this general
of
It is particularly insisted that
non-ferrous metals industry must meet the
goods produced."
the
standards of
quality attained by the products "of
the advanced capitalist
countries," and the atten¬
People's Commissariat of the Non-Fer¬
tion
of the
rous
Metals Industry is
drawn to the matter.
prospects for attaining the desired increased
The
production for 1941 are regarded as encouraging,
in view of some of the increases
secured in the last
quarter of 1940: the daily output of
pig iron then
reaching 95% of that called for in 1941, and the
daily production of freight cars 90%.
It is sug¬
that the full utilization of the existing
machinery will help greatly. For example, in 1932,
gested
and
again
1940,
in
censuses
of
metal-working
During the interval the
machinery were taken.
metal-cutting machines increased by 250 % and the
forging machines and presses by 200%.
However,
the later census also showed that on Nov. 1, 1940,
about 46,000 machine-tools and 8,000 forging machines and presses were at the plants, but were not
yet installed, and about 70,000 machine tools and
15,000 forging machines or presses were standing
idle, either because of repairs, untimely delivery of
and
tools
fixtures
After
eliminating the equipment in process of instal¬
stock,
lation, under repair
able "reserve" of
or
68,000
or
shortage of workers.
considered unfit, an avail¬
was
found to exist—its im¬
portance being brought out by allusion to the fact
that "in
1929, the best year, the United States of
America turned out about
65,000 machine-tools."
increase
"ISIS
IS':
p
included
machine
marking metal working industry, though
Examples, found in the practice of various Soviet
thorough-going modernization of
industries, of obtaining additional production by
undertaken. During the same period
capital goods industry increased its output by
of perfected machinery and the introduction of
technical methods are given. Soviet
industries are urged to reduce production costs and
cut down overhead expenses. In that connection a
one
■
simultaneously
equipment
the
a
76% in the
of the
case
was
f«5SW?S
52%, and the consumers' goods production advanced
WmMM
by 33%.
cm
It
was,
however, noted that the industrial
output did not meet with the requirements of the
:C:^
third
■m
Five-Year
additional
Plan,
since
crease
average
production for the first three
13% and the plan called for
■m
the
of 14%.
an average
This deficiency
was
annual
years was
annual in-
ascribed to
a
lag in the production of the iron and steel industry
p.
during 1938.
.
llse
more advanced
brief homily on profits is included. As an inducement to engage in a given branch of industry profit
™ not approved of in Russia, as the party, in that
respect "is guided by the interests of the victory of
Socialism and the preservation of the Soviet Union's
independence in relation to the capitalist world, and
not by the amount of profit." However, as a gauge
mately 2,400,000 kilowatts, that of the blast furnaces
of the economical operation of an industry the
profit test is deemed in Russia to be valuable,
Therefore, the report deprecates the fact that certain important branches of industry are still running at a loss. Thus in 1940 the timber industry
lost 11 or 12 rubles on every cubic meter of timber
produced, and the shale industry 33 rubles on every
by 2,900,000 tons of pig iron, and that of the cotton
ton of shale quarried.
textile mills
/■■■'
Losses due to spoilage are declared to be at least
o0% too high. It is estimated that at the machine-
During the 1938-39 period 2,900
;•
;;f:-
iV£;
tories, mines,
xpp
prP:'
including those of
operation.
mines,
means
others,
among
was
tons, the capacity of the
and
fuel
the capacity of the coal
increased by 51,000,000
power
stations by approxi-
by about 1,000,000 yards.
The average
ppp.
daily outputs of the metal smelting
extraction
industries
creased towards the end of 1940
were
as
V.V'.'
productions at the end of 1937,
■
%:
Pp
■p-.p':
to
mills, fac-
local character) were put into
a
By this
new
stations and other plants (not
power
as
likewise
follows: pig iron
46,00047,090 tons from 40,000 tons;
58,000-59,000
tons
from
in-
against similar
50,000-51,000
steel
tons;
to
coal,
construction and iron-steel plants alone the spoilage
l°ss amounted to 1940 to 2,000,000,000 rubles.
In
1937, out of every 1,000 workers employed in the
Soviet industries 75 were office employees, but in
1939 the number increased to 90, and in 1940
Volume
The Commercial
153
dropped only to 87.
It is regarded as important
at least
tiie 1937 level be reattained.
Of
that
workers to fulfill
vision than basic
of
that auxiliary work¬
output and less super¬
The practice
productive workers.
executive and technical
equally
remunerating
personnel who get their plans fulfilled and those
who do not is also
"unfairness
is
stigmatized
eliminated
and
a
If such
system of
unfair.
as
proper
adopted," the report adds that
material inducement
"new
In 1940
of Russia.
holds
exploitation of the agricultural wealth
By 1938 some 93% of the peasant house¬
occupying 99%
been "collectivized."
the collective farm
of
of the cultivated land had
For some years prior to 1940
system had been run on a basis
The livestock on the collective farms in¬
follows: cattle
as
by 12%, pigs by
At the beginning
reported to be on the collective
were
farms
70,000,000 head of cattle, nearly 42,000,000
sheep
and
the total in all
out that
is
and
14,400,000
given as equal to
Germany in 1938, and it is pointed
Germany is rightly regarded as a country
in which
It
pigs,
8,200,000
goats,
The number of cattle is
horses.
stock-breeding is highly developed."
particularly noted
the
of
crops
as
"highly important"
southeastern
the
eastern
and
regions of Russia—incidentally regions which are
in
frontier—are in¬
German
the
The achievements of the agriculture of
creasing.
the
from
removed
well
country are described as considerable, but those
charge generally, and the State farm authorities
particularly,
more
whereby the farmers turned over their land, live¬
additional
stock and tools to the collective which
ings.
operated the
to
compared with 483,000 in 1938, and the
harvester
combines to 182,000 from
of 1941 there
that
important changes were made in connec¬
tion with the
as
increased
15%, sheep 25, and goats 34%.
potentialities for the growth of our industry
be created."
will
523,000
tractors
of
number
the
creased in 1940
have lower standards of
ers
1940
In
153,000.
In that connection it is said
extended
beyond the Ukraine.
unfairness in the
and
payment of labor at the plants.
countryside," and recommends
the
system of additional payments be
number
equalitarianism,
eradicate
developing and consolidating
Socialism in
economically, and must therefore thor¬
plan well and
oughly
of
the
of our industry we must develop
system of giving material inducements to
the
potenti¬
all these and other
order to be able to utilize
In
matter of
that the
special interest to outsiders is the following:
alities for the growth
893
& Financial Chronicle
urged
are
potentialities
and
draw upon the
to
eliminate shortcom¬
(1) the
Among the latter are enumerated:
farm, renting the necessary machinery and obtain¬
idleness of farm
ing technical advice from the nearest of the 5,000 or
periods of the year, (2) loss of crops due to delays
The collectives
State farms.
so
the State
annual amount in
an
duction.
The
balance
kind, based
crops
were
by
on pro¬
divided
the members of the collectives in accordance
among
Each individual member could
with certain rules.
his
sell
the
of
assessed
were
share
allowed
to
his
for
keep
a
He
benefit.
own
also
was
small number of livestock and
been
management of collectives had of recent years
renting
members
for their
some
who
own
of the land to the individual
cultivated
profit.
it,
used it
or
as
pasture
This practice and the fact that
the assessment of the State's share was made
basis of
the
on
during the busiest
excessive stock-breeding losses
(3)
and non-fulfillment of the program
of stock produc¬
tivity, and (4) failure on the part of some of the
collective farmers to work the necessary minimum
number of
while the
It is recommended for 1941 that,
days.
grain
remains about the same as in
area
1940, the area of all crops be increased by about
melon crops
tions and
consequently to have had an adverse effect
the State's
portion of the crops, though the
re¬
being the largest.
be of interest to
Incidentally, it may
point out that about 80% of the
Russian deliveries to
Germany under the 1939 trade
agreement are widely believed to have
taken the
form of fodder.
As the world
production were believed to have diminished
the interest of the members in the collective opera¬
on
harvesting,
even
4%—the increase in area of fodder, vegetable and
chickens.
The
in
machinery
knows,
one
of the most difficult of
problems facing the Soviets is that of transporta¬
With
tion.
an area
covering one-sixth of the earth,
length of its railways in 1938 aggregated some
the
port says that the "gross harvest of grain in 1940
53,000 miles, compared with 236,842 in the
increased by
7.3%, of
States.
flower
(for vegetable oil)
seed
potatoes by 35.6%."
sugar
beets by 18.6%, of
by 13.2%, and of
The yields of cotton and flax,
however, fell behind the plan.
and
sun¬
At
any
rate, in May
June, 1940, it was decided to put a stop to the
practice and change the method of assessment.
The
measures
thus
collectivized land
taken, forbidding the
of
paved roads.
about
structing about 132,000
use
of
in
vast
ways,
"to
canals.
dered."
The
adoption of the
new
system of calculat¬
ing the amount of produce from tillage and stock-
breeding due the State
of each collective farm
spur
on
the basis of the
the
will, it is declared, act
as
"a
to the initiative of collective farmers in devel¬
a
territory.
bulk importantly
However, though the potential length
of
has been estimated
at
river-water way system
availed of in 1937.
figures mentioned in the report with respect
The
to
recon¬
Russia has many river water¬
250,000 miles, only 62,000 were
acreage
or
and the Soviets have built several important
members, are referred to in the report as intended
protect the socialized land from being squan¬
this last figure does not
even
so
building
additional miles of high¬
with a larger proportion of surfaced roads.
ways,
for the benefit of the individual
Since 1928 the Soviets have built
32,000 miles of hard-surfaced roads, and the
third Five-Year Plan called for
But
United
about 3,000 miles
Tsarist Russia had only
transportation cover only the extent of the serv¬
ices
rendered by the railways and
river-waterways
Some of these figures are astro¬
oping socialized farming, especially socialized stock-
in ton-kilometers.
breeding in the collective farms."
nomical, and perhaps for that very reason do not
make these
cided to
Apparently to
steps more acceptable, it was also de¬
provide for additional payments to collec¬
the
these "decisions and
measures
very
vivid impression on the non-technical
The achievements of the railways in
freight
carrying were measured in 1939 by 392,000,000,000
pro¬
ton-kilometers, in 1940 by 409,000,000,000, and the
report declares that
plan for 1941 provides for an increase by 4% to
more
planned yields of agricultural crops and
The
a
than
tive farmers in the Ukraine who secure
ductivity of livestock.
make
reader.
are
historical in the
431,000,000,000.
In the case of river freight the
The Commercial & Financial Chronicle
894
corresponding figures
34,600,000,000 in 1939,
were
36,000,000,006 in 1940, # be increased by 28% to
46,300,000,000 during 1941.
The writer of the
individual
railways system
suc¬
cessfully coped, and will undoubtedly be able to
cope
our
again, with the mobilization
Red
Army."
that there
ways,
of
He, however,
are
requirements of
the
expresses
our
opinion
defects in the work of the rail¬
grave
due to what he calls the irrational carriage
freight, which places
an
unnecessary burden on
them, and to the restricted traffic capacity of
a
number
of
tions he
gives it is clear that his hope of remedying
the
sections
"irrational"
oping the fuel,
of
the
lines.
From the illustra¬
haulage—excessive
railway hauls and
ties
and
cross
where
located, and also in placing in
important products.
ties of
Above
ties of
He also
sees
industries in that respect being: the
be
to
construction
new
jobs
742 plants,
and
general effect
report is that
been
years
made
towards
to
and net earnings of
advancing sharply for
railroad earnings,
only be regarded
doctrines
that
stifle
individual
chests, and they
have in store for
may
more
sur¬
prises.
highways, the inland waterways and the airways. In recent
on the other hand, business that ordinarily has been
months,
handled in large part by coastwise and inter-coastal vessels
The rail net¬
has been diverted
more
than
with
a
expected to continue.
high relief
respect to the future trend of
highly satisfactory.
generally good half-year, the railroads reported in June
earnings of $454,532,076 against .$344,195,836 in the
month of last year, an increase of
$110,336,240
or
prosperous
of
32.06%.
earnings at the highest figure
performances
ever
the
1920's,
of
the
which
experienced by
many
executives.
the best
the
were
most
the railroads,
as
a
have
sensibly, and with due regard to
period, the railroad managers
very
war
concentrated
affairs
in
the
their
best
efforts
possible
on
putting
order.
Not
their
many
large loans in
the 1930's to meet overhead.
loans
find net
recorded in any
ever
for
gross
is recorded throws into
dividend increases have been voted in recent months
for,
with few exceptions, the railroads contracted
earnings fel[
we
late
financial
remarkably low level of 65.69% in June, against
73.16% in June, 1940.
Accordingly, much of the increase
column, and
years
of
the uncertainties of this
same
the
in gross was transferred to the net
even
Again proceeding
gross
systems remained properly cautious
expenses to
excellent
now
whole.
a
Because of the trying experiences of the decade of the
1930's,
the managers of the vast
rising costs, and the ratio of
the
performances
can
Rounding out
The fact that railroad
higher rate than
a
For the net returns in June of this
year exceeded
Some caution
but for the time being the returns
at
years ran
The
year.
increasingly to the railroads, and in view
shipping shortage this is a trend that can be
of the world
the leading carriers
begin to be impressive.
as
of real
astute realists, who hold their cards
are
close to their
of
to
of Russian economy can
Germany and the world at large still
suitable for the requirements of that pro¬
is advisable
communistic
to
than motor, airplane and other modes of transporta¬
doubtless
has been
progress
Earnings of United States Railroads for the Month of June
of railroad operations for the month of June.
cumulative results
develop the economic
making its wealth readily avail¬
measure
a
initiative,
effec¬
defense program finds its due reflection in financial statistics
have been
perusal of
fruition.
However, the
leaders, except for their fanatical adherence
Soviet
Countrywide stimulation of heavy industries under the
gross
a
earnest attempt has for
suggestions of improvement that much remains
While the balance of the
report also deals with
tion, both
con¬
operation,
However, the
report itself indicates by its frank criticisms and
tively to utilize the country's vast waterways.
more
in
the reader of
on
a very
achieve
work is far
plants under
able in the form of economic power.
transport, and he urgently
the Commissariat of the River Fleet to
Gross and Net
or
already
con¬
were
being expanded and reconstructed.
are
speedily increasing freight transportation to
plans for the material and cultural advancement
Taking
2,955 plants, of which 2,213
on
sta¬
power
country as a whole, the 1941 plan calls for
struction work
be done before the power
more
to get the
were
capital—the five relatively
speeding up the circulation of rolling stock.
all, however, he finds the largest potentiali¬
calls upon
to
of
steel, non-ferrous metals, oil,
achieved
great possibili¬
reduce the idle time of river craft and
about
the
many
be in the field of water
gram
and
industries
power
accessions
potentialities of Russia, and that
are
As has been
ones.
tions, and machine construction industries.
the
vicinity all the
one
additions to old
or
since the beginning of these plans, capital
most favored
iron
The
potentiali¬
industries
confine ourselves to mentioning the
goods, fuel and
which
plants engaged in various stages of the manufacture
of
plants
case
largest
long-distance
power
certain
the
we
1941
plans for the capital investments in 1941 in
struction,
hauls—lies mainly in devel¬
material and
raw
regions
people,
Soviet
new
report states that "in spite of
shortcomings,
the
Aug. 16,
now
In
important instances such
being repaid to the Reconstruction Finance
are
Corp. and to the banks which advanced the funds.
havoc caused among the railroads
June.
Such net earnings totaled $155,957,655
against $92,404,546
left
in June, 1940, a gain of
The
by the depression, which
of financial reorganization, is
$63,653,109
or
68.78%.
We present
these results in statistical form:
Month of June
1940
$92,404,546
Examination of the statistics
will
the
show
basic
we
industry is due
1920
to
1929,
June, 1941.
country
as
inclusive,
This
a
indices might
is not
whole then
were
to
was
gross
earnings less than in
wages were
call for
a
This, of
rejected
as
a
course,
is
a
tendency to
a most
pre¬
salutary and
matter of course, Aug. 5, and
strike vote followed.
a
If the strike vote is affirma¬
tive, mediation
loom
.
can be expected to
develop, and other steps
beyond that if the mediation is unsuccessful.
The
wage question
possibly will not reach the critical
of decision for
some
an
undeniable threat
that the business of the
We turn
greater, for other statistical
lie railroad
say
dispute any such assertion.
Much railroad
business in the meanwhile has been
diverted to the motor
such interests.
position.
to sound management and the economy of
throughout the decade from
another
Demands of the railway labor unions for
30% increases in
position of the railroad transportation
Not in any June
or
Finally, it should be noted and pondered
that agitation for wage increases
among the various groups
of railroad
employees is reaching the acute phase, now that
the carriers are in a somewhat
improved financial
have gathered together
aggregate
recorded.
stage
just procedure.
+ $63,553,109 + 68.78%
operations enforced by the long lean period of the 1930'sAlthough the gross earnings have advanced sharply of late,
they exceeded for years on end in the 1920's the
now
serve
immediately that much of the improvement in
financial
one
being remedied rapidly under
Although reorganization plans in
in recent years, there is now in evidence
232,136
232,830
—694
—0.30%
$454,632,076 $344,195,836 + $110,336,240 + 32.06%
Operating expenses
298,574,421
251,791,290
+46,783,131 + 18.58%
Ratio of expenses to
earnings.
(65.69)
(73.16)
$155,957,655
mileage in
general ruled out any consideration for junior equity holders,
Inc. (+) or Dec. (—)
_
Net earnings..
than one-third of all
existing circumstances.
1941
Mileage of 132 roads
Gross earnings
more
now
bearing
on
the
now
moment
stands
as
to the carriers.
to the business considerations which under¬
earnings.
fied form the
months to come, but it
In order that
measure
revenues
of
we may
show in
a
simpli¬
trade activity in relation to its
of the railroads during the month
Volume
The Commercial & Financial Chronicle
153
under review,
have brought together in the subjoined
we
table the figures
indicative of activity in the
more
important
industries, together with those pertaining to grain, cotton
and livestock
receipts and
revenue
freight
loadings for
car
the month of June, 1940, as compared with the same
of 1939, 1938,
1932 and 1929.
the output of all
increased scale
These figures disclose that
the industries covered
compared with the
as
month
was
on
greatly
a
month last year.
same
loaded
with revenue freight and receipts of cotton at the southern
outports were considerably larger.
Receipts of grains and
Large increases, too,
flour at
are
shown in the number of
the Western primary
cars
markets (taking them
as
895
Increase
New Orl & Northeastern
New York Connecting
—
Penn-Reading Seash L__
Minneapolis & St Louis.
Louisiana & Arkansas
178,750
169,274
159,333
151.049
Lehigh & New England..
MonongahelaChicago Ind & Louisv..
.
all of the various
grains contributing to the gain with the
single exception of
Kansas
Livestock receipts at Chicago,
corn.
City and Omaha
also
were
on a
much larger scale.
1941
June
1929
1932
1939
1940
Production
PRINCIPAL CHANGES
Building ($000):
Constr. contr. awarded b
539,106
529,891
113,075
287,439
z4,250,630 z3,534,564 z3,127,262 z2,454,769 z5,260,571
_e
South¬
418,884
Yazoo & Miss Valley
360,484
Texas & Pacific
331,949
331,064
324,761
317,007
1,523,719
1,517,562
1,432,677
1,319,703
1,310,927
1,265,557
1,225,682
1,204,729
1,165,093
946,764
930,810
903,224
897,849
830,095
737,276
729,090
708,365
692,247
686,651
532,650
514,618
485,335
448,700
441,959
Rich Fred & Potomac
Louisville & Nashville—
Missouri Pacific
N Y N H & Hartford
N Y
Chicago & St Louis.
Chicago & North West'n
Illinois Central
Chicago R I & Pac
Seaboard Air Line
Reading—
5,596
5,974
5,697
10,050
15,085
Lehigh Valley
Kansas City (care)...
2,064
1,763
1,722
4,192
6,100
Omaha (cars)
1,315
1,169
1,533
3,130
6,021
Barley (000 bushels)..
xl,752
*4,115
z5,265
x7,944
*4,372
Rye (000 bushels)
X2.458
*769
*1,866
*1,841
*1,315
*19,844
*5,429
*3,409
*1,298
*322
bushels)
Corn (000
xl,630
& Steel (net
xl,582
xl,630
x43,767
—
xl4,997
x22,834
*46,939
*17,687
x3,396
—
Oats (000 bushels)
Iron
*14,908
*24,803
*20,145
z8,181
*3,233
*657
tons):
703,432
4,163,292
1,036,102
3,818,897
5,657,443
2,372,665
3,606,729
X988.959
X930.522
Shlpments.m
*1,014,093
X905.245
*923,795
*929,528
*427,733 *1,527,032
*487,286 *1,495,521
Orders received.m
*1,148.614
*875,718
*974,265
*466,175 *1,447,009
production.1.
—
Note—Figures In above table Issued by:
a United
States Bureau of the Census,
In
b F. W. Dodge Corp.
foregoing has applied exclusively to the
of the country as a
the
Turning
whole.
separate roads and systems, we
the
with
gross
of
the
earnings in
net
earnings,
railroads
attention now to
find the exhibits in
our
shown in the general
results
June, 1941, 86 roads
in
301,448
Central of Georgia
Spok Port & Seattle
_ .
293 ,152
273,585
266,620
266,276
266,169
259,760
251,231
229,387
227,807
213,232
186,530
172,322
167,276
158,635
152,501
149,161
141,081
137,962
Western
Maryland
Chicago St P Minn & Om
Pittsburgh & Lake Erie.
M issour i-Kansas-Texas
.
.
Colo & Southern (2 rds).
Detroit Toledo & Ironton
Denver & Rio Gr West._
Internat Great Northern
Wheeling & Lake Erie.
.
.
Western Pacific
New Orl & Nor Eastern.
Chicago & Eastern 111
York Connecting..
Penn-Reading Seash L—
New
Central Vermont
Maine Central
121,162
Lehigh & New England.
120,782
Bessemer & Lake Erie..
117,927
Monongahela
Chicago & 111 Midland—
Kansas City Southern
112,805
104,081
101,837
Total (73
$61,669,337
oads)
figures cover the operations of the New York Central and the
Central,
Includ¬
ing Pittsburgh & Lake Erie, the result is an increase of $4,452,757.
trend of the improvement in the operating
results of the railroads in June is
wide when the roads
readily
arranged in
are
seen
totals.
all the three
Here
geographical
we
find that
districts, the Eastern, the Southern and the
Western—as well
as
all the various regions
comprising these
districts, in the case of both the gross and the net, all show
substantial improvement over the same month last year.
The percentage
of increase, it will be noted is quite high in
all cases,
up
going
to 39.22% in gross and 119.57% in net
in the Southern district.
As previously
we group
The boundaries of the various
state Commerce Commission.
and regions
groups
explained,
conform with the classification of the Inter¬
the roads to
and systems reported increases
of $100,000, and in the case
roads showed increases above
to be country¬
groups, or
divisions, according to their location.
(figures for 37
States east of Rocky
Mountains),
c National Bituminous Coal Commission,
d United States Bureau of Mines,
e Association of American Railroads,
f Com¬
piled from private telegraphic reports,
g Reported by major stock yard companies
in each city,
h New York Produce Exchange,
k "Iron Age."
1 American Iron
and Steel Institute,
m National Lumber Manufacturers' Association (number of
reporting mills varies in the different years),
x Four weeks,
z Five weeks.
consonance
Elgin Joliet & Eastern
The general
Lumber (000 feet):
All the
Grand Trunk Western._
Dul Missabe & Iron R_.
These
Alton
5.573,076
4,553,165
6,800,730
Production _m
Boston & Maine
Pere Marquette
Central of New Jersey
a
Clinchfield
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
Pig iron production.k._
Steel ingot
Pacific
Del Lack & Western
St Louis San Fran (2 rds)
—
bushels)
St Louis Southwestern..
Chicago Great Western
1,697,300 Nashv Chatt & St Louis.
1,671,202 Cine N O & Texas Pac..
_
Erie
Chicago (care)
barrels)
$421.911
411,715
383,963
Northern
Flour (000
Increase
•
Gulf Mobile & Ohio
Minn St Paul & S S M
69,458
Wheat (000
MONTH
3,ot>4,056
2,078,887
2,064,880
2,029,331
2,011,770
1,831,113
1,809,125
174,056
receipts: h
THE
Sou Pacific (2 roads)
Chesapeake & Ohio
Baltimore & Ohio
Southern
108,541
Western flour and grain
FOR
Delaware & Hudson
119,397
ports (bales).#
EARNINGS
and the
Central,
Includ¬
Virginian—
338,062
ern
Livestock receipts: g
NET
IN
$4,268,810
Wabash
Freight Traffic:
Car loadings, all (cars)
$107,768,718
Total (86 roads)
New York Central...... a4,192,997
Atch Topeka & Santa Fe
3,804,117
Great Northern.
Atlantic Coast Line
43,090,000 32,400,000 27,959,000 17,749,000 38,580,000
4,886,000 4,492,000 3,577,000 2,550,000 5,069,000
Pa. anthracite.d
receipts,
324,726
101,819
Increase
Pennsylvania.
Union Pacific
Coal (net tons):
Bituminous.c
Cotton
545,932
183,106
309,738
344,636
520,521
109,135
...
OF JUNE
Norfolk & Western
trucks, &c.).a—
cars,
Long Island
Georgia
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
ing Pittsburgh & Lake Erie, the result is an increase of $8,877,307.
Chicago Burl & Quincy.
(passenger
N Y Ontario & Western.
a These
figures cover the operations of the New York Central
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
Chicago Milw St P & Pac
Automobiles (units):
109,696
109,482
Charleston & W Caro
147,617
142,686
138,280
Bessemer & Lake Erie
Central Vermont
a
also considerably larger than in June last year,
were
$130,311
130,183
126,857
110,306
$208,617 N O Tex & Mex (3 rds)
205,480 Atlanta Birm & Coast..
203,272 Chicago & 111 Midland..
192,397 Pitts & West Virginia...
Alabama Great Southern
„
whole)
Increase
are
indicated in the footnote to the table-
excess
73
SUMMARY BY GROUPS—MONTH OF JUNE
Gross Earnings
showed a de¬
$100,000. As might be expected we find the
$100,000 and in both cases not a single road
crease
of
over
Pennsylvania and New York Central at the top of the list,
in the
showing
a
and the net, the Pennsylvania
of both the gross
case
gain of $13,607,055 in gross and $4,268,810 in net
$8,253,928
1941
District and Region
1940
.
New England region
17,822,222
Great Lakes region
83,501,488
(10 roads)
(23 roads)
Central Eastern region (18 roads)... 100,079,829
and the New York Central, with an increase of
Total (51 roads)..
in gross
Inc. (+) or Dec.
$
$
$
Eastern District—
(—)
%
+4,536,294 + 34.14
13,285,928
63,647,415 + 19,854,072 + 31.19
76,469,441 + 23,610,388 + 30.87
201,403,539 153,402,784 +48,000,755 + 31.29
Southern District—
to
31
and $4,192,997 in net. The changes are too numerous
mention separately so we will only add that in the gross
roads were able to show increases over $1,000,000 and 21
roads gains of
table
we
In the subjoined
changes for the separate roads and systems
the
show all
same
amount in net.
for amounts in excess of $100,000, in
both
gross
and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE
OF
i
:
Increase
Tilrrvft<i(*
.
Pennsylvania
—_
$13,607.055
Southern Pacific (2 rds).
a8,253,928
6,586,955
Fe
5,755,309
New York Central
Atch Topeka & Santa
Union Pacific
Grand Trunk Western..
Elgin Joliet & Eastern
Delaware & Hudson
Dul Missabe & Iron R.¬
Louisville & Nashville—-
4,931,796 Missouri-Kansas-Texas..
4,047,241 Minn St P & S S M
3,495,480 Pittsburgh & Lake Erie.
2,873,646 St Louis Southwestern..
2,694,673 Central of Georgia
2,545,462 Virginian
2,477,796 Gun Mobile & Ohio
Chesapeake & Ohio
Chicago Burl & Quincy—
2,428,616
2,382,479
Erie
2,276,711
2,237,840
2,196,997
2,195,789
Alton
1,896,191
Cine N O & Texas Pacific
Baltimore & Ohio
Southern
.
Cnic Milw St P & PacMissouri Pacific
N Y N H & Hartford
—
Great Northern
Illinois Central
Norfolk & Western
Chicago & North Western
Seaboard Air Line
Texas & Pacific
Western
Maryland
Denver & Rio Gr West—
Yazoo & Miss
Valley
Nashv Chatt & St Louis.
1,855,840 Spok Port & Seattle
Chicago Great Western
Western Pacific
Chicago R I & Pacific. —
1,831,700
Atlantic Coast Line
1,823,021
1,798,967 Wheeling & Lake Erie
1,600,457 Clinchfield
1,401,014 Rich Fred & Potomac—
Reading.
N Y Chicago
& St Louis.
Wabash
—
1,264,457
City Southern..
Internat Great Northern
Del Lack & Western
1,214,798
1,132,271
Chicago & Eastern 111
Det Toledo & Ironton—
Northern
1,391,344
Pacific
St Louis San Fran (2
rds)
Boston & Maine
Lehigh Valiey
1,118,142
Central of New Jersey..
1,042,949
Pere Marquette—
1,021,706
MONTH
JUNE
Kansas
Chicago St P Minn & Om
Central
Colo & Southern (2 rds).
Maine
$746,574
727,833
715,536
696,900
635,052
634,164
623,379
610,891
589,096
560,264
532,092
482,245
479,739
473,837
461,515
455,760
451,173
446,965
439,347
389,068
381,685
373,425
371,915
365,680
331,940
292,319
278,758
272,886
267,921
239,275
236,310
........
Pocahontas region
Total (30
roads)
40,432,307 + 15,859,258 + 39.22
+ 5,550,349 + 24.07
23,057,274
63,489,581 +21,409,607 + 33.72
53,425,666
(4 roads)
56,291,565
28,607,623
84,899,188
Southern region (26 roads).........
42,403,131 + 11,022,535 +25.99
61,024,562 + 21,623,942 + 35.43
+ 8,279,401 + 34.68
23,875,778
Western District—
Northwestern region
(15 roads).
Central Western region (16 roads)..
82,648,504
roads).....
32,155,179
Southwestern region (20
Total (51 roads)....
Total all districts
.......
168,229,349 127,303,471 +40,925,878 + 32.16
454,532,076 344,195,836 + 110336240 + 32.06
(132 roads)
Net Earnings
District & Region
Eastern Dist.—
Mileage
1941
1940
1941
1940
$
$
Inc.
(+) or Dec. (—)
$
%
+ 2,755,916
+ 79.55
+ 74.16
33,246,832
16,514,729 + 12,247,752
+ 9,886,247
23,360,585
68,229,454
43,339,539 +24,889,915
+ 57.43
3,464,225
refion..
region
6,699
6,715
6,220,141
Great Lakes
26,066
28,762,481
Cent. East, region
24,468
26,131
24,522
57,233
57,368
38,036
38,278
18,586,732
6,086
6,063
15,181,607
10,746,014
44,122
44,341
33,768,339
19,210,934 + 14,657,405
+ 75.78
Northwest'n region
45,524
45,675
19,234,372
11,816,019
Cent. West, region
56,203
29,054
56,350
24,562,480
10,163,010
+ 7,418,353
12,857,472 + 11,705,008
+ 4,982,428
5,180,582
+ 91.04
29,096
130,781 131,121
53,959.862
29,854,073 + 24,105,789
+£0.75
Total all districts. 232,136 232,830 155,957,655
92,404,546 +63,553,109
+ 68.78
New Eng.
Total
Southern
....
Dist.—
Southern region
Pocahontas
+ 42.32
—
region
Total
8,464,920 + 10,121,812 + 119.57
+ 41.28
+ 4,435,593
Western Dist.—
South west'n region
Total
NOTE—Our grouping of the roads conforms to the
+ 96.18
classification of the Interstate
Commission, and the following indicates the confines of the
and regions:
Commerce
groups
+ 62.78
different
The Commercial & Financial Chronicle
896
16, 1941
Aug.
EASTERN DISTRICT
Region—Comprises the section on the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago, and north of
a line from Chicago via Pittsburgh to New York.
Great Rakes
south of the Great Lakes Region
through Peoria to St. Louis and the Mississippi River
Central Eastern Region—Comprises the section
east of a line from Chicago
Ohio River, and north of the Ohio River to Parkersburg, W. Va.,
line thence to the southwestern corner of Maryland and by the Potomac
to the mouth of the
and
a
River to Its mouth.
Month
of
Year
Year
June
Given
Preceding
1911...
1912...
1914...
Region—Comprises the section east of the Mississippi River and south
1915...
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
1916...
Kentucky and the southern boundary of Virginia to the Atlantic.
1917...
Southern
Region—Comprises the section north
Pocahontas
of the southern boundary
o
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
1918...
1919...
1920...
1921...
its mouth.
thence by the Potomac River to
1922...
WESTERN DISTRICT
1923...
section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland,
and by the Columbia River to the Pacific.
Norhtweslern Region— Comprises the
the section south of the Northwestern Region
Peoria and thence to St. Louis, and north of a line
El Paso and by the Mexican boundary
Central Western /teflon—Comprises
west of a line from Chicago to
from St. Louis to Kansas City and thence to
to the Pacific.
the section lying between the Mississippi River
south of St. Louis and a line from St. Louis to Kansas City and thence to El Paso,
and by the Rio Grande to the Gulf of Mexico.
The
Although the
receipts
corn
reduced scale,
were on a
the movement of all the other cereals, in a greater or lesser
degree,
of
was very
much larger.
1927...
1928...
1929...
1930...
1932...
1933...
1934...
This being true in the
month against
1938...
1939...
1940...
1941...
aggregated 76,252,000 bushels
as com¬
bushels in the corresponding
sx&i
+ 14.29
+ 13.23
—2.73
+ 6.38
+ 6.95
—4.30
194,689
197,648
204,596
200,901
218,379
189,863
210,288
207,414
235,828
225,803
241,550
219,294
232.682
208,598
235,059
234,568
236.683
235,691
236,357
236,243
237,243
239,066
241,243
241,349
222.825
193,886
212,989
209,764
—4.40
240,219
226,752
2424H
220,303
232,169
213,525
235,208
235,310
236,739
236,001
236,779
236,510
238,405
—2.88
240,302
+ 0.53
+20.01
+ 16.49
+ 12.38
+ 7.82
+15.60
—6.80
+2.69
+ 14.14
—13.97
+ 8.87
+6.45
+ 5.69
241,608
—16.46
242,320
—16.90
242,968
—33.40
242,494
242,527
242,333
240,932
239,020
238,019
236,281
+ 1.61
242,179
241,455
239,107
—0.51
237,800
+ 17.53
+ 14.01
236,814
235,744
234,626
233,404
+ 7.19
232,786
233,399
+32.06
232.136
232.830
+ 14.43
+ 6.35
—19.77
235,501
234,527
g
Per
Increase (+) or
Year
Year
Given
Preceding
Decrease (—)
Cent
$74,196,190
$59,838,655
74,043,999
77,237,252
+ $14,357,535
+ 23.99
+ 4.23
1909.
1910
77,173,345
1911
72,794,069
76,223,732
1912
four
1916
76,232,017
70,880,934
69,481,653
76,693,703
81,649,636
97,636,815
113,816,026
*36,156,952
69,396,741
1915
1917
+ 3,129,346
—4,443,183
+4,534,151
—138,972
71,689,581
76,093,045
66,202,410
1914
find the grain receipts in
Preced'g
June
Carrying the comparison further back,
weeks of last year.
Given
Net Earnings
71 ft
1913
pared with 44,467,000
Year
Cent
(—)
Monin
Altogether,
oats, barley and rye, in the four weeks
ended June 30, 1941,
1937...
case
receipts at the Western primary markets of the five
corn,
Dec.
Year
of
14,997,000 bushels in June, 1940.
cereals, wheat,
1936...
having been moved in the
43,767,000 bushels
wheat,
the
1925...
1926...
1935...
grain movement ever the Western roads (taking them
collectively) in June, 1941 rose far above that of June last
year.
1924...
1931...
Southwestern Region—Comprises
Per
Inc. (+) or
$210,356,964 $184,047,216 +$26,309,748
237,988,124 210.182.484 +27,805,640
231,980,259 238.499.885
—6,519,626
243,226.498 228.647,383
+ 14,579,115
259,703,994 242,830,546
+ 16,873,448
230,751,850 241,107,727 —10,355.877
+ 1,313,837
248,849,716 247,535,879
285,149,746 237.612.967
+ 47,536,779
351,001,045 301,304,803 + 49,696,242
+40.002,412
363,165,528 323,163,116
424,035,872 393,265,898
+30,769,974
486,209,842 420.586.968
+65^622,874
460,582,512 494,164,607 —33[582,095
+ 12,376,822
472,383.903 460,007,081
540,054,165 473,150,664
+66,903,501
464,759,956 540,202,295 —75,442,339
506,002,036 464,774,329
+41,227,707
+ 32,634,035
538,758,797 506,124,762
516,023,039 539.797.813 —23,774,774
516,448,211 —14,871,440
501,576,771
531,033,198 502.455.883
+ 28,577,315
444,171,625 531,690,472 —87,518.847
369,212,042 444,274,591 —75,062,549
245,860,615 369.133.884 —123,273,269
281,353,909 245,869,626
+ 35,484,283
+4,482,585
282,406,507 277,923,922
—1,431,003
280,975,503 282,406,506
+ 49,244,684
330,212,333 280,967,649
351,047,025 330,095,850
+20,951,175
281,607,108 350,994.558 —69,387,450
+ 39,444,027
320,991,913 281.547.886
+23,063.725
344,055,653
320,991.928
454,532,076 344,195,836 + 110.336,240
1909...
1910...
1913...
SOUTHERN DISTRICT
eastern boundary of
Mileage
Gross Earnings
the New England States.
New England Region—Cporn prises
—5.75
+ 6.32
—0.18
—4,678,524
+12,167,983
:
—6.60
+ 17.51
+20.943,112
+ 27.31
+ 10,474,211
+ 10.14
—134.05
traffic in
our
give the details of
we
1925...
1926
-j
Duluth..
j
-I
Milwaukee
Corn
Oats
Rye
Barley
{Bush.)
{Bush)
{Bush)
{Bush)
{Bush)
1941
783
772
1,041
4
11,222
932
1940
3,241
1941
5,282
1940
1,996
6,058
10,390
1,166
1,502
3,564
2,847
2,490
343
494
1,716
790
6
1941
1941
1940
1941
Toledo
28
Wheat
1940
-J
...
816
1,116
726
586
363
561
967
1,324
421
281
3,569
1,646
258
616
+;; 33
221
10
91
183
110
32
2,551
1,177
"""3
257
5
1940
260
232
69
1941
Indianapolis and Omaha.
2,497
2,630
430
440
2,375
202
500
2,575
551
62
505
420
764
140
29
Louis................j
110
2,697
124
82
72
1,768
128
59
St. Joseph
1941
1941
103
14,339
393
105
3,465
667
1929
150,174,332
110,244,607
89,676,807
127,514,775
150,199,509
110,264,027
89,688,856
—20,587,220
—42,680,821
—18.67
47,018,729
+ 47,429,940
92,967,854
74,529,254
64,826,419
88,850,296
86,072,702
63,937.412
—18.438,598
+ 100.87
—19.83
—9,608,823
—12.89
1931
1932
47,008,035
1933
94,448,669
74,529,256
1934
______
1935
64,920,431
1936-
88,872,678
1937
86,067,895
1938
63,936,587
79,770.820
_
4
8
1930
92,310,358
+14,427,896
—18.37
—22,846,602
+29,350,006
+ 18,571,582
—20.897,156
—1,827,387
+28.92
+ 14.19
—14.06
—1.42
+ 17.77
+22,659,557
—39,954,902
—26.60
—47.59
+ 37.09
—3.13
+ 24,046,259
—2,782,401
—25.72
—22,136,115
+ 15,833,408
+ 12,539,546
+ 63,553,109
79,770,812
155,957,655
1940-...
92,404,546
93
+ 24.76
+ 15.72
284
+ 68.79
17
112
■
78
A78
2
___
1941
44
503
44
1
.
1940
1941
1940
The Course of the Bond Market
There has
1941
City.....-....—..j
3,449
1941
107
101
23
41
290
1
5
43,767
14,997
17,687
3,396
2,458
7,944
22,834
1,752
769
4,115
1941
1,630
J940
......J
little change in the corporate bond
very
106
1940
been
2,894
1940
Total all...
129,111,754
80
1940
Wichita....
Sioux
127,284,367
—68.91
+432.15
+ 36.03
+ 13.16
+ 28,989,678
291
1940
1
:H; 5
16
\
Kansas City....—
1928
+272.90
+ 65,390,662
251
136
1941
j
Peoria..
148,646,848
—142,338,571
+ 109,533,316
—47,465,725
193
160
1940
St.
127,749,692
1924
GRAIN RECEIPTS
Weeks Ended June
Year {Bills.)
Chicago-..
130,920,896
21,410,927
80,521,999
....
1923
Flour
(000 Omitted)
149,492,478
1919
1921....
1922...
FLOUR AND
Four
1918
1920
grain
usual form:
WESTERN
Minneapolis
the Western
109,445,113
124,046,578
101.527.990
130,837,324
1930
following table
same
103,341,815
106,181,619
*40,136,575
68,876,652
15,131,337
80,455,435
109,618,682
124,374,592
101,487,318
1927
the
period of 1932 totaled
30,302,000 bushels and in 1929, 57,019,000 bushels.
In the
we
1,582
this
week,
with
perhaps
some
toward fractional losses rather than
gains.
averages
tendency
slight
Treasury bonds
lost ground earlier in the week but firmed up afterwards.
Railroad bonds of highest grade have sold at lower prices.
On the other hand, the cotton traffic over Southern roads
—ordinarily of
great
no
in June, it being the
consequence
tail end of the crop season—was very much
larger than in
June 1940 both'as regards the overland shipments of the staple
and the receipts at the Southern outports. Gross shipments
overland totaled 136,638 bales as compared with only 93,702
bales in June last year, and but 54,759 bales in the
month of 1938.
In June,
14,575 bales, and in June, 1929,
of the port movement of
are
set out in the
same
1932, the shipments dropped to
22,761 bales.
were
Details
the staple for the last six
years
subjoined table:
For instance,
point from
week
a
100%
Burlington
&
4%s, 1977,
Quincy
on
Lower grades have
ago.
been in general below last week's prices, among these
Chicago
off 2%
being
at
71.
Among the issues of bankrupt roads, Chicago Rock Island &
Pacific bonds enjoyed rallies of about a point on
Wednesday
Commerce
upon the announcement of an amended Interstate
Commission plan for reorganization.
Fluctuations
small.
High
changed.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JUNE, 1941, 1940, 1939,
Union Pacific 3%s, 1980, closed at
Friday, off %
Small
been very
public utility bonds have
among
better
and
grades
declines
been
have
been
have
seen
in
virtually
un¬
of
the
some
1937 AND
1941
Galveston
1940
44,549
117,957
Houston, «fec
919
Corpus Chrlati
New Orleans
170,093
49,648
2,637
516
Mobile..
1938
42,212
23,916
1,005
35,100
2,863
Pensacola..
1937
31,708
17,688
4,126
8,365
'"602
2" 368
Beaumont
1,609
3,778
*2*003
Charleston
Lake Charles........
.
9
138
692
29,079
80,932
9,132
16,887
8,367
2,208
3,001
*3*216
*2*,345
"5",931
3*085
,
Co.
registered
All
Association
the
on
$30,000,000 3%s,
389
717
422
12,423
1,063
1,472
3,964
272
sections
fractional
with
329
1,861
of
Paramount
Childs
Co.
Interest
the
other
5s, 1950.
hand,
Com¬
have
been
Wisconsin Power & Light
1971, and $3,000,000 notes.
5s,
in
3%s,
1943,
new
industrial
list
have
limited
been
to
Motion picture bonds have been strong,
changes.
25
""607
Jacksonville
1969,
9,714
44
Norfolk, i
14,054
823
Electric
&
4s,
active at fractionally new highs.
"
_
Wilmington
19,088
Gas
Mack ay
mercial
1936
24,738
103
Savannah
speculative issues, such as Cities Service 5s, 1966, and
England
1936
1939
27,981
22,043
more
New
1938,
1947,
43%
at
making
also
a
made
financing was confined
new
a
high
new
to the
at
1941
97.
peak.
offering of
4,026
------
$25,000,000 of debentures and $15,000,000 of serial notes by
.
Total.............
338,062
119,397
108,541
95,338
74,833
137,946
Standard
Some
In the
table
we
now
present
the June comparisons of the
a
summary
is furnished of
wbicli
and net earnings of the
among
have
ng
1909.
gross
Co.
of California.
profit-taking
appeared
been
quite
buoyant
Canadian
issues.
railroads of the country for each year back to and includ-
Oil
late
loans
have
in
Australian
recently
been
little
among
bonds,
foreign
changed,
while
European issues Norwegian bonds moved into higher
grounds.
Belgian
and
French
bonds have been
softer
as
Volume
Danish
loans
settlement
firmed
in
the
of
rest
South
reflection of the recent sugar
list continued
American
while
slow, with
fractional
price changes.
tracted noticeably and
Moody's computed
rate
115.04
118.90
107.80
118.00
115.04
108.70
91.91
97.31
118.75
107.80
118.00
115.04
108.52
92.06
97.31
112.00
115.04
118.00
108.52
92.06
97.47
112.00
115.04
13
115.24
107.80
118.74
107.80
118.00
115.24
108.70
92.06
97.31
112.00
118.71
107.80
118.20
115.04
108.70
92.06
97.47
112.00
115.04
92.20
97.47
112.00
115.24
108.52
Aa
Indus.
R.
P. U.
3.92
3.06
2.90
4.27
3.92
3.06
2.90
4.27
3.91
3.06
2.90
Baa
A
2.90
3.24
2.75
2.90
3.25
2.75
2.90
3.25
R.
4.28
3.29
..
'
2.75
3.29
14
115.04
Aaa
3.29
Aug. 15
112.00
118.72
Corporate by Groups
Corporate by Ratings
Avge.
Corpo¬
Average
*
Indus.
Baa
Aa
Aaa
1941
Daily
oups
Corpo¬
rate *
,
(Based on Individual Closing Prices)
Corporate by Ratings *
Avoe.
Govt.
bond prices and bond yield averages
MOODY'S BOND YIELD AVERAGES f
(Based on Average Yields)
U. S.
Trading in Japanese bonds con¬
prices continued depressed.
given in the following tables:
are
MOODY'S BOND PRICES t
Bonds
897
& Financial Chronicle
There has been some slight un-
up.
Cuba 4^s
in
Mexican issues have been in better demand,
ruling.
the
The Commercial
153
3.29
2.75
2.89
3.24
4.27
3.92
3.06
2.89
11
3.29
2.74
2.90
3.24
4.27
3.91
3.06
2.9 ;
9
3.29
2.74
2.89
3.25
4.26
3.91
3.06
2.89
4.26
3.91
3.06
2.89
12
;•...
....
119.09
107.80
118.20
115.24
119.20
107.98
118.20
115.24
108.70
92.20
97.47
112.00
115.24
8
3.28
2.74
2.89
3.24
92.20
97.47
112.00
115.24
7
3.28
2.74
2.89
3.24
4.26
3.06
2.89
118.20
108.70
3.91
115.24
6
3.28
2.74
2.89
3.25
4.25
3.90
3.06
2.89
4.25
3.90
3.06
2.89
107.98
119.33
•'
119.48
107.98
118.20
115.24
108.52
92.35
97.62
112.00
115.24
107.98
118.40
115.24
108.52
92.35
97.62
112.00
115.24
5
3.28
2.73
2.89
3.25
119.48
97.62
112.00
115.24
4-.»
3.29
2.73
2.90
3.25
4.26
3.90
3.06
2.89
4.26
3.90
3.06
2.89
92.20
119.50
107.80
118.40
115.04
108.52
119.54
107.98
118.40
115.24
108.52
92.20
97.62
112.00
115.24
2
92.06
97.47
112.00
115.24
1
"II
-
3.28
2.73
2.89
3.25
3.29
2.74
2.89
3.25
4.27
3.91
3.06
2.89
3.29
2.75
2.89
3.25
4.27
3.91
3.06
2.90
3.30
2.74
2.90
3.26
4.28
3.93
3.06
2.90
2.90
3.27
4.28
3.9
119.56
107.80
118.20
115.24
108.52
119.55
107.80
118.00
115.24
108.52
92.06
97.47
112.00
115.04
119.47
107.62
118.20
115.04
108.34
91.91
97.46
112.00
115.04
119.46
107.62
118.20
115.04
108.16
91.91
97.16
111.81
115.04
11
3.30
2.74
107.98
91.77
97.00
111.62
114.85
3
3.31
2.75
2.92
3.28
107.44
114.66
4.29
118.00
114.66
27
3.31
2.75
2.92
3.29
119.55
July
25
.
18
June
...
3.07
2.90
3.94
3.08
2.91
4.29
3.93
3.09
2.92
4.31
3.94
:
119.45
107.44
118.00
114.66
107.80
91.77
97.16
114.44
107.62
97.00
111.44
114.27
20
3.33
2.76
2.93
2.94
114.46
91.48
3.09
107.09
117.80
3.30
119.02
111.25
113.89
13
3.34
2.77
4.31
2.96
107.44
97.00
3.10
114.08
91.48
3.94
117.60
3.31
106.92
2.95
118.97
96.69
110.88
113.31
6
3.35
2.99
91.19
3.12
107.27
3.96
113.70
4.33
117.20
3.32
106.74
2.97
118.81
2.79
96.69
110.70
112.75
May 29
3.37
2.82
2.99
3.33
3.02
106.39
91.05
3.13
107.09
3.96
113.31
4.34
116.61
110.70
112.93
23
3.37
2.81
2.98
3.34
4.33
3.96
3.13
3.01
3.95
3.14
118.71
96.69
118.35
106.39
116.80
113.50
106.92
91.19
118.52
106.39
116.61
113.31
106.92
91.34
96.85
110.52
112.75
106.92
91.62
97.00
110.52
112.93
....
9
116.80
113.12
3.02
3.37
2.82
2.99
3.34
3.36
2.81
3.00
3.34
4.30
3.94
3.14
3.01
3.37
2.80
3.01
3.35
4.32
3.95
3.14
3.02
3.38
16....
4.32
2.82
3.02
3.36
4.33
3.96
3.15
3.05
4.35
118.45
106.56
118.66
106.39
117.00
112.93
106.74
91.34
96.85
110.52
112.75
2
118.62
106.21
116.61
112.75
106.56
91.19
96.69
110.34
112.19
Apr. 25
112.56
106.39
110.15
112.00
18
3.06
116.41
96.54
3.10
105.86
90.91
3.97
118.28
96.54
109.79
111.81
10
3.41
2.83
3.18
3.07
90.77
3.97
106.21
4.36
116.41
112.19
3.38
105.69
3.05
117.36
97.00
109.97
112.19
4
3.39
2.81
3.04
3.38
4.31
3.94
3.17
3.05
3.40
....
3.40
2.83
3.03
3.37
!
117.55
106.04
116.80
112.37
106.21
91.48
109.79
111.81
Mar. 28
2.83
3.18
3.07
96.54
3.97
106.04
91.05
4.34
112.19
3.39
105.86
116.41
3.05
117.80
110.15
112.75
21
3.38
2.80
3.02
96.54
3.46
90.77
3.97
106.56
4.30
112.93
3.36
106.21
117.00
3.01
117.85
109.97
113.31
14
3.38
2.78
2.99
3.30
4.38
3.97
3.17
2.99
4.40
3.99
3.17
3.00
3.18
3.02
117.77
106.21
117.40
113.31
106.56
90 48
96.54
116.90
106.04
117.40
113.31
106.39
90.20
96.23
109.97
113.12
95.92
109.79
112.75
7
Feb.
3.39
2.78
2.99
3.37
28
3.40
2.79
3.01
3.38
4.43
4.01
116.93
105.86
117.20
112.93
106.21
89.78
109.60
112.75
21
3.42
3.19
3.02
89.52
95.62
4.03
106.04
4.46
112.75
3.39
117.00
3.02
105.52
2.80
116.06
109.60
113.12
14
3.40
2.77
3.00
3.38
3.19
3.00
117.60
95.92
4.01
106.21
89.64
4.44
113.12
7
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
31........
3.37
2.75
2.97
3.37
4.37
3.95
3.18
2.97
24
3.36
2.77
2.96
3.36
4.30
3.93
3.17
2.98
2.74
2.96
3.36
4.38
3.90
3.16
2.96
2.95
116.24
105.86
116.52
106.21
117.80
113.31
106.39
90.20
95.54
109.79
113.31
117.14
106.39
118.00
113.70
106.39
90.48
96.85
109.79
113.70
90.77
97.16
109.97
113.50
113.89
106.56
J an.
117.64
106.56
117.60
118.06
106.56
118.20
113.89
106.56
90.48
96.69
110.15
113.89
17
3.36
96.69
110.15
114.08
10
3.36
2.74
2.94
3.36
3.96
3.16
106.56
90.34
4.39
114.27
114.46
3
3.37
2.73
2.93
3.37
4.43
4.01
3.16
2.93
4.03
3.20
3.08
3.90
3.06
2.89
118.03
106.56
118.20
118.65
106.39
118.40
114.46
106.39
89.78
95.92
115.24
108.70
97.62
112.00
115.24
High 1941
3.42
2.84
3.39
107.98
118.60
3.06
119.62
92.35
4.47
111.62
Low
3.28
2.74
2.89
3.24
4.25
110.15
1941
115.89
105.52
116.22
112.00
106.04
89.23
95.62
109.42
110.88
114.85
High 1940
3.81
3.42
3.36
96.07
4.68
89.92
5.24
115.04
106.74
3.78
119.00
3.19
106.74
3.06
119.63
106.56
Low 1940
3.35
2.70
2.90
3.35
2.91
109.60
105.52
3.12
86.38
4.00
79.37
4.42
99.52
4.79
4.32
3.23
3.14
4.80
4.37
3.38
3.17
99.04
113.02
115.16
116.99
*
These
103.13
112.19
Year Ago—
1
115.63
112.37
103.30
84.94
91.34
108.88
110.52
2
101.80
114.66
111.62
99.68
prices are computed from averave
84.81
90.63
100.21
109.97
3.56
2.87
3.04
3.64
Aug. 15, 1940...
3.55
2.92
3.08
3.77
Years
Ago—
Aug. 15, 1939-.-
(3*4% coupon, maturing in 25 years) and do
to illustrate in a more comprehensive way the
yields on the basis or one -typical" oond
level or the average movement of actual price quotations.
They merely serve
averages, the latter being the true picture of the bond maraet.
t The latest conolete list of bonds used in computing these indexes was published
average
movement of yield
.
.
show either the
relative levels and the relative
not purport to
■
in the issue of July 13, 1940, page 160.
Indications oi Business Activity
THE^/STATE
TRADE—COMMERCIAL EPITOME
OF
Friday Night, Aug. 15,
Business
activity continues to
recent
weeks, with the "Journal of
index
figure at
123.4 against
1941.
hold at its high level of
Commerce" latest weekly
the revised figure of
123.6
previous week and 124.9 the all-time high of the
index, reached on June 28.
'
Railroad car loadings for the week ended last Saturday,
the
for
while
showing a decline of 4,516 cars, were better than
A major drop in miscellaneous freight loadings
seasonal.
largely offset by heavier grain loadings in Western
Engineering construction awards for the week
was
districts.
$91,586,000 were
of
more
than double those of the same
period last year.
Dun & Bradstreet reported bank clear¬
ings for the week ended Wednesday at 33.2% above a
year ago.
'
v
-v:—'
Warning that the full priorities order for steel promul¬
gated
by the Office of Production Management last week
applied with great judgment and common sense to
must be
chaos in the industry, the "Iron Age" in its
that if the mills are allowed to
with Government approval, confusion and
avoid temporary
mid-week
use
review predicts
discretion,
upsetting of mill schedules may be avoided.
The magazine emphasizes that steel producers are faced
with a mountain of clerical work in reclassifying more than
a
million steel orders on books to conform with the new
drastic
mandatory priority
edict.
shortage gets a '"high priority rating" on
the country's list of unsolved problems, the survey com¬
ments.
Largely because of this shortage, steel operations
are off a full point this week to 98.5% of capacity.
In the
last week orders for steel again exceeded shipments, and
The steel scrap
bookings at the big centers like Pittsburgh and Cleveland
ranged from 120% to 130% capacity.
The distribution of electric energy declined in the week
ended Aug. 9 for the first
week
Total
of
June
21,
distribution
the
was
time in any full week since the
Electric Institute reported.
3,196,009,000 kwh., compared with
Edison
3,226,141,000 kwh. in the preceding week.
This was 16.5%
comparative of 2,743,284,000 kwh.
American Telephone & Telegraph Co. reports to the Fed¬
eral Communications Commission net income of $98,546,021
for six months ended June 30, against $00,986,214 in the
above the 1940
like
1940 period.
Operating gross was
$72,473,337, against
$59,444,069, while net operating income was $16,723,021,
against $9,613,983.
Loading of revenue freight for the week ended Aug. 9
totaled 878,549 cars, according to reports filed by the rail¬
roads with the Association of American Railroads and made
public today.
below the
correspond¬
This was a decrease of 4,516 cars
preceding week this year, 151,476 more than the
ing week in 1940, and 217,526 above the same
period two
This total was 133.93% of average loadings for
the corresponding week of the 10 preceding years.
Ward's Reports, Inc., estimated today that car and truck
years ago.
total 45,550 units. Last week
A year ago this week they
totaled 20,475.
The increase this week was attributed to a
stepping up of schedules by companies engaged in initial
production of 1942 models.
Commenting upon credit re¬
strictions on automobile sales, Wards said a "very severe
impairment of deliveries could result if stringent terms are
adopted."
It estimated that three out of every five cars
production this week would
assemblies numbered 41,795.
sold
A
are
time-financed.
of buying brought
wave
retail trade volume to new
highs this week, Dun & Bradstreet, Inc., reported today.
Wholesale purchasing was reported at record proportions,
forcing manufacturers and wholesale companies
to allotment schemes to restrict overbuying.
to resort
adjudged steady, with newlystill outrunning shipments and increasing
backlogs.
Four out of five major indexes showed declines
from the previous week, but they were very small declines.
Margin of sales improvement for all retail lines was esti¬
mated at 22% to 30% above the corresponding week a year
ago
for the country at large.
Regional increases were
fairly uniform, it was stated.
The weather of the week was characterized rather gen¬
erally in central and northern portions of the country east
of the Rocky Mountains by a continuation of high tempera¬
tures and most scattered, local rainfall, making the third
consecutive week with quite similar conditions.
High tem¬
peratures persisted throughout the week, with the highest
prevailing in the Central Valleys and Northwest.
The
highest were in the northern Great Plains on Aug. 5, when
some areas in the Dakotas reported up to 109 degrees, the
General manufacturing was
placed
orders
The Commercial & Financial Chronicle
898
highest for the United States, and reversing the usual sum¬
mer conditions, as the hottest weather normally occurs in
Government advices state that with the
the far Southwest.
close of
third week
the
extensive rainfall
in
those
temperatures and without
central and northern portions of the
over
Mountains, drought conditions
becoming progressively
intensified,
of the Rocky
east
country
of high
areas
are
although some areas, principally from the western Lake
region to the northern Great Plains, the central Appalachian
Mountain districts and some adjoining sections and the
Plains
southeastern
area
However,
by beneficial rain.
considerable
have received
good general, soaking rain
a
•
v:
from the Great Plains
eastward, Government advices state.
In the New York
•
area
clear
during
City
week,
the
the weather has been generally
with
temperatures
comfortably
warm.
Friday was overcast in the early part
day with heavy rain in the afternoon. Temperatures
of the
Showers and local thunderstorms are forecast for
and Saturday morning, clearing Saturday
degrees.
Friday
night
afternoon with fair weather
in
Sunday.
No important change
temperature is looked for tonight, thermometer readings
in
both
Revenue
the city
and suburbs being jdaced at
low of 62
a
Saturday.
r
——♦
Continued to Show Sharp Gain,
According to Fairchild Publications Retail Price
Index
During July retail prices showed the greatest advance for
month during the present upward movement, according
any
Publications
Fairchild
the
July 1.
This compares
retail
price
with the gain of
As
of
1.5%
during the
gain of 7.2% over Aug. 1
previous month. Prices showed a
a year ago.
Quotations have also shown
in
index.
gain of 1.9% as compared with
a
increase of 12%
an
comparison with the low prevailing immediately preced¬
the outbreak of hostilities in 1939.
Under date of
ing
Aug. 15 Fairchild Publications announcement further said:
Each
the major groups advanced
of
increase recorded
showed
the
in
advance.
In
approximating
in
the
of
8.5%
comparison
with
war,
For the
first time
Marked gains were
in years
period
an
every
advance.
current
the
sharp
quotations
Zelomek,
gain
are
economist
furnishings
both
ago
piece
the increases
showed
immediately preceding
The only exception
the
the
greatest
outbreak
in
11%
retail
was
infants'
socks.
and house dresses, cotton piece
aprons
a
year
prices
during
the
past
months
two
still sharply below replacement, according to A. W.
Fairchild Publications.
He contends that the
for
FAIRCHILD PUBLICATIONS
Jan.
3.
150.3
171.8
149.3
213.6
171.6
freight for the week ended Aug. 9
totaled 878,549 cars, the Association
announced
cars
of American Railroads
increase of 151,476
an
was
20.8% above the corresponding week in 1940, and
or
was a
This
Aug. 14.
on
increase of
an
217,526
Loading of
cars or
32.9% above the same week
freight for the week of Aug. 9
revenue
decrease of 4,516 cars
week.
0.5 of 1 % below the preceding
or
The Association further reported:
Miscellaneous freight loading totaled 360,657 cars, a decrease of 3,635
cars
below the preceding week,
but
increase of 77,892 cars above the
an
corresponding week in 1940.
Loading of merchandise less than carload lot freight totaled 156,684 cars
increase of 960 cars above the preceding week, and an increase
an
cars
above the corresponding week in
Coal
loading amounted to 166,429
of 7,017
1940.
cars,
increase of 285 cars above
an
the corresponding
week in 1940.
Grain and grain products loading totaled 45,887 cars, a decrease of 255
cars
below
the preceding week,
but an increase of 4,501 cars above the
In the Western Districts alone, grain and
corresponding week in 1940.
grain products loading for the week of Aug. 9 totaled 32,102 cars, an increase
of
2,111
cars
above the preceding week, and an increase of 5,250 cars above
the corresponding week in 1940.
Live stock loading amounted to 10,021 cars, an increase of
week in
In the Western
1940.
cars
ceding week, but
Forest
a
decrease of 270
but
cars
above
an
above the pre¬
below the corresponding week in
cars
products loading totaled 49,118 cars,
below the preceding week,
262
below the corresponding
Districts alone, loading of live stock for
the week of Aug. 9 totaled 7,239 cars, an increase of 30 cars
decrease of 1,526 cars
a
increase of 12,944 cars above the corre¬
sponding week in 1940.
Ore loading amounted to 76,697 cars, a decrease of 531 cars
below the
preceding week, but an increase of 6,488 cars above the corresponding
week in 1940.
Coke loading amounted to 13.056 cars, a decrease of 76 cars
below the
increase of 2,773 cars above the corresponding
preceding week, but an
week in 1940.
All districts reported increases compared with
the corresponding weeks in
1940 and 1939.
'
year
RETAIL
and into spring,
PRICE
1942.
Four weeks of February
Five
1940
2,557,735
2,488,879
3,123,916
3,817,918
2,793,563
2,288,730
2,282,866
2,976,655
2,225,188
2,495,212
3,351,840
2,896,953
4,160,527
3,510,137
3,413,427
883,065
Five weeks of May
Four weeks of June
2,926,408
878,549
727,073
2,563,953
2,532,236
656,553
661,023
25,021,469
21,181,985
19,113,612
Four weeks of July
Week of Aug. 2
Week of Aug. 9
Total
2,822,450
717,927
railroads to report for the week ended
Aug. 9,1941, loaded a total of 409,318 cars of revenue freight
on their own lines, compared with 416,009 cars in the preced¬
ing week and 336,364 cars in the seven days ended Aug. 10,
The first 18 major
1931=100
A comparative
table follows:
REVENUE FREIGHT LOADED
Copyright 1941 Fairchild News Service
2,824,188
—
weeks of March.
Four weeks of April
1940.
INDEX
1939
1941
2,740,095
Four weeks of January
16.8%
ago were
for cottons.
gains will continue marked for the rest of the
THE
year
the greatest gains,
The advances compared with
furniture, 22.1% for furs,
Despite
a
commodity included in the index, with
recorded for furs,
goods and furniture.
for
Home
with
13.3%.
exception, showed
one
also showed
the
.207.9
during the month, with the greatest
comparison
8.2%.
and
with
'.210.5
Week Ended Aug. 9
revenue
piece goods and home furnishings, while infants' wear
smallest
goods and home furnishings
gain
-
the preceding week, but a decrease of 711
Retail Prices in July
to
.
the preceding week, and an increase of 40,572 cars above
Overnight at Boston it was 65 to 74 degrees; Baltimore,
68 to 83; 'Pittsburgh, 64 to 81; Portland, Me., 55 to 75;
Chicago, 66 to 79; Cincinnati, 71 to 94; Cleveland, 61 to 83;
Detroit, 58 to 82; Milwaukee, 65 to 80; Charleston, 73 to 82;
Savannah, 74 to 84; Dallas, 75 to 92; Kansas City, 72 to 90;
Springfield, 111., 72 to 89; Oklahoma City, 73 to 89; Salt
Lake City, 64 to 83, and Seattle, 58 to 77.
Aug. 1. the index showed
follows:
as
213.4
ago, Aug. 1—
212.8 Month ago, July 15
211.1 Year ago, Aug. 15
209.2 1940 High—Dec. 31
Low—Aug. 16
211.0
210.5 1941 High—Aug. 7
Low—Feb. 17
210.8
-
Loading of
degrees and ranging upward to a high of about 80 degrees
on
1941
16,
Freight Car Loadings Totaled 878,549 Cars in
on
minimum of 60 degrees and a maximum of 82
a
Aug.
8
Aug.
9
Mon.
Aug. 11
Tues.
Aug. 12
Wed.
Aug. 13
Thurs. Aug. 14
Fri.
Aug. 15
in 1939.
The weather
fell between
The movement of the Index has been
Fri.
Sat.
relief
is needed nearly everywhere outside of the Southern States,
Aug.
FROM CONNECTIONS
AND RECEIVED
(Number of Cars)
May I,
Aug. 1,
May 1,
July 1,
Aug. 1,
1933
1940
1941
1941
1941
1941
Composite index
69.4
92.9
95.5
96.3
97.7
99.6
Piece goods..-....—
Men's apparel
65.1
86.0
88.8
89.6
91.3
93.3
70.7
89.1
89.5
89.7
90.1
91.5
Aug. 9
Aug. 2
Women's apparel
Infants' wear
71.8
92.1
93.9
94.3
95.3
96.9
1941
1941
76.4
96.9
97.6
97.7
98.1
98.7
Home furnishings.
70.2
94.6
97.7
98.9
100.4
102.4
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
57.4
67.6
70.2
70.4
70.9
72.0
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR
Chicago Milw. St. Paul & Pac. Ry
Chicago & North Western Ry
June
1,
Loaded on Own Lines
Piece goods:
Silks
Received/Tom Connection*
Weeks Ended—
Weeks Ended—
Woolens
69.2
87.3
90.3
90.7
91.8
93.2
Cotton wash goods.....
68.6
103.2
106.0
107.7
111.3
114.6
Sheets
65.0
93.5
96.2
97.3
99.3
100.8
Gulf Coast Lines
Blankets & comfortables
72.9
114.0
117.2
118.4
119.2
120.8
74.6
73.2
73.2
73.3
73.5
Aprons & house dresses.
75.5
105.7
106.8
107.1
Corsets and brassieres..
83.6
93.0
92.9
93.1
93.5
94.6
Furs
66.8
103.4
115.4
116.8
121.5
126.2
Underwear......
69.2
87.1
87.2
87.4
87.4
88.0
76.5
88.8
88.0
88.1
88.1
88.2
Pere
64.9
87.6
87.4
87.4
87.5
89.2
Pittsburgh & Lake Erie RR.
Southern Pacific Lines......
Underwear
69.6
91.8
92.0
92.0
92.8
94.2
Wabash
Shirts and neckwear
Hats and caps
74.3
86.4
86.3
86.3
86.4
82.8
83.9
84.1
84.5
85.7
Clothing, lncl. overalls..
70.1
91.5
92.5
92.8
93.4
76.3
94.5
94.7
95.3
95.9
74.0
102.0
103.6
103.6
Underwear
74.3
95.0
95.2
95.2
95.3
80.9
93.8
93.9
94.4
95.1
96.3
Furniture
69.4
100.8
107.7
110.1
113.3
116.7
Floor coverings.
79.9
126.1
130.6
132.1
133.6
135.1
Musical Instruments
50.6
54.0
53.5
53.8
54.5
56.7
Luggage
60.1
76.0
76.6
77.2
77.9
81.2
Eleo. household appliances
72.5
79.7
80.6
81.5
82.9
84.9
China
81.5
94.1
97.9
99.1
100.3
102.1
Aug. 10
1941
1940
8,279
22,735
13,881
10,289
10,345
12,954
2,036
2,463
8,477
22,299
14,249
10,046
5,385
18,130
10,892
7,006
7,179
95.9
Shoes..
18,324
33,768
24,423
14,149
Aug. 2
1941
95.2
Shoes
22,647
41,780
28,930
Aug. 9
87.4
69.7
42,620
29,405
International Great Northern RR
59.2
22,526
Aug. 10
1940
lJUUlwUCO
Women's
.
apparel:
Missouri-Kansas-Texas
Hosiery
Shoes
....
....
107.9
111.0
Men's apparel:
Hosiery
....
....
...
1,820
4,621
RR
Missouri Pacific RR
New
17,882
23,692
23,038
3,069
16,468
.....
York Central Lines
48.498
N. Y. Chicago & St. Louis Ry
7,234
Norfolk & Western Ry
24,648
Pennsylvania RR...-
87,279
19,001
23,584
22,453
3,361
2,077
4,801
17,537
50,414
7,541
24,792
89,373
5,627
Ry
Total
6,044
8,261
36,522
6,108
Marquette Ry
36,922
8,690
6,062
20,726
20,739
2,853
1,541
3,818
3,753
12,392
40,309
11,355
50,562
13,806
5,881
20,960
68,100
5,077
6,284
57,975
6,356
10,026
13,343
2,021
2,483
10,013
1,351
3,905
11,744
51,103
2,571
7,673
39,612
14,314
5,954
10,442
4,579
44,175
4,997
7,342
7,640
7,660
12,653
55,371
6,272
9,497
12,597
10,699
10,805
9,454-
7,625
30,317
5,372
1,683
409,318 416.009 336,364 265,879 264,506 198,330
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
97.4
Infants' wear:
Socks
VW
■
-
■
-V
;
VUUipUDlWJ
IUUCA
iO
iX
Major
104.0.
group
(Number of Cars)
104.0
Indexes
■
Chicago Rock Island & Pacific Ry.
Illlnois Central
Moody's Daily Commodity Index declined from 213.4 a
Friday.
The principal individual
changes were declines for cotton and silk.
■4
1941
Weeks Ended—
Aug.
2,
1941
x30,000
29,561
38,227
15,453
System
St. Louis-San Francisco Ry.
Total
x
Moody's Commodity Index Declines
.'•.I...'
Aug. 9,
38,131
15,917
83,780
83,609
Aug. 10, 1940
x27,000
28,004
12,011
are
arithmetic averages of subgroups.
week ago to 210.8 this
'
1
.................
67,015
Estimated.
In the
following
we
undertake to show also the loadings
ended Aug. 2,
increases when
for separate roads and systems for the week
1941.
During this period 115 roads showed
compared with the
same
week last
year.
Volume
REVENUE FREIGHT LOADED AND
RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED AUG. 2
1939
1940
1941
from
Connections
from
1941
1939
1940
1941
1940
Southern District—(Concl.)
Eastern District—
614
628
595
1,400
1,274
1,081
9,000
756
841
263
236
7,120
1,353
7,225
1,863
13,353
9,501
2,043
Arbor
Bangor A Aroostook
Boston A
Freight Loaded
Railro
Connections
1941
Total Loads Received
Total Revenue
Total Loads Received
Total Revenue
Freight Loaded
RaUroads
Ann
899
The Commercial & Financial Chronicle
153
Maine
1,684
Chicago Indianapolis A Loulsv.
2,470
28
31
14
85
52
1,573
7,272
10,189
1,220
5,103
7,962
1,225
4,354
9,037
2,847
10,659
8,794
1,822
7,533
0,836
344
393
394
103
2,399
1,371
1,562
275
Delaware A Hudson
Delaware Lackawanna A West.
186
210
12,507
3,515
12,015
1,359
3,735
16,019
8,420
Detroit A Mackinac
Detroit Toledo A Ironton
Detroit A Toledo Shore Line...
1,093
2,644
176
146
210
2,335
1,743
7,939
2,621
4,874
2,269
41,910
9,492
1,163
6,117
1,533
8,055
2,582
2,163
10,044
11,540
7,071
1,872
1,281
7,016
2,545
2,565
1,891
3,758
2,078
396
176
45
50
15,904
Erie
5,005
Grand Trunk Western........
Lehigh A Hudson River
Lehigh A New England
Lehigh Valley
....
10,520
.............
3,135
5,909
2,431
51,034
12,162
1,212
7,541
Maine Central...............
Monongahela..
Montour
New York Central Lines......
N.Y.N.H. A Hartford
New York Ontario A Western..
N. Y. Chicago A St. Louis
3,158
35,560
2,635
1,020
3,597
902
399
430
Richmond Fred. A Potomac...
438
348
322
1,331
5,990
5,995
20,153
902
Seaboard Air Line
10,792
8,517
Southern System
25,509
21,264
8,157
20,941
517
450
348
754
148
151
156
818
120,702
97,448
94,212
88.040
Chicago A North Western
23,453
Chicago Great Western
2,705
22,802
3,997
25,700
1.234
10,401
19,374
2,594
18,822
3,502
20,667
1,247
9,237
19,379
2,531
19,616
3,948
13,023
13,343
3,434
10,026
4,392
530
517
506
937
143
25,257
20,806
20,228
4,649
578
494
598
729
510
415
368
8,701
Pere Marquette
0,044
7,324
5,088
5,347
4,716
2,675
1,997
7,062
11,600
3,210
1,659
2,236
2,182
6,790
9,145
6,803
9,630
1,307
7,821
4,984
96
49
614
459
295
277
581
203
767
1,010
2,327
2,256
334
Northwestern
District—
Chicago Milw. St. P. A Pac
Chicago St. P. Minn. A Omaha
Duluth Missabe A Iron Range
.
Duluth South 8hore A Atlantic.
Green Bay A Western
857
Pittsburgh Shawmut A North..
Total
Ft. Dodge Des Moines A South.
1,148
Pittsburgh A Shawmut
Southbound...
Winston-Salem
10,407
10,794
2,193
14,314
1,844
9,456
6,272
5,265
Tennessee Central
39,963
11,219
1,686
50,483
9,316
Pittsburgh A Lake Erie
N. Y. Susquehanna A Western.
Pittsburgh A West Virginia
2,630
494
129
Central Indiana
Central Vermont
3,443
1,305
Piedmont Northern
Nashville Chattanooga & St. L_
Norfolk Southern
Rutland
553
610
652
Wabash
6,062
Wheeling A Lake Erie
5,628
5,851
4,643
4,308
1,235
10,805
3,360
146,226
133,798
207,325
155,751
.j
Great Northern
....
Lake Superior A Ishpeming—
Minneapolis A St. Louis
Minn. St. Paul A 8. S. M......
Northern Pacific
633
9,813
84
2,199
3,416
5,565
311
325
306
444
2,859
1,861
1,803
2,133
143,161
120,250
109,995
61,188
22,547
3,680
18,358
2,983
18,357
2,912
8,477
2,957
711
464
308
97
19,001
2,765
13,677
2,899
14,537
1,969
10,929
2,371
14,435
10,046
1,505
10,711
810
824
667
682
10,271
3,145
1,636
3,449
3,544
2,396
4,081
Spokane International
Spokane Portland A Seattle
2,962
161,785
Elgin Joliet A Eastern
285
787
6,419
Total
5,036
1,052
7,733
■
Total.
Central Western District—
•
Atch. Top. A Santa
Fe System.
Alton
Alleghany District—
809
525
378
41,780
6,280
32,433
28,959
4,580
Akron Canton A Youngs town*.
Baltimore A Ohio
Bessemer A Lake Erie.........
5,920
802
1,122
22,299
2,466
Bingham A Garfield
18,766
2,411
Chicago Burlington A Quincy..
Chicago A Illinois Midland
328
330
255
5
5
Chicago Rock Island A Pacific.
1,699
1,252
5,413
16
15
16,435
Buffalo Creek A Gauley
2,306
8,422
1,239
6,074
11,387
Chicago A Eastern Illinois—...
Colorado A Southern
Cornwall
689
616
527
67
45
Denver A Rio Grande Western.
Cumberland A Pennsylvania...
320
233
228
33
40
Denver A Salt Lake
706
328
331
44
LIgonier
122
60
77
42
37
Fort Worth A Denver City
1,240
881
613
603
3,132
2,244
Illinois Terminal
2,008
1,024
1,853
1,060
2,034
1,319
45,500
Missouri-Illinois
1,136
898
Nevada
1,911
1,891
1,100
1,722
1,508
1,496
16,410
North Western Pacific
1,193
952
901
693
12
22
38
O
31,496
25,832
24,147
7,346
379
293
245
1,650
10,512
13,853
13,433
12,043
Cambria A Indiana
Central RR. of New Jersey
Valley.
Long Island
Penn-Reading Seashore Lines..
1,843
Union (Pittsburgh)
Western
Maryland
1,133
916
1,886
89,373
17,064
19,854
3,979
Pennsylvania System
Reading Co
68,726
56,644
13,733
18,979
11,907
55,371
22,765
7,115
9,062
10,608
3,152
3,350
5,594
6,460
......
Northern
Peoria A Pekin Union
Southern Pacific (Pacific)
Toledo Peoria A Western......
193,175
Total
153,964
125,559
141,816
111,041
Union Pacific System
397
307
185
6
1,842
1,725
2,973
128,315
104,917
100,443
70,482
Western Pacific
24,715
21,131
4,428
20,433
14,249
5,954
Virginian
28,930
24,792
4,657
3,915
1,896
4,816
1,336
Total
58,379
50,274
48,596
22,099
17,443
Chesapeake A Ohio
Norfolk A Western
24,248
11,291
Total.
District—
Southwestern
182
134
90
234
3,361
2,077
2,957
1,516
2,486
1,588
2,021
1,181
2,741
1,860
1,376
Burlington-Rock Island
Gulf Coast Lines..
Southern District—
246
209
226
127
Alabama Tennessee A Northern
359
Atl. A W. P.—W. RR. of Ala..
1,066
1,227
9,521
5,209
763
1,958
1,087
1,340
.786
7,719
8,278
6,557
4,081
3,648
647
467
426
1,351
3,756
1,465
2,766
4,876
2,619
1,076
2,027
309
305
Atlanta Birmingham A Coast..
Atlantic Coast Line
Central of Georgia
Charleston A Western Carolina
879
737
1,704
1,394
284
207
Durham A Southern
186
192
149
Florida East Coast
432
399
Gainsville Midland
36
26
1,234
Clinchfield
Columbus A
Greenville..
721
International-Great Northern.
Kansas City
202
Southern....
Louisiana A Arkansas
378
2,361
1,757
1,766
2,483
1,622
296
322
278
Midland Valley
894
540
Missouri A Arkansas
153
195
190
352
4,801
17,568
3,888
13,180
4,035
12,599
3,905
Litchfield A Madison
....
285
Missouri-Kansas-Texas Lines.
395
313
Missouri Pacific
696
661
35
82
74
880
1,996
r
232
2,727
2,173
Gulf
Kansas Oklahoma A
402
>
138
1,771
Utah
Pocahontas District—
975
272
586
11,744
Quanab Acme A Pacific
116
76
109
124
Francisco
8,706
2,694
6,703
2,144
5,558
432
259
750
501
376
Texas A New Orleans...
7,458
6,753
1,954
5,707
5,617
4,330
4,069
25,280
25,888
3,135
19,840
21,685
xl,405
18,442
3,267
3,094
Texas A Pacific—
3,908
3,380
3,556
4,449
13,886
Wichita Falls A Southern
133
113
154
81
20,539
8,479
9,986
5,362
15
16
20
74
Macon Dublin A Savannah
236
127
109
720
494
Mississippi Central
178
111
122
375
283
57,490
44,848
43,930
46,218
Georgia
1,292
....
Georgia A Florida
Gulf Mobile A Ohio
Illinois Central System
Louisville A
Nashville
Note—Previous year's figures
Retail
Costs
Food
revised.
Rose
* Previous figures,
x
1,564
food
Retail
prices,
0.8% Between Mid-June and
which advanced by about 2%
through June,
rose
Louis Southwestern
St.
Weatherford M. W. A N. W_.
Total.
they were a year earlier.
Bureau of Labor
mod¬
'
Changes in prices from June
the
17 to July 15 and since July, 1940, for
per
by 0.8% from mid-
Commissioner Hinrichs of the
Statistics reported on Aug. 10.
Prices for
mid-July, Acting
to
Applies, oranges, carrots and breah were
erately lower than last year.
nearly all foods—except bread and fresh fruits and vegetables,
which are nearing their seasonal low point—continued the
advance of the past seven months.
Sharp increases were
reported again in July for pork, lard, shortening, cheese,
coffee, tea, sugar, and canned foods.
Prices for fresh milk
rose in 10 cities.
Much lower prices were reported in midJuly than a month earlier for apples, onions, carrots, potatoes
and other fresh fruits and vegetables for which seasonally
large supplies are reaching the market.
The Bureau's an¬
Pet. Change,
Change, July, 1941
Compared with
Pet.
June
3,433
Gulf Mobile A Northern only.
Mid-July, Reports Bureau of Labor Statistics
month from March
St. Louis-San
Item
1941 July,
June,
July, 1941
Compared with
Item
June,
1940
1941 July,
1940
+2.6
Eggs
+9.9
+ 30.6
Round steak
Pork chops
+6.0
+ 19.4
Oranges.
Cheese..
+4.5
+ 17.2
Evaporated milk.
+2.1
+ 1.7
+ 1.3
Canned tomatoes
+ 3.4
+ 8.2
Rib roast
+0.7
+ 3.4
+0.4
+ 12.2
0.0
—2.5
-
+ 3.5
...
Butter
+ 11.3
Sugar.
+2.6
Coffee
+ 27.1
White bread
.........
—5.2
+ 11.4
Milk, fresh (av.)_
+2.4
+6.6
Roasting chickens
—0.9
+ 1.2
Flour.
+2.2
+ 8.2
Potatoes
—7.5
+ 13.6
Index numbers of
and for June 17,
........
food costs by commodity groups for the current
period
1941, May 13, 1941, July 16, 1940,
and Aug. 15,1939, are
OF RETAIL COSTS OF FOOD BY
COMMODITY GROUPS
shown below:
nouncement added:
Food costs
not
as
yet reached
a
liminary reports on
has continued.
accounting
whole
9.5% higher than in July, 1940, but have
Savannah, 4.1%, Charleston, 4.0%, Mobile, 3.6%, Jacksonville,
for certain fresh fruits
In all of these cities prices
and vegetables advanced considerably, contrary to
the decline in other parts
of the country.
Foods costs were lower in nine
Omaha (1.1%), Newark
(0.7%), Los Angeles (0.5%), and Salt Lake City(0.5%).
Compared with a
year ago, food costs are now from 10 to 15% higher in 29 cities and from
the greatest decreases reported for
6 to 10% higher in
► The 9.5% rise in average food costs since July, 1940, reflects general
advances in all but a comparatively few foods.
Since last year at this
47%.
and butter have risen 27%, eggs 30 %, and lard
Prices of canned pink salmon, cheese,
canned corn, navy beans,
all of the fresh
evaporated milk, bananas,
coffee, shortening in cartons, sugar, and nearly
vegetables were from 10 to 40% higher in July, 1941, than
May 13,
July 16,
1941
1941
1940
106.7
105.9
102.1
97.4
93.5
90.2
95.9
95.4
97.4
93.4
1941
All foods.
Cereals and bakery
a
products..
108.7
106.8
104.2
98.6
95.7
Beef and veal
108.6
107.2
107.0
103.9
99.6
Pork
106.1
100.9
95.1
83.7
88.0
111.5
113.6
104.7
105.2
98.8
104.5
105.7
106.0
103.3
94.6
120.4
118.5
117.2
108.2
99.6
112.3
bl09.7
107.7
98.8
93.1
114.7
104.4
94.3
87.8
90.7
Meats....—
-—
Lamb
—
Chickens
Fish, fresh and
canned
Dairy products
Eggs
Fruits and
22 cities.
time, prices of pork products
Aug. 15,
1939
June 17,
July 15,
Commodity Group
amounting to more than 3% were reported from
3.1%.
1935-39=100
large
purchases, and some speculative buying.
3.4%, Dallas, 3.3%, and New Orleans,
with
Five-Year Average
As has been the case in recent months, the principal factors
Increases in food costs
cities,
INDEX NUMBERS
For the last half of July, pre¬
18 foods in 18 cities indicate that the upward price trend
for rising food prices are increased consumer demand,
Government
six cities:
were
the peak level of 1937.
--
107.0
Fresh
92.4
102.2
92.8
91.6
-
94.2
92.7
102.7
100.9
98.7
96.1
92.8
94.9
96.6
b Revised.
96.2
105.1
101.4
Fats and oils
Preliminary,
100.4
105.8
97.9
Beverages
a
103.5
bll6.5
106.4
Canned..
Dried...
Sugar
112.1
109.3
vegetables
92.5
88.0
82.1
84.5
107.8
107.4
106.9
96.1
95.6
90.3
The Commercial & Financial Chronicle
900
Aug.
(1926=100)
Commodity Price Indexes of 10 Countries Compiled
by General Motors and Cornell University
General Motors
to the
European
world
a
Percentage Changes to
Corp. and Cornell University, which prior
the
Instead
war.
of
prices, these organizations
10.
1940 Aug.
1941
1941
1941
Aug. 9, 1941 from—
Aug.
12,
of
index
composite
a
world
newsprint, linseed oil, &c.)."
Weights assigned in the index
to the different commodity groups are as follows: Grains,
20; livestock and livestock products, 19; vegetable fats and
other foods, 9; textiles, 12; fuel, 11; metals, 11; miscel¬
laneous, 18.
The indexes, which
88.1
76.9
+0.4
87.8
87.2
86.7
85.0
85.5
84.6
65.2
+0.7
+3.3
+ 34.7
84.1
69.3
+0.8
+ 2.5
+24.4
97.9
+0.2
+0.5
+ 12.3
+ 21.3
87.1
86.6
86.4
84.3
71.8
+0.6
materials-
79.6
79.4
79.4
79.1
71.6
+0.3
+3.3
+0.6
Metals and metal products—
98.6
98.6
98.6
98.6
94.9
+0.0
+0.0
+3.9
104.2 103.3 102.7 102.4
Building materials
85.1
85.7
85.5
85.0
Chemicals <& allied products
92.8
+0.9
+ 1.8
+ 12.3
76.7
+0.2
+ 0.7
+ 11.7
-
-
-
-
+ 11.2
Housefurnlshing goodsMiscellaneous commoditles.
95.9
95.5
95.3
90.0
+0.1
+0.6
83.0
82.3
81.8
81.3
76.7
+ 8.2
87.4
87.0
86.4
85.1
69.4
+0.9
+0.5
+ 2.1
Raw materials
+2.7
+25.9
Semi-manufactured articles-
88.9
88.5
87.8
87.3
77.2
+0.5
+ 1.8
+ 15.2
Manufactured products.
91.0
90.7
90.5
89.9
80.8
+0.3
+ 1,2
+ 12.6
90.0
89.7
89.3
88.8
79.5
+0.3
+ 1.4
+ 13.2
90.6
90.2
90.0
89.5
82.2
+0.4
+ 1.2
+ 10.2
— —
-
-
.
95.8
+6.6
commodities other than
All
farm
products
commodities other than
All
farm products
and foods—
CHANGES IN SUBGROUP INDEXES FROM
PERCENTAGE
AUG.
TO AUG. 9,
2
1941
Increases
.
Bituminous coal
0.7
Grains
4.1
Plumbing and heating
Automobile tires and tubes
4,0
Lumber.
3.4
Paint and
3.3
2.1
Other farm products
1.6
Fertilizer materials-.-—
1.3
Paper and pulp
0.3
1.2
Anthracite.
0.2
0.9
Petroleum products
Dairy products
Cattle feed-
——-———--..-——
Brick and tile
—
Other foods.
—
Oils and fats
-
Hides and skins
—
—.
-
—_-
—
_.-i.... 0.7
paint materials...— 0.7
0.6
-
Fruits and vegetables
0.3
—
------
0.3
0.2
0.2
Clothing
based
are
of each country,
currency
+ 16.5
88.8
86.2
Textile products.
Fuel and lighting
for each country
clude "a comprehensive list of several groups, including
grains, livestock and livestock products, miscellaneous foods
(coffee, cocoa, tea, sugar, &c.), textiles, fuels, metals and a
list of other miscellaneous materials (rubber, hides, lumber,
1940
+ 1.7
89.2
-
Hides and leather
in so far as possible.
Each
commodity is weighted uniformly for each country, accord¬
ing to its relative importance in world production.
The
actual price data are collected weekly by General Motors
overseas
operations from sources described as "the most
Responsible agencies available in each country, usually a
government department."
The commodities involved in¬
same
1941
products. 109.9 109.7 109.7 109.3
Farm products
Foods
publishing the informa¬
now are
12 Aug. 10
2 July
89.6
All commodities———-—-
individual country indexes.
index is built upon 40 basic commodities and the list
is the
July
26,
2,
1941
tion only as
The
9,
1941
commodity price index, have resumed issuance of
international price statistics, but on a different basis than
before
July
Aug. Aug.
Commodity Groups
had collaborated in the publication of
war
1941
16,
on
prices expressed in the
reported Aug. 11 as follows:
were
0.9
Furniture
Woolen and worsted goods
0.9
Other leather products
0.9
0.7
Agricultural implements
0.1
Other textile products
0.1
Other building materials..
Cotton goods
-
(August, 1939=100)
Aus¬
Ca»-
tralia
ada
Mex¬
Eng¬
tina
land,
1.1
0.1
Non-ferrous metals
Switz¬ United
Meats
0.7
Livestock and poultry
erland
Swe¬
New
Zeal'd
ico
Java
-----
Decreases
Cereal products
0.1
Silk,.
Argen¬
-
den
Stales
—
0.7
-
0.5
1940—
May.......
120
118
112
131
132
112
June
118
118
120
144
116
113
114
131
136
109
July
118
118
120
145
115
112
114
132
140
109
August
118
119
120
150
115
111
120
132
144
109
September-
116
120
121
145
116
110
122
135
153
111
October
113
123
122
145
117
110
120
139
158
114
120
113
116
143
Commodity Price Index Continues Upward Swing Dur¬
Aug. 9, According to National
ing Week Ended
Fertilizer Association
January
114
rl20
111
119
144
120
Wholesale commodity prices continued to move to higher
levels last week, according to the price index compiled by
the National Fertilizer Association.
Advancing for the fifth
February...
114
126
127
150
121
113
119
147
171
120
consecutive week, this index is now 113.7% of the 1935-1939
March
119
122
129
160
123
114
119
154
17ft
122
April
121
121
131
150
125
115
119
156
180
125
May
126
120
134
150
129
117
120
156
189
129
rl31
121
135
>151
130
118
120
154
192
130
136
151
120
132
November..
113
125
124
146
118
111
118
142
164
118
December..
113
126
126
149
120
111
119
144
168
118
150
rl72
1941—
127
126
1941—
Weeks end.:
June
7—
June
14—
compared with 113.3 in the preceding week, 110.6
index
average,
month ago, and 95.3 a year ago.
The all-commodity
has advanced 13.5% since the beginning of the year.
a
Association's report
follows:
The
11 continued as
under date of Aug.
129
121
133
119
155
193
June 21—
132
121
137
151
131
119
121
154
194
June 28..
134
121
139
151
132
120
121
154
194
133
The principal increase last week was In the farm product group, with
.5..
rl33
121
139
rl55
134
123
121
154
*194
7*135
advances in the cotton and grain averages more than offsetting a small
July
July
12..
19—
133
121
141
*152
134
126
121
r 156
7*137
decline in livestock.
133
121
141
*152
136
126
122
155
July
26-
133
120
143
*158
rl 37
124
124
155
2..
130
120
142
*157
138
*124
123
156
July
'2 Aug.
*
133
...
7*130
137
-
—
137
Although meat prices
were
slightly lower, advances
in dairy products, cocoa, tea, salmon and lard were sufficient to cause an
upturn in the food price index.
The textile price average rose to the highest
point recorded since 1929 the net result of a substantial increase in cotton
combined with advancing quotations for certain cotton goods and woolen
,
Preliminary,
Revised.
r
yarns,
Index of Wholesale Com¬
Bureau of Labor Statistics'
modity
Further
Advanced
Price
9
Week
During
Ended Aug.
which
than counterbalanced declines in wool and burlap.
more
Another increase in the price of camphor was responsible for the rise in the
chemical and drug index.
was
An upturn in the fertilizer material
the result of higher prices for organic nitrogenates.
average
The only other
group average to change during the week was the index representing the
Widespread price advances continued in wholesale com¬
prices of miscellaneous commodities, which advanced slightly due to higher
quotations for cottonseed meal and cattle feed.
9, and the
During the week 35 price series included in the index advanced and
Bureau of Labor Statistics' index of nearly 900 price series
20 declined, in the preceding week there were 31 advances and 20 declines,
moved
in the second preceding week there were 35 advances and 17 declines.
markets during
modity
week ended Aug,
the
0.4% to 89.0% of the 1926 average, Acting Com¬
up
missioner Ilinrichs
the highest level since the spring of
WEEKLY WHOLESALE COMMODITY PRICE INDEX
"The index is at
reported on Aug. 14.
Compiled by the National Fertilizer Association.
(1935-1939=100*)
1930 and is 20% above
■
the low
point of Aug. 19, 1939, just before the outbreak of
Nino
of
the
10
commodity
major
0.9%;
0.8%
foods,
J
during the
indexes advanced
group
0.7%;
products,
farm
and
25.3
:
commodity markets
23.0
1941
1940
108.2
level
in
over
a
and wheat, and
Quotations
year.
cattle feed
dairy products and
most
canned
fresh
pork
declined
and
fruits
bacon.
somewhat
Prices
from
In addition sharp
vegetables.
of
the high
rice, dried beans, onions,
lower.
and
and
livestock
poultry
most
and
levels of the past two weeks and cotton,
'0^'++^
Wholesale
prices
industrial
for
yarns
cotton
Minor increases
were
oak
reported for
flooring:.
lumber
birch,
reached
maple,
most
were
lower
Quotations
were
as
higher
for
maple
18-year peak
an
types of
oak
for
pine and
and
southern
pine
dimension, finish,
timbers, lath and flooring.
Prices were higher for floor
title, for heating equipment, for millwork, prepared roofing and
paint materials such as tung and linseed oils, rosin and turpentine.
Industrial
The
fats
and
oils
continued
advance
because
of
higher prices
and tallow.
following tables show
(1)
of commodities for the past three
1940 and the
(2)
to
index numbers
percentage
1941.
changes
in
a
for the principal
108.6
139.3
133.6
102.5
103.9
103.9
118.5
118.5
118.4
102.5
Chemicals and drugs
106.2
105.7
105.2
103.8
.3
Fertilizer materials
112.6
.3
111.1
101.6
106.4
102.0
101.3
99.3
99.3
99.3
99.4
113.7
113.3
110.6
95.3
Farm machinery
100.0
*
112.3
106.4
...
.3
All groups combined
Base period changed
100.
100.8
Indexes
Jan. 4 from
1926-1928
Aug. 10, 1940, 74.2.
on
base
— _
1926-1928 average to
were:
Aug.
9,
1941,
a8
88.3:
1935-1939 average
1941,
88.6; Aug. 2,
July Chain Store Sales at New Record
Chain store sales in
in retail business,
Store Age."
The
"Chain
July reflected a record-breaking upturn
according to the current review by "Chain
Store
relative to 1929-31
119 in
as
indexes
from
Aug.
2
Age"
index
of
July sales
141,
was
100, compared with 133 in June and
July, 1940.
figures by trade
The index
groups compare as
follows:
groups
week ago, a month ago and a year
subgroup
120.4
103.9
....
Variety
to
Aug.
July,
1941
June, 1941
July,
1940
-
—
— _—_
Shoe
Apparel
Drugs
145.0
weeks, for July 12, 1941 and for Aug. 10,
percentage changes from
121.6
77.2
Building materials
higher than a
and wall
for copra
102.3
Metals
reported in prices for coal and kerosene.
were
Average wholesale prices of
110.4
Prices for men's clothing
again rose sharply.
and trousering and for raw jute and artificial leather
week ago.
82.2
110.4
denim,
including duck,
textiles
105.8
Textiles
1.3
meats
beans, lard and cottonseed oil also averaged
cocoa
111.9
7.1
increases
and for
Vrj-
:
drills, broadcloth and
prices
sugar,
-
94.6
98.6
8.2
Higher prices were also reported
coffee, oleo oil and tallow, for salt and
Miscellaneous commodities.
.
83.8
137.1
97.9
88.0
6.1
for rye flour, oatmeal and corn meal, and for
eggs,
fresh
and
occurred in prices for
Fuels..
10.8
as
higher for barley, corn, oats, rye
were
2.1%.
rose
the week
17.3
109.0
150.0
121.9
—
114.7
103.3
140.0
.
62.2
155.2
.
64.6
127.7
110.4
...—.
116.5
133.4
116.0
Cotton.............
104.9
117.5
136.8
Farm products
107.8
119.2
............
Grains
grain
4.1% to the highest
active during
were
prices recovered from their late July slump and rose
9,
1941
Livestock
Agricultural
ago
Ago
Aug. 10,
Cottonseed oil
level.
and
Ago
July 5,
Fats and oils
fuel and lighting materials, chemicals
and allied products and housefurnishings goods increased less than one-half
of 1%. ; Metals and metal products remained unchanged at last week's
for
Week
Aug, 2,
111.6
Foods...
'
products,
textile
Year
M onth
Preced'g
Week
Aug. 9,
1941
Group
Total Index
Hides and leather products,
0.6%.
Latest
Bears to the
Building materials and miscellaneous commodities
week, by lees than 1%.
rose
Per Cent
Each Group
The Labor Bureau further reports:
the war."
175.0
159.0
162.0
130.0
138.8
154.0
136.3
157.4
126.0
124.0
140.0
132.0
139.0
111.0
Grocery
Volume
The Commercial
153
Electric Output for Week Ended Aug. 9, 1941,
Gain of 16.5% Over Year Ago
Electric
Edison
The
large-scale private housing, 37%, industrial buildings,
Shows
4%.
Institute, in its current weekly
re¬
Geographically, four of the six sections of the country top their respective
estimated that the production of electricity by the
electric light and power industry of the United States for
the week ended Aug. 9, 1941, was 3,196,009,000 kwh.
The
volumes of
West gains 121%, Middle
132%, Far
...
^
.
1
;
New Capital
New capital for construction purposes for July totals $1,656,731,000, a
24% increase
Week Ended
Week Ended
Aug. 2, 1941
Aug. 9, 1941
West
their July, 1940 averages.
Atlantic climbs 95%, and Middle West is 9%
higher.
PREVIOUS YEAR
Ended
July 26, 1941
July 19, 1941
Week
Week Ended
New England and Middle West are
All regions except New England exceed
current
Major Geographic
Regions
117%, west of Mississippi, 71%,
up
of Mississippi states increase 530% over last year, South is up
the like week a year ago.
PERCENTAGE INCREASE FROM
Far West is
46 and 33% lower, respectively, than in June.
is 16.5% above the output of the cor¬
week of 1940, when production totaled 2,743,284,000 kwh.
The output for the week ended Aug. 2, 1941,
was
estimated to be 3,226,141,000 * kwh., an increase
of
over
month ago.
a
Middle Atlantic, 28%, and South, 19%.
responding
16.8%
28%, unclassified
construction, 10%, streets and roads, 9%, waterworks, 8%, and sewerage,
port,
current week's output
901
& Financial Chronicle
The
the volume for the corresponding month last year.
over
month's
new
financing is made up of $1,276,052,000 in Federal
appropriations for construction, $163,000,000 in Federal funds to aid State
highway construction, $143,368,000 in corporate security issues, $49,803,-
21.9
22.9
22.3
2i.6
000 in State and municipal bond sales, and $24,508,000 in
Middle Atlantic
15.5
16.9
12.8
17.2
Finance Corporation loans for industrial plant expansion.
Central Industrial
21.0
21.7
19.2
22.8
West Central
19.5
14.6
10.5
11.5
Southern States
15.9
16.4
16.2
19.7
5.4
5.4
10.3
11.3
x8.7
x8.3
9.8
9.1
16.5
16.8
15.3
18.0
——i.
England
New
Rocky Mountain
Pacific Coast
Total United States
x
_
total for the corresponding seven-month
RECENT
FOR
Was
(THOUSANDS
WEEKS
OF
KILOWATT-HOUR3
2.937.585
Apr.
12...
19
-
3
May 10
May 17
May 24..
May 31
June
7
June
14
mm
June 21
mm
July
mm
5
12
July 19
July 26
Aug.
2
July
-
mm
m m
-
1,995,555
1,992,161
2,237.542
2,224,723
2.515.515
+ 18.3
2,238.826
2.019.065
2.242.421
2.550.071
+ 17.0
2.023.830
2.249.305
2.588.821
+ 16.3
2,234,592
2,277,749
2.030.754
2,251.995
2.477,689
+ 18.0
2.186.394
1.936.597
2,176.399
2,598,812
2.664.853
+ 17.1
2.328,756
2.056,509
2.266,759
+ 15.1
2,340.671
2.051.006
2.653.788
+ 15.2
2.362,436
2,082.232
2.260,771
2.287.420
2,659.825
+ 17.3
2,395,857
2.074.014
2.285,362
2,425,229
+ 18.2
2,145,033
1.937,486
2.139.281
2.651.626
+ 18.5
2,402.893
2,154.099
2,358,438
tions, alterations, and repairs showed a gain ol 5%.
2.681,071
+ 18 0
2.377.902
2,152,779
2,321.531
a
2,760.935
+ 15.3
2,426,631
2,159.667
2.312,104
2,762,240
+ 16.8
2.399.805
2,193.750
2,743,284
+ 16.5
2,413,600
2,198,266
2,453,556
2,434,101
2,442,021
2,206,560
2,202,454
2,341,103
2,360,960
2,365,859
2,351,233
2,380,301
3,066,047
3,055,841
3,120.780
m m
June 28.
2.244.039
+ 16.4
3,196,009
— mm
+ 17.1
2,503,899
3,162,586
3,183,925
3,226,141
mm
2,229.866
2.499.060
3,141,158
mm
2,218.798
2.218.615
2.010,121
2,866,865
mm
2.016,227
2,265,216
2,924,460
3,042,128
mm
May
2.234,908
+ 13.6
2,982,715
3.011,754
mm
2.050,101
+ 13.9
2.528.868
2,975,024
mm
2,243,986
2.529.908
2,926,445
2,914,882
mm
+ 17.8
2,873,710
mm
Apr.
2.493.690
2,882.319
-
Apr. 26
mm
mm
9
mm
Aug. 16
mm
Aug.
2,745,697
2,714,193
2,736,224
Aug. 23
Aug. 30
2,216,648
2,225,194
decline of 2%
the
over
than during June 1940, while value of addi¬
There was, however,
period in the value of new non-residential
year
Total permit valuations during June were 9% lower than during
buildings.
May.
This decrease was brought about by a tailing off of 36% in the permit
valuations of
new
The value of new residential
non-residential buildings.
than
additions,
alterations, and repairs.
These comparisons are based on information
received from 2,114 identical cities with populations of 1,000 or more which
reported to the Bureau of Labor Statistics in June 1940 and May and June
1941.
The total population of these cities was approximately 64,386,000,
buildings for which permits were issued during June was 8% greater
during May, while there was an increase of 2% in the value of
billion dollars in new construction in one month
achieved by July engineering awards.
The
month's volume, $958,663,000, is the highest in the history
of the construction industry according to "Engineering
News-Record" statistics, and averages $191,733,000 for
each of July's five weeks.
The current month's weekly average awards are 30% above
the previous high reported for a month ago, and 120% over
the July, 1940 average week.
Public construction reaches a new peak, and on the weekly
Nearly
The value of new residential buildings for which permits were issued
1940.
in June 1941 was 53% greater
July Engineering Construction Crowds Billion-Dollar
Mark Shatters
All Existing
Records
is
Increase
corresponding period of 1940
permit valuations for new non-residential buildings
featured building permit reports for the first half of 1941,
Secretary of Labor Frances Perkins reported on July 26
"Pronounced gains were also registered for other types of
construction," she said.
"The permit valuations of new
residential buildings showed an increase of 27%, while there
was a gain of 8% in value of additions, alterations, and repairs
to existing structures.
The average gain for all types of
construction
amounted
to 32%,"
Miss Perkins stated,
adding:
June permit valuations were 26% greater than during the same month of
1940
5
Featured
in
1937
1938
1939
1941
from
Apr.
according to the 1940 census.
one
the record
The Labor Department
further declared:
Changes in permit valuations in cities reporting for the first
and
1941
are
half of 1940
summarized below:
Change from First 6 Months of 1940
to First 6 Months of 1941
'
Class of Construction
All CUies
Excl. N. Y. City
+27.0 %
+ 33.1%
+57.1%
+ 8.2%
+ 11.1%
+32.1%
New residential
+36.8%
-
New non-residential
year ago.
Federal work, primarily for defense construction,
is responsible for the high public volume and also reaches an
All construction
The Bureau's tabulations of
It exceeds a month ago by 65%, and is 246%
higher than a year ago. Private construction, however, is
29% under last month, but is up 1 % compared with last year.
all-time high.
The report
issued
on
1940
month,
last
month,
and
the
July, 1940
(Four Weeks)
Total construction.
...
Private construction—
Public construction
——*
State and municipal
Federal
.. .
2,114 reporting cities totaled
-—- —
„
$347,852,000
68,550,000
279,302,000
107,085,000
172.217,000
June, 1941
(Four Weeks)
Changes
current
-.'a
\
July, 1941
(Five Weeks)
97,259,000
872,321,000
128,780,000
359,433,000
permit
Change from June 1940 to June 1941
;
Class of Construction
,
All Cities
743,541,000
$589,221,000
month surpassed all its annual volumes
New
repairs
...J
established for the 12 months of 1940.
and shipways, pipelines, transmission
lines, wharves, &c., which make up
tion, are responsible for 18.4%
Class of
the unclassified construction classifica¬
7.7%, commercial building
4.3%, industrial buildings,
and large-scale private housing,
3.2%, waterworks, 1.2%, bridges, 1.1%, and
0.8%.
The current month's record volume brings 1941 construction to $3,800,-
sewerage,
of 112% over the period in 1940,
and just short of the $3,987,243,000 reported for the entire 52 weeks of last
year.
Private awards, $820,760,000, are 44% ahead of a year ago, and
public construction, $2,979,306,000, is up 143% compared with the seven
months of 1940 due to the 442% gain in Federal work.
July weekly averages in the various classes of construction compared with
those for June show gains in streets and roads of 9%, public buildings, 38%,
waterworks, 96%, earthwork and drainage, 105%, and unclassified con¬
struction, 38%.
losses are reported in industrial buildings, 17%, com¬
mercial building and large-scale private housing, 18%, bridges, 38%, and
066,000 for the seven months, an increase
8%.
with those of July, 1940 reveal increases
This
is 12% under a year ago.
Public buildings report the greatest increase,
444%, followed by earthwork and drainage, 208%, commercial building and
Comparisons of current averages
work with the single exception of bridge construction.
Excl. N.
Y. City
+ 7.9%
New
New housekeeping
or
—39.5%
+2.1%
—0.2%
—9.4%
and repairs
All construction
in the 2,114
+ 7.8%
—36.4%
non-residential
Additions, alterations,
of the award volume. Earthwork and drain¬
feeling the impetus of Federal dam construction to increase power
facilities for defense industries, makes up 8% of the total.
Highways
in all classes of
+29.4%
Construction
All Cities
age, now
sewerage,
+ 11.7%
+25.7%
Change from May 1941 to June 1941
defense housing, &c., in this one
in the years preceding 1939, came
Airports and air bases, shipyards
account for
City
+ 60.5%
+ 5.3%
—2.0%
+ 5.1%
non-residential
Additions, alterations, and
equaling the 1939 total, and was just under half of the record
of $1,196,000,000
Excl. N. Y.
+62.5%
$529,636,000, are 55.3% of the July record total.
plants, army camps and cantonments,
within 11% of
1941, $57,190,000,
the 2,114 reporting cities between
1941 are summarized below:
This
construction, which includes government-owned manufacturing
Public buildings.
of
valuations in
June, 1941 and June, 1940 and May,
$958,663,000
86,342,000
491,962,000
132,529,000
in
$37,394,000, for May,
$32,688,000.
1940,
All construction
class
permit valuations include contracts awarded
by Federal and State Governments in addition to private and municipal
For June, 1941, Federal and State construction in the
and for June,
.
+ 59.9%
construction.
Aug. 12, also added:
Values of awards for the
month are:
.
Additions, alterations, and repairs
basis is 42% highir than in June, and 150% above a
average
the
by 184%.
An increase of 57 % over the
Change
1940
1941
year
32% Above Year Ago—Gain of 57% in Non-
Residential
Percent
Week Ended
period last
Secretary of Labor Perkins Reports Permit Valuation
for Building Construction in First Half of 1941
Percentage should be higher; data under revision.
DATA
Reconstruction
New construction financing for the year to date, $5,007,275,000, tops
—11.4%
residential construction for which permits were Issued
reporting cities in June, 1941 will provide 38,098
dwelling units,
35,850 dwelling units reported in the previous month
more than the number provided in June, 1940.
Units in publicly
housing projects authorized in the reporting cities numbered
6% more than the
and 47%
financed
in May, 1941, and 2,067 in June, 1940.
of building construction for which
permits were issued or contracts were awarded in June, 1941 were:
New
York City—Borough of the Bronx, apartment houses to cost $845,000,
Borough of Brooklyn, apartment houses to cost $1,272,000, Borough of
Manhattan, apartment houses to cost $900,000, Borough of Queens, apart¬
6,036 in June, 1941, 2,640
Principal centers of various types
ment houses to
$3,084,000.
school to cost $615,000, Harris-
cost $1,197,000, one-family dwellings to cost
two-family dwellings to cost $636,000 and a
burg, Pa., a court
house to cost $1,611,000, Haverford Township, Pa.,
Philadelphia, Pa., one-family dwell¬
one-family dwellings to cost $765,000,
$1,155,000, Chicago, 111., one-family dwellings to cost $2,~
447,000, and stores to cost $1,280,000, East Chicago, Ind., a factory to cost
$600,000, Indianapolis, Ind., one-family dwellings to cost $716,000, Dear¬
born, Mich., one-family dwellings to cost $1,134,000, Detroit, Mich., onefamily dwellings to cost $5,516,OGO, and factories to cost $771,000, Akron,
Ohio, one-family dwellings to cost $804,000, Cleveland, Ohio, one-family
ings to cost
The Commercial & Financial Chronicle
902
Aug. 16, 1941
dwellings to cost $974,000, Columbus, Ohio, one-family dwellings to cost
self-sacri^ce of these policyholders.
$943,000, Minneapolis, Minn., one-family dwellings to cost $047,000, and
mental
in
hangar and facilities to cost $777,000, Washington, D. C., one-family
a
apartment houses to cost
dwellings to cost $1,812,000,
buildings to
public
$1,580,000,
cost
Miami
Beach,
$1,825,000, and
Fla.,
hotels to
Texas, one-family dwellings to cost $875,000, San Antonio, Texas, public
hospital to cost $2,000,000, Los Angeles, Calif., one-family dwell¬
utilities
Calif.,
one
and stores
$792,000,
cost
to
to
$782,000, San
cost
Total
Diego,
family dwellings to cost $954,000, and public buildings to
pay¬
667,000 for the first half of the year.
ings to cost $4,470,000, apartment houses to cost $1,530,000, public works
and
endowments, disability
ments, annuities, surrender values, and dividends to policy¬
holders, making an aggregate return in life insurance bene¬
fit payments to beneficiaries and
policyholders of $1,314,-
Denver, Colo., one-family dwellings to cost
$686,000. Burbank, Calii., one-family dwellings to cost $1,064,000, Long
a
funda¬
democracy
days.
months in the form of matured
buildings to cost $683,000,
Calif.,
thrift,
our
holders received
factory to cost $1,520,000, Houston,
a
,
and
characteristics, strengthens the morale of
panies to beneficiaries through death claims, living policy¬
a total of $806,798,000
during the past six
$886,000, Baltimore, Md., one-family dwellings to cost $1,051,000, Arling¬
$664,000, Chattanooga, Tenn
self-reliance
In addition to the payments made by life insurance com¬
cost
ton, Va., one-family dwellings to cost $983,000, and apartment houses to
cost
American
these
This
payments
to
policyholders for the month of June
and for the first half of the year
cost
were as follows:
$712,000, San Francisco, Calif., one-family dwellings to cost $1,357,000.
and
public garage to cost $1,000,000, Portland, Ore., one-family dwellings
cost $810,000, and Seattle, Wash., one-family dwellings to cost $1,-
to
a
200,000, and
warehouse to cost $1,525,000.
a
June
Death benefits
,
Contracts were awarded during June for the
Matured endowments
following publicly financed
Annuities
.
Surrender values
bury, Conn., $920,000 for 300 units, Boston, Mass., $4,460,000 lor 1,188
51,493,000
13,055,000
79,810,000
46.162,000
.
..J..-.-
Dividends to policyholders
units, Providence, R. I., $2,550,000 for 744 units, Linden, N. J., $1,042,000
$507,869,000
141,305,000
21,343,000
8.368,000
Disability payments
housing projects containing the indicated number of dwelling units: Water-
Half-Year
$74,000,000
303,027,000
231,163,000
35,555,000
for 350 units, Buffalo, N. Y., $2,543,000 for 800 units, Lackawanna, N. Y.,
$688,000 for 200 units, Bethlehem, Pa., $528,000 lor 168 units, Carlisle,
Pa., $118,000 for 35 units, Middletown, Pa., $1,447,000 for 450 units,
Bank Debits for Week Ended
units, Wilmington,
N. C., $299,000 for 126 units, Alexandria,
Bank debits
reported by banks in leading centers for
Aug. 6, 1941, aggregated $10,507,000,000.
Total debits during the 13 weeks ended
Aug. 6, 1941,
amounted to $133,280,000,000, or
24% above the total
reported for the corresponding period a year ago.
At banks
in New York City there was an increase of
20% compared
with the corresponding period a
year ago, and at the other
reporting centers there was an increase of 27%.
Colo., $53,000 lor 77 units, and San Francisco, Calif., $243,000 for 75 units.
WERE
BUILDING
OF
ISSUED
IN
CONSTRUCTION
2,114
CITIES,
BY
FOR
WHICH
GEOGRAPHIC
JUNE, 1941
PERMITS
DIVISION,
-
New Residential
•
.
Buildings
No.
Percentage
Change from—
of
Cities
Permit
Report¬
Valuation,
ing
June, 1941
No. of
New
Geographic Division
as
SUMMARY
Percentage
Change from—
BY
June,
Units
May,
June,
1941
1940
June, '41
1941
FEDERAL RESERVE DISTRICTS
(In Millions of Dollars)
Dwelling
May,
Aug. 6, 1941, 26% Above
Ago
the week ended
Va., $1,-
013,000 for 310 units, Clarksdale, Miss., $279,000 for 112 units, Denver,
SUMMARY
Year
a
Philadelphia, Pa., $1,714,000 for 470 units, Quincy, 111., $765,000 for 249
units, Dayton, Ohio, $897,000 for 277 units, Macon, Ga., $258,000 for 100
1940
■
-.v^VqV-i' i
;
'
't.
;
Week Ended
■
13 Weeks Ended
Federal Reserve District
All divisions
+7.9
+62.5
38,098
New England--.Middle Atlantic..
138 $15,919,650
+75.6 + 166.7
3,980
638
+ 13.8
+ 85.7
8,151
East North Central
466
+ 14.1
+ 45.8
West North Central
201
32,571,103
36,280,721
7,267,885
7,755
1,957
South Atlantic
239
+6.3
♦
+ 10.9
+81.1 + 187.8
+ 17.0
+ 89.1
+ 16.8
17,613,333
—2.2
4,925
—10.5
2,894,174
—33.4
+68.5
1,212
—29.7
+ 61.8
7,328,748
—1.1
+ 12.6
2,403
—3.1
+2.7
Mountain
104
3,419,610
23,770,649
—27.2
+25.5
1,102
6,613
—9.5
+ 18.8
—7.7
+ 32.3
Pacific
226
-
+26.9
—5.0
+42.9
Population
Geographic
Percentage
Division
Permit
Percentage
Change from—
Valuation,
May,
June,
1941
1940
June, 1941
divisions.. 65,364,116
—36.4
—32.1
+ 15.1
—55.8
—35.1
W.
3,706,242
—39.7
Atlantic
8,529,940
—36.2
E. So. Central.
2,801,327
+63.5
3,479
699
483
Richmond
396
306
Atlanta
336
239
Chicago
1,620
1,233
20,096
3,203
15,676
214
4,374
2,439
3,334
2,140
2,603
Cleveland.
762
St. Louis
572
'
302
Minneapolis
205
162
332
252
251
179
852
679
$10,507
$5,884
45,014
5,729
7,413
4,058
4,189
3,326
10,597
Total, 274 reporting centers
New York City
140 Other leading centers *
133 Other centers
1940
—2.0 249,888,301
—9.4
+25.7 64.385,709
+21.9
—4.8
+79.2
5,628,466
+6.8 19,341,516
+46.4 16,341,203
—8.8
+28.5
—41.2
24,001,394
56,083,007
—16.8
+78.8
56,691,992
+53.8
—42.4
14,605,140
30,718,531
—15.7
—6.4
+60.3
6,587,443
—9.3
+49.6
4,148,602
—44.4
+93.2
12,847,025
—24.0
+2.9
—2.9
5,235,326
—21.4
+ 14.7
14,314,417
—12.3
+ 36.4
43,218,443
—5.9
4,790,460
5,818,039
2,236,352
3,762,231
1,420,712
6,046,730
+ 26.0
1,106,353
+ 39.9
*
$485
4,188
New York
•
W. So. Central
Pacific
1940
$565
3,462
8,672
$8,283
$133,280
$107,188
3,804
3,190
49,160
40,870
5,816
4,410
72,840
886
684
11,280
57,229
9,089
June,
Mountain
....
1941
Centers for which bank debits figures
are
available back to 1910.
$
New England.
4,888.347
MlddleAtlantlc 13,399,485
E. N. Central. 12,469,703
South
May,
1941
$
N. Central
of 1940)
Valuation.
June, 1941
All
(Census
Change from—
Permit
Aug. 7,
1940
San Francisco
(.Including Alterations
and Repairs)
Buildings
Aug. 6,
Kansas City
Dallas
Total Building Construction
New Non-Residential
Aug. 7,
Philadelphia
+ 30.0
85
127
,
$7,331
54,182
7,683
9,600
5,207
4,258
+ 11.6
West South Central
•
Boston
+ 37.7
+0.1
East South Central-
-
y.
+47.2
Aug. 6,
1941
2,114 $147065873
..
Decrease less than l-10th of
1%.
Metropolitan Life Insurance Co. Issues Report on
Conserving Men, Money, and Materials in Essential
Industries
Vital considerations in
in
a
new
report issued
accident prevention are discussed
Aug.
11
by the
Industrial
Safety
Section of the Metropolitan Life Insurance Co.
entitled "Conserving Men,
Money
The report,
and Materials in Essential
Industries," is basically
a discussion check life for the indus¬
trial executive concerned with
emergency production.
With
regard to the report
Residential
Building
at
12-Year
High
for
First
Six
Months
The
Of
dents
Residential
building in 37 States east of the Rocky
Mountains has, during the first six months of 1941, been the
most active in 12 years, according to the F. W.
Dodge
Corp's. release on July 28, 1941.
The dollar volume of
contracts awarded was $948,994,000 in the first half
year,
and was 37% greater than the $690,572,000 awarded for
residential building during the comparable period of 1940.
In this year's
home-building operations, the construction of small houses
has predominated.
Contract awards for
one-
the first six months totaled $740,766,000, or
total.
and
two-family houses during
77% of the residential building
The following table shows small house construction
activity during
comparative six-month periods of selected years.
DOLLAR
VOLUME
OF
CONTRACTS AWARDED
TWO FAMILY HOUSES
1928
-..$778,619,000
1933
90,695,000
377,656,000
1937..
(FIRST SIX
1938.
of
—
the
are
enormous
precious
represent
As
real
very
aid
an
for
means
to
for
losses
that
losses
which
two-family houses in the first half, $628,627,000, or 85%, was for private
ownership, which indicates that private operations are providing a very
large share of the needed new housing facilities.
A
of
total
3,111
of
per
Living
Policyholders
Received
563,080 life insurance policies, or an average
were paid as death claims during the first
day,
six months of this year, the Institute of Life Insurance
nounced
on
Aug.
14.
other beneficiaries of
The
not
impressive total
only
signifies
insurance
families
is
but
the
making
pays
of
these payments,
important
to
an¬
Payments to widow's, children and
these policyholders amounted to $507,-
809,000.
In releasing these figures
President of the Institute, said:
the
real tribute
to
and
that
economic
the thrift,
J.
Johnson,
$2,805,906
the
welfare
in
of
day,
per
institution
foresight and
and
the
spoilage
sometimes
termed
com¬
of
the
industrial
report
waste.
briefly
develops
to
point up
several
proper
fundamental
employee safety.
are
available to executives who address the Bureau
business
stationery.
Address:
Policyholders' Service Bureau,
Metropolitan Life Insurance Co., One Madison Avenue, New
York, N. Y.
Life
Insurance Companies
and
Increased
Mortgages
by
Purchase
$343,000,000
in
of
Se¬
First
The
Institute of Life Insurance announced on
Aug. 13
increased activity of%fe insurance
funds, in helping
business and industry,
Government, home own¬
ers, &c., is indicated by an increase of
approximately $343,000,000 in the purchases of securities and
mortgages by
life insurance companies in the first half of
1941.
that
to
finance
Including
money, funds received from maturities, and refinanc¬
ing, a total of $2,100,000,000 was invested and reinvested
by life insurance companies during this period, it is esti¬
mated by the Institute.
"Life insurance funds have
always
responded to the economic needs of the Nation, and
they
are destined to
play an important part in helping to finance,
directly and indirectly, the requirements of the Nation dur¬
ing this period of national emergency," Holgar J.
President
of
life
American
many
cases
Johnson,
of
the
Further details
Institute, stated in releasing the figures.
given as follows:
were
Purchases of public
utility securities
to
$545,000,000, compared with
The
averaging
contribution
social
Holgar
time
mishaps
generally overlooked in
statistics, yet which to the production executive
new
Total of 663,080 Life Insurance Policies Paid as Death
Claims in First Half of
1941—Payments Amounted
—
precious
from
are
Half of 1941
It is also reported by Dodge that of the $740,766,000
spent for one- and
to
$607,869,000
$806,798,000
of
result
study of industrial accidents and
control,
Copies of this report
their
or
items
the
their
considerations
on
potential
materials
accidents"—indirect
curities
....$307,238,000
512,867,000
740,766,000
—
an announcement said:
lays particular stress on the proper consideration of accident
greater significance than the threat of
personal-injury acci¬
piling accident reports
MONTHS)
1940
far
equally
"near
ONE- AND
1941
report
costs.
life
insurance
companies
during the last six months amounted
$268,000,000 in the like period of 1940.
bought
$404,000,000 of industrial securities
compared with $307,000,000, and $137,000,000 of Tailroad
securities, com¬
pared with $211,000,000 in the like period of last
year.
Purchases of United States Government securities
amounted to
$443,000,000 in the six months, compared with
$480,000,000 in the like period
Volume
of
The Commercial & Financial Chronicle
153
1940, the life insurance companies
000,000
of
Federal
Purchase
of
now
holding approximately $6,000,-
obligations.
$158,800,000
as
usual in the
Scranton, where
in
other
Government
$78,$77,000,000 Canadian bonds,
000,000
State, county and municipal bonds,
$3,800,000 foreign government bonds.
and
slightly,
included
bonds,
also
was
decline in rents in
a
workers have left the city to seek employment In
defense industries.
Wl
Between May and June changes in rents were small in most of the 20
cities
Financing aid to farm and city property owners increased 23% during
period, the life insurance companies purchasing $411,000,000 of such
many
903
There
summer.
from
which
monthly reports
tenants move at this time of year.
received,
are
comparatively few
as
In Baltimore, Detroit, Pittsburgh, and
this
Seattle rents
mortgages oompared with $334,000,000 in the similar period of 1940.
homes covered in the surveys, and the
average rent increase for all homes
increased
were
amounted to about
Living Costs Advanced 3.4% from Mid-March to MidJune, Reports Secretary of Labor Perkins—Gain
Was
to
Greater
Than
Period
in
from
August, 1939,
March, 1941
Living costs in large cities increased
in the quarter
more
from mid-March to mid-June than in the entire
period from
August, 1939, to March of this year, Secretary of Labor
Perkins reported on July 20.
The advance of 3.4% during
the past quarter, half of which was from May 15 to June 15,
brought the Bureau of Labor Statistics' cost of living index
6% above the level prevailing when the war broke out in
Europe. Food and housefurnishings costs rose most sharply.
The Bureau of Labor Statistics' index of the cost of living
of wage earners and lower-salaried workers in large cities
stood at 104.6 on June 15, as compared with average costs
in 1935-39 as 100.
This was 4.1% above June, 1940;
0.3% above the September, 1937, peak, and 15.2% above
the low point of June,
1933.
The Labor Department's
announcement further states:
Retail
food
costs
rose
3.7% from mid-May to mid-June in the mos*
preliminary reports indicate
in food
further
a
between mid-May
season
The
steady rise
Miscellaneous Goods and Services
the
Bureau's
index
increased
between
mid-May
raise miscellaneous costs.
Increases
in soap prices followed
In
.....
Detroit, which reported the most extensive advance in the
miscellaneous
and in
goods
and services,
there
substantial
telephone
domestic service rates
rise
in
the
price
this
increases
were
prices for beauty shop services.
increases in
There
canned
some
in
the
goods
also
wholesale
seasonal factors and
short
advanced.
markets.
These
They
the increase
supplies,
in
particularly
in
reflect
earlier
attributable
part
the
potatoes,
case
The principal
to
reason
for
is, however, the large volume of purchases by the Government
by individuals, together with
speculative buying.
some
*
In
which the Bureau has reports.
^evel of recent years,
the wholesale furniture
bedroom suites
rose
The volume of sales continues above the
being broken.
are
pre-
Following price advances in
markets, prices of living room, dining
by 5 to 7 % at retail during the quarter.
and
room
The Bureau's
agents report that prices of refrigerators and washing machines have in¬
in
almost
have
now
all of the
satisfactory
cities
some
and that plastic
covered,
been substituted for
Preliminary tests show that
some
and tinned
parts formerly made of aluminum
of the substitutes will probably be quite
aluminum from the consumer's point of view.
as
sheets and towels continued to rise,
as
Prices
retailers reported to the
Bureau's agents that deliveries of many textiles are behind schedule.
contrast to other
In
a
lower salaried workers
and
earners
in 20
large cities and In large
Per¬
centage changes in these costs, for 34 cities and for large cities combined,
over
the quarter March 15 to June 15, 1941, are presented in Table 2.
TABLE
1—PERCENTAGE
CHANGE
FROM
MAY
15
TO
JUNE
15,
1941,
IN THE COST OF GOODS PURCHASED BY WAGE EARNERS AND
LOWER-SALARIED WORKERS IN 20 LARGE CITIES OF THE UNITED
STATES, BY GROUPS OF ITEMS
Fuel,
All
was
Cloth-
Items
Food
ing
Elec-
Rent
House¬
Miscel¬
tricilv
furnish¬
laneous
and Ice
Area and City
ings
New England:
Boston..
+ 1.3
+ 3.0
+0.5
+0.1
—0.3
+3.0
+0.4
+ 1.7
+ 3.9
+0.5
c
+ 0.1
+0.6
+0.1
Middle Atlantic:
Buffalo
New York
+ 1.9
+4.3
Philadelphia
Pittsburgh.—
+ 1.6
+ 3.2
+ 1.0
c
+ 0.1
+0.3
+ 1.7
+3.7
+ 0.2
+ 0.4
+0.5
+3.3
+2.6
+ 1.5
+ 1.3
+ 1.6
+ 3.8
+0.6
c
+0.1
+ 1.0
+0.3
+0.5
+0.8
+ 1.2
+2.0
+ 4.1
+0.2
c
+ 1.4
+2.6
+0.4
+ 1.3
Cleveland
+ 1.8
+ 4.2
+0.4
+ 0.2
+ 0.1
+2.0
+ 1.2
Detroit
+ 2.8
+ 6.3
+0.4
+ 0.5
+2.1
+2.7
+ 1.9
+ 1.4
+ 3.5
+0.4
c
+0.2
+0.6
+ 1.0
West North Central:
Kansas City...
Minneapolis
+ 1.6
+4.2
+ 1.2
c
+0.2
+ 2.7
+2.3
St. Louis
+2.0
+ 4.7
+ 0.6
+0.1
—0.2
+0.8
+2.0
+ 1.6
+4.7
+ 0.2
+ 1.4
+0.7
+0.4
+0.7
+0.1
—0.5
+4.0
c
+ 1.2
+0.5
+2.4
+5.4
+ 1.5
+ 0.3
+ 1.5
+ 1.6
+ 1.6
+0.5
+ 1.3
+0.3
—0.2
c
+ 1.4
c
+ 1.3
+ 3.5
+0.3
—0.1
c
+ 1.3
+0.5
Los Angeles
+ 1.6
+ 0.2
+0.8
South Atlantic:
Baltimore
...
Savannah
East South Central:
Birmingham
West South Central:
Houston
Mountain:
Denver—.—
Pacific:
reflected in retail stores.
following table shows percentage changes in prices paid by
+ 1.2
+2.4
—0.1
+ 1.4
+ 0.6
San Francisco
+ 1.2
+2.1
+ 1.4
c
c
+ 2.0
+0.4
Seattle
prices in this group, wholesale prices of linoleum declined
and this decrease
The
was
lowered
Cincinnati
and in cities with extensive defense activity,
depression sales records
earners
there
Houston,
rates counterbalanced other increases in the miscellaneous group.
Chicago
Housefurnishings
of rugs,
Seattle
In
East North Central:
Prices of furniture and household furnishings rose in all the cities from
as
of
Dairy products
increases
are
apples and certain other fruits and vegetables.
copper
cost
hospital fees
continued reports of
are
onmth.
of barber services.
in
Table 1 presents percentage changes in the cost of goods purchased
by
The greatest increases were in prices of pork and lamb, lard and
creased
and
advances in
wholesale prices of fats and oils.
On June 15, 1941,
other shortening, eggs and onions, potatoes and apples.
and
mid-June,
rose in almost all of these cities.
In Cincinnati, Cleveland,
Denver, Minneapolis, and Seattle higher automobile insurance rates helped
reported from all 51 of the large cities included in the Bureau's food cost
advances
and
gasoline prices
The price rise from May to June occurred in all groups of foods and was
and
«
Prices of two of the three makes of moderate-price automobiles included
in
to
has brought lood costs
few
Increases
13.3% above the comparatively low level of August, 1939.
were
index.
of the year,
and mid-June and increases
England cities and there were
sharp increases in the price of ice in Norfolk, New Orleans, and^Philadelphia over the quarter.
'
'
of
In the last half
advance.
prices, which began last November,
moderate-income families up 10.4% in seven months.
they
reported
in bituminous coal prices were reported from most of the cities.
in fuel oil prices were reported from New
cities combined, from May 15 to June 15, 1941, by groups of items.
rapid and widespread advance since September, 1939.
June,
were
of the
M of 1 %.
Fuel, Electricity and Ice
Although coal prices usually decline at this
decreases
wage
Food
i
,
.
during the month for 10% to 22%
+ 1.1
+ 1.6
+0.3
+0.4
+ 0.2
+ 1.6
+ 1.3
Average: Large cities..
+ 1.7
+ 3.7
+0.5
+0.1
b+0.3
+2.0
+0.8
'
wage
and clerical workers for important housefurnishings since March 51,
1941, and Aug. 15, 1939:
a
PERCENTAGE CHANGES IN PRICES FOR SPECIFIED
Based on data for 51
a
cities,
b Based
on
data for 34 cities,
c
No change.
TABLE 2—PERCENTAGE CHANGE FROM MARCH 15 TO JUNE 15, 1941,
HOUSEFURNISHINGS
IN THE
COST
OF GOODS
PURCHASED
BY WAGE EARNERS AND
LOWER-SALARIED WORKERS IN 34 LARGE CITIES OF THE UNITED
June, 1941,
Compared with—
June, 1941,
Compared with—
Item
Item
Mar.
15,
Fuel,
Aug. 15,
1941
Mar.
1939
15,
All
Aug. 15,
1939
1941
Area and
Cloth¬
Items
City
Food
ing
Elec¬
Rent
House-
Miscel¬
tricity
urnish-
laneous
and Ice
Living room suites.
ings
+6.9
+ 15.6
Washing machines.
+ 3.0
+ 5.7
Dining room suites.
+4.9
+ 10.4
Rugs
+ 4.5
+21.0
Bedroom suites
+ 5.3
+ 10.1
Linoleum
—0.1
—1.4
Boston
+ 3.0
+ 6.7
+ 1.0
+0.1
Elec. refrigerators..
+4.6
—11.7
Mattresses
+ 1.6
+ 3.8
Manchester
+4.3
+ 7.6
+0.7
+0.8
+ 3.4
+4.1
+2.3
+ 1.0
+3.7
Sheets
+ 4.5
+ 12.0
Portland, Me
+4.0
+ 8.7
+0.3
b
+3.0
+2.6
+ 3.6
+ 4.4
+ 2.3
v
New England:
■
Middle Atlantic:
Clothing
The
between mid-May and
year
continued
mid-June, particularly for men's clothing.
Men's
suits, work clothing and shoes increased in almost all of the cities covered
in the Breau's cost of
most
other
articles
further declines
creased
of
use
as
living surveys and scattered rises
of clothing.
a
result
cotton
Prices
On
the
were
reported for
of women's silk hosiery showed
of competition
socks.
with Nylon hose and the in¬
average,
clothing costs
are
now
1.2% higher than in March of this year and 3% above the pre-war level
of two years ago.
+ 9.2
+ 1.0
+ 2.2
b
+ 3.0
+ 6.9
+ 1.5
+ 0.1
—0.1
Philadelphia
+ 3.7
+8.5
+ 1.7
+0.6
+0.8
Pittsburgh.....
+ 3.7
+ 9.0
+0.4
+0.9
+0.5
+4.6
+ 3.6
+ 2.5
+ 3.4
Scranton
+ 3.7
+ 7.8
+2.7
—0.1
+ 0.4
+6.1
+1.3
+ 3.3
+ 7.5
+ 1.4
+ 1.1
—0.1
+2.4
+ 5.4
+0.8
+ 1.9
New York
...
CHANGES
IN
PRICES
FOR
SPECIFIED
ARTICLES
OF
CLOTHING
+0.6
+ 1.4
+ 1.5
East North Central:
Chicago
...
Cincinnati
+ 3.5
+ 7.6
+0.2
+0.3
+0.4
Cleveland
+ 3.2
'+7.4
+ 1.1
Detroit
+4.2
+ 8.7
+0.8
+ 0.6
+ 1.4
+0.3
+ 3.7
Indianapolis
+ 3.3
+ 7.8
+0.8
+2.1
+4.2
+ 1.6
+ 3.6
+ 5.8
+ 2.9
—0.1
+0.9
+4.1
+ 10.6
+0.6
+0.4
+0.7
+ 4.3
+ 1.4
+2.6
Milwaukee
Changes in prices to June 15, 1941, of important articles of clothing are
shown in the following table, both since March 15, 1941, and
August, 1939:
PERCENTAGE
*
Buffalo
steady rise in clothing prices since the first of this
+ 1.8
+6.9
+ 1.2
+0.2
+0.2
+ 3.3
+ 1.0
West North Central:
Kansas
City..
.....
+ 3.4
+ 7.2
+ 1.5
+4.4
+ 2.9
+ 3.0
+ 7.7
+ 1.1
+0.2
+0.2
—0.4
........
—0.3
+2.1
+0.6
.........
+2.8
+ 6.9
+ 1.2
+0.3
—2.7
+4.6
Baltimore
+4.3
+ 9.6
+ 1.8
+2.4
—0.7
+1.8
+ 1.7
+ 1.4
Jacksonville..-
+ 3.6
+8.7
+ 1.0
+ 1.9
—0.3
+ 3.4
Minneapolis
St. Louis
South Atlantic:
Atlanta
June, 1941,
June, 1941,
Compared with—
Compared with—
+ 1.1
+ 1.3
1941
Men's—Wool suits.
+ 1.6
Mar. 15,
1941
Men's—Overalls
+ 5.2
+ 2.6
+7.7
Business shirts...
+0.7
+ 1.6
Work shirts
+4.3
+ 6.4
+0.8
+ 2.0
+ 9.1
+ 2.8
+ 8.4
+ 0.8
+0.1
—1.0
+ 3.6
Savannah
+ 3.3
+8.1
+ 0.9
+0.8
b
+ 2.0
+ 1.0
+ 1.2
+ 2.3
+ 5.5
+ 1.3
b
+0.1
+ 3.7
+ 1.7
+ 3.8
+ 8.1
+2.5
+ 1.2
+ 1.7
+ 2.9
+ 2.5
+ 3.3
+ 7.9
+0.8
+ 1.7
b
+ 3.6
+ 1.4
+ 3.3
+ 6.8
+ 1.7
+0.9
—0.7
+ 2.7
+ 2.1
Houston
Aug. 15,
1939
Street shoes
+ 3.7
+ 3.0
+ 1.7
+4.2
+0.5
—0.2
—0.1
+ 3.1
+0.7
New Orleans
+ 3.1
+ 5.4
+1.1
+0.2
+2.5
+4.3
+ 2.1
+ 3.0
+8.3
+0.5
—0.1
b
+ 2.7
+ 1.0
Los Angeles...
+ 3.1
+ 7.1
+0.2
—0.1
+2.4
Portland, Ore
+ 3.4
+ 1.5
+ 0.5
+4.2
+ 1.9
San Francisco.
+ 2.9
+ 7.2
+ 6.5
+2.0
+ 1.0
+ 2.0
+0.1
b
+ 3.1
+ 1.0
Seattle
+4.1
+ 7.1
+2.7
+2.5
+0.9
+ 3.6
+2.8
Average: Large cities..
+ 3.4
+ 7.6
+ 1-2
+0.7
+0.7
+ 3.6
+ 1.4
Norfolk
Item
Mar. 15,
Richmond
Washington, D. C
Item
+ 6.0
Aug. 15,
1939
+ 3.7
+ 12.8
+ 7.5
—0.3
—0.5
+9.5
Work trousers...
Women's silk hose.
.
area
East South Central:
Birmingham
Memphis.....
.....
Mobile
West South Central:
Rent
All but
reported
5
of the 34 cities covered by the Bureau's cost of living
surveys
advances
in
average
rents
from
March
to
sharply for moderate-income families who moved to
particularly
affected
by the
defense
program.
Indianapolis, Jacksonville, the Norfolk
crease
to
families
whose rents changed
from $2.50 to $3.50 a month.
entire rent
ranged
area
In
June.
new
Rents
rose
quarters in cities
Baltimore,
Buffalo,
and Seattle, the average in¬
between March and June varied
Denver
Pacific:
+ 1.6
In these cities the average increase in the
bill, including rents which changed and those which did not,
1.9% to 2.5%.
In Denver and Houston rents declined
from
Mountain:
a
Based on data for 51 cities,
a
b No change.
The Commercial & Financial Chronicle
904
Cash Farm Income in June Was $20,000,000 Above May
and
Over
$200,000,000
Above
June,
1940—Six
Months'
Income
Aggregating
$4,333,000,000
Continue
Far
Domestic
Above Year Ago
continue
Cash income from farm marketings and Government pay¬
ments
June totaled $791,000,000
in
vised estimate of
in
States
tbe
Department
of
Agriculture,
reports
in
in
its
Income from
Income
Grains and cotton accounted for most of the increase
than
from
normal for June,
small sales in June,
from
cotton
more
than
loan.
ment
and
For
parity
earlier.
in
payments
in June, last year,
as
May of this
higher
to
totaled
con¬
totaled
payments,
first
half
half
half
of
000,000
1941
cash
$4,333,000,000,
1940.
this
of
The increase in
of
Income
from
accounted
year
marketings.
stantial
All
increases
the
in
first
half
of
of
1940,
of
with
grains and tobacco.
to
of
the
livestock
over
the
vegetables only slightly
(17%)
1940
most
income
half
of
than
a
than
in
only
in
larger
from
cotton,
in
factors
sub¬
from
than
Cotton
farm
recorded
the
fruits,
and
income
from
$328,000,000 compared with $410,000,000 in 1940.
Although the income from farm marketings in June of $766,000,000 was
sharply higher than the $562,000,000 received in June, last year, the
and
crop
held
was
had
other
by
not
farmers
got under
be
to
placed
under
loan,
and
in volume by June 30.
way
loans
on
Income
June,
from
instead
livestock
and
making
the
of
livestock
usual
products
seasonal
declined
increase,
from
to
marketings
as
May
less
than
allowance
in
of
for
livestock
the production of butterfat in June, this year,
in contrast with the usual seasonal increase.
After
May,
seasonal
products
changes,
declined
the
from
index
110,0%
of
income
from
the 1924-29
of
livestock
and
in
average
May
to
108.5% in June.
The index of total income from farm marketings,
seasonally adjusted, declined from 96.5% in May to 95.5% in June.
During the next few months cash farm income should make at least
usual
seasonal
favorable
higher
than
a
season
is
While
income
show
increase
for
prospects
year
quite
from
marked
as
months,
price
products
will
total
production
and
continue
crops
than
the
indicate
sharply highet than
a
With
substantially
heavy marketing
months
not
may
has
as
June.
now
same
products
1940
prospects
in
prices
during the
in
livestock
over
received
with
from
and
increase
an
income
and
more
much
livestock
the
crops
income
ago,
expected to
from
most
that
of
1940.
continue
prevailed
income
in
to
recent
from
these
earlier.
year
Federal Land Bank Collections
on Farm
Mortgages
Improved in Year Ended June 30
General
flected
improvement
in
collections
in
agricultural conditions are
by the Federal land banks
made
re¬
on
farm mortgages
during the year ended June 30, the United
Department of Agriculture said on Aug. 7.
Excep¬
were
recorded
only in the Springfield, Mass., and
States
tions
Baltimore districts.
Cash
33 States and Puerto Rico.
ments
have
South
Dakota.
been
collections
The
been
higher
in
outstanding improve¬
Georgia, Alabama, North Dakota and
in
Decreases
recorded
were
largest in Maine and Florida.
A. G. Black,
said:
have
The most
In
in
15
commenting
States,
on
the
the results
Governor of the Farm Credit Administration,
large number of instances in which farmers have paid off all their
to
the
land
banks
perhaps is a reflection, in part, of
activity in the farm real estate market, but this by no means
indebtedness
increased
reflects
boom
a
many
maturity,
All
loans
period
the
30,
ended
1941.
All
this
of
This
30
25%
The
of
or
of
this
it
shows
about
payoffs,
six
of
the
land
the
bank
more.
increase
an
Credit
market
prior to
one-fourth ^during
In
year.
active
an
complete
of about
Districts
3%
reflected
a
over
fully paid
were
the
situation
higher proportion
a
of
classification, the greatest change occurring in the Columbia
(Kans.), and Berkeley (Calif.) districts.
Likewise there
(S. O.), Wichita
was
recorded
extended
Rico
in
and
decrease
a
41
the
report,
the
27,698
$13,700,000,
the
reamortization
contributed
During
in
the j proportion of total loans
delinquent or
largest decreases occurring in Florida, Puerto
Although this reflects, in part, improved collection
States,
Kansas.
conditions,
have
at
and
export
last
a
much
first
toward
six
formal
decrease
program (and
the
decrease
months
of
27%
other
in
of
extensions
amount from the comparable
the
needs
of
occupations
of
supply
which
the
than
points
products.
domestic
of
and
bushels
leave
carryover—about
But
wheat
of
1,325,000,000
1,099,000,000
season.
history
farm
record
with
domestic
meet
for
the
a
the
with
to
around
for
1,360,-
last
season.
675,000,000
250,000,000
Government
bushels
loans
at
are
85%
currently
of
(8,800,000
the
highest
parity loan-rate,
bales
compared
for
with
and
acreage
the
11-month
since
1930.
record
a
first
high
11
7,800,000 for the
unfavorable
period—from
Price-supporting
level
months
progress
of
entire
of
of
the
the
year),
current
small volume of
exports,
approximately
domestic
marketing
previous
6,000,000
crop.
down 83%
bales
to
i_
Civil
June
in
Non-Agricultural
New
to
Peak
of
Employment Advanced
38,790,000, According to
Secretary Perkins—Figure 3,365,000 Above
June,
1940, and over 1,900,000 Above June, 1929, Level—•
Employment on Public Construction and in
Regular
Federal Services
Expanded, but Work on Relief
Programs Declined
Total civil non-agricultural
employment showed a substan¬
reaching a new all-time peak of 38,790,000,
Secretary of Labor Frances Perkins reported on July 31.
tial rise in June,
"This total represents
an increase of 484,000 workers over
gain of 3,365,000 workers since June, 1940," she
said.
"The current June figure,
furthermore, was more than
1,900,000 above the level of June, 1929.
The greater part
of the expansion over the month
occurred in
May and
a
manufacturing
(220,000), particularly in those industries primarily devoted
employ¬
(101,000), while all other major
groups, to a smaller extent, contributed to the
employment
increase.
In construction a
slight decrease in federally
financed construction employment was more than
offset by a
seasonal expansion in
privately financed construction employ¬
ment.
All major groups showed substantial
employment
gains over the year.
Manufacturing employment showed an
increase of 1,933,000 wage earners since
June, 1940.
Con¬
struction employment rose
489,000; trade showed a rise of
268,000
workers.
Transportation
and
public
utilities
to the defense program.
A substantial increase in
ment also occurred in trade
reported a rise of 202,000 wage earners.
Federal, State, and
local Government services
employed 307.000 more workers
than at this time last
year."
Secretary Perkins
state:
goes on
to
These figures do not include persons
employed on Work Progress Admin¬
istration or National Youth Administration or
enrollees in Civilian Con¬
servation Corps camps.
Neither do they include the armed forces of the
Nation in which there has been an Increase
of 1,266,000 since last June.
Employment and weekly pay rolls in
manufacturing industries again
advanced contra-seasonally in June to the
highest levels
gains
were
2.2%
or
220,000 wage
on
record.
The
in employment and 5.6% or
These increases raised the
employment
index for all
manufacturing industries combined to 127.6 (1923-25=100)
and the pay-roll index to
152.0.
The usual seasonal changes from
May to
June are decreases of
0.7% in employment and 0.8% in pay rolls.
Of the
157 manufacturing industries
reguarly surveyed each month, 130 reported
employment increases and 137 pay-roll gains over the month.
As in recent
earners
$15,100,000 in weekly pay rolls.
months, most of the gains were contra-seasonal
gains since June of last year were 23.8% in
in
factory pay rolls.
or
larger than seasonal.
The
factory employment and 52.8%
Pay rolls have increased more sharply over the year
interval than employment because of
wage-rate increases, increased hours,
overtime premiums.
and
80% of the land bank loans
on
is
Rather
prices.
increase
an
June
was
Farm
farms.
higher
instalments
earlier.
in
sale
18,464,
increase
matured
June
on
year
the
numbered
12-month
districts
in
at slightly
areas
currently
are
in
increasing—all
are
place
compares
for
reduced
the
Total
most
hogs fell off sharply and
in
estimates
highest
non-agricultural
at
demand
*
1941
from
Income
made about the usual seasonal changes from May to June, and
the seasonally adjusted index of income from
crops totaled 81.0% of the
1924-29 average, compared with 61.5% last
year and 82.0 in May.
be
whole)
a
as
1,000,000.
crops
the
working
crops
wheat
the
is
depressing factor is the continued
during
May to June, this year, was slightly less than usual.
Income
increased less than usual, largely because of the small amount
of wheat sold or placed under loan in' June.
While receipts of wheat at
terminal markets during June were
relatively large, a large part of the
was
the
ended,
the
Chief
increase from
from
are
available
prices
are
just
year
Government payments from January to June this year
have amounted to about
activity
(July-June)
should
was
consumption
crops
in
rates
wage
the
more
half
from
Income
offsetting the decline
first
the
products
slightly
income
in
year
a
in
will
extent
some
the
than
despite the record supply.
Income from wheat this year is expected to be
than 50% larger than that from
any wheat crop since 1937.
from $2,205,-
income
earlier.
year
was
increases
more
increase
livestock
and
a
year
$2,776,000,000
(for
than
now
more
but
Gains
year.
substantially higher than in 1940 assured by the favorable vote on
marketing quotas, wheat prices have moved upward in recent montha
earlier.,.
year
gains to
and
Farm
Gains
all
rates
$4,005,000,000 in the
more
income
living,
domestic
This
available
than
the
and
for
last
is expected to total much
defense expenditures
good
season
supply
more
during
people
and
bushels.
bushels
Government
$3,824,000,000
livestock and livestock products
for
types
including
with
marketings
from
during the first half of
this
income,
compared
$591,000,000
was
year
income
farm
accounted
period
same
year.
prices substantially higher
payments.
Department
000,000
products
totaled
year
last
period
same
the
over
with
Offsettng
industrial
More
1941-42
the
over
livestock
1930.
continued
Latest
the
crops
production
of
before,
and
crop6
1940.
since
rate
a
This
first
most
of
and
$591,000,000
up
Government
country.
ever
and $1,000,000
The Bureau's report
year.
of
costs
highest
under
Govern¬
June
livestock
ago—income from
smaller
livestock and livestock prod¬
year
for
marketings during the first half of this
$591,000,000
up
half
The
a
farm
from
last
Income
which had been
prospects for most farm commodities
the Department of Agriculture reported on
year
:
the
during
same
higher.
were
from
income
favorable
redemption and sale of
sharply higher than
was
than in
tinues
first
the
million bales of cotton
a
conservation
more
of
1940, and prices
by
less
were
to
market
good,
$4,005,000,000,
larger than the unusually
were
increased
was
$25,000,000, the
first
they
Income from all types of
also
ucts
the
Although sales of grain
crops.
Expected
Good, Reports Agriculture Department
$4,005,000,000,
in
income
Products
20% higher this year than last.
Most favored by
price-increases will be producers of meat animals; least
favored, growers of fruit and miscellaneous crops.
The
Department's summary continued, in part:
both crops and livestock was sharply higher this June than
last.
Farm
nearly
the Bureau of Agricultural Economics,
July issue of "The Farm Income Situation."
Aug. 16, 1941
for
Aug. 4 in a summary of the current agricultural situation.
The general level of prices received by farmers may average
re¬
$771,000,000 in May and with $587,000,000
June, last year,
United
compared with
Demand
Domestic
collection
plans
delinquencies.
1941,
were
in
special
according
granted
number
period in 1940.
Wage-rate increases averaging 9.0% and affecting 478.242
wage earners
in June by1,097 manufacturing plants out of a
reporting sampl®
were reported
of 27,155 plants
reporting 5,652,954 wage earners.
The preliminary sum¬
maries indicate that substantial numbers of
workers received pay increases
in the following industries:
automobiles, bodies and parts (75,311), paper
and pulp (44,444),
shipbuilding (27,996), rubber tires and innertubes
(26,288), electrical machinery (23,508), brass, bronze, and
copper products
(20,635), rayon and allied products (15,829).
For tbe durable goods
group of manufacturing
have been particularly stimulated
tions
showed
to
the
involving
and 21%
in
industries, in which
opera¬
by defense activity, employment
a
gain of 2.7%
the month and 35.0%
corresponding payroll increases of 6.7% and 71.5%.
over
over
the year,
with
The increases in the
non-durable goods group were
smaller, namely, 1.8% and 13.7% in employ¬
ment and 3.8% and
30.8% in payrolls.
The employment and
indexes
pay-roll
(1923-25=100)
for the durable goods group
were
134.7 and 173.9,
Volume
The Commercial & Financial Chronicle
153
These
respectively, and for the non-durable goods group, 120.8 and 127.4.
indexes
increased employment as compared with a year ago.
Employment in strategic defense industries continued to expand as in¬
Employment on Public Construction
Gain
Gain
Est. Number
of Wage
from
of Wage
from
Earners,
June, 1941
May to
Earners,
May to
June
June, 1941
June
Industry
Aircraft
Industry
186,000
8,000
95,400
3,300
Engines.
91,400
Machine-tool
9,900
175,100
Machine tools
4,800
,.
Shipbuilding
3,400
56,600
(12,200),
electrical
400
14,100
32,100
products
(9,100).
bronze, and copper products (3,700), and
ployment gains
and show¬
(4,800),
automobiles
brass,
Large em¬
chemicals (3,200).
(4,200),
(5,300),
tin
and
cans
baking
(4,800), meat packing
(5,000), beverages
(4.100).
Substantial
primarily seasonal, were shown for women's clothing
employment,
in
decreases
Anthracite
Department
(10,100), fertilizers
mining
further details
gave
employment
and
rolls
pay
the
but also the wage-rate increase in
mine workers.
pay
Employment
new contract
The large
by 2,800.
projects
increased employment and pay rolls between May and June by 0.2%
and
These
2.5%, respectively, which was less than the average June increases.
to work of miners upon the conclusion of wage agreements.
The
pay-roll index tor bituminous coal (104.5%) of the 1929 average) was 40%
Metal mines reported an employment increase of 1.3 % and a
10 years.
As compared with June, 1940, employment advanced 11% while
rolls rose 32%.
pay
Quarries and
non
any
reached during the past
metallic mines reported seasonal
gains of 1.5% in employment and 4.5% in pay rolls.
An 8% employment
gain since June, 1940 was accompanied by a pay-roll increase over the year
of
26%.
over
production both employment and
In crude-petroleum
and
rolls showed
pay
slight gains over the month (1.9% and 1.1 %, respectively).
The telephone
telegraph industry continued the series of monthly employment gains
which has been interrupted only once (September, 1940) since March of last
The pay-roll index (112.1% of the 1929 average)
year.
Both employment and
point recorded.
1940 levels.
above June,
pay
rolls
was
at the highest
more
were
than 10%
In electric light and power, the pay-roll index
(111.3% of the 1929 average) was also at the highest point shown by the
Bureau's records,
since November,
of 0.2% was
and the employment level (93.7%)
1937.
In street railways and buses,
accompanied by a
was
an
higher than any
employment gain
more pronounced pay-roll increase of
low-rent projects of the U. S. Housing Authority curtailed
2,600 in the month ended June 15.
Wholesale
trade employment
increased more-than-seasonally by
Approxi¬
all types of
on
$406,000 less than in the preceding month.
construction
on
at
men
work
15.
projects financed
by the Public Works
Wage
construction projects financed by the
on
to
rose
10,900 in the month ended
Defense construction absorbed the increase of 1,700 over May
with employment on non-defense construction remaining at about the same
level
of
as
in the earlier month.
$261,000
Pay rolls of $1,522,000 represent
an
increase
May.
over
Employment in Regular Federal Services
Employment in the executive service of Federal Government continued
to expand in June.
Approximately 51,000
service pay rolls during the month.
to the
persons were
added to executive
Pay-roll disbursements of $202,744,000
1,357,000 persons at work exceeded May disbrusements by $4,362,000
June reports show that the number of
Federal Government
ceding month.
1,740,000,
rose to
men
an
in the armed forces of the
increase of 78,000
Employment on Relief Programs
Preliminary reports show that employment on all relief
creased
substantially in June.
work relief
during the month and
63,000.
Federal
designated
on
de¬
programs
Projects Administration been
projects operated by the Work
relief projects
work
the pre¬
Not since October 1935 has employment on
lower than the 1,369,000 persons reported at work in June.
on
over
Payroll disbursements for the month totaled $105,021,000.
as
Employment
defense projects decreased
14,000
non-defense projects the decrease amounted to
Total payrolls of $81,300,000 were $5,227,000 less than in May.
projects financed by the
agency
Work Projects Administration
furnished employment to 40,000 persons in June, a decrease of 14,000 from
the preceding month.
Wage payments amounted to $2,093,000.
With the closing of the school year in June, employment on the studentwork
of the
program
Youth Administration decreased 96,000,
National
leaving 368,000 still employed.
The number of youths at work
on
the out-
of-school work program fell to 393,000 in June, a decrease of 7,000 from the
preceding month.
EMPLOYMENT
PAYROLLS
AND
IN
REGULAR
FEDERAL
SERVICES,
1941
JUNE,
3.9%,
(In Thousands)
which raised the pay-roll level 7% above that of June, 1940.
1.0%
Employment
rolls rose 3.5% between mid-May and mid-June.
The employ¬
(93.1% of the 1929 average) was at the highest June level since
while pay
all projects
on
Administration showed little change in the month ended June 15.
pay-roll gain
Pay rolls in this industry exceeded
defense
on
Pay-roll disburse¬
employed
Pay-roll disbursements of $4,100,000 to workers
were
above that of June, 1940 and the highest since December, 1929.
of 5.0%.
employed
con¬
Federal
payments of $1,187,000 to the 10,000 men employed were $33,000 less than
in May.
slight gains followed the huge percentage increases in May reflecting the
return
were
persons
on
than in the month ended May 15.
more
on
Employment
between operators and
Bituminous-coal mines
a year ago.
persons
15
regular
200 additional building-trades workers were employed on defense
housing projects while the number at work on non-defense housing declined
slightly below the level of June, 1940, but
was
rolls were over 25% higher than
604,000
June
to
mately
June
contra-seasonally
rose
between May 15 and June 15 by 1.3% and 53.3%, respectively.
ended
engaged in non-defense work.
to the extent of
The number of
pay-roll increase reflected not only materially increased production schedules
month
appropriations
Reconstruction Finance Corporation
follows:
as
$4,967,000
were
were
the
from
$111,984,000 to the 829,000
employment
(6,600), millinery (4,400), and book and job printing (2,800)."
The Labor
Approximately
of
in
28,000
of
financed
Projects and 225,000
being canning (29,300), sawmills (11.900), cotton goods (10,200), furniture
(6,900), shoes
gain
projects
Contractors
also shown in many other industries, among them
were
employment
1,100
foundries and machine shops (19,000),
were:
machinery
net
struction
ments
Other manufacturing industries affected by war material orders
ing large employment gains
Substantial gains on Federal-aid roads, ship construction, and airports,
which more than offset a decrease on building construction, resulted in a
agencies.
ac¬
cessories
Screw-machine
Abrasives
steel
21.0,
Maryland, 20.5, Indiana, 20.3, and Virginia, 20.0.
dicated in the following table:
Est. Number
States which reported
the largest percentage gains were Rhode Island, 22.1, Connecticut,
the highest on record.
were
905
ment index
Service
Payrolls
Change from
1930, and the pay-roll index (87.5%) was at the highest point for any month
Change from
June,
June,
Increased commissions
1931.
contributed to the pay-roll expansion.
numbers of workers showed
on greater
volume of business
employment increases, except farm products
(1.9% and 4.3%, respectively).
Establishments dealing in dry goods and
apparel reported contra^-seasonal gains in employment and pay rolls of 1.4%
respectively, continuing the upward trend noted during the last
and
Furniture
months.
four
housefurnishings
establishments
June,
1941
May,
June,
1941
1940
a
1941
1940
1,357.0
employment contra-seasonally by 1.5%, paper and paper
.
*
...
_
+ 51.0
+ 342.0
$202,744
1,740.0
+ 78.0 + 1,266.0
105,021
0.0
0.0
645
+0.1
+0.2
1,337
+3
Bet ail trade stores
EMPLOYMENT
AND
PAYROLLS
also the
June,
The
em¬
ployment gain of 6.6% in stores dealing in men's clothing and furnishings
Federal
decreases which were seasonal,
were
The principal employment
reported in women's apparel stores,
2.4%, electrical shops, 3.6%, and farmers'
supply stores, 3.8%.
Hotels reported seasonal contractions of 1.5%
in
pay
rolls.
in employment and 1.0%
Employment and pay rolls in laundries and dry-cleaning
establishments in June reached
the highest levels reported in the past 10
Laundries showed a seasonal employment gain of 3.2%, while
employment in dyeing and cleaning plants rose 1.9%.
Employment levels
years.
in both industries were 9%
above June, 1940.
month amounted to 3.6% and 2.4%,
1.0% and 0 6%, respectively.
June,
over
over
the
June,
1941
1940
a
1941
1940
$
$
1940.
40
400
—14
Defense......
—618
2,093
—84
986
f
81,306
f
—534
1,107
f
^*-214
—3,049
f
—5,227 —15,245
d
969
d
+ 53
2,659
—742
+ 337
—7
+ 118
8,113
—96
+ 2,357
235
Civilian Conservation Corps .e
1
—96
393
gram.c
—63
368
Other
NYA projects:
Student^work program.c—
Out-of-school
work
pro¬
—26
—48
11,265
—978
—2,156
b Payrolls are the totals for the months ended May 15 and
June 15; employment represents the maximum number employed during any one
week In the corresponding month,
c Figures are for the calendar months ended
a
Preliminary,
d Payroll breakdown not available,
e Figures on employ¬
day of the month; payrolls for the entire month,
f "Defense"
May 31 and June 30.
ment are for the last
and "Other" categories not set up in
June. 1940.
AND PAYROLLS ON CONSTRUCTION PROJECTS FI¬
NANCED WHOLLY OR PARTIALLY FROM FEDERAL FUNDS AND ON
EMPLOYMENT
ROADS FINANCED
the
FROM STATE FUNDS, JUNE,
1941
(In Thousands)
year
Employment
Employment was 16% and pay rolls 14%
and pay rolls in insurance companies
were
Payrolls
Change from
Program
1.2% and 4.6% higher, respectively, than a
June,
Change from
June,
1941
June following closely
Corresponding weekly pay rolls increased
rolls show an increase of 31.6%.
1941
May,
June,
1941
1940
a
1941
1940
Financed by regular Federal ap¬
in the East North Central States
largest increases reported
(comprising Ohio,
+ 4.967
+ 3.0
e
85,567
+25.0
e
26,417
+4,922
39.0
—2.6
4,100
—406
5.1
+0.2
e
661
+27
e
3,539
—433
8. Housing Authority.c
U
Other
Indiana,
+80.165
+45
226.0
Defense
Illinois, Michigan, and Wisconsin) continued to show the largest numerical
+28.0 + 518.0 111,984
604.0
Other—
and the Mountain States.
North Central region
829.0
propriations, b
Defense
Geographically employment gains
occurred in six of the nine major divisions with the
East
June,
a
The current level of employment is 20.9% above June, 1940, while
industrial
May,
the average May to June percentage gain (23%)
the 9-year period since 1932.
The
f
—12
—77
Employment in private building construction increased 2.7% from May to
pay
—72
—2
19
1,369
Other
year ago.
3.6%.
—14
21
Defense..
Projects operated by WPA c
Employment
increased slightly and
over
$
projects
agency
In brokerage firms employment and pay rolls declined
in both industries.
below
Pay-roll increases
respectively, and 10%
May,
under WPA.b
Fuel and ice dealers increased
employment more than seasonally by 12.0%.
1941
WPA program;
1.8%, auto¬
terials, 3.5%, plumbing and heating, 5.3%, and drugs, 2.5%.
June,
a
Department stores
1.4%, variety stores, 2.3%, shoes,
seasonal increase in business.
Change from
June,
May,
em¬
mobiles, 0.7%, milk and dairy products, 3.2%, lumber and building ma¬
a
Payrolls
Change from
Program
With few exceptions, employment
gains were generally among the various retail lines.
reflected
1941
JUNE,
1941
The employment index, 97.6% of.the
6% above June, 1940, and the highest June figure since
increased their forces by
RELIEF PROGRAMS,
Employment
Employ¬
reported greater-than-seasonal gains of 1.6% in
highest ot any June since 1929.
ON
(In Thousands)
The pay-roll index (94.5% of 1929) was 11% above June, 1940, and
1929.
+34
products, 1.4%,
ployment and 3.3% in pay rolls.
1929 average, was
+ 60
-
Preliminary.
a
*
,
+71,292
+2
6.1
general merchandise, 5.1%, forest products, 4.6%, hardware, 2.5%, and
2.1%.
+ 8,759
2.5
Legislative
gains of more-than-average proportions were reported by dealers in
food products,
+ $4,362 + $53,478
Judicial
increased
jewlery and optical goods,1.2%, and metals and minerals ,0.4%.
ment
Executive
Military
Automotive dealers again reported increased employment and pay rolls
and 1.1%,
May,
All wholesale lines employing large
by 2.8%.
which fell seasonally
1941
a
since March,
—10.7
33.9
—2.8
10.0
—
Financed by PWA.c
Financed by RFC.c
—0.2
—82.0
1,187
+ 8.8
e
e
—855
e
—33 —11,852
10.9
+ 1.7
1,522
+ 261
gain in non-agricultural employment over
Defense
8.6
+ 1.7
e
1,233
+253
workers employed than in June, 1940.
Other
2.3
0.0
e
289
+ 8
185.0
+ 11.0
increases:
last year with 1,009,000 more
Other regions reported the following
Middle Atlantic, 721,000, South Atlantic, 525,000, New England,
445,000, Pacific, 290,000, West North
176,000, East South Central, 149,000,
Central, 177,000, West South Central,
Mountain, 50,000. All States showed
S
tate roads-d.:.
a
Preliminary,
June
b Payrolls
are
the
—5.0
15
+ 1
totals for t.ie montns ended
+ 1,262
e
e
075
+
May
15
2 296
and
15; employment represents the maximum number employed during any one
The Commercial & Financial Chronicle
906
corresponding period.
Employment and payrolls on Federal-aid
roads are for the calendar month; June, 1941, figures are estimated,
c Payrolls
are the totals for the months ended May 16 and June 16; employment represents
in
week
the
the maximum number employed during any one week in the corresponding month,
and payrolls are for the calendar month; June,
d Employment
estimated,
1941, figures
are
"Defense" and "Other" categories not set up in June, 1940.
e
'
i
1941
May,
1.'
'
•
I
'*
.
;
inary)
May,
on
to
Change
1940,
June,
1941
(Prelim¬
'
1940
r
The data for
manufacturing, mining, building construction, laundries,
and dyeing and cleaning cover wage earners only, those for
vessels of 1,000 gross tons or over in
Industries exclude
other
cover
proprietors
deep
trades only.
sea
and firm
members,
The data
corporation
officers, executives, and others whose work is mainly supervisory
June,
to
June 1941
Payroll
Employment
June, 1941
Index
Industry
Total civil non-agricultural
Index
% Change from—
J
iJUJlCt
38,790,000 38,306.000 + 484,000 35,425,000 +3,365.000
employment, a.
railroads
while the data for water transportation covers employees'
"J
Change
June,
:
12-month average for 1929 is used as a base in computing the index numbers
for
'
1941
16,
These indexes are not adjusted for seasonal variation.
all employees,
estimates of total non-agricultural employment
Aug.
1941
lintsf
May,
June,
1941
May,
June,
1941
1940
*
1941
1940
♦
Employees In non-agricul¬
% Change from—
tural establishments a 32,647,000 32,163.000 +484,000 29,282,000 + 3.365,000
11,757,000 11,537,000 +220,000
Manufacturing, a—
368.000
862.000
+ 6,000
1,810,000
Mining..
Construction...
1,782,000
9,824,000 + 1.933,000
838,000
+ 30.000
+28,000
1,321,000
(1923-25=100)
Manufacturing
+489,000
Transportation & public
al27.6
+ 2.2
+23.8
113.3
+ 2.8
+ 11.6
93.1
.......
3,234,000
3.185,000
+49,000
3,032,000
6,522,000
6,254,000
+ 268.000
Finance, service & misc.
4,350,000
6,421,000 + 101,000
4.327,000
+ 23,000
4,214,000
+ 136,000
+ 1.0
+4.0
+ 52.8
+ 5.6
c
c
c
+202,000
Trade
al52.0
(1935-39=100)
Class I steam railroads, b—
utilities......
(1929=100)
Food products
4,106.000
gov eminent..
]
+ 57,000
4,049,000
3,799,000
1,740,000
(not Included above)...
a
474,000 + 1,266,000
Farm products.....
of "total
civil
non-agricultural
+ 3.2
+ 1.1
C
+4.0
C'.'
—2.8
c
+0.1
.7.-.':
c
'
C
!
•
-c
c
—
'.-f
(incl. bulk tank sta'ns)
c
+ 1.1
c
+7.4
c
+ 1.9
c
+4.3
c
d97.6
+ 1.6
+6.2
d94.5
+ 3.3
+ 11.4
+0.6
+ 3.1
103.6
+2.9
+ 7.6
+ 11.5
Automotive...
Retail...
employment," given
c.
Petrol. & petrol, prod'ts
Includes allowances for adjustment of factory wage earner totals to preliminary
census of manufactures.
(Revised series available on request.)
1989
The estimates
c
c
c
'
+ 78,000
1,662,000
c
•c
c
+ 1.4
..
+ 11.6
+ 2.9
c
+ 1.4
c
•i
+ 3.5
87.5
c
+0.7
c
Dry goods and apprel..
Mach., equip. & supplies
+2.1
c
-
Groceries <fc food spec'ies
+ 307,000
1
/
Military and naval forces
'
■
Trade—Wholesale
Federal, State and local
Food
108.1
on
the first line of the above table, represent the total number of persons en¬
merchandising. d104.8
General
c
c
c
+2.2
+ 8.9
d99.6
gaged in gainful work in the United States in non-agricultural industries,
Apparel
90.6
+0.1
+ 3.0
85.5
+3.8
+ 1.2
excluding military and naval personnel, persons employed
Furniture <fc furnishings.
78.8
+0.1
+ 1.8
76.3
+0.8
+ 8.7
Automotive
94.0
+ 1.8
+ 8.7
102.5
+2.6
+ 22.9
Lumber & bldg. mat'ls..
79.4
+ 3.1
+ 5.7
80.1
+4.7
+ 12.2
projects, and enrollees in CCC
WPA
on
The series described
camps.
as
or
NYA
"employees
in non-agricultural establishments" excludes also proprietors and firm mem¬
...
+ 6.3
Public utilities—
bers, self employed persons, casual workers and persons in domestic service.
Telephone and telegraph..
d86.1
+ 1.7
+ 10.6
dll2.1
+ 1.4
+ 12.0
The
Electric light and power..
d93.7
+ 1.7
+2.8
dl 11.3
+ 1.6
+ 6.2
Street railways & busses.e
d69.0
+0.2
+0.7
d76.6
+3.9
+ 7.2
49.2
+ 1.3
—1.1
51.2
+ 53.3
+ 26.0
Bituminous coal
86.6
+0.2
+3.4
104.5
+2.5
+ 41.4
Metalliferous
78.0
+ 1.3
+ 11.1
86.0
+ 5.0
+ 32.4
Quarrying & non-metallic.
Crude petroleum product'n
51.7
+ 1.5
+ 7.9
55.5
+ 4.5
+26.5
61.6
+ 1.9
—3.4
59.4
+ 1.1
+ 1.0
94.9
—1.5
+ 3.1
f87.0
—1.0
+ 6.1
estimates
shown
for
"employees
separately
for
giving figures for each
to
date,
are
available
each
group,
in
of
non-agricultural
seven
major
establishments"
industry
are
Tables
groups.
by months, for the period from January 1929
on request.
The figures represent the number of persons working at any time
during
the week ending nearest the middle of each month.
The totals for the
United States have been adjusted to conform to the figures shown
by the
1930 Census of Occupations for the number of non-agricultural "gainful
unemployed for
one week or
the time of the Census.
Indexes
of employment
and payrolls for all manufacturing industries
combined, Class I steam railroads, and for those non-manufacturing indus¬
tries for which information is available, are shown below for June,
with percentage changes from May 1941 and June 1940.
average
1923-25 is used as
a
1941,/
The three-year
base in computing the indexes for the manufac¬
turing industries and the five-year
steam railroads.
average
1935-39
as
a
base for
Class
I
For the other non-manufacturing industries information
for years prior to 1929 is not available from the Bureau's records, and the
INDEX NUMBERS OF EMPWYMENT
OF
Anthracite
Services—
Hotels (year-round)
Laundries
111.7
Dyeing and cleaning...—
122.9
+ 3.2
+9.4
102.3
+ 1.9
+ 9.1
98.4
+2.4
+ 9.9
Brokerage
workers" less the number shown to have been
more at
Mining—
c
—1.0
—16.3
c
—0.6
—14.0
Insurance
c
+ 0.2
+ 1.2
c
+ 1.6
+ 4.6
+ 3.6
+ 31.6
Building construction
c
+ 2.7
"+20.9
c
Water transportation
080.3
—1.2
+2.9
c
c
c
Preliminary,
a Adjusted
to
preliminary
1939
census
figures,
b Source,
Interstate
Commerce
Commission,
c Not
available,
d Retail-trade
indexes
adjusted to 1935 census,
public utility indexes to 1937
census,
e
Covers street
ralways and trolley and motor-bus operations of subsidiary, affiliated and successor
f Cash payments only; value of board, room, and tips cannot be
companies,
computed,
g Based on estimates prepared by
the United States Maritime Com¬
mission.
AND
Employment
+ 10.8
♦
PAYRCRLS OF WAGE EARNERS
IN MANUFACTURING INDUSTRIES—ADJUSTED TO
MANUFACTURES, EXCEPT AS INDICATED IN FOOTNOTES a AND b.
(Three-Year Average 1923-26=100.0)
Payrolls
Employment
Manufacturing Industries
+ 3.6
Mnniitnrf'nrfaift
JIVJl
UtCUJ UlsbUl llty
1937
CENSUS
Payrolls
TyiflnslTipsi
JL fWAUQlf letsO
June*
June,
June*
May,
June,
1941
Durable
May,
June*
1940
1941
1941
May,
June,
June*
1941
1940
May,
June,
1941
1941
1940
1941
1941
1940
Goods
Non-durable Goods
Iron and steel and their products,
135.7
not Including machinery
132.9
103.7
Textiles and their products
167.7
160.9
rolling mills
-
Bolts, nuts, washers & rivets..
Castrlron pipe
143.4
140.4
114.3
178.7
172.5
113.9
164.5
161.1
104.2
245.2
233.7
111.3
110.3
70.0
96.4
94.4
76.8
116.3
120.0
118.5
101.2
137.9
134.3
(not
incl.
silver
and
104.5
102.1
91.6
73.8
116.4
114.1
132.7
133.9
93.0
83.9
74.8
57.5
Hosiery
142.3
143.0
130.2
157.3
168.1
127.9
152.3
74.1
Knitted outerwear.-
147.7
141.6
85.8
Knitted underwear
107.9
104.8
74.9
Knit cloth
Stamped and enameled ware
Steam and hot-water heating
218.0
218.0
152.7
276.3
265.0
162.6
apparatus & steam fittings..
Stoves
113.7
112.1
85.1
137.8
128.6
76.6
115.1
113.4
92.6
123.1
119.3
82.7
105.8
102.3
73.5
118.3
113.8
64.8
137.2
123.4
102.8
171.1
151.6
113.5
79.1
135.5
91.6
184.2
171.7
88.6
211.1
152.1
280.5
273.0
161.0
..
Silk and rayon goods
Woolen and worsted goods..
162.0
115.1
229.7
217.1
125.1
171.9
170.7
137.3
233.6
229.0
157.8
154.1
151.3
130.4
202.3
196.0
138.0
158.1
154.0
103.3
225.5
215.3
118.3
286.5
tractors)
Cash registers, adding mach's,
and calculating machines
271.6
158.1
492.6
458.7
210.7
Foundry & machine-shop prods.
134.0
96.9
177.0
165.0
337.2
325.6
229.1
524.6
505.3
302.9
179.9
173.7
141.0
199.7
191.5
134.0
101.3
79.0
130.2
124.3
74.1
143.5
111.0
207.6
189.6
112.1
176.1
171.3
114.3
242.4
216.8
121.0
6648.2
Aircraft. b_
Automobiles
103.7
148.3
Transportation equlpment.b
6293.8
2913.5
8125.9
7700.9
2968.2
104.9
135.0
133.8
194.6
171.1
112.0
Care, electric & steam-railroad.
85.6
79.5
51.2
93.1
84.2
45.3
Locomotives
65.0
65.1
29.1
81.6
79.9
28.5
Shipbuilding
321.9
307.1
162.8
4«3.6
430.2
185.8
142.4
139.9
106.6
174.6
163.3
105.8
226.6
233.5
182.2
316.y
322.0
211.5
190.0
184.4
127.1
264.1
245.4
140.8
...
Non-ferrous metals & their prods.
Aluminum manufactures.a
Brass, bronze &
Clocks
copper prods..
and watches and time-
recording devices
lead and zinc
Sawmills
Stone, clay and glass products...
Brick, tile, and terra cotta
Cement
Glass
Marble, granite, slate, & other
products
Pottery
45.6
117.1
113.3
65.4
103.8
105.7
76.6
98.6
108.3
101.2
157.3
165.2
148.1
117.6
131.3
95.1
Corsets and allied garments..
Men's furnishings
117.4
118.1
111.9
137.0
136.6
109.2
121.5
121.8
109.7
130.6
129.9
94.9
47.1
71.1
62.0
75.7
65.7
41.5
51.0
131.6
131.1
115.1
133.7
129.8
92.0
98.6
95.5
86.8
97.4
91.0
67.0
95.5
Shirts and collars
Leather and its manufactures....
93.0
84.8
92.1
86.7
62.7
94.5
Baking
Beverages
80.1
106.7
127.5
129.7
143.8
134.7
129.0
152.1
.....
89.6
134.7
Food and kindred products
149.0
147.0
153.9
148.4
140.8
375.6
97.6
75.7
309.9
293.0
301.5
392.9
362.4
113.8
109.6
105.0
150.3
97.4
90.8
Canning and preserving
134.9
99.9
140.5
129.7
91.1
117.2
79.5
81.0
74.7
85.4
83.7
72.3
Flour
78.0
cream
83.9
117.9
110.4
70.0
68.3
92.7
90.8
55.9
78.0
63.6
102.5
75.9
72.5
70.0
61.5
66.7
62.4
48.5
68.3
65.8
61.9
71.6
66.0
58.1
96.5
95.6
82.9
74.2
72.7
63.1
99.7
70.8
97.8
69.0
73.4
67.1
66.9
67.4
66.4
65.7
69.8
66.7
66.7
120.8
114.5
127.7
124.9
112.3
129.5
115.3
169.5
159.0
127.4
122.7
116.2
155.0
145.6
126.2
103.2
97.1
94.4
95.7
85.1
117.5
117.6
116.2
113.7
114.0
111.1
133.5
119.0
169.2
162.4
133.2
125.6
122.0
123.2
156.8
146.3
137.1
136.6
136.3
118.0
173.0
167.4
132.0
172.4
166.8
138.3
233.0
221.8
165.2
63.8
70.9
51.4
59.2
65.5
46.3
125.2
115.8
150.1
142.8
126.1
c
c
c
c
c
91.2
127.1
88.5
92.3
127.4
78.4
144.7
141.4
126.4
178.0
170.4
136.2
Rayon and allied products..
Soap
326.0
363.6
356.2
314.3
81.5
129.2
125.7
100.4
83.4
141.7
129.0
86.4
74.9
54.9
99.9
88.3
86.8
83.2
68.5
123.6
111.6
77.5
189.3
181.5
138.4
222.6
207.2
133.1
124.8
103.1
152.0
144.0
99.5
134.7
Rubber goods, other
-
306.0
92.2
106.3
78.9
-
323.5
93.3
110.9
127.6
Rubber products
Rubber boots and shoes
Rubber tires and inner tubes
131.2
99.8
173.9
163.0
101.4
120.8
118.7
106.2
127.4
122.7
97.4
56.2
51.1
78.8
78.0
72.4
88.7
85.2
69.9
124.0
104.9
153.1
150.3
111.0
45.7
46.3
48.5
35.4
38.7
35.6
Durable goods.a
89.5
118.1
113.6
75.8
Non-durable eroods.a
112.5
58.0
Paint and varnishes
124.5
113.9
66.9
52.8
c
oil, cake & meal.
Fertilizers
110.2
88.7
66.8
127.2
Druggists' preparations
Explosives-
88.1
54.2
90.0
69.6
134.5
products
82.9
100.1
53.8
94.9
64.9
124.9
Petroleum refining
Other than petroleum refining.
Chemicals
;
112.0
104.1
57.7
98.3
67.2
Newspapers and periodicalsChemicals, petroleum, and coal
84.4
85.7
52.9
64.9
101.1
Cottonseed
111.4
47.4
102.5
134.6
Book and job
76.3
84.1
114.7
121.4
Boxes, paper
Paper and pulp..
Printing and publishing:
97.7
115.6
77.9
133.1
96.8
Cigars and cigarettes
Paper and printing
102.2
68.3
72.3
75.9
137.3
52.1
91.2
87.2
75.6
83.6
108.2
65.5
and snuff
104.4
74.8
79.5
92.0
116.8
Chewing and smoking tobacco
92.2
102.5
77.6
87.9
120.1
49.3
Sugar refining, cane
Tobacco manufactures
143.4
77.7
76.5
93.5
Slaughtering and meat packing.
146.9
103.3
...
62.4
75.7
91.1
Lumber:
Millwork
63.8
107.9
115.9
Smelting and refining—copper,
Lumber and allied products.....
Furniture
59.7
106.9
113.8
Silverware and plated ware
68.5
118.8
109.0
Jewelry.
Lighting equipment
69.2
124.0
116.7
-
63.6
107.2
107.8
95.8
Machine tools
Typewriters and parts
84.6
149.2
119.8
Ice
138.8
Radios and phonographs
Textile machinery and parts...
50.6
88.4
152.4
121.3
Confectionery
Engines, turbines, water wheels
and windmills
71.5
72.8
128.0
Butter
Electrical machinery, apparatus
and supplies
74.8
82.3
154.7
Clothing, men's
Clothing, women's
Wearing apparel
Leather
167.2
63.1
85.0
Boots and shoes
Machinery, not including trans¬
portation equipment
Agricultural implements (incl.
76.5
66.8
159.2
Millinery.
137.7
213.1
72.5
71.2
161.9
files, and saws)..
74.7
115.7
81.6
chine tools,
116.9
79.9
82.9
Wirework
120.2
102.6
66.0
Tools (not Incl. edge tools, ma¬
86.9
141.2
116.7
and other tinware
54.6
106.3
75.4
82.1
102.1
cans
89.6
103.5
102.6
Tin
109.2
139.5
118.0
work
110.3
89.8
Cotton small wares
Hardware
Structural & ornamental metal-
111.3
111.7
70.2
Dyeing and finishing textiles.
Hats, fur-felt
Plumber's supplies—
—
93.7
85.7
89.2
108.6
Cotton goods
112.4
105.1
89.8
Carpets and rugs
plated cutlery) & edge tools.
Forgings, iron and steel
Cutlery
112.5
106.4
102.9
Blast furnaces, steel works, and
Summary
All industries,
a
*
June, 1941, indexes preliminary; subject to revision,
a Adjusted to preliminary 1939 census
figures,
dated earlier than November, 1940.
Revised figures available in mimeographed form,
c Not available.
b Indexes not comparable to Indexes appearing in press releases
Volume
INDEXES
The Commercial & Financial Chronicle
153
OF EMPLOYMENT AND
PAYROLLS IN 55
ADDITIONAL
MANUFACTURING INDUSTRIES—PRELIMINARY
(12-Month Average 1939=100.0)
ladies' handbag factories.
In the women's cloak and suit houses
sharp payroll increases more than offset the losses shown by the women's
dress
Payrolls
;'
\
.
Industries
June,
May,
June,
June,
May,
June,
1941
1941
1940
1941
1941
reported
1940
Iron and Steel Group—
133.3
Metal doors and shutters
128.8
100.0
151.8
142.7
101.3
*
♦
♦
*
*
*
189.9
183.6
115.3
262.2
246.4
117.7
>'
Screw-machine products.
136.3
137.5
106.6
169.8
169.0
104.5
158.0
156.2
105.5
201.3
201.4
113.0
133.7
128.4
107.4
182.5
168.4
121.0
Machine-tool accessories
224.8
211.2
134.7
288.2
275.7
159.9
Pumps
183.7
173.9
118.7
267.0
243.1
131.0
Wire
drawing
—
Wrought pipe not made In rolling
mills
Steel barrels, kegs, and drums...
Refrigerators and refrigerating ap¬
reported
increased
in
of
both
and
and
were
in
the
number
of
employees,
the metal
although
industries
but
expanding,
were
one
metal
increase
an
goods
in
concern
payrolls.
apparently
not
resumed full operations following a vacation closing and another
partially closed down for plant repairs.
The Syracuse district regis¬
gains in both employment and payrolls.
Losses at one or two
plants in the metals and leather goods groups tended to wipe out the
120.3
186.8
194.3
131.2
was
106.6
192.9
178.1
116.1
tered small
137.5
97.5
.175.7
173.0
90.3
158.0
114.9
197.2
182.8
112.2
gains reported by most manufacturers in the district.
Sheet-metal work
141.3
144.8
107.0
177.7
170.9
Lumber Group—
103.9
177.8
163.6
*
111.3
138.4
'
Percent Change
110.4
142.4
Smelting & refining of scrap metal
City
-,*•
98.6
101.0
98.5
107.0
109.4
120.2
107.9
162.7
143.5
June to July,
117.5
1941
July, 1940(0 July, 1941
95.5
125.4
Wood preserving
were
beverages,
the only ones hiring workers in large numbers.
Non-Ferrous Metals Group—
Caskets and morticians goods
same
appliances,
miscellaneous groceries.
only district in the State that failed to show
Most
had
156.4
163.7
Transportation Equipment Group
Motorcycles, bicycles, and parts.
The
payrolls
sharply.
payrolls
employment
instruments
Both
Binghamton-Endicott-Johnson City and Utica firms had added nearly 2%
more workers and had increased
payrolls by even more.
Most of the gain
in the Binghamton-Endicott-Johnson
City district occurred in the shoe
industry; and most of that in Utica in the metal industries.
Buffalo was
125.3
137.0
...
manufacture
increase
some
working firms
likewise
Gains
manufacturing industry in the Rochester district had hired
In the Albany-Schenectady-Troy district most industries
every
157.5
Washing machines, wringers, and
driers
the
workers.
128.8
;
paratus
Sewing machines
shipyards.
for
Almost
the
Machinery Group—
of
baked goods and
more
Firearms
Furriers
concerns.
true
was
Employment
907
and
Wood turned and shaped
116.8
117.4
93.5
136.8
134.9
89.5
Wooden boxes, other than cigar..
128.1
121.6
106.4
162.3
149.5
117.1
Mattresses and bedsprings
123.3
119.1
98.9
146.1
135.7
100.2
Utica
Employ m't
+ 1.9
....
Rochester
Payroll
+ 2.8
+ 2.4
+ 3.8
Syracuse
+27.3
+ 1.1
+ 50.0
*
+ 43.8
Buffalo
183.0
178.1
115.8
227.2
219.8
Abestos products
137.4
126.8
94.6
170.0
158.3
99.0
Lime
124.1
126.3
111.1
159.6
158.5
118.1
106.9
146.3
135.3
144.6
100.4
156.6
160.9
127.9
117.6
154.1
148.9
115.7
112.5
110.3
99.7
126.1
120.4
129.2
99.5
171.2
161.1
+ 4.3
+ 0.7
+2.8
99.5
133.8
+ 1.9
103.1
+ 13.8
+ 29.8
+50.1
+ 82.8
+ 62.5
+53.0
+48.9
104.3
133.7
Binghamton-Endicott-Johnson City.
New York City
Payroll
+97.2
+42.4
111.7
140.5
+ 1.4
117.4
121.1
+21.2
+ 0.4
Albany-Schenectady-Troy
Stone, Clay, and Glass Products
Group—
Employm'l
+42.9
Abrasive wheels
—
Gypsum
—
products made
Glass
from
and
plaster,
gypsum.....
*
Change of less than 0.05%.
pur¬
chased glass
Wallboard
111.1
except
.......
"5 & 10" Sales Rise
Sharply in July—"Syndicate Store
Merchandiser" Index Surpasses Any Previous Level
Textiles—
Textile bags
-
Cordage and twine
House furnishings:
-
draperies,
Curtains,
spreads
;
■
and bed¬
101.3
101.0
84.2
116.3
115.9
143.0
90.9
167.5
159.8
94.2
120.1
107.4
159.6
151.4
106.2
103.6
103.2
98.4
119.8
120.0
101.0
106.3
-
felt
87.3
146.3
126.4
—
Other.
Jute goods, except
Handkerchiefs
Leather Group—
Leather gloves and
mittens
Trunks and suitcases
103.7
85.3
127.2
115.2
80.9
140.7
135.7
105.0
178.5
172.1
109.7
150.3
Boot & shoe out stock & findings-
142.1
101.4
150.5
138.4
96.3
127.4
Food Group—
Cereal preparations
111.1
106.4
96.6
118.9
100.6
Condensed and evaporated milk..
125.3
119.8
113.1
148.1
134.9
119.4
Feeds, prepared
Paper and Printing Group—
109.9
106.9
99.6
128.0
117.7
100.5
112.0
118.5
101.8
135.3
138.7
113.8
104.4
129.4
125.3
118.8
102.6
136.0
129.0
104.6
89.6
106.7
97.2
108.4
119.6
100.5
100.2
97.9
112.7
110.5
July of last year the index stood at only 108.0.
a
For 12 leading 5c. & 10c. to $1 variety syndicates, total
sales amounted to $80,121,813, a gain of 16.1% over the
similar 1940 month.
Total for the year to date was $532,305,356, an improvement of 11.8%.
r
102.4
121.1
unusually sharp advance, "5 & 10"
an
sales index, volume of the average store reached 125.9%
of the 1935-39 average.
This compares with 121.1 in June
and 121.6 in April, previously the year's best month.
In
103.9
115.0
As the result of
sales in July reached a new all-time peak.
As measured by
the "Syndicate Store Merchandiser's" seasonaly adjusted
Paper bags.-...Envelopes
—
JULY,
1941, 5c. & 10c. TO $1 SYNDICATE STORE SALES
Paper goods, not elsewhere classi¬
fied.
Bookbinding
Petroleum
100.2
$
Coal
and
Products Group—
*
*
*
*
♦
*
139.4
138.1
106.2
179.0
180.1
104.3
Ammunition
Compressed and liquefied gases..
91.9
89.4
88.9
96.2
93.8
89.4
121.0
Perfumes and cosmetics
Coke-oven products
120.8
119.2
144.0
141.5
121.0
118.0
130.7
162.2
149.3
121.2
240.7
124.9
341.3
330.2
131.9
114.8
93.7
141.3
138.2
91.4
186.1
175.8
113.3
230.8
218.5
114.8
166.4
professional,
144.9
115.0
115.1
-
109.8
124.7
246.2
Buttons
117.9
118.4
129.6
Paving materials..
Roofing materials
Miscellaneous Group—
Chemical fire extinguishers
Instruments,
1940
$
104.9
Lithographing
Chemical,
July
1941
160.1
118.3
196.5
182.5
119.1
sci¬
entific, and commercial
Optical goods
Photographic apparatus
Pianos, organs, and parts
120.6
115.6
108.0
155.5
135.3
107.8
121.5
121.1
104.7
133.4
131.2
103.2
Toys, games & playgound equip't
132.0
122.2
107.4
146.0
127.0
F. W. Woolworth. 28,398,045 24,506,959
12,923,581 11,216,749
W. T.tGrant
8,730,641 7,738,162
S. H. Kress
7,581,812 6,514,079
G. C. Murphy
4,971,126 3,966,085
J.J.Newberry.—
4,842,720 4,249,035
3,947,909 3,334,396,
McCrory Stores—
H. L. Green
3,732,597 3,334,298
McLellan Stores..
2,051,356 1,786,620
Neisner Bros
1,981,892 1,565,763
S. 8. Kresge
-
Rose's Stores
540,292
M. H. Fishman
419,842
419,286
384,456
Seven Months
1941
+^5.8
+ 15.2
+ 12.8
+ 16.4
+ 25,3
+ 14.0
+ 18.4
+ 11.9
+ 14.8
+26.6
+ 28.9
1940
$
Change
%
Change
%
187,433,002 170,542,375
87,609,606 79,941,796
60,540,386 53,196,642
50,824,046 43,864,003
31,184,214 26,634,745
31,097,424 27,151,521
26,053,385 23,351,447
25,635,070 23,553,434
13,287,087
11,590,717
12,759,838 11,363,916
3,510,072
2,571,226
+ 9.9
+ 9.6
+ 13.8
+ 15.4
+ 17.5
+ 14.5
+ 11.5
+ 8,8
+ 14.6
+ 12.3
+24.3"
2,823,124
2,280,285
105.2
—
*
Tot. 12 syndicates. 80,121,813 69,015,888
+ 9.2
+ 12.7
+ 16.1 532,305,356 476,194,005
+ 11.8
Not available
July Sales of Department Stores in New York Federal
Reserve District Increased 22% Above Year Ago
Employment
Factory
June to
New York State Overcomes
to
Register 2% Gain from
in
Downtrend
Seasonal
July
2,280 manufacturing
that
concerns
in New York State
employment rose 1.8% between the middle of
middle
the
and
of
July.
This
is
the
season
when
factory employment usually drops to its lowest point of the
"The total number of employees on the payrolls of
year.
selected firms/'
these
in
June to
workers.
of
total
department stores in the Second
year ago, it was announced yesterday (Aug. 15) by the
Federal Reserve Bank of New York. Stocks of merchandise
on
hand in department stores at the end of July were 13%
than at the end of July, 1940.
said Miss Miller, "rose from 522,736
532,385 in July,
net increase of nearly 10,000
a
The apparel stores in the New York Reserve District also
reported a gain of 22% in net sales in July as compared with
a year ago.
Apparel stores' stock on hand at the end of the
month was 15% above a year ago.
The following is the tabulation issued by the Bank:
DEPARTMENT STORE TRADE BY MAJOR LOCALITIES, JULY,
SECOND FEDERAL RESERVE DISTRICT
$17,837,582 per week
in
the
middle of
July
Percentage Changes from
a Year Ago
for
Patton, Director of the
Division of Statistics and Information in the New York State Department
of
average
the three years
Dr.
by
E.
B.
index of factory employment with the
1925-27
as
100, stood at
118.0 in July, the
This is the highest employment index that has
recorded since 1920 and the highest payroll index since,the series was
index of
been
payrolls at 136.7.
in
started
in
monthly
The Labor Department's
Labor.
of
prepared
1914.
Average
weekly earnings rose to a new high of
$33.51
.
the
10,000 new workers hired
during the month by reporting firms,
approximately 7,000 were working in metal goods factories, 1,000 each in
shoe and food
main
industry
plants and 500 in the chemical industries.
groups
detailed
the 55
showed
some
Seven of the 11
net increase in employment and 40 of
industry classifications.
Various Industrial
few
rise
industries
were
City firms had fewer people working in July, but a
hiring workers in sufficient numbers to cause a net
Gains were especially good in the
clothing and furnishings industries and in laundries, shoe factories
in
men's
York
employment
for the district.
+ 11
+20
+ 13
+ 13
+ 13
+ 11
+28
+20
+20
+33
+25
+ 17
+ 15
+ 12
+ 18
+ 14
+25
+23
+ 18
+23
+ 14
+20
+25
+20
+31
+ 38
+29
+ 31
+20
+ 15
+ 34
Newark.
Westchester and Fairfield Counties
—
Bridgeport
Lower Hudson River Valley
Poughkeepsie
—
Upper Hudson River
Valley
+ 30
+ 14
Central New York State
+22
Mohawk River Valley.
Syracuse
-
.........
+ 18
+ 14
+ 29
Northern New York State
Southern New York State *
Binghamton *
...
All
+ 24
—
;
♦
....—
department stores *
Apparel stores..
+ 20
....
....
Subject to possible revision.
—.—.
+ 18
+ 19
+ 31
+ 24
+ 19
+21
York State
Buffalo
Niagara Falls *
Rochester
Many New
July
End of
Month
+22
+21
+22
(includes Brooklyn)
Northern New Jersey
New York City
Elmira.
Districts
Hani
July
Western New
Employment Gains Distributed Unevenly Among
Stock
on
Jan.-
Albany
July.
Of
Net Sales
Department Stores
These statements are based on cur¬
31.7% and payrolls 56.0%.
statistics
rent
1941—
Payrolls rose 1.8% during the same period to a
reporting factories only."
The Commissioner's announce¬
ment, issued Aug. 11, further said:
Comparisons with a year ago are even more startling.
Employment had
advanced
(New York)
more
indicate
June
of
a
Reports furnished to Industrial Commissioner Frieda S.
Miller by
Sales
Federal Reserve District during July increased 22% above
+ 18
+9
+ 13
+21
+20
+22
+22
+ 13
+ 10
+ 19
+ 15
.
The Commercial & Financial Chronicle
908
OF
INDEXES
STORE
DEPARTMENT
SALES
FEDERAL RESERVE
AND
STOCKS—SECOND
DISTRICT
Aug. 16, 1941
Lumber Production and
Shipments During Five Weeks
Aug. 2, 1941
Ended
(1923-25 Average=100)
We give
July,
May,
1940
June,
July,
1941
•
1941
1941
ended
Aug.
herewith data an identical mills for five weeks
2, 1941, as reported by the National Lumber
Association
Manufacturers
Sales (average dally), unadjusted.
67
95
98
81
An
Sales (average daily), seasonally adjusted
94
99
102
114
7 Or
Trade
Stocks, unadjusted..
88
85
81r
86
90
96
Stocks, seasonally adjusted......
........
mills
462
"Barometer"
the
for
report
five
Aug. 12,
on
83
of
average
follows
as
weeks
1941;
ended Aug.
Production
National
the
to
Lumber
1941:
2,
Orders
Shipments
(In 1,000 Feet)
Revised.
r
1941
1940
1941
1941
1940
1940
1,250,802 1,066.182 1,298.023 1,111,461 1,408,237 1,268,332
Hardwoods.-------52,440
61,117
50,247
33,247
62,431
47,991
Softwoods
Report of Lumber Movement, Week Ended Aug. 2, 1941
Total lumber—
Lumber
production during the week ended Aug. 2, 1941,
0.07% less than in the previous week; shipments were
11% greater; new business 5% greater, according to reports
Production
was
Lumber Manufacturers
National
the
to
regional associations covering the
hardwood and softwood mills.
Association from
operations of representative
Shipments were 8% above
production; new orders 10% above production.
Compared
with the corresponding week of 1940, production was 16%
greater, shipments .18% greater, and new business 5%
greater.
The industry stood at 127% of the average of
production in the corresponding week of 1935-39 and 142%
of|average 1935-39 shipments in the same week.
The
Association further reported:
Year-to-Dale Comparisons
Reported production for the 31 weeks of 1941 to date was 13% above
above the shipments,
21% above the orders of the 1940 period.
weeks of 1941 to date,
31
new
business
The ratio of unfilled orders to gross stocks was
year ago, gross
Unfilled orders
48%
were
on
1
follows in thousand board feet:
a year ago,
Hardwoods
1941
1941
1941
1940
Previous
Week
Week
Week
Week
Week
Softwoods and Hardwoods
1941
(Revised)
Mills
383
..........
Orders
460
460
467
284,233
306,160
312,147
244,969
258,470
298,661
284,421
276,456
297,153
91
274,256
294,467
100%
300,632
....
......
110
107
Aug.
2,
1941,
reported
as
17% above
was
that of the
weeks of
same
by
Softwood
1940 and
Shipments during the five weeks ended Aug.
those
of
corresponding weeks
hardwoods
and
received
Orders
during
five
the
corresponding
weeks
weeks
of
ended
Aug.
1941,
2,
Softwood
1940.
11%
were
orders
in
1941
same
Hardwood
1939.
of
orders
showed
gain
a
22%
of
compared
as
corresponding weeks of 1940.
On
Aug.
2,
1941,
gross
stocks
reported by 388
as
softwood mills
1938-39-40) as compared with 3,388,597 M feet
equivalent of 98 days' average production.
average
the
17%
gain of
a
11% above those of similar period of 1940 and 6% above the
weeks
with
of
those
above
were
17% above
were
showing
30%.
gain of
a
2, 1941,
1940, softwoods
of
On
were
2,
Aug.
1941,
1,455,617
unfilled
feet,
M
the
orders
equivalent
on
by
reported
as
of
43
days'
were
(three-year
Aug, 3-,
1940,
softwood
mills
on
385
average
production,
Aug. 3, 1940, the equivalent of 24 days'
production.
♦
July Flour Production Represents Big
Increase Over
That of Previous Year
Softwoods
Shipments
ended
Aug. 2, 1941,
74% greater than
Softwoods and Hardwoods
Production
1941
stocks were 15% less.
corresponding week of
weeks
v
Record for the current week ended Aug. 2, 1941, for the previous week
and for the
in
five
22% above the record of comparable mills during the same period of 1939.
Hardwood output was 58% above production of the 1940 period.
average
Supply and Demand Comparisons
a
production
the
19% above that of corresponding weeks of 1940.
compared with 814,810 M feet
shipments were 6% above production.
compared with 23% a year ago.
was
For the
11% above production, and
was
these mills
2,884,433 M feet, the equivalent of 83 days' average production
corresponding weeks of 1940, shipments were 16%
and new orders were
1,303.242 1.099.429 1,360.454 1.159.452 1,469,354 1,318,579
during
9,977
11,693
11,515
100%
117
116
Mills accounting for 65% of the National flour output
reported to "The Northwestern Miller" a July production
totaling 5,767,252 barrels, compared with 5,545,828 barrels
the previous month.
The month's production, about 221,000 barrels over that of June, represents a gain of 143,764
barrels
that of July last year.
over
The Northwest showed
a gain of 38,270 barrels over the
The Southwest figures were up 111,228
barrels over June.
Northwestern production netted last
year's July figure by 22,121 barrels, and the southwestern
production was higher than last year's of the same month by
June
production.
147,020 barrels.
Buffalo mills registered a gain of 80,140 barrels over the
June
Weekly Statistics of Paperboard
We
Industry
production, but fell short of the July, 1940, output by
14,869 barrels.
give herewith latest figures received by us from the
TOTAL MONTHLY FLOUR
National
Paperboard Association, Chicago, 111., in relation
to activity in the paperboard industry.
The members of this Association represent 83% of the
PRODUCTION
(Reported by mills producing 65% of the flour manufactured In the U. 8.)
July,
Previous
July,
July,
July,
1941
Month
1940
1939
1938
total
industry, and its program includes a statement each
week from each member of the orders and production, and
also a figure which indicates the activity of the mill based
on
the time
100%,
so
operated.
These figures are advanced to equal
REPORT3—ORDERS,
PRODUCTION,
MILL
1,215,013 1,176,743 1,192.892 1,190,455 1.229,986
2,248,092 2,136,864 2,101,072 2,052,102 2,177.571
736,015
816,155
851,922
831,024
824,297
471.662
512,854
560.524
476,068
422,059
227,104
228,432
277,509
301,685
297,924
94,824
98,278
127,079
127,379 *401,101
653,150
693,428
533,388
738,669
406,524
Southwest.
Buffalo
Central West—Eastern Div
Western Division
that they represent the total industry.
STATISTICAL
Northwest
Southeast
ACTIVITY
Pacific Coast
-
Totals.—
—_
...
—
5,767,252 5,545,828 5,023,488 5,706,249
Unfilled
Orders
Period
Orders
Received
•
Production
Tons
*
Includes Indiana,
since
Tons
Tons
Current
Cumulative
167,240
137,631
72
71
129,466
193,411
69
70
70
70
3,840,579 Tons of
1940—Month
of—
528,155
420,639
429,334
January
579,739
682,490
509,781
587,339
462,613
468,870
670,473
488,990
464,537
487,127
673,446
Mar oh
April
May........
453,618
449,221
456,942
624,184
508,005
544,221
February
520,907
June
July..
August
September
October
November
December
1941—Month
70
71
247,644
78
236.693
79
72
73
74
73
470,228
648,611
509,945
163,769
72
73
184,002
161,985
79
77
73
479,099
151,729
71
....
March..
608,521
652,128
857,732
656,437
73
629,863
648,679
202,417
201.050
337,022
447,525
488,993
509.231
75
571,050
72
■-
mm
*
82
Quotas for
ministration, shows that the quantity of sugar charged
against the quotas for all offshore areas, including the fullduty countries, amounted to 3,840,579 short tons, raw value,
73
81
Against
The United States Department of Agriculture issued on
Aug. 8 its seventh monthly report on the status of the 1941
sugar quotas for the various offshore sugar-producing areas
supplying the United States market.
The report, prepared
by the Sugar Division of the Agricultural Adjustment Ad¬
73
190,037
162,653
Sugar Entered
First Seven Months of 1941
of—
January
February
5,787,0^7
1938 under Central West, Eastern Division.
Remaining
Percent of Activity
•
during the first seven months of the year, as compared with
2,874,785 tons in the corresponding period of 1940.
The an¬
mm
83
«•
June
634,684
726,460
602,323
608,995
July
509,231
807,440
737,420
86
155,262
154,001
108,701
167,430
101,996
183,264
181,778
100,709
160,338
165,583
170.430
161,295
168,875
155,831
156,188
141,176
138,165
143,748
261,650
277,115
300,378
322,605
337,022
368,304
393,732
415,485
82
77
nouncement goes on to report:
The report includes sugar from all areas recorded
mtm
April
May
mm
84
mm
"
88
mm
outturn
Week Ended—
1......
Mar.
8......
Mar. 15
Mar. 22
Mar. 29
Apr.
5..
Apr. 12......
Apr. 19
Apr. 26
May
3
May 10
.....
May 17
May 24
May 31..
June
...
7
June 14
June 21
June 28-.---
July
5-..
July 12
July 19
July 26
Aug.
2...
Aug.
9
158,821
..
168,561
151.114
149,197
147,365
168,431
182,603
159,844
174,815
141,874
147,263
146,578
150,259
134,853
147,582
147,188
148,381
149,884
152,410
151,648
144,481
156,439
153,364
154,711
129,019
131,531
156,989
160,609
mainland
78
82
78
78
January-June, this
79
for
84
83
79
85
against the
for
quota
cane
data
for
and
area,
the continental
Data
year.
for
are
all entries
raw
beet
two
entered
certified
or
available.
are
value, charged against the
949,518
sugar
these
as
subject to change after final
short
area,
areas
are
tons,
not
value,
raw
during
the period
yet
available
July.
80
The
the
The figures
136,028 short tons of sugar,
the
80
quantities charged against the quotas
first
seven
months
of
the
year
and
for the offshore
the
balances
areas
remaining
during
78
80
431,859
84
80
447,525
466.064
472,782
489,915
488,993
500,252
604,786
518,755
509,231
529,633
542,738
83
80
84
80
84
80
85
81
84
81
84
81
88
81
88
82
Cuba
2,374,852
1,738,486
636,366
90
82
74
82
Philippines, 1,233,875; less amount reallotted, 251,212
982,663
991,365
731,167
738,459
252,906
1941 Sugar
—
Puerto Rico
92
82
Hawaii, 1,123,878;
lotted, 130,356
93
83
Virgin Islands
83
Foreign countries other than Cuba-
91
Balance
Against
Remaining
Quota
82
587,498
Quantity
Charged
Quota
Area
81
159,894
as
(Short Tons, 96 Degrees Equivalent)
77
159,272
are
follows:
92
550,902
572,532
572,035
reports, orders made for or filled from stock, and other Items made necessary adjust¬
were
for
82
Note—Unfilled orders of the prior week plus orders received, less production, do
not necessarily equal the unfilled orders at the close.
Compensation for delinquent
ments of unfilled orders.
quota
before Aug. 1, 1941.
weight and polarization
There
1941—
Mar.
for entry
Total
*
are:
less
amount
*
real-
993,522
11,076
.
573,701
3,122
282,859
55.644
#
5,036,337
3,840,579
*
419,821
*
Balances expected to be entered on basis of Department's statement of July 30
Philippines, 101,496; Virgin Islands, 5,078; Foreign countries other than Cuba,
Volume
The Commercial
153
1,558,543 tons
on
would be
Total balance remaining
142,876, moet of which is in customs' custody.
this basis.
Direct-Conmm.ption Sugar
Direct-consumption
against the various
included
is
sugar
charged
amounts
above
the
in
Raw sugar by refiners (Table 1)
Refined sugar by refiners (Table 2, less exports)
Beet sugar processors (Table 2)_
The
1941
Rico
Sugar
Polarizing
Total
Less than
99.8 Degrees
the
Remaining
of
of
first
-.3,995,144
months
six
local
for
sugar
1941
of
the Territory of
12,027 tons, and in Puerto
in
consumption
was
(Table 6).
tons
hand
on
sugar
Charge
and Above
for
44,752
Stocks
Balance
Sugar
Polarizing
99.8 Degrees
Quota
—
.
distribution
Hawaii
Quantity Charged Against Quota
-
Importers direct-consumption sugar (Table 3)
cane mills for direct consumption (Table 4)
Total
(Short Tons, 96 Degrees Equivalent)
June 30, in short tons, raw value,
on
Refiners'
'
|
1941
Puerto Rico
126,033
29,616
•111,140
—
80,214
432,179
-
Philippines
Total
120,770
2,021
4,963
939
38,390
797,233
178,525
8,059
-
30,939
463,118
147,745
Importers'direct-consumption sugar
Mainland
-------
,
factories
cane
*
QUOTAS FOR FULL-DUTY COUNTRIES
other than refiners, which
112,793 short tons, commercial value In 1941, and 73,967 short tons,
amounted to
Remaining
6,371,256
(In Pounds)
592,592
(In Pounds)
5,778,664
3,253,511
75,303,442
38,708,309
Quota
Area
-
.
China and Hongkong
Dominican Republic
—
2,989,120
264,391
Haiti
10,407,273
Mexico
68,114,635
125,505,363
36,595,133
3,759,917
67,687,877
6,647,356
426,758
64,648,507
Peru
...
269,522,082
Quotas not used to date.b
7,240,438
U nallotted reserve
.
of
statement
June
made
was
July 19,
charges against
public
AND
hundred
thirteen
foreign country other than Cuba have
for that country.
pounds
been
have
DIRECT
CONSUMPTION
Jan.
of Supply
sumption
&c.
not
Footnote
in
importations
these
1,
Argentina, 164,610; Costa Rica,
imported from various coun¬
212 of the Sugar Act, referred
have not been charged against
8
a258,196
0
509
32
90,207
bll0,376
2
2
151,443
1,774
18
0
0
0
0
0
c50,661
Philippines
Continental U.S
48,223
Puerto Rico
1,764
12,437
95,367
149,334
1,764
57,143
0
316
316
0
0
0
337,362 3,108,903 2,775,184
4,780
60
666,241
Miscell. (sweepings, &c.)
Total
108,261
...
Compiled- in the Sugar Division, from reports
a
Board
Increases
Quotas for
United
States—Customs Bureau
Total Imports
Coffee
into
on
The Inter-American Coffee Board recently
authorized
figures for imports of coffee subject to quota limitations
under the President's proclamation of the Inter-American
Coffee Agreement on April 15, 1941.
The following tabulation lists the coffee quotas which have
been filled, and shows import figures for the quotas now
under telegraphic control as of Aug. 9, 1941. Total imports
as
Includes 47,172 tons in customs' custody.
c
(Short Tons Raw Value)
•
.-V■
y;-:-
a
Quota (Lbs.)
Country of Production
Consumption
As of (Date)
Pounds
;v;
Deliveries
Guatemala---
56 484,233
Import quo ta
filled
423 ,632,012
Colombia.
a
which Is the
years
Honduras
Nicaragua
value,
are
not yet
26 ,224,775 Aug. 2, 1941
10, 758,933 Aug. 9, 1941
36, 983,7C8 Aug. 9, 1941
Peru
362,191 Aug. 9, 1941
63, 880,975 Aug. 9, 1941
9,391,294
20,044.534
36,695,401
3,209,545
61,659,408
47,742,641 Aug. 9, 1941
b46,630,609
—
3
-»
Non-signatory countries:
—
.
Quota Period—Apr. 22 to Aug.
31, 1941,
2,645,520 Aug. 9, 1941
b 1,533,488
Quotas increased by Inter-American Coffee Board as of June 1, 1941.
bUnder the terms of an Executive order effective June 14, 1941, the Increased
Import quota for non-signatory countries is subject to the allocation of a maximum
of 20,000 bags for coffee of the Mocha type which may be entered for consumption
Larger than actual
deliveries by a small amount representing
3—STOCKS, RECEIPTS
TABLE
Department
of
Agriculture
on
Aug.
6
Totaled
issued its
months
monthly statistical statement covering the first six
1941, consolidating
reports obtained
from can sugar re¬
processors, importers and others.
The
prepared by the Sugar Division of the Agri¬
Adjustment Administration.
Total deliveries of
beet
sugar
statement was
cultural
sugar during the period January-June, 1941, amounted to
3,995,144 short tons, raw value, compared with 3,076,975
tons during the corresponding period last year.
The Depart¬
ment's announcement added:
Distribution
months
of
of
1941,
AND
DELIVERIES OF DIRECT-CON¬
AREAS, JANUARY-JUNE, 1941
SUMPTION SUGAR FROM SPECIFIED
(Short Tons, Raw Value)
Receipts
Jan. 1, '41
of Supply
i.
-----
or
0
241
204,570
2,943
*125,255
71,100
43,949
8,202
303
1,950
30,865
1,134
39,178
449,959
-
-----
0
310,612
12,932
Philippines
on
June 30, '41
Usage
.
304,123
2,943
114,808
26,135
25,702
—
Hawaii-.-—--
Stocks
Deliveries
Stock8 on
Source
distributors of direct-consumption sugar on
32,079 tons In customs' custody.
Importers and
Includes
1,119
*
178,525
Forms SS-15B and SS-3.
4—MAINLAND CANE MILLS, STOCKS, PRODUCTION
DELIVERIES—JANUARY-JUNE, 1941
(Short Tons, Raw Value)
AND
>
■
Deliveries
Slocks on
Stocks on
70,416
60,214
For Further
June 30,
90,898
1941
Processing
31,673
Production
1941
For Direct
Consumption
Jan. 1.
8,059
5—DISTRIBUTION OF SUGAR FOR LOCAL CONSUMPTION IN
THE
TERRITORY OF HAWAII AND PUERTO RICO, JANUARYJUNE,
1941
(Short Tons, Raw Value)
Territory of Hawaii
Puerto Rico.,.
Petroleum
finers,
losses In repro¬
—
,—
12,027
44,752
31, 1941, inclusive.
Sugar Deliveries for First Six Months of 1941
3,995,144 Tons
of
tons,
June
available.
a
The
The Department of
include sugar delivered against sales for export.
TABLE
Inclusive.
Non-signatory countries—Mocha coffee..
from April 22 to Aug.
;
refined sugar amounted to 16,673 short
during the period January-May, 1941.
Data for exports during
2,135.257
20, 173,016 Aug. 9, 1941
All Types of coffee.
and
reports submitted on Forms SS-16A
refineries and beet sugar factories..
23,699,418
Ecuador
Mexico-.-.
145,097
cessing, &c.
72,085,218
Haiti
;
797,233
reports that exports of
raw
*
80 691,799 Aug. 2, 1941
2 689,700 Aug. 2, 1941
.
c949,518
318,430
1939 and 1940.
TABLE
1,250 ,722,887
El Salvador
Cuba
2,765,396
b2,718,234
30, 1941
converted to raw value by using the factor 1.063030
ratio of meltings of raw sugar to refined sugar produced during the
b Deliveries
Commerce
c
1,601,654
The refineries figures are
26 897,267
Costa Rica
—
271,268
Compiled by the Sugar Division, from
SS-11C by the sugar
Factories
a
71 ,950,208
-
Venezuela
Brazil
Domestic Beet
.
-
Final stocks of refined, June
Total
16 ,138,333
Dominican Republic
>.
1, 1941
Other foreign areas
Quota Period—12 Mos.from Oct. 1,1940,
;
Production—
Puerto Rice
Revised
:
Initial stocks of refined, Jan,
Cuba—-
and
•
Refineries
of Aug. 2, 1941.
Entered for
Quota Period
submitted by sugar refineries on
■
\
b Includes 5,764 tons in customs'
custody,
2—STOCKS, PRODUCTION AND DELIVERIES OF CANE AND
BEET SUGAR BY UNITED STATES REFINERS AND PROCESSORS,
JANUARY-JUNE, 1941.
an
20% in the quotas for coffee imports into the
United States, to be effective Aug. 11.
According to the
Associated Press, the Board's action followed dissatisfaction
with the rapid increase in price of coffee in the United States
and action by Brazil in raising its minimum coffee export
price 1% cents.
The quotas on imports from both the
countries signatory to the inter-American coffee agreement
and those which are not signatories.
The quota for the
signatories for the year ending Sept. 30 will be increased
from 15,804,757 bags of 60 kilograms net to 16,239,240 bags,
while the increase for non-signatory countries is from 360,932
bags to 370,854 bags.
The Bureau of Customs announced on Aug. 12 preliminary
shown
i'y;'
;
TABLE
increase of
under the other coffee quotas are
'
Includes 76,484 tons in customs'
custody,
5,358
0
Virgin Islands
Other countries
Form SS-15A.
Imports
Reports
1941
1,182
1,313
34,798
88,889
65,727
Hawaii
the quota.
Inter-American
30,
June
87,288 1,352,507 1,180,409
430,830
487,552
460,491
482,519
494,897
580,617
Ji.
Cuba
tries, but under the provisions of Section
to
on
Fire,
1941
V
.
by
Con¬
Meltings
Receipts
1,
Stocks
Lost
Deliveries
for Direct
on
Sources
1937, the first ten short tons
232,593; Dutch East Indies, 2,387,040; Guatemala, 3,781,859; Honduras, 38,762,084;
Nicaragua, 115,420,121; Salvador, 92,694,505; United Kingdom, 3,959,889; Vene¬
zuela, 3,274,832; other countries, 8,844,549.
Three
RECEIPTS. MELTINGS
FOR JANUARY-
STOCKS,
REFINERS'
FOR
(Short Tons, Raw Value)
227,215
of sugar, raw value, imported from any
bThis total includes the following (in pounds):
in
table given
1941
:
been charged against the quota
Januarythese columns
quotas during
sugar
(This
9.
Stocks
In accordance with Sec. 212 of the Sugar Act of
Sugar Act of 1937.
*
SUGAR:
DELIVERIES
JUNE,
'■
a
1941
the
July
on
60,856,856
269,522,082
'
7,240,438
55,644
\
,
308.—Ed.)
page
1—RAW
TABLE
-j
in the administration of the
obtained
were
454,430,087
111,287,913
282,859
Tons
0
'
565,718,000
Total.
These data
The
(In Pounds)
Canada
Balance
Quantity Charged
Against Quotaa
2,045,506
435,844
Not including raws for processing held by importers
commercial value, in 1940.
1941
754,650
203,110
32,231
..._
Total
1
619,671
;•
raws
Beet sugar processors
5,263
24,653
41,824
2,942
37,451
610,863
Hawaii
76,005
1940
666,241
318,430
1,968,488
•
298,995
18,349
9,630
280,646
were as
follows: *
Refiners'refined
375,000
Cuba...
4,780
2,698,561
949,518
310,612
31,673
-
Mainland
quotas.
Area
909
& Financial Chronicle
sugar
in
continental
United States during the first six
in short tons, raw value, was as follows;
Prices
and
Its
Products—Pennsylvania
Advanced—11
Companies Propose
Crude
1,820-
Pipeline to East—Coordinator Ickes Asked to
Aid Products Pipeline Project—Oil Men Meet in
Washington—Daily
Average
Crude
Production
Mile
Climbs
Pennsylvania grade crude oil prices were marked up
sharply on Thursday when the Joseph Seep Purchasing
Agency of the South Penn Oil Co. posted advances of from
23 to 25 cents a barrel, effective immediately.
While the
strong market demand for lubricants refined from Penn¬
sylvania grade crude oil has been boosting prices, the usual
increase has been either 10 ot 15 cents per barrel.
Under the new schedule, Bradford-Alleheny advanced 23
cents a barrel to $2.98 a barrel with advances of 25 cents a
The Commercial & Financial Chronicle
910
barrel
sending Southwest Penn Pipeline and Eureka Pipeline
crude up to $2.65 and $2.59, respectively.
Simultaneously
with the South Penn Oil increase
came a
boost of 25 cents for
Buckeye grade crude posted by Quaker State Oil & Refining
Co.
There was no change in Corning grade crude.
Plans for the construction of
line
from
Texas
and
a
Louisiana
1,820-mile crude oil pipe¬
fields
the
to
New
York-
Philadelphia refining area to prevent future shortages such
as now threaten to
bring gasoline rationing to the East Coast
States
were
laid
before
Petroleum
Coordinator
Ickes
on
Monday by 11 major petroleum companies.
Joint construc¬
tion of the $70,000,000 pipeline, the world's
longest single
type pipeline system, is planned.
The plan presented to Coordinator Ickes for his
approval
by the 11 major oil units gave full details for the projected
pipeline which would deliver 250,000 barrels of crude oil
daily to Eastern refineries. Two jointly-owned and privatelyfinanced
companies—National Defense
Pipelines,
Inc.,
and Emergency Pipelines, Inc.—would handle the
project.
It
expected that the plan would be approved by Mr. Ickes
approval as a
recently-enacted
Cole pipeline law.
Under the plan, Emergency Pipelines, Ltd., would build
and operate a 22-inch line from the East Texas field to a
point near Shreveport, La., a distance of approximately 65
was
and presented to President Roosevelt for his
national defense project as provided in the
miles.
in
the
project also provided for the building and operation of
tanks, pumping stations and equipment to deliver crude oil
to terminal points at
Philadelphia and Bayonne, N. J., by
National Defense Pipelines, Inc.
The plan was presented by
the Standard Oil Co. of N. J., Consolidated Oil
Corp.,
Atlantic Refining Co., Sun Oil Corp., Cities Service Co.,
Socony-Vacuum Oil Co., Inc., Tidewater Associated Oil
Co., The Texas Corp., Shell Oil Co., Inc., Gulf Oil Corp.,
and Pan-American Petroleum & Transport Co.
Other firms
would join in the
undertaking, it was indicated.
Under the proposed setup, National Defense
Pipelines,
Inc., would finance itself, without cost to the Federal Govern¬
ment, by borrowing approximately 80% of the estimated
costs of the lines and facilities to be constructed
by it by
private placement of notes maturing over a 5-year period.
The balance would be made
up through the issuance of
junior securities or capital stock, which would be purchased
by the 11 companies participating on a percentage basis.
Emergency Pipelines, Inc., would be financed the same way.
Provision is also made for any others who
may desire t6
participate in the building and use of the pipelines who may
do
so
after formal execution of the
agreement upon the same
and conditions as those
companies which thus far
tentatively have committed themselves to the project.
"The companies which have formulated this
plan already
have made considerable
progress toward getting this vitally
necessary project under way with a minimum of delay,"
Coordinator Ickes said. "Survey parties are in the field and
aerial photographing of the route is in
progress.
In fact,
this phase of the project
probably will be completed within
the next week or 10
days, assuring the
of maximum
making
begin actual construction." In
mid-week, it was disclosed that the Aero Exploration Co. of
Tulsa had completed the aerial
photographing of the entire
route of the 1,820-mile
proposed pipeline.
Although the plans of the 11 companies call for immediate
starting of work, it will be 9 months, at best, before the
pipelines are completed and in position to relieve the right
supply situation in the East.
Another factor is that of
obtaining sufficient steel and other construction necessities
in view of the
tightness in such supplies due to defense
activities. It is believed, however, that the Office of Produc¬
tion
Management, which is putting steel under priority as of
Sept. 1, will cooperate and enable the industry to
progress once it is possible to
steel and other materials needed
through
on the
priority ratings.
A second
which
can
get the
placing them high
pipeline project—a 1,200-mile products line—
be completed in time to alleviate the Eastern
area
shortage has been brought before the Office of the Petroleum
Coordinator for Federal aid in
securing rights-of-way and
was
being considered at week-end.
The planned pipeline,
which will run from Baton
Rouge, La., to Greensboro,
N. C., is sponsored
by the Plantation Pipeline Co. which,
in making the
request for Federal aid under the provision of
the Cole pipeline
law, said that most of the materials needed
for the line are
available, and that contracts for actual
construction have
already been let.
In
1941
Mines.
California and Louisiana contributed to the rise in
crude output, other major States reported lesser totals.
Price changes follow:
Aug. 14—South Penn Oil advanced Pennsylvania grade crude oil 23 to
25 cents
barrel.
a
Aug. 14—Quaker State Oil & Refining advanced Buckeye crude oil 25
cents a barrel.
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
-12.98
are not
shown)
Corning, Pa.....1.31
Rodessa, Ark., 40 and above
J1.20
East Texas, Texas, 40 and over.... 1.26
Eastern Illinois
1.22
Kettleman Hills, 37.9 and over
Illinois Basin
1.37
Mld-Cont't, Okla., 40 and above..
Smaokover. Heavy
1.25
Pecos County, Texas
Lance Creek, Wyo
.83
Signal Hill. 30.9 and
1.29
.95
-
1.12
1.23
over
Southwest.
The
terms
16,
meetings of the chairman of the general district and
four functional committees representing the oil industry in
each of five regions covering the country with Defense
Coordinator Ickes and his staff on the procedure to be
followed in attacking problems arising out of the effort to
accomodate the petroleum supply to the needs of the nation
and of the defense program in Washington this week brought
the comment from Mr. Ickes that the joint effort was
affording an excellent example of Government and industry
working together on problems common to both and vital to
the country.
Mr. Davies told the assembled oil men that
in view of the many shortages in materials due to defense
activities, the idea of "business as ustial" for the oil industry,
as with other industries, is out.
Sharply higher production in Texas sent the nation's daily
average crude output for the week ended Aug. 9 up 216,700
barrels to 3,911,500 barrels, according to the American
Petroleum Institute.
This compared with 3,940,000 barrels
suggested for the month by the United States Bureau of
National Defense
Pipelines, Inc., would build and
operate a 22-inch line from near Shreveport to Salem, 111., a
distance of about 490 miles; a 24-inch line from Salem to the
New York-Philadelphia area, about
1,200 miles, and a 16inch connecting line from Salem to Wood
River, 111., about
65 miles, to tap existing lines which
carry crude oil from fields
Aug.
The
commenting
Plantation Pipeline's request, As¬
K. Davies said that
transport petroleum products, such as
gasolines, kerosenes, napthas and Diesel oil from the Gulf
Coast to Greensboro, is one that the
coordinator's is espe¬
cially desirous of having constructed as
expeditiously as
possible.
He further pointed out that the line could be
upon
sistant Petroleum Coordinator
Ralph
the line, which would
completed by late December if legal obstacles
and therefore would be in
operation in time
shortage of petroleum products in the
were
to
East.
removed,
alleviate
the
REFINED PRODUCTS—MR. ICKES SEES
"MORE RIGID
STEPS'*
IN EAST NEEDED—DELIVERIES OF MOTOR FUEL HIGHER
DESPITE
RUSSIA
FUEL
"CURFEW"—AVIATION
LEAVES—GASOLINE
INVENTORIES
BOLSTERED
BY
GAS
PRICES
DECLINE—EAST
TANKER
SHIPMENT
TO
CHANGE—MOTOR
COAST
STOCKS
ARRIVALS
Despite the cooperation of the petroleum industry in
closing the approximate 100,000 service stations in the East
Coast area from 7 p. m. to 7 a. m. nightly in accord with
his request, Petroleum Coordinator Ickes said "more
rigid
steps" may be expected immediately to curtail consumption
of motor fuel in the shortage-threatened East since
despite
the "curfew" gasoline deliveries in this area were
up 8%
last week.
While
the
Petroleum
Coordinator refused
statement, made at his Thursday
ington,
nightly
to
clarify his
conference in Wash¬
it is generally considered that the fact that the
shutdown has not curtailed consumption due to
press
increased
public purchasing in the daylight hours probably
the initiation of a rationing system
whereby
motorists would be held to definitely limited amounts of
gasoline weekly.
The hope that such rationing may be avoided was held
by John W. Frey, marketing director of the Office of Pe¬
troleum Coordinator, if the motorists in the East
recognize
the gravity of the situation and
voluntarily cut consumption
to the point where it will be in line with
probable supplies.
Mr. Frey, speaking at a
meeting held by the Automobile
Club of New York at the Hotel
Pennsylvania marking the
start of New York's official
gasoline saving campaign early
in the week, said enforced
rationing will be undertaken only
if the consuming public forces it
upon the Government.
A follow-up letter to the
original one sent by Mr. Ickes
to the Governors of the Eastern States
asking for voluntary
will
mean
curtailment
of
motor
fuel
consumption in this
area
was
sent out from the Petroleum
Coordinator's office this week,
stressing the importance of the necessity for lower consump¬
tion and
warning that "hastening of rationing by the seeming
a reduction
indifference of the public to the various pleas for
in the consumption of petroleum
products"
may
develop.
The first American tanker,
flying the American flag,
carrying aviation gasoline to the Soviet Union, tangled in
bitter
warfare with the Nazi military machine, left Los
Angeles Thursday for Ylaoivostak and "other tankers will
leave shortly," Mr. Ickes disclosed at his
press conference.
He also said that
priorities had been obtained for the manu¬
facture of 10,000 drums for
shipment of petroleum products
to
Russia aboard merchant vessels.
Sending of E. W.
Pauley to London by Mr. Ickes to "study the oil situation
in all its stages and the British
rationing program in all
its phases"
also was announced by the Petroleum Co¬
ordinator.
Gasoline prices fluctuated
during the week with a 1-cent a
gallon reduction in the St. Louis area being posted on Aug.
12 by the Shell Petroleum Co.
An increase of 3^ cent a
gallon in tank wagon prices of third-grade gasoline in most
areas
of
Aug.
13,
Texas
was
posted by all leading companies on
with Gulf Refining initiating the advance.
In¬
creases of l-10th cent a
gallon in kerosene prices, and 3-10ths
cent a gallon in No. 2 fuel oil
prices in the New York-New
England posted Aug. 13 spread throughout the East Coast
the following day.
While a decline of 757,000 barrels
developed in stocks of
finished, unfinished and aviation gasoline
throughout the
area on
Nation
during the Aug. 9 week, according to the American
Petroleum Institute which placed total
holdings at 86,022,000
barrels, inventories on the East Coast were bolstered by
Volume
Gulf ports.
Refinery operations
point to 89.3% of capacity, with daily
of crude to stills dropping 10,000 barrels to 3,-
tanker arrivals
from the
off 2-10ths of
were
average runs
911
Financial Chronicle
The Commercial &
153
CRUDE
RUNS
STILLS,
TO
OF FINISHED
PRODUCTION OF GASOLINE AND STOCKS
GASOLINE AND GAS AND FUEL
AND UNFINISHED
OIL, WEEK ENDED AUG. 9, 1941
a
(Figures in Thousands of Barrels of 42 Gallons
Each)
835,000 barrels.
Price
Refin¬
District
Texas.
Aug. 13—Kerosene prices moved up l-10th cent, and No. 2 fuel oil
3-10ths cent a gallon in the New York-New England market.
The ad¬
spread throughout the East Coast.
Po¬
of
Gas
of Re¬
OH
sidual
tion
Fuel
Gaso¬
OH
line
C.
P.
P. C.
tial
port¬
Rale
Unfin¬
fineries
Re¬
ten¬
Gaso¬
y
—
.06-.00
.06-.06M
Gulf Coast—
.085
Oklahoma
x
Branded,
y
Super.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
(Philadelphia.—
(Bayonne)
—
Baltimore
90.6
115
82.7
432
21,686
3,196
13,782
83.8
528
550
84.4
601
94.6
2,270
15,442
4,638
3,929
413
80.7
1,157
6,757
2,145
11,975
3,183
1,797
2,002
1,318
1,642
Savannah, Bunker C.91.30
$1.35
Bunker C
Diesel
i
1.35
Phlla, Bunker C
Gulf Coast—
Halifax
$.85-.90
...
1.60
2.00
.....
90.1
63.2
143
86.1
627
1,097
91.0
957
95.8
3,073
156
89.1
Rocky
-$.03tf--O3V
| Tulsa
I Chicago—
$.041
$.053
28.30 D
I
Petroleum
American
Institute
estimates
Ended
the Institute follow:
Imports of petroleum for domestic use
that
the
and receipts in bond at
daily average of 301,143
ended Aug. 2, and 245.607 barrels daily for the four
barrels for the week
or
These figures include all oil imported, whether
Aug. 9.
for domestic use, but
bonded
it is impossible to make the separation in weekly
There were no receipts of
ports during the
California Oil at either Atlantic or Gulf Coast
week ended Aug. 9.
Reports received from refining companies owning
73.6
1,349
11,759
65,484
1,755
86.3
3,495
89.3
11,288
80,112
5,910
41,206
93,887
7,412
930
1,525
360
12,542 e86,022
13,204 86,779
42,136
41,433
95,412
94,800
7,772
7,673
40,865 106,487
5,546
340
86.3% of the 4,538,000
indicate that the industry as a whole ran to stills, on a
of the end
during the week, and that all
terminals, in transit and in pipe
of the week, 86,022,000 barrels of finished and unfinished
The total amount of gasoline produced by all
mated to have been 12,542,000 barrels during
DAILY AVERAGE
companies is esti¬
the week.
CRUDE OIL PRODUCTION
(Figures in Barrels)
'1
;
Actual Production
Four
B.ofM.
Week
Week
Change
Weeks
lated
Stale
Ended
from
Ended
Ended
Require¬
Allow¬
Aug. 9,
Previous
Aug. 9
Aug. 10
ments
ables
1941
Week
1941
1940
Calcu¬
3,835
3,845
4,538
4,538
♦U.S.B. of M.
and in pipe lines,
Nebraska.
415,000 b415,150
—1,900
417,650
b225,250
—10,250
235,450
b5,950
+ 900
5,300
—500
63,400
89,900
28,100
80,250
100,150
30,700
272,650
83,200
369,950
218,350
284,260
-.
—
East Central Texas.
East Texas
—
Coastal Texas
+250
80,900
99,900
+ 1,050
29,700
+ 51,000
245,250
81,700
+ 38,100
333,150
198,900
of June, of 479,908 net tons,
10.5%, and when compared with July, 1940, shows an
during the preceding month
or
364,666 net tons, or
increase of
+41,900
263,450
reported as
July, 1941
-
Central RR. of New Jersey
—
324,500
80,700
Arkansas
...
325,081
+750
+2,650
+ 3,400
nois and Indiana)..
25,200
Wyoming
41,900
85,700
20,400
3,950
109,700
85,000
Montana
20,000
4,400
Colorado..—
112,900
New Mexico
Total east of Calif..
112,900
3,299,000
475,930
432,432
371,934
397,489
389,122
316,452
355,612
319,279
405,709
321,503
Ry__
70,260
108,059
93,360
97,315
Lehigh <fc New England RR—
273,103
269,635
217,282
206,863
4,093,880
4,573,788
3,729,214
3,868,879
Pennsylvania RR
—
-
—
N. Y. Ontario & Western
Total
Weekly Coal Production Statistics
weekly report of the Bituminous Coal Division,
Department of the Interior shows that the total
The current
S.
U.
production of soft coal in the week ended Aug. 2 is estimated
at 10,500,000 net tons, a decrease of 256,000 tons, or 2.4%,
in the preceding week. Production in the
week ended Aug. 3, 1940 amounted to 8,218,000 tons.
% The U. S. Bureau of Mines reported that the estimated
production of Pennsylvania anthracite for the week ended
Aug. 2 was 1,237,000 tons.
This was a decrease of 28,000
tons from the
preceding week. In comparison with the
from the output
an
corresponding week of 1940 however, there
increase of 450,000 tons
ship¬
(The current weekly estimates are based on railroad carloadings and river
and are subject to revision on receipt of monthly tonnage reports from district
ments
and State sources or
Week Endedr-
July
July 26 July
4
3
2
339
343
256
252
80
122
1
1
1,102
1,066
606
635
914
1,208
412
259
234
273
451
38
31
40
38
57
126
140
88
84
98
134
907
928
774
782
906
735
213
.194
126
106
217
202
37
25
23
44
42
2
2
3
2
14
17
52
61
40
39
51
41
21
Carolina
-
-
Iowa.-
347,000
20,300
17
66
1
Kansas and
—800
25
17
17
47
52
—--—-
Missouri.----'
Kentucky—Eastern
Western
91,050
41,600
89,550
54,150
Michigan
—550
+ 3,100
83,200
73,200
New
17,650
North and South
"—50
19,900
3,900
108,250
—50
3,600
101,600
655,600
+ 22,400
641,850
631,800
3,940.000
3.911,950 + 216,700 3,788.300 3,475,300
Montana.
—
Mexico
the requirements of domestic crude
premises outlined in its detailed forecast for the month of
from stocks, or from new pro¬
contemplated withdrawals from crude oil inventories must be deducted
Bureau's estimated requirements to determine the amount of new crude
As requirements may be supplied either
produced.
Kansas, Nebraska, Mississippi, Indiana
Aug. 1 but experience indicates that
completed, and if any upward revisions are made
Panhandle shutdown days are Aug, 3, 10, 17, 24 and 31; with a few exceptions the
rest of the State was ordered shut down on Aug, 2, 3, 9, 10, 16, 17, 23, 24, 30 and 31.
Recommendation of Conservation Committee of
Note—The figures indicated above do not
might have been surreptitiously produced.
California Oil Producers.
include any estimate of any oil which
20
17
20
15
110
if 14
671
442
396
460
854
2,702
2,711
2,177
1,789
2,762
3,680
144
143
111
104
90
113
9
11
18
26
60
51
30
53
87
433
385
282
277
230
239
34
36
27
23
33
37
2,312
2,251
1,906
1,838
2,052
1,519
812
836
577
540
704
866
104
113
86
79
115
Texas
Utah
Washington...
Virginia—Southern, a
Northern.b.
Wyoming
*
Other Western
States.c
coal...
Pennsylvania anthracite. d.
Total bituminous
a
87
695
—
Pennsylvania bituminous—....
Total, all
Aug. 6.
This is the net basic 31-day allowable as of
105
f
•
50
Dakota
figures are for week ended
It will increase as new wells are
f
7
Ohio
West
These are Bureau of Mines' calculations of
♦
-
—6,800
•'
74
38
78
37
Illinois
12,350
389
31
120
423
281,400
73,050
322
60
119
Oklahoma
Colorado
73,400
e
f
f
—
Avge.
1923
1929
1939
1940
3
Alaska
319,100
14,900
19 July 27 July 29 July 27
1941
1941
Arkansas and
395,050
the operators.)
of final annual returns from
State
47,400
—100
STATES
(In Thousands of Net Tons)
Virginia
based upon certain
(about 57%).
WEEKLY PRODUCTION OF COAL, BY
ESTIMATED
65,050
216,350
3,256,350 + 194,300 3,146,450 2,843,600
641,000 d610,000
California
d
356,395
431,890
437,435
Corp.
Tennessee
c
710,333
339,481
591,767
+ 100
88,000
98,900
36,000
a. m.
862,389
655,103
470,244
Maryland--
Michigan
7
846,262
416,058
78,100
241,000
incl. Illi¬
b Oklahoma,
1,128,151
836,773
530,834
+ 300
73,600
b47,850
356,850
b20,250
74,428
390,100
22,100
Illinois...
Indiana
to be
June, 1940
July, 1940
June, 1941
425,649
Del. Lack. & Western RR
Delaware & Hudson RR.
Indiana
duction,
weTe
421,757
Lehigh Valley RR
Georgia and North
from the
(in net tons)
972,914
710,977
Reading Co.
188,400
322,300
Coastal Louisiana—
a
9.8%.
originating carriers
follows:
by
Shipments
Alabama..-
August.
1941, as
Shipments of anthracite for the month of July,
reported to the Anthracite Institute, amounted to 4,093,880
net tons.
This is a decrease, as compared with shipments
68,600
374,960
170,350
79,300
243,000
North Louisiana
oil
Aug.,
♦
192,400
+ 3,800
+ 71,400
1,361,000 C1404665 1,439,500 + 207,000 1,332,950 1,176,000
Total Texas.
Eastern (not
c
July Anthracite Shipments Off 479,908 Net Tons
50
West Central Texas.
Mississippi...
unfinished gasoline total,
b Included in finished and
7,747.000 barrels.
169,150
242,800
North Texas
Total Louisiana
At refineries, bulk terminals, in transit
381,800
4,400
Kansas
Southwest Texas
a
1940, daily average, d This is a week's production based on the U. S. Bureau of
August, 1940, daily average,
e Finished, 78,275,000 barrels; unfinished,
was
492,400
240,800
Oklahoma.
West Texas
87,681
dll,468
c3,508
Estimated Bureau of Mines basis,
output in the
(August)
.
Calif.
Bureau of Mines'
companies had in storage at refineries, bulk
Panhandle Texas
411
•Est. tot. U.S.
basis, 3,835,000 barrels of crude oil daily
gasoline.
1,254
1,631
daily potential refining capacity of the United States,
barrel estimated
as
441
526
Erie RR
statistics.
lines
129
90.9
1,200
14,136
principal
ended Aug. 9, totaled 1,497,000 barrels,
daily average of 213,857 barrels. compared with a
weeks ended
292
191
.
United States ports, for the week
a
392
66.2
Est. unrep'ted
crude oil production for
average
156
45
Mines,
the week ended
Aug. 9, 1941, was 3,911,950 barrels.
This was a gain of
216,700 barrels from the output of the previous week.
The
current week's figures were below the 3,940,000 barrels
calculated by the tJ. S. Department of the Interior to be the
total of restrictions imposed by the various oil-producing
States during August.
Daily average production for the four
weeks ended Aug. 9, 1941, is estimated at 3,788,300 barrels.
The daily average output for the week ended Aug. 10, 1940,
totaled 3,475,300 barrels.
Further details as reported by
daily
391
51 108.6
50.1
787
California
*
The
147 105.0
49.9
Aug. 9, '40.
Daily Average Crude Oil Production for Week
Aug. 9, 1941, Gains 216,700 Barrels
Inter'r
1,184
8,326 G. C'st
3,546
1,788
6,226
95
Aug. 2, '41.
Terminal
424
927
136
Mtn._
Aug. 9, '41i
Gas Oil, F.O.B. Refinery or
N. Y. (Bayonne)—
7 Plus
300
263
Reported
Terminal
Fuel Oil, F.O.B. Refinery or
N. Y. (Harbor)—
9,638 E. C'st
010
166
752
No. La. & Ark
9.05251 New Orleans_$.05H-.0d
$.055 North Texas—.——
.04 Tulsa
04J*-.04%
.05251
New York—
tillates
Missouri...
$.06-.06J<
Chicago
J .08 5
Shell Eastern-
A via-
673 100.0
Texas Gulf...
.09
Dis¬
line
Louisiana Gulf
Tide Water OIL.»
and*
Blended
ated
Aver.
Stocks b Stocks
a
ished
Incl.
Dally Oper¬ Natural
ing
a
Inland Texas.
Other Cities—
Texas
$.085
Fin¬
ished <fc
Appalachian,.
Ind., HI., Ky.
Okla., Kan.,
Lot*, F.O.B. Refinery
New York-
Socony-Vac..
Produc'n
East Coast
U. S. Gasoline (Above 65 Octane), Tank Car
New York—
Stocks
Gasoline
to Stills
Capacity
ing
Aug. 13—Third-grade gasoline was lifted H cent a gallon in
vances
Stocks
Crude Runs
at Re¬
Daily
changes follow:
Aug. 12—Shell Petroleum cut gasoline prices 1 cent In St. Louis.
coal
——--
10,756
1
10,628
72
#
*
8,090
23
f4
7,413
f4
9,654
11,208
1,265
1,250
987
758
1,242
1,950
12,021
11,878
9,077
8,171
10,896
13,158
12,021
the N. & W.; C. & O.; Virginian; K, & M.; B. C. & G.;
O. in Kanawha, Mason and Clay counties,
b Rest of State, includ¬
Includes operations on
and on the B. &
Panhandle District and Grant, Mineral and Tucker counties, c Includes
California, Idaho, Nevada and Oregon,
d Data for Pennsylvania anthra¬
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.
ing the
Arizona,
cite
from
I
The Commercial & Financial Chronicle
912
STATES
UNITED
ESTIMATED
PRODUCTION
OF
SOFT
COAL,
WITH
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
log in common zinc
(In Thousands of Net Tons)
Aug.
2,641 tons, with shipments in the
to
reduced to
was
Week Ended
Calendar Year to Dale
July 26
Aug. 3
1941
1940
down to
1941 d
1940
1929
a
minimum.
nearby metal
was
10.500
10,756
1,750
1,793
8,218 275,904 259,069 305,148
1,369
1,513
1,420
1,663
5,919
6,199
5,596 182,756 185,343 134,401
average
Includes for purposes of historical comparison and statistical
•
adjustment.
ESTIMATED
■
PRODUCTION
OF
PENN8YLVANIAIANTHRACITE
AND
BEEHIVE COKE
tin prices is in the offing, business was kept
on
Quotations for tin showed little change.
October
51.500
8..
52.750
51.750
51.500
51.250
9
52.750
51.750
51.500
51.250
Aug. 11
52.750
51.875
51.500
51.500
Aug.
Aug.
July 26
1941
1940
52.750
51.875
51.500
51.500
52.750
52.000
51.500
51.500
Chinese
tin,
99%, spot,
nominally as follows: Aug. 7, 52.250c.,
Aug. 8, 52.375c., Aug. 9, 52.375c., Aug. 11, 52.375c., Aug. 12, 52.375c.,
Aug. 13,52.375c.
OF
was
METALS
Electrolytic Copper
1940
1929
a
("E. A
Straits
Dom.,Refy. Exp., Refy.
1941
51.250
Aug. 13
Aug. 3
1941
November
Aug. 12
t^aiend^Year t?Date**
Aug. 2
Spot and
follows:
51.750
DAILY PRICES
Week Ended
was as
September
7
(In Net Tons)
1
Western zinc
52.625
Aug.
convenience the
production of lignite,
b Total barrels produced during the week converted to
equivalent coal, assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
pound of coal.
Note that most of the supply of petroleum products Is not directly
competitive with coal.
(Minerals Yearbook, 1938, page 702.)
c Sum of 31 weeks
ended Aug. 2, 1941, and corresponding 31 weeks of 1940 and 1929.
d Subject to
current
Prime
August
Crude Petroleum—b
Coal equivalent of weekly output.
tons.
■'
Tin
offered sparingly.
Straits tin for future arrival
Bituminous Coal—a
Dally
75,685
1941
The back¬
c
Believing that a ceiling
Total, including mine fuel
16,
period of 5,114 tons.
continued at 7Mc., St. Louis.
V
Aug. 2
1941
same
M. J.M QUOTATIONS)
Tin
Lead
New York
New York
Zinc
St. Louis
St. Louis
5.70
7.25
a
11.775
Aug.
Total,
incl.
fuel
Com'l production _c.
1,237,000 1,265,000 787,000 30,861,000 30,029,000 40,558,000
1,175,000 1,202,000 748,000 29,325.000 28,528,000 37,638,000
Beehive Coke—
m
United States total-.
133,500
22,250
Daily average
146.700
60,300
3,417,000
1,197,000
10,050
18,672
6,541
5.85
11.775
10.950
53.000
5.85
5.70
9
11.775
10.950
53.000
5.85
5.70
7.25
Aug. 11
11.775
10.950
53.000
5.85
5.70
7.25
Aug. 12
11.775
10.950
53.000
5.85
5.70
7.25
11.775
10.950
53.000
5.85
5.70
7.25
11.775
10.950
52.979
5.85
5.70
7.25
22,177
10.950
7.25
4,058,400
24,450
52.875
8
Aug. 13
colliery
b
7
Aug.
Aug.
Pa. Anthracite—
a
Adjusted to comparable periods In the three years,
b Includes washery and
dredge coal and coal shipped by truck from authorized operations,
c Excludes
colliery fuel.
,■
..
Average..
Average prices for calendar week ended Aug. 9 are: Domestic copper
f.o.b. refinery, 11.783c., export copper, f.o.b.
refinery, 10.950c., Straits
tin, 52.667c., New York lead, 5.850c., St. Louis lead, 5.700c., St. Louis
zinc, 7.250c., and silver, 34.750c.
Non-Ferrous Metals—Price Ceiling
Copper Effective
Aug. 12—Lead Active—Spot Tin Tight
"Metal
Mineral
and
Markets"
in
on
its
issue
of
Aug. 14
reported that all copper sold to domestic consumers during
the last week was disposed of on the basis of 12c.,
Valley,
even
though the price ceiling fixed at that level was not im¬
posed formally before Aug. 12.
July statistics revealed that
stocks of refined copper were reduced
23,780 tons.
The
zinc industry was encouraged
by an upward trend in pro¬
duction to the record rate of 2,143 tons daily for July.
Demand for lead was active.
Tin for spot and nearby de¬
livery was offered sparingly. Antimony moved into a
strong position.
The publication further reported:
Copper
Price schedule No.
lishing
15
ceiling of 12c.
a
issued during the last
was
prior contract
or
Co.) shall be completed at
However,
12.
commitment,
a person who
The effec¬
On and after that date, regardless of
no
sales of copper (except to Metals Reserve
more
copper in carload lots between
at
prices not
July 1 and
more
than
pound above the ceiling price may be permitted by the Office
of Price Administration and Civilian
Supply, upon application, to complete
a
such sales.
prices higher than the maximum prices.
will be granted
only (a) where
not
one-half cent
than
a
In such cases, however, permission
firm commitment is involved at
over
the maximum
commitment is carried out prior to
Dec. 31,
protect a dealer against loss where the contract
into prior to
Aug. 12, 1941, and where the
copper to fulfill such a
contract,
was
1941,
or
a
price
prices and where such
or
if necessary to
(b)
commitment
copper, or
was
Because the 12c. ceiling might act to
jeopardize a small part of current
Leon Henderson is recommending that the Metals Reserve Co.
purchase such high-cost copper at prices in excess of 12c. a
pound.
In
the trade,
as
noted.
All prices are In cents
domestic copper prices are quoted on a delivered basis; that is.
livered prices In New England average 0.225c. per
pound above the refinery oasis.
Export quotations for copper are reduced to net at refineries on the Atlantic
On foreign business, owing to the
European War, most sellers are
restricting offerings to f.a.s. transactions, dollar basis.
Quotations, for the present,
reflect this change in method of doing business.
A total of 0.05c. Is deducted from
f.a.s. basis (lighterage. Ac.) to arrive at the f.o.b.
refinery quotation.
seaboard.
Due to the European war the usual table of
daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: Aug. 7, spot, £256%,
three months, £259%; Aug. 8, spot,
£256%, three months,
£259%; Aug. 11, spot, £257, three months, £259%; Aug. 12,
spot, £258, three months, £260%; and Aug. 13, spot, £258%,
three months, £260%.
+
United States Steel Corp. Shipments for
July Highest
on
Record for That Month
Shipments of finished steel products by subsidiary com¬
the United States Steel Corp. for the month of
July, 1941, totaled 1,666,667 net tons.
The July shipments
compare with 1,668,637 net tons in the preceding month
(June), a decrease of 1,970 net tons, and with 1,296,887 net
tons in the
corresponding month in 1940 (July),
369,780 net tons.
of
For the year 1941
In the table below
ous
On casting copper,
99.5% pure, a ceiling of 11 %c. was set.
A price schedule for
copper scrap is to be issued soon.
July deliveries
were
1941
sumers
reflecting, in part, nervousness about priorities. The latest domestic
statistics, including foreign copper released by the Metals Reserve, in tons,
11,719,544 net
we
list the figures by months for vari¬
1940
1939
1938
1932
1,145,592
870,866
570,264
1,548.451
1,009,256
747,427
522,395
464,524
449,418
931,905
845,108
627,047
907,904
771,752
795,689
550,551
429,965
609,811
June..
1.720,366
1,637,674
1,745,295
1,668 637
607,562
July
1,696 667
524,994
484,611
369,882
355,675
March
con¬
were
1,682,454
January...
February...
April
large, 143,122 tons, the expanded movement to
date shipments
increase
periods since January, 1929:
12c. ceiling price applies to ordinary forms of wire and
ingot bars
or other fire-refined copper made to meet the
American Society of Testing Materials standard for
electrolytic copper.
to
an
tons, compared with 7,585,285 net tons in the comparable
period of 1940, an increase of 4,134,259 net tons.
covering electrolytic, Lake,
May...
...
1,084,057
1,209,684
1,296,887
745,364
422,117
294,764
1929
1,364,801
1,388.407
1,605,510
1,617,302
1,701,874
1,529,241
1,480,008
1,500,281
1,262,874
1,333,385
1,110,050
931,744
Production:
jUne
Crude
July
August
1,455,604
885,636
615,521
September
follow:
1,392,838
1,572,408
1,086,683
635,645
316,417
340,610
1,345,855
1,406,205
1,443.969
730,312
336,726
749,328
299,076
765,868
250,008
14,976,110 11,752,116
37,639
♦44,865
7,286,347
29,159
4,329,082 16,825,477
♦5,237
♦12,827
15,013.749 11,707,251
7,315,506
4,323,«4f. 16.812,650
October
....
._a82,558
82,870
November
1,425,352
88,560
86,879
December
1,544,623
115,097
143,089
Tot. by mos.
42
33
Yearly adjust..
115,139
143,122
98,164
Refined
74,384
Deliveries, refined:
Domestic customers
;..
Export.Totals
Stock at end, refined
a
St. Louis,
or
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the Atlantic
seaboard.
De¬
entered
purchase contract for
acquired prior to April 25, 1941.
output,
The
cash. New York
Copper, lead and zinc auotatlons are based on sales for both prompt Mid future
deliveries; tin quotations are for prompt delivery only.
panies of
Permission also may be sought from OPACS to
carry out contracts entered
into prior to Aug. 12 and
calling for delivery after that date of copper at
more
basis of
per pound.
than the ceiling price, the order states.
bought
Aug. 12, 1941, for resale in less-than-carload-lots
one-half
week, formally estab¬
Connecticut Valley basis.
on copper,
tive date of the order is Aug.
The above quotations are "M. & M. M.'s" appraisal of the
major United States
markets, based on sales reported by producers and agencies.
They are reduced
to the
—
«
i
i
r
1
•
1
i
i
1
1
1
Total.
*
Revised.
Decrease.
tons consisted of
Note—The monthly shipments as currently reported
during the year 1940, are
subject to adjustments reflecting annual tonnage reconciliations.
These will be
comprehended in the cumulative yearly shipments as stated in the annual
report
for the month
Steel
The figures indicate
that, out of total shipments made in July, 32,463
foreign copper released by Metals Reserve Co.
Domestic sales for the last week involved
21,269 tons, making the total
so far 33,369 tons.
The week's business was placed on the
basis of 12c.,
Office
In
of
some
but this
Valley.
Production
Allocation certificates granted to
instances there
was
viewed
consumers
Management began to reach refiners
as a
was
confusion about
natural
on
by the
Monday.
obtaining physical metal,
development.
Bonded copper sold at
11c., f.a.s. basis, throughout the week.
J
Lead
With the Metals Reserve Co.
releasing large tonnages of foreign lead,
current business by domestic
producers does not give a clear picture of the
state of high activity in the
metal.
Demand remains brisk.
Sales of
common
lead for
the last week involved
3,387 tons.
Quotations continued
5.85c., New York, which was also the contract
settling basis of the
American Smelting & Refining
Co., and at 5.70c., St. Louis.
at
industry
concentrate
is
was
interested in reports from
being offered with
prevailing prices.
Joplin to the effect that
reserve because of dissatisfaction over
Sales of common zinc for the week ended
Aug. 9 amounted
Months
Sets
Record
of
47,730,000 Tons
Production of steel in
July totaled 6,821,682 net tons
produced in the first seven months of
this year to the
record-breaking total of 47,730,225 net tons,
according to a report released Aug. 9 by the American Iron
and Steel Institute.
Output last month was over 19%
above the 5,724,625 tons
produced in July, 1940.
An
announcement issued by the Institute also said:
bringing the
amount
While last month's
output was slightly above the 6,800,730 tons prcr
duced in June, 1941, calculated
weekly production and the calculated rate
of operations both were lower.
This reflected the increasing shortage of
steel, as well as the effect of the Fourth of July holiday.
Weekly production declined from 1,585,252 tons in June to 1,543,367
July, the lowest for any month since December, 1940.
The operat¬
scrap
Zinc
The
♦
Output in First Seven
tons in
ing rate for the industry last month, 95.6%,
any
month since last
December.
was
likewise the lowest for
It compares with an
operating rate of
Volume
The Commercial & Financial Chronicle
153
98.2% for June, and
an
of 98% for the first six months of this
average
year.
be accepted.
913
This applies (a) if delivery of steel on schedule would be
impossible because of previously accepted defense orders bearing equal or
.
Steel production for the first seven months of this year was over
35%
higher preference ratings,
(b) if the steel ordered is not the kind usually
1940 and
produced
or
capable of being produced by
24% above the previous record of 38,522,433 tons established in the
unwilling
or
unable to meet regularly established prices and terms of sale
above the 35,130,027 tons produced in the corresponding period of
over
first
seven
and
months of 1929.
Compared with production of 29,239,780 tons in the first seven months
of 1917, output
(d)
compliance
alteration
in the similar period of this year was 63% higher.
(c) if the buyer is
a company,
defense orders specify deliveries within 21
if such
with
such
before
completion
of
specific
a
and if
days,
would require the termination
delivery dates
production
or
already
schedule
commenced.
The
following tabulation shows steel ingot production by
months for 1940 and 1941 to date:
PRODUCTION OF OPEN HEARTH,
INGOTS AND
Beginning Sept. 1 purchase orders for steel must be accompanied by a
special form known
BESSEMER AND ELECTRIC STEEL
week
Weekly
Number of
Production, All
Weeks in
Percent of
Companies
Month
Capacity
(Net Tons)
All Companies
Net
Tons
that
be used.
the provisions
loss of steel production through drastic upsetting of rolling mill
the mills
One
likely to
are
result
mid¬
of the OPM steel order must be applied with
Where following the order literally would result in actual
common sense.
Calculated
Period
PD-73, which will set forth the purposes for which
To persons closest to the defense picture It was growing clearer at
STEEL FOR CASTINGS
Estimated Production-
as
the ordered material will
of the
schedules,
discretion, with Government approval.
use
which follows a
ordering of full priorities on steel,
similar order for pig iron on Aug. 6 and which will itself be followed shortly
1941—a
*6,928,085
February
96.9
*1,563,902
4.43
6,237,900
January
96.6
1,559,475
4.00
steel
99.7
1,609,851
97.8
*1,578,353
*6,756,949
97.6
*1,575,046
98.7
*1,592,153
4.43
6,800,730
98.2
1,585,252
4.29
*20,610,917
98.2
*1,584,237
13.01
is
relieved
distribution of
the
of
regarding the crushing
burden
pressure
that
alloy steels, is
of
the
unbelieving
convincing
of demands for defense steel.
4.29
*7,053,238
manufacturer
customers
4.43
7,131,641
*20,297,626
March....
by special regulation governing
With all good will, the steel producer can tell his customers:
First quarter
12.8
See Stettinius
April.
May.
June.
Second quarter.
For steel
week.
consumers
Small
metal-working
*40.908,543
*1.581,312
25.87
95.6
1,543,367
4.42
5,764,723
4,525,797
4.389,183
83.4
4.43
70.0
1,301,292
1,093,188
63.5
990,786
4.43
14,679,703
...
98.0
6,821,682
First 6 months.
72.3
1,129,208
.
13.00
Big steel
4.14
4,100,474
4,967,782
61.2
955,821
with
an
Many of them
hard-earned
may/
com¬
71.8
84.5
1,121,395
1,318,751
(7,185,016 net tons in 1940) again felt the twist of the Government's
Board to limit installment buying.
A
paradox in the week's industrial headline news—in which the steel
priorities order deservedly took the largest type—was the rise of new strikes
4.29
in such steel-consuming
1,131,875
72.5
14,725.699
Second quarter-
13.01
26.01
29,405,402
1,130,542
83.0
6,186,383
.
72.4
5,724,625
First 6 months
89.5
6,056,246
90.6
Third quarter.
17,967,254
87.7
1,368,412
13.13
months-
47,372,656
77.5
1,210,339
39.14
4.43
September
,
16,000
N. J.
the Federal Shipbuilding & Dry-
as
There CIO union efforts to force dis¬
of non-conformists and union rule breakers
employees, closed
the
entire
shipyard
brought
and
the
country close to its second Government defense plant seizure—the first was
4.43
North American Aviation Corp.
the
4.28
plant occupation
on
The
June 9.
Kearny situation seemed to involve principles of freedom often mentioned
October...
6,644,542
96.1
November
6,469,107
6,495,357
96.6
94.1
1,499,897
1,507.950
1,469,538
Fourth quarter.
19,609,006
95.6
1,492,314
Total
66,981,662
82.1
1,281,210
in statements of aims
Of
4.29
Both the CIO shipbuilding
(U. S. Steel Corp. subsidiary) management asked
the Government to take over the yard to
52.28
.
by democratic nations.
union and the shipyard
13.14
December
,
by the management
amount
...
defense units
dock Co.'s plant at Kearny
missal
4.42
1,295,164
1,396,475
1,415,011
July
This week
in President Roosevelt's executive order directing the Federal Reserve
rope
4.43
5,657,443
quickly learning what is in store for them.
users are
the automobile manufacturers, leading consumers of steel in many recent
4.29
May
April.
end the strike.
growing gravity to steel consumers and producers is the growing scrap
shortage, already snowballing into a position where it gets a high priority
4.42
rating
Largely because of this
the country's list of unsolved problems.
on
shortage, steel operations dropped a full percentage point this
at the end
of each week because of lack of scrap.
Agents of the Federal Bureau
Revised.
which in 1940 made 98.43% of the open-hearth
100% of the Bessemer and 85.82% of the electric ingot and steel for castings produc¬
Based on reports by companies
calling
are
understood to be
OPACS Administrator Leon Henderson's charges that violations of anti¬
trust laws have curtailed scrap
calculated on weekly capac
ties of 1,410,130 net tons open hearth, 114,956 net tons Bessemer and 36,011 net
tons electric Ingots and steel for castings, total 1,561,097 net tons; based on annual
capacities as of Dec. 31,1939 as follows: Open hearth, 73,721,592 net tons, Bessemer,
6,009,920 net tons, electric 1,882,630 net tons, and in 1941 the percentages of
capacity operated are calculated on weekly capacities of 1,430,102 net tons open
hearth, 134,187 net tons Bessemer and 49,603 net tons electric ingots and steel for
castings, total 1,613,892 net tons; based on annual capacities as of Dec. 31, 1940 as
follows:
Open hearth 74,565,510 net tons, Bessemer 6,996,520 net tons, electric
above Government fixed levels.
substantial
supplies and artificially raised scrap prices
And loss of
scrap
to Britain resulting from
shipments to that country of semi-finished
material
finished
steel rather than
(which would leave the scrap at home for melting in
United States furnaces) has left some industrial observers puzzle-headed.
taking orders
For most steel makers, the past week was another period of
far above their capacity to produce.
Bookings at big centers, like Pitts¬
burgh and Cleveland ranged from 120 to 130% of capacity.
A[ report—this
has been
will not down—that Britain is selling finished steel for export
one
2,586,320 net tons.
of Investigation
dealers following the Justice Department's inquiry into
on scrap
tion.
Note—In 1940 the percentages of capacity operated are
week to
In some cases mill schedules are tapering
98.5% from 99.5% last week.
*
noting
are
For such plants the
petitive positions because of the defense program and to die gracefully
June
a
areas
yet be found mulish in their unwillingness to give up
years
First Quarter
Nine
many
without annoying Washington.
_.
March
August
in
order from steel company books.
expression "war prosperity" is an abuse of terms.
1940—a
January
February
plants
anxiety (which is not getting enough defense agency attention) the current
wiping of their
July.
-
■
who make peacetime products it has been a rough
joined by suggestions that unwarranted steel inventories at some consuming
plants, including a Navy Yard, should be looked into by the
Steel Producers Placed Under Mandatory Priority
light
System
steel shortage
of the
necessary now.
of Aug. 14 reported that for
mail bags in steel producing and
consuming plants in the United States have been sagging
with a special message from the Office of Production Manage¬
ment in which, for the second time in 23 years, the Govern¬
ment ordered all steel to be diverted to defense use where
The "Iron Age" in its issue
the last 48 hours incoming
for national defense. For the second time, makers
of peacetime products must live off the leavings.
The "Iron
Age" further reported:
necessary
which
Coordinator Ickes by 11 oil companies, the steel industry must
to Oil
somewhere another 400,000 tons of
stretching by steel makers to swell prouc-
tion—which at 47,730,225 net tons for the first seven months of 1941 was
63% above the output for 1917 in the
comparable period—defense agency
leaders concluded that there was not enough steel for "immediate delivery"
for all defense and peacetime uses.
THE
"IRON AGE"
To the hundreds of producers
and the thousands of purchasers of steel,
of Priorities, wrote: "The director of
Finished Steel
Aug. 12. 1941,
One week ago
One month ago
One year ago
Based on steel bars, beams, tank plates,
2.261c. a Lb.
wire, rails, black pipe, sheets and hot
2.261c.
roiled strl ps.
These products re prese nt
2.261c.
85% of the United States output.
2.261c.
Order M-21, which places all producers of
mandatory priority system, and which imposes various
Register, General Preference
under
steel
a
obligations on other persons in the steel industry.
.
.
."
Of all the recent weeks of mounting defense problems, the United States
metal
producing and metal working industries are finding this week the
Steel producers are faced with a
most fructiferous.
work that compares
favorably in size with any paper task of the depression
and post-depression years.
a
mountain of clerical
Jan.
7
2.261c.
Jan.
7
...2.261c.
Jan.
2
2.211c.
Apr.
1939
...2.286c.
Jan.
3
2.236c.
May
16
16
1938—.
...2.512c.
May 17
-
1936
1934
mandatory priority order which
stipulates that each producer must file monthly reports
received and shipments made during each month,
and unfilled orders
as
of
If defense orders are unreasonably rejected or delayed, the
customer can protest
and have the producer hauled before the priorities
division to explain.
The
with the Division
and by product classification, orders
of Priorities, summarizing by group
its last day.
1931
-
1930..
1929..
director of priorities may
issue special directions to producers to
deliver steel in fulfillment of specific
defense needs and, according to the
provisions of the priority order, can sit in, in
the flesh or as a sort of official
which steel plant operating
mill schedules for the following
stage their weekly
seven
days.
struggles to draw up
' 1
Included in the fine print of general preference
1
2.056c.
Jan.
Apr. 24
Oct.
3
1.945c.
Jan.
2
1.792c.
May
2
1.870c.
Mar. 16
Jan.
6
13
1.883c.
Dec. 29
Jan.
7
1.962c.
Dec.
May 28
2.192c.
Oct.
Sept.
8
9
29
$23.61
—.
23.61
One month ago
One year ago
...
22.61
on average
furnace
for basic Iron at Valley
and foundry iron at
Philadelphia,
Chicago.
Valley,
and
Buffalo,
Southern iron at Cincinnati.
Low
High
1941
—
_
1940-.1939.-1938
1937
$23.61
23.45
22.61
23.25
23.25
19.74
18.84
17.90
—
16.90
14.81
—15.90
18.21
18.71
-
-
-
-
1936--1935---
-
1934
1932.-
—
1931---
-
1930--1929
-
-
-
$23.45
Jan.
2
22.61
Jan.
2
20.61
Sept. 12
19.61
July
20.25
Feb.
18.73
Mar. 20
Dec. 23
Sept. 19
June 21
Mar. 9
Nov. 24
Nov. 5
May
1
Dec. 5
Jan.
5
Jan.
6
Jan.
7
May 14
Aug. 17
17.83
6
16
May 14
27
16.90
Jan.
13.56
Jan.
13.66
Dec.
6
14.79
Dec.
15
15.90
Dec.
16
18.21
Dec.
17
3
Steel Scrap
Aug. 12, 1941,
$19.17 a Gross Ton
$19.17
...
—
19.17
Based
on
No.
1
heavy
melting
stee
One week ago.---—..—.—
■
paragraphs which described conditions under
4
Mar. 10
Oct.
(Based
1941, $23.61 a Gross Ton
ghost, at the Friday and Saturday meetings at
men
18
Jan.
2.016c.
Pit Iron
Aug. 12,
One week ago..--—
1933
/
Oct.
2.249c.
Mar.
1.953c.
1.915c.
1.981c.
—2.192c.
...2.236c.
1933..
2.211c.
9
Dec. 28
2.612c.
2.249c.
2.062c.
2.118c.
1937
Steel orders estimated in number at more than
million must be reclassified under the new
Low
High
...2.261c.
1940
1932
priorities of the OPM is today (Aug. 9) filing for publication in the Federal
COMPOSITE PRICE8
'
1935
E. R. Stettinius Jr., the OPM Director
find
steel, the elite material in the United
States defense arsenal.
1941
After months of training and
OPM in the
priorities
has made mandatory steel
To build the 1820-mile-long pipe line submitted this week
order M-21
were
several
which defense orders need not
quotations at Pittsburgh, Philadelphia,
One month ago..
and Chicago.
One year ago.—
18.63
The Commercial & Financial Chronicle
914
Hioh
122.00
Jan.
1941
Low
7
Inquiries
119.17
Apr.
1940
21.83
Deo. 30
16.04
Apr.
1939
22.50
Oct.
3
14.08
May 16
1938
Aug.
products
some
structural steel,
relieving
have
fallen
Nov. 22
11.00
1937
21.92
Mar. 30
12.92
Nov. 10
17.76
Dec. 21
12.67
June
1936
13.42
Dec.
10
10.33
Apr. 29
they
1934
13.00
Mar. 13
9.60
Sept. 29
1941
merchant
as
pipe
and
pressure.
and
-
1933
12.25
7
June
8
6.75
Jan.
Jan.
12
6.43
July
3
Jan.
6
8.60
Dec. 25
1930
15.00
Feb.
18
11.25
Dec.
9
1929
17.58
Jan.
29
14.08
Dec.
3
The
American
Iron
Aug.
Steel
and
Institute on Aug. 11 an¬
telegraphic reports which it had received indi¬
operating rate of steel companies having 91% of
steel capacity of the industry will be 97.5% of
capacity
nounced that
cated that
the
for
the
week
beginning Aug. 11, compared with 98.3% one
97.2% one month ago, and 89.5% one year ago.
represents a decrease of 0.8 points, or 0.8%, from the
week
ago,
This
found
The
"to
in
formal
a
1940—
Aug.
14
94.4^
Jan.
zinc and
Oct.
21
27
28
94.9%
95.7%
96.0%
Jan.
Oct.
Feb.
3
86.8%
88.2%
90.4%
90.6%
89.6%
89.7%
Aug. 19
Nov.
4
Feb. 10
Nov. 11
96.1%
Feb. 17
Nov. 18
96.6%
96.6%
Mar
Nov. 25
Deo.
2
Dec.
Aug. 26
.91.3%
Sept. 2
82.5%
Sept. 9
91.9%
Sept. 16
92.9%
Sept. 23
92.6%
Sept. 30
92.6%
Oct.
7..—94.2%
96.6%
97.1%
96.9%
97.1%
94.6%
96.3%
97.6%
98.8%
99.4%
99.8%
99.2%
99.3%
98.3%
96.0%
94.3%
9
Feb. 24
Mar. 10
96.9%
96.0%
96.8%
80.8%
05.9%
Dec. 16
3
Mar. 17
Mar. 24
May
19
96.8%
99.2%
-99.9%
May 26
June
99.2%
98.6%
May
2
June
9
June
16
99.0%
99.9%
93.7%
June 23
June 30
March,
among
of
the pig
those
which
of
By
iron
this all
880
production,
of
arise
may
the
at
is the
perhaps
last
to that
laying
five,
minute
bars
long prevailing
in addition
the year
being estimated
by
OPM
Co.,
to
for
the
July
July
7
96.8%
14
97.2%
July
21
4
97.9%
99.6%
98.3%
Aug. 11
97.5%
laying
West
20,351,
cold
car
date,
to
year
Delaware,
of
inquires
a
drawn
bars
for
'
starting in
allocation
50,000
to
up
of
pipe
of
tons
shell
Edward G. Budd
37-mm.
for
purchases in July
pipeline,
gas
Louisiana,
to
20,000 tons in the recent past.
Domestic railroad
as
•'
from
tons of
6,000
in
inclined to lay this shortage to substitution
are
Virginia
makers yet to be detailed.
ordered
for
after
It is conceivable that final allocations may
lower priority ratings as well as non-
has arranged for the
miles,
is
iron
the
shortage for
iron
ago.
pig
One of the features
arranged, similar
copper.
some
distribution."
direct
percentage
been
Iron producers
Edgemoor Iron
"Steel" of Cleveland, in its summary of the iron and steel
has
shells.
only 6,459, second smallest
were
comparing with 32,749 in June.
Steel
markets,
While
steel
for
Deo. 30
are
in
Jan.
6
97.2%
13.—.98.5%
Jan,
of
reported
civilian
here
with
non-defense
some
to live
in
fear
of
there,
With
supply
automobile
but
defense
may
builders
in
only
needs
be
a
just
plan
in
required
Gravest
not
few
yet arrived.
have
cases
they
mounting,
around
the
maintain
to
curtailment of
a
rapidly
stantially the present rate through September, and they
Efforts
July 28
Aug.
goods, that evil day has
and
distress.
meantime
Apr. 21
Apr. 28
manufacturers continue
real
interference
Mar. 31
Apr.
7
Apr. 14
1941—
production
Pinches
the
Dec. 23
Aug. 11 stated:
on
many
resulted
some
In
corner.
output
sub¬
at
in
reference
to
the
being made to organize
to the recent
and
is
steel
a
supply
the
shortage.
scrap
collection campaign, somewhat
scrap
aluminum drive;
is
large quantities
are known to exist,
tonnage could be brought to market
simply by making the public scrap-conscious.
In many cases it would be
necessary to pay higher prices than now permissible.
In the meantime
it
believed
inventories
scrap
considerable
continue
full in the hope
operate
Unless
that
more
to
shrink.
that somehow
at
of
Pacific
Coast
inability
to
consumers
located
warehouse
distributors
in
lower stocks
than
five
to
and
more
is
Warehouse
needs
down
In
to
it
companies
matter
continue
to
will become available.
scrap
of
time
when
the
steel
Numerous
normal,
Wisconsin.
usually
Contributory
supply
these
as
Automobile
new
high
4,551,040
against
153,749 tons.
a
tons
in
Furnaces
was
in blast
12,635
in
like
the
1940
point to 87, Cincinnati 4% points to 87, and Cleveland 3% points to 92%.
Detroit gained
2 points to 89.
The following districts were unchanged:
Louis at 98, eastern Pennsylvania at 95%, Pittsburgh at
100, Wheeling
03, Buffalo at 90%, Birmingham at 90, and Toungstown at 98.
"Steel's" three composite price groups for last week were
unchanged:
iron and steel at: $38.15, finished steel at $56.60, and steelworks
at
scrap
at
$19.16.
Steel ingot production for the week elided
Aug. 11, is
placed at 98% of capacity, according to the "Wall Street
Journal" of Aug. 14.
This compares with 983^% in the
previous week and 98% two weeks ago.
The "Journal"
further reported:
U. 8. Steel is estimated at 96%%, against 95% in the week before and
97% two weeks
Leading independents
ago.
approximate changes, in points, from the week immediately preceding:
hand
on
U. S.
1941
98
_
%
—
96%
three months' instead
at the
beginning of the
of
the
More
year.
+ 1
93%
+ 1%
+1
58
+2%
29%
—2%
50
83
—1
82
—1
83%
—1
1936
70%
—2
66%
—1
74
—1
49
+2
—3%
—3%
22
—3
22%
—3%
49
—2
53
—5
priority
ratings
obtain
to
or
floor
claims of
plates
steel
in place of regular
shortages at consuming plants
1935
are
found
1934
22%
1933
plates.
51%
1932...
14%
+
41
%
13%
90
—3
75
78
66
68%
been
based
more
fears
on
of
the
future
than
of
the
Week with the Federal
Reserve
Banks
During the week ended Aug. 13 member bank
balances declined $3,000,000.
Reductions in member bank
increases of $80,000,000 in Treasury
Federal' Reserve banks and $16,000,000 in
deposits with
Treasury cash, offset by decreases of $49,000,000 in nonmember deposits and other Federal Reserve accounts and
$3,000,000 in money in circulation and by increases of $21,000,000 in gold stock, $16,000,000 in Reserve Bank credit
and $3,000,000 in
Treasury currency.
Excess reserves of
member banks
on
Aug. 13
mately $5,030,000,000,
an
week.
Reserve
during the week
bank
and the year ended
and
related
Aug. 13, 1941,
follows:
Increase
:
(+)
or
Decrease (—)
Since
Aug. 13,1941
$
Bills discounted..
U. 8. Govt, direct
obligations.
U. 8. Govt, guaranteed
obligations.
Industrial advs.(not lncl
$13,000,000
commitments. Aug. 13)
Other Reserve Bank credit
10,000,000
2,179,000,000
5,000,000
$
+ 7,000,000
—260,000,000
—2,000,000
+12,000,000
+ 6,000,000
+16,000,000
—248,000,000
+ 21,000,000
+ 2,014,000,000
+ 3,000,000
+145,000,000
—3,000,000
—392,000,000
—3,000,000 +1,848,000,000
+16,000,000
+ 80,000,000
+ 80,000,000
—21,000,000
other
2,103,000,000
72%
63
%
New York
City and
banks which will not be available until the
coming
Monday.
IN
CENTRAL RESERVE CITIES
(In Millions of Dollars)
New York City
Aug. 13
Loans and
Aug.
6
1941
Chicago
-
Aug. 14 Aug. 13
1940
1941
Aug.
6
1941
Aug. 14
1940
$$$$$$
Investments—total..
Commercial, Industrial
12,001
9.520
2,715
2,686
2,754
2,754
879
873
608
2,372
1,703
1,703
652
649
430
2,317
and
agricultural loans
Open market
12,041
3,545
paper
88
82
82
29
28
21
Loans to brokers and dealers..
Other loans for purchasing or
328
270
270
34
33
23
carrying securities
Real estate loans
Loans to banks
Other loans
161
161
164
54
54
60
Ill
112
124
21
21
18
33
31
28
452
451
383
89
88
56
329
362
342
Treasury bills
Treasury notes
1,433
1,432
1.061
118
121
159
United States bonds
3,200
3,195
2,640
822
823
732
582
625
317
guaranteed
by the
United States Government...
9,000,000
44,000,000
2,247,000,000
22,703,000,000
Treasury currency
3,172,000,000
Member bank reserve balances
12,948,000,000
Money In circulation..
9,792,000,000
Treasury cash-.
2,361,000,000
Treasury deposits with F. R. banks.
919,000,000
and
+ 5,000,000
Aug. 14, 1940
—3%
+ %
—2
—
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
Obligations
£°£?LRefer™ Baak cred,t
Gold Stock.
deposits
Aug. 6, 1941
$
86%
—2
%
Chicago member banks for the current
week, issued in advance of full statements of the member
Loans—total
balances
reserve
95
+
System for the New York City member
1941
pages 944 and 945.
+ 1
—2
banks and also for the
Assets—
Changes in member
15
31
49
^JBelow is the statement of the Board of Governors of the
Federal
estimated to be approxi¬
increase of $10,000,000 for the
Aug. 13 will be
%
Chicago—Brokers' Loans
were
The statement in full for the week ended
—
+ 2%
%
+ 1
62
Returns of Member Banks in
reserve
from
+
35
+1
+3
55
+ 1
1927.......
+ 1%
40
1937
obtain
1928......
F. R. accounts
—1
1938..-
to
:;•.
Non-member
98%
88%
63%
90%
61
complaints
as
Independents
1940
—1%
were
Steel :'v
+ 1%
that
much
33
items
over
with the nearest corresponding week of previous
years, together with the
54%
on
shade
a
ago.
1931....
found
credited with
are
98% %, compared with 99% % in the preceding week and 98% % two weeks
1930
arose
week.
St.
1929
reserves
at
daily output
ingot production lost one-half point last week to 98% of capacity.
Declines set in as follows:
Chicago % point to 100%%, New England 1
be exaggerated.
Important defense manufacturers complaining of plate
shortages, for example, are found to have adequate plate stocks, and their
The
month
any
shipment.
sizes,
have
for
Average
July 31 were 212, a gain of one.
production scheduled for the week Aug. 9 was 41,795, down
comparing with
Industry
is
have
to
present.
record
June.
on
continually study their stocks and in many cases
substitutions, as over-sized bars, which users machine
through
cases
tons
production
1939
averaging two to
supply
factor
consumers
distributors
many
4,7de,216
was
iron
The folllowing table gives a comparison of the
percentage of production
regions than in others.
some
points, where defense requirementss are large,
steel.
Similar complaints are heard from
who
necessary
smaller
pig
get
southern
months'
seven
a
steel
downward.
move
Current pinches appear worse in
consumers
more
materializes it is but
scrap
production rate will
complain
Some
July
receiving steel
are
volume.
factor
are
similar
fill
or
have
affecting
far
so
pig iron for scrap,
98.6%
May 12
opened next year's books
coming month their contemplated distribution
certain
recently
supply
Washington
6
supply and
for the
a
spots,
more
off
defense,
1941—
20
86.4%
5
12
Aug.
1941—
Oct.
of
allocations
5,000,000.
74.2%
pool
hot
defense
cut
list
to
are
regulation
respect to defense and non-defense.
aside
of
1940—
had ostensibly
advantage,
Government
the
conserve
consumers
with
drastic
most
M-17,
since
July
1
July
8
July 16
July 22
July 29
consumers
larger quantities of steel than had been foreseen six to ten months
preceding week.
Weekly indicated rates of steel operations
July 1, 1940, follow:
taking
such as by ordering duplicates
triplicates of what had already been entered on books.
There is general agreement that the defense
program has taken much
5
8.60
.3L
1931
where steelmakers
cases
numerous
3
11.33
1932
.
off,
16,
Opening of books for 1942 has virtually been abandoned because of the
many uncertaifaties and prospects
of priorities upsetting schedules.
In
1936
-
16.00
10
9
for
—49,000,000
+ 397,000,000
1,859
Other securities
Reserve with Fed. Res. banks..
1,422
1,392
1,362
375
368
357
5,263
5,360
6,394
1,136
1,143
1.148
90
88
86
40
41
42
Cash In vault
Balances with domestic banks..
Other assets—net..
1,845
1,374
159
159
144
85
82
79
266
264
256
324
332
321
44
44
44
10,788
10,906
9,620
2,269
2,776
1,923
763
763
705
493
494
507
54
39
35
100
100
94
Liabilities—
Demand
deposits—adjusted
Time deposits
U. 8. Government
deposits
'
Volume
The Commercial & Financial Chronicle
153
New York
'
Aug. 13
City
Aug. 14
Aug. 13
1941
1941
1940
1941
S
$
s
S
Liabilities—
Inter-bank deposits:
Domestic banks
Foreign banks
Aug.
Aug. 14
6
Aug.
1940
1941
.
1,041
1,010
1,007
634
8
8
7
272
272
281
16
16
~~15
1,519
Other liabilities
1,518
1,494
274
274
254
;
Returns
Reserve
of
Member
Banks
Federal
the
of
System for the Preceding
Week
As
explained above, the statement 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.
/
:
- V
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 business Aug. 6:
condition
of
statement
weekly
member
reporting
banks
101
in
leading cities shows the following principal changes for the week ended
An increase of $40,000,000 in commercial, industrial and agricul¬
tural loans, a decrease of $173,000,000 in
Reserve
banks,
and
decrease
a
balances with Federal
reserve
$327,000,000 in demand
of
deposits—
adjusted.
Commercial, industrial and agricultural loans increased $19,000,000 in
New York City and $40,0o0,000 at all reporting member banks.
to brokers and dealers in securities declined
Loans
$16,000,000-
Holdings of United States Government direct and guaranteed obligations
declined
$44,000,000
in the
Chicago district and $35,000,000
all
at
re¬
porting member banks.
Demand deposits—adjusted declined in nearly all districts, the
decreases being $194,000,000
principal
in New York City, $50,000,000 in the Chicago
district, and $41,000,000 in the Cleveland district, the total decrease at all
reporting member banks
in the face of these
also
City and showed increases in all other districts, the total increase at all
reporting member banks
participated
V/Y^UYU".''1-
Increase
(+) or Decrease (—)
•
Loans and investments—total
u
vv.,..•••','
'jjjj
■ i.'
—10,000,000
28,761,000,000
+4,660,000,000
in the conferences at
ference that he had
accompanied by officials of their two governments,
The whole problem of the supply of munitions of war, as
countries actively engaged in resisting aggression has been
further
Government.
details
with
He is going to proceed to Washington to
appropriate
These conferences will also
V X; Yv-Yv V
United
of the
officials
States
the supply problem of the
cover
Y'-'v/. -..v-YY-.'
*'--.Y
\
Y"Y
+•/:
They
world civilization arising from the policies
of military domination by conquest upon
which the Hitlerite government of
+ 78,000,000
Germany and other governments associated therewith have embarked, and
—33,000,000
their
have made clear the steps which their countries are respectively taking for
+_
«.;•
Y
....
+ 337,000,000
+142,000,000
—32,000,000 +1,333,000.000
.—
safety in the face of these dangers.
They have agreed
Joint declaration
+270,000,000
+1,000,000
7,920,000,000
....
+ 43,000,000
+1,000,000
—4,000,000
—5,000,000
1,075,000,000
2,253,000,000
Treasury bills...
-
...
39,000,000
+ 736,000,000
—4,000,000
3,305,000,000
the
United
—173,000,000
—24,000,000
—71,000,000
—550,000,000
+ 49,000,000
+ 297,000,000
—327,000,000
+11,000,000
+ 32,000,000
3,410,000,000
Balances with domestic banks
+ 3,505,000,000
+ 96,000,000
—1,000,000
24,217,000,000
5,431,000,000
526,000,000
United States Government deposits
Xnfrgrfoa.nk d©P'0SitS"
1
+13,000,000
—10,000,000
649,000,000
1,000,000
Borrowings...i....w.......-^;.
.1
>
9,091,000,000
Foreign banks
of America and
Kingdom, being met together, deem it right to make known
common
on
principles in the national policies of their respective coun¬
which they base their hopes for a better future for the
world.
First, their countries seek no aggrandizement, territorial or other,
Second, they desire to
see no
the freely expressed wishes
ment under which
•'
1
the following joint declaration:
territorial changes that do not accord with
of the peoples concerned,
Third, they respect the right of all peoples to choose the form of govern¬
Y/Y
Y
deposits—adjusted
Time deposits
tries
+7,000,000
3,611,000,000
Reserve with Fed. Reserve banks. 10,662,000,000
Cash in vault
537,000,000
Other securities..............a.
upon
of the President of the United States
Prime Minister, Mr. Churchill, representing His Majesty's government in
certain
the
United States Government
Domestic banks
further examined.
Beaverbrook, the Minister of Supply of the British Government,
joined in these conferences.
discuss
—16,000,000
439,000,000
1,919,000,000
Liabilities—
provided by the
Lease-Lend Act, for the armed forces of the United States and for those
,
or
Loans to banks
by
a press con¬
arrange
including high ranking officers of their military, naval and air services.
+ 9.000,000
Other loans
guaranteed
to
The President of the United States and the Prime Minister, Mr. Churchill,
Soviet Union.
1,254,000,000
United States bonds
Washington
representing His Majesty's Government in the United Kingdom, have met
at sea.
V':.
have considered the dangers to
:
Treasury notes
in
follows:
+1,641,000,000
+106,000,000
carrying securities..........
Real estate loans
arrived
The text of the White House announcement regarding the
meeting of President Roosevelt and Prime Minister Churchill,
462,000,000
purchasing
sea
The talks between the President and Prime Minister, it is
reported, took place aboard the U.S.S. Augusta and the
H.M.S. Prince of Wales, somewhere in the North Atlantic.
This was disclosed by the White House on Aug. 14 in re¬
leasing official pictures of the historic conferences.
The
pictures revealed that some of those taking part in the
talks were: Harry L. Hopkins, Lease-Lend Administrator;
Under Secretary of State Sumner Welles, Army Chief of
Staff General George C. Marshall and Admiral Harold R.
Stark, Chief of Naval Operations.
The President was expected to come ashore last night
(Aug. 15) from his yacht the Potomac, which was reported
off the New England coast.
He had started on his cruise
on Aug. 3 from New London, Conn.
+2,105,000,000
securities
for
to discuss
for all the tanks, air¬
planes and foodstuffs that the United States can supply.
come
397,000,000
Loans to brokers and dealers in
loans
in Washington
He announced later at
+ 40,000,000
Open market paper
two
the
The President and the Prime Minister have had several conferences.
cultural loans
Demand
which time
Aug. 14, by airplane.
on
Commercial, Industrial and agri¬
Obligations
details at
+25,000,000
.-...10,597,000,000
of the
by
6,087,000,000
Loans—total
officials
ranking
"whole
provided
took part
Lord
'
by high
in
"supply problems of the
Soviet Union" will also be covered.
With regard to these
meetings, Lord Beaver brook, British Supply Minister, who
has
Aug. 7, 1940
July 30, 1941
Aug. 6, 1941
Other
are respectively taking for their safety
dangers." The conferences, which were
Other conferences will be held
further
Since
•
' '
the
as
They have been
summary
jssets
of force and disarmament of
problem of the supply of muntions of
the Lease-Lend Act, for the armed
forces of the United States and for those countries actively
engaged in resisting aggression."
war,
$13,000,000.
was
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Aug. 6, 1941, follows:
■
use
governments, including military and naval officers, also in¬
$327,000,000.
was
Deposits credited to domestic banks declined $49,000,000 in New York
A
of the
which their countries
volved
Complete
The
915
all Nations
....
Capital accounts
Aug. 6:
by
The statement added that they "have made clear the steps
3,630
587
Borrowings...
Abandonment
aggressive Nations pending the establishment of general security.
%
$
3,778
3,821
586
...
6
8.
Chicago
deprived of them.
Fourth, they will endeavor, with due respect for their existing obligations,
to further the
+ 758,000,000
—36,000,000
they will live, and they wish to see sovereign rights and
self government restored to those who have been forcibly
enjoyment by all States, great or small, victor or vanquished,
of access, on equal terms, to the trade
which
are
and to the
raw
materials of the world
needed for their economic prosperity,
Fifth, they desire to bring about the fullest collaboration between all
nations in the economic field with the object of securing, for all,
and
Roosevelt
President
Great
Britain
Join
Prime
in
Minister
Churchill of
Program—Conferences Held at Sea Con¬
sidered Dangers to World Civilization Presented
by Aggressor Nations—Also Covered Supply Prob¬
lem of War Munitions
Roosevelt
President
of
Churchill
held
at sea,
"on
aims
Great
Minister
Prime
following
several
Winston
conferences
agreed upon a joint declaration of eight peace
which
base
they
their hopes for
a
better future
world, according to an announcement made Aug. 14.
The White House statement said that the President and
for the
the Prime Minister "considered
the dangers to world civili¬
arising from the policies of military domination by
zation
conquest upon which the Hitlerite government of Germany
and
other
eight points,
the
which
therewith
have
the joint declaration,
embodied in
President
Prime
and
Minister
base
their
hopes
Associated 'Press:
No
aggrandizement.
2.
No
territorial
3.
Restoration
them
4.
by force.
Equal
needed
5.
for
for
that all men in all the lands may live out
and want,
..
labor
rights to
all Nations of
YY:'Y ^YYY'';Y >'Yv:
by
standards,
all.
A
7.
Freedom
peace
the
deprived
world trade and raw
YY\;Y'Y
Y-;'Y YY';Y
"?Y.
•
of
seas
to
all.
materials
•
.■/,
security
ments
YY;U-Y::
maintained if land, sea or air arinar-
continue to be employed by nations which threaten,
of may threaten,
the establishment
system of general security, that the disarmament
aggression outside of their frontiers, they believe, pending
of
a
wider and permanent
of such nations is essential.
They will likewise aid and encourage all other
practicable measures which will lighten for peace-loving peoples the
crushing
burden of armaments.
FRANKLIN
-UvY'Y;;—
D.
WINSTON
ROOSEVELT.
8. CHURCHILL.
UY
Corporation Formed for Cooperation of United States
and Haiti Governments in Development of Haitian
Agriculture
corporation
through which the Haitian and United
the long-term agricul¬
development of the Republic of Haiti has been for¬
mally incorporated in Port au Prince, according to word
received on Aug. 6 by the United States Department of
Agriculture.
The corporation is known as the Societe
Haitiane-Americaine de Developpement Agricole, the Agri¬
culture
+
assuring safety and tranquility the world over.
of
'
Since no future peace can be
force.
tural
who have been
economic advancement and social
vv.
6.
force.
those
,'■■■■
enjoyment
Improved
imposed by
sovereign
prosperity.
■
without hindrance.
States Governments will cooperate in
changes
of
■
which will afford assurance
their lives in freedom from fear
high seas and
+:YYY Yo^Y- Y '+"Yr,YVY';.
Eighth, they believe that all of the nations of the world, for realistic as
well as spiritual reasons must come to the abandonment of the use of
oceans
The
1.
which will afford to all nations the means of dwelling
on
better future for the world," after
a
a peace
safety within their own boundaries, and
em¬
"the final destruc¬
tion of the Nazi tyranny" follow, in brief, according to the
"for
in
-Y
barked."
The
associated
governments
established
Seventh, such a peace should enable all men to traverse the
and
Britain,
Sixth, after the final destruction of the Nazi tyranny they hope to see
of Eight-Point
Declaration
Peace
improved
labor standards, economic advancement and social security,
*
V
The
and
Department said, adding:
corporation,
capitalized at $1,000,000,
is authorized to:
(1)
grow
develop rubber, oil crops, spices, drug plants, food plants, fiber plants,
The Commercial & Financial Chronicle
916
forest
and
plants
mental
of
other
Haitian
work in disease control
processing agricultural
related
to
products
natural
resources;
(2)
and plant development;
carry
on
experi¬
(3) develop methods
and promote manufacturing and handicrafts
agriculture, and (4) buy and sell agricultural and manufactured
both
in
$97,000
Republic
of
domestic markets,
and
v.
Bonds
to
Be
Redeemed
The National City Bank of New York, as fiscal agent, is
notifying holders of Republic of Panama 26-year 3%% ex¬
ternal secured refunding bonds, series B, due March 15,
1967, that $97,000 principal amount of the bonds have been
selected by lot for
redemption
Sept. 15, 1941, at 102^%
through operation of the sinking fund.
Holders of the
selected bonds should surrender the bonds, together with
all unmatured interest coupons attached, at the head office
of The National City Bank of New York, 55 Wall
Street,
New York City.
Interest on the bonds drawn for redemp¬
on
shall cease from and after
tion
the redemption
date.
♦
°V
from restriction by the Commission
rules are Included with "other sales."
.
.
Odd-Lot Trading on New York Stock Exchange During
Week Ended Aug. 9
""^The Securities and
Exchange Commission
Aug.
on
actions for
the odd-lot account
of
all odd-lot
dealers
and
specialists who handle odd lots on the New York Stock
Exchanges, continuing a series of current figures being pub¬
lished by the Commission.
The figures are based upon
reports filed with the Commission by the odd-lot dealers and
specialists.
TRANSACTIONS
STOCK
FOR
THE
ODD-LOT
ACCOUNT
ODD-LOT
OF
DEALERS AND SPECIALISTS ON THE NEW YORK 8TOCK
EXCHANGE
Total
for Week
Odd-lot sales by dealers (customers' purchases):
Number of orders
Dollar value..
14,491,631
Customers' short sales
210
Customers' other sales, a
15,713
Customers' total sales.
15,923
Number of shares:
Customers' short sales
4,562
388,719
Customers' other sales.a.
Customers' total sales.
No.
:
395,484
Odd-lot purchases by dealers (customers' sales):
Number of orders:
license
by the Treasury Department under Executive
8389, as amended, and under any conditions
which may be contained in such license.
;
15,316
...
Number of shares.
fund.
The bonds so designated for redemption
may be
presented for payment in full with interest to Sept. 15, 1941
at any time after Aug. 15, 1941 at the head office of the
National City Bank of New York, subject to the
granting of
Dollar
393,281
value..12,247,347
Round-lot sales by dealers:
Number of shares:
Short sales
Member Trading
New York Stock Exchange During
Ended Aug. 2
on
15
made public a summary for the week ended Aug. 9, 1941,
of complete figures showing the daily volume of stock trans¬
Morgenstierne, Minister of Norway, announced Aug. 14
Order
while the Exchange
purchases and sales,
b Round-lot short sales which are exempted
v-iv'
that $1,356,000 principal amount of Kingdom of
Norway
20-year G% sinking fund external loan gold bonds, due Aug.
15, 1943, and $1,079,000 principal amount of Kingdom of
Norway 20-year, 6% external loan sinking fund gold bonds,
due Aug. 1, 1944, have been selected by lot for
redemption
on Sept.
15, 1941 at par through operation of the sinking
a
includes both
volume includes only sales.
Week Ended Aug. 9, 1941
Norway to Redeem Certain of Its 6% Bonds Due 1943
and 6% Bonds Due 1944
W.
1941
16,
«
Panama 31/2%
on
Sept. 15
of
transactions
of members'
crop
foreign
Aug.
with twice the total round-lot volume on the Exchange for the reason that the total
20
Other sales.b
94,470
Week
The
Exchange Commission made public
Aug. 15 figures showing the volume of. total round-lot
stock sales on the New York Stock Exchange for the account
of all members of the exchange in the week ended
Aug. 2,
continuing a series of current figures being published weekly
by the Commission.
Short sales are shown separately from
other sales in these figures.
Trading on the Stock Exchange for the account of mem¬
bers during the week ended Aug. 2 (in round-lot trans¬
actions) totaled 920,320 shares, which amount was 18.97%
of total transactions on the Exchange of 4,859,080 shares.
This compares with member trading
during the previous
week ended July 26 of 917,101 shares or
18.69% of total
trading of 4,952,890 shares. The New York Curb Exchange
member trading figures for the week ended
Aug. 2 will be
given in these columns next week.
The
Commission
made available
the
following data for
the week ended July 26:
The data published are based upon weekly reports filed with the New
York
Stock
classified
as
Exchange by their respective members.
These
reports
are
.....
........
number
of reports
in
than the
number of reports
entries in
more
than
one
ROUND-LOT
the various
classifications
received because
a
196
b Sales to offset customers odd-lot orders, and sales to
liquidate a long position
which is less than a round lot are reported with "other sales.*
New
York
The New York Stock
Interest
Increased
Exchange announced Aug. 9 that
the short interest existing as of the close of business
July
the
on
31
settlement date, as compiled from information
obtained by the Stock Exchange from its members and
member firms, was 487,169 shares, compared with 478,859
shares on June 30, both totals excluding short positions
carried in the odd-lot accounts of all odd-lot dealers.
As of
the July 31 settlement date, the total short interest in all
odd-lot dealers' accounts was 55,787 shares, compared with
47,662 shares
June 30.
on
The Exchange's announcement
stated:
also
27 issues in which
were
in which
short interest of
a
existed,
The number of issues in Which
Exchange
more
on
July 31.
than 5,000 shares
shares occurred during the month.
may
total
more
single report
may
carry
or
change in the short position of
a
exclusive of odd-lot dealers'
June 30,
on
In
STOCK
SALES
ON
THE
NEW
a
short
short interest
position,
1941.
was
than
more
reported
as
2,000
of July 31,
411, compared with 407
was
,■■
.
the
following tabulation is shown the short interest
existing at the close of the last business day for each month
since the beginning of 1939:
1939—
P r
1939—
Jan.
447,543
536,677
529,559
*662,313
May 31
Sept. 29
4,859,080
-
July
IS. Round lot transactions for account of members, exoept for
the odd-lot accounts of odd-lot dealers and specialists:
1. Transactions of specialists In stocks In which they are
registered—Total purchases
Short sales...
379,770
31
530,442
Nov. 29
515.458
....
Feb.
29
485,862
Mar. 29
488,815
Jan.
31
530,594
Feb.
28
May 31
428,132
Mar. 31
June 28.
446,957
Apr. 30
510,969
570,516
July
31
Aug. 30
Sept. 30
479,243
May 29
496.892
474,033
June
30
478,859
July
31
487,169
523,226
*o!7,7l3
Dec. 31
459,129
1941—
498,427
487.151
537.613
Revised.
64,430
Other sales.b.
Oct.
454,922
479,344
•
381,689
31
31
Oct.
29
j 940
Jan.
Nov. 30
448,590
Dec.
435,273
June 30
Total sales
1940—
Apr. 29
31
667,804
651,906
481,599
Aug. 31
133,190
4,725.890
...
31
28
Apr. 28
»
Feb.
Mar. 31
Cent
Total round-lot sales:
Short sales
there
classification.
Total for
Week
Total sales
......
2. Other transactions Initiated
on
...
the floor—Total purchases
444,200
New
277,890
11,727
Total sales
308,890
3. Other transactions Initiated off the floor—Total
purchases
shares
reported
Aitg. 9.
Four issues showing
announced
157,670
167,230
June
30,
1941,
the
Exchange
short position of
400
shares
on
a
or
were:
July 31, 1941
3.34
Other sales.b.
Electric Bond & ShareCo. ($5 preferred)
Pantepec Oil Co. of Venezuela (American shares)
111,660
Short sales...
Tobacco Products Export Corp
U. S. Foil Co., Inc. ("B" common)
808,660
sales.
920,320
Exchange members,
Shares In members' transactions
In calculating these percentages,
as
per cent
June 30, 1941
400
600
1,003
101
500
■
553
■
■
1
1
.
18.97
Market
includes all
Value
their firms and their
Bonds
Listed
on
New
The New York Stock Exchange announced
of twice total round-lot volume.
the total of members' transactions Is compared
of
York
Stock
Exchange July 31 Above June 30
partners, including special partners.
Declined
on
923,150
4. Total—Total purchases
"members"
Interest
151,000
Total sales
term
Exchange Short
in July
16,230
Other sales.b.
Total
6.44
more
Short sales...
Curb
Total short position of stocks dealt in on the New York
Curb Exchange for the month of July, 1941, reported as of
July 31, 1941, amounted to 8,724 shares compared with
31,000
Other sales.b.
York
9.19
316,890
Short sales...
a
Exchange Short
During July
227
Week Ended Aug. 2, 1941
The
Stock
539
YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
MEMBERS * (SHARES)
*
102,910
Sales marked "short exempt" are reported with "other sales."
241
OF
A.
Number of shares
a
Of the 1,229 individual stock issues listed on the
1,062
1. Reports showing transactions as specialists....
Reports showing other transactions Initiated on the floor....
3. Reports showing other transactions initiated off the
floor....^.______
4. Reports showing no transactions..
2.
TOTAL
94,490
Round-lot purchases by dealers:
follows:
Total Number of reports received
The
Total sales.
and
Securities
on
as
of
the
close of
business
on
Aug. 13 that
July 31, 1941, there
were
1,271
Volume
The Commercial
153
917
& Financial Chronicle
bond issues aggregating $56,041,115,6X0 par value listed on
the New York Stock Exchange with a total market value of
fied
$53,259,696,637. This compares with 1,278 bond issues aggre¬
gating $56,159,155,232 par value listed on the Exchange on
ing the computations which a company must make in order
to determine its classification.
Regarding the rules the
June 30
In
with
the
governmental
tables
listed
industrial
and
bonds
groups,
and average price for each:
value
market
$53,237,234,699.
are classified
by
with the aggregate
total market value of
a
following
June 30,
Rule
1941
permit
Market
Aver.
Value
Price
Value
Price
%
38,249,769,486 109.08 38,192,296.667 108.92
Amusement
Automobile...
46,365,130
14,152,027
20,372.461
19,517,238
77,670,563
16,162,500
49,998,701
213,910,531
9,927,152
49,824,043
97.11
41, 623,613
14, 161,196 103.68
......
88.98
Building
20, 901,785
Business and office equipment
19, 395,109 104.22
Chemical
95.08
60, 092,500
...
Electrical equipment.......
Financial
16, 237,500 108.25
....
50, 236,883 102.37
...........
212 511,129 104.80
Food
9
Land and realty
64.71
988,225
50 313,889 100.34
Machinery and metals
,196,135 57.35
61 061,039 101.54
596 ,997,081 104.12
63.23
6,629 ,548,674
11 ,900,729
77.45
25 ,614,900 106.00
21 ,607,703
94.19
Mining (excluding iron)
Paper and publishing
Petroleum..
Railroad
Retail merchandising
97.94
103.18
86.73
104.88
Shipbuilding and operating
Textiles..
41
98.13
26 ,049,960
Tobacco...
Gas and electric
(operating)......
(holding)..
Gas and electric
64.31
99.36
diversified
the
139,728,125 105.06
86,318,691
92,768,449 48.45
32,268,125 105.80
abroad...
Miscellaneous businesses....
13,028,877,138
1,237,305,657
743,744,356
Total U. 8. companies.
Foreign government
Foreign companies
53,259,696,637
All listed bonds
89,149,907 46.61
31,787,500 104.22
77.69
13,034,629,915
1,264,081,667
746,326,450
57.32
77.19
42.55
43.47
53,237,234,699
94.80
95.04
57.47
two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
compiled
table,
following
The
by
us,
Section
only
2
(a)
be
must
which
in
gives a
two
Nov. 30..
Dec. 30..
concerned
only with
in
this
class of
to
any
one
methods
followed
The
classified
properly
classification
effect
definition
to
of
concerned,
is
eliminations
the term
becomes
"value"
in
the company has in its port¬
at least one of which was
is to permit eliminations to be made
Form
diversified
as
relate
can
or
possible for
48, which requires the
non-diversified.
on
Aug. 6 the adoption of a rule
of 1940 which will make
non-diversified management company which
a
to resume its
the necessity
In explaining this action
becomes a diversified company
non-diversified company without
temporarily
as
Item
to
be determined whether a company is
under the Investment Company Act
status
according
;
N-8B-1
The SEC also announced
a
of obtaining a
stockholders' vote.
the Commission said:
exemption from
That
section provides in part that a registered management company may not
change its subclassification from that of a diversified to that of & nondiversified company without the authorization of a majority of its voting
The
the
rule,
new
provisions
known
of
as
Section
in form an
N-13A-1, is
Rule
of the Investment Company Act.
(a)
13
is
authorization
Such
securities.
not
required, however,
when a company
diversified company.
Rule N-13A-1
deals with the situation, not explicitly covered by the statute, of a nondiversified
company
which intends to continue to operate as a nondiversified company, but which finds itself temporarily diversified because
of the liquidation of certain large holdings which it has not yet been able
changes
from
non-diversified to
a
50,374.446,095
50,277,456,796
52,252,053,607
52,518,036,654
93.05
the effective date of
92.72
a
diversified
90.59
88.60
Oct.
90.79
91.24
Dec.
31..
31
_.
31
28..
49,678,805,641
92.02
Feb.
49,605,261,998
50,006,387,149
49,611,937,544
46,936,861,020
47,665,777,410
91.97
Mar. 31..
92.86
Apr. 30..
92.48
May 30..
87.87
90.14
July
within
92.84
93.58
93.84
93.73
94.32
94.22
June 30..
31..
53,259,696,637
panies
Securities and
Exchange
Commission announced on
amended Rule 581 of its general rules
and regulations under the Securities Act of 1933 regarding
non-disclosure of contracts affecting the national defense.
The amendment broadens the scope of the rule so as to
if
it does
so
the situation
with
of a temporarily diversified
applications for individual orders of exemption by
faced with this latter situation and to dispose
manner as seems most consistent with the policy of the
which
such
in
and
was
the Act, and was accordingly
entertain
to
them
of
are
N-13A-1.
Rule
Aug. 6 the Commission further announced the adop¬
a rule setting out formal specifications for amend¬
On
Affecting
which
company
companies
Act
National Defense—Also Adopts
Open-End Management Investment Com¬
authorization
which is registered under the Investment Company Act as a nonIt does not meet the problem of an essentially non-
however,
any
of
Rule for
stockholder
temporarily diversified on Nov. 1, 1940,
obliged to register as a
company.
It is the Commission's view that this latter situa¬
tion presents such complicated considerations as not to be susceptible of
treatment in a rule of general application.
The Commission is willing,
95.04
94.80
deals only
diversified company.
diversified
52,321,710,056
53,237,234,699
without
status
years.
N-13A-1
company
Regarding Non-Disclosure of Con¬
Rule
SEC Amends
three
Rule
92.08
1941—
92.33
non-diversified
its
Nov. 30..
93.15
The effect of the rule is to permit such a company to resume
reinvest.
to
29..
The
such
consistently.
amendments to
$90.96
91.33
31..
tracts
as
gives
current fiscal quarter.
The rule is thus
class of situations.
The effect of the rule,
submission of data from which it
$48,601,638,211
49,238,728,732
49,643,200,867
50,438,409,964
50,755,887,399
50,831,283,315
31..
Aug. 31_.
Sept. 30..
July
$92.08
Feb.
May 31..
a
four methods specified in the rule, so long as one of these
of
is
Price
Jan.
June 29..
by
the dame security,
narrow
a
Average
Jan.
Apr. 30..
sold
securities
extent
of the Act, different blocks of the same secruity
different values.
Such a situation can occur
situations,
Value
194®—
Mar. 30..
far
the
under
the company's
Market
$48,570,781,615
49,007,131,070
47,297,289,186
46,430,860,982
47.621,245,885
47,839,377,778
49,919,813,386
31..
Oct.
So
company
blocks of
more
or
during
Price
1940—
Sept. 30..
fiscal
its classification as a
have
to
Aver aye
1939—
31..
Aug. 31..
the
(A)
(39)
considered
Value
July
upon
eliminating
the
to
company,
whejh,
Market
June 30..
of
methods
with
non-diversified.
or
manner
significant
75.21
1,057,389,942 107.56
85,904,615 56.38
Miscellaneous utilities..
U. S. companies operating
total assets at the
that such eliminations
must
be reflected in determining the value of securities retained in the
portfolio, upon which value in turn depends the company's classification as
62.41
65,690,000 104.27
56.68
deals
investment
acquired
1,062,302,751 108.07
Communications
N-2A-2
management
it
Utilities:
changes bear
such
as
folio
3,094,248.321 108.12
60.99
.967,432
far
so
only when, at the time of the elimination,
,115,737 122.11
16
in
mean
disregard changes in its total assets between
to
company
104.87
6,557,449,989
11,556,920
568 ,873,587 101.75
Steel, Iron & Coke
a
to
The effect of this rule is to
98.41
25.705,519 106.38
21,335,280 93.00
16,199.603 58.05
566,143,752 101.13
25,928,825 97.68
41,366,561 122.42
Shipping services
"total assets"
term
101.88
3,099,134,316 108.29
Rubber
the
107.75
93,294,082 56.13
61,073,104 101.57
598,367,524 104.23
95
defines
company's preceding fiscal quarter.
a
Rule
Aver.
$
of simplify¬
diversified and non-diversified company.
Market
«fcc.)-
N-5B-1
end of
Group
U. S. Govt. (incl. States, cities,
United States Companies—
which are known
rules,
two
SEC said:
quarter-ends,
July 31, 1941
The
non-diversified.
or
Rules N-5B-1 and N-2A-2, are for the purpose
as
of
tion
ments
statements and reports filed under
registration
to
Company Act of 1940.
The rule is
nated Rule N-3 and becomes effective immediately.
Investment
the
desig¬
Aug. 11 that it has
non-disclosure of contracts
provide for
Maritime
defense.
Commission
Prior to the amendment the
rule provided for non¬
where the administrative determina¬
had been made by an executive department of the Fed¬
disclosure only in cases
tion
eral Government.
SEC
The
also announced on Aug.
Securities Act of 1933 of a
the
procedure
simplified
securities
of
for
11 the adoption under
rule designed to provide a
registration under that Act of
open-end management investment companies
registration statement on Form N-8B-1
have filed a
which
(b) of the Investment Company Act
which is designated Rule 524, is
temporary in character.
It is contemplated that it will be
supplanted by permanent regulations in the near future.
pursuant to Section 8
1940.
of
The
new
rule,
provides in effect that an open-end management
company which has filed a registration state¬
under the Investment Company Act of 1940 may regis¬
rule
The
investment
ment
ter
under
securities
the
Securities Act of
1933 by filing
copies of its registration statement filed under the Invest¬
ment Company Act plus copies of a prospectus containing
the information given in answer to certain designated items
of Form
N-8B-1 and certain additional information not
required by Form N-8B-1 but
Securities
Act.
SEC Adopts
deemed essential under the
-
Several Rules Under Investment
Company
Act
The
Securities and
announced on
Investment Company Act of
amendments to the registra¬
investment companies, all relat¬
ing to the classification of such companies as either diversi¬
tion form
for management
and Exchange Commission
Securities
The
announced on
Aug. 7 that underwriting participations in issues registered
under the Securities Act of 1933 and offered for sale during
three months ended
the
June 30, 1941, amounted to
$420,-
issues, which compare with participa¬
totaling $285,464,000 involving 37 issues in the same
026,000 covering 41
tions
contributed the greatest dollar
the second
quarter of 1941, with 13 issues aggregating $244,750,000, or
58.3% of the total.
Second in importance were 13 issues of
preferred stock totaling $90,626,000, or 21.6%; while 15
issues of common stock accounted for the balance of $84,650,000, or 20.1%.
Further details were given by the Com¬
quarter
to
Bonds
1940.
of
amount
underwriting
participations during
mission as follows:
Of
78,
273
or
firms
28.6%,
participating in all of the
were
above-mentioned underwritings,
or
of New York City and accounted for $252,094,000,
amount. The New York City firms accounted
60.0% of the total dollar
total participations in bonds, 57.6%
stock, and 59.0% of common stock.
The management of the underwritten issues was
61.3%
of the
for
of those in preferred
in the hands of 38
amount of $292,590,000,
the bonds underwritten,
83.1% of the preferred stock issues, and 60.2% of the common stock.
Participations secured by all of the managing firms amounted to $206,002,000, or 49.0% of the aggregate underwritings.
The five firms having the largest amount of underwriting participations
during the quarter were Mellon Securities Corp. with $24,196,856; Harriman
Ripley & Co., Inc., with $18,113,613 ; The First Boston Corp. with
$16,961,175; BIyth & Co., Inc., with $15,710,238, and Dillon, Read & Co.
with $15,695,112.
These five firms accounted for 21.6% of all of the
firms, of
or
69.7%
which 16 of New York City managed an
of the total.
They managed 67.9% of
participations.
Exchange Commission
Aug. 6 the adoption under the
1940 two rules and of certain
Participations in Second
$420,026,000, Covering 41 Issues
Reports Underwriting
Quarter Aggregated
which the United
has administratively deter¬
mined should not be disclosed in the interest of national
States
SEC
The
five
during
the
firms
leading
in
the management of the underwritten issues
quarter were Dillon Read & Co. with $132,601,993; Mellon
with $38,687,919; Morgan Stanley & Co., Inc., with $33,-
Securities Corp.
784,719; Drexel & Co.
205,679.
with $31,343,253, and Lehman Brothers with
accounted for 63.0% of the total.
These five firms
$28,-
The Commercial & Financial Chronicle
918
Bankers'
Acceptances Outstanding Decreased $3,033,000 During July—Total July 31
Reported $209,899,000—$21,549,000 Above Year Ago
During July
decreased
the
volume
of
dollar
acceptances
on
July 31, according to
the monthly report of the Acceptance
Federal Reserve Bank of New York,
Analysis Unit of the
issued
Aug.
13.
As
compared with
a year ago, the July 31 total is $21,549,000
July 31, 1940, when the acceptances out¬
standing amounted to $188,350,0(X).
above
that
of
The decrease in the volume of acceptances
outstanding on
July 31 from June 30
credit
excepting
due to declines in all branches of
was
domestic warehouse and dollar
whereas in the year-to-year
uted to larger credits for
comparison the gain
exchange,
was attrib¬
imports, domestic shipments, and
domestic warehouse credits.
The
following is the report for July 31
issued by
as
the
the
Trust companies have for many years fulfilled this
primary
function most effectively in the handling of many billions of wealth
placed in
their care.
Many of the trust accounts which we administer are for the
benefit of immature
June 30, 1941
July 31, 1941
1
Boston
$28,857,000
2
New York
132,146,000
July 31, 1940
$29,966,000
134,636,000
3
Philadelphia
11,891,000
12.383,000
3,795,000
2,745,000
Cleveland
..
6 Richmond.
$22,167,000
129,899,000
9,076,000
854,000
767,000
839,000
184,000
6
Atlanta
1,676,000
2,319,000
Commenting on the problems of modern trust business,
Fenninger, President of the Trust Division of the
American
Bankers Association,
told the conference on
Aug. 6 that there are three primary problems that must be
contended with, namely the effect of tax
changes on the
volume of trust business, the effect of
changing business con¬
ditions and corporate earnings on trust
investments, and
the effect of both of these factors upon the terms of trust
instruments.
Citing several cases bearing out his contention,
Fenninger in conclusion said:
Mr.
fication—this diversification to be
ness
enterprises.
of
7
Chicago
6,285,000
5,112,000
490,000
121,000
506,000
122,000
774,000
St. Louis
Minneapolis
Kansas City..
11
Dallas
San Francisco
505,000
74,665
23,799,000
18,603,000
442,000
23,429,000®
Grand total
$209,899,000
Decrease lor month, $3,033,000.
$212,932,000
$188,350,000
ACCORDING TO NATURE OF CREDIT
made
24,265,000
10,934,000
10,816,000
36,366,000
Domestic warehouse credits
Dollar exchange
Based
on
goods stored In
or
$75,465,000
32,081,000
of service
within
becomes
the
which
cost
trust
restrictions upon the
are
harder
because
it
has
to
be
area.
I"——I
I.I
Payments
in 10 Insolvent National
Authorized During July
Banks
Comptroller of the Currency Preston Delano anoouneed
Aug. 7 that during the month ended July 31, 1941,
on
authorizations
dividends
authorized
issued to receivers for payments
insolvent National banks.
Dividends
effect total distributions of $985,728
were
10
in
will
Comptroller's
The
smallest
2.794%
and
of
so
to
and
27.6%,
10 dividends authorized
for
dividend payment.
3,454,000
3,128,000
13,277.000
15,944,000
19,924,000
32,327,000
announcement further said:
largest
receivership distributions
8,727,000
26,473,000
31,674,000
shipped
between foreign countries
t
limited
a
Dividend
July 31, 1940
$123,107,000
21,850,000
within
section of aU types of busi¬
and whenever there
—'"Ml
The
June 30, 1941
$121,469,000
difficulties
diversification
powers
cross
practical limitation to diversification
a
'
were
Imports..
Exports
Domestic shipments
increased
broad
a
there is
course
37,266 claimants who have proved claims aggregating $20,238,196, or an average percentage payment of 4.87%.
Increase lor year, $21,549,000.
July 31, 1941
Of
customers can afford to pay,
1,605,000
4.797,000
317,000
12
the urgency or desirability of benefaction.
Carl W.
investment
9
untrained persons or of classes of persons in circum¬
or
stances which suggest
because
Federal Reserve District
8
1941
The only answer that seems apparent at the moment is that of
diversi¬
ACCEPTANCES OUTSTANDING—UNITED 8TATES
—BY FEDERAL RESERVE DISTRICTS
10
16,
performance of its primary function the corporate trustee normally
supplies safeguards against the dangers which lie in the path of inherited
Reserve Bank:
BANKERS' DOLLAR
4
Aug.
all trust service is in the public welfare since in
sense
wealth.
bankers'
$3,033,000 to $209,899,000
In the broadest
partial interest
individual
dividend
respectively,
seven
dividend
while
authorized
percentages
the
smallest
and
$7,400 and $216,800, respectively.
were
were
largest
Of the
for final dividend payments, two were
and
payments,
Dividend payments
one
for
was
full
a
interest
authorized during the month
so
ended July 31, 1941, were as follows:
DIVIDEND
PAYMENTS TO CREDITORS OF INSOLVENT NATIONAL
BANKS AUTHORIZED DURING THE MONTH ENDED JULY
31, 1941
BILLS HELD BY ACCEPTING BANKS
Own bills
$105,010,000
Bills of others..
Total
54,824.000
...
MARKET
ON
AUG.
Dealers'
Days—
PRIME
13,
Claims
Dividend
Dividends
Proved
Authorized
to Date
ACCEPTANCES
First Nat. Bk. of Beverly Hills, Cal.
California National Bank of Sacra¬
Dealers'
Yi
Amount
Authorized
1941
Dealers'
Buying Rates Sellino Rates
30
BANKERS
Percentage
of Funds by
of Bank
69,000
RATES
Distribution
Date
Authorized
$160,834,000
Increase lor month
CURRENT
Total
Name and Location
.
Days—
7-16
Dealers'
Buying Rates Selling Rates
120
9-16
mento, Calif
7-17- 41
First Nat. Bank of Canton, 111
Manufacturers
National
Bank
Trust Co. of Rockford, 111
$216,800
58.097%
$3,372,600
7-24-41
;
207,000
102.794%
97.04%
7,409,000
766,900
83.00 %£
3,664,600
7-17-41
54,000
7-16-41
109,900
7-26-41
36,500
&
60
X
7-16
150
H
9-16
90
H
7-16
180
First National Bank of Marshall Co.
%
9-16
at Plymouth, Ind
First Nat. Bk. of Burllngame, Kan.
First Nat. Bk. of Froatburg, Md
The
of
following table, compiled by
the
volume
bankers'
of
us,
furnishes
a
record
acceptances outstanding at the
close of each month since Jan. 31, 1939
1939—
Jan.
$
1939_—
31
255,402,175
Feb. 28
248,095,184
Mar. 31....
232,644,000
1940—
Oct.
mm
mm
245,016,075
237,831.575
June 30
Jan.
31
229,230.000 Dec. 31
Feb.
29
246,574,727
244.530,440
Apr. 29.....
May 31
Mar. 30
233,015,000
229,705,000
223,305,000
213,685,000
206,149,000
Apr. 30
236,010,050 May 31
235,034,177 June 29
215,881,724 July 31
221,115.945 Aug. 31
July 31
Aug. 31
Sept. 30
128,100
41.47%
7-11-41
33.228
186,789,000
196,683,000
208.659.000
burg, S. C
1941—
Jan.
31...
mm
Feb. 28...
mm
Mar. 31... mm'
7,400
108,600
734,500
225,200
1,282,000
1,980,100
304.900
Orangeburg National Bank, Orange¬
$
31...
Nov.30...
1940—
84,200
7-16-41
7-23-41
7-31-41
First Nat. Bk. of Preston, Minn
First National Bank & Trust Co. of
Monessen, Pa
j
Dec. 30
7-21-41
105.2%
103.27%
41.47%
77.6%
-
Liquidation
212,777,000
211,865,000
217,312,000
of
Insolvent
Nine
Completed
28.169%
National
498,396
Banks
During July
219,561,000
215,005,000
212.932,000
209,899,000
During July the liquidation of nine insolvent National
was
completed and the affairs of such receiverships
finally closed, according to an announcement issued Aug. 8
by Comptroller of the Currency Preston Delano:
Grade Bonds for Trust Investments Recom¬
mended by C. A. Scully, of Bank of Manhattan Co.
—Public Welfare Work of Trust Institutions Cited
Oct.
Total disbursements, including offsets
allowed, to depositors and other
creditors of these nine
receiverships, amounted to $10,518,868, while
dividends paid to unsecured creditors amounted to
an
average of 80.61%
of their claims.
Total costs of liquidation of these
receiverships
31
Nov. 30
222,599,000
Apr.
30
188.350,000
181.813.000
176,614,000
Sept. 30
July
m m
June 30
May 31...
dtm
31
High
by L. E. Birdzell, of Bank of America
at
Pacific
Coast Trust Conference
In
recommending the
use of high grade bonds in trust
investments, C. Alison Scully, Vice-President of the
fund
Bank of the Manhattan
Co., New York City, declared in an
address in Seattle, Wash., Aug. 7, that such bonds
"should
constikrte the backbone of the list."
"They furnish," he
pointed out, "the desired security of principal." Mr.
Scully,
who spoke before the Pacific Coast and
Rocky Mountain
States
Trust
Conference held und«r the
Trust Division of the American Bankers
auspices
of
The bonds selected shomM,
as
far
as
short maturities with low
coupon rates.
big premiums.
The
difficulty is that
securities
But not
as
possible, be those with relatively
They can be bought without the
The income actually received seems
low.
everyone has
It is.
been accustomed to think of prime
4^% and 5%. Time was when this was true.
investing under different conditions today.
There
yielding 4%,
now.
We
are
high grade, triple A bonds which yield
4H% to be had.
These
are on a 3% basis.
That is unfortunate, but it is not
your
mine, and we must take the funds and invest them
soundly and
right, even though the income is
meager.
We must accustom ourselves
and we must accustom the
beneficiaries of our trusts to think in terms of
are
no
obligations
fault,
L. E.
Birdzell, Vice-President
and senior trust officer of
the Bank of America N. T. & S.
A., San Francisco, in an
address before the conference
trust services
in
sources including offsets allowed.
Dividend distributions to all creditors of all
active receiverships during
the month of July, 1941, amounted to
$344,883.
Data as to results of
liquidation of the receiverships finally closed
during the month are as
follows:
the
Aug. 8, said that although all
performed by banks and trust companies are
public welfare, many of these institutions
perform
custodial services that are of direct aid to the
public without
receiving or expecting compensation. He continued:
'
-
INSOLVENT NATIONAL BANKS
LIQUIDATED AND FINALLY CLOSED
DURING THE MONTH OF
JULY, 1941
Total
Percent
Name and Location
Date of
Disburse¬
Dividends
of Bank
Failure
ments, Incl.
Declared
Stock at
Offsets
to All
Date of
Allowed
Farmers
Claimants
Failure
104.05*
$200,000
&
First
National
Bank,
12- 8-33
First National Bank, Peru, Ind
Peoples Nat. Bk. & Tr. Co., Sullivan, Ind
Farmers National Bank, Houlton, Me...
Citizens National Bank,
Froetburg, Md.
9— 6—33
7-15-32
100% principal
85.32
100,000
69.097
150,000
50,000
1-
9-34
856,447
87.07
8-33
1,123,847
74.04
12-16-30
Northern National Bank,
Ashland, Wis..
$1,415,356
1,395,987
1,076,524
6-
Citizens National Bank,
Romeo, Mich.. 10-12-33
Alderson National Bank,
Alderson, W. Va 9-28-31
Union National Bank,
Fairmont, W. Va_
*
Capital
New
Castle, Ind
or
less annual income.
(
averaged
8.09% of total collections from all
the
Association, added:
,
banks
2—13—33
376,049
370,268
2,972,838
931,552
54.55
50,000
50,000
68.53
25,000
90.07
420,000
66.45
100,000
and partial Interest paid to creditors.
Stock of
Money in 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
deducting
the moneys held in the United
States Treasury and
by
Federal Reserve banks and
agents.
The figures this time
for June 30,
1941, and show that the money in circula¬
tion at that date
(including, of course, that held in bank
vaults of member banks of the
Federal Reserve System)
are
I
Volume
The Commercial & Financial Chronicle
153
919
$9,612,375,332, as against $9,356,646,863 on May 31,
1941, and $7,847,501,324 on June 30, 1940, and comparing
branches thereof, up to 2 p. m. (EST) Aug. 18, but will not
be received at the Treasury Department, Washington.
The
with $5,698,214,612 on Oct. 31, 1920.
Just before the out¬
break of the World War, that is, on June 30, 1914, the total
Treasury bills will be dated Aug. 20 and will mature on
Nov. 19, 1941, and on the maturity date the face amount of
the bills will be payable without interest.
There is a ma¬
turity of a previous issue of Treasury bills on Aug. 20, in
was
The following is the full state¬
only $3,459,434,174.
was
ment:
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of
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of
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the
Morgenthau
announced
on
Aug. 11 that the tenders to the offering last week of $100,000,000, or thereabouts, of 91-day Treasury bills totaled
$288,823,000, of which $100,118,000
of 0.114%.
and will mature
accepted at an aver¬
are dated Aug. 13
Reference to the offering
was
The Treasury bills
on
Nov. 12, 1941.
appeared in our issue of Aug. 9, page 766.
to
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as
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a
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Received to Offering of $100,91-Day Treasury Bills — $100,118,000
Accepted at Average Rate of 0.114%
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any
by any local taxing au¬
or
originally sold by the United States shall be considered to be interest.
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from all taxation
interest thereof by
Tenders of $288,823,000
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issue.
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or
Treasury Department Circular No. 418,
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such, under Federal Tax Acts
The bills shall be subject to estate, inheritance,
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other disposition of Treasury bills shall not have
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Payment of accepted tenders at'
excise taxes, whether Federal or State, but shall be exempt
thority.
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in part, and his
other immediately available funds on Aug. 20, 1941.
or
special treatment,
any
rfh**
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other disposition of the bills, shall not have any exemption, as such,
or
and loss from the sale
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all tenders, in whole
or
The income derived from Treasury bills, whether interest or gain from the
to
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The Secretary of the Treasury expressly reserves the
reject any
or
action in any such respect shall be final.
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Those submitting tenders will be advised of the acceptance
the prices offered must be made or completed at the Federal Reserve Bank
sale
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Tenders from others must be accompanied by payment of 10%
accepted bids.
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Fractions
99.925.
of the face amount
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multiple of $1,000, and the price
an even
Tenders will be received without deposit from incorporated banks and
toco
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$5,000, $10,000, $100,000, $500,000 and $1,000,000 (maturity1
Each tender must be for
offered must be expressed on the basis of lOO.iwith not more
trust companies and from responsible and
•o'
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value).
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the offering
They (the bills) will be issued In bearer from only, and in denomination*
of $1,000,
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$100,519,000.
Morgenthau in his announcement of
further said:
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amount of
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3
is from Mr.
regarding the accepted bids for the offering
Morgenthau's announcement of Aug. 11:
coi
Total applied for, $288,823,000.
Total accepted, $100,118,000.
Range of accepted bids:
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of 1890,
$100,000,000 of 91-Day Treasury Bills—
Be Dated Aug. 20, 1941
offering of 91-day Treasury bills to the
amount of $100,000,000, or thereabouts, to be sold on a
discount basis under competitive bidding, were invited on
Tenders to
a new
Aug. 15, by Secretary of the Treasury Morgenthau.
will be received at the Federal Reserve banks,
the
Tenders
and the
central
general
general
obtained; a
previ¬
license
20 (noted in our
this
Portugal
of
bank
is
has
has first certified
determined
interested
in
such
that
no
in writing to the
other
effect
blocked country or
transactions.
Portugal has given appropriate assurances
Government consistent with the general license and the purposes
Treasury
to
Bank
thereof
national
Treasury—(I) as a reserve lor United States
$166,039,431 In gold bullion; (ii) as security for
Treasury notes of 1890, an equal dollar amount In standard sliver dollars (these
notes are being canceled and retired on reoeipt); (111) as security for outstanding silver
certificates, sUver In bullion and standard sUver dollars of a monetary value equal
to the faee amount of such silver certificates; and(lv)as security for gold certificatesgold 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 Aet, or, until June 30, 1943, of
direct obligations of the United States If so authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
mtintnin a reserve In gold certificates of at least 40%, Including the redemption
fund, which must be deposited with the Treasurer of the United States, against
Federal Reserve notes In actual circulation.
"Gold certificates" as herein used
Includes credits with the Treasurer of the United States payable In gold certificates.
Federal Reserve bank notes and National bank notes are In process of retirement.
Note—There Is maintained in the
New Offering of
To
Central
the
I
a
transactions by nationals of Portugal, provided that
I
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III
that
I
Russia
blocked.
been
license also authorizes
I
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bobbb'c
notes and Treasury notes
receive
to
explaining this action the Treasury announcement said:
The Portuguese general license authorizes transactions by the Government
of Portugal or the central bank thereof, provided that no other blocked
country or national thereof is interested in such transactions.
Such general
I
111
country
14 freezing order, pertaining to all
28, page 4048), while Spain was issued a gen¬
eral license on July 11 (see issue of July 19, page 319).
In
II
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fifth
issue of June
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the
June
the
June 24 and Sweden and Switzerland June
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to w w — © —
the
becomes
since
ously
4-to to *©"<
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4- 4- to 4- M
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ill
S?
under
countries of Continental Europe whose assets had not
©tow©©w
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to-4 — — to©
:n
O
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—
Department
Treasury
license
©p ©
ooV —©"©co
by Treasury
Department on Aug. 12 issued a general
freezing order relating to Portugal and
nationals thereof and their assets in this country.
Portugal
The
license
thereby
c
Issued
too I
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License
Allowing Withdrawal of Portuguese Funds
to
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officials said
of the freezing
that
order.
^
Higher Social Security Taxes Advocated
of
Treasury
Morgenthau
as
Curb
by Secretary
on
Inflation
Morgenthau revealed on Aug. 14
that the Treasury is studying proposals to increase social
security taxes as part of a program to prevent inflation and to
provide a cushion for the post-emergency period.
The
Secretary told his press conference that the proposal was
part of the recommendations he intends to give to Congres¬
sional committees studying price-control legislation and other
anti-inflation measures.
According to the United Press,
Mr. Morgenthau said that three possible revisions of the
Social Security Act are being studied as follows:
Secretary of the Treasury
1.
Broadening the scope of the Act to bring in
and other workers
agricultural, domestic
who do not now pay these taxes or enjoy benefits of
the Act.
in the percentage of the Social Security levy.
2.
A possible increase
3.
Adoption of some plan of a "separation wage" to cushion the shock of
unemployment that may result with the
termination of the defense program.
The Commercial & Financial Chronicle
920
President Roosevelt Urges Increased Crop Production—
Assures Farmers of Fair Prices in Letter to Secre¬
tary of Agriculture Wickard—Latter
Board of Aid Output
At
the
suggestion of
Agriculture
Claude
R.
Wickard
Aug.
on
ization committee
12
as a
named
of
I know that you are
the
contained
in
organ¬
letter
a
letter, reported to President Roosevelt on the results of the
Agriculture Department's plan announced in April for the
production of more pork, dairy products and poultry products
In this respect, he said:
The total
pig
for 1941 will be larger than the 1940
crop
seemed likely last December.
as
instead of
crop,
More hogs will be
available for slaughter this year than last and the 1941 hogs will be heavier.
Production will be increased substantially in 1942.
Without the Depart¬
ment
campaign, supplies of pork might be dangerously low this
year
and
prices would be much higher than prices now prevailing.
Dairy farmers also have responded quickly to appeals to increase
duction.
date.
pro¬
Total milk production on July 1 was the largest on record for that
Total production of the principal manufactured
dairy products in
May
14%
was
larger than in May,
year, production of milk
to be well above
1940.
Civilian Defense, you name representatives of farm groups to constitute a
farm
production
The Honorable
As to
As
are
as
producing
of representatives of the
crops grown
a year ago.
The rice and
The
be close to the record volume grown in 1937.
The
likely to be
a
record.
The
following is the text of President Roosevelt's
Secretary Wickard:
The White House,
letter to
against Hitlerism just
munitions and food will continue to be
we
a
much
as
weapon in all efforts toward
The
During that struggle, in
acres
organization committee named by Secretary
Aug. 12 is composed of James G. Patton, Presi¬
dent of the Farmers' Educational and Cooperative Union of
America; Edward A. O'Neal, President of the American Farm
Bureau Federation; Louis J. Taber, Master of the National
Grange; and Judge John D. Miller, President of the National
Cooperative Council.
The appointment was made after
consultation with the Office of Civilian Defense, it was
pointed out.
The committee will meet regularly with the
Secretary of Agriculture and other Department officials to
aid with the defense production effort and to give assistance
in other matters where the experience and resources of the
farm organization will prove helpful in
meeting defense needs.
—Empowers Board of Governors of Federal Re¬
serve
System to Regulate Instalment Purchases—
Move Designed to Promote National Defense and to
Protect National Economy by Lessening Danger of
Inflation
President Roosevelt issued
giving
an
of once fertile land told
effort to produce food and feed,
us
known
Our lack of preparedness during the last World War made the establish¬
a
food
administration, and I
see
no
reason
to believe we
its
will need
Agriculture is meeting the situation much more satis¬
factorily by increasing production in an orderly way so that our own needs
our
friends
can
be met without causing scarcity or
unduly
As you have told me,
farmers have responded quickly to appeals for
increased production.
When democracy is in danger, our farmers
always
have rallied to its defense and
they always will.
All they ask in return for
their increased production is fair
prices and assurances of protection after
the emergency has passed.
I think farmers should have these assurances
as we are
able to give them.
resisting aggression, but
can
forces that Nazism
as
yet
be
we
need
only dimly foreseen.
has loosed upon the world
are
reserves
The
ravaging
to
meet
monstrous
many
rehabilitation, food
will
our
be
ability.
To
prospective emergencies of the future.
grams are flexible.
I have pointed out
be used to step up production
just as
against
I
on
am
existing
well
aware
emergencies
as
and
they could
they could be used to adjust
burdensome surpluses.
The ever-normal
granary is a part of the programs
and because of the
granary we have today the feed which enables us to
produce additional quantities of food.
•
So far
as
farmers
are
concerned, I believe they
will receive fair prices for their
products and
The time has
come
can rest assured that
they
that they will be protected
to
reward abundance to
the
fullest possible extent.
to better concentrate its resources on
defense efforts.
I am certain also that
you
the agencies outside the
Department.
As
arrange
are
an
utilizing to the fullest
example, I
extent
am sure you
will
for the fullest cooperation with the Office of Civilian Defense
and
Participation Committee.
its Volunteer
Reserve
World
a
con¬
War
law,
Enemy Act of 1917,
step
the
the Government in
by
national
transfer
of
defense,
President listed
the
order:
productive
defense
to
resources
industries.
curbing unwarranted price advances and profiteering which
result
To
assist
plemental
the
when
in
the
supply of such goods is
restraining general
taxation
accumulation
To aid in
the
effective
repress
In
imposed
of
curtailed
without
corre¬
order
functions
to
a
demand
to
of
tain
a
for goods
facilitate
other
tendencies,
sup¬
promote
debt
consumer
that
structure
would
the
coordination
of
the defense
of
the
Board's
the
program,
a
Jones, and Price Administrator Henderson, to main¬
liaison.
lowing
The
Press
Washington
advices
form of
they
ments
in
the
controls
not
are
left
was
vague
measures
fol¬
the
necessary
temporarily, but the President
requiring down payments in
as
requiring
now,
larger
other
cases, requiring larger monthly
reducing the length of time that payments can
Whatever
contracts
form
the
entered
does
only
the
first, to
due
to
be
rules
new
into
order
Today's
at
reported
:
where
those
to
the
committee, composed of Secre¬
Treasury Morgenthau, Federal Loan Adminis¬
Associated
least
and
and services in the post-defense period.
phases
President's order created
tary of
such
financing the defense program.
backlog of demand for consumers' durable goods.
development
with
inflationary tendencies, to support
restrain
savings available for
creating
restrain
take
may
not
use
apply
of
to
credit.
cash
paid
in
cases
down
weekly payments,
or
will
date
of
not
the
pay¬
the
credit—not
apply
to
and
credit
rules.
transactions.
Furthermore,
limit only instalment
usual
run.
they
prior to the effective
than
The
Board
Board
open
intends,
can
at
charge accounts,
lump amounts.
The text of the President's executive order
on
instalment
credit follows;
EXECUTIVE
ORDER
Regulation of
Consumer Credit—Declaration of Necessity and Purpose
Whereas, a large volume of credit is being devoted to financing and
refinancing purchases of consumers' goods and services through extensions
of
ciedit
on
an
that
important
the
and
usually
the
particular goods
services
consumers'
and
upon
and
under
individuals and
which
such
to
credit
is
a
large
extent
available
have
are
an
the volume and timing of demand, not only for
services purchased on credit, but also for goods
in general; and
liberal terms for
durable
to
basis; and
conditions
influence
Whereas,
Rkills
made
are
instalment payment
Whereas,
I appreciate the information about
the organization of the defense boards.
They should enable the Department
Aug. 11
on
Federal
the
sponding curtailment of demand.
that the farm pro¬
several occasions that
readily
the
another
was
for
the
in
assist
to
regulate
I know you will not hesitate to
increase production of vital food to the
extent necessary to protect
after the crisis is past.
Trading With
needed
facilitate
To
In this process of rebuilding, and
essential.
ourselves
of
Acting under
these five reasons for the
lands.
The first task is to beat down these
forces and then to repair the damage they
have done to the best of
executive order
an
Governors
goods.
specifically authorized such
As you pointed out, we need not
only abundant production for ourselves
and for other nations
emergencies which
of
effort
trator
high prices.
insofar
the
as
sources
have not
in the future.
and the needs of
durable
President's order
To
war we
Board
System broad authority to control instalment credit for
in later years the extent of our
Thus far in this
the
sumers'
.
needed
on
President Roosevelt Orders Control of Consumer Credit
tend
The dust storms and the eroding of
ment of food administration
necessary.
one
farm
Wickard
as
glad also that national farm programs have given us machinery
we can increase production without
repeating the errors of the last
milliions of
assisting
Defense, State councils of defense,
and with similar State and local organizations in matters
relating to agri¬
culture's part in the defense effort.
insuring
prosperous and peaceful world.
sinned gravely against our soil.
error.
are
with Department programs that are related to defense, the defense boards
whoreby
World War.
boards
Department in the
In addition to
to prevent inflationary
movements.
Declaring
public interest requires control of instalment credit
since production of consumers' durable
goods absorbs re¬
Dear Mr. Secretary:
am
of the
that the
Washington, July 25, 1941
I want to thank you for your letter of
July 24.
The information it gives
about increases in the production of vital foods and feeds
is reassuring.
In this time of crisis, food is a
weapon
orderly,
These
counties.
agencies
will cooperate with the Office of Civilian
for canning and
1941-1942
a more
States and
States and counties and of the Extension Service.
of other vital foods and feeds.
more
total production of livestock and livestock
products in 1941 is
I
defense boards in the
composed
compared to the fall and winter of 1940
bean crops are expected to be far above
production in any past year.
combined production of the major tree and vine fruits for the
new
■'
part of the campaign of adequate and efficient production we have
a
organized
that the production of eggs will increase
processing appears to be about 18% higher than
season may
y'v;-:--.
the organization of the defense boards, mentioned
During the remainder of the
planted to the principal vegetable
marketing
ROOSEVELT.
■
by the President in his letter, Secretary Wickard had the
following to say in writing the President:
1941.
acres
yours,
D.
v..?.'
:
The Secretary of Agriculture, Washington, D. C.
a year ago.
substantially this fall and winter
The
•
Very sincerely
June production of hatchery chicks also reached
appears
American farmers also
agricultural production for defense and
on
FRANKLIN
The June production of eggs was more than
4,000,000,000—the largest
and
organization committee
related matters.
and of manufactured dairy products is expected
for any month since 1930.
record numbers and it
way,
I suggest that in consulation with Chairman La Guardia and the Office of
to
Secretary Wickard, dated July 25, and in answer to a letter
Secretary the previous day; the text of the cor¬
respondence were made public on Aug. 12 by the U. S.
Department of Agriculture in announcing formation of the
farm organization committee.
Secretary Wickard, in his
To be certain, however, that we utilize the ex¬
perience and resources of the farm organizations in the most effective
from the
considerably smaller
advising with officials of the leading farm organiza¬
tions from time to time.
farm
yet be only dimly foreseen."
The President gave
to the farmers that they will receive fair prices for
their products and that they will be protected after the crisis
is past.
were
pro¬
and needs.
as
remarks
what the
ducers want and need and to tell producers what the Government wants
Secretary
on
President's
Since they are the spokesmen for hundreds of thousands of farmers,
these organizations are in position to tell the Department
assurance
The
1941
In this connection, I remember very clearly the indispensable assistance
War.
agricultural production for defense and
related matters.
In suggesting the committee, the President
urged that vital food production be increased "to an extent
necessary to protect ourselves against existing emergencies
and prospective emergencies of the future."
Stating that
"food is a weapon against Hitlerism just as much as muni¬
tions," the President declared that "we need not only abund¬
ant production for ourselves and for other nations
resisting
aggression, but we need reserves to meet emergencies which
can
16,
that the farm organizations gave the Government during the first World
Names Farm
President Roosevelt,
presidents of four leading farm organizations
Aug.
goods,
equipment needed
such
the
for
credit
tend
production
national
of
to
stimulate
which
defense;
and
demand
requires
for
materials,
.
Volume
The Commercial
153
Whereas, the extension
of such credit in excessive volume
productive capacity are approached in more and more
the
of
accumulation
available
savings
tends to gen¬
of
fields, and to hinder
increasing consequence as the limits
inflationary developments of
erate
for
financing
the
defense
pro¬
of instalment
durable goods,
the production of which absorbs resources needed for national defense, in
order (a) to facilitate the transfer of productive resources to defense indus¬
tries, (b) to assist in curbing unwarranted price advances and profiteering
which tend to result wnen the supply of such goods is curtailed without
corresponding curtailment of demand, (c) to assist in restraining general
the
Whereas,
credit
control of the
interest requires
public
use
financing and refinancing purchases of consumers'
for
to support or supplement taxation imposed to
such tendencies, and to promote the accumulation of savings avail¬
tendencies,
inflationary
restrain
and
(d) to aid in creating a backlog of
demand for consumers' durable goods, and (e) to restrain the development
of a
consumer
debt structure that would repress effective demand for
able for financing the defense program,
period; and
avoidance of this order and such
regulations as may be prescribed to effectuate its purposes, means should
also be available for regulating the use of other instalment credit and
which
payments
hereby
the
to
the
right of
any
date
connection
with
formance of
than
and
credit
other
which
extended
usually
credit
of
to
consumers
or
consumers'
on
conditional
a
the
knowing
making
violation.
Section
of
sale,
to know the facts by reason
reason
performance of
or
such contract
or
was
would be
:
.
3.
in good
acquires such right for value,
or
having
or
Reports
in order to prevent evasion or
forms
in
provided that such disability shall not apply to any
without
goods and services in the post-defense
Whereas,
being for administrative purposes),
as
interest
who extends such credit,
faith and
such
seller's
pledge,
such^ contract;
of
the per¬
(other
which violates, or
and
provision of 6uch regulation
any
interest, subject to the provisions of such contract or
connection
person
credit
violate,
contract
every
or other
created in
therewith, shall be unenforceable by the person who extends
or
by any person who acquires any right of such person in
lien,
every
property
such
would
designated therein
that after the
which is made in
contract, except
any
regulation
extension of
any
which
provision
a
regulation issued thereunder shall affect
enforce
to
such
any
regulation.
such
in
characteristics
amounts and
the kinds,
concerning
Reports
''''
'
extensions of credit subject to this order, concerning transfers and
any
which arise out of any such extensions of credit, or concerning
circumstances related
to such extensions of credit or such transfers or
payments
filed
such forms, under
and by such
durable
payments or to the regulation thereof, shall be
controlled and regulated
through an existing governmental agency which has primary responsibili¬
ties
with
respect to the determination and administration of national
persons,
as
sary
appropriate for enabling the Board to perform its functions
goods; and
Whereas, it is appropriate that such credit be
oath
of the authority vested in me by Section 5 (b)
and by virtue of all other authority
and in order, in the national emergency declared by me on
or
times
such
at
and
on
time to
from
time,
the Board may prescribe by rule, regulation, or order as neces¬
6, 1917, as amended,
in me,
27,
1941,
national
national defense and protect the
promote the
to
under
require
may
any
to furnish, under oath or otherwise,
person
complete information relative to any transactions within the scope
of this
order, including the production of any books of account, contracts, letters,
in connection therewith in the custody or control
other papers
or
of such
persons.
it is hereby ordered as follows:
economy,
Board
The
Now, therefore, by virtue
of the Act of Oct.
May
otherwise,
or
this order.
policies:
vested
and
shall be
regulation
such
specified
extent
any
nor
persons
of
of
violation
in
are
prohibited
are
(d) Neither this order
effective
and
gram ;
921
& Financial Chronicle
Definitions
Administration
Bection
Section
(a) The Board of Governors of the
1.
(hereinafter called the Board) is
transfers of credit between
which
Federal Reserve System
hereby designated as the agency through
and payments by or to banking institu¬
pursuant to Section 5 (b) of the aforesaid Act)
arise directly or indirectly out of, any extension of
which
constitute,
credit
of
gated,
regulated and prohibited.
or
out in Section 2
type set
a
(a) of this order shall be
of
Oct.
investi¬
■<
restricted
7v
..
(b) of the Act
in Section 5
7
7.7; :
"transfers of credit between and
amended.
as
terms
7-.:7;;
'
\
more
w
regulations give such
its
the meaning set forth
has
1917,
6,
/
.
"Transfers and Payments" means
(b)
unless the context otherwise
payments by or to banking institutions."
such action to be necessary or
appropriate, take any lawful steps hei*ein authorized and such other lawful
steps as are within its power to carry out the purposes of this order, and
may,
in administering this order, utilize the services of the Federal
Reserve
banks
and any other
agencies, Federal or State, which are
and
in
may
-7;77
"Person"
(a)
(b) The Board shall, whenever it deems
available
Board
the
meanings:
(as defined herein
tions
this order,
of
purpose
the following terms shall have the following meanings, provided
requires,
that
For the
4.
appropriate.
principal, agent,
(c) "Banking institution" means any person engaged as
broker,
credit
finance
or
otherwise,
or
and
company,
of making or holding extensions of
the business
in
without limitation,
includes,
other
any
or
person
bank,
any
any
loan company, any
engaged in the business of making
holding extensions of credit whether as a vendor of consumers'
goods
durable
otherwise.
or
fthe Board's functions
under this order with
other phases of the program for national defense
and for protecting the national economy, there shall be a committee con¬
sisting of the Secretary of the Treasury, the Federal Loan Administrator,
and the Administrator of the Office of Price Administration and Civilian
Supply, or such alternate as each shall designate, and such other members
as
the President shall subsequently appoint.
The Board shall maintain
household purposes, and any service connected with the acqui¬
sition of any such goods or of any interest therein.
(e) "Extension of Credit" means any loan or mortgage, any instalment
formulating policies with respect to
making of such sale or contract; any rental-purchase contract, or any con¬
order
(c) In
down
of
facilitate
committee,
the
with
liaison
to
coordination o
the
and
in
maturities, terms of repayment, and
payments,
general policy shall consult with
tion
other such questions
the committee and take into considera¬
suggestions it may make.
any
•
appropriate for carrying out the purposes of this order, the
Board shall prescribe regulations with respect to transfers and payments
which constitute, or arise directly or indirectly out of any extension of
instalment credit for the purpose of purchasing or carrying any consumers'
goods except a residential
durable
building in its entirety, and the Board
to the extent deemed by it to be desirable and feasible
order to prevent evasion of such regulations as may be so prescribed
in order to control forms of credit the use of which might defeat the
in addition,
may
in
or
and such regulations, prescribe regulations with
and payments which constitute, or arise directly or
indirectly out of (1) any other extension of instalment credit, or (2) any
other extension of credit for the purpose of purchasing or carrying any
consumers' durable goods, or (3) any other extension of credit in the form
of a loan other than a loan
made for business purposes to a business
order
transfers
to
respect
this
of
purposes
enterprise or for agricultural purposes to a
Such
regulations
such
effective dates as
purposes
may
person
engaged in agriculture.
be prescribed by the Board at 6uch times and with
the Board shall deem to be in accordance with the
this order.
of
may from time to time, originally or by amend¬
prohibit such transfers and payments or exempt them
or prohibition and
may classify them according to the
(b) Such regulations
regulate
ment,
from
nature
basis
purposes
or
one
or
regulation
of the transactions of goods or persons involved or upon
as
purchase contract,
of
such other
may reasonably differentiate such transfers and payments for the
of regulations under this order, and may be made applicable to
more
of' the classes so established; and, without limiting the
transactions of
may prescribe
limitations, terms, and conditions for 6uch registrations or
goods, whether new or
usable for personal,
either
lessee
to
or
the
has
property
the bailee or
substantially equivalent to or in
creating any lien or similar
sum
a
contract
any
discharged
be
to
property
under which
becoming the owner thereof or obligates
of
thereof;
value
the
leasing of
or
option
compensation
as
pay
of
claim
part
bailment
the
for
tract
conditional sales contract, or any sale or contract
or all of the price is payable subsequent to the
any
which
sale under
,
or
any
or
excess
1
determine that such action is
(a) Whenever the Board shall
2.
Section
necessary
family
himself
Regulations^
include
Goods"
Durable
"Consumers'
(d)
used, which is durable or semi-durable and is used or
by
the
payment
or
money;
any
other acquisition of, or any extension of credit
the security of, any obligation or claim arising out of any of the
discount,
purchase,
upon
or
foregoing; and any transaction or series of transactions
effect.
extension
purpose or
(f) An
credit
of
is
an
having a similar
"instalment
extension of
credit" if
obligor undertakes to repay the credit in two or more scheduled pay¬
or undertakes to make two or more scheduled payments or deposits
the
ments
fiisatyle to liquidate the credit,
or if the
extension of credit has a similar
if it is for the purpose of financing a business enter¬
of credit.
(g) An extension of credit is "for the purpose of purchasing or carry¬
ing any consumers' durable goods" if it is directly or indirectly for the
purpose of financing or refinancing the purchase of any consumers' durable
goods or is directly or indirectly secured by any consumers' durable goods,
or
if the extension of credit has a similar purpose or effect, or if it for
purpose or
effect,
or
prise which makes such extensions
the
of financing a business enterprise which
purpose
makes such exten¬
credit.
sions of
Penalties
sub!ect
(b)
Whoever
5.
Section
this order
of
violation
tP
wilfully violates
or
of
any
or
knowingly participates
fhe penalties applicable with
of the said Act of Oct. 0, 1917,
as
respect to violations of Section 5
amended.
FRANKLIN
White
The
Aug.
9,
in the
regulation prescribed hereunder, shall be
D.
ROOSEVELT.
House,
1941;
.
'
77y-7.Y.;7.:'
; ,7
;, <
V;;7;
■
77\ ^'7.7
7
7
,;
;
generality of the foregoing, such regulations may require
persons
or classes thereof to
be registered or licensed;
appropriate
Governors
provide for suspension of any such registrations or license
violation of any provision thereof or of any regulation, rule, or order
licenses;
for
would encourage evasion or avoidance of
registration under this order;
and may from time to time make appropriate provisions with respect to—
(1) The maximum amount of credit which may be extended on, or in
connection with any purchase of, any consumers' durable goods;
(2) The maximum maturity, minimum periodic payments, and maxi¬
mum
periods between payments, which may be stipulated in connection
institutions
Regulation of Instalment Credit—Chairman
Says Restriction of Consumer Credit Will
Assist
Defense Program and
Lessen Danger of
requirements of any regulation, license, or
extensions of credit;
with
(3)
The
other bases for
payments;
new
which
or
are
of
7-<
and
different items, conditions, or exemptions with respect
used goods, minimum original cash payments, temporary credits
(4) Special
to
determining purchase prices or market values or
computing permissible extensions of credit or required down
methods
or
merely incidental to cash purchases,
payment or deposit usable
and other adjustments or special situations.
the effective date of any regulation prescribed by
to any extension of credit of a type set out in
Section 2 (a), and notwithstanding the provisions of any other proclama¬
tion, order, regulation or license under the aforesaid Act, all transfers
liquidate credits,
to
(c) On
the
Board
and
with
Eccles
Runaway Inflation
which
banking
the
after
respect
Federal Reserve System Confer with
Officials and Trade Representatives
on
hereunder; may prescribe appropriate requirements as to the
keeping of records and as to the form, contents, or substantive provisions
of contracts, liens, or any relevant documents; may prohibit solicitations
prescribed
by
of
Reserve Bank
may
connection
In
with
the President's order, under date of
Aug. 9, em Dowering the Board of Governors
Reserve
met
on
Reserve
of the Federal
System to regulate instalment credit, the Board
Aug. 14 with representatives of the 12 Federal
Banks.
Ronald Ransom, Vice-chairman of the
Board, presided, and the
meeting was opened by Marriner S.
Eccles, Chairman of the Board, outlining the purposes of
instalment-credit regulation as a supplementary step in the
Government's program to fight inflation.
The statement released by the Reserve Board said that in
administering regulations to be issue under authority of
the
Reserve Svstem will utilize the 12
banks and their 24 branches, thus making available the Sys¬
order,
tem's
the
Federal
practical
experience
in
the
field
of
credit and
of the
decentralizing so far as possible the administration
regulations.
922
The Commercial & Financial Chronicle
Aug.* 16, 1941
'
Yesterday
(Aug. 15)
officials of the Reserve Board con¬
representatives of the sales finance trade and
ferred with
the financial
initial
institutions affected.
It
is
expected
that the
regulation to be issued by the Board will affect in¬
stalment credit for customers' durable
goods, such as auto¬
mobiles, washing machines, refrigerators, ironers, vacuum
cleaners, &c.
Mr. Eceles disclosed on Aug. 11 that the
"regulations will reflect a policy of flexibility and will be
in more
or
Jess general terms until experience and further
study establish
In
Eccles said
in
of
its
other
control of consumer
credit
consumer
effort
plementary to other
in
the
on
credit.
Mr.
Aug. 11.
on
Regulation
ment
precise guides that may be followed."
more
commenting
to
represents
prevent
fundamental
more
another
inflationary
step by the Govern¬
developments.
It
is
sup¬
measures
that
are
credit
consumer
during
funds available for investment in
When
the
defense bonds and other forms of
savings.
over
funds so saved can be drawn
upon to
is
emergency
replenish the depleted stocks of durable goods.
At that time
capacity for
their production will become
increasingly available as the production of
defense materials
as
is
in
the
is
reduced.
interest of
stop trying to adjust wheat production to wheat needs.
might
way, we
well stop trying to have
as
Or to put it another
wheat program and instead,
a
proposal, there is another
provision that will hurt farmers if it goes into effect.
This provision would
freeze about 6,000,000 bales of cotton and
200,000,000 bushels of wheat
held by Commodity Credit
Corporation.
For all practical purposes,
Commodity Credit would
not be able to
dispose of this
cotton and wheat
until Congress changed the law.
Now, let
me say
that Commodity Credit should handle the stocks it has
acquired in a way that will not beat down farm prices and income.
I feel
that Commodity Credit should never release its
stocks of any commodity
in
a
way
But to
that would endanger the parity objective for that
commodity.
tie up stocks in an effort to create
artificial scarcity and
an
reasonable prices is not in the interests of the
farmer, the
un¬
consumer, or the
general welfare.
Congress Completes Action
all
of
the
Bill—House
people, in the emergency period, that
growing demand for consumers' durable goods of all kinds be curtailed
integral part of a broad coordinated program to combat
on Army Service Extension
Measured by Margin of Single
Passes
Vote
an
inflationary
dangers.
By
We should all be ready and willing during the
emergency to get
along with fewer of those consumers' goods which will be embraced in
board's
By
regulation.
doing
-
we
can
the
assist
defense
program,
lessen
the
danger
of
inflation, increase
runaway
and
so
help to build up
a
our savings and our
purchases of defense bonds,
backlog of effective demand to cushion the impact
readjustment.
Y "
The President's order
regulating consumer credit is given
our columns today.
elsewhere in
Senate Cuts $1,224,802,000 From Defense
Appropriation
v
Bill as Passed by
House—Adopts Measure
for
Calling
$6,838,436,000
army
was
203
one vote, the House on
Aug. 12 approved
service extension bill.
The final roll call vote
202.
to
Because
the recount showed the
ure
approved.
The
spend $4,000,000 out of emergency funds for "confidential
purposes."
As passed by the
Senate, the measure carries appropria¬
tions of $6,838,436,000 for the
Army, Navy and Maritime
Commission as against $8,063,238,000 voted
by the House
on
July 28. House action on the bill was referred to in our
issue of Aug. 2, page 629.
The Senate Appropriations Com¬
mittee had acted on the bill on
Aug. 12, recommending a net
reduction of $1,234,000,000.
As to the Senate action on the bill
ciated Press, in advices from
on
Aug. 14, the Asso¬
Washington, that day, had the
following to
net of
SI,224,802,000 off the $8,063,238,000 total
previously approved by the House, eliminating an item of
$1,347,000,000
for the purchase of reserve
tanks, anti-aircraft guns, anti-tank guns,
artillery
and ammunition.
This
was
the first substantial
cut
in
Army
or
requests for funds since the emergency began.
Offsetting this in part, the Senate added $122,198,000
$90,807,000 of which was for facilities for new Army
Navy
to the measure,
camps.
The Senate concurred in the House action in
voting $35,000,000 for the
erection of
War Department
a new
building in Virginia, across the Potomac
It rejected, 28 to 20, a proposal
by Senator Pat
River from Washington.
McCarran, Democrat, of Nevada, to locate the building in
Washington and
defeated, 28 to 21, an amendment by Senator Robert A.
Taft, Republican,
of Ohio, to cut the cost in half.
As passed by
Army, of which
the Senate,
a
the
measure
and
the
go
carried
$3,513,819,000 for the
for ammunition.
Maritime Commission
$1,000,000,000 authorization for
the
The Navy would
$698,650,000, plus
culture Wickard
congressional
on
Roosevelt will veto the measure.
Also included in the bill
is a provision
permitting wheat farmers who exceeded their
1941 acreage allotments to
use excess
wheat for feed and seed
incurring the penalty of about 49
cents a bushel.
House first passed its version on
July 21 it
merely provided for easing excess wheat penalties but the
Senate on July 29 added the cotton
and wheat freezing
provisions.
When
the
Secretary of Agriculture Wickard on Aug. 12 urged defeat
this measure
charging that the freezing provision was
designed to obtain a temporary higher price
through "arti¬
ficial scarcity" and that
relaxing wheat penalties would
of
wreck the whole wheat
program.
The Secretary's remarks,
made at Athens, Ga., at the
dedication of a State
Adjustment Administration building, follow:
One of these
the law
now
Agricultural
stands, they must pay
the wheat grown on those
excess
wheat for feed and seed.
a tax of 49
excess acres.
national
meas¬
emer¬
imperiled," extends
including draftees,
included 133
one
vote
American
motion
a
to
Laborite.
recommit
Just
the
of
the
to
House
committee
Many amendments
day to change
visions
182 Demo¬
before the final
measure
defeated by a 215 to 190 margin.
offered throughout the
all
were
various
major pro¬
Senate-approved resolution, but these
defeated.
The
essential
features
of
the
was
were
were
measure—18-
month
extension, increasing the pay of all army men
except
commissioned officers, by $10 a month after
completion of
the first year of service, and
removing the 900,000 limit on
the number of selectees
that may be in service at
any one
passed by the Senate on Aug. 7 by a
However, the House version contained minor
time—were the
45-to-30 vote.
changes,
thus
same as
necessitating
a
return
to
the
Senate
for
The Senate on Aug. 14, by a vote of 37 to
19,
accepted the House amendments and sent the measure to
the White House for President
Roosevelt's signature.
concurrence.
under
consideration
rule
a
of
the
measure
began
on
providing
for six hours of general
four and one-half of which was
completed that day.
a week-end recess and
adjournment on
out
Aug.
8
debate,
After
Monday
(Aug. 11),
of Pennsyl¬
of
respect to Representative Rutherford
vania, who died, the final 90 minutes of general debate
was
the opening of the Aug. 12 session.
This was
followed by the offering of amendments
seeking to prevent
consumed at
restrict
or
the
extension
of
army
service.
Secretary of State Cordell Hull told his press conference
on Aug.
11 that failure of Congress to extend the service
of
army
men
would
have
an
"exceedingly bad" psycho¬
on the international
situation.
Senate passage of the legislation was
reported
columns Aug. 9, page 768.
in
these
House of Representatives Votes
Will Hold Routine Sessions
Three-Day Recesses—
Mondays and Thurs¬
days Until Sept. 18
on Aug. 12 adopted a reso¬
providing for a series of three-day recesses beginning
Aug. 18 and lasting through Sept. 15.
During this period
the House will be called to order each
Monday and Thurs¬
day, but no business will be transacted and members
lution
may
absent themselves for the entire
period.
Under the resolu¬
tion, members would be notified a week in advance in the
event
an
emergency
is the resolution:
demand their
return*
The
following
Resolved, That after Aug. 18,1941, the House shall meet
only on Mondays
Thursdays of each week until Sept. 15, 1941: Provided, That if in the
and
discretion of the
Speaker legislative expediency shall warrant it, he
may
date prior to Sept. 15, 1941, on which the
business of the House
shall be
resumed, in which case he shall cause the Clerk of the House to
issue notice to members of the
House not later than one week prior to the
date set by him.
designate
a
+,
Price
Administrator Henderson Says Price Control
Will Not
Destroy Free Enterprise—Testifies Before
House Group
on
Controls
Not
Do
Recessed
Administration's Bill—Says Wage
Belong in Price Bill—Hearings
;he House
proposals would aUow wheat farmers who
exceeded their
acreage allotment this year to use their
a
The House of Representatives
the
legislation freezing
Government stocks of cotton and wheat
during the present
European war was taken on Aug. 13 when the House
by a
vote of
173 to 163 adopted a conference
report.
The
Senate had approved the
report on Aug. 6, referred to in
these columns of
Aug. 9, page 768.
However, it is pre¬
dicted by Agriculture
Department officials that President
without
vote
since
building of 145 merchant ships.
Opposes Measure
action
the
a
Congress Completes Action on Cotton and Wheat
Freezing Bill—Veto Forecast—Secretary of Agri¬
Final
of
Republicans, while those opposing the measure
Republicans, 65 Democrats, three Progressives
logical effect
large share would
get $1,632,168,000
resolution, declaring
ing up the House vote in favor of extension
crats and 21
House
a
same
closeness
recapitulation and,
result, he declared the
National Guardsmen, reserve officers and
regular enlisted
personnel, by 18 months beyond their original terms.
Mak¬
say:
The Chamber cut
the
a
gency and that the "national interest is
the period of service of all
army men,
_
After cutting $1,224,802,000 from the House
measure, tiie
Senate on Aug. 14 passed the
supplemental National defense
appropriation bill and sent it back to the lower house for con¬
sideration of amendments. One of the amendments
made by
the Senate would allow President
Roosevelt to
of
Speaker Sam Rayburn ordered
and
'
margin of
a
the
the
of post-war
*
just how much wheat is needed for feed and seed.
As a result,
wheat will be planted each year instead of less
and we might as well
let wheat farmers grow all the wheat
they want to grow and let them get
what they can for it in the open market.
But wheat farmers don't want
to wreck their program and
they should not be forced to wreck it.
In the same blU that contains the feed and seed
being undertaken
the emergency will assist in the
orderly transition from the defease to the post-defense period.
By diminish¬
ing the volume of credit used for consumer durable goods, it will make
It
matter, it would be impossible
to determine
more
fields.
:.'r Restriction of
the
reasonable enough until we look at It
pretty closely.
Then we see that it
won't do.
It is letting the end gate
down, and out of that end gate will go
the whole wheat program.
As a practical
As
cents a bushel if they sell
The feed and seed proposal
sounds
Banking and Currency Committee hearings on
price and rent control bill continued
during the past week, with Leon Henderson, head of the
the Administration's
Office
fying
of
as
Price
Administration
the sole witness.
and
Civilian
Supply, testi¬
Volume
The
House
yesterday
of
153
The CommeTcial 6 Financial Chronicle
*
called
committee
luxury items.
hearings
its
in
recess
a
recesses
15)
until
Sept.
Opening the group's second week of hearings on Aug. 11,
Henderson said that the proposed price control bill
would not destroy free enterprise, but conceded that the
free play of supply and demand would have to be set aside
temporarily because of the unusual nature of the emergency.
He also voiced his objection to a proposal for a five-man
board to administer price control, saying that prompt action
by a single head is necessary.
In his third day of testimony before the House committee
on
Aug. 7 Mr. Henderson said that inflation cannot be
curbed "if wages or any other cost is allowed constantly
to rise," but that wage regulation should not be included
in a price control bill.
Regarding his remarks, Associated
Press advices quoted Mr. Henderson as saying:
I do not regard it necessary to include in a price control bill all the
tional
interest charges,
and personal
transportation costs
But
I
unmindful
not
am
impossible
that
unless
inflation.
control
to
they
My
is
a
need
:i
undertook to
you
curtail
excise levies
the
conditions
No
other
to
He said, too,
fixing.
did
Roosevelt
"It
is
that
;
for a close
little
"The
later
most
should take advantage
has combined wage control with pricehe
when
Henderson
Mr.
curbed if wages or any cost is
A
group
increases."
given his present job President
was
assign him the question of wage control.
not
obvious,"
allowed constantly to rise."
way
to
keep
wages
control is to influence
The approach to the wage
under
by keeping prices in bounds.
thing is through the cost of living basis."
On Aug. 8 Price Administrator
that
group
cannot be
began, '"that price inflation
added:
he
important
of living
the cost
no
"indecent
demand
the world
in
country
said
Henderson
Mr.
time
same
current
temporary
v:
Henderson told the House
unemployment of 2,000,000
persons
might result from the shift of industry from civilian goods
defense
to
going
He also said that the Nation was
"pay dearly" for lack of planning and
production.
have
to
to
underestimates
for
13,
Aug.
on
on
defense needs.
certain
making his eighth appearance before the committee,
In
wage
passes
this
dicted that
stated that the question of
depends on how quickly Congress
Henderson
Mr.
future
increases
bill and other regulatory measures.
He pre¬
legitimate demands for wage increases may be
expected by the first of the year unless Congress checks the
cost of living increases.
Introduction of the price and rent control bill and previ¬
ous
testimony by Mr. Henderson were reported in our issue
of Aug.
9,
767.
page
York
County Lawyers'
Satterlee contended, "would offset each other if the
,
furs and toilet
,
preparations while taxing various other
ask
or
than
more
modifications
>
dozen witnesses protest against specific
a
of the
"inequities."
remove
The advices further said:
At
New
Goods Association, and N. W. Hart, President of the
The committee heard
1
pending bill
■
or
existing law
>
.
who
the committee to revise the House-approved
profits tax so as to make invested capital the single
urged
standard for computing the levy.
The Senate Committee voted on Aug. 14 to end its
hearings
public
the tax bill on Aug. 23. After that date it will
go into executive session and consider possible revisions with
a view to at least
raising the revenue yield to the original
$3,500,000,000 level.
Secretary of the Treasury Morgenthau last week expressed the opinion that the bill should
produce $3,500,000,000; his testimony was referred to in
these columns of Aug. 9, page 768.
When the House Ways
and Means Committee drew up its bill it was designed to
raise $3,529,000,000 but the full House, in voting on Aug. 4
to eliminate joint income tax returns, reduced this possible
yield to around $3,200,000,000.
In a prepared statement, scheduled for delivery before the
Committee yesterday (Aug. 15), Benjamin M. Anderson,
Professor of Economics of the University of California at
Los Angeles, supported lowering of the income tax exemp¬
tions for single persons to $750 and for married persons to
$1,500.
Asserting that the Government must get its revenue
out of the incomes of the people "where the income is,"
Professor Anderson estimated that 74% of the total income
on
of the country
is labor income and that 23.9% represents
enterprise.
He
declared that "modest amounts" taken from the recipients
of the 74% will bring "far more than taking all that is left
from the recipients of the 23.9%."
Professor Anderson's
remarks follow, in part:
income from
property and from business
I would therefore emphasize that, both from the standpoint of
Finance
Hearings on Tax
Association Suggests
Committee
Anderson Advocates
Increased Taxation
of Small
heard various
proposals from business representatives and others for re¬
vising the House-approved tax bill designed to yield ap¬
proximately $3,200,000,000 in additional revenue.
On Aug. 11 the Senate group received a plan for imposing
a
"excess profits tax" on individual salary and wage in¬
creases and for levying a
"purchase tax" on non-essential
articles.
It was submitted to the committee by Harcourt
Amory of Boston on behalf of the Investment Bankers'
Association of America.
Regarding the plan, Washington
advices of Aug. 11 to the New York "Herald Tribune" said:
This
"purchase"
tax—or
"sales'*
tax as
of
that they may not compete too heavily in the purchase of
goods with the Government, you should put heavy emphasis upon increased
I would support heartily the proposal that the
taxation of small incomes.
exemptions for individuals be lowered to $750 and that the exemption for
I would urge you to consider how much
be lowered to $1,500.
families
I do
The Senate Finance Committee this week
getting
and from the standpoint of holding down the growing income
the people, so
could be got by putting these exemptions still lower.
more revenue
Incomes
\
General Counsel of the Association of American Railroads,
revenue
Bill—
Investment
Bankers
"Pur¬
chase Tax" and Pay Rise Levy—Manufacturers
Sales Tax Urged by Some Business Groups—B. M.
Senate
to
<
Opposition to the Administration's proposal to widen the
income tax base was voiced on Aug. 13 by Ralph Hetzel Jr.,,
spokesman for the Congress of Industrial Organizations.
He also urged restoration of the mandatory joint income
returns by husbands and wives and criticized the general
sales tax plan.
Another witness testifying on Aug. 13 was R. V. Fletcher,
excess
of
the
commodities at the point of manufacture.
you'd be controlling employees also.
wages
of
'
:
Mr. Iglauer protested provisions which would levy excise taxes on retail
sales of jewelry,
ing in bounds these various factors.
If
taxation
two taxes were combined.
the responsibility of keep¬
the agencies charged with
relationship between
Retail Dry
to the sales tax," Mr.
kept in bounds it would
are
conception
on
Satterlee, chair¬
."A great many of the inequities of the income tax and many objections
'
be
-'.
advocated by Hugh
Commercial Refrigerator Manufacturers' Association.
...
.
committee
was
Association, Jay Iglauer, chairman of the taxation committee of the Na¬
-
services.
of the
man
the Associated
.
The manufacturers' sales tax
Mr.
elements—utility costs,
With respect to these views
Press said:
15, in view of the series
voted by the full House on Aug. 12.
(Aug.
923
not
go
into the technical points as between lowered income tax
There are men on this Committee
exemptions and a withholding tax.
far better informed
administration.
than I with respect to the technical problems of tax
is
emphasis
My
should get a great deal out
on
the
proposition 'that
general
out of incomes that have so
far been lightly taxed, first, because you can
real contribution to the Government's need for money by
mak
no
still
dryer the larger incomes
squeezing
and incomes from property and business
enterprise, and, second, because taxation of these smaller incomes
needed
as
you
of incomes that have been so far untaxed, and
is vitally
part of an anti-inflation program.
Proposals for Simplification of Amortization Provisions
in
members of the committee
Revenue
Act
of
1940
Recommended
by Secre¬
taries Stimson and Knox
persisted in designating it in American tax nomenclature—Mr. Amory
additional revenue.
Outlays for abso¬
rent, food, gas, electricity,
education, coal, children's clothing, machinery and equipment used for
Indicating that corporations may
said, would raise $561,000,000 in
lute
necessities,
including expenditures for
farming and certain medicines and medical
exempt.
..\rV
/
v.
appliances would be entirely
;
Articles which Mr. Amory recommended be
sale price
be
..... .'v..\
taxed at 5% of the whole¬
would include goods not in the category of luxuries but which could
acquired only by those with greater buying power than possessed in the
lower
income
The English tax on this classification,
class.
he said, is
16 2-3%.
Another category,
on
which a standard rate of 10%
would include goods in the nature
would be levied,
of luxuries such as furs, jewelry, toilet
preparations and cosmetics.
Goods of this type are levied upon at a 33
rate on the wholesale price in England.
The revolutionary
Mr. Amory said,
"The unusual
1-3
proposal for "an excess profits tax on individuals,"
would raise substantial revenue.
profits of corporations, due directly or indirectly to the
defense program,"
the witness argued, "are taken care of in the excess
Profits of individual and partnerships of any substantial size
care of by heavy surtaxes, but the average wage earner contributed
profits tax.
are
taken
under the proposed bill
little, if anything, towards the defense program
from which he has benefitted.
the emergency
A reasonable tax on wage increases during
and cables
on
account
soon
of
and Knox have sent a joint letter to
find it easier to
new
defense
plants
Speaker of the House
asking for liberalization of the sections in
the 1940 Revenue Act which permit the cost of new defense
Sam
Rayburn
plants to be amortized over five years for tax purposes.
It
was noted that billions of dollars worth of new plants are
the
process of construction by
these special tax deductions.
in
corx>orations which relied
However, the administra¬
tive procedure implied in the 1940 law was found unwork¬
able in many instances.
Hence corporations frequently have
been unable to have their special amortization deductions
on
Continuing, the "Wall Street Journal" said:
approved.
Congress legislation
through which corpora¬
tions must go to obtain these special tax allowances.
Among the changes which the heads of the two military departments
The
which
Cabinet
two
would
officers
have
recommended
to
simplify and liberalize the procedure
Congress are the following:
when a company claims that it is not being reimbursed
defense plant, it will be entitled to special amortiza¬
deductions provided that the Government contracting officer certifies
no
reimbursement for plant overhead, other than normal wear and
suggested to
for
gradu¬
Hereafter,
its
tion
that
First Vice-President
deductions
they have built, Washington advices to the "Wall
Street Journal" of Aug. 5 reported that Secretaries Stimson
was ex¬
Opposition of the telegraph industry to a proposed
ated scale of increased taxes on telegrams
tax
which
I.
would, we believe, be justified."
pressed on Aug. 11 by J. C. Willever,
of the Western Union Telegraph Co.
secure
outlay on a
tear, is included in
the price which the company charges the Government
products made in the plant.
The company must submit
of operations, if necessary, to the contracting officer.
Present
law has been construed to require proof that the
for
On Aug. 12 the Senate Committee heard proposals from
several business spokesmen for imposition of a general manu¬
so-called
itself
estimated
costs
facturers' sales tax in place of the
excise taxes
on
had
no
intention
of
being
reimbursed
for
its
new
plant
company
when
it
924
The Commercial & Financial Chronicle
signed its
mind of
its
the contractor" has ben
In
2.
Government contracts.
determining whether
investment
in
those
contracts
more
than
a
This
attempt "to ascertain the state of
impractical, the Cabinet officers said.
is being especially reimbursed for
defense plant, the Government need consider
only
new
between
a
the
Department of Docks will have full charge of all activities of the
and
the
Government which
involve
volume of business.
just
or
involve the War or Navy
Departments, the
other department designated by the President.
investment in
When
special
company's defense
plant has
been
built
under
the
terms
of
special
"emergency plant facilities contract," which
provides for protection of the Government's investment in the
plant, that
company will need no further certification on contracts
performed in
that
4.
is
The present law requires
When
not
a
ment's
certification of
each
contract.
company wishes
to avoid the long process of
proving that it
reimbursed for its defense plant outlay, it could
being especially
short-cut
this
procedure
interest,
if
by agreeing to terms which protect the Govern¬
in the plant.
No such short-cut is allowed in
any,
existing law.
5.
The
War
Commission
created
Navy
or
certificates
necessary
is
as
Departments
without
now
for
Secretaries Stimson and
would
be
to
issue
any
review
by the National Defense Advisory
"Considerable uncertainty and
delay is
joint action by two governmental
agencies,"
Knox said.
However, the Office of Emergency Management, successor to
the NDAC,
by the proposed legislation to collaborate on certain
regu¬
promulgated
by the
War
and
Navy
Departments under
the
Act.
Cabinet officers
said that they think this
proviso "is unnecessary and
but that they had consented to it "as a
compromise in order
to obtain approval of the
proposed amendment."
inadvisable,"
The
6.
time
for
filing applications for certificates under the Act
would
days, as permitted under existing law, to six
months
after the signing of the contract or the
beginning of the construction on
the plant,
-'i.be extended
from
60
Federal
regulation
of
the
housing
units,
workers
sizes
on
The majority of the Commission in its
report indicated that while
States
had shown a tendency to bring their
regulations into closer
accord, the
process was slow and there was no assurance
that it would be carried
as
far as the public interest required.
The Commission
mended that
was
it
accordingly
receive power
For
situations
demanded
it.
Provision
should
the limitations
be
made
for
the
hearing
of
vehicular traffic imposed
on
by
States, and enforcement of Federal regulation
should, so far
concurrently conducted by Federal and State agencies.
The
majority report
remove
unreasonable
concluded
that
obstructions
to
Congress
interstate
regulate size and weight of motor vehicles.
had
as
possible, be
orders
power
and
It found that there
thus
were
to
to
wide
and inconsistent variations in the.
limitations imposed by
States, parti¬
cularly those relating to length and weight.
These limitations often nulli¬
fied or impaired the effectiveness of
more liberal limitations
of neighboring
States.
In the case of public
highways which interstate
motor
generally
uses, the Commission found that
State limitations
liberal than necessary for the
proper protection of the
highways and of
public safety.
Where such conditions existed
they were found to act
use
of the highways, it
obstacles
War
Department
Stimson,
be
to
In
Secretary
rushed,
cases
half
for
officials
of
War,
and to allow
where such
overtime.
work
It
more
costly and
affecting public safety in
was
declared, did
in themselves create
not
a
need for Federal intervention but should
influence the character and extent
of any such intervention.
Since
the
problems to be solved would be
technical,
suggested that it be authorized to obtain a technical
the
Commission
report from the Public
Roads Administration and from the
Highway Department of the State
concerned in fixing size and
weight standards as need arose for
them, and
to hold public
hearings. Provision should be made for
temporary modifica¬
tions in Federal regulations in
emergencies.
The evidence submitted to the
Commission made it evident that Federal
most interest to the
larger trucks and trucks and
trailers used in interstate commerce.
Length limits have been the most
complex and have caused the most
regulation would be of
complaints, varying
as
maximum of 35 feet for
single-unit trucks allowed in 22
the case of 15 States and more in
the
case
which allows
in
a
of
10,
length of 55 feet.
they do from
a
States to less in
including Maryland,
The limitations which have been
subjected to most criticism have been
Pennsylvania, Delaware, Kentucky,
Tennessee, Indiana, Illinois, South
Dakota, Iowa, Texas and Oregon, but some of these
States
liberalized
their
New York
Zone
recently have
restrictions.
City to Resume Operation of Foreign Trade
Staten Island—Court of
Appeals Rules
on
Present Lease
Because of
a
to
Private Concern
Invalid
decision handed down in
Albany on July 28
of the Foreign Trade Zone on Staten
invalidating the lease
Island to a private
concern, Mayor LaGuardia of New
York announced on
July 30 that the Zone "will be admin¬
istered entirely by the
City" with the Department of Docks
in full charge of the
activities. The Zone was leased in 1938
to the New York
Foreign Trade Zone
on
the
Operators, Inc., and
Aug. 5, 1940, Supreme Court Justice Morris Eder
ruled
contract
invalid.
The
decision
of
Justice
Eder
The Court of Appeals
for the
City to do but
Corporation Counsel
to
having declared the lease invalid, there is
nothing
to terminate
the lease at
once.
I lam
asking the
request a stay of 30
days so thatj the City may
organize for the administration of the
foreign trade zone.
The foreign trade zone will be
administered entirely by the City, and the
have
time
to
with
respect
Britain
is
the
that
power
work
the
■
to
would
designate
them in
on
order
excess
give
projects
of
Aug. 13
Henry
that
L.
needed
eight hours
day.
ordered, workers will be paid time and
is
a
one-
estimated
that
to work
as
about
within
100,000
men
are
employed
the scope of the order.
The
long
as those privately employed.
President acted has been on the statute
book
since 1892 and prohibits the
working of Federal employees more than
eight hours a day.
The Act was suspended during the World War.
under which
law
the
Clearance Section Formed in
Export Control Office
Aid
Exports to
to
"Friendly" Nations—President
Roosevelt, in Letter to Director Knudsen of
OPM,
Expressed Desire to Give Latin-American Countries
Priorities
on
Supplies
The establishment
of
of the Administrator of
a
Clearance Section in the Office
Export Control to expedite exports
to South American and other
friendly countries was an¬
nounced in Washington on
Aug. 10 by Brigadier General
Russell L. Maxwell, Administrator of
Export Control. The
in line with
said
that establishment of the section
was
policy expressed by President Roosevelt in a
letter to William S.
Knudsen, co-director of the Office of
Production Management.
According to Associated Press
advices from Washington,
Aug. 10, the President wrote
Mr. Knudsen, in part, as follows:
a
We have recognized that the economic
well
integral part of the hemisphere defense
I
am
advised that
now
being of
our
neighbors is
an
program.
the pressure upon
our production facilities re¬
defense program is
resulting in the unavailability
goods for delivery to the other American
This threatens serious dislocations in
their
our national
of industrial
republics.
and
consumer
economies.
In the
interest of hemisphere
defense, therefore, it now appears desirable to
give
the vital requirements of these
republics such
priority
to
as may
be necessary
maintain their industrial and
economic stability,
providing
no prejudice to the national
program of this
should be
that there
country.
In
commenting
on
the
of the Administrator of
new
Clearance Section in the Office
Export Control, Under-Secretary of
Commerce Wayne C. Taylor
yesterday, Aug. 15, declared
that great progress had been made
toward the continued
maintenance of our export trade
by the establishment of
the Section.
He further said:
Under this
arrangement the
established
a
new
central point
Administrator of Export Control has
through which
an
exporter may submit export
deemed essential for
freindly countries. Under this
arrangement other agencies of the government
concerned with licensing have
liaison officers
centrally located at the Office of the Administrator of
Export
Control in the Department of
Commerce
proposals
on materials
Building in Washington
the applications
so
that
are cleared with a minimum of
delay.
The Department of Commerce
regional and district offices will have a
supply of application forms for priorities and
current instructions for the
execution of these forms available
for the business
community in the 31
areas which
they serve.
Mr.
Taylor expressed the opinion that
making available
friendly countries, even by curtailment
demands, will be a bond of unity among all
democratic countries.
Through the new arrangement, it is
essential materials to
of some domestic
believed that the difficulties in the
export business arising
from the effects of
priorities will be reduced. The Depart¬
ment of Commerce will serve
only in an informational ca¬
pacity through its regional and district
offices, Mr. Taylor
pointed out.
-#»
OPM
Director Knudsen Predicts Peak in Defense
Will
Be
Reached Next July—At
New York Defense
was
upheld by the Court of Appeals at
Albany on July 28.
Prior to leasing the Zone to
the private operators, the
City had operated it for 15 months, from
February, 1937,
to May, 1938, at a loss of
$50,000. In less than a year the
City had received $160,000 from the
private operators.
The following is the statement
of Mayor LaGuardia:
said
projects which might be included
on
the
to the
been issued
from Great
With respect to the order,
Washington advices of
to the New York "Herald Tribune" said:
sulting from
as
flow of interstate traffic,
rendering motor transportation
impairing service to the public.
Considerations
the
less
previously
.
traffic
were
under
had
and similar works, at the
estimated that nearly 100,000
the order.
was
(see issue of
36), and to defense work in the Panama Canal
Zone, Alaska and Puerto Rico (noted in these columns
June 28, page 4050).
announcement
plenary
commerce
for
Vital
Jan. 4, page
the most part,
specific complaints against
It
to the island bases leased
recom¬
to fix size and weight
standards as need
it declared, national
uniformity of standards
impracticable and Congress should enter this
field when particular
arises.
Day
on
fortifications,
would come
Similar
The
and weight of motor
Aug. 14 to Congress by the
Interstate
Commerce
Commission, with Commissioner
Walter M. W. Splawn dissenting.
recommended
was
Eight-Hour
Department
President Roosevelt has
suspended the eight-hour day for
mechanics and laborers
employed by the War Depart¬
ment on public works
necessary to the national defense.
This announcement was made
by the White House on
Aug. 13 when it made public the executive order signed
by
the President.
The action was taken, it is
said, because of
the need of completing such
projects as air fields, troop
order permits the workers
ICC Asks Power Over Trucks
vehicles
City to solicit business
confident that the City will be able
Suspends
Employed by War
Projects
earliest possible date.
empowered
would be allowed
The
am
all
required.
by the necessity
lations
I
Roosevelt
Workers
Defense
Government's
plant.
President
plant
abnormally short period.
an
a
any
examination of all contracts to determine whether
hiked its price in order to recover its
has
company
3.
provided in the lease.
as was
to do it.
an
the
It will be
necessary now for the
$15,000 and which
Maritime Commission
Existing law requires
the
zone.
I
will in any way curtail the work or
reduce the
do not anticipate that it
company
company
Aug. 16, 1941
Production Clinic Urges Greater
Sub-Contracting
Knudsen, Director General of the Office of
Production Management, said on
Aug. 13 in a talk to New
York defense manufacturers that "we
should hit peak pro¬
duction by next
July and after that America can
William S.
write its
material and this ticket can, as far as I am
concerned, be twice what anybody else's ticket is."
Mr.
"Knudsen spoke at a luncheon
meeting at the Hotel As tor,
New York
City, before the Defense
own
ticket
on war
Production
Clinic
sponsored by the New York State Division of Commerce.
H
*
J
Volume
The Commercial &
153
was held on Aug. 14 at the
George, Brooklyn, N. Y., at which William L.
Batt, Deputy Administrator of the OPM, and Lieutenant
Governor Charles Poletti spoke.
The purpose of the clinics
was to help the farming out of defense work requiring metal
working equipment.
It is estimated that about 50 prime
contractors and around 1,000 manufacturers who may assist
in handling such orders on a sub-contract basis attended
A similar "Production Clinic"
Hotel
St.
Knudsen said that defense appropriations
Mr.
and contracts
"Times"
$9,000,000,000, for the fiscal year 1942 it will be
000,000,000, the fiscal year 1943, at least $30,000,000,000,
third the entire productive capacity of the
directly
order
time
issued
of
"or nearly one-
United States."
material
requirements for the defense program might interfere with civilian require¬
ments to an important extent.
Therefore early this year we began to study
how existing equipment could be utilized for subcontracting purposes to
help spread the load and also reduce the enormous requirements of machine
tools which were being ordered to produce war materials by the most effi¬
cient methods.
bring the prime contractor and the
"The real problem was to
this
under
should
which shall
his company with any rule, regulation
section."
You will be notified from time to
from
to this order.
rulings and interpretations applying
Any questions
connection with your compliance with the terms of this
to:
A. D. Whiteside, Chief, Iron and Steel
which may arise in
order
default under any contract or order
any
indirectly
or
addressed
be
Management, Social Security Building, Wash¬
Branch, Office of Production
ington, D. C.
This letter does not purport to
Order
that
you
business
and
M-21
may
and
be
complete summary of General Refer¬
a
its entirety so
and their effect upon your
must read the order carefully in
you
fully understand
its provisions
relations with your customers.
your
Aircraft Deliveries in July Totaled
16 Planes from June
$20,-
point," Mr. Knudsen continued, "where
"We have reached the
lexisting]
the Defense Contract
inaugurated.
A total of 36 offices have been opened, which
during the last two months have accounted for the placing of $26,000,000
equipment together on a fair basis and to that end
1,460—Reduction of
Output
announced Aug. 12
manufacturers delivered 1,460 airplanes
during July. This was a decrease of 16 planes from the June
total of 1,476. It is said that the decline was due to a shortage
of propellers and other parts needed to complete delivery.
The Office of Production Management
that military aircraft
Aircraft deliveries in other recent months have been
as
follows:
May, 1,334; April, 1,389; March, 1,216; February,
972; January, 1,036.
1940—December, 900; November,
779; October, 742; September, 670; August, 586; July, 547.
was
worth of subcontracts.
"This you might say is a
only
way
be
sub¬
in which better economic balance can
speed up the placing of more
this Defense Contract Service can act as a shock absorber
struck in production in this country, is to
contracts so that
OPM Orders Priority for 9 Industries
Plan
in Repair Rating
However, with every week that goes
fair start.
by, defense requirements are mounting and priorities are taking an even
heavier toll, so that the
shortages."
rough roads of priorities and material
to the
or
penalties for
or
result
totaled $50,000,000,000
Production in the fiscal year
$28,500,000,000.
let totaled
ended in July was
Service
ages
ence
the sessions.
Regarding Mr. Knudsen's remarks, the New York
of Aug. 14 said:
V '
925
Financial Chronicle
A
tions
and
maintenance
new
needed
repairs
rating
plan
to
supply
immediately for nine industrial classifica¬
announced on Aug. 8 by the Division of Priorities
repairs
was
Office of Production Management.
of the
Edward R. Stettinius Jr.,
Director of Priorities, said that
plan is being made available to more than 150,000 pro¬
ducers, manufacturers and agencies in nine industrial classi¬
fications.
Additional
industrial
classifications
will be
t-lie
Control—Action
OPM Places Steel Under Full Priority
Expected Shortage—All
fense Orders Put Ahead of Civilian Needs
Taken
Is
All
forms
View
in
steel
of
of
placed
were
under
De¬
added
full Government
priority control on Aug. 9 by the Office of Production Man¬
agement to insure that defense needs are met "uncompro¬
the
to
list
soon
as
Priorities Division
the
as
can
handle them.
'y
;
:
y. y
Industrial classifications in which the plan is being made
immediately available are:
Commercial
lines maintaining
air
regular scheduled service.
needs.
Under the order,
issued by Edward R. Stettinius Jr., OPM Priorities Direc¬
tor, steel companies must accept all defense orders even if
this acceptance results in
the deferment of non-defense
facilities.
previously accepted, or orders bearing lower pri¬
ority ratings already on their books.
The order defines
steel as "all carbon and alloy steel castings, ingots, blooms,
services (fire
(production and distribution), gas
production and distribution (manufactured and natural), water production
non-defense
of
ahead
misingly
orders
slabs, billets, forgings, and all other semi-finished and fin¬
ished rolled or drawn carbon and alloy steels," while de¬
contracts or orders for the Army or
fense order means any
for certain other Government agencies, for Great
Britain, or any other iend-lease country.
In his order Mr. Stettinius declared that "the national
Navy,
steel . . .
for defense, for private account, and for export," necessitat¬
ing conserving the supply and directing distribution.
The
present capacity of the steel industry is
about
92,000,000 tons, but the OPM is "exploring the possibility"
of expanding steel production by an additional 15,000,000
requirements have created a shortage of
defense
,.:y;
tons.
OPM's Bureau
The
there
that
■/ -v.;
be
will
of Research and
this year
considered. Ac¬
if both defense and non-defense
needs are
made by Gana Dunn, former
OPM senior production consultant, the deficit for this year
would approximate 1,400,000 tons; this was noted in our
issue of May 31, page 3430.
Steel in all forms was put under a general preference
order by the OPM on May 29 (noted in our issue of June 7,
cording to a survey recently
3583), while pig iron was placed under full priority
on Aug. 1
(see issue of Aug. 9, page 774).
following letter was sent by Mr. Stettinius to all
producers and purchasers of steel:
page
control
The
Director
The
Priorities
of
the
of
Office
Order
for
publication
imposes various obligations on
steel industry.
A copy of this order is attached.
Within
the past few months there has arisen a
and
system,
steel
Management is
of Production
in the Federal Register General Preference
M-21, which places all producers of 6teel under a mandatory priority
filing
today
which
industry which has seriously
other persons in the
condition within the
hampered the delivery of steel products
at the time, necessary for defense purposes,
which makes it essential that steps be taken to insure from now on
the
in
amounts,
defense
our
steel
at the
the
With
demand
for
and
shall
program
proper
not
be delayed because of
demand
for
steel
immediate delivery
for
all
purposes
increasing, and with total
than the ability of the
industry to produce and deliver to
required.
2.
,
Accumulation
of
current needs is prohibited.
inventories beyond
order to a producer a form
(PD-72), which summarizes the contents of the purchase order by group
3.
customer must
A
file with each purchase
with the Division of Priorities,
summarizing by group and by product classification, orders received and
shipments made during the month, and unfilled orders as of the last day
4.
of
A producer
the
5.
and
must file monthly reports
month.
The
the
For
Director
your
the. Act
of
and
distribution,
of
Priorities, is given
broad power to direct deliveries
purchase orders.
information, attention is called to the following provision of
approved May 31, 1941 ((Public Number 89, 77th
Congress
Congress): "No person, firm, or
service;
and
and
motor
suburban
sewer
suburban
by urban,
corporation shall be held liable for dam¬
carrier,
common
passenger
transportation
interurban electric railways, also by urban
and
electric coach.
(privately-owned)—Electrical energy (production and
distribution (manufactured and natural),
production and distribution, and sewer service.
utilities
Public
distribution), gas production and
water
yy'/. ;:y.'; y y:y
Railroads.
Coke
-1,v'-y y-
converters.
Common
carrier
passenger
railways;
urban
electric
coach
also
transportation by urban, suburban and inter¬
by urban and suburban motor and electric
(privately-owned).
Regarding the operation of the plan Washington
to the New York "Herald Tribune" said:
advices
be applied to those who are granted rise of the
automatically available to any producer, manu¬
categories, however, Mr. Stet-.
tinius said.
Before any person can use the rating he must apply for its
use on
a special
form—PD-67—which may be obtained by writing to the
Priorities Division, attention Maintenance and Repairs Section, 462 Indiana
Avenue, Washington, or to any of the Priorities Division field offices.
The A-10 rating can be applied only to deliveries of maintenance and
repair parts and cannot be used to obtain parts or materials for use in
plant expansion or to obtain materials flowing into production.
As an example of how the new rating will work, the Division used the
hypothetical case of a metallurgical plant, such as a smelter, applying
for and being granted the use of the plan.
Later on a pumip in the plant
wears out and a new valve is needed.
The plant can then serve its prefer¬
ence
rating order on its supplier of valves and the supplier will have to
recognize the preference rating in meeting the required delivery date.
rating of A-10 will
This rating is not
plan.
facturer
The
or
in one or more of these
agency
OPM Priorities Division
expects to extend the plan
ammonia, chemicals, food
hospitals, quarries, radio commercial
communications, State, county and municipal services, and
telephone and telegraph communications.
soon
following industries:
to the
processing and stores,
4,
OPACS Sets Ceiling on
Metals
Reserve Co.
Copper at 12 Cents Per Pound—
Allowed to Pay More for High
Cost Metal
establishing a ceiling of 12c. a pound for
effective Aug. 12, was issued by the Office of Price
Administration and Civilian Supply on Aug. 11.
The price
ceiling, Administrator Leon Henderson explained, is neces¬
sary "to equalize the price to all consumers" under the order
issued by the Office of Production Management on Aug. 6,
A
price schedule
copper,
by
was subjected to full priority control.
Metals Reserve Company, a subsidiary of the
Finance Corporation, were exempted from
12c. ceiling, since this maximum might reduce the output
which
copper
Sales to the
Reconstruction
of
copper
in
some
areas
where production expenses run
higher than the ceiling figure.
Plans for the 12c. ceiling as
well as the OPM priority
discussed in these columns Aug. 9, page 774.
With
respect to the price schedule Associated Press
Washington advices of Aug. 11 said:
Mr. Henderson estimated that more than 90% of the present domestic
output could be produced for 12c. a pound or less.
He added that the
order were
placing of
.
police); utilities—electrical energy
the
by product classification.
and
processing
and municipal services: protective
county
State,
and
failures to obtain
being now greater
and
dressing
ore
-
Federal,
time.
the satisfaction of ail customers,
it is necessary that action be taken to insure deliveries for defense above
all other deliveries.
This order is designed to accomplish this result.
Among the more important provisions of the order are the following:
1. Defense orders
are
defined and preferential treatment of them la
steel
Mines—including
and
that
manufacturing explosives.
of metals and alloys.
plants and smelting
Metallurgical plants engaged in the production
The
Statistics estimates
shortage of 11,000.000 tons
a
Explosives—Plants engaged principally in
926
The Commercial & Financial
Chronicle
maximum
been
the
was
selling for almost
The
of
price
12c.
wire
at
one
a
ingot
bars,
most
of
the
domestic
had
output
of Labor.
year.
maximum applies
or
which
to copper
delivered
in
of electrolytic grade,
carload
lots
at
in the
Valley
A top price of 11 %c. a
pound was set for casting copper made
refining to a standard of 99.5% pure.
Price premiums
ranging
from %c. to 2c. a
pound will be allowed fqr less-than-carload
lots 6old by
others than refiners or
producers.
*
Permission may be
sought from the OPACS to
between
a
refiner and
12c.
and
out
carry
a
12.6c.
purchaser entered into prior to Aug.
a
pound.
Week-Old
at
OPACS
Establishes
52-Cent
the
A
Pig
Tin
today
Price
The
(Aug. 16), "to meet the
inflationary situation in tin
created by concern over
shipments from the Far
rises
and
Office
the
and
after
ment
of
economic
dislocations,
with
has
determined,
representatives of
prices
for
pig tin
is
the
after
trade,
essential
in
full
early consideration of the issues of the
The strikers approved the
request at a meeting in
Caldwell on Aug. 14, after
company officials gave assurances
to keep previous
pledges that there would be no discrimina¬
tion against
any worker.
Strike
to
these purposes and is
accomplish
in the interest of national
defense and national wel¬
fare and that the maximum
prices set forth herein are fair and
reasonable.
This action is
necessary because the current situation in the
Far East,
from which the United
States imports almost all
metallic tin used in this
country, makes uncertain the continuance of an
strategic
crease
metal.
in
tin and
adequate supply
An
increased
supply, has
demand,
already had
threatens to exert
even
an
by
inflationary affect
greater
Trading in Sugar, Rubber
accompanied
inflationary
fear
a
upon
pressure
of
of
this
a
York
Coffee
and Tin Futures
markets.
Exchange
Aug. 14 sus¬
sugar futures, until further
notice, while
the Commodity
Exchange, Inc., on Aug. 13 suspended all
trading in rubber futures and limited
activity in tin contracts
to liquidation of the
present open positions.
on
The Coffee &
Sugar
Exchange had been advised by Mr.
Henderson, just prior to the opening on
Aug. 14, to suspend
trading immediately in the domestic
contract, but the world
sugar futures market was
permitted to remain open.
Mr.
Henderson also requested the
Exchange's Board of Managers
to appoint a
committee to confer with him at a
later date
and the Board named
Manuel Rionda, C. A. Mac
key, F.
Shelton Farr, F. R.
Horne, Ody Lamborn and W. W.
Pinney, President of the
the decline in
Exchange,
Exchange
as
members
of
the
Aug. 14, acting because of
business brought about
by the suspension of
on
trading in standard contracts, informed
the membership
that it would
repurchase up to 100 seats on the
Exchange at
$600 each until
Sept. 15. There are now 861
memberships
outstanding, the Exchange in recent years
having reacquired
170 of the 1,031
memberships originally issued.
Price ceilings on tin and
sugar are referred to elsewhere
in today's columns.
Electricians End General Strike in
Strike
Had
Been
solidated
Called
Edison
Plant
Walkout
in
Workers
New
York
in
Dispute
Co.—Painters
at
Sympathy
City—
With
Con¬
Company's
With
Electrical
The general-strike of
7,000 members of Local 3, Electrical
Workers Union, which
began on July 29 in sympathy with a
dispute between Local 3 and the
Consolidated Edison Co.
over the union's
demand for control of 600
installation jobs
at the
company's Waterside plant at 39th Street and
First
Avenue, New York City, was ended on
Aug. 11 at all con¬
struction jobs.
The union,
however, is continuing its fight
against the Consolidated Edison in
an endeavor
to bring
about the closing of the
plant bv a walkout of other trades
at the
project. In a sympathy move with
Local 3, 30 mem¬
bers of the
Sign, Pictorial and
Display Painters Union
employed at the plant went on strike on
Aug. 11 as did 29
members of the House
Painters Union.
Although the
electricians returned to work
at the
throughout the city, the
at the
1,000 construction jobs
200 members of Local 3
employed
Consolidated Edison's Sherman
Creek
201st Street and Ninth
The union
power
Shipbuilding Workers of America called the
on
Aug. 9 after the company refused to
accept a Na¬
tional Defense Mediation Board
recommendation of a main¬
tenance of union
membership clause in a new contract.
Since then 16,000 workers
have been idle and
production on
defense contracts estimated
at $450,000,000 has been
at a
standstill
strike
The union suggested on
Aug. 8 that the Government take
operation of the plant and on
Aug. 11 the company
offered the yards to the
over
Navy Department.
Previous reference to the
strike
Aug. 9,
was
made in
775.
page
our
issue of
'
+.
A.
W.
Hawkes Says Closed
Shop Is "Un-American and
Monopolistic"—Head of U. S. Chamber of Com¬
merce
Appeals to Labor Leaders to Abandon Issue
Albert W. Hawkes, President
of the Chamber of Com¬
the United
States, on Aug. 14, termed the closed
shop or its equivalent "un-American and
monopolistic" and
called on labor leaders to
eliminate it as one of their main
objectives. Mr. Hawkes declared in a
statement that "the
right to work is equally sacred with the
merce of
right to quit work
or
strike" and that "unless
both are fully
supported by
capital and labor and the public, there is
little hope of free
men
remaining free." He also said the closed
shop is "an
issue that has no
place in our national defense industries
and which
seriously interferes with harmony and
progress."
Mr. Hawkes' statement said
in part:
The closed shop
or any
equivalent thereof is unAmerican and
monopolistic
and interferes with
the individual freedom
granted to all our people under
the Constitution of the
United States.
j
Any man should be able to work
lawfully when, where and how he pleases,
and any man,
company or corporation should be able to hire
anyone to work
in a lawful
pursuit.
This should be so
whether the individual
belongs or
does not belong to
any lawful union.
If labor leaders
follow such a
high-grade, American
course, they will
a public
following that will bring to labor
hope to obtain in any other
way.
Then the product of
labor unions—which
is membership with all
lawful benefits to workers—
develop
a
benefits it
public opinion and
cannot
will hold millions of
not now
Past
men now
members.
or
members and attract into such
unions many
present abuses of labor
by some employers is no justification in
the public mind for
the abuse of all
employers by any of labor, labor leaders
or labor
unions.
As is true of
any monopoly in business or
labor, it makes
those in power
indifferent, careless and unmindful of the public interest and
welfare.
Labor
and management must
both watch their step to avoid
excesses
their partisan zeal.
We should all invoke
intelligent self-interest and
restraint in the hope of
making real progress and sustaining all real
legis¬
lation.
in
If the
people as
whole permit any group to define
or limit the
scope of
the rights of
any other group of American citizens in a
different
way than their rights are
established by law then we will cease to
be a free
action
a
or
people.,
♦
Fiscal
Program Presented
Meet
plant,
Avenue, remained out on strike.
membership had voted to end the general
strike after the
dispute had been certified to the National
Labor Mediation Board
by the United States Department
Congress of Industrial Organizations Industrial
Union
of Marine and
&
The New York Coffee &
Sugar
the
results.
The
pended trading in
committee.
The Commodity
Secretary of the Navy Frank Knox and L. H.
Korndorff, President of the company, have been
conferring
Aug. 12 but there have been no disclosures of
since
future.
Suspended
Sugar Exchange and Com¬
modity Exchange Act on Request of
OPACS—
Commodity Exchange to Repurchase 100 Seats
Acting in response to requests
by Leon Henderson,
Administrator of the Office of Price
Administration and
Civilian
Supply, trading in sugar, rubber and tin futures
were suspended the
past week bv two New York
—New
Federal
ment.
de¬
the price of
in the
at
Shipbuilding Yards atKearney, N. J.,
Continues—Naval Officials Confer on Govern¬
ment Operation
The strike at the Federal
Shipbuilding & Dry Dock Co.
yard at Kearny, N. J., went into its ninth
day yesterday
(Aug. 15) as high Naval officials failed to reach
a decision
on the
company's offer to turn the plant over to the Govern¬
the establish¬
order
leaders
to whom he assured
investigation
that
had
dispute.
of
conference
strike
appeal to the workers to end the strike. Mr.
Hillman made
the appeal at a conference in
Washington with union
Price Administration and Civilian
Supply, being charged
maintenance of price
stability and the prevention of undue price
maximum
The
members) was defeated by an in¬
dependent group, Propeller-Craft, Inc.
Sidney Hillman, Associated Director General of the Office
of Production
Management, on Aug. 13 had made an
The metal is used
widely as a plating and alloying
material in the production of
both armaments and civilian
goods.
In his announcement, Mr.
Henderson explained this
action as follows:
with
Defense Mediation Board.
Labor Relations Board election
in which Aircraft
Lodge
No. 703 of the International
Association of Machinists (of
which the strikers were
Ceiling
East."
Had
by the International Association of
Machinists,
affiliated with the American
Federation of Labor, seeking a
wage increase for the workers.
The strike, it is stated, also
resulted from dissatisfaction
over the ; esults of a
National
Price Administrator Henderson on
Aug. 14 fixed a price
ceiling of 52 cents a pound on Grade A
pig tin, effective
prices
National
been called
1009.
Grade
Propeller Plant of Curtiss-
Caldwell, N. J.—Dispute
$100,000,000 of Defense Contracts
A
Refined
page
at
in
seven-day strike at the propeller plant of the CurtissWright Corp. in Caldwell, N. J., which had tied
up $100,000,000 worth of defense contracts, was ended on
Aug. 14
when the strikers voted to
present their grievances before
prices
a Pound on Raw
Sugar
—Price Administrator Henderson
Warns Consum¬
ers
Not to Pay Above Present
Retail Prices for
see
Corp.
Affected
contracts
12
Strike Ended
Wright
OPACS Fixes Ceiling of 3.6 Cents
For text of this article
our
issue of Aug. 2, page 633.
form
fire
between
1941
16,
Connecticut
points.
by
Aug.
Previous reference to the strike
appeared in
tures,
The
to Congress
Inadequate to
Appropriations or Probable Expendi¬
According
inadequacy of
to Conference Board
the information
on which
Congress is
suggested by the fact
although the Bureau of the Budget estimated that
total
shaping
that
Total
the
1942
fiscal
program
is
The
153
Volume
unemployed
in the fiscal year
$22,000,000,000, the Federal
persons
little
1942 would be about
appropriation program calls for
more than $34,000,000,000; this is pointed out in a Confer¬
ence Board report on "Essential Facts for Fiscal Policy,"
released Aug. 3 by the Board's Division of Industrial Eco¬
nomics.
The Board's announcement relating to the report
further states:
'
I;,-.':W;'■;
Ia
the
Administration recommending and is Congress appropriating
defense funds considerably in excess of any probable expenditures?
Or is
the $22,000,000,000 estimate far too low to be a reasonable basis for
planning the 1942 fiscal program?
And why should tbe Government
appropriate or recommend for appropriation so much more than it esti¬
Federal expenditures
than
of
•
WPA
b Cincinnati,
996
4,348
15,245
3,4491
7,794
9,516
8,756
7,583
5,571
6,501
a
a
101,901
(19 counties)
24,809
13,282
64,719
16,035
62,584
10,123
6,180
111
7,012
85,922
134,258
City, Mo
employables left.
53,700
26,142
Philadelphia, Pa
Detroit, Mich
Youngstown, Ohio...
a
1929.
Less on relief than
No
i'
York, Pa
b
Lowest since
year ago.
Buffalo, N. Y. (Erie County)...
Kansas
employable at
work.
Wichita, Kan.
b Chicago,
Every
150
Newark, N. J.
a
employables on
list.
5,940
a
b Tulsa, Okla.
No
5,012/
Mich
Ohio
a
a
',v'v
8,523
Y-—._;
b Rochester, N.
.'
5,301
b Grand Rapids,
2,810
b Cases.
Persons.
the
Association of Manufacturers Reports 659
Industries Have Enrolled 382,876 Persons
Plant Training Courses to Build Up "Employ¬
Backlog"
a shortage of from 1,200,000 to 1,500,000
semi-skilled workers within the next six months,
defense industries surveyed by the National Associa¬
skilled and
reported that they already had en¬
and youths in plant training
courses to build up an "employment backlog" to forestall
delay in the nation's arms program.
The following -re¬
garding the Association's survey, released Aug. 6, is taken
tion of Manufacturers
rolled 382,876 men,
Md__
b Baltimore,
Anticipating
659
2,231
Indianapolis, Ind__
a
v
39,128
18,021
18,166
Wis
b Milwaukee,
;
1,1940 June 1,1941
85,020
b Hartford, Conn
Defense
ment
reports on relief
Remarks
Pittsburgh, Pa
a
National
in
of April, 1941.
become so critical
Number on Belief
show
flexible fiscal policy whereby
presents the following
cities:
June
defense program.
ments of the
total at 6,842,000 as
showed that the labor outlook has
cities industries now are
city
changed from time to time in order to
retard consumption in accordance with the changing require¬
stimulate or
survey
reductions in the major
of taxes will be
kinds
and
;
showed.
survey
are
Administration is planning to use a
rates
,
building up "employment backlogs"
training men for skilled work in the defense factories now in the con¬
struction stage.
Already hampered by labor shortage, industrialists in the
larger defense centers anticipate this condition will be twice as bad by
the beginning of 1942.
Payrolls are expected to doubie before winter, the
the $34,000,000,000 appropriation total was increased,
further increases in accordance with experience
and in the last year.
The Administration thus far has offered no fiscal program for meeting
all the appropriations.
It may be that the Administration hesitates to
present a complete program because of fear that the country would
demand a reduction in defense expenditures.
Another possibility is that
the
M.'s
that in many
the World War
in
A.
■"
was
Tlie Association
these questions
probably
will
both
report
placed the Nation's unemployment
N.
.1
v
.
at wide variance with unemployment estimates
House committee considering appropriations for WPA, which
furnished the
report was in press
and
in the United States June 1, 1941, was 3,962,000, a
total unemployment of 3,300,000 in the lush days
the
;
.
Board's
The
of great importance, the report
asserts, because the first essential of a tax program is a reasonable esti¬
mate of the funds that will be required.
It seems probable that actual
expenditures will increase rapidly.
They did so after the United States
entered the World War, and conditions today are more favorable to rapid
expansion than they were then.
Even if they increase at the same rate
as
in the World War, they will probably reach about $24,000,000,000 in
the fiscal year 1942.
Defense expenditures alone amounted to more than
$900,000,000 in July, are expected to exceed $1,000,000,000 a month soon,
and will continue to increase.
Non-defense expenditures are expected to
be little smaller than in the fiscal year 1941, when they were $7,000,000,000.
Much of the recent defense effort has been devoted to new
plant and equipment, and when these new plants get into production
defense expenditures must be expected to increase still further.
The tax
and borrowing program should therefore be based on the assumption that
at the least the amounts already appropriated will be spent.
Such an
assumption would appear to be modest in view of the fact that while the
to
The: answers
more
1929.
will be spent?
mates
927
Commercial & Financial Chronicle
women
of New York Says
Merchants Association
Some Provi¬
Seriously Hurt Business
and
Threaten
Tax
Base—Report Recommends
Larger Defense Taxes by Improved Methods
In a report on the revenue bill of 1941, made public
Aug. 10, the Merchants' Association of New York states
that certain provisions of the proposed tax legislation will:
1. Seriously cripple business at a time when it is being asked to expand
of Tax Bill Would
sions
its
production.
2. Create
and
uncertainty
more
confusion through
needless additional
complexities.
3.
Tend
destroy
to
to destroy the
Threaten
4.
some
of
efforts are designed to
defense
the fundamental
protect, and
base on which taxes are
provisions are modified in favor
economically sound tax law, which
unsound
and
institutions which our
wholehearted support of the
levied unless these
of a straight-forward, simplified,
by its honesty and fairness will
people.
from its announcement:
gain the
this reserve army of labor being
trained by industry in its own plants and by its own instructors that 102,523 men, women and youths were enrolled in summer vocational school
defense classes.
These classes are teaching streamlined courses in all
branches of skilled machine and assembly line labor and include technical
training in the engineering, metallurgical and tool design fields.
Public
report, prepared by the Association's Committee on
Taxation and Public Revenue, further states:
Of the more than $3,500,000,000 to be raised by the bill nearly $2,475,000,000 is to be derived from corporate and individual income taxes J
$152,000,000 from estate and gift taxes, and about $900,000,000 from excise
taxes.
This represents for the most part an increase in the rates of present
taxes by one means or another rather than any basic revision, simplification
or broadening of the base of our present Federal tax system.
The majority report states that "it is now anticipated that the expendi¬
tures for the fiscal year 1942 will exceed $22,000,000,000."
As of June 1,
1941, the Bureau of the Budget estimated, that the deficit for the fiscal
year 1942 would be $12,800,000,000.
The total appropriations, authoriza¬
tions and recommendations
for the national defense program, including
the lend-lease appropriations, totaled $39,000,000,000 on April 24, 1941,
as
stated by the Secretary of the Treasury.
This figure is now set at
The survey
showed that in addition to
classes are
school
sponsored by city, State
and government agencies co¬
the manufacturers. Hundreds of industrial executives,
shop and plant foremen and specially instructors from the defense plants
are acting as instructors in the schools, where thousands of machines and
with
operating
instruments have
contributed by industry for classroom use.
been
included in NAM'S survey are
659 plants
cities and are
located in 23 principal defense
goods industries working on
representative of the durable
22,426 plants in the
Thousands of these
plants working on prime or sub-defense contracts have from two to 30 men
and youths in learner, apprentice or "in service" training classes,
The 1939 U. S. census reports
manufacturing metal and rubber products.
defense production.
nation
The
approximately
World
the
Association
National
of Manufacturers
Reports Em¬
of
ployment at Highest Rate Since 1929—Survey
Key Defense Cities Shows Relief Rolls Cut 50% and
Skilled Labor Shortage Acute
of unemployment and
key defense cities throughout the Nation, the
Association of Manufacturers reported on July 30
On the basis of a
survey
21
relief in
National
that the
relief rolls have been cut more than half, nearly to the
normal number of unemployables; employment, it finds, is
at the highest rate since 1929, and there is an acute short¬
age
regarding the survey is from
the Associa¬
have
marched
rolls
from 137,000 to 17,000.
At the same time, WPA figures in the district
dropped from 26,000 to 14,000 following a review and reclassification of
the men listed.
Thousands found immediate employment in various trades;
than 5,000 were found to be fitted for special defense training.
Relief cases were cut from 38,000 to 27,000, those remaining on the rolls
being classified as unemployables or "chronic reliefers."
One city working nearly 100% on defense contracts reported that prac¬
tically every family that had been receiving relief in the last three years
In
one
defense, to
financing,
industrial city alone—Cleveland, Ohio—120,000 men
back to work in less than a year, reducing the unemployment
major
been
This
dropped from the rolls.
pattern remained
of the cities defense
facturers
cannot fill
semi-skilled
labor.
unchanged in the cross-country survey.
In many
plant expansion has progressed so rapidly that manu¬
positions calling for skilled or even a fair grade of
With relief and WPA rolls stripped of the better
and factory training schools are running on a
this increasing demand for trained
workers.
•
;
•
,
1
Reports on unemployment in the 21 cities canvassed by N. A. M. corre¬
spondents confirm the findings of the National Industrial Conference Board
made public July 8.
The Conference Board estimated the number of
employables,
24-hour
vocational
two-day
;
basis
r
to overcome
.
»
"
.
to
that additional tax revenue
provide the funds
required for national
too much deficit
credit and the
avert inflation resulting from
and to preserve the national
enterprise system.
,
,
,
recommends larger defense taxes be approved
even
though they involve serious sacrifices, excepting in
so far as the taxes proposed may he unjust and discrimina¬
tory, unnecessarily complicated and uncertain or confusing,
It therefore
tax
to threaten production and the
thereby defeating their very purpose.
report further adds:
readily apparent that the methods employed in raising this
of tax revenue rather than the amounts themselves, coupled
appressive as
so
base itself,
vast
with
the
exercised by the Administration and Congress in the spending
of this vast amount of the people's money will- determine whether the
economy of the United States will be able to weather the present world¬
is
It
amount
care
wide
"
successfully.
storm
more
had
immediately after
peak of $26,-
private
The
;
tion's announcement
Association has no doubt
necessary
or
of skilled labor.
The following
The
In August of 1919,
national debt stood at a war-period
Today it stands close to $50,000,000,000.
500,000,000.
is
$50,000,000,000.
War. our
Association's objections and recommendations
follow, according to the report:
The
Association opposes retaining and making permanent the 10%
"temporary defense tax."
If the additional revenue is required it should
l>e obtained by an honest and straightforward increase in the rates of the
Some of
taxes
the
affected.
the drastic increase in the
;
profits tax through
the addition of 10 percentage points on each present rate bracket is so
that it tends to destroy the tax base on which it is levied.
It
should
be clearly understood that when Congress increases the "excess
profits" taxes it is thus automatically reducing the amounts available for
That
rates of the excess
severe
thereby reduces the base for income taxes as
an invested capital credit at the rate of
capital, but reduces the rate to 7% on any amount
stockholders and
The
bill
invested
allows
well.
8% of the
of invested
'
928
capital
of
The Commercial & Financial Chronicle
in
business
a
"The
Dec.
bill
31,
June
unjustified,
1940.
a
the
of
and
That
which
facilities
capital.
is
thus
the
.
.
"emergency
period,"
added
7VV
-7"
provision for
businesses
new
V
of
if
the
from
revenue
the
country's
kind
tax
really desire maximum
production
for
the
bill
proposel
the rates
creases
continues
excise taxes.
That
is
number
a
of
the
existing
reduces the basis of others and
or
laneous
taxes
this
hit-or-miss
bound
to
result
method of
in
imposing
discrimination
ing against
base
by
inflation
general
gross
be
can
general
some
measure
tax
better
accomplished
affecting all
of
equality, such
income tax deducted
as
at
by
source
businesses
excise
mental
further
recommended
expenditures along
that
lines
Congress
that
reduce
they know
that
to
tax
or
entirely possible.
Jr^-V
By amending the National Housing Act to extend to farm
mortgages a similar type of mutual insurance now embodied
Housing Administration home loans, the Federal
Government has the first large-scale
opportunity it lias had
private enterprise a function which,
of necessity, has become
largely centered in Government
in 20 years to return to
hands,
S. M. Waters, former President of the
Mortgage
Bankers Association of
America, declared on Aug. 12 in a
report prepared for the organization's Farm Mortgage Com¬
mittee, which he heads.
The Association's announcement
declares:
rural
of
being prepared, and was largely devoted to
proposal by the committee for creating another
a
credit system to supplement
permit
7 7.
of several
one
side
system,
possibly
within
the
FHA system, the Federal Government would be relieved of well
$1,000,000,000 of credit burden it is now
carrying because at least
amount
of
farm mortgages could be transferred
from Government
agencies to private interests with the insurance
guarantee, he said.
This,
in turn, would
reopen an attractive investment field,
principally for indi¬
viduals,
country
banks
and
financial
institutions
such
as
insurance
present
over
that
In
■
his
farm
7-\7;
''.r7';77 w;":' V'. 77''
7"
Mr.
report
Waters
mortgages would
said
7
that
C'7^"'"'7 "'X-'' t----''''-777
FHA
insurance
of
the rehabilitation of that form
mean
of investment just as FHA has rehabilitated
the urban home
He added:
77
loan.
;777-'7'-7
FHA
brought the long-term loan to urban mortgage financing
generally.
It made it possible to borrow the full
amount of credit possessed
by the
security making supplemental financing, through second
mortgages, unneces¬
sary; and it brought to mortgage
banking, for the first time, standardiza¬
tion
of
appraisals and practices.
FHA brought to mortgage lending an
intelligent and helpful kind of Government
regulation and gave the urban
mortgage something it
What
to
be
if
the
fund
to
FHA
done
has
for
insurance
has
give
been.
as
M. A.
fund
An
good
for
farm
the
urban
loan.
is
It
home
loan
as
insured
an
FHA
farm
mortgage insurance fund
as
Controlling
the
as
be
can
needs
FHA
expected
Wages
Rising Prices
Cannot
Succeed—
Head of Provident Mutual Life
Suggests WiderTax
Base and Added Incentive to
Saving as Remedy for
Inflationary Price Rises
?
Attempts
to
wages cannot
control
prices
without
Philadelphia,
company's leading representatives
meeting at Mackinac Island, Mich.,
on to explain:
Aug. 11.
on
The
President has recently asked for
legislation
Government control of
commodity prices and rents.
included no suggestions of
legislation to regulate
which
This
the
the
in
njecessarily
further
are
to
continue
to
prices
increase
demands
The
demand
ceilings is
be
a
for
the
of
Tetail
commodities
cost
wage
of
living,
of
pressure
if all
and
which
would
be
of
farm
in
turn
provide
of
eventually
do
groups
prices and
to
be
exempted
products
this
from
wage
that
bodes
ill
wages
could
be controlled
an
for
the
excess
of
the alternative.
would
Developments of
spiral of inflation.
inadequate, for there would then be
prices must
increases.
form of self-interest
Even
rise
bankruptcy of American business
the
easily touch off the deadly upward
process.
remedy
income
for
tax.
deliberately limits
inflation
According
the applica¬
by exempting the lower
to a study made several
ago
This
situation
contribute
leaves
the
to
life
economic
place their savings in
cushion
incomes
for widows
because of
with
men
a
great opportunity to
by enabling more people
of
investment which will
the
Nation
not only form a
inflationary trends, but will also provide greater
against national
required
insurance
welfare
form of
a
and children
higher
in
period when greater incomes may be
a
prices.
'7'-.-v,--
.
National
Income
Payments
of
Half
Over
Income
1941
Increased
Same
Period
14%
Year
in
First
Ago—1940
7% Above 1939
The United States Department of Commerce
reported on
Aug. 11 that income payments to individuals during the first
six months of this year
aggregated
$41,482,000,000, or 14%
the $36,303,000,00*0 paid out in the
corresponding
period.
While prices are above those of a year
ago,
the Department explained that most of the
increase in in¬
1940
has resulted from
services.
At the
same
an increased flow of
commodities of
time the Commerce
Department an¬
nounced that income payments in June totaled
000,
$7,650,000,-
increase of $815,000,000, or 12% over
May. This
Department pointed out was due in part to
quarterly dividend disbursements and mid-year interest
payments. .7;7.7 777;; 777
.'-7 . • 7:77 j;7;w 77.7 ■;
On Aug. 14 the Commerce
Department reported on income
payments to individuals in 1940, which amounted to
$75,512,000,000, an increase for the country as a whole of 7%
over income
payments in 1939.
As to the Department's re¬
port for 1940, Washington advices, Aug. 14, to the New York
aD
rise in June, the
,
"Journal of Commerce"
Aug. 15, made the following
com¬
ment:
Every region of the United States received increased income in
1940
compared with 1939.
Although the increase in income was largest in the
areas
of the country, the advance
different regions,
nation-wide, it
was
surprisingly uniform
indicating that the stimulus
was
said.
of defense
among
production
was
7-': :::7'7:v7'v7
Gains shown by individual States in 1940
widely, dispersed about
were
as
a
whole.
As to the
Department's report covering June and the first
half of 1941, Washington advices,
Aug. 11, to the New York
"Herald-Tribune" of Aug. 12, said:
Analyzing the increase in income
1941
over a year ago,
wages was
the
a
chiefly responsible for the betterment.
accelerated
armed
payments for
the Department said that
forces,
armament
and
program
and
commodity-producing
counted for the largest advances
Salaries and wages in the
the
the first six months
of
19% rise in salaries and
Reflecting the effects of
expansion
industries
and
of
the
nations'
government
ac¬
in employees' income.
commodity-producing industries
rose
37 % and
government
payrolls expanded 21%.
Payments to employees in the dis¬
tributive and service industries showed increases of
8 and 6%,
respectively,
while there was a 15% decline in work-relief
wages.
The
department pointed out that
even after
allowing for seasonal in¬
2.7 points from 128 in May to 130.7 for
June,
a new
high.
The June advance in the index, though
slightly below the
record increase of 3.5 points for
May, was substantially larger than that
recorded for any other month in recent
years.
fluences, its income index
rose
A.
A.
Berle Jr.
Says
Aid
American Government Plans
Millions
After
to
War
The United States is
planning to use its economic resources
the war to bring help and relief to the
millions of
families now under foreign military
occupation, Adolf A.
Berle Jr., Assistant Secretary of
after
State, said on Aug. 8. Mr.
reception at the Luxembourg
Legation in Washington, given in honor of George P. Waller,
American Consul in Luxembourg, who
recently returned to
this country.
Mr. Berle said:
Berle made this disclosure at
a
rolled back, to turn the full
measure
barbarity shall be
of its economic
strength to
bringing
held, relief and
sustenance to the tens of millions of families in
many coun¬
tries who are
hungry, cold, homeless, sick, separated
of a group of tyrants.
now
the ruthless act
or
in prison
by
Out of the shadows there
emerge the outlines of the world to come,
In
it small nations will be able to live in freedom and
in peace, in a
family of
nations ruled by law which
respects the right of the weak as well as the
strong.
The basis of existence must be national.
But
a
necessary condition
must be a
general accord under which all countries are assured of
participa¬
tion in the economic life of the
world, and under which all races are assured
the right to live in conditions of
equality and self-respect.
rates
The
same.
Mr.
price
or
products.
wage
Increases
still
would
at
recommendation
wages
If
controlling
succeed, according to M. A. Linton, President
Linton goes
farm
potential
Congress
It is the plan of this Government when the
tide of
rising
of the Provident Mutual Life
Insurance Co. of
in an address to the
their
-
before
now
from
program
other type of insurance.
any
Linton Says Attempts to Control
Without
investment
an
be done under
can
adequate and properly administered
account of itself
an
These
up
had before—marketability and liquidity.
never
done
the
bonds, life
investment.
the 7% increase shown for the continental United
States
creating
companies.
of
by the National Resources Committee, 90% of the country's
recipients earned less than $2,500, but their total earnings amounted
to more than 60% of the
national income.
It is proposed
to tax only
slightly this relative vast amount of purchasing power.
the Federal land banks and which would
wide insurance of farm mortgages.
an
insured farm mortgage
By
latter
brackets
industrial
is
report
financial
take
to
Government
types
income
come
His
through
above
govern¬
Waters Urges FHA Insurance for Farm
Loans—*
Former Head
of
Mortgage Bankers Association
Says Action Would Rehabilitate This Investment
Field
^
the
control.
the margin between the
purchasing power and its cost of living.
Mr.
bill
tax
the
or
S. M.
in Federal
16, 1941
might lead to specula¬
excess
Government
other
reservoir
a
new
new
of
years
a
large
a
non-defense
are
saving
also stated:
income
with
to give considera¬
tion
is
in¬
dividends
wages,
asked
tax
to
some
such general tax to be adopted in
preference
aggregate of miscellaneous excise and "nuisance" taxes.
It
an
defense and guard¬
and
all
on
tion
new
injustice and
manufacturers'
other type of income payments.
is recommended, therefore, that
Congress be
taxes,
series of miscel¬
a
The
to
broadening the
commodities
a
the
number of
a
and
of
77"' '
excise
adds
the objectives of doing justice in
providing revenue for
some
defense
-.'77■ 7
Such
under
certain
and
money through increased rates of normal corporate taxes,
eliminating some of the needless complexities and uncertainties which
directly the responsibility of Congress to remove, if Congress and the
The
Linton
.;- V
Congress raise the
;;?■>
living.
not
to
and
could form
'
this
capital stock
found necessary,
wealth
incentive
insurance
of pre-emergency earnings and which will
capital credit because of their comparatively
profits tax is
of
Aug.
of
remedy for the inflationary price rises that loom ahead,
Mr. Linton said, would he a wider base of taxation
and
when
^7
that
forma
cost
A
back to
go
in
the
after
of
Administration
It
date
....
value excess
amount
people.
any
invested
record
invested
recommended
the declared
are
the
:
relief
a
have any
not
benefit from
It
that the
require
of
capital
and above
tion
it.
oppose
new
over
size
mere
commenced.
''7
Congress enact
will
same
to
for
the
on
profits tax will bear heavily on new businesses which depend
capital than on personal enterprise, skill, goodwill and good
management.
small
credit
seem
penalty
a
therefore,
we,
commencement
defense
such
excess
on
not
That
liberal
more
Equity would
1940,
10,
less
is
$5,000,000.
provides
amortization
The
of
excess
entire
the
and
in
could
price
democratic
loan
purchasing
now
will not
would
result
kind
In the days of reconstruction the voices of
those who suffer
be forgotten.
Lazard Freres & Co., New
York, Issue
Survey of Electric
Light and Power Industry
Common
stocks
of
public
utility
operating
companies
warrant favorable consideration in the
investment of
would
funds, not primarily
power
attractiveness
as
to
equity
speculative appeal but for their
yield and as stable income-producing
for
Volume
The Commercial
153
investment, Lazard Freres & Co., New York, declare in a
survey of the electric light and power industry made in
investment
than
hundreds of utility operating companies
Postponement of Course in Home Building Scheduled
to Be Given in Wharton School in Philadelphia,
Aug. 18-30
anticipation of the broadening of the field for
30
of
the
many
have
stocks outstanding with the public in
common
able
amounts
Because
At present, it is pointed out, fewer
in these securities.
appreci¬
view of the prospective break-up of
in
but,
.holding company systems, the firm considered it timely to
review the factors contributing to the investment status of
equity securities and to suggest an approach to
929
& Financial Chronicle
their eval
uation.
home
of
unprecedented
building
the
field—a
of
activity
which
home
pressure
condition
in
in the
builders
currently "building against time" in
priorities—the Home Builders Institute
America, professional branch of the National Association
of Real Estate Boards, announced today, Aug, 16, that it
over
country are
with expected
race
a
of
has
the course in home building which it had
given at Wharton School of Commerce,
postponed
scheduled
to
be
University of Pennsylvania, for two weeks opening Aug. 18.
Further
Death of Representative
vania—Republican
Albert
Representative
A. G. Rutherford, of Pennsyl¬
Was Serving Third Term
G.
Rutherford,
of
Republican
Honesdale, Pa., died in Washington on Aug. 10 at the age
of 62.
He had suffered a heart attack on July 1 and had
ill
been
third
since
that
in
term
Rutherford was serving his
the
20
making
the
new
Reference to the
United
the
Ont., Mr. Rutherford was brought to
in 1883.
He was graduated from the
Watford,
States
;
in 1904, and
year was admitted to the bar.
He practiced in
Scranton, Pa., until 1918, when he opened a law office at
Honesdale.
He was first elected to Congress in 1987.
Annual
the
Convention
Assistant
Terms
as
Minnesota
Secretary and administrative assistant
former President Herbert Hoover during his Administra¬
Walter H. Newton,
United States Representative, died at his
home in Minneapolis on Aug. 10 following a brief illness.
His age was 60.
Mr. Newton was serving his sixth term
as
Representative in Congress from the Fifth Minnesota
District when he resigned on July 1, 1929, to become an aide
tion, and former
President
In
Hoover.
summary
a
Newton's career the Associated
Minneapolis, Aug. 10, had the fol¬
Mr.
of
in advices from
Press,
lowing to say:
Newton
Mr.
School
of
was
born in
University
the
of
Minneapolis and was graduated from
Minnesota
in
He was
1905.
the Law
First Assistant
Minnesota, from 1914 to 1919, when
he was elected to the House of Representatives on the Republican ticket.
In
the House of
Representatives Mr. Newton was a member of the
Committee on Foreign Affairs, the Committee on Interstate and Foreign
Commerce, and the Republican Steering Committee.
He was a former member of the Board of Regents of the Smithsonian
Institution.
He was assistant director of the speakers' bureau of
the
County Attorney of Hennepin County,
but
1933,
Roosevelt,
to
of
of
v
Association
National
■
of Bank
Be Held in Chicago,
will
the
Board of the
not
law.
unable to obtain confirmation by the Senate,
renewed
the
'
annual
and
Comp¬
convention
in
headquarters at the
Committee, headed by
Oct. 8 to 11, inclusive, with
The
House.
laws, together with
Convention
Federal and State unemployment com¬
taxes and - personnel vproblems and policies in¬
cluded in the agenda.
The following is also from the an¬
pensation
nouncement :
The
of
opening day, Wednesday, Oct.
8, will be given over to registration
delegates and meetings of the National Executive Committee.
Speakers
have accepted invitations to address the general sessions of the dele¬
who
Vice-President of the Harris Trust & Savings
Citizens & Southern
and Clifford S. Young, President Federal
Reserve Bank of Chicago.
J. Stanley Brown, Personnel Director Chemical
National Bank & Trust Co., New York, will deliver an address on "Per¬
sonnel Training in an Emergency," and Harvey L. Welch, Vice-President
First National Bank, St. Louis, Mo., will speak on the subject "Auditors'
Position and Interest
in the Credit Function."
Dr. Paul F. Cadman,
economist
of the
American
Bankers Association, will be the featured
gates include Mark A. Brown,
Bank, Chicago; Mills B. Lane Jr., First Vice-President
Bank,
National
Atlanta,
Ga.,
speaker at the annual banquet to be held on Friday
evening, Oct. 10.
Douglas, Former United States Budget Director,
Address Annual Convention of Mortgage Bankers
Association in New York, Oct. 1
L. W.
to
Lewis
W.
Douglas, President of The Mutual Life Insur¬
York and former Director of the Budget
of New
Co.
ance
of the United States, will
address the twenty-eighth annual
convention of the Mortgage Bankers
New
in
••/■
Auditors
Bank
Aug. 11, with current bank problems created by changes in
Federal and State taxes, social security, wage and hours
and President
made, appointed Mr. Newton
Federal Home Loan Bank in 1933.
The appointment
following year and Mr. Newton resumed the practice
in conformity to a promise he had
of
seventeenth
its
Edgar
National
was
hold
Johnson, Assistant Vice-President of The First
National Bank of Chicago, is planning a diversified program
for
discussion
and
consideration, it was announced on
C.
Committee in 1924 and its director in the congres¬
sional campaign of 1926 and the national campaign of 1928.
President Hoover sought to appoint him to the bench in Minnesota in
Republican
was
building
-.'v.
■
Association
National
The
trollers
Palmer
and Administrative
to
President Hoover—Had Served Six
United
States
Representative
from
Death of W. H. Newton, Secretary
to
home
same
Chicago,
to
to
J
Auditors and Comptrollers to
Oct. 8 to 11
University of Pennsylvania with a law degree,
be made
home producing ideas.
was made in our issue of Aug. 9,
V ' '
in
will
course
776.
page
contribution
active
most
thought and to
District.
Born
said,
Institute
the
planned to cover the tvhole field of
course,
production, in the development of which several staff
of FIIA had an important part, and whose faculty
was scheduled
to include many of the men now
heads
of
announcements,
to
as
home
representing eight northeastern
comprising the 15th Congressional
counties,
Pennsylvania
Mr.
time.
House,
the
later
York
Oct.
on
1,
the
Association of America
day, Dean R. Hill,
opening
16. More than 1,000
title and trust com¬
pany executives and real estate and Government agency
officials are expected to attend the convention, which will
be the first ever held by the Association in New York.
Mr. Hill said the organization is planning two mortgage
clinics.
This type of meeting was originated by the Asso¬
ciation early in 1940, and since then nearly 30 of them have
been sponsored by the organization.
President, announced in Chicago, Aug.
Death of G.
L.
President of
Markland Jr., Industrialist and
Philadelphia Board of Trade
George L. Markland Jr., President of the Philadelphia
Board of Trade and Chairman of the Board of the Phila¬
delphia Gear Works, died in Jefferson Hospital, Philadelphia,
on Aug. 14.
He was 75 years old and had been in ill-health
for several months. Mr. Markland became President of the
Philadelphia Board of Trade in 1935.
bankers, life insurance and
A noted machine-tool
authority, he was a former President of the American Gear
Manufacturers Association and a former director of the
National Association of Manufacturers and the National
Metal Trades Association.
Mr. Markland had served several terms as Mayor of Stone
Harbor, N. J., and at his death was
National Bank there.
mortgage
President of the First
Federal
Home
Loan Bank of Chicago
$10,000,000 During First Half of
vances Greatest in Bank's History
A. R. Gardner,
Advanced Over
Year—June Ad¬
President of the Federal Home Loan
Bank
reported on Aug. 7 that during the first half of
1941 the institution advanced over $10,000,000 after it had
of Chicago,
months broken all records by
lending volume. More than half
of this past six months' loans were made in the single
month of June, which was $2,000,000 more active than any
already
in the previous six
reaching this high mark in
Economic Defense Board Holds
Initial Meeting—Body
by Vice-President Wallace Outlines
Economic Defense Projects
Headed
The Economic Defense
Two
Board, headed by Vice-President
Henry A. Wallace, held its initial meeting on Aug. 13 and
two projects designed to coordinate and strengthen
the Nation's economic defense were outlined, the Board de¬
clined to disclose their nature.
Mr. Wallace explained that
while
requested to make further reports and
investigations into further parts of the work.
The Board was created by Executive Order of President
Roosevelt on July 31 "for the purpose of developing and co¬
ordinating policies, plans and programs designed to protect
and strengthen the international economic relations of the
United States in the interest of national defense."
Present
at the meeting Aug. 13 were: Assistant Secretary of State
Dean A. Acheson, Secretary of Treasury Henry Morgenthau
certain groups were
Jr., Secretary of War Henry L. Stimson, Secretary
Frank
Knox, Acting Attorney
General Francis
of Navy
Biddle,
Secretary of Agriculture Claude R. Wickard and Secretary
of Commerce Jesse Jones.
Creation of the committee was
eferred to in our issue of Aug. 2, page 627.
previous month in the bank's history.
A steady rise from February through May and then the
sudden leap-up in June in the calls made upon the bank by
Illinois and Wisconsin savings, building and loan associa¬
months' total to $10,127,543. The
The two figures, it is stated,
represent gains of 51% and 71%, respectively, over the same
periods of 1940. An announcement by the bank, summariz¬
ing
President
Gardner's remarks, also contained the
tions
brought the first six
total
June
was
$5,110,498.
following:
the economics of the
in the bank's unprecedented lending
activity for the entire past 12 months.
Both the demands for new housing
in the defense areas and the stepping up of incomes and employment were
counted by Mr, Gardner as major reasons why so many people are applying
to the bank's
member savings, building and loan associations for loans
The
mounting impact of the defense program upon
average
to
family in this area was seen
buy or build homes.
He
their
296
States are supplementing
with funds from the bank as compared with
and that funds of the bank in use are now $28,-
pointed out that 312 associations in the two
local lending resources
this time last year,
851,099 as compared
with $25,064,486 at the close of June, 1940.
.
The Commercial & Financial Chronicle
930
Loans
and Loan Associations
12 Years—United States
Building & Loan League Reports Advances of
$653,156,000 During First Half of Year
by
Prices received
Building
Savings,
During June Highest in
during the first six months of 1941, the
ers
United States
Aug. 9.
Paul Endi-
Savings and Loan League reported on
cott, President of the League, said that this is $94,000,000
more than was
lent during the first half of 1940, a 17%
gain, and that much of it was due to increased construction
lending in defense areas.
Construction loans were $38,-
In sum¬
marizing Mr. ^ndicatt's remarks an announcement by the
League said:
000,(XX)
for the first half of 1940.
than
greater
The June loan volume for all
like
the
over
been
of
month
which the money
Both
lead
gain
loans and home
home construction
the
over
and loan
savings
2%
a
other
which
had
volume went to build
June
In
which
borrow
people
from
larger percentage of all dollar
a
other month of 1941, 33.08%.
41.30% of the loan volume, dominated
the picture and more definitely in
June than in any month of the past 12
For the full
years.
and
In
new
which
purchase loans,
$39.65
both
out
cases
of
first six months these two took,
$100
every
loaned
larger percentage
a
savings
by
of
total
respectively,
and
loan
$32.19
associations.
volume went
loan
into
these
channels this year than last.
^ ■
Flue-Cured Tobacco Growers Favor Government
referendums
held
were
for
the
flue-cured
markets
at Danville, Ya.; at Reidsville, Robersonville, TarWilliamston, and Fuquay-Springs-Varina, N. C.; at
Dillon, Loris, and Timmonsville, S. C.; and at Hahira, Metter, and Statesboro, Ga.
Voting was unusually heavy in
these referendums, officials said.
It was further stated:
boro,
referendum
A
and
Tennessee
markets
in
in
held
three
for
September, and
Kentucky,
early in October.
time
be
will
in
in
markets
Kentucky
North
Carolina,
Indiana,
and
Missouri
burley markets designated at the present
16
are
sucker
one
referendum will be held for 27 burley
a
Tennessee,
There
Kentucky, Tennessee, Ohio, Virginia, and West Virginia.
who patronize markets on which the inspection service is
Growers
ducted
con¬
a
daily market news report showing average prices
With the official grade plainly indicated on each lot and a
showing the average for each grade on the previous day's
growers are afforded a reliable guide in accepting or rejecting bids
offered.
This service
Tobacco
markets
last
undesignated markets.
exceeded
furnished
is
at
inspection and market
tobacco
nated
services
and
season,
the growers.
to
cost
no
news
service
inspection
44 desig¬
on
at
cost
13
on
•
Flans for the flue-cured tobacco loan program were noted
In these columns of Aug. 9, page 755.
Products
Advancing
July 15
Prices Up 7 Points in
Agriculture Department
July,
Reports
ment
in domestic demand and new
legislation affecting
prices favorably, the all-commodities index has risen
22 points since March 15, and 30 points since July
15, 1940.
Supplies of nearly all agricultural products continue abun¬
The Department's announcement further said:
The
upward
14
trend
points
10
truck
in
Increases
and
in
in
cotton
and
higher,
advanced
crops
reported
the
points
products
both
points,
and
and
per-unit
rural
index.
eggs
were
grains
seasonally
were
paced by
was
cottonseed
chickens
eight
fruit
mid-July
animal
prices
dairy
points,
nine
up
Prices
points.
two
rose
sharp advance
a
Meat
of
lower.
living and farm production costs
were
reported
during the month, with substantial advances in prices of food,
clothing, and feed.
Other groups of commodities bought by farmers were
steady to
prices
little
a
But
even
with
was
94
July 15,
on
The
the
three
advance
1910-14
the
level,
above
points
ratio
July 15,
on
ago.
the
the
in
of
power
The
mid-July a year
buy 25% more of
of
index
month
a
of
earlier
July 15, 1940.
purchasing
month.
75 in
would
was
on
three-point
a
the
133%
taxes
and
the per-unit
during
interest, and taxes
than
At
points higher than
farmers,
points
and
higher.
paid, interest,
and six
of
farm
prices
index
received
compared with
That is,
of
products
91
to
a
normally
used
on
on
by
three
prices
paid,
earlier
month
the farmer's products
commodities
paid
prices
increased
July 15
the
farm
1:"
1940.
rapid advance in
cotton
prices carried the average to 14.32c. per
July 15—the highest since May, 1930—compared with 12.81c. on
only 9.54c. a year ago.
Cottonseed prices also advanced
substantially.
7
pound
June
Hog
over
on
15
a
and
prices
$8.78
July, 1940.
Farmers
compared
at
16.8c.
8.2c.
$10.20
averaged
month earlier and
averaged
month
declined
Oats,
but
and
$1.08
than
more
marketings from the
as
a
truck crops
and
ago
barley,
and
still
were
year
Prices
ago.
from July
130,
seasonally
new
higher
6.5c.
a
corn
than
prices averaged *
rye
above
level
the
of
a
crop
during
the
increased in
month
volume.
ended
Farmers
bushel, compared with $1.14 last month
per
received
1 to 15 of this
during the first half of June.
averaged
83.1c.
by
year
growers
The index of truck
compared with 146
month
a
for
eight
commercial
averaged somewhat lower than
prices
crop
on
July 15
earlier.
ABOUT
ITEMS
BANKS,
TRUST
COMPANIES,
&c.
The appointment of Vincent F. Ostrum as Assistant VicePresident of the Colonial Trust Co., New York City, was
made known
bank's
on
Aug. 13.
Mr. Ostrum is in charge of the
Kingsboro office.
»
Checkway is the name of a checking service which Irving
Trust Co., New York City, offered to the public at all its
offices for the first time on Aug. 11.
A Checkway account
differs from other accounts in that
no
minimum balance is
required, it is explained, the depositor being required to
keep in the bank only enough money to cover the checks
which he draws.
The Irving Trust in further explanation
of the
necessary to
monthly service charge which banks generally find It
make for handling small personal accounts, Irving Checkway
clients buy checks at ten cents each in books of twenty.
There is
no
charge
for deposits and banking may be conducted by mail.
Frank
K.
'7 >
Houston, President of the Chemical Bank &
Trust Co., New York, announced
on Aug. 12, the formal
opening of the bank's new branch at 11 West 51st Street,
adjoining Rockefeller Plaza.
C. D. Duncan, Vice-Presi¬
dent, heads the staff of the new branch.
In his announce¬
ment Mr. Houston stated:
This branch which occupies the entire two floors and basement of
building, air-conditioned, is designed to
serve
been incorporated in this office special features for the
including conference
roll division.
vidual
rooms,
a
women's
a
new
the important business and
residential community in and adjacent to Rockefeller Center.
use
department and
a
There have
of customers,
separate
pay¬
Offering every facility for complete commercial and indi¬
banking service, this office includes modern
costodian department for the care of securities and
a
safe
deposit vaults, a
night depository.
Donald Durant, former partner of Lee,
Higginson & Co.,
York investment bankers, died of heart disease on
in
Wool
mid-July,
per
an
23.2c.
pound,
average
last
were
higher than last July.
hundredweight,
compared
prices, at 36.3c.,
received
with
per
$4.42 higher than
of
month
with
were
25.6c.
and
one-half
a
cent
increase
an
$8.63
in
of
$1.22
Beef cattle prices
year ago.
June
and
$7.48
in
slightly lower.
per
16.4c.
dozen
a
New
Aug. 11
the northbound platform of the Hanover Square
Elevated, in New York City.
old.
Mr. Durant, who was born in New
York City and educated at the Collegiate School of New
York and Columbia University, joined Lee, Higginson &
Co. in 1908 and was named a general partner in 1922.
He
He
was
on
left this
53 years
firm in 1935 to become Vice-President and director
year
higher than
later.
Co., also an investment house, and resigned a
Since that time he had been in business for
himself at 41 Broad Street.
At one time Mr. Durant had
been the representative in the United States of Ivar
Krueger
seven
farm
were
with
compared
Prices received by farmers for
a
month,
mid-July received only 95c.
in
year
points during the month ended July 15,
the general level of prices received by farmers reached 125%
of the 1910-14 average, the United States Department of
Agriculture reported on July 30.
With a market improve¬
of
bushel,
per
than
earlier.
the
the
v' 'v'
earlier.
Apple prices
of Cassatt &
7
dant.
year
a
retail
station of the Third Avenue
supplied
were
The total of inspections, including those at prizeries,
500,000,000 pounds.
Farm
a
during
and
during
furnished
and
report
sale,
85.6c.
higher
mid-July
cent
a
year
by grades.
price
average
lower
Instead
Georgia, the United States Department of Agriculture an¬
nounced
on
Aug. 6.
The growers voted in referendums
held July 24-26 under the provisions of The Tobacco Inspec¬
The
bushel
in
cent,
a
said:
Tobacco inspection service was favored by over 78% of
the tobacco growers voting as patrons of 12 flue-cured mar¬
kets
in
Virginia, North Carolina, South Carolina and
Act.
per
63.1c.
somewhat
averaged
and 61.4c. a year earlier.
ago
1.3c.
were
Inspection
tion
25.9c.
:
-
wheat
of
Prices
the
with
compared
15,
homes than in any
took
Home
July
also
purchase loans maintained their
for
purposes
institutions.
on
month.
month
1941
by farmers for butterfat increased from 35.7c. per pound
36.6c.
Prices for farm butter increased almost
prices received by farmers increased one-fifth of
milk
16,
increase of 24.9%
an
May,
over
It was the third month in succession during
poured out by the local thrift and home financing institu¬
new highs since 1930,
Mr. Endicott said.
tions mounted to
enormous
represented
purposes
and
1940
record-breaking month.
a
to
ago.
year
With June loan
activity at $133,640,000 topping all previ¬
ous months in the past 12 years, the savings, building and
loan associations lent a total of $653,156,000 to home own¬
15
June
on
Aug.
for
eggs
ago.
a
,
on
July 15,
Chicken prices,
month
earlier
and
and had served
of
as
a
director of the Swedish investment firm
Kreuger & Toll and President of the International Match
Co.
The Federal Reserve Bank of New York announced the
past week the admission of three banks in the Second (New
York) District to membership in the Federal Reserve Dis¬
trict, bringing to 38 the number of banks in the district to
join the system since the present increase in membership
began last September; of this number 30 have become mem¬
bers this year.
The latest banks to become members of
the Reserve System are the Bank of Rockville Centre Trust
Co., Rockville Centre, N. Y., and the Solvay Bank, Solvay,
N. Y., both announced on Aug. 14, and the
Maplewood
Bank & Trust Co., Maplewood, N. J., announced on
Aug. 11.
»
Harry Content, senior partner of the New York brokerage
firm of Content, Zuckerman & Co., who was a member of
the New York Stock Exchange longer than any other broker
of his time, died on Aug. 14 in his apartment in the WaldorfAstoria Towers, New York City, after an illness of three
days.
His age was 80 years.
Born in New York City,
Mr. Content left school at the age of 15, against the wishes
of his father, and went to work in Wall Street as a
quotation
boy at S3 a week.
Two years later he was trading for him¬
self and at the age of 20 was earning $20,000 a
year.
In
1885 he bought a seat on the New York Stock
Exchange
and shortly after formed the firm of H. Content & Co.
In
1939 this firm was merged with Henry Zuckerman & Co.
to form Content, Zuckerman & Co., with Mr. Content as
senior partner.
,
•
Ruel
Whitcomb
Poor,
Chairman of the advisory
com¬
mittee of the Garfield Branch of the Chase National Bank,
New York City, died at the Mary Hitchcock Memorial
Hospital, Hanover, N. H., following
a
brief illness.
He
Volume
The Commercial &
153
York City.
80 years old and lived in New
was born in New London, N.
was
who
career
Mr. Poor,
H., began his banking
early part of 1888 became cashier of the Littleton
National Bank.
He resigned the latter part of that year
and came to New York, obtaining a position with the Gar¬
National
Bank.
*
He
appointed assistant
soon
was
cashier, then cashier and in 1902 was made President, in
which position he remained until 1925, when he became
Chairman of the Board.
Following the merger with the
Chase National Bank, in December, 1927, he was appointed
Chairman of the Advisory Committee of the Garfield Branch.
George L. Harrison, former President of the Federal Re¬
Bank of New York and now President and chief ex¬
ecutive officer of the New York Life Insurance Co., was
elected a director of the First National Bank of New York
serve
Aug. 12 to fill a vacancy.
Mr. Harrison had resigned
Presidency of the New York Reserve Bank effective
Jan. 1, 1941, after being associated with the Reserve Sys¬
tem from its establishment in 1914.
He had joined the
New York Bank in 1920 and became chief executive officer
on
the
the title of Governor and later (in 1936)
in 1928, first with
with the title of President.
Mr. Harirson's resignation from
the New York Reserve Bank
was
1940,
page
noted in
3683.
our
issue of Dec. 21
*
Brooklyn Trust Co., Brooklyn, N. Y., announced
on Aug. 14 that its Brighton Beach office, located at the
corner of Coney Island and Neptune Avenues, Brooklyn,
will be moved to 618 Brighton Beach Avenue, two blocks
The
distant from the
present location effective
Sept. 2.
The
occupied for several years by a branch
of The National City Bank of New York, which will be dis¬
continued upon the occupation 'of the premises by Brooklyn
location has been
new
Trust Co.
Institute and had
a
leading part in the development of that
educational institution.
(N. H.) Savings Bank and
in 1881 with the Littleton
in the
field
931
Financial Chronicle
London, an¬
ended June 30
last at the rate of 8% actual less income tax, payable July 15,
according to an announcement reaching us the past week from
London, July 11.
The same rate of dividend was declared
Directors of the Midland
The
nounce an
a
year ago.
■
•-
The directors
of Westminster
Aug. 7 by Ernest Miller, VicePresident of the Staten Island National Bank & Trust Co.,
was
made
on
Richmond, Staten Island, New York City, that the
banking and safe deposit accounts of the Staten Island
branch of the Bank of the Manhattan Co., at 28 Bay St.,
Port
St.
George, will be acquired by his bank on Aug. 30.
Mr.
office would be opened
Miller also stated that the St. George
on
Sept. 1
as a
branch of the Staten Island National Bank
institution's branch at
& Trust Co. and disclosed that the
43
to
Victory Boulevard, Tompkinsville,
the St. George office.
will be transferred
>; •:>7
♦Frank B. Welcher, who retired a year ago as
on
Treasurer of the South Side Bank,
Assistant
died at his home in Bay Shore on Aug. 7.
Mr.
Welcher, who was born in New York City 81 years ago, had
been connected with the South Side Bank 22 years until
New York,
his retirement last year.
■
♦
Auburn, New York, has
5, of George T. Snyder,
The National Bank of Auburn,
announced
the death, on Aug.
Vice-President.
»
.
Mahoney, founder of the First National Bank
of Tarrytown, N. Y., died on Aug. 9 at the Debruce Country
Club, Debruce, N. Y.
He would have been 82 years old
on Aug. 22.
Mr. Mahoney, who was a native of North
Tarrytown, served as a member of the Village Board of
Trustees in 1910, 1929 and 1931; President of the Board in
John H.
1926, and Mayor in 1923-24.
W The board of directors
of the Bank of Jamestown, James¬
Aug. 14 announced the acceptance of the
resignation of Associate Justice Robert H. Jackson of the
United States Supreme Court as a director.
Justice Jackson
has been a member of the bank's board since 1919.
town, N. Y., on
City, N. J., has appointed
Assistant Vice-President.
William M. Weiant, former Secretary and Treasurer of
the Perth Amboy Trust Co., Perth Amboy, N. J., died on
Aug. 8 in the Perth Amboy General Hospital.
He was 68
years old.
Mr. Weiant had resigned in 1937 as Secretary
and Treasurer of the Perth Amboy Trust (a post he had held
from 1917) to become customers man for the Perth Amboy
branch of Blyth & Bonner, New York stock brokers.
The Hudson Trust Co., Union
Philip J. Reilly
as
National Bank at Pittsburgh,
Pittsburgh, Pa., recently elected J. Judson Brooks II as
Assistant Trust Officer.
Mr Brooks, who has been with the
A. M.
assume
Byers Co., Pittsburgh, in the
his new duties about Sept. 1.
sales department, will
organizer and first President
Tex., died at his home
in Houston on Aug. 2 at the age of 84.
Mr. Baker was also
founder of the Commercial National Bank of Houston and
following its merger with the South Texas National Bank of
Houston became Chairman of the Board of the combined
institution.
For nearly half a century he headed the 100year-old law firm of Baker, Botts, Andrews & Wharton,
and his reputation as a lawyer was well-known.
Mr. Baker
was the first and only Chairman of the Board of the Rice
Capt. James Addison Baker,
of the Guardian Trust Co., Houston,
30, 1941, the West¬
Ltd., showed total resources of £469,477,437
(as compared with total assets of £407,846,388 on the same
date last year), of which the principal items are: Advances
to customers, and other accounts, £120,186,537
(against
£131,456,564 a year ago); investments £129,407,489 (com¬
pared with £102,878,447); bills discounted, £18,524,670
(against £53,771,109); coin, Bank of England notes, and
balances with the Bank of England, £43,144,843 (contrast¬
ing with £39,078,128); money at call and short notice,
£24,034,533 (against £36,274,215), and Treasury deposit
receipts £72,500,000.
Current deposit and other accounts
are shown at £419,502,019
(comparing with £368,776,720)
and liabilities for acceptances, endorsements, etc., as per
contra, as £31,317,754 (against £20,412,105 on the previous
date).
The bank's paid-up capital and reserve remain the
same as a year ago, both at £9,320,157.
THE
CURB
MARKET
volume of business steadily
during much of the present week.
There were
occasional spurts among the paper and cardboard issues and
some gains in the shipbuilding
section but these were not
sustained as the market continued to move to lower levels.
Public utilities were soft except for one or two of the preferred
stocks and there were some gains in the industrial section,
but the latter were small and without special significance.
Oil issues were unsettled and the aircraft stocks moved within
declined
a narrow
num
Merchandising shares were quiet and alumi¬
range.
stocks
were
lower.
was
moderately lower during the
two-hour
There were no spectacular features
and while there were occasional changes of a point or more
most of the variations were confined to fractions.
Industrial
shares were generally weak and there was considerable selling
apparent among the oil issues, the declines in the latter group
ranging up to 2 or more points.
Aircraft shares were lower
all along the line.
Paper and cardboard stocks were oif and
except for Aluminum pref., which advanced a point to 115
these shares were lower.
Noteworthy among the declines
were Derby Oil pref., 234 points to 4634; American Cyanamid
B, 134 to 39; St. Regis Paper pref., 1 point to 103; and
National Power & Light pref., 1% points to 92.
Declining prices again marked the trading on Monday,
and as the volume of sales dwindled, there were a score or
more of the market favorites that slipped backward about a
on
Saturday.
The weak spot was Aluminum Co. of America, which
points to 113, where it reached a new low for
the present movement.
Aircraft stocks were off or un¬
changed, and there was little variation in the paper and
cardboard group.
Oil shares were fractionally lower and
shipbuilding issues were down.
Prominent among the de¬
clines were Singer Manufacturing Co., 3 points to 135;
Tubize Chatillon A, 134 points to 4634 and United Milk
Products pref., 234 points to 7334*
The volume of trading continued to decline on Tuesday,
the turnover dropping to approximately 79,000 shares against
84,000 on Monday. St. Regis Paper 7% pref. was the bright
spot of the day and climbed upward 6 points to 111. There
were few changes apparent among the aircraft issues and
most of the variations were in minor fractions.
Heyden
Chemical worked up to a new top at 86 with a gain of 1 point
and West Texas utilities $6 pref. forged ahead 4 points to
100. Shipbuilding stocks were quiet and the aluminum shares
were unchanged.
The declines included among others, Caro¬
lina Power & Light $7 pref., 2 points to 103; Fuller 4% pref.,
point.
declined 434
4
The directors of the First
re¬
minster Bank,
session
Bay Shore, Long Island.,
.
June 30 last.
In its statement of accounts as of June
The market
.
<
London,
an
Prices drifted lower and the
Announcement
Bank, Ltd.,
interim dividend of 9% for the half-year
ended June 30 on the£4 shares, and the maximum dividend of
634% on the £1 shares for the same period. The dividends
(less income tax) were payable on Aug. 1 to shareholders
whose names were registered in the books of the company
cently declared
.
,
Bank Ltd.,
Interim Dividend for the half-year
points to 43; and
Pepperell Manufacturing Co., 434, points
to 89.
.
.
trading were the dominat¬
ing features of the trading on the New York Curb Exchange
on Wednesday.
The volume of transfers continued to slide
downward, the turnover dropping to approximately 62,000
shares against 79,000 on Tuesday.
Aircraft stocks continued
to move within a narrow range, Beech and Cessna registering
fractional gains, while Bell and Brewster declined and Vultee
was unchanged.
The aluminum stocks did not appear on
the list, oil issues were unsettled and the paper and cardboard
stocks were irregular. In the public utility section, a number
of the trading favorites registered gains of a point or more
and some of the more prominent industrials were fractionally
Narrow
price variations and dull
higher.
Industrial
tention on
.
stocks attracted considerable speculative at¬
Thursday but the advances and declines in this
The Commercial & Financial Chronicle
932
about evenly divided as the market closed. Pubon the other hand, were quiet, and while there
few gains of a point or more, the changes in both com¬
group were
He utilities,
were a
preferred stocks were in minor fractions. Singer
Manufacturing Co. was the outstanding issue of the day as
it forged ahead 5 points to 142.
Aircraft shares continued
unsettled, Cessna moving up to a new top at 9%; Beech,
Bell and Brewster declining and Vultee closing unchanged.
Todd Shipyards declined and recessions of a point or more
were registered by Pittsburgh Plate Glass, Lynch Corpora¬
tion, No. American Rayon and Pittsburgh and Lake Erie.
Stocks moved along with a slight inclination toward higher
levels during the opening hour on Friday, but as the day
advanced, prices began to drift downward and while there
was a small group of selected stocks, that registered modest
gains, the market as a whole was lower at the close. Ship¬
building stocks were unsettled, New York Shipbuilding
(founders shares) declining 1 point to 27; while Todd Ship¬
yards did not appear on the tape.
Aircraft stocks were
mostly unchanged and paper and cardboard issues were
down on the day.
As compared with Friday of last week,
prices were lower, Aluminum Co. of America closing last
night at 113 H against 118 on Friday a week ago; American
Cyanamid B at 39% against 40%; American Gas & Electric
at 24% against 24%; American Light & Traction, at 12%
against 13%; Bell Aircraft at 18% against 19%; Creole
Petroleum at 16% against 17%; Gulf Oil Corp. at 85%
against 36%; Humble Oil (new) at 63% against 64%, and
Singer Manufacturing Co. at 139 against 141.
and
mon
MM
I
s
■'7
77
TRANSACTIONS
DAILY
NEW
THE
AT
YORK
EXCHANGE
CURB
'77
1941
16,
of Section 522 of the Tariff
Pursuant to the requirements
1930, the Federal Reserve Bank is now certifying
Act of
daily to the Secretary of the Treasury the buying rate for
of the world.
We
cable transfers in the different countries
give below a record for the week just passed:
RATES
EXCHANGE
FOREIGN
TO
BANK
ii
TREASURY
CERTIFIED
UNDER
BY
TARIFF
RESERVE
FEDERAL
ACT
OF
1930
AUG. 9, 1941, TO AUG. 15, 1941, INCLUSIVE
1
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
Aug. 12
%
Europe—r
•
a
a
a
7-'
•
a
krone.—
".';-a
•
,
y77:.ia7'-;7
7/:. 7
,a";a ■7-77;.
a
a
'7
:77
a
77
a
777
■7/'
a
'.'7'-a7;'.
a
,7
$
a
77/7:^:777; '#•
'..7.7: 'aZV'w-'
a
■
S
»7:
:
Aug. 15
Aug. 14
Aug.lZ
t
$
Belgium, belga
Bulgaria, lev
Czechoslov'ia, koruna
Denmark,
Aug. 11
9
Aug.
New York
a
Y'7;
Engl'd, pound sterl'g
"■:
4.035000
Official
—
Free————- 4.032500
4.035000
4.035000
4.035000
4.035000
4.035000
4.032500
4.032500
4.032500
4.032500
4.031428
Finland, Markka
a
France, franc
a
77 «■
Germany, reichsmark //'*•
Greece, drachma
a
•
a
a
a
a
7::,
a
:-x:7a..:77;.
'f; a "■7.7.
7-i-r a
a
Hungary,
a
■■77
7'a ;
a
pengo
Italy, lira
Netherlands, guilder-
a
/7
'
.
'7
a
a
a
a
a
Portugal, escudo
Rumania, leu
C'X
Spain, Deseta
c
es
Sweden, krona
c
Switzerland, franc—
c
Yugoslavia, dinar...
a
a
a,;.77.;
■77:7;,C7:.77;- 777 •■■■c7.//7 :V'77;;©"7'7
-ir¬
c
a
a
a
;7
C 77
c
c
7:!''77^7,>7..
c
c
c
XXeXX:-
c
a
77
C
a
a
:
.
'•.7
c
a
■;
a
a
a
a.--"'"77
a1-:,,-7.
7.7.;/
7:7
a
7 .'7
a"
a
a
a
7:;77'*':l-'-:;7:
a
a
,'f;
a
a
;:V
a
a
a
7
a
a
a
a
krone
7
77:
a
a
Poland, zloty
Norway,
,77
a
a
a
a:
a
i'7;-
a
77.
C
c
i
c
c
c
a
AsiaChina—
$
'•
Aug.
RATES
EXCHANGE
FOREIGN
a
7.
Chefoo (yuan) dol'r 77'
Hankow (yuan) dol 777®'-. ■,;7.:,..
Bonds (Par Value)
Stocks
J •
(Number
M
Week Ended -7
Aug. 15. 1941
v;'v
> ■
Foreign
Foreign
Government
Corporate
of
Domestic
Shares)
Total
c
Shanghai (yuan) dol
Tientsin (yuan) dol
84,170
79,080
610,000
93,000
576,000
11,000
3,000
Wednesday
Thursday.--
62,415
634,000
23,000
9,000
72,000
621.000
16,000
8,000
Friday
79,965
726,000
22,000
$438,000
704,000
590,000
$27,000
10,000
-
Tuesday.-—---
62,960
-
------
■7;,
666,000
7
645,000
.
758,000
$3,801,000
$31,000
$192,000
a
-7.
a
"■"
■
a
a
[®;
■/
a
Jan. 1 to Aug. 15
Week Ended Aug. 15
Sales at
■A!-;:'
7
."'all7:.';•■'
1940
1941
Exchange
.251125
.251125
.251000
.251000
.251125
.301300
.301300
.301300
.301300
.301300
a
a
a
a
.471600
.471600
;777:a77777
.471600
.471600
.471600
Australia, pound—
3.228000
Official
——
3.228000
3.228000
3.228000
3.228000
3.213333
3.213333
3.213333
3.213333
3.213333
3.212708
New Zealand, pound. 3.225958
3.225958
3.225958
3.225958
3.225958
3.225333
3.980000
3.980000
1940
1941
..
-••
-
370,805
16,500,127
29,310,532
$3,578,000
$3,501,000
46,000
$160,448,000
$200,024,000
192,000
31,000
41,000
2,710,000
1,752,000
1,502,000
4,449,000
$3,801,000
Domestic
i
'
•-
$3,588,000
$164,910,000
$205,975,000
Foreign government. -.
Foreign corporate——
-
3.228000
'777-
3.980000
3.980000
3.980000
.909090
.909090
.909090
.909090
.909090
.909090
.888750
.888828
.887812
.884285
.889531
.888750
.205425*
.205425*
.205425*
.205425*
.205425*
.205425*
Official
.909090
.909090
.909090
.909090
Free———
.886250
.886406
.885312
.881875
Official.—...—
440,590
Bonds
®
K'i
I •-
1
a
.471600 J
Australasia—
US.
M E©f
a
7 ^'a .7:7:7,
-a77v
Canada, dollar—
Stocks—No. of shares.
wmxn}
,x
,
North America—
New York Curb
X'i
a
©
'
.251125
dollar(British) rupee.
South Africa, pound. 3.980000
..■■
a
C
Africa—
M
77
':/7a77v7 7:7:7a7777
c
.301300
India
Japan, yen
Straits Settlem'ts, dol
":;Free.i.-—■£—-7-
$3,578,000
440,590
Total--—-i-—
$Too6
-7
■' -c77
'■7...
a
Hongkong,
$411,000
Saturday-Monday- -—-—-
a
;
...
Mexico, peso
Newfoundl'd, dollar-
.909090
.909090
.887187
South America—
.886250
■77- -'7 77
Argentina, peso—
Total-
.297733*
.297733*
.297733*
.297733*
.297733*
.237044*
.237044*
,237044*
.237044*
>237044*
.237044*
: Official-*--—-—
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
Free...————
.050625*
.050666*
.050625*
.050625*
.050666*
Official
Free..
.....
.297733*
Brazil, miliels—
MARKET—PER
FINANCIAL
ENGLISH
CABLE
J
The
daily closing quotations for securities, &o,f at London,
reported by cable, have been as follows the past week:
as
>'
77
■
m-
The
\-MMM
X:.
States
77/
77"
,'7
7 1
Aug. 14
Aug. 15
Controlled
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
237i»d.
237i«d.
Non-controlled.
.437500*
.437500*
.437500*
.437500*
.437500*
.437500*
168s.
168s.
168s.
168S.
£81%
£81%
£81%
£81%
£81%
£105%
£105'u
£105%
£105'it
£105%
£114%
£114%
£114%
£114%
£114%
*
7-7-77
34%
34%
34%
34%
71.11
71.11
71.11
71.11
LONDON
9
MM'MM'
Central Min A Invest
36/85/6
83/9
:'■
■
Distillers Co
Ford Ltd
——,
Hudsons Bay Co
Closed
Imp Tob A G B A I...
•London Mid Ry
■■
77/;777 :7-',
7,.
777'
tm
■■/
7'?:.;•■■■ ■
77V"
■:■//•
/
7';;7".V'7
77.i.:
7.,':'.,-/:7
'.
7;
■777,;
y
■ '■
■
12/-
22/3
26/108/9
26/112/6
68/3
12/22/—
68/6
*£14%
115/♦£14%
22/25/3
113/9
♦£14%
75/6
75/6
75/6
114/6
£7
£677 7 V
£7
£7
80/-
£6 '/j:
80/-
48/9
26/-
26/-
26/-
26/6
16/6
16/6
16/6
£4%
■•77.'
£47u
£47ig
£4%
7
—
£6
7
£6
WSi
S-1;'
7
£4%
77:7:77,.,
were
?
SALES
sold at auction
on
Wednesday
v.
By R. L. Day & Co., Boston:
Shares
777/
;;i"
following securities
of the current week:
10
1
20
2
..
■
Per
Cent
1941
1940
$2,597,322,238
326,600,078
434,000,000
232,064,461
106,533,483
New York
Chicago.
;
Philadelphia
$1,945,624,949
248,364,144
Boston
Kansas
+ 33.5
+ 31.5
331,000,000
+ 31.1
164,250,847
+41.3
+ 29.6
San Francisco.
158,704,000
Pittsburgh
148,908,157
Detroit
Cleveland
153,427,039
132,723,423
Baltimore
82,986,023
82,225,948
74,800,000
147,066,000
109,634,747
97,741,518
98,079,309
61,322,991
$4,469,068,902
955,493,245
$3,360,110,453
797,245,025
+ 19.8
$5,424,562,147
$4,157,355,478
+ 30.5
1,084,912,429
726.139,056
+49.4
$6,509,474,576
$4,883,494,534
+ 33.3
City
St. Louis.
95,800,000
Other cities, five days
Total all cities, five days
All cities, one day
Total all cities for week
+28.1
+ 7.9
+ 35.8
+ 60.0
+ 35.3
+ 35.3
+ 33.0
Per £100 par value.
AUCTION
X
Clearings—Returns by Telegraph
Week Ending Aug. 16
Eleven cities, five days..
80/48/9
26/6
16/6
M
7
compared with
ago.
£7
50/-
,
68/3
22/25/-
26/- 7
780/48/9
£6
■
..
12/-
80/48/9
-
.
12/-
22/-
.;
£8
Wltwatersrand
Areas
The
,■0:7
68/-
39/3
31/9
£8%
16/9
Rolls Royce
Shell Transport
'i'M
77
£7%
*£14%
75/6
Fri.,
£ll"%
38/9
31/9
£7%
♦£14%
Rio Tinto—
*
87/6
38/9
31/-
£7
■
Temporarily omitted.
♦£63%
£14%
38/9
75/6
.'7;.
.
35/9
87/6
30/6
Vlckers
V- '7
c
Aug. 15
£11%
Rand Mines.-
West
]
36/-
30/6
j-:
77 £7%
,68/-
Metal Box..---
United Molasses--—.
...'.
*£63
Thurs.,
Aug. 14
36/—
87/6
*£63%
12/-
''7: "7:-7
Electric A Musical Ind.
'
Wed.,
Aug. 13
£11%
39/3
—
Cons Goldfleldt of 8 A.
D6 Beers
iMMM'x
;■
received by cable
as
Tues.,
Aug. 12
*£63
(ord)
Courtaulds S A Co...
7/X-
'
EXCHANGE
Mon.,
Aug. 11
British Amer Tobacco.
•Cable A W
•
STOCK
36 h
Aug.
Boots Pure Drugs
:7.'77/7'7 ;7 -.7
■'
No rates available,
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Aug. 16)
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be 33.3% above
those for the corresponding week last year.
Our preliminary
total stands at $6,509,474,576, against $4,883,494,534 for
the same week in 1940.
At this center there is a gain for
the week ended Friday of 37.5%.
Our comparative sum-1
mary for the week follows:
a year
71.11
Sat.,
YYYYYY/Y;.-:/
a
Bank clearings this week show an increase
in the United
34%
-v./;'.'
777/v...->;:.;'7.
Nominal rate,
COURSE OF BANK CLEARINGS
71.11
'
7
Uruguay, peso—
168s.
THE
M^M M.
.7'
.569825*
237i#d.
Quotations of representative stocks
each day of the past week:
757w;7:
'W
777'©:
Aug. 13
34%
eign)
7
.
23%d.
price of silver per ounce (in cents)
the same days has been:
(newly mined)
7:7;
j7;;©'y7 7
7
Aug. 12
U.S. Treasury
i7;..
c
.569825*
FH.,
on
s SSsSi
7-77
©7'7
.569825*
Thurs.,
Bar N.Y. (For¬
•-
,569825*
>7;'77/777,
—
British 4%
1960-90
%
77; ©7:777';.
Wed.,
Closed
British 3%%
War Loan.
•
c
C
237i#d.
Closed
-
C
.569825*
";C7
c
.569825*
peso
i
■
Tues.,
Closed
Gold, p. fine oz.
Consols, 2 % %
Export
'•
Aug. 11
Closed
168s.
Silver, per oz-d
'c
c
Colombia,
.050625*
"
Official
Mon.,
Sat.,
Aug.
9
V ;
Chile, peso—
Stocks
of the week in all
■
-7. >^
208 South La Salle Street Corp., common..
Boston Athenaeum, par $300___
Hotel Statler Co., Inc., preferred, par $25....
Columbian National Life Insurance Co., par $100
;
% per Share
II"—I~I
II~200
24%
...
L —I-
60
Bonds—
cases
has to be estimated.
In the elaborate detailed statement, however,
21%
__
$1,000 Prudence Securities Corp. 5%s, May 1, 1961, series A registered..58% flat
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
which
we
present further below, we are able to give final and complete
for the week previous—the week ended Aug. 9.
results
For that week there
of
was an
increase of 25.3%, the aggregate
clearings for the whole country
having amounted
to
Volume
The Commercial
153
$6,294,760,781, against $5,023,430,876 in the same week of
1940.
Outside of this city there was an increase of 34.4%,
this center having recorded a gain of
16.9%.
We m*oup 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 gain of 16.7%, in the Boston
Reserve District of 29.8%, and in the Philadelphia Reserve
District of 34.4%.
In the Cleveland Reserve District the
totals register an expansion of 36.9%, in the Richmond
Reserve District of 35.5%, and in the Atlanta Reserve Dis¬
trict of 42.1%.
In the Chicago Reserve District the totals
are larger by 37.5%, in the St.
Louis Reserve District by
46.2%, and in the Minneapolis Reserve District by 33.6%.
In the Kansas City Reserve District the increase is 39.8%,
in the Dallas Reserve District 47.0%, and in the San Fran¬
cisco Reserve District 22.6%.
In the following we furnish a summary by Federal Reserve
Week Ended Aug. 9
Clearings atInc.
the bank clearings at
districts:
933
& Financial Chronicle
;
or
1938
1939
Dec.
1940
1941
%
Seventh Feder al Reserve D i strict—Chic ago—
540,200
399,209
+ 35.3
381,295
463,147
160,104,429
4,361,695
110,850,408
+44.4
86,144,419
2,859,732
+ 52.5
75,174,788
2,376,942
1,496,023
+ 75.6
2,752,214
1,830,613
M ich.—AnnArbor
Detroit
Grand Rapids
-
2,580,181
2,387,591
22,921,000
Lansing
Ind.—Ft. Wayne
Indianapolis
South Bend
+25.3
1,646,890
+62.6
5,254.314
+ 30.1
1,032,015
17,374,000
1,157,031
963,812
16,386,000
1,061,872
1,495,920
4,776,551
+7.7
1,434,894
9,366,229
+ 12.5
4,495,173
490,818
3,395,478
+32.4
461,547
+ 6.3
369,551,741
267,540,909
930,884
+ 38.1
+ 18.4
19,269,541
1,260,392
8,612,112
3,327,774
387,861
256,610,757
917,959
3,353,585
1,277,133
+ 50.9
3,443,200
247,074,570
759,287
3.282,276
+66.6
1.557,796
1,315,818
+ 18.4
1,278,025
1,238,748
1,165,598
621,805,673
Moines.
20,836,513
1,614,058
10,943,959
Terre Haute
la.—Ced. Rapids
Sioux
+ 54.9
2,677,312
6,838,079
22,440,108
Wis.—Milwaukee
Des
1,541,731
18,290,000
452,259,297
+37.5
411,633,399
386,772,552
72,800.000
27,673,272
114,885,129
City
111.—Bloomington
Chicago
1,111,758
5,061,595
2,128,180
Decatur
Peoria
Rocklord
Springfield
Total (18 cities)
+ 16.8
4,078,089
18,119,638
1,230,557
9,004,234
3,187,085
334,605
953,021
SUMMARY OF BANK CLEARINGS
Inc.or
a?
Boston
New York..12
Cleveland
__
7
6th
Richmond--
177,985,732
Atlanta
397,026,993
290,716.581
Chicago
41
II
Minneapolis 7
10th Kansas City 10
••
6
11th Dallas
100,093,821
128.050,273
127,966,983
59,154,983
56,829,821
226,271,081
220,822,829
5,023,430,376 + 25.3
4,658,962,163
3,250,957,272
2,419,389,176 +34.4
2,248,311,872
4,748,100,835
2,114,601,896
+33.1
279,907,538
298,252,486
add
330,235,779
439,621,735
32 cities
now
100,858,678
6,294,760,781
113 cities
Outside N. Y. City.
We
114,885,129
+33.6
+39.8
58,540,441 +47.0
247,433,940 +22.6
303,333,546
our
109,700,000
48,043,487
Ky.—Louisville
Tenn.—Memphis
—
24,270,529
646,000
111.—Quincy
detailed statement showing last week's
182,660,016
Total (4 cities).
3,940,447
—
Mass.—Boston
1938
S
$
%
$
-
633,856
+ 18.6
558,664
2,274,857
183,702.669
582,838
+ 23.3
687,627
+ 93.5
650,868
966,456
+ 6.8
3,293,775
3,136,181
+ 5.0
130,807,747
Total (7 cities).
97,926,644
+ 33.6
100,858,678
Reserve Dis trict- -Kansa
Tenth Federal
+ 60.6
+ 40.6
81,792
145,368
2 ,447,160
+ 26.7
2,455,031
28 ,818,630
+ 31.7
2 ,612,374
+ 12.4
29,075,959
3,003,734
4,725 268
2 ,849,070
+ 65.9
128,449 990
89 ,545,315
2 ,969,510
+ 24.9
3,708 471
300,822
+ 30.6
+24.7
1,999,147
465,245
656,583
573.675
+ 12.7
2,702,115
2,627,322
1,941,364
+22.2
10,547,706
+ 10.3
1,734,112
8.620,680
3,967,282
10,218,300
+32.0
1,822,485
8,607,264
3,312,037
Galveston
8,228,000
Wichita Falls-
N.H.—Manches'r
2,371,572
11,634.367
5,237,075
13,505,300
1,070,720
Total (12 cities)
296,550.310
New Haven—
3,739,676
9,360.600
+32.2
482,397
+ 122.0
511,020
443,096
228,424,733
+29.8
214,909,059
207,144,097
Feder al Reserve D istrict—New
Second
16,678,393 —140.4
+5.2
1,090,507
+ 39.7
29,000,000
4,782,916
13,850,205
1,394,983
27,400.000
28,000,000
426,329
+ 54.7
*470,028
407,431
740,153
3,043,803,509 2,604,041,200
New York
8,527,450
7,238,762
Rochester——
4,242,426
4,970,780
Syracuse—
+ 39.9
759,953
685,702
Blnghamton—
Buffalo
6,738,453
1,146,636
40,500,000
659,606
Elmira
1,035,662
Jamestown-
Conn.—Stamford
6,789,663
J.—Montclair
614,241
4,591,803
512,897
21,102,059
29,548,519
19,669,059
23,176,782
Newark
Northern N. J_
Total (12 cities) 3,165,436,578
Third
+ 39.8
2,783,585
753,588
643,957
128,050,273
127,966,983
Eleventh Fede ral
Reserve
1,607,227
46,366,134
1,370,133
43,187,703
6,776,527
1,556,000
746,012
3,193,446
56,829,821
District—Da lias—
+ 10.2
La.—Shreveport.
1,266,412
3,549,985
1,741,624
44,485,154
7,162,397
1,486,000
853,619
2,811,647
+ 26.3
6,021,143
1,625,000
779,920
2,855,559
Total (6 cities).
86,048,468
58,540,441
+ 47.0
59,154,983
Texas—Austin
1,918,955
68,191,293
9,016,675
2,105,148
...
Dallas..
Fort Worth
—
+ 53.3
+ 25.9
+ 41.7
+ 48.4
York-
N. Y.—Albany
N.
130,791,873
+21
4,607,697
84,499,562
327,833
+20.9
+ 58.9
R. I.—Providence
+ 21.8
182,807,091
Total (10 cities)
615,312
Worcester
607,679
721,317
76,729
143,451
2,448,147
28,698,216
2,001,612
2,545,155
87,729,877
2,819,725
890,794
613,377
629,826
2,945,784
363,718
Conn.—Hartford
+ 43.4
876 253
740 328
Colo.—Col. Spgs.
2,975,814
100,093,821
City-
87,293
133,525
3,101 729
37,941 485
2,935 ,602
977,778
Springfield
s
140 ,174
187 791
Kansas City...
2,300,717
713,443
716,867
805,247
3,420,719
Helena
3,320,737
New Bedford._
67,710,898
22,293,430
178,061,633
772,784
Lowell
3,382,652
66,944,263
511,779
+47.9
2,826,061
+ 31.3
+ 46.7
2,281,044
Pueblo
1,765,337
194,386,778
619,795
+ 16.7
22,833,896
1,031,885
—
751,981
_
13.890,857
521,000
3,376,769
64,644,671
1,330,798
Wichita
1939
2,610,799
253,933,479
Fall River
119,693,116
Mont.—Billings.
St. Joseph..
Portland
+45.2
S.D.—Aberdeen.
Omaha
or
Dec.
1940
Reserve Dist rict— Boston
Me.—Bangor
125,803,854
N. Dak—Fargo..
Paul
Topeka
Inc.
$
+20.4
24,019,735
2,191,785
St.
Lincoln.....
Week Ended Aug. 9
Federal
538,000
74,900,000
29,006,483
15,289,633
497,000
+43.0
+ 52.6
84,908,855
33,489,070
2,812,917
Minneapolis..
Hastings
Clearings at-
First
+42.1
Reserve Dis trict—Minne apolis-
Ninth Federal
Minn.—Duluth
Neb.—Fremont
figures for each city separately for the four years:
1941
31,489,137
17,076,717
76,700,000
129,363,704
386,772.552
119,693,116
130,791,873
86,048,468
••
12th San Fran...10
142,079,436
97,926,644
182,807,091
1 Reserve Dis trict—St. Lo uis—
Eighth Federa
Mo.—St. Louis—
120,544,180
411,633,399
130,807,747
•a
225,183,368
126,225,593
+37.5
452,259,297
182,660,016
9th
330,957,245
256,270,459
151,723,467 +42.1
-
621,805,673
««
4
375,461.097
125,803,854 +45.2
215,590,988
18
St. Louis--.
M
10
7th
Canada
131,373,942 +35.5
533,784,879
•a
li
8th
Total--.
207,144,097
2,727,537,106
397,949,753
6
6th
214,909,059
228,424,733
2,711,408,611
PhiladelphialO
4th
S
2,498,354,989
296,550,310
*•
• •
3d
1938
S
%
+29.8
+ 16.7
+34.4
+36.9
3,165.436,578
12 cities
1st
2d
1939
Dec.
%
$
Dists.
Federal Reserve
1940
1941
1941
to
8
2,711,408,611
914,702
+ 16.9 2,410,650,291 2,633,499,039
+ 17.8
6,312,121
7,118,122
+ 17.2
3,694,806
3,417,506
+47.9
3,807,059
3,236,045
+ 19.8
398,829
296,876
+7.3
15,830,356
+27.5
22,047,646
15,117,971
21,799,508
+ 16.7 2,498,354,989 2,727,537,106
Reserve Dis trict— Phila
delphi
556,561
Bethlehem
Ore.—Portland
781,861
—28.8
371,166
395,269
481,065
+33.8
402,159
531,163
a—
517.900
330,661
+56.6
292,776
258,867
Lancaster—..
1,540,658
+ 19.6
1,249,962
518,000.000
+34.5
364,000,000
Pasadena
Francisco.
San Jose
Santa Barbara-
Stockton....
Total (10 cities)
N. J.—Trenton-
4,171,900
Total (10 cities)
533,784,879
+ 22.6
226,271,081
220,822,829
247,433,940
(115
+ 16.1
+ 26.6
+ 17.2
+ 29.4
+ 20.1
+ 17.7
+ 36.4
+ 24
811,937
6,294,760,781 5,023,430,376
+ 25.3 4,658,962,163 4,748,100,935
Outside NewYork 3,250,957,272 2,419,389,176
+ 34.4 2,248,311,872 2,114,601,896
cities)......
320,000,000
2,232,889
+ 14.4
303,333,546
17,429,251
4,741,408
3,470,481
169,333,000
4,066,183
Calif.—L. Beach.
San
27,263,355
12,484,650
4,053,139
3,426,750
133,897,000
2,811,489
1,436,858
2,004,766
1,658,261
3,023,082
.
Utah—S. L. City
32,632,885
33,697,768
1,036,091
28,302,384
13,890,284
4,087,627
3,326,325
135,284,000
3,152,153
1,327,152
2,168,297
+ 38.6
46,352,800
1,192,913
Philadelphia—
1,287,660
385,000,000
1,236,091
2,079,421
1,178,563
1,227,671
.
Franc isco
37,549,855
1,040,954
36,607,650
14,867,457
3,663,469
2,888,771
143,850,656
2,981,187
1,336,599
2,647,342
52,050,507
1,208,573
Yakima.
Grand total
643,530
Federal
Pa.—Altoona
istrict—San
Twelfth Feder al Reserve D
Wash.—Seattle..
Chester
Reading-----.
1,482.673
Scranton—.—
3,087.233
1,551.535
Wilkes-Barre.
.
York—
Fourth
+ 19.9
1,138,020
2,410.693
2,090,024
+ 31.6
+ 81.9
1,076,531
1,111,290
3,424,000
+21.8
3,408,500
1,022,671
1,514,019
2,718,400
397,026,993
+34.4
375,461,097
330,957,345
2,193,745
53,418.265
+49.7
2,160,473
+37.7
50,048,683
94,167,603
+46.9
90,026,063
+29.5
10,471,000
Youngstown..-
3,699,921
10,293,900
1,578,441
3,175,707
+ 16.5
2,596,059
Pa.—Pittsburgh.
163,495,669
125,888,920
+29.9
99,497,417
397,949,753
290,716,581
+36.9
256,270,459
225,183,368
3,284,921
„
73,534,598
138,338,440
Columbus
13,332,800
Mansfield—
Total (7 cities)
.
Fifth Federal
2,263,404
1,470,764
Richmond
773,011
588,673
+31.3
386,034
326,379
2,801,000
+27.2
2,372,000
2,261,000
36,858,045
+26.5
38,858,045
39,652,533
1,718,032
93,458,640
.
Sixth Federal
Tenn.—Knoxville
31,833,575
—
Augusta
Macon
—-
Quebec
—
Halifax
Hamilton
*
Calgary
St.
John—
London..-—
Brandon
—
177,985,732
1,358,687
1,645,588
Fla.—Jacksonville
24,244,000
Ala.—Birmham—
27,163,534
2,978,101
103,842,021
26,887,838
19,168,470
47,653,777
5,431,430
3,168,438
5,132,245
5,348,150
+ 94.1
89,849,950
27,524,000
15,577,528
1,885,276
1,995,671
+ 24.1
101,059,155
27,419,190
16,864,460
21,296,106
4,317,115
2,239,549
3,641,531
4,107,403
1,781,109
2,294,903
3,523,112
3,568,443
347,194
407,410
+ 33.9
1,807,065
+41.9
3,369,693
2.510.937
+ 48.2
459,144
1,190,592
364,940
762,527
1,590,575
403,873
887,312
890,971
668,534
221,483
606,326
+18.3
+ 52.8
+ 12.2
+ 19.3
+ 45.8
1,047,069
819,488
1,192,097
950,178
2,045,132
392,093
873,556
655,424
469,456
400,821
921,277
439.621,735
330,235,779
3,675,700
6,566,819
6,388.684
2,338,764
2,159,230
3,072,001
4,998,630
5,551,137
453,766
1,195,833
969,629
+43.1
61,320,526
57,142,037
Brantford
24,772,699
+28.5
22,093,155
20,192,602
Fort William
1,063,192
Reserve Dlst rict—Atiant
72,900.000
76,170,243
+ 36.3
+61.9
Saskatoon
Jaw
126,225,593
120,544,180
Medicine
Hat
—
Peterborough
5,184,932
+ 18.7
1,060,854
65,292,671
+35.5
Sherbrooke
a—
+ 16.4
3,797,156
-
Kitchener
974,890
4,455,691
19,466,740
53,900,000
+33.6
17,126,727
3,657,250
16,120,294
+ 35.3
53,000,000
46,800,000
1,078,352
+26.0
1,003,071
789,995
Moncton
904.292
+ 82.0
900,605
658,061
Kingston..
741,090
16,754,000 ,+44.7
+35.9
19,991,556
14,428,000
13,207,000
Chatham
578,546
17,238,658
16,948,816
1.590,347
136,952
1,406,669
Miss.—Vicksburg
147,903
145,195
+63.8
+ 1.9
La.—New Orl'ns.
53,960,180
33,209,641
+ 62.5
32,857,920
29,663,541
Total (10 cities)
215,590,988
151,723,467
+42.1
142,079,436
—
Windsor
Prince Albert.
Sarnia
—
—-
3,057,858
534,875
1,070,903
—
Sudbury
129,363,704
Mobile
1,818.000
112,078
Total (32 cities)
*
Estimated,
%
96,291,333
1,880,862
616,964
995,546
131,373,942
1938
1939
94,375,590
114,325,799
128,675,122
52,187,867
21,220,547
64,988,879
5,979,326
618,763
Lethbridge
Moose
or
Dec.
504,035
1,035,307
Ottawa
New Westminster
26,008,063
Nashville.
Vancouver
Regina
Reserve Dlst rict—Richtn ond—
Md.—Baltimore-
Total (6 cities)
-
Edmonton
S.C.—Charleston
D.C.—Washing'n
Toronto
Victoria
46,638,474
V*a.—Norfolk
Ga.—Atlanta
+43.4
3,564,000
W.Va.—Hunt'ton
%
Winnipeg
1,616,310
48,109,119
73,150,231
9,337,200
1,235,302
1,768,695
89,966,511
-
Inc.
1940
1941
Canada—
Cleveland
Cincinnati
Clearings al-
Montreal-
eland—
Feder al Reserve D istrict—Ciev
Ohio—Canton
Week Ended A ug. 7
1,234,019
+48.5
x
No figures
available.
+ 10.7
+ 36.4
+ 10.1
+ 16.0
+28.0
+ 19.5
+8.2
+ 55.6
+ 30.7
20,488,021
4,832,902
2,433,023
4,846,701
3,990,666
1,821,613
1,634,069
2,168,191
3,456,290
2,946,891
311,034
1.701.936
297,388
467,388
1,167,251
487,849
652,862
.
i
458,824
824,159
710,454
+ 64.8
624,689
623,476
122,580
+25.8
550,209
594,685
+ 27.8
+25.5
658,564
711,058
977,333
+ 49.5
2,071,748
+ 36.4
293,860
2,138,064
290,885
637,255
704,742
187,795
623,267
+ 22.6
614,783
+ 13.1
534,646
+ 23 .*2
434,847
498,179
+ 25.8
422,290
484,359
+ 12.4
871,561
1,182,505
+ 33.1
279,907,538
298,252.486
582,441
The Commercial & Financial Chronicle
934
AND SINKING
CALLS
REDEMPTION
The cash
bonds, notes, and
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
number gives the location in which the details were give in
5 the Chronicle."
Company and Issue—'\ 1 ■ v;:;v;V
|f'
Date
Page
Alabama Gas Co.
Sept.
4.'A% bonds
680
Connecticut
xl591
681
684
CURRENT ASSETS
Assets—
685
685
96
$22,674,390,597.81
$22,674,390,597.81
Total
LiaMlUies—
984
fund—Federal Reserve notes
——
14,655,753.36
(Gold reserve.—.—156,039,430.93
■Kf Redemption
Note—Reserve against $346,681,016 of United States notes
$1,160,472 of Treasury notes of 1890 outstanding. Treas¬
of 1890 are also secured by silver dollars in the Treas¬
and
ury notes
>
ury.
■
$22,335,758,574.09
Gold in general fund:
Balance of increment resulting from reduc¬
tion in the weight
1
693
Sept.
——Sept.
1
1
694
£3028
Nov.
1
101
399
841
993
842
Iowa Power &
—
Keith Memorial Theatre Corp. 1st mtge. bonds
•,
Lehigh Valley Coal Co. 6% notes
Aug. 20
Lukens Steel Co. 8% bonds
Sept. 5
♦Manila Electric Co. 5% bonds
Aug. 25
Melville Shoe Corp. 5% pref. stock..
Aug. 20
Mengel Co. 1st mtge. bonds—
...
Sept. 1 y
National Battery Co. preferred stock
...Oct.
1
National Distillers Products Corp. 3H% debentures.. ..Sept.
1
National Oil Products Co. SH% debs.....
........Sept, 1
Nebraska Light & Power Co. 1st mtge. 6s—
Nov. 1
Pennsylvania Water & Power Co. 3'A% bonds—
Sept. 1
....
Peoples Gas Light & Coke Co.—
First mortgage 1942 series B..,.»w--»-8ept.
First mortgage 1942 series D..............
—
Sept.
Peoria Water Works Co—
_
842
556
696
697
£3032
700
846
846
1
1
„
.....................Nov.
4% debentures...
1
*3355
...Nov.
Nov.
Nov.
1
1
1
£3355
£3355
£3355
Prior lien 5s
First consolidated 4s...
—
...
First consolidated 5s
—...
—....
Sept.
-
Remington Rand, Inc. 20-year 4x/i% bonds
107
2
Sept.
Philadelphia Co. 5% bonds..
1
701
..Sept. 15
Oct.
1
Light Co.—See Commonwealth &
999
702
♦Richfield Oil Corp. 4% debs
Safeway Stores, Inc. 5% pref. stock
Southeastern Power &
Southern Corp
Adjustment mtge. bonds
♦Standard Ice Co. 6% bonds
Warner Co.
Wickwire
......
Oct.
1
Aug. 22
Aug. 26
1st mtge. 6s
Sept.
Spencer Steel 6% notes
30-year bonds
♦
Announcements this week
£
$22,674,390,597.81
-
SILVER
$1,443,537,445.65
silver (oz. 1,116,485,993.1)
Silver dollars (oz.
490,736,147.00
379,553,738.7)
Total
$1,934,273,592.65
;.
Liabilities—
$1,919,709,399.00
Silver certificates outstanding
Treasury notes of 1890 outstanding
1,160,472.00
Silver In general fund.:—13,403,721.65
Total....
$1,934,273,592.65
....
GENERAL FUND
,
$338,632,023.72
13,403,721.65
5,889,580.58
87,293.02
663,697,905.77
Silver—At monetary value (aa above)
Subsidiary coin (oz. 4,260,360.9)
Bullion—At recolnage value (oz. 63,145 6)
At cost value (oz. l,348,513.533.5)a.
Minor coln.'.w-.-w^iwVH.-wi■'
■/ 2,574,997.61
United States notes
2,171,360.00
14,289,117.50
Federal Reserve notes
Federal Reserve bank notes
153,603.50
National bank notes
474,265.00
Unclassified—Collections, &c
17,127,656.53
—
Federal Reserve banks
,
pd
To credit of Treasurer United States
709
679,992,000.00
„
■
To credit of other Government officers
.....i...
73,859,046.55
58,784,078.60
Foreign depositaries—To credit of Treasurer United States...
1007
100,000.00
To credit of other Government officers
256
1
934,110,543.32
Special depositaries account of sales of Government securities.
National and other bank depositaries:
272,307.45
1,229,471.37
Philippine Treasury—To credit of Treasurer United States...
V. 152.
Total
NATIONAL
BANKS
$2,806,848,952.18
Liabilities—
,
Treasurer's checks outstanding
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
The
from the office of the
COMMON CAPITAL
STOCK INCREASED
Of I?ICT€(IS6
Aug. 4—First National Bank in Greenwich, Greenwich, Conn.
From $200,000 to $250,000
Aug. 6—Bellwood National Bank, Bellwood, 111.
to $100,000
$29,820,059.99
2,526,250.32
Deposits of Government officers—Post Office Department
Board of trustees, Postal Savings System:
59,300,000.00
7.844,092.77
99,811,202.27
8,741,166.74
5% reserve, lawful money
Other deposits
Postmasters, clerks of courts, disbursing officers, &c
Uncollected Items, exchanges, Ac
$208,042,772.0&
$50,000
Balance today—Increment on gold (as above).
From $50,000
Seigniorage (silver
50,000
Aug. 7—The First National Bank of Ralston, Ralston, Pa.
$35,000 to $50,000
see note
1)
Working balance....................—
From
$143,197,346.18
607,431,421.10
1,848,177,412.81
2,598,806,180.09"
15,000
Total.—
$2,806,848,952.18
CHANGE OF LOCATION AND TITLE
I
.
Assets—
Gold (as above)
Deposits in:
Sept. 15
Sept.
Total
xl586
£3827
1002
852
1
♦Wilson & Co., Inc., 1st mtge.
Winslow Bros. & Smith Co. 5H% debs
$143,197,346.18
195,434,677.54
of the gold dollar
In working balance
338,632,023.72
10
18
1
1
Co. 6% bonds
Light Co. 1st mtge. bonds
1.800.000.000.00
'
Exchange stabilization fund
985
394
£2550
*3805
'3H% bonds._
..... —
Sept.
Durez Plastics & Chemicals, Inc., 4^% debs
Aug.
East Tennessee Light & Power Co. 6% refunding bonds .Nov.
Federal Light & Traction Co. 5% bonds
Sept.
Illinois-Iowa Power Co. 6% bonds..
Oct.
International Paper
$2,877,975,879.00
Fed. Res. System. 17,487.087,510.80
Gold certificate fund—Board of Governors,
£3965
more
7
,
Gold certificates—Outstanding (outside of Treasury)
687
..Aug. 30
of Balti¬
Consolidated Aircraft Corp. $3 prer. stock
♦Consolidated Gas Electric Light & Power Co.
AND LIABILITIES
GOLD
•>,
239
686
,
1
...—..Sept.
Light & Power Co. 3XA% debs..
/
Gold (oz. 647,839,731.4)
983
.#(
holdings of the Government as the items stood
Treasury July 31, 1941.
680
2
—Sept. 1
& Film.
American Wire Fabrics Corp. 7% bonds
Sept. 1
Central States Edison, Inc. 15-year bonds..
Oct.
1
♦Central States Power & Light Corp. 1st mtge. & 1st lien
gold 5Ms, 1953...
...Sept. 19
Champion Paper & Fibre Co.—
,
-i
4H% bonds (1938)—-Sept. 1
4%% bonds (1950)-.......w,...Septi i
Chicago Union fetation Co., 3H% bonds
..Sept. 1
Coast Counties Gas & Electric Co. 4% bonds, series B. .Sept.
1
Colon Development Co., Ltd. 6% pref. stock
Aug. 27
♦Columbus & Southern Ohio Electric Co. 1st mtge. 3 Jis_.Sept.
1
1941
July 31, 1941, are set out in the following.
The figures are
taken entirely from the daily statement of the United States
■
Allentown Bethlehem Gas Co. 1st mtge. bonds..
American I. G, Chemical Corp.—See General Aniline
16,
TREASURY CASH AND CURRENT LIABILITIES
FUND
NOTICES
Below will be found a list of corporate
Aug.
Aug. 6—Location of the "Bellwood National Bank," Bellwood,
111., changed to Melrose Park, 111., and title changed to "Melrose
a
The weight of this Item of silver bullion Is computed on
the basis of the
cost per ounce at the close of the month of June, 1941.
average
.»
Park National Bank."
VOLUNTARY
LIQUIDATION
Amount
$75,000;
Aug. 7—The First National Bank of Delmar, Del
Common stock,
$50,000; preferred stock (RFC), $25,000.
Effective July 28,
1941.
Liquidating Agents, Samuel N,
Culver and Harry Gibson, both of Delmar, Del.
No absorbing
or succeeding association.
TREASURY
The following
MONEY
Note 1—This Item of seigniorage represents the difference between the cost valueand the monetary value of silver bullion revalued and held to secure the silver
certificates Issued
of silver acquired under the Silver Purchase Act of"
account
Note 2—The amount to the credit of disbursing officers and certain agencies today
was$4,403,919,528.69.
COMPARATIVE
HOLDINGS
PUBLIC
DEBT
STATEMENT
(On the basis of dally Treasury statements)
from the daily Gov¬
ernment
statements, shows the money holdings of the
Treasury at the beginning of business on the first day of
June, July and August, 1941; also on the first day of Aug.,
compilation, made
on
1934 and under the President's proclamation dated Aug. 9, 1934.
up
Gross Public Debt
Date
Com¬
1940:
Per
Amount
puted
Capita
Int.
Ralec
Holdings in XJ. S. Treasury Aug.
1,
1941
1,1941
July 1, 1941
June
$387,132,495
673,113,300
1,635,488
Aug.
1,
1940
S
Net gold coin and bullion.
$494,671,455
$439,545,404
Net silver coin and bullion
677,188,921
677,622,802
Net United States notes..
2,171,360
Net National bank notes.
474,265
Net Federal Reserve notes
14,289,117
7
153,603
Net Fed. Res. bank notes.
Net subsidiary silver
Minor coin, &c
5,889,561
19,702,654
2,553,062
441,900
13,156,703
348,514
3,962,760
21,541,721
187,455
10,926,597
426,444
5,430,615
22,571,383
$393,543,548
680,678,281
2,188,145
1,545,651
14,595,405
413,293
2,836,796
22,943,506
Mar. 31. 1917—Pre-war debt
156,039,431
156,039,431
945,384,346
962,705,194
156,039,431
661,174,000
934,110,543 1,024,085,234
542,801,000
469,502,597
73,859,047
To credit disb. officers.
58,784,079
Cash in Philippine Islands
Deposits in foreign depts.
1,229,471
372,307
63,342,800
58,995,368
1,477,009
283,472
59,638,258
59,809,722
1,572,162
223,414
57,283,659
34,505,724
1,990,437
333,474
♦
Treasury
and in banks
Deduct current liabilities.
2,806,848,952 2,812,491,308 2,078,931,499 2,413,668,328
155,932,154
208,042.772
174,531,144
as
on
Aug.
1, $663,785,199 silver bullion and $2,574,998 minor coin,
indicated in statement "Stock of Money."!
b371.70
2.522
3.750
Principal
and
Int.
Interest
General
Fund
;
Balance e
e
Mar. 31,1917—Pre-war debt
%
$
$
74,216,460.05-
Aug. 31, 1919—Highest war
debt...
Dec.
1,118,109,534.76
31,1930—Lowest post¬
war
debt
306,803,319.55-
July 31,1940—A year ago.. 5,498*551,330.28 1.978 31 "378,214.32 2,257,736,173.42
June 30, 1941—Last month 6,359,619,105.28 1.834 13,775,282.88 2,633,174.062.11
July 31, 1941—This month. 6,929,612,255.28 1.788 13,099,128.93 2,598,806,180.09
17^,317,246
Available cash balance. 2,598,806,180 2,638,174,062 1,904,400,355 2,257,736,174
♦Includes
2.518
Rate
$
To credit Treas. U. S..
in
2.582"
a367.83
Com¬
Amount
718,236,000
638,613,840
other bank deposltarles-
cash
129.66
a331.49
Matured
Deposited in National and
Net
16,026,087.087.07
puted
679,992,000
4.196
Unmatured Primlipoid
Date '
tories account of sales of
Government securities.
2.395-
43,770,544,600.21
Deposit in special deposi¬
Dep. in Fed. Res. banks..
250.18
Obligations of Governmental Agencies
Guaranteed by the United States
156,039,431
Cash balance In Treas.. 1,058,501,505 1,003,133,435
%
12.36
26,596,701.648.01
48,961,443.535.71
49,512,540,128.70
July 31, 1940—A year ago
June 30, 1941—Last month
July 31, 1941—This month...
Total cash in Treasury. *1214 540,936 *1159172,866 1,101,423,777 1,118,744,625
Less gold reserve fund
$
1,282,044,346.28
Aug. 31, 1919—Highest war debt
Dec. 31, 1930—Lowest post-war debt..
a
Revised,
not include
b Subject to revision,
c Computed on interest-bearing debt,
d Doe:
obligations owned by tbe Treasury,
e Cash te held by the Treasurer
of the United States for tne payment of outstanding matured principal of and interest,
on
guaranteed obligations and 1s included In the general fund balances.
■
Volume
The Commercial &
153
REPORT
MONTHLY
The
ON
Financial Chronicle
935
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES
monthly report of the Treasury Department, showing assets and liabilities
corporations and credit agencies, financed wholly
or
in part by the United States,
of June 30, 1941, of governmental
as
was
contained in the Department's "Daily
Statement" for July 31, 1941.
As
was
now
computed, the Federal Government's proprietary interest in these agencies and corporations,
$3,435,683,632, and that privately owned
SUMMARY
$423,979,572.;
was
of June 30,
' lN
LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE
(d) OF COMBINED STATEMENT OF ASSETS AND
UNITED
as
|
(
REPORTS RECEIVED BY THE TREASURY *—JUNE 30, 1941
STATES, COMPILED FROM LATEST
\
v>
Assets
Investments
Real
Accounts
e
Guaranteed
All Other
$
Export-Import Bk .of Wash
113,776,439
19,354,765
Federal Deposit Ins .Corp.
Tenn. Valley
97,020"064
Works Admin
Public
U. S. Maritime Comm'n.
.
Rural Electrification Adm
Home Owners' Loan Corp
Federal Savings and
45",079
9,939,675
28,775,914
77,002
804,842
402 ,335,360
305,282450
11,965" 4 56
454 .399,451
13,152,690
308 ,257,066
100,000,000
2,591, 590,589
15,000,000
184 ,916,814
17 ,940,139
11,088
555 ,967,368
"
20,439*,827
37,621,999
5,665,594
2,7~59~647
318,855",365
27,696,152
1,206 863
10,692,593
86,293,424
h4,482,012
26 119
1,290,157
200,640,176
455,783,102
279,765,594
5,819,292
1,870,304,941 1182853,360 110,997,984
57,539,383
14,407,485
32,274,901
3,570453
12,660,883
169,897,390
Federal Nat. Mtge. Assn.
Authority-
Credit Admin
Corp.
1,933,087
25,027,552 103,034,928
53,112,190
10,294,880
6,178~59i
924,579
Federal Housing Admin..
Federal Farm Mtge.
5
2,711 ,285*521
1,097 ,181,351
47,498,171 1,065,017,799
752,945,458
86,400
Loan
Corporation.
Federal Home Loan Bks._
Farm
$
448,110
5,023,119
14,576
97 ,020,064
46,559,376
32,530,343
289,438,776
Insurance
U. S. Housing
s
7,507,733 385,060,218
418,542",378
8,885,565
Authority--
and
Agencies
17,246
35,692,596
7,972,130
Corp.
Federal Crop Insur.
Total
Corporations
h69 318.507
1,720,892
53",556",636
$
8,300,000 626,749,496
h79 065,112
826,022
Commodity Credit Corp.
Government
Other 1
Property
50,674,400
gl,814,620
244,321,640
Due from
Business
by U. S.
$
1,081,738*132 429,044,793
and Other
Receivables
Securities
Stales
$
Reconstruction Fin. Corp.
United
Securities
Cash
Capital
Stock, &c.
Estate
and Other
Preferred
Loans
729*050
194 ,112,838
j315 604,208
362 978,747
630 .118,518
220
254 941,354
Banks lor cooperatives—
73 746,996
14*371,386
23,962,515
46,244,950
6,657,881
1,004,180
15,223,294
Regional agric .credit corps
War emergency corp'ns &
agencies (In llquld'n):
4,044,043
48,979,123
11,227,759
5,693,868
6, 070 227
1,253,187
63, 312 934
8,213,822
260,558
18,217,571
12,479,408
14,426
56,923
365,454
59, 474
43, 387
322,060,159
128.057,487
110,901,691
22,359,683
35,682
454,847
Navy Dept. (sale ol sur¬
plus war supplies)...
Sec. of the Treas. (U. S.
1,474,783,204
2,241,978.835
2,684,301
77,890.916
2,047,127
Fed. Interm. Credit banks
Production credit corp'ns.
2,996,623 127,432 507
4, 354 ,031 170,471,953
53,110,751 104,302,110
35,999,597
16,535,750
291,511,973
220,487
81,921
761, 129 840
20,643,663
Federal Land banks.*— 1,817 ,937,635
130,920,146
447,643
15, 430
23,661
4.431,031
4,431,031
'
16,592
123,678
85,982
54,312
4,635
17,968
64,261
1.847,726
654,325
2,755
h3,545,052
574,552
U. 8. Housing Corp
U.S. Spruce Prod.Corp.
43,604
1,216,162
441,910
4,065
RR. Admin.).
2,700
Otner:
EI. Home & Farm Auth.
1,000
18,837,807
17,330,131
Admin. _
460,864,478
Disaster Loan Corp
Farm Security
1,181,423
3,536477
22,548,495
160,001
47,007
4,146",938
980
656,636
29,323,662
Fed. Prison Indus., Inc
Interior
16,431
470,993
35,888,678
17,883,510
526,733,454
10,179,430
1,314,792
(Indian
Dept.
loans)
Inl'd Waterways Corp.t
Nat. Defense corp'ns.r
2,672,193
424,930
30,000
34
2,000.666
9,438,524
Panama RR. Co.t
Puer. Rico Recon Adm.
4",225402
Co
Tenn. Valley Associated
Cooperatives, Inc—
65,146,953
RFC Mortgage
252,642
522,218
295,501
19,488,461
2,121
269,602,159
498,851
39,527,820
220,304
6,884",702
2,672,193
25,111,050
103,654
h41 347,424
3,850,419
721,368
1,627",053
310,981,738
54,190,871
2,209,871
7,556,168
75,773,316
2,111,466
1,219,600
"""778
hi,648,180
465,650
293,377
2,189
4,721
33,825
Treasury Department:
Advances to Fed.Res.
RR.
27,546,311
23,670,900
27,546,311
bks. for Indus, loans
23,670,900
Fed. savs. & l'n assns
i
(Trans¬
loans
portation Act,'20).
25,212,578
25,212,578
Secure, rec'd by Bur.
of Int. Rev. in set¬
60,166
60,166
tlement of tax llab's
Secure, rec'd from the
under
RFC
Feb.
Act
of
2,101,000
2,101,000
24,1938
Inter-agency ltems:m
'
Due from other gov¬
ernmental
tlons
or
corpora-
303,012,928
303,012,928
agencies. ..
Due to other govern¬
mental
corp'ns
or
agencies
8,105,780,352 636,826,543 376,398,514 802,293,281 122,738,330 890,056,340 597,707,050 635,564.678 1870,648,893 1,570,460,044 15,608,474,025
Subtotal
M
Less: Inter-agency In¬
1,570,460,044
terests incl. above
1,570,460,044
0
14,038,013,981
8,105,780,352 636,826,543 376,398,514 802,293,281 122,738.330 890,056,340 597,707,050 635,564,678 1870.648,893
Total
Proprietary Interest
Liabilities and Reserves
Distribution of U. S. Interests
by United
States q
Guaranteed
by
United States
Govt. Corp'ns
Liabilities
and Agencies
Privately
United
Owned
Total
Interests
Owned by
A ssets Over
Due to
Not
United State
Inter-agency
Excess of
Guaranteed
Net
States
Capital Stock
Surplus
$
Reconstruction Fin. Corp. kl746681 ,094
g360,448,572
Commodity Credit Corp. k697,392, 427
Export-Import Bk .of Wash
Federal Crop Insur. Corp.
Federal Deposit Ins.Corp
Tenn. Valley Authority..
159,202,971
267,444
3,940,139
266,667,811
17,984,937
57,257,748
2,176,089,403
996,754,705
184,649,370
14,000,060
289.299,557
327,092,675
97,020,064
168,783,888
3,940,139
266,667,811
75,242,685
Public Works Admin
Home Owners' Loan Corp.
100.426,646
2,435,523,919
142
285,615" 563
189,583,000
285,615*421
U. S. Maritime Comm'n..
Rural Electrification Adm
189,583,000
2,483,953,281
1,531,262
108,194,781
22,221,585
181,684,011
318,031,276
129,388,884
183,317,192
64,071,839
18,956,165
137,751,826
58,982,288
100,000,000
434,962,983
84,695,720
113,460,208
110,541,260
20,867,213
139,299,557
118,674,066
48,429", 362
107.637,308
Federal Savings and Loan
Insurance Corporation.
1,531,262
Federal Home Loan Bks..
108,194,781
Federal Housing
Admin..
17,624 ,630
4,596,955
k226,956 ",732
89,862,470
6,074,544
Federal Nat. Mtge. Assn.
U. 8. Housing
Farm
Authority.
Federal Farm Mtge. Corp.
91,821,541
85,000,000
220,783,306
Credit Admin
1,279",146 ',153
Federal Land banks.*
93,931,328
1,806,463,200
1,705,723
237,350,013
2,117,871
14,426
552,652
220,783,306
1,374,783,204
1,807,015,852
237,364,439
325,000,000 g210,196,118 b996,058,062
426,646
125,159,307
100,000,000
9,649,370
175,000,000
"bib 088
14,000,000
150,000,000
150,000,000
56,452", 906
327,092,675 a327,092,675
a97,020,064
97,020,064
bl1,965,314
168,783,888 al68,783,888
176,430,304
118,674,066 all8,674,066
C92.362.692 bl00.000.000
200,000,000
107,637,308
535,196,118
100,426,646
184,649,370
14,000,000
535.196,118
267,444
68,959,737
140,159,307
58,576,192
129,388,884
124,741,000
64,071,839
18,956,165
100,000,000
10,000,000
100,000.000
67,516,685
1145,966,626
24,695,720
19,836,057
360,431
14,597,279
360,431
Regional agric .credit corps
War emergency corp'ns &
agencies (In llquld'n):
Navy Dept. (sale of sur¬
plus war supplies)
1,492,470
1,492,470
213,483,311
84,695,720
108,836,057
60,000,000
89,000,000
110.541,260
105,000,000
U. 8. Housing Corp
350,000
U.S. Spruce Prod.Corp.
350,000
5,000,000
4,431,031
a4,431,031
64,261
a64,261
1,847,726
304,325
1,847,726
34,077,191
100,000
82,179
El. Home & Farm Auth.
16,682,953
Farm
28,273,818
82,179
C32.229.465
22,466,316
1,200,557
382,052,331
9,786,786
22,466,316
1,200,557
24,000,000
Cl,533.684
Security Admin..
Fed. Prison Indus., Inc.
116,407,305
392,644
16,682,953
144,681,123
392,644
382,052,331
8382,052,331
9,786,786
84,113,380
(Indian
304,325
Inl'd Waterways Corp.t
Nat. Defense corp'ns.r.
Panama RR.
Co.t
Puer. Rico Recon Adm.
1,125,920
9,670.496
1,863,798
2,672,193
850,000
266,763,530
328,348
350,000
204,325
350,557
""
"b980
80,518,627
5",673406
82,672,193
1,125,920
2,672,193
23,985,130
23,985,130
12,000,000
276,334,026
34.647,712
34,647,712
27.000,000
2,192,146
51,998,725
51,998.725
7.000,000
7.556.168
7,556,168
loans)...
b978,578
b7.664.919
bl2,464,982
12,464,982
15,867,213
Other:
Disaster Loan Corp
85,000,000
5,541,260
20,867,213
4*,624^61
Sec. of the Treas. (U. 8
RR. Admin.)
91,821,541
a58,982,288
100,000,000
'221,479,672
1,000,000
58,982,288
4,431,031
12,479,408
Production credit corp'ns.
Banks for cooperatives—
Dept.
8,956,165
136,751,826
137,751,826
64,261
Fed. Interm. Credit banks
Interior
29,388,884
124,741,000
a64,071,839
8
7,556,168
11,985,130
7,647,712
44,998.725
266,763,530
bl,881,523
The Commercial & Financial Chronicle
936
lAabUUiet and Reserves
Aug. 16, 1941
Proprietary Interest
Distribution of U. 8. Interests
Excess of
Guaranteed
Not
by United
Guaranteed by
Stales q
United States
Due to
and
United
Assets Over
Govt. Corp'ns
Total
Owned by
Liabilities
Privately
Owned
Slates
Agencies
f
%
Capital Stock
Surplus
1,718,726
48,701,423
60,420,149
Interests
Net
%
%
Other—(Concluded)
RFC Mortgage Co
Teno. Valley Associated
States
Inter-agency
United
%
25,353,167
25,000,000
353,167
293,377
293,377
1,000
292,377
27,546,311
23,670,900
27,546,311
#27,546,311
23,670,900
23,670,900
25,212,578
25.212,578
a25.212.578
60,166
60,166
a60,166
2,101.000
Cooperatives, Inc.
25,353,167
2,101,000
#2,101,000
303,012,928
303,012,928
a303,012,928
38,634,754
#38,634,754
38,634,754
423,979,572 3.887,424,632 3,334,769,189
552,655,443 n451,741,000
..
Treasury Department:
48,701,423
Advances to Fed.Res.
bks. for Indus, loans
Fed.
save.
RR.
A l'n
loans
assns.
(Trans¬
portation Act,*20).
Secure, rec'd by Bur.
of Int. Rev. In set¬
tlement of tax llab's
Secure, rec'd from the
RIC under Act
of
Feb. 24. 1938
Inter-agency ltemsrm
Due from other gov¬
ernmental
tions
corpora¬
agencies...
or
Due to other govern¬
mental
corp'ns
agencies
38,634,754
Subtotal,.
Less:
38.634.754
38,634,754
6,403,324,955 3,775,025,822 1,118,719,044 11,297,069,821 4,311,404,204
Inter-agency In¬
terests lncl. above.
Total
♦
These
1,118,719,044
6,403,324.955 3,775,025,822
reports
are
revised
by
0
1,118,719,044
451,741,000
a
the Treasury
respective
Deficit
lnter-agency assets (deduct).
'
m Represents
lnter-agency assets and liabilities of the Treasury Department
and of Government agencies, which
agencies are not included In this statement.
sponding organizations,
1 Also Includes real estate and other property held for sale,
p
30, 1941, the United
States
t
STATEMENT
OF
capital stock
and
paid-in surplus of
the
assets
and
liabilities of
-
Government
corporations
30,
1941,
and
are not
$635,064,400.00
530,838,700.00
1,165,903,100.00
5,698,468,500.00
_
Treasury bills (maturity value)
$1,603,332,000.00
4)4% adjusted service bonds (Govt, life insur. fund series 1940).
15,761,000.00
13,133,500 00
117,352,100.00
Special
$196,046,600.00
Treasury bonds:
4U% bonds of 1947-52
4% bonds of 1944-54
$758,945,800.00
1,030,692,400.00
3h% bonds of 1946-56
3H% bonds of 1946-49
3% bonds of 1951-55
3H% bonds of 1941
3M% bonds of 1943-45
3H% bonds of 1944-46
3% bonds of 1946-48
bonds Of 1955-00
bonds Of 1948-51
bonds of 1951-64
bonds of 1945
981,826,550.00
1,786,129,650.00
540.843,550.00
bonds of 1948
450,978,400.00
bonds of 1940-63
bonds of 1958-63
2H% bonds of 1900-65
2% bonds of 1947
2% bonds of 1948-50 (Dec. 1939)
2)4% bonds of 1951-53
2H% bonds of 1954-50
—....
2% bonds of 1948-50 (Mar. 1941)
2)4% bonds of 1952-54
2)4% bonds of 1956-58
.
U. S. Savings bonds (current redemp.
value):
Series A 1935...
...
107,850,000.00
744,700,000.00
5,520,000.00
Alaska Railroad retirement fund series,
•aturlng June 30, 1942 to 1946
2%
Savings System
1942 to 1945
series,
2%
88,000,000.00
...
..
maturing Jan. 1, 1942
2)4%
Unemployment
5,050,000.00
fund series,
ma¬
2,333,000,000.00
—
808,573,594.75
Matured Debt
on
matured—Issued prior to April
1917 (excluding Postal
Savings bonds)
2)4% Postal Savings bonds
1.
451,139,025.00
214,668.925.00
2)4%,
Series G-1941
93,949,876.00
563,404,400.00
4%
Unclassified sales.
133,191,040.91
4)4% Third Liberty Loan bonds of 1928
4)4% Fourth Liberty Loan bonds of 1933-38.
3)4% and 4*4% Victory notes of 1922-23._.
3H% Treasury bonds of 1940-43 and 1941-43.
and
and 4)4%
1932-47
4)4%
Second
First Liberty
40,214,000.00
238,860,800.00
835,339,629,826.16
Liberty
Loan
bonds
Ctfs. of
reg.
indebtedness, at various interest
ser.
rates
Treasury bills, regular series
r
National defense series
15,1941.
$204 ,425,400.00
15,1942.
426 ,349,500.00
342 ,143,300.00
232 ,375,200.00
629 ,113,900.00
420 ,971,500.00
Treasury savings certificates
n
.,
Debt
D
_
IT
35,760.00
8,767,350.00
Treasury notes, at various int. rates,
Total bonds
$3,739,100.26
Loan
Of 1927-42
4,649,449,726.16
of 1945.
4%,
bonds of
2,352,000,000.00
—$48,965,009,282.56
Which Interest Has Ceased—
Old debt
1,004,483,284.50
2% depositary bonds
3,471,421,000.00
$19,000,000.00
trust
turing June 30, 1942
Total interest-bearing debt
outstanding
406,447,853.75
489,619,998.50
15.1943.
1%
series C-1943. maturing Sept. 15,1943.
H% series Di-1943, maturing Mar.15, 1943.
H% series A-1944, maturing June 15,1944.
1%
series B-1944, maturing Mar. 15,1944.
1%
series C-1944, maturing Sept. 15.1944.
H% series A-1945. maturing Mar. 15,1945.
3,925,000.00
105,000,000.00
Certificates of Indebtedness—
4% Adjusted service certificate fund series,
$171,525,345.50
Series D-1939
Series D 1940.
15,1942.
15,1942.
15.1943.
32,259,000.00
Federal
Deposit Insurance Corporation
series, maturing Dec 1, 1943 to 1945
2% Federal Savings and Loan Insurance Cor¬
poration series. maturing June 30. 1945...
30,215,068,700.00
Series C-1938
Treasury Notes—Regular Series—
H% series C-1941, maturing Dec.
1H% series A-1942, maturing Mar.
2%
series B-1942, maturing Sept.
1)4% serieS'C-1942, maturing Dec.
1)4% series A-1943, maturing June
1 H% series B-1943. maturing Dec,
1,180,000.00
maturing
Government life Insurance fund series,
maturing June 30, 1943 to 1946
Service life insurance fund series,
maturing June 30, 1945
724,677,900.00
1,115.368,400.00
1,023,568,350.00
1,448,712,650.00
Series C-1937.
Series F-1941
6,546,000.00
3% National
312,446,472.25
E-1941
785,000.00
2%
571,431,150.00
1,118,051,100.00
Series B-1930
Series D-1941
Postal
June 30.
680,692,350.00
bonds of 1953-55
ma¬
4%
918,780,600.00
1.185,841,700.00
1,485,384,600.00
701,072,900.00
bonds of 1950-52
series,
.
1,626,687,150.00
bonds of 1956-59
account
maturing June 30, 1942 to 1940
4% Canal Zone retirement fund series, ma¬
turing June 30. 1942 to 1946...
2,611,092,650.00
1,214,428,950.00
1,223,495,850.00
bonds of 1945-47
1,328,100,000.00
retirement
4% series maturing June 30, 1942 to 1946..
3% series maturing June 30, 1944 and 1946
4% Foreign Service retirement fund series,
46.567,350.00
bonds Of 1949-52
Railroad
turing June 30, 1942 to 1946
Civil service retirement fund:
1,400.528,250.00
1,518,737,650.00
1,035,873,400.00
491,375,100.00
~
series, maturing June 30
1944 and 1946
755,432.000.00
$500,157,956.40
Notes—
Fed.old-age and survivors Insurance trust fund
3% old-age reserve account series, maturing
June 30. 1942 to 1944
$1,042,500,000.00
2)4% Federal old-age and survivors Insur¬
3%
818,027,000.00
.
Issues—Treasury
ance trust fund
489,080,100.00
454,135,200.00
3bonds of 1943-47
;
Special Issues—Bonds—
3% Conversion bonds of 1946
1
■
the
*4% series D-1944. maturing Sept. 15,1944..
H% series B-1945, maturing Dec. 15,1945...
$49,800,000 00
3% Conversion bonds of 1947
3 W7o Postal savings bonds (22nd to 49th §er.)
3% adjusted service bonds
-
National Defense Series—
THE
Issues—Bonds—
8% Panama Canal loan of 1961
Series
-
are as
preliminary statement of the public debt of the United
States July 31, 1941, as made up on the basis of the
daily
2%
.:
of May 31, 1941.
Figures as of June
Panama RR. Co. figures are as of April
30, 1941.
Includes
x
The
Public
.
-
Figures shown
available.
31, 1941
Treasurv statement, is as follows:
.
Federal Land banks of Louisville,
Ky., and Houston, Texas, which have retired the capital stock and
paid-in surplus
previously held by the Federal Government.
securities Issued by local housing authorities.
JULY
Includes
agencies.
by
DEBT
r
r
s
Housing Authority had entered Into definite contracts calling for maximum advances
of 5709,943,500.
Advances have been made in the amount of 5309,293,275. as
of June 30, 1941, against loan contract commitments
amounting to $405,320,000.
The Housing Authority has also agreed to disburse
$213,103,000 on additional
loan contract commitments amounting to $304,623,500 now
being financed
STATES
Includes accrued Interest.
Includes Metals Reserve Company, Rubber Reserve
Company, Defense Plan¬
ning Corporation and Defense Supplies Corporation and Defense Homes
Corporation
I Shares of State building and loan
associations, $37,277,410: shares of Federal
savings and loan associations, $145,575,950.
UNITED
Includes cash in trust funds.
q
g Adjusted for lnter-agency Items and Items In transit,
h Also includes deposits with the RFC and accrued interest thereon.
PRELIMINARY
Represents lnter-agency holdings of capital stock and
paid-in surplus items
are not deducted from the
capital stock and paid-in surplus of the corre¬
n
which
Excludes unexpended balances of appropriated funds.
as of June
amounts in bonds and notes held by the
Secretary
shown as lnter-agency liabilities:
Tennessee
1 Includes $241,640 due to Federal Land Bank from
the U. 8. Treasury for sub¬
scription to paid-in surplus.
?
(deduct).
j Also excludes contract commitments,
451,741,000
following
the Treasury, which are
Valley
Authority, $56,772,500; U. 8. Housing Authority, $85,000,000;
Commodity Credit
Corporation, $140,000,000.
d The total assets and liabilities for each corporation and
agency will include Inter¬
agency Items, 1. e., the amounts due to and due from other Government corporations
and agencies.
e
1,000,000
551,655,443
of
(or Includes non-stock proprietary Interests),
b Excess
c
450,741,000
k Excluded are the
agencies.
Non-stock
451,741,000
423,979,572 3,435,683,632 2,884,028.189
10,178,350,777 3,859,663,204
Department to adjust for certain
nter-agency Items and therefore may not agree exactly with statements issued by
the
b303,012,928
or
1,109,150.00
1,793,250.00
11,900,800.00
560,700.00
23.769,950.00
40,142,950.00
3,216,550.00
46,182,000.00
38,346,000.00
170.550.00
179,734,110.20
r
Bearing No Interest—
United States notes
Less gold reserve...
$346,681,016.00
156,039,430.93
279, 473,800.00
65 ,963,700.00
415 ,519,000.00
615 ,210,900.00
283 ,006,000.00
718 ,013,200.00
^
.
,
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional
currency...
Thrift and Treasury
savings stamps
$190,641,585.07
$171,366,459.50
2,023,962.31
3,764,729.00
367,796,735.88
$4,532,565,400.00
Total gross debt
$49,512,540,128.70
Volume
GOVERNMENT RECEIPTS AND
937
& Financial Chronicle
The Commercial
153
EXPENDITURES
Month
Treasury we
are enabled to place before our readers today the details of
Government receipts and disbursements for July, 1941 and
Through the courtesy of the Secretary of the
1940.
Trust
Accts., Increment
on
144,948,445
Other trust accounts
Month of
July
23,572
19,805
2,054,485
2,916,324
317,930,635
235,084,202
....
Total receipts
1940
Expenditures—
Fedwal old-age <fc survivors insur. trust
Investments
General and Special Accounts
fund:
110,000,000
Internal revenue—Income tax
Miscellaneous internal revenue
..
...
Social security taxes—Employment
taxes
of eight or more
Tax on employers
and their employees
—
Insurance contributions
Customs...
...i........
Miscell. receipts—Proceeds of Govt.-owned securs,:
Principal—foreign obligations.....
—
Interest—foreign obligations
Taxes upon carriers
83,667,767
268,194,814
44,815,303
2,233,658
871,737
4,817
Railroad unemployment
......
.Other.
:..
...
Seigniorage.
—..._.v——.
....
49,655,149
237,388,715
38,063,666
503,936
529,446
1,178
25,225,305
Transfers
365,847
survivors insurance trust
25, 1938)
Railroad unemployment Insurance account
33,850,000
Railroad retirement account—Investments
10,295,010
PWA revolving
4,116,951
1,815,139
3,045,089
6,718,955
Federal old-age and
fund.b
35,842,715
Chargeable
increment
gold—Melting
on
...
& relief)—Departmental
Department of Agriculture c:
Agricultural adjustment program.....-.—....
Farm Credit Administration.d.
Federal Farm Mortgage Corporation, d e..
Federal land banks
Administration ........ . . .
Farm Security
. - - -
Farm Tenant Act......—
Rural Electrification
Forest roads and
Administration.e_ ........
trails
projects—__
Dept. 01 the Interior.c—Reclamation
Department (deficiency)
331,220,814
87,120,580
84,395,311
59,641,812
7,415,391
53,573,161
a2,758,508
a466~760
151,266
5,159,606
696,514
1,452,104
9,788,658
5,067,578
855,193
7,754,346
324,273
7,404,901
5,025,233
24,828,192
5.672,980
5,057,515
42,440
20.353.317
11,392,482
5,053,486
985,554
Post Office
public debt
Refunds of taxes and duties
District of Columbia (United States
Interest on the
........
share)
Agency—Federal Housing Admin..e
Reconstruction Finance Corporation.e
Federal Loan
Other, e—
.............
..........—
Agency—Civilian Conserv'n CorpsYouth Administration
—
Fed. Security
National
Social Security
Board
—
Other
----
Agency—Public Buildings
Public Roads Administration
...
Public Works Administration. d_
United States Housing Authority.e
Work Projects Administration
Federal Works
Other.
Admin-
Board
Tennessee Valley Authority
River and harbor work and flood control
Railroad Retirement
.....
Panama Canal——.—.
Veterans'
Administration. ... .
.
..
- -
3,117,889
93,965,363
34,882
662,113
7,759,626
17,498,422
1,277,557
45,944,499
al,601
f—War Department
Navy Department...—
National defense funds for the President.........
National defense,
(administrative expenses)
ship construct'n (U.S. Maritime
Selective Service
Com.)
(lend-lease)... ...- - .. ..—- r> «Federal Security Agency.g.
Defense aid
-—r
12,157,644
114,346
110,123,670
51,943
493,727
a561,455
19,145,420
2,023,914
46,258,600
522,468,983
507,755,864
79,146,255
98,145,526
339,012,803
15,432,230
2,499,119
7,672,232
33,785,352
Other, h.
Administration..
Corporation
Reconstruction Finance Corporation.
United States Housing Authority
Federal Farm Mortgage Corporation
duction, Act
Credit Admin
Mtge. Corp. (capital stock re¬
June 25, 1940)......
Administration
Corporation
Home Owners' Loan
....
Federal home loan banks
_
— — — —
— — .
;
accounts, &c.:
account—.—
Railroad
unemployment
insur. adminis.
transfers to unempl'm't tr. fd. (Act Oct. 10,
Adjusted service certificate fund—
Govt, employees' retire, funds (U. S. share)
al9,216
a305,621
5,377,643
Railroad retirement
fund
*40).
5,072,022
46,350,000
Transfers to trust
20,000,000
93,520,110
153,144,262
113,520,110
2,653,950
expenditures
12,212,250
1,600,252,586
(sinking fund, &c.)_
Commodity Credit
Corporation
Export-Import Bank of Washington
317,366
Administration
Owners' Loan Corporation......
Electrification Administration
Home
Rural
Reconstruction Finance
Corporation.j
Authority.. —
United States Housing
...
—
Other
—
830,598,844
1,187,310,980
499,378,030
1,187,310,980
expenditures
499,378,030
12,212,250
Summary
expenditures
public debt retirements—
Excess of
Less
2,653,950
pub. debt retirements).
increment on gold, &c., excess of receipts
expenditures (excl.
Trust accts.,
expenditures
(+) or decrease (—) in general
Total excess of
Increase
fund balance.
+ 366,993,032
49,512,540,129 43,770,544,600
'
public debt this date
436,020,531
—34,367,882
803,013,563
551,096,593
48,961,443,536 42,967,531,037
public debt
public debt at beginning of month or year
Gross
599,192,555
487,165,780
51,145,249
585,464,475
-
Increase in the gross
Gross
1,184,657,030
—
Increment on
Gold, &c.
Excess of receipts.
Excess of
599,192,555
....
Less reimbursements
Net
to general
44,815,303
2,201,388
35,842,715
9,041
appropriations, b
investments
38,063,666
2,220,951
42,613,915
fund
9,863
Interest on
42,622,956
77,969,916
Net receipts
by States
account:
Unemployment trust fund—Deposits
Railroad unemployment insurance
Deposits by Railroad Retirement Board
Transfers from States (Act June 25, 1938)
railroad unemployment insurance
administration fund (Act Oct. 10,1940)
Interest on investments —
———Transfers from
Railroad retirement
acct.—Transfers from gen.
Interest on investments.
:
35,852,578
58,839,786
45,128
10,606
v
fund.
51,145,249
Summary
Excess of receipts
( + ) or expenditures (—):
survivors insurance trust
fund
Unemployment trust fund
Railroad retirement account...
Other trust accounts..
.
Other funds and accounts
—
—
— .. —
+ 37,735,800
—6,710,170
—10,817,897
+ 10,241,686
+10,133,727
+ 7,143,299
+ 568,535,175
—4,091,050
accounts of governmental
Transactions in checking
agencies, &c. (net):
obligs. in market
(net)——
Sales and redemptions of
Other transactions
+ 45,158,437
+2,204,990
+ 7,044,713
+ 17,541,026
Federal old-age and
(net).
—
-
—34,581,615
+ 799,684
+ 599,192,555
+ 51,145,249
501,407,000
Total
501,607,000
Depositary bonds. .
—
....... -
507,900
Issues—Adjusted service ctf. fund
(ctfs.)
Unemployment trust fund (certificates)
Fed. old-age <fc survivors insur. trust fund
Railroad retirement account (notes)...
Civil service retirement
(notes)..
821,000
1,177,000
retirement fund (notes)
Postal Savings System (notes).....-----—...-.
Alaska Railroad
fund (notes)
life insurance fund (notes)
Federal Deposit Insurance Corporation (notes)
Federal Savings and Loan Insurance Corp. (notes).
Subtotal
413,757
bills—
3,909,000
7,133
19,701
46,350,000
20,000,000
...
——
128,969,000
1,121,174,582
1,376,942,935
491,758,000
2,500
1,643,100
12,135,150
11,756,509
3,075,450
304,450
249,550
15,200
Indebtedness
Treasury notes
2,009,950
1,739,550
18,013,908
1,825,750
-
bonds.
savings bonds
Adjusted service bonds
First Liberty bonds
Fourth Liberty bonds
—
—-
bonds
—......
& Fed. Res.
bank notes.
70,500
19,629
651,675
(ctfs.)
Unemployment trust fund (certificates)
Fedl old-age & survivors insur. trust fund
(notes) k
account (notes)
retirement fund (notes)
Foreign Service retirement fund (notes)
Canal Zone retirement fund (notes).—.
Alaska Railroad retirement fund (notes)....
1,762,800
570,900
bonds —
Subtotal..
521,666,573
570,900
Exchanges—Treasury notes.
issues—Adjusted service ctf. fund
54,900
166,500
55,280
17,706
1,246,345
547,680,089
Subtotal.
Civil service
1,500,000
1,125,000
15,000,000
522,535,000
public debt receipts
Railroad retirement
1,164,000
175,000
-
Expenditures—
Public issues—Cash:
Special
175,000
88,800,000
830,000
225,348,000
—i
Certificates of
38,000,000
33",850.666
101,700,000
fund (notes).
Foreign Service retirement fund (notes)
Canal Zone retirement fund (notes)
Government life insurance
1,762,800
70,000,000
Subtotal..
Treasury
295,300
570,900
Treasury bonds
United States
1,245,915,835
1,762,800
Exchanges—Treasury notes—.
Treasury
40,214,000
124,100
Adjusted service bonds..
Treasury
353,510,582
895,131,582
Subtotal-
Total
l,31l" 760
72,997,075
67
Treasury bonds... - ........ - - ——........ —
U. S. savings bonds (incl. unclassified sales)....
Nat. bank notes
& survivors lnsur. trust fund:
Appropriations—
.....
3,291,366
183,938,952
expenditures
Other debt items.
Receipts—
Federal old-age
380,569
25,587,334
25,043,008
843,414,936
a281,261,921
Total expenditures-
Postal Savings
Trust Accounts,
al8,773,879
al,191.284
79,726,034
821,956,024
6,943,391
a533,953,560
Subtotal.
National Service
Excess of receipts
a565,000
10,002,157
328,668
al,011,216
al7.715.268
Other transactions (net):
Special
3,909,000
102,885,262
Subtotal
0000,000
a9,751,601
a732,388
Authority
Electric Home and Farm
13,600
250,000
.......
Federal land banks...
Treasury bills..
Treasury notes—
177,325,479
1,524,175
"lbb",606
3,450
Public Debt Accounts
1,504,959
Subtotal
Debt retirements
""
—
United States:
Not guaranteed by the
1,066,750
Receipts—
939,611,574
Subtotal-
Farm
.....
Home Owners' Loan
Public issues—Cash:
3,465,510
Revolving funds (net)—Farm
Public Works
33,698
19,339,479
10,648,985
Federal Works Agency.....
3,575,700
8100,000
obligs. in market (net):
States:
Guaranteed by the United
97,086
24,485,324
6,781,197
61,731,082
12.387.318
7,971,404
15,334,763
503,337,842
Subtotal.
Emergency
a3,970
115,707
20,794,822
12,155,647
57,207,026
14,295,094
6,005,925
14,599,998
4,946,455
848,763
_.
—
a210,781,000
1,491,750
1,206,625
a360,106,000
checking accounts of governmental
Federal Housing
Treasury Department c:
a4,126,710
180,647,587
agencies, &c. (net):
Federal Housing
Expenditures—
al5,487,016
252,691,639
.......
Commodity Credit Corporation
General (incl. recovery
a80,460
i
fund (Act June 21, 1938)
against
losses, &C
Special deposits (net)
Transactions In
412,941,606
Net receipts.
106,877,918
24,046
....
;,v
367,063,529
42,613,915
"9",758",314
137,903,732
Benefit payments
Sales & redemptions of
Excess of
413,757
691,990
account (Act June
Other funds and accounts:
455,555,521
Total receipts...—
Deduct—Net appropriation to
Excess of
55,996,000
unemployment Insurance
railroad
to
—
Subtotal
Total
3,116,778
13,000,000
28,275,500
Unemployment trust fund—Investments
State accounts—Withdrawals by States..
Other trust accounts
1,535,149
7,893,298
8,721,502
——
..w.v.-—
_
Other miscellaneous
36,742,979
874,497
........... —
Panama Canal tolls, &c
Federal
15,000.000
7,464,520
60,000,000
Benefit payments
Receipts—
117,011,645
Other funds and accounts—Increment resulting from
Seigniorage
1941
1940
Gold, &c.—(Concl.)
reduction in the weight of the gold dollar...
[For footnotes see page 000]
of July
1941
1,762,800
300,000
10,000,000
10,000,000
500,000
25,000,000
5,000,000
1,500,000
8,000
19,000
The Commercial &
938
CONTINGENT LIABILITIES OF THE
1940
,
Public Debt Account%—(Concluded)
Expenditures—Special Issues—(Concluded)—
System (notes)
...
Government life Insurance fund (notes)
-Federal Deposit Insurance Corporation (notes)...
——-—
1941
and returned Includes accrued
redemption values.
UNITED STATES APRIL 3 0, 194
Received by the Treasury
Amount of
20.000,000
Contingent Liability
Matured
50,500,000
570,077,989
573,929,373
551,096,593
803,013,563
—21,128,000
+9,849,000
[:
Guaranteed by U. S.
Total
Interest a
Principal
21,827.000
-
.
Complied from Latest Reports
16,
Detail
Postal Havings
Subtotal
Aug.
transit, Ac., was $5,824,792.18.
c Amount issued
discount: amounts outstanding are stated at current
Monih of July
1941
Financial Chronicle
$
$
$
$
Unmatured Obligations—
Total public debt expenditures
Excess of receipts
Excess of
*
--
—-
expenditures.
-.
~......*.■
M % notes, Series F<, 1943
—15,200
—2,009,950
+ 715,249,666
—1,246,345
+ 347,575,593
+ 724,544,563
+203,521,000
3% bonds of 1942-47...
—19,629
—651,675
+ 78,469,000
2 lA % bonds of
1942-47.
458,643 835,544,243
835,085,600
94,678,600
236,476,200
3% bonds of 1944-49
3V*% bonds of 1944-64.
+ 119,700
+ 371,992,794
—17,706
.....
......
Federal Reserve bank notes.-
Nat. bank notes A
Federal Farm Mtge. Corp.:
—2,500
•
Other debt Items.......i..
224,368 94,902,968
232,265 236,708,465
35,016 103,182,516
103,147,500
.
1,2 70,338,193
950.293
1,269,387,900
Subtotal
696,253,715
1,715
<1696,252.000
decrease {—) In the gross pub. debt:
Public Issues—Treasury bills
-Certificates of Indebtedness—..
...........
1,352 202,554,352
210 204,241,210
152 289,458,152
202,553,000
204,241,000
289,458,000
*A% notes, ser. D, 1941.
1% notes, series E, 1941.
.*...*»*..
Increase (+) or
Treasury notes...
Bonds
......
Commodity Credit Corp.:
Federal Housing Admin.:
Mutual Mtge. Ins. Fund:
Special Issues
-—-
5,186,205
5,186,374
168
444,750
3% debs., series A...
'■yfY:-';326
2H% debs., series B-—
+
Excess of credits
a
551,096,593
+803,013,563
transactions are Included
agencies, &c.(net)" above,
f Additional expenditures attributable to national defense, payable from funds which
have supplemented regular appropriations of the civil establishment, are included
under
general
expenditures above.
g Expenditures in fiscal year 1941 from
appropriations for national defense activities are Included In "Other" under "Federal
Security Agency" above,
h Expenditures in fiscal year 1941 from appropriations xor
national defense activities are Included under "National defense funds for the Presi¬
dent," "Departmental," and "Panama Canal," above.
1 Excess of redemptions
(deduct), j Includes transactions on account of RFC Mortgage Company, Disaster
Loan Corporation, Federal National Mortgage Association, Metals Reserve Com¬
pany, rubber Reserve Company, Defense Plant Corporation, and Deiense Supplies
Corporation, k Includes transactions formerly classified under the caption "Old-age
revolving funds, stated separately above,
e Additional
under "Transactions in checking accounts of governmental
account."
;
>
following statement of the public debt and contingent
liabilities of the United States, showing also the Treasury's
The
surplus position, all as of April 30, 1941, has been extracted
from the Treasury's official report.
Comparative debt
figures of a year earlier are also shown:
$
2,425,384,305
2,210,227,879
—77,351,636
—3,308,290
2,348,032,669
or
63,396,224
557,054,047
Disbursing officers' checks
Discount accrued on War Savings certificates....
Settlement on warrant checks
..
45,900
8,258,000
16,556,200
495
647,985 779,226,185
2Yk% bds.,ser. G,'42-'44
875,438,625
% % bonds, series L, 1941
l)A% bds., ser. M, *45-47
754,904,025
119,654 875,558,279
2,184 190,840,084
21,287 754,925,312
190,837,900
1,167 211,461,167
299,639,000
"""915 310,090,915
1,569 275,869,569
211,460,000
299,639,000
7A% notes, series P
H% notes, series R.....
310,090,000
1% notes, series 8
V»% notes, series U---..
2,600,549,861
791,111
2,599,758,750
Reconstruction Fin, Corp.:
TA % notes, series N
275,868,000
319,895,000
324,397,000
319,895,000
324,397,000
3,653
1,741,349,000
......
1,741.352,653
c
Tennessee Valley Authority
U. S. Housing Authority:
3,018 114,160,018
114,157,000
112,099,000
1K% notes, ser. B, 1944.
H% notes, series E, 1941
112,099,000
226,259,018
3,018
1226,256,000
V"
0.8. Maritime Commission
6,549,559,355
143,000
6,551,309,643
1,750,288
287
Matured ObligationsFederal Farm Mtge. Corp.:
1K% bonds of 1939
143,287
......
Federsl Housing Admin.:
Mutual Mtge. Ins. Fund:
2K% debs., series B—
51,350
9",476" 8 75
52,055
705
13,132
382,402
4,220
Fourth called
Home Owners' Loan Corp.:
4% bonds of 1933-51
"
2h% bds.,ser.B, 1939-49
2% bonds, series E, 1938
1A% bonds, Ber. F, 1939
H% bonds, ser. K, 1940
1,490,520
283,556,027
71,000
13,132
9,859,277
75,220
88,750
444,400
687
89,437
140
444,540
10,481,607
el0.081.025
400,582
alO,275,375
401,575
......
6,559,834,730
2,151,863
......
Funds due depositors
Tennessee Valley Authority:
1,314,184,313
36,627,272
2)*% bonds, ser. A
2H% bonds, series B...
3,000,000
5,300,000
+ 1,716,774,467 + 1,923,363,562
Inter est April
45,900
9,258,000
Fund
Insurance
778,578,200
INTEREST-BEARING DEBT OUTSTANDING
Title of loan—
1,620,850
3% bonds, ser.A, 194+52
3,402,930
631,258,202
Total..
Balance, deficit (—) or surplus (+)
445,076
1,620,850
16,555,705
21.5,266,353
3,344,965
2,764,196
Deduet outstanding obligations:
Matured Interest obligations........*......*..
..
Home Owners' Loan Corp.:
2,206,919,589
68,094,994
Deduct—Excess or deficiency of receipts ovex
under disbursements on belated items
-
Total unmatured securities.
OBLIGATIONS
$
or
-
2%% debs., series C..
2*A % debs., series D...
April 30, 1941 April 30, 1940
Add
-
IK % notes, series V— -
COMPLETE PUBLIC DEBT OF THE UNITED STATES
Balaace end of month by dally statements
* .
Fifth called
Housing
.
CASH AVAILABLE TO PAY MATURING
.
2%% debs., series B—
(deduct). b Represents appropriations equal to "Social security
—Employment taxes" collected and deposited as provided under, Sec. 201 (a) of the
Social Security Act amendments ox 1939 less reimbursements to the general fund for
administrative expenses. Such net amount Is reflected as net appropriations to the
Federal old-age and survivors Insurance trust fund above, c Additional expenditures
are Included in "Departmental" above,
d Additional transactions are included In
eserve
Uncalled
Total matured securities
.
10,676,950
30, 1941 April 30, 1940
Total, based
Payable
on guarantees.
49,800,000
28,894,500
49,800,000
28,804,500
On Credit of U. S.—
Secretary of Agriculture
19,550.000
1942
2^s Unemployment Trust Fund—Series 1941.. 2,117,300,000
4J*» Treasury bonds of 1947 1952
A-O
758,945,800
4s Treasury bonds of 194+1954
J-D 1,036,692,400
3J*» Treasury bonds of 1946-1956
M-S
489,080,100
tH» Treasury bonds of 1943-1947
J-D
454,135,200
Treasury bonds of 1940-1943.............J-D
....
3Hb Treasury bonds of 1941-1943
M-S
3J*a Treasury bonds of 1946-1949
J-D
818,627,000
3s Treasury bonds of 1951-1955
M-S
755,432,000
8Hb Treasury bonds of 1941
F-A
834,453,200
4K»-3)*s Treasury bonds of 1943-1945
A-O 1,400,528,250
8Kb Treasury bonds of 194+1946
A-O 1,518,737,650
3s Treasury bonds of 1946-1948
J-D 1,035,873,400
11,800,000
Postal
6,561,986,594
3s of 1961
3s convertible bonds of 1946-1947
_QM
_Q J
Certificates of indebtedness:
4s Adjusted Service Ctf. Fund—Ser.
3H* Treasury bonds of 1949-1952
2J*s Treasury bonds of 1955-1960
2Hn Treasury bonds of 1945-1947
2^s Treasury bonds of 1948-1951
2J*s Treasury bonds of 1951-1954
2Hb Treasury bonds of 1956-1959.....
23*s Treasury bonds of 1949-1953......
2Kb Treasury bonds of 1945
23*r Treasury bonds of 1948
23*8 Treasury bonds of 1958-1963
23*s Treasury bonds of 1950-1952
23ia Treasury bonds of 1960-1965
2s Treasury bonds of 1947
J-D
491,375,100
M-S 2,611,092,650
M-S 1,214,428,950
M-S 1,223,495,850
J-D 1,626,687,150
M-8
981,826,550
..J-D 1,786,130,150
1,640,000,000
758,945,800
1,036,692,400
489,080,100
352,993,4.50
1,518,737,6.50
491,375,100
2,611,092,650
1,214,428,950
1,626,687,150
981,826,550
1,786,134,150
540,843,550
540,843,550
450,978,400
1,185,841,700
1,485,384,600
J D
701,072,900
1,185,841,700
1,485,385,100
701,074,400
918,780,600
571,431,150
571,431,150
1,118,051,100
J-D
680,692,350
J-D
724,677,900
...M-S 1,115,368,200
174,908,714
319,751,834
417,179,941
503,512,256
Total debt
Deduct Treasury surplus or
Net debt
_
®
J6,271,226,391
of
States.
c
The
j
following bonds having an aggregate face amount of $56,772,500 Issued
under
the Tennessee Valley Authority Act of
and reflected In the public debt; under
1933, as amended, are held by the Treasury
Section 15a, 2K% bonds, series A, due Dec.
15, 1948, $272,500; under Section 15c, 1H% bonds of 1943-51, $10,000,000; 2K%
bonds of 1947-57, $15,000,000; 2K% bonds of 1951-63, $15,000,000; 2K% bonds of
1955-69, $16,500,000.
d Does not include $65,000,000 face amount of K% interim notes, second series,
due Sept. 12, 1941, and $75,000,000 face amount of K% interim notes, third series,
due Oct. 28, 1941, held by the Treasury and reflected In the public debt.
e Does not Include
$85,825 face amount of bonds in transit for redemption on
April 30,
1941.
f Does not Include $37,000,000 face amount of K% notes, series F, due June 30,
1941, held by the Treasury and reflected In the public debt.
h Figures shown are as of Jan. 31, 1941—figures as of April 30, 1941, are not
Offset by cash in designated depository banks and the accrued interest
amounting to $33,799,744.26, which is secured by the pledge of collateral as provided
in the Regulations of tne Postal Savings System, having a face value of $32,874,255,
cash
in
possession of tne system amounting to
Government-guaranteed securities with
a
$75,248,933.73, Government and
face value of $1,233,934,010, and other
::.a
assets.
1 Held
by the Reconstruction Finance Corporation.
In actual circulation, exclusive of $11,139,453.36 redemption fund deposited
j
In the
c20,998,181
c84,972,152
244,114,950
157,403,100
266,652,819
500,157,956
117,407,880
Treasury and $292,097,530 of their own Federal Reserve notes held by the
Issuing banks.
The collateral security for Federal Reserve notes issued consists of
$6,675,000 In gold certificates and In credits with the Treasurer of the United States
500,157,956
8,469,721,800
1,306,375,000
payable in gold certificates, and $1,512,000 face amount of commercial paper.
117,586,760
46,679,193,749 42,121,747,470
371,567,417
390,706,537
185,574,855
150,332,690
a47,236,336,021 42,662,786,697
add Treasury deficit.. +1,716,774,467 + 1,923,363,562
45,519,561,554 40,739,423,135
2onHl?r2oo<i«l)1' A5rIL30' 1941 • on tbe basls of daily Treasury statements,
was
$47,230,511,288.50, and the net amount of public debt redemption and receipts in
1,359,111,586
Treasurer of the United States for payment
outstanding matured principal and interest obligations guaranteed by tne United
DIVIDENDS
Dividends
first
we
grouped in two separate tables.
In the
bring together all the dividends announced the
current week.
show
the
are
Then
we
dividends
follow with
a
second table in which
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
we
_
36,627,272
Funds have been deposited with tne
a
.
Aggregate of interest-bearing debt
Bearing no Interest
Matured, Interest ceased
1,322,484,313
Fed. Res. notes (faceamt.).
414,579,019
8,791,210,500
1,603,434,000
Treasury notes
Treasury bills
......
835,628,871
c336,073,669
3s Adjusted Service bonds of 1945...
43*s Adj. Service bds.(Govt. Life Ins. Fundaer. 1946)
23*8 Postal Savings bonds
_j-j
8,300.000
available.
M-S 1,023,568,350
U. S. Savings bonds, series D, 1941
U. 8. Savings bonds, series D, 1941
Unclassified sales
......
on
Other Obligations—
1,223,495,850
J-D 1,118,051,100
U. S. Savings bonds, Beries D, 1939...
U. S. Savings bonds, series D, 1940
credit of the
United States..
1,035,873,400
J-D
bonds, series B, 1936
bonds, series C, 1937
bonds, series C. 1938
.
834,453,200
450,978,400
918,780,600
cl72,052,708
c313,205,986
c407,382,026
c491,145,939
c812.763.961
..cl,014,497,141
Total, based
755,432,000
23*s Treasury bonds of 1951-53
23*s Treasury bonds of 195+56
2s Treasury bonds of 1953-55
2s Treasury bonds of 1948-50
bonds of 1952-54
bonds, series A, 1935
350,811,586
5,300,000
18,300,000
1,400,528,250
2s Treasury bonds of 1948-50--
23*s Treasury
U. S. Savings
U. S. Savings
U. S. Savings
U. S. Savings
hi
3,000,000
544,870,050
818,627,000
J-D
J-D
T
System:
454,135,200
M-S
J-D
M-S
Savings
week
The dividends announced this
are:
Holders
When
Per
Payable of Record
Share
Name of Company
Industrial Credit Corp. of Lynn, common
Oct.
1 Sept. 12
10c
A. P. W. Properties, Inc., 4% class A (s.-a.)
4
Oct, 15 Oct.
American Airlines, Inc., $4-25 conv. pref. (quar.) $1.0634
Sept.
1 Aug. 18
$1 %
American Capital Corp. $5.50 prior pref. (quar.)
Securities Co. $6 preferred. _
Covers cumulative period of 10 months ended
July 31, 1941, clearing up arrears.
$5
American European
Extra
_'u
___________
-
.
454% preferred (quar.)
-
(quar.)
-
-
—
—- -—-
....
6%
conv.
75c
pref. (quar.)
20c
Arkansas Power & Light Co.
(quar.)__
Auto Finance Co. 6% preferred
15c
_
_
Atlas Press Co.
$1%
$1%
(quar.)
$7 pref.
$6 preferred (quar.)
ArtloomCorp. (irreg.)
40c
(quar.)____
American Trust Co. (San Francisco)
20c
—
—
t43%c
Sept. 30 Sept. 18
Sept. 26 Sept. 10
Sept. 15 Aug. 30
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 2 Aug. 22
5
Sept. 10 Sept.
Sept. 2 Aug. 20
Automotive Gear Works, Inc.—
$1.65 conv. preferred (quar.)
Bangor Hydro-Electric Co. 7% 1st
6% preferred (quar.)
_
pref. (quar.)
_
__
_r
41%c
$134
$134
t$3
$134
t4c
Bank of Nova Scotia
(quar.)
Beacon Mfg. Co. 6% pref. (quar.)
Beattie Gold Mines, Ltd. (Quebec) (quar.)
Beech-Nut Packing Co. (quar.)
_
Extra
——--
Berghoff Brewing Corp. (quar.)
Birmingham Waterworks Co., 6%
Boott Mills
$1
50c
_
__
25c
$134
pref. (quar.)
$1
50c
(quar.)
Co. (irreg.)
-Boston & Albany RR. Co. (quar.)
Brewing Corp. of America
Brown Fence & Wire Co. A preferred
Buck Hill Falls Co. (quar.)
- —Butter Water Co., 7% preferred (quar.)_
Cabot Mfg. Co. (resumed)
Calhoun Mills (quar.)
—
Canada Cement Co., Ltd., 634% pref. (accuml.)
Canfield Oil Co., 6% pref. (quar.)
;
Common (irreg.)___ __4_ ._ _ _ - - Si Canada Vinegars, Ltd. (quar.)
Carey (Phillip) Mfg. Co. common (irreg.) — —
6% preferred (quar.).
5% preferred (quar.;
Carthage Mills, Inc., common. __
6% preferred A (quar.)
6% preferred B (quar.)__
Central Illinois Light Co. 434% pref. (quar.)___
Central Paper Co., Inc., common (quar.) — ■___
3% to 6% conv. pref. (quar.)
—
3% to 6% non-con v. pref. (quar.)
__
Century Ribbon Mills 7 % pref. (quar.) _ _ _ _
Chesapeake Corp. (West Point, Va.) ___
Chicago Allerton Hotel Co.(annual)
■_
Chicago Flexible Shaft Co
Chrysler Corporation.
Cincinnati Gas & Electric 5% pref. A (quar.)___
Cincinnati New Orleans & Texas Pacific Ry.—
.).
5% preferred (quar.
City Ice & Fuel Co. common
634 % preferred (quar.)
—
.__
City of New Castle Water Co., 6% pref. (quar.)
City Water of Chattanooga, 5% pref. (quar.)__
Border City Mfg.
$2
10c
t$134
1234c
$1%
$1
$1
t$134
$134
JlOc
10c
$134
$134
50c
$134
60c
$134
15c
15c
15c
$1%
$1
$134
$134
$134
$134
$134
30c
$1%
$134
$134
50c
Clark Controller Co__
75c
Clark Equipment Co., common
$134
7% preferred (quar.)_
Coast Counties Gas & Electric Co.-—
3134c
5% 1st preferred (quar.)
134c
Coco
Grove, Inc
Colonial Finance Co. (Lima, Ohio)—
$1%
534 % preferred (quar.)
$1
Columbian Carbon Co. (quar.)
Combined Trust Shares (Standard
Commonwealth
Co.
Loan
Oil Group) .$ 1.4789
(Indianapolis)
5% preferred (quar.)
$134
t73c
--
Consolidated Cement Corp., class A—____—
Continental Can Co. (interim)
—
Continental Casualty Co. (Chicago)(quar.)
50c
30c
25c
Continental Steel Corp., common
Curtiss-Wright Corp., class A (increased)
._
7% preferred (quar.)
Dempster Mill Mfg. Co., 5% pref. (quar.)
Denver Union Stock: Yards Co., 534 % pref. (qu.)
Distillers Corp .-Seagrams, Ltd. (quar.)____ — _
Diversified Investment Fund, Inc
_______
Class A
(irregular)
Envelope & Cartons (Western), Ltd
7% 1st preference (quar.)
.__—i_ —.
$1
$1%
$134
x
$1%
t5534c
2c
7% preferred (quar.)
6% preferred (quar.)
Eagle-Pitcher Lead Co., common
__
6% preferred (quar.)
Eastman Kodak Co. of New Jersey com. (quar.)
6% preferred (quar.)
East St. Louis & Interurban Water Co.
Sept
Sept
1 Sept. 15
1 Aug. 23
2 Aug. 20
Sept. 15 Aug. 30
Sept.
Sept.
$134
$134
$134
Oct.
Oct.
1 Sept.
5
Oct.
1 Sept.
5
25c
$134
^participating preferred (quar.)_---
50c
15c
______ — -
$0.55 convertible preferred (quar.)
General Shareholdings Corp., $6 conv.
50c
1234c
preferred
General Bottlers, Inc. (increased) (quar.)
Extra
25c
35c
Gar Wood Industries, Inc., 5%
_>■
5c
1334c
pref...
Payable in cash or at 44-1000ths of one
5
Aug.
Aug.
Aug.
Aug.
Oct.
Quarterly. _
_
_
Gallaher Drug Co., 7% preferred (quar.)
7
30
10c
50c
$1%
3734c
$134
t75c
_
t$l34
Sept. 2
Sept.
2
Aug. 15
Sept. 2
Sept. 20
Sept. 20
Sept.
1
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Sept.15
Aug. 15
Aug. 15
Sept. 2
Aug. 15
Aug. 15
Sept. 15
Sept.
1
Sept.
preference (quar.)
Glens Falls Insurance Co. (quar.)
— __
Globe & Rutgers Fire Ins. Co., 5% 2nd pref.(s-a)
Great Northern Paper Co
—
Green Mountain Power Corp., $6 preferred
Group No. 1 Oil Corporation (irregular)
Hall (C. M.) Lamp Co
Hammermill Paper Co., common (quar.)
__
434% preferred (quar.)
Harris (A.) & Co. 7% pref. (quar.
Haverty Furniture Cos., Inc. (quar.)
$1.50 preferred (quar.)
__"— —
Hazeltine Corp. (quar.)
___•
_—
Hein-Werner Motor Parts Corp. (quar.)
Extra.
—„ _________
Heyden Chemical Corp.
4 34 % preferred A (initial)
(quar.)
Heywood-Wakefield Co., 5% pref. B
Hiawatha Oil & Gas Co., 5%
Hobart Mfg. Co. class
________
pref. A (quar.)___
A (quar.)
Co. (Calif.) (quar.)
Home Fire & Marine Ins.
Hydraulic Press Mfg. Co. 6% conv.
—
pref. (qu.)__
634c
634c
Aug.
Aug.
15c
Aug.
40c
$234
50c
t$l 34
$100
Oct.
Sept.
Sept.
Sept.
20c
Sept.
Sept.
25c
Sept.
$134
$134
25c
3734c
75c
Oct.
Aug.
Aug.
Oct.
Sept.
20c
Sept.
10c
Sept.
75c
Sept.
$1.0634 Sept.
t31c Sept.
1234c Aug.
3734c
Sept.
50c
Sept.
Sept.
3734c
21
5
July 23
July 23
Aug.
7
Sept.15
Aug. 22
Aug. 20
Aug. 15
Sept. 10
Sept.
1
Sept. 5
Sept. 15
July 25
Aug. 18
Sept.18
2
5
5
21
21
20
6
16
5
20
50c
20c
t$l 34
t$134
t$l%
$1%
50c
6% preferred (monthly)
41 2-3c
5% preferred (monthly)
$1 %
6% pref. (quar.)._
$1%
5% preferred (quar.)__
;— _______
$1%
Quissett Mill (irregular)
$1%
Rich's, Inc., 634% preferred (quar.)_
25c
Ruud Manufacturing Co., common (quar.)
25c
Quarterly
— _____
$1%
Sabin Robbins Paper Co., 7% pref. (quar.) — _
75c
Safeway Stores, Inc., common (quar.)
___
$134
5% preferred (quar.)
—
50c
St. Joseph Lead Co
______ — _
$134
St. Joseph Water Co. 6% pref. (quar.)___-_____
Savannah Electric & Power Co.—
8% debenture A (quar.)
734% debenture B (quar.)_____
7% debenture C (quar.)_
634% debenture D (quar.)
—
International Investment Co.
(quar.)
___
2c
15c
— ___
— -—
___
—
'tial)__
Corp. (initial)
Standard Oil Co. of Ohio common (quar.)
—
—
5% preferred (quar.)
Corp. (quar.)
________—■_
-
—______
_ - — - -
_
10c
40c
10c
3734c
3734c
$134
1234c
1234c
U34c
(irreg.
(quar.)
Sylvanite Gold Mines, Ltd., com. bearer (qu.)__
Superior Tool & Die Co.
Tennessee Corp _________________
Texon Oil & Land Co
- - - - -
------
(quar—
(Chicago) ___
333 Building Corp. $5 prior pref. (irreg.)
Tilo Roofing Co. $1.40 conv. pref. (quar■.) _ _ _
_
Title Guaranty Co. (San Francisco) $7.50 pref__
Transue & Williams Steel Forging Corp. (irreg.).
United-Carr Fastener Corp. (quar.) ______
United Gas & Electric Co., common (irreg.)___
7% preferred (quar.)
United Gas & Electric Corp. common (irreg.)___
7% preferred (quar.)
______
U. S. Gypsum Co., common (quar.)
7% preferred (quar.)__
—
United Wall Paper Factories, com
6% prior preferred (quar.)__
Thermoid Co., $3 preferred
300 Adams Building
Upson-Walton Co
Utilities Stock
$1%
$1H
50c
(irregular)__
$1.60convertiblejpreferred (quar.).
Storkline Furniture
25c
40c
Squibb (E. R.) & Sons
_
tlOc
t$1.38
_________
_—
Southington Hardware Mfg. Co
Spear & Co., $5.50 1st preferred (quar.)
$5.50 2nd preferred (quar.)
Spencer, Kellogg & Sons, Inc. (quar.)
_
20
20
20
15
30
20
Aug. 20
Aug. 20
Sept.10
Sept.10
Aug.
8
Sept.15
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
1
1
Aug. 15
Sept. 30
Sept. 15 Sept.
Dec.
Oct.
5
5
15 Dec.
1 Sept.20
Oct.
1 Sept.18
1 Sept. 18
Sept. 10 Aug. 29
Sept. 2 Aug. 11
Oct.
Oct.
1 Sept. 10
1 Sept. 10
1 Sept. 10
1 Sept. 10
Oct.
1 Sept. 10
Sept. 15 Aug. 30
Sept. 15 Aug. 30
—
% preferred (quar.)
Sunset Oils, Ltd-
Oct.
Oct.
Oct.
SontagChain Stores Co., Ltd.,—
Common (quar.)
Extra
Sept.10
Sept. 2
Sept. 2
Sept. 2
Sept. 2
Sept. 2
Sept. 2
Sept. 2
Oct.
—
6% preferred (s.-a.)
(quar.)
534% preferred (quar.)
Extra
Sept. 2 Aug. 20
Sept.15 Aug. 25*
Oct.
Schiff Co., common
7
Sept. 2 Aug. 20
Aug. 25 Aug. 18
Aug. 25 Aug. 20
Aug. 25 Aug. 20
Sept. 21 Aug. 16
Sept. 15 Sept. 2
58 l-3c Sept.
2'Aug. 20
50c
Sept. 2 Aug. 20
41 2-3c Sept. 2 Aug. 20
10c
9
Aug. 20 Aug.
25C
Aug.
5
Aug.
50c
Aug. 20
Sept.
25c
Sept. 10
Sept.
25c
Aug. 26
Sept.
2c
July
Pure Oil Co.
Serrick Corp., class
Simon (Wm.) Brewery..:
2 Aug. 15
Sept.10 Sept. 3
Sept. 10 Sept. 3
Sept.
t$l%
$134-
(irregular) ___
Package Machinery Co. (quar.)
Peck-Stow & Wilcox Co. (irregular)
—_
Philco Corporation
_*__
Phillips Screw Co. (new) (initial)
;__
Pittsburgh Youngstown & Ashtabula Ry.—
7% preferred (quar.)
.;
$1%
Procter & Gamble Co. 5% preferred (quar.)
Provident Loan & Savings Society of Detroit—
15c
Common (quar.)
___
$1%
5%% convertible preferred series C___
$1X
5% convertible preferred series D_
Public Electric Light Co. 6% preferred (quar.)__
.34
Public Finance Service, Inc., $6 preferred (quar.)
58 l-3c
Public Service Co. of Colorado 7% pref. (mo.)_ _
Second Canadian
Aug. 19
Aug. 25
Aug. 25
Sept.15 Aug. 23
Sept. 2 Aug. 11
Sept. 1 Aug. 22
Sept.
1 Aug. 22
Sept.
1 Aug. 15
Sept.15 Aug. 29
Sept.10 Aug. 27
Sept. 10 Aug. 28
Sept. 10 Aug. 25
Sept. 10 Aug. 25
Sept. 10 Aug. 30
2
Sept. 15 Sept.
Sept. 2 Aug. 22
Sept. 15 Sept. 2
Sept. 15 Aug. 20
Sept. 10 Aug. 30
Sept. 10 Aug. 30
Sept.
1 Aug. 20
Sept.
1 Aug. 20
Aug. 15
Oct.
1 Sept.16
Sept. 2 Aug. 15
Sept. 10 Aug. 22
$1
$1
:.___
Standard Equities
5
11
60c
$1
Standard Dredging Corp., common
Aug. '5
Aug.
5
Aug. 25
Aug.
1
Aug.
1
Aug. 30
Aug. 18
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
25c
4 4-5c
—
8
22
of common stock.
Girard Investment Co., 6%
(Nashville) (qu.)_
11
11
share
Genesee Brewing Co., Inc., class A (quar.)
Class B (quar.)
"_■___—._ — _ — __ —
50c
$1%
2734c
4% participating preference
(irregular)
Ely & Walker Dry Goods Co. (quar.)__
Empire Power Corp., $6 pref. (quar.)_
$2.25 cumul. participating shares. _
Federal Compress & Warehouse Co. (quar.)_—
Firemen's Fund Indemnity Co. (San Francisco)
_
30
25*
15
15
$2
25c
;
Pacific Fruit & Produce Co., Inc.
Sept. 30 Sept. 15
1
2
2
2
_ _ _ _ _
_
Extra
Aug. 15
Sept.
Sept.
Sept.
Sept.
_■_
Ogilvie Flour Mills Co., Ltd., 7% pref. (quar.)_
Ohio Oil Co. 6 % pref. (quar.)
Ohio Public Service Co. 7% pref. (monthly).—
6% preferred (monthly)
:
5% preferred (monthly)
Onomea Sugar Co. (monthly)
2 Aug. 18
Aug. 15 Aug.
_
(quar.)
5% preferred (quar.)
Sept. 10 Aug. 22
50c
25c
$1
$1
North Pennsylvania RR. Co. (quar.)_
Oakland Title Ins. & Guar. Co. (Calif.)—
Sept. 15 Aug. 25
Aug. 18 Aug. 12
30c
60c
Newberry (J. J.) Co. (quar.)
j
Newport Electric Corp. (quar.)
__
Norwich Pharmacal Co. (reduced)
Nova Scotia Light & Power Co., Ltd.—
6% preferred (quar.)
North American Car Corp., $6 1st preferred A_ _
$6 1st preferred B
_____
Northern States Power Co. (Wis.)—
11
11
30
26
15 Aug. 26
Oct.
20c
_ _ _ —
National Oats Co. (quar.)
New York Bank Trust Shares, bearer
2 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 2 Aug.
Oct.
1 Sept.
Sept. 15 Aug.
50c
;
;
Nat. Life & Accident Ins. Co.
2 Aug.
15 Aug.
15 Aug.
Sept.
20c
5% preferred (quar.)
2 Aug. 15
Sept
Sept 30 Sept. 15
2 Aug. 23
Sept
Sept
Sept
Sept
$1%
_ _
National Container Corp. (Del.)
National Discount Corp. common
Sept.10 Aug. 30
Aug. 28 Aug. 15
Sept. 30 Sept. 20
Sept.13 Aug. 25
Oct.
1 Sept. 15
1
65c
Monarch Machine Tool Co. (irreg.)
Muncie Water Works Co. 8% pref. (quar.)
Aug. 22
Sept.
Sept. 30 Sept. 30
Sept. 30 Sept. 30
Sept.
2 Aug. 20
Sept.
Sept. 15
Sept.
1
Sept. 13
Sept.13
30c
Minnesota Mining & Mfg. Co
Missouri Gas & Electric Service Co
20
15
15
15
1 Sept. 15
1 Sept. 15
t$lH
$134
$134
7% preferred (quar.)
6% preferred (quar.)_.
Elastic Stop-Nut Corp.
Extra
Sept. 19
Oct.
3
3
3
15c
Minneapolis-Honeywell Regulator Co. (quar.)__
(quar.)
1 Sept.
1 Sept.
Oct.
$1%
—
.
Common
6 Sept.
Oct.
40c
(quar.)
Magma Copper Co
Mallory (P. R.) & Co., Inc. (irreg.)
Michigan Steel Tube Products Co. (irreg.)
1 Aug. 20
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept. 15
Aug. 15 July 31
9
Sept. 23 Sept.
Oct.
1 Sept.10
Oct.
1 Sept. 10
5
Sept. 15 Sept.
2
Sept. 15 Sept.
Aug.
1 July 26
6
Aug. 15 Aug.
Sept. 30 Aug. 30
Sept. 10 Aug. 25
Aug. 30 Aug. 18
1
Aug. 15 Aug.
Sept. 15 Sept. 2
7
Aug. 15 Aug.
Aug. 28 Aug. 25
Sept. 20 Aug. 30
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept.
1 Aug. 15
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Oct.
Sept.15
Oct.
Sept. 15
Oct.
Sept.15
Dominion
Durez Plastics & Chemicals, Inc., common
7% preferred (quar.)
Loblaw Groceterias, Inc.
Sept.
Oct.
8734c
(new) (resumed)
5% preferred series A (initial) (quar.)
5% preferred series B conv. (initial) (quar.)__
Kaufmann Dept. Stores 5% conv. pref. (quar.)_
Kingston Products Corp. 7% pref. (quar.)_
Kress (S. H.) & Co. common
________
6% special preferred (quar.)
Leslie Salt Co. (quar.)
____
Lexington Water Co. 7% pref. (quar.)
— _
Lincoln Stores, Inc., common (quar.)
Sept. 15 Aug. i9
10c
Sept. 15 Aug. 19
1 Sept.
5
$1.18% Oct.
American Hide & Leather Co.—
60c
$1%
$1%
$1%
$1%
(qu.)_
Co. (irreg.):
Common
40c
American Machine & Foundry Co
40c
25c
7% preferred (quar.)
International Cigar Machinery
Jones & Laughlin Steel Corp.—
Aug. 26 Aug. 22
Sept. 2 Aug. 11
Sept. 2 Aug. 11
Sept.
l|Aug.
7
Sept. 16.Sept. 2
Sept. 26 Sept. 10
$1%
$134
7% pref. (quar.)
Huntington Water Corp.
6% preferred (quar.)
Payable of Record
Share
Company
I Holders
When
Per
Name of
American Gas & Electric Co. common
939
Commercial & Financial Chronicle
The
153
Volume
234c
JVc
25c
10c
75c
$2
50c
35c
t50c
45c
30c
60c
$134
60c
$134
50c
$134
10c
$134
25c
.—_ _ —
& Bond Corp.—
Sept. 2 Aug. 15
Sept. 15 Aug. 25
Aug. 30 Aug. 15
Aug. 20
Sept.
Aug. 20
Sept.
Aug.
July 22
Aug. 22
Sept.
Aug. 22
Sept.
Sept. 10 Aug. 23
Sept. 2 Aug. 15
Sept. 2 Aug. 20
Sept. 2 Aug. 20
Aug.
1 July 31
Sept. 15 Aug. 30
Sept. 15 Aug. 30
Oct.
15 Sept. 30
Aug. 29 Aug. 18
Aug. 29 Aug. 18
Sept. 15 Sept. 5
Aug. 25 Aug. 15
Sept. 30 Aug. 16
Sept. 29 Aug. 12
Sept. 26 Sept. 10
Sept. 15 Sept. 3
July 25 July 15
Aug.
1
Sept. 15 Aug. 25
Aug. 14 Aug. 11
_
Sept. 15
Sept.15
Sept. 20
Sept. 20
Sept.20
Sept. 20
Aug. 25
Sept. 5
Sept. 5
Sept. 5
Sept.
Sept.
5
5
Sept.15
Oct.
1 Sept.15
Sept.10 Aug. 18
Sept.
1 Aug. 23
Sept. 20 Sept. 10*
Oct.
1
Sept. 15 Aug. 15
Extra
l-20th of a share of Louisiana Ice & Elec.
Co. com. stock will be received for each
share of Util. Stock & Bond Corp. com.,
held.
Virginian Railway
Co.—
Common
-
.—______ _ _
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
_________
—
6234c
3734c
3734c
3734c
3734c
Sept.25 Sept.16
llOct. 18
Nov.
Feb2'42 Jan 17'42
5-1-42 4-18-42
8-1-42 7-18-42
The Commercial & Financial Chronicle
940
Aug.
Holders
Name of
Company
75c
—
15c
Virginia Fire & Marine Ins. Co. (s.-a.)
Wacker-Wells Building
50c
Warren (Northam) Corp. $3 preferred (quar.)..
Wayne Screw Products Co. (frreg.)
75c
10c
Western Auto Supply Co. (quar.)
Western Grocers Co. (Iowa) (irreg.)
50c
50c
Corp. (irreg.)
30c
7% preferred.
t$3M
Western Utilities
Corp.. 6% con v. pref. (quar.).
Westgate Greenland Oil Co. (monthly)
Williamsport Water Co. $6 pref. (quar.)..
Willson Products, Inc. (quar.)
Extra i.
_
.
«
„
-
.
.
„
„—
lc
$1M
20c
2.S3
Wright-Hargreaves Mines, Ltd
noc
|5c
—
Extra
Below
15c
20c
„■
Woodward Governor Co
Sept. 10
Sept. 25
Sept. 2
Sept. 15
Aug. 30
Aug. 25
Sept. 2
Sept. 2
Sept. 2
Aug. 15
Sept. 15
Sept. 2
Sept. 10
Sept. 10
Aug. 29
Oct.
Aug. 30
Sept.10
Aug.
Aug.
Aug.
Aug.
Belden
20
30
When
Per
Share
Acme Steel Co. (quar.)
'.
Aetna Ball Bearing Mfg. Co. (quar.)..
Aetna Standard Engineering Co. (resumed)
9
10
11
30
7% preferred (quar.)
Bigelow-Sanford Carpet Co., Inc.,
30
Agnew-Surpass Shoe Stores,
common
Extra
(s.-a.)
—
7% preferred (quarterly)
Agricultural Nat 1 Bank (Pittsfield, Mass.)—
(Quarterly)
Alabama & Vicksburg Ry. Co. (s.-a.)
Alleghany Ludlum Steel Corp., common
7% preferred (quar.)
Allied Laboratories, Inc. (quar.)
Allied Products Corp., common (quar.)
...
..
Alpha Portland Cement Co
Aluminum Industries, Inc. (quar.)
Aluminium, Ltd., common
6% preferred (quar.) (payable in U. 8. funds)Aluminum Manufacturers, Inc. (quar.)
Quarterly
Dec. 31 Dec.
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Electric Corp., Ltd. (interim)
Aug. 30 Aug. 15
Aug. 30 Aug. 19
Sept. 15 Sept.
1
Oct.
1 Sept. 11*
Oct.
1 Sept. 11*
Sept. 2 Aug. 19
Oct.
1 Sept. 17
Oct.
1 Sept. 24*
Oct,
1 Sept. 24*
—
-
6% preferred (quar.)
American Box Board Co., 7% preferred (quar.).
American Can Co. 7% pref. (quar.)
American Car & Foundry Co. common
(resumed)
7% non-cum. preferred (quar.)
Accumulated (clearing up all previous undis¬
tributed earnings applic. to the preferred)..
American Chain & Cable Co., Inc.com.
5% preferred (quar.)
American Chicle Co. (quar.)
American Colortype Co., common
__
Common
American Envelope Co., 7% pref. A (quar.)__..
7% preferred A (quar.)
American & Foreign Power Co. $6 pref
$7 preferred
American General Corp. $3 pref. (quar.)
$2.50 preferred (quar.)
$2 preferred (quar.)
American Home Products Corp. (monthly)
American Indemnity Co. (Baft.)
$2.04
40c
15c
15c
t30c
t35c
Sept. 15 Aug. 29
Sept. 15 Aug. 29
Aug. 15
Sept.
Sept.
Aug. 15
Aug. 15
Sept.
Sept.
Aug. 14*
Aug.
1
Sept.
Oct.
Sept. 3
Oct.
Sept. 3
Sept.
Aug. 15
Sept.
Aug. 20
Sept.
Aug. 20
5c
25c
20c
80c
American Locker Co., Inc.—
25c
7% preferred (quar.)
Amer. Radiator & Standard
Sanitary Corp.—
7% preferred (quar.)
American Rolling Mill Co., common.
4M % convertible preferred
(quar.)
American Smelting & Refining Co.. com
Class B (quar.)
15c
30c
tlX
SIM
'Ul
75c
SIM
tlX
tlX
$3M
50c
-
Anchor
Hocking Glass Corp. $5 pref. (quar.).
Anglo-Canadian Telephone Co., class A
(quar.).
Anheuser-Busch, Inc. (quar.)
A. P. W. Properties. Inc.. class B
$1X
%15c
$1
__
Atlas Corp. common
Dec.
15 Dec.
6
Sept.
1 Aug. 25
Sept. 15 Aug. 15
Oct. 15 Sept. 15
Aug. 30 Aug.
1
Sept. 15 Aug. 30
Oct.
2 Sept.
5*
Sept.
2 Aug.
9
Sept. 2 Aug.
9
Oct.
31 Oct.
15
Sept. 22 Sept. 2
Oct.
1 Sept.19
Sept. 2 Aug. 15
Sept. 12 Aug. 26
Oct.
1
Sept.
Sept.
1 Aug. 21
2 Aug. 22
Oct.
1
Oct.
1 Sept.10
$1
25c
15c
tlX
t35c
$i
25c
75c
Atlas Powder Co.
(increased)
Aunor Gold Mines, Ltd
Baldwin Locomotive Works
$1
J4c
50c
7% preferred (s.-a.)
Baltimore Radio Show,
Inc., com. (quar.)
$1.05
10c
6% preferred (quar.)
15c
7UI
I
t$2X
commonIIIII
6 Me
Barlow & Seelig Mfg. Co.,
$1.20 class A (quar.).
"fc
Banque Canadienne Nationale (Montreal)
(qu.)
__
Corp
Bathurst Pow. & Paper Co., Ltd., cl. A
(interim)
Bayuk Cigars, Inc. (quar.)
Beau Brummell Ties
(irregular)
14
30c
0% preferred
Atlas Drop Forge Co
Barn/sdall Oil Co
15 Oct.
Sept. 30 Sept. 20
Sept. 15 Sept.
5
Sept. 15 Sept. 5
SIM
Atlanta & Charlotte Air Line
Ry. (s.-a.)
Atlantic Refining Co. (quar.)
Bath Iron Works
Oct.
t$l M
(quar.)....
Art Metal Works, Inc
Artloom Corp. 7% preferred
(quar.)
Asbestos Mfg. Co. $1.40 convertible
preferred..
Associated Dry Goods
Corp., 7% 2d pref
6% 1st preferred (quar.)
Atchison Topeka & Sante Fe
Ry Co.—
Common (irregular)
Bankers National Investing
Corp.
6% preferred (quar.)
Sept. 30 Sept. 20
Sept. 16 Aug. 27
Sept. 2 Aug. 21
Sept. 2 Aug. 21
50c
Arden Farms Co. $3 preferred
Armour & Co. (Del.) 7% preferred
(quar.)
Armour & Co. (111.) $6 prior preferred
Bandini Petroleum Co.
(quar.)
Bank of Montreal
(quar.)
Bank of Toronto (quar.)
Nov. 25
t75c
Co
prer. pref.
25c
$1s1
35c
Amsterdam City Nat. Bank (N. Y.)
(quar.)
Anaconda Copper Mining Co
Armstrong Cork Co., 4%
Common (interim)
75c
tix
American Steel Foundries (year-end)
American Sugar Refining Co. 7% pref.
(quar.)..
American Tobacco Co. common
(quar.)
5
1 Aug. 25
1
25c
(quar.)
15 Dec.
Dec.
20c
class A (quar.)
Dec.
Sept.
SIM
American Meter Co
American Metal Co., Ltd., common
6% preferred (quar.)
American Nat. Bank & Tr. Co.
(Chicago) (quar.)
American Nat'l Bank (Nashville, Tenn.)
(quar.)
American News Co. (bi-monthly)
American Paper Co., 7% preferred
Aug. 29 Aug. 22*
Sept. 15 Sept. 3
Sept. 15 Sept. 3
Sept. 15 Sept. 2
Sept. 15 Sept.
5
$1M
$1M
75c
American Investment Co. of Illinois (quar.)
American Laundry Machinery, com.
(quar.)
Extra
Appliance class A
Berkshire Fine Spinning Associates, Inc.—
$5 conv. preferred
t30e
+82
15c
25c
t25c
37Mc
10c
Mar. 31
Sept.10
Sept. 15 Sept.
1
Sept.
1 Aug.
4
Sept. 25 Sept. 15
Sept.
2 Aug. 15
Sept.
1 Aug. 18
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Sept. 2 July 31
Sept.
2 Aug. 20
Sept. 15 Aug. 21
Sept. 5 Aug. 11
Sept. 2 Aug. 11
Aug. 20 Aug.
8
Sept. 10 Aug. 29
Sept. 3 Aug. 15
Sept.
1 Aug. 16
Sept.
1 Aug. 15
Sept.
1 Aug. 15
Aug. 20 Aug.
4
Sept. 2 July 31
Sept. 2 Aug. 15
Sept. 30 Sept. 3
Sept. 30 Sept. 3
Sept.
1 Aug. 16
Sept. 2 Aug. 15
Sept. 8 Aug. 11
Oct.
1 Sept. 15
Sept. 1 June 15
Sept. 15 Aug. 31
Sept.
Sept.
Sept.
Sept.
Sept.
$7 preferred
Bethlehem Steel Corp., common
...
common
6% preferred (quar.).
5%_pref. (quar.)
$1
.
SIM
SIM
....
Bird& Son, Inc.,
...
(E. W.) Co. of Del.—
Representing6 mos. div. (6% conv. pref.)...
Representing 6 mos. div. (5% conv. pref.)...
Bloch Bros. Tobacco Co. 6% pref. (quar.).
Blue Ridge Corp. $3 conv. pref. (quar.).
Optional div. l-32d sh. of com. stk. or cash
Borden Co. (interim)
Boss Manufacturing Co
Boston Fund (quar.)
Boston Woven Hose & Rubber Co., com
Special
_—;
Bower Roller Bearing Co
Brager Risen berg. Inc. (quar.)
Bristol-Myers Co. (quar.)
BrooKlyn Edison Co., Inc. (quar.)
Brooklyn Telegraph & Messenger Co. (quar.)
Brown Shoe Co., Inc. (quar.)
_.
_
.
...... .....
.
_
_
Brunswick-Balke-Collender
Co.,
.
2 Aug.
12
75c
30c
$3
16c
50c
82 M
75c
50c
60c
$2
SIM
50c
2 Aug. 15
2 Aug. 15
2 Aug. 18
2 Aug.
2
25c
SIM.
SIM
35c
68 Mc
,
15c
common
15c
5% conv. Dreferred (quar.)
Byers (A. M.) Co., 7% pref. (accumulated)
Div. of $2.0417, representing the quarterly
div. of $1.75 due May 1, 1938, and interest
thereon to Sept. 1, 1941.
California-Western States Life Ins. Co. (s.-a.)..
37Mc
50c
Callite Tungsten Corp
10c
Canada Dry Ginger Ale Co. (quar.)
15c
Canada & Dominion Sugar Co., Ltd. (quar.)
t37Mc
Canada Foundries & Forgings. class A
(quar.). |37Mc
Class A (quar.)
J37Mc
Canada Starch Co., Ltd. (irregular)
Canada Wire & Cable Co., Ltd., class A
(quar.)
Sept.
Aug. 23
Sept.
Sept.
Aug.
Aug.
Sept.
Aug.
Aug.
Oct
Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept. 2
Aug. 25
Aug. 20
Aug. 25
Aug. 25
Sept.20
Sept. 2
Sept. 1
Aug. 30
Sept. 2
Sept. 2
Sept.15
Aug.
Aug.
July
Aug.
Aug.
Sept.
J50c
tfl
.
Class B (interim)
J50c
6M% preferred (quar.)
Canadian Foreign Investment Corp., Ltd.—
8% preferred (quar.)
Canadian Breweries, Ltd., $3 pref. (accum.)
Canadian Industries, Ltd., class A.
tSIM
Sept.
Aug.
Sept.
Sept.
23
11
5
15
15
Aug. 20
Sept.
Sept.
Sept. 30
Sept. 2
Oct.
50c
Burroughs Adding Machine Co
Butler Brothers
SIM
...
Bunker Hill & Sullivan Min. & Concent.
Co.(qu)
Bunte Brothers 5% preferred (quar.)
5% Preferred (quar.)
Burlington Mills Corp. common
$2.75 conv. preferred (quar.)
62 Mc
50c
common
$5preferred (quar.)
Buckeye Pipe Line
Bullock's, Inc. (Los Angeles) (quar.)
75c
Holders
Record
o
Sept.25 Sept. 12
t$3M
t$4.55
81M
SIM
...
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
1 Sept.
15 Aug.
30 Aug.
Aug.
Aug.
15
15
25
14
15
13
31
15
15
9
20
15
8
21
20
5
20
22
11
11
25
Dec.
Nov. 24
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug. 15
Aug. 15
July 28
Aug.
6
Aug.
6
Aug. 16
Sept. 15
Aug. 28
Sept. 24
Sept. 2
Sept.15
Aug. 29
Aug. 15
Sept. 10
Aug. 15
Sept. 1
Dec. 15 Dec.
1
Sept.15 Sept. 8
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Aug. 31
t$2
Oct.
1 Sept. 15
1 Sept. 13
Oct.
31 Sept. 30
+81M
7% preferred (quar.)
Oct.
176c
tiiM
Class B
62m
American Insurance Co. (Newark)
(s.-a.)
Extra
Archer-Danieis-Midlana
15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
American Arch Co
American Automobile Ins. Co. (St. L.)
(quar.J.¬
American Bank Note Co., common
non-cum.
10
1 Sept.
8
Sept. 30 Sept.10
Sept. 2 Aug. 15
Oct.
1 Sept.15
Oct.
1 Sept. 12
Oct.
1 Sept. 12
Oct.
1 Sept. 12
Oct.
1 Sept. 16
Sept. 30 Sept. 8
Sept. 25 Sept. 2
Sept. 15 Aug. 30
Sept. 5 Aug. 15
Sept. 1 Aug.
8
Sept. 30 Sept.15
_
Allied Stores Corp., 5% pref. (quar.)
Allis-Chaimers Mfg. Co
$1.50
15 Oct.
Oct.
...
Extra—
Class A (quar.)
Holders
Payable of Record
Oct.
...
40c
$1
Bliss
15
Sept. 12 Aug. 15
Sept. 15 Sept.
1
Aug. 25 Aug. 15
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Oct.
1 Sept.15
_
37Mc
Bendix Aviation Corp
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
we
Company
conv. preferred (quar.)
Manufacturing Co. (irregular)
Bendix Home
not
Name of
Payable
25c
$1.50
15
14
Aug. 20
Aug. 20
Aug. 20
1 Aug. 21
1 Aug. 21
Oct.
When
Share
Company
Beaunit Mills, Inc
give the dividends announced in previous weeks
yet paid.
The list does not include dividends an¬
nounced this week, these being given in the
preceding table.
and
Per
Name of
of Record
Vapor Car Heating Co. (increased) (quar.)
Vinco Corp. (quar.)
1941
16,
Oct.
Oct.
Sept.
Sept. 30
Sept. 30
July 23
Oct.
Sept. 20
+81 M
Canadian Internat. Invest. & Tr., Ltd. (accum.)
Canadian Oil Cos., Ltd., 8% pref. (quar.)
J 50c
t$2
Capital Wire Cloth & Mfg. Co.. Ltd.—
$1.50 conv. preference (quar.)
J38c
Carman & Co., Inc., $2 class A
(quar.)
Class B__...
Carolina Telephone & Telegraph Co. (quar.)—.
Case (J. I.) Co. 7% preferred (quar.)
Caterpillar Tractor Co. (quar.)
50c
2.5c
$2
50c
Central Arkansas Public Service
7% pf. (qu.)_..
SIM
Central Cold Storage Co. (quar.).
Central Illinois Public Service Co. $6 pref
6% preferred.
Central Ohio Light & Power
Co., $6 pref. (quar.)
t$lM
t$lM
...
Century Ribbon Mills, 7% pref. (quar.)
Champion Paper & Fibre, common
6% preferred (quar.)
Chartered Investors, Inc., $5 pref. (quar.)
25c
25c
Chesterville Larder Lake Gold
Mining Co., Ltd.
Common (irreg.)
Chicago Corp. $3 preferred
Chicago Yellow Cab Co., Inc. (quar.)
Chile Copper Co
IIP.
t5c
t50c
25c
50c
Cincinnati New Orleans & Texas Pac.
Ry. Co.
5% pref.(quar.)
Citizens National Bank & Trust Co.
(Englewood, N. J.) (quar.)
Citizens & Southern Nat. Bank
(Savannah, Ga.)
$1M
Sept.
Sept.
Sept.
1 Aug. 12
2 Aug. 15
2 Aug. 15
Oct.
1 Sept. 24
Oct.
1 Sept. 12
Aug. 30 Aug. 15
Sept. 2 Aug. 15
Sept. 15 Sept. 5
Sept.15 Aug. 20
Sept.15 Aug. 20
Sept. 1 Aug. 16
Sept. 2 Aug. 20
Sept.15 Aug. 30
1 Sept. 15
2 Aug.
1
Oct.
Sept.
Aug. 20 Aug.
5
Sept. 1 Aug. 15
Sept. 2 Aug. 20
Aug. 26 Aug. 8
Sept.
2 Aug. 15
City Nat'l Bank & Trust Co. (Chicago)
Oct.
1 Sept. 30
20c
Common..
$1
Oct.
1 Sept. 15
1 Oct. 21
(quar.).
$1
Nov.
Cleary Hill Mines Co. (quar.)
Cleveland & Pittsburgh RR. reg. stock
(quar.)..
Special guaranteed (quar.)
5c
87 Mc
50c
Sept. 1
Sept. 2
Sept. 2
Aug. 16
Coca-Cola Bottling Co. of Los Ang. (irreg.)
Coca-Cola Co
60c
Coca-Cola International Corp. (irreg.)
Colgate-Palmolive-Peet Co.,$4.25 pref.(quar.)_
Collateral Trustee Shares of New York series A.¬
Collins & Aikman Corp., common
5% conv. pref. (quar.)
Colonial Stores, Inc., common
(quar.).
5% preferred A (quar.)
Colorado Fuel & Iron Co
Columbia Broadcasting System Inc., class A
Class B_
...
__
75c
Oct.
$5.65
Oct.
S1.06M Sept.
12bc
Aug.
25c
Sept.
Sept.
Sept.
Sept.
Aug.
45c
Sept.
45c
Sept.
tic
Aug.
SIM
Aug.
Oct.
SIM
Dec.
SIM
SIM
Sept
Djc.
SIM
62m
...
Commoil, Ltd
Commonwealth Utilities Corp. 6)4 % pref. (qu.).
6% pref. (quar.)
6 M% preferred "C" (quar.)
Confederation Life Association (Toronto) (qu.).
Quarterly
Congoleum-Nairn, Inc. (quar.)
Connecticut Light & Power, common (quar.)
5M% preferred (quar.)
Connecticut Power Co. (quar.)
Connecticut River Power Co., 6% pref. (quar.)
25c
75c
SIM
62 Mc
SIM
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
July
Aug.
Aug.
Aug.
Aug.
1
1 Nov. 14
30 Sept. 25
31 Dec. 14
Sept. 15 Sept.
1 Sept.
1 Aug.
2 Aug.
2 Aug.
Oct.
12Mc
25c
Sept.
8% preferred (quar.)
Consumers Gas (Reading, Pa.) (irreg.)
$2
35c
Container Corp. of America
Continental Oil Co
Cook Paint & Varnish Co.
(quar.)
25c
25c
Oct.
1 Sept
Sept. 15 Aug.
Aug. 20 Aug.
Sept. 29 Sept.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 2 Aug.
Aug. 27 Juiy
Sept. 3 July
Sept. 15 Sept.
Special
50c
SIM
40c
30c
20c
Consolidated Oil Corp. (quar.)
Consolidated Paper Co. (quar.)
Consolidated Retail Stores—
.
20c
$4 preferred (quar.)
SI
Corrugated Paper Box Co., Ltd., 7% pf. (accum)
tSIM
Courtauld's, Ltd., ord. reg. (interim)
a2M%
Amer. dep. rec. for ord. reg. (interim)
Crane
Company, 5% conv. preferred (quar.)
Creameries of Ameri<
lerica, common (quar.)
$3-50 convertible
preferred (guar.)
Crown Cork & Seal Co., Inc., $2.25
pref. (qu.)_.
Crown Zellerbach
Corp. $5 conv. pref. (quar.)..
Crum & Forster 8% pref. (quar.)
a2m
12Mc
87Mc
56 Mc
SIM
$2
11
8
12
12
30
9
31
31
2
19
2
19
1
20
1
20
28 Aug. 14
5 Aug. 22
5 Aug. 22
29 Aug. 15
30 Aug. 15
1 Sept. 15
1
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Aug.
Consolidated Aircraft Corp. $3 conv. pref.
(final)
Consolidated Cigar Corp. 7% pref. (quar.)
Consolidated Edison Co. of N. Y-, Inc. (reduced)
Consolidated Investment Trust (quar.)
20
11
2
15
15
15
15
30
2 Aug. 15
15 Aug.
15 Sept.
15 SeDt.
8
2
2
15 July 15
2 Aug. 21
Sept. 15 Aug.
Sept. 1 Aug.
Sept. 15 Aug.
Sept. 1 Aug.
Sept. 30 Sept.
5
8
19
19
15
24
29
1'
25
11
29*
13
16
Volume
The
153
Share
Company
10c
Culver & Port Clinton RR. Co. (extra)
Extra
Cuneo Press, Inc., 41^ % preferred (quar.)
Curtis Publishing Co. prior pref. (quar.)
Cushman's Sons, Inc., 7%
pref.
50c
35c
75c
$1 K
7%pref. (quar.)*——
Sept.
Oct.
Oct.
Nov. 20
91H
Dec.
$14
Sept.
23 Dec.
Hamilton Watch Co.
Bank-
liquidating
30c
pref. (quar.)__
Detroit Hillsdale & Southwestern RR. (s.-a.).—
Dewey & Almy Chemical Co., common
Detroit Gasket & Mfg. Co., 6%
v,"
1-5-42 Dec. 20
15
15
15
12
2
2
2
2
2
25c
Oct.
15
62 Mc
25c
Oct.
50c
37&
50c
$2
...
)quar.)
Dixie-Vortex Co., common
$2.50 class A (quar.)
Dominguez Oil Fields Co. (monthly)
Dominion & Anglo Investment Corp., Ltd.—
5% preferred (quar.)
Dominion Bridge Co., Ltd. (quar.)
Dominion Foundries & Steel. Ltd., 6% pref. qu.)
Dominion-Scottish Investments, Ltd.—
_
Aug. 30
29
29
29
30
12
Aug. 12
Aug. 15
Aug. 15
Aug. 21
Sept. 25
Sept.10
Aug. 15
Aug.
Aug.
Aug.
Aug.
Aug.
1 Aug. 20
1 Sept.30
Aug. 30 Aug. 15
Sept. 10 Aug. 22
Oct.
1 Sept. 25
1
Aug. 30 Aug.
9
Sept. 1 Aug.
9
Sept.
1 Aug.
5
Aug. 25 Aug.
Sept. 30 Sept. 9
Sept. 22 Sept. 6
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Sept.
5% preferred (accum.)
Oct.
RR. Co. (s.-a.)
Doyle Machine & Tool (initial)
Dun & Bradstreet, Inc., com. (quar.)..
$6 preferred (quar.)
East Malartic Mines, Ltd
—
Eastern Shore Pub. Serv. Co.,
$6.50 pref. (qu.)
$6 preferred (quar.).......................
Eaton Manufacturing Co.......„............
Co. (quar.)
Elgin National Watch Co
Elizabeth & Trenton RR. Co., com. (s.-a.)
5% preferred (s.-a.)
Elmira & Williamsport RR. Co. (s.-a.)
El Paso Electric Co. (Del.) 7% pref. A (quar.)_.
6% pref. B (quar.)
El Paso Natural Gas Co. 7% pref. (quar.)
Quarterly. ...
. . . ........ . — — *:* .■ * . .
Employers Casualty Co. (Dallas) (quar.)
Engineers Public Service Co., $6 pref. (quar.)..
$5.50 preferred (quar.)
$5preferred (quar.).—.....—Faber, Coe & Gregg, Inc. (quar.).
Fairbanks, Morse & Co—
Fajardo Sugar Co. of Porto Rico
Includes div. declared by Fajardo Sugar Grow¬
ers Assn.. an affiliate.
Falstaff Brewing Corp. (quar.)
Extra ...................
Nov.
20
15 Sept. 30
15 Sept. 30
Sept.
1 Aug. 15
Sept. 30 Sept.16
Oct.
Oct.
Oct.
Oct.
Sept.
Sept.
Sept.
1 Oct. 25
1 Sept. 12
1 Sept. 12
1 Sept. 12
2 Aug. 15
9
2 Aug.
2 Aug. 15
Aug. 30 Aug. 16
Aug. 30 Aug. 16
Oct.
1 Sept. 16
.....
Sept. 30 Sept, 15
Dec. 18 Dec. 15
Oct.
1 Sept. 30
Oct.
1 Sept. 10
$5 pref. (quar.)—
$5preferred (quar.)......................
Farmers Deposit National Bank (Pitts.) (qu.)__
Farmers & Traders Life Insurance (quar.)
—
Federal Bake Shops, Inc. (quar.)
Federal Insurance Co. of New Jersey (quar.)
Federal Light & Traction Co., $6 pref. (quar.)__
Federal Mining & Smelting Co...............
Fansteel Metallurgical Corp.
—
Sept. 30 Sept.15
Oct.
1 Sept. 20
—
Ferro Enamel Corp.
18*
29
5
15
15
Oct.
1 Sept. 25
1-2-42 Dec. 26
Sept. 1 Aug. 15
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Sept. 2 Aug.
Sept. 19 Aug.
Sept. 20 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
.......................
(Marshall) & Co., 6% pref. (quar.).
6% preferred (2d series) (quar.)._
Fifth-Third Union Trust Co. (Cin.) (quar.)
Field
—
Quartern-
---
Firestone Tire & Rubber Co. 6%
First National Bank
pref. A (quar.)_
(Atlanta, Ga.) (quar.)
(Hartford) (quar.)
_ -
Oct.
First Nat. Bank (Hazleton, Pa.) (quar.).
First National Bank (Mt. Vernon, N. Y.)
(Quarterly)..............................
Bank (San Diego) (qu.)
5% preferred (quar.)
Fishman (M. H.) Co., Inc. (quar.)
—
Fitz Simmons & Connell Dredge & Dk. Co., com.
Fitzsimmons Stores, Ltd. 7% pref. (quar.)
7% preferred (quar.)
First Nat. Trust & Savs.
Fllntkote Co., common...
..............
7% preferred
(irreg.)
Francoeur Gold Mines Ltd.
Free port Sulphur Co. (quar.)
Fruehauf Trailer Co. common
5% conv. preferred
Fulton National
(quar.)
(irreg.)
convertible preferred (quar.)
$6
Gaylord Container Corp. common
:■%
(quar.)
Extra--—■
(quar.)
Cigar 7% pref. (quar.)
Cigar Co.. Inc. (quar.)
General
General
General Electric Co., Ltd.
Amer.
—
...
Extra
Gold & Stock Telegraph Co.
7% pref. (qu.).
(quar.)
Golden Cycle Corp..
Goodrich (B. F.) Co. $5pref.
(quar.)---———-
Globe-Democrat Publishing Co.,
Goodyear Tire & Rubber Co., common
$5 conv. preferred (quar.)
Gorham Manufacturing Co. (irreg.)
Gossard (H. W.) Co
Grace National Bank (N. Y.) (s.-a.)
....
Granby Consol. Min. Smelting & Pow. Co., Ltd.
Payable in U. S. dollars.
Subject to approval
of Canadian Foreign Control Board, less
15% Canadian dividend tax.
Great Atlantic & Pacific Tea Co. of Amer. com—
7% 1st preferred (quar.)
Great Northern Ry. Co., preferred
Horn & Hardart Co. (N.
Horn (A. C.) Co.-—
7% non-cum. prior participating pref. (qu.)__
6% non-cum. 2nd participating pref. (qu.)__
Idaho-Maryland Mines (monthly)
Water Co. 6% pref. (quar.)._
(Springfield, 111.) (quar.)
Imperial Life Assurance Co. of Canada (quar.)__
Illinois Municipal
Illinois National Bank
Quarterly. —.— i.—„ -
w-
-
Indianapolis Water Co. 5% pref. series A (quar.)
Industrial Bank & Trust Co. (St. Louis), quar.)_
Ingersoll-Rand Co.--...—........
Inland Steel Co. (quar.)
Inspiration Consolidated Copper
:.
International Business Machines (quar.)
International Harvester Co. 7 % pref. (quar.)
International Nickel Co. of Canada—
Common (nayable in U. S. funds)
International Ocean Telegraph Co. (quar.) — ..
International Safety Razor Corp. class A (quar.)
International Silver Co. (resumed)
Interstate Hosiery Mills, Inc...--....—..--.
Iron Fireman Mfg. Co. (quar.)
QtlcWt/Griy
m * mm
'
m
m
mm'' m m
Jantzen Knitting Mills, 5% preferred (quar.j..
_
Jewel Tea Co., Inc. (quar.)
...
Kemper-Thomas Co., 7% special pref. (quar.)..
7% special preferred (quar.)
Kendall Co., $6 partic. preferred A (quar.)
Kennecott Copper Co
Special......—.——..
Kentucky Utilities Co. 7% junior pref. (quar.)..
Kerr-Addison Gold Mines, Ltd. (interim)
Key West Electric Co. 7% preferred A
MKinney (G. R.) Co., Inc., $5 prior pref. (accum.)
Kingsburg Cotton Oil Co
Klein (D. Emil) Co. common
Knickerbocker Fund . .■;—* ... ....** . ... . .
Kresge (S. S.) Co. (quar.)
Kroger Grocery & Baking Co. common (quar.)_
7% preferred (quar.)
6% preferred (quar.)
..........
....
La Sahe Wines & Champagne, Inc. (quai.)__
Lake of the Woods Milling Co., Ltd., 7 % pf.(qu)
Lake Superior District Power Co. 5% pref. (qu.)
Landis Machine Co., 7% preferred (quar.)
.
.
7% preferred (quar.)
.....—
...
—-—.........
pref
20
Aug.
15
Le Tourneau
17Mc
17 Mc
Sept.
Aug. 22
Aug 20
Dec.
Nov. 20
25c
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
12Mc
12Mc
6im
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
10
10
15
15
14
15
Aug. 20
Aug. 20
Sept. 22
Sept. 30
Sept. 5
Sept. 5
Aug. 30
Aug.
Aug.
Aug.
Aug.
30
30
15
18
Sept.
$1M
25c
+S1M
62£Tc
20c
SIM
SIM
25c
25c
S3
15c
SIM
SIM
50c
July 29
July 29
Sept.
Sept. 12 Aug. 1
Nov.
1 Oct.
Nov. 15 Nov.
Nov. 15 Nov.
Sept. 24 Sept.
Aug. 20 Aug.
Sept. 15 Sept.
Oct.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Oct.
Sept.
Sept. 10 Aug.
Sept. 30 Sept.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 15 Sept.
Sept. 2 Aug.
Sept.
1 Aug.
Sept. 2 Aug.
2
14
25
15
Aug. 30 Aug. 15
Aug. 30 Aug. 15
Oct.
1 Sept.
5
30c
6
20 Oct.
Aug. 15
Aug. 15
Aug.
7
Sept. 5
Aug. 15
1 Sept.
Oct.
Sept.15
Aug. 29
Sept. 26
Sept. 2
Sept. 2
Sept.15
Dec.
12*
Aug. 15
Aug. 19
Sept. 16
Aug. 15
Aug. 16
Sept. 12
16 Dec.
12
Aug. 25 Aug. 20
Sept. 30 Sept. 12
Aug. 30 Aug. 12
Sept.
2 Aug. 13
Sept. 2 Aug. 15
Sept, 2 Aug. 15
Aug. 21 Aug.
9
Sept. 1 Aug. 15
Oct.
1 Sept. 24
Oct.
1 Sept. 30
1-2-42 Dec. 31
1 Sept. 12*
1 Sept. 15
4
Sept. 2 Aug.
Sept. 2 Aug. 15
Sept.22 Sept. 5
Oct.
10 Sept. 22
5
Sept. 2 Aug.
Oct.
Oct.
Sept. 30 Sept. 2
Oct.
1 Sept. 30
Sept. 2 Aug. 18
Sept.
1 Aug. 12*
Sept.15 Aug. 30
9
Sept. 2 Aug.
Dec.
1 Nov.
01
Aug. 31 July 25
Sept. 20 Sept. 6
Sept. 2 Aug. 20
Dec.
1 Nov. 20
Sept. 1
Sept.30
Sept.30
Aug. 20
Aug. 28
Sept. 2
Aug. 22
Sept.15
Oct.
1
Aug. 20
Sept.12
Sept. 2
Nov.
Aug. 10
Aug. 29
Aug. 29
Aug.
1
Aug.
7
Aug. 15
Aug.
8
Sept. 5
Sept. 20
July 31
Aug. 29
Aug.
8
1 Oct.
17
Oct.
1 Sept. 19
9
Aug. 20 Aug.
Aug. 16
Sept.
Aug. 15
Sept.
Sept. 15 Sept. 5
_
Dec.
15 Dec
_
5
Aug. 15
Sept.15 Aug. 27
Sept.15 Aug. 27
Sept.12 Sept. 3
Dec.
(R. G.), Inc.—
Libby-Owens-Ford Glass Co
—
Liberty Finance Co., participating pref. (qu.)- - Life Savers Corp, (quar.)
———.
Special.....
Liggett & Myers Tobacco Co., com. (quar.)...
Class B (quar.)
Lincoln National Bank & Trust Co. (Syracuse,
N. Y.) quarterly
.
-----Lincoln
National Life Insurance Co.
(Fort
Wayne, Ind.) (quar.)
Lindsay Light & Chemical Co
—
Link-Belt Co. common (quar.) (increased)
12 Dec.
3
9
9
15
15
13
29
25
1
1
15
Aug. 15
Sept.
Sept.
Aug.
Oct.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Oct.
Oct.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
Aug.
15 Oct.
.
6M% preferred
Lionel Corp.
Little Miami
(quar.)
(guar.)
pref. (quar.)
Nov.
Oct.
Aug.
Sept.
Aug.
Oct.
Aug.
Sept.
------
RR.. original capital
Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)...—.—
——
Loblaw Groceterias Co., Ltd., class A (quar.)...
Class B (quar.).
Lock-Joint Pipe Co. (monthly)-..--.
Monthly
Lone Star Cement Corp.—
5% partic.
15
15
Aug.
15
15
15
15
15
12
30
12
Aug. 30 Aug. 20
$4.50 conv. pref. (initial quar.)........—
(Increased) (quar.)
Leath & Co., common
$2.50 preferred (quar.)
Lebigh Portland Cement Co. 4% pref. (quar.).
.
pref. (partic. div.)
5% partic. pref. (quar.)
..
5% partic. pref. (partic. div.)
Lone Star Gas Corp..
Louisiana Land & Exploration Co
Louisville & Nashville RR. (irreg.)
Lunkenheimer Co. 6M% preference (quar.)
6M % preferred (quar.)
Manhattan Shirt Co
Marshall Field & Co., 6% preferred (quar.)
6% preferred, second series (quar.)
May McEwen Kaiser Co., $4 pref. (quar.)
McClatchey Newspaper, 7% preferred (quar.) .
7% preferred (quar.)-.-.
McGraw-Hill Publishing Co.----.
Mclntyre Porcupine Mines. Ltd. (quar.)
McKenzie Red Lake Gold Mines, Ltd. (quar.) ._
Macy (R. H.) & Co....-Madison Square Garden Corp
Magnin (I.) & Co. (quar.)
5% partic.
15
15
15
20
30
30
23
Aug.
Aug.
Aug.
Aug.
Sept. 2
Sept. 1
Sept. 2
Sept.15
Aug. 25
Sept.
(quar.)
Lane-Wells Co. (quar.).
Lane Bryant, Inc.
Langiey s, Ltd., 7% conv.
%m
$1K
Y.) 5% pref. (quar.)
Oct.
40c
—
60c
Nov,
Sept,
Sept.
25c
37Mc
60c
Quarterly
31 Mc
15c
$lif
—
15c
...
7% conv. preferred
Lanston Monotype Machine Co..
mi
•-
I5c
Homestake Mining Co. (monthly)
Hooker Electrochemical Co., 6% pref. (quar.)_.
Common (irreg.).
20
;•
Bonus
General Motors Corp. common (irreg.
$5 preferred (quar.)
General Outdoor Advertising class A
Preferred (quar.)
General Refactoiies
General Steel Wares, Ltd., 7% pref. (quar.)
General Telephone Corp. (quar.)
$2.50 preferred (quar.)
Gibraltar First National Ins. Co. (s-a)- —
25c
30c
Oct.
25c
,
registered
30
25c
$1%
Monthly
Hobart Mfg. Co. class A (quar.)
Home Insurance (Hawaii) (quar.)_-
Nov,
al0%
(Great Britain)—
dep. rets, ordinary
45c
—
Hibbard, Spencer, Bartlett & Co. (monthly)
25c
SIM
5 Vi % preferred
1 Sept.
4
50c
I2Hc
Harvill Aircraft Die Casting Corp
Hawaiian Electric Co., Ltd. (qaur.)
Hawaiian Pineapple Co————..—
Hazel-Atlas Glass Co. (quar.)
Hecla Mining
Extra.
50c
Game well Co., common
——.
Harshaw Chemical Co., 4M% conv., pref. (qu.)
Hart-Carter Co., $2 conv. pref. (quar.)
Sept. 26
50c
(quar.)
Bank (Atlanta, Ga.) (quar.)
Oct.
_6% preferred (quar,).__
Auw. 15
2
1
1
1
1
1
Aug. 25 Aug.
Oct. 15 Sept.
Sept. 2 Aug.
i,... -j
Oct.
SIM
SIM
SIM
Fuller Brush Co., 7% pref.
1 June
Oct.
$1
35c
(quar.)
(quar.)
Harrisburg Gas Co., 7% preferred (quar.)
Harbison-Walker Refractories Co., common
1 Sept. 30
Oct.
$1M
SIM
87 Mc
*4c
$4.50 preferred (quar.)
*
Florida Power Corp., 7% pref. A (quar.)
10 Sept. 30
Oct.
Common
(quar.)
First Nat. Bank (North Easton, Mass.) (quar.)
First National Bank (Pittsburgh) (quar.)
First Nat. Bank & Trust Co. (Lexington, Ky.)
.
Extra
-
Hanna (M. A.) Co., $5 pref.
Har bauer Co. (resumed) .
'
—. . .... . .
Preferred (semi-ann.)—
1 Oct.
Oct.
Nov.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
...
Hires (Chas. E.) Co
Sept.
1 Aug. 15
Aug. 25 July 31
Sept. 2 Aug. 20
Dover & Rockaway
Electric Storage Battery
2 Aug. 15
2 Aug. 15
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
SIM
(semi-annual)...................
Dictaphone Corp., common...
8% preferred (quar.)-Di-Noc Mfg. Co. 6% conv. pref.
$2
35c
35c
Class B
$5 convertible preferred (quar.)
Diamond Alkali Co..—.-—.- ——*——
Diamond Match Co. (irreg.)
.........—
First National Bank
common
*
Des Moines Joint Stock Land
15
20
16
15
Aug. 15
Aug. 15
Oct.
1 Sept.20
Sept. 15 Aug. 29
6% preferred (quar.)
.
1 Aug.
1 Sept.
Sept.
Aug.
Sept. 30
Sept. 2
Sept. 2
Sept. 3
Hancock Oil Co. of Calif., class A (quar.)
Extra
Class B_...,
23
8 Sept.
Oct.
.
(quar.)_
HajocaCorp. 6% pref. (quar.)
Hale Bros. Stores, Inc. (quar.)
Hall nor Mines, Ltd. (quar.)
vHaloid Co. -
1
1
2
10 Oct.
Sept.
Sept.
Gulf Power Co. $6 preferred (quar.)
Hackensack Water Co., 7% pref. A
2
29
18
20
15
15
Aug. 20
Dec.
Oct.
5M% conv. preferred (quar.)
1 Nov. 22
Holders
When
Payable of Record
Tex.)—
Quarterly
Greene Cananea Copper Co
Griesedieck Western Brewery Co.—
Sept. 15 Sept.
1 Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
75c
r% pref. (quar.)
Preferred
Oct.
m3A
$i %
..—...
Dayton Power & Light Co. 4H % pref. (quar.)..
Deere& Co., common (irreg.)_
7% preferred
Dentists' Supply Co. of New York (quar.)
Second
Dec.
75c
91%
Share
Company
Great Southern Life Ins. Co. (Houston,
Aug. 30 Aug. 15
Aug. 30 Aug. 15
Aug. 30 Aug. 15
Oct.
1 Sept. 28
30c
(quar.)
7% preferred (quar.)
Name of
Payable of Record
10c
Class B
30c
class A (quar.).
Crum & Foster Ins. Shares Corp.
Per
Holders
When
Per
Name of
941
Commercial & Financial Chronicle
Aug.
25
2
8
Sept. 15
Aug. 13
Aug. 25
Dec.
Nov. 24
Sept.
Aug. 25
Dec.
Nov. 24
Sept.
Sept.
Aug.
Aug. 11
Aug. 11
Aug. 20
Sept.
Sept. 20
Sept.
Sept.
Aug. 20
Dec.
Nov. 20
Dec.
Nov
Aug. 20
20
Aug. 22 July 22
Sept. 15 Sept. 2*
Aug. 27 July 28
Oct.
1 Sept. 20
1-2-42 Dec.
23
2 Aug. 11
Sept. 30 Sept. 15
Sept.30 Sept. 15
9
Sept. 1 Aug.
Sept.
Aug. 30 Aug. 29
Nov. 29 Nov. 28
2 Aug. 19
1
2 Aug.
Sept. 15 Aug. 30
8
Sept. 2 Aug.
Sept.
Sept.
Aug. 29 Aug. 15
Sept. 15 Aug. 29
The Commercial & Financial Chronicle
942
Per
Name of
Share
Company
Manufacturers Trading Corp. common — —
Marshall & Ilsley Bank (Milwaukee) (s.-a.)
-
-
4c
20c
Magmn (I.) ft Co. 6% pref. (quar.)
May Department Stores (guar.)
7
May. McEwen, Kaiser & Co., common (quar.)—
Mead Corp. $6pref. A (quar.)..
$5-50 preferred B (quar.)
——
Mercantile Acceptance Corp. 5% pref. (quar.)..
5% preferred (quar.)....
6% preferred (quar.)
6% preferred (quar.)
Merrimack Manufacturing Co. 5% pref
Merritt-Chapraan & Scott Corp., 6X% pref. A
Metal Textile Corp.
Common (irreg.).
$3.25 partic. preference (quar.)
Participating
When
Sept. 10 Sept.
3
Dec. 27 Dec. 20
Nov. 15 Nov.
5
3 Aug.
Aug.
Aug.
Aug.
Aug.
30c
Dec.
Sept.
6 Aug. 30
30c
Dec.
5 Dec.
t$5
Sept.
Sept.
Aug. 22
Aug. 15
Sept.
Sept.
Sept.
Aug. 20
Aug. 20
2 Aug. 20
25c
26c
t$2M
10c
81 Mc
a;
Dec.
15
9
15
15
30
1
1
Metal & Thermit
Corp.—
7% preferred (quar.) (increased)
....
Mid-City National Bank of Chicago, com
Middlesex Water Co. (quar.)
Mid vale Co. (irreg.)..
Midwest Rubber Reclaiming Co. $4 pref. (qu.).
Minneapolis-Honeywell Regulator—
4% preferred B (quar.)
—
Mississippi Valley Public Service Co.—
$1
Sept. 30 Sept.
1 Sept.
Sept. 1 Aug.
Oct.
1 Sept.
Sept. 2 Aug.
$1
Aug. 30 Aug. 20
$im
$i
75c
$2
Oct.
20
20
25
15
20
$1X
(quar.)
Oct.
1 Sept. 18
Aug. 30 Aug. 18
Oct.
1 Sept. 18
SIX
$2 X
Montreal loan &
Mortgage Co. (quar.) —
Moore (W. R.) Dry Goods Co. (quar.)
—
Quarterly
................
Moran Towing Corp. 7% partic. pref. (quar.)—...
Extra
Motor Finance Corp. (quar.)
Motor Wheel Corp. (quar.)
Mt. Diablo Oil, Mining & Development Co.—
Common (quar.)
Mfg. Corp. $7 pref
Munson Line, Inc. $4 preferred A (irreg.)
lip
35c
6c
25c
40c
tS2s1
$1
Murphy (G. C.) Co. (quar.)
Muskogee Co., 6% preferred (quar.)
Muskegon Motor Specialties $2 class A (quar.)—
Nov. 10
Nov. 10
Nov. 10
Aug. 31
Oct.
lc
Mull ins
Dec.
Dec.
Sept.
50c
$4.50 preferred A (semi-annual)
$4.50 preferred B (semi-annual)
$4 preferred C (semi-annual)
Sept. 1
Aug. 11
Dec.
Monsanto Chemical Co., common (quar.)—
Sept.
Sept.
Ha
Oct.
Dec.
1-1-
1
31
Aug. 15
Aug. 15
Aug. 16
Sept.
Sept.
Aug.
Sept.
Aug. 22
Aug. 15
Aug. 15
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug. 15
Aug. 22
Aug.
9
Aug. 20
Sept. 27 Sept. 18
6% preferred (quar.)
6% preferred (quar.)
Dec. 27 Dec.
18
Aug. 15 Aug.
8
Nashua Gummed & Coated Paper Co. (quar.)..
Nat. Automotive Fibres, Inc.—
50c
6% convertible preferred (quar.)
National Battery Co., $2.20conv. pref.
15c
Sept.
2 Aug.
(quar.).
55c
40c
Oct.
Oct.
1
7% preferred (quar.)
National City Lines, Inc., com. (quar.)
Class A (quar.)
$3 convertible preferred, (quar.)
National Electric Welding Machine Co (quar.).
National Gypsum Co., $4.50 pref. (quar.)
National Lead Co., common (quar.)
7% preferred A (quar.)
6% preferred B (quar.)
National Linen Service Corp. $7 pref. (s.-a.)
$5 preferred
SIX
Nov.
Nov.
1 Oct.
11
1 Oct.
11
30 Oct.
20
National Biscuit Co. com
...
National Malleable & Steel"Casting"
National Power & Light (quar.)
National Tool Co.
Co"."(irreg.).
(initial)
Natl State Capital Bank (Concord, N. H.) (qu.)
common
National Union Fire Ins. Co.
(s.-a.)
-
Extra
25c
50c
75c
2c
SIX
12Hc
$1 H
SIX
$3 X
50c
15c
10c
$2X
SIX
$1
Nebraska Power Co., 6% preferred (quar.)
SIX
SIM
SIM
7% preferred (quar.)
Neiman-Marcus Co. 5% preferred (quar.)
Neisner Brothers, Inc. (quar.)
25c
Nekoosa-Edwards Paper Co. common
Common
New Amsterdam Casualty Co. (s.-a.)
New Bedford Cordage Co., common
50c
50c
45c
25c
Class B
25c
7% preferred (quar.)
New Jersey Zinc Co.
New York & Queens Electric Light & Power Co.
Common (quar.)
$5 non-cum. pref. (quar.)
SIM
$1
$2
SIM
9
Aug. 15
15 Sept. 16
Aug. 30 Aug. 15
Sept. 15 Aug. 30
Oct.
Sept. 2 Aug. 14
Sept. 30 Sept. 12
Sept. 15 Aug. 29
Nov.
1 Oct.
Sept. 2
Sept. 2
Sept.
Sept.
Sept. 15
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept. 15
Sept. 30
Dec.
31
Sept. 2
Sept. 2
Sept. 2
Sept. 2
Sept. 10
17
Aug. 20
Aug. 20
Aug. 22*
Aug.
2
Aug. 30
Sept. 23
Aug. 11
Aug. 11
Aug. 15
Aug. 15
Aug. 20
Aug. 30
Sept. 20
Dec. 20
Aug.
1
Aug. 11
Aug. 11
Aug. 11
Aug. 20
Sept.13 Aug. 22
8
Sept. 2 Aug.
New York State Electric ft Gas Co.—
5.10% pref. (initial; (quar.)..
S1.27X Sept.
Sept.
Newberry (J. J.) Realty 5% pref. A (quar.)
SIM
Newport News Shipbuilding & Dry Dock Co.—
Common
Sept.
Nov.
$5 convertible preferred (quar.)
Niagara ShareCorp.of Maryland 6% pf."A"(qu.)
Sept.
Nov.
1900 Corp. class A (quar.)..
Noranda Mines Ltd. (interim) (quar.)..
Sept.
...
Norfolk & Western Ry. Co., com. (quar.)„_.._
Sept.
Adj. preferred (quar.)
Aug.
Norma-H Bearing Corp. (quar.)
15c
Sept.
North American Aviation, Inc
75c
Aug.
Northeastern Water & Eiec. Corp. $4 pref. (qu.)
SI
Sept.
Northern Insurance Co. (N. Y.) (s.-a.)
SIX
Aug.
Extra
SI
Aug.
Northwestern Public Service Co. 7% pref. (qu.)_
SIM
Sept.
6 % preferred (quar.)
Sept.
Six
Ohio Power Co. 4X% pref. (quar.)
Sept.
SIX
Ohio River Sand Co. 7% preferred
tsi
Sept.
....
Ohio Seamless Tube Co., common
60c
7% preferred (quar.)
Okonite Co. 6% preferred (quar.).....
Omaha National Bank (Nebraska) (quar.)
Omar, Inc., 6% preferred (quar.)..
Oshkosh B'Gosh, Inc., common (quar.)—
$2 convertible preferred (quar.)
Oswego & Syracuse RR. Co. (s.-a.)
Otis Elevator Co., common
6% preferred (quar.)
Otis Steel Co.. $5.50 conv. 1st preferred
Oxford Paper Co., $5 preference
Paracale Gumans Consol. Mining Co., Inc.—
Common (monthly)
....
...
...
Parker Pen Co
Extra
SIX
SIX
10c
50c
S2X
20c
SIX
t$2M
tSIM
Mc
25c
Parkersburg Rig ft Reel Co. $5.50 pref. (quar.)—
Paton Manufacturing Co., Ltd., common (qu.)_
7 % preferred
(quar.)
Peninsular Telephone (quar.)
Quarterly
Preferred A (quar.)
Preferred A (quar.)
Pennsylvania Salt Mfg. Co. (irreg.).
Pennsylvania Water & Power Co., com. (quar.)
$5 preferred (quarJ.
Peoples Nat. Bk. of Wash.(Seattle.Wash.) (qu.)
Peoples Telephone Corp. 6% pref. (quar.)
Perron Gold Mines, Ltd. (quar.)....
...
—
„.
pref. (quar.)
SIX
25c
25c
Parker Rust Proof Co. (quar.)
Extra
Extra.
43 Mc
...
.
J50c
tSIX
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
Aug. 8
Aug. 16
2 Aug. 16
1 Oct.
16
17 Sept.
5
15 Nov.
1
15
19
19
30
20
2
18
18
2
2
2
1
15
20
2
30
10
2
2
20
20
20
15
1
Aug. 20
Aug. 30
July 31
Sept. 21
Aug.
7
Aug. 15
Aug.
8
Aug.
8
Aug. 20
Aug. 20
Aug.
5
Aug. 15
Sept. 5
Sept. 10
Aug. 14
Sept. 15
Sept. 25
Aug. 20
Aug. 20
Aug.
8
Aug. 26
Aug. 26
Aug. 30
Aug. 15
27 Aug.
1
1
30
30
2
15
15
Aug.
Aug,
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
9
15
15
11
11
20
31
31
15
50c
Oct.
50c
1-5-42 Dec. 15
5
Nov. 15 Nov.
5-5-42
5-15-42
35c
35c
$1ii
'of*
SIX
14c
tic
SIM
1
Sept. 15 Aug.
1 Sept.
1 Sept.
Sept. 30 Sept.
Sept.
1 Aug.
Sept. 22 Aug.
Sept. 22 Aug.
SeDt.
1 Aug.
Oct.
Oct.
29
15
15
25
31
30
30
21
50C
SIX
six
50c
2Xc
2Xc
2Xc
10c
75c
Oct.
2Xc
t8im
-
-
Pillsbury Flour Mills Co. (quar.).
Pitney-Bowes Postage Meter Co. (quar.)
Pittsburgh Bessemer & Lake Erie RR. Co.—
Common (quar.)
Pittsburgh Coke & Iron Co., $5 conv. pf. (qu.)Pittsburgh National Bank (Pa.) (quar.)
Pleasant Valley Wine Co
Pollock Paper & Box Co., 7% pref. (quar.)
7% preferred (quar.)
Poor & Co., $1.50 class A preference (quar.)
Accumulated
Co., 6% pref. (quar.)-
5% preferred (quar.)
Public Nat. Bank & Trust Co.
8%
(N.Y.) (quar.)
—
preferred (quar.)
-
SIX
SIX
37
m
six
SIX
70c
25c
37 Xc
55c
50c
50c
(monthly)
(monthly)
25c
75c
-
Purity Bakeries Corp
Quaker Oats Co.. 6% pref. (quar.)
Quebec Power Co. (quar.)
Quaker State Oil Refining Corp. (irreg.)
Radio Corp. of Amer. $2.50 conv. 1st pref. (qu.)
$5 preferred B (quar.)
Rath Packing Co. 5% pref. (semi-annual)
Raybestos-Manhattan, Inc. (quar.)
Rayonier, Inc., common
$2 preferred (quar.)
Reading Co. 4% non-cum. 1st pref. (quar.)_>i
2nd preferred (quar.)
25c
SIX
J25c
25c
87 Xc
SIX
S2X
37 Xc
25c
50c
50c
Dec.
6X% preferred (accumulated)
Reliance Steel Corp., $1.50 com. pref. (quar.)—
Remington Rand, Inc., common (interim)$4.50 preferred (quar.)_
Republic Insurance Co. of Texas (quar.)
...
Republic Investors Fund, Inc., 6% pref. A (qu.)
6% preferred B (quar.)
Republic Petroleum Co. common (resumed)
—
37 Xc
20c
SIX
30c
15c
15c
3c
3c
on common
15 Dec.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1
1
2
2
2
2
2
Oct.
1
Sept.
Sept.
Sept.
Sept.
Sept.
30
15
15
15
15
Oct.
15
Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
15
15
2
30
25
15
1
10
15
Aug. 15
Aug. 15
Aug. 15
Aug. 15
Aug. 19
Aug. 19
Aug. 15
Sept. 20
Aug. 29
Aug. 15
Aug. 15
Aug. 15
Aug. 15
Sept. 15
Aug. 22
Aug.
Aug.
Aug.
July
Aug.
22
Sept. 15 Aug.
Sept. 2 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Aug. 25 Aug.
31
22
10
10
11
Oct.
Oct.
Nov,
Sept.
Sept.
Oct.
Sept.
Oct.
ts IX
14
Aug. 25 Aug. 15
Sept. 15 Sept. 15
Oct.
40c
15
19
15
1 Aug. 20*
15 Oct.
Oct.
50c
40c
Regent Knitting Mills pref. (quar.)
Preferred (quar.)
Reliance Grain Co., Ltd.—
Aug.
Aug.
Aug.
Aug.
Aug.
1 Sept. 15
Sept.
873^c
Corp. 7% pref. (quar.)
Additional
10c
$1M
$1M
Pullman, Inc. (quar.)
Extra
$14
$2
7% preferred (quar.)
$5preferred (quar.)
6 % preferred
6 % preferred
25c
75c
$3 preferred (quar.)
Pressed Metals of America, Inc.-
2-1-42 1-15-42
Sept. 1
Sept. 1
Sept. 2
Sept. 1
Aug. 20
—
Reed-Prentice
Mutual Chemical Co. of America—
Sept. 10 Aug. 15
Sept. 2 Aug. 11
Oct.
1 Sept. 10
Sept. 4 Aug. 20
Sept. 2 Aug. 11*
Aug. 30 Aug.
1
Sept. 1 Aug. 15
Nov.
1 Aug. 15
25c
Phoenix Hosiery Co., 7% 1st pref——————
Photo Engravers & Electrotypers, Ltd. (s.-a.) —
Public Service of N. J. common
Semi-annual
.
-
Holders
Payable of Record
50c
-
Philadelphia Co., 5% non-cum. pref. (s.-a.) —
Philadelphia Electric Power 8% pref. (quar.)—
Phila Germantown & Norristown RR. Co., com
Philadelphia Suburban Water Co. 6% pref. (qu.)
Phillips Petroleum Co. (quar.)——
Phillips Pump & Tank Co. class A (extra)
Class A (quar.)
Prentice Hall, Inc., common (quar.)
Monarch
Pfaudler Co. 6%
Phelps Dodge Corp. (increased)
Class A
Class B
When
Share
Name of Company
Potomac Electric Power
$1
$1 X
Common
Per
Holders
Payable of Record
Sept.
Sept.
Sept.
Sept.
Sept.
25c
Aug. 16, 1941
Sept.
Dec.
Nov.
Nov.
18
1
22
29
1 Sept.
5
1 Sept. 5
1
15 Aug.29
2 Aug. 15
1 Sept. 16
11 Aug. 21
9 Sept. 18
1 Sept. 17
1 Aug. 15
1 Nov, 15
1 Oct.
1 Oct.
15
15
Sept. 20 Sept. 10
Dec. 20 Dec. 10
Rochester Button Co—
37 Xc
Sept.
1 Aug. 20
SIX
SIX
SIX
tsix
Sept.
Sept.
Sept.
Sept.
1
1
1
2
Aug.
Aug.
Aug.
Aug
14
14
14
15
a2p
$1.50 conv. preferred (quar.)
Sept. 2
Sept. 2
Sept. 2
Aug. 20
July
July
Aug.
Aug.
Aug.
29
31
15
15
11
Rochester Gas & Electric Corp.—
6% preferred C (quar.)
6% preferred D (quar.)
5% preferred E (guar.)
Rolland Paper Co., Ltd., 6% pref. (quar.)Rolls-Royce, Ltd., Amer. dep. rec. ord. reg.—
Final.
Royal Bank of Canada (Montreal) (quar.)
15c
Rustless Iron & Steel
Corp. common
$2.50 conv. preferred (quar.)
Saco-Lowell Shops common
St. Louis Union Trust Co. (Mo.), common—
62 Xc
25c
50c
Sept. 30 Sept. 24
50c
Dec. 26 Dec. 20
San Francisco Remedial Loan Assn. Ltd. (quar.)
75c
Savage Arms Corp. (new initial)
Scott Paper Co.—
Common (quar.)
$4.50 preferred (quar.)
$4 preferred (quar.)
Seaboard Oil Co. (Del.) (quar.)
Sears Roebuck & Co. (quar.)
Second Nat. Bank (Houston, Texas) (quar.)—
Second Nat. Bank (Nashua, N. H.) (quar.)
Secord (Laura) Candy Shops, Ltd
Seeman Brothers, Inc
Servel, Inc
Sbeaffer (W. A.) Pen (quar.)
75c
Sept. 30 Sept. 15
Aug. 18 Aug. 8
juarterly)
-
Extra
45c
Sept.
Sept.
SIX
Nov.
Oct.
$1
25c
Nov.
Oct.
Sept.
Sept.
Sept. 2
Aug. 11
Sept. 30
75c
$2
Oct.
$1
Nov.
Oct.
29
J20c
Sept.
75c
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
July
Aug.
15
30
14
15
15
2
24
25c
50c
25c
-
10c
Shattuck (Frank G.) Co. (quar.)
Shawinigan Water & Power (quar.)
Shenango Valley Water Co., 6% pref. (quar.)„
1*
20*
20*
123c
SIX
Aug.
Aug.
Sept.
Aug.
Sept.
20
Sherwin-Williams Co.—
SIX
5% preferred, AAA (quar.).
Simonds Saw & Steel Co. (irreg.)
Sisco Gold Mines, Ltd
Sloane-Blabon Corp. 6% preferred class A
Snider Packing Corp
Socony Vacuum Oil Co., Inc
Sonotone Corp., common
60c. prior preferred (quar.)
Soundview Pulp Co., common
6% preferred (quar.)
South Bend Lathe Works (quar.)
80c
12c
-
t$l^
25c
25c
5c
15c
75c
$1
SIX
—
Sept.
t$l
Sept.
Sept.
Sept.
Sept.
Sept.
25c
37Xc
Southeastern Greyhound Lines (quar.)_
Preferred (quar.)_
—
Conv. preferred (quar.)
Greyhound Lines, Inc. com. (qu.)_
6% non-cum. preferred (quar.)
6% conv. preferred (quar.)
Southwestern Life Ins. Co. (Dallas) (quar.)
Sovereign Investors. Inc. (quar.)——
Spiegel Incorp. $4.50 conv. pref. (quar.)
Standard Accident Ins. Co. (Detroit) (quar.) —
Standard Cap ft Seal Corp. $1.60 conv. pf. (qu.)
Standard Brands, Inc., $4.50 pref. (quar.)
Standard Oil Co. of California (quar.)-
30c
30c
25
1
25
25
30
30
1
Aug. 15
Aug. 23
Aug. 16
Sept. 1
Sept. 5
Aug. 21*
Sept. 4
Sept. 4
Aug. 15
Aug. 15
Aug. 15
Aug. 15
Sept. 15
Aug. 20
Aug. 15
Aug. 30
Aug. 15*
Aug. 20
Aug. 20
Aug. 20
37 Xc
Dec.
Nov. 20
30c
Dec.
Dec.
Oct.
Nov. 20
Nov. 20
Oct. 12
25c
—
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
July 30
Aug. 30
Aug. 25
Aug. 15
Sept. 2
Aug. 15
Aug. 15
Aug. 15
Aug. 15
Sept. 15 Sept.
30c
35c
10c
SIX
62 Xc
40c
SIX
25c
10c
Extra
25c
Standard Oil Co. of Indiana (quar.)
Extra
.
Acid Works,
—-
-
Sept.
2
15
15
15
15
15
40c
Southeastern
Standard Wholesale Phosphate ft
Oct.
37Xc
37 Xc
6% preferred B (quar.)
—Southern California Water Co. 6% pref. (quar.)
Southern Colorado Power Co., 7% pref
Inc. (quar.)
Aug.
Aug.
Aug.
Aug.
SIX
—
Pipe Line Co
Oct.
50c
Extra..
South Carolina Power Co. $6 pref. (quar.)
Southern California Edison Co., Ltd.—
Southern
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Stecher-Traung Lithograph Corp.—
3gra
5% preferred (quar.)
5% preferred (quar.)
Sterling Products Inc. (quar.)
Stonega Coke ft Coal Co
Strawbridge & Clothier 6% prior pref. A (quar.)
Stromberg-Carison Telephone Mfg. Co.—
6X% preferred (quar.)
5
Sept. 30 Sept. 15
Dec. 31 Dec.
—
95c
_
15
4 Aug. 22
SIX
Sept.
Sept.
Sept.
SIX
Sept.
2 Aug.
$1
2 Aug. 15*
1 Aug. 15
9
Volume
The
153
943
Commercial & Financial Chronicle
Bank of
Condition of the Federal Reserve
Holders
Name
of Company
JAug.
50c
25c
40c
(irreg.)
6% preferred (quar.)
(quar.)
Swift International Co., Ltd., dep. ctfs.
37 He
30c
Swift & Co.
$15*
45c
(quar.)_
Nov.
25c
Sylvania Industrial Corp. (quar.)
Talon. Inc
60c
Texas Gulf Sulphur Co
50c
SIM
7% pref. (quar.)_
Co. (quar.)
Texas New Mex. Utilities Co.,
Texas Pacific Coal & Oil
Thew Shovel Co., common
10c
75c
(irreg.)
7% preferred (quar.)
Third Nat. Bank & Trust Co. (Scranton,
Quarterly
Aug.
Sept.
Aug.
Aug.
Aug.
Sept.
Aug.
Oct.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
50c
Pa.)-
Tide Water Associated Oil Co.
Extra
Tilo Roofing Co
SI.40conv.preferred (quar.)
Timken Roller Bearing Co
—
(quar.)
Toburn Gold Mines, Ltd.
Extra
preferred (monthly)
(monthly)
Toledo Edison Co. 7%
6 % preferred
5% preferred (monthly)
Trane Co. S6 1st pref. (quar.) —
Truax-Traer Coal Co. 6% pref. (quar.)-
5M% preferred (quar.)
(quar.)
United Chemicals, Inc., S3 preferred
United Fuel Investments, Ltd.—
6% class A preference
$5 preferred
United Light &
7 % preferred
(monthly) _ _
Railways 7 % pref.
(monthly)
$2 M
85c
$2
—
7% preferred (s.-a.)
U. S. Freight Co. (interim)
U. S. Printing & Lithograph Co
_
United States Pipe & Foundry Co., (quar.)
—
$3M
25c
t$lM
50c
50c
Quarterly
U. S. Playing Card Co. (quar.)
U. S. Plywood Corp. SI.50 conv.
5Cc
Oct.
$15*
7% preferred (quar.)
25c
Universal Insurance Co.
(qu.)
t$2
Pacific Ry. com. (s.-a.)
5% preferred (s.-a.)
Virginia Coal & Iron Co. (irreg.)
Virginia Electric & Power Co., $6 pref. (quar.) —
Vogt Manufacturing Corp
Vulcan Detinning Co. common (quar.)
7% preferred (quar.)
Walgreen Co. common (quar.)
—
4M % preferred (quar.)
Vicksburg Shreveport &
Waite Amulet Mines,
Ltd. (interim)
S2M
S2M
Oct.
SIM
Sept.
8ept.
Sept.
Sept.
Oct.
20 Oct.
SIM
20c
SIM
SIM
40c
SIM
U0c
(H.) Gooderham & Worts, Ltd.—
tSl
Common (quar.)
t25c
$1 preferred (quar.)
t96Mc
Warner Bros. Pictures, Inc., $3.85 preferred—
50c
Warren Foundry & Pipe Corp
Washington Ry. & Electric Co.—
$10
Common
Walker
Participating units
5% preferred (quar.)
5% preferred (quar.)
W elch Grape Juice Co. (year-end)
Wesson Oil & Snowdrift Co., Inc. com.
$4 conv. preferred (quar.)
Westmoreland Coal Co. (irreg.)
Westmoreland, Inc. (quar.)
Weston Electrical Instrument
—
—
;
Sept. 15
Sept. 15
Sept.
1
Sept. 2
10
Aug.
Sept.
Sept.
SIM
Oct.
30c
Aug.
Oct.
Oct.
Oct.
10c
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
31
12
15
12
12
25
15
'
m** em
mm'mm
(quar.)
27
5
Sept.15
Sept.15
Aug.
1
Sept. 13
Sept. 20
Sept.20
Aug.
8
Aug. 15
Oct. 15
Woolworth (F. W.) Co. (reduced)
Wool worth & Co., Ltd. Amer. dep. rets,
(interim)
Co. (monthly)
(Rudolph) Co. (The)
Mfg. Co
Youngstown Sheet & Tube Co., common
5M% preferred A (quar.)
Youngstown Steel Door Co. (correction)
Payable Sept. 15_not Sept. 9 as reported
Youngstown Steel Door Co
Zion's Cooperative Mercantile Institution (qu.)_
Quarterly
Wurlitzer
Yale & Towne
Aug.
Sept.
M
Nov*
Oct.
Sept.
Sept.
Aug.
Sept.
Aug. 18
Aug. 11
July 15
Aug. 20
Sept. 20
Aug. 20
SIM
40c
a20%
25c
Nov.
25c
10c
Oct.
15c
Oct.
75c
Sept.
SIM
Aug.
Oct.
Transfer books not closed for
of accumulated
50c
Dec.
15 Dec.
Time
Deposits,
Deposits',
Average
Average
Natlonal City Bank
Co.
Guaranty Trust Co—..
Manufacturers Trust Co
Co
Corn Exch Bank Tr Co.
Cnt Hanover BkATr
First National Bank
Irving Trust Co
Continental Bk A Tr Co.
Chase National BankFifth Avenue
Co—
CoCo
Comm'l Nat Bk A Tr Co
Public Nat Bk A Tr Co.
Marine Midland Tr
New York Trust
Totals
*
518,361,200
-
official reports:
As per
companies, June 30,
Includes deposits
cl,168,818,000
335,117,000
806,011,000
736,001,000
77,122,000
106,483,000
83,393,000
27,568,000
826,000
5,100,000
462,218,000
145,779,000
98,714,000
960,480,800 15,953,769,000
779,152,000
<13,342,669,000
59,409,000
4,267,300
84,931,100 el,173,073,000
17,184,000
1,168,100
146,652,000
10,151,100
25,000,000
6,000,000
5,000,000
12,500,000
7,000,000
7,000,000
Title Guar A Trust
16,707,000
38,127,000
165,874,000
9,304,000
90,106,000
1,485,000
47,834,000
4,391,000
79,045,000
2,187,000
3,111,000
42,504,000
1,624,000
53,483,000
500,000
Bank..—.
Bankers Trust Co
241,764,000
617,891,000
a2,661,148,000
847,582,000
52,235,759,000
780,858,000
14,294,300
27,221,000
82,100,800
58,357,100
187,600,900
40,986,600
75,642,700
20,287,000
109,849,400
53,896,700
4,531,200
137,453,100
28,067,600
8,916,500
10,758,300
June 30, 1941 trust
National, June 30, 1941; State.
1941.
in foreign
branches:
a
5281,621,000 (latest available date);
(Aug. 14); d $88,152,000 (latest
(latest available date); C$3,340,000
available date); e $23,206,000 (July 31).
b $65,328,000
Stock
Below
are
the
and Bond Averages
daily closing averages
as
of representative
Stock Exchange
listed on the New York
compiled by Dow, Jones & Co.:
stocks and bonds
Bonds
Stocks
10
10
30
20
15
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
trials
Date
Total
5
i24.90
29.81
18.29
42.41
107.61
93.50
52.18
109.98
90.82
15.
125.96
30.09
18.49
42.78
107.60
93.56
52.53
109.95
90.91
Aug. 14.
this dividend,
dividends.
Payable in Canadian funds, tax deductible at the
ax, effective April 30
1941 increased from 5% to
emainsat2%.
a Less British income tax.
\
Co_
Chem Bank A Trust
125.65
29.86
18.31
42.60
107.47
93.71
52.33
109.89
90.85
13.
12.
125.81
29.86
18.34
42.64
107.64
93.88
52.20
109.93
90.91
29.73
18.50
42.69
107.71
52.36
109.95
91.03
Aug. 11-
126.01
94.10
29.85
18.58
42.83
107.78
94.29
52.53
109.91
91.13
9.
126.40
Aug.
t On account
Net Demand
$
Aug.
*
14, 1941
Undivided
6,000,000
20,000,000
77,500,000
20,000,000
90,000,000
41,591,200
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
Bank of New York-Bank of Manhattan
Sept.10
Aug. 23
Sept. 13
50c
HOUSE
NEW YORK CLEARING
Surplus and
Capital
Members
15
Sept.15 Aug. 30
Sept. 15 Aug. 30
Sept.15 Sept. 5
50c
the New York City
given in full below:
BUSINESS THURSDAY, AUG.
|
50c
York City
Profits
*
Clearing House
Aug.
tSIM
—
MEMBERS OF THE
OF
*
15
Aug. 15
Oct.
SIM
STATEMENT
,8
Aug.
1 Aug. 20
2 Aug. 20
Sept. 30 Sept. 15
$,i1
7% preferred (quar.)
White (S. S.) Dental Mfg. Co. (increased)
Whitman (William) Co. Inc. 7% pref. (quar.)...
Wieboldt Stores, Inc., $5 prior pref. (quar.)
The weekly statement issued by
Clearing House on Friday afternoon is
Aug. 22
Aug. 22
Sept.
Sept.
Oct.
50c
Wheeling Electric Co. 6% pref. (quar.)
Whitaker Paper Co., common (quar.)
Aug.
Aug.
25c
Federal
notes or a bank's own
certificates given by
ASSOCIATION AT CLOSE OF
$1
75c
$1
are
Weekly Return of the New
Clearing House
Sept. 20 Aug. 20
Sept. 15 Aug. 15
Sept. 10 Aug. 18
Sept.
Aug.
Sept.
Sept.
Aug.
Aug.
Sept.
SIM
+37 Mc
25c
These
_
Aug. 11
Aug.
8
Aug. 15
43 Mc
93.0%
749,000
the United States Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
Aug.
Aug.
Sept.
+20c
37Mc
SIM
94.0%
1.526,000
"Other cash" does not Include Federal reserve
t
x
Nov. 15
—
94.1%
1,526,000
Reserve bank notes.
Dec.
SI
to
reserve
vances
Sept.
SIM
total
7,109,000
12,523,000
9,452,869,000 9,526,087,000 10006,490,000
deposit and
F. R. note liabilities combined
Commitments to make industrial ad¬
40c
(yr.-end)
56,447,000
7,070,000
13,450,000
Total liabilities and capital accounts.
of
51,075,000
53,326,000
51,648.000
56,447,000
7,070,000
13,431,000
51,670,000
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b).
Other capital accounts.
Ratio
SIM
SIM
Hydro-Electric Corp., Ltd.—
$0-80 participating preferred (quar.)
West Coast Telephone Co., 6%
pref. (quar.)
West Indies Sugar Corp. 5% pref. (s.-a.)
West Michigan Steel Foundry Co.—
SI.75 conv. preference (quar.)
Western Cartridge Co., 6% pref. (quar.)
Western Public Service Co. $1.50 pref. A
Westinghouse Air Brake Co
Westinghouse Electric & Mfg. Co. common
7 % participating preferred
Wrigley (Wm.) Jr
Monthly
Oct.
9,324,232,000 9,397,491,000 9,882,457,000
-
Capital Accounts—
Aug. 15
Aug. 15
Aug. 15
25c
West Canadian
6% preferred (quar.)
Will & Baumer Candle Co., Inc.
Wilson & Co., Inc., $6 preferred
Wins ted Hosiery Co. (quar.)
£2
m' '
Wolverine Tube Co.",~7~% preferred
Total liabilities
2 Aug. 15
2 Aug. 15
Sept. 8
Sept. 8
Aug. 22
20 Aug. 29
2 Aug. 15
20 Sept.10
10c
395,885,000
403,860,000
7,309,472,000 7,401,344,000 8,291,005,000
176,405,000
175,560,000
208,095,000
674,000
575,000
742,000
Other liabilities, Inol accrued dividends_
1
10 Dec.
Sept.
Sept.
50c
—
Extra
460,834,000
545,344,000
454,319,000
506,726,000
Total deposits
15
18
18
30
Dec.
$15*
17,196,000
Deferred availability items
1 Sept.15
SIM
50c
—
pref. (quar.)-
18,000
1,805,923,000 1,820,012,000 1,414,373,000
Other deposits—
13
Aug.
Aug.
Aug.
Aug.
1,934,000
195,635,000
9,785,000
208,811,000
10,088,000
12,747,000
13,149,000
Foreign
1-2-42 Dec. 29
Sept.
Sept.
752,124,000
2,481,000
Liabilities—
Aug. 15
1 Sept. 28
Oct.
749,605,000
620,474,000
18,000
Deposits—Member bank reserve acc't— 6,030,673,000 6,124,094,000 7,128,806,000
362,454,000
271,072,000
317,754,000
U. S. Treasurer—General account-
Aug. 15
Aug. 20
Aug.
1
Aug. 15
2
1
Sept.
1
Sept. 10
$1
7% 1st preferred (quar.)_
Vick Chemical Co. (quar.)
S1#
31
20
20
2
30
$1M
Van Raalte Co., Inc., common
Vapor Car Heating Co.,
Preferred (quar.)
1 Sept.
Oct.
615,149,000
331,000
9,452,869,000 9,526,087,000 10006,490,000
F. R. notes in actual circulation—
Dec. 20 Nov. 29*
SIM
$1
——
premises——
Total assets.
Aug. 26
Aug. 26
Sept. 2
Sept. 2
Sept. 4 Aug. 21
Oct.
1 Sept. 19
Sept. 20 Aug. 30
Aug.
Sept.
Aug.
Sept.
Aug.
37Mc
404,294,000
345,311,000
Other assets
Sept.15
Aug. 15
Sept.15
Aug. 15
Sept.15
Sept. 20
Aug. 12
Aug. 12
Aug. 15
Aug. 15
Oct.
+4c
pref. (quar.) —
United States Steel Corp. common
(quar.)
Upper Canada Mines, Ltd
Upper Michigan Power & Light Co. 6% pf.
6% pref. (quar.)
Upressit Metal Cap Corp., 8% preferred
Vanadium-Alloys Steel Co. (irreg.)
Uncollected Items——
Bank
Aug. 11
Oct.
Extra
U. S. Envelope Co., common--
Due from foreign banks
Federal Reserve notes of other banks
Aug. 14
Sept.
384,113,000
231,036,000
615,149,000
direct and guaranteed
Total bills and securities
15
Aug. 14
Oct.
1,808,000
Total U. S. Government securities,
Aug.
Sept.
53c
50c
50c
711,000
1,184.000
625,009,000
18,000
2,661,000
228,760,000
10,095,000
Notes
Aug. 20
Oct.
53c
6.36% preferred (monthly)
6.36% preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
United N. J. RR. & Canal (quar.)
United Specialities Co. (quar.)
4.141,000
384,113,000
231,036,000
Bonds
Sept.
5
Sept.
5
July 31
58 l-3c
common
(quar.)
8,676,000
1,184,000
anteed:
15
15
581-3 c
20c
1,170,000
2,971,000
U. S. Govt, securities, direct and guar¬
Oct.
1 Sept. 20
8
Sept. 2 Aug.
Sept. 30 Aug. 29
Sept. 30 Aug. 29
Sept. 2 Aug. 15
t75c
t$2M
(quar.)
United Gas Corp., S7 preferred
United Gas Improvement Co.,
380,000
4,870,000
3,806,000
Industrial advances
Au?. 23
2
1
1
1
S.
Total bills discounted
July 22
July 22
Aug. 15
Sept.
Sept.
Sept.
Sept.
U.
by
Other bills discounted.—.
1 Sept. 26
SIM
t75c
__
Govt, obligations
direct and guaranteed--
Aug. 25
Aug. 20
Oct.
25c
5% preferred (quar.)
8,573,177,000 8,671,468,000 9,029,798,000
reserves
Secured
50c
United Biscuit Co. of America common
8,503,174,000 8,606,225,000 8,926,155,000
1,679,000
1,388,000
1,388,000
101,964,000
63,855,000
68,615,000
-
Bills discounted:
10c
Extra
Union Tank Car Co.
Other Cash t—
Total
$
hand and due from
United States Treasury _x
Aug. 25
Aug.
on
1940
Aug. 14,
$
Redemption fund—F. R. notes
Aug. 11
Aug.
Aug. 6,1941
$
Gold certificates
Aug. 11
10$¥!c
series B
Union Gas Co. of Canada, Ltd. (quar.)
Union Market Nat. Bank (Watertown, Mass.)—
Trustee Standard Oil Shares
Aug. 13, 1941
Assets—
3
Nov.
Sept.
10c
Sept.
20c
Sept.
35c
Sept.
75c
Sept.
*3c Aug.
Aug.
tic
58 l-3c Sept.
50c
Sept.
41 2-3c Sept.
SIM
Sept.
Sept.
SIM
Sept.
Sept.
J20c Sept.
comparison with the previous week and
date last year:
15
2
15
18
26
2
21
Aug. 15
Sept.
1
15c
(quar.)
in
Aug. 11
_
Aug. 13, 1941,
the corresponding
Bank of New York at the close of business
Aug. 25
Aug. 29
Sept.
Sept.
Sept.
Federal Reserve
the condition of the
The following shows
Aug. 15
Aug. 14
Sept.
J20c
pref. (qu.)_
(D. A.) Oil Co. class A partic.
Sullivan Machinery Co. (resumed)
Sun Oil Co. (quar.)
Stuart
Swan-Finch Oil Corp., common
New York
of Record
Aug.
source.
15%.
Non-resident
Resident tax
/
Aug.
1
i
/
944
The Commercial & Financial Chronicle
Aug.
16,
1941
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
Items of resources and liabilities of the reporting member banks in 101
leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comments of the Board of Governors of
the Federal Reserve System upon the figures
for the latest week appear in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
ASSETS
<-
AND LIABILITIES
:
OP
WEEKLY
REPORTING MEMBER
,7V
■
•■..77'77:-;i77
BANKS
IN
LEADING CITIES
101
BY
DISTRICTS
Phila¬
Federal Reserve Districts—
Total
ASSETS
Boston
%
Minne-
New York,
delphia
9
9
9
AUG.
ON
6.
1941
(I** Millions of Dollars)
Cleveland Richmond
Atlanta
Chicago
9
Kansas
apolts
City
St. Louis
San
Francisco
Dallas
9
9
Loans and Investments—total
28,761
1,421
12.978
1,334
2,218
791
734
Loans—total
4.079
849
464
793
622
10,597
2.478
769
3,918
561
861
316
377
Commercial. Indus, and agricul. loans
Open market paper
1,341
405
239
384
328
6,087
418
1,098
2,488
300
411
148
190
882
233
123
227
219
397
448
87
102
42
20
14
5
48
Loans to brokers and dealers In secure.
21
3
28
2
462
25
13
337
27
14
3
7
39
4
1
4
4
9
439
16
207
31
20
13
11
61
12
6
10
14
38
Other loans for purchasing or carrying
securities
Real estate loans........
Loans to banks
1,254
39
4
31
Other loans
1.919
151
557
80
196
51
184
"no
211
50
38
"88
124
1
138
60
15
33
23
"*173
"*75
"91
"82
65
2
386
1
'"*192
Treasury bills
Treasury notes
2,253
39
1,474
"*26
182
United States bonds..
84
47
217
34
22
45
34
7.920
389
3,436
383
729
223
Obligations guar, by U. 8. Govt—..
115
1,256
220
121
113
121
3,305
74
1,974
96
Other
181
98
71
361
79
38
111
47
175
3,611
125
1.525
268
263
68
115
561
110
40
134
10,662
60
342
533
5,525
575
768
291
181
1,546
243
113
213
537
158
516
150
112
24
51
26
16
80
14
7
18
3,410
13
26
197
239
216
387
275
255
599
198
117
316
1,181
298
313
68
400
77
90
43
52
76
21
14
20
31
289
24.217
1,445
1,075
securities
Reserve with Federal Reserve Bank..
Cash In vault
Balances with domestic banks
Other assets—net
LIABILITIES
Demand deposits—adjusted
651
2
2
9
343
1
6
4
32
'"*49
814
1,231
1,767
665
531
3.428
587
349
615
579
231
1,348
1,130
260
747
209
191
998
191
111
141
134
526
14
1,088
67
17
48
33
49
137
22
2
15
38
84
9,091
386
3,874
477
537
374
354
1,366
422
182
477
649
Domestic banks....
Foreign banks..
11,672
5,431
....
Time deposits
United States Government deposits..
Inter-bank deposits:
Borrowings
25
275
367
21
588
6
1
1
20
7
3
"~4
"321
63
109
91
394
1
.....
2
9
1
1
.....
Other liabilities
Capital
754
22
"*279
16
"""21
41
3,882
accounts
249
1,644
219
393
104
421
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued/by the Board of Governors
Bhowing the condition of the 12 Reserve banks
of the Federal Reserve
at the close of business
System
Wednesday.
on
Thursday afternoon, Aug. 14,
on
The first table presents the results
for the System as a whole in comparison with the
figures for the eight preceding weeks and with those of the corresponding
week' ast year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table
following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board
of Governors of the Federal Reserve System
returns for the latest week
appear
COMBINED
RESOURCES
in
AND
Three Ciphers (000) OmtUsd
upon
the
department of "Current Events and Discussions."
our
LIABILITIES OP THE FEDERAL RESERVE
Aug. 13,
Aug. 6,
1941
1941
July 30,
July 23,
1941
BANKS AT THE CLOSE OF
July 16,
July 9,
July 2,
1941
,
1941
1941
1941
BUSINESS
June 25,
1941
AUG.
13,
June 18,
1941
1941
Aug. 14,
1940
'
ASSETS
Gold otfs
:
hand and due from U. S. Treas.x.
on
S
1
20,300,529
%
S
20,302,531
16,271
293,232
16,271
293,072
20,597,170
20.585,431
20,612,036
5,462
4,500
1,748
3,641
1,622
2,938
9,962
5,389
4,560
9,270
9,448
9,930
1,363,800
1,363,800
1,363,800
820,300
820; 300
2,184,100
2,203,332
47
31,467
16,657
OtneroasU *
Total reserves......
Bills discounted:
20,300,531
16,657
298,243
20,302,533
279,984
Redemption fund (Federal Reserve notes)
9
$
9
1
$
20,307,532
12,186
20,310,531
20,312,231
20,313,730
20,313,731
10,553
8,853
9,508
9,508
11,951
283,282
252.279
241,080
285,141
287,750
362,066
20,611.874
20,603,000
20,573,363
20,562,164 <20,608,379
20,610,989
18,761,997
905
930
1,365
1,143
1,119
1,366
1,868
1,489
1,421
1,823
592
687
1,012
1,935
2,728
2,296
3,357
2,508
2,013
1,806
2,947
9,853
9,807
9,352
9,273
9,088
8,906
8,545
1,363,800
1,363,800
820,300
1,363,800
820,300
1,363,800
1,363,800
820,300
1,363,800
820,300
820,300
820,300
1,319,196
1,126,732
2,184,100
2,198,937
2,184,100
2,198,590
2,184,100
2,196,681
2,184,100
2,184,100
2,196,809
2,184,100
2,196,203
47
2,184,100
2,194,812
2,457,420
47
2,195,881
2,184,100
2,195,201
47
47
47
47
47
47
30,090
880,4«3
26,338
29,911
30,130
1,120,507
40,444
45,896
29,503
23,779
881,425
21,679
979,078
40,162
27,222
890,276
40,215
24,918
895,591
40,175
45,283
1,132,033
778,624
43,329
40,246
42,412
41,407
44,641
v
18,387,980
Secured
by U. S. Government obligations,
direct and guaranteid..............
Other bills discounted
Total bills discounted.
Industrial advanoes
U. S. Govt, securities, direct and guaranteed:
Bonds
...........
Notes....
Total
U. 8. Govt, securities, direct
guaranteed
Total bills and securities............
...
Due from rorelgn banks
Federal Reserve notes of other banks..
...
Bank
Items..
Total
1,002,878
40,456
48,898
....
...................
...
assets....................
...
LIABILITIES
Federal Reserve notes In actual circulation.
Deposits—Member banks'
reserve account..
United States Treasurer—General account.
Foreign
Other
deposits....
Total
............
deposits
.....
...
Deferred availability Items
Other liabilities, incl. accrued dividends
....
Tota inabilities
^
;
..
...
Other capital accounts
.
.
48,189
40,296
47,601
23,924,248
23,783,594
23,806,433
23,861,917
24,036.227
23,780,771
23,845,752
23,804,669
24,045,457
22,119,928
6,906,411
12,947,724
919,425
1,194,306
621,665
6,903,785
12,951,427
839,314
1,201,653
6,829,182
13,096,940
921,055
6,771,077
13,117,089
6.774,078
13,223,032
13,339,587
663,688
604,411
6,787,914
13,125,376
836,852
1,208,225
611,503
6,573,156
13,130,642
.1,165,141
593,544
849,372
1,185,116
607,199
6,797,124
12,971,077
1,038,545
1,191,575
564,481
6,633,192
12,985,110
954,398
1,081,125
1,240,276
650,690
1,023,809
1,229,892
624,714
937,798
15,683,120
15,656,082
15,864,719
1,022,766
2,115
15,781,956
901,936
1,747
15,723,856
843,364
2,229
15,957,201
836,114
2,704
15,830,172
885,278
2,658
16,009,057
848,354
15,766,437
835,032
3,033
15,765,678
958,777
3,231
1,085,664
5,610
740,9 63
6,086
23,410,925
23,433,684
23,489,185
23,663,678
23,408,395
23,473,553
23,432,593
23,673,437
21,760,513
140,933
140,894
140,797
157,065
140,578
140,324
157,065
26,785
47,993
26.785
47.902
157,065
26,785
47,948
140,376
157,065
26,785
48,005
140,469
157,065
26,785
47,880
137,553
157,065
140,889
157,065
26,785
47,926
140,911
157,065
26,785
47,908
26,785
47,850
26,785
47,796
43,303
23,924,248
23,783,594
23,806,433
23,861,917
24,036.227
23,780,771
23,845,752
23,804.669
24,045,457
22,119,928
91.2%
13,058
91.2%
12,810
91.2%
11,697
91.2%
11,393
91.0%
91.1%
12,590
92.1%
13,072
91.3%
11,814
89.3%
11,950
91.2%
12,432
8,172
3,783
1,950
1,482
1,208
1,405
•
40,417
1,144,031
reserves to
58,754
5,292,803
940,004
506,467
2,891
t
.............
157,065
.....
........
Total liabilities and oapltal aooounts
Ratio of total
47
936,334
40,429
46,641
CAPITAL ACCOUNTS
Capital paid in
Surplus (Section 7)......
Surplus (Section 13-b)
...
deposits and Federal
Reserve note liabilities combined....
Commitments
2,445,928
23,551,539
premises
Other assets
...
820,300
'
and
...........
Uncollected
,.
■
to make Industrial advances...
151,720
26,839
8,370
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted....
16-30 days bills discounted
31-60 days bills discounted
...
1,732
2,870
94
20
122
122
142
54
51
161
276
93
42
81
100
152
193
415
776
477
143
105
20
26
81
87
575
155
266
236
295
264
290
244
267
391
5,389
4,560
2,728
2,296
3,357
2,508
2,013
1,806
2,947
1,969
1-15 days Industrial advances...
161
9,962
1,929
2,283
1,503
1,525
1,522
1,273
309
754
696
321
284
292
136
228
181
193
526
567
569
309
938
1,124
589
754
150
5,920
1,386
5,971
839
5,957
1,225
6,019
977
6,014
£>■
1.524
325
278
5,962
6,062
6,126
6,018
6,447
9,270
advances
1,515
323
301
620
..
2,072
381
286
16 30 days Industrial advanoes...
31-60 days Industrial advances.
61-90 days Industrial advanoes
Over 90 days Industrial advances.
2,236
118
551
737
Tctal bills dlsoounted.
Total Industrial
3,477
217
681
61-90 days bills discounted
Over 90 days bills discounted
9,4481
9,930
9,853!
9,807
9,352
9,273
9.088
8.906
8,545
Volume
The Commercial & Financial Chronicle
153
945
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
Three Ciphers
Aug. 14,
July 30,
July 23,
July 16,
July 9,
July 2
1941
1941
1941
1941
1941
1941
1941
1941
1940
$
$
$
$
$
$
S
Maturity Distribution of Bills and Short-Term
Securities (Concluded>
U. S. Govt, securities, direct and guaranteed:
June
Aug. 6,
Aug. 13,
1941
(000) Omitted
$
*
June
25,
18,
1-15 days
16-30 days
31-60 days
61-90 days..
-
2,104466
2,184400
2,184466
2,184,166
2,184406
2,184 466
2,184406
2,184406
2,184466
2,445,928
2,104,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2.184,100
2,445.928
7,264,985
7,247,873
344,088
7,179,380
350,198
7,150,196
379,119
7,138,328
364,250
7.113,287
316.163
7.067,169
358,574
279,255
6,942,165
308,973
6,899,789
326,633
5,588,093
295,290
6.906,411
6,903,785
6,829,182
6,771,077
6,774,078
6,797,124
6,787,914
6,633,192
6,573,156
5,292,803
7,382,000
9,253
7,372,000
7,305,500
7,305,500
7,293,500
7,243,500
7,184,000
7,063,000
7,033,000
By eligible paper
4,711
3,937
2,204
!1,801
3,037
2,198
1,739
1,475
5,685,000
1,543
Total collateral
7,391,253
7,376,711
7,209,437
7,307,704
7,295,301
7,246,537
7,186,198
7,064.739
7,034,475
5,686,543
Over 90 days.
Total U. S. Government securities, direct
and guaranteed
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U.S. Treasury
•"Other cash" does not Include Federal Reserve notes.
These
*
cents
on
are
'
'
certificates being worth less to the extent of the difference,
the difference Itself having been appropriated as profit by the Treasury under pro¬
r./-.;.:
visions of the Gold Reserve Act of 1934
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES
on
Boston
New York
$
$
Cleveland Richmond
delphia
$
and
hand
s
$
$
Atlanta
Chicago
S
9
;;;
City
20,300,529 1,189,678 8,503,174 1,310,471 1,570,557
686
1,286
1,388
5,038
16,657
Redemption fund—Fed. Res. notes..
20,610
17,421
68,615
279,984
20,669
Other eash *
711,537
$
20,597,170 1,215,385 8,573,177 1,329,178 1,591,853
725,339
491,794 3,380,408
600
1,478
646,366
973
583
526
40,548
14,397
6,349
12,211
514,872 3,422,434
561,736
361,146
494,091
25
..........
1,577
12,225
22,478
tf S
344,837 1,416,139
770
1,752
481,354
354,214
Francisco
Dallas
$ .)■
$
$
,
San
Kansas
apolis
St. Louis
due
from United States Treasury
Total reserves
BUSINESS AUG. 13, 1941
Minne¬
Total
ASSETS
certificates
OF EACH OP THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
Phila¬
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Gold
59.00
the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to
certificates given by the United States Treasury for
Jan. 31,1934, these
?
31,546
12,915
358,522 1,449,437
Bills discounted:
Secured by U. 8. Govt,
obligations,
4,870
10
9,962
Total bills discounted..........
110
21
180
38
9,270
1,300
1,184
3,586
339
788
166
99,286
384,113
107,301
141,895
74,720
57,484
166,999
820,300
59,719
231,036
64,541
85,348
44,943
34,577
100,446
U. S. Govt, securities, direct & guar.:
Notes
229
85
510
10
462
544
337
171
38,477
23,144
65,886
39,630
Total U. 8. Govt, securities,
66,280
53,594
107,765
39,864
32,235
64,817
2,184,100
159,005
615,149
171,842
227,243
119,663
92,061
267,445
105,616
61,621
106,144
85,829
172,582
2,203,332
direct and guaranteed
160,315
625.009
175,608
227,714
120,476
92,285
267,838
105,563
62,312
106,773
86,676
172,763
47
3
18
5
4
2
2
6
1
1
1
4
31.467
812
2,661
1,818
1,694
9,130
2,914
2,156
1,689
2,247
911
1,002,878
99,198
228,760
68,789
137,843
77,551
37,057
1,966
2,011
2,368
146,891
24,675
43,739
33,693
Due trom foreign banks
Res. notes of other banks......
Uncollected Items
a
3,001
2,932
1,174
5,647
2,263
1,350
1,412
3,067
49,381
2,797
2,288
2,001
4,214
938,181
661,107 3,848,185
729,018
452,584
652,071
Bank
premises
40,456
2,801
10.095
4,823
4,500
2,719
assets
48.898
3,308
13,149
4,141
5,500
2,964
23,924,248 1,481,822 9,452,869 1.584,362 1,969,108
Total assets..
See
55,001
2,298
Other
483,278 1,681,663
LIABILITIES
6,906,411
574,884 1,805,923
481,595
658,327
330,143
228,469 1,479,113
257,103
174,447
231,090
109,068
576,249
12,947,724
F. R. notes In actual circulation.....
662,838 6.030,673
317,754
62,900
789,672
72,990
946:186
422,789
295,893
35,268
454,319
116,017
110,037
41,862
143,527
34,686
90,943
17,859
6,836
4,865
35,882
8,036
34,686
27,071
51,430
5,049
43,284
26,313
252,813
40,320
883,960
36,645
326,879
34,119
171,147
72,656
288,114 1,876,760
132,977
38,132
6,106
2,448
1,779
25,238
996,538 1,155,950
615,913
374,944 2,158,129
Deposits:
Member bank reserve account
919,425
Treasurer—General account.
U. S
10
'
Total bills and securities
Fed
393
393
1,363,800
Industrial advances
Bonds
117
56
47
58
25
29
-
,
132
75
154
47
20
22
8,676
4,500
159
3.806
10
5,462
direct and guaranteed
Other bills discounted...
54,604
1,194,306
Foreign
9.652
621,665
Other deposits
506,726
32,380
329,598 1,032,521
404,916
246,850
368,295
958,777
90,986
208,095
71,429
120,063
75,786
33,952
162,721
55,027
21,466
41,225
33,012
45,015
3,231
358
742
269
347
315
97
406
129
118
143
143
164
Total liabilities.................. 23,551,539 1,456,222 9,324,232 1,549,831 1,934,687
922,157
637,462 3,800,369
717,175
442,881
640,753
Total deposits
15,683,120
...
Deferred availability Items
Other liabilities, incl. accrued
dlvs...
789,994 7,309,472
CAPITAL ACCOUNTS
471,821 1,653,949
5,634
4,837
15,173
4,344
3,002
4,545
4,281
11,757
5,247
5,725
22,824
4,925
3,974
10,785
3,244
713
1,429
533
3,152
1,000
3,613
4,393
14,526
14,323
1,007
1,138
1,263
3,081
4,565
1,999
2,370
8,390
2,041
2,549
2,022
1,939
2,121
3,051
Total liabilities and capital acc'ts.. 23,924,248 1,481,822 9,452,869 1,584,362 1,969,108
970
2,193
1,526
1,217
13,058
ad vs..
938,181
651,107 3,848,185
729,018
452,584
652,071
252
706
29
852
140,933
9,351
51,670
11.913
157,065
Capital paid In..
Surplus (Section 7)
Surplus (Section 13-b)
10,906
56,447
15,144
26,785
2,874
47,926
Other capital accounts
2,469
7,070
13,450
•"Other cash" does not Include Federal Reserve notes,
a
RESERVE
NOTE STATEMENT
Phila-
Omitted
Boston
%
Federal Reserve notes:
New York
lelphia
Cleveland
lichmond
Atlanta
Chicago
S
$
$
$
s
$
Dallas
Minneap. Kan. City
St.Louit
%
Tola'
Federal Reserve Bank of—
9
9
$
San Fran.
S
$
In actual circulation...
599,792 1,914,563
497,496
679,739
353,112
179,745
21,412
22,969
17,892
5,298
241,782
10,692
121,768
15.901
248,064 1,514,978
35,865
19,695
274,995
108,640
12,700
638,951
62,702
574,884 1,805,923
481,595
658,327
330,143
228,m 1,479,113
257,103
174,447
231,090
109,068
576,249
7,382,000
Bank
7,264,985
368,574
6,906,411
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve
483,278 1,681,663
105
3.536
Less than $500.
FEDERAL
Three Ciphers (000)
899
773
Commitments to make Indus
615,000 1,920,000
510,000
680,000
370,000
255,000 1,540,000
289,000
181,000
245,000
128,000
649,000
47
229
85
289.047
181,229
245,085
128,000
649,000
24,908
held by agent as security
for notes issued to banks:
Collateral
Gold certificates on hand and
from United States
Treasury
due
9,253
Eligible paper
7,391,253
Total collateral
United States Treasury
Rates
quoted
8,677
615,010 1,928,677
510,180
25
180
10
370,025
680,000
Notes—Friday, Aug. 15
Quotations for U. S. Treasury
Bills—Friday, Aug. 15
Figures after decimal point represent one or more
for discount at purchase.
are
255,000 1,540,000
Bid
Aug
Asked
Maturity
102.10
102.12
Mar. 15 1944...
2%
1H%
103.10
103.12
June
103.3
103.5
Sept. 15 1944...
101.1
101.4
0.13%
Dec.
Oct.
29 1941
0.13%
5 1941
0.13%
0.13%
17 1941
._
1941.
United
..
.
0 i—t►►-"1—* uw
States
York Stock
H-
t-i
Government
Nov.
Nov. 12 1941
Securities
Exchange—See following page.
on
the
Dec.
16 1942...
H%
June
{Mar. 15 1943..
16 1943
New
1H%
102.1
102.3
Sept. 15 1943
1%
101.29
101.31
Transactions
at
Daily, Weekly and
the
15 1944
102.11
1%
H%
102
102.2
101.10
101.12
1%
102.4
102.6
H%
101.14
101.16
H%
100.14
100.16
H%
100.13
100.15
{Sept. 15,1944
{Dec. 15.1945
New
Yearly—See
York
page
Asked
1H%
Nat. Defense Nts
22 1941
24
Bid
102.9
Mar. 15 1945...
Sept. 15 1942...
Oct.
SeDt
15 1943...
102.3
27 1941
SeDt
Dec.
1H%
0.13%
0.13%
0.13%
3 1941......
Sept. 10 1941
Rate
Maturity
1 H%
15 1941
Sept.
Asked
15 1941...
8 1941
Oct.
1 1941
Bid
MM. 15 1942...
Oct.
Oct.
Rate
102.5
20 1641
Treasury Bills
Aug
Bid
Asked
32ds of a point
Int.
Int.
«
Stock
961.
■
Exchange,
946
Aug.
16,
1941
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
computing the range for the
account is taken of such sales In
Government Securities
United States
furnish
on
York Stock Exchange
the New
daily record of the transactions in Treasury, Home Owners' Loan and Federal
Corporation coupon bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent-one or more 32d of a point.
Below
we
No
year.
Farm Mortgage
a
_
i|AU0.
9 Aug. 11
Daily Record of U. P. Bond Prices Aug.
9 AUQ. 11 Aug. 12 Aug. 13 Aug. 14 Aug. 15
Daily Record of V. S. Bond Prices Aug.
12 Aug. 13 Aug. 14 Aug. 15
-1-
119.4
119.4
119.4
119.2
119.2
(Close
Total
119.4
ILow.
119.4
119.4
119.2
119.2
(High
Treasury
4Kb. 1947-52
sa es in
119.2
II,000 units...
Hlgn
Treasury
119.2
107.29
Close
107.29
Total sales in 31.000 units.
Si
Tnlnl sales in
(High
106
Low.
106
(Close
106
1
mm
105.22
105.5
104.8
104.17
104.8
106.16
106.15
106.16
106.15
(Close
106.18
106.16
106.16
106.16
Total sales in 11,000 units..J
*1
High
107.18
107.18
107.21
107.19
107.18
107.18
107.21
107.19
107.18
107.18
107.21
107.19
';7;
1
5
111*1-
mmmm
110.26
110.28
111.1
(Close
110.26
110.30
111.1
m
104.16
104.28
104.16
104.28
53
21
-m
+
*
y"rm'mm'm
mm
,
^
mmmm
_
■m: rn rn
^
105.30
rn
-mmm
m
*
m
mmm
m
m
mmmi
■
m
mmmm
'
m
mm
mm
mm
8
m
mm
105.16
'.t+m'rnm
High
1
m
m
mm
104.12
^
Total sales in 51.000 units...
110.30
i
X'
104.28
.
^
105.16
110.26
■■
rn*'mm
105.16
'
Low.
(High
iLow.
-mm
m m m
mmm -
104.12
,
'
;
Close
2J*s. 1954-56
-f-'
1
mmmm
(High
(High
'
104*16
----
.
Close
] Low
m-mmrn
■■'..rn-rn-mm
«...
Total sales in 31.000 units...
1
m.m
104.12
10
Low.
2KB. 1951-53.
.m.m
2
104
106
+
'
■
•
105.6
104
104.8
20
'■'■mrn-m-m
'
105.6
104
104.17
106.16
-
■mmmm
7
104.16
106.18
mmmm
m* -■
,
105.6
105.6
30
Close
106.18
Total sales in 11,000 units...
2
mm
105.22
Low.
(High
iLow.
'
107.16
m
-
Toted sales in 51,000 units—
2 KB, 1956-58
*3
-
mm
m
107.16
107.16
105.6
1
105.28
(Close
''mmm
m
m
.
-
'■
105.28
10
8KB. 1944-46
.
-
High
107.21
107.21
'
105.22
000 units
105.28
Total sales in 11,000 units...
8KB. 1943-45
mm
mm «• -
■rn-mm-m
-
Low.
2KB, 1952-54
(Close
8hb, 1943-47
mm
Close
tLow.
Total sales in 11,000 units...
mm. mm
"
m
•
-
.
High
(High
m
107.29
Low
(Close
Total sales in 11,000 units...
8Kb. 1946-56
1
High
2^8, 1950-52
107.21
....
m
r*mrnm
"
'
'±m
Total sales in 51.000 units—
13
Low.
<
....
107.9
107.9
(High
4s, 1944-64
107.9
....
Low.
Close
2KB. 1949-53
105.30
mm
,
.mmmm
105.30
rnmmm
mmmm
25
■■■
■'mmmim
m"m
mmmm
'
8Kb. 1946-49
Total sales in 11,000 units...
[High
110.8
<
110.8
110.10
*2
Close
.
2s, 1953-55
Low.
110.22
Low.
110.24
Close
110.24
110.18
110.22
110.18
111
110.22
110.18
111
2
24
108.11
108.11
(Close
108.11
Total sales in 31,000 units...
2
3s. 1944-49
108.10
.
Close
109.8
109.11
1
Close
■
109.31
109.26
I Close
109.31
109.26
Total sales in 11,000 units...
15
2KB. 1942-44....
110.18
110.9
110.8
110.16
110.9
111
mm
(Close
110.8
110.16
110.9
111
31,000nuu.*„.
*
22
mmmm
m-
m'
mmmm
m
mmmm
mm
' m
mmmm
.IIII
-.mmmm
'w
m
m
«
mm
mm
mm
mmmm
-
mm
-
mmmm
mmmm
mmmm
W
-
.mmmm
'■■mmmm
'
*2
fm^mrn
^ w
m.m-m
106.24
-
mmmm
"
106.24
„
m
i»rnmm
■■
106.24
mmrn.m
■
mmmm
■
m
mmmm
'.mm
mmmm
m
mmmm
mmmm
-m-mmm
mmmm
'mmmm
mm'm
■
m*m
m
mmmm
mmmm
m
'
'
mmrn'm
m
m
mm
m
m
mm
m
■
Low.
'.m.mm'm
■
mm.mm
mm
m
.
■'-'■.'■mm
'm
■
♦
I
.''mm
m
^
'
^
mm
m'-m-'m
\ Low.
m
■
m
m
im-rn'm
m
mm
106.23
mm-mm
106.23
m
m
■'.mmmm
101.31
101.30
m.Lm'm'm
101.31
1
■mmmm
101.31
101.31
m
5
1
m
■
m
mmm
mmmm
mmmm
'
-
m'
-
--
m
102.24
Total sales in 51,000 units...
m'J'm
■■
.
'mmmm
25
102.24
'■.m-m-mm
m
mmmm
-
106.23
2
102.24
mm
■
mmmm
-'+.L
.
106.20
m
m
■
-
'mm-mm
_
101.31
mrnmrn
■
^
*~m.m
106.20
106.20
'
■
^
^
'
m
mm
m.m
m
Close
35
mmmm
■
mmmm
'
( High
1KB. 1945-47
-
-
mmmm
.^-mmm
Low.
111
| Low.
..
.
mrn'imm
-
m
-'mm-m
Close
Total sales in 51.000 unlfs
4
25
'm'm.
■
mm
'
High
110.16
(High
m
m
■
m
"mrnl
mmmm
mm
mm
m
Close
Total sales in 51,000 units
5
109.26
2^8.1945
^
High
3s, series A, 1944-52
110
■] Low.
^
Low.
Home Owners' Loan
110
ts.
mmmm
^^.m
m-rnmrn
mmrn
mm
^
Total sales In 31,000 units
10
'm-
mmmm
''mmmm.
\ Close
110
m
■
'-mm-mm
High
2Kb. 1942-47....
109.13
(High
Total sales in
m'-
mm
Low.
109.13
IHlgh
2Kb, 1960-65
m
Total sales in 51,000 unlfs...
3s. 1942-47.
110
m
..■■mmmm
mm'mm.
Close
Low.
106.14
2
'
m
'rnmmm
m
m
:mmmm
m
m
109.11
Total sales in 31,000 units...
m
^
High
109.13
106.14
m
mmmm
■
1 Close
•
109.8
(High
2Kb. 1958-63
mm m
Tola sales in 51,000 units
1
mmm
■''"■mm
''■mmmm
■mm'mm
Low.
109.11
J Low.
(Close
2Kb, 1951-64
m
■'mmmrn
109.8
Total sales in $1,000 units...
106.14
Low.
(High
| Low.
i
mmmm
106.14
106.14
'
12
High
1
'
106.14
^
,m.m.rnrn
....
Close
108.10
m
mmm
.mmmm
.
103.31
Total sales In 51,000 units
108.10
j Low.
3Kb, 1944-64
20
m
mmmm
'■■mmmm
50
■'■mmm'm
V
.
103.17
m
m
103.31
-
mmmm
103.17
m
mm
104
High
'rnm-mim
■mmmm
mm
50
~
mmmm
103.17
mmmm
106.6
-
Low.
*
Federal Farm Mortgage
111
(High
2Kb. 1948-51
-
-
mm
Total sales In 51,000 units...
110.24
Total sales in 11,000 units...
2Kb, 1945-47
mm
Close
Close
Total sales in 11,000 units...
2Kb. 1955-60
rmm
\
mmmm
mmmm
rnmmm
106.6
Total sales in 51,000 units
mm
''
m-mmm
106.6
mmmm
mm
ymm.rnm
29
■
2
[High
4
m
'
103.12
High
(High
105.29
mm
103.12
-.'mmmm
( Low.
2s. Dec. 1948-50
(High
3s, 1951-55..
m
mrn
"mm
105.26
mm
mm
103.12
Close
110.10
Total sales in 11,000 units...
rnmmm
mm
mm
Total sales in 31,000 units
110.10
110.8
(High
-I Low.
(Close
/
3s, 1946-48
m
mm
■
mmmm
2s, March 1948-1950.... Low.
8
mm
m
'mmmm
.
112.20
112.20
-
•
.
High
Total sales in 11,000 units...
•
•
Close
Total sales in 31.000 units.
112.20
|Low
8Kb. 1949-62
Low.
2s, 1947
\
13
9
105.29
■
~
mmmm
^
mmm
m..m m
mmmm
m
■
■mmm
■
m
mmmm
.
mm-mm-
.
4• «
mmmm
igh
*
-(Low.
Odd lot sales,
f Deferred delivery sale,
t Cash sale,
x
No transactions.
(Close
Total sales in 31,000 untts...
(High
180.31
J Low.
2Kb, 1948
Note—Transactions in registered bonds were:
108.31
(Close
108.31
Total saies in 31.000 units...
30
No sales during
the current week.
New York Stock Record
—PER
Aug.
Monday
*5212
$ per share
$ per share
$ per share
5378
120
*4518
Wednesday
Aug. 11
Tuesday
Aug. 12
9
3 per share
*118
*525g
*118
53S4
120
49
*43
5018
*50i8
5078
7
7
2334
2334
13i4
5334
*118
50
5018
*13
42
678
23
41
5g
*3«
*
75
*43g
4i2
*98i4 100
*38
*8
*7>4
1878
2334
h
»8
8
*7
19
*18
24
4078
*38
414
*96l2
4i4
3g
838
*38
*818
h
838
71«
7i2
718
1934
233s
1984
23i2
*8
8i2
160
*12
*
160i2
1234
13i8
75g
83is
2878
2U4
29
13
13i4
778
13i8
2H4
*H8j* 13s
18
1234
13i8
734
84i8
2878
29
13i8
7I2
83i8
2834
21
21
21
712
*83i8
8434
29i8
2114
*16
*12
_
*ns
*16
i38
1734
60
60i8
60
6058
*1734
1812
1734
*4012
9i8
*44i4
*lh
*16
1734
4034
938
*44l4
•
41
934
46i4
5914
175g
41
9i4
46i2
4078
9'8
*45
Bid and asked prices:
54
54
54
120
120
50
*46
50
50
13s
1734
5934
1758
41l2
9l4
46
z48i2
5414
4K%
40
*44i.i
50
400
46
Feb 21
100
115
Mar 21
No par
38
Apr
25
718
7's
7
5,500
*2178
23
*2178
23
300
Adams-MUlls Corp
1314
*1278
13U
*1278
1314
300
44
Apr
Address-Multigr Corp
4H2
40i2
*38
*
414
414
*9612 104
38
H
414
7*8
*7
*19
29
29*8
233s
*8
161
12
8i2
7i2
20
414
*4i8
800
2334
23
23
2,600
83s
I6U4
161
12
*12
13
700
13
8334
2914
*83is
8334
300
29
2834
3,800
19*8
20
2814
1912
778
7*8
59
591?
59
1734
183„
*18
181?
1712
18
42
42i2
9i8
4238
9i8
*4612
42?«
42
421?
9l«
9
47
day.
*H8
*16
H4
1714
59
48
*16
191?
Hi
171?.
59
5914
*ll8
*46
J In receivership,
6,800
mmmm
_
6%
_
9
1,800
1,300
1,900
1,700
48
conv preferred.,
Amerada Corp
200
a
par
5% preferred
100
Allls-Chalmers Mfg
No par
Alpha Portland Cem__No par
Amalgam Leather Co Inc
i
2,700
■mm
pref.No par
Allen Industries Inc...
1
Allied Chemical A Dye.No par
Allied Kid Co
5
Allied Mills Co Inc....No par
Allied Stores Corp
No par
1,000
1318
734
13i8
734
*8318
conv
Alghny Lud Stl Corp..No
100
1734
46i2
32.50 prior
400
85s
1258
21*8
no sales on this
100
400
Am Agrio Chem
(Del)..No
Am Airlines Inc.
Def. delivery
6% preferred
n New stock,
par
_.10
American Bank Note..
10
50
*
Cash sale,
Aug
3*4July
98
6
8
July 30
*g Feb 26
6*4May 26
5i2June 6
May 27
18U Apr 21
7J4May 22
zl44i|Mar 6
10U Feb 1
11*4 Feb 3
5U Apr 21
71*sMay 14
25-Way 28
14i2 Mar 13
»ii Apr 25
15
60
No par
3
22
22
20
15
23
3
per share
54i2 Aug
120
4778
61*4
7*4
24i4
157S
45
10
Apr 12
4H2 Feb 14
143s Feb 28
40
Feb 19
5i2 Apr 22
42i2June 19
x
Ex-div.
p
3
per
49U
Jan
110
Aug
30
Highest
share 3
Dec
May
May
per
70U
147
46i2
share
Feb
Feb
Apr
Jan
Jan
347s May
414 May
60
9
Jan
Aug
10l8 June
27i2
3
July 28
124 June
19i2
Apr
Jan
Jan
Nov
36i2 June
*8 May
58is Jan
7g Mar
6
60
77
4
May
May
7
Jan
99i2 Aug
*8 Jan
10&8 Jan
914 Jan
2H2 Apr
25*8 Jan
IH4 Jan
167i2 July 28
100
Dec
100
Dec
5g Jan 14
h Apr 24
75
Alaska Juneau Gold Mln___10
Albuny & Susq RR Co
100
Allegheny Corp..
No par
5K% Pf A with 330 war. 100
6K% Pf A without war. 100
20
161
10
10
*19
*8
5i8 Apr
19i2 Feb
12
May
35*4 Apr
No par
2,000
8i«
75«
*778
*7i8
....No par
Air Reduction Inc
No par
Air Way EJ Appliance,.No par
Ala & Vicksburg Ry Co... 100
-
700
20*8
9i8
-
10
71«
*n8
*1612
138
mmm
100
7ie
Adams Express
6,300
h
80
*95
3»
38
*8
1934
23
231?
8l2
81?
160i2 160i2
*12
12*4
*13
13i4
7*8
7*4
83i4
83i4
1934
414
104
*95
41
**8
*
80
7i«
818
*7
*
40L
4H8
**8
80
7
7's
Lowest
Highest
per share
No par
conv preferred
Abraham A Straus
Acme Steel Co
50
*48*4
48i2
Abbott Laboratories
1,000
120
3
Range for Previous
Year 1940
100-Share Lots
Lowest
Par
22i4
41
12
Range Since Jan. 1
On Basis of
Week
Shares
2214
41l2
98i4
20
Aug. 15
$ per share
*12*4
13
80
2312
EXCHANGE
Aug. 14
*119
7
STOCKS
NEW YORK STOCK
the
$ per share
50
283g
*
[
54
50
2358
*8
878
838
838
16014 161i4 *160
160i2
1314
7I2
*83i8
Sales
Friday
120
53'2
*118
*2178
13
Thursday
*44
5334
120
5018
7
678
43S
Aug. 13
5018
678
1314
4134
h
80
4i4
98i4
S7g
73g
*43i4
23
*13
43
*38
75
SHARE, NOT PER CENT
for
Saturday
75
Aug
6
Jan
12
37
Jan
Jan
7
Deo
Jan
May
24
15i2
6*4
135i2
87g
May
June
June
May
26i2 May
12*4 Apr
10
June
182
Apr
Jan
Apr
July 16
4i2 May
65
May
16*4
93a
79
Deo
4
21*4 May
417|
Jan
11
June
18
lig May
9i2 May
18
Apr
58i2
Apr
Jan
213g Aug 13
1*8 Aug 5
July 28
63i2 July 22
1878 July 26
58i2 Jan 2
18
9*4 Aug
47
5*4 June
414 May
Us
145a
12i2
14
Aug 14
14*4 Apr 24
8U July 31
84
*8 June
Mar
Mar
38ij May
12ig May
41*4 Jan
2*s
21
Jan
Nov
Jan
Jan
75
Apr
8
6
June
12*4
Apr
6
35
June
50
Jan
Ex-rights. T Called for redemption.
Volume
New York Stock Record—Continued -Page 2
153
AND
Range Since Jan. 1
6%
37
86*2
*176
2%
3034
Friday
Aug. 15
$ per share
$ per share
$ per share
$ per share
76
21
Shares
30l2
*75%
*20%
*108
109% *108
*107%
*10712 111
*13
*12%
1512
*7U
7%
7
*6%
*634
18%
1834
18%
*93%
94%
1%
*93%
>i%
6%
6%
1%
*6%
%
%
*34
2134
2134
*3
3%
*17%
35%
3%
*32%
*5034
*1%
18
35%
334
33
*6
2%
7
18%
94%
.1%
6%
6%
18
*93%
1%
3
21%
*17%
17%
3434
35%
35%
3%
94%
1%
V
*634
17%
*93%
1%
*5%
34
2%
334
22
22
3 j
18
35%
*3
51%
5034
5034
50%
134
24%
*1%
134
*1%
18
18%
9478
1%
*93%
1%
6%
34
*34
*21%
22
1%
1%
1%
*2334
*2334
4%
24%
23%
13
13%
12%
90
90
89
12%
1278
89%
89%
50%
89%
10%
3%
10%
*10%
48%
47
47
*46%
434
19
19%
19%
*110%
*110% 116
*26
26% *26
1%
1%
1%
*32*4
29%
3334
32%
28%
29%
6%
6%
*164%
*164% 165
6%
1478
15%
68
68
1434
6734
10
434
*9%
38
38
41%
42%
434
*9%
478
152% 152%
*43
4378
*139
150
434
68%
1434
6734
434
*4%
14%
38
38
*37%
41%
42%
153
43
43
*139
150
4134
153
*42%
23%
23%
11%
11
11
11%
*11
1138
203g
91%
1138
*11%
18%
18%
1834
91
91
91%
*19
20
153% 15334
1%
*70
71%
1%
71
71%
157
*154
5%
26*4
5%
27%
£114% 114%
434
*85
4%
87%
*19
193s
153% 153%
1%»
1%
70
71
*154
5%
26%
4%
157
534
26%
4%
88
*52
56
18%
91
19%
19%
19%
19%
152% 153%
1%2
27%
3334
15%
5%
26%
4%
734
73%
5%
273g
*15%
16
113
*10%
*1%
*28%
65
65
64
64
72
*65
72
29%
29%
*29%
29%
*8%
878
*8%
9
|5%
9034
938
*87
89
100
100
*2578
*85%
28
86
5%
9034
9
*86%
9
5%
9034
1%2
*153
5%
26%
11%
1%
30
4%
*85
734
74%
5%
*53
27%
31%
*15%
*10
1%
5%
*90
5%
9034
*5%
*90
9
9
9
88
*85
88
*85
9%
*2%
2%
17%
17%
3%
15%
3%
153s
4%
4%
7%
7%
7
7
29%
29%
Q
9%
33
Q
9%
33
119
*12
8%
15
38
*37
2134
8%
15
684
49
6%
49%
3.400
19
19
1,000
10,000
152% 153%
1%
1% 179,900
900
69
69%
70%
155
5%
5%
2634
27
114% 11434
4%
30%
31%
9
70%
12134
31%
22%
8%
*15
14%
*115
7%
*11%
119
7%
15
*115
9<
87
28%
6334
Apr 21
6%
49%
49
49
69
67%
67%
7%
32
9%
8%
117% 11734
9
*2l4
*17
3%
9
Preferred
51%
*15
*13%
68%
122%
31
l7u Aug
Rights
02
May 28
02
May 27
—100
6% preferred
Am Type Founders Ino
100
preferred
8%
Anchor Hock Glass Corp
55 dlv preferred
1,600
1,300
100
50
700
60
6 300
434
10,700
7%
3,200
7%
31%
1,200
*113% 118
400
1,300
700
150
6,900
3,400
300
200
100
15
37%
"7",500
14%
14%
9,600
52%
30%
500
68%
122% 122% *122% 122%
31
31
x2958
2934
21,900
52
52
*50
30
30%
*29%
6884
69%
67%
22%
22%
*13%
*15
14%
*13%
14%
t
300
37
14%
sales on
4,600
*11%
1534
8%
200
9,800
8%
8%
in
500
600
800
22%
2,000
8
8
2.400
15
15
100
receivership.
14%
26% Aug 11
114% Aug 12
S6 1st
1,200
14%
*15
10
American Viscose Corp—..14
140% Apr 20
4% Apr 21
May 20
July
8
5%May 19
61
Feb 14
5
Apr 18
46%May 13
22% Feb
25% Apr
11% Apr
110% June
14
21
25
30
Mar 27
19% Aug
16834 Jan
6
6
138 July 22
73% Jan 7
74% Jan
159
Jan
7
8
9
Jan
9
29% Aug
20
<IDel. aaimr.
Jan
92
Deo
10
May
147S
I84 May
12®4 May
90
3%
9
Feb 24
1
May 14
20
Feb 20
7% Jan 10
99% Jan 11
8% Aug
7784 Aug
8
Jan
8
July
121
Mar
20
Mar
7
4
Feb 19
Aug 13
82
Aug 14
RR—100
Atl G A W I SS Lines
1
5% preferred
.—.100
Atlantic Refining
25
4% conv pref series A—100
Atlas Corp
-5
6% preferred....
50
Atlas Powder—
No par
5% conv preferred.... -100
Atlas Tack Corp...—-No par
Austin Nichols
No par
55 prior A
No par
Aviation Corp of Del (The) —3
Baldwin Loco Works v t c—13
Baltimore A Ohio...——100
4% preferred
—100
Bangor A Aroostook
60
Conv 5% preferred
100
13% Feb
16% Jan
19%June
107
f
C«b sale.
May
0% Feb
47% Feb
01
111
May
13
2
0
29
14
14
16
Apr 22
Feb
4
l%May
3
0
13
May
0
2% Apr 17
12% Apr 21
3% Mar 3
43g Feb 15
6
Apr 23
23%June
7
Barber Asphalt
nNewstoc*.
2
13% Feb 14
Atlantic Coast Line
Corp.——--10
Barker Brothers...—No par
634% preferred-...——50
Barnsdall Oil Co
—5
Bath Iron Works Corp
1
Bayuk Cigars Inc.—..No par
Beatrice Creamery...
25
55 preferred w w
No par
Beech Creek RR
60
Beech-Nut Packing Co
20
Belding-Hemlnway..— No par
Belgian Nat Rys part pref—Bendlx Aviation
5
Beneficial Indus Loan. .No par
Pr pfd 52.50 dlvaer'38Ns par
Best A Co
No par
Bethlehem Steel (Del)-No par
7% preferred..
100
Blgelow-Sanf Carp Inc.No par
Black A Decker Mfg CoNo par
Blaw-Knox Co
—No par
Bliss A Laughlln Ino
.-5
Bloomlngdale Brothers.No par
2
60% Jan
—100
5% preferred
Jan
18
Apr 23
0% Jan
28
4
8
Jan 20
7% Feb 19
18«4 Feb
25%May
3
6
22
Feb 17
103
MarlO
28% Feb 17
June 25
108
73s Feb 19
103$ Jan 14
323$ Apr 21
1334 Aug 13
51% Aug 13
2034May 12
67% Aug 15
121% Feb 20
23% Apr 18
16% Apr 19
0% Apr 18
13%June 4
II
Apr 29
»
Ei-4lv.
V
Feb
152% May
19% May
9% May
33*8
Jan
14%
Apr
11
May
17%
1284 May
23*s
Jan
Feb
70% Deo
11% May
93
Feb
18
Mar
145
06%
6884
130
May
175% Mar
Dec
Deo
8§%
Apr
91»4
June
153%
Apr
Oot
2% May
0% Nov
6% May
83% June
0
May
25% May
4% May
12%
Jan
101%
Apr
12
Apr
01%
Deo
8% Nov
Deo
32
Apr
May
41%
Apr
16
July 20
113
Mar
4
12% Jan 7
2% Jan 17
31
Aug
6
11134 Aug 12
12% May
107
8
June
May
I84 June
23
June
97% June
4
May
68
35
May
22% May
0% May
3% May
5
9% Aug
87
Apr
70
May
684 Jan 10
25
Deo
54
18
0% Apr 18
Co.-No par
May
41%
155% Deo
20
4%May 22
preferred—....100
139
Deo
74% Nov
12»4 Mar
113s Feb
35% July 29
343s Jan 10
5% preferred
—-100
Atch Topeka A Santa Fe—100
49%
May
Jan
18% Nov
54%
Jan 20
8
30% May
Jan
Mar
June
May 28
79% Mar
9% May
48% May
684 Deo
10%
103
35
60
89
June
Jan
Jan
6684 July 14
30
July 22
23
3
135
Jan
Mar
8
5% Jan 25
July 29
70
Aug 2
47% Jan
2
Jan
25
4
11434 Aug
6% 1st preferred.......100
3%
*7%
31%
6
25
Common class B........25
American Tobacco...
2%
15
1184May 27
148%May 1
93
100
14
*13%
Co—100
2
10% July 31
87% July 22
37
1534
22%
8%
Jan
Am Sumatra Tobacco..No par
Amer Telep A Teleg
500
22%
8%
1534
22%
Feb 19
9034 Aug 11
7%
*11%
13
81
150% Jan 10
28% Jan 10
11% July 12
13% Jan 14
20% Aug 8
May 16
7%
15
37%
14%
51%
29%
69%
122%
31%
29%
115
100
Jan 21
6% Feb 19
18%
14%
4%
7%
9%May 29
May 20
10
100
American Sugar Refining..
7,000
22*4
May
Associated Dry Goods...—1
7%
15
37%
*11%
30%
7034
69
71
122%
12184 ►122
3034
3034
31%
2134 2134
22%
8%
8%
8%
115
119
7%
52
May 12
7% 2d
May
May
23
54
Apr
10
122
Jan
10
111
684
Apr 25
19
100
6% Jan
13% Aug
38
3
154
3,800
""666
Mar
57
May
109% Mar 24
4
May 5
"S^OO
June
5
ArmourACo(Del)pf7% gtd 100
Armour A Co of Illinois..—5
50 conv prior pref...No par
7% preferred
...—-100
Armstrong Cork Co
No par
Arnold Constable Corp
5
Artloom Corp...... ..No par
7% preferred.......—100
700
3
Apr
Apr
35
12% Sept
41% May
10% July 31
4038 July 29
45% July 28
400
7,500
22
2134 22%
IO734 10734 *107
9
37
145
1,100
684
Apr 18
100
II,700
22%
Feb 14
34
Jan 13
Archer Daniels Mldl'd.No par
38
9%
30
13834 Mar 13
7
300
28%
6%
31%
2
7%May 23
""166
1134
2434
49
458 July
12.60
No par
Andes Copper Mining
20
A P W Paper Co Ino
—6
10
38
7%
52
Bid and asked prices; no
4
300
28%
7%
*29%
14%
6
15%
24%
8%
52
1534
15% Jan
7384 Jan
15%
*3234
934
21%
27%
*2638
30
30
11% Feb 19
31%
9034
7% Jan 10
165% Aug 15
01% Apr 23
31%
5%
Jan 13
26
Anaconda W A Cable ..No par
1%
20
100
Razor..18.60
40
56
4
May
Feb 17
"19:266
2,500
10
21
6
10
31
18
Apr
60%
378
Feb 14
4
2,900
17% Jan
95%June
13>4 Jan
63s July
20% July
121
Apr
38
6
82
6
8
May
1% Deo
155
Am Water Wks A Elec.No par
74%
Jan
50
May
45% May
par
100
3,100
24% July
4% Jan
13% Jan
3
23
San'y.No
Apr 21
Amer Steel Foundries.-No par
5%
Aug
1% Mar
May
54
American Snuff
900
Aug
23
28% May
484 May
5,tOO
6
87
Jan
Jan
Jan
24% Jan
50% May
6% Apr
39
27%
88
7%
9%
7%
9% May
6
Refg.No par
100
25
Preferred
100
2,400
13,200
74%
*88%
2% May
6
4
10
4
8
29
29
8
27
Aug
May
Amer Smelting A
2,200
734
*1/%
Jan
3% Jan 13
19%
38%
4%
33%
51%
25
preferred—..No par
American Woolen..—No par
Preferred
100
Amer Zlno Lead A Smelt....1
55 prior conv pref
25
Anaconda Copper Mining..60
*10
28%
par
preferred
American Safety
1,000
27%
*66
69
7
1334
52
*
18%
92
27%
Apr
Jan
IO84 May
5%
6% preferred
200
*91
*52
6%
2%
6
03%
American Rolling Mill
-
Sept
1% May
3% June
84 Deo
May
I
Amer Ship Building Co .No par
43
75
Apr
9
3
3484 May
Preferred
800
38
27%
108
*634
36%
31%
15%
49%
*67
15
53
s*14%
684
37
*51
8%
16%
70
21%
108
14%
*30
22%
634
49%
*66
37
15%
Am Rad A Stand
3,000
May
Feb
984
8% Jan
15% Apr
91% Mar
3% Mar
20% June
230
38
41%
*152% 156
119
15%
8%
9,900
conv
8
Nov
13
July 24
$5 preferred
4
4
23% Jan 24
American Seating Co. .No par
4%
94% July 28
1% Jan 0
5% May
4% May
3% Jan 13
4684 Jan 13
300
*86
May
July 25
884 Jan 23
734 July 25
19% Aug 6
5
934
155
9
14
May
1,500
6934
140% May
30
I,080
18%
May
100
3,900
100
Mar
Jan
112
3
par
Amer Power A Light..-No par
$6 preferred
25%
243s
111
Nov
Jan
No
No
No par
American News Co
1,500
*115
37
•*15
4,500
2634
*10334
*29%
*7%
*11%
100
6% preferred
"""126
8%
8%
8%
8%
8%
8%
33%
33%
3234
3234
33% *3234 33
934
10
10
984
9%
9%
9%
10
21%
21%
21%
21%
21%
2134
21%
21%
*27
*27
27%
27%
26%
26%
27%
2734
*2534
*27
2634
2634
27% *2534
27
2634
*10334 105
*10334 105
*10334 105
*10334 105
105
*2934 32
*2934 32
*2934
32
*2934 32
32
15%
31%
87%
27
37%
22
*85
24
15%
*31%
88
27
37%
71% 72%
*121% 122%
9%
*37
8%
9%
15% Apr 24
10,800
150
Apr 23
Amer Metal Co Ltd...No par
63
24
2534
37%
2134
2134
108
*106% 108
1034 Apr 21
79
Amer Mach A Metals. .No par
5%
*42%
0
2
Aug 12
500
2784
9%
27%
*7%
9
37%
21%
3%June
10% July
47
1,300
14%
*139
Feb 14
10% Apr 23
2% Feb 15
63
9%
*26%
*115
5%
*88%
25%
20
Amer Mach A Fdy Co-No par
29%
29%
27%
32
5%
5%
23%
284June 20
May 16
27
500
62
29%
28
*30
1%
3034
9034
9%
38
33
100
Feb 14
44%June 3
1% Feb 20
Locomotive.No par
28%
684
*27%
*13034 105
1134
24
29
1
50
Preferred
Assoc Investments
*28%
33
American
800
300
678
30
*8%
6% conv preferred
320
678
9%
21%
21%
2,800
*113
26%
70%
16
*113
2834
6234
24%
49
American Invest Co of 111
200
82
684
9%
21%
9%
32
*117% 123
*117% 123
117% 117% *117% 123
Q
4
*9
9
9
9%
*9
9%
*2%
2%
2%
*2%
*2%
2%
2%
*2%
19
*17%
18%
17%
17% *17
18%
*17%
3%
3%
3%
3%
3%
3%
3%
3%
15
15
15%
15%
15
1478
15%
14%
4%
4%
434
4%
4%
4%
4%
4%
8
7%
7%
7%
7%
7%
7%
73s
8%
100
pref
100
Amer Internat Corp...No par
24%
2434
27%
9%
2,900
6% non-cum
100%
2378
49
400
1
No par
82
6234
*66
300
American Ice
*24
28%
69%
*117% 123
50
11% Apr 15
1
6% conv preferred
American Home Products
*95
64
634
American Hide A Leather
82
28%
49
1,800
""906
25
64
49
2,300
05
23%
121
2% Apr 10
No par
Amer Hawaiian SS Co
10
Deo
33% May
115
J6 preferred
2
Jan
185
May
$7 2d preferred A...No par
68%
41
7
116%
100
100
334 Jan
Jan
June
2% July
Jan 21
400
14%
38
Jan
l%May 14
79% July 11
23% Jan 7
23% Aug
102
28%
78
29
27
23
17
19
7
93s May
4584
135
115
%May 27
82
64%
x98%May
9% Mar
0% Apr
4% Feb
9% Feb
Jan
3484 July 22
1434 Feb 15
67
5%
934
6
Apr 22
95% Jan 10
No par
%7 preferred
*23
86
18%June
Amer A For'n Power.. .No par
*96
2834
*67%
400
2,200
8334
64%
2178 2178
*106
*106% 108
7
684
*634
4%
27%
*1%
100
56
June 18
6% Aug
1% Jan
25%
28%
26%
6% 1st preferred
8334
2534
86
65
23%
1%
56
*10
10
Apr 19
Feb 15
107
American Encaustic Tiling.. 1
Amer European Sees. .No par
25
2534
85
28%
*3684
2134
19
32
1%
29%
American Crystal 8ugar
23
American Stove Co...-No par
2734
1134
American Colortype Co
10
Am Comm'l Alcohol Corp..20
1
American Stores—...No par
6%
*15%
No par
200
7%
74%
*52
27%
31%
16
American Chicle
400
5%
56
100
preferred
11%
12
88
*734
6
185
100
23%
74%
8
7434
Preferred
104% *100% 104%
*99
65
39
4%
| *86
78%May 29
171%May 28
1% Oot
85% Deo
164
May
18
May
34
May
13% May
*11%
1134
27%
114% 114%
4%,
88
2
*2314
26%
114%
Aug
11%
12
155
155% *154
5%
534
5%
26%
3
400
*30
3034 3034
29%
111%
111% *111
111% *111
11134 11134 *111
484
484
4%
4%
4%
4%
434
434
64%
64%
*64% 65%
6334
64
63%
63%
*60
70
*60
70
*60
70
*65
72
29%
29%
29% 29%
29%
29%
29%
29%
*884
*8%
9%
*8%
9
*8%
9
283s
2634
*37%
1%2
Mar 18
24
152% 153%
1%
May
"l"806
91%
19%
*19
*113
9
*98% 104%
27%
*25%
*851"
2734
33
1%
*65
734
7434
6
*32
11%
30
*28%
111% 111%
434
434
4%
56
*53
113
*113
5%
2634
86
86
*1%
*5%
91
153% 153%
114% 114% *114
*10%
*89
1%
157
*154
1%
434
*1134
1834
1834
90%
*11%
91
1134
31
*11%
42%
150
23%
2334
11%
11%
91
*1%
434
11%
19%
*10%
111% 111%
'23%
42%
*139
71%
56
*29%
43
150
70%
6
~
*42
*139
38
41%
*152% 156
69
7%
■■m
38
41%
156
70%
75%
*113
41%
*934
14%
67%
5%
10
69
6
15%
37%
*152
5%
70%
7%
16
934
£14%
6734
1478
68
5
934
37%
41%
6934
74%
*31%
478
70%
6
33%
12
14%
6734
69%
8%
*31%
*15%
*46%
71
75%
27%
*3%
*10%
48%
70
7%
28
3%
1034
*46%
71
6
27%
4934
*10%
70
7434
*52
3%
*31%
70
114% 11434
*85
43%
23%
24%
11%
10
38
42
150
*139
24
113S
14%
68
434
153
*11
20
334
50%'
128
Am Coal Co of Allegh Co NJ25
""406
*12%
4%
*934
23%
*234
17%
35%
May
7
10
12%
12%
1234
*12%
12%
12%
12%
*4%
434
434
434
434
434
478
19
19
19
18%
19
1834
1878
18%
19
*110% 115% *11012 115%
*110% 116
116
*110% 116
*26
26%
*26
26
26
26%
26
26
26%
1%
1%
1%
1%
1%
1%
1%
1%
1%
32
32
32%
32%
33
32%
32%
32% 32%
28%
28%
28%
2834
28%
2878
28% 28%
2938
6%
6%
6%
6%
6%
638
6%
6%
6%
165
165% 165%
165
165
165;
*164% 165
165
123)}
10
153
3%
28
Mar
"i'ooo
2,300
5% June
39
Am Chain A Cable Ino.No par
"""266
Highest
$ per share % per share
share
8% Jan 2
per
130
American Car A Fdy..No par
Preferred
100
conv
5
5 per share
5% May 29
29% Apr 14
1
Amer Cable A Radio Corp._l
American Can..
25
5%
Lowest
Highest
100 *122% Apr 14
Corp
600
89
12%
3%
4
11%
12%
21%
134
5034
*32
50
89%
5
22
*34
3234
3%
378
33
4
3%
".6
Boech
conv pref
1,100
6%
»18
21%
*1%
378
z50
13%
23%
*5%
17%
*32
5%%
100
3,400
1%
134
23%
334
American
Am Brake Shoe <fc Fdy.No par
94%
35%
903)}
24
*93%
*1%
35%
12%
12%
4,900
6%
18%
94%
1%
*17%
90%
12%
9,800
Par
180
18
1778
13%
*4%
2%
82%
*17%
35%
*10%
*47
l,5u0
6%
35
92
*47
2%
500
7
Year 1940
On Basis of 100-Share Lots
Lowest
37
130^4
634
*17%
13%
4
11%
4878
*6%
37
3%
17%
3534
334
33%
50%
1%
2334
334
1034
48%
13
*2%
3%
92
4
*10%
2%
83
*5%
33
*32
6%
7
34
34
*234
*17%
33
6%
18%
6%
6
*»!•
21%
24
37%
1 3034 *130
*130
81%
82%
82%
82%
8284 83%
*174% 180
*174% 180
179% 179% *174% 180
31
30%
30%
31%
3034
31
30% 31
3034
7284
7234
73
75
75
74%
74%
73%
76
20%
20%
20
20
19%
20
20% 20%
20%
109%
109% *108
109% *108
109% *108
109% *108
109% 10984 *107% 109%
*107l2 10934 *107% 10934
110
12%
12%
*12%
13%
*12%
14%
14%
15% *12%
7%
*7%
*7%
*7%
7%
734
*7%
734
7%
3
3%
2%
6
37%
38
85%
180
21%
*32
6
6%
37%
24%
334
11%
4878
13%
*24
;
Week
*176
31%
76
Thursday
Aug. 14
84
87%
180
*20i4
Wednesday
Aug. 13
129% 130
Range for Previous
EXCHANGE
Tuesday
Aug. 12
*6
634
*6%
6t2
37
37
*3634 37%
129% 129% *129% 130
2%
2%
2%
2%
6%
3714
130
2%
STOCKS
NEW YORK STOCK
the
CENT
$ per share
9
$ per share
*129
NOT PER
SHARE,
Monday
Aug. 11
Saturday
Aug.
SALE PRICES—PER
HIGH
Sales
for
LOW
947
102% Aug 6
35% Jan 23
96% Mar 12
31% July 22
70%May 8
28% July 22
31% July 7
41% July
24% Jan
110% Jan
7% July
50%June
72% Jan
118% Jan
9% July
2% Jan
20% J&n
5% Jan
7
2
2
10
3
9
4
28
11
11
6
58%
Jan
96% Jan
4% May
65
Aug
49% May
29% June
Jan
July
Aug
July
Mar
Mar
10
31
15
22
17
24
08
Apr
Apr
4384
Apr
11
Apr
9%
102
Jan
July
9
Jan
84
Deo
95
Deo
45
Mar
100% Mar
May
25%
39% May
9% May
64%
8% June
9% June
18% May
102
June
7
May
43% June
57
May
112%June
Jan
Deo
Jan
22% Apr
22% Apr
23%
27% May
111
Deo
978 Mar
51
Feb
80% May
124*4
Jan
May
8% Mar
Feb
5% Mar
10
May
32% Mar
4
Aug
4
17f
5% July 31
8% July 31
10%
9%
33%
10%
247s
318s
04%
13
2*4 May
3% May
484 Deo
8% July 28
34
July 25
111% Deo
7% Apr
May
12% May
Jan
157# Nov
4% Apr
Feb
35%
82
2
19
22% Mar
113% Aug
8%
Apr
197s May
6%
Jan
8
Jan
147s
Jan
Dec
62%
Jan
8% May
10%
Apr
Jan
24%
4
May
8%
20
May
30%
7% June
23% Deo
20% May
13%
Deo
Jan
25*4
Deo
30»4
Apr
Apr
18% May
3584
27% July 22
104% July 3
32
Apr 28
105
6
102
14
8% July 29
July 28
40
July 30
10
24% May
30%
20?s Jan 10
57
May 2
17% May
49% June
22% Mar
3484 July 23
3
131% Jan 28
3178 Aug 8
23
July 23
10% Jan 4
188s Jan 8
15% Aug 1
22% May
63% May
109% May
126
Jan
89% Jan
Ei-ttthM.
May
29% May
May
7% June
Nov
112%
32%
127
Apr
Oct
Jan
975
Apr
67%
Apr
Apr
50*4
39
Jan
Jan
93% Nov
134
Nov
34%
Jan
May
22%
5*4 May
11%
Apr
Jan
13% May
23%
11
10
14
May
15
May
Jan
Apr
1 Called for redemption.
New York Stock Record—Continued—Page 3
948
AND
Auy.
1738
Wednesday
Aug. 12
? per share
t per share
*8412
17%
90
17'8
Aug. 13
Friday
Aug. 15
$ per share
$ per share
$ per share
Shares
*84%
17%
90
17%
177g
17%
29%
9934
44%
*28%
22%
*1978
90
*84%
90
*84%
17%
*28%
97%
98
*97%
44
44
*42%
22%
*22
20
19
19%
18%
*2%
*30%
4%
10%
17%
29
97%
45
223g
19%
18%
2%
29'2
29i2
29
29%
*29
*9712
98
45%
98
98
45
45
22's
*22%
22%
97%
4434
22%
*97%
22?«
97%
44%
22%
20
20
iO
20
20
19'g
19
19
33
4%
10%
32
10
19%
212
337«
414
IOI4
187«
10
1912
2i2
33»2
4U
10%
20%
19
2%
22%
20%
10
10
19
19
18%
19
18%
18»4
19
30
3014
42
30
30
*30
19
31%
31%
*30
31%
*30
41%
2%
0%
11%
*40%
417«
2%
6%
2%
*40%
*2%
6%
11%
11%
35%
*4%
*4034
20
187g
*2%
*3078
*4%
*40*4
2%
2%
6%
11%
2l2
63g
11*8
*0%
11%
*33%
35
j *33%
*20
21
*20
35
2%
*307g
4%
10%
18%
i *34
19%
20%
44%
*22%
2%
2%
32
4%
4%
*30
19
*2%
*30
*4
*10%
2%
32
4%
10%
19
18%
*40%
6%
11%
6%
41%
2%
0%
19%
19%
*11%
*34%
*19%
11%
35%
35%
20%
19%
19%
507g
19%
*55
*54%
19
8%
8%
8%
8%
27g
3%
3
3
20%
20%
*20
21%
0%
23
0%
*22%
3%
37g
37g
10%
10
99
10%
*98%
*9%
98%
*9%
20%
10%
21%
21%
*51
54
*51
1
1
1
6%
*11%
0%
6%
117g
14%
14%
35
37
*357g
3
*91
2%
10%
32%
*3%
31%
*16%
*104%
21%
*13
6%
*22 %
22%
3%
*3%
10%
98%
*10
11
*10
99
20
22%
3%
10%
22%
10%
10%
*10%
99
98%
98%
9%
21%
*97
*6%
3,900
4,500
500
3%
10%
9%
*20%
*51%
20%
20%
20%
54
51
51%
1
1
14%
14%
*34%
4%
37%
4%
3%
*37%
92%
*91
27%
119%
8%
67%
68%
*17
18
2%
2%
1117g *111
*3%
3%
11%
11
*3
*8012
95
32
32%
3%
31%
17%
104%
21%
13%
*3%
31
*16%
104
21%
*13
4%
36%
*357g
*33
*35%
200
14%
"*"700
35
30%
3%
40
4%
36%
*2%
*37%
32%
31%
31%
31%
32
3%
31%
17%
104%
21%
13%
3%
37%
*33g
31%
3%
31%
*3%
3%
31%
*17
104
31%
*17
17%
*104
104
*21%
*12%
*21%
217g
13
12%
31%
3%
31%
*17
17%
104% *104
21%
13
' 3%
37%
100% 100%
3%
37%
21%
*12%
3%
1%
1%
37%
100%
1%
4%
4%
2%
2%
8%
6%
18%
17%
2%
8%
*6%
17%
5
9
700
2,000
*39
51%
*51
51%
51%
51%
732
%
*39
*51%
517g
51%
*%
*14
732
%
*%
*%
7«
*%
*%#
*%«
%
*5.«
7J2
*12%
*%
*9
12%
2
2
*24%
26
57%
57
17g
25
50%
10%
10%
*9
9%
12%
1%
*2412
9%
13
%«
'33
12%
17g
40
*3%
38
40
3%
38
3%
*37
76
1,200
17g|
1%
1%
10%
43
*3
*37
*
3%
38%
*
43
3
3
*37
38
76
*3%
1,100
400
500
1,300
160
200
200
*94
95
*60%
61
*93
95
*60%
61
*720
*93
61
*720
94
61
.—
93%
*60%
93%
62
*720
93
*60%
*720
pf 100
10
5% conv preferred
30
Butte Copper & Zinc..
5
Byers Co (A M)
No par
Participating pref erred.. 100
Byron Jackson Co
No par
California Packing
No par
5% preferred
50
Callahan Zinc-Lead
8
1
1
15%
2
7%
76%
7%
10%
1,200
20
100
2,500
"""260
5,400
20
12
Feb 20
22% July 29
500
*39%
51%
%
*51
42
51%
100
%
""loo
9%
*12%
12% """366
2
1,000
10
25%
57%
10%
10%
104% 104%
*
13,300
1,600
250
200
42
*3%
*37
300
3%
1,000
90
93%
200
200
*720
1,100
No par
40
330
l~4(j6
500
6,200
50
300
2,100
200
8,500
400
9,000
400
3,100
27,000
1,500
7,200
Def. delivery,
7
June 11
66
zl5%oure27
1% Apr 22
109%June 10
l%June11
4% Feb 3
2% Feb 19
Jan 17
125
Jan
2
Jan
Jan 29
Oct
21%
7% Dec
12%
Jan
5%
Apr
2
May
5% May
16%
Jan
Oct
4% May
7%
Jan
17%May
2% May
6% May
23%
Apr
5
Sept
39
May
82
9
May
15%
13%
Jan
Nov
Jan
14
May
50% July
1
May
4% May
20% Feb
52% Mar
19% Apr
May
De
34
July
2% May
29% May
27g Dec
36% Aug
75% June
22% May
2
17.
8%
23%
O
Feb
Feb
Anr
Apr
6% Mar
40%
Jan
6
Apr
45
May
92%
Dec
32% May
May
3% Nov
39% May
75
Jan
June
126
Dec
100
10%June 10
5
May
48
June
17
Aug
July 28
8% Nov
30
12% May
73% Jan 14
22% Mar 25
3% July 24
115% Jan 29
4% Aug 1
12% July 28
0% Jan
72% Nov
35% Nov
20
May
105% May
4
24% Sept
17% May
29% July 28
120%
56%
35%
121
12%
72
26%
l%May
106
June
3%
May
2%
Feb
May
Apr
Jan
114% Mar
1% Dec
4
Jan
Apr
Dec
57.
Apr
11% May
Oct
6
Mar
Sept
100
Apr
80%June 13
97
27
Feb 19
347. July 12
22% May
41%
27gMay 23
22% Apr 21
5% Jan 13
3% May
8%
Feb
37% Jan 14
21% Jan 4
106% Feb 10
21% July 22
15% May
15
May
99% June
38%
Dec
15%May
100
1
8
July
17% Feb 15
Apr
2
18
44% Jan 13
Chic <fc East 111 RR Co .No par
Class A
...40
1% Mar 12
Chic Great West RR C0...6O
"i»Mar 20
5% preferred
Chicago Mail Order Co
Chicago Pneumat Tool.No
37g Mar 20
5
20
42% May
12% Apr 22
50
May
50% July 15
2%May 23
34%May 19
93%June 2
100
3
%Mar
5
Apr 28
Jan
2
378 July 20
102% Feb 3
1% July 21
534 July 22
3
July 31
10% July 22
8% Jan 10
88
17% May
107g June
2% Oct
30% May
84% June
6% May
Jan
22
Oct
106
May
30%
Apr
29% Mar
47.
Apr
44
Dec
101
Dec
12%
Jan
par
9% Feb 19
19% July 21
8% May
15%
Dec
pref erred.. .No par
Pr pf (82.50) cum dlv No par
{Chic Rock Isl <fc Pacific.. 100
37% Apr 22
44% Jan 9
54
July 24
«u Feb 6
23% May
41
May
44%
Dec
%iDec
%
Jan 17
%iDec
%
% Jan 18
9% Jan 29
14%June 24
%i Dec
%
conv
7% preferred
6% preferred...
Chicago Yellow Cab
..100
Apr
8
%.
Jan
8
%
Jan
100
No par
10
Chlckasha Cotton Oil
Childs Co
49
4
%s July 25
8%May 22
10% Feb 7
..No par
Chile Copper Co
l%June17
25
22
June
5
Chrysler Corp
City Ice «fc Fuel
6X % preferred
City Investing Co
City Stores
55
July 21
No par
2
8% Apr 21
6
Aug
53% May
87.
Oct
104% Aug 12
85
40
Aug
9
44
2% Mar
7
40% Feb 20
37. Aug 6
2
Sept
Sept
May
40% Aug
24
May
100
Class A.......
30%June
139
2
Apr 20
124
July
73
6
Apr 26
Apr 23
,85
Jan 15
56
June
110
Feb 14
114
Jan 24
108
May
33% Jan 10
20
May
139
24%June
98
9
May 23
82
May 28
48% July
27
9
Feb 14
28% Feb 18
143
87
Jan 22
Feb 19
..No par
60
Mar 17
Coca-Cola Intern Corp .No par
740
July 16
Colgate-Palmolive-PeetNo par
11% Feb 14
100% Feb 15
......
Collins <fc Alkman
No par
No par
conv preferred
18%May
100
110
Colo Fuel <fc Iron Corp. No par
Colorado & Southern.....100
4% 1st preferred....... 100
14
100
Columb Br'd Sys Inc cl A.2.50
B
2.50
Columbia Gas & Elec..No par
6% preferred series A... 100
5% preferred
100
Columbian Carbon Co.No
Columbia Pictures
No
par
5
Cash sale.
Jan
2
62% Jan 7
740
July 16
14% July
8
1103% Apr 2
30% Jan
9
Mar 19
Jan 10
2
5
Feb 18
2%May 20
73
May 24
62% July 17
697g Apr 29
4%May 16
preferred.No par
21% Apr 17
Commercial Credit
10
21%May 20
4% % conv preferred
100
99% Apr 8
Comm'l Invest Trust..No par
277g Aug 12
84.25 conv pf ser '35.No par zl02%June 9
Commercial Solvents..No par
8% Feb 15
Commonw'lth & Sou..No par
%«May 19
Commonwealth Edison Co.25
106
June 17
20
14%June 24
14%June 9
49
37s4 July 29
147
114
par
No par
Mar 11
3
Jan
conv
86 preferred series
60
41% Aug 15
Apr 18
7g Jan
1% Feb
1
101% July 24
83%June 27
Jan 30
24%May 26
* Ex-div.
y
17g Jan 13
4
2% Aug 5
3% Aug
74
May
46% May
25% May
25% May
131
Jan
Apr
Jan
11% Mar
16% Apr
5% Mar
34
91%
Nov
Apr
14%
Jan
98
Feb
z60
Jan
4%
Apr
40%
Apr
133
Nov
74% Nov
114%
Jan
43% Mar
83%
48
41%
45%
Dec
Mar
Apr
Apr
May
145
Dec
99% May
56
May
141
Mar
63
Feb
10% May
20
94
June 102%
16% May
108
May
12% May
24
4%
5%
21% Jan
6
21
6
16
Feb
Dec
35% Apr
112% Feb
•u Dec
1% Dec
1% Oct
16
May
Jan
51% Dec
1% Aug
20
3
100
r
2
May
Jan
Coca-Cola Co (The)...No par
n New stock,
Jan 27
72% Jan
10% Feb
9
100
Preferred
82.75
27. Jan 27
27
77. May
95
Clev & Pitts RR Co 7 % gtd.50
Special gtd 4% stock
50
Climax Molybdenum..No par
Cluett Peabody & Co.-No par
Class
%
100
4% 2d preferred...
"
Jan
5% Aug 2
39% Apr 3
3% July 31
5
25
Preferred series A
5%
"""loo
6
par
{Chesapeake Corp
No
Chesapeake & Ohio Ry
84.25 preferred
a
a
Apr 14
100
6% Pref
62
62
Feb 14
Mar 18
5% preferred
.100
Clev El Ilium 84.50 pf.No par
Clev Graph Bronze Co (The). 1
5,200
Apr 28
43
120
200
6
3
May
3% May
15% July 11
2%
41% Nov
53% Apr
4% Nov
6% May
12% Nov
Dec
May 119
40
18% May 26
par
I
7% prior preferred
100 116ft Mar 19
7
Jan
2
Celotex Corp........-No par
Preferred
Apr
9
40
{Central RR of New Jersey 100
Central Violeta Sugar Co
Century Ribbon Mills.No par
Apr
29%
35
112
100
Jan
37%
14% May
11%
100
5% preferred
25%
May
3
100
Central Agulrre Assoc.No par
Central Foundry Co...
1
Central 111 Lt 4M% pref..100
12% Dec
107gJune
22
Apr
27
11
Aug
Mar
26% Nov
1478 Jan 10
3% Feb 13
May 27
2%May 20
7
13%
13% May
27
May
88
May
1% Jan
*5% Nov
10%May 16
par
5
Clark Equipment
No par
CCC & St. Louis Ry Co... 100
70
*92%
Case (J I) Co
Preferred
Caterpillar Tractor
No
Celanese Corp of Amer. No
100
38
Jan 24
1% Jan
7% Jan
30% Jan 14
3% Jan 29
82
Aug 7
83
"""300
5% Feb 19
63
6
92%May 20
Checker Cab Mfg
3,900
2
Jan
Apr 23
300
8%
9
Feb 25
Cham Pap <fe Fib Co 6 % pf. 100
Common
No par
700
4
Jan
July 28
86%
Chain Belt Co
5,500
1,500
3,900
Jan
Apr 29
11%
Carolina Clinch <fc Ohio Ry 100
Carpenter Steel Co
5
Carriers & General Corp.... 1
500
400
4%
6
41
6% prior preferred__...100
3,300
6,300
Aug
May 26
320
90
07g July 29
23
37%
Cerro de Pasco Copper.No par
Certain-teed Products
1
1,800
Jan 27
10
200
31%
3%
3134
17%
10434
*%j
1
S3 preferred A
6%
*9
Calumet & Hecla Cons Cop. .5
Campbell W & C Fdy_.No par
6
7
3% Jan 10
23%
May
21
8% July 22
100
%June
8
97
Apr 21
Feb 14
Mar 11
61
1
Capital Admin class A
17%
{ In receivership,
Jan
4% Feb 17
19%May 29
3
Apr 16
300
280
76
Dec
May
4% Dec
9
July 29
Jan
56% July 29
9% July 24
May
z7%May
2%May
36%
3%
40
91%
2734
234
7634
20
6
May
51%
Jan 17
5%
49
1
34
2,500
6,800
12% Jan
118
207g July 28
Canadian Pacific Ry
25
Cannon Mills
...No par
1,300
1,600
6% Jan 14
14% Jan 13
33% July 28
23% Mar 21
3
200
6%
57%
10%
Feb 14
44% Jan 13
2% Aug 9
15%May
1
12,000
*20
*20% 21%
20
*20% 21
20% 20%
20%
20%
20% 20%
*111% 113% *111% 113% *111% 113% *111% 113% *111% 113% ♦111% 113%
*17
17
17
*16
17%
*16
17
*16% 16%
*16%
16%
16%
11%
*1%
1%
1%
*1%
1%
1%
134
*1%
*1%
*1%
1%
3
2 34
*2%
3%
*2%
3
2%
234
2%
*2%
2%
2%
*1%
2%
*1%
2%
*1%
2%
2%
2%
*1%
*1%
*134
2%
16%
16%
157g
16%
15%
15%
15%
1584
15%
15%
15%
15%
16
16
15%
16
15%
15%
*15% 16
1534
15%
*15%
*15%
3
27g
27g
27g
2%
2%
2%
234
2%
284
2%
234
*75% 76
*7512 767g *74% 76% *74% 76% *74
76%
76% *74
68
*64%
*64% 66
66
65
65
*64% 66
64% 04%
*64%
81
*80
81
*79%
80
80
81
80
80
81
*7934 81
6%
6
6%
6%
6:
6%
6%
6%
6%
6%
6%
6%
*26% 26%
26% 26% *24% 26% *24% 26%
26
26% *25
*24%
24%
24%
24% 24%
22% 24
22%
2134 23%
22%
22% 22%
*103
104%
103% 103%
103% 103% *102% 103%
102% 102% IOI84 10134
30%
30%
30%
29
30%
27% 29%
28% 28%
28%
28% 29%
*105
108
105% 105% 105
105
*104% 105% 104% 104% 104% 104%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
7i«
7ib
%
%
%
7i«
%
716
%
%
%
59
59
59%
59%
58% 58%
59
58% 59
59%
60%
25% 26
25% 20
25% 26
25% 25%
2534
25% 25%
51
434
31%
3%
31%
%
Jan 16
19% Apr 24
4%
9%
July 23
Apr 18
38
Canada Dry Ginger Ale
5
Canada Southern Ry Co.-lOO
"4~5<j0
Bid and asked prices; no sales on this day.
8
3,500
14
13%
14
14
137g "14"
13% "l3%
*13% "14%
1384 Y384
*102
103
*101% 102% *101% 102% *101% 102% *101% 103
103
*102
*
Jan
143g
37%
8%
62
41
300
17%
93
30
6%
*113
115
113% 113% 113% *113 ' 115
113% 113% *113
113% *113
*27% 29
*27% 28
28% 28%
28%
28%
28%
*26% 28% *26%
*101%
*101%
*101%
*101%
*101%
*101%
86"
*83%
*83%
*83%
84% *83% 85% *83% 85% *83%
85%
85%
52
*48%
*48%
*48%
*48% 52
*48%
*48%
40
40%
40% 40%
40%
41%
397g 40
40%
40%
39% 4012
37
36
37
36
36
36
37%
36% 36%
36%
36%
36%
*144
*144
144
145
144
144
145% *144
145% 144
145% *144
*720
18% Apr 22
2
0
11%
76
76
38% Nov
6
34% Jan
33% Mar
Bush Term Bldg dep 7 %
Butler Bros
18%
3%
20
Jan
4% July 15
12% Jan
25% Jan
27% Feb 16
330
32%
17% *17
10434 *104
21%
21% 21%
13
13% *12
*334
4
334
38
37%
37%
100% *100% 101%
1%
*1%
1%
5
5%
5%
2%
2%
2%
38%
39%
No par
Conv pref 12.75 ser..No par
1,600
*36
104
*37
June
127g May
% Dec
14%
3%
42
17
20% July 10
3% July 30
7g Feb 19
30
Apr 8
3% Apr 23
884 Apr 19
6%
31%
104
20% Aug 13
Apr 18
10
11%
36%
3%
40
91%
28%
2%
42
104% 104%
103% 104%
18% Feb 19
70% Mar
29% Apr
24% Mar
257g Jan
2% Jan
2,200
1,600
2
10%
.
May
5% Apr 15
23%June 6
Burlington Mills Corp
Jan
19
Jan 18
54
...No par
No par
Budd Wheel
Bush Terminal
*22%
56%
10%
No par
..100
Mfg
7% preferred..
Apr
Nov
123%
23% July 11
9
Apr 21
5
100 zl09 June 11
3% Feb 14
Budd (E G)
Nov
34
Apr 29
17% Apr 20
30
Bucyrus-Erle Co
share
111% Jan 23
2% Jan 3
5% Feb 14
10
Apr 21
No par
Bruns-Balke-Collender. No par
99
per
95
28%
9
May
Bklyn-Manh Transit.-No par
Brooklyn Union Gas.-No par
Burroughs Add Mach_.No par
1
2
56%
Brlggs Manufacturing-No par
Brlggs <fe Stratton..—No par
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
800
20%
53
24%
57%
5
200
1
*1%
*24%
25
56%
10%
15
1,200
20%
13
25
(The)
Borg-Warner Corp—......5
Boston & Maine RR
100
2%
20%
6%
22%
3%
*51%
*12%
57%
Co
Borden
8%
10
5
*1
*9
25
*
3%
38%
76
*12%
7»2
9%
13
10%
57%
10%
42
*9
57
*24
10%
♦103% 104% *103% 104%
*
*%2
%«
9%
12%
Inc
Bui ova Watch
%
*%
*8%
Stores
Bullard Co
43
43
Class B
Bond
200
9%
*51
42
42
9
400
10
6%
*39
42
*40
Jan
7% preferred
10%
97%
35
4%
2,500[
"4" 300
97
14%
37%
35
Brown Shoe .Co
*3
*3
3%
3%
*3%
*37%
40
*37%
*37%
40
*91
*91
92
92% *91% 92%
*91%
28%
28% *27
*26% 28%
*27%
*27%
3
27g
27g
*2%
2%
2%
234
76
77
77
77
77
76%
76%
77
122% *12012 122% *120% 122% *120% 122%
121% 121%
47
48
47% 47%
47%
48%
48% a;47%
48%
26%
27%
207g
26%
26>2 26%
20%
26% 2634
120
1107g 120
119% 120
*119% 120% 120
120%
*8%
9 •
*8%
9
8%
*8%
9
8%
8%
67% *66% 68%
06%
60%
*66%
68%
*66% 68%
*17
18
*17
18
*17
*17%
18
17%
17%
2%
2%
2%
2%
2%
2%
2%
2%
2%
111% *111
111% *111
111% *111% 11134 *111% 11134
3%
*3%
4
*3%
4
*3%
4
334
334
12
11
12
12%
11%
11%
11%
10% 11
4
*3
4
*2%
3%
*2%
3%
*2%
334
*86% 87%
87% *86% 95
87%
87% *86%
93
*3%
3%
334
*3%
3%
37%
37% 37%
37%
37%
100%
100% *100
100% 100% *100
1%
*1%
1%
1%
1%
1%
4%
4%
4%
47g
47g
47g
2%
2%
2%
2%
*2%
27g
8%
8%
8%
8*%
87g
9%
6%
6%
6%
*6%
7%
6%
17%
18
17%
17%
17%
17%
*39%
*10
10
10%
98%
10%
21
14%
4%
36%
*3%
20%
*51%
53
1% :;..::;,i
-iit.
6%
6%
6%
11%
11%
11%
14%
36
6%
22%
*3%
53
*1
14%
*35%
3%
3%
6%
25% Apr 22
Bower Roller Bearing Co
1,700
56
22%
3%
<k Brass...5
12% Aug
19% May
Bridgeport Brass Co ...No par
400
19
22%
4
Brewing Corp. of America...3
1,300
19%
June
54
Aug
100
11%
20%
share I
Mar 13
Aluminum
Highest
per
19
400
35%
*54%
8%
2%
3
I
90
1,000
2,700
11%
8%
share
7
Jan
38
*34%
19%
57
per
12% Apr 21
..No par
1
2,300
19
S
80
90
6%
*6%
22%
0%
4%
4
*3
*86%
20
20%
0%
*11%
*30
27%
27%
119% 119%
8%
87g
3%
20
20
6%
28% *27
*2%
27g
76%
70%
78%
*120% 122% *120%
47%
47%
47%
*111
3
11%
27«
18
*54%
8%
3
6%
*11%
*27%
*06%
50%
8%
*2%
1%
0%
11%
40
,
56%
8%
3
14%
30%
*37%
56
3
11%
4%
4%
19%
*8%
*0%
22%
*19%
*19
56
19%
50
19
share
5
Bon Ami Co class A...No par
1.50
10
10%
10%
10%
10U
10%
IOI4! 10'4 10%
10%|
10% 10%;
♦112% 114% *112% 114% *112% 114% *112% 114% *112% 114% *112% 114%
4
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
71
71
70
71
70%
71
*70% 70%
70%
71
71% 72%
7
6%
7%
*6%
7
6%
6%
7%
7%
6%
6%
6%
25
25
25%
24%
24%
24%
24%
25%
25% *25
*23% 24%
*32
32
*31
32
*32
*32% 33%
32%
33%
31%
31%
32%
19
Year 1940
Lowest
Highest
Boeing Airplane Co
Bohn
500
1934
*2%
per
110
18%
31%
41%
2%
417g
2%
8
500
10%
*34%
20
"9,200
31%
4%
4178
2%
0%
11%
6%
Lowest
Par
Range for Previous
100-Share Lots
Blumenthal A Colpref-.__.100
90
17%
29%
30
2l2
♦3212
Range Since Jan. 1
On Basis of
Week
*29l2
*45
EXCHANGE
Thursday
Aug. 14
17%
♦84%
90
17i2
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Tuesday
Aug. 11
9
$ per share
♦84<2
HALE PRICES—PER
HIGH
Monday
Sales
for
WW
Saturday
5
May
Apr
Apr
Apr
26% Mar
47g Jan 9
82% Jan 25
May
4% May
07% May
72
2
59
June
79
Jan
July 11
71
May
98%
Apr
83
67g
Apr
6
93% Apr
3% May
26% July 22
26% Mar
7% Apr
Jan
8% Mar
31
Mar
7
14% May
27% June
104
Jan
6
95
June
108%
Feb
377. Jan 10
32
June
56
Apr
June
113
Mar
110
Jan 15
97
117g July 28
8
"u Jan
2
65% July
2
30%
Jan 11
Ex-rights.
May
%
42
26
48
16%
Dec
May
257. June
Dec
Jan
Apr
1% June
73%
Jan
33
Apr
1 Called for redem
Volume
949
New York Stock Record—Continued—Page 4
153
AND
Aug.
SALE PRICES—PER
HIGH
Range for Previous
Aug. 12
Friday
Aug. 15
Week
$ per share
$ per share
$ per share
$ per share
Shares
$ per share
334
*3i2
334
*3i2
35s
173s
38%
173s
17%
3778
1714
173s
*3%
1714
*33g
17i2
358
38%
*3%
17i2
17%
38%
*12
125s
12
12
12
12
*11%
9212
*89
*89
92
*89
92
96
*94l2
9212
96
*87%
94%
714
1734
7%
18
12
91
95%
7%
17%
100
%
*94U
37U
714
714
18%
18
578
234
6
6
73«
7%
1734
17%
100%
99%
34
*34
%
*%
1018
2i2
2l2
5%
6
5%
6
234
278
2%
234
63s
6
614
*578
107
36%
36%
36
36%
3%
24%
2034
20
20
*19
16%
54
*53
423g
42%
50
16
16
*15%
*53%
54
*53%
8%
8%
*8%
8%
44%
44%
44%
3%
2434
20
15%
15%
54
42%
42%
42
42%
42
52
52
51%
52%
50%
180
180
24%
19%
15%
15%
*53%
*4%
4%
4%
4%
*%
16%
34
%
%
%
%
17%
101% 101%
*16%
16%
16%
17%
16%
16%
*101% 102
17
*8
*8
8%
23%
*
13%
87
8
*7%
*22%
43
*42
43
87%
13%
13%
87
87
6,900
Corn Products Refining....25
*423g
43
13%. 13%
43
*87%
41
39%
40%
86%
39%
40%
40%
40%
40-%
86%
86%
86%
87%
87%
*87%
6
6
6
5
6
6%
6%
104
40
86
86%
68
67
14%
2134
*1
1%
1
*31
1
*31
36
*31
28%
*28
29%
36
*31
36
*29
2978
*28%
29%
8%
27%
*27
90
90
*83
45
*43
45
*43
878
*27
28
*43
45
27%
*43
1834
434
1834
*458
*16
19%
*8
884
*112
8%
____
28%
8%
18%
18%
18%
*4%
8%
2558
2534
25%
*2934
15%
30%
15%
12
29%
25%
29%
*15%
11%
15%
12
11%
5%
5
3g
1978
*%
*%
*4%
*16
8%
*8
11%
5
4%
*112
....
x25
a-29%
12%
5%
%
*%
%
19%
15%
12%
5%
17
18
17
17
17
17%
1934
*17%
*25
25%
25
25
*25
25%
*25%
37%
8%
z37
37
37%
8%
16%
165S
71
71
18%
*17%
*8%
*36%
37
37
16%
*69
9%
*8%
8%
17%
*36%
*8%
8%
20
37%
9
16
16
16
71
*71
*8%
36%
36
37
17%
17%
9%
17%
16
16%
16
16
68%
69%
69
69%
*133
134%
*19
19%
5%
5%
*8
9%
134% 134% *133% 134%
*19
19%
19%
19%
*5%
*8%
*5%
5%
9%
*108% 113
*109
159
*8%
159
4%
*3%
139% 139%
*170
*125% 126
111% 111%
27%
*27
27
27
3%
139
*173
176
9%
158% 159
*125% 126
126
126
5%
113
*109
113
159% 160
*111% 111%
*8%
71
16%
68%
37
16%
69%
*16
19%
71
9%
3%
139%
3%
139% 139%
176
*172
176
*8%
*36
17%
37
37%
*8%
9
*8%
6
9
113
126
*3%
3%
*173
*16%
16%
28
28%
*27%
28%
15%
15%
28%
15%
28
15
15%
15%
*%
»»«
1%
1%
*%
17g
*3i®
17g
%
*1%
2
33%
*30%
31%
*30%
33%
31%
31
*30
31
*30%
31
47
*45%
*45%
111
4
111
111
4
75
76
82
*78
81
*75%
*76%
87
88
*84
87
*84
87
75%
*33%
31%
45%
45%
45%
*76%
83
74%
*76%
87
87
*86
89
75%
3%
75%
32%
16%
27%
3%
1%
15%
34
1%
34%
31%
1%
1%
1%
134
134
134
8%
8%
lh
8%
1%
8%
8%
8%
8%
8%
134
8%
1%
1%
1%
1%
1h
1%
134
134
5%
6%
6
6%
134
5%
6%
1%
.
34
*73
78
*1%
32%
1%
1%
32%
1%
*32%
5%
*73
32
1%
32%
78
*73
78
5%
3%
*134
33
*73
3%
3%
3%
3%
734
734
7%
*26%
7%
28
*7%
7%
27%
27
%
*'g
27%
%
40%
22%
10
40
40
39%
2134
2134
*93s
10
95
27%
40%
40%
22%
22%
10%
10%
*%
40%
22%
*9%
98%
95
25%
25%
*25
12%
12%
12%
3%
3%
3%
%
*%
*%8
*95
%
*%«
23%
*89
*14
45
•
26
12%
3%
&
*95
98%
98%
*95
98%
*25
24
*90
*1334
14
3834
20%
10%
26
*%
92
44%
*10
2334
*90
14
3834
ar20%
*3%
92
44
12%
12%
3%
24%
12%
*3%
25
12%
24
*90
92
*90
14%
*1334
44%
14%
45
*1334
44%
this day.
"""600
45
100
2,100
3,500
300
2,800
600
700
240
500
1,300
3,300
3,900
3,800
17,300
800
2%
*7
26%
2,600
"""800
3
7%
26%
900
400
38%
38-%
20%
""966
1,200
10%
200
98%
10
24
24%
1,200
11%
11%
700
3%
700
3%
3%
%
%
200
24%
2434
600
92
91
91
100
34
14%
45
*1334
44%
t In receivership,
14%
44%
100
1,600
a Def. delivery,
90
Aug 12
14%May 26
6% Apr 18
109% July 2
18% Feb 19
27
Apr 30
14%June 26
9
Feb 19
2% Feb 19
% Aug 15
1934 Aug 6
13
Apr 21
21% Apr 29
3434June 12
6% Apr 21
1258May 12
68%May 22
7
May 3
34
17
Apr
8
May 31
14%May 31
63% Feb 19
120
May 26
17% Feb 18
4
Apr 21
6%June
5
105
Aug
4
138
May
1
..No par
Duquesne Light 5% 1st pf.100
Eastern Airlines Inc
1
Eastern Rolling Mills..—..5
Eastman Kodak
4
Apr 18
Apr21
No par
—100
$4.50 preferred
(N J) .No par
No par
Common w 1
4% 1st preferred
100
Ctfs of benef lnt w l..No par
4% 2d preferred
3
Ex-Cell-O Corp
Corp..No par
Fairbanks Morse & Co-No par
Fajardo Bug Co of Pr Rico—20
Federal Light <fc Traction... 15
$6 preferred
No par
Federal Min & Smelt Co
2
Federal-Mogul Corp...
5
Federal Motor Truck..No par
Federal Water Serv A..No par
Federated Dept Stores.No par
4conv preferred
100
Ferro Enamel Corp
1
Fidel Phen Fire Ins N Y.$2.50
n New
stock,
r Cash sale,
Aug 12
75
47% Mar 29
20
July 14
42
4% Aug 8
17% Jan 10
3
90
8% Aug
2634 July 22
30% Aug
18% Jan
634 Aug
%
23%
19%
29%
21
2
11% May
8% May
2%
1
12% May
25% May
Jan
3
6
Jan 30
9
Jan
8
23% Jan 28
17% July 14
Jan
9
141% Jan
4
79
23%June 24
6% Jan 8
10% July 29
Jan
9
164% Jan
7
117
Dec
%»Dec
7
July 24
Jan 11
Jan 10
18% Jan 11
37
June
Apr
10%
86
June
13% May
Aug 12
Jan
41
1334 May
107
7
July 31
14
Sept
May
3% May
7
Jan 24
114
June
14% May
32
May
434 May
12% May
56% May
9
Dec
30% May
14
May
11% May
65% July
127% Nov
1434
5
Jan
May
9% June
113
Oct
146% May
114
May
3
May
4
117
June
155
June
22
May
120%May 26
Apr 29
Jan
142
7
182% Jan
9
36% Jan 10
14% Feb 14
Apr 21
16% Aug 7
33% Jan 10
12% Feb 14
3g Jan 4
17% Jan
June
25
l%May 31
27% Feb 19
23% Feb 19
28
May 27
26% Apr 29
39% Feb 14
108 June 27
3%May
5
6
% Aug 5
4% Jan 11
3
9
34% Jan 13
37% Apr
3438 July
July
33
7
47% Aug 6
11134june 18
Jan 11
7
112% May
2534 June
10% May
25
May
10% May
%
3
x24% June
26
May
35
May
102
May
5% May
Feb 26
80% Apr
4
63
70
Feb 14
83% July 17
89% July 24
66
75% Feb 14
*3jJune 28
% Feb 20
% Jan 30
2
Aug
5
734 Aug 4
% Feb 15
5% Aug 11
Aug 12
Feb 28
75
Dec
Dec
% May
37% Aug
75
May
%
1% Aug
32
May
77
9% Aug
1
Dec
May
18% May
15% May
65
% Mar
.100
5% pref series A w i
100
RR Co
—60
Eureka Vacuum Cleaner
6
Evans Products Co
6
Dec
5% Jan 23
29
Corp.....50
100
Engineers Public Service
1
$5 preferred
..No par
$5H preferred..
No par
$6 preferred
No par
Equitable Office Bldg..No par
J Erie Railroad....—
100
June
6% July
1
2% July
4
2
5
Electric Boat
3
Elec & Mus Ind Am shares...
Electric Power & Light-No par
$7 preferred
No par
$6 preferred
No par
Elec Storage Battery...No par
El Paso Natural Gas
3
5% preferred
31
126%June 11
118 May
2
34
Jan
2
160
Endlcott Johnson
9
120% Feb 14
111% July 9
24
May 14
100
6% cum preferred
Eaton Manufacturing Co
Edison Bros Stores Ino
Electric Auto-Lite (The)
Jan
21% May
I) <fc Co—20
Duplan Silk
Du P de Nem (E
Exchange Buffet
1*>
20%
*10%
*93%
....No par
1
Erie & Pitts
24
*%
2334
92
Bid and asked prices: no sales on
7%
27%
%
10
5o
*2234
3%
3934
21%
*95
2,200
78
10
1234
3%
24
44%
27%
27
1%
33%
*73
21%
25%
3%
7%
134
*3234
78
*%
25%
*22%
143g
7%
*3
134
1%
33%
%
*12%
23%
45
338
7%
*134
33%
*73
78
*3
3%
*26%
1%
33%
400
100
1%
5%
20
7,100
86%
8%
5%
600
200
1%
No par
Doehler Die Casting Co No par
Dome Mines Ltd......No par
Class A
8% preferred
82
1%
6
200
"3^200
*77
81?
No par
6% pref. with warrants.. 100
No par
Dlxle-Vortex Co
Dunhtll International
2,500
1%
Distil Corp-Seagr'g Ltd
Dresser Mfg Co
3%
77
1%
8%
Diamond T Motor Car Co...2
100
*72%
*%2
25
6% partlc preferred
700
800
%
No var
800
"""300
334
Raynolds A..No par
Douglas Aircraft
No par
Dow Chemical Co .....No par
45%
111
*44%
86%
%
%
15%
34
*%
5%
1,600
7,200
176
16%
*107
111
*107
111
*%
*%
%
*%
34%
3%
74 %
82
334
13934
300
31
31
3%
1734
30
*30
78%
3%
75%
40
,16
30
31
3%
77
82
3%
100
*30
*30
45%
300
8%
*33%
*31
31
K107
2,100
71%
2734
*30%
46%
400
28
15%
31%
111
8%
1534
2734
*15%
34
31
*107
*8%
32%
31
*45%
47
111
700
*173
31
*33%
JDenv <fe R G West 6% pf.100
Detroit Edison........—-.20
37
33
16%
31
10
100
Delaware Lack & Western. .50
Dlesel-Wem mer-Gilbert
Delaware & Hudson
36%
176
31
Preferred.
Diamond Match
139
%
No par
20
Deere & Co....
Devoe &
16
31
33%
600
200
37
25
2
6
29% Jan 10
3
Pf-100
9% May
19% June
1% Oct
Jan
1% Jan
24% Apr 22
5
5% preferred
16% Jan 25
2934
15
Dayton Pow & Lt 4
45%
34% Feb 10
9% Jan 9
No par
500
*17%
31
33%
1,600
3% Aug
May
Dec
60
45
Cutler-Hammer Inc
Davega Scores Corp..
Oct
134 May I
2
42% Feb
550
8%
2
6
No par
5,200
15%
7% Aug
7% Feb 14
preferred
19%
1734
1%
34%
31%
3134
Cashman's Sons Inc 7% pf.100
18%
25%
19%
*36
*30
32
*30%
33%
%
Class A.
25
*17
*70
9%
7,900
%
%
*32%
*16%
33%
17
*31
33%
19%
18
25%
37%
834
16%
I
*5%
210
6,100
19,100
12
1%
*32%
*16
%
11234 11234
2434
24%
29
29%
*15
15%
%!
75%
Aug
Davison Chemical Co (The).l
8%
12
25
July
Prior preferred
Conv
19%
*8%
16%
*173
176
32%
16%
2
1%
15%
1234
6
*4%
13934 140
139% 139%
32%
*84
25%
29%
"""966
200
69
70
69%
132 %
133
133% *132
18%
1834
1834
19%
*5%
6
*5%
6
8%
8%
*8%
9
*109
113
*109
113
158
157% 157%
158%
125% 125%
*125% 126
*111.% 112% *111% 112%
28
28%
27%
27%
*3%
4
3%
3%
158% 158%
126
18%
*16
•
Curtlss-Wright
#8
69%
134% 134%
19
19%
*109
10
16
16%
69%
*16%
28%
15%
15%
834
1,200
45
*17%
17%
69%
*32%
32%
4%
37
*36
17
28%
*8%
37
*15%
*5%
28%
18%
75
*70
9%
3234
3234
*16
16
16%
75
111% 111% *111% 112%
27%
28
27%
27%
3%
35,200
*%
29%
15%
18%
19%
"""206
9%
....
36
25%
19%
29%
19%
*8%
*25
19%
36
*28%
19
*17%
1978
*31
28%
9%
27%
Apr
May
May
3
6
28
..5
Curtis Pub Co (The)...No par
19%
July
May
12
47% Jan
98% Jan
33
Cuneo Press Inc
*18%
75
No par
1
..........I
Cudahy Packing Co
300
3,000
18%
36
25
300
1
Jan
23% Nov
108% Dec
June
9
7
ll%May 6
19% July 15
%June 23
13%
Apr
5% Nov
June
Jan 16
92
July 28
Aug
8
72
Apr
Dec
3% May
July 28
preferred
Apr
4%
8%
2%
18% June
8
conv
10%
17%
4
68
5H%
Feb
Apr
May
4% May
27% May
■ 2
May
16% June
18% May
15% Mar
47
May
41
May
40% Dec
165
May
4
May
45% Jan
15% Jan
l%May 6
3% Feb 15
9%
32%
110% Mar
1% Jan
June
July 15
Jan
9
9
Apr
Deo
TiiSept
104
...100
21
1
28%
Apr
16
99% Deo
May
May
May
May
27% Jan 10
6
Jan
Feb
Apr
100
Dec
13
Feo15
Sugar
Preferred..
*1934
9
19
6%
24%
31%
May
May
75
Jan 16
107
7
7
41% Feb 20
Cuban-American
*13%
*83
*16
100
10
Cuba RR 6% preferred
7
Apr 18
82
..100
preferred
100
30
*43
8%
conv
Jan 24
8
53% July 28
182% Jan 16
4% Jan 4
% Jan 14
19% Jan 10
Preferred..........No par
16,900
45
4%
5%
preferred
conv
,
52% Jan
19%May 28
3934 July 7
ll%May 1
82%May 2
35% Apr 14
5
No par
Crucible Steel of Amer.No par
$5
"""400
103
12%
5%
15%
%
%
27%
19
480
67%
*43
30%
15%
12%
5%
30%
15%
834
par
Crown Zellerbach Corp
600
6%
104
6%
*83
18%
270
*60
45
4%
19%
*30
5%
5
27%
112% 112% *112
25%
25%
25%
112
112
27%
28%
8%
*8
19
*8%
18%
8%
*16
4%
4%
*16
9
27%
No par
1
1
1%
No
Crown Cork & Seal
36
1
36
1
*31
834
6%'
.
1
Crosley Corp (The)
*100
*100
67
400
7,300
39%
89
6
13
share
per
33
56
Mar 31
Aug
May
70
Feb 18
25
9634May
14%June
4% Jan
100
.2
preferred
9
Apr 21
24
% Jan
$2.25 conv pref w w_ .No par
40%
6%
;7
conv
Aug
40% Jan 8
9% July 22
45% Aug 5
4% Jan 2
26% July 22
23% Jan 14
18% Jan 2
334 Apr 23
Cream of Wheat Corp (The)
1,100
"3", 000
88%
88%
6%
6%
7%
7%
7%
*100
104
104
103% *100
103% *100
*60
68
*62
66
67
67%
67%
14
14
14
14
*13%
14%
*13%
14%
20%
20%
20%
21
*20% 21% *20% 21%
7%
7%
1334
89
5%
6
3
14
26
170
..25
Crane Co
107
3
5
42% Apr 21
1
1
Coty Internat Corp
Jan
40%May
100
Coty Inc...
290
1,000
5% series
Preferred
240
2,100
1,100
2,700
100% 100%
1738
1738
*7%
8 4
22%
2234
87%
*101
5
50
Corn Exch Bank Trust Co..20
Conv pref
106% Jan 22
16% July 22
5% Aug 7
13
5
Continental Steel Corp .No par
Copperweld Steel Co
2
July
July 21
52
1
Continental Oil of Del
640
40%
6%
Continental Motors
1,200
87%
6%
200
30
4
31%June
6% Feb
35% Feb
2%May
17% Feb
15% Apr
20
$2.60
Continental Insurance
3% Aug 1
7% July 31
79
Diamond Flbre.5
Continental
%
5%
2%
5%
%
2%
834
93%
9%
6%May 21
4% July 21
100
Continental Can Inc
7
July 10
3% Jan 13
12% Feb 15
par
15%
53%
13%
13%
87
13%
20
700
101%
17%
734
*22 34
23
8%
23%
*86
20
17%
734
16%
2234
8% preferred
500
1% July
99
Consumers Pow 14.50 pf No par
Container Corp of Amerlca.25
No
9
11
15% Feb
100
Continental Bak Co
2,200
11,500
7,000
*53%
conv preferred
1,100
4,000
*15%
25
4,800
*42
16%
*42
13%
1378
87
14%
*20%
"""266
3%
24%
101
101% 101%
8
43
13%
7%
5%
107% Jan
«4 Feb 15
2% Feb 15
6% pf.100
*4238
43%
43%
49%
50
50%
17934 17934 *178% 180
*4%
4%
*4%
4%
*%
34
*%i
34
1634
17
16%
16%
17
22%
87
*6
Consolidation Coal Co
Consol RR of Cuba
Jan 15
2%June 2
x5% Apr 14
No par
49%
%
17
16%
8%
*42
102
102
23
2234
43
*4178
700
36%
8%
8%
1
..5
2% May
May
17%June
7% Jan
63
May
75
May
4% May
213S May
97% May
8% July 10
23% Jan 13
2
May 26
% Jan 2
7% Apr 14
$2 partlc preferred...No par
Consol Laundries Corp
Consol 01! Corp
44%
3%
24%
36 %
44%
17%June
Highest
share $
14
97% Jan 23
103
95
par
Consol Film Industries
1,100
10,100
2,100
19
26
20
23
5% Apr 21
5
No par
No
$5 preferred.
42%
54
%
I684
Consol Edison of N Y
6%
*6
53%
3%
100
Consol Coppermlnes Corp
1,000
6
36%
8%
44%
3%
2438
20
15%
24%
*18%
*178% 180
178% 180
*4%
4%
4%
438
181
*180
3%
24%
*18%
3%
24%
44%
3%
No par
100
7% preferred
6M% prior pret
234
234
6%
500
%
10
2%
*%
9%
*2%
5%
:
3,800
15,100
1,900
100
1
Consolidated Cigar
70
7%
17%
7%
17%
100
2%
400
96
*94
*15%
5034
*8%
23%
22% Feb
10%May
82
May
90
May
*87%
6
3534
8%
44%
43%
51
4434
17
Consol Aircraft Corp
per
$ per
18% Feb 8
40% Aug 8
15% Jan 16
Apr 25
*53%
3%
25%
36%
447g
312
14
*26
28
*26
28
37
8%
44%
3%
25
37ig
4434
25
3
Congoleum-Nairn Inc.No par
-
3678
*20
Conde Nast Pub Inc...No par
9%
*6
*6
300
2,100
18,200
2%
9%
*2%
5%
234
2l2
3%
17%
38%
11%
91
*11%
$
$ per share
4
Jan 10
share
Feb 19
28
*26
*26
27l2
27%
10234
*102
102
102% *102
1023g *1015s 10234 *101% 103
15
15%
15-%
15%
15%
1538
15l2
1512| *1514 1534
4%
434
4%
4%
434
434
45g
434i
458
434
106
105
105 1 105
105
*105
106
1*105
106
106
5
106
100
234
5%
*26
*2634 2812
*1023g 103
*1512
15%
434
7i8
17i2
*934
34
934
2i2
234
234
278
9578
6
934
*2i2
578
6
7*4
1734
718
17i2
3834
*9412
96
lOOU 100i2
34
934
34
"16
934
234
38
*9414
1003s 100l2
lOOU 10012
*34
934
*2l2
3714
Par
Year 1940
Lowest
Highest
3%
39%
13
*89
Lowest
17%
37%
3%
17%
*12%
38%
Range Since Jan. 1
On Basis of 100-SAare Lots
EXCHANGE
Thursday
Aug. 14
Aug. 11
$ per share
STOCKS
NEW YORK STOCK
the
CENT
Wednesday
Aug. 13
Tuesday
Monday
9
NOT PER
SHARE,
Sales
for
LOW
Saturday
2% Aug 15
5% Feb 19
23% Apr 30
*11 June 17
34
May 17
16%June 24
10 May 29
90
May 2
Dec
3%
Jan
May
84
1% Aug
1%
Apr
7% Aug
Feb 28
3% Jan
884 Jan
30'4
Jan
% Jan
45% Jan
24% Mar
2
8
6
7
3
10
67% Aug
2% Dec
5
May
20%
Jan
Oct
29% June
17% May
%
13
Mar 17
11
May
100
Jan 27
85
June
21% Feb 15
10% Apr 18
26% July 24
14% Jan 14
16
July
2% Apr 16
% Apr 18
12% Aug
2% May
3
4% Jan 7
% Apr
1
24% July 31
15
May
90%June 30
97% Jan 15
79
June
11% Apr 29
34% Feb 19
14% Mar 14
10
May
18% Jan
45
Aug
x Ex-dlv. y Ex-rights.
8
%iMay
27% May
1 Called for redemption.
New York Stock
950
LOW
AND
HIGH
Saturday
Aug. 9
SALE
Monday
Aug. 11
PRICES—PER
Thursday
Aug. 12
Aug. 13
Aug. 14
$ per share
$ per share
17%
17%
102% 102%
*38%
397g
14%
14%
17%
17%
102% 102%
*39
39%
14%
14%
2834
2834
*21
28%
22U
6%
*21
31
*2912
30
16%
*122
125
4%
4%
*43
38-%
22%
99
*43
2
9%
9%
20
46
22%
98%
*2%
2%
2%
2
31
46
38%
2234
*98%
*2%
2%
38%
2234
2%
2%
*10
20
*43
38%
22%
98%
38
10%
19
19
10
21
2034
4%
*6%
*11%
12
*11%
12
*50%
52%
5%
*50%
52%
5
5
5
4%
7%
4%
*5
4%
4%
7
7%
4%
7%
11%
52%
10
*50%
5
*6
*135%
*4%
434
*13
*90
*19%
*126
31%
39%
*117
%
*75
*83%
*130%
39%
*126'%
*41
*%«
14%
*103%
*%
3
*41
42%
*41
42
42
*5
42
33s
*3%
*6%
3%
3%
%6
%
!•>
*%«
»I6
22%
*21%
22'%
*21%
*22
22%
10%
71%
23%
13%
20
22
22
22
10%
71%
10%
*109
111
12-%
3%
*10
70
*22%
13
18%
18%
*71
73
*70%
*15%
*44%
1%
16
15%
45
45
3-%
77«
1%
18
2%
81%
1834
68
69
*79
19
84%
*1%
19%
84%
1%
*2834
32%
1734
68
19
19
111
123s
33S
*1238
45
*42%
8%
73
*44
1%
1%
2%
2%
81%
18%
68%
19%
*84%
85
*1%
*28%
1%
32
45
1»4
2%
81%
18%
6784
19%
85%
1%
81%
1734
67%
19
*84%
*134
*28%
34
4%
10%
10
35
*24
24%
17%
26% 2634
27%
27%
*143
149%
17%
34
*24
*17%
2534
26%
11
*10%
24%
17%
26%
27%
143
143
60
*50
60
35%
*35
35%
1234
1234
11
11
16%
234
34%
3%
1634
234
34%
3%
60
35
35
12%
1234
11%
1634
234
34%
3%
*11
16%
258
34
3%
36
1334
13%
107%
*13
13%
*13
13
*13
106
19%
28%
19
19
*28
106
*102
20
....
129
55
*10378 106
16
*112%
4834
*33%
12
*51
i *3
127
127
*49%
*50
*15
16
1878
*18%
2434
18%
2434
25%
9%
16%
....
49
34%
12
5134
4%
3334
8%
15%
*112%
4834
*3314
3%
1934
3%
3%
15%
8%
,16
49
*1%
*2%
18
134
238
81%
1838
67
67
81%
""206
60
38%
127
51
51
4%
33%
18%
*8%
*3
3%
*
9
16
*112%
*32%
*1134
105
4834
33%
34
47«
"je
*10%
10%
11%
10%
9%
34%
3%
20%
3%
*2%
7t
•
20
3%
20
3%
*r,m
Bid and asked prices: no sales
5
24%
17%
3%
%
on
*109
*51
60
35%
12%
12%
*11
11%
17
1634
2%
500
20
111
3%
2,200
8%
7134
5,900
7134
16
1534
1534
600
*43%
*1%
2%
44%
*43%
*1%
44%
100
134
238
1,400
8
*70%
134
2%
8%
2-%
82
82
*81
1838
67%
218%
18%
67%
19
*67%
86
*1%
300
84
17%
120
18%
1834
85
85%
600
*10
*10
9
35
*24%
2434
300
17%
26%
26%
1,500
14,000
2,300
144% 144%
70
17
2534
26%
*51
34%
13%
1634
2%
1,300
10,700
13%
11%
2,600
1,800
17
*28
29%
200
*34
36
34
13%
1334
13%
*13
*25
2%
34
80
10
*13
1334
14
1334
300
200
107% *106
7%
74%
-
—
13
12%
13
76%
76
76
*127
129
48%
34%
12-%
48
4%
33
52%
7%
*73
l2
*3
3%
20
4%
32
*38
*3
*20
*3%
3%
3%
7i«
%
7.e
this day.
10
20
1,400
30
100
par
126
40
% Apr
16% Apr 16
20% Apr 21
9%May
46% Jan 30
1734May 22
11
~2,700
7%
74%
100
12%
75%
*127
100
""loo
100
""766
200
1,500
"MOO
""566
1,200
102
*4
400
1,900
4%
33
800
%
*3o
Ig
3%
*2%
1984
3%
20
338
3'%
900
716
71«
900
20%
3%
%
i In receivership,
a
10
Grumman Aircraft
Corp
Guantanamo Sugar
No
200
18% Apr 16
102
Mar 17
10
Apr 28
Harbison-Walk Refrac.No par
6% preferred
100
Hat Corp of Amer
class A.._
$4
2~300
Bet. delivery,
conv
Mar 20
6% Jan
6
15% Jan 10
96%July 8
20% July 8
130% Apr 7
35% Jan 14
40
July 30
117% Aug
6
"uMar 17
Jan
118
116
48
6
4
Mar
4% Jan
4
Feb
3
16% Jan 10
% July
2334 July
29% Jan
11% Jan
77% July
24
24
24
11
10
21
Aug
7
16% Jan
6
22
June 20
lll%June 13
40% Feb 25
46
Jan
16
May 15
79% Apr 18
% Apr 17
Jan 13
3
9
28
33
Feb 14
140
76
1
6
70
158
Jan
3
June 12
June
2
Apr 25
Feb
7
1084 Apr 21
66
Apr 22
100 zl23%May
1
No par
48%May 28
No par
99%June 17
14% Feb
23
No par
9
4
15%May 23
May 28
Nov
69
Jan 27
2% July 29
40% July 29
1% Jan 11
6% Jan
16
30
22
July 29
144% Aug 15
52
preferred
5
"lOO
100
Hud Bay Mln 4 Sm
LtdLNo par
Hudson Motor Car
No par
♦Hupp Motor Car Corp
1
n
New stock,
r
Cash sale,
x
25
May
% May
4% May
May
May
21% May
113s May
15% May
18% May
26
xl23
29%
Jan
Jan
Apr
Jan
Jan
June
142
Feb
27% July
55
Jan
35% Aug
13% Aug
7
23
35%
1734
Apr
12
Jan
1
11% Apr 22
17% Jan 9
3% July 28
35% July 28
4% Aug
4
Jan
Mar 28
8
Jan 24
May
9% May
May
14*4 June
1% Aug
11
May
1% Dec
8% Nov
29% June
30
May
9% May
9
108
10% May
100% June
25% Jan 10
14934 Feb 11
638 Jan 23
130
July 16
106*4 Jan 16
101
Feb 10
3% Jan
95
Jan
6
7
8% July 31
95
June
16% May
Jan
25% Apr
3% Apr
30% Apr
2% Nov
14% Nov
34% Apr
37
Jan
20%
Feb
17
Jan
106%
Jan
106
Dec
28%
May
5% May
138
83% June
Jan
104
2
Aug
89% June
6%
Dec
Apr
9%
Apr
Apr
4%
Apr
113%
11%
Apr
Jan
96
Jan 13
86
June
110
Jan
168
July 11
155
Jan
167
Dec
21%
100%
133%
67%
Apr
163* Jan
9
80% July 29
129
July 29
56% Jan 18
115
16
Jan
8
Jan 14
17% July 9
30% Jan 10
6
9
y
9% June
6% June
10
Apr
Feb
Feb
6
13% Jan
Ex-dlv.
Dec
Aug
64
*i«June 23
June
1%
6
22
May
12% May
6
10
25
Apr
30
45
90
Feb 14
Apr 22
Aug 13
100
Aug 14
3% Feb 14
26% Apr 22
%June 20
2%June 20
1534May 26
234June 2
May
Dec
Apr
Apr
July
Jan
70% Aug 7
20% July 30
48
100
v t c
2
Apr
Mar
9% July 24
16% Aug 5
100 xl07% Apr 14 xl07% Apr 14
Homes take
Mining
12,60
42% Apr 21
52% Jan 8
Houdaille-Hershey cl A.No par
39
Jan 27
32%May 28
Howe Sound Co
Hudson 4 Manhattan
Apr
Sept
6% Apr 12
No par
Dec
20*4
69%
24%
97%
4%
71%
1%
9%
14%
12%
1634
3684
25%
18%
15
25
...No par
Jan
5
4%
3%
1%
90
12%June 19
Feb 25
May
23% Jan
6*4 Mar
51% Mar
July
163s Jan
Apr 14
65% Nov
2434 Mar
13% Jan
23% Apr
May
1134 Apr 19
""10
" 6
Household Finance
5% preferred
Houston Oil of Texas
3
Apr
Jan
Jan
Dec
2
Holland Furnace
(Del)..
Hollander 4 Sons (A)..
Class B
106
Feb
10% May
Apr
30
7
preferred
Hlnde 4 Dauch Paper
Co._.10
Hires Co (C E) The
10
Holly Sugar Corp
7% preferred
98
»i«
18%
33*4
14%
Jan
38
Aug 13
Jan
Jan
Nov
Feb 18
17
Apr
19*4
2138 Aug
104
7%
10
110
May
May
33
102
Deo
11
9
July
60
10
28
4
June
Apr
127% Mar
77
Jan
Jan
Deo
56%
Jan 10
Feb 14
1% Feb
131
July 30
19%
1% Feb 19
Jan
Apr
91
22
29%May 27
934May 5
10%June 27
1234 Apr 23
May
Jan
44
101
20
36% Jan
25% Jan
18% July
28% July
Mar 26
Apr
Jan
118%
%
1% Jan
19% Jan
106% Dec
7
138% Mar 26
Jan
49%
9
2
2
Dec
Dec
May
May
65
6
13% Jan
1234 Jan
13% Feb 18
Nov
9
Aug
1334 Jan
Mar 12
22
120
9
July 30
June 24
28% Apr 22
Jan
4% Sept
11% Jan
29% Apr
89% Nov
Sept
30*4 Oct
4% May
43
May
9% Apr 15
23
Jan
Jan
% Nov
9% June
86% Jan
% Dec
13% July
20
May
10
July
14
May
16*4 May
734 May
13% May
2% Jan 25
2% Jan 2
4% Apr 14
Apr 22
145
41
May
100
Apr
Dec
57%
8%
32% June
3% June
5% May
7% Jan 15
109
105
37% May
7
June
13
Apr
May
7%
May
Sept
77% May
132% Jan 28
17
42
14%
51
28
48% Jan
1273s Aug
1284 Feb 24
11% Apr 19
58%May 20
June
26%
33*4
111%
%
2
July 31
1% Apr 23
2% Feb 13
81% Aug
94
35*4 May
5*8 May
118
May
1*4 May
4% May
11% May
48% Feb
12% May
102
May
Mar 19
73
~ioo
6% cum preferred.
Hershey Chocolate
5
Feb 21
1% Apr 21
No par
No par
8
July 14
60
4%June 26
93%June 20
Hecker Products
Corp.
Helme (G W)
7% Jan
144
July 31
2
Hazel-Atlas Glass
Co..... 25
6
2%May 13
34%May 24
5% Feb 14
loo
preferred
Hayes Mfg Corp
Jan
14%
3%
47%
8%
par
Hamilton Watch Co..".No
par
6% preferred
100
Hanna (M A) Co $5
pf.No par
5%
"
1
8% preferred
100
Gulf Mobile 4 Ohio
RR No par
$5 preferred
No par
Hackensack Water
25
1% preferred class A
26
Hall Printing Co
10
1,200
30
par
preferred
Hercules Motors
....
33
conv
Hercules Powder
52%
*101
4%
32
Greyhound Corp (The) .No
800
129
*51
100
Preferred
12%
7534
Apr 21
9
100
55
106% Jan 15
Jan
June 10
Preferred
102%May 10
% Jan 27
1
Sept
3% May
8
June 20
Gr Nor Iron Ore
Prop..No par
Great Northern pref
...No par
Great Western
Sugar..No par
June
20
45% June
11% Apr 12
98%June 25
1
20
8
Jan 28
5% July 29
3% July
5% June 30
25
....10
May
3% Sept
5% Apr
1
12% July 29
53%May 8
Feb 14
105%May 12
No par
Granite City Steel
Grant (W T) Co
5% preferred
5H%
Apr 10
36'4May
12384 Mar 19
100
Motors
Apr
Dec
39% Dec
Mar 21
86
No par
w
12
22
91
10
50
2,300
104% 104% *104
105%
*14%
16
*14%
16
*17%
18%
*18%
18%
24
24
23% 2334
*8%
9
*8%
9
15
*15%
15%
153g
*112%
*112%
47%
48
45%
46 34
*32%
34%
*32%
34%
1134
1134 *1134
12
*48
49
48%
48%
100
par
par
Dec
6%
41
Dec
8
S 4 P
5
dlv ctfs.No par
Without dlv ctfs
No par
*160%
....
32%
20
7%
*73
Graham-Paige
500
36
2%
Gotham Silk Hose
Preferred
34%
28
15%
No par,
Telegraph Co 100
5% preferred
No
Goodyear Tire 4 Rubb.No
$5 conv
preferred....No
Green (H L) Co
lno...
28
9
Goodrich Co (B F)
Green Bay 4 West
RR
*34
18%
1
60
*11
17
1,000
1,200
2,600
1,900
15
__i
Goebel Brewing Co
Gold 4 Stock
800
9
*34
3%
24%
Glldden Co (The).....No
par
4conv preferred..
60
Gobel (Adolf)
Grand Union
18%
*50
No par
Glmbel Brothers......No
par
$6 preferred
No par
118
1% May
2
2
Granby Consol M
13%
11%
3%
par
preferred
200
3%
52%
conv
500
,200
18%
129
$5
"MOO
12%
2%
Corp.N#
6% preferred
100
General Tire & Rubber Co
Gillette Safety Razor..No par
Jan
Apr
Apr
1
5
7
Jan
*i«
par
General Telephone
Corp
20
Gen Theatre Eq Corp. .No
par
Gen Time Instru
June 18
38
.1
General Shoe Corp
__1
Gen Steel Cast $6
pref..No
4%
34%
1634
,100
par
»i«
60
*11
No par
$6 pref opt dlv series.No par
General Refractories
No
11%
10%
34%
*160%
Gen Railway Signal
6% preferred
Gen Realty <fe Utilities
Aug
2%June
2% Jan
10% Aug
78% July
par
34
*434
10%
9%
34%
2434
17%
26%
*9%
3434
*24%
*17%
10
General Printing Ink
1
$6 preferred
No par
Gen Public Service....No
par
*10%
134
32
334
7%
74%
100
*1%
*2834
1934
13%
13%
preferred
5
11
34
*4%
*10%
120
33% Feb 15
112% Jan 8
% Jan 6
preferred
134
32%
19
100% 100%
4%
400
*28
*103% 106
48
100
12,600
2,000
7,000
1834
68
107% *106
107%
102
102
103
103
*101% 102%
1934
1934
19%
19%
19%
19%
*145
148% *145
148%
144% 145
*5%
5%
5%
5%
*5%
534
*92% 99%
*92%
99%
*92% 99%
2%
234
234
234
234
234
*89% 90
*89%
90
*89% 90
*14%
*18%
*24%
*8%
15%
*112%
900
1,100
3%
19%
3%
19
*50
800
2%
34
*2834
*127
300
43
*51
35%
800
3%
41%
26
26
26%
26% 26%
26%
2634
143% 143% *143
145
*3S
%
50
3-%
45
8%
72%
*30
48
4%
700
3%
*42%
32%
50
33
"MOO
""906
*85
*32%
,*1134
105
100
700
73% Feb 19
17% Apr 25
par
No par
Gen Outdoor Adv A...No
par
Common
No
200
12%
19%
12
4%
33
lg
20
15%
24%
49
10734 10734
4%
33%
52%
111
$5
Apr 16
June 5
28%May 29
par
7
Nov
35
5% Mar 21
par
par
32
107*4
21%
June
9% May
61
May
2% Aug
20
May
24*4 May
July 31
99
5
2-5% June 19
134% Jan 6
3% Jan 6
3% Apr 22
10% Apr 21
100
May
6% Sept
Sept
18% Jane
7
8
101
100
19
102
Jan
21% Apr
38% Mar
25% Apr
8% Nov
23% July 29
46*4 Apr 21
par
Jan
2
Jan
41
Jan
46
22
5% July 28
46
Apr 23
4
No par
General Motors Corp
200
12%
8534
1%
134
13%
*18%
20
5%
132
10% July 2
47% Jan 21
$6 conv pref series A .No par
General Mills
..No par
35,300
13%
19
*13
13%
*13
13%
107% *107
129
13%
*18%
85%
29%
24
48%
34%
12
45
36
*18%
16
....
1134
%6
11934
*
75*2
84%
...J
A—.........No
No
General Foods Corp...No
$4,50 preferred
No
Gen Gas & Electric A..No
700
*1534
16
*28
*103% 106
.
June
Jan
Jan
106
4
334 Apr 19
6
7% preferred
General Electric Co
900
lo
*12%
3%
44%
8%
73
7%
*22
*109
13
3%
....
*127
53
16
*10734110%
4%
3334
*%
....
*103% 106
111
*12%
*34
104%
50
116
42%
22
Class
7% cum preferred
General Cigar lno
20,700
3,200
22%
20%
209%
19%
1934
1934
14878 *145
148% *145
148%
*5%
534
*5%
534
*5%
534
*92
94
93%
94
*92%
99%
234
234
2%
234
2%
234
*89% 90
*89% 90
*89%
90
7%
7%
7%
7%
738
73s
7%
*73
74%
74%
74% *73
74% *73
*160%
*160%
*160%
*160%
1234 1234
12%
12%
13%
13%
*12%
*75
76% *75% 76%
76
763g 76'%
*878
39%
22%
13%
29%
*145
*14%
*18%
*24%
126%
31%
22-%
1338
18%
35
35
107% 107% *107
*100
27
*51
127«
13
26%
27
*33
*49%
100
200
32
share
per
21*4
May
32% May
10% May
2434 June
July 21
6
5
18 preferred
No par
General Bronze Corp
5
General Cable Corp...No par
200
22-%
*13
9
36
*127
13
90%
19%
70
34%
24%
17%
*33
*103
900
80
72
9
*28%
*107
4%
1
10
Gen Am Transportation
General Baking
600
17
par
Oaylord Container Corp
5
5
conv preferred
50
Gen Amer Investors
No par
16 preferred
...No par
1,000
7134
34%
243g
17%
*19
*13
6%
138%
4%
72
9
*142% 145
11%
1634
2%
34%
3%
28%
1034
100
"Moo
50
.....20
6% preferred
"""766
71
*33%
24-%
17%
2534
938
35
19%
29%
*13%
11%
52%
5%
105
10%
"18
4%
1
*5
600
103s
*1038
*29
32
1034
19
11%
*50%
6% preferred
Jan
Highest
share I
12% May
84
107% Jan
20% Jan
1% Feb 4
1% Apr 10
7% Apr 16
1
Gamewell Co (The)
No
Gar Wood Industries Inc
5,400
,
10%
22
*44
34
34%
3%
7
100
*1534
434
1034
1234
7
800
*70%
34
1634
2%
4%
400
%
16
434
*10%
*10%
9%
*11
20%
22%
21%
10%
71%
22%
13%
8%
72%
"l«
35%
2034
4%
250
*10
31
2% Feb 17
May 21
32%May 31
20% Aug 6
98
Aug 2
5% conv pref
100
Gabriel Co (The) cl A ..No par
Galr Co Inc (Robert)
%
*15%
478
11%
10%
*50
100
400
June 23
36
Fruehauf Trailer Co....____l
2%
10%
*21%
21%
*10%
*109
1316
10%
*938
98%
2%
*2%
%
*42%
8
800
110
22%
18%
*434
*10%
35
*2
~2~900
*71#
12'%
33s
45
3%
1,500
*21%
*21%
*71
45
1%
2%
*77
22%
13%
*18
%
22%
21%
10%
71%
22%
13%
69%
16
*42%
*2%
22
*109
111
12%
3%
45%
83«
8%
23%
13
109
13
*43
42%
*3%
3%
*7ie
22%
70%
*22%
1234
*1834
98
39%
21%
*41%
42%
3%
*3%
3%
684
6%
6%
634
634
*634
6%
*634
7%
109
*107
109
*107
109
*107% 109
*107% 109
*107% 109
■; %
5ie
%e
*S16
*6ie
7ie
61«
*16
%
%6
14
14
14%
14%
14%
14%
14%
*14%
14%
14%
14%
105
*103% 105
*104
*103% 105
105
10334 10334 103% 103%
*3%
6%
22%
10%
38%
21%
20%
4%
7%
12%
52%
5%
*11%
*50%
5%
*22%
:
105
30
4%
21
S7 conv preferred
46
....
3%
634
*107
No par
Francisco Sugar Co
No par
F*k'nSlmon<feCo lno 7% pf.100
Freeport Sulphur Co
10
4%
*43
100
per
Jan 10
7
Apr 21
Feb 19
124
conv preferred
$
42% Jan 13
16% July
33% Jan
25% Apr 4
June 17
13
*102% 105
*102% 105
*102% 105
*102% 105
*102%
51*4
50%
50%
50%
50%
*50%
*50
51%
50
50%
*6
6%
6%
0
0
6%
6%
6%
6
6%
138%
135% 135% 135% 135% *135% 138% *135% 137
*135%
4;%
4%
4%
4%
4%
4%
4%
*4%
4%
4%
434
4%
4%
4%
4%
4%
4%
*4%
4*8
4%
14% *13
14% *13
*13
14%
*13
14%
13
14%
91
90
90
*89
91
*89
9034
90%
90% *89
*19
20% *19
19%
19%
*19%
19%
*19%
19% 2:18%
127
126
126
*125
126% *125
126% *124% 126% *124%
3134
31% 3134
31%
31%
31% 3134
31% 32
31%
39
39
39%
39%
39%
39%
39%
38%
39%
3834
118
117
117
117
117
*116
116% *116
116% 116
%
%
%
3g
%
%
*%
%
75% *75
75% *75
75% *75
75% *75
75% *75
85%
83% 83% *83% 86
*83% 84%
*8334
86
84%
131
131
130% 130%
131
*130%
*13084
*13034
39%
39% 39%
39%
39%
z38%
38%
38%
38%
37%
127% *127
127% *127
127% *127
127
127
127%
127
42
*3%
104
10
5%
Lowest
18% Jan 10
105
May 31
4
conv preferred
Foster-Wheeler
100
800
2%
2%
10%
*102% 105
*50
24
250
16
99
2034
4%
*6%
*5
10
105
3834
*934
2034
4%
7%
12%
52%
No par
Food Machinery Corp
22
*2
Florence Stove Co
Florsbelm Shoe class A.No par
Follansbee Steel Corp
10
"""loo
4%
*98%
*2%
2%
2%
2,000
1,000
30
105
46
22
First National Stores..No par
Fllntkote Co (The)
No par
29%
124
23834
15% Apr 23
101%June27
31%May 12
12% Apr 22
26%June 16
2134 July 23
3% June 17
6% preferred series A...100
700
Year 1940
$ per share
*25
124
4%
800
Range for Previous
Highest
$ per share
M-M -MM ; PaT
Firestone Tire 4 Rubber.-.10
2,000
""300
6
*15%
*43
Lowest
*29%
30
124
22%
99
10
*5%
104% 104%
16%
16%
39
*98%
*2%
2%
2%
2%
*29%
46
3834
22%
10
*11
*7%
*43
99
*19%
4%
*6%
*11%
*50%
Shares
17%
17%
101% 101%
38%
38%
14%
14%
*26% 27%
*21
22%
Aug. 16, 1941
Range Since Jan. 1
On Basis of 100-Share Lots
Week
*17%
*29% 2934
29% 29% *29%
30
104% 10434 *10434 105
10434 10434
16
16
16%
16%
.16%
16%
*121
125
'121% 125
*121
126
5
5
4%
4%
4%
4%
46
38%
22%
*98%
2%
6%
*27
5
EXCHANGE
$ per share
$ per share
18
STOCKS
NEW YORK STOCK
the
Friday
Aug. 15
1734
102% 102% 2101% 101%
39
38%
39
39
143g
14%
14%
14%
27% 2734
2634 27%
*21
22
♦213s 22%
*5«4
5%
534
534
*21
31
*27
29%
22
*534
31
17%
28
*21
6%
*27
*10434 105%
*10
22
*6
«%
*28
28
28%
$ per share
Sales
for
Wednesday
*17*4
18
10212 103
38r'8 38%
15
SHARE, NOT PER CENT
Tuesday
8 per share
14%
Record—Continued—Page
Jan
111
Jan 15
5
July 22
37%
%
3%
20%
4%
*4
Jan
8
12% May
69
50
*"l9
May
4% July
8
May
103
May
35
May
28
May
8*4 May
54% May
101
June
3% May
28
Jan
6
Aug
8
12
Jan 13
3
6
June
94% May
12% July
Jan 22
Jan
Dec
126% Aug
Aug
% Dec
2% May
May
May
% May
Apr
Jan
Apr
Jan
Jan
115%
18*4
'"35%"
Apr
9*4 Nov
16% Apr
110
Mar
60%
38*4
16%
71%
112
Jan
Dec
Apr
Apr
Dec
6%
Jan
50%
Feb
1%
7%
Feb
27
Feb
Jan
v
6%
Feb
1
Jan
Ex-rlght. ^ Called for redemption.
Volume
New York Stock Record—Continued—Page 6
153
951
AND
Aug
9
$ per share
9
8%
20%
20%
41i2
41
*4
19%
4i2
19%
*7%
8
28%
28%
*106
*153%
107
■
—
797, 80%
11%
11%
67,
67,
*24% 25
110% 110%
5
5%
85,
87,
1%
1%
21
21
2114
914
21%
21
21
6,700
1,000
40%
41
41
41
41
41
330
4i2
*4
19
19%
19
7%
7%
27%
27%
107
107
*153%
7912
11%
*6%
11%
7%
24%
110
110
5
*4%
8l2
8i2
1%
1%
53
*165
166
26%
129
6% preferred
Intercont'l Rubber
100
107
No par
No par
7
158
15778 157% *155
53
5314
52l2
52%
52%
158
158
53
5212
53
26%
*77%
80%
11%
165%
165
1%
165% *165
1%
600
78i2
*1
165
7714
17
16%
17
1678
67
6714
67
2%
46
*178
38%
*44%
87,
*8%
33
*134
33
10%
39%
65
65
*125% 128
*62
81%
*9%
*20
*14%
*8%
15%
*6%
*99
37%
87g
32%
32%
120
500
10%
40
63X4
62
62
9%
*81
5%
23%
14%
8%
1027,
15%
7
100
37%
82%
*9%
*120
9%
.
—
87s
*32
5,100
800
3,500
27
26%
26i2 27
26%
*128% 133
*128x2 133
*128% 133
17
17%
17%
17x8
17%
16%
17%
67
67%
68X4
67
6712 68
67%
2
2
2
2
*1%
*1%
*1%
39i2
*37%
39%
39%
38% *38% 39%
8,700
27
*44
46
46
47
46x2
100
300
21,400
2312
6%
*100
5
*13%
14%
30%
30i2
30
*3
3%
387g
25%
*37i2
39%
*25
25%
3
15%
*612
37%
13%
*13%
30
30
3%
*2%
*38
25%
27%
13%
27
2714
*26%
27
*12%
137,
*13
137g
39
*37
38
*36i2
38%
*13%
13%
11%
25%
25%
25
24%
*114% 115
4
414
1%
1%
10%
10i2
22
*135,
23
14
13%
*11
*4
5
27i2
27%
24%
24%
115
*19
27%
27
27
12%
13
27%
578
34%
14
14
5%
34
578
*34
34
115
*114
10%
14
11%
2214
10%
22%
1x2
10%
2214
21%
27%
5%
5%
34l2
34
33%
*12
33%
*108
3%
27
27%
15,300
3478
33%
3
*16%
16%
17%
17%1
17%
17%
21%
21%
*21
21%
67
67
25
30
*135%
29%
2114
*25
29%
29i2
29%
29%
*135%
29%
2714
14%
27%
14%
27%
14%
27%
27%
*13%
*1312
14%
31%
27%
*13%
29l2
27
*14
*29%
29l2
*29
30%
*29
30%
*135%
3%
7%
-
3%
7%
16
27
4
8%
*7%
28
27%
27%
15%
27%
778
21%
29%
22
8%
*21%
21%
22
3OI4
*29%
30%
29j2
*19%
*812
*34%
13%
19%
9
35%
1378
4%
2%
7%
*7
16
*15
4
16%
7%
16%
27%
8%
*174
176
*174
176
54
54
54
54
*2%
2%
2314
23
102%
101
2%
2%
23
101i2
7%
16%
7%
7%
15%
2712
8
*174
53%
22%
100
1
-
*135%
*2914
Dec
Jan
Jan
2
812 Jan
8i2 May
4
4% May
Mar 26
87%June
3934 July 22
14% July 30
24% May
38
10
May
27l2
3%
7i2
16
1%
278
*7
28
4i2 July 21
2818 Aug
4%
7%
Macy (R H) Co Inc.. .Nc par
Garden...No par
2
May
7,900
300
5,300
3,800
3,400
Martin
5,000
Martin-Parry Corp
Masonite Corp..
1,400
176
*174
176
174
174%
54
x54
54
*53
54
*2X4
21%
2%
22
99'2 100
214
20x2
214
21
*9912 100
20
700
290
$3 preferred
$6 1st cum pref
12
12%
1,100
McCall Corp
*15%
15l2
1,100
McCrory Stores Corp
*106x2 10714 *10612 10714 *106% 10714
19
18%
18%
18%
18%
18%
18l2
9
9
9
*8%
*8%
9
*8%
3514
35%
*34%
*34%
*34
35
3514
13%
14
13%
14
13%
13%
137,
100
15%
15%
15%
15%
12%
15%
107
247, Nov
29
453, Jan
71, Jan 23
30
June
63%
Jan
5
May
9%
Apr
39
33
May
24
800
6 % conv
preferred
McGraw ElecCo
45
par
par
May
May
8
Apr 26
May 22
4
June
April
Feb 18
87
96i2 Jan
Jan
3714 Jan 14
1338 July 30
Jan
29% Aug
165,
23i2
Apr
Dec
27
May
Apr
9
May
14%
18% Mar
22% July
417,
375, Mar
347, Aug 15
July 24
20% May
97
May
29
June
3
8
19% Jan 15
2
May
1312 June
17% Dec
25%
Apr
2
138% May
163%
Dec
215, July 21
7334 July 22
15% May
38
May
21%
25% May
128
Sept
3i2 Jan
17% Aug
162
Jan
17
May
20% May
2834 Aug
1
147, Aug
6
87, June
July 28
21% May
9
31
4
1% Aug
3
4% July 28
714 Aug 8
16
July 28
4
May
109%
46%
4%
18%
65
35
31%
31
12%
38
4%
514 Jan 14
IH4 Jan 8
1678 July 11
3% May
27, May
6%
26% June
6
June 13
6
6
28i2 Jan 13
30i2 July 22
176
Aug 7
Apr 23
56i2 July 28
30% Jan
12% Jan
27, Jan 14
Apr 8
28
107
Mclntyre Porcupine Mines..5
McKesson A Robblns, Inc.. 18
8% May
Jan
Nov
Jan
Dec
Apr
Jan
Mar
Apr
77, Mar
16%
15,May 20
Apr
Jon
Apr
Jan
136i2 May
11% May
% May
6
Apr
45X2 July 28
110
Jan 10
June 13
Apr
10% May
33%
Feb 17
30%
41
8
4
Jan 21
Jan 21
May
May
18% May
June 25
Jan
l%May
13%
Oct
Dec
16% Nov
6% May
4734
14%
21% June
407,
21
June
32%
Apr
160
Dec
Apr
Apr
Jan
June
173%
36% May
53%
Jan
2% May
May
4%
30%
Feb
20
105
June
5
9612 June
14i2May
6
10% May
16%
10
Apr
Mar
177,
157s Aug 8
125gMay 26
1035, Feb 20 lll»i« Jan 30
18l2June 3
25% Jan 11
9% July 18
714 Feb 19
31
Feb 3
36i2 July 11
127, July 19
15% July 24
1
100
1
Apr
16
99X2 Aug 14
12? Aug 15
par
Jan
Apr
2i4Junel7
20i2 Aug 15
par
Feb
Apr
Dec
24XgMay
McGraw-Hill Pub Co..No par
3*800
Jan 18
14
109
May 20
May 28
No
No
No
No
Jan 13
109%
7
Maytag Co
Jan
15% May
9i2 May
18% May
188%
19
600
Jan
15,
May
No par
No par
100
10
Deo
4
June
Feb 14
7% preferred
25
1167, Dec
87
23
May Department Stores
7%
353,
169
1
800
Dec
21i2
16%
Jan
13i2 Jan 17
Mathleson Alkali Wks.No par
778
Jan
Jan
7X8 Aug
Market St Ry 6% pr
(Glenn L) Co
2%
45
Marshall Field A Co...No par
550
Jan
Apr
4% Nov
315,
138
z4
Corp...—5
pref—100
418
7%
16%
27%
77g
Apr
Deo
15% Nov
465,
171
Maracalbo Oil Exploration...
Marine Midland
387,
98
125, Apr 17
«4 Jan 14
26
1
Shirt...
i2
2
534 Jan
No par
Mandel Bros
Manhattan
"""506
1% May
23X2 Apr
ix2 Feb
10
1
Copper
Manatl Sugar Co
Magma
97,
105
May
1
May 15
11
Madison Sq
100
1,400
8
514 Aug 14
2is July 25
127, July 25
24
July 31
14
July 31
235, Apr 21
22%May 26
No par
Mack Trucks Inc
29
15%
*3414
13%
1%
6% preferred
•
16
*1
4>8
7%
3
7%
*15
-
2,600
1,300
24
15%
18%
*8%
-
Jan
Apr
187, Nov
189
19i2 Apr 21
133
-
29%
15%
109
June 16
9% Apr 15
100
"m'm
2878
*15i2
13%
-
*2314
12%
9
-
29%
12%
19%
-
2314
12%
35%
174
60
29i8
1212
19%
*8%
33]iMay 27
78i4May 22
80 May 26
25
29%
12%
*34x4
13%
Feb 19
3
22%
12%
107
6
Mar
27l2
12%
107
3
17
27%
22%
2ig Feb 14
197g Apr 12
Us, Feb 1
21
Apr 18
Louisville Gas & El A—No par
900
27%
7%
2314
101
i2 Feb 13
2
16%
2%
2
June
16
2%
4
134 Jan
150
15%
27%
8%
Jan
109i2June
10
27l2
14%
4 >8
8
*106
May
7
95
3
7
Louisville & Nash vllle. .—.100
30i2
4
16
107
92
121i2 Apr 18
Jan
MacAndrews & Forbes
*29
u8
418
*106
104U Jan 27
9
Aug 8
15% Jan
104% Dec
Jan
Sept
Jan
Nov
Jan
100
*13%
1%
16%
15%
20% Nov
May
Apr
700
30%
1%
16%
27%
15x2
May
9
9i2
26
*25
*29
1%
4%
*7%
23%
11
I6I4 July 15
4512 Jxily 15
135, July 24
13
Aug 1
100
7% preferred
Apr
2234 Aug 2
1434 Aug 13
614 Feb 14
17 U Jan 2
ll%May 8
13
10
Lorlllard (P) Co
75,
Feb
21%
67%
29%
27%
1412
4%
*1%
26
21%
67%
*13%
3%
3
*7
*15
68
67%
297,
102
3% May
34i2
400
25
*23%
23%
10212 102%
13
*12%
2
29i2
2,500
68
2%
Apr
Mar
Aug
22i2 Aug
16%
60
Jan
8
16%
17
Jfen
297, Jan 10
3
2l2 Apr 12
13*4 Jan 30
16igMay 14
17
132
Feb 15
24
Long Bell Lumber A...No par
Loose-Wiles Biscuit
...25
25%
2%
122% May
4
27g Feb 15
z22ig Mar
500
*25
5478
June
Apr
3
*66
176
Jan
Mar
77%
9
Feb
3
68
*54
17
62
44
31%
35
26
*173
May
34% May
26
105
3X«
Dec
19% May
No par
$6.50 preferred
Dec
1% May
17i2 May
Lone Star Cement Corp No par
1)0
43%
Jan
33
130
Jan 13
1,600
3414
*108
44%
*3
156% 156%
160
No par
85S
261,
x29
No par
Lion Oil Refining Co
Jan
Dec
338 July 25
4012 July 29
Feb 14
6,300
110
4414
3
'
Jan
92%
22
44
34ig
*108
45
3
m^
500
Jan
27% May
1712
17%
1714
17's
160
156% 156% *156
34
110
3
*15
Link Belt Co
200
mm—^
47,
16
30
-
4%
105,
121
21
2712
34%
33X4
Dec
97, June
18i2Marll
27
*108
-—100
Nov
1175, May
6
207g Apr 21
27%
337g
...25
Series B.—
Preferred
Jan
30
125, Jan 10
Lima Locomotive Wks.No par
27
3314
Corp
36%
109
Jan 10
Liquid Carbonic Corp ..No par
Lockheed Aircraft Corp
.1
Loews Inc
No par
*25
30%
June
395, Deo
12H2Mar 12
Lily Tulip Cup Corp...No par
12%
1514
*66
2112
30%
122
Apr
2712 July 31
65i2 July 30
8638 July 31
100
1514
68
8%
9
Feb 11
128
900
1514
*4412
3%
7%
Liggett <fe Myers Tobacco—25
200
15»4
26
878
7
74i2 June
5% May
20% May
73
4
ls4 Jan 24
23X4 Feb 15
25X2June
26i2June
7
5
400
*12
44%
21%
Llbby McNeill & Libby
1,600
*32
*12
Corp
6
Corp
No par
Life Savers
15%
110
17%
*17%
Lehn & Fink Prod
Lerner Stores
200
12%
3314
12%
.1.-50
1
Llbbey Owens Ford Gl.No par
24,300
34
3314
4414
*156
6% conv preferred
Lehman Corp (The)
600
578
100
...50
No par
Lehigh Valley Coal
4,500
*15%
68
22
5%
*33i2
No par
No par
4% conv preferred
J Lehigh Valley RR
200
277s
*12
27%
4%
14
23%
27%
*32
26%
1%
*13%
*23
5%
34
*25
-
14
23%
27%
*1312
23%
13
27%
8
30
15%
26%
8
115
33%
27%
*1%
r
86
82%
82%
z84i2 84i2
86x2
*8412
*84%
85
84
84
86
85% x85
85%
86I4
180
*175
180
*175
177% 178% *174% 180
20
20
*1914
19%
*19x2 20
*19%
19%
27
*26
26
26
*26
26
26%
25%
27%
1%
Jan
Jan 16
17, May
4% May
100% June
15%
*1%
14
May
Jan
13
16%
87, July 24
3334 Aug 5
13412 Aug 8
25
13% May
97i2 Jan
134 May
116i2
15l2
3%
7%
*14i2
July 14
Jan
Jan
*114
*15%
3%
97
Jan
Feb
267, May
115
*13%
7%
16%
9
Jan
387,
133
5%
Jan
13%
3%
*7%,
*15%
Jan 10
7
56%
June
25U
*12x2
27%
Jan
Jan
Deo
37
2734 July 22
3,300
*135%
3
3ig
117, July 29
173
21% May
1914 Apr 12
*32
mm*!--
Mar 26
Dec
10% May
40% May
134 May
217g Apr 14
13
*135%
295,
3H4 Jan 30
4334 July 30
102
June
6
10%
21%
46
109
Lehigh Portland Cement—25
6,000
21%
July 31
Aug 7
62%
Jan
Lee Rubber & Tire
15%
21%
40
1
2i2 Dec
44
191% Mar
Apr
600
22%
17%
2% Aug
Mar
5% Nov
127, jan
14i2
300
10%
1778
19
July 22
737,June 10
113
5% May
3i2 May
19% June
25
22
160
4
Jan 13
Apr
5%
24%
11%
17%
17%
28i2 Apr
131
157,
7% Nov
47% Mar
Dec
15,
25
2178
*156
May
6
24%
10
[3%
145
Jan
2<g Jan 10
95, Jan 4
4
July 26
25
21%
3%
17%
170
24%
10%
2178
*3%
May
*23%
7,900
337g
38
*24
Lane Bryant
1%
44%
June
24%
-.100
5% preferred
(The)
«
1%
110
136
24%
w
1%
33%
June
2% July
6i2 May
1
May
18% May
*24
-
Lambert Co
34
21%
Laclede Gas Lt Co St Louis 100
800
*15%
177g
80
3
Jan 16
.
*24
12%
800
*32%
*12%
160
12%
3914
& Co
1178
23%
*16%
177,
No par
Kroger Grocery <fc Bak.No par
Kress (8 H)
1314
1314
27%
*156
Kresge Dept Stores
1%
44l2
10
.-1
800
1%
*108
1
$5 prior preferred...No par
Kresge (SS)Co
117,
23%
33
49
2
167i2 Jan 10
57
July 22
Feb 14
1,700
1%
44%
5% July 22
IH4 Jan
2i, Jan
12
27%
1%
44%
13
8
91
113t4 Jan 28
106
50
1%
337,
6
Feb 14
Kinney (G R) Co
500
1.2c0
1%
21
2114 Aug
1312 Jan
67, Aug
31
Copper
No par
Keystone Steel <fc W Co No par
Kimberly-Clark
No par
15,800
26
1
25i2 Jan 14
5i2 Apr 23
98i2 Feb 21
1
Class B
200
514
*19%
Nov
Kennecott
1,000
4%
*25%
Jan
94
9
Kendall Co 16 pt pf A ..No par
_
10,200
5X4
21
Apr 16
f Aug
Jan
66i2 May
7% May
45, June
90i2 Jan
18
200
;
Mar 19
7
Apr
Apr
Apr 22
13%
27%
5%
110
600
1314
12i2
23%
33
97
*11%
28
*108
100
4%
26'4
100
..100
100
5
414
86i2
Aug 11
29
Jan
Nov
118
12412 Mar 26
25
9%
158
100
Jones & Laughlln Steel-No par
23
May
69i2July
Keith-Albee-Orpheum pf_-100
Kelsey Hayes Wh'l conv cl A. 1
4
87
Mar 21
934 Apr 21
Apr 23
5% conv preferred
Kayser (J) & Co
30
...
*114
178x2
27U Apr 21
124
400
8'2
4
86%
Feb 14
Dec
May
44
12
23%
26
100
114
*177
7
6i2
72
5412 Apr 19
2712
*36
Feb 24
Dec
140
32
13%
27%
*19%
100
15
27%
87
6034 Aug 12
conv
8138 Aug 14
Kalamazoo Stove & Furn
10
914 Aug 1
Kan City P & L pf ser BNo par zll6i2June 12
Kansas City Southern.No par
334 Apr 23
4% preferred
100
1534 Jan 9
12
Kaufmann Dept Stores
Apr 16
1
50c
*27
17gMay 2
17gMay 1
5U Feb 19
Jan
Apr
May
16% May
Jan 10
No par
5% pref series A
5% pref series B
800
10278
3
Jan
43%
24
38
23%
87l2
—.1
Jan
13%
24%
June
2%
2978 July 28
161
No par
12
28l2
87%
1
95
2
Jewel Tea Co Inc
13%
23%
180
..1
...
May 20
26ig Feb 16
55$ May
May
24%
*23%
*37
28
*86%
87%
$6 preferred
Jarvls (W B) Co
13%
2312
*177
No par
Preferred
1,600
4
5%
No par
Foreign share ctfs...No par
Interstate Dept Stores. No par
Preferred
100
50
6,400
14%
*13x4
102l2 102%
15
50
100
434 Aug
Johns-Manvllle..
600
1,400
114
*33%
85%
100
7% preferred
Inter Telep & Teleg
12
28%
578
34%
1,000
,
4
13%
5% preferred
Island Creek Coal
3,800
*8%
15
5% conv preferred
100
InternatRys of Cent AmNo par
600
5%
2214
*95
233g Feb 19
125 May 8
26
...
*19
Apr 24
No par
115
10
Inter Paper & Power Co
6ig Apr 21
3
International Sliver..
37,
21%
Internat'l Mining Corp
Int Nickel of Canada..No par
Preferred
100
Intertype Corp
10%
5
37i2
Apr 15
200
*120
27%
2712
1312
*12%
*3612
28%
5%
»
5%
2ii4
2712
*26%
27%
*23%
*34
-
June 10
Aug
23i2 May
4
May
8% May
117, Dec
3% May
16% May
15% May
13%
11%
12
24%
518
2II4
-
5
24
24
13%
2414
5%
-
43%May
1
9
*6%
678
*100l2 105
*100l2 105
*100i2 105
37
38
37%
37%
37% 37%
14
13%
*13%
13%
*13%
13%
14%
*30
30
30
31%
30
3014
3014
3
3%
*212
*2%
*2%
314
3%
37
37
39%
37i2 38
39%
*38%
25
*25
25%
2514
25%
25%
25%
*4
*4
*4
5
5
4%
4%
27x2
*11
*120
m'm4m
1
150
10
66
■
May
International Shoe
1,500
1,800
40
39
li4 Apr 10
30ig Apr 23
140
No par
...
*10
5
Apr 21
International Salt
3,600
37%
5
*35%
1014
40
39%
July
3% Feb 17
600
32
32
Feb 25
6
300
*134
-
9i« Apr 22
191* Apr 16
100
40
*100l2 105
37%
28
13%
-
22%
15
14% •*13%
*10212 104
104
*10212 104
*8
8%
8x2
8%
8i2
*95
*95
102%
102%
102'8
16
15%
15%
*15l2
15%
6%
*6%
6%
678
6%
*4
*4
m
14%
28
*27
32%
■
*10
40
5
15
8%
25%
*37%
*32
10%
10%
*8%
155% Feb 10
69U Apr 21
Int. Hydro-Elec Sys class A.25
Int Mercantile Marlne.No par
96
*95
9
*8%
*134
*65
22%
*95
6%
105
32%
*39i2
5
*10212
8X2
37%
13%
8%
*120%
*14
1027s
*15%
15%
40
65
*19
14%
103
"l0%
*120
14%
8x0
8%
32%
878
96
Preferred
5
Jan
300
100
66
66
65l2 66i2
*125% 128
128
*125% 128
*125% 128
26i4
25
25%
26i8
25%
25% 25%
25%
*62
62%
61%
62x4
62x2
62%
60%
61%
83
*81
82
82%
81%
82x4
*8012
82%
9%
9%
*914
*914
9%
9%
*914
9%
*19%
*95
*95
96
*134
10%
5
103
*95
No par
27g
107g Feb 19
57% Feb 19
lig Apr 16
32i2May 23
38U Feb 21
3,300
46i2
*44
Internat'l Harvester
300
7%
3%
33
*39%
5
Int. Business Machlnes.No par
7i2
96
65
65
6412
125% 125% *126
25%
82
*95
"10%
*39
Internat Agricultural—No par
Prior preferred
100
500
3%
*3i2
26i2
1
200
7%
7%
4
20
1,100
*164% 165%
ll4
No par
Interlake Iron
3%
8
*3l2
4
1%
7%
100
4,600
1
;
No par
...No par
Inland Steel Co..
1
1%
7%
*134
25
*102% 103
*94
*8%
25l2
*120
5
96
*134
#»'•
10%
39%
25%
96
Ingersoll-Rand...
par
10
6% preferred
29
29
29
29
2914
*28
28%
29x4
*28
28%
*28% 29
*39
41
*39
40%
41
43
*40
*42% 43% x42
*3912 41
*101l4 107
*101x4 107
*101% 107
*101% 107
*101% 105% *101% 107
214
2l4
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2'2
*214
2%
2x4
214
*2%
2%
2%
2%
*2%
*2%
2%
11
IH4
11%
*11%
11%
11%
11%
11%
11%
11%
11%
11%
97
Indian Refining
Industrial Rayon
600
129
129
2%
«... «.«.
«• m
*15778 158
66%
*96
11IX, Jan 22
par
*2%
*37%
45x2
20%May 27
93UMay 5
Inspiration Cons Copper
16%
46
5
InterchemiealCorp_.__.N0
66%
38%
45%
20
9l2 July 21
Insuranshares Ctfs Inc
7%
38%
2114 Jan 27
Feb 13
1,200
—
Indianapolis PAL Co .No
200
23%
11%
*3%
39
18UMay 19
1,000
*6%
23
78%
7%
2%
12
31
4,100
107
*105-
*153%
79
*78i2
11%
11%
*6%
7%
378
26%
26%
4
1
11%
11%
11%
11%
678
6%
7%
6%
6%
23
22%
22i2
2212
22%
*2218
*110% 112
*110l2 112
110% 110% *110% 112
5
5
4%
4%
*4%
*4%
5%
*4%
8%
8%
8i2
8%
8%
8%
8%
8%
1%
1%
*lt2
1%
*1%
1%
1%
1%
41x4
*40'4
*40% 41% *40% 41i4
*40l2 41%
28
27%
28
106
18!%
*7
IOI4 Aug
45%May 22
Feb 18
Highest
$ per share $ per share
6
2
1,300
7%
4'2
*4
Year 1940
Lowest
$ per share
6ig Feb 15
13
34% Jan
77i2
*27%
106
1%
*128% 133
100
Leased lines 4%
100
RR Sec ctfs series A... 1000
_
Range for Previous
Highest
share
6% preferred series A...100
1,600
18%
*7
7%
*4
4%
18%
19
165% 165% *165
7%
*3x2
9 14
9
18i2
18%
18%
778
*7%
7%
27%
28xs
27%
28%
107
107
106% 106%
*15312
*153%
*4
4%
7%
53%
*1%
9
9%
50
79%
24x2
9
9
per
4'2
*153i2
54
129
Illinois Central RR Co
20%
8%
%
Par
41%
53
3%
26%
Shares
20%
41
7%
$ per share
41
159
*3%
$ per share
Lowest
41%
41
1%
7%
$ per share
Week
8%
20%
8%
2014
*157
*1%
$ per share
14
*41%
4l2
159
41%
Aug. 15
Aug. 12
% per share
Range Since Jan. 1
On Basis of 100--S7jar« Lots
EXCHANGE
Friday
Thursday
Aug
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
Wednesday
Aug. 13
Tuesday
158
41%
SHARE.
SALE PRICES—PER
HIGH
Monday
Aug. 11
Sales
for
LOW
Saturday
93
Jan
Apr
May lll»»»i Dec
May
17% May
29
Apr
5
June
9%
Apr
26
June
47%
Jan
/
•
Bid and asked prices; no sales on this day.
t In receivership,
d Del. delivery,
n
New stock,
r Cash sale,
x
Ex-dlv.
y
Ex-rlghts.
If Called for redemption.
New York Stock Record—Continued—Page 7
952
Aug. 16,
AND
Aug.
SALE PRICES—PER
HIGH
Tuesday
Aug. 12
Monday
Aug. 11
9
Sales
SHARE, NOT PER CENT
Wednesday
Aug. 13
Thursday
Aug. 14
Friday
Aug. 15
*71
73
30%
30%
SOU
4%
4%
45g
73
3014
4%
*71
73
30%
30%
4%
4%
2634
24
27
27
27
27
*26
2434
2434
3112
23*2
2434
*23%
307g
31
*31
7*2
I6I4
7i2
16*4
*27
1658
28%
27
*116
11634
116
42l2
*1091S
*312
*73
42*8
42?8
*109lg
3l2
3r>8
*71
76
13%
%
1234
*58
278
278
234
*1534
1612
90
155g
13
89%
*11718 118*4
33*2
*41
30
*8
14*2
85S
1412
23
*22
414
*67*4
*1314
*71l2
534
*44
1414
*22
414
70
1358
72
634
4512
434
2014
19*2
47g
2014
19*2
6
6
234
17
89% 89*2
117% 117%
*120
123
32*2
*42
2934
8*4
14l4
22%
33
29%
*8%
14%
8%
14%
2234
2234
*44
7H2
4
69%
13
70*2
112
534
45
70*2
11134
534
534
45
434
19*2
6
1,500
23
267g
23%
1,200
31
31
27
27
24
24
24
31%
7%
30%
7%
30%
*43%
47g
47g
434
234
*16%
8% cum 1st pref
100
Minn-Honeywell Regu.No par
"i'ioo
Minn Mollne Power Inapt... 1
100
No par
Mission Corp......
10
Mo-Kan-Texas RR.__.No par
150
4% conv pref series B—100
4,600
200
45
*42
89
89
*11634 1 17
29%
*42
44
1,400
20
9,400
43%
""940
*64
70
*12%
13%
200
Munalngwear Inc
Murphy Co (G C)
112
*4
Mulllns Mfg Co class B
*71
72
70
71
900
112
*110
112
70
44%
4%
19%
*534
44%
434
21%
19%
6%
534
*43%
4%
21
19%
*534
57g
44
434
21%
19%
534
*43%
1,600
584
100
44
484
434
6,000
21%
19%
21%
19%
57g
280
578
6%
2,000
700
400
7*2
900
17
1U.700
55
55%
*658
65g
14%
*627g
1434
*14
*6234
678
14l2
6312
63%
*62%
6618
6638
66
*378
4
*37g
4
10*8
*87g
10*8
9i8
10%
*87g
10%
16*2
17
*
06
*16
66
678
1434
14%
14%
63
6234
65%
66
66
*37g
97g
4
10
Q
Q
9%
17
634
55%
678
63
6*4
*55
55
*16
16%
6234
37g
978
87g
378
97g
87g
17
*16
55%
14%
*62%
64%
7
*334
97g
884
16
55%
54%
"MOO
1C0
500
7,900
700
100
4,200
11512 *109
*110
*110
117*4
*55
62
%
1
*116
31%
*55
*4
3H2
109
109% *109
112
117% *110
117% *110
62
%
14
1
112
117*4 *110
1
1
*l16
30%
*54
l4
*4
31
*23
24
*201
206
*112
11712 *112
117%
13
127g
13
54%
5514
54%
5412 *5378 54%
15
14%
1434
1278
*54%
64%
1434
*97
98
*23%
*201
*96%
2334
204
98
7
738
7%
115
*11158 112% *112
*8%
9*8
*9%
9%
714
*38
39
*38
918
2l8
24i2
1112
93g
*2%
*24%
*11%
834
19*2
1912
*1834
2*8
24i2
1H2
6
6
77
77
*458
*15*8
712
5612
19*2
*53
77
2%
27
12
9%
19%
6
77
5
*4%
47g
155g
15%
1534
*146
^
*534
"
39
*146
7%
56i2
2034
56
7%
56%
*19%
20%
55
*53
*117
55
...
20
6%
77
77
4%
15%
7%
55%
*19%
*53
*117
46%
46%
1012
*3l4
1034
334
10%
*3%
10*2
10%
334
*912
2514
*36l2
1878
18
75g
934
25l2
3634
193g
*15%
*6
*9%
25%
3634
1834
7
934
2534
3634
187g
(** Bid and asked prices;
%
1934
*534
46%
*7
61
%
*55
1
*%«
%
4%
15%
18
20%
*534
6%
*77
79
4%
15%
7%
55%
20%
55
...
4634
10%
334
18%
77g
9%
25%
18
18%
37
sales
on
7%
*55
19%
*53
*117
4%
157g
7%
56%
19%
55
18
18%
8%
*36%
17%
*4%
15%
4%
100
20
9%
25%
37
18
this day.
3634
5H% prior preferred
6% prior preferred
100
28,900
2,400
5,200
500
T.IOO
50
25%
3684
1834
3,700
1134 Nov
'11 Dec
1%
Jan
434
Jan
13% Feb 15
1784 Aug
91% Aug
118% Aug
120% Aug
4
6
193g
112
9
6
1087gJune 6
31% Apr 30
38
June
6
23
Jan
4
678May 29
14%June 3
1834May 6
234May 15
46
Feb 19
9%May 2
6178 Apr 17
10934june 25
47g Apr 23
43% July 3
334 Apr 21
14% Jan 3
16
Apr 18
47gjune 30
7
Feb 17
10
1
Aug
7934 Aug 13
14%May
634May
ll%May
834 Apr
12%June
47g Feb
7% Feb
21
27
20
July
8
43% Jan 23
30% Aug 5
Jan 30
5% Apr 21
May 12
78
119
May
119
July
113% May
122
Oct
56
Jan
45
Feb
307g
Feb
"31%
6
17% Jan
4
12
May
24% Jan 13
4% July 21
74
July 21
137g Aug 6
72
July 29
15
May
112
Feb 19
2% May
20
May
8% May
56
May
97% May
8% Jan 11
4
May
51% Jan 27
5% July 28
227g July 29
23% Jan 2
7% Jan 8
41
June
9
Jan
6
107g Jan 9
18% Jan 7
175% Jan 2
13% Feb 24
88% Jan 6
17% Jan 15
934 Apr 28
14% July 31
3'4 May
11
June
13%
Jan
5% July
7% June
49
7
June
4% Apr 23
8% Feb 19
19
Aug
8
Jan
2
69
5
13
Feb 17
17
4Va.% conv serial pref._.100
Newberry Co (J J)
No par
5% pref series A...
100
Newmont Mining Corp.... 10
Newport Industries
1
106
New York Central
No par
N Y Chic & St Louis Co
100
6% preferred series A... 100
NYC Omnibus Corp..No par
New York Dock
No par
5% preferred
..No par
N Y & Harlem RR Co
12% Dec
19
Apr
99%
20%
Apr
Jan
86
15%
Nov
Oct
6
3
May
5% May
17
66
June
June
14% May
*160
May
47
Norfolk & Western Ry
"9,800
'"soo
10
200
20
200
10,100
2,100
"7% """900
Northern Central Ry Co
Northern Pacific Ry
55
2,500
2,600
2,770
47%
10%
4%
1934
8%
*9%
484
1S34
87g
934
2,150
25%
25%
2,900
Norwich
36%
17%
36%
1734
1,900
900
Def. delivery,
Pharmaoal
Ohio Oil Co
100
Co..2.50
....No par
...
Oliver Farm Equip....No par
Omnibus Corp (The)
6
15% Jan 10
6
24% Feb 14
24%May
188
109
12
8%
14
7
May 31
Feb 25
May
72
July
36
May
June
23% Nov
10534 Nov
30% May
9% May
87g May
434 May
May
110
Apr
5
45
June
2
534 Feb 14
110 May 7
3
7%June
Jan 15
l%May 17
Apr 25
23
% Oct
%i Dec
20
215
Jan 25
175
117
Jan
2
105
13%
Jan
May
May
May
113% Feb
1
10% Mar 31
40
234
June
5
Jan 11
101
May
27
May
2% May
25% Aug
11
Dec
5% June
9
8
Jan 11
1243| June
var
Pacific Coast Co
r Cash sale.
Apr
12%
Apr
115% Mar
117% Aug
68% Nov
%
2
Jan
Jan
Jan
31*4 Dec
357s Apr
%
226% May
6
Dec
9% Jan
114
Sept
97%
39
5%
Nov
Jan
42% Jan
16% May
8'4 May
23%
Apr
14% Mar
112
150
57s
18%
Mar
Apr
Jan
Dec
10% Jan 10
7
57% Aug
7
21
May
47
6
19
June
32*4
Apr
May
55
Jan
115% May
120
48%June
3
55
Jan 17
Mar 26
120
Mar 26
120
Jan
Apr
6®4
Jan
1934 Aug 14
8
May
2384
Feb
87g Aug 15
11% Jan 28
287S Jan 24
33g May
9% May
12%
Jan
14
Apr
25% May
34%
Apr
9
11% Aug
11
Feb 19
x-dlv.
y
Jan
10%
7% Apr
3
5
Jan
Nov
434 June
2
May
5034 July 16
9% Aug 12
42
12%
64%
1
22%June
32%May
47
May
June
38%May
4% Apr 17
New stock,
8%
26% Jan
No par
n
150
Jan
4
No par
(Call). 10
10
June
1st preferred
Pacific Finance Corp
Jan
33% Mar
16
2d preferred
Pacific Gas & Electric
25
Pacific Ltg Corp......No par
Pacific Mills
ATo par
39
Jan
6% Apr 23
40% Apr 16
134 Apr 23
10
May 3
10
Jan
Jan
57g July
1734 Jan
Preferred
100
Owens-Illlnols Glass Co. 12.60
Pacific Amer Fisheries Inc
5
Tan
187s
21%
Jan
Feb 19
5
Deo
50
84% June
4% May
3
.No par
No par
110%
97% Apr 16
8% Aug 1
No par
1st pref
14% Feb
27«4 Dec
Jan
No par
conv
Deo
26*4
May
Otis
$5.50
Apr
Jan
30%
15
Oppenhelm Collins
Otis Steel Co
Apr
17% Jan 10
7
Outboard Marine & Mfg
Outlet Co......
No
91
53%
110
Jan
104% Jan
4
Apr
58
23% July 11
June
Apr
57% Jan 20
1334 Feb 19
14%May 29
Nov
8%
103s
Dec
11%June 3
634 Feb 19
140
Jan
934 Jan
143g May
59
June 10
100
Jan
73»4
23
73
Elevator.....
6% preferred.....
8%
117
6
100
8% preferred A
Jan
38*4 Sept
14% May
47% May
47% May
17% Jan 10
27% July 30
1384 Feb 7
10
July 24
434May 23
Dec
27
%» Dec
% Jan 10
33% Aug 6
3234 Jan 8
12% Apr 21
34
May
104
68*4 Jan
July
Dec
153*4
25% Mar
Jan
Aug
176
May
Feb 24
% Jan 13
1% Feb 6
Jan
Apr
10% June
100
15
14% Aug
Jan
96
22%
Oct
115
7
60% Apr 29
5034 Apr 29
96
2
12%
Oct
Apr
Jan
49% Nov
6% May
6
7% Nov
7»4
26%
15%
48
Aug
3% Jan
7% May
117g Aug 7
2734 Jan 2
116
July 28
Jan
Apr
34
20% July
45
Jan
133g Mar
26% May
10% May
7% May
95
May
2% May
11% June
940
300
60
North States Pow $5 pf No par
Northwest Air Lines ...No par
Northwestern Telegraph
60
Norwalk Tire & Rubber No par
Preferred
50
500
100
1
May
8
60
Jan
"""260
Aviation
4% May
112
Mar
June 18
"5*800
North Amer
31'4 Jan
May
3% May
'it Jan
8,100
5% May
20% May
$N Y Ontario & Western.. 100
N Y Shipbldg Corp part Stk..l
Noblitt-Sparks Indus Inc....5
500
Jan 17
June
6'4 Jan
110
100
Adjust 4% preferred
100
North American Co.......10
6% preferred series..
50
5*A pref series
,_50
132
47% Aug
24% Jan
109
Conv preferred
79% Feb 10
45% Jan 16
110
Jan
Dec
Feb 14
ISTgMay 15
4%May 16
8
Apr 12
50
$N Y N H & Hartford
July 21
Apr
176
1834 Aug
25
Sept
June
155
1134 Feb 19
*3t Jan
200
6
1
>11 Jan
8*500
Feb
10% Jan 4
978 Apr 18
100
~
July 31
July 10
Feb 19
2034 Feb 14
106% Mar 8
31% Apr 24
11% Apr 22
10
16%
8
65
No par
No par
Jan
24%
15% July 30
Feb 19
preferred
Feb
23'4 Deo
834 Sept
June
9
48
8
conv
Apr
7%
16% Dec
68% Jan 6
77g July 31
9
$5
53
22%
7% June
5% May
Feb 14
22% Apr 28
53g Apr 23
Mar
18%June20
8% Jan 13
937g Jan 10
3
June 12
1534 Mar
83
111% Deo
87g Nov
18%
43
69% July 25
38
Apr 28
5% Nov
56% Nov
16%
176
5% Aug
Apr
Jan
934 May
May
142
Feb 19
Apr
18%
267s
117g June
14% Apr 22
168%May 29
May
16
28
31
22
11
Jan 15
14% July
7% July
97g July
24% Jan
12
Nov
110
Jan
12
11
15
14
x79
Jan
May
May
33% May
21% June
8% May
1
Apr 26
6
6
39% Jan
6
17
100
47%
10%
a
7% May
1% Dec
9% May
..No par
800
*117
t In receivership.
647b Dec
2
41
N'port News Ship & Dry Dock 1
Apr
May
July 16
100
N Y Air Brake
Jan
434
1
...No par
Natomas Co
Nehl Corp
Neisner Bros Inc
*146
*53
26
Apr
110
3% Aug
non-cum pref
...50
N Y Lack & West Ry Co.. 100
200
....
June
2% May
Dec
64
2
100
10%
5
57
20%
95
45
124% Deo
4
Apr 22
Apr 30
100
7%
*55%
*18%
Jan 11
7978 July 28
14% Aug 1
.No par
National Tea Co
200
77
1034
4%
1984
8%
*18
II,100
4,300
77
*10%
4%
*9%
25%
""600
79
47%
8
200
800
7%
4
National Steel Corp
25
National Supply (The) Pa.. 10
$2 conv preferred
40
200
57
20%
55
1
10
National Pow & Lt....No par
6
7%
19
Nat Gypsum Co
National Lead Co...
Jan 16
y28\ Dec
2034
16%
10
Nat Distillers Prod....No par
Nat Enam & Stamping No par
4%
May
33% May
32% July 23
7% Mar 20
6
16
100
...10
No par
National Cylinder Gaa Co
1
Nat Dairy Products...No par
Nat Dept Stores
..No par
110
103
26
*20
46%
1034
5% pref series A
Nat Bond <fe Share Corp No par
Jan 14
45% Jan 10
Feb
3
7% Apr 21
National Can Corp..
Nat Cash Register
125
9
26
28% May
*3812 Dec
12% Apr
173g May
1% Jan
15%May 26
1607gMay 27
Nat Bond & Invest Co.No par
6% May
11% May
23% May
6
34% Mar
6% Jan
9% Feb
3s Jan
5
100
1778 July 24
38% Jan
National Oil Products Co
60
*4%
..10
Aug
May
13% May
117%
16
Feb 14
10
24
Jan 15
6
5
56
May
24% May
2% May
11% May
July 11
20
*55%
*18%
*53%
*117
...
47
25
*57g
6
82
24
%
*146
46%
1034
37g
77g
9%
20
*77
*146
7%
9%
25%
3634
no
20%
4
May
Feb
154
500
109
*%«
June
2%June
85
53%
9
1,500
17
%
107
4
9% Jan
14% May
Feb
16% Apr 21
100
%
7g
*33j
3734june
Jan 15
108% Dec
64
7% preferred A.
100
6% preferred B........ 100
1,600
1,200
884
18ie
%
AutomotlvejFibre« Inc._l
800
10
%
78
%2
16ie
%
..1
Co
6% conv preferred
Nat Aviation Corp
200
117% *110
*55
60
6
National Biscuit Co........10
260
109
112
Nat
Acme
8,600
37g
31
30%
31%
3034
29%
31
31%
31%
*23%
*23%
2334
2334 *23%
2334 *23% 2334
*201% 204
*20134 204% *20134 204
204% 204%
*112% 117% *112% 117% *112% 113% *112% 113%
12%
127g
1234
13
12%
1234
12% 13
*54%
55%
*54%
55%
54%
54%
*54% 55%
537g 537g
5378
537g
*537g
54%
54% *537g
14%
14%
14%
1434
15
1434
14% 15
*96% 98
*9678
98
*9634
98
*9634 98
7
7%
7%
7%
7%
7%
7%
7%
*111% 115
*111% 115
*111% 115
*111% 115
9%
9%
9%
9%
9%
9%
9%
9%
39
39
*39
40
*39%
40
*39% 40
*2
*2
*2%
2%
2%
2%
2%
2%
*24% 27
*24%
27
24%
24%
*24% 27%
11%
11% *11%
1178 *11% 117g
*11% 1.2
9
87g
9
9%
9%
9%
9% ■?, 9
47"
334
18%
*57
*»16
1
*%o
46l2
*15
6034
%
*146
"V12
*117
%
*i%«
*109
Mar
37
May
7% May
200
55%
70U *70
70%
70%
*70%
727g
70*2 *70
76% *70% 727g
*3914 403g *39% 40%
39%
40
*39% 40
39% *39%
*39% 40%
*10712 110
*107% 110
*107% 110
*106% 109
*107% 109
*106% 109
30
30
29
29
30
*29
30
29%
2934 *29
29% 29%
11
11
1034
10%
11%
10%
1034
1034
11
11% 11%
11%
25
25
25
25
25l2 26
25%
25%
25*2
25%
25% x25
*113
115
113
113
*114
*113
115
*113
116
116
114% 114%
*39% 4014
*38%
3984 *38% 39% *38%
40
38%
38%
*38% 3934
13
12%
1234
1234
12%
1234
1234
13
12%
13
1234 13%
*16
17
15%
16
16%
16%
16%
16%
16%
167g
16% 167g
43
43
42i4
4334
4314
42% 427g
42%
43%
4234
43% 44%
17
17
17
*16
*1684
16%
*16%
1678
16%
*16%
16%
16%
6
*512
63g
*5%
6
*5%
*5%
6%
*5%
6%
*5%
6
13
13*2
13i2
13%
13%
13%
13%
13%
*13%
13% *13% 13%
6% Apr 21
13
26% Apr 21
10534 Apr 21
70% Aug 4
33% Jan 10
5% July 24
28% July 29
3034 Apr 2
5
90
Highest
share $ per share
May
9% Jan
Nat Mall & St'l Cast Co No par
65
*16
Feb 14
27%May 23
7% July 11
109% Jan 9
9% July 9
82
July 15
per
190
070%
*109
National
100
63%
834
27%May 29
3% Feb 15
2134 Feb 15
14
$
600
*62%
*334
5
Nashv Chatt & St Louis...100
$4.50 conv preferred.No par
"3~I~66
7
834
16
Nash-Kelvlnator Corp
6% preferred
2*806
1484
10
10
100
Murray Corp of America.. 10
Myers (F & E) Bro
No par
5% preferred
300
I,000
1,700
7
65
1
No par
No par
No par
7% preferred
14%
7
14%
63%
64%
37g
$7 preferred
10
*110
6
5
1
Motor Wheel Corp....
400
4%
72
57g
19%
6
4%
Motor Products Corp..No par
Mueller Brass Co
112
*70%
19%
55%
50
Morris & Essex
13
19%
5512
No par
Montg Ward & Co. Inc.No par
Morrell (J) & Co..
No par
$4 pref ser C
700
22
22
8
Feb 14
69
*4
1,200
May
Mar
*12%
14%
May 21
70% Mar 19
Mar 27
*65
*14%
800
7
77
13
22
8
Feb 15
101% Apr 30
65
Year 1940
Lowest
$ per share
115
68%
22
29%
8
6
share
112
13
*22
14%
29%
per
10
68%
14%'
29%
8%
14%
8
$
Range for Previous
Highest
$4.50 preferred
No par
Preferred series B—No par
Monsanto Chemical Co
100
29
!
21%
55i2
7% preferred series A... 100
Mohawk Carpet Mills.....20
30
■
preferred
$6.50
29%
8%
14%
22%
4%
8
5
5
2,200
*9
14l2
5% conv 1st pref
Merch & M'n Trans Co.No par
Mesta Machine Co....
Miami Copper
*120% 123
*110
110%
3278
327g
33%
89
...1
50
Co (The)
Mengel
Mid-Continent Petroleum-.10
Midland Steel Prod
No par
700
400
117
21
6
234
1
Melville Shoe Corp
2,400
16%
16%
89%
89%
11684 11684
11934 120%
110% 111
3234
33%
I684
27g
1634
100
No par
$6 preferred series A .No par
$5.50 pref ser B w w.No par
1,400
1,600
27g
*16%
*7%
7%
7%
7%
*73g
7%
7%
*7%
7%
7%
9
9
*9
*9
9%
914
9%
9%
9%
9%
914
16*2
16%
1634
17%
16%
17
16%
1634
17*4
16% 1634
*173% 175
*173% 175
*171% 175
*171*2 175
*17134 175
*171% 175
10
10
10
10%
10%
*101#
10% 10%
*10%
10%
1038 *10
*80
80
80
80
80
*80
83
82%
7934
7934 *79
82i4
*15*2
17
*15%
1634 *15%
1584
1534
1634
*15% 1684
*1534
17
7%
7*4
7*4
7%
7%
*7%
7%
7%
7%
738
7%
7%
13%
13%
13%
1334
1334
14
1334
1378
1334
1334
*13% 137g
*1014
*10%
10*2
1038
10*4
10%
10%
10%
10%
10%
*10% 10%
14*4
1414
14%
14%
14%
14%
1438
14%
14%
14%
14% 14%
684
634
*6%
634
67g
634
*6%
684
*6%
67g
*9
*9
*9
*9
*9
*9
984
934
934
984
21
21
21
21
*2134 22*4
21% 21%
21%
20% 21%
213g
17%
*1714
*1712 18% *17%
18%
18*4
17% *16% 18%
*16% 18%
6%
6%
6%
6%
634
678
6%
6%
6%
6%
6%
*78*2 79*2 *7834 79*2 *7834 79% *77%
79% *77% 78% *76%
78
18
1812
18%
I884
18*2
18%
18%
18%
18%
18%
18% 187g
*174
176
176
176
*17414 176
*17478 176
*J747g 176
*174% 176
*142% 145*2
144i2 146
14334 14334 *14334 145% *14334 145% 144% 144%
21
21
21%
2134 2134
2U2 21% *21
21%
21%
21% 21%
31
*31
31
30
30
32*4
*29%
32
*29% 30%
*29% 32
53
514
5*4
53s
5*2
5%
5%
5%
538
53g
5%
5%
712
150
600
234
89
21
6
234
117
21
*20
434
..1
preferred
*4
4
*12%
114
534
McLellan Stores Co
6% conv
Mead Corp
10
"i'soo
2634
47g
30%
5
500
""566
30%
24
*30%
7%
30%
Par
Shares
73
30%
434
267g
*42
45
29*2
4
13
70*2
*71
30%
47g
2684
30%
4%
32%
*67%
4
13
73
*120% 123
*110% 111
*110% 111
*66
*112
113
*112
89%
47
8
234
*16
16
33%
2934
16%
*26%
27g
123
*42
45
30
7%
1684
27%
*71
Lowest
....
117*8 118*4
33
30%
30%
7%
73
On Basis of 10O-Share Lots
Week
7%
7%
7%
16%
16%
16% 16%
16%
*6%
27
27
2634
27
2684
267g
116
116
116
*115
117
*115% 11634 11634 117
43
42% 42%
42%
4214
42%
43%
427g
43%
*109%
*109%
*109%
*109%
3%
3%
3%
3%
3%
3%
3%
3%
3%
73
*71
73
71
*66
72
71
*70%
73
13
13%
13%
13%
133g
13%
13%
*13% I37g
34
%
*%
%
%
%
*%
%
%
27
110*4 HI
*11014 HI
3318
88*2
*
*120
123
*120
*5g
712
16%
*71
Range Since Jan. 1
NEW YORK STOCK
EXCHANGE
the
$ per share
$ per share
$ per share
$ per share
9 per share
$\per share
*7
7%
7%
7%
7%
7%
714
7*4
7%
7%
7%
7*8
1077g *1007g I077g *100
*101
1077g *100
1077g *100
1077g *100
1077g
8%
8%
8%
8%
8*2
8*2
834
884
*8%
884
*8%
8%
*79%
82
*80
86
*79%
86
*7914 86
*79% 82
79%
79%
*71
STOCKS
lor
LOW
Saturday
1941
5
434 Aug 15
Jan
8
33
May
50
Jan
1934 Aug
8
8
May
16%
Jan
40
Ex-rlghts.
^ Called for redemption.
Volume
New York Stock Record—Continued—Page 8
153
953
PRICES—PER
SALE
HIGH
AND
Friday
Aug. 12
Aug. 15
Week
$ per share
$ per share
$ per share
$ per share
Shares
$ ver share
$ per share
8*2
8*2
3*4
14%
3*4
1434
14*4
14*4
14%
*115% 116% *116% 117
*161% 163
*161*4 163
3%
3%
3%
3%
3*2
834
834
*8*4
8%
8%
3
3
3
3*8
3%
1434
15*4
14% 15%
15%
10
10
*9*8
10*8
*9
10*4
*115
117
116*4 *115*2 117
*161*2 163
1*2
31
*98
13*8
*102*2
12*8 *1134
*1534
17
134
l'*4
29
29*8
19*2 *19
*34
*8
13*2
1334
13*4
103
1*2
*28*2
100*2 100*2
13*2
103
*12
*15*4
1«4
29*8
*1834
*34
1334
9%
52
84*4
*2%
110
*24
2%
*47%
16
*16
110
*109
24
2438
2434
24l2
24%
48*2
48*2
48
48
2
2
*1*2
2*4
26%
26
27%
103s
54I2
26*8
*914
5412
3278
33
32*2
*22*2
*6%
*634
3234
24
63s
7
33%
9
9*4
53*2
5412
3234
24
6%
*22%
6*4
-
678
33*8
46*2
634
3234
29
*19
.
24
2434
*24
4734
2
4734
*1%
26*4
102
1334
14%
104% 10434
1234
1234
*16
17
*1%
1%
29%
29
19*2
*19
52
*48
50
8334
*2%
*2%
*47%
*16
1634
*16
*2%
23*2
2%
47%
*1%
26*2
*8%
32%
22
*21
6%
6%
*6%
32*2
32%
*44*2
33
46*2
*44*2
88
88
8734
8734
1078
11
1078
11
10%
11*8
*87%
11*4
85*4
847g
8478
8434
85*8
8534
45
45*8
3
*23s
*46
44*4
*2%
9
74%
*65
44*4
45
44*2
*2%
3
3
4334
*2*2
44%
3
*46
48
46
46
*46
17
17
17
*16%
*5%
6
*5%
*35%
37
35*2
38
*7
7
7
*71
72
71
*11*8
12
*11*4
*17412
—
5%
7*2
7
7
58*2
*57
73g
3434
64
61
61*2
*12%
13*4
*12*2
13*2
*163
*163
*1*4
1%
1534
1534
*17*2
18*2
7
7*4
....
*1*8
15*2
1*4
15*2
*17*2
18*2
7
35
7
7
7*4
7%
7
7
57
57
70
34
3234
33
270
61
61
*58
61
61
61
50
*1234
1334
7
13s
*1%
*15*2
*17%
16
18*4
*15%
*17*2
7%
18%
*1%
7%
10%
10%
1034
7%
10%
10*2
10*4
10*8
35*2
*33
10*2
10%
*10%
35
5934
59%
59*2
*11
4*8
*537s
4*4
5412
4
*54*4
54%
*3%
3*2
3%
3*2
60
*51*2
52
51%
51*2
20
20
*19*4
20%
*19*4
*16%
28%
16%
16%
*27%
2734
2734
*27
24
*22%
24
*2234
24
2734
*23
24
I
134
27
12
*9%
12
9^
*8%
*12%
9
13
13
63
62
58
58
57
134
19%
134
19*2
*100*8 101
*8434
87*4
*21
110
70
12
*9%
*8%
*834
62%
57%
1®4
19*4
19%
100% 100%
9%
*12%
934
*61*4
13
934
62
934
*61*4
57
*54%
57
134
19%
1%
1%
*8434
*834
1434
7*2
32%
*52
95
19
12%
1%
19%
*95
100
100
9*2
9*2
*9%
9*2
*4%
5
18
18
13*2
1378
47*4
47*4
*8
•
9%
*9*8
*4%
17%
13%
*46
*35%
35
*332
*3ai
*4
%
*2
2%
.*2
*4
5%
*4
87%
9
9
16%
*27%
2334
*1%
134
*26
29
*9%
95
32%
734
*52
9%
9%
5
17%
13%
47*2
1
32*2
734
*52
53
1,400
4
11,500
55*2
*54
4%
55%
3%
51%
3%
2,200
*51
51*2
300
19%
16%
2834
1634
28
19*4
*16*4
19*4
16%
200
800
16%
*27%
16%
28
23*4
2
*23
24
200
2
500
29
*26
14
43*2
17%
18*4
Bid and asked prices; no sales on
109% 110
71%
14%
14%
*70
94%
~2"666
400
40
120
1,800
100
94%
7%
7%
7%
7%
1,700
32%
32 %
32%
32%
5,700
53
52
52
53
53
934
9%
4%
18
13%
**2
3534
*8
*332
«18
2%
5*2
43*2
this day.
934
*9*8
*4%
i
1834
94%
*17%
£13%
*4134
36*2
110*4 110*4
18%
9%
2234
50
7%
32%
**4
*4
200
95
*%j
43*2
14
**4
*2
*4
43%
46
%
3534
%
5l«
2%
5*2
43%
110% 110*4
18%
19
9%
94%
30
10%
13,400
9%
9%
200
*4%
17%
13%
4%
17%
13%
2,300
*4434
300
500
60
46
200
34
35%
34
35*2
1,700
332
332
400
*4
1,200
*4
2
*4
2
{ In receivership,
500
5%
43%
110%
18%
18%
43%
110
4
84 May
538 May
5% June
3%June 12
3% Jan 2
5284 July 16
1%
22
7
42%
20%
21
*5%
Mar
July
Feb
Feb
Feb
Jan
Apr
24
1
15
6
May
25%May
40% Feb
79
Feb
8%May
72»4 Feb
15
14
31
17
19
5
18
20
17
4
87
16
Aug 14
Jan
43
Dec
71
June
7% Jan
8% Nov
4*8 Mar
25% Apr
10
June
1
Jan
45%
Apr
105% Deo
10% Deo
99
Nov
11%
Deo
18
Feb
2% Nov
44% Apr
2338 Nov
23s Mar
12% Mar
1038 May
138 May
62*2 Jan
96*2 May
4% Jan
1*2 May
1184 May
2
46% Deo
Aug
2
112%Mar
25% Apr
4
15
24% Jan 27
49% Aug 7
238 Aug 1
15
23
4
Feb
May
May
May
984 June
16%
Jan
1
1% June
30% July 11
ll%May 6
5*2 May
17% May
6038 July 8
May 10
24% July 5
38
11% May
15
May
7-% Apr 4
7% Jan 23
35% Jan 2
47% July 14
25*2 June
37% May
91
July 21
70
12% Jan 10
86% July 12
68
584
Deo
6*8 May
June
1134
Dec
May
"MOO
270
13,300
d Def. delivery,
May
3
45% Feb
27 May
6384 Apr
9% Feb
164 Mar
*uMay
14% Apr
14
1
29
19
16
June
31
3
21
5
9
Aug
7
60%May
1
115
7
z94 Mar 7
83*4 Feb 15
9%May 2
8% Apr 1
July 29
30
July 31
27*8 May
2% May
36
May
3% July 29
62
July 15
23% Jan 11
784 Jan 2
46% Jan 2
884 Jan 2
84
Jan
Feb
1
65
Jan
Jan
75*2 Jan 8
15
July 15
164
Mar 31
...—-100
22% Mar
Co 1st pref- .100
7
Apr
6% Mar
9% Apr
7% Apr
67%May
51
Feb
% Apr
Preferred
warrants..25
Co..100
1
Republic Steel Corp ...No par
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper A Brass—-—6
Class A
10
7% preferred
100
5)4% preferred—
100
Reynolds Metals Co...No par
Preferred with
Rensselaer A Sara RR
Reo Motors v t c
—
5)4% co**v preferred—-100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
Common
10
...
Richfield OU Corp
No par
Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
Rustless Iron A Steel Corp—1
52.50 conv preferred-No par
Ritter
{Rutland RR 7% pref
100
Lead
10
{St Louis-San Francisco... 100
6% preferred
.100
ISt Louis Southwestern—100
5% preferred.....—-.100
St. Joseph
Safeway Stores
-No par
100
5
5% preferred
Savage Arms Corp new
n New
stock,
r Cash sale,
21
23
13
10
1684 Feb 14
97 Aug 14
82% Apr 21
738 Apr 19
17 May 6
97
Apr 21
60 Apr 17
10
Feb 15
81%May 9
6%May 5
28%May 29
52
Jan 17
7% Feb 14
6
Apr 15
4%June 27
1484May 1
934 Feb 15
428s Mar 1
%#Mar 11
28%May 6
%» Jan 7
% Jan 4
l%July 17
4 July 17
35
Apr 19
109% Feb 17
1238June 3
x Ex-dlv
5
May
16% May
10
May
19
May
v
7
Ma.
151% July
15
21
12%
Jan
2
13% Jan
13*2 Jan
4084
Jan
6
6
2
60% July 26
120
July 24
29% Jan
110
9
Jan 11
%
Feb
May
Jan
5*2 May
434 Oot
6% May
638 May
21
May
63
June
112% May
28*8 Dec
100
May
123% Jan 15
110% May
137
126
June
158% Feb 11
143
May
117% Jan 25
114%
Jan
95*4 Aug
12% Aug
4
8
6
1234 July 16
4% Jan 4
177,May 1
11 May 2
23%May 28
1238 Feb 14
23% Jan 8
21
Jan 7
9
12
22
26
30
June
4% May
134 July 25
17
July 28
Raybestos Manhattan.No par
Rayonler Inc
1
53 preferred. ...... ....-25
1% Apr
13% Nov
167
8
3*4 Jan 2
52%June 27
Company.......-50
4% 1st preferred
..50
4% 2d preferred...
60
Real SUk Hosiery
6
6*4 May
6484 May
7
43%
May
3% May
May
16
8
181
Jan
22
Jan 30
15
62% Jan
Reading
3% May
77
46
38% Mar 14
87*4
14
Jan
1
*8434
*21
1
52
30
30
14
14
2
May
15
14% July 30
10% July 28
6% conv preferred..—..100
Radlo-Keith-Orpheum
97
*9
64
29% Dec
13*2 May
7
9
2% Apr 21
Reliable Stores Corp...No par
9%
19%
26*j June
99
Sept
4% May
30% Jan 10
20% Jan 6
Jan
134 Feb 15
2
Feb 19
34% Apr 23
Jan
July
Feb
Feb
36% Jan
Jan
% May
7
2
43% Mar 4
74«4 Feb 20
12
109
22
21
May
684
6% May
May
18jMay
Aug 15
3%June
47%June
Rels (Robt) A
12
——.100
6% preferred
5% conv preferred
100
Purity Bakeries
No par
Quaker State OU Ref Corp.. 10
Radio Corp of Amer...No par
53.50 conv 1st pref__No par
*95*2
100
*%
*4
100
10
57
1%
12
7
17
1034 July 22
104% July 28
240
97
7
7
Feb 14
No par
Pure Oil (The)
4,000
12,700
97
Aug
13% Aug
29% July 22
'
1%
19%
14% Aug
105
22% Feb 14
62
57
1%
19%
Jan 11
par
100
100
100
;1%
19
62
*54
36
43*2
1,500
Pullman Inc
par
*61*4
*54%
*61*4
106
......No par
No
6% preferred.......
7% preferred....
8% preferred
Pub Ser El A Gas pf 55.No
55 preferred
10
56*2
134
19%
% Feb 21
7%May 1
6% Apr 21
6
1% July 29
37% Jan 10
June 14
21 June 24
97%May 26
zl08 May 14
12184junc 9
13834June 17
114% July 17
6% pf (ser of Feb 1 '29)-100
Pub Serv Corp of N J. .No par
—1
36
110*4 110*4
500
No par
Procter A Gamble
Remington-Rand
62
1
6
9% Apr 21
32%May 15
Reliance Mfg Co
46
*2
29
*8*2
FeD
Jan
Jan 21
4«4 Feb 14
9% Apr 21
100
46
3
234
-- 5*2
400
200
28
*9%
10
95*2 Feb 14
9%May 27
14«4 Apr 9
1% Feb 19
25%May29
17 May 27
16
10
5
50
5% conv 1st pref....
5% conv 2d pref..
1,700
48*4
**4
100
900
11%
11*4
12
May 31
5*2 Oct
2% May
1
Pressed Steel Car Co Inc.—.1
9
*46*8
*2
8,700
95
*1%
99
984 Aug
3% Jan
83a Jan 10
13
13*4
%
234
5%
"5~, 300
*93*2
28
% Feb 15
27
Apr 22
2% June
12% July 28
Postal Teleg'h Inc pref.No par
934
13*4
*
40
£ll%
11%
3%
Deo
4% Jan 10
6*2 Apr 22
No par
Poor A Co class B
*12%
*9%
4%
*332
""loo
5
934
*17*4
36
600
55 conv preferred....No par
Pittsburgh Forglngs Co
9%
13
4%
%
4,000
Pitts Coke A Iron Corp No par
934
18*4
9*4
10
....100
6% preferred
*834
*12%
4%
9*4
3,100
Plllsbury Flour Mills......25
Pittsburgh Coal of Pa
100
934
*17%
13*4
9%
200
Phillips Jones Corp....No par
7% preferred
100
Phillips Petroleum..
No par
Phoenix Hosiery
—..5
Preferred
.100
12
9%
12%
934
9*2
4%
18*4
13*2
934
36
43*2
43*2
43*2
43i2
*110*4 11034 *110*4 11034
18%
18%
18*4
19*2
95
734
32%
95
7%
3234
500
11%
12
4%
*8434
14
59
1,400
5,300
4,000
95
9%
14
14
53
*%
1
*%
35
*8434
95
7*2
32*2
*52
53
87%
8%
14
14
9412
7*2
32%
94l2
•
*26
29
*9%
134
*28
*9%
119*2 119% 119%
22%
22%
22%
100*2 *98% 100
114
*110% 114
122% *12034 122%
141
*139% 143
*114% 117
117
28
27%
28%
9%
9*2
9%
103% *102
103%
*8434
87%
87*4
9*2
934
9%
22
22
22%
22*2
*21% 22%
22%
22% *21
*110
113% *110*2 112% *109*2 112
110
*108% 112*2
71
71
71%
71%
70
70
6834
69
70*2
9*8
14
**4
134
*1%
*26
27
*62
9%
134
29
*834
*16%
28
*23
*27*8
134
3%
1634
28%
16%
16%
1534
*12
*19%
29*4
*28%
1678
*9%
20
*16*2
29%
16%
*27
*19%
1Q
16%
*28%
*28%
134
*51
12
16%
29*4
16*4
2734
16%
17
16*8
55
3%
10%
10%
35%
59
A.
5434
11
10
59%
3%
51%
3%
10%
59
*51
54%
7
*32%
51*2
54%
3*4
*51
7
35
*11*4
4*8
5434
4%
1*2
16
1734
10%
10*4
1034
35%
20%
4
4%
12
12
12
12
11*2
7*8
1%
*15%
I734
10%
*10%
*33%
£141
142
142
142
142
*141*2 145
*141*2 145
*114*2
*114l2 117
*113% 116% *114% 116*2 *114% 117
27*2
27%
27%
27%
27*4
I 2734
27%
27%
28
9%
9*4
9%
9*2
934
9*4
9%
9%
934
103% *102%
103% *102
103
103
*102*2 103% *102
*93*2
94*2
94%
95
95
9434
9434
94%
95
11%
12
12
11%
11%
12
12%
1134
1134
1334
*163
1%
16
18%
Mar
160
Pond Creek Pocahontas No par
58
34
*12%
139
June
Plymouth Oil Co
58
*163
May
144
100
58
3434
1334
115
Aug 15
600
58
34
*12%
Jan 27
163
300
300
"5% "2,100
534
119*2 *117
11*2
11%
5%
126
7% pref class B
100
6% pref class A.
100
514% 1st ser conv pr pf.100
Pittsburgh A West Va
100
Pit Youngs Asht Ry 7% pf 100
Pltteton Co (The)
No par
20
71
share
7
Apr 8
Mar 3
Feb 18
Apr 30
Apr 21
Jan 7
6
"""266
600
634
per
Aug
147%
3
5*2
2%
10
7%
Pittsburgh Steel Co.—.No par
700
*175
*175
119% *117
119% *117
119*2 *117
22%
22*4
22%
22*2
2234
22%
22%
22%
2278
100
100
*98%
100
100
100
100
*99% 100
*110%
*110% 114
*110% 114
*111*2 114
*111*2 114
124% 123*2 123% *121%
*124
124% *124
124% *124
*117
36%
534
1*4
16
6%
5934
17
534
Highest
115
1,000
48
*16%
*5%
*34%
11
5 per share 5
7*8 Jan 6
9% Jan 10
20
*46
1634
*70
share
484 Apr 26
"9^866
35
7%
per
Pitts Screw A Bolt .....No par
44%
3
48
6%
$
share
1
Pgh Ft Wayne AC 7% pref100
"""500
1634
*5%
*46
6*8
35%
*163
*17%
35*2
43*2
*2%
per
105 Mar28
4%May 2
61%May23
35»4 Feb 20
2% Mar 18
z38% Feb 14
15 June 10
4% Apr 22
30
Apr 22
5%May 27
69
Apr 23
9'4 Apr 22
174 Mar 5
9
74%
7
*1%
15%
*32*2
59*4
44%
3
*8*4
*65
9
Year 1940
Lowest
110% July 30
58
10*8
5934
8*2
74%
No par
Pfelffer Brewing Co
Preferred 4K% series... 100
34%
10*4
10%
59*4
Philip Morris A Co Ltd.—.10
5%
1334
5
600
*6*2
5%
61
No par
Petroleum Corp of Amer
1,600
*2%
17334
*58%
*12%
35*2
500
6% ::
700
7
7,700
32%
100
4434
'*
80
88
6
*163
*33
200
11%
7
10*4
6%
100
8534
11%
1034
1034
*21%
1,500
2
85%
71
10*4
26%
100
48
*11%
7
34*2
5% preferred
Pennsylvania RR
Peoples Drug Stores Ino
*87*2
*11*4
1034
10*4
47*2
*1*2
14" 100
11%
8534
*70
11
2434
No par
No par
8 734
11%
11*4
1034
*24
No par
57 conv pref ser A
Penn G1 Sand Corp
45%
71
*10%
23%
Penn-Dlxle Cement
Phelps-Dodge Corp
25
Philadelphia Co 6% pref—50
56 preferred..
No par
Philco Corp
3
*7
11*8
*10*8
23
200
10
31*2
4434
*11*4
7
*109
700
par
6%
7
3234
*70
*6%
3434
*61*2
200
1634
110
No
Penn Coal A Coke Corp
Pet Milk Co
7
*57
58
34%
34%
2%
48
No par
Penney (J C) Co
100
11*4
*534
6
*2%
47%
Penlck A Ford
570
934
71
*175
*175
6
6
2,800
2,500
210
24
2434
4734
2
27%
7
11*4
3%
Patlno Mines A Enterprlses.10
3234
24
110
*70
12
300
84%
Parmelee Transporta'n.No par
Pathe Film Corp.
1
5334
44
17
6*4
37*2
7*4
71*4
*5*4
*35*2
53%
83*s
2%
.No par
Parker Rust Proof Co
2.50
32
*65
48
17
300
4,800
1,400
Park Davis A Co
34%
24
*8
8%
74%
8*2
200
%
*109% 114% *109*2 114%
*67%
1678
6*4
*5%
*57
*8*4
74*2
47*2
167s
*36
9
9
*65
*109% 114
*109*2 114
114
*109
1
11%
*85%
8584
834
74*2
Park Utah Consol Mines
1,300
2,600
8734
88
11*4
114
1
*44%
47
*8*2
1%
Park A Tilford Inc
6%
*6%
0:32*4
7
89
*65
1
34
6*4
89
*109
Paramount Pictures lnc
—100
10
1334
10
*16
—100
6% 1st preferred
6% 2d preferred
*34
*52
cony preferred
27%
10
*21%
*45
*84*2
30,200
1,500
4%
*9%
*9
33
46
*45*2
1634
""226
...No par
53
*1%
27%
24
634
84%
2%
2%
49%
Parafflne Co Inc
13%
*9%
5
100
17
1%
No par
Airways Corp
Pan-Amer Petrol A Transp_.6
Panhandle Prod A Ref
1
2,000
13
17
Packard Motor Car
Pan Amer
55
47*2
54*2
33*2
22
13
3,800
Pacific Tin Consol'd Corp_._l
Pacific Western OU Corp__.10
53%
*24
27%
10 •
32*2
1%
1%
*29%
31
10234 10234
13%
14%
10434 105
100
100
35,800
23*2
2
*5334
3234
14%
10
6% preferred
80
100
50
5
Peoples GL4CC (Chic) 100
tPeoria A Eastern Ry Co.. 100
Pepsi-Cola Co
...1
Pere Marquette Ry Co.—.100
5% prior preferred...>.100
5% preferred...
100
*109
110
2334
2434
47%
*24
9,700
12,400
*9%
19
62
52
84%
2%
3%
3
14%
19
*9*2
84*8
*2%
500
29%
9%
Pacific Telep A Teleg...—100
1,200
8%
8%
29
19%
%
1334
10
Par
Range for Previous
Highest
Lowest
10
116% 116*4
161% 163
*3%
3%
29
*34
53*2
6*2
134
13%
26%
*6*4
17
%
53
*8%
102
1334
*109
110
23%
*1%
*28%
1%
10*4
1%
31
%
13%
*5034
2%
49
24*2
1%
934
2*2
2*2
*16
52
84%
2%
2*2
49
1634
234
*9
10*4
*28*4
31
101% 102
13%
13%
104% 104*4
12%
1234
*50%
84
85
16
1634
24
5078
*2%
1%
*9%
*109
49
*16
1*2
*9
934
*46*2
*46
*109
1*2
10
*84
2l2
3
*29
31
31
101*2
101*2 *100
13
13*2
13*2
104
103*2 104
1134
1134
12%
*16
17
17
134
1%
134
29
29%
29*8
19%
19%
19*2
*34
%
%
13%
13%
13%
50*2
2%
3%
*8*4
1*2
978
10
*50*2
84*4
2*2
85s
3*8
3
1^8
*29
334
*8*4
Range Since Jan. 1
On Basis of 100-<SAara Lots
EXCHANGE
Thursday
Aug. 14
Tuesday
161% 161*2 *161
*3%
3%
3%
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Wednesday
Aug. 13
Monday
Aug. 11
*115
Sales
for
LOW
Saturday
Aug. 9
2
21% July 25
18% July 28
2938 Aug 4
18% July 25
2734 Aug 12
Oct
16% May
684
84
Oct
June
7388 May
9
June
9*2 Sept
4% May
48*2 May
2% Nov
34
June
15% May
13% May
24
May
9% May
1934 June
Jan 13
17
2% July 29
July 29
25
Deo
12% July 22
6
June
9% July 16
12*2 Jan 7
6% May
24
38
10% Mar 10
67% Jan 23
61
2
Apr
7
July 30
2284 Jan
6
101% Feb 10
97
Jan 13
11
Jan
3
24
Jan
2
113% July 10
73
Jan
8
May
I84 May
8
Aug
6
May
13784 June
60
May
1
May
14
May
70*8 May
May
60
7% May
17% July
70
June
39
May
153g July 28
8*8 May
July
1
75% Mar
103s Jan
6
34%
7
95
Jan
53% Jan 13
6*8 May
30*2 Dec
62
May
8
5% May
9% Jan 27
584 Jan 16
484 May
10*2 July
6
3% Aug
11% May
14*4 Aug 8
4834 Jan 14
1
Aug 2
12% Dec
45*2 Oct
3s Deo
3934 July 16
% Feb 8
% Apr 15
6
May 5
26
18*8 Aug
June
*i» Dec
%
Oct
2
Jan
Apr 29
3
Dec
45
Jan 13
34
May
113
June 19
96
May
8
21% July 29
y Ex-rights. ? Called for redemption.
New York Stock Record—Continued—Page 9
954
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
CENT
Aug, 11
Aug. 12
$ per share
$ per share
$ per share
9
Aug.
$ per share
15%
15%
*8612
8912
*3712
38
113% 113%
*110%
%
%
15
3%
70
8%
14%
15%
87
89
38
%t
%
%
*%
15
15
3%
*3%
*3%
71
70
8
70
8%
13%
13
13
66
65
65
*64%
5
5
57 %
*5%
5
*56
6%
4%
*56
57%
6
57g
*5%
37
37
37
37
14%
15
14%
14%
14%
*4
4%
19%
*4
4%
19%
*4%
18%
1%
27%
30%
27
19%
*1%
27
31
*101
1%
27
31%
104
*112%
18%
*1%
*26%
30
*101
104
*112%
...
24
24%
24%
13
13
13
15%
9%
2%
19
15%
*36%
*1%
*17%
*127
*22%
12%
13
16%
28%
*33
17%
130
*17
*127
130
23
23%
12%
13%
17%
28%
28
35
32%
*1%
5%
12%
12%
17%
*21
21%
36
36%
37
35%
36%
56
55
5%
51%
61%
39
*117
5%
*112
5%
%
2%
2%
15%
15%
18
18
23%
*44%
33%
41%
46
41%
45%
*36
38
41%
61%
'•
61%
7
7
5
5%
7%
7%
5%
6
33%
4%
57%
24%
22%
*6%
*6
4%
37
36
14%
4%
14%
4%
18%
14%
4%
I884
*1%
134
27%
30%
IO384
18%
1%
27% I
*35%
*3
35
*33
1%
*4%
*57
36
113
9%
41
33
36
36
61%
6%
434
7%
5%
24%
24%
*22%
*6%
24%
24
22%
7
*634
5%
49%
39%
5%
113
36
35%
*3
3%
3
9
9%
9
9
cum
18%
18
17%
$7
cum
x23
23%
33%
*32
22%
3134
3634
62%
*2%
*46%
*5
*35%
41
3%
48
5%
37
*3
3%
*3%
4
*27%
*%
*13
*38
*278
47%
*7%
8
3978
3%
*38%
41
*38%
47%
48
47
5
5
5
*35%
*2%
37%
*3634
37%
3%
*234
*3%
3%
4
*3%
*28%
1
4
*%
14%
10%
10%
95%
1
*13
10%
*95
28
28%
14
10%
96%
28
*
%
*13%
10%
%
10
*95%
31%
45%
*95
9634
32
31%
31%
31
31%
45%
45%
46
45%
4%
12%
4%
12%
4%
12%
45%
4%
12%
*9%
10
9%
9%
1%
69%
*6
11%
7%
20%
1%
69%
6%
1%
69
6%
11%
*11
7%
20%
*19%
*1%
1%
21%
7%
*36%
11%
21%
1%
69
7%
6%
4%
12
9%
1%
*68%
12%
9%
1%
69%
6%
4%
12%
9%
1%
69%
12
*6%
*1034
7%
20%
7%
*1934
2034
*1034
7%
*1934
1%
*1%
1%
*1%
*1%
*19%
12
7%
23%
22%
6%
42%
3%
38
7%
16%
6%
-
2
1534
20%
300
*35%
37%
7%
*2%
9%
41
3%
3734
*7%
5%
*7%
8
38%
38%
*2%
3%
48
5%
49
*5%
37%
3634
3
4
*234
*334
28
15
10%
2734
"it
14%
10%
96%
31%
4534
4%
12%
9%
1'%
69%
6%
1134
*3634
*2%
*3%
*2734
*%
*14%
10%
*95%
31%
4534
4%
96%
3734
*
19% Aug 15
cum) 100
100
Superheater Co (The)..No par
Superior Oil Corp
1
Superior Steel Corp...
100
Jan
Mar 10
16
Aug
Mar 31
128
May
21
26
19
21
16
19
14
4
5
14
19
Preferred
190
*27%
37%
3
4
2734
200
%
*1334
10%
%
15
10%
4,500
96
96
31%
46
13
4%
1234
4%
13
10%
10%
1%
1 %
1%
*68%
6%
70
*11
12
6%
$3 dlv
100
conv
Third Avenue
200
200
200
3,000
2,300
1,600
1,700
1,300
2,100
160
1,000
xOO
734
8%
10,100
20%
20%
20%
20%
900
1%
22%
*1%
*21%
1%
*1%
1%
$3.50
40
5,400
8,100
""316
4,200
1,200
300
200
700
8,500
8,700
100
""800
100
6,500
2,600
a Pef. delivery,
cum
3%May 10
32
6
Jan
2%June 30
7% Apr 23
34% Feb 19
2% Feb 14
1
Feb
par
10
par
6
Apr 16
July
Mar 25
16% Feb 20
1
par
100
11
5
5
No par
ll%May 27
109 May
1
40%May 2
16% Apr 23
%June
3
18% Apr 21
5% preferred
100
United Carbon Co
No par
Unlted-Carr Fast Corp. No
par
No par
No par
Cash sale,
Aug 15
26% Feb 19
34% Apr 19
9%May 15
par
r
8% July 23
5
May
5«4 May
8% Jan
60% July 23
Dec
8%
12%
Apr
4634 Aug
12%
Feb
Jan
Feb
Jan
65% May
July 10
9
Jan
7% May
Jan 10
12% May
2% July 11
1%
18% July 31
9% May
20
_
2334 July 29
7% July 10
7
July 10
5% July 24
36% July 18
334 Jan 16
9% July 28
4434 July 31
4%May 12
9
734 July 28
9
6% Aug
14
May
3
Jan
5% Aug
25
Aug
38% Aug
Oct
May
*17% May
16% Aug
434 May
10%
27%
Jan
Jan
2% Jan
18% Nov
35% Feb
7% Mar
24% Apr
32% Jan
9% Jan
7% May
6
Apr
334
4%
28%
2%
4%
May
9%
Dec
33
May
47%
4%
Apr
May
May
May
Dec
2% May
26% May
6% Oct
334 July
40
Mar
5% Mar
Apr
37% Nov
8%
Jan
6%
Jan
July 22
10% Jan 23
5
May
7
Dec
18%
40% Jan 21
36
Dec
53
Mar
4
Feb
3
Apr 22
50
July 18
5% July 30
2% June
12%
Jan
Jan
30
June
3
May
42% Feb
534 Mar
20
June
35
Apr
3
Feb 19
9% Jan 30
6 May 23
16%May 20
Union Prem Food Stores,Inc. 1
Union Tank Car...... No
New stock,
4
Dec
6%May 22
30
FeD 14
9% Feb 14
par
60
Feb 14
Union El Co of Mo $5 pfNo par xlll% Jan 30
Pref $4.50 series
No par
108% Aug 6
Union Oil of Califonrla.
25
12% Jan 2
Union Pacific RR Co
100
75% Mar 28
4% preferred
100
80
Mar 4
n
4% May
5% July 28
7%
4
No par
Corporation
Dec
6%
38%
1
Under Elliott Fisher Co No
par
Union Bag A Paper
No par
Union Carbide A Carb.No
$3 preferred
Jan
3884
8O84
8%
Jan
Twin Coach Co
United
May
May
Feb
62
United Biscuit Co
Apr
46%
4
95% Aug 9
27% Feb 19
39
Feb 17
par
United Aircraft Corp
Un Air Lines Transport
29
Jan
Jan
Aug
834 Jan 10
126
Jan
Jan
Jan
234
No par
7 % preferred
July 22
July 29
July 25
12% Mav
16% 0*t
20 84 May
29%June
Dec
2%
7%
18%
2234
26%
6
1
City Rapid Tran.No
24%
34%
45%
48%
2% May
97g May
6
1
Corp No
113
May
6
Trl-Continental Corp
$1.60 preferred
June
1
4% Jan
9% Mar
2
No
May
98
1% Jan 6
4% Mar 20
21% Mar 21
2234 Mar 21
6% Jan
Dec
38%June
4%May 26
9%May 15
6% Mar 25
Corp
5
113% July 16
112
Jan 17
Transue A Williams St'l No par
$6 preferrred
3884 Apr
58% Dec
11% Jan
66% Apr
40% Apr
112% Dec
7% Apr
23%
26% Apr 30
% Apr 16
ll%May 14
par
preferred.No par
Truscon Steel Co
20th Cen Fox Film
May
3% Apr
2% Apr 23
3%June 30
25
Transcont'l A West Air Ino._5
Truax-Traer
May
46
117% Aug
11% Apr 14
18%June 21
4
Feb 28
30
.100
Transamerlca Corp
Feb
21
4
Tide Water Associated Oil. .10
$4.50 conv pref
No par
Tlmken Detroit Axle
10
Tlmken Roller Bearing.No
par
Twin
300
Ry
47
June
7% Apr 22
15
Apr 21
1% Feb 27
10
preferred
Apr
66
1
Thompson (J R)
Thompson Prods Inc._No
Tompson-Starrett Co. No
Jan
May
Jan 11
8%
par
7
66
Feb 15
Jan
2334
Apr 16
6% Mar 4
3%May 5
6% Apr 23
4%May 26
6
Jau
Jan
39
14% May
23
6% Feb 14
Jan
July 21
Jan
Apr 14
117%June 2
15%
20%
3478
72
40
60
3034 May
152% Apr
30% May
1% May
334 June
60% Oct
Feb 14
32 June 4
2% Mar 3
38 May 21
Therm old Co
Jan
22
484 May
$3 60 conv pref
No par
The Fair
..........No
100
3
Jan
26% May
52
1
Oct
11%
2434 Feb
12% Jau
2% Mar
16% Jau
July 31
6% July 28
6% Jan
5% Mar 4
3% Feb 18
900
2
Apr
22
69
67% Jan
40% Aug
4
490
9
31
17% Mar
5%
327gMay
684 May
8
May
13% May
17% Nov
33
5
3%
49%
*2%
2
19
May
45% May
31% Apr 22
600
Aug
38% July
Texas Pacific Coal A Oil... 10
Texas Pacific Land Trust.-.1
1,300
10,500
2.60C
2,4G0
32
3934 July
19%May
9
12% July 11
1434 Aug 1
19% July 31
59
Swift International Ltd
Without warrants
23% May
5
21
Sutherland Paper Co
10
Sweets Co. of Amer (The).. 50
Swift A Co.
25
Symington-Gould Corp w w. 1
3
28% Jan
26
19
111%June 2
34
May
21
150
2
29
Apr
27% Apr
54% Aug
5
Apr
44%May
31% Feb
5% Apr
June
% Mar
2% Feb
10% Feb
12% Feb
17% Mar
25% Mar
33
Feb
34% Feb
10
1
22%May 8
10%May 16
108
7% May
1% July
2% July 25
6
June
Aug
5^ % partic pref
50
Telautograph Corp
5
Tennessee Corp
5
Texas Corp. (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur...No
par
700
Class A pref (4
Sunshine Mining Co
100
t In receivership,
Dec
23% May
May
14
Talcott Inc (James)
7%
20%
this day,
5
157« July 28
10*4 July 22
140
300
7%
on
14%June 12
400
35%
Bid and asked prices: no sales
No par
10% May
1% Jan 2
Feb 19
Webster.—__No par
Studebaker Corp (The)
1
Sun OH Co
25% July 31
8
Jan
13
xl3
Stone A
8
21
21
22%
*21%
20
20
22%
7%
734
734
*7%
734
734
734
7%
7%
35%
3434 3434 *33%
35
*33%
35
*33%
35
11%
10%
11%
*1034
10%
10%
10%
10% 1034
10%
10%
77
78%
77%
78
77% 78
79
78%
78%
78%
77%
77%
*111% 115
*113% 114% *11334 114% *11384 114% *11334 114% *11334 114io
109
108% 109
109%
108% 109
*108% 108%
108% 10834 *108% 10834
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
81
81
81%
81%
81
81
81%
81%
81% 81%
8034
81%
83%
83%
*82%
83%
*82%
83
*82
82% 82%
83
81%
81%
12
*11%
11%
11% *11
12
*11
12
*11
11
11
12
30
29% 2978
30%
29% 30
*29%
29
30%
29
*28%
30
38
38%
3878
38%
37% 38%
3734
38%
37%
38
37%
38%
11
10%
10%
10%
10%
11
11
1034
10%
11%
11%
11%
*12%
13%
12%
12% *12%
1234
*12%
1234
*12%
1234
*12%
1234
*112
113% *112
114% *112
113% *11034 113% *11034 113% *11034 113%
*47% 48
47% 47%
47% 47%
47% 47%
47
47
47%
47%
*18%
19%
18%
18% *18
19%
*18
*18
19%
19% *18%
19
•it
%
%
*16
%
®it
»it
%
%
flie
%
9it
23%
23%
23%
23%
23% 23%
23
23%
23
23%
23%
23%
778
37
9
12% June
13% Feb 28
8% Mar 3
1
41
8
114% May
5
*7%
3134
11%
25
Stewart-Warner Corp
*38%
10%
784
120
Jan 4
5%May 19
45
6%
May
May
Texas A Paciflo Ry Co
100
Thatcher Mfg
...No par
31%
6 934
67
800
10
*11
No par
No par
Apr
Nov
105
4,600
12%
*1%
69%
*6%
prior pref
prior pref
par
Jan
2%
6
7%
5%
•
4584
4%
No
24
31
4
12%
*12
8
3
3%
1,800
preferred
Stokely Bros & Co Inc
1,100
41
4
"2~9C0
634
6
5%
800
6%
434
36%
3
9%
42%
12%
47%
200
6
6%
*4%
6
5%
1,900
par
Starrett Co (The) L S..No par
Sterling Products Inc
10
40
600
6%
12%
3%
,
2,200
No
Standard Oil of Ohio
100
300
Brands
Standard Oil of Calif..No par
Standard Oil of Indiana
25
Standard Oil of New Jersey.25
1,500
1,100
1,800
2,000
5,100 I
23%
22%
6
47
1,400
11,400
12,300
16,100
7,500
23%
22%
684
12%
*%
14
10%
32
4%
3634
*234
*3%
2734
14%
45%
23%
*22%
6%
9
5
584
*5
3
*2%
*47
5
29
95%
2%
6
7%
*5%
12%
*7%
2%
20%
*5
42%
3%
6
*38
123% 123%
8%
8%
*18
18%
1%
1%
6%
*7
12
7%
534
55%
55%
123% 123%
8%
8%
*1734 18
16%
*19%
24
38
5
738
41%
3%
37%
7%
7%
7
*6%
*4%
*1%
1534
*19%
22%
■
3634
61%
61
534
55%
9
3838
5%
534
42%
44%
*35
5%
9
3734
12
7%
*54
32
41%
44%
6%
3
7
8
6%
*4%
36%
38%
6%
44%
3634
61%
6
3%
12%
44%
*35%
*60%
5%
4134
6%
32%
42%
100
$4.50 preferred
No par
Standard Gas A El Co.No par
$6
3
7
Standard
7,500
$4
4134
.....1
5% conv preferred
200
4%
38%
40
1,200
44%
2
No par
1% May
17% May
8
4012 Feb
13% Jan
6% Nov
Jan 27
Mar 6
zl7%May 22
11
No par
2% Jan 20
Jan
Apr
7% Mar
Jan
60
par
....No par
Conv $4.50 pref
Square D Co...—
234
1534
18
23%
*35%
38%
7%
220
2,900
*2%
*15%
484
38%
*7%
2,800
2%
16%
36%
3%
Spicer Mfg Co
$3 conv pref A
Spiegel Inc
50
2%
*15%
1734
42
1
Sperry Corp (The) v 10
500
23%
3
9
38
par
No par
Spencer Kellogg & Sons No
*112% 112% *112% 113
*35%
42%
*7%
35%
*36
38
6%
4%
413,,
3%
12%
35%
6%
*4%
■%.
Sparks Wlthlngton...No
Spear<fc Co.............
300
"l"900
1534
23%
22%
*6%
41%
3%
8
900
$5.50 preferred
*55
56
55%
5%
5%
5%
*8%
*48% 49
39
39%
38%
39
*117
118% *117
11734
5%
534
5%
534
534
3%
6%
*4%
716
5%
40%
12%
1%
434
*1%
Mobile & Ohio stk tr ctfslOO
21% Jan 10
5'4
56
Aug
8
100
16% Nov
73% Nov
33
11% Feb 15
19% Feb 14
23% Mar 13
1 May 5
3 May 9
No par
5% preferred—
*%
7%
3%
6
1%
4%
Southern Natural Gas Co.7.50
100
35
55%
5%
48%
7%
42%
*7%
35%
*36%
6%
3%
*7
*33
25
27g Nov
112
Southern Pacific Co...No par
Southern Ry
%
6%
4%
3
9%
47,500
19,200
14,200
*%
%
2%
62
22%
7
3%
13%
17%
2934
Southern Calif Edison
2,900
*5
6%
434
36
13%
17%
28%
1734
30
35%
36
56
44%
*35%
6
6%
4%
12%
4,100
1,300
Jan
Jan
114
120
..100
23
12%
22%
36%
584
(:
8% preferred...
""Too
116% 117
24%
22%
So Porto Rico Sugar..-No p«r
50
2134
5%
7
*5
900
*21
49
61%
4%
7%
5%
130
Greyhound Lines.. 5
Apr
16%
3
May
40% Aug
434 May
$4
May
7% June
3% May
12% May
4
28% July
Jan
Jan
88
8% June
8% May
61% Aug
Jan 30
Jan
1%
20
1% Sept
61% May
1534 July 21
5
%
Oct
May
Feb 15
95
Socony Vacuum Oil Co Inc. 16
S'eastern
40
11
112
Feb 6
14% Feb 19
South Am Gold & Platinum. 1
800
2134
*39
33%
45%
29,900
3,100
*21
*55
42
6%
1634
1% Mar 28
23%June 4
18% Feb 19
15
No par
Smith (A O) Corp
10
Smith & Cor Type v t c.No par
Snider Packing Corp...No yar
400
21
18%
23%
32%
41%
4134
44%
Skelly Oil Co
300
9%
2%
19%
1684
2%
19
10
Sloss Sheffield Steel & Iron. 100
"MOO
15%
12%
*14%
9%
....No par
Slmonds Saw & Steel. .No par
$6 preferred
2334
12%
127% *127
35
3684 Apr 19
10% Jan 21
3%June 28
l6%June 6
....
2334
2%
19
17
4% Feb 19
Simmons Co
10
17
3% Apr 23
61% Feb27
.No par
.
115% Jan
111% Dec
% May
%
71% Jan 17
6% July 22
57
July 16
6%June 26
67
18%
23%
12%
15%
984
Feb 19
61
Jan
1434 Mar
May
107% June
101% June
14% July 22
Sheaffer (W A) Pen Co-No par
Oil
15
6,900
101
10% Apr 23
preferred
Dec
49
3
No par
No par
conv
88
34
78% Jan 2
10% Jan 21
Slmms Petroleum
*57
*17%
23%
4%
29%
29%
% Jan
7% May
64% July
%July 31
July 28
3% July 7
?734 Aug 13
Sliver King Coalition Mlnes.6
"""266
101
5
1
Shell Union
2,100
134
27%
67
*15%
5'
1834
*1%
*26%
*57
*112
42
36
24%
1334
1%
4%
5
2%
1534
5
*18%
7
Seagrave Corp........No par
Sears Roebuck & Co...No par
Shattuck (Frank G).
300
67
2%
16%
7
3,800
4
35%
36%
35%
56%
5%
*112
62
3 684
15% Aug
Aug
Highest
$ per share $ per share
88
38% Mar 28
115% Mar 27
112
July 15
% Jan 9
% Jan20
...100
Sbarpe & Dohme
No par
$3.50conv prefserA.Nopar
110
14%
preferred
Feb 14
108
Lowest
12% Mar 3
1% Apr 29
67% Apr 22
$5
1,300
4
8% Apr 15
79 June 23
33%June 12
I09%june 9
Seaboard Oil Co of Del.No par
Sbaron Steel Corp
"MOO
6
$ per share
Servel Inc
500
5%
3 684
*14%
4-2%
Range for Precious
Year 1940
Highest
S per share
JSeaboard Air Line...No par
700
700
21
22%
36
*33
1%
1%
4%
67
6
36
127
*56
*112%
35
2%
6
30
29%
%
*4%
I
28%
*5
7%
*26%
29
7it
6%
484
57%
6%
36%
*584
14
7it
4%
20
12%
6
22%
*56
6%
*54
56%
56
56%
*54
56% 56%
55%
*123% 124% *123% 124% *123% 124% *123% 124%
8%
8!
8%
8%
8%
8%
*18
18
18
18%
1734
17%
1734
17%
2
2
2
17g
2
1%
1%
1%
16
16
16
16
16
16
17
*16%
*19%
20%
*19% 20%
19%
19%
20%
*19%
*5
66%
4.34
57%
67
12%
13%
16%
2834
33%
61%
*6%
478
7%
5%
600
12%
1334
35%
45%
3778
*36
12%
17%
17%
23%
22 78
12%
*64%
*4%
17
2%
16%
17%
2312
33%
65
130
7ie
*15
*12%
*64%
4%
1234
13%
*55%
5%
49%
39%
5;
113
9,500
3,900
17
50%
50%
3978
39%
117% 117% *117
118%
5%
57g
534
534'
%
*2%
734
2234
*21
50%
5%
113% *112
*7i«
734
3%
71%
8
13
2234
1%
39%
...
3%
70%
734
7%
22%
*4%
36%
5%
1
1434
33s
71%
2234
12%
13%
23
12%
*57
55
39
*%
1434
*3%
70%
*33
36%
37
ait
%
15
28
22
56
2,000
3%
*127
13%
16%
...
*20%
17%
130
22%
12%
32%
1%
5
1%
18%
*127
12%
13%
*4%
7
Scott Paper Co
10
«it
h
*14%
,
9%
2%
18%
16%
28%
*57
30
10334 *101
*112%
24%
24% 24%
1234
*1234
1234
15%
*14%
*14%
9%
9%
9%
2%
2%
2%
18%
18%
18%
1634
16%
*16%
13%
15%
15%
9%
2%
23%
16%
1%
5%
*57
*12%
2%
18%
17%
100
*112% 114
*112% 114
110%110% *1103s
Scheoley Distillers Corp
5
5%i% preferred
100
No par
$4.50 preferred
Ne par
$4 preferred
No par
400
*101
24
15.600
87
37
71
30
14%
87
37
%t
30
14%
38
*112%
24
24%
9%
2%
18%
30
104
29%
14%
89
"it
*26%
*112%
15%
9%
2%
*17%
14%
Lowest
Par
*87
15
*1%
1%
27
*101
13
15%
*110%
3it
%
"it
*34
15
*1434
3%
3%
70%
70%
8
Z734
1234
12%
65
*64%
4%
4%
57% *56
*5«4
6%
37
37
14%
14%
4%
4%
18%
18%
Range Since Jan. 1
On Basis of IW-Share Lots
Week
Shares
*37
....
* it
»j«
15
Aug. 15
$ per share
Friday
16, 1941
EXCHANGE
% per share
87% 88
*37% 38
*11234 114
*112% 114
*110%
STOCKS
NEW YORK STOCK
the
Thursday
Aug. 14
15
14%
15%
*87
*37%
7%
*12%
5
*56
15%
87
*37% 38
113% 114
*110%
%
%
15%
3%
70%
8%
*13
*65
Tuesday
Sales
for
Wednesday
Aug. 13
Monday
Saturday
Aug.
x
Ex-dlv.
y
34
Jan
6
Jan 10
1% Jan 18
18
Jan
9
11% July 31
9934 Jan
6
34% Jan
61% Jan
6
2
75
6%
11%
8%
21%
1
May
8
May
23
Jan
12
May
May
9934
May
May
May
34% Dec
52% Nov
Jan
9
64
Aug
9
May
May
May
Aug
3% May
6% May
7
Mar
21%
Apr
9% Nov
284
Jan
82% Mar
5%
Apr
10%
Apr
7
5
May
13%
Jan
Aug
7
14
May
25%
Jan
Jan 10
l%May
13% May
9% Jan 13
37% July 26
6% May
21%June
1284 Jan 4
79% July 22
5978 June
115
Dec
Aug
1'4 July 31
24
Jan
18
9
July 30
2%
81
Jan
6% Jan 13
Apr
884 May
35%
4%
10%
4%
1%
17% Jan 2
10% Aug 15
2
2584 May
Nov
9% May
3% Apr
Apr
13% Mar
30
45
Feb
1834
88%
Apr
Jan
Dec
Jan 15
105
May
116%
109% Aug 11
1534 Aug 7
12
17%
Jan
98
Apr
89%
85% Jan 10
71
May
May
85% Jan 13
70
June
13
Dec
13% Jan 2
July 28
31
44% Jan
9
17%
9
Jan
16
22>4 Jan
31% July
53%
12
2384
May
Feb
July
297g May
Apr
Apr
1434 July 24
113% Feb 6
12% May
108% Nov
50% Jan 10
42% May
65% May
20% Jan 15
1% Jan 7
3034 Jan 10
12
20% Dec
2% Apr
26
May
1% Dec
Dec
18
Apr
111%
Dec
42
Feb
Ex-rlghts. 5 Called for redemption
Volume
LOW
AND
New York Stock
153
HIGH
SALE
PRICES—PER
Record—Concluded—Page
Monday
$ per share
4%
Wednesday
Thursday
Aug. 11
Aug. 12
Aug. 13
$ per share
$ per share
§ per share
5
*2
4%
434
*23U
434
39
4i2
2%
27
*2
2%
27
5
*23%
*4%
*38%
*72%
7i4
*23U
4s8
4%
2i4
25
478
*2
*23l4
*39
*42
11
59
180
7%
714
43
*42
714
714
43
*42
30%
3134
30
3058
4%
4%
4
414
878
87s
83
89
*30
3012
33
30i8
30%
*3134
24
*23
33
2414
1 58
2314
*3H2
24
1%
134
23
158
2212
23%
94%
94%
*93
*85%
30
*32
23U
134
714
313g
*86%
30%
*13
*53
42
42
90
3034
31
30
33
24
*22 34
2334
1%
23%
94%
33
*134
2234
94%
6012
*59%
60
*59
60
74
*73
74
73
73
15l«
*48i2
*13
1%
*13g
15ie
"is
*»18
*49%
51%
14%
*49%
*13
*13
32% Aug
par
6% Apr 24
...100
54% Feb 24
26% Apr 26
29%May 6
18% Apr 12
fU S Realty <fc Imp_.._N« par
44,100
1,900
1,100
130
*»16
*49%
51%
200
600
Preferred
65% Mar 13
60
U S Steel Corp
Preferred
No
US Tobacco Co
No par
7% preferred
Mar 27
1
United Stockyards Corp
United Stores class A
42
1
May 10
6
12
May 10
55
*54
57
*55
57
57
57
*56
58
"""266
Universal Leaf Tob
No par
48
June
148
*144
151
*144
151
*144
151
*144
151
10
8% preferred...
100
140
*150
155
*150
160
*150
160
*150
159
*150
159
20
Universal Pictures 1st pref. 100
Vadsco Sales......
No par
133
if.
l2
l2
l2
19i2
1912
%
%
*19%
*13
13%
1,400
2
May 20
Jan 17
*11 Jan
2
35
Deo
28
Apr
Apr
May
May
Aug
7%
12%
74
Apr
May
21% June
27% June
38%
39
Apr
22
24
Nov
Dec
% May
15
May
Jan
1%
Jan
4U%
Jan
68% May
39% May
4
May
42
Jan 13
117
60
6
7
4
9
16% Jan 10
59% Jan 15
157
Jan21
160%June26
44% Apr 25
6% Mar
48
1% Jan
1% Jan
51% Aug
% Apr 28
No par
86 conv preferred
182% May
6
Jan 13
Jan
Jan
May
3% May
Apr 4
Jan 29
48
Nov
14
July 11
Jan
Deo
11
89
June
25% July
8
65%
76%
70s4
130
33%
115%June 2
22% Apr 30
25
June 12
98
69% Apr 25
49% Apr 21
par
100
Universal-Cyclops Steel Corp 1
13%
4
Jan
May
12%
2% May
34% Feb 7
25% Jan 6
2% July 23
26 July 11
17% Feb 14
80% Feb 15
50
U S Smelting Ref «fc Mln
200
»i«June
10
100
8% 1st preferred
400
1
1
US Rubber Co
700
1%
1
*1%
10
7%
97
165
9% Aug 13
85% Aug 4
31% Aug 2
1,300
12,500
47
5% May
13% Mar
7% Apr
50
4% Aug 13
20
May
3% Dec
Jan 14
43
No
Oct
June
3
9%June 27
Apr 22
A.
Jan
6
Jan
FeolO
conv cl
15
118
May
Apr 18
Partlc 4c
Jan
9% Dec
107% June
5
3
Jan
Deo
85%
80
33
5%
41
May
July 23
183
Apr
Mar
25% May
19 July 22
13 July 19
69% Jan 8
20
134
28%
93
7%
6
65% Mar
60
13% Aug 7
4% July 15
4 July 28
50
No par
U S Plywood Corp
200
8
U 8 Industrial Alcohol-No par
U S Leather Co
"""260
23
Jan
6
10% Jan 16
117
Jr.n22
4% Feb 17
U S Hoffman Mach Corp
5conv preferred
Prior preferred
33
47
5
20
23%
*27%
51%
100
U S Gypsum Co
2% May
73% Aug
9% Feb 19
8% Mar 4
55 May 14
170
Apr 23
U S Pipe <fc Foundry
U S Playing Card Co
94%
60%
74
57%
120% 120%
57%
5734
120% 121
28%
28%
*46%
49
1%
1%
47
USDlstrlb Corp conv pref .100
U S Freight Co
No par
"""665
30%
1
3% May
2
Sept
26% Dec
53g July 24
42
60
Highest
% per share $ per share
5% Aug 6
3% Jan 11
32
Jan 11
33%May
10
U. S. & Foreign Secur_.No par
$6 first preferred
No par
89
*31%
*22%
134
22%
94%
60%
*72%
5634
v 10
Year 1940
Lowest
$ per share
3% Apr 21
5
May 29
634May 9
105 May 3
8% Apr 25
2% Apr 10
2% Feb 19
84
Mar 4
6
United Gas lmprov,t__.N« par
$5 preferred
No par
5,700
*87
94
'8
9%
30
1%
23%
*1%
4,000
1,300
89
94
112
4%
9%
*29%
*31%
47
"T,200
*4%
*86
5
No par
United Mer 4c Manu Ino
United Paperboard
share
55
152
%
*19%
7
*31%
2812
47
112
XS16
5H2
15
United Fruit Co
per
2%June 3
l%May 6
20%May 16
10
100
United Electric Coal Cos
United Eng A Fdy
180
7
%
5
Onlted Dyewood Corp
Preferred
7% preferred
*178
9%
58
900
United Drug Ino
Range for Previous
Highest
148
—
152
11%
57%
7i8
22%
51%
15%
*13
1,800
9314
*46
78
55
*147
11%
58
1 34
2314
*2734
*49
"""570
90
56%
100
700
43
31
121% 121%
2734 28%
3,800
17%
30%
1%
200
92%
*23
33
2314
56
5718
121l2 122
28
47
2,600
7,900
31%
4l2
*42
97g
89
2734
*46l2
100
72
*16
*59
*73
74
-2,306
3918
7134
*89%
180
4%
30
56i4
5634
12012 121ls
300
5
*38
H38i
58%
7*8
42
*72i4
78
5
93
5912
12,400
2
17
*178
4i2
Par
92i2
*1H8
58l2
7U
42
58%
51%
1434
11%
60
31
5678
'8
*89i2
17
180
714
4%
73
51%
39i8
7134
3034
61
*1%
5
7H2
17
595s
73
12034 12034
2734 2734
4612 46%
*138
1%
5
39 J8
92%
16
"178
*59
484
Lowest
25
*24
2238
94
59l2
5
914
89
*85
434
*ls4
2
25
7134
*89
914
*85
47g
2
43
30%
4i2
434
7i8
7I8
738
7's
714
714
10714 107U *10618 107% *106
10712
12 lg
12i8
12U
12 58
12%
12%
*35g
4i8
*358
4
*3%
334
*3%
334
*3i2
334
334
334
59
*1'78
Shares
40
11
60
180
$ per share
*24
5
70
11
59
*178
180
"7%
11
11
II84
59
5834
*178
8 per share
Range Since Jan. 1
On Basis of 100-Share Lots
Week
2
955
EXCHANGE
Aug. 14
25
*3S34
72%
STOCKS
NEW YORK STOCK
the
CENT
Friday
Aug. 15
434
2
478
478
3934 *38i2 3934
73
7H2
72i2
7%
7'8
714
7%
714
107
107
*107i2 108i2 *10714 108i2
12%
12%
11%
12
1178
12
4
4
*3%
414
*312
4
334
334
*3%
334
334
334
*88
93
*89
92
92% *89
1478
15i4
1434
15
1434
16
73
*11
NOT PER
SHARE,
Tuesday
'
Sales
for
Saturday
Aug. 9
10
May
x73% Deo
76% Nov
103%
29%
42%
1%
May
Dec
130
39%
Apr
60
Deo
1
June
Deo
May
41
June
12% May
Apr
67% Nov
Nov
2%
Apr
2% Apr
63% Deo
18% Nov
May
70
134% June
159
Jan
128
Deo
45
59
June
Jan
%
*%
® 16
*%
® 16
203g
*19%
20%
20%
21%
60
100
15
Apr 18
22
Aug
2
12
June
19
25
25%
24%
24l2
24i2 25
253g
24% 25
24%
24%
13% *1258
1314
13i2
13i2 *13%
13%
13%
13%
*13%
13%
*23i2 25
2312 23l2 *23%
25
*23%
24%
*2334
25
*2334
24
*115
116% *115
115
II6I4 *115
116% *115
116% *116
116% xll5
*4314
44
4314
4314
*4338
4334
4334
44
*43%
44%
43%
43%
3,400
Vanadium Corp.of Axm.No par
,23
Apr21
34% Jan
6
25
May
43% May
200
Van Norman Mach Tool._2.50
12
Apr 10
15
Mar 17
200
Van Raalte Co Inc.
5
22% June
7% 1st preferred
...100
39% Mar
117% Apr
49% May
20
21
20
2434
*13%
*
*
72
*25%
*178
25%
*117
26
2
72
25i2
*1"8
2512
*25
*25l2
2
26
*1%
2578
2
*
72
25%
*1%
*2434 25i2
117i2 117i2
*I8I4
21
*3658
3778
32i2
32i2
11S12 *11714 118i2
21
*18i4
20
*19
*
72
*
2512
*
72
25
2534
2
25
2
25
25
*24%
26%
*117
118% *117
118%
20%
20%
20%
20%
*3634
37%
*3634
37%
*32%
33
32%
32%
'""500
1%
26%
1%
*24%
100
200
20%
37%
*32
33
38
*36%
38
33
33
*32
33
*97
102
*97
102
*97
102
*97
102
*97
*138
149
*138
149
*138
149
*138
149
*138
S»2
*32
*531
3I«
%
%
*%
878
2034
*834
878
*20i8
99
*98
5%
30i8
14%
514
*2978
30i4
*137s
31»
%
*884
*2014
1414
99
514
30i8
*14
*4%
*78
*18i2
434
*68
*4
5
»16
19%
5
*17i2
*32
2078
*15'4
434
70
70
1'8
*18%
H8
18
3234
2078
16
1%
15%
2%
234
*77
2012
101
514
5
5
30
*1378
|
78
2OI4
47g
70
2212
*70
2234
7234
10078
1%
I8I4
*97
9734
*11512 116
1958
*105
195s
107
1%
%
30
*29%
3
14%
4
%
*8%
9
2034
9934
Virginian Ry Co
5
4
14
*334
5
5
5%
71
71%
*1
1%
1%
17%
3234
21%
*30
*15%
16
*15%
1534
15U
*27g
314
*15%
15%
*2%
15%
15%
3
3
22
22%
*70
*105
3
72
100%
19
22%
107
*105
107
19
22
22
71
*69
97%
19
19
107
*105
107
281?
2734
28%
27%
27%
3%
*334
4
334
334
2734
3%
734
734
*714
778
*7%
8
*7%
7%
*7%
34
*5g
34
.
%
U!2
27
27%
27M
2614
271,1
22
22%
223g
22%
2234
92
9314
92
91%
93% z92
*12912 132
*128% 130
*12812 130
*30
31
*29%
31
3134 *29
*31%
33
*3234 3458 *323g
3414
9734
115% 115%
19
3&S
*%
*"i«
28
3%
7%
34
28%
22%
92
92
93%
128% 128% *127% 129%
27%
21%
30
34
34
28
28%
2284
£22%
92%
*29
30
300
91%
160
170
230
:
/•
127
*29
400
33
*32
70
31
33
99
981?
98%
*95
98%
*95
97%
*95
*95
97%
27%
27%
28
2734
28
97%
28%
71
69
69
69
69
*66
69%
*66
15%
*13%
15%
*1434
15
*13%
14%
*684
4%
15%
15
58%
*52
58%
*52
*24%
25
*24%
414
*52
25
414
*4ig
4%
43g
4%
55i8
*52
55%
*52
55%
25
*24
25
*24
25
7
4%
*52
7%
4%
2%
2%
2%
2%
2
2
2
2
2
2
1%
24%
2%
2
438
4%
4%
4%
4%
4%
6
6tS
534
5%
534
5%
4%
5%
4%
5%
73
73%
*72%
73%
*2
2*8
*2
2%
*1%
4%
534
*71
27
27
"
30
30
26%
29%
2634
30
2234
2234
22%
*72%
73%
*72%
*113%
*1131?
*11312
24%
....
*113%
*26%
27%
*26%
2934
2234
29%
2234
29%
27%
30
22%
22%
2234
73
*113%
*26%
2934
22%
111% 111%
200
7%
4%
2%
"""16
693g
15
1434
634
43g
4%
58%
25
2%
*2
"5" 000
1,000
1,600
300
400
4%
534
4%
3 000
534
5^400
71
71
*113%
400
....
*130
138
*130
138
*128
138
*128
138
*130
138
*100
130
*110
130
*110
130
*110
130
*110
130
*110
67
500
130
6612
6612
71
110
110
66%
*68
6634
*65
66
6634
*66%
68
67
7034
*68
71
*68
70
*67%
70
*68
109
110
*108
112
112
113
*106% 110
66%
112
67%
67%
67%
67% *67%
*67%
67% *67%
21
21
1934
1934
1934
20%
*20%
2134
14%
14%
14%
14%
14%
14%
14%
14%
145s
*117
118% *117
118%
118% *117
118% *117
118% *117
*934
10
10%
10%
934
934
IOI4
1014
*9%
10
37%
37%
37%
37%
37%
37i2 383s
37%
37%
3734
*67i8
67%
*205s
22
14%
*90
95
*90
95
15l2
15i2
15%
121?
12%
12%
*90
15%
12i2
2
*
2
*1%
*26%
15%
*12
2
1%
95
15%
1234
1%
*90
95
15%
15%
16
16
12
12
12
12%
*1%
Bid and asked prices; no sales on this day.
*90
95
2
1%
1%
8 300
2 300
800
69%
115
*66%
67
'"""90
100
1934
1934
600
14
14%
8,600
117% 117%
*934
10
10
37
37%
15%
12%
1%
t In receivership
400
8,000
95
*90
Maryland.......100
100
4% 2d preferred
Western Pacific
6% pref—100
Westlnghouse El A Mfg.
1st preferred
60
60
Weston ElecInstrument-12.60
34.50 preferred..
No par
100
6^%convpf
1
White Motor Co
White Rock Mln Spr C0N0 par
12
16%
12%
'2^666
1%
500
1,500
d Def. delivery
Apr
3
% Apr 15
%« Jan 4
8
Jan 2
17% Apr 22
96%June 27
4
May
1
...
n
New stock
r Cash sale,
May
May
% Mar 11
6
Feb 4
25
Feb 19
18%June
14
3
May 14
15% Aug 7
2%May 6
80
Feb 6
16% Mar 3
65% Mar 6
97 May 31
100 July 31
94 July 7
112
Mar 31
15% Feb 19
Jan
135
May
%
Oct
*11 Deo
5% May
16% May
89
June
3
May
104% Apr26
23%Mar 3
2% Apr 28
Jan
5
%» Feb
1
6
18% Feb 13
17% Apr 22
86 May 31
120%May 2
27%June 6
27% Apr 17
105
Apr 16
65 July 23
92
Apr 28
21% Apr 18
64 May 19
10% Jan 7
12% Feb 14
4
Apr 21
Feb 14
Feb 15
20% Feb 14
l%May 3
1% Apr 16
3UADrl8
4% Apr 24
65% Feo 15
15
21
26
19
93 Mar 15
85
Jan 30
54% Feb 17
68
Feb 13
86
Apr 23
62%May 28
112% July
25% Apr
26%May
16% Feb
17% Apr 24
11% Apr 21
114
Feb 25
9% Feb
30% Apr
83
Apr
13% Apr
10%May
1% Apr
x Ex-dlv,
19
18
26
16
16
23
15
10
22
31
9 July 31
l%May 13
2958July 22
24% July 22
105
Jan 2
141 Mar 22
34% Jan 10
36% July 14
112
Aug 9
65 July 23
100
Jan 2
30% July 31
76
Jan 14
15% July 25
17% Jan 9
8% July 11
6% Jan 10
54%June28
26% July 31
2%May 12
2% Jan 11
5% Jan 13
6% July 22
76% July 91
114
June 16
33% Jan 7
34% Jan 7
25% July 22
145 July 30
130 July 30
67 July 28
71% July 22
122 July 24
Apr
June
6
22
6
7
5
31
18
25
10
18
3
15%
Nov
6
31
7
23
13
Nov
120
110
105% Jan
1% July
19% Aug
33
July
23% Jan
17% July
20% Jan
4% Jan
80
Feb
25% July
74% Jan
106% Jan
115
Jan
107% Jan
117% Jan
20% July
105% Feb
29% July
4% July
31% Mar
4% Jan
31% Jan
May
3% Deo
% May
13% Aug
4
Oct
62
35
6% Jan 8
l%June 9
21% July 10
5% Aug 6
72 July 31
*i«June
Feb
28% May
4
4
Jan
Apr
48
9% Apr
22% Jan
6%
%
36% June
3%May 13
13% Apr 19
2% Feb 19
63
Jan 2
4
Prior preferred
20
6
Willys-Overland Motors.....1
6% conv preferred-.
10
Wilson & Co Inc.
No par
36 preferred
...No par
Wisconsin El Pow 6% preflOO
Woodward Iron Co—.....10
Woolworth (F W) Co
10
Worthlngt'n PAM(Del)No par
7% preferred A...
100
6% preferred B
100
Prior pref 4>$% series... 100
Prior pf 4
conv series100
Wright Aeronautical...No par
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
26
Yellow Truck A Coach cl B..1
Preferred
100
Young Spring A Wire..No par
Youngstown S A T
No par
5^% preferred ser A—100
Youngst'n Steel Door..No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
May
6
18% May
41
Wilcox Oil A Gas Co
14
109
30% Jan 2
14% July 21
Corp—1
White Sewing Mach
% Jan 10
«i» Jan 17
1% May
25%May3l
xl2% Feb 13
34 conv preferred..—No par
4%
6
Western
35 conv prior pref
No par
White Dental Mfg(TheSS) .20
15%
*13%
28
2934
29%
22%
22%
*130
138
*68
100
Western Auto Supply Co...10
Wheeling Steel Corp...No par
3 800
30
2234
100
100
West Penn Pow Co 4
pf.100
West Va Pulp & Pap Co No par
200
2
28
7% preferred
6% preferred
3,200
.
2
72%
No par
Wheeling & L Erie Ry Co.100
2
....
100
Westvaco Chlor Prod_.No par
"""170
28
27%
*65
15
No par
6% preferred..
92%
127%
*98%
7
Webster Elsenlohr
34 conv preferred
65
15
1
Westlnghouse Air BrakeNo par
*60
*13%
Wayne Pump Co
Western Union Telegraph.100
65
7
6
3,000
2,600
*60
15%
15
No par
Washington Gas Lt Co .No par
13,700
*31
143g
S3 preferred
Warren Fdy& Pipe
22%
65
*6%
No par
No par
28%
*60
*1312
5
No par
22
*30%
33
111% 111%
151
preferred
273g
65
15i2
678
13.85
JWarrenBrosCo
300
*60
634
Warner Bros Pictures
100
65
15i8
100
700
111
*14
No par
"2" 500
111
28%
Ward Baking Co cl A..Ne par
8%
34
*55
28%
par
334
65
28%
No
2734
112
2714
par
*7%
*%
111
*69
120
West Penn El class A...No par
107
31
111% 111%
June21
2734
3%
*55
*111% 112
143
Wesson Oil 4c Snowdrift No par
97%
*105
Mar27
20
100%
97%
135
"MOO
104
115% 116
*18%
19%
Dlv redeem pref
7% preferred
71
28%
2258
"""500
3%
100% *100
*103
*103% 104
71
Waukesha Motor Co
....
22
28l2
358
265g
16
*77
358
2812
300
500
16
*15%
*15%
*234
10034 10034 *100
*105
660
32%
21
22
71
*18%
110
900
18
18
1534
15%
3%
19,900
1%
21
June 13
No par
7% preferred
5
*30
102
.No par
Class B
600
*69
22%
*70
*103% 104
9734
9734
9734
9734
11534 116
115% 116
*18%
18%
21
*77
103% 104
9734
9734
*11512 116
19
15%
3
*77
*77
104
*15%
18%
21
300
200
7134
1
32%
17
18%
300
*%
*18
Feb 15
Walk(H)Good<fcW Ltd No par
600
34
*68%
?1%
4%
%
18%
89
4^% pref with warrants 100
434
4%
71
*1
%
18%
No
Walworth Co
18%
*3%
70
32
10078 10078 *100
5
70
34
18%
3,200
29%
14
*13%
*%
300
5
4%
29%
18%
32%
72
20%
9934
*97%
13i«
*20%
22%
*20
20
4%
21%
22
Walgreen Co
30%
32
*70
400
5
*2034
17%
Waldorf System
2034
99
14
14
4
400
*29%
30%
14
300
1,100
5
37% Aug 2
31%Mar29
2% Jan 2
2834July 8
118% July 23
23% July 26
42
Jan 4
33% Feb 5
100
100
tWabash Railway Co
5% preferred A
%
®16
2034
*97%
5%
67
100
Preferred..
8%
July
35% May
56% Jan
19
May
26% July 15
25
100
Vulcan Detlnning Co
*%
8%
Mar 26
112
Mar 13
25
6% preferred...
*%2
July 30
Mar 26
No par
%
9
July 10
Aug 8
45
1% Apr 14
19% Apr 22
116% Feb 17
6% dlv partlc preferred.100
%
*316
%
*8%
20%
*98%
3234
2012
104
10312 104
434
*67%
*77
*100
4
*%
*18%
316
316
878
2012
9934
5%
20i2
16
1514
18
*32
*1514
*15i4
%
8%
20i2
9934
28
116
2
20
5% pf 100
149
149
*138
4
4
67
Va El & Pow $6 pref
'""500
Aug
39%June
2034Aug
113
*u Nov
6
No par
Va Iron Coal & Coke
102
10178
Va-Oarolina Chem
8
100
Victor Chemical Works
20
20%
*36%
*36
*95
5
100
117
117
Vlck Chemical Co
Vlcks Shreve A Pac Ry
72
2434
*24
*1%
30
400
Preferred
Bi« Aug
10
June
Jan
1%
Jan
2% Jan
9% Nov
23% May
104% Deo
6% Nov
35% Jan
16% Feb
0%
1%
26%
2
May
4%
30
May
13% May
50%
2%
12%
34%
28%
20%
14
Jan
Jan
Jan
Feb
Dec
Sept
Sept
Nov
Feb
Apr
24
% May
3% May
22
May
20
May
May
2% May
80
Deo
15% May
58% Aug
4%
80
29%
Jan
Feb
Dec
Apr
75
Jan
110%
Apr
96% May
115
Apr
80
June
198
Jan
108% May
120
91
11
June
May
100% May
21
June
Oct
25% May
105
40%
Apr
Apr
2% May
5
Jan
4% May
8%
Apr
1
Jan
28%
Jan
% Dec
14% May
15% May
28%
Jan
76
May
118
Jan
110
May
140
Nov
26
Jan
27% May
108
Dec
50
May
May
85
18% May
51
7%
7%
4%
3%
38
May
Aug
May
Mar
May
Jan
14% May
37% May
38% Feb
109% Dec
80
Oct
103
11%
17%
Apr
Deo
11%
Apr
7% May
57% Mar
24% May
3% Jan
1%
Oct
1%
Jan
3%
3
Jan
6%
3% May
7%
45
June
116
Jan
15% May
30
May
13% May
Nov
35% Apr
74% Nov
70
Apr
Apr
Apr
Mar
121% Mar
34% Nov
42% Apr
24% May
Oct
June
102%
60
July
95
Oct
29
June
58
Nov
39
June
65%
91
June
129
Apr
Jan 11
73
May
93
Apr
22% Jan 8
17% Jan 10
120
Jan 10
25
Jan
19%
Jan
98
80
Jan 11
Jan 6
Aug 5
Jan 6
15% Apr 3
2% Jan 6
12%
42%
95
18%
y Ex-rlghts.
55
15% May
9% May
May
6% June
26% June
Oct
126% Sept
14
Apr
48%
an
May
99%
12% May
28%
Jan
8% May
17%
4%
Apr
80
2
Mar
Deo
Apr
Tf Called for redemption
1941
16
Aug.
956
Bond Record—New York Stock
Exchange
FRIDAY, WEEKLY AND YEARLY
Cash and deferred delivery sales are disregarded in the
the only transactions of the week, and when selling outside of the regular weekly range are shown In a footnote
they occur.
No account is taken of such such sales in computing the range for the year.
The Italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
NOTICE—Prices are "and Interest"—except for Income and defaulted bonds.
week's range, unless they are
in the week in which
Friday
Friday
Last
Ranye or
Range
N. Y. STOCK EXCHANGE
Week Ended Aug. 15
Sale
Friday's
Since
Price
1947-1952
Treasury 4s
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
O
J
D
1946-1956
.1943-1947
1943-1945
Treasury 3%s
Treasury 3%s
Treasury 3%s
Treasury 3%fl
Treasury 3%s
Treasury 3 His
Treasury
A
1944-1954
.
1944-1946
1946-1949
1949-1952
3s............1946-1948
3s
1951-1955
2 %a
1955-1960
2%s
1945-1947
2%s
1948-1951
2%b...
1951-1954
2%s
1956-1959
2%s
1958-1963
2%s
1960-1965
2 %s
1945
2 Ha
1948
2%s.1949-1953
2 Mb...
,...1950-1952
2 %s
1952-1954
2Ha
1956-1958
2%s
1951-1953
2%s_......—1954-1956
2s...
1947
2s.....Mar 16 1948-1950
2s
Dec 15 1948-1950
2s
.1953-1955
Treasury
Federal Farm Mortgage Corp—
M
/
119.2
8
119.4
No
26
*113.4
106
106.18
106
119.2
113.3
11
High
121.26
115.7
105.28107.25
108.6
4
106
8
107.18109.9
S
112.20
8
112.15114.9
110.8
M
111.1
110.10
6
109.24111.21
8
M
110.26
112.20
M
107.21
111.1
8
M
J
M
*112.6
S
J
M
J
M
M
111
109.24
107.27110 9
109.11
2
109.13
10
107.2
110.18
110
5
107.1
111.2
110
19
110.8
111
66
106.31110.31
107.8
111.24
107.22108.14
*107.30 108.6
108.31
8
S
i04"2§
108.31
"36
107.21
4
105.2
108.9
107.29
7
105.4
108.16
105.5
i07"2l"
107.9
107.16
8
M S
108
109.26
D
D
113.9
107.14111.25
3
109.13
D
D
"si
109.8
8
J
108.11
110
D
J
111
110.11112.12
110.4
112.14
110.18
108.10
111
23
105.22
39
104
104.28
109
107.16109.22
12%
A
O
*12 M
O
12M
125*
14
14
J
1960 M
103.17
52
100.24 104.4
♦Sinking fund 7s of 1926
106.14
77
104.12106.21
♦Sinking fund 7s of 1927
104
12
101.24105.3
106.23 106.20
106.23
106.17107.26
J
J
101.31
101.31
101.31 103
J
D
102.24
102.24
101.29103.2
New York City
Transit Unification Issue—
1980 J D
1970 A
1952
J
8M
2
115*
31
8H
High
8M
14M
13
143*
13
14M
12%
14
13 M
11M
12J*
13%
12J*
13%
12%
13%
12%
11%
"n
8M
11
8M
21%
*8M
8
11%
8%
26%
36 M
36 M
45
30
37 M
36%
36 %
54
30
28%
29%
122
28M
37%
29%
*25 M
26 %
22 M
25
36 M
O
"29%
1947 A O
1946 M N
1947 F A
Copenhagen (City) 5s
10
13M
1961 J
♦Colombia Mtge Bank 6 Ms
*25 M
26
D
37 %
27
29
23
26
22 M
26
21M
28
23 M
38%
*28
38M
1953 MS
25-year gold 4Mb.-
"38M
25
24%
38
With declaration
Cordoba (Prov) Argentina 7s.-1942
J
1949 F
External loan 4Mb
1949
105
105%
105%
165
100
105%
38
21M
38
95
72
87%
14 H
18
*86 H
i
16
1944 M S
External 5s of 1914 ser A
25
36
~
J
1951 M N
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
16
101 M
A
*102 %
101
k"
101%
103%
"27
101 K
67 M
9
102 %
93 M
14
1952
12 5*
B
3
M
102
♦Czechoslovakia (Rep of) 8s... 1951
ser
20
16
102
66
92 M
*15 M
♦Sinking fund 8s
Govt. & Municipal
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
1947 F
13
9K
9M
8M
12%
10M
8M
9M
11
1977
4Mb external debt.
Sinking fund 5M8—Jan 15 1953
♦Public wks 5%8.__June 30 1945
3% Corporate stock
1
102.15103
1944-1952 M N
1942-1944
1945-1947
11M
27
S
—Oct 1961 A
Jan
9
1
11H
HIM
S
1960 M
10M
"l2M
1951 J D
♦Cologne (City) Germany 6 Ms. 1950 M 8
Colombia (Republic of)—
103.12
*101.23 102
Low
115*
13 %
1962 IN
♦7s assented-
♦6s of 1928
"~n
"l2 M
♦Chilean Cons Munlc 7s
104.28106.28
S
Since
Jan.
10M
12%
*13%
J
♦Chinese (Hukuang Ry) 5s
29
M
*12M
*13%
D
1962 IN
♦6s of 1927
101.28103.3
8M
*11 K
3s external sf $ bonds
106.28108
13
J
♦68 assented
107.1
106.26107.28
10 H
"n:
:
106.16
*106.24 107
8M
1
12 K
With declaration
1942-1947
2Mb series G
1Mb series M
♦Guar sink fund 6s
106.27
*101.23 102
37
1961 A
__1961 A
♦6s assented
105.6
el()6 24 e!06.24
12%
11 %
*13%
♦6Mb assented
♦Guar sink fund 6s
105.29
8
M
J
♦8Mb assented
♦Sink fund 6Ms of 1926
105.26
M
7
S
1957
1957
1961
1961
♦Chile Mtge Bank 6 Ms
D
103.31
14 %
14
♦External sinking fund 6s—1963 M N
♦6s assented
1963 VN
J
D
No.
14
1962
♦6s assented
"33
J
Ss
<§3
1962 A
♦6s assented
♦External sinking fund 6s
105.30
106.14 106 6
12
S
105.16
D
Range
Asked
High
&
14
J
M
D
M S
Bid
14
J
Sept 1961 M
103.1
Home Owners' Loan Corp—
A
Jan 1961
i!.
Jan 1961
♦Extl sinking fund 6s_.Sept 1961
J
J
Price
Foreign Govt. & Mun. (Conl.)
102.8
103.5
Friday's
Low
♦Ryextl.sf6s
♦6s assented
103.5
*105.30 106.7
n
a.
**
Range or
Sale
Chile (Rep)—Concluded—
D
1944-1964
series
STOCK EXCHANGE
J
1944-1949 M N
J
1942-1947 J
3s
Y.
Week Ended Aug. 15
111.19113 18
113.13
105.28
Low
1
107.19 107.18
3%S
2KB
High
119.2
Jan.
Asked
*111.12 111.21
D
3s
3s
Ac
Low
U. S. Government
Treasury 4%s
Bid
BONDS
N.
Week's
Last
Week's
BONDS
5
100M 103%
101
104%
96
101%
49 M
67%
99 M 104
73
8M
"l2k"
93%
12%
8M
12%
55%
69%
51%
65
Foreign
1948 A
♦Gtd sink fund 6s
Akershus (King of Norway)
4s_1968
♦Antioqula (Dept) coll 7s A...1945
A
26
8
J
J
♦External
s
f 7s series B.
s
f 7s series C
s
f 7s series D
1945 J
J
♦External
s
f 7s 1st series
1957 A
O
♦External
sec s
♦External
sec s
27
22M
21M
7M
27
9
1945
♦Externa!
23
27
*22 M
1945
♦External
27
27
O
M
f 7s 2d series. 1957 A
f 7s 3d series. 1957 A
J
9 %
9%
9M
O
9
O
9
D
7M
9%
9%
9M
7 M
9%
9%
9M
7M
9Vh
6%
9%
%
9M
9%
♦12
26
9
6M
9
J
1955 F
49
50 %
46
31%
63%
67
75
42 M
42 M
55%
56%
1942 J
50 %
65%
Denmark 20-year extl. 6s
With declaration
60
A
42 M
38%
29%
33%
27%
56 %
57
31
V S
58 M
58M
52
59%
O
*55 M
70
52%
60
1940 A O
Customs Admin 5 Ms 2d ser__1961 M S
*55 M
58 M
67
52%
60
External gold 5 Ms
With declaration
External g 4Mb
-Apr 15 1962 A O
With declaration
__
Dominican Rep Cust Ad 5%s_.1942
J*lst »er 5 Ma of 1926
|*2d series sink fund 5 Ms
1940 A
*58 M
7
9
17M
With declaration
9
14
17
17M
1958
Antwerp (City) external 5s
17M
♦Dresden (City) external 7s... 1945 M N
90
♦El Salvador 8s ctfs of dep
♦Estonia (Republic of) 7s
1948 J
1967 J
J
8M
9
/
*8%
1945 M
S
51
51
58%
24
Finland (Republic) ext 6s
With declaration
52
5Ms 1st series
1969 A
O
58
58
52%
59%
5 Ms 2d series
1969 A
O
58 M
58 H
52%
60
8%
27
Argentine (National Government)—
8 f external 4Mb
8 f external 4Mb
1948
1971
...
8 t extl conv loan 4s Apr
External g
s
A
O
8
1956
74
65
"64 %
64 M
73
65
25
58 M
58 M
65
77
51
53M
77
*74"
73
77
29
53 M
77
67
69 %
68
47
69%
M N
.....
1957 J
f 7s
65
11
J
1957 M
4Mb of 1928
78
8
65
88 %
A
1972
External 5s of 1927
89 M
74
31
73%
64 M
88 M
M N
1955 J
Australia Com'wealth 6s
♦Austrian (Govt)
M N
1972 F
8 f extl conv loan 4s Feb
J
7
7
2
With declaration
b
A
12
.......1955 J
J
*85"
1955 J
D
"73 M
"73 M
With declaration
With declaration
1950 AO
♦Berlin (Germany) s f 6 Ms
With declaration
♦Brazil (U S of) external 8s
♦External s f 6 Ms of 1926
1941
1957
A
O
6Ms of 1927... 1957 A O
♦7s (Central Ry)
1952 J D
Brisbane (City) s f 5s
1957 M S
Sinking fund gold 5s
1958 F A
20-year s f 6s...
1950 J D
♦Budapest (City of) 6s
1962 J D
s f
1961 M
M
1977
F
f 4%-4%s
1976
1976 A
External readj 4%-4%s
s f 4%-4%s
1984 J
3% external s f $ bonds
Bulgaria (Kingdom of)—
♦Stabilization loan 7 Ma
Canada (Dom of) 30-yr 4b
1960 A
68
70
2
66
68
4
52 M
52 M
67
70%
4
57
O
5
7
5M
62 M
52 M
1
45 M
46
52 M
52 M
2
47
53%
Irish Free State extl
32 M
38
♦Italy (Kingdom of) extl 7s
6
6
5M
7%
7
5
8
100 M
101
18
88M 101
101%
102 %
22
97
96 M
96 M
96 H
9
89
91M
92 M
J
J
J
S
9
8%
*8M
Chile (Rep)—Extl s f 7s
♦7s assented
1942 M
♦6s assented.....
see page
Feb 1961 F
961.
s
~N
O
*14
12 M
14
18
12M
14
O
12%
12%
A
14
14
A
12%
12%
26
27
49%
52%
6K
6K
4%
*5M
6M
4%
6%
6%
*5M
9Vs
5
6
MS
*5M
6H
F
5
11
A
1951 J
D
*74
20 M
2C
5
4%
23%
76
65
75
20 M
20
46%
30%
29%
79%
16%
*15
~ih"
16
"ie"
15
45
39
5
39%
5M
35
3%
8%
28
39
19%
26%
8
*6M
70
8
24
26M
*70
72
1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
6
6
3%
6
6
6
3%
6
5K
5M
6
6
3%
3%
4%
6
6
26M
14
{♦Treas 6s of '13
10 M
8M
10
9
J0M
9
6%
D
D
8M
25
10
J
J
(Colombia) 6 Mb
1954
(Prov) 4s readj......1954
8M
Mexican Irrigation—
♦4 Ms stamped assented
9
10
22%
26
50
f 5s.....I960 M N
♦Assenting 5s of 1899
♦Assenting 4s of 1904
♦Assenting 4s of 1910
8M
14
1942 M N
♦External sinking fund 6s... 1960 A
♦6s assented
I960 A
Extl sinking fund 6s...Feb 1961 F
97
♦Medellln
25
O
"36"
♦Leipzig (Germany) s f 7s
1947 F A
♦Lower Austria (Province) 7 Ma 1950 J D
Mendoza
76 M
7
♦6s July coupon on
1960
♦Farm Loan s f 6s...Oct 15 1960 A
♦Os Oct coupon on
1960
102M
88 M
89%
9%
17
"*8M
66
14%
25
92M
88 H
(
38%
55
J
Japanese Govt 30-yr s f 6 Ms...1954 F A
Extl sinking fund 5Ms
.1965 Af N
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
98
87 M
*5
J
55
MS
♦Italian Cred Consortium 7s ser B'47 M S
♦Italian Public Utility extl 7s.. 1952 /
J
92
24
♦Farm Loan s f 6s.-July 15 1960 J
12%
.....
4%
Hungary 7Ms ext at 4Mb to_..1979
79M
88 M
4
9%
26%
15
With declaration
76M
98
88 M
1968 M N
1950 M
9
97 %
88 M
5
53
*6
J
55
Y'j
1946 J
26
101%
1954 J
f g
51K
100 M
•Carlsbad (City) 8s
s
50 %
52 M
O
♦Cent Agric Bank (Ger) 7s
♦7s secured
♦Hungarian Land M Inst 7M8-1961
♦Sinking fund 7 Ms ser B
1961
A
1967 /
8M
14%
15
26
52 M
1944 J
8%
*9M
*8M
O
68
1961 J
9M
6M
11%
6%
1946 A
45
A
8K
With declaration
68
Aug. 15 1945 F
5
1968
♦Hamburg (State 6s)
18
38
22
9K
A
♦Haiti (Republic) s f 6s ser A.. 1952 A
50 %
*36
63*
"9%
1968 F
175*
50 M
J
6
1964
17M
8
O
8%
7s_.1964 M N
19 M
1952 MS
6s
For footnotes
ser
♦Sink fund secured 6s.
♦68 part paid..
70%
2
85
44
6M
Helslngfors (City) extl 6 Mb
1960 A O
Hungarian Cons Municipal Loan—
♦7 Ms secured s f g
J
1945 J
18M
*55
67
7%
D
68
41
J
1967 J
1968 M N
♦Secured sf 7s.__
10-year 2Mb
25-year 3 Ms
7-year 2Mb
30-year 3s
30-year 3s
♦Greek Government sf
♦7s part paid
1958 J
♦Heidelberg (German) ext 7 Ms 1950
62
17%
1975 IN
External
*
26 M
26
26M
♦(Cons Agric Loan) 6 Ms
O
70
83
17M
S
93
21M
"21"
17M
17M
18M
15
93
91
6
17M
15M
15M
16M
20 M
7
26%
63
-
91
6M
D
26
17M
6
"93 %
German Prov & Communal Bks
5M
f 4M-4Ms._.
s
90
17 M
20%
With declaration
Buenos Aires (Prov of)—
♦6s stamped
Refunding
♦5 Ms of 1930 stamped......1965 J
14
7D
27
German Govt International—
84 M
8
With declaration
*80
1949
75%
15M
12
D
91
7s unstamped
51
8
26%
64%
1949 J
♦5Ms unstamped...
1965
♦5 Ms stamp (Canadian Holder)'65
♦German Rep extl 7s stamped.. 1949 A
♦7a unstamped
1949
8
*7
♦External sinking fund 6S...1958 J D
s
91
French Republic 7s stamped
With declaration
49 M
48 M
89 M
External 30-year a f 7s
External
93 M
75
9
51
"19"
♦Frankfort (City of) s f 6Ms...1953 M N
With declaration
43 M
88 M
With declaration
♦External
26
43 M
"92"
27
43 M
15
1949 MS
Belgium 25-yr extl 6 Ms
f 6s
5M
43M
1945
With declaration
s
8M
16
♦Bavaria (Free Btate) 8Mb
External
5M
5M
8
50" "55"
assent
1945 Q J
1954 J D
1933
1945
j" j
14
♦Milan (City, Italy) extl 6 Ma—1952 A
13M
Mlnas Geraes
14M
13M
14
12 %
♦Sec extl s f 6 Mb
♦Montevideo (City) 7s
♦Sec extl
♦6s series
s f
A
O
15M
14M
6
15M
61
14
9%
73
6
6
30
(State)—
6 Ma
1958 M 8
1959 M
S
10
10 M
10
10 M
8
8%
11
11
D
*42
60
54
62%
1959 M N
*42
50
53
60
1952 J
Volume
Friday
Y.
Last
Range or
Salt
Friday's
Bid
A
Asked
EXCHANGE
STOCK
Price
15
Week Ended Aug.
High
Low
Foreign Govt. & Mun. (Concl.)
A
A
O
1943
F
A
20-year external 6s
1944
F
80
*7C3i
Norway 20-year extl 6s
With declaration
declaration
With
60
f
61
3134
40
48 34
Conv 4b of 1905
2834
37
33
47
Conv gold 4s of 1910
Conv deb 434s
32
3434
4034
1963
F
J
D
29
3134
37
9
47
10
A
1970
4834
3434
4234
4534
With declaration
Municipal Bank extl s f 5s
With declaration....—
*29
Extl debt 5 34s
Oslo (City) sf 4)4s_
2734
28
2634
4334
26
24 H
2734
33
With declaration
Stamp mot
sec
3)4s ext to
ref 3)4s ser B
7s...
external 7s
♦Pernambuco (State of)
♦Peru (Rep of)
♦Nat Loan extl s f 6s 1st ser
M S
a
J
D
1961
♦Stamped assented 5s
Ext
57
A
O
♦Nat Loan extl s f 6s 2d ser
M
57
103 34
103 34
3
834
834
3
634
834
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6 54
6 34
12
634
m
634
634
36
634
634
14
6
I
O
*4 34
4
1947
O
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13
A
O
634
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334
434
.1950
J
J
—...1963
J
J
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634
1961
1966
1952
1951
J
D
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11
J
J
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F
A
834
1946
1968
1966
1967
A
O
J
D
*1234
1034
1034
J
D
1952
1953
Santa Fe extl s f 4s
....1964
♦Sao Paulo (City of, Brazil) 8s
1952
♦634s extl secured s f.
..1957
{♦San Paulo 8s extl loan of 1921—1936
A
O
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♦7s municipal
loan
♦Rome (City) extl
"Id"
M N
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1034
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{♦Secured s f 7s
♦Sinking fund g 634s
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6s
99
27
22
20 34
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a
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30
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—1987
-
10734
100
A
registered
1987
Central N Y Power 334 s
1962
Cent Pac 1st ref gu gold 4s—1949
Through Short L 1st gu 4s. 1954
Guaranteed g 5s
1960
Central RR A Bkg of Ga 5s. 1942
Certaln-teed Prod 5 34s A...1948
Champion Paper A Fibre—
Sf deb 434 s (1935 Issue)...1950
S f deb 434s (1938 issue)...1950
37
-
103
F
96 34
100
96 34
96
*28
31
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-----
b
-
99)4 1)3 54
49
--
49
88
97
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x
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50
52
4
81
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J
A
12
105)4
105
I
b
F
89
_
2
a
MN
{Central of Georgia Ry—
♦
1st mtge 5s
Nov 1945
{♦Consol gold 5s...1945
♦Ref A gen 5 34* series B...1959
♦Ref A gen 5s series C
1959
♦Chatt DIv pur mon g 4s..1951
♦Mobile Dlv 1st g 5s
1946
Cent Illinois Light 334s
1966
{♦Cent New Engl 1st gu 4s..1961
{♦Central of N J gen g 5s
1987
5s registered
1987
the column Incorporated in this
40 34
z
J/N y
1969
...1970
Guar gold 434s--June 15 1955
Guaranteed gold 434s
1956
Guar gold 4 34s
Sept 1951
Canadian Northern deb 6 348.1946
Can Pac Ry 4% debstk perpet...
Coll trust 4 34s
1946
6s equip trust ctfs
1944
Coll trust gold 5s...Dec 11954
Collateral trust 434s
1960
{♦Carolina Cent 1st guar 48.1949
Carolina Clinch A Ohio 4s—1965
Carriers A Gen Corp 5s w w.,1950
Cart A Adlr 1st gu gold 4s...1981
Celanese Corp of America 3s. 1955
Celotex Corp deb 4 34s w W..1947
♦Cent Branch U P 1st g 4s—1948
♦General 4s...—...
101
Founders codv deb.1950
MN
Am Wat Wka&Elec 6s ser A. 1975
A O
Anaconda Cop Mln deb 43431950
Jan
♦Anglo-ChlleaD Nitrate deb.. 1967
Q J
{Ann Arbor 1st g 4s
1995
M S
Ark A Mem Br A Term 53—1964
For footnotes see page
78
-
_
-
+
1
American Telep
Am Type
»
O y b
bb
1
J
-
55
D y b
M Sx
A Teleg—
20-year sinking fund 6 343-19*3
334s debentures
..1961
334 s debentures
1966
38 conv deb w 1
1956
53 34
*75
—
_
_
2
/
10634
*40
25
10834 110
-w>
-
8934
♦Alplne-Montan Steel 7s
1955
M S
Am A Foreign Pow deb 5s...2030
534s—.1949
Corp conv 534s. 1949
20
10834
106 34
*46 34
-
-
0 y bb
F
Amer I G Chem conv
10734
cccl
M S x aa
A
1998
10334
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2
2
A
4s
1942
434" debs.1951
Allis-Chalmers Mfg conv 4s. 1952
10234
85 *
72 3*
/
Allied Stores Corp
10134
5734
99*4
2
100 34
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A y
1
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57
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Since
Jan.
1
aa
O y
A
1949
..1950
4s
x
2
c
7
O y cccl
A
1946
1946
Corp coll trust 5s. 1944
334s
♦5s stamped
D
33 34
bbb3
Guaranteed gold 5s
Range
§
Asked
*108 34
A
4634
2
x
Guaranteed gold 5s—Oct
a
102 34
-
33
86
x
1966
1962
Canada Sou cons gu 5s A
106
-
87
*51
D
1952
1955
1960
Bush Terminal 1st 4s
Calif-Oregon Power 4s
10534
*15 34
-
35
43 34
x
434
102 34
aa
A
334s registered
Coll A conv 5s—
x
5334
33
50)4
J
1957
Consolidated 5s.....
102 34
Oz
D
3734
3134
O
F
Bush Term Bldgs 5s gu
10134
r
29
2
b
O
1950
C—1967
3% to 1946) due
434
10134
„
4734
3934
3334
b
y
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A O
{♦1st A coll 5s
1934
♦Certificates of deposit
32
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7334
3334
J yb
modified (Interest
5734
Friday's
cccl
6234
73
Buffalo Rochester A Pgh Ry—
32
A
61
33
Buffalo Gen Elec 434s B
1981
J D
Buff Nlag Elec 334s series C.1967
30
Bid
68
62 34
ccc3
{♦Boston A N Y Air L 1st 4s.l955
MN
Bklyn Edison cons M 334s..1966
F A
Bklyn Union El 1st g 5s
1950
M N
Bklyn Un Gas 1st cons g 5s..1945
M N
1st lien A ref 6s series A... 1947
J D
Debenture gold 5s
1950
J/N
1st lien A ref series B
1957
32
Sale
Price
7334
6534
3734
1960
MN
A.July 1970
434
Week's
See i
6034
47
62 34
3734
D
.1961
JJ
3
Range or
10334 10634
13
105
6034
J y bb
1st mtge 4s series RR
45
Last
J
9934
99
10434
35 34
M 8 y
1955
234
534
Friday
A y bb
7534
6334
1952
1959
1960
1965
1944
*31
D
D y bb
34 34
99 34
12
99
z
debs
Cons mtge 334 s ser F
Consol mtge 3s ser G
Consol mtge 334sser H
Beth Steel 334s conv
32
F
29
z
434
J
10
33 34
F
47
4734
1
3034
62)4
x
1st g 434 s series
1834
F
M S ybb
38
29
~29k
z
534
2634
5034
*18
z
33
33 34
♦Berlin Elec El A Undergr 6 34s'56
534
71
a
Rating
D
18
D y ccc3
J
1959
1st M 5s series II
30
C
RAILROAD and INDUSTRIAL
COMPANIES
Jfi*Abltlb! Pow A Pap 1st Ss-1953
Adams Express coll tr g 4s—.1948
Coll trust 4s of 1907
1947
10-year deb 434s stamped.1946
♦Adriatic Elec Co extl 7s
1952
Ala Gt Sou 1st cons A 5s
1943
1st cons 4s series B
1943
Albany Perfor Wrap Pap 6s. 1948
6s with warr assented
1948
36 34
62 34
1955
Boston A Maine 1st 5s A
61
Elig. &
'I
«?!
75
3534
2
With declaration....
614
30
Na,
15
6834
ccc3
♦Berlin City El Co deb 6 Hs. 1951
With declaration
834
70
Bank
EXCHANGE
9234
66
bb
Canadian Nat gold 434s
..1957
Guaranteed gold 5s_.July 1969
Week Ended Aug.
69
77
71
y
1943
614
3034
30
With declaration
BONDS
6134
47
69 34
y
1960
Big Sandy 1st mtge 4s
Blaw Knox 1st mtge 3 34a
334
2034
13
"76"
J
J
47
9134
bb
1951
1948
1st A ref 5s series C
4
6
*334
A
1961
extl 6s
63 34
90 34
9
bb
Beneficial Indus Loan 2)4s__1950
434
334
>—
m
1952
65
62 34
7034
2
1%
Belvldere Del cons 334s
4
*334
D
79 34
62 34
10134
y
With declaration
21
334
534
P
series B
♦Debenture 6s
22 34
6
D
Beech Creek ext 1st g 3 34s
22
2134
43 34
J/N
F
ill'1
9734 10034
9934 10234
8034
7334
*100
J y b
S x aa
1951
4s stamped
♦Debslnking fund 634a
26 34
J
11234
111
9134
D ybb
Battle Cr A Stur 1st gu 3s__1989
Bell Telep of Pa 5s
32
2534
63
1434
1334
1534
8
1
1978
1978
1984
109
M N y bb
Ref g 4s extended to
1951
S'west D1 v 1st M (lnt at 3 34 %
J y b
to Jan 1 1947) due
1950
J y b
Toledo Cln Dlv ref 4s A
1959
34
16
20
J/N
5
11334
10034
10134
80 34
Af S y cccJ
A z cccl
1634
~2C
1234
With declaration
Alb & Susq 1st guar
834
6
1952
111
*11134
2
Sept 1 1946) due..1996
F
Feb 1 1960
26
A/N
external 7s—....1958
34s assented..
1958
Am Internet
1534
2234
J
♦Warsaw (City)
Alleghany
1
J
readjustment
Prov Mtge Bank 7s.——1952
8TOCK
11
*32
♦Vienna (City of) 6s
Y.
8
J
3 34s extl
N.
834
J
3%-434-4*u extl conv
4-4)*-434s extl readj
Yokohama (City)
734
1
11
1961
♦Uruguay (Republic) extl 8s—...1946
♦External s f 6s
1960
♦External s f 6s——
.....1964
354s-4-4)4s ($ bonds of *37)
external readjustment
1979
3M-4-4J4S ($ bonds of 1937)—
External conversion
1979
♦4
1
7
1034
1034
1034
1534
1334
J
111
aa
Bangor A Aroostook 1st 5S..1943
Con ref 4s..
1951
1234
1034
1134
934
12
With declaration
♦Venetian
634
J/N
F
to
9
934
F
Ref A gen ser F (lnt at
1034
734
5
J
aaal
x
y
Sept 1 1946) due..2000
72
1434
Sydney (City) s f 5349--————-1955
Taiwan Elec Pow s f 5)4s
1971
Tokyo City 5s loan of 1912
External s f 534s guar....
to
59
1234
1958
1958
1947
extl 7s
111
x
J
1946) due... 1995
87
MN
assented
to Dec 1
13
22 34
With declaration
♦Slleslan Landowners Assn
1
103 34
Pgh L E A W Va System—
834
1534
"59
S
J
11234
Ref A gen ser D (lnt at 1%
27
A/N
1962
11234
M
♦Conv due
5434
With declaration
♦7s series B sec extl—
103 34 105
10034 10234
aaal
..1948
Stamped modified bonds—
1st mtge k (in t at 4% to
A O
Oct 1 1946) due July 1948
Ref A gen ser A (lnt at 1%
J
D
to Dec 1 1946) due...1995
Ref A ger ser C(lDt at 1 1-5%
27
"lO
...1962
♦8s secured extl
6
x
July 1948
27
5934
(Kingdom)—
102 34
J
J
*96 34
103 34
bbb2
10
34
1945
1946
7s
•Saxon State Mtge Inst
Serbs Croats A Slovenes
2
10334
102 34
13
aa
x
1034
1940
♦7s extl water loan
•Silesia (Prov. of)
10 34
1950
1956
1968
♦8s external
bbb2
x
S
8
13
t
M
bbb2
x
J
1964
8
"1034
1034
J
♦Saarbruecken (City) 6s
x
D
1952
72
V.
72
72
of)—
♦6s extl s f g
D
9734 10134
9834
9534
bbb2
834
a
A
634s
14
bbb2
20
m
sec
10134
x
99
98
1950
1946
1953
♦8s extl loan of 1921
100
101
x
12
A
10034
100
bbb2
1948
1st mtge gold 4s
534
834
934
A
F
94H
97
bbb2
J
16
A
♦Extl
4s.July
88
2
x
x
J
14
a
1941
1947
Rio Grande do Sul (State
cons
2
D
J
10
9 34
10
FN
1952
Queensland (State) extl s f 7s
25-year external 6s
♦Rhlne-Maln-Danube 7s A
♦Rio de Janeiro (City of) 8s
634
4*4
434
With declaration
f 6s
634
334
14
634
634
334
34
10
m
14
Baltimore A Ohio RR—
1334
♦Extl loan 7)4s
9134
Atl Gulf A W I SS coll tr 5s. .1959 J
M
Atlantic Refining deb 3s
1953
434
A
♦Prague (Greater City) 7)4s
♦Prussia (Free State) extl 634s
With declaration
10654 11134
9334
8834
90
4s registered
O
of) 8s
1st
mortgage 4s
7
1968
♦4)4s assented
11034
9034
109
90 34
A/N y bb
10-year coll tr 5s..May 1 1945
MN y bb
LAN coll gold 4s
Oct 1952
J y b
Atl A Dan 1st g 4s
1948 J
J
J y b
Second
734
7
110
bbb3
1944 J
General unified 434s A
734
634
11034
bbb3
x
8
654
S
10334 104
A
♦External sink fund g 8s
s
5834
53 34
*7 34
♦4)4s assented
With declaration
♦External
51
5234
53 34
D
J
1940
—..1958
{♦Poland (Rep of) gold 6s__
♦4)4s assented
♦Stabilization loan s f 7s
♦Porto Alegre (City
9034
5434
57 34
KN
Atl Coast
81
M N
1963
1963
1994
1967
1947
1959
1960
♦Panama (Rep) extls f 5s serA
aaal
x
1946
A—1944
1st 30-year 5s series B
27
x
1965
Atl A Charl A L 1st 434s
46
2534
S
O
A
O
Cal-Arlz 1st A ref 434a A—1962 Jf S
J
D
27
30
M
M N
10534 10634
Trans-Con Short L 1st 4S..1958
28
23
105
20
1960
8
24
A
31
106 34
..1948
Rocky Mtn DIv 1st 4s
2734
F
1952
1953
1958
1955
10534
106 34
106
106 34
.1955
Atl Knox A Nor 1st g 5s
—
♦Nuremburg (City) extl 6a
Oriental Devel guar 6s
10534
bbb2
1995
MN
1995
J
D
1955
Conv gold 4s of 1909
34 34
bbb2
x
Nov
Stamped 4s
7
44
"37"
10634
x
J
1995 A
Adjustment gold 4s
7034
2934
AO
High
No. Low
Bigh
A
1957
(Del)
Atchison Top A Santa Fe—
General 4s
21
40
35
39
M
1965
4)4s
f extl loan
s
73
75
Since
Jan. 1
Asked
A
Low
Indus. Cos. (.Com.)
Armour A Co. (Del) 4sB__._1955 F
J
1st s f 4s ser O
Range
Friday's
Bid
Price
a
Railroad &
5134
S
1956
See
Range or
Sale
Rating
EXCHANGE
STOCK
51
With declaration
4s
66
A
With declaration
a
5134
......
External sink fund 4)48
External
7734
5634
5434
4
7734
76 34
External s f 6s
High
No. Low
52
F
Y.
Week Ended Aug. 15
1
66
1957
Apr 1958
5s
New So Wales (State) extl
N.
Since
Last
Elig. A
BONDS
Range
Jan.
Week's
Friday
Bank
Week's
BONDS
N.
957
New York Bond Record—Continued—Page 2
153
1)4
5
554
3
112
1634
5)4
1534
10854 111)4
4s
A
"6
F
63 34
64 34
25
56
66)4
18)4
18 34
1854
48
13
22
cccl
1754
1734
6
1154
z
cccl
17
17
13
1154
19)4
19)4
z
J
6354
cccl
z
J
1
z
cccl
x
a
A y
-
-
-
-
108 34
108 34
10834
11
7134
7054
7134
41
6534
7654
71
71
71
52 54
52
M
S y
M
S
bbb2
106 54
106 54
M
S,x bbb2
10354
103*4
O y
F
A y b
J/N y
x
19
3
bbbl
bbbl
2
b
2
b
2
A
12)4
-----
34
5354
75
86
tabulation pertaining to bank eligibility and
75
86
8654
106)4 109 34
6
6354
75)4
143
4254
1
5134
58)4
7954
20
8234
9154
10554 106)4
103)4 104)4
rating of hons». See k.
New York Bond
958
Dank
Range or
Set a
STOCK EXCHANGE
y.
N.
Last
Price
Record—Continued—Page
Week Ended Aug. 16
Sale
A
3
Range
L<
x
aaa3
199e MN
z
aa
2
x
aa
2
eI.1990
lmPtM
Ret A
^1992 M S
gold14H*----p
mpt
F
Potts Creek Br3*»»eri2<--ig46
1st«---
A
,4m
«*
Jan.
131%
m
J
r &A Dlv let con f 46— iqrq J
989
J
2d consol gold 4b.-ig49 A
♦Chic A
J
x
aaa2
.....
J
x
aaa2
.....
ARonRR1A'
jfo
Chic Burl A Q—In L,1V 0 n
3 %s
registered-------
2
x
F
1st A ref 6s aeri®8
Chicago A Eastern 111
RR—-"
a
High
95
bbb3
&{uttBier
z
79
cccl
M N
Chicago
Chicago Gt West 1st
J
x
a
J
m
J
J
*l9t
Chlc"lnd
A Sou
z
z
cc
37%
_____
I
J zee
1
10%
I960 J
J
J ybb
2
60&year 4s- -1956
z
♦Gen g 3%a ®er
♦Gen 4 Via aeries
♦Gen 4 Via
♦Gen 4%a
iChlc
78%
88
ccc2
z
ijw
F
A
l 2QQQ A
O
1975
ccc2
2
cc
3 Via
o
Ryg?
tts-
4s
10%
40
6
r 42
125
42
54
♦4 Via
1st ref
®.^{VV«t"n"d
registered.
18%
18%
19
20
J
D
cc
1
J
D
cc
1
J
*.
33%
1
O
z
cc
S
z
cc
M N z
1
1%
J
D y bb
D y bb
D y bb
J
D
/
y
x 1Q60 M S y
J
^
---n--5b_1962
J
a
-
21%
a
2
A
O
ccc2
MN
ccc2
97%
39
43%
21%
149
17
aaa3
109%
*111%
*104
......
aaa3
J
D
x
x
bbb2
1
J
78
J y bb
J y bb
2
MIV y bb
2
x
aaa3
108%
x
aa
"
54%
__i942 A
"""1942
A
-194.2 J
0
0
x
J
x
MJV:
Series C 3 34® 8""----
aa
A
------
aa
x
------
aa
x
aa
x
1950 F
Series D 3Vi® guar--
a
x
a
x
bbb2
----
-
x
1st a f 4 Via series
------
x
O
x
bbb2
J
x
*103
*
x
S
x
aa
A
x
1968
1958
Conn A Pasump Rlv 1st 4s..1943
Consol Edison
3 Vis
bbb2
x
1951
...1946 A
1948 A
1956 A
1058 J
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 78.1956 J
Consol Oil conv deb 3Vi8...195] J
a
x
aa
O
-
110%
x
aa
3 Vis debentures
O
x
aa
O
x
aa
x
aa
--
-
.
-
107%
-
-
-
-
--
—
—
-
—
-
-
z
------
104%
see
uatre
961
Attention
Is
J
aa
2
J
67%
48
-
-
—
104%
-
3
2
23
58
103%
46
103%
8
103%
18
113
109%
-
—
—
—
1
451
110%
7
43
104%
47
107
26
106
5
109
6
15
104%
J
14 Vi
2
cc
M S
1U%
110%
106%
aa
106Vi
aa
2
3
*23"
ccc2
97
O ybb
1
y bb
1
12%
7%
7%
%
2%
78
51%
70
54%
55%
44%
cons g
4s prior 1996
J
aa
x
bbb2
aaa3
conv
cccl
98%
cccl
1953 A
85
80
91
54
61
51%
58
75
79
1st
ser
B w 1
1995 J
♦3d mtge 4 Vis
ig3g MS
A
ser
D
x
J
B_. 1954 J
S5«one TirePennln 5s deb 1961
& Rub 3s
f*Fla Cent A
MN\
-----
-----
109
109
108
108%
x
-----
67
-----
88%
73
-----
104% 106%
77
85%
13
103%
103%
103%
114%
104%
34%
26
106
106
105%
114%
109%
113%
57
Goodrich (B F) 1st 4Vis....l950 J
1st A gen s f 6Vis____
With
107% 110%
109% 110%
101
119
109% 109%
108% 110%
103%
104%
103%
106%
105%
107%
107%
109%
22
102% 106%
M
36
36
c
c
D
164
101%
7
83
101
81%
51
156
49%
82%
12
116
3
118%
103
36% 36%
104% 107
100
102%
97%
97%
107
101%
97%
97%
70
54
99
103
101
101%
49%
60
55%
55%
53%
34%
34%
102%
83%
9%
8%
49%
70%
9%
8%
43
49%
64%
7%
75
6%
2
1%
1%
2%
60%
39
11%
10%
2%
3
60%
*120
z
z
*11%
z
*10
y
bb
J
z
cccl
c
J
z
O
D
x
1
95
93%
*20%
2
24
17
bbb2
106
105%
2
70
2
65%
3
bbb3
bbb3
90
bbb3
102
bbb3
bbb3
bb
98%
81%
1
cccl
0;y
0,y
bb
J
bb
2
J
b
1
X
aaa3
O
z
bb
47%
b
x
2
81%
62%
83
80
62%
62%
71%
47%
131%
131%
*96%
63
38
123%
103%
37%
123%
A y
b
3
42
42
O
cccl
11
10%
z
89
100
95
5
9%
93
87
79
71%
40
62
47%
133
36
89
*91%
2
aaa3
105%
103%
97%
89%
91%
90%
102%
98%
90
111%
1
M N ybb
J D y cc
5
10
101%
97%
104
2
z
105%
92%
*88%
J y ccc2
stpd._1952 J
Gulf States Steel s f 4
Vis
1961 A O x bbb2
Gulf States Utll 3
Via ser D..1969 MN
[X a
2
♦Harpen Mining 6s
1949 J
J z
MN
107
104%
98%
90%
9
3
2015 |J
46
107:
98%
90%
3
MN!
70
*98%
bbb3
J
106%
*100
bbb3
z
81
15
J y
.
18
95
*14
z
|Feb
18
z
a
to bank
16%
16%
101%
2%
aaa3
x
J
D
J
pertaining
38
153
30%
58%
A y
Febl957 A
40%
*103%
D y bbb2
F
95%
90%
60%
"30%
1
bb
tJ^Housatonlo Ry cons g 5a. 1937
Houston Oil 4 Vis debs
1954
Hudson Coal 1st b f 6s ser
A. 1962
Hudson Co Gas 1st
g 5s
1949
Hudson A Man hat 1st 5s
A..1957
65
80%
%
1
z
J
Hocking Val 1st cons g 4 Vis. 1999 J
Hoe (R) A Co 1st mtge
1944 A
70
55%
29%
101%
81%
49%
46
......
50
3
*52
y ccc3
F
Gulf Mob A Nor 1st
5Vis B..1950 A
1st mtge 6s series C
1950 |A
Gulf Mobile A Ohio 4s ser B
1975
8
31
42
116
152
; 101%
98
103% 106%
29
9 Vi
z
--
General 4 Vis series E
.1977
General mtge 4s series G..1940
Gen mtge 4s series H
1946
Gen mtge 3 Vis series I
1967
♦Green Bay A West deb ctfs
A... Feb
directed to the columm
incorporated In this tabulation
9
108%
100%
cccl
Great Northern 4Vis ser A—1901
General 5 Via series B-.
1952
General 5s series C
1973
General 4 Vis series D_.
1976
♦Gen mtge lnc 5s ser A
Gulf A Ship Island RR—
1st A ref Term M 5s
105%
"46
cc
J
1950 J
150
26
c
S y bb
D y b
declaration..:"!
93
1
53%
53%
"76
z
♦20-year s f deb 0s
IZZll948 MN
Gen Steel Cast 6 Vis w w
1949 J
J
Gotham Silk Hoe deb 5s w w.1946
Gouv A Oswegatcble 1st 5s.. 1942
Grays Point Term 1st gu 5S..1947
Gt Cons EI Pow (Japan) 7s.. 1944
108
4
99%
95%
104%
108%
24
16%
105% 109
51%
51%
97 Vi
a
z
(Amended) 1st cons 2-4s._ 1982
f ♦Proof of claim filed by owner MN
♦Certificates of deposit.
Francisco Sugar coll trust 08.1956 MN
J
106
19%
106%
107
z
1945 A
101
52
101%
b
1974 M S
30
102
84
bb
J
103%
108 Vi
101%
95
46
96
m
49%
112%
27
97
30
y
ISM* & A,a Ry Ss-Oct 11945
♦£. G®£aroANorA Ir ext 08.1934
1st sec
Good Hope steel
7s.
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57%
a
z
Gas A El of Berg Co cons g 5s 1949 J
♦Gen Elec (Germany) 7s
1945 J
I^Slnklng fund deb 6Vis__1940 J
With declaration.
43
101%
105%
29
3
2%
16
102% 107%
1
a
J
-
109
55%
30 Vi
D y bb
1943 J
♦1st A ref 5s series A
110%
107%
56 Vi
"30Vi
^Florida East Coast 1st 4 Vis.1959 J D
1
6%
16
16
3%
7%
77
72%
108% 112
iii%
152
z
I1956
Fairbanks Morse deb 4s
Federal Lt A Trac 6s
z
I954 F
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13
109
91%
I
108%
7%
7%
1%
65
1
x bbb3
J y b
2
♦Erie A Jersey 1st 8 f 68..1955
J z bbb2
♦Genessee River 1st s f 68.1957 J
J z bbb2
♦N YAErieRRext 1st 4s. 1947 MN x a
2
106
65%
J
M 4s
99%
90%
bbb3
x
96
19%
103% 109
40%
57%
105
108%
103% 106
65
cc
J
20
20
64
65
cccl
1st cons M 4 Jis ser A w I..1957 J
-
104% 109%
"65%
cc
♦Certificates of deposit
JFonda Johns A Glover RR;—
72
101 Vi
25
15
1
cccl
Gen mtge lnc 4 Vis ser A w i 2015
106% 109%
98% 104
89%
95%
91%
98%
27%
43%
9%
21%
107% 110%
109
111%
104% 106
108
110%
111
113%
99%
20%
15%
16%
43
152
cccl
♦fRef A lmpt 5s of 1927..1967 MN
♦iRef A lmpt 5s of 1930..1975 A O
cons
96%
103%
108%
19%
105%
21%
210
bbb2
z
z,
-.1953 A
4s series D
15%
15%
2%
1%
14%
6%
*108%
bbb2
z
...
♦Gen
3
x
x
Prior 4s registered
1996 J
♦1st consol gen Hen g 4s...1996 J
Gen 4s registered
1996 J
♦Conv 4s series A
1953 A
♦Series B
3
"~2
b
1905 A
68 stamped
^♦Erle RR 1st
i960 J
162
106
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aa
aa
J
6
2
10
108
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8
24
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cc
O
aa
24
20%
22%
20%
14
15%
119
109%
1
cccl
A
2
24
16
7
41
99
23
15%
14%
16%
16%
20
108%
55%
14%
14%
2%
1%
13%
*5%
•
2
101
13
1
bbb2
♦Debentures ctfs B
109
15Vi
15Vi
cccl
cc
92%
56
19%
19%
18%
107
97% 102
46
108
108
aa
113
57
54
108
x
107% 107%
4
19%
99%
*105%
cccl
J
A
Dow Chemical deb 2Vis
1950 M S\
Dul Miss A Ir Range Ry 3 Vis 1962 A O
♦AdJ Income 5s
For footnotes
108
2
Detroit A Mac 1st lien g 4s. .1995 J D
♦Second gold 4s
-.1995 J D
Detroit Term A Tunnel 4Vis.l961 MN
El Paso A S W 1st 68
-----
80
104%
54
2
Elgin Jollet A East Ry 3Vis. 1970 M S
79%
*
1
aa
aa
ser F
1955 A O
Gen A ref mtge 3 Vis ser G.1966 M S
Gen A ref 3s ser H
1970 J D
49
90
103%
106%
105%
109%
106%
bb
J
104
9
15
23
99
107%
J\
J|*Den A R G 1st cons g 4s..1936
5*Conso! gold 4 Vis
1936
^♦Denv A R G W gen 5s. Aug 19 55
♦Assented (subJ to plan)
—* ,mpt 58 8er B.Apr 1978
^Des M A Ft Dodge 4s ctfa.1935
^♦Des Plains Val 1st gu 4 Vis. 1947
99
3
--
-
2
aaa2
a
-
—
a
x
8
27%
84%
106
108%
107% 111
108% 111%
105% 109%
107
111%
3
24%
22%
21%
18%
x
102% 103%
-
1
1
D
74%
*109%
109%
104
D xbbb2
-
*117
3
J
-
*100%
3
J
-
cc
cc
Elec Auto-LJte 2Vis debs
79%
84%
110%
D
a"o
East Ry Minn Nor Dlv 1st 4s 1948 A O
East T Va A Ga Dlv 1st 5s..1956 MN!
Ed El 111 (N Y) 1st cons g 68.1995 J
J
12
109
to 1946 J
----
■
z
z
extended
21%
20%
26
50%
series B
♦Deposit receipts
.
103%
55%
2
3 Vis debentures
3 Via debentures
-
*113%
3
aa
—
♦0s
Curtis Publishing Co 3s deb.1955
7
98%
21%
20%
18%
19%
20%
2%
74%
109%
1
11
81%
*110
1
cc
10%.
1%
85
103%
-
2
aa
x
-
103%
—
109
x
f 3%s A
1901
of New York—
debentures
aa
x
s
—
-
21 Vi
cc
z
19H
81%
3
x
Conn Ry A L 1st A ref 4 Vis. 1951
-
ccc2
z
106 Vi
74%
67
z
j"d
♦Deposit receipts
ccc2
84%
*105%
104%
24
aaa3
105% 105%
--
22
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1
29
-----•
103%
-
-
cc
11
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23
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1st mtge 3 Via series I
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101616
19 Vi
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J
'
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0
76
80
bbb2
-.Apr 15 1052 A
Jan 16 1961 J
M
-
—...
1
2
Columbus A H V 1st ext g 4s.1948 A
3%s 1970
-
109%
67%
2
aa
♦Commercial Mackay Corp—
Income deb w w_._Apr 1 1909 May z
Commonwealth Edison Co—
-
108%
74%
bbb2
♦5s Income mtge.-------y bb
Colo A South 4 Via series A-1980 MN y b
Columbus A Tol 1st ext 4S..1965 F
89%
9
------
bbb2
x
x
Columbia G A E deb 5s.May 1952 MN
12
87
81%
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x
C---"""j94g
guA
78
14
101
1
J
89
54%
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x
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Colo Fuel A Iron gen 8 f 58—19
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1
2
98%
55%
------
------
_
Vi
C eve Union Term gu 5%a~1972
let i t ho series B guar
1973
Conn Rlv Pow
109%
*104%
Gen 4 Vi® series A-------,
Gen A ref 4 Via series B--1981
Columbus A Sou Ohio El
—
53%
54%
75%
......
I
Debenture 5s
-
-
113%
*85
75%
J
J
Debenture 5s
7
-----
78
______
Cleveland A Pittsburg
Coal River Ry 1st
110%
109%
113%
113%
------
bbb2
D
®",""VV""i977
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10
*95%
......
aaa3
bbbl
1993 /
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82
97
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5
110%
106%
cc
tf*Dul Sou Shore A Atl g 6s. 1937 J
Ry—
General g 48-----General 6aaeries
Gen 4Vi® aeries
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53%
42%
21
aaal
A
7
15
ccc2
Duquesne Light 1st M 3 Vis.. 1965
46%
53%
10
108
z
27
75%
19
111
z
27%
18
106%
110%
J
1952 J
30%
73
67%
94%
D
J
34
1%
74
11
MN
F
254
83
A
MN,
411
15
108%
J
Cleve Cln Chlo A St LouIb
14
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95%
F
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10
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101
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aa
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18
17%
16
110%
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107%
aa
28%
36
14%
11%
13%
7
1
110%
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HOVi
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18
251
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y
83
106
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-
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9
103
-
103
2
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^
20
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-----
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44
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bb
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c
99
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'
20%
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----
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-----
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16
53
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28%
------
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28
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----
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120
27
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26
82
aa
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'
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4%
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436
42
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registered
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28%
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56
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1
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29%
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stamped-
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42
82
Since
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97%
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1st A ref 4 Vis
1969
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1969
15
cccl
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72
1
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J
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69
196
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.
aa
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12%
12
8
26%
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x
x
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31%
33
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.....
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6%
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26%
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35
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20
3
11%
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25%
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Crane Co 2 Vis s f debs
1950 A O Ix a
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72
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64
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registered--
♦General
....
39
41
J
JI
1956 J
.I960 J
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22%
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12
34%
cccl
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23
41
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....
67%
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41
42
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167
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41%
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80
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-----
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100%
88
37
....
81
1
1007 J
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z
J
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or
Friday's
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a
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71
71
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91
....
96%
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a
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58
49
90
95
♦
120% 122%
112
119%
8%
18%
....
17%
92%
See
Range
Sale
Rating
Consumers Power Co—
1
119
*87
.....
.....
x
A
1971 F
a
x
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a
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17
122
*111%
16%
91%
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-
122
17%
a
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lHt A ref 4
ccc2
x
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i949
Illinois Division 4s
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z
J
1949
1941
16
Week's
Last
Elio. A
STOCK EXCHANGE
Week Ended Aug. 15
128% 134
102% 100
102% 105%
2
aa
0
J
1949
x
Y.
J
13
43
104%
......
J
132
104%
105%
N.
1
No. Low
High
103%
w *•
104
BONDS
Since
CQti
Asked
Chesapeake &.Ohio Ry
nef A
Aug.
Friday
Bank
Friday's
Did
Low
General
3
Week's
EUo. A
Ratino
BONDS
Friday
eligibility and rating
104%
111%
90%
103% 105%
108% 111%
131%
99
63
103%
38%
123%
44%
11%
of bonds. See
a.
Volume
959
Record—Continued-Page 4
New York Bond
153
N.
15
Week Ended Aug.
Railroad & Indus. Cos.
Last
*fl.
I
Friday's
A
Asked
ll
High
No
103 h
103 h
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1952
1953
1955
2
2
2
Illinois Central RR—
1st gold 3Hs
1951
-—1951
—1951
Extended 1st
gold 3 Ha—1951
1st gold 4s
,
4s registered
1st
gold 3s sterling
gold 4s
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.
Purchased lines 3 Ha
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gold 4s
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J
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A
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1950
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Aug
Cairo Bridge gold 4s
MN y b
F
x
42
b
bb
y
bb
1951
y
registered
L A N O—
963
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963
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111 Cent and Chic St
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78
82 X
59 H
64
58
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1945
65
58 h
58
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Ind Union Ry 3 Ha series
4s.
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37
61
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15
1949
4s
—1949
Lorlllard (P) Co deb 7s
1944
5s debenture
1951
Louisiana A Ark 1st 5s ser A.1969
Louisville Gas A Elec 3H8—1960
Lou A Jeff Bridge Co gu 4s._1945
gold 4s
stamped
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Nashville RR—
1st A ret 5s series B
2003
1st A ret 4Hs series C
2003
1st A ref 4s scries D
2003
1st A ref 3 Ha 8eries E
2003
Unlf mtge 3Ha aer A ext.. 1950
Unlf mtge 4s ser B ext
1960
Paducab A Mem Dlv 4s._1946
St Louis Dlv 2d gold 3s...1980
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♦116h
x
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1951
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177
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gu._1965
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ccc2
y
2
2
27H
27H
28 H
73
12H
32 H
y cc
22 H
22 K
23 K
30
11
27 H
y cc
2
23 K
23 K
24 K
32
28H
cc
1
9K
9K
10 K
43
11H
3H
y cc
O
z
♦Certificates of
♦Certificates of
A
F
ccc
14
ccc
1949
1980
♦Consol
RR guar 6s.
the column incorporated
20
5
1H
17
29
26 K
28
19H
28 K
27
19
28
*84 H
88 K
79 H
89
M S
bb
53
57
F
aa
A
z
b
y
b
y
b
y
b
i'06K
2
aa
.1954 MN
.1948 J D
66
106H
1O0H
•*
-4
80 H
124
120
60 H
60
-
56 K
1
45
8
122
125 H
126
2
123H 131H
•.
-
.
•
m
bb
3
106 H
106 H
x
bbb2
z
b
z
b
z
b
z
b
z
b
13
107
75 H
4
07
80
74
6
65
74
106 H
106 H
106H
19
73
35 H
35
40 K
43 H
40 H
5
"42"
1
b
1
z
b
1
46 H
32
45
32 H
44H
33 K
33 M
44
30
44 K
*38
"42 K
*42 H
48
1
42
45
*
46 H
35 H
45
48
*
37
34 H
34
37
*41H
_____
b
39
30
40 K
b
z
76
30
__
41
"41H
z
68
3
37
*33 H
106H
105H 1O0H
29
74
35 H
z
105 H
8
106 H
73
zb
75
109 H
108 H
73 H
74
1
127H
75 H
108
75 H
bbb2
60 H
K
70
*75
108"
bbb2
43 K
47H
32
40
107
110
aa
2
bb
2
59
59
60
49
59
69 H
O
bb
2
92 K
63
89 H
95 H
b
2
55 H
92 K
55 H
93 H
O
56H
316
63 K
O
b
2
60
60
61 H
233
55 K
60
bb
2
58 H
58 H
60 H
60
67 H
81H
80 %
81H
33
58 H
78 H
3
J
F
A
A
x
A
MN
bbb2
J
*109
bbb2
3Hs
bb 2
O y
series A
series C
4s collateral trust
1st mtge 3 Ha extended to
1974
1978
M
1946
1947
F
A
3-year 0% notes
6s debentures
1941
1950
A
O y bb
S ybb
2
A
x
bbb2
O
x
1
100
87 H
83
101H
9
63H
70
58
64H
57 K
68
64 K
65
31
boH
76H
65
58
58
1
57 K
59
12
*53 H
55
73 K
73
73 K
62
60 K
62 H
170
54 H
65
93H
94H
100
80 H
95 H
95 H
95 H
1
90
95 H
99 H
99 K
305
90
94
94
3
79
94 H
"99H
D y bb
1
94
aa
2
102
x
'
64
bbb2
O
15
100**32 l00uu
bb
bb
69 K
80 H
80
*
2
y
2
ybb 2
y bb 2
ybb 2
y
A
101 H
103 H
82 H
—
mm*
+>
59 H
105 H
32
~
105 H
103
10
89
102
10
123 K
bb
J
72
66
72
103H
56 K
x
In this tabulation
16
67 K
105H
117
123K
aa
a
A
39
30 H
m'm
bb
A—1965
92
123 K
x
Connecting RR 3 Hs
38 H
106
*55
y
N Y
44
*120"
aa
registered.
1997
30-yr deb 4s 1912.
1942
Lake Shore coll gold 3Hs—1998
3 Ha registered
-1998
Mich Cent coll gold 3Hs—1998
3Hs registered
1998
New York Chicago A St Louis—
43 H
36
105 K
*
bb
J
;
105
______
aaa3
O
37
51
103 K
105 K
bb
A
58
115
3
J
38 H
38 H
....
43
107H 110H
3
J, J
39
42 H
105 H
3
a
b
J
65
50
39
110H
105H
103H
.1905 A O
.1954 J D
A
39
117 H
66 K
2
bbb2
{|*N O Tex A Mex n-c Inc 6s 1935
♦Certificates of deposit
♦1st 5s series B
1954
♦Certificates of deposit
♦1st 5s series C
1956
♦Certificates of deposit
♦1st 4Hs series D
1950
♦Certificates of deposit
♦1st 5Hs series A
1954
♦Certificates of deposit
1
*115
a
D
RR 4s series A
1998
10-year 3Ha sec s f
—1946
Ref A lmpt 4Hs series A—2013
Ref A lmpt 6s series C-—2013
Conv secured 3Hs—
.1952
N Y Cent A Hud River 3Ha. 1997
102H 107
85
62 H
....
37 K
*109 K
2
bb
A
N Y Cent
110H 113
73H
47 K
41K
41K
a
x
M S
Bdge Co—
1945
108H 111H
8
31
*47
42
38
MN
.1945 J
21
107
*47
42
.1945
110H
H3H
47 K
MN y ccc2
J D x aaa2
J
103K 104H
*68
MN y ccc2
F
13
b
y
106 H
bb
y
110H
U2M
a
y
103H
3
1
H
104 H
bb
z
229
54
54 H
54 H
a
y
1st ref & I mp 4 Ha A*52
Pub Ser 1st 5s ser A. 1952
1st A ref 5s series B
1955
New Orleans Term 1st gu 4s. 1953
Ref 4 Ha
1H
29H
29H
*26 H
"26 K
ccc
New Orl
Ref 6 Ha
H
20
20
ccc
N O A N E
Newport A Cincinnati
Gen gtd 4H8--
19H
137
bb
A
Tel A Tel 5s A—
.1901
1st g 4 Ha series B
.1980 F
N J Junction RR guar 1st 4s.
.1960 A
N J Pow A Light 1st 4Hs—.
.1983 3
New Orl Great Nor 5s A.—.
New Eng
138
27H
2H
28H
27 H
29 H
28H
MN
F
.1952 J D
MN
4s
28 H
*27 H
ccc
Prod 3H»— .1949
guar
19
27 H
IK
14
27 H
1
"
369
27H
L 4a ser A. .1978
.1960
Prod 3Ha debs.,
{♦Naugatuck RR 1st g 4s..
Newark Consol Gas cons 5s.
28 K
28
IK
19H
2%
27H
27H
28
"28"
ccc
ccc
Nash Chatt & St
3s..
174
26 H
O
A
-.1965
Montana Power 1st & ref 3Ha *06
Montreal Tram lit A ref 6s..1941
Gen A ret s f 5s series A—1955
Gen A ref s f 6s series B...1955
Gen A ret s f 4 Ha series C.1955
Gen A ref s f 6s series D—1955
Morris A Essex 1st gu 3hs—2000
Constr M 5s series A
1955
Constr M4Hs series B...1955
Mountain StatesT AT 3H8-1968
Mutual Fuel Gas 1st gu 6s. 1947
3Hs
26 H
ccc
6s debentures
Natl Supply
26 H
ccc
Monogahela Ry 3Ha ser B..1906
Monongahela W Penn Pub Ser—
1st mtge 4Hs
.—I960
National Steel 1st mtge
2H
MN
series H
♦Certificates of deposit
♦1st A ret 5s series I
1981
♦Certificates of deposit
Nat Distillers
"2 K
ccc
deposit
MN
G
1978
deposit
19H
19 K
*26 %
cc
M S
71
28
27
27 H
ccc
M~ S
66
A
MN
deb 4 Ha-1952
A
1962
Loew's Inc s f deb 3 Ha
1940
Lombard Elec 7s series A
1952
♦Long Dock Co 3Ha ext to._1950
Long Island unified 4s
1949
M S
1975
1977
4s
♦1st A ret 58 series F
{♦New England
*97h
b
z
Lion Oil Ref conv
♦General
Nat Dairy
b
50-yr 5s
4
z
4Ha stamped modified...2003
4 Ha registered
2003 MN
5s stamped modified
2003
A O
Leh Val Term Ry ext 5s.—1951
961-
170
z
Little Miami gen 4s ser
4H
4s. 1991
z
A
¥
c
Moh'k A Malone 1st gu g
z
A
¥
z
86
87
76
905 A O x bbb3
M S y b
2
z
J
July '38
IK
88
90h
30
2
2
ybb 2
J ybb
J
11H
3
{♦MoPac 3d 7s ext at 4%
102 H 105 H
77
♦84h
Dec y cc
954 J
68
88
bbb2
x
997 J D
79 h
76 h
79
F
77
68
F
J
947 J
997 J D
97h
97 h
80
97 h
bbbl
82H
106H 108H
104 H 107H
13
30
UK
cc
92 H
161
—~
1
942 A O z bbbl
953 F A ybb 1
"77H
100 H 108H
112
107 h
104 h
106 h
107
36 h
11K
cc
z
81H
104 h
3
a
7 "j
For too- notes see page
109H 110H
——_
36
cc
z
J
88
-*1H
a
959 M S
modified.—.2003
registered
..2003
Liggett A Myers
6s debenture
18H
*106h
954 J
961 M
stamped
LIbby McNeil A
109H
*82
Lehigh Valley RR—
Lex A East 1st
107 H
92
extended to 943
♦6s stamped
-1943
Fa
Leb Val Harbor Term gu 5a..1954
j
j
Lehigh Valley NY 4Ha ext. ~
~
4s
69
75H
69
85
♦Sec 6% notes
4s
63H
60
*82h
974
stamped
47
16
110H
110H
a
bbb2
142
63 h
12 h
12
12
4K
IK
63h
z
J
{Missouri Pacific RR Co—
♦1st A ret 6b series A
1905
♦Certificates of deposit
♦1st A ret g 5s
961 J
961 J
UK
11H
11K
J
1902
♦1st A ref 5s series
987 J
981 J
2K
IK
IK
3
1962
♦Conv gold 5 Ha
964
stamped
48 H
943
*2 K
1H
3
series d—1978
♦Cum adjust 5s ser A ..Jan 1967
943 MN
954
♦1st A ref s f 5s
49H
32
23
-
943
954 F
5s
♦58 stamped
♦1st A ref 8 f 58
95 H
32H
18H
Eng RR 4s A.
945
Lehigh A N Y 1st gu g 4s_._
Lehigh A New
90
-
|
109
108
109
46
"T"
J
RR—
40-year 4s series B
"~8K
99 K
13
92 h
*90
J y bb 2
J x aaa3
954 /
1
J
68 K
95 H
17
1
45 h
62
5
54h
54 m
*40 h
975
1
c
Prior lien 4Hs
1
Co Ltd—
c
z
H
1
♦1st mtge Income reg
z
25 h
25
cccl
M S
1
36 h
ccc2
z
8
35
74
*
ccc2
z
2
b
registered
z
;
45
*62
1
3
♦25-year 5Hs
1949
J
♦1st A ret 5Hs series B...1978
IK
107 h
45
45
MN
J
1
b
3 Ha..
M S
43 h
bbb3
RR—
cccl
Missouri-Kansas-Texas
z
3% to__—
b
z
49
z
A ext 5s
z
D
91H
x
z
D
J
47
0
O
J
32 H
O
939 A
cccl
30 H
A
950 M 8
z
83 H
936 A
gold 4s...
4 Ha.
a
O
33
97
68 h
106 h
i67"
2
x
A
47
1
68 h
96 h
96 h
2
M S
1946
Prior lien 5s ser A
75
*63
3
bbb3
x
3 y b
114
a
$925)
M N
J
70
68
S y bb
M
41h
x
960 J
*111H
aa
z
44
81
76 H
91h
J
a"o
x
A zdddl
43 h
D ybb I
950 J
O
D
40 h
*91
J
950
90 H
102 M 105
101H 105H
81h
1
c
{♦1st cons 5s gu as
♦1st A ret 6s series A
73
J
A
4s Int gu '38
1938
to Int..1938
51H
36 H
71
79
73
F
40 h
2
3
A y cccl
951 M S
{ ( ♦MStP&SSM con g
{♦1st cons 5s
"73
112h
{♦Mo-Ill RR 1st 5s series A.1959
J D
Mo Kan A Tex 1st gold 4s—1990
*80H
J y cccl
952 J
Lehigh Coal A Nav s f 4 Ha A
Cons sink fund 4 Ha aer C.
♦5s
18 H
18
8
97h
*75 k
ccc2
111H
IK
8H
series C—
960
ref 5 Ha aeries D—
942
6s series A
942
6s series B
♦1st A ref s f
H
10
Coll A ref 5 Ha
Lehigh Valley
103
13
104 h
♦Ref A ext 50-yr 5s ser
96
*96 h
2
1949
A..1902 q F
♦1st A ref gold 4s
40
96
x
ctfs.-.1934
{♦Minn A St Louis 5s
70
*32
96
1
1
M S
{{♦Mil A No 1st ext 4H8—1939
♦{Con ext 4Ha
1939
{♦Mil Spar A N W 1st gu 48.1947
{{♦Milw A State Line 1st 3 Ha-*41
97 H 103
19
8
15
16H
1st mtge 3Hs_.
Kresge Foundation 3% notes
{♦Kreuger A Toll 6s ctfs
Lautaro Nitrate
4
27
17
16h
Koppers Co
3 Ha
101H
16 H
IK
1st A ref 6 Ha
58 extended at
101
100 H
17
16
(par $925)
Lake Sh A Mich Sou g
100 H
101
15h
Inc—
Lake Erie A Western
101
cccl
1K
unguaranteed
County El L A P 6s—
Co Lighting 1st 5s
Coll tr
bbbl
bbbl
108
102 H 107 H
101
98
16 h
———
Coll tr
107
26 X
15 H
100 H
"49
106 H
1
Stamped
Coll A
18
26 h
24
t08
106 h
3
cccl
(par $645)
I ♦Laclede Gas Lt ref
Ref A ext mtge 6s
78
cccl
Kentucky A Ind Term
Kings
33
73
cc
Ry ref g 4s
♦Certificates of deposit—
Kan City Sou 1st gold 3s
Ref A lmpt 5s
Apr
Kansas City Term 1st 4a
Kings
25
43
87 h
*47 k
106H
1951
1952
Ref A lmpt 4Hs series C—1979
Michigan Consol Gas 4s
1963
{{♦Mid of N J 1st ext 5s
1940
48
z
{{♦K C Ft S A M
4 Ha
37 H
z
A Clear 1st 4s.
961
Jones A Laughlln Steel 3Ha.
990
Kanawha A Mich 1st gu g 4s
Plain
23
z
James Frankl
♦Ctfs with warr
42 h
52
*60
106H
Jack Lans A Sag 3Ha
51
956
959 /
Kentucky Central
40 H
952
1st A ref 4s.
♦Ctfs w w stmp (par
171
IK
Debenture 5s
♦Ctfs w w stmp
47 h
81K
51k
41k
M S xbbb3
Michigan Central—
60
58
42
J y bbbl
J z cccl
947
Amer 1st 5s B.
6Ha
Karstadt (Rudolph)
~60~~ ~65~~
46
42 h
952
1st lien A ref
{♦Iowa Cent Ry
95
72 K
1
aa
series C
El deb 6s—
Int Merc Marine s f 6s
Internat Paper 5s ser A & B_
Ref s f 6s series A
Teleg deb g
51H
51H
29 h
1
D ybb
A z
aaa2
♦1st g 5s
Int Telep A
46
44
63 K
80 H
51h
A z ccc2
1st gold 3 Ha
D y bb
x
Internat Hydro
Int Rys Cent
47
'50
60 %
81
cccl
z
A z
Metrop Ed 1st 4Ha series
*58
J
x
♦1st 5s series B
Mead Corp 1st mtge
49
*58 h
980 M S
961 A O
♦Adjustment 6s ser A.July
4Hs—1955
D.1968
Metrop Wat Sew A D 5 HS—1950
{{♦Met W Side El (Chic) 4S.1938
♦Miag Mill Mach 1st s f 78-1950
47
43 H
*60~~
2
J
956 3
Stamped
45h
bb 2
3
O y bb
O y bb
6s._1947
43H
47
46 h
950 J
4s
Ind 111 A Iowa 1st g
11
*105h
2
a
bb 2
2
ccc2
bbbl
D y b
J
mMan G B A N W 1st 3Hsl941
49
81H
xbbb2
948 F
♦Ilseder Steel Corp 6s
40 H
55
<_
3
ybb
45H
39
35 H
bb 3
y
4s
38 H
47 H
2
y
3 Mb
x
2
*6H
MN y
Manatl Sugar 4s s f._.Feb 1 1957
M 8 y
Manila Elec RR A Lt s f 5s._1953
JKN x bbb2
Manila RR (South Lines) 48.1959
44 h
1951
Gold 3H8-
O
a
D y
28
2
registered
1951
Springfield Dlv 1st g 3H8-1951
Western Lines 1st g 4s
1951
St
z
3
167
58 h
y
A
A
53 h
*60~~
gold 3s
1951
Louis Dlv 4 Term g 3S..1951
47 K
14
109 h
x
series A—1960
45h
i
bbb2
Omaha Dlv 1st
39
Gen mtge 4Hs
44
44
bb 3
"48 H
"36
43 h
h
38
10
86 H
109 H
86h
3
x
F
52
52
bbb2
J
McCrory Stores deb 3Hs_» 1955
Maine Central RR 4s ser A.1945
108
42 h
*40
y
♦Lower Aust Hydro El 0
93 H
10
43 h
bbb3
x
42 h
a
Ha. 1944
93H
89 K
70
43 h
x
MN
4a._1955
89 H
"90~~
42 h
A y ccc2
HS--1945
4a. 1952
South Ry Joint Monon
90
88
91
111
111
M S
3
No. Low
High
Low
(Cont.)
Atl Knox A Cine Dlv
Friday's
A
Asked
Bio
Price
a
(Concl)
Mob A Montg 1st g 4
43 h
"42H
Indus. Cos.
Railroad &
97
91
See
Range or
Sale
Rating
STOCK EXCHANGE
Louisville A Nashville RR
100H 104
91
43 h
2
2
y.
Week Ended Aug. 15
High
Low
64
*88
x
1951
1952
1955
Illinois Bell Telep 2Hs ser
x
n
Since
Jan. 1
Last
Elig. A
BONDS
Range
Range or
Sale
| §r Rating
EXCHANGE
STOCK
Y.
Week's
Friday
Bank
Elig. A
£
BONDS
Week's
Fridafl
Bank
101H
102 H
36
pertaining to hank eligibility and ratlntf of bonds.
98 H
See a.
99 H
96 H
102 H
New York Bond
960
Bank
BONDS
N.
Y. STOCK
Elig. &
Ratino
See k
EXCHANGE
Price
Range
Sale
N Y Dock 1st gold 4a
Cody 5% notes
1st lien A ret 3%e ser
A
1951 F A
1947 A O
1965 A O
E...1900 A O
y
b
y
b
x
aaa3
62 %
73
110
z
115%
aa
54
*94 h
3
97
cccl
♦Non-conY debenture 4s..1955 J
J
cccl
♦Non-eony debenture 4s.. 1966 Af N
*25 %
cccl
25 %
25 m
25 m
24 h
31
22
"40"
z
{♦N Y PrOY A Boston 4s
1*2d gold 4 Mb
I ♦General gold 5s
♦Terminal 1st gold 5s
N Y Telep 3 H s ser B
N Y Trap Rock 1st 6s
z
c
33%
3%
IK
aa
z
z
cc
cc
*110K
♦Certificates of deposit
♦Ctfs of dep (Issued by reorgan¬
z
A
x
aaa3
North Amer Co deb 8 His
1949 F
A
x
a
1954 F
1959 F
A
z
A
1974 Af S
Gen A ref 4 Me series A....1974 Af S
{Northern Ohio Ry—
1946 A
x
a
x
a
x
Ref A lmpt 4 Hs series A
Ref A lmpt 6s series B
a
x
1
x
a
F
y
bbbl
2047 Q A y bbbl
J y bb 2
2047
J y bb
2
J y
J y
bb
bb
2
(Minn) 1st A ref M 3HS..1967 F A
(Wise) 1st mtge 3Me
1964 Af S
x
aa
3
x
aa
3
x
J
{{♦Og A L Cham 1st gu g 4s. 1948
Ohio Connecting Ry 1st 4s..1943
J
c
S
102 k
127 k
104 %
103 %
21
72
72
70
42 k
51%
63 h
%
108K
MM
Ore Short Line 1st cons g 5s. 1946
Guar stpd cons 5s
1946
Ore-Wash RR A Nay 4s
1961
Otis Steel 1st mtge A 4 Ha. .1962
242
62
02
33
36
64 %
108
111 k
108 H
MM
6k
*106K
7k
33
1
U0K
105 k
103 h
103
*103 %
2
2
*109 h
*114
114h
114k
106 %
82 M
aa
H..1961 J
2
107
bb
2
83
D
b
D
aa
D
aa
D
of Mo 1st ext g 4s. 1938 F
A
bb
J
bb
112h
110H
aa
D
./
76 M
1970
1938 J
ser B..1966 A O
Ref mtge 3Hs series C
1966 J D
Paducah A 111 1st sf g 4
J
Hs. .1956 J
Panhandle East P L 3s B
1960 M.
Paramount Broadway
Corp—
1st M s f g 3s loan ctfs
1955 F A
Paramount Pictures 3Me deb '47 Af S
Parmelee Trans deb 6s
1944 A O
aa
87 m
1
a3
aa
110
2
b
30
83 h
28
105H 107 H
89H
78K
76 k
9
60
78 H
112k
71
110 H
28
111 %
16
110«,ill3H
109H 111K
108K 111K
106
18
104H 106H
105 %
87
87 M
%
110
*104
104
109 k
110
"2
4
104 h
104
83 H
91
80
3
87 k
90
106% 110
52
57
94
97
53 M
121 m
121 M
aa
aa
2
ctfs...1952 Af N
aa
2
a
3
86
2
D
*121h
a
*105
*106
bbb3
aa
1C6K
105h
1
104 m
104 M
7
106
6
107 m
2
lion
107
108 h
101
106 % 110H
105% 107 H
111H 115H
111H 114H
105k
2
112 k
11
112k
7
96
105
100
108
112
96
103
*26
105 %
aa
97
84
123 m
123 h
123 h
3
105k
mm
a
103K 107
105
105K
lion
112 M
aa
110
105
110 M
aa
aa
55
87
103H 104 %
104H 105%
107
105h
106 M
2
2
68
107 %
106 M
2
a
41 H
120H 120
87
*103 %
bbb2
a
86
105 h
111
93
111
98
120K 125H
104 H 108 H
1968
14
bbb3
105 k
111.K
128
a
1970
110
93
1981
92 h
52
90
a
3
93 h
103
1984
102 M
a
3
103 %
102 %
1952
bbb3
102%
88%
103 m
88 %
58
16
59
116
97 H
99 H 105
100
104 %
87%
91%
s
♦1st
x
aa
3
x
bbb2
100 H 108
107
1
26 M
27%
6M
6K
8
104
104
103
H
109
116K 120 H
113H H5H
119
109
104H
aa
7
108
110
9
108 %
110K
35
16K
28 H
3H
4H
7K
8%
....
7K
104 %
104 M
3H
8
7H
99 H
99
f conv
102 "32 1021732
aa
105K
101H 104 K
aa
*109
109
109
aa
*112K
*112H
111
113
aa
*112 K
*119
aa
119H
110H
a
a
110K
a
109 %
103 K
bb
62 H
62
bb
bb
60
*40
16
62
5
62
43
62 K
52
65
64 K
2
*102 K
106
106
2
*117H
117
d
J
aa
2
119H
x
*100
J
J
aaa3
x
J y bb
85 H
85
85 H
*106M
109%
109 %
"5
5
1
95%
95H
1
5K
y
b
3
aaa3
*75
aaa3
x
x
aaa3
O
222 %
x
aa
3
110%
104 H
J x bbb2
O y bb 2
J x bbb2
97H
2K
5%
109 H
111H
142
...
222%
110%
104H
152
1
218H 222 K
14
108K 110K
4
104
106
67
27
65 H
81
82 K
46
78
84 %
81 H
81H
82H
8
78%
84
bbb2
x
66
81
104 K
a
1
104 H
104 K
104 %
104H
104%
31
x
x
bbb2
104K
104 H
104K
26
x
bbb3
99%
4
100
7
z
J
93H
bbb2
x
J
85%
87
*111 %
*146
d
J
77%
105 H 107 H
110
107
5%
x
J
J
96
-----
109 %
cc
z
z
70 H
102 K 104 %
103H 105 K
103
100 H
96 H 101
19
28 H
11
33
17
17
26 %
22
14H
8H
27
...
z
.
1953
¥
A
15
"is""
z
1955 AO
z
Af 8
1955 F
8%
bbb2
*105 H
A
*8H
D
b
1
J
b
1
45%
cccl
14 M
45
14K
aa
2
M S
aa
2
*109H
M 8
aa
2
*110
Af 8
cccl
—.
7
aa
2
z
b
J
z
deposit
72
Louis-Southwestern
cccl
J
Af"8
z
cccl
z
1978
(♦lstg 4s unstamped
{♦4s g stamped....
♦Adjustment 5s
7
131
z
72
15H
131
109 % 109 %
110
110
107
88
10H
7%
"if
92%
3
110K
16H
31
3K :j 9
4H
85
110
9H
95H
112
.
39 H
74%
60
49
74
39%
70
60
61
04H
75H
74H
64K
8
25
5
07 H
81H
39
48
41H
79
"l4M
48
39
13 H
14 H
44
9H
13%
13%
79%
47
13 H
20
9
15
14K
15
9H
16H
14
10
9K
16
15
237
9K
14K
72
9H
16K
15%
cccl
14%
cccl
14
14
F
A
cccl
..1972 J
J
77 H
19K
15H
1943 J
M
5s" 1942
J y bb
S x aa
2
x
..1950 A O
1950 A O
Oct 1949 F A
z
cccl
z
d
z
cccl
z
cccl
1959 A
O
deposit.
1945
m"S
♦Certificates of deposit
{{♦Atl A Blrm 1st
gu 4s...1933
M_5
z
aaa3
cc
1
z
cc
1
z
cccl
z
10K
79%
35H
17H
41K
9H
22K
19
19
19K
11
10 %
112
95 H
78
4
11 %
112
95%
95 H
*104 74
123%
cccl
2
69
1
36 H
4
2
1989 MN
4
61
36
*80
aaal
/
78 H
61
36 H
cccl
(♦Refunding 4s
series A
39 H
cccl
_
J
L gu 4HS-1941
{Seaboard Air Line
By—
15
Ry—
g 4s_.1908
{♦St Paul E Gr Trk 1st 4
Me 1947 /
S A A Ar Pass lBt
gu g 4s
Santa Fe Pres A
Phen 1st
Scioto V A N E 1st
gu 4s.
48
94
14%
13K
14K
1989 MiV y bbbl
♦2d 4s lnc bond
J z b
1
ctfs..Noy 1989 J
{♦1st term A
b
1
unifying 5s__1962 J J
♦G«n A ref g 5s
J
cccl
series A...1990 J
St Paul A Dul
1st con
J d
bbb2
guar
45K
35
.....
*71 %
cccl
♦Ctfs of deposit stamped
♦1st 4s bond ctfs
*109
b
I*8} £ ]teor
♦Certificates of deposit
♦Con M 4Hs series
A
40
*35
z
1950 J
92%
9
6K
5
-----
15
26 %
107
113
131
7
*35
* N W 1st gu 58 1948 J J z cccl
St L Pub Serv 1st
mtge 6s...1959 M 8 y b
2
St L Rocky Mt A P
J y ccc2
6s stpd..1955 J
{♦St L-San Fr pr lien 4s
A...I960 J
92%
J y b
deposit
♦Prior lien 5s series B
10K
45K
46H
14K
*5%
x
of
8
31
O y b
4s...1933 MN
17H
105
110H
14K
20 K
8%
106
O
J
1990
15
9K
2
aa
St Louis Iron Mtn A
Southern—
♦{Rlv A G DIy 1st
g
K
45 %
M S
A
14H
17H
z
bbb2
of
11
aa
x
cons 6s
104 H
100 %
113H
109% 113%
102
105H
99
100H
106H 106H
51H
65
aa
J d x aa 2
M S y bbbl
J y a
1
St Jos A Grand
Island 1st 4s. 1947 J
St Lawr A Adlr 1st
g 6s
1996 J
2d gold 6s
A
♦Certificates
14
x
Saguenay Pow Ltd 1st M
4Hs '66 A O
♦1st
119H
109 H
60 H
60
62 K
J
Dep 6s
117
x
{♦Rutland RR 4Hs
stmp...l941 J
|J*St PA KC Sh
St Paul Un
120H
2
2
*106 K
J
„
117
U9M
110H
110H
A
J
{♦St
113H
29 K
Gen mtge 3Hs series
H...1907
Gen mtge 3Hs series
I
1907
Gen mtge 3Hs series
J
1909
{{♦R 1 Ark A Louis 1st 4
Ha. 1934
♦Ruhr Chemical s f
6s
1948
{♦Rut-Canadian 4s strnp.. 1949
of
110H 112
110
111H
"62 H
100
aa
con
♦Certificates
105K 106 K
108K 110K
z
debentures....1952
♦Certificates
102"„104K
*104K
*109K
aa
bb
A coll trust 4s
A..1949 A O
Roch Gas A El
4Hs ser D...1977 M S
.
ccc2
aaa3
10
123
"~i
7%
aa
gu 6s...1939 J
{{♦Rio Gr West 1st g
4s...1939 J
101H 104K
97
107 H
z
♦Rlma Steel 1st s f 7s
{{♦Rio Gr June 1st
107 H 110H
104
105 H
55
D
1966
113K 117H
55
1944 J
4Hs—1960
14
96 h
52 h
1942 J
cons g 4s..1943 Af N
Consol gold 4s
1948 Af N
4s sterl stpd dollar
May 1 *48 Af N
Gen mtge 3Hs series
C...1970 A O
Consol sinking fund
114 M
107 h
97
1
Pennsylvania RR
iii'M
108% 112H
113 H 117K
55
b
Pa Ohio A Det 1st A ref 4
His A *77
4 Ha series B
1981
Penna Pow A Lt
3Hs
1969
4Hs debentures
1974
101% 103 H
2
Pennsylvania Company—
Guar 3Hs trust ctfs C
A
117%
bbb2
Pat A Passaic G A E cons
5s. 1949 Af S
♦Paullsta Ry 1st s f 7s
1942 Af S
28-year 4s
...1963 F
Pennsyl Glass Sand 3Mb.1960
100% 104 H
112K
109
2
a
4s
107 %
109h
110h
*85
a«a3
110h
74
z
With declaration
9
105K 108%
I07K 110H
108 H lliK
105K 109H
103 M 106H
64
J
♦Cons mtge 0s of
1930
Richfield Oil Corp—
110K
3K
42
106 h
103 h
103
aaal
aa
108
37
El Pr 71.1950 MJV
1952 Af N
1928
109K 111K
106
103 h
2
1966 J
65k
110h
2
aa
Pacific Coast Co 1st g 5s
1946 J
Pacific Gas A El 4s series G.1964 J
ConY deb 3Ha
63 m
*100 k
6k
3
aa
With declaration
♦Cons mtge 6e of
50 H
107 M
aa
58 H
70
27
109H
3
♦Direct mtge 0s
52k
109
a
44H
51 M
83 H
74
65%
114K
109 M
110%
1
aa
♦Rbelnelbe Union s f 7s.....1946 J
♦3H« assented
1940 J
♦Rhine-Ruhr Water Serv 68.1953 J
♦Rhlne-Westphalla
1
71K
62K
25
110K
109 M
110
11
*6
d
z
M
63
*116K
114H
1
A
F A
ser B '61
Pur mon 1st M conv
5HS.1954 MN
Gen mtge 4Hs series
C...1950 MN
Revere Copper A Brass 3
Ha 1960 MN
47 H
57
6H
cc
d
A
1902 F
76 H
57
1
z
z
106
5
107
26%
A...1948 J d
ser
70
56
ccc2
1964 MN
1970 J d
1975 A O
4 Hs
39
56 h
*56
cons guar
41H
62 H
55
2
aaa3
Republic Steel Corp 4 Hs
80 K
42 k
106 k
a
.
1
72
•41 %
109
bbb3
Debenture g 4 Ha
General 4Hs series D
Gen mtge 4Hs series E
56
a
x
1963 F
B...1997
62 H
45
41m
107 %
D
83
41 %
3
D
General 4 Ha series A
General 6s series B
72
3
Ontario Power N F 1st g 5s.. 1943
A
Ontario Transmission 1st 5s. 1946 Af N
Oregon RR A Nav con g 4e__1946 J D
Guar 3Hs trust ctfs D
Guar 4s ser E trust
73 k
70
a
Oklahoma Gas A Elec 3HB..1900
4s debentures
1946
115
45
x
z
1960 F
Gen A ref 4Hs series
A...1997
Gen A ref 4Hs series
123
70
70
2
.1957 MN
Purity Bakeries s f deb 5s...1948
Reading Co Jersey Cent coll 4s *51
106
103 K 107
113
125
a
J
103
117
.....
a
Hs A '52 Af S
Public Service El A Gas
3Hs 1908
1st A ref mtge 5s
2037
1st A ref mtge 8s
2037
Pub Serv of Nor III
3H«
1968
125 H 127H
104
107K
40 H
2
1972
{♦2d ext gold 5s
Pacific Tel A Tel 3Hs
77
x
{♦Providence Sec guar deb 4s 1957 MN
{♦Providence Term 1st 4a. ..1956 M 8
28
14' 103
104h
1967 M S
1st A ref mtge 3 Me ser I
1st & ref mtge 3s ser J
12
102 k
70
28
12H
25 k
1965 MN
3Hs
ser
25%
127 h
aaa2
Ohio Edison 1st mtge 4s
1st mtge 4s
111
110K
24 %
2
d
73
107
a
3
6H
108
71%
61%
64%
107 H
65%
J
J
1st gen 5s series C
1974
1st 4Hs series D
...1977
Port Gen Elec 1st
4Hs......1960
1st 5b extended to
..1950
Potomac El Pow 1st M
3HS.1906
Pressed Steel Car deb 5s
1951
102 % 104 H
12 H
28
*104 %
103 m
103 h
104
bbb2
Northwestern Teleg 4 Me ext 1944
M
109
108 H
conv 4
Pitts Y A Ash 1st 4s
1st gen 6s series B
6%
110K
110K
103 m
24 k
2
2047
"73 M
3
High
107H 111
114H 118H
44 K
54H
4H
9H
~~~8
45 H
6H
108
2
Low
No
High
116H
45
6H
x
J
1977
Pitts Steel 1st mtge 4 Hs
D
1950
Pitts Va A Char 1st 4s guar. 1943 MN
Pitts A W Va 1st 4 Hs ser A.
D
1958
1st mtge 4Hs series B
1959 A O
1st mtge 4Hs series C
1960 A O
97
2H
25M
127 %
Series J
40
*24 k
'
1
J
2047 Q
45
Since
Jan. 1
107
115K
A
1977 J
Gen mtge 6s series A
Gen mtge 6s series B
Gen 4 Hs series C
95 H 101H
CCC2
~J
3
100
103 k
25 m
110K
*110
.....
ccc2
Z
Ref A lmpt 5s series C
2047
Ref A Impt 6s series D
2047
Northern States Power Co—
4
1974 F
Series G 4s guar
Series H cons guar 4s
Series I cons 4 Hs
7%
92
96
101
4
ccc2
..1997 Q
Gen Hen ry A Id g 3s Jan
3s Registered
*94
*113h
z
110K
*99
aa
z
J y bb
Series B 4 Hs guar
1942 A O
Series C 4 Hs guar
1942 MN
Series D 4s guar
1945 MN
Series E 3 Hs guar gold...1949 F A
Series F 4s guar gold
D
1953
9K
15H
9H
16H
92 M
61H
108 H 111H
"12 h
110K
*117
O
86
26
88
aa
x
cc
Range
si2
Ask
Pittsburgh Cine Chi A St Louis—
54 H
48K
108 H 111K
105
108 M
104 H 107
105 H 108H
36
12
1
3
O
♦1st mtge g 5s (stamped can¬
cellation of guarantee).1945 A
♦Certificates of deposit
North Pacific prior lien 4s
1997 Q
4s Registered
b
50
108
*10
1
cc
z
North Cent gen A ref 6s
♦1st gtd g 5s
107k
*31
1
cc
ization manager) 5s
1961
♦Ctfs of dep (Issued by reorgan¬
ization manager) 5s.
1941
Norf A W Ry 1st cons g 4s—1996 O
Debenture 3Hi
107k
cccl
6s stamped
1946
yb
2
"j z c
{|»N Y West A Bost 1st 4 Me 1946
1
Niagara Falls Power 3H8—. 1966 M 8 x aaa2
Nlag Lock A O Pow 1st 6s A. 1955 A O x a
3
Niagara Share (Mo) deb 6 Me 1950 Af N y b
1
{ {♦Norf South 1st A ref 5s..1961 F A z cc 1
Debenture 4s
*105»i« 106h
J x aaa3
D y b
2
1967
111 h
108
1
z
29%
4%
IK
"48 k
*106
1
z
208
99
cccl
3
31
IK
*47 k
bbb2
x
47%
7%
20
15
7
2
x
5s. 1956 J
1956 J
Pitts Coke A Iron
28
18
84
6H
O y b
1946
27
*83
cc
1942 A
1937 V A
1940 F A
1943 Af N
5%
27%
_27~"
N Y A Putnam 1st con gu 48.1993 A O y b
2
N Y Queens EI Lt A Pow 3 Me '65 MN x aaa3
N Y Rye prior lien 6s stamp. 1968 J
J x bbb3
N Y A Rlchm Gas 1st 6s A—1951 Af N
N Y Steam Corp 1st 3 Ha—1983
J
{{♦N Y Subq A W 1st ref 58.1937 J
J
*40*"
6%
cccl
D
1
26 H
78
"45 m
1
cccl
1955 J
2
27
27K
26H
30 H
A
*106 H
1
bbb2
x
J
{(♦Philippine Ry 1st s f 4s..1937 J
♦Certificates of depoelt
Phillips Petrol lHs debs..1951 7" J
22
7
107
cccl
{♦N Y Ont A West ref g 4S..1992 M 8
aaal
z
A
1981
Phlla Electric 1st A ref 3HS.1967 Af S
{♦Phlla A Read C A I ref 5S.1973 / J
♦Conv deb 6s.
1949 Af S
27 H
26K
20 H
24 m
28%
D
{♦Pac RR
26
26
23 k
{♦Harlem R A Pt Ch 1st 4s 1954 MN
3Ha
16
25h
25
28
♦1st A ref 4 Ma ser of 1927.1967
1st A ref mtge
19
24
cc
100
17H
17H
18H
18H
28
1957 M N
♦General 4s
88
25 m
cccl
♦Debenture 4s
x
J y bb 2
it. 80 Af S y bb 2
Phelps Dodge cony 3Hs deb. 1952 / d x a
2
Phi la Bait A Wash 1st g 4s..1943 MN x aaa2
101 %
100
25 h
24 h
cccl
O
O
Apr
Apr 1990
General 6s series B
General g 4 Hs series C
General 4 Hs series D
or
Friday's
Bid
Low
ser A
59%
92
65
cccl
1940 A
1st mtge
53 %
1948
(♦Collateral trust 6s—
Price
1947 M S x aa
1960 A O y b
at 6 Hs..1974 F
57
Range
Sale
See k
(Cont.)
Pere Marquette 1st
1st 4s series B
66 H
95
v>. 100
*23
cccl
J
59
.1948
6s registered
Last
Rating
Hi
6s.. 1943 A
eons
♦Inoome 4s
105H
49%
98
100
cccl
20 H
100 H
101
101
1947 Af S
♦ConY debenture 3Hs.... 1956 J
Peoples Gas LAC
Refunding gold 5s
Peoria A Eastern 4s ext
120H 125K
113K 118H
55
58 h
101
♦Non-conY debenture 3 Me 1947 Af S
♦Non-conr deb 3 Hs
1964 A O
♦ConY debenture 6s
75
Railroad A Indus. Cos.
106H 110H
107 H 110K
62 k
104 h
*103 M
IN Y New Hav A Hart RR—
♦Non conv deb 4s
Eliy. A
EXCHANGE
Week's
Friday
1st g 4 Hs series C
N Y Lack A West 4a ser A...1973 AfN yb
4 Hs series B
1973 Af N y b
♦N Y L E A W Coal A RR 6 H»'42 Af N y bb
♦N Y L E A W Dk A Impt 5s 1943 J
J y b
N Y A Long Branch gen 4s..1941 M S y bb
8TOCK
Peoria A Pekln Un
cccl
x
55
00
122 M
Y.
Week Ended Aug. 15
High
63%
6
4
110H
H
Ax aaa3
(♦N Y A Greenwood Lake 5sl946 Af N
N Y A Harlem gold 3 Ha
2000 AfN
62 M
115H
aaa3
aaa3
No. Low
73 h
109k
lion
122 K
x
x
D
N Y Gas El Lt H A Pow g 56.1948 J
Purchase money gold 4a...1949 F
62 M
73
N.
Jan. 1
High
109 H
N Y A Erie—See Erie RR
Aug. 16, 1941
BONDS
Since
Asked
Low
--
5
Bank
Range
or
Friday's
Bid
Indus. Cos. (Cont.)
N Y Edison 3Hs eer D
Record—Continued—Page
Week's
Last
Week Ended Aug. 15
Railroad &
Friday
123%
14
13H
IK
6K
5M
7%
6%
16
1
106 %
123%
2
13
14
13
102
"3
1
2H
64H
81
4H
U%
111% 114H
6K
70 H
96
104 K 106 K
121H 124 H
9
15
13%
26
8H
14 K
IK
IK
1
5%
5M
7%
6 K
158
%
3H
5K
1
7%
186
6K
33
6%
16
16
15
2%
4H
3K
10H
1%
6%
5H
8H
7H
17K
Volume
Bank
STOCK EXCHANGE
Y.
Week's
Last
Range or
Sale
Friday's
Bid
A
Asked
Price
See k
•-.a.
15
Week Ended Aug.
Friday
Rating
F
A
z
c
1935
A
z
c
J XI
2
J
2
Shell Union Oil 2Hs debs
2 lis s I debs
1954
1961
1952
x
J
A
1946
V
W.
~
99 H
19
97
1962
3a debentures
1979
Southern Colo Power 6s A->1947
South Bell Tel A Tel 3Hs
a
x
i,
*.
x
bbb2
Southern Pacific Co—
1950
O
A
4
101H 104 H
103 % 107 H
106 % 109H
107H
108M
32
103
109
104H
105
17
104
106
51%
232
53
51H
44%
84
1994
J
bbb2
91%
90H
91H
44
60H
60 H
62 H
81 %
81H
86
Devel A gen
-
O ybb
O ybb
1956
6s
Devel A gen 6 Ha—..
Mem Dlr 1st g 5a
1956
1956
Devel A gen
o y bb
2
2
2
J
x
J
x
bbb2
D
x
aaa3
J
x
aaa3
4s
3 Ha B_. 1964
1968
1st A ref 3a series C
So'western Bell Tel
-
w
25
24
25
31
cccl
19H
18%
19H
58
M S
z
cccl
61
61
A '75 M S
z
cc
1
18
18H
332
45%
7H
z
cc
1
17H
18H
445
7H
17H
444
7%
18H
354
.^ToJedo A Chic Dlv
Walker (Hiram)
M 8
106M
91
91
aaa3
106
106
106H
1965 AfN
x
aaa3
106H
106H
107
Tol A Ohio Cent ref
Tol St Louis A
A Imp 3Ha *60
West 1st 4S..1950
♦Tyrol Hydro-El Pow
♦Guar sec s f 75
7 Ha—1955
1962
UJigawa Elec Power s f 78—1945
Union Eiec Co of Mo 3Hs— .1971
{|»Unlon Elev Ry (Chic) 58.1945
Union Oil of CaUf 6s series A. 1942
62 H
75%
11
62 H
67 H
92 %
79%
79%
*106
M S
AfN
A O
1
x
aa
7 H
106H
......
'
MN
.75s
.876s
1.00s
1.1258
1.258
—
1.375s
1.50s
1.6258
1.758
1.80s
—
1.86s
1.90s
1.958
2.00s
2.058
2.108
2.168
—
*99%
aaal
x
Nov 1 1941
MN x aaal
May 1 1942
x aaal
Nov 1 1942 M N
MN x aaal
May 1 1943
MN x aaal
—Nov 1 1943
MN x aaal
...May 1 1944
MN x aaal
Nov 1 1944
MN x aaal
May 1 1946
1 1946 MN x aaal
—Nov
MN x aaal
May 1 1946
MN x aaal
.—Nov 1 1946
MN x aaal
—May 1 1947
MN x aaal
Nov 1 1947
MN x aaal
May 1 1948
MN x aaal
Nov 1 1948
MN x aaal
May 1 1949
MN x aaal
Nov 1 1949
MN x aaal
—May 11950
MN
x
112% 112%
106H
101% 106 H
U2H
26
110H 114%
110
112%
110
2
99
18
96
A—1955 F
series B
1957
A
'-J 'mm
94 H
15
bb
aaa2
4s..1949 J
J
mm
1955 J
16
56H
29
46 %
mm
mm.
104 H
104%
4
105H 107 H
103
104H
115
-
1
94%
106%
93
105H
104%
2
114%
94
115
2
114
41H
66
27
43H
40
20
26%
42%
12%
15
7
13 %
7H
12H
c
2
40 %
39%
c
2
40
38%
|*Su A Du dlv A ter 1st 4s. 1936 AfN
z
cc
1
Jmm*mm
z
cc
1
O x aa
3
J
x
a
3
J
z
cc
1
♦Certificates of deposit
Wisconsin Elec Power 3Hs—1968 A
mmmm
1971 J
1943 J
mm
•
m
MN x a
%2
v
12
7
12H
*11%
mm
....
115
110
4
108H 111H
110
6
106 % 110
102%
103
35
101H 103 H
101%
mmm
110H
110
....
102 %
42
96H 103H
*4%
——
xbbb2
M
m___.
52
112% 115
92H
95H
114H
z
gen
27
15
50H
48H
z
"m'%
1
1
•
I
1
1
1
♦
a
Deferred
Casn
100H
delivery
sale,
d Ex-interest,
I Negotiability Impaired by maturity,
tlon
e
sale,
Odd-lot
Under-tbe-rule sale.
n
saie>
^
t The price represented is the
Accrued Interest payable at the
200-pound unit of bonds.
dollar quota-
exchange rate
of
.8484
X
Companies reported as being in bankruptcy,
receivership, or reorganized under
assumed by such companies.,
Section 77 of the Bankruptcy Act. or securities
99H
13
96 H 101 H
70
102 % 107 %
5
104% 107%
2
65%
76%
82%
90%
107% 108%
106
74H
88%
42
—
*
No sales transacted during
Friday's bid and asked price.
♦
current week.
Bonds selling flat.
Bank Eligibility and
Rating Column—x Indicates those bonds
which we believe
eligible for bank Investment.
100%
100
100
believe are not bank eligible due
provision in the bond tending to make it speculative.
Indicates those bonds we
y
100% 100 %
100%
or some
either to rating status
*1.0%
m%
*100%
iob%
101
101
101%
iooh ioi%
100
100 %
100
102 %
*101 %
102
100 %
102
*101 %
102
100
101H
*101 %
102
100% 102
*101H
101H
100% 102%
100
103 %
100
102 %
noon
*101 %
102
102%
101 %
101%
*101 %
102%
101%
101 %
100
102%
*101
102%
102%
100
103
100
A
great majority of the
102%
*101
103 %
*102
102%
101
100 %
102
at the
Transactions
All Issues
Exchange,
New York Stock
Daily, Weekly and Yearly
104%
102%
104 %
102 %
103 H
30
20%
33
Aug. 15,
1941
101%
94%
102%
31
102%
103
Monday..;—...
33 %
Tuesday
33
Wednesday
91%
97
Thursday
100
104%
99% 105 H
— -
.......
aaal
*110%
110
aaal
•lion
109
$176,000
$95,000
271,000
115,000
378,000
260,000
168,000
138,000
5,662,000
$28,144,000
$2,246,000
$675,000
$31,065,000
420,740
415,260
Friday.
110H
68,000
91,000
413,000
748,000
111
x
Bales
$3,151,000
4,641,000
5,471,000
6,353,000
5,687,000
$2,880,000
4,255,000
4,990,000
5,514,000
5,141,000
5,364,000
321,110
448,130
428,200
—
Total
x
Bond
Bonds
Stale
385,570
31H
21%
8
25
13%
—
States
For'u Bonds
2,419,010
Saturday. .'
20
20 %
*11%
94%
101%
Total
Municipal
Bonds
Number of
Shares
33 H
36%
United
Mis cell.
Railroad dk
8tocks
Week Ended
33
37
02
lower are in default.
100 H 104 %
101%
1*101 %
j
issues bearing symbol ccc or
In default.
103 %
1*101 X
102 %
reorganization.
bond
Immedi¬
symbols
bond
bearing ddd or lower are
100 % 104
*101
*101%
-
bankruptcy, or in process of
symbols in this column are based on the ratings assigned to eaoh
by the three rating agencies. The letters Indicate the quality and the numeral
ately following shows the number of agencies so rating the bonds.
In all cases the
will represent the rating given by the majority.
Where all three agencies rate a
differently, then the highest single rating is shown.
100% 104%
100 % 104
102
*102
li
indicates issues in default, in
The rating
100% 103
100
103H
*101H
-
%
100% 101
101 %
Week Ended
Sales at
New York
Stock
1941
Exchange
J t," 'Jr.
1940
foreign
Railroad and
t
directed to the column
Total
incorporated In thU tabulation pertaining to
15
1940
1,917,900
87,961,259
138,263,435
$385,000
2,376,000
15,144,000
$13,380,000
99,286,000
$28,854,000
2,246,000
Government
State and
,..:y
1941
$675,000
1,247,042,000
815,294,000
$17,905,000
$1,359,708,000
$985,156,000
Bonds
,"'•7;
Jan. 1 to Aug.
Aug. 15
2,419,010
Stocks—No. of shares..
m
"41
48
-mm*
{♦Wis Cent 50-yr 1st
:/v'r'.
Attention !■
m
"51%
51%
bbb3
x
51%
48%
100%
106H
—
Cons s f 4s
O.J.
O
*100
2.25s
Vandalia cons g 4s
2
x
y
10313U107
18
*100
aaal
-.—.Nor 1 1950
MN x aaal
May 1 1951
MN x aaal
2.30s
Nov 1 1961
MN x aaal
2.358
—May 1 1952
MN x aaal
2.40s
Nov 1 1962
MN x aaal
2.45*1
May 1 1953
MN x aaal
2 60s ......-..-Nov 1 1953
MN x aaal
2 668
...May 1 1954
MN x aaal
2.60s
Nov 1 1954
x aaal
2.658
May 1 1955 MN
D z
♦Un Steel Wks CorpO Ha A-1951 J
z
♦3Ha assented A
—.1951 /
z
♦Sec s f 6Hs serlee O
1951 J
z
♦3assented C
—1961 J
•Sink fund deb 6 Hs ser A.1947 J
z
♦3Ha assented A
1947 J
x bbb2
United Stockyds 4Hs w w__1951 A
x a
I
Utah Lt A Trac 1st A ref 5s. 1944 A
x bbb2
Utah Power A Light 1st 5S—1944 F
2.20s
85%
87%
86
x
i
debentures—
.625s
12
...
Corp—
United States Steel
73%
74
8
:
*
90
103^32 103^^32
—
62
84%
30 H
105% 107%
59%
x aaa2
112
112H
.—1947 J J
110
x aaa2
1947 —
98 H
x aa
2
98H
34-year 3 Ha deb
—1970 A O x aa 2
99
98%
85-year 3Hs debenture—1971 MiV
x aaa2
106 %
106H
Ref mtge 3 Ha ser A
1980 J D
x a
2
106
United Biscuit 3Hs debs
1955 A O
74H
74H
y b
3
United Cigar-Whelan Sts 5s. 1952 A O
88
88
United Drug Co (Del) 5s
1953 M S ybb 3
x aaa3
*107H
U N J RR A Canal gen 48—. 1944 M S
grant 4s
registered...—
57
85
86%
J
20%
15
'
2
86%
84
83%
2
2
15
34
81H
8%
112H
3
cc
71%
85%
2
AfN y b
D yb
100%
13%
1st A land
Serial
93 %
64H
aaa3
29H
39
30%
97 H
*9
112H
aa
z
15
83%
25H
84%
48%
70H
AOS
•—...
x
;
25%
J
f
x
107
25
aa
.
*8
y
104 %
......
*120
1
—
95H
90H
100
105
-
25%
1949 M S
{♦ Wor A Conn East 1st 4 Hs
Youngstown Sheet A Tube—
92
98 H
aaa3
z
-
25%
B1966 M 8 xbbb2
ser
24
30%
m'mi
25%
J
Wise Public Service 3 Hs
27
106
cccl
2
2
65
48%
14 %
36
103H
104% 104 H
98
bb
w
58
cccl
ybb
y bb
♦Certificates of deposit
96 H 104%
*103 H
——
^
93 H
-
z
1947 A O
74%
62 H
30 H
20%
93 %
79M
29H
Union Pac RR—
4s
32
103
54%
y
A
101H104H
92%
z
Conv deb 3lis
75
x
P A
1959 F A
3s debentures
12
99H 101H
AfN *
F
111H 114
109 H 111H
3
*105
Winston-Salem S B 1st 4s...1960 J
94 %
108%
66
*102 H
3
107 H 110H
20
103
103
J
Wilson A Co 1st M 4s A
78
103
67H
65 %
66 H
2
124% 128H
7
m"mm
110H
104H
110
92 Va
2361 J
102 % 107%
"l
65H
-
30 H
a
2
120
104H
110%
J
Registered...
67
67
aaa2
HOH
.
Wheeling ALE RR 4s
Wheeling Steel 1st 3Hs
95
104
30
x
110%
■
39
*94
bbb2
x
106% 108H
m
_
102 H 106%
16H
O y bb
72%
m
-mm
126
*112
2361 J
With declaration
West Shore 1st 4s guar
Conv deb 4s.
A
79
65
1
z
♦Westphalia Un El Power 68.1953 J
94 %
88
K OttB-lVOU
ri
33
bb 3
M S
32
'
8
M
108% 112
13
104
-
"8
Q9
54 H
Ohio 4s serlee C..1942
J D
Toronto Ham A Buff 1st g 4s. 1946
M S
Trenton G A El 1st g 5s
1949
J
J
Tri-Cont Corp 5s conv deb A. 1953
Tol W V A
79
mm:*
M 8
1950 M 8 y b
bbb2
x
51%
70
1951 J
x
D
96%
187
110
aaal
x
25-year gold Be
x
Texas A N O con
O
A
30-year 6s.
J
/ D
92%
*98%
J xbbb2
1977 J
1st A ref 5 Ha series A
99% 102 H
100 H 102 H
123 % 128 H
109% 113H
O
/
99 %
14
126
mmmmm-m
O xbbb3
1952 A
Maryland 1st 4s
100 % 109
A
1953
J
Dx
33
1959 A
Ltd—
aaa3
55
1950 F
With declaration
aaa2
x
20
1953 J
Tokyo Elec Light Co
1st 6s dollar serlee
aaa2
x
F
107
105
in
cccl
x
A
D
J$u o y\
34 %
26 H
103H 108 H
105 %
103
28
105
aa
111
I wswsrn
109 H 112
104 H 109
x
y
AOb
3
5
2
z
V*UA
1st 40-year guar 4s ^
■
2
22
1960
F
87
91
38H
72 %
72 H
—
--mm
105H
77 H
6
78
*35H
mmrnmmm
a
112H
ill H
Jan 1960
58—1937
A yb
F
aa
124H
4s
76 H
x
102 H
♦AdJ Income 5s
77%
J
124
|*Thlrd Are RR 1st g
1
J
mi
Third Are Ry let ref
96%
89
aaa3
ccc2
96
cc
z
102
104M
106H
101%
102%
y
96%
84 H
10
105
•
86%
99%
2
S ybb
M
7%
58
99
79
32 X
32
aaa3
-
85%
62
18H
18H
17%
18%
103
mm-mm-
75
9
bb 2
-
85%
O y b
2
O y ccc2
42
37
z
w'
12
30
108 H
x
^
104H
87%
HO %
J
-
104 %
82%
104H
-
104 H
2
108H
32
1943 J
J ybb 3
gold 6s
x a
2
Texas A Pacific 1st gold 5s_. 2000 J D
1977 A O x bbb2
Gen A ref 5s series B
1979 A O x bbb2
Gen A ref 6s series C
1980 J D x bbb2
Gen A ref 6s series D
1964 M S x bbb2
Tex Pac Mo Pac Ter 6 H8 A.
bbb2
D
aa
aaa2
3s deb
x
G A W—
x
aa
38 debentures
16H
17%
M 8
x
Texas Corp
1
65%
x
A.
1
cc
57
x
Gen refund s f g 4s
cc
112
1961 AfN
Tezarkana A Ft S gu 6 Ha
z
z
A
*
1
21
7H
,
16H
16H
i5H
16H
2
liO
104%
3
g 4s.l941
gen 5 Ha
J
80
aaa3
Tenn Coal Iron A
25
cccl
z
aa
J
J
RR gen 5s. 195'
F A
Term Assn St L 1st cons 5s_. 1944
Swift A Co 2 lis debs
74 H
12
' ; 7
:
86
cccl
2
52 H
x
78
x
b
72
D
72
z
O y
71%
J
82
J
1953
deb 6s 1945
1950
Superior Oil 3 Ha debs
71%
94 H
'rn
110H
m
1
89 %
78H
J
1961
2 Ha debenture
Studebaker Corp cony
-
D
{♦Spokane Internat 1st g 6s. 1955
Standard Oil N J deb 3s
-
-
b
z
70%
*78
bbb2
1951
St Louis Dlr 1st g
63 H
*81H
1996
54
z
1941 J
68 %
44
J
{♦Wabash Ry ref A
53 H
48H
57 %
57%
bbbl
bbbl
63%
J y
6a_.
4a serlee A...
28
30
'J
74
65%
J y
Southern Ry 1st cons g
13
3
A
23
83 %
1955
x
275
52%
3
bbbl
39%
99
50
68%
1st ref guar 4s... 1955
1st 4s stamped
174
27 H
52
O
'
So Pac RR
68
26
52%
y
51%
262
83 H
65%
26%
Q M
39%
50%
65%
1
88
40%
415
69
1
71
214
51 H
74
106 % 109H
cccl
48%
51%
48
b
55%
55%
55%
72
50
109
z
A
50
50%
50%
108H
♦Ref A gen 5s series B
1976 F A
♦Ref A gen 4 Ha series C—.1978 A O
♦Ref A gen 5s series D
1980 A O
120
110H
49 %
11
z
I^Des Moines Dlv 1st 4a..1939 J
♦Omaha Dlv 1st g 3Hs—1941 A
48H
65H
90
65
rnmmm
73
J
26
37 H
84 H
54H
J
104
92
88
High
108 H 112
1
A
1939 F
...1954 /
106
34H
1
a
x
I* 1st gold 5s
♦Det A Chic Ext 1st 5s
.
San Fran Term 1st 4s
b
♦1st lien g term 4s
122H
48 H
D
J
y b
2
1949
y b
2
4s registered
1949
M~ 8 ybb 2
1st 4Hs (Oregon lines) A.1977
M S y b
2
Gold 4 Ha
1968
AfN y b
2
Gold 4Hs
1969
MA' y b
2
Gold 4 Ha
—1981
J
J y bb 2
10-year secured 3lis
1946
coll)
z
§♦26 gold 5s
85
6
63
72' -V •;
1939 AfN
27
Since
No. Low
High
*85
73
108%
45H
♦108H
m
110%
63
2
Range
Jan. 1
Asked
110%
-mmrnmm
aa
35
119
1C7H
105
aaa2
x
„
2
aa
x
54
*119%
aaa2
x
Virginian Ry 3Hs series A—1966 M S
J Wabash RR Co.—
100
ia
A
Bid
Low
S
M
102 H 104 H
103H
106
3
x
Nft.
>
22
102H
aaa3
Price
Railroad & Indus. Cos. (Concl.)
14
103 %
bbb2
x
99 H
Sale
See A
^
a
Friday's
Rating
k
$5
Va Iron Coal A Coke 1st g 58.1949 M S y ccc2
Va A Southwest 1st gu 68—2003 J
J y bbbl
IstoonsSs
1958 A O y bb 1
45
3
35
35
VI
ya Elec A Pow 3Hs ser B...1968
29%
35
*10H
—
106H
xbbb2
Bocony-Vacuum
South A Nor Ala RR gu 6s.-1963
_
—
102 %
x
debs
4s (Cent Pac
94 H
35
y
1950
Oil 3s debs. 1964
8 kaily on 3s
64
*30 H
*43
z
1952
Simmons Co deb 4s
98
Z
t§*81Ieslan-Am Corp coll tr 7s-41
4
4
98 H
*3
D y
F
Shinyetsu El Pow 1st 6 Ha
M S
♦Siemens A Halske deb 0 Hs.1951
♦Silesia Elec Corp 6Hs
a
High
2H
97 %
1
STOCK EXCHANGE
Week Ended Aug. 15
2H
16
99
1
F
No. Low
3%
3H
3%
3%
ctfs.1935
♦6s Series B certificates
High
Low
Railroad & Indue. Cos. (Cont.)
{♦Seaboard All Fla 6s A
1
Range or
Last
V w
N. Y.
Since
Jan.
Elig. A
BONDS
Range
§"S
Week's
Friday
Bank
00
Elig. A
£3
15
BONDS
N.
961
New York Bond Record—Concluded—Page 6
153
28,144,000
industrial...
1
$31,065,000
bank eligibility and rating
of bonds. See note A above.
141,008,000
New York Curb
962
Exchange—Weekly and Yearly Record
Aug. 16, 1941
and when selling outside
NOTICE—Cash and deferred delivery Bales are disregarded In the week's range unless they are the only transactions of the week,
the regular weekly range are shown Id a footnote in
the week in which they
occur.
No account Is taken of such sales In computing the range for the year.
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange
beginning on Saturday last (Aug. 9, 1941) and ending the present Friday (Aug. 15, 1941).
It is
compiled entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
stock or bond, in which any dealings have occurred during the current year.
In the
for the week
Last
Par
STOCKS
Week's Rang
of Prices
Low
Higf
Week
Price
1
Low
Shares
23
Mar
213f
Feb
2234
634
63*
123*
134
2534
1
Bell Aircraft Corp com___l
Bellanca Aircraft com
1
Bell Tel of Canada
100
Benson A Hedges corn...*
Beech Aircraft Corp
Jan
534
200
6
July
4
434
4
July
834
134
83*
3,800
600
83*
July
134
1,100
July
Air Associates Inc
83*
(N J)..
534
"l",6o6
»i»
Apr
Hi
Jan
Jan
Jan
Jan
Mar
Jan
50
76 3*
10334
Jan
Jan
Apr
Mar
Jan
May
103
Mar
54
Mar
Apr
Feb
■
pref
'
54
Warrants............
86
87
34
87
preferred
Alles A Fisher Inc com..
Alllancelnvestment
1
1
300
134
15*
"l834 "lok """566
88
May
Feb
14
Blauner's
1133*
1
*
Blumenthal (8) A Co
•
Bohack (H C) Co com...*
7% 1st preferred
100
Borne Scrymser Co
26
Aug
2
Apr
60
183*
Apr
May
1113*
July
155
116
100
110
July
13 3*
ICO
12
Mar
6 34
50
115
72
Jan
3*
July
34
May
63*
65
150
300
34
4
Amer Box Board Co
Aug
May
93
Ht
7% 1st preferred
$5 2d preferred
2434
534
111
Aug
Jan
Jan
Apr
Brewster
July
Brill Corp class
Jan
4
Apr
Jan
834
23*
July
July
900
32 34
""26
"ik
"""166
53*
23*
23*
May
Mar
Jan
Apr
~
100
1834
May
35
July
33
32
Bridgeport Machine..
Preferred ..........100
13* May
;
3834
1
Mar
38 34
Feb
73*
Jan
July
53*
34
Apr
23* June
July
934
934
1034
Feb
2,300
334
10
1,300
534
Feb
1034
3,300
2334
53*
Aeronautical..
Mar
83*
343* June
Bridgeport Gas Light Co.*
Mar
Apr
Jan
800
ui«
37
834
1C34
1
Breeze Corp common
Jan
3*
133*
4034
600
34
353*
8
34
203*
34
"35 k"
Brazilian Tr Lt A Pow..
Jan
534
Jan
Aug
Feb
Feb
2,200
8
303*
3* May
1034 May
34
Jan
Apr
Apr
Apr
H
Class A common.... 10c
Jufy
5?*
134
1,100
I
Apr
30
134
Feb
134
A
3*
5
Jan
Jan
34
63*
10 H
Jan
July
July
1134
Jan
30
Apr
13*
41
Jan
June
Feb
334
July
3*
10c
Mi
Jan
>i»
Jan
*
*
Centrifugal Corp...l
934
63
May
Mar
Jan
He June
113*
683*
*i«
163* May
2834
British
1634
June
2634
3*
May
3*
3834
4234
2034
Feb
Feb
Jan
Jan
July
48
51
400
3534 June
52 34
July
12
12
100
1134
303*
May
123* June
1034
July
1234
May
July
10
British Celanese Ltd—
Common class B
$3 preferred
16.60 prior pref
Apr
Jan
Conv
26
.........26
1
class A..
Class A new
ClassB...
1834
183*
200
%
34
700
34
35
..10
3934
203*
-.1
$2.60 conv preferred...1
"fL800
23*
-
Apr
3*
Mar
Hi
Jan
f Brown Co 6% pref_...100
934
Apr
July
Brown Fence A Wire com.l
24
2454
2,300
1083* 1093*
3
2 3*
250
133*
303*
1133*
4,000
23
May
1053*
23*
253*
May
.
1
Jan
Feb
283*
3134
25
"23""
""650
"22"
26
334
2934
Jan
Jan
Brown Rubber Co com
33
Jan
Bruce
Feb
Feb
Feb
23
July
Brack SUk Mills Ltd
23
Aug
Buckeye Pipe Line
Amer Maracalbo Co
1
Amer Meter Co
American Republics
A mer Seal-Kap common
.
«-.
300
25
Apr
1534
Apr
2834 June
100
173*
Apr
25
Aug
Mar
84
June
Bunker Hill A SuUlvan 2.50
hi
"""266
63
200
254
Arkansas Nat Gas com... •
Jan
Jan
60
Feb
8
Jan
California Elec Power... 10
334
Jan
CaUlte Tungsten Corp
334
July
Jan
Jan
Mar
Mar
Apr
1
Aug
12
June
10634
154
300
1
Apr
13*
1,100
8
9,000
134
13*
734
87
88 34
73*
11
134 June
634
Apr
7934 June
734 June
150
1034
200
6 3*
.'65*
63*
100
5
1
534
1,400
63*
Jan
2
Aug
July
23*
July
834
96
Jan
Mar
1134 Aug
634 June
434
Apr
53*
103*
June
1134
Jan
May
23*
£X
July
Mar
3
II
;
3,400
Assoc Tel A Tel class
-----
**
**. "•
*
~
"3 k
"""766
7i«
*18
300
"""400
72
Jan
Apr
10934
July
Apr
May
Jan
33*
2934
43*
July
July
July
34
May
"u
Jan
834
July
234
700
Jan
13*
200
1
Mar
Can Colonial Airways
1
Canadian Dredg A Dock.*
Canadian Indus Aloohol—
Class A voting
Class B non vot
19
July
434
Mar
2
May
7% preferred
Canadian
1
34
34
1 00
Capital City Products
*
Carlb Syndicate
..26c
83*
83*
25
Marconi
Carman A Co class A
39
•
..1
Carter (J W) Co common. 1
Casoo Products
•
Castle (A M) common.. 10
Catalin Corp of Amer
.1
1st partlc pref
Cent Hud G A E
100
39
43*
43*
Aug
Cent Ohio Steel Prod
July
Jan
.293*
16
Jan
3034
May
34
Jan
July
Feb
3634
Apr
July
25
1,700
Aug
Feb
121
Feb
534
3234 July
134
11434
34
Jan
Mar
8
July
July
34
9
Aug
Mar
134 June
'""7J*""Apr
Jan
35
Feb
39
1093* June
113
Apr
1103*
Feb
1034
Jan
Jan
63*
8
'"3k '""3 k "Ik
Jan
4
107
June
134
4
2,200
Feb
234
Jan
Jan
2034
6%
preferred
1263*
150
"473* ~48k
126?*
""""56
126
108
480
108
834
834
200
July
June
"813* "82""
82
834
1
96
834
300
1163*
Mar
Soin
Apr
Aug
Apr
803*
8
50
83*
115
115
"""loo
Jan
634
5134
July
Feb
Jan
3534
106
Cent Pow A Lt 7% pfd 100
Cent A South West UtU 60c
Cent States Elec com
1
334
293*
2
""634 "oH
110
Aug
May
95
Aug
Jan
Jan
Feb
10
13*
13*
Jan
34
Aug
Jan
*>!
Feb
May
May
May
H* July
200
100
preferred
100
Conv preferred
100
Conv pref opt ser *29.100
Cessna Aircraft Co
1
116 34
Jan
1n
400
Apr
34
7%
*
Jan
Mar
'
»
173*
34
73*
73*
»
com
Cent Maine Pow 7% pf 100
Cent N Y Pow 6% pref. 100
Mar
Feb
29
Jan
5
16
Celanese Corp of America
7% 1st partlc pref
100
Celluloid Corp common. 16
$7 dlv. preferred
*
May
Tobacco—
1834
7
•
334
Warrants
Aug
•
123*
Jan
Mar
Jan
z34 June
.*
75
Ayrshire Patoka Collieries 1
Apr
234 May
13
100
100
234
May
13* Apr
134 May
MOO
*
100
70
Feb
Feb
234
143*
"234 "3"
2?*
»
434
30
8
Canadian Industries Ltd—
4
15
30
Feb
14
800
May
10
Feb
"""3k"""Jan
8
Jan
May
15
•u
534
"2
Jan
534
434
Jan
1
Jan
-
2
234
34
234
34
Mar
3*
34
50
34
734
934
14,200
434
434
300
33*
Apr
Jan
Jan
34
Jan
934
Aug
Chamberlln Metal Weather
Baldwin Locomotive—
5
5 3*
36
534
36
534
634
1,400
Apr
®i«
com.
7% preferred....
Baldwin Rubber Co
Jan
3*
Apr
734
Jan
3734 Mar
634
Jan
234 May
134
Jan
Aug
11
334
32
150
100
BarbonCorp
Barium Stainless Steel... 1
834
Beau Brummell Ties Ino.. J
Beaunlt Mills Ino oom._10
13*
9
83*
83*
5
■
Refractories Inc... 1
Baumann—See "Ludwlg"
134
9
13*
6
Baslo
5
7
24
22 34
"""800
100
For footnotes see page 967,
Apr
FeD
9
1,500
634
Jan
100
43*
8
300
43*
Mar
Mar
24
325
1234
Jan
/
-
1034
""2>4
1034
-
1
Jan
1334
4
June
10
100
15
3*
1234 Mar
H
103
100
4
June
93* May
II u
1C3
100
pref..
"100
$6 preferred
Carrier Corp common
3 54
conv
"""34 ~~~X
Jan
163*
$1.60
9934
13*
734
Barlow A Seellg Mfg—
$1.20 conv A com
193*
92
100
July
354
13*
Purcb warrants for
1634 June
150
10
16?*
15
Mar
Feb
700
113*
1093* 1093*
Auburn Central Mfg
*
Automatic Products new.l
......
Aug
1734
Carolina P A L $7 pref...*
Atlas Drop Forge com...6
Atlas Plywood Corp
»
Automatic Voting Mach..*
Apr
46
94
Jan
54
734
......
Mai
34~"Feb
1634
34
17
1
36
113*
Carnation Co common
334
Atlantic Coast Fisheries.. 1
Atlantic Coast Line Co..60
Aug
134
13
93
Jan
108
.....
55
Jan
1134
113*
H
65
~
Aug
1734
13*
34
34 June
Jan
Aug
334
93
Jan
Jan
Atlanta Birmingham A
Babcock & Wilcox Co
""l50
ht
I11
200
*«.
■
*32
_♦
■" »
Avery (B F) A Sons com.5
6% preferred w w.
6% preferred x-w._
Mar
%
332
Common
common
Vot trust ctfs
Class B
5 Associated Gas A Eleo—
Atlas Corp warrants
x2434
453*
Aug
113*
Canadian Car A Fdy Ltd—
23*
13*
3*
Associated Elec Industries
Atlantic Rayon Corp
50
100
Canada Cement Co Ltd—*
100
Assoc Breweries of Can..*
Coast RR Co pref...100
Atlanta Gas Lt 6% pref 100
Mar
1,200
July
234
Camden Fire Insur Assn. .6
Apr
103
87
6
$5 preferred
Assoc Laundries of Ai
13*
13*
~45k "45'
Am dep 6 *4 % pref she £1
Calamba Sugar Estate..20
250
734
10
Arkansas P A L $7 pref...*
Aro Equipment Corp
1
Class A
600
1234
1634
23
Cables A Wireless Ltd—
106 34 106 34
134
13*
Common cl A non-vot..*
Amer dep rets reg
3 3*
55
7% partlc preferred...25
106 34
133* June
134 May
7
May
May
July
334
33*
"""734 "7k ""160
300
Jan
June
834
4234
......
100
60c
Feb
100
234
800
234
113*
June
83*
Apr
60c
com
Apr
Feb
May
2
Ashland Oil A Ref Co
Cable Eleo Prod
34
-
1
1234
Burry Biscuit Corp._1234c
634
.....
4
52
22
Burma Corp Am dep rots..
Jan
Jan
3*
Jan
Apr
»i«
34
Corp com *
*
*
American Thread 6%
1st $6 preferred
com
May
3234
34 ""hi "2^666
$6 series preferred
6% preferred
•
66
3*
_
Angostura-Wupperman ..1
Apex Elec Mfg Co com...*
Appalachian Elec Power—
434% preferred
100
26
23*
7
10
2
Post Fence
$1.60 preferred
$5 1st preferred
50
50
7
62
Jan
Apr
Buff Niagara A East Pow
3,200
28 3*
'""hi
k—
31
•
50
283* June
------
334
1
25
>
H
♦
.1334
1234
234
(EL) Co common..6
793*
Am Superpower
Class A
preferred
25
*
Amer Potash A Chemical. *
Axton-Flsher
$6
273*
1234
2134
2*4
*
Brown Forman DlstlHers.l
Apr
June
22
Class A preferred
1634
113*
200
3134
Jan
Feb
15
British Col Power cl A...*
28
400
28
-
May
Aug
34
ord reg._ 10s
1534
preferred
Art Metal Works
Am dep rets
700
Amer Mfg Co common. 100
Preferred
...100
Anchor
6
£1
300
------
20
Amer Lt A Trac com
July
8
Am dep rets ord reg
34
Amer Hard Rubber C0..6O
Amer Laundry Mach
Feb
Am dep rets ord bearer £1
1534
Amer General Corp com 10c
$2 conv preferred
Co—.
Amer Tobacco—
13 34
2434
100
preferred
3954
2034
503*
Class
34
19
W,-
American Gas A Eleo—10
4H %
7% preforred....„..100
Brillo Mfg Co common...»
1234
Amer Export Lines com._l
Amer Foreign Pow warr—
Amer Fork A Hoe com...*
"39"
Jan
31
Cynamld class A..10
Class Bn-v
Class B
.
British Amer OH
Amer Cities Power A Lt—
6%
May
23* May
96
May
235* Mar
16
133*
34
1 63*
100
Jan
35
200
15 34
Bowman-BU tmore com ...»
Jan
American Capital—
Amer
1134
634 June
334 July
Bourjols Ino
Jan
183*
734
7534
9934
1,300
'i«
12
734
Jan
24>*
7134
------
High
Apr
37
Blue Ridge Corp com
1934 Aug
2234
Jan
434 May
300
634
American Beverage
LOW
434
32
34
12
1534
13*
2234
133*
114
114
20
•
common
Bliss (E W) common._
116"
Altorfer Bros com..
6% preferred
500
•
$2.50 preferred
234 May
4
22 34
334
*
Conv preferred
$3 opt conv pref
"l"l3"
17,100
4,800
10534 10534
10534
10?*
1934
3?4
1834
Range Since Jan. 1, 1941
Shares
93*
1834
103*
Berkey A Gay Furnlture.l
Bickfords Inc common...*
Allied Intl Investing—
Aluminum Co coram
for
Week
A Machine Co com—
1
20
Air Investors new com...:
Price
Range
Birdsboro Steel Foundry
11134
23*
534
4
Amer
of Prices
Low
High
94 3*
Class B.
$6
Week's
Sale
Par
183*
......
,.....
new conv
Last
High
Supply Mfg—
Aero
i
STOCKS
(Continued)
Range Since Jan. 1,1941
for
Sale
Sales
Friday
Sates
Friday
May
Strip
Co
Corp common
10
Cherry-B urreU common. 6
Chesebrough Mfg
Feb
434
Mar
Mar
634
143*
1103*
Jan
733*
Jan
113* May
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach—.4
56
100
ICO
Chief Consol Mining..
ChUda Co preferred
Cities Service common
33*
43*
5
Charts
34
100
100
56 34
56 34
50
754
3*
754
7 34
100
1
3*
3*
934
934
93*
550
434
534
2,700
6934
713*
600
63*
100
834
Aug
5
Aug
$6
8
Aug
6O0 preferred B_.
»
24
Aug
$6 preferred BB
»
10
5
preferred
63*
60
60
62
40
June
5634 Aug
734 June
600
100
87
Hi
Jan
Jan
10
Jan
534 June
334 July
Jan
34
July
10
Jan
634
July
8334
July
43* June
734
July
Feb
7234
Aug
48
48
Feb
Volume
New York Curb Exchange—Continued—Page 2
153
Sales
Friday
STOCKS
Week's Range
Last
Sale
(Continued)
Par
Price
Cities Serv P A L17 pref_»
of Prices
High
Low
97
97
10 preferred
♦
City Auto 8 tarn pins:
*
City it Suburban Homes 10
Clark Controller Co
1
16%
16*4
5%
16H
Mar
102
Mar
5%
15*4 June
50
Clayton A Lambert Mfg.-4
*
Cleveland Tractor
Mar
*89*4
5%
"200
054
Jan
6*4
Feb
Jan
17
%
May
*4
Jan
Jan
8*4
July
600
Cleveland Elec ilium
104
Feb
Mar
Jan
89
*
39
*4
40*4
4*4
39*4
4H
4
"250
35
May
Jan
41
3%
Apr
Cllnchfleld Coal Corp.. 100
2X
Jan
4
Club Alum Utensil Co
1
Jan
5*4
com
800
♦
June
July
Jan
2%
Cockshutt Plow Co com..•
8
Colon Development ord—
0% oonv preferred
1
600
"2k ~~2%
"600
£1
Colorado Fuel & Iron warr.
Patent Fire Arms .26
Colt'
.lH
74
74%
150
Jan
9
Mar
X
4%
Cohn it Rosenberger Inc.*
Jan
1*4
Mar
May
4*4
2
May
4*4
82*4
July
Jan
Jan
70*4
Apr
Columbia Gas A Eleo—
1
Columbia Oil ft Gas
53
1*4
1H
10
51
June
2
53
3,900
1
Feb
80*4
Mar
hi
1,600
100
%
July
20
-x
20 x
400
18*4
June
11*4
11X
200
10
*•4
-
Commonw Distribution
1
X
"20 X
Community Pub Service 25
Community Water Serv
J
Jan
24*4
%
Jan
June
13*4
Jan
Mar
X
33*4
Mar
Conn Gas A Coke Secur-
X
*
preferred....
Conn Telep A Eleo Corp..'
Rights (expire Sept 2)
1*4
IX
IX
a.™
—
*32
764
1
Consol Biscuit Co
200
400
80
IX
58
4
*4% series B pref—100
4% pref series C
10U
"i"366
"~11
1
26*4
29%
25%
200
1
Consol Retail Stores
Mar
Jan
2
Aug
July
1%
July
Feb
55 %
May
hi
2*4
Jan
73
July
7% prior pref
Jan
7
*
105
Feb
0*4
200
9*4
7%
1,000
7
June
May
33
100
30
Apr
6
7%
3%
"l%
85
450
85
84
5% conv preferred
Courtaulds Ltd—
60
13%
Adrs ord reg stock
1%
1
Jan
Jan
800
14
16 J*
5X
5X
100
%
X
%
preferred
Crystal Oil Ref com
preferred
Cuban Atlantic Sugar
2X
.....
17*4
8% debenture
A conv preferred
w w
(Detroit Paper Prod
Detroit Steel Prod
18
34
Feb
05
Feb
47
July
50
Mar
67
July
Jan
'""25
63
52*4
52*4
50
"200
40
75
10
250
53
90
Jan
100*4
Aug
Gilbert (A C) common...*
""5*4 "5*4
"206
Mar
Mar
Jan
Feb
2*4
May
9
July
20
Mar
"400
8
May
12
Jan
23
Aug
6*4
2*4
1*4
35
Jan
20
99*4
Feb
18%
100
20
100
Jan
1
29*4
8*4
17*4
1*4
1*4
X
19*4
X
19*4
Feb
Jan
Feb
50
18%
100
Mar
Apr
Jan
Feb
Jan
28*4
17
May
J»u
8
July
3*4
2*4
Mar
70 rl01*4
11'"
10
2*4
49
July
Jan
18*4
1*4
2*4
July
Jan
Apr
JaD
Mar
2*4
74
2*4
74
""% "'%
9*4
*
1*4
SIX
51
35X
35*4
18
17*4
"IS"
87 preferred series A...*
80 preferred series B___*
200
3*4
Juue
6*4
99
127*4
100
98
100*4
127*4 127*4
*4
'16
725
25
40
200
9
9
100
Grocery Sts Prod oom._25o
35*4
preferred
*
35*4
Ill
Gulf States Utll S5.50 pf.*
......
36*4
111
114*4 114*4
39
Aug
Mar
111
July
10
111*4
2*4
4*4
Jan
115
1*4
200
0% conv preferred..—60
61
June
76
Feb
July
111
Jan
Helena Rubensteln
Class A
Aug
3
Jan
Heller Co common
75
2*4
72*4
"""ioo
*4
*4
Apr
76*4
Jan
June
»i«
July
June
1*4
Jan
200
6*4
Mar
1,600
7*4
May
7*4
10*4
1%
100
1*4
52
475
35%
18
150
25
12*4
2%
16*4
75
2*4
12*4
2*4
12*4
400
2*4
2*4
53*4
58*4
7*4
12,600
50
51
57
56*4
7*4
4%
967
5*4
200
9
100
9*4 June
100
7*4
"23"
10s?
23
Apr
May
May
Aug
Aug
6*4
12
Aug
Jan
10*4
Jan
Mar
9
26*4
Feb
23
23
50
11
100
10
Apr
13*4
50
65
Feb
86
Aug
Feb
16*4
Aug
26
Jan
Apr
26
Jan
5
Feb
Jan
17*4
"50
11*4
Jan
9*4
17*4
Apr
Aug
13
Apr
13
Apr
31*4
Apr
2*4
Mar
33*4
2*4
Feb
Feb
18
Aug
12*4
Apr
12*4
Apr
2*4 May
11*4 May
16*4
July
Aug
Jan
June
8
5
Horder's, Inc
Hormel (Geo A) ft Co com*
Horn (A C) Co common
Horn ft Hardart Baking..*
6%
preferred
113*4
...100
Humble OH ft Ref
47*4
July
52
July
70
Apr
June
13
Jan
May
Feb
1*4
12*4
Feb
Huyler's com
Vtcfor 1st pref
May
32*4
Mar
Feb
5*4
July
63*4
6*4
63
Jan
Hummel-Ross Fibre Corp 5
114*4
Apr
6*4
18
Jan
65
Aug
1,800
52*4
7
600
5*4
Apr
May
6*4
*4
May
Feb
8
4
June
7
..1
1
"31*4" Jan
June
64
Hussmann-Llgonler Co
7
*
Feb
16
Hubbell (Harvey) Inc.—5
Jan
Apr
May
"24*4 June
Horn ft Hardart
50
2
4%
30
Jan
17*4
1,600
1,300
Feb
i:800
4*4
Holllnger Consol G M
2,800
1R
...4
July
10*4
10*4
10*4
8
Holophane Co common.
4*4
65*4
Electrographio Corp.
Jan
3*4
8*4
Jan
*11
26*4
Mar
700
»n
warrants
5*4
May
1*4
16*4
27*4
52%
•
10*4
Henry Holt ft Co part A
11*4
*
•
June
17
86
Jan
Apr
Mar
15*4
Apr
2
1*4
85
Jan
Jan
3*4
Apr
Hewitt Rubber common..6
3*4
68*4
13
July
Hey den Chemical
10
Hoe (R) ft Co class A—.10
42
16*4
Jan
1*4
Jan
Apr
11
"10
May
ex-warr
Jan
May
Jan
May
30
Preferred
65
%
1%
"0*4 ""6*4
*
ww.._
25*4
11
June
48
700
Preferred
Jan
Feb
June
20
25c
2
25
25
Mar
8*4
4
1*4
Jan
....*
2*4
54
100
""260
Jan
Mar
May
20
1
Heola Mining Co
*4
Mar
100
Jan
Mar
Jan
29
2*4
Aug
Jau
Apr
Mar
Mar
10*4
1*4
109
5
Corp
Apr
42
June
60
Hammer mill
B non-vot common
Apr
2,400
Gypsum LlmeftAlabastlne*
Hazel tine
Jan
Aug
%
Juue
hi
25
Jan
7*4
35
§ Guardian Investors..,
Gulf Oil Corp.
17*4
34*4
*4
July
Fen
105
132
97
1*4
40
Greenfield Tap 4 Die
2*4
21*4
Apr
127*4 June
3,400
17*4
16
*
4
._*
•il
For footnotes see page
June
Hearn Dept Stores com..5
Eastern States Corp
Elec Bond A Share com..6
June
4*4
Jan
10
9
Economy Grocery Stores
25*4
100
July
6
Jan
100
5*4
31
16*4
Aug
July
June
1*4
29*4
35 *4
5*4
4
IP
Paper
10
Hartford Eleo Light....26
Hartford Rayon v t 0
1
Harvard Brewing Co....I
Hat Corp of America—
12*4
*4
5*4
Hall Lamp Co..
Apr
Jan
Mar
Jan
31
stock—
7% 1st preferred
56
4*4 July
7*4 June
15*4 July
30*4 Aug
8*4 Aug
100
July
14*4
Gray Mfg Co
Great Atl ft Pao Tea—
com
Mar
49
ht
S3 preferred
Non-vot
6*4
Apr
1*4
July
May
150
10
Easy Washing Mach B
600
*
Jan
~11~"
4,100
•
Jan
*4
21
50
8*4
10*4
50
Gt Northern Paper.....20
Aug
10
14*4
28*4
7*4
1*4
69
7
100
preferred
July
East Gas A Fuel Assoc—
0% preferred
57
"7*4
»
6*4
34
7
Eastern Malleable Iron. .25
Class B
1254
28*4
14%
*
Godohaux Sugars class A.*
7*4
33
*
100
Glen Alden Coal
Feb
109
Duro-Test Corp common. 1
4 *4% prior pref
Jan
7*4 June
Feb
8*4
Feb
19*4
4*4 May
94
May
Aug
Durham Hosiery cl B oom *
Common
23*4
Mar
900
69
100
Eagle Plcber Lead
Gilchrist Co
Gladding MoBean ft Co..*
16*4
4*4
7*4
100
Duval Texas Sulphur
Jan
5*4
1*4
Dublller Condenser Corp.l
Duke Power Co
May
Apr
3
7X
Dominion Steel ft Coal B 25
preferred
Apr
5
Greater N Y Brewery...
June
July
45
Preferred
Mar
53*4
112
hi May
100
May
*i#
1*4
Feb
400
108
7*4
Aug
2
46*4
8%
Jan
Mar
Mar
Gorham Mfg common. .10
Grand Rapids Varnish... 1
105
Mar
01
Mar
May
600
•u
June
43
3*4
IX
53
Apr
*4
45
110
Gorham Inc class A
30
Jan
July
Jan
Aug
May
100
Jan
IX
May
2*4
7*4
8%
33
31
Jan
9*4
Goodman Mfg Co
1*4
46*4
*
83
Goldfleld Consol Mines. .1
Dominion Bridge Co Ltd.*
.10
July
May
July
98
S3 preferred...
Aug
2*4
Driver Harris Co...
72*8
July
hi
40
102*4 103*4
100
Mar
Dobeckmun Co common. 1
Draper Corp
60
50
0% preferred A
July
preferred
10
Diamond Shoe common..*
Liquors
Jan
May
^
1
900
Mar
91
"25
51*4
*
11
3%
July
Jan
Jan
Jan
"Im "41%
86 oonv preferred
10*4
7*4
6*4
16*4
Jan
100
Common
Jan
24*4
Apr
105*4 105*4
5*4
7*4
65*4
1*4
1*4
General Tire ft Rubber—
: Mar
400
96*4 May
General ShareholdingsCorp
Feb
51*4
Divco-Twln Truck oom__l
May
40
*4
*4
105
1
10
49*4 July
*4 June
%
Feb
Gen Rayon Co A stock...*
22*4
8*4
July
23
75
75
Gen Outdoor Adv 6% pf 100
Gen Pub Serv S6 pref
*
Apr
3,200
20*4
Georgia Power SO pref...*
$5 preferred
*
20*4
1*4
18X
May
*4
Feb
11
Aug
Mar
Jan
25
52*4
Apr
10*4
1
9*4
100
*
»u
25
7%
Elgin Nat Watch Co
16 preferred
200
21*4
Jan
4
1
21*4
2%
1
20
1
*4
8*4 May
Aug
Feb
July
July
Aug
De Vllblss Co common.. 10
Emerson Elec Mfg
50
12*4 May
Aug
Apr
Apr
July
Detroit Gray Iron Fdy
Det Mich Stove Co oom__l
Option
59
75
5*4
1*4
23
»
Detroit Gasket ft Mfg
A
8*4
18*4
*4
1%
"OX "l0%
Derby Oil A Ref Corp oom*
July
Apr
90
52*4
100
4*4
7
7%
Apr
11*4
23*4
9*4
Aug
2*4
July
13
100
preferred
5% preferred
200
8*4
35
11*4
1
100
63
500
5
Stores
1
Dennlson Mfg ol A com.
10 prior pref
60
1*4
Jan
400
73*4
134*4 June
28
5
Davenport Hosiery Mills.*
Delay
May
1*4
Apr
19*4
1*4
Deoca Records common. _1
June
U*4
59
2%
*4
1
Dayton Rubber Mfg
19
July
4,200
5
*
Darby Petroleum com...5
conv
1*4
12*4
3*4
5
10 X
June
Jan
Jan
58*4
296*4
1*4
Gamewell Co 36 oonv pf._»
Jan
Mar
July
Gatlneau Power Co—
Jan
Jan
35
July
Feb
h*
10
5
Curtis Mfg Co (Mo)
preferred...
450
8*4
18J4
2X
2,100
Curtis Llght'g Ino oom 2.50
80
50
73*4
107*4
July
11*4
conv preferred— .100
8*4
Jan
Jau
May
10*4
8*4
1*4
Mar
May
Jan
May
May
Jan
■
1
21 %
25
♦
Cuban Tobaoco com
15
106
*
11*4
July
Jan
Aug
Apr
11*4
Gen Gas ft El #0 pref B..*
General Investment oom.l
11
8
6
June
Jan
*4
Crown Drug Co com...25c
Elec P A L 2d pref
400
Gen Flreprootlng com..
37
2*4
Jan
Aug
Jan
Jan
86*4
1*4
14*4
*4
4*4
300
..1
Crown Cork Intemat A.
7%
50
Gen Water G ft E oom...l
Crowley, Mllner A Co—*
Crown Cent Petrol (Md) .6
Distilled
200
June
19
15
Mar
*4
1*4
70
2,900
16%
5%
Crocker Wheeler Eleo—
0% preferred
Conv partio pref
Mar
6*4
'"800
£1
Creole Petroleum........5
Class A
1,800
8
73*4
106
Fuller (Geo ▲) Co com_._l
*4
Feb
4%
80
"T*4 "i*4
1%
S6
7*4 May
35
Froedtert Grain ft MaltCommon
l
July
700
25*4
300
Apr
8*4
7X
10%
Apr
5*4 May
19*4 May
9*4
Feb
Feb
98
Jan
Mar
19
5*4
Feb
May
Jan
20*4
3*4
28*4
3*4
10*4
4*4
1*4 May
21*4 Mar
3
Jan
Apr
13
1,000
20*4
7*4
Mar
8
*4
10
1,800
1
oonv
525
22*4
Apr
•
_
7X
June
*16
1,400
Fox (Peter) Brewing Co._fi
Franklin Co Distilling
1
7X
7u June
1
*
Cosden Petroleum com..
7%
July
July
Apr
2*4
20*4
7*4
General Alloys Co
Gen Electric Co Ltd—
Cornucopia Gold Mines 5o
Croft Brewing Co
138
Gellman Mfg Co com...
33
"~5%
preferred A
July
130
Jan
Aug
7
7*4
..*
Jan
7
"7*4
♦
Corroon A Reynolds
122
Feb
72
Amer dep rets ord reg.£l
Copper Range Co
So
Class A non-vot
Apr
10%
com
20
8
Am dep rets ord reg___£l
Ford Motor of Canada-
1*4
*4
1
preference
Feb
68
2
Florida P ft L S7 pref....*
Ford Motor Co Ltd—
Feb
85
Cook Paint & Varnish Co
prior
18*4
2*4
*4
9*4
2*4
Metallurgical...*
1*4
100
Roll A Steel
18*4
1
1,800
Continental Oil of Mex—1
S3
Fanny Farmer Candy
IX
100
7H
70
98*4
5*4 May
Fairohlld Eng ft Airplane. 1
Falstaff Brewing
1
4%
July
May
IX
21% June
10
175
75
X
Esquire Ino
1
Eureka Pipe Line com..50
Eversharp Inc com
1
Fairchlld Aviation
1
Jan
4
Feb
July
113
*4
.1
S3 conv stock
Mar
May
Continental Gas A Eleo Co
Cooper-Bessemer
conv preferred
IX
Consolidated Steel Corp. *
Cont
S3
Jan
119*4
110*4
1%
28*4
115
3
...100
10
preferred
Consol Royalty Oil
30*4 July
% June
105
Consol Mln ft Smelt Ltd..5
8%
ix
58 X
117 X 117 X
Consol G E L P Bait com.*
Consol Gas Utilities
1,400
6,100
120
21*4
common.. 10c
Class B voting._
*
Common
Feb
130
113
100
Flat Amer dep rets
Fire Association (Phlla).lO
Feb
2
in June
1
Vtoextto 1940
67*4
111*4
Empire Power part stock.*
Emsco Derrick ft Eau!p_.fi
Equity Corp
High
Apr
20
118*4 120
126*4 128
100
preferred.......100
preferred
Low
80
98*4
109
100
Jan
in
Jan
'si
Compo Shoe Mach—
S3
7%
8%
Range Since Jan. 1,1941
for
Week
Shares
Fedders Mfg Co....
5
Fed Compress & W'h'se 25
Commonwealth ft Southern
Warrants
6% preferred
6*4% preferred
of Prices
High
98*4
June
2
Week's Range
Low
Empire Dlst El 0% pf 100
Empire Gas & Fuel Co—
Fansteel
100
5% preferred
Sales
Sale
Price
Par
5X
Claude Neon Lights lnc._l
Last
STOCKS
(Continued)
High
Low
70
5*4
1941
Range Since Jan. 1,
for
Week
Shares
97
963
Friday
50
7*4
Aug
Aug
*4
July
Jan
New York Curb
964
STOCKS
Week's Range
for
Sale
of Prices
Low
High
Week
Par
Price
Shares
Hy grade Food
Prod.—-6
Corp..*
Illinois Iowa Power
Co—*
Jan
1%
Feb
July
Memphis Nat Gas com..5
Aug
Jan
31
Feb
40
500
1% July
24% May
3% July
35
300
3%
Participating preferred.*
*
Jan
7%
Jan
*
9%
Apr
13%
2%
May
6%
6%
400
Mar
Jan
7
Apr
*
6%
6%
100
0
May
7%
Apr
9
Apr
Merritt Chapman A Scott
Aug
2%
5%
Registered
Britain
k
Indiana Pipe
7%
Ireland....£1
Line...—7 %
200
7
400
8%
4%
8%
4%
2%
Feb
May
9
Jan
Apr
5
June
Indianapolis Power A Light
preferred...—100
Indiana Service
0% pf.100
26%
preferred
100
7%
30
113% 114
113%
5%%
Warrants
«%%
imperial Tobacco of Can.6
Imperial Tobacco of Great
25
140
26 %
26%
27
60
110% June
13%
Jan
14%
Jan
115
Metal Textile
128 % 130%
5
5
130
5%
2,400
""3% ""3%
"366
28%
28%
75
6%
6%
6%
1,500
"96%
90%
160"
"""50
6,700
»ie
10
v t 0
%
%
July
July
% June
9% Mar
64%
Feb
%
June
%
%
100
*79%
80%
1,400
1
V to common
preferred
100
Insurance Co of
No Am.10
80 %
15%
International Cigar Mach
July
12%
81
Class B v t c
series.....60
Inc.—1
Internal Metal Indus A.
Internet Paper A Pow warr
100
4
1%
~2~~
4
1%
Pref $3.60
Jan
Jan
1%
*2*
"2%
6,200
3% May
1% June
4%
Feb
1%
Apr
10%
1,600
8%
1,700
7%
2%
7
Jan
Jan
Aug
2%
Jan
International Petroleum-
9%
Coupon shares
9%
4%
"466
Jan
Mar
9
Registered shares
%
Feb
May
4%
International Products...*
Mar
he
11
May
10% May
4%
Feb
% Mar
Jan
3%
Internat Safety Razor B_*
Apr
7%
FeD
103%
% May
1% June
1%
July
July
July
Aug
78
33%
2
Apr
Jan
Aug
106
40
112
Apr
%
400
1%
1,700
% May
4%
Apr
% Feb
7%
1,100
3%
Jan
4
300
2%
%
4%
%
4%
300
100
%
Apr
Apr
6
he
%
Jan
6%
Jan
1%
7%
Mar
July
Feb
8
July
Apr
4%
Aug
% Apr
4% May
«ie
Aug
6%
6%
1,300
$2 non cum dlv shares.*
——1
1,300
•
$1.76 preferred
"5% "~5%
9,400
3%
Apr
7%
11%
1,400
6%
10%
Aug
May
12%
10%
5%
Interstate Home Equip.. 1
6%
6%
11%
Interstate Hosiery Mills.
100
1
Interstate Power $7 pref.
16%
16%
10
1%
1%
50c
Apr
8
15%
108%
1%
July
18
Jan
Apr
135
July
Jan
Feb
Feb
8
Jan
Feb
15
Aug
Mining Corp of Canada..*
Minnesota Mln A Mfg
*
Minnesota P A L 7% pf 100
hi
Jan
14
Missouri
%
600
1%
Jan
%
May
Jan
3%
1,000
1%
6%
6
300
2.60
1
"6%
7%
6%
30
Monarch Machine Tool..*
7%
200
6%
800
100
30
75
95% 96
101% 101%
101%
88%
60
88
22
22
120
120
10
25
88
95
101%
June
22
9%
9%
200
7
June
Feb
4%
200
3
Feb
20
115%
23%
120
64
"46
47%
20
1%
1%
65%
1%
500
"64"""July
46%
Aug
Feb
1
1
1%
Kirk I'd Lake G M Co Ltd. 1
he
Jan
July
11%
11%
11%
300
10%
10%
50
500
*
Muskegon Piston Ring.2%
Muskogee Co common...*
0% preferred
.100
Nach man-Sprlngfilled.
*
Mar
Jan
S3
conv
14
"95""
Feb
%
Jan
Nat Mfg A Stores com...*
National P A L $6 pref
»
Jan
Feb
National Refining com
*
Jan
Apr
14%
300
Nat Rubber Mach
Mar
12
June
94
Apr
50
Apr
50
Apr
Nat Tunnel A Mines
11%
Apr
13%
Jan
5%
Apr
Navarro OH Co
Aug
Jan
Nelson (Herman) Corp
95 %
900
2,050
Nebraska Pow 7 % pref. 100
Nehl Corp 1st preferred.
Jan
11%
4%
90
L700
1,600
Nat Union Radio ......30c
4% June
11%
%
4
*
10
"10% "n
National Steel Car Ltd...*
97 %
96
240
Lake Shores Mines Ltd—1
13
13
13
400
4%
4%
200
Jan
37
10%
"10%
"760
10%
3%
"l6%
3%
800
3%
5
%
July
May
Feb
7% pref..100
98%
Jan
Lakey Foundry A Mach..l
Lamson Corp of Del
Lane Wells Co oommon..1
104%
Jan
9%
9%
9%
100
7% June
46
14%
5%
2
July
106
June
*
Class B
Jan
7
7
*
Lehigh Coal A Nav
7
4%
4%
4%
4,000
Ino-.l
Line Material Co
"7% "7%
...6
100
Feb
0%
Jan
2%
Jan
Jan
he
Jan
23%
Feb
6% June
*34%
Aug
8%
Jan
5%
New Idea Inc common
Aug
New Jersey Zinc
...26
New Mex A Aria Land
1
preferred
14%
...26
14%
Lone Star Gas Ccp
*
8%
*
14
%
8%
1%
100
14%
1%
6
250
8%
1,200
%
Aug
...
6% pref class B
Loudon Packing...
100
Ludwlg Bauman A Co com*
Conv 7% 1st pref
100
Conv 7% 1st pf v t o.lOO
Lynch Corp common....6
Manatt Sugar opt warr...
Mangel Stores
1
$6 conv preferred
•
Manlsohewlta(The B) Co.*
Mapes Consol Mfg Co
*
900
1%
4%
Feb
10
100%
Apr
109 %
1%
Aug
1%
27%
25%
325
108
108
22
25
23
22
%
"2%
2%
30
250
"le
2%
21%
400
Mar
June
18
800
Jan
Feb
25
25
July
Jan
1%
Mar
3
Mar
50
38
Aug
Aug
Feb
Jan
Jan
24
be
Aug
July
Feb
»ii
July
July
July
24
June
"20%"~Jan
Margay Oil Corp..
2%
9%
_.*
Marlon Steam Shovel
*
Mass Util Assoc vtc
4%
1
For footnotes see oage 967.
7J2
100
100
27%
May McEwen Kaiser Co—
$4 preferred
*
MoCord Rad A Mfg B
♦
*
900
732
Massey Harris oommon..*
Master Eleotrlo Co
.1
Dredging
4%
4
28
150
Apr
Jan
Feb
he May
1% May
27
Aug
2%
1%
9%
1%
100
1
8%
9%
900
5%
Apr
Apr
12%
110%
Aug
Mar
33
5
35%
100
15%
68%
5
16
200
68%
69%
preferred
1
Common
6% 1st preferred
6% 2d preferred
10
2
200
111% 113
70
101
101
10
27
28
100
"§5"
110% May
3% July
13%
Feb
129%
Jan
6
Aug
61%
1
May
"35"
Apr
Feb
107
Apr
98% June
"""56
22%
Apr
6%
27
100
2%
2%
4,800
69%
2%
69%
50
100
Jan
Feb
Feb
16%
Aug
July
Aug
Jan
20% June
19%
7%
116%
105%
Jan
July
Jan
Jan
29%
Mar
8%
July
42
Jan
Apr
3%
Jan
May
56% May
79%
65%
Jan
Jan
2%
61
Class A opt warrants
hie
Feb
hi
Jan
Class B opt warrants
%
Apr
he
Feb
Niagara Share—
Class B
6
common
Class A preferred
3%
100
"49%
"266
*
3%
"49"
Nineteen Hundred Corp B l
he
Jan
$6 preferred—
*
North Amer Rayon cl A
*
Class B common......*
prior preferred...50
No Am Utility Securities.*
Nor Central Texas Oil—.5
Jan
4
Feb
July
92
Apr
45% June
8
July
60 %
Jan
10%
Jan
Feb
May
%
Jan
"366
1
2%
3%
88%
3%
100
Apr
Feb
July
July
18%
Niagara Hudson Power-
5
10%
850
56%
4% June
New York Transit Co..-.6
N Y Water Serv 0% pf.100
Nor Amer Lt A Power—
Common
Jan
Aug
Mar
7
•
Jan
June
Jan
Aug
1%
6%
3%
Apr
32% June
15
7% pref..100
10
Jan
5
10
Mar
2
!
59%
2%
"466
10
Noma Electric...
Jan
Jan
14
34%
...
Y Merchandise
Apr
33
July
Feb
%
5
2%
5%
3%
100
Aug
0
Warrants..
N
0%
55%
Jan
Feb
N Y A Honduras Rosarlo 10
Nlplsslng Mines
Communication Co Ltd.
%
9%
%
"166
"l2
6% 1 Feb
10 %
Apr
NUes-Bement-Pond
Marconi Intl Marine
Jan
2% May
25
July
N Y Shipbuilding Corp—
Founders Shares
400
28%
3,800
3%
Jan
5%
28
300
4%
Jan
N Y Pr A Lt
July
6%
11
July
July
Mar
Mar
July
3%
Jan
June
Apr
•
10%
21%
19%
7%
City Omnibus—
Jan
3
350
400
4%
9
N Y Auction Co com
June
5
"28%
*
Louisiana Land A Explor.l
Louisiana P A L $0 pref..*
31
July
29%
1%
2%
30
100
4
Jan
70%
2%
$0
7% pref class A
Aug
July
Jan
15%
%
35%
32%
3%
5%
4%
Apr
he June
300
7io,
12%
100%
29%
Feb
Apr
Long Island Lighting—
May
Feb
Feb
2%
87
*
FeD
19
Aug
Mar
Jan
6%
11%
"l2"
*
Mar
1
13%
8%
15
44%
12%
New Process Co.
N Y
Locke Steel Chain
Aug
May
Jan
Mar
New
July
8
May
10%
10%
109% May
11%
4%
New England Tel A Tel 100
New Haven Clock Co
*
%
May
4%
20%
5
Engl Pow Assoc—.*
6% preferred
100
$2 preferred
.*
Llpton (Thos J) Ino—
Lit Brothers common....*
he May
5%
25%
9%
8%
12%
4%
8%
*
Jan
July
Leonard Oil Develop...26
*
Jan
»n
100
*
Conv preferred
12.50
15
%
1
Transit
10%
*
Let court Realty com
15
May
11% June
%
Jan
17%
Jan
8
July
2%
"~4% "I
Neptune Meter olass A..
Nestle Le Mur Co cl A...*
Langendorf Utd BakeriesClass A
Apr
71
"460
.....
National Sugar Refining.*
National Tea 5 % % pref. 10
National
i
7
Jan
Apr
38%
10%
11%
4
100
Mar
1,200
National Container (Del).l
National Fuel Gas
•
1%
2%
Mar
Jan
May
10
60
preferred
Jan
Mar
12%
17%
5%
6% May
12% May
54
15%
140
9%
67
1
com
14
1st pref
100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
June
10
14
Bellas Hess
10%
conv
Aug
Jan
Apr
National Candy Co
July
Koppers Co 6% pref
Kresge Dept Stores—
4%
3%
6%
Nat
May
Kobaoker Stores Inc.....*
July
2% June
5%
Jan
National Breweries com..*
June
12
July
July
July
~76
Jan
Jan
%
Aug
9%
4%
Jan
18%
26
Jan
11% June
130% May
common
Murray Ohio Mfg Co
3%
100
Apr
May
{Mountain States Power-
8%
14
14
14%
4%
2,000
Knott Corp oommon
1
Jan
Mar
174
%
Mtge Bank of Col Am shs.
Klelnertd B)Rubber Co. 10
Kelln (D Em 11) Co com..*
2%
11%
Feb
Stmp.l
National City Lines com.l
46%
Mar
Jan
Jan
July
15
2%
5%
Feb
9%
8%
"175
2%
5%
Jan
Jan
Aug
30%
%
""21% "23%
5%
110
Mar
116%
6%
Apr
1% June
11% Mar
2%
104%
Jan
July
5%
156
Mountaln City Cop com.5c
Aug
7
90
Mountain Producers....10
Apr
Jan
55%
93
29% May
% Mar
168%
167
*
Montgomery Ward A
Montreal Lt Ht A Pow.
Jan
97%
July
3%
%
%
1
A
Montana Dakota Util--.10
Feb
Aug
July
Feb
May
300
Mountain fits Tel A Tel 100
•
45%
112
6
Pub Serv com.
Molybdenum Corp
Aug
Mar
225
Aug
Jan
Mock Jud Voebringer—
Moore (Tom) Dlst
Apr
53%
100
preferred
0%
Jan
May
4%
Kir by Petroleum
50
83%
Moody Investors part pf.*
be
6
Kimberly-Clark 0% pf.100
Kings Co Ltg 7% pf B.100
6% preferred D
.100
Kingston Products...... 1
50%
%
Mississippi River Power-
Jan
9%
Jan
Ffeb
Monroe Loan 800
Mar
1%
7
Monogram Pictures com.l
12
900
Apr
xl3%
10
Jan
Jan
25
200
Mar
Midwest Piping A Sup...*
Midwest Oil Co
Apr
Aug
10
3%
%
18%
Ken-lud Tube & Lamp A •
Kennedy's Ino
Jan
300
"
1%
14%
34%
5%
May
250
10%
"2% ""2% "2%
Apr
•h
%
15%
16%
10%
Mar
May
28
$3.60 prior pref
•
International Vitamin—1
*
Investors Royalty
1
Iron Fireman Mfg v t c—*
Irving Air Chute..—... 1
Italian Superpower A
*
Jacobs (FL) Co...
1
Jeannette Glass Co—...*
Jersey Central Pow A Lt—
6%% preferred
100
6% preferred
100
7% preferred
100
Johnson Publishing Co.. 10
Julian A Kokenge com..*
Kansas G A E 7% pref. 100
12%
50
6%
127% 127%
1%
1%
7%
8
Mid vale Co
Common
*
Class A
*
$2 conv preferred..
Midland Steel Products-
International Utility—
29%
Feb
Mar
5
......1
Mid-West Abrasive
Internet Industries
MoWUllams
4%
Feb
4
Middle West Corp eom..5
Aug
20%
Eleo—
Common
Mar
3%
%
Apr
Midland Oil Corp—
Industrial Finance—
6%
July
3%
28
6%
1
Class A
Jan
Le Tourneau (R G)
Jan
5%
20
Middle States Petroleum-
Jan
Lane Bryant
Apr
148
Mar
1
Mlcromatlc Hone Corp...1
%
4%
4
6
%
10
Aug
'"""26
107% 107%
Michigan Bumper Corp..l
Michigan Steel Tube..2.50
Michigan Sugar Co
•
Aug
34%
34%
•
Preferred
High
124% May
15%
15
29
%
Class B..
128 %
Low
Htg h Shaes
25c
Corp
Partic preferred
27%
1
Internet Hydro
1
Metropolitan Edison—
$6 preferred..
Aug
Non-voting class A....1
7%
Low
.......
preferred...100
A
MesabI Iron Co
Indian Ter Ilium Oil—
Class B
Price
Merchants A Mfg cl A—1
Range Since Jan. 1,1941
for
°Week
Mercantile Stores com...*
100
Imperial Chemical IndusAm dep rets regis
£1
Imperial Oil (Can) coup..*
Illinois Zinc Co
*
Mead Johnson A Co
2%
1,000
700
Par
Feb
1%
30%
4%
1%
4%
of Prices
1%
2
30
Dlv arrear etfs
Week's Range
Sale
High
40
1%
40
40
preferred.—60
6% conv
Low
"u
Hydro-Electric Securities •
By grade Sylvanla
Last
{Continued)
Range Since Jan. 1,1941
Last
Sales
Friday
Sales
Friday
STOCKS
{Continued)
Aug. 16, 1941
Exchange—Continued—Page 3
IOC
100
93
%
3
4
Jan
93
96%
700
hi May
70
Feb
21%
21%
21%
21%
100
18
Aug
23%
Jan
"""% ""%
100
"m
%
97
Jan
July
17%
Aug
50%
Feb
23%
52%
Jan
Jan
%
Jan
%
3%
Ian
Jan
May
5
Volume
New York Curb
153
Salts
Friday
STOCKS
Last
Week's Range
for
(Continued)
Salt
of Prices
Low
High
Price
Nor Ind Pub Ser 6% pf-100
preferred
Northern Pipe Line
114%
—100
10
......
4%
Northern Sts Pow cl A—26
Novadel-Agene Corp
*
4
OK den Corp com
Ohio Brass Co el B com—•
Ohio Edison $6 pre!
Ohio OH 6%
105% 106
113
114%
8%
8%
5%
22
21%
""2
%
18%
2%
18%
50
Jan
Apr
9%
Jan
Russeks Fifth Ave
June
9%
Mar
700
100
20
July
200
Ryan
3%
23%
Apr
Apr
110%
Jan
Jan
Aug
115
109%
113%
Mar
118%
Jan
June
110%
Jan
19%
500
114% 114%
50
pref-.*
Pacific P A L 7% pref—100
7%
July
21%
Jan
May
Jan
Savoy Oil Co
Schlff Co common.....
Schulte (D A) com
6
July
6%
Mar
3
Aug
50
5%
Jan
100
1%
May
32%
33%
1,500
30%
May
30
200
28%
May
106%
270
101%
May
83%
20
78%
3%
14%
May
18%
07%
Jan
2H
Feb
3
Toe"
Jan
82%
16
16
SI.30 1st preferred
100
*
Page-Hersey Tubes
Pan tepee Oil of
106
34%
31%
Jan
Jan
May
108%
87%
Feb
Mar
July
4
Mar
4%
7,900
Paramount Motors Corp.l
Parker Pen Co
6
Parkersburg Rig & Reel-.l
12%
100
6%
12%
10
-
2%
400
11
Apr
5%
30
Patchogue-Ply mouth M Ills *
Peninsular Telephone com*
Mar
Mar
30%
July
Mar
June
35%
Jan
Penn Traffic Co
2%
2%
Apr
2%
Apr
2%
Jan
3%
Aug
May
14%
Jan
Serrlck Corp class B
Seton Leather common..
55 series pref
64%
May
36%
Mar
July
60%
12.80 series pref
♦
Penn Salt Mfg Co
60
Pennsylvania Sugar com 20
102
100
%
Jan
6%
103
Aug
115
Jan
98
Aug
113
Apr
May
Jan
20
Aug
Apr
52
52
50
57%
Mar
89
25
79
May
98
Aug
22
June
28
Simpson's Ltd B stock..
Singer Mfg Co
100
*
3%
Too
5%
100
Jan
May
4%
5
July
6%
113
2%
Jan
Mar
100
•
7%
1
42
7%
July
118%
31%
Jan
Feb
4%
July
Skinner Organ
Smith (H) Paper Mills..
Solar Aircraft Co..
4%
Feb
9
Jan
July
47%
July
Sonotone Corp
13%
100
12
Feb
18%
1,900
Feb
1%
Jan
Aug
Boss Mfg com
1%
Pierce Governor common.'
13%
1%
4,000
1%
Pltney-Bowes Postage
300
6
60
68*
"69%
""leo
*16
6%
Jan
Mai
Mar
16%
Apr
6% original preferred.26
6% preferred B
26
June
96%
Jan
12%
73
4
Aug
1%
1%
10%
12%
Jan
Feb
»*n
Apr
Feb
Mar
Feb
8
100
July
%
100
10
1,200
6
3%
of Canada..*
2%
Powdrell A Alexander
Aug
%
6
Potero Sugar common
Power Corp.
2%
25c
Polaris Mining Co
Jan
1%
Mar
4%
3%
Jan
Mar
79
22%
22%
50
—1
*
%
%
300
Pressed Metals of Am
1
Premier Gold Mining
17% June
%
Jan
23%
38
*
Prentice-Hall Inc com
Pratt A Lambert Co
38
Aug
6% June
Producers Corp of Nev
1
%
%
500
Prosperity Co class B
*
4%
4%
100
Providence Gas
Prudential Investors
»u
%
8%
»u
May
Jan
Jan
Feb
Jan
Mar
108% June
116
June
128 % 129%
575
95%
Jan
130%
67%
July
July
64%
100
45
Jan
107
108%
925
94
May
53
55%
2,425
37%
14%
May
Feb
67%
8%
June
Jan
8%
8%
July
62%
107%
54
17%
17%
.....
17%
100
....
'v'ioo
6 %
69
112
18%
74
60
151
153
90
•
July
105
Mar
0% June
72
Jan
147
%
warrants
%
900
Aug
115%
Feb
Mar
Jan
6%
Feb
13
Jan
Apr
23 %
1%
Apr
1%
Jan
Aug
"180
102% June
149%
Aug
100
1% June
2%
Mar
102
"2%
2
Jan
7%
Feb
700
2%
Apr
4
Jan
500
%
Apr
1
June
500
1%
Jan
2%
3%
July
2%
300
36%
July
July
2% June
1
42
Feb
Apr
43
Jan
26%
26%
50
23
Apr
30%
Jau
42
42 %
50
38
May
40%
Feb
30%
30%
600
29
May
31 %
May
29%
Jan
Jan
%
Jan
%
Feo
149%
30%
28
July
105
Jan
4%
Jan
0
Apr
0%
Mar
8
Jan
1%
100
""l"66
2%
July
3
Jan
20
2%
*6% "_0%
Feb
25
May
5
Jan
Standard Brewing Co
7%
July
1%
7%
2%
1,300
%
Apr
1%
400
4%
May
8%
July
500
1
Feb
2%
July
July
1%
Mar
100
»i«
Jan
si6
5%
500
3%
Mar
5%
Jan
Feb
17%
July
%
*
Jan
Apr
*2%
13%
19%
100
1%
Apr
2%
July
300
12%
17%
Jan
14%
Jan
Apr
20%
Jan
109% 110%
*2%
200
*2%
13%
preferred..20
Standard OH (Ky)
6%
12%
1
2%
conv
104
Feb
3%
41%
*
*1.00
June
2%
2%
Spencer Shoe Corp
Stahl-Meyer Inc.
19
10
5% preferred
100
Standard Pow A Lt
700
1
•
Preferred
•
27%
27%
100
1
8%
8%
100
*16
*32
19%
19%
400
1
2%
2%
300
Jan
Steel Co of Canada
9%
Jan
Stein (A)
Jan
107%
Jan
he
Feb
he May
1,100
1
Products Co
159%
13
(The) Corp
r
19
ii#
18
Jan
18%
Jan
50
5%
5%
900
6%
6%
500
60
July
27%
2%
Aug
l8i«
Jan
Apr
May
13%
July
2%
Jan
5%
Aug
Feb
40%
Mar
Jan
10
7
'
1
1
1%
•
4%
5%
400
Corp....6
•
%
%
(Hugo)
Stroock
(S) Co
400
7i«
Feb
1%
Jan
Sullivan Machinery
•
21
Jan
Sun Ray Drug Co
1
6
July
SunrayOU
1
Jan
"3% "3%
3*200
Reliance Elec A Engin'r'g 6
3%
1
.1
♦
15%
3%
11%
*31 June
Mar
16%
Jan
Feb
6%
14%
Jan
Mar
Jan
5%% conv pref
60
Superior OH Co (Calif)..26
Superior Port CementClass B common
1
1%
0%
1%
100
500
1
Rochester GAE10 % pf C100
12%
12%
12%
100
111
2%
21%
9%
111
800
200
1,200
10
Texas P A L 7% pref..100
107
Feb
Texon Oil A Land Co
2
2%
2%
114
Thew Shovel Co com
5
16%
16%
Feb
May
Jan
13%
Jan
10%
Jan
2%
2% June
13% Aug
3
16%
600
May
12
TUo Roofing Ino
1
6%
6%
6%
500
—1
2%
2%
200
1
20
12%
13%
600
4%
Jan
hi
July
Rossla International
Jan
%
Jan
Tlshman Realty A Constr •
967.
100
"48*" "48"
"48 "
""70
8%
Aug
June
3%
Jan
19%
June
8
2%
14%
101
100
Jan
10
July
Mar
Apr
May
3%
May
19%
8%
Jan
%
June
4%
July
43
Jan
Mar
Mar
%
100
25
114%
5% June
July
dep rights def reg 5s
•
Apr
103% June
3%
Exports...*
Tobacco Sec Tr Co Ltd—
Am
Jan
Apr
2%
%
Tobacco Prod
Todd Shipyards Corp
12
Jan
6%
16
Tobacco A Allied Stocks..*
Aug
Apr
Feb
Mar
37%
Mar
9%
104
1%
July
22%
9%
100
44%
600
2%
200
Apr
"37%
*
21%
9%
June
50
1
2%
10 %
2
43%
37%
Technicolor Ino common.,*
9%
"2%
July
Jan
43%
34%
Jan
2%
Rome Cable Corp com...6
14%
Jan
1%
37%
Jan
Apr
Apr
10
rn
8%
Feb
11
1,900
114
100
prflOO
Apr
July
July
7ie July
16
July
May
1%
102% July
101% June
Roeser A Pendleton Ino—•
1%
5%
1%
1%
Taggart Corp com
Feb
1%
Jan
•ii
Voting trust ctfs
July
800
1%
Rio Grande Valley Gas Co-
Jan
1%
14%
Jan
Swan Finch OH Corp
Aug
8%
13%
Mar
July
Apr
May
Feb
14%
4%
7
%
44
Jan
11
Tampa Electric Co com. .*
6%
2%
300
Stlnnes
Stetson (J B) Co com
Jan
May
July
Jan
Sterling Brewers Ino
Apr
9%
Apr
5%
%
Juiy
Jan
July
Jan
Apr
38%
20
4%
*16
10%
5%
Sterling Aluminum Prod.l
Jan
»ie
30
1%
44
*
6% 1st preferred
6% 2d preferred
Feb
111% June
%
A Co common..*
*
Jan
7%
t o. 1
»i«
300
page
Jan
Jan
80%
2
Spalding (A G) A Bros._.l
1st preferred
400
*32
For footnotes see
Jan
Jan
4%
142
25
400
*32
pref
109
7
11
2
•
Preferred A
2%
Corp.60c
conv
Southern Union Gas
17%
Feb
17%
3% May
Roosevelt Id eld Inc....—5
8% May
,65
Apr
Feb
135
10
2%
100
SI.20
100
5
Jan
5%
Root Petroleum Co
1%
Standard Steel Spring
Standard Tube cl B
1i«
%
0% preferred D
1,100
Standard Silver Lead
Jan
5%
Rochester Tel 0%%
Feb
Feb
7%
♦
Radiator
Southern Pipe Line
Starrett
Feb
Reeves (Daniel) common.*
Richmond
Apr
3
%
100
Jan
44
2%
Reed Roller Bit Co
Rice Stlx Dry Goods
4%
1,600
Apr
Feb
5
1i»
Rbeem Mfg Co
7% preferred
16%
•
60c
Republic Aviation
""166
Sterling Ino
Raymond Concrete Pile—
Common.—........*
Relter Foster Oil
Feb
June
Standard
Jan
350
6%
10
preferred
%
4%
South New Engl Tel...100
Southern Phosphate Co. 10
Sterchl Bros Stores
Railway A Utll Invest A.1
conv
Mar
Jan
Jan
Railway A Light Sec—
S3
50
Jan
Common class B._
100
Raytheon Mfg com
Red Bank Oil Co
Mar
Jan
Standard OH (Ohio)—
Radlo-Kelth-Orphuem—
New voting com
Jan
July
50
2
Standard Dredging Corp—
Common
1
105%
113%
*
•
0% preferred
3
FeD
139
Jan
Puget Sound P A L—
Option
1%
9%
Public Service of Indiana—
Quebec Power Co
Jan
Apr
22%
8%
May
•
S0 preferred
*
Puget Sound Pulp A Tim *
Pyle-Natlonal Co com...6
Pyrene Manufacturing..10
*
Quaker Oats common
%
%
%
1%
10
16
x%
56 prior preferred
Aug
0%
4%
7% May
100
100
*7 prior preferred
10%
11
*
Public Service of Colorado
SO preferred
5%
3%
112
Standard Cap A Seal com. 1
Conv preferred
10
5%
»
7% 1st preferred
Jan
Aug
7% June
Feb
200
79%
July
Mar
Feb
4
Jan
Aug
*
0% 1st preferred
79
112
Southland Royalty Co...6
100
0% 1st preferred
"11
5%
Southern Colo Pow ol A.26
150
600
8
May
42
5%% pref series C...25
Jan
15%
10%
37%
Apr
2%
%
Southwest Pa Pipe Line. 10
Southern Calif Edison—
Jan
79%
8
150
45%
1
70
15%
10%
Jan
41
45
26
45%
77
10
Jan
Mar
600
"""250
100
]
South Coast Corp com
South Penn OH
Jan
15%
7.60
%
%
Feb
78%
Co.l
Pneumatic Scale com
Jan
Mar
1%
%
1%
2%
1
May
5%
Pittsburgh Plate Glass. .26
Plough Inooom
Jan
14%
Apr
6%
63
Pittsburgh Metallurgical 10
Pleasant Valley Wine
Jan
115
6
45
5%
•
Meter
Pitts Bess ALE RR
2,000
Solar Mfg Co
Feb
Pioneer Gold Mines Ltd..l
Pittsburgh A Lake Erie_60
3,000
*
Amer dep rets ord reg_£l
Sioux City G A E 7 % pf 100
31
43
Feb
22
Singer Mfg Co Ltd—
550
8%
40
A_10
pref
conv
2%
Phoenix Securities—
Conv S3 pref series
S3
30% June
Phlla Elec Pow 8% pref .26
Common
%
5%
10%
"45% "45%
Simplicity Pattern com..]
89
Phillips Packing Co
Jau
Simmons-Boar dm an Pub—
Jan
100
3%
5%
July
Apr
7» June
%
5
Sherwin-Williams of Can. •
Sllex Co common
182
Penn Water A Power Co.*
1
July
%
10%
cum pref ser AAA 100
375
162
Philadelphia Co common.*
Pbila Elec Co S5 pref
*
Aug
36
5%
3%
13%
49%
Pharls Tire A Rubber
Jan
Mar
29%
116%
9
5%
50
Perfect Circle Co
Apr
600
%
20
Pepperell Mfg Co
Jan
24
200
1
17
20
13%
10%
Sentry Safety Control
180
103
Mar
10
16
Bherwin-Williams com..26
105%
X116
10
Shattuck Denn Mining..
Shawl nig an Wat A Pow.
•
%
14%
Am deprcts ord reg_..l
8%
S0 preferred
Jan
Feb
Selfrldge Provlno'l Sts Ltd
800
Aug
% June
25% July
May
73
5
S5.60 prior stock
25
Allotment certificates..
7,200
Mar
Mar
June
%
110
Convertible stock
3%
Penn Pr A Lt S7 pref
Jan
82
•
10%
40
Jan
Aug
»ie
*
2%
%
""300
*
10%
Pennsylvania Edison Co—
Feb
3%
73
Selected Industries Ino—
Common
...1
6%
Apr
200
"27%
%
Jan
13
July
niM
74%
Warrants
Selby Shoe Co
33
Apr
1%
1%
Feb
17% May
Water Service S6 pref..*
Scullln Steel Co com
*
com
Aug
2% May
70
2,500
*
Apr
Mar
%
%
105% 106%
1% May
Aug
5
2%
114
27~
7ie
*
Selberllng Rubber
%
Pennsylvania Gas A Else—
Class A common
♦
400
4%
9
Conv preferred.......25
Soovlll Mfg
25
Scranton Elec S6 pref
Scran ton Lace common
Scranton Spring Brook
525
2%
Mar
May
59% June
%
Seeman Bros Ino
32%
2%
%
1
12
Jan
Apr
1
7,000
111
2%
%
Aug
Aug
31
Airlines com.l
2%
2%
1
4%
3%
%
Penn Cent
100
%
67%
60c
Pennroad Corp com
100
1%
Securities Corp general... 1
Penn-Mex Fuel
SI.40 preferred A.-—26
1
Apr
Feb
22
Segal Lock A Hardware. .1
4%
3
103
108
Jan
Venezuela-
American shares
Mar
2% June
*
116%
30
32%
52
700
6
Jan
54
Apr
July
5%
2%
*
Pacific Public Service
2%
5
Jan
Pacific Can Co common.
Pacific Lighting $5
St Regis Paper com
Apr
5%
2%
1
Overseas Securities new_.l
50
500
1%
18
107%
High
4%
2%
7% preferred
100
Salt Dome Oil Co..
...1
Samson United Corp com. 1
Sanford Mills
*
5
U4,%
Low
53%
4%
•
48
19
Omar lnc_---
6%% 1st preferred—25
Petrol
6
20
60
Pacific Q & E 0% 1st pf-26
Consol
Shares
1
Ryerson A Hayues com..]
St Lawrence Corp Ltd
•
Class A $2 conv pref..50
Apr
Jan
Range Since Jan. 1, 1941
for
Week
4
Co.__l
Jan
30
May
2%
18
53%
3%
»
2%
Ryan Aeronautical
Range
*
Royal Typewriter
7%
105%
Oklahoma Nat Gas com_15
preferred
Royalite Oil Co Ltd
4%
0% 1st preferred
100
OllstockB Ltd common—6
$3
119
110
Price
Par
100
2%
114
of Prices
Low
High
700
18%
113% 115
114
Ohio P 8 7% 1st pref—100
S6% conv prior pref—*
Oliver Utd Filters B
*
110
107
113%
Week's
Sale
Jan
June
Apr
101%
♦
preferred->100
Last
High
Low
30
200
Sales
STOCKS
(Continued)
Range Since Jan. 1, 1941
Shares
965
Friday
Week
Par
7%
Exchange—Continued—Page 4
82
Jan
63
Jan
Jan
% July
104% June
Last
Week's Range
for
Par
Toledo Edison 6% pre! 10c
7% preferred
100
Tonopah-Belmont Dev. 100
Tennp&b Mining of Nev.l
Trans Lux Corp—
1
Transwestern Oil Co——10
Trl-Contlnental warrants
Price
of Prices
High
Low
Low
Shares
105 A
3%
500
7%
42
%
2%
A
Un Clgar-Wkelan
♦Maranhao 7s
Aug
Jan
Mtge Bk of Bogota 78.1947
♦Issue of May 1927
1A
7%
Jan
2A
4A
Jan
July
June
A
Jan
100
3
9A
3C0
Juna
3
"foo
9
A
%
%
A
""4%'Feb
.Jan
9
May
July
3%
1,200
10 %
11A
Apr
Jan
Aug
60 A
v:
A
~2^566
A
115% 116%
4(H)
100%
Feb
»xi
119
332
200
Ju
July
*1»
s32
100
80%
20
United Lt A Pow com A—*
3ie
»ie
2,700
Mar
80
«i«
23 %
*22% "23%
""% ""%
United Profit 8harlng..25c
4A
10
60
59%
4%
60
1
"lOH
"id A
U 8 Foil Co class B
1
5%
5%
U S Graphite com..
5
he
U 8 and Int'l Securities..*
$1.50
conv
59
5%
*
12%
6%
Tu
July
5%
5%
"id"
x
x
x
bbb2
2
"lH "l
13 A
OA
July
July
Am Pow & Lt deb 6s
8%
June
Appalachian Elec Pow 3%s 1970
Appalac Power Dob 6s
2024
A
Tioo
%
Jan
Jan
5%
Aug
29 A
Jan
July
Mar
Feb
A
3%
Jan
Feb
"7 A "8A
1
Universal Insurance
Universal Products Co
6
Utah Radio Products
2%
65
$5.60 priority stock
45 A
Venezuelan
96 A
93 A
*
1
'~7A
Waco Aircraft Co
*
5
7A
5
Wagner Baking r t o
♦Conv deb 5%s
1977
z
d
17
hi
Aug
*11
Jan
8%
7A
Class B
5A
A
8A
Aug
Jan
29 A
Aug
A
Jan
21A
17%
Aug
Jan
Jan
Mar
July
3
Jan
Jan
49
Aug
H
85 A
Jan
Feb
103
100
7A
June
11
1,000
4 A
Apr
3
Apr
8 A
5A
Feb
9A
July
July
r"i%~~Feb
5A
Aug
♦
Walker Mining Co
"i«
13 %
Wayne Knitting Mills—.6
Wellington Oil Co.......1
Wentworth Mfg
13%
"""400
5
Western Air Lines, Ino
~4 A
1
100
4A
4%
4
4
May
Jan
Jan
%
Jan
A
Jan
Apr
2A
Jan
Mar
3A
Aug
Aug
15
June
30
95 A
June
102
Feb
2,100
2%
6
July
3%
Feb
May
Jan
400
58 A
100
Western Tablet A Statlon'y
Common
*
Westmoreland Coal
16%
10%
20
5A
Jan
OA
July
20
200
20
Jan
Jan
21
July
Jan
14%
6
1
Jan
Wichita River Oil Corp._lu
5%
4
2A
2A
100
*
r
2
5 A
5%
5%
3G0
1
com
4%
4%
4%
100
Amor dep rets
2A
3A
3,GOO
Jan
7
Feb
Mar
43
51
12%
17
12%
91,000
12%
17%
17%
17% 123,000
20,000
17
9,000
66
12%
17
1?%
17%
17
63
69
108%
7
OA
8
3
12%
8A
117
2
115 A
115% 116
22,000
109% 127%
aa
2
110
109 3% 110%
40,000
6s series
105% 111%
106% 112%
1960
x
aa
2
111
111%
23,000
Bethlehem Steel 6s
1998
x
a
2
151
151%
Birmingham Elec4%s
1968
1970
x
bbb2
5.00C
9,000
C
Boston Edison 2%s
Broad River Pow 5e
xaaa
3
102%
104%
.1964 y bb 2
1953 x bbb3
1942
x
bbb2
Cent 111 El & Gas 3 %s
1964
x
1968
x
a
3%s
3
102% 103%
103% 104%
*103 % 104%
ic'ooo
23,000
99%
90%
99%
91
92%
6,000
83%
93
88
90% 191,000
80%
91%
87%
90%
90%
bb
99 A
1927
z
bb
99% 100
42
43%
—1962
y
bb
96
|*Chlc Rys 6s otfs.
fin series B
Cities Service 6a
16%
i960 y b
88
Debenture 6s
1968 y b
87%
1969 y b
87%
87%
98
97%
Debenture 6s
Cities Serv P A L 6 A a
1962
y
b
Community Pr A Lt 6a._ .1957
y
Conn Lt A Pr 7s A
"102%
bb
102
1969
x
aaa3
1976
x
aaa3
x
aaa3
Consolidated Gas (Bait City)—
Gen mtge 4 As
1954
3
bbb3
Mar
Elec Power A Light 6s
2030 y b
Elmlra Wat Lt A RR 68—1966 x a
3
Empire Diet El 6s
1952
♦Eroole Marelll Elec Mfg—
6 Ab series A
1963
x
Erie Lighting 5s
1967
x
1964
y
b
5A
J an
4A
Jan
80
79
99%
98%
13,000
88%
99%
% 1C2 %
12,000
98% 103%
90%
127% 131%
89
102% 102%
89%
88%
Banks 68-6s stpd...
Florida Power 4s
ser
1964
94
93%
*124% 125
4,000
105% 111
101
105%
10,000
8,000
122% 128%
89%
98%
93,000
4,000
53%
101
102%
81,000
86
89%
67,000
95
78%
119% 126
"5^C66
104
106
45
*13
108% 108%
3,000
104
104
104
3,000
*27
45
106% 107%
103
103%
x
bbb2
107
*
bbb2
103%
62
28,000
44
105% 105%
z
1961 y
C ....1966
Florida Power A Lt 6s
93%
3
a
107% 111%
110%
124% 124%
98%
97%
60
60%
a
Federal Wat Serv 5 As
Finland Residential Mtge
Apr
96
88
97%
60
1
June
86%
46,COO
108% 109
104% 104%
bbb2
Jan
31
49
44,000
*110
1st ref mtge 3s ser P
1st ret M 2%s ser Q
30%
100%
37%
*129
aaa3
1951
x
July
2A
aaa3
x
12
Consol Gas El Lt A Power—
x
OA
5%
x
1971
12%
93
21,0C0
97%
1949 y b
5%S
1956
5%
16%
96
Conv deb 6s
1955
Jan
87
98%
;16 %
"id A
y
Eastern Gas A Fuel 4s
Apr
8.0(H)
1966 y b
1
1964 y cc
5%B—1963
Cudahy Packing 3%s
4A
69%
105% 107
105
109%
2,000
31,010
6,000
50,000
19,000
7,000
6,000
.1948 y cc
6 An
Cent States P & L
Jan
4%
107
107% 107%
1965 y bb
Cent States Elec 5s
July
Jan
102% 106
73%
81%
80
85%
17
156
101% 103%
103% 104%
85
107
107%
149
34,000
79%
85
bbb2
Cent 111 Pub Serv
July
Jan
102
b
1968 y bb
Jan
104%
100
x
1944 y ccc2
July
100
z
1950
Cuban Tobacco 5s
Mar
4
5s
78,000
1,000
16%
1C6.000
17
1967
Cont'l Gas A El 6s
Woolworth (F W) Ltd—
Wright Hargreaves Ltd..*
109
131
106% 108%
1st 5s series B
Convertible 6s
Feb
4 A
Wolverine Portl Cement. 10
Petroleum
Mar
114
Wisconsin P A L 7% pf 100
Wolverine Tube
A
1
1
Co
Feb
Mar
10 A
*
Williams OU-O-Mat Ht—*
Wilson-Jones
Aug
June
15A
Williams (R C) A Co
Wilson Products Ino
85
13
75
10
Weyenberg Shoe Mfg
Feb
11A
20
Westmoreland Inc
106
128
Bell Telephone of Canada—
(Bait) 3%sserN
4
56,000
1,000
23,000
*101% 104%
*101
104%
1947 y b
Canadian Pao Ry 6a
Western Maryland Ry-
Woodley
15%
65%
1947 Y b
Canada Northern Pr 5s
July
aa
6e without warrants
Jan
3H
x
6s with warrants
Jan
Apr
Apr
12
Western Grocer com....20
7% 1st preferred
16%
15%
15%
15%
108%
129%
107%
48%
105% 108%
106% 110%
100% 109%
Baldwin Locomotive Works—
Aug
22
3A
100
West Texas Utll 90 pref—*
West Va Coal & Coke
s
46
107%
106
1A
1%
1A
100
'
~~2 A "
1.26
103% 106%
105%
107% 109%
3%s—1964
1%
A
•u
1~7(K)
'it
...1
10,000
7,000
6,000
35,000
103
101% 103%
1,000
Jan
1
Jan
Feb
Jan
Feb
May
May
100
105% 108
103% 106%
102% 105%
3,000
Atlantic City Elec
Cincinnati St Ry 5 %s A
5
7,000
6,000
14,000
8,000
8,COO
Avery A Sons (B F)—
100
Waltt A Bond olass A—.*
1
108% 108%
Jan
%
13 A
400
5
Since
109% 109%
Jan
*11
220
Range
Jan.
■■
3
1%
1%
3.000
%
AssocT AT deb 5An A—.1955 y b
Atlanta Gas Lt 4%S—
1955 x bbb2
5%
44
*
7% preferred
16%
Aug
3A
7% pref. .100
d
1%
A
25
Vogt Manufacturing
Vultee Aircraft Co
Va Pub Serv
z
Apr
1
Petroleum
July
1968
Aug
16 %
3 A
90%
8%
46%
♦Debenture 6s
%
16 H
2
d
17
1%
100
z
17
Jan
5
$4 conv preferred
lAssoolated Gas & El Co—
♦Conv deb 4Ab
—1948
d
83%
2~900
bbb2
bbb2
d
July
%
108%
x
x
z
July
A
166%
108%
129%
107%
z
13A
1A
"lA "l%
106%
1950
62 A
1
Valspar Corp com
108
1949
7A
Utility A Ind Corp com..5
Conv preferred... ....7
108%
♦Conv deb 6s
75
75
106%
1953 y b
Associated Elec 4 As
104% 104%
106% 106%
108%
a':
♦Conv deb 4%a
2,400
46
a
a
Jan
2%
""500
x
Mar
10
101% 102
X
4A
65 A
2 A
65
1
10c
1
Utility Equities com
—1956
Apr
14
*
Utah-Idaho Sugar
Utah Pow A Lt 17 pref-.-*
Arkansas Pr & Lt 5a
Apr
23
1
Universal Pictures com
Jan
Sales
x
2A
:v;
July
A
6A
Y.m
8
101%
2016 y bb
1
*
Universal Corp v t c
1950
1960
1970
Feb
l A
2%
8%
107% 107%
103% 104
103% 103%
103% 104
2
1967 y bb
3 A
xl A
uis June
11
June
American Gas A Elec Co—
4% May
7% June
A
Feb
49
June
3
Jan
61 %
bbb2
—1968 y bb
1st & ref 4 As
3%safdebs
3%iBf debs
United Stores common.60c
June
*i# June
13
bbb2
1966
2%ss f debs
Universal Cooler class A..*
Aug
lsie
for
1951
Aug
'"""20
9%
Price
1946
hi
io"
Aug
Mar
'is May
6%
See 1
1st A ref 5e
July
60c
19
Mar
16
12,000
Week
Aug
...
43% June
of Prices
Low
High
76
61%
500
43% June
Week's Range
Apr
47
300
July
Feb
Co—
Power
Apr
Mar
1A
July
13
Sale
1st A ref 5e
May
2,800
July
25
Last ,,
1st 5s.
27 A
»
Alabama
49 %
50
59
25
Feb
Friday
Jan
Feb
1st A ref 6s
""ht ""566
59
Jan
Apr
Rating
Mar
Apr
Jan
3A
Class B
*10%
Mar
7%
Jan
Jan
Mar
1,400
Feb
9H
Mar
A 112,000
1516 43,000
%
%
Jan
85
•u
J A
Wall Paper
%
6,000
9%
9%
«•■
Bank
5A
3A
United
»
Elig. dk
Mar
]
1st 97 oonv pref
♦Santiago 7s
4 A
800
19
18%
—-
'—•»
1921
1949
♦5 AB
"""%
pref......20
U 8 Stores common
'.Y+i
1958
♦Parana (State) 7s
6%
14%
32% June
12%
1,000
*20
♦Rio de Janeiro 0%s_1959
Feb
Feb
Mar
23%
9%
30%
"1,6co
12%
hi
"""466
Jan
22%
25
With declaration—
50
U 8 Rubber Reclaiming..*
corn
May
7
32
-
Jan
U 8 Plywood—
U S Radiator
Jan
16
10,000
25
'*•
—
29 A
40 A
United Specialties com
U 8 Lines pref
♦Mtge Bk of Chile 6s. 1931
Mtge Bk of Denmark 5s '72
"""100
25
161st pref with warr.—*
27
June
Jai
Jan
f
Jan
United NJRRA Canal 100
10% preferred
June
5%
13%
5,000
8%
*25
25
♦Issue of Oct 1927
25
19 A
*73% "73%
*
United Shoe Mach com.25
8
~
16
8%.
70
T.m
------
~
6
*13
W
«.
June
*j»
..*
Milk Products.—*
Preferred
»
22
Common class B.
13 partlc pref
6
1958
July
Jan
'
16 1st preferred
27
16%
..1958
♦6%s stamped
BONDS
80%
United
7
27
Apr
13%
~
Jan
7%
Jan
June
Option warrants
United Gas & Elec Co—
m
Jan
*11
% June
>it
Apr
300
18
mm
Aug
June
"""'it "~A
116
Apr
Apr
7A
1
Jan
Y4 ' 4
Lima (City) Peru—
♦Russian Govt 0%s._ 1919
7A
60 A
hi
May
Feb
'■
*7
m mm*.*.
♦Medellin 7s stamped-1951
OA
2%
Sts._10o
7% preferred.*..
Aug
600
Apr
9
non-voting.
10%
48%
2A
Jan
2.2(H)
United Elastic Corp.—*
1st 17 pref.
15
*7
~
Jan
Jan
2%
7*A
ZH
5
32 %
*
United Gas Corp com
Jan
July
8
15
*7
1947
♦Secured 6a
%
8A
600
"2 A "VA
United Corp warrants
Jan
Jan
July
~2~,m
7
100
1
A part pref
7
11
*34
3A
8%
3%
2%
Ti»
1
Mar
United Chemicals com..
cum
Jan
High
Loto
9
Jan
July
Jan
Canada—*
Union Investment com—*
_
108 A
46 %
7%
42
1%
7%
ZA
—1
lUlen A Co ser A pre!
*
Series B pref—
—*
Unexcelled Mfg Co
10
United Aircraft Prod
Week
Price
114
Jan
2,900
200
%
ZA
%
Udyllte Corp
Un Btk Yds of Omaha.
Apr
hi"
200
%
"~3%
Tung-Sol Lamp Works—1
80c oonv preferred
♦
Union Gas of
for
of Prices
Low
High
*7
8A
Corp.—1
1
Class A._
Week's Range
Sale
'
Trunz Inc.———
Tublze Chatlllon
Last
High
July
111
10
111% 111%
111%
Range Since Jan. 1, 1941
BONDS
(Continued)
Range Since Jan. 1,1941
Week
Sale
{Concluded)
Sales
Friday
Sales
Friday
STOCKS
$3
Aug. 16, 1941
New York Curb Exchange—Continued—Page 5
966
108% 110%
101% 104
41%
48
104% 107%
102% 106%
2 5,COG
43,000
Gary Electric A Gas—
FOREIGN
AND
6s ex-warr stamped
1944 y bb 2
Gatlneau Power 3%s A— .1969 x bbb2
General Pub Serv 6s
1
1953 y b
GOVERNMENT
MUNICIPALITIES-
Gen Pub Utll OAs A——1956 y bbbl
Sales
♦General Rayon 6s A
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦20-year 7s
Jan 1947
•Baden 7s
*25A
26
1951
Bogota (Bee Mtge Bank of)
♦Cauca Valley 7s
1948
Cent Bk of German State A
♦6 series A
%7
X8A
10 A
1,000
Aug
26
Mar
26 A
9%
70
1953
129
44
With declaration
1,000
100
101%
75
84%
101% 1C2%
"5,666
+63
x
1978 y b
1953
Glen Alden Coal 4s
1965
bb
3
87%
87%
*9%
y
65
"87%
87%
87%
99% 102%
9,000
72
18%
74*666
80%
Jan
July
27
Feb
22
Feb
52
Jan
97
July
May
73
May
25
Mar
29
June
Attention is directed to the new column in
this tabulation pertaining to bank eligibility and rating o
65
I'ooo
17%
2
88%
t
For footnotes see page 967
98% 103
"
101% 101%
bbb2
98% 102
June
9
25
1,000
31,000
Jan
Apr
100% 100%
82%
84%
*100
1C2
Aug
22
30
*7
70
Ext 68
25%
Jan
68
t7
1955
5%s
Jan
OA
30
....1952
♦Prov Banks 6s B—1951
Danish
26
21 %
22 A
17 A
27
26
101%
z
1943
♦Gesfruel 6s
Week
1948
Gen Wat Wks A El 6s
Georgia Pow A Lt 5e
for
BONDS
—
84%'
I
bonds.
88%
23
88%
Volume
Sales
Bank
Friday
EUg. A
Last
Week's Range
for
Range
Rating
Sale
Week
Since
(Concluded)
See A
Price
of Prices
Low
High
1960
1960
Green Mount Pow 3%s—1963
Grocery Store Prod 6s
1945
Guantanamo A West 6s—1958
x
a
2
aa
1
109
{♦Guardian Investors 6s—1948
1935
z
85
*84%
x
Grand Trunk West 4s
stpd
♦Hamburg Elec 7s
x
y
ccc2
ccc2
y
c
4,000
2,000
110'
104% 104 %
bbb2
y
-
37H
22%
♦Hungarian Ital Bk 7
Hygrade Food 6s A
z
1966
s it
Ms.—1963
1949
7,000
HO M 111
2
*3
78% "78 %
z
ccc2
1949 y ccc2
aa
2
3%S——1967
111 Pr A Lt 1st 6s ser A
1953 y bbb2
1st A ret 5 Ms ser B
1954 y bbb2
1st A ref. 6e ser C
1956 y bbb2
Sfdeb6Ms—-May
1967 y bb 2
Indiana Hydro Eleo 5s
1958 ybb 1
Indiana Service 5s
1960 y bb 1
1st Hen A ref 5s
1963 ybb 1
♦Indianapolis Gas 6s A
1952
Indianapolis Pow A Lt 3%sl970 x a
{International Power Sec—
♦6%s series C
1955 z dd
♦7sseries E—
——1957 z dd
♦78 (Aug 1941 coupon) 1957 z dd
♦7s series F
1952 z dd
♦7s (July 1941 coupon) 1952
2
Interstate Power 5s
1957 y b
Debenture 6s
1952 y ccc2
aa
2
Iowa Pow a Lt 4mb
1958
♦Isarco Hydro Eleo 7s
1952
♦Italian Superpower 6s
1963
6s series B
110%
107
105M
105 %
32T666
105% 105 M
101% 102
*102 M 103 M
36.000
stamped
1942
Jersey Cent Pow A Lt 3 Ms.1965
Kansas Eleo Pow 3 Ms
1966
Kansas Gas A E eo 6s
2022
Kansas Pow & Lt 3Ms
1969
79 M
81%
79
81
89 M
98% 103
100% 102
16,000
88 M
104% 107 >
7,000
21,000
109
109%
*12
13M
Lake Sup Dlst Pow
3 Ms— -1966
1946
75
92%
105
109%
16
13M
2,000
"4~O66
"14"
79%
73,000
39%
*107% 108%
53,000
79%
78%
38%
37 M
13
13
16%
17%
_2"666
17%
*49 M
50
108% 109
108%
2
x
a
x
bbb2
xaa
*109% 113
126 M 126 M
112% 112 %
112%
*109
111
*10
40
103% 103%
108% 108%
3
X A \
3
b bbi
X
3
x a
6,000
—-1941
McCord Radiator A Mfg6s stamped..
1948 yb
Memphis Comml Appeal
2
6,000
1,000
a
1965
x
80%
43
24%
106% 108%
26
12%
14
35%
51
102% 106%
107
109%
101% 103%
101
95% 100
105% 109%
110%
107
100
106
6,000
103% 105%
102% 106%
5,000
109
x
bbb2
2030
x
bbb2
otfs—.1978
z
d
1
x
aa
2
1981
2022
Nelsner Bros Realty 6s
1948
Nevada-Calif Eleo 6s
1966
New Amsterdam Gas 5s—1948
N E Gas A El Assn 5s
1947
6s
1948
Nebraska Power 4mb
6s series A
bb
x a
aa
x
aa
135
cc
*7
*40
x
bb 2
x
y
3Ms
1961
Assn 5b ——1948
y
y
bb
bb
y
20
BS'oqo
59%
61%
15,000
59%
61%
56,000
117% 121%
66%
56%
66%
56%
56
66%
1,000
106% 109%
ei'666
109
109
"92%
96
a
96
92%
28,000
96%
92%
29,000
1.000
104
104
105%
a
aaa3
aa
3
*24%
1956 ybb
3Ms—1947 x aa
1948 y b
Northern Ind Public Service—
6Mb series A
102%
Nor Cont'l Utll 6MB
mtge3%s_.„1968 x aa
3s—1971 X aa
Ohio Public Serv 4s._
1962 x a
Okla Nat Gas 3%s B
1955 xbbb2
Okla Power A Water 5s—1948 y bb
Pacific Gas A Electric Co—
1st 6s series B
1941 x aa
Paclflo Ltg A Pow 6s
1942 x aaa3
Pacific Pow A Ltg 5s
1956 ybbbl
Park Lexington 3s
....1964 y cccl
Penn Cent LAP 4%s
1977 x a
Ohio Pow 1st
1971
H...-1962
Penn Pub Serv 6b C
—.1947
5s series D
1954
Pennsyl Wat A Pow 3%s__1964
x
a
a
x
109%
108%
103%
101%
105%
a
x
a
105%
109
aa
101% 106%
107% 111%
103
106%
115
38
45
aa
1971
103% 103%
58
bb
y
2
113%
58%
13,000
50%
60
105% 108%
101
110%
34% 46
18,000
1989 yb
Spalding (A G) 5s.—
6s
(stamped)
Conv 6s (stamped)
40%
40%
41%
y
b
88%
89%
78,000
69
92%
y
b
88%
88%
87%
88%
48,000
69%
44.000
69%
92%
92%
88
88
36,000
70
92%
53,000
70
87%
89%
89%
89%
89%
89%
49,000
68%
22
22
1,000
20
92%
92%
25%
24
20
4,000
24
32%
*42
50
43
56%
1948
1948
Debentures 6s..
yb
1951.
Debenture 6s....Deo 1 1966 y b
87%
88%
Standard Pow A Lt 6s
1957 y b
1957 yb
1950 z cccl
Corp Inc 6s
Stinnes (Hugo) Corp—
7-4s 2d.
"87%
_
Z
-1946
.
-1946 Z '
"*io"
"Is"
-1963
z
.1960
x
bbb2
106%
106% 106%
-I960
x
bbb2
108%
108% 108%
y
bb
2
.1979 ybb
3
Tletx (L) see LeonardToledo Edison 3%s__.
.1968
Twin City Rap Tr
.1952 yb
X
118% 118%
99%
99%
A;;- v:;'2
3
"60%
107% 107%
60% 60%
2,000
102% 103%
104
105%
49%
54%
7,000
.109
1,000
109
7,000
108% 109%
17.000
109% 113%
106
109%
9,000
106% 107%
17,000
5,000
2,000
107
108%
118
121%
90
3,000
100%
106% 109%
7.000
62%
58%
9,000
s
116
116
»
JL UIT
116%
18
*11
-
14
11%
118%
25
30%
30
85
100
17,000
7
2,000
114
15%
20
30
20
CV—
Debenture 6Ms
1st lien A cons 5Ms... —1959
x
98%
98%
8,000
99%
99%
5,000
1,000
99%
bbb2
6Ms.—1952 ybb 2
98%
103% 103%
..1975 ybb 1
1974 ybb 1
Debenture 6s
Un Lt A Rys (Del)
10
*13
*
.1945
f 6s.
XJiftUV
aaa3
10
*13
..1941
♦1st
10
"166%
101%
6,000
118% 120%
98% 98%
88
100%
103% 108%
93% 101%
13,000
100
United Light A Rys (Me)—
...1952 x bbb2
1973 ybb 1
6s series A
Deb 6s series A.
Utah Power A Light Co—
1st Hen A gen 4 Ms
x
1944
98%
bbb2
..2022 ybb
.1946 y bb
Deb 60 series A
118%
2
98% 102
12,000
101
102%
32,000
101% 102%
8.000
103
1946 y b
"161"
* C
103
101
101
4%
109
95
101%
1954
Deb sf 6s
83% 100
102
1950 ybb
1st ref 5s series B
99% 100
99%
121
117
2,000
3,000
101% 102%
102% 103%
2,000
100% 102
Waldorf-Astoria Hotel—
income deb
♦5s
4%
4%
1951
x
aa
aa
*109% 110
2030
x
bbb2
5s—1960
x
a
2
1944
1966
y
b
1
x
bbb2
1937
z
bbbl
1947
V
bb
Wash Ry A Eleo 4s
West Penn Eleo 5s
West Penn Traction
*106% 107%
116
117
4
.
108
*109% 110
x
11,000
5,000
5%
109%
105% 110
105
108%
116
119
106% 106%
35,000
26%
13%
{♦Ulen A Co—
Washington Water Pow 3 Ms'04
10,000
108% 111%
109% 110
108% 108%
103% 103%
101% 101%
102% 102%
101% 101%
59
*33
105% 106%
106% 106%
105% 106%
109
109%
8.000
Western Newspaper Union—
6s unstamped
109
Wise Pow A Light 4s
{♦York Rys Co 5s stmp
♦Stamped 5s
69
104%
69
104% 104%
*97%
99%
99%
2,000
17,000
98%
*8^000
70
69
104% 107%
96%
99%
98% 100%
106% 109
106%
1,000
103
6,000
101% 104%
7,000
44,000
102% 106%
95
101%
137606
104% 106
34
3,000
19,000
23,000
5,000
110%
Ii'ooo
110% 110%
113% 113%
15,000
110
x
103% 103%
x
1st mtge 3s.
Va Pub Service 5M A
53
52%
108% 108%
*107% 107%
1970
197?
105%
106% 106%
108%
a
x
91% 100
102
114
35
102% 102%
109
Ohio Power 1st mtge
6sseries
47600
97%
109% 109%
53
-—1969 xbbb2
1946 ybb 2
x
13,000
~
87%
104% 105
No Bost Ltg Prop
Penn Electric 4s f
105% 106
*112
114
106% 106%
*115%
Nippon El Pow 6Mb
North American Lt A Power—
1979
111%
114% 124
106
109%
99%
88%
61%
118%
Penn A Ohio—
195< x
1964 x
2004 x
.—1964 x
1953 y
2,000
108
107
1,000
119
59%
bb 3
1954
Service—
1949
2
104% 105% 131,000
11,000
107% 108
105%
102% 105%
107% 108
104%
x
18
59%
New Eng Pow
♦Income 6s Berles A
112
59%
New Eng Power
93
103
..1956
aaa2
93%
99%
5,000
aa
.-1949
98%
87%
93%
3,000
aa
,.1950
98%
85
99%
x
26
*116
88%
104%
x
105% 109
"98%
40
84
Southern Counties Gas (Calif)—
108%
"59%
b
20
8,000
83%
103
Southern Cal Edison 3s..-1965
1,000
aa
y
15
36%
75%
43
104
b
4,000
*109% 111%
16%
3,000
—
88%
bbb2
101% 101%
106% 106%
bbb2
y
1,000
2,000
Z
*18%
28%
106% 109%
133
138%
99
y
x
3%s —.1970
135
83
1951 y ccc2
Shawlnlgan WAP 4Ms—1967 x bbb3
1st 4 Ms series D
1970 x bbb3
Sheridan Wy 0 Coal 6a
1947
Sou Carolina Pow 5a.—...1957
3,000
90%
14
107% 108%
107%
x
13,000
*110% 114
b
b
3%s
Joaquin L A P 6s B...1952
82;
9,000
86%
*9%
*9
103% 103%
119
104
98% 105
98% 102%
17%
86
z
96% 104
100% 102%
2
y
Phlla Eleo Pow 5M8
bb
z
106%
x
1st 5s
y
1953
1958
1979
103%
3
I960
Conv deb 6s
.
5%s series A
♦Ruhr Gas Corp 6%a
♦Ruhr Housing 8mb
59%
50%
103% 107%
102% 105%
3,000
17,000
6.000
.
...1952
162
100
18,000
11,000
Queens Boro Gas A Eleo—
104
"li'ooo
12,000
series A Ogden Gas 1st 5s
102
♦Starrett
112
y
25
90
104
1st 3 %s
bb
1st A ref 4%s ser d
6s gold debs
111
Debenture 6s
y
150
38,000
102% 103%
103
103%
102
102%
Southern Calif Gas
104
4s
103%
z
aaal
stamped
103
bb
z
bbb2
♦Ext 4Mb
152
bb
y
..1950
1951
x
N Y A Weetch'r Ltg
152
y
1950
1st A ref 5s ser C
1937
66%
105% 109%
105% 107
107% 109
20,000
152
y aa
6% perpetual certificates
Puget Sound PAL 6Ms—1949
♦Schulte Real Est 6a
105% 105%
2
26
Public Service of New Jersey—
Scullin Steel Inc 3s
107% 107%
bbb2
1965 ybb
N Y State E A G 3%s
6,000
♦Saxon Pub Wks 8s—
x
York
4,000
107% 108%
15
1957
1951
Missouri Pub Serv 5s
1960
Nassau A Suffolk Ltg 5s—1945
New
*109% 110%
106
106%
bbb2
24
Miss River Pow lBt 5s
Debenture 6Ms
a
bbb2
x
14
Miss Power A Lt 6s
New Orleans Public
2
x
x
1969
San
65
56%
106% 107
104% 104%
xbbb2
76%
10
1949
25%
15%
25
5,000
x
100
69
Standard Gas A Electric—
109% 109%
*101% 102%
y
Tooo
1964
1st mtge 3%s
f debs 4s
a
Pub Serv of Indiana 4s
13%
106% 109%
1,000
1967
1978
98%
50
73%
10
*8
7.000
106% 106%
aa
95
73%
1
1954
86%
*110% 110%
Metropolitan
{♦Nat Pub Serv 5s
*88
Power Corp (Can) 4% sB... 1959 y a
Southwestern Pow A Lt 68-2022
*100
bb
bb
108% 112%
112%
*102% 103%
y
5,000
112
aa
x
109
109
*107% 108%
a
1965
Middle States Pet 6Ms
1946
Midland Valley RR6b—1943
106% 110%
3
a
93% 100%
2,000
16,000
ccc2
x
5,000
96
Soutnern Indiana Ry 4s.—1951 y bb
S'western Gas A El 3%s... 1970 x aa
bb
4s series G
96%
29%
26%
106% 107
167""
128%
y
Nat Pow A Lt 5s B
96%
1
123
x
Mississippi Power 5s
1961
Potrero Sub 7a stamped...1947
Safe Harbor Water 4 Ms
84
*78
96%
96
1
'3
105% 109%
106
109%
x
1952
4Mb—1947
Ed 4s E
1971
1st A ref 68
bb
25,000
Mengel Co oonv
Minn PAL 4MB
bb
z
X a
12%
22%
"lTooo
35
*10
102% 106
30
,
z
Range
1,000
12%
12%
*7
-
♦7s mtges f
Mllw Gas Light 4MB
1956
21
42
Mansfeld Mln A Smelt—
Deb 4 Ms
..1940
1950
5s stamped extended
11
8
r a
1945
1957
Louisiana Pow A Lt 5s
84
71%
*105% 106
bb
y
10
"14"
*14
♦Leonard Tleta 7 Ms
Long Island Ltg 6s
84%
72%
Jan. 1
High
Public Service Co of Colo—
81
108
105
10.000
42,000
14,000
79
b
z
♦5s stamped..
Potomac Edison 5s E
80%
70%
107% 111
106% 108
Jacksonville Gas
5s
18
70%
~i9~666
13 M
29%
14%
18%
109% 111
~6~666
81
—
38%
15
1962
♦Prussian Electric 6s
78%
*77
110% 111
106% 107%
105% 105%
.
Idaho Power
64
Since
9
Low
♦Pledm't Hydro El 6%S—1960
♦Pomeranian Eleo 6a
1953
Portland Gas A Coke Co—
4%b Berles F.
*11
1938
A St Ry 5 Ms
106%
17m
2,000
13,000
♦Hamburg El Underground
Houston Lt A Pr 3 Ms
Phlla Rapid Transit 6a
58
*11
Price
Week
Sale
See A
for
of Prices
Rating
{Concluded)
1
18
37%
22
-
22%
103 m
Week's Range
Last
EUg. A
BONDS
75%
85
107% 110
5,000
62
62
1
Jan.
I
Sales
Friday
Bank
BONDSQ
Gr Nor Pow 5s
967
New York Curb Exchange—Concluded—Page 6
153
3,000
38
105% 107%
104% 106%
107% 110
106% 109%
107% 109%
106% 110%
106% 110%
109
115
▲
I
♦
n
No par value.
a
Deferred delivery sale.
Under-the-rule sale,
r
♦
d Ex-interest.
t
Odd-lot sale.
x Ex-dlvidend.
No sales being transacted during current
Cash sale,
♦ Friday's bid and asked price.
Bonds being traded flat.
,
week.
~
i Reported in receivership.
Abbreviations
Used
Above—"cod," certificates of deposit; "cons." consolidated
convertible; "M," mortgage; "n-v," non-voting stock
•'cum." cumulative, "conv,"
"v t
c," voting trust certificates; "w
I," when Issued; "w w." with warrants; "x w,'
without warrants.
A
Bank Eligibility and
believe eligible
Rating Column—x
Indicates those bonds waich we
for bank Investment.
Indicates those bonds we believe are not bank eligible due either
status or some provision in the bond tending to make It speculative.
y
t
Indicates Issues In default.
The
to rating
In bankruptcy, or In process of reorganization.
based on the ratings assigned to each
The letters indicate the quality and the numeral
rating symbols In this column are
bond by the three
rating agencies.
immediately following shows the number of agencies so rating the bond.
In all
cases the symbols will represent the rating given by the majority.
Where all three
agencies rate a bond
A great
differently, then the highest single rating is shown.
majority of the issues bearing symbols ccc or
or lower are in default
lower are in default.
bearing ddd
Attention Is directed to the new column In
this tabulation pertaining to bank
eleglbility and rating of bonds.
See note A above.
Issues
The Commercial & Financial
968
Chronicle
Aug. 16, 1941
Other Stock Exchanges
Sales
Friday
Range Since Jan. 1, 1941
Last
Baltimore Stock
both inclusive, compiled from official sales lists
Aug. 9 to Aug. 15,
Sales
Friday
Week's Range
Last
Range Since Jan. 1, 1941
for
Par
Amer Pub Serv pref
Week
of Prices
High Shares
Sale
Price
Par
Stocks—
Stocks (Continued)
1st
preferred v t c.,.100
35c
50c
402
3.15
3.30
445
High
vtcl
Preferred v t c—..—1
Fidelity A Deposit——20
Houston Oil pref—-- 100
Maryland A Pa RR comlOO
Monon W Penn PS 7% pf25
M Vern-WoodMllls comlOO
Preferred
100
New Amsterdam Casualty2
Northern Central Ry—60
Penna Water A Power com*
17%
14# May
27c May
1.65
Jan
m:m
Armour A Co common...6
Aro Equipment
Associates Invest com
Mar
Mar
mm
Aug
July
Belden Mfg Co com—..10
Bendlx Aviation com....6
37%
30%
Apr
Berghoff Brewing Corp...l
7%
7%
Bethlehem Steel Corp com*
27%
2%
2%
17%
15#
Apr
Feb
1.00
Feb
1.75
108
27#
Apr
29#
Jan
22
2.25
Feb
3.25
Mar
43
70
28#
m
mmmm'm
mm
m
*
29
2.70
mm* 0,mm
2.70
77
mm
77
1,322
80
Jan
10# May
June
57
Brown Fence A Wire com.l
45
52#
52#
20
94#
49#
85
85
85
10
83
June
87#
24#
24#
24#
1,350
21
May
27# June
mm mmmm
PhillipsPackg 5%% pf.100
U 8 Fidelity A Guar
2
Jan
Apr
Mar
Feb
6
Common
Class A pref
Bruce Co (E L) com
Bait
S500
5%
Trasit Co, 4s fiatl975
88#
88#
41
41
28,500
1975
50
50
2,500
A 5s flat
84
Jan
88#
Mar
33#
40
Mar
41# June
50
Jan
Aug
5#
11
Jan
Aug
50
25#
Aug
35#
Jan
295
27#
Aug
29#
Aug
Apr
Apr
3#
5#
Jan
May
19#
Apr
10
Jan
32#
Apr
Apr
12#
39#
July
100
2
'
3%
420
17%
12%
50
250
1,065
37%
7%
250
2#
16#
6
Jan
Aug
8#
Jan
71%
165
68#
Aug
5%
100
4#
Feb
75#
5#
July
19%
1,450
16
Apr
20#
July
10%
70
16
June
2%
2%
700
10%
11%
1,550
12%
150
12%
3
1
10
Aug
11#
Aug
10#
Jan
13#
Mar
2#
July
Jan
6#
July
19#
Jan
86#
350
6%
6%
6%
250
10
Jan
15#
30
11%
4
Mar
13
Feb
85#
Jan
Jan
June
7
4#
85%
18
2#
1# June
1,600
0
22%
11%
cum conv
Cent 111 Pub Ser 16 pref..*
10
13%
22%
6%
pref
30
Campbell W A C Fdry...*
5%
100
3
13#
0%
10
Butler Brothers
Certificates of indebt
Aug
10%
"~2%
*
5
Burd Piston Ring com
Atlantic Coast Line Conn-
May
29
18%
18#
..»
.
Bunte Bros com
Bond!—
Apr
7
Jan
1"m July
Borg Warner Corp—
Brach & Sons (E J) cap
19#
97
4
168#
e68%
5%
..1
19# Aug
97# June
18#
97
19#
BInks Mfg Co cap
12
Aug
Aug
1,263
2%
Bastian-Blesslng Co com.*
6# Auk
149# May
27#
29 %
2%
Jan
7
1,389
11
"27%
94
Aug
25#
y.
June
173j
200
11
25#
Athey Truss Wheel cap-.4
Aviation Corp (Del)
3
113#
Jan
4%
"ii
*
Atch Top A S Fe Ry comlOO
50
17
520
1,744
High
Low
85
13,500
28%
4%
Jan
40
131#
Jan
10
80%
Feb
302
131
[mm
mmm.m
J,
100
26
5#
«27#
27%
Aug
Co com__l
Shares'.
0%
152% 154
1#J2
17JJ
1%
Aug
1.50
May
26
86%
e0%
July
21#
May
114
850
High
60c
1.25
50
40
8#
59
7#
Low
3.35
71#
118#
10#
27#
131#
22#
157
117#
58#
117
mmmmmm
Price
Amer Rad & Stand San.
Rights (W 1)
21#
69
117#
100
4%% Pref cl B
780
10%
Consol Gas E L A Pow—*
Eastern Sugars As com
17
16H
Week
Amer Tel A Tel Co cap. 100
Low
Low
mmmmmm
*
*
Bait Transit Co com v t c
for
of Prices
100
Anaconda Copper Ming. 50
Arundel Corp
Week's Range
Sale
Exchange
10# May
May
82
23
Aug
14#
Jan
95#
Jan
6#
Aug
Central 111 Sec—
Conv pref-,.-
Boston Stock
Exchange
Range Since Jan. 1, 1941
Last
Stocks—
for
Sale
of Prices
Week
Tel.—..--100
*
Preferred...
l
Convertible preferred..*
152# 154
l»i«
1#
1%
Rights W I
*
100
Boston Edison Co (new).26
Boston Elevated
100
Boston A Albany
Boston Herald
Boston A
Prior
91
92#
211
20#
26#
27#
2,511
45
m*
45
46
18#
18#
m%
m m
J*
Traveller..*
•
Low
High
589
10
l*it
Aug
18
8#
Boston Per Prop Trusts..*
Boston A Providence—100
22#
—6
10
Jan
1#
Jan
50
3
3#
125
215
13
12#
22#
6#
5#
6c
5c
1#
5%
mm
22#
5#
mmmmmm
*
Copper Range
Mar
1#
290
3#
12#
East Boston Co
5#
127
3#
3
mmmmmm
Class D 1st pref std.. 100
Calumet A Hecla
159
3#
3
,
9#
3#
9#
100
3#
std_.100
std..100 /;:■ 3
C 1st pref std.. 100
preferred
1#
47
129
mm mm-
95
1#
Jan
Cities Service Co com
Jan
136
12#
5#
4#
Feb
100
2c
Aug
3#
3#
3#
3#
Aug
51#
51#
35
35
37
30#
July
July
Apr
100
14%
100
*
....
Employers Group
3
25
14#
3
3
25
2.13
110
400
75c
10
Jan
238
21
3#
207
2
May
....
100
Mergenthaler Linotype..*
N arr agansettRacg Assnl no 1
National Tun A Mines...*
Tel 100
2.60
RR (New Hamp) 100
13c
24#
5#
445
4#
23#
mmmmmm
4#
121#
121
New England Tel A
185
25c
700
120
25c
25c
Pennsylvania RR
Reece But Hole Mach
...
July
20#
34# May
6# July
18# May
Jan
45#
7# June
s
"2ji
*
40#
40#
100
6#
6#
24#
100
Fairbanks Morse com
Jan
14
Jan
24%
24
100
Aug
4#
Apr
33#
Feb
3
Jan
24
Aug
4#
4#
850
5
150
July
19
Jan
5c May
52c
Jan
50#
60
46#
Feb
55#
Jan
40
18# May
General Am Transp com.5
Gen Candy cl A....
5
15#
50#
3#
15#
May
15#
60
90
12
26
Jan
Fuller Mfg Co com
1
4%
10
Apr
General Electric Co
e31#
31#
530
31#
Aug
1%
1#
1#
405
45c June
Gen Motors Corp com..10
'37%
39#
37#
1#
39#
700
Jan
General Finance Corp coml
General Foods com
*
39#
2,200
33#
36#
110
129
May
20c July
*
30#
40
418
46
175
9
70
:8
9# May
6#
4#
4#
Feb
47
721
50
10
JaD
2# May
Apr
167
46
88
June
9#
3
5#
Apr
26
Heileman Brewing cap
1
Hein Werner Motor Parts 3
:
July
Aug
Horders Inc
July
Houdallle-Hershey cl B
Mar
9#
Apr
31
July
June
*
9
231
150
3
Jan
Feb
40#
48#
July
May
Aug
2# May
10
May
v
May
June
10#
17#
Apr
Jan
16#
9#
50
6#
Jan
8# June
8#
100
8#
300
100
12# May
11%
12#
2#
150
10
8#
2#
Feb
7# June
26
9#
26#
19#
850
26%
350
21# May
3#
250
3#
Mar
8
14
11#
7
9
18#
Jan
July
July
180
9#
600
700
7
May
Apr
18#
3
May
June
Jan
4#
100
8#
Aug
3#
20#
650
13#
18%
Jan
2#
8#
Indiana Steel Prod com_.l
11
32#
13#
11#
2#
Illinois Brick Co cap
^10
Illinois Central RR com 100
Indep P'neu Tool v t c new *
Indianapolis Pr A Lt com.*
156
Jan
Aug
July
8%
*
com
40
3
3#
3#
19
zl9#
9%
9#
15
14#
13#
13#
9#
8#
.10
com
Mar
Jan
9%
14%
Hamilton Mfg cl A pt pfdlO
Harnischfeger Corp
52c
43# May
30o July
Apr
Apr
73#
61#
46#
69# June
49#
Apr
7#
Gossard Co (H W) com...*
Great Lakes DAD com..*
Hall Printing Co com...10
Jan
8#
50
*
Jan
Jan
1#
Apr
com
Jan
10
11
9#
9#
14#
Jan
Jan
Aug
July
July
Jan
Jan
Jan
13#
3# June
10# Aug
Jan
29#
Jan
21#
4
Apr
inland Steel Co cap
Bondz—
70#
4#s.._—...——1970
70#
33
Boston A Maine 4s...I960
33
$400
1,000
103# 104#
4#s..—..1948
11,000
*
79
80
155
69#
Apr
90#
Jan
8#
54
175
8#
Aug
Aug
950
43#
May
9#
56#
2#
66# June
74
Mar
Interlake Iron
*
e8%
19
Jan
35#
July
International Harvest com*
O TH X
I
105#
Apr
Interstate Power $6 pref..*
Jar vis (W B) Co cap
1
52#
1#
East Mass St Ry—
Series A
Jan
Gardner Denver Co com..*
Apr
33#
27#
Jan
July
2
25
27#
19
6#
4
233
*
15
Jan
9
37
Warren (8D) Co
100
FitzSimons A Con Dredge *
Fox (Petei) Brewing com .5
Jan
1
com
28#
40c
450
31
2#
Eversharp Inc
37
40c
3#
30#
2#
Jan
28
8#
Aug
13# Apr
3#
Feb
28# June
2
May
Jan
40c
Jan
Jan
14#
100
20#
Elec Household Utll Corp. 6
Elgin National Watch Col5
40
8#
Aug
May
1,200
12%
Eddy Paper Corp (The)..*
Jan
Aug
20
1
13#
20#
3#
Inc
40#
*
34
1
Airlines
7%
40%
25
13%
Jan
10#
7#
....
.....
90
Apr
Feb
46
pref-.
cum
19#
Jan
11
Feb
m'mmm'*m
6%
Utah Metal A Ton Co
Apr
200
1
59
13
80#
12%
8
60#
Feb
300
200
12%
10
United Shoe Maoh Corp.26
July
12#
17%
July
140
73#
60#
16#
480
15%
94
9#
256
70#
Mar
26#
1#
72#
Mar
1#
May
8#
*
2#
Feb
7
1#
U nlted Fruit Co..
Jan
#
19#
8#
mm
1#
100
Goodyear T A Rub com..*
m
10
50
175
25# June
28
2%
8%
Feb
m'mm
Jan
8%
"T#
com
22
•
5
May
6#
Aug
866
Union Twist Drill Co
6#
Jan
9#
1#
24#
Torrlngton Co (The)
Feb
4#
Apr
Feb
23#
rnmmmmm
Jan
5#
180
Aug
23%
»
30
Jan
July
July
13%
Gillette Safety Razor com *
Stone A Webster
24# May
4,250
1,469
20%
6
6#
1#
General Outdoor Adv
Suburban Elec Sec 2nd pf *
41
8#
Aug
10#
Feb
100
Aug
*
Feb
37#
100
19#
Shawmut Ass'n TC
3#
10
900
94
£
July
9%
1%
25%
Feb
mm
Jan
55
17%
11#
8%
Jan
9#
72#
e8%
1%
25%
135
mm':*
112#
17%
1
18#
mmmmrnm
Apr
Aug
10
Curtiss-Wright
92
m
73
July
Jan
8# May
107
10%
Cunningham Drg Strs._2#
Decker A Cohn com
17#
10
Jan
July
1
13#
93
30
Common........
92
10
73
Aug
93
25
com
50
Reece Fold Mach Co
W aldorf System
Crane Co
17%
m'mrnmmm
51#
69#
Jan
;
i
31#
850
I
*
Pacific Mills Co
47
5
2%
*
35c
1# May
5%
*
Dodge Mfg Corp com
25#
3#
25c June
125
23#
5#
*
mmmjmmm
North Butte
North
550
1#
6
10c
1#
mmmmm
1
Mass Utll Ass v t c
25c
1#
6
25c
*
Class B
M alne Central com
July
30# June
# June
27#
Feb
Jau
Hathaway Bakeries—
Lamson Corp (Del) com..6
490
Com part sh v t c B
Jan
3
May
25%
Diamond T Mtr Car com.2
1#
14#
May
57#
Com part sh v t c A...50
68#
41#
1# June
25#
3#
•
Gillette Safety Razor
1#
1#
14#
mmrnmmm
100
Adjustment
100
6
Jan
Eastern Mass St Ry—
Preferred cl B.
10
9%
6
3#
Apr
Jan
Feb
41
4%
5
t c pref.50
Eastern
51%
35
100
100
4#% prior pref
6% pref
20
70
5%
v
Cudahy Packing 7% prflOO
9c June
1# May
47# June
100
107
9%
56%
25%
Deere A Co
*
300
50%
.25
Capital.
Aug
East Fuel A Gas As—
Common
50%
70
Consolidated OU Corp...*
July
Aug
6#
July
30
6#
50%
~56%
Container Corp of America
Common
20
Aug
23#
7#
Feb
Aor
FeD
ht
Commonwealth Edison—
Apr
13
June
4,300
Coleman L'p A Stove com *
10#
;
Jan
1#
11
10
Jan
Consumers Co
Class B 1st pref
Common
Chrysler Corp common..6
34#
Jan
%
29%
107
50#
20#
Mar
26# May
41# Apr
d :%
Chicago Yellow Cab cap..*
Jan
10#
97#
8# May
87#
42%
Chicago Towel Co com...*
168% May
1# July
148% May
Maine—
Class A 1st pref
Class
80
9
9
Bird A Son Inc
2,290
22,428
40%
60
29%
40%
%
Conv pref
152%
5#
120
Chicago Flex Shaft com-.5
High Shares
Low
Price
Par
Amer Tel A
Week's Range
1
Central A 8 W—
Chicago Corp common
Sales
Friday
—.*
Commons-.,...;
both inclusive, compiled from official sales lists
Aug. 9 to Aug. 15,
Katz Drug Co com.
10 H
10
1#
10#
176
5#
10#
5
1
1,450
100
1
May
14
July
Feb
Jan
9#
Apr
4
Jan
5#
7
May
9#
50#
July
Kellogg Switchboard—
*
8#
8#
50
46#
46#
20
A *
4#
4#
100
#
27#
#
27#
25
May
5#
19#
5#
4,950
5
Feb
19#
40
16
Jan
1#
50
1
Feb
Common
CHICAGO
Ky Util Jr cum pref
SECURITIES
Ken-RadTubeALp
com
La Salle Exten Univ com.5
Lifted and UnlUted
Leather A Co pref
*
Li bby McNeill ALlbby com?
Lincoln Printing pref
*
%
27%
5%
....
R Davis 6c €o„
Members
Trading Dept. OGO. 405-406
La Salle St.,
1#
7#
._*
Line Material Co com....5
Lion Oil Refg Co cap
*
Exchanges
Teletype
Municlpai Dept. OGO. 521
Principal
Bell System
10 S.
Common
Class A
16
Chicago Stock Exchange
Aug. 9 to Aug. 15, both inclusive, compiled from official sales lists
Sales
Friday
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Range Since Jan. 1,1941
Shares
High
6% prior lien
7% prior lien
13#
3#
July
190
9
Jan
19
July
Jan
16#
July
23
28
13#
27#
Aug
29#
Aug
150
3#
Mar
July
4#
5#
Apr
3
Apr
17#
3
Jan
17
16
16#
3#
#
#
Aug
820
450
50
#
Feb
6#
Jan
7
Apr
Aug
Aug
%
Apr
July
Miller A Hart—
V t c common stock
Montgomery Ward
50
8%
Mar
11
Jan
2%
100
Jan
Nash-Kelvinator Corp
12
250
11
3%
12%
Jan
Allied Laboratories com..*
2%
11#
11%
11%
300
13
Jan
Nat'l Bond A Invest com.*
Natl Cylinder Gas com
1
Allied Products Corp com 1
19
50
10%
14#
Feb
19
Feb
19
Allls-Chftlmers Mfg. Co..*
29
29%
225
25%
May
Aug
Jan
Minn Brewing Co com
com
1
.
200
#
May
200
376
4#
31#
May
10#
4#
60
9#
Feb
4#
237
4#
10#
4%
•
10#
15
10#
3#
10#
400
10#
8#
C10
5
Natl Pressure Cooper com 2
New York Central
*
1#
4#
33#
1#
Nachman Springfilled com*
Aug
4#
32#
1
Jan
July
Feb
660
51%
For footnotes see page 971.
8#
Apr
17
16
10%
100
54
36 H
Aug
9#
1#
17#
100
Feb
May
7#
50
Feb
Apr
11%
50
3#
43#
Aetna Ball Bearing com._l
16#
16#
3
250
46
2% May
Jan
4#
4# May
..100
Jan
1#
50
4%
Aug
May
600
90
Mfg com...*
Advanced Alum Castings.6
7#
4#
80
Adams (J D)
27#
21
4#
5#
53%
50%
10 %
25
Jan
4#
5#
53%
z49#
10%
Abbott Laboratories com *
Acme Steel Co com
1
3#
4#
Middle West Corp cap
6
Midland Utd conv pref -.*
Midland Util—
6% pref A
Low
July
c27#
Mickelberrys Food Pr coml
Jan
5
1
com
July
Jan
# June
200
20
July
1
Martin (Glenn L) Co
Merchants A Mfrs sec—
CHICAGO
12#
15#
3
150
7#
12#
2#
Loudon Packing com
*
McCord Rad A Mfg cl A..*
Marshall Field com
*
v.
44#
10%
4
12%
cl2#
4
300
13
1,950
3
12#
1# June
6#
39#
Jan
Aug
Aug
11#
5#
Aug
13
Mar
Apr
11
Aug
Aug
Aug
Jan
Aug
Jan
4# May
14
Aug
The Commercial & Financial Chronicle
Volume 153
Sales
Friday
Last
Stocks (Concluded)
Week's Range
Sale
of Prices
Price
Par
Noblltt-Sparks Ind cap..5
High
Friday
Range Since Jan. 1. 1941
for
Week
Shares
Low
Northwest Bancorp com..*
North West Util—
12
Prior lien pref
100
Nunn-Bush Shoe com..2%
Paramount Pictures Inc..l
69
-
„
-
8%
200
8
May
9
9
100
7% June
12
200
69
80
9%
14%
20
%
------
8
Cl3%
------
Northwest Airlines com..*
50
%
68%
-
—
14
9%
*
Aug
23%
10%
Feb
City Ice & Fuel
10%
Mar
14
Jan
Feb
69
Aug
July
10% June
2,775
54%
9%
12%
Aug
14%
300
%
Aug
50
100
23
23
24%
675
22
Feb
47%
47%
48
467
36%
Jan
49%
Poor <fc Co cl B
*
6%
6%
6%
50
5%
Apr
Potter Co (The) com
Pressed Steel Car com
1
%
%
150
%
Jan
10%
450
9%
Feb
c27%
c9%
27%
9%
200
27%
9%
Aug
Penn RR capital
Peoples Q Lt&Cofce
cap
-
10
10
1
Pullman Inc
-
-
..*
------
Pure Oil Co (The) com...*
— —
--
151
100
Preferred
Radio Corp of Amer
*
c4
-4
Aug
10
Common
:
------
2%
50c
6% preferred
5
-
-
-
-
-
-
*
19%
Rollins Hosiery Mills com 4
2%
Republic Steel Corp
Schwltzer Cummins cap..l
Sears Roebuck A Co cap..*
8errick Corp cl B com
-----
*
-
-
70%
48%
10%
10
71
July
105
Jan
148
July
160
Jan
4%
48%
885
2
Standard Brands
50
Aug
41 %
4%
Aug
May
57%
Jan
—
--
-
------
*
7%
70
3%
15%
13%
..20
*
com
Standard Oil of Ind
_:
_
25
Standard Oil of N J
25
Stewart Warner
6
com.
„
-
.
-
-
-
41%
------
------
32%
Swift International cap.. 15
22%
Swift A Co
25
23%
Texas Corp caoltal
25
41%
May
10
June
13
Jan
32%
32%
60
29
June
Jan
14
14
60
12% June
Jan
8%
36%
16%
32%
*
Goodyear Tire & Rub
*
Great Lakes Towing.100
Halle Bros com.
5
Interlake Iron
------
10
------
United States Steel com..*
56%
10b
pref..
Utah Radio Prods com... 1
.5
Common
Convertible pref
...
1
Wayne Pump Co cap
1%
-
—
Westngh eEl A Mfg com .50
-
—
-
------
28%
Western Un Teleg com 100
------
com
*
------
Woodall Indust com
2
------
Wrlgley (Wm Jr) Co cap.*
—
-
-
-
Yellow Truck & Coach B.l
14%
Zenith Radio Corp com
12%
*
Last
Sale
Par
Stocks
Price
20
100
Champ Paper & Fibre—._*
Churngold
*
Cin Gas & Elec pref
100
Laundry Mach
-
-
-
-
C NO & T P
„•
.
-
-
-
95
42%
60
40
21
21
45
*
Apr
4%
9%
78%
Jan
Jan
c
Jan
Ohio Brass clB
200
6% June
613
67%
Apr
250
4
1%
Feb
15%
100
4% June
14%
Apr
18
Jan
Mar
37
Aug
4%
Apr
6%
Jan
5%
616
5%
Aug
5%
Aug
2%
1,050
1%
Medusa Portland Cement *
c
*
Ohio Confection clA
13%
50
%
33%
2
42%
6%
c5%
14%
Jan
Standard Oil of Ohio
Union Metal Mfg
1,200
%
25%
Jan
Mar
34%
July
745
41%
Aug
44%
Aug
7
817
6%
Apr
8%
Jan
250
5%
Apr
7%
July
Vlchek Tool
6
450
5%
6%
Aug
29
900
17%
Mar
24%
2,001
19%
803
34%
10%
200
77%
10%
78%
302
61%
Feb
11%
125
58%
60%
364
9%
63%
May
May
23%
58%
170
23
1,800
49%
Apr
121%
87
115%
June
1%
50
%
Mar
1%
%
4,200
ht
Mar
%
1%
Aug
25
79%
Jan
---*
Julian & Kokenge
*
"is"
Kroger
100
*
26%
Lunkenheimer
__*
Kahn
—
1st pref
...—
Jan
25
70%
Aug
Jan
130
U S Playing
Card _•
U SPrintlng
1%
1,900
565
1%
17%
Apr
24
100
15%
Apr
Feb
104%
Jan
8%
67
402
19
93%
150
8%
3%
150
85% June
Feb
5%
50
__._10
37%
Feb
May
18%
Jan
Apr
70%
6%
16%
10
245
186
7%
7%
630
6
6
400
a37% a37%
20
Exchange
16
49%
4% May
3% May
4% June
30%
Apr
Jan
Jan
9
July
7
Jan
42%
Jan
New York Curb Associate
Chicago Stock Exchange
Ford
Building
DETROIT
Telephone: Randolph 6530
Last
Week's Range
for
Sale
of Prices
Week
12%
367
10%
May
15%
Apr
Exchange
Par
Stocks—
Auto
High
22
23
Low
7%
7%
13c
13c
1
1
"5%
5%
5%
1.25
1.25
Brown McLaren com
94
%
July
20c
Jan
Apr
6%
Jan
200
75c
Jan
7% May
8%
144
90c
650
60c
3%
810
2% May
79c
80c
1,046
10
100
23
Aug
Mar
Detroit Paper Prod
21%
July
Durham Mfg com
June
5
Aug
107%
Feb
Aug
Feb
96
2% July
79% June
9% Aug
4
Jan
99
Jan
50
60
120
7%
115
4%
43
7%
Aug
Jan
14%
8%
10%
Jan
9%
Apr
July
Jan
400
4%
350
140
300
39%
71c
39%
1,016
2%
2%
1,430
400
1.00
Jan
57c
July
Apr
4%
100
30c June
45c
Jan
500
1
Mar
1%
Apr
Feb
60c
Jan
Feb
26%
Jan
185
30
25%
July
LaSalle Wines com
397
50
60%
July
Masco Screw Prod com...
1%
1%
1%
700
125
29%
McCIanahan Oil com
21c
21c
22c
1,100
131
8%
Apr
10%
Feb
2
1
1
Mich Steel Tube com. .2 %
Michigan Sugar com ...-.*
Preferred
--10
Micromatic Hone com
1
Mid-West Abrasive com50c
Motors Products com
*
4%
203
2%
May
4%
48 %
Jan
Murray Corp com
Jan
Michigan Die
364
Feb
Jan
6%
July
Feb
1%
15
20
35
34
43%
Jan
15%
10%
3
39%
246
11%
360
36%
Feb
May
15%
July
700
|
'
—
l
*
Scotten-Dillon com.—.10
•
-
1
1
Tivoli Brewing com
Udylite
Union Investment com...*
GILLIS KJ RUSSELLco.
Jan
5%
100
5
Apr
6%
600
60c
Jan
1.25
Mar
7%
800
7%
7%
July
July
200
1 %
Jan
7%
1%
7%
1%
8
160
4%
Jan
5% May
1 %
Apr
7
May
5%
300
5
Apr
1%
1%
3%
650
1%
Apr
2
29%
458
94c
350
Jan
8%
"l%
1%
2%
"2%
2%
17%
1%
2%
215
875
2% May
25
May
85c
July
11
Jan
3%
30%
Jan
1.25
Jan
1%
Jan
July
1%
306
1% June
2%
2%
17%
100
2
Apr
2%
300
1%
Apr
122
17%
200
Jan
June
Jan
July
July
2%
20%
1
Feb
1%
Aug
1%
Jan
2%
Aug
1% May
1%
4%
3%
Mar
Jan
1%
1%
3%
1%
2%
1%
3%
200
3
2%
2%
2%
300
2%
July
52c
52c
233
52c
Aug
1%
1%
1,100
1
Feb
1%
1%
200
2
Jan
3% May
2%
Universal Cooler cl B
*
Warner Aircraft com..... 1
Wayne Screw Prod
Jan
1.00
3
Simplicity Pattern com...l
Std Tube cl B com
Mar
25c
94c
1%
2
Rickel (H W) com
Members Cleveland Stock Exchange
1%
Jan
5%
com.l
River Raison Paper com.
■
2
16c
29%
..._.
Prudential Invest com.
-
Jan
8
7%
Parke Davis com....—
.
5
3% Aug
1% Apr
1% May
95c
7
10
Peninsular Mtl Prod
23
Jan
5%
7
Packard Motor Car com..*
Ohio Listed and Unlisted Securities
60c June
Jan
Mar
24% June
Feb
19%
Apr
Jan
Jan
25%
3%
3%
Mar
2%
25%
Kingston Products
71c
June
48%
2%
46c
12
com..*
Jan
4%
July
100
10
May
Apr
2%
36% May
2% Mar
47c
13
44
8
47c
13
59%
6%
1%
1
Hurd Lock & Mfg
32
Jan
36c
Jan
25
4
36c
45
Jan
Jan
2% May
1% May
3% Apr
1%
June
21%
June
100
1%
4%
14
com..l
Kinsel Drug com..
1
Kresge (8 8) com.-...-.10
Lakey Fdry & Mach com.l
34
Jan
3%
1%
Apr
Apr
com.._l
10
26
102%
3%
11%
30c
21%
17
Jan
150
3
35
213
Jan
1%
100
35
Feb
45c
400
Hudson Motor Car
June
2%
Apr
1,250
Jan
Aug
Jan
10c May
75c
Mar
29
Apr
1
52c
23
June
Mar
110
3%
July
May
25
Jan
94c
300
50c
31%
18
10
21%
13%
103%
1 %
4
23
17c
3%
June
40
Aug
300
Jan
May
1% Aug
9% ;July
1.00 July
1%
12%
Preferred
26
29
2%
20
July
17c
-
3
General Finance com
1
General Motors com..-.10
Goebel Brewing com
-1
Graham-Paige com
1
Grand Valley Brew com.-l
2,717
Mar
68c
8%
1%
12%
*
Federal Motor Truck com *
Frankenmuth Brew com.l
Gar Wood Ind com
20
20
2%
com..l
1
Federal Mogul com
31%
19%
50
"26""
Det-Michigan Stove com.l
102
Feb
94%
3%
Uolm Ctmmsrcs
13c
5%
3%
Feb
87%
85%
9%
2%
37%
100
429
80c
Aug
3
211
84 %
27%
High
Jan
8%
Det & Clev Nav com
High
25
26 %
Low
5%
85c
17%
17
96%
500
3%
10%
5
25
96
7%
Range Since Jan. 1,1941
Shares
1
Consumers Steel com
94
508
5
High
Continental Motors com.l
Shares
21%
Low
5
City Brew com-_...l
Baldwin Rubber com
Range Since Jan. 1,1941
95
Price
Burroughs Add Machine.*
for
Low
Sales
Friday
79%
15%
of Prices
Exchange
Jan
Aug
May
Detroit Stock
Aug. 9 to Aug. 15, both inclusive, compiled from official sales lists
Jan
14%
63
Hales
10%
General Motors
34%
July
July
Aug
5
3% May
62
255
Week
14%
-----
Jan
130
5%
48%
Exchange
—
Columbia Gas
35%
Apr
*
York Stock
Detroit Stock
July
14%
Week's Range.
4
City Ice
Jan
Apr
Aug
67%
Cl4%
12%
35
—25
30
Aug
July
Feb
Unlisted—
Am Rolling Mill
689
Jan
22%
Members
New
Mar
28%
18%
29%
58%
51%
10
.--.*
Feb
May
15%
22%
---50
Preferred
16%
Jan
20%
103% 103%
P & G
124
Jan
69%
21%
35
._*
13
2%
——*
31 %
19 %
*
...
Mar
10%
Apr
25
16%
.1
26
Formica Insulation, ...__*
12
Apr
Apr
W ATLING, LERCHEN & CO.
July
17
1%
9%
*
Early & Daniel
June
10
a56% a57%
6
6%
..*
Van Dorn Iron Works
7
6%
Jan
July
a5%
*
U S Steel com
Feb
6%
23%
9%
July
12
15%
26%
91%
8%
3%
9%
7%
*
20
-
May
Aug
44%
20%
3%
~84%
8
a5%
25
Aug
56
Feb
18
40
al9%
32%
33
___*
Upson-Walt on
July
118
c23
May
Apr
15
a9
11%
Jan
42%
June
85
July
23%
40%
9
Aug
Jan
a44% a45%
Youngstown Sheet & Tube*
36
23%
400
Aug
1%
15%
%
al9
Jan
33%
Aug
48
52
Aug
Aug
Feb
July
20
605
85
12%
c
24
13
32%
17
Jan
*
Seiberling Rubber
Jan
Mar
Feb
a7%
July
22%
32%
x22
a9
8
2%
4%
Mar
13
*
Jan
Jan
Aug
7
a7%
com
21
26
*
-
-
Apr
1
130
al8% al9
a9
Jan
216
*
Patterson-Sargent
Republic Steel
Jan
1,425
15%
48
*
Otis Steel
c
al8%
*
23
12
1%
1%
al2 % al3
*
com
525
4%
46%
48
_*
N Y Central RR com
Ohio Oil
Aug
'
23
"14%
6% _*
7
13%
%
32%
41%
3%
4%
Miller Wholesale Drug.-.*
Natl Refining pr pref
Nestle LeMur cl A..
7%
71%
5
Feb
15%
3%
Aug
50
Jan
Aug
43%
42%
*
July
2%
July
11%
106%
Apr
June
*
July
29%
96
*
..100
—
Eagle-Picher pref
Hobart class A
Apr
Interlake Steamship
1%
100
5
20
50
Cin U nion Stockyards
Gibson Art
100
Jan
Jaeger Machine.
4
Jan
300
21%
-
-.50
Cin Telephone-
Crosley Corp
23
105%
4%
40
May
19
10%
103%
2%
Jan
Jan
11%
20%
95
22
Baldwin pref
-
25
Feb
July
Apr
Detroit Edison com
..
30
Jan
9%
7
Jan
Friday
_
V-
11%
Mar
20%
20%
20
Aug
1
Aug. 9 to Aug. 15, both inclusive, compiled from official Bales lists
_
16
40
July
35%
a8%
%
Cincinnati Stock
Cin Street_
47
40
Vll%
105
Atlas Drop Forge com
-
28% May
A pi11%
99
a8%
19%
2%
5%
------
7
*
00m
_,—,. -
45
*
Util & Ind Corp—
_
200
com
150
1%
11
20
com
US Rubber Co
_
9%
~40"
Hanna (M A) $5 cum pref *
Harbauer Co
___*
79%
32%
17%
Apr
a31% a31%
al7% al8%
al8% al9%
9%
a40~~
*
com
600
120%
77%
United Air Lines Tr cap..5
Am
148
Feb
Aug
25%
12%
400
10
Trane Co (The) com.
25
Union Carb A Carbon cap •
Wieboldt Stores
Apr
155
1%
36
7
10
Studebaker Corp (The)... 1
Sunstrand Mach T'l com.6
Walgreen Co
70
588
2%
5%
2
2
—1
Preferred
cum
280
79
Aug
10
Richman Bros
Common..
7%
Jan
8%
16
19%
Standard Dredging—
U S Gypsum Co
95
10
Goodrich (B F)
c
10%
104%
78
15%
c
270
Apr
254
26%
Aug
Jan
105
,.5
July
Aug
High
Aug
104% 104%
*
Aug
Low
105
—100
Faultless Rubber
Fostoria Pressed Steel
28%
20
79%
26%
Cliffs Corp com
General Elec
105
al0% al0%
"79"
._*
Feb
c5%
-
South Bend Lathe Wks cap 5
com
2%
1%
Cl9%
2%
36
3%
1
Slvyer Steel Castings
Storkline Furniture
CI Cliffs Iron pref
Cleve Ry
*
Raytheon Mfg Co—
Standard Gas & Elec
alO%
Range Since Jan. 1, 194x
Shares
Lamson & Sessions
Rath Packing com
Spiegel Inc
105
100
Eaton Mfg
73%
4
Week
Price
*
Preferred
Aug
% June
13
for
of Prices
Low
High
1
Jan
8
Week's Range
100
Colonial Finance
151%
73%
Quaker Oats Co common.*
326
Par
Canfleld Oil pref
Apr
10
(Concluded)
Jan
32%
%
25%
com
Stocks
High
23%
23%
Sales
Last
Sale
12
23%
Northern 111 Finance com.*
Penn Gas & Elec cl A
Low
969
com..4
1,915
620
Feb
Jan
Jan
Jan
Jan
Billding, Cleveland
Los
A. T. & T. CLEV. 666 & 666
Telephone: OHerry 6050
Angeles Stock Exchange
Aug. 9 to Aug. 15, both inclusive, compiled from official sales lists
Sales
Friday
Cleveland Stock
Exchange
Last
Aug. 9 to Aug. 15, both inclusive, compiled from official sales lists
Sale
Stocks—
Airway Elec pref
Akron Brass Mfg
Par
Price
50c
Amer Coach & Body—...5
Apex Elec Mfg
For footnotes see page
Week
s
""5%
10
of Prices
High
5%
10
7%
*
971.
Range
Low
13
100
for
of Prices
Week
Price
Low
High
Range Sin
Shares
Low
Jan.1,1941
High
Sales
Friday
Last
Par
Stocks—
Week's Range
Sale
14
Low
30
13
High
1%
1%
3%
3%
%
%
Aircraft Accessories
2
2
1,430
1.20
May
2%
3%
100
2%
Jan
3%
Jan
%
200
%
Jan
>u
Feb
2%
933
Jan
1%,
Jan
Aug
22%
Jan
comSl 10
95c
95c
95c
220
90c
July
2%
97%c
July
July
Jan
6%
Mar
Broadway Dept Store Inc.*
6%
6%
6%
350
Apr
6%
July
June
Calif Packing Corp com..*
a20%
22%
Aug
Central Invest Corp—100
a20% a20%
19%
20
Feb
Jan
399
3%
17%
9%
Jan
20
106
4%
16%
175
8
Mar
11
7%
2,100
7%
Aug
12%
5%
1%
Bandinl Petroleum Co..-l
Week
Shares
60c
Berkey & Gay Furn Co... 1
Blue Diamond Corp
2
Range Since Jan. 1, 1941
for
Bol Chica Oil new
20
25
Jan
The Commercial & Financial Chronicle
970
Sales
Friday
Friday
Last
Stocks (Concluded)
1
Chrysler Corp
Week
8%
a57%
—6
Consolidated Oil Corp
for
of Prices
Low
High
Price
Par
Cessna Aircraft Co
Week's Range
Sale
•
Creameries of Amer
v t c..
7%
9%
a56% a57%
6
Consolidated Steel Corp_ _•
Preferred...
*
1
6
7%
20 %
65*
69%
:
Douglas Aircraft Co.....*
Electrical Products Corp.4
Exeter Oil Co cl A com___l
%
Farmers <fc Merchs NatllOO
392
08
7%
445
17
140
6%
5%
106
400
9
500
%
392
20
Feb
16c
7%
39%
635
37%
Apr
July
May
8%
125
5.31
Feb
7
7
100
7
Goodyear Tire & Rub Co.*
19 5*
19%
19%
Hancock Oil Co cl A com.*
81%
31%
31%
305
Holly Development Co-.-l
55c
50c
55c
800
48c June
3%
100
3%
Hudson Motor Car Co..
8%
3%
10
Lane-Wells Co
10
168
10
17% May
29% June
100
Lincoln Petroleum Co..10c
41c
41c
44c
27%
7%
1%
26%
7%
27%
1,225
a5
a5
a5
9%
25%
32%
9%
25%
32%
430
a29% a29%
42
425*
a36% a37%
225
Menasco Mtg Co
1
Pacific Clay Products
*
Pacific Finance Corp comlO
Pacific Oas
9%
25%
82%
Elec com.. 2 5
<*
6% 1st pref
25
55*% 1st pf 25
Pac G & El
a29%
42
Pacific Indemnity Co...10
Pacific Lighting com
*
a36*
Pacific Western Oil Corp 10
7%
1%
25
153
a8%
2%
800
3,083
10%
%c
11
9%
%C
4
lc
lc
2,000
2%
5%
Sontag Chain Stores Co..*
Bo Calif Edison Co Ltd..20
2%
6%
23
1,160
22%
22%
1,776
33%
33%
100
33
So Calif Gas 6% pref A..25
Southern Pacific Co
*
717
511
33
33
144
18%
13
1,645
San-Foy Mln
Westinghouse Air Brake
Aug
2c
2% June
4
6%
15*
200
195*
135
65c
70c
92
25
7
1
..
2c
802
3
40c
100
2c
22
15*
3,550
225*
318
Jan
105*
Jan
6
Jan
15*
Jan
125*
July
965*
75*
75*
Jan
Aug
55c
May
175*
July
July
205*
105
Mar
40c May
lc Jan
75*
2c
*
Jan
Feb
Jan
Apr
Apr
85*
Apr
55* May
55c
July
10*
Apr
725* June
45*
Apr
75
6
Jan
5
15*
1,500
11
795*
Jan
14
Apr
175*
1,198
11
Aug
Mar
94
668
55*
Jan
8
105*
115*
25* May
12
86
85*
25
•
Apr
Jan
3c
Feb
235*
July
35*
Apr
Aug
Unlisted—
Pennroad Corp vtc
Bonds—
1
25*
in
Pittsburgh Brew Co 6s 1949
25*
90
2
Jan
1,000
in
ill
Apr
111
Apr
Feb
July
22 %
29
May
May
Jan
Mar
33%
Aug
Jan
July
May
34%
14%
24%
34%
5%
Jan
155*
Aug
Feb
Feb
4%
al2%
4%
4%
al2% al2%
1,917
4%
13
1 %
1
8%
8%
7%
8%
7%
65*
45*
7%
45*
Weber Shwcse & Fix 1st pf *
Wellington Oil Co of Del. 1
a6%
2%
a6%
2%
a6%
Aug
Edward D. Jones & Co.
Established 1922
Jan
9
Apr
95*
85*
Aug
Mar
65*
25*
Mar
Boatmen's Bank
15*
Apr
Jan
Jan
Building, ST. LOUIS
Members
New York Stock Exchange
St. Louis Stock Exchange
Aug
Apr
1495*
St. Louis Listed and Unlisted Securities
Aug
Apr
6
a41% a41%
153% 153%
Jan
30 %
18
2%
28
29 %
28% May
33% Aug
315* May
8%
Jan
25
15%
7%
226
97
1, 1941
Jan
5
Aug
High
Apr
Mar
Apr
310
Vega Airplane Co
Aug
4%
Aug
1,317
Vultee Aircraft Inc
11
May
13%
23%
7%
401
July
37%
15
75
25*
40c
Juiy
65*
75*
775*
78
Pitts Stl Foundry com—*
Renner Co
1
1.10
65*
125*
6
10%
185*
75
105*
55*
Pittsburgh Screw & Bolt.. *
Aug
40
80
85*
Jan
Mar
23
15%
7%
1
.25
.
July
34%
10
Pittsburgh Plate Glass
27c
23
..26
Pittsburgh Forgings
"55*
"ii"
Apr
Apr
Aug
2%
87%
Union Oil of Calif
"195*
*
6
Standard Oil Co of Calif..*
Universal Consol Oil
1
100
Feb
Superior Oil Co (The)...25
Transamerlca Corp
2
Transcon <fe Western Air..5
...
30%
Jan
30
Aug
1105*
Low
8
105*
25*
125*
15*
195*
965*
85*
"25*
com *
43%
40
Aug
Range Since Jan
Shares
235*
8
Supply Co
10
Natl Flreproofing Corp...*
38
29
.
High
235*
75*
8
Mt Fuel
June
88%
6% pref.25
Jan
29
30
—
Lone Star Gas com
June
29
Fort Pitt Brewing
Jan
40
30
Low
10
Harbison Walker Ref
June
29
25
25
Jan
21
Week
Price
Columbia Gas & Elec Co.*
28 %
Jan
Jan
1175*
Jan
110
for
of Prices
Byers (AM) Co com.....*
Devonian Oil Co..
Hoppers Co pref
40
500
Par
Mar
100
3
5%
Stock*—
July
125
lc
135*
10%
Sales
Week's Range
Sale
5%
11%
34 %
20,150
1105*
Last
2%
Feb
lc
Sierra Trading Corp—25c
Solar Aircraft Co—
1
8
Feb
9%
2%
50
Friday
Apr
7%
32%
43%
82%
Jan
Aug
May
47 %c
3,125
48%
May
1045* May
Pittsburgh Stock Exchange
Allegheny Ludl Stl com..*
Mar
1,876
4%
43%
32%
*
Secur Co Units of Ben Int..
21
High
65*
Aug. 9 to Aug. 15, both inclusive, compiled from official sales lists
Ark Natl Gas Corp pref 100
Blaw-Knox Co
*
46c
1,800
190
161
110
Feb
10%
lc
11
3,876
1
Feb
Mar
'
Low
75*
21
Bonds—
Range Since Jan. 1,1941
Shares
1065* 1075*
*
Aug
29 %
10%
11
4
Ryan Aeronautical Co-.-l
6
7
7%
20
3%
July
15c
60
Feb
33%
Apr
1%
27c
.
57 %c
28% May
37 %
Apr
33% June
25c
Richfield Oil Corp com...*
So Calif Gas Co
510
a8%
2%
Richfield Oil warrants
25c
410%
Jan
9% June
7% July
47 %
Jan
8% Aug
20% July
22% June
30% May
25c
Roberts Public Markets..2
0% pref B
55*% prefclC
4%
9%
Price
.*
.
....
Jan
Jan
May
1%
25
575
9%
Jan
5%
650
Week
Mar
Jan
Apr
a85*
25*
Republic Petroleum com.l
1
Rice Ranch Oil Co
Safeway Stores Inc..
2,021
1%
Preferred
for
of Prices
Low
High
Amer Tel & Tel W 13s 1956
Jan
72 %
June
20c
20
United Gas Improv com
Week's Range
Mar
Aug
8
2,474
Lockheed Aircraft Corp_.l
Los Angeles Investment. 10
8
Par
Westmoreland Coal
May
20 %
6
Jan
Apr
8%
395*
8 5*
6%
Feb
388
32
8%
Apr
39%
7
General Metals Corp..2.50
General Motors com
10
9% Aug
68% May
5% Aug
68% Feb
8% May
a8
Gladding McBean & Co..*
30
320
205*
5%
69%
392
Fitzsimmons Stores Ltd..l
3% May
65% July
3,445
Stocks (Concluded)
High
220
7%
5%
69%
8%
%
Sales
Last
Sale
Low
6
20
9
Range Since Jan. 1, 1941
Shares
16, 1941
Aug.
Phone
CEntral 7600
Postal Long Distance
A.T.T. Teletype STL 693
Chicago Stock Exch.
Chicago Board of Trade
Associate Member Chicago Mercantile
Exchange
New York Curb Exchange Associate
Ufiliated—
Amer Smelting & Refining.
Amer Tel <fc Tel Co. ..100
a41%
188%
1 ®32
1®31
27%
Anaconda Copper..
...60
Atchison Top & San Fe.100
a28
Baldwin Locomo Wks
v t c.
al4%
5
a9%
Bendix Aviation Corp
Bethlehem Stee 1 Corp
5
87%
Borg-Warner Corp
5
Barnsdall Oil Co
70%
*
a
395* May
27%
Rites (W I)
19
1 ®n
Aug
27%
a28
a 28%
al4% o 14%
a9 %
a9%
37%
37%
225*
Feb
3%
Curt's-Wright Corp
1
9
Elec Power & Light Corp.*
General Electric Co
a2
a2
81%
General Foods Corp.....*
39
al85*
a26%
Kennecott Copper Corp..*
Loews Inc
*
a'37
McKesson & Rob (new)-.5
al3%
Montgomery Ward & Co.*
*
a33%
12%
North American Aviation. 1
North American Co
*
al4%
12%
New York Central RR
Ohio Oil Co
34 %
Jan
Feb
185*
95*
July
35
*
a9
Packard Motor Car Co...*
83 5*
Jan
185*
35*
Apr
July
95*
Jan
Jan
Pennsylvania
RR
23%
60
Pure Oil Co
*
Radio Corp of America...*
19%
...*
a.70%
Socony-Vacuum Oil Co.. 15
Southern RyCo
*
Standard Brands Inc
*
a9%
al7%
Standard Oil Co (N J) ...25
a42%
Stone & Webster Inc
7%
5%
a23%
a40%
*
Studebaker Corp
1
Swift & Co
25
Texas Corp (The)
26
Tide Water Assoc Oil...10
Union Carbide & Carbon.*
U S Rubber Co
U 8 Steel Corp
10
•
a5%
a
10
a77%
821
Aug
July
28
Aug
Mar
395*
July
Feb
39
115*
July
Jan
95*
July
35*
Aug
Feb
105*
July
45*
22 %
Jan
a
Jan
100
a42
alO
35*
June
17 5*
May
177
9%
150
17%
50
a5%
a42%
7%
5%
a23%
115
25
153
500
58
126
100
10%
a77% a77%
180
23
118
56%
365
5
Jan
Jan
17*
240
4
19%
a
15
175*
225*
a7l
a
Jan
Feb
65*
85*
4
Aug
25* May
23%
19%
a70%
a9%
a 17%
a5%
a41%
7%
5%
a23%
a40%
Jan
345*
Aug
3
56%
5
Mar
195*
125*
Apr
125* June
23
a93%
36 5*
Feb
305*
56%
Westinghouse E. & Mfg.50
Mar
35
23
Warner Bros Pictures Inc 5
365*
a9
23%
4
Republic Steel Corp.....*
Sears Roebuck & Co
May
45*
345*
115*
275*
335*
9%
a
Mar
285*
164
13
9
3
July
Aug
2
a33%
12%
a
40
165*
Apr
25* May
Feb
75*
705*
13
12%
al4% al4%
3
Jan
5
300
a91% a93%
25
705*
May
85*
Apr
Jan
72%
105*
July
May
17 5*
14
Apr
July
July
May
55*
65*
Jan
Jan
55*
34
425*
July
Apr
45* May
215* July
37
Jan
95*
Mar
645*
215*
50 5*
25*
Friday
Last
Stocks—
Par
American Inv
Week's Range
for
Sale
of Prices
Week
Price
5% pref. .50
Common....
Sales
Low
High
47
*
47
50
10*
Aug
295*
Jan
34
Aug
20
Aug
28
Mar
3
May
July
35*
135*
Aug
Brown Shoe common....*
105*
34
34
10
Burkart Mfg common
20
20
125
...
.
1
Century Electric Co
10
3%
3%
35*
180
Feb
Feb
Apr
Feb
Jan
85*
23
415*
105*
785*
Feb
10
10
50
J
23
23
55
*
115*
125*
45*
45*
45*
*
175*
17%
17%
5
...100
1.40
1.40
1.40
100
1
May
1.60
July
264
26
May
315*
55*
225*
85*
7%
Jan
_.
Emerson Electric
4
Falstaff Brew
com.
1
com
Griesedieck-West
8
Preferred
Internat'l Shoe com.....*
Jan
175
Aug
155*
Feb
45
8
27
25*
Apr
55*
July
190
29
285*
29
*
5
5
19
19
60
common
8
Rice-Stix Dry Gds com..*
Sale
Stocks—
Par
American Stores
Price
*
com
Securities Inv pref..... 100
Sterling Alum com
1
Vardaman Shoe
com
Wagner Electric
com
15
10
*
American Tel & Tel
100
152%
Aug
Jan
Budd (E G) Mfg Co
"65*
Chrysler Corp
5
65*
45*
3
San
1
Apr
9
June
10
98
July
99
Lehigh Coal & Navigation *
Lehigh Valley
50
Pennroad Corp vtc
1
Pennsylvania RR
Par
Philco Corp
57%
250
Sun Oil.
1.00 June
235* May
28
251*
$7,600
115*
265* June
835*
1,000
see
1»3J
Aug
7%
715*
July
Jan
Consol Chem Ind cl A
Sales
55%
55%
1,886
22
Feb
144
113
Aug
140
153
300
56
19
%
ht
23%
23%
23
he
23%
60
,
70
55*
75*
Mar
2
July
295*
Mar
8®* June
12 J*
50 J*
Aug
35*
Aug
25%
Apr
118
Jan
315* June
Jan
125*
1,052
265*
2.75
53
150
7
45*
104
85*
June
Mar
June
Jan
95*
55*
1125*
July
Apr
14
1,080
17
Feb
60
51
May
135*
135*
865*
885*
759
3.50
2.85
3.50
422
1.40
Feb
26
65*
155*
92
Jan
Feb
May
Aug
Jan
Jan
Jan
Jan
Apr
JaD
Jan
35*
Aug
Aug
100
Emporium Cap well—
Preferred (w w)
185*
15
185*
815
6
Jan
185*
50
425*
42
425*
55
41
Feb
445*
Jan
109
1105*
160
965*
Feb
1105*
Aug
1.05
300
1.05 May
1.30
Jan
Firemen's Fund Ins Co..25
Foster & Kleiser com... 2 5*
109
7
1.05
General Motors com
10
General Paint Corp com..*
Golden State Co Ltd
•
75*
85*
*
com
7
385*
Gladding McBean & Co..*
Greyhound Corp
1.05
95*
95*
125*
7%
39%
75*
85*
105*
135*
Feb
185*
Aug
Hawaiian Pine Co Ltd...*
16
Apr
605*
July
5*
Jan
45
45
Apr
15*
Jan
Holly Development
1
Hone F & M Ins Co cap. 10
Honolulu Oil Corp cap
*
145*
Apr
305*
145*
Jan
11
12
195*
105
135*
885*
1i# June
5i»
400
High
2.10
1,738
10
52
Gen Metals Corp
cap..25*
2,314
31%
11%
16%
July
85*
85*
45*
45*
1075* 108
105*
105*
21
205*
Low
1.05 May
751
Aug
Jan
55*
700
55*
5%
485*
205*
1.95
205* May
55* Aug
115* May
Apr
825*
105
11
85*
Range Since Jan. 1,1941
Shares
243
5%
30%
1.85
High
235*
55*
Jan
com
Preferred
Low
235*
15*
16
for
Price
*
435
3%
Jan
Exchange
4.00
1,440
24%
113%
Jan
865*
,2.80
4%
5%
2%
22%
Jan
May
2.50 May
4%
25
971
Aug
25* May
May
79
255* May
Di Giorgio Fruit
113
Mar
33
Jan
3
1.15
622
Jan
1,192
Jan
265*
Jan
4%
5%
85*
2.75
Calif Water Service pref.25
Central Eureka Min com.l
15*
*
page
July
345*
22%
*
11%
1685*
13u June
5
July
225*
555*
275*
27% May
365* May
2%
Feb
37%
4%
55*
Week
50
135
Transit Invest Corp pref 25
Preferred
Feb
1485* May
55
Jan
Jan
200
of Prices
20
398
113%
*
com
Preferred
1
3
United Corp com
High
31%
39%
50
Reading RR
Calamba Sugar
565*
lsi»
Aug
101
216
35
Week's Range
10
Calif Packing Corp com..*
Low
1«m
July
3
145*
835*
50c
Anglo Calif Natl Bank..20
29%
37%
*
_
200
Jan
Aug
255*
25
Friday
56%
50
.
4%
Jan
6%
1.10
Francisco Stock
'30%
Natl Power & Light—._*
Phila Elec of Pa $5 pref.
Phila Elec Pow pref
1®3J
1,017
18,988
Jau
25
"25"
Bank of California N A..80
9%
Aug
Aug. 9 to Aug. 16, both inclusive, compiled from official sales lists
Aircraft Accessories
Week
36
Mao-
18
350
105*
1.U5
St L P S 25-yr conv inc '64
Scullin Steel 3s....... 1941
Creameries of Amer com__l
Crown Zellerbach com
5
Preferred
.•
*
com
Elec Storage Battery___100
General Motors
10
10%
U%
152% 154
Apr
July
55* June
10
65*
45*
17
130
Last
Shares
4
*
For footnotes
High
25
Bonds—
Aug
Range Since Jan. 1,1941
1 ®3J
W I
Curtis Pub Co
of Prices
*. 8
Aug
265
99
l
July
245*
685*
55*
Sales
Low
June
85*
65*
25*
St Louis P S class A com_.l
20
for
6
175*
90
Natl Bearing Metals com.*
Natl Candy common
.*
Scullin Steel
Jan
Aug
Hydraulic Pressed Brick
Key Co
8
225*
115*
Brew-
Common
Assoc Ins Fund Inc
Week's Range
Jan
Chic & Sou Air Line pref 10
Dr Pepper common...
July
Philadelphia Stock Exchange
Last
Feb
135*
July
Aug. 16, both inclusive, compiled from official sales lists
Friday
50
Coca-Cola Bottling com
Stocks—
to
High
July
398
105*
...
Low
45
Sale
Aug. 9
Range Since Jan. 1, 1941
Shares
July
75*
Exchange
Aug. 9 to Aug. 16, both inclusive, compiled from official sales lists
Jan
95* May
39
39%
al8% a 18%
a26% a27%
a37
a37%
34%
34%
al3% al3%
a 33%
July
185*
32
St. Louis Stook
Apr
1 »»i
295* July
305* May
a2
31
405* June
158
14
70%
70%
al8% al9
3%
3%
9
8%
Continental Motors Corp.l
Goodrich (BF) Co
*
Intl Nickel Co of Canada.*
May
1*32
Honolulu Plantation Co.20
52c
12
16
52c
350
6
Apr
1,446
37
May
125
5
Jan
445
1,571
455
115
55*
85*
10
8
Jan
Feb
485*
75*
85*
Jan
115*
July
May
135*
175*
July
55c
Mar
145* June
500
47c
Apr
10
Mar
100
395*
115*
30
95*
Jan
Apr
45
Jan
July
Aug
July
Aug
145* Aug
135* May
Volume
The Commercial & Financial Chronicle
153
Sales
Friday
Last
(Concluded)
of Prices
Low
High
Price
Par
Hunt Brothers com
Week's
Sale
Stocks
Range
Range Since Jan. 1,1941
for
Shares
Low
High
1.90
1.65
1.90
2.300
48c
Feb
1.90
10
5%
4%
5%
16%
1,850
1.90
Feb
5%
14%
Jan
16%
Langdendorf Utd Bk cl B
Leslie .Salt Co
Aug
15%
*
.
4%
Libby McNeill & Libby..7
Lockheed Aircraft Corp__l
Magnavox Co Ltd
1
Magnin <fc Co (I) com
*
4%
146
39%
39%
222
36
33
10
LeTourneau (R G) Ino__.l
33
120
24 %
5%
5%
5%
27
43%
34%
19%
Apr
29%
80c
Jan
1.15
8%
8%
200
7%
July
17%
1,129
15%
Feb
17
1.75
1.85
1,700
18%
2.35
1.50 May
68
68
2
Transcontinental Res
*
39
40
2,100
20c May
50C
Jan
422
33
June
16
109
14
May
18%
Jan
Uchi Gold....
l
9c
9c
9KC
3,500
6c May
39c
Jan
11K
1,013
33 %
11K
33%
11%
United Fuel cl A pref
50
ClassB pref.._......25
10% June
30% June
38 K
Jan
3%
3%
Apr
5%
Jan
2%c June
2% Mar
4%c
Mar
93
115% May
126
Jan
161
33
148
Mar
161
Aug
100
101 %
101%
100
100
July
102%
17%
200
17%
*
5
5
28
28
14%
194
100
10
200
Rayonler Inc pref
Republic Petroleum com.l
28
28%
369
2.25
2.25
100
1.25
Rheem
14
14%
300
12
2,575
Feb
10%
60c
300
60c
Aug
1.00
July
700
2%
May
Aug
14%
14%
350
10%
Feb
4%
15%
July
1.00
150
90c
Aug
1.00
Aug
20
8%
23%
8%
23%
23%
5c
10c
"ib%
10%
10 %
355
9%
Jan
4%
4%
4,184
4%
May
5%
15%
2,534
Jan
15%
-
— •»
15%
15
*
10
6
18
*
com..
Hughes
i
Texas-Canadl an
8
1
Tip Top Tailors pref.._100
Toburn
18%
2.25
287
18%
July
....
Ventures
American Tel A Tel Co. 100
"T%4
Rights (w 1)_„____._.._
Copper Min__50
Anaconda
Pref erre d..
....
Bunker Hill A Sullivan.2 %
Jan
8%
Consolidated Oil Corp
Feb
Jan
7%
Jan
168
31%
July
38
July
al2
25
9%
May
53
3% June
a4%
a6
30
5%
305
fll.25
5%
July
6% May
Feb
Jan
6c
5%c
6c
2,000
4c
Mar
8c
Mar
Aug
101%
Mar
98 H
July
99%
Mar
34%
(1st).
(2d).
War Loan
6%
Jan
30
2%
31%
56
98 %
39
Feb
Toronto Stock
Aug. 9
115
1.15
Mar
2.00
Aug
3%
225
2% May
3%
25%
4%
3%
370
24
24
a4%
22%
75
7%
100
5%
Jan
7% June
196
6%
Jan
9%
5%
105
5
June
7
Jan
23%
7%
9%
5%
22%
821
22%
May
28
Jan
a4%
30
447
30%
a5%
a5%
a5%
40%
18%
Jan
22%
3%
9%
a4
29
115
-V,
Jan
Jan
Apr
31
May
Jan
Aug
June
Jan
6%
5% May
50
4%
May
8%
41%
42
36%
May
41%
Aug
18%
100
17%
Feb
18%
May
a5%
-
;
Jan
a38%
40
42%
Jan
.1
"1*16
1.15
1.25
700
1.00
Jan
1.35
July
United States Steel com..*
56%
56%
2%
57%
515
49%
1%
Apr
70%
Feb
Jan
2%
5%
Aug
2%
35%
660
2%
5
4%
Par
Low
a
trading privileges,
a
year,
r
Odd lot sales.
Ex-divldend.
Rx-rlghts.
Apr
3
1,050
2%
*
6
2%
3%
6 Ex-stock dividend,
z
s
Admitted to unlisted
c
Cash sale—not
Listed,
Jan
78%
5
June
80
June
1.25
1.25
100
the
Cleveland
range
for
are recent
applicants for member¬
Jan
July
1.50
Feb
*
28c
28c
28c
500
21c June
30c
Jan
65c
65c
67c
1,000
40c June
70c
Jan
8c
8c
500
5c
Montreal Power........*
Pend-Orellle
1
21%
21%
25
1.55
1.65
950
Supertest ord
*
21%
21%
20
21 %
Aug
*
75c
75c
150
70c
July
v-v
...
^.
.Vi.
-
...
.
_
.
*
_
...
....
Walkerville Breweries
♦
Apr
9c
Jan
20%
Apr
29%
Jan
1.20
Apr
2.10
Jan
26
Jan
80c
Jan
No par value
Bank of Montreal Reports
Chicago brokerage firm
Condition of Canadian
on
Crops
In
its
Aug. 14 report
Canadian
on
Montreal summarizes conditions
Harvesting in
has
in
Alberta.
and Peace River country.
,
the Bank of
crops
follows:
as
In Manitoba and Saskatchewan and cutting
Above-normal yields are expected in the
now general
commenced
greater portion of Manitoba
Southeastern Saskatchewan, Southern Alberta
Throughout the remainder of the prairies, yields
will vary from fair to virtual failures.
Scattered showers have enhanced
prospects
for
districts.
Sawfly infestation has caused extensive damage.
late grains
Manitoba and Alberta
hay which is
light
a
wheat gave a
for
are
and
improved
the feed
progressing favorably.
situation
in
crop, an average
harvest is expected.
is
expected
and
prospects
beets although further rains
sugar
Except for
In Ontario, fall
satisfactory yield but less-than-average yields
spring grains and for most fruits.
tobacco
numerous
Sugar beets in
In the Province of Quebec
have not made progress recently and rain is required.
crops
are
indicated
An average crop of good quality
favorable for
are
and
tomatoes
corn
needed particularly in Western
are now
In the Maritime Provinces crops are making excellent progress
though the yield of apples is expected
In British Columbia continued hot weather
has hastened
the ripening of all crops and some deterioration is evident.
Industrial Activity Continues to Increase,
Says Canadian Bank of Commerce
A. E. Arscott, General Manager of the Canadian Bank of
Commerce, Toronto, reports that industrial activity in Can
ada continues to increase, but at a diminishing rate com
pared with the rapid expansion last spring, adding that the
banks index
mid-July
who
expect to
Special
cars
Limited
which
Albany.
Grand
Central
Sept. 6.
The
Reservations for
for
main
of Hixon &
Stewart,
members of the
Chicago Stock Exchange with William Lloyd Hixon and John Clyde Stewart
partners, have opened offices at 120 South La Salle Street.
Mr. Hixon
family connected for generations with the lumber industry.
He is chairman of the board of Hixon-Peterson Lumber Co., Toledo, Ohio,
and Vice-President and director of the McCloud River Railroad
Stewart
is
Craig Stewart of the Episcopal Church.
a
son
of the late
He is
a
Company,
Bishop
George
member of the board of
of the Chicago Stock Exchange and formerly was a member of his
Prior to that he
was
with E. J. White & Co.
rise
and
flour
to 161 at
level nearly 38% above
a
leather
and
There
partly
rise
to
export
foodstuffs.
in
group.
iron
and steel
Our
fruits
and vegetables,
activity
and
one
in
the
accounted
requirements,
The
paydays
of
clothing trades
in
and
been
living bonuses
Logging,
steel),
and
the
for May.
knitted
in
paid in
will
on
no
a
more
transportation
May;
silks
and
was
170
decline.
The
output of
(primary and
(machinery).
(1937 equals
was
100), compared
due in part to fewer
to the fact that some large special war
the wide fluctuations in this item during
payment of future cost-of
regular scale.
and
retail
but
manufacturing,
and
service
be
goods,
industries
group
doubt be steadied by the
May,
to
medium
This slight decline
wholesale
continued
gains
especially that of the heavy
the month, but also
months
in
offsetting
cotton
general rise in pulp and paper in the wooden prod¬
payroll index for June
had
recent
rose,
(revised)
bonuses
a
The automotive trades continued to
iron
wage
171
footwear
was
a
rose
Mr. Arseott's review further says:
due
moderate
a
woolens.
than
or
the output of canned
in
meats
ucts
and
rise from 159 at mid-June
slightly lower, declines in men's and women's factory clothing,
goods
with
a
The percentage of factory capacity utilized
seasonal
A
in
of the latest type
leaves
records
(1937 equals 100),
from 113 to 114.
attend the 26th
structural
Aug
*
.
year ago.
New York Central Railroad.
firm, Thorson & Stewart.
1.25
Aug
NOTICES
the trip may now be made either through Mr. Choate or directly with the
Mr.
80
6
4%
J Title changed from
•
Station at 8:05 p. m., eastern standard time on Saturday,
own
4
Jan
Canadian
Included In
fin default.
New England delegation will join the party at
governors
Feb
....
was
California.
2%
Ontario.
Week, who is in charge of arrangements.
McCIoud,
1,265
3%
and prospects generally are favorable
11th, according to Harold Choate, financial advertising manager of Business
a
3%
78%
*
Consolidated Sand pref. 100
Cr own-D ominion
*
July
Financial Advertisers Association
member of
8
July
Annual Convention to be held in Cleveland, Ohio from September 8th to
a
July
15c
—Transportation arrangements have been completed for eastern delegates
—The
Apr
6%
1.40
Hurst & Co., Kansas City, Mo.,
to
4%
3%
50
Feb
Bache & Co., Chicago, Lewis C. Herwig, partner in B. C. Chris¬
attached
130
Feb
ship in the Chicago Mercantile Exchange.
be
6
6%
6c
topher & Co., Kansas City, Mo. and Frederick R. Hurst, Jr., Vice-President
will
95
2% June
4%
70c
Charles Plohn, partner in Newborg & Co., New York City, John W. Sayler
of the
High
Feb
6
550
—Ernst Englander, partner in Hirsch, Lilienthal & Co., New York City.
of Ralph
2
6%
1,275
CURRENT
S.
Low
40
2%
4%
*
_
lit
The Wahl Co. to Eversharp. Inc.
of J.
Shares
'
*
1.15
Deferred delivery
y
Range Since Jan. 1, 1941
for
Week
High
11c
1
No par value,
is
Price
to be somewhat below average.
*
as
Range
of Prices
Sale
1.15
Westates Petroleum com.]
Preferred
Sales
Week's
Last
July
Feb
a38
£
Warner Bros Pictures
Exchange—Curb Section
Friday
Stocks—
Apr
10c
Packard M9tor Co com...*
Utah-Idaho Sugar Co com 5
101
17.100
Aug. 15, both inclusive, compiled from official sales lists
to
July
2.00
United Aircraft Corp cap.5
•S550
101%
98%
Jan
2%
Feb
2.00
U S Petroleum Co..
101
101%
Jan
4% May
600
Pacific Port Cement com 10
*
Jan
Bonds—
War Loan
Jan
9%
Feb
28% May
Jan
*
Jan
*
July
1
Jan
Aug
90
5%
Jan
5%
7%
299
1.25
12%
<;
15c
Sup Port Cement pf A
98
Ymir-Yankee
Aug
3%
39%
3%
Title Guaranty Co pref
Feb
*
Jan
Studebaker Corp com
90
9c
........
Apr
—
6
7.00
.
June
—
94
July
Mandy
6c
*
92
26c
May
Foothills
2%
25
12
5c
D alhousle
32 %
*
May
3.65
Aug
365
Riverside Cement Co cl A *
May
9
500
July
400
Schumacher Wall Bd com *
16c
26
5,420
July
1,100
~
3,500
10 %
6c
6%
Jan
31%
24c
10
4.20
l15n
Jan
9%
22c
Jan
6c
29%
10c
6% pref
Aug
Feb
33%
2%
Standard Brands Inc
4.60
July
19%
33
33
26
3.10 June
1%
22
2,174
.
2%
So Calif Edison oom
1,270
May
36%
10c
1
Shasta Water Co com
4.60
4.25
23c
10%
149 %
Mountain City Copper..5c
Montgomery Ward A Co.*
Radio Corp of America...*
Aug
4
4.00
Canada Vinegars.
6
47,404
a 2%
a2%
a37% a37%
50
4.50
Canada Bud Brew
35
a
*
Pennsylvania RR Co
2.95 May
1.27
4.05
Bruck Silk
22%
Apr
126
"~5%
Kennecott Copper com...*
M J & M & M Cons
350
1
Jan
300
Apr
17%
28 %
31%
*
Intl Tel & Tel Co com
Jan
4.50
500
*
Jan
280
a37%
8%
Idaho Mary Mines Corp_.l
2.28
4.50
100
Beath clA
145
a6
a6
General Electric Co com..*
Holland Land Co......
Feb
4.50
4c
Aug
20
a4%
*
1
Curt las-Wright Corp
320
7,255
4c
Wright Hargreaves
Mar
al2
al2
Cities Service Co com..10
Jan
3%
Jan
a37
-
2%
W ood-Cadillac
2.25
553
28%
5 J'
Bendix Aviation Corp
500
3%
14%
1.85
1
28%
a27% a28
A tcbJsonTop&SantaFe. 100
103
3%
*
.....
Jan
246
4%
34
1.80
4.25
Wendlgo
Feb
153% 153%
1"I6
ll«M
4
Jan
Feb
80
4c
Waite-Amulet
Westons
1.60
50
4
Anglo Nat'l Corp cl A com*
1.80
Aug
July
*
;
22%
a6%
a6%
1.47
63
Jan
3%
Consolidated Paper
m.
520
107
May
1.83
Jan
5
Unlisted—
*
1.53
100
1
55
1:
18%
5
Jan
*
United Steel
Upper Canada
133
,
103
1.47
Gas
United Oils
July
9
Feb
6%
103
1
Union
Mar
6% June
3% June
300
285
287
Western Pipe & Steel Co 10
13
150
27
15c
5c May
105
3%
7%
2.25
Wells Fargo Bk & U T.100
Sntry
2.90
Mar
11%
Feb
1,650
Aug
15%
9%
24%
Apr
2,681
27
Walalua Agricultural Co.20
102
Apr
Jan
3%
7%
Lt W'WV. :
100
8%
8
m.
1
Am Rad & St
l
Aug
-
4% >;
1
Teck
Jan
'm
10
Western Dept Stores
Jan
Feb
2,269
2
Vultee Aircraft
23%
17% May
20
13%
«,
10
com
916
101%
25
Equip Co
22
7%
12%
Texas Consolidated Oil... 1
Union OH Co of Calif
Aug
July
101K
..
Standard Oil Co of Calif...*
U nlversal Consol Oil
2.30
14%
4%
"~13%
*
com
July
Apr
Mar
60c
"20
100
Transamerlca Corp
28%
July
V 9Uc
100
Tide Water Assd Oil
18%
11% May
23 % May
July
14%
■
Soundvlew Pulp Co com ..5
Spring Valley Co Ltd
Aug
10%
9%
------
Sherwood Swan & Co A. 10
Preferred
Jan
28
4
*
Ryan Aeronautical C0...1
Shell Union Oil com
15
Southern Pacific Co
Apr
5
Feb
14%
16%
"To%
May
Jan
16%
Richfield Oil warrants
18%
Feb
3
Tamblyn
...
Jan
115% 116%
Manufacturing Co 1
Richfield Oil Corp com
*
Apr
Toronto Gen Trusts...100
161
1
25
1.25
Jan
100
Rayonler Incorp com
Mar
Jan
16
m
Jan
95c
Jan
36%
»
400
3.75
31%
39%
Pacific Light Corp com...*
.»
1.00
July
28%
34%
Pac Pub Ser 1st pref...._*
Pacific Tel & Tel com..100
m
1.00
Jan
2.65
June
30% May
28% May
22 %
1,130
_
2,606
410
2,508
_*
2.75
11%
Jan
30
.
2.70
Aug
Feb
1.65
32%
com
10
Aug
25%
com
35
2.90
11%
32%
29%
Preferred
10 %
2%
Apr
Apr
Mar
25%
R E & R Co Ltd
10%
Aug
Aug
Mar
1.30
Puget Sound P & T
2.40
23%
300
110%
2%
3,300
Jan
1.40
29%
18
2.50
66c
Jan
1.40
23%
32 %
High
50c May
9%
1.40
25
2%
2.45
500
Apr
100
26
2%
2.45
*
65c
Apr
10%
25
Supersilk class B
Rylvanlte Gold
65c
7%
21%
7%
10%
5%% 1st pref
Low
65c
9%
195
6% 1st preferred
.1
Jan
22
Pac O & E Co com
Sullivan
Aug
22
Pacific Coast Aggregates.5
Range Since Jan. 1,1941
Shares
6%
550
8
.5
for
Price
10%
5
910
Pacific Amer Fishers
Par
June
125
5%
10%
8%
Oliver Utd Filters cl A.__*
(Concluded)
Week
Mar
Jan
Stocks
of Prices
Low
High
36%
5%
North American Oil ConslO
Mar
9
Weelt's Range
Sale
Mar
8%
Sales
Last
Aug
432
10
Paraffine Cos pref
Friday
Jan
7
May
205
17
Exchange
Aug
1.05
*
Preferred
Toronto Stock
Jan
Feb
1.00
Menasco Mfg Co com
1
National Auto Fibres com 1
Natomas Co
Feb
June
5
4,249
27
5%
4% May
"Tod
March Calcul Machine....5
com
973)
page
Aug
160
(Continued from
Aug
Langdendorf Utd Bk cl A.*
Victor
Canadian Markets
Week
10
Preferred
971
trade
mining,
had
42% over that of
trade
a
had
year
larger
construction
smaller.
ago.
The
level
payrolls
and
of
in
June
maintenance
total
payrolls
The Commercial & Financial Chronicle
972
Aug.
16, 1941
Canadian Markets
LISTED AND
Industrial and Public
UNLISTED
Montreal Stock
Utility Bonds
Closing bid and asked quotations, Friday, Aug. 15
(American Dollar Prices)
Last
Sales
Week's Range
Sale
Ask
Bid
Abltibl PAP ctfs 68—1953
Alberta Pac Grain 6fl__1940
55
54
1948
AJgoma Steel fie
73*
72
72*
68
69*
61*
63
5*8
1961
73*
75*
71
73
Canadian Vickers Co 6s '47
48*
75*
74
1960
54*
Famous Players 4 *s.. 1951
69*
Massey-Harrls 4*8...1954
M cColl-Front Oil 4*8 1949
67*
69
72*
74
58*
60
'63
1949
Federal Grain 0s
72
Quebec Power 48.....1962
4*8
Power Corp of Can 4*8 '59
Price Brothers 1st 6s..1967
71
325
10*
Feb
13*
July
7*
75
7*
Feb
July
9*
Jan
80*
Feb
95
Feb
75
73*
75
27
70
79
79
79
20
95
71*
1906
76*
74*
Jan
1 1948
46*
48
5e
....Oct
Oct
1 1956
45*
46*
08
15
1
....June
1
Jan
15
12 1949
92
94
1 1963
88
1 1942
1943
1959
Sept
fie
fis
Aslt
102* 103
103*
102* 104*
72
2 1959
72
75
Deo
75
89*
10
June
93*
Jan
"2*
2*
3*
2*
3*
12*
12*
12*
105
12
May
12*
12*
400
11
Feb
99
99
97
May
27*
28
22*
May
28
1962
94*
1966
97
96
....
.....Apr
15 1900
84*
Apr
16 1961
81*
84
1,064
£1
7*
7*
7*
100
50
10
Industrial Alcohol Corp.
22
20
20
75*
25
15
Apr
21
July
75*
5
68
Apr
80
June
13*
115
15*
Jan
25
13*
2*
Mar
2*
Feb
50
12
Feb
3*
16
Jan
15*
...»
2*
4*
2*
210
4*
145
2*
4*
113
113
2
22
1,450
"21*
21*
24*
24*
24*
38
Montreal L H A P Cons..*
38
34*
34*
*
25
*
"34*
*
55*
Jan
31
Feb
38
Jan
55*
2,601
*
20*
20*
60
*
4*
4*
90
Price Bros A Co Ltd
*
10*
10*
25
15 1943
70
Nov
15 1940
64
11951
-
•
■
-
*
67
66
20
11
11
121
104
104
25
5% pref
...100
Quebec Power
St Lawrence Corp
(American Dollar Prices>
Bid
Ask
Ask
perpetual debentures.
Sept 16 1942
62*
4*8
85
86*
68
1 1944
105
105*
01*
57
31
11
10*
1 1940
..Sept
Deo
1 1964
4*s. .....July
1 I960
88*
81*
70*
"8*
*
of Canada.....*
United Steel Corp
WT abasso Cotton
Canadian Pacific Ry—
8*
65
65
Wilslls Ltd
Winnipeg Electric A
B
65
171
75
Jan
July
40*
Jan
Aug
17
Apr
12*
Jan
8* June
10*
Mar
8*
59*
Mar
2*
Jan
70
Jan
Feb
4
Aug
50
24
Feb
32
Aug
15*
50
15
May
18
85c
50
90c
90c
*
Zellers
185
Jan
17
85c
*
76*
9
Jan
Jan
2*
15*
*
81*
40
Apr
107
32
90e
3
3*
*
89
13
July
Jan
32
_*
...
July
800
37*
Co
May
9* June
June
10*
Steel
63
103
13
37*
12*
_
Jan
340
"i§"~
Sherwin-Williams of Can.*
Southern Canada Power.
Jan
5*
12*
67*
14*
1.25
15*
Jan
57*
21*
May
May
3* May
8* July
400
15*
Jau
18
2.00
*15*
27*
49*
1.80
*
Shawinlgan Wat A Pow..*
Railway Bonds
Bid
.....
Class A pref
50
St Lawrence Paper pref 100
Closing bid and asked quotations, Friday, Aug. 15
Canadian Pacific Ry—
66
*
Saguenay Power pref-.100
65
Jan
75
-V'
Nor an da Mines Ltd
Oct
Jan
38*
Power Corp of Canada
June
Jan
118
29
Ogllvle Flour Mills
4*8
Jan
3*
5*
June
Mar
90
6*8
June
35
89
5a
May
3*
20* June
19
May
87
10*
2
113
Jan
45
270
87
95*
Jan
2*
13*
1 1901
98
Jan
36*
15*
1 1968
96
j an
25
May
94
16*
May
29* June
Feb
1 1960
June
13
25
4s
16 1962
Aug
155
96*
Mar
Jan
10
7* May
Jan
15*
1,00,3
95
Sept
Jan
Jan
13*
2 1950
of Saskatchewan—
Jan
7
34*
Mar
Prov
Jan
Jan
100
Aug
23*
McColl-Frontenac Oil.... *
Natl Steel Car Corp
Jan
14
13
.*
...
5
13
14*
10*
34
International Power—__■*
Massey-Harris
Jan
28*
23*
"75*
4
Feb
13
15
Jan
Feb
9
11*
23*
....100
Mar
2* May
34
*
__25
Power.
10
4*a
5s
....July
825
9*
12*
Preferred
4*s
Province of Nova Scotia—
4s
242
9*
12*
National Breweries..
87
6s
1
9*
'
0s
75
12*
Preferred
87
2*
4*8
Prov of New Brunswick—
4*8
Jan
89*
Montreal Cottons pref. 100
Provlnoe of Quebec—
16 1964
June
4*8
6*
_*
Int Paper A
90
Oct
Feb
Imperial Tobacco of Can .6
Imperial Oil Ltd
Lake of the Woods
5a. .......May
July
4*
Intl Petroleum Co Ltd...*
4*8
6s
260
*
Preferred-...
Bid
6s
4*8
5*
Int) Nickel of Canada.... *
Province of Ontario—
Province of Manitoba—
5
6
Preferred.
Ask
4a
1.25
Hudson Bay Mining....
73*
(American Dollar Prices)
Prov of British Columbia—
Apr
HowardSmithPaper preflOO
Closing bid and asked quotations, Friday, Aug. 15
Bid
75c
*
HollJnger Gold Mines
Municipal Issues
provlnoe of Alberta—
70
100
International Bronze
Provincial and
30c
"5*
Wares.....*
Howard Smith Paper
74
Feb
Jan
25c
Hamilton Bridge...
Saguenay Power—
4*s series B
13*
7*
Gurd (Charles).......__*
69*
27
13
Preferred
56
71*
72*
High
Mar
Foundation Co of Can....*
Rights
77*
72
Low
27
Gatlneau—
20
24
26*
5*% pref.........100
60
*81955
Dom Tar A Cbem 4 *s 1951
Donnacona Paper Co—
Dom Steel A Coal 0
Range Since Jan. 1. 1941
for
Shares
English Electric cl A.__._*
General 8tee)
N Scotia Stl A Coal 3*8
Canada Cement 4*8.1961
Canada SS Lines fie...1957
of Prices
High
Low
Gatineau 5% pref—. 100
Lake St John Pr A Pap Co
British Col Pow 4*8.1900
Price
Par
Week
Ask
71
75"
70
Stocks (Concluded)
Bid
Gen Steel Wares 4*8.1952
Gt Lakes Pap Co 1st 50 '65
71
fis
Exchange
Friday
*
3*
12
12
143
143
40
Apr
Jan
1.15
70c May
1.00
75c
8*
'
Jan
Jan
Jan
13
July
Jan
Banks—
Government Guaranteed
Dominion
Bonds
(American Dollar
2
140
June
146
100
146
146
19
143
May
102
Montreal
100
182
182
182
21
171
Mar
193
Jan
Nova Scotia..... .....100
Prices)
100
Commerce
Closing bid and asked quotations, Friday, Aug. 15
Canadlenne
270
270
270
2
267
July
284
Jan
153
154
21
150
Feb
166
Jan
Royal...
Bid
Canadian National Ry1 1951
4*8... ...Sept
4*8... ...June 15 1965
1
4*8... ...Feb
1956
1967
-
Bid
Ask
ICO
.
......
Ask
Canadian Northern Ry—
101*1102
103*1104
101 *;102*
4*8... ...July
1
5s
...July
1
1969
101* 102*
105*1106
...Oct
1
1969
...Feb
1
1970
0*s.
1
July
1946
Montreal Curb Market
109* no*
Aug. 9 to Aug. 15, both inclusive, compiled from official sales lists
Grand Trunk Pacific Ry—
105* 106
105* 106
_
5B
68
Jan
4s
..Jan
1
1962
95
3s
..Jan
1
1962
85
97
Sales
Friday
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Abltibl Pwr A Paper Co..*
Montreal Stock
Exchange
6%
75c
550
^0
6*
330
*
101
102*
160
cum pref........100
118
118
10
2
2
5
Bathurst PAP class B
Sales
Friday
6%
70c
100
cum pref....
Aluminium Ltd
Aug. 9 to Aug. 15, both inclusive, compiled from official sales lists
;
Range Since Jan. 1, 1941
Shares
*
Beauharnois Power Corp.*
541
Low
High
55c
Feb
4
Feb
98* June
117
Feb
1* June
85c
7*
Jan
Jan
115
Jan
120
Jan
2*
Jan
Sale
Par
Acme GlvWks 6
Price
10*
Aug
Algoma Steel
Asbestos Corp
_*
»
Assoc Breweries
18
*
Batnurst Pow A Paper A.»
Bell Telephone..
100
Brasillan Tr Lt A Power .♦
148
Brit Col Power Corp cl A.*
Bruck Silk Mills...
*
24
Building Products A
14
*
6*
..5
Canada Cement
Preferred
_*
Preferred
7%
34
Class B
Canadian Pacific Ry
Jan
12*
25*
40
25
Mar
27
9*
475
7
Feb
10
18
18*
16*
550
Jan
19*
17*
12*
170
7*
23*
5*
14
7*
24
15
153
565
12C
6*
930
14*
51C
17*
125
5*
112
96*
40
16*
5*
4
4*
561
23*
1,132
23
240
14*
"22*
17
Jan
100
100
4
100
June
102*
Feb
Jan
14* May
4*
Feb
94* June
18
5
July
July
3* June
Feb
17*
2*
100
2.75
150
6*
2,083
Preferred
22*
17
2
1.85
6*
24*
5%
cum
pref
...100
Canadian Vickers Ltd.
...
W
-
J
W
*
•
Consolidated Paper Corp.*
8*
5*
Jan
23*
35*
Aug
105
Jan
Feb
Mar
10*
27*
28*
Jan
Aug
May
124
Jan
Feb
23
Feb
May
19
Feb
3
Apr
2*
July
Dom
„
M.
Donnacona Pap Co Ltd A *
Donnacona Paper cl B
Eastern Dairies Ltd—
7%
cum
pref.....
-
»
*
18
«
•
-
-
-
Fraser Companies vot tr. *
Halifax Fire Insur Co... 10
Dominion Textile..
Jan
4
4*
60
4*
50
Jan
25
Mar
5*
Jan
5*
Jan
9*
9*
2
2
2*
20
1.50 May
3.00
4*
4*
70
3* June
5*
Jan
16*
8*
Aug
July
Aug
16
9*
5*
Feb
16
81
15
Jan
10
50
6
Feb
7
July
10
•-
10*
16*
39
16*
Aug
11*
16*
15c
—
-
10
16*
—,
15c
700
15c
Jan
25c
280
Aug
Jan
Aug
Jan
Jan
Feb
97*
Jan
Mar
Jan
Feb
Sou Cndn Pwr 0 % cum pf 100
Jan
Walkerville Brewery Ltd.*
Mar
Walker-G A Worts (H)...»
Melchers Distilleries Ltd. *
Mitchell Robert Co Ltd..*
■
72
72
342
70
May
*
Enamel A Heating Prods.*
5
5
5
70
4
Feb
5*
Jan
2*
2*
150
2
Mar
2*
Feb
Jan
SI
*
cum
1
pref
No par value,
*
r
15
Apr
90c May
26*
5*
10*
10
1.25
Jan
10
7*
Feb
11
45
45
25
41*
Feb
47*
5*
Page-Hereey Tubes Ltd..*
Jan
50c May
25
10*
Mocre Corp Ltd...
5
2* July
2* June
July
27*
5*
00
July
16*
20*
82
10
24
96*
17*
9*
10
44*
21* May
119
25
Jan
72
1.95
Apr
*
Dryden Paper
Feb
2* May
Aug
190
4*
Feb
3* June
1.50
1,053
27
245
10
550
3*
88
19
150
1.70
1
85
5
Mar
100
24
4*
Jan
July
10c
100
18*
5
3*
17
July
15*
100
24
4*
Feb
May
5c
88
cum pref
0116% cum prflOO
85
*
10
43*
June
Dominion Stores Ltd
2
10
88
McColl-Fr
*
Dominion Tar A Chemical*
80
100
88
84
7*
100
May
18
4
Maritime Teleg A Telep.10
Massey-H 5%
Jan
May
Feb
43*
Aug
6*
50
45*
3*
55
July
108
Feb
Jan
400
28
5
45
Jan
8*
85c
40
92
Jan
200
25
26*
May
7*
207
Feb
85c
May
113
June
22
26*
15*
43*
19
7*
June
150
Aug
Lake Sulphite Pulp Co...*
32
113
7
18
1
Loblaw Grocetrs Co cl A..*
368
7*
440
Feb
Jan
255
.100
Jan
Jan
430
70c
Aug
23
Dominion Steel A Coal B 26
95*
4
1
37*
Feb
38
July
Jan
7*
3*
_
Intl Utilities class B._
23
50
July
—-
Ford Motor of Can A__._*
Fraser Cos Ltd
*
6*
37*
25
32
85
'-I-
«
*
6*
Preferred
15
40
Jan
24*
159
10c
25
5
23
Dominion Bridge
27
Jan
150
1.70
-
3*
100
Fairchild Aircraft Ltd
Fleet Aircraft Ltd
37*
Dominion Coal pref
Dominion Glass
20* June
5
1.00
10c
*
26
Feb
45*
3*
-
—
Engineering Works *
Consol Mining A Smeltlngfi
4*
7*
Mar
3* May
Cndn Intl Invest Trust-
Distillers Seagrams
*
24*
159
159
460
6*
Jan
July
87
1.00
7*
Mar
18
33*
87
„
23*
33*
«'•
*
Apr
100
23
23
._..._*
7% cum pref
100
Claude Neon Gen Adv___*
Commercial Alcohols Ltd.*
Jan
May
May
110
19
Aug
Jan
18*
2*
Aug
26*
6*
15*
60
5
Canadian Breweries Ltd..*
22* May
4*
Feb
13*
Feb
Apr
15
CanNorPow7% cum*prfl00
July
20*
35
Jan
Jan
July
July
8*
210
2.75
*
12*
Calgary P wr6% cum pref 100
Canada A Dom Sugar Co. *
Canada Malting Co Ltd..*
Apr
Feb
5*
296
17
Apr
May
Jan
17
10
Cndn Industries Ltd B
May
22*
10
Cndn General Invests..
5
117
11
Jan
34
22*
11
Jan
104
26
18*
13
1
26
June
160
35
117
26
15
Jan
34
23*
50
315
May
105
7*
23*
4*
16*
10*
34
7*
10*
*
14*
137
105
300
Rights
Canadian Converters-.100
Cndn Ind Alcohol...
>
11*
5*
100
>
20
4*
23*
Cndn Car A Foundry
*
Cndn Car A Fdry pref ..25
Canadian Celanese
13
16*
*
_
60
5*
Can North Power Corp..*
Canada Steamship (new).*
Canadian Bronze
Jan
96
•
..50
50
17*
100
Can Forgings cl B.._
18
146* 148
9*
4*
16*
Brit Amer Oil Co Ltd
High
50
16*
12*
10*
Brews A Distillers of Vanc5
Low
24*
9*
Alberta Pac Gr pref-... 100
5% preferred..
Range Since Jan. 1. 1941
for
W pCa
Shares
13
Agnew-Surpass Shoe
Canada Cement pref
of Prices
High
50
*% pfdlOO
Bulolo
Week's Range
Low
16*
British Columbia Packers *
Last
Stocks—
106* 106*
98
......
.
.
..
98
105
3
Jan
Aug
Jan
Apr
106
Aug
May
104
Jan
80c
80c
40*
40*
60
38*
Mar
47*
Jan
19*
19*
40
19*
Feb
20*
Jan
Canadian market.
100
98*
98
2.00
Aug
50c June
80c
Aug
Volume
Unlisted
Canadian Markets—Listed and
for
of Prices
Low
High
Price
Par
Stocks (Concluded)
Range Since Jan.
Week's Range
Sale
Stocks (Continued)
Mines—
Aug
English Electric class A
9c
Aug
Equitable Life
2c
2c
2,500
lc
Jan
2c
Aug
22 H
22 X
215
21H
Jan
24 H
May
2.28
100
2.18 May
2,90
Jan
45c
22 H
—
45c
100
400
30c June
52c
3.55
Falconbridge Nickel
_*
45c
48c
Joliet-Quebec Mines
Kirkland Gold Itand
1
2c
2c
500
1
5c
5c
1,500
-.1
Macassa Mines Ltd
1
Malartic Goldfields
1
McVittie-Graham Mines. 1
4.75
4.80
3.85
3.85
200
1.25
1.25
1,400
33c
Lebel-Oro Mines.
3.85
July
5
July
5H
Mar
Feb
3.50
Aug
3.25
22 H
224
22 H
150
21H May
1
3Hc
14c
15H
34c
34c
500
3 He
Aug
6c
14c
16H
1,000
lHc June
6Hc
Jan
1,011
144
16H
July
44c 49Hc
7,406
54c
Jan
Fernland
1
Ford
•
A
*
2c
Aug
Francoeur
5c
Aug
Gatineau Power
4.80
Aug
Gatineau Power pref
100
„
Feb
4.30
Jan
General Steel Wares
July
Gillies Lake
*
12c 12 He
_. —
4Hc
24,230
60c
Apr
1.65
Aug
Gold Eagle
1
19Hc
Aug
Goodyear
*
73
73
10
50
54
54
*
17
18
19Hc
2.29
May
3.00
Jan
2.75
Feb
3.40
July
80c
82c
300
61c May
87c
Aug
55c
2,800
66c
4,800
1.78
1.82
200
52c June
66c
June
5c May
9c
Aug
25c
27c
2.32
1,650
23
Feb
1.58
May
1,100
2.25
27c
Feb
18
50
Aug
Jan
2.55
July
24
Sates
for
of Prices
Week
5H
*
7c
1.00
25
15c 16 He
16 He
*
.
1.25
Feb
20c
Aug
Feb
94
Jan
"~60c
9
10
7
86
86
20
85
Anglo-H u ro n .
— — — . *
Arntfield.———————J
60c
64c
2,700
3.00
*
.
11 He
July
5c
9
9
*
_100
—-
-
July
4c
4,600
3.15
302
Aug
94c 121,000
5c
5,500
8Mc
95
Jan
81c
Jan
2.00 May
3.15
Aug
3Hc
Apr
94c
Aug
3Hc
Feb
5Hc
46c
Apr
_
9 He
Jan
1
172
1.72
1.80
1,650
1.50
June
2.45
1
Ashley.
Jan
Jan
5Hc
6Hc
64c
6,800
4c
May
8c
Jan
-.1 *
10Hc
10c
10 He
14c
Aug
—-.1
-
Mines
Bankfield
4HC
"
4,600
7c
Mar
Bathurst Power class A... *
12
12
124
35
104
June
Exploration.———.1
Seattle Gold. .—* „——^ 1
Beatty 1st pref
100
Bell Telephone Co
100
9Hc
8Hc
12e
75,400
1.10
1.09
1.10
550
_
1
„
Bear
.
Bldgood Klrkland
Biltmore....—.
......
147 H
9c
1
—•*
.....—
....1
Bonetal
7H
*
Brazil Trac
May
7c
May
13Ho
Jan
July
84
374
Jan
53
30
760
11
11c
Jan
59c
July
9H
Mar
8H
June
184
138
23
Apr
*
16 H
*
"24"
23 H
24
1
78c
76 He
81c
16,350
7 He
7 He
500
4.25
4.25
50
*
4.25
1
B uf falo-Canada
*
4c
4e
500
Building Products
*
14H
14 H
25
26
Jan
Feb
1.10
Jan
6c June
9c
Jan
71c
3.40 June
5.95
Jan
6c
Apr
154
Apr
2
He Mar
13H June
*
1.33
1.41
1,150
1.05
May
*
.......50
3.00
3.00
200
1.85
July
Class B
2.75
.
5H
5H
100
96
8
preflOU
104
104
5
32H
33
23
54
81
83
Canada Malting....
_*
—*
..
.
Can Northern Power
5a
83
*
Canada Packers..:
20
146
20
——*
25
"~h%
23 H
Canadian Ind A1A...
17H May
20
Feb
32
143
May
PJan
163
8H May
10
Jan
10H
Jan
195
90
25
6H
119H
1.80
44
May
Apr
28
Jan
194 May
29
Jan
21H
25
14
60
2
7
12
52c
55c
1,700
64
1,905
64
119H 1194
20
1.80
200
1.80
14 He
14 He
15c
1
15 He
15Hc
17c
1.45
6,000
1,000
5,390
1,000
6,700
1.40
1.39
—*
20c
20c
Cochenour
1
65c
65c
71c
Commercial Petroleum
*
23c
23c
1,000
"Vie
1.26
1.30
900
*
Conlaurum
Consolidated Bakeries
Smelters
12
12
37 H
374
Cosmos
Da vies Petroleum
...
100
20
12
*
6
384
22
529
114
120
118
*
Consumers Gas
25
22
June
Mar
Mar
3
Jan
6H
June
9
Mar
47c
Feb
58c
Feb
4H
117H June
74
Aug
119H
Aug
Jan
1.65
Feb
1.95
9c
Feb
21c
May
15c
Mar
32c
Jan
1.10
May
1.74
Jan
Feb
40c
May
July
l.i:4
Jan
Mar
25c
July
1.13 June
1.55
Jan
20c
9
314
111
June
May
June
214 June
12c May
14
Jan
404
July
Jan
145
Mar
25
17c
July
5,000
77c
1,000
75c
July
.1.25
Jan
2 He
Feb
7c
Aug
18 H
May
284
Jan
214 May
183
June
244
Jan
77c
1
5c
5c
6c
4,700
Distillers Seagram
*
22
22
23
*
22 H
22 H
224
1,200
340
13
Jan
200
100
190
190
Dominion Coal pref..a.25
19
19
25
18
July
21
Jan
19
330
17
Feb
234
Jan
Dominion Bank
Dominion Foundry
*
Dominion Scot Inv
18H
1
Dominion Steel cl B_.—25
45c
"7H
Duquesne
Mining
East Crest—...—
East Malartic
45c
163
45c
Aug
45c
Aug
74
74
455
64 May
94
Jan
54
54
29
84 H
*
100
Dominion Woollens pref.20
Dominion Stores
Dominion Tar pref
Dorval-Siscoe—
184
84 H
2u
45
7
7
3Hc
4 He
1
1
9Vsc
94c
*
1
3c
3c
2.20
2.20
2.28
10c
11,300
16,700
5,000
3,450
4
May
54
Apr
July
88
June
64 Mar
14c July
8 He June
8
July
824
2 He May
2.05
July
4 He
Jan
5c
Jan
2.95
JaD
5c
5Hc
5,000
2.28
2.24
2.36
10,450
20Hc 21 He
28
284
5,200
28
*
—100
Huron & Erie
Jan
1.59
May
2.54
21c May
30c
Jan
28 H
Aug
23 H
250
June
Jan
5
52
Feb
57
Aug
196 H
1974
16
192
Feb
205
Jan
94
94
9H
1,491
57
57
12H
95
95
111
111
2
111
93
Feb
25
124
95
10H
110
Jan
13 H
8H May
11H
Feb
90
13
Jan
105
Jan
Jan
fJuly
115H
June
Mar
36 H
1,343
29 H
13 H
15H
Jan
Apr
July
20c
July
2 He
Jan
Apr
34H
1,004
International Petroleum.
13H
13 H
14
Jan
19C
19c
1,400
10c
14c
14c
1,400
He
364 c 37He
4c
4c
11,165
35c June
46c
1,000
He July
lHc
Feb
4.50
4.60
15,625
4.90
Aug
30c
30c
500
30c
Aug
41c
Mar
70c 70 He
4,200
67c
July
1.05
Jan
507
July
1.00
Jan
Mar
5.15
Jan
International Utilities cl Bl
Jacola
37 He
1
4.55
Kerr-Addison...
Kerr Lake.
_
1
—
"70c
...1
Klrkland Lake.
75c
4.80
900
4.25
9c
2,600
6Hc
15
9c
175
Apr
10H
Jan
14c
2,000
lc
May
2 He
Feb
900
45c
Feb
60c
Jan
Apr
2.10
July
Mar
27H
Aug
1.86
1.93
1,035
264
274
281
244
24
25
1.86
Jan
22 H
850
3.45
Feb
4 30
1.92
4,501
1.49
May
2.35
Jan
65c
65c
68c
9,600
50c
FeD
76c
July
1.23
1.30
11,850
87c
May
1.32
Aug
4c
4c
2,000
Jan
2H
24
825
He June
1H May
lc
"24
2H
Aug
5
1
Malartic (GF)„.
54
125
2H
6
Aug
24c
1,000
24
425
2
May
42 H
36
25
Jan
Manitoba & Eastern
Maple Leaf Milling—._
Preferred...—————*
24c
—
24
.——.——*
Massey-Harris pref....100
M assey-Harris
McColl-Frontenac.
42
42 H
4H
44
.
5
Mclntyre
McKenzle.——————1
McVlttie—
1
McWatters..
...—.
*
.
.
Moore Corp
.—1
Murphy
National Grocers......-.*
*
National Steel Car
1
*
—5
Naybob.
3H June
3H
Jan
Jan
Aug
45
5H
Jan
Jan
10
85
June
98
46 H
May
51H
Jan
49 H
494
1.05
1.05
1.10
1,000
1.01
Apr
1.32
6C
6c
1,000
4c
May
9C
Jan
12c
12c
500
12c
Aug
24c
Mar
15
3H
July
7H
Jan
1.43
Aug
"l2c
4
Feb
30c
July
54c
Feb
47 H
Jan
2c
Feb
4c
Aug
295
3H
May
Mar
July
38 H
31c
Jan
lc June
2c
Mar
Feb
1.35
Aug
6,321
4,060
44H
454
257
3c
3c
3,200
4H
44
1.16
44H
'"44
41
40
35
35
35
Jan
60c
1.29
33He 34Hc
34c
30 H
21o
Jan
Jan
5
Jan
2c
2c
89,050
3,100
1.30
1.35
300
1.00
49 H
Feb
26c
Mar
57 H
70c
Aug
56c May
1.65
Aug
25c 28Hc
28Hc
Newbec....—....—. -- -
Niptssing
4c
lHc June
"494
:,.v4
*
1
*
...—
140
Jan
15
—————*
Mining Corp
■«
Apr
90
90
100
Preferred
44
May
26
1,690
3.95
1.88
1.25
Madsen Red Lake
...... .
1.60
24
3.85
Mines
Mercury Mills
9
1.90
B
McL Cockehutt
Malargo
13c May
104
27
...»
A
Macassa
Mar
Jan
46Hc 46Hc
Little Long Lao
Loblaw
July
21
lHc
—i..
—
200
Feb
10
3
1
Lebel-Oro..
Leitch
75c
4.75
*
4.80
Lamaque Gold
La pa-Cadillac
Laura Secord (new)
3.05
14 H
75c
144
144
Lake Shore
Lake Sulphite—-—...
Jan
55 H
564
.....*
55c
55c
60c
2,588
—1
—.*
1.57
1.26
1.59
96,365
54c
54c
58c
1,100
35c
May
75c
Jan
12c
14c
2,200
10c
June
18c
1
Crush pref.—..—*
14C
Apr
54
40
6H
Feb
•
Mines
Noranaa
Normetal
O'Brien
Okalta Oils
—
Pamour—
1
1
Pandora-Cadillac...
Partanen-Malartic
1
Paymaster
Perron—.—_——■ -
-
Pickle-Crow
Pioneer
.—,—. -
.
4H
May
3c
3c
1,000
2Hc
Apr
20c
20c
1,000
20c
Apr
23c
Jan
1.00
1.07
3,350
98c June
1.65
Jan
2Hc
2Hc
2Hc
166
54
—
.....1
Pacific Petroleum
Premier
55
55
1.00
PacaltaOils
Pressed Metals
E Dome
Quemont..
...—1
1
1
-1
——*
1
.
.
.
——- . —
Roche (LL)
2,000
2 He June
5c
Feb
24,600
15c June
28c
Jan
1.55
700
3.00
3.05
2.45
2.35
2.50
1,612
1,675
150
7H
July
9H
Jan
3.20
3.20
3.40
29,440
2.70
Feb
3.60
Aug
2c
2c
2c
200
2c
Aug
5c
Feb
44c
2,800
1.47
90c
74
*
24
8c
*
Preferred
100
Standard Radio...
1
1
1
*
*
*
Steel of Canada
Slave Lake
South End Petroleum
Standard Paving
25
Steep Rock Iron Mines...*
Straw Lake
*
Sudbury Basin
1
—-*
5c
Jan
148
Aug
18
May
166 H
24 H
Aug
84c
5,210
7 He
July
14Hc
June
Feb
75
13%
2.50
765
2.03
2.65
4Hc
8,000
3c June
7Hc
5,300
35o June
59c
124
20
93c
200
80c
82c
10,325
7.20
7.20
100
64
150
64
10
10
10
97
97
97
12
June
Jan
Jan
May
16
93c
82c
Jan
Jan
Jan
Jan
17
93c
Aug
61c June
88c
Aug
7.10 June
8.90
73c
5H
May
May
Jan
6H June
Feb
20
9
Apr
11
10
91
Apr
100
Mar
Mar
52c
8,887
51c June
69c
30c
4,800
17c June
43c
74c
84c
55c
29c
9Hc
78,0.50
6 Ho
May
19Ho
Feb
lc
lHc
9,000
lc
Aug
4c
May
,
"60c
60c
34
90c
Jan
Aug
100
50c
Mar
34
1,075
2 H
July
35
59 H
Mar
70
66
69
Jan
3H
60c
65
1.64
Jan
15c
69 H
84
66 H
July
73 H
Jan
1.57
1.75
81c
Mar
1.95
Aug
2Hc
Preferred
Sturgeon R...
3c June
27
3c
"~93c
•
Hladen-Malartic
Aug
43c 44 He
Sigma-. — ——————1
Silver woods pref.
.*
Siseoe Gold
95c
89c June
124
....1
..1
Aug
16
3c
Sherritt-Gordon
Aug
2.50
2.45
43c
Sheep Creek
3.10
May
1.27 May
16
-.1
*
50c
Jan
May
1.96
143
153H 154
24
2.46
Simpsons class A
2,297
95c
8
1.69
2.25
24 H
4c
1
84c
Shawinigan
Jan
3c
22c
1
Senator-Rouyn
8c
20c
St Lawrence
Sand River
July
24c
Corp cl A..50
Antonio
1
St Anthony
3c
4Hc May
"21c
-
Royal Bank... -100
Roy all te
*
*
Jan
13H
67c May
33 H
Orange
Apr
July
July
4H
33 H
Omega
9H
1.10
12
International Nickel
Moneta
Jan
1974
100
*
5
100
100
Imperial Bank
Aug
164c
Aug
*
Hudson Bay
San
12c
64c
3H
1,300
20 He
Preston
Apr
15c 154c
*
1
Denlson
Dome
Aug
204
1
1
204
150
Chemical Research
.....
Jan
145
Central Porcupine
Cheetervllle
Jan
74
7
-.100
1
C P R
18H
Apr
234
64
23
17
52c
Aug
25
28*4
*
Aug
1.00
Mar
24
*
Jan
22
94
60c
Aug
115
17
Canadian Malartic
Jan
40
284
Canadian Locomotive
Jan
5
234
10
55
—
136
50
*
Canadian Dredge
Feb
23
*
Canadian Celanese
July
1.00
20
94
*
Cndn Canners class B
Central Patricia...
June
2H
17
Jan
1474
146
20
Carnation pref.
120
Aug
24 H
24
Canadian Canners cl A..20
...
Jan
May
32
15
40
1.00
Canadian Bank of Com .100
Mar
Jan
10
20
40
24
105 H
1024
11
475
—
Mar
87 H
263
1.00
100
.39
44
*
894 June
May
23 H
Canadian Breweries
Mar
June
4
Cndn Bakeries pref....100
June
7
5
50
Canada Wire clB..
41
Feb
m
76
23
23 H
Apr
35
75
*
Canada Steamships.
Preferred
Jan
45
54
125
125
Can Permanent Mtge._ 100
Canadian Car
207
96
.....
Can Cycle & Motor
Preferred.
65
45
45
Canada Cement——
.
Jan
1.49
Calgary & Edmonton
Canada Bread ^
July
Jan
2H June
2,550
.. .
Buffalo-Ankerite
Delnite Mines
Aug
5
British American Oil
—— —
11
15
B C Power clA
Broulan-Porcuplne
Feb
694
•
Jan
July
6c
1,000
74
17
Brown Oil
Aug
Jan
47c June
1,000
7*4
Feb
137
4,532
11
...*
Bralorne
Jan
7H
279
74e
7c
1.20
101
50c 52 He
7c
May
13,500
36
30
36
50
1
Blue Ribbon pref
Feb
1024
160H
7
-■
Jan
15c
45
146 H 148
9c 10 He
7
13
Feb
1.00
10
101
101
6c June
200
76c
Jan
8
75c May
500
7c
1.00
—*
.—
Grain
Feb
4
23c June
34
124
J M Cons
345
64
Jan
4,100
19 H
37c
34
Jason Mines..
High
Low
High Shares
Low
Price
100
6%
Range Since Jan. 1, 1941
Week's Range
June
76c
Intl Milling pref
official sales lists
Apr
12
12H
Intl Met pref..
Exchange
55 H
17
124
Imperial Oil Co.
inclusive, compiled from
Jan
16
5
Co
Jan
Jan
80
5c
Hollinger
13c
IOC
May
June
76c
Hard Rock
Mar
67 H
52 H
..1
Halcrow-Sway
Mar
2He May
——*
1
Gypsum
Home Oil
27c
11 He
5c
25c 25 He
25c
1
Gunnar
Aug
2.00
1
.1
Goodyear T & R pref
Great Lakes vot pref
Mar
69c
Apr
50c May
1.73
6,500
6 He
6c
1
Aldermac
Cons
5,600
1.58
23
Acme Gas.
Chromium
3,500
4Hc
Golden Gate..
400
Sale
Preferred.
Jan
7 He
4C
Goldale
53c
Par
.
16HC
27 He
Aug
July
66c
Stocks-
_
2,500
"7 He
Aug
28c
56c
200
Last
-
Aug
Feb
Friday
Preferred
July
46c
Aug
Toronto Stock
„
8He
21c June
Aug
80c
Aug. 9 to Aug. 15, both
.
3c June
3,200
35c
Imperial Tobacco ord
.
1,500
36c
33c
2,000
Raoyalite Oil Co
Bobjo .
64c
24c
33c
Jan
6c
35C
300
3.40
Home Oil Co Ltd
..
6
4H
900
3.10
Dalhousie Oil Co
.
Jan
Feb
25
•
35c
Howey
Base Metals
Jan
90
1,500
Oil—
Gold
90
June
54c
1~78
Wood-Cadillac Mines
Aunor
July
70
33c
3.40
Sullivan Cons Mines
Anglo-Canadian
5H
70
God's Lake
3.05
—
Siseoe Gold-......—...
Algoma Steel
Preferred
34He June
Jan
15
74
5H
1
Feb
21
7H
74
73H
*
1.30
19HC 19Hc
1
Preston-East Dome.——1
Sherritt-Gordon Mines... 1
Pickle-Crow Gold.
Abitibi pref
45c
"74"
87c May
3.50
Aug
Paymaster
Alberta Pacific
14C
154
100
4.30 May
500
Jan
28
1
—
Jan
lc May
2c
1.97
1,170
3.40
1.26
1.58
1
O'Brien Gold..
_
23
4
26c 26 He
—
Normetal Mining
_
30
5
54c
Naybob—_———
U pper Canada
28
5
Federal-Kirkland
Aug
Jan
27
...
*
Fanny Farmer
Jan
Feb
2.00
Jan
29
*
Falconbridge
2.28
1
*
1
Eldorado Gold...——-1
...
East Malartic Mines
High
52c
30c June
5,450
40c 424c
42c
Low
Shares
High
Low
25
19c
Mar
4c
10
9c
8Hc
Dome Mines Ltd
Week
1
8c June
2,800
18
17 H
Corp.—*
Gold Mines..—1
Cartier-Malartlc Gold.
for
of Prices
Price
Par
Eldorado
Arntfield
Week's Range
Sale
1, 1941
High
Low
Stiares
Range Since Jan. 1, 1941
Last
Week
Aldermac Copper
Sales
Friday
Sales
Last
Exchange
Toronto Stock
Montreal Curb Market
Friday
973
Commercial & Financial Chronicle
The
153
2c June
4Hc
Mar
24c
29,190
6,000
15c
15c
1,700
1.50
1.60
1,200
No par value.
(Concluded
on page
971)
13c June
1.10
Apr
24c
Apr
1.66
Aug
974
The Commercial & Financial Chronicle
New York
Bid
a2%8 July
15 1909
a3s
Jan
1
June
1
...
1977
a3s
1980
I
a3%s July
1
a3%s May
1
«3%s Nov
1
a3%s Mar
15
a3%s Jan
May
a 4s
1
Nov
a4s
1
<m m
1975
•
mm
•
mm
•
mm
1954....
1964
I960
•
mm
1976
mm
1957
mm
1958
a4s
May
1
May
1
mm
1959
a 4s
1977
a 4s
Oct
1
•
mm
mm
1980..
0m
a4%s Sept
1
I960....
•
mm
a4%s Mar
1
1962
•
mm
City Bonds
Chicago & San Francisco Banks
Ask
Bid
102% 108 %
104% 105%
105
108
105%
109%
112
113
112% 113%
112% 113%
112% 113%
117% 118%
118% 119%
118% 119%
123%
123% 124%
122% 123%
122
123% 124%
Ask
Par
1
1964
1
1966
15
1972
mmm
1
1974
wmm
15
1976
mmm
1977
mmm
16 1978
a4%s Mar
a4%s
a4%s
a4%s
a4%s
a4%s
a4%s
o4%s
o4%s
a4%s
a4%s
a4%s
a4%s
a4%s
a4%s
Apr
Apr
June
Feb
1
Jan
Nov
mm
124% 125%
124% 125%
125% 126%
126
127
126% 127%
327% 128%
rnmsm
128
1
1981
mmm
129
1
1957
mmm
2s July 1944
1
Nov
1957
mmm
Mar
1
1963
mmm
June
1
1985
mmm
1
July
Deo
1967
1
mmm
1971
mmm
1979....
16
Deo
mmm
124
38 1981
61.80
139
4s Mar 1901
140 % 142%
6s Jan A Mar 1964 to'71
Public
Barge C T 4%s Jan 11946.
1976
149%
60.90
3%s
3b
4th ser Dec
3%s 6th
8
f revenue
3s serial
3%s2ndserMay 1'70
15 '76
103% 104
100% 101%
269
Bkof AmerNT ASA 12%
37%
39%
Par
1980
Asi
Par
85
Chase National
13.55
Commercial National.. 100
177
Bid
Ask
...60
46
50
National City
.12%
27
28%
National Safety
.12%
12
15
...10
14
17
Peoples National
42
15%
...60
44
49
-17%
29%
31%
26
28
17%
—
30%
National Bronx
32%
183
Penn Exchange
...
700
1505
Sterling Nat Bank A Tr 25
150
New York Trust
Ask
102% 103%
102% 103%
1953-1976..
62.65
98%
rev 1945-1952
61.50
2.60%
rev
2%s serial
Bid
Bank of Manhattan Co. 10
Bank of Yorktown__60 2-3
140
Trlborough Bridge—
General A Refunding—
533
FRANCISCO—
New York Bank Stocks
140%
111%
108% 109%
Port of New York—
518
SAN
90%
Fifth Avenue
100
670
First National of N Y..100 1465
Mercaants
100
130
147
Bid
Pennsylvania Turnpike—
3%s August..
1968
San Francisco-Oakland-
260
Par
Ask
California Toll Bridge—
Asi
329
Northern Trust Co....100
242
8.8
100
Authority Bonds
Bid
4s
4%s April 1941 to 1949.
Highway Improvement—
4s Mar A Sept 1968 to '07
Canal Imp 4s JAJ '60 to '07
61.95
150
234
33 1-3
71rst National
Bid
316
Public National
Ask
World War Bonus—
3%s Mar 1970
Canal A Highway—
Bank A Trust
125
127% 128%
128% 129%
129% 130%
130
131%
133% 135
Bid
Canal Imp 4%s Jan 1904_.
Can A High Imp 4%s 1905
Highway Imp 4%s 8«Pt '03
Par
Harris Trust A Savings. 100
Bensonburet National... 50
Ask
142
A Trust
100
Continental Illinois Natl
123% 124%
104 % 104%
61.75
38 1974
Asi
130
May
Bid
American National Bank
129
Mar
New York State Bonds
Bid
Aug. 16, 1941
Bank of New York
100
Bankers
10
Bronx County....
Brooklyn.
35
100
Central Hanover
...20
Bid
Companies
Ask
336
Par
344
54 k
Fulton
284
289
11
Irving
Kings County
Lawyers
210
10
Guaranty..
18
73%
100 1550
26
34
38
New York
12
20
20
45%
Title Guarantee A Tr
Colonial
25
Continental Bank A Tr.10
10
Preferred
28
38%
51%
26
97% 100%
47%
Manufacturers.
Chemical Bank A Trust-10
50
Asi
190
100
56
15
68%
Clinton
...........
Bid
100
98
12
3
12
1600
31
40%
53%
101
Aug 15 '77
ser
6th series...1975
103%
100% 101%
...
4
14%
43%
Trade Bank A Trust
Underwriters
19
21
20
12%
42%
10
Corn Exch Bk A Tr
100
85
95
Empire
3s
50
46
49
United States
100 1365
1415
United States Insular Bonds
Bid
Philippine Government—
4%s Oct
1959
Ask
1952
6s
Apr
1966
100% 102
5s
Feb
1962
4%s July
Bid
U S Panama 3s June 11961
107% 109%
107% 109%
108% 110%
Hawaii—
112
115
128
118
121
Par
Govt of Puerto Rloo—
4%s July 1952
5s
July 1948 opt 1943.
U 8 conversion 3s 1940....
4%s Oct 1966 Apr '40..
107
108%
110% 111
111% 112%
Bid
JAJ
1085is 1089ie
3%b 1955 opt 1945..MAN
JAJ
109 ht 109'ie
4S 1946 opt 1944
JAJ
3i 1956 opt 1946
AfAN
109 %
4s 1964 opt 1944
JAJ
110%
Joint Stock Land
First
Lafayette l%s, 2s.
Lincoln 5%s
99 k:
80%
common. _*
7% preferred
32%
So A Atl Telegraph
84%
25
112
Sou New Eng Telep... 100
18
20
148% 152
Bid
Asi
Par
1 %
1%
Kress (S H) 6% pref
2
2%
...100
Bid
Ask
United Cigar-Whelan Stores
32
35
27%
10
$5 preferred
*
12%
13%
20%
22%
8%
99% 100
SPECIALIZING
99
Pennsylvania l%s_.
99%
St. Louis
r24
Is, l%s
Fletcher %s, l%s
99
San Antonio
%s, 2s.,
Southern Minnesota.
fl5%
82
Southwest (Ark) 5s.,
Union Detroit 2%s..
Virginian Is
26
93%
100
F.H.A. INSURED MORTGAGES
99%
99
Fremont 4%s, 6%s
98
The beet
17"
"Hedge" security for Banks and Insurance Co's.
Circular
100
Ask
on
request
STORMS AND CO.
99
Commonwealth Building
Joint Stock Land Bank Stocks
Bid
34%
r41
99%
Par
32%
30%
Chain Store Stocks
88
North Carolina %s, Is.
First Trust Chicago—
Atlanta..
18
*
17
Fish man (M H) Co Inc..*
Oregon-Washington.
First New Orleans—
Asi
26
Rochester Telephone—
$6.50 1st pref
100
98
100
Bid
16
26
49%
28
100
Bohack (H C) common...•
96
New York 5a
Illinois Midwest 4 %s, 4 %s
Iowa 4%s, 4%s
Telegraph
Peninsular Telep com
Preferred A
99
First
Atl
Ask
94
99%
Is. l%s
Pao A
Asi
Bid
Lincoln 4%s
Lincoln 5s
Carolina—
First Texas %s, 2%s
112
108% 109%
110
110%
109% 110%
r%
l%s. 2s
110
Emp A Bay State Tel.. 100
B/G Food Bine
rll
Montgomery—
3%s
100
Par
108%
Bank Bonds
Ask
99
Asi
104
Par
Bid
Denver l%s, 3s..
Bid
com. *
New York Mutual Tel__25
Ask
38 1955 opt 1945
38 1966 opt 1946
Chicago..
Teleg (N J)
5% preferred....
Int Ocean Telegraph... 100
Bid
Burlington
Am Dlst
Franklin Telegraph
Conversion 3s 1947
Federal Land Bank Bonds
Atlanta %s, l%s.
Telephone and Telegraph Stocks
Ask
126
PITTSBURGH, PA.
Phone Atlantic 1170
Par
Bid
100
10
Asi
100
100
110
Dallas
100
85
90
New York
100
3
7
Denver..
100
80
90
North Carolina
100
130
140
Dee Moines
100
241
46
Pennsylvania
-.100
60
67
First Carolines
100
25
30
flan
...100
145
155
Fremont...
100
1
4
Lincoln..
....
Antonio
.
,
Virginia
6
3%
FHA Insured
14
4
Bid
Alabama 4 %s_.
Arkansas 4%s
101 %
Dated
XX%
XX %
XX%
X%
X%
%%
%%
%%
XX%
Due
.12-2-40
.
6-2-41
7-1-41
.10-1-40
1-2-41
9-2-41
Dated
%%
XX %
XX %
XX %
.11-1-40
10-1-41 0.25%
11-1-41 0.25%
2-1-41
11-1-41 0.25%
t%%
%%
XX %
11-1-41 0.30%
XX %
.
.
.
5-1-41
.12-2-40
J%%
0.25%
10-1-41 0.25%
10-1-41 0.25%
.
.
.
.
.
.
.
.
6-2-41
3-1-41
4-1-41
Due
Bid
A si
12-1-41 0.25%
12-1-41 0.30%
2-1-41
2-2-42
4-1-42 0.40%
5-1-42 0.40%
5-1-41
Bid
Ask
1%
Nov
%%
May
wi 100.25 100.27
Federal Home Loan Banks
%8
Apr
15 1942 100.8
100.11
2s
.Apr
11943 102.17 102.21
Federal Natl Mtge Assn—
2s May 16 1943—
Call Nov 16 '41 at
101.11
Jan 3 1942 at 101
101.16 101.20
Pennsylvania 4%s
Rhode Island 4%s
103
103%
103
102% 103%
102
103%
102
103
102
103
Texas 4%s
101% 102%
101% 102%
insured Farm
102% 103%
101% 103
Mtges 4 %s
Virginia 4%s
...
prloe.
15 1942 100.22 100.24
101.3
15 1943 101.1
15 1944 100.20 100.22
Now listed
y Now
♦
Interchangeable.
When issued
on
selling
Quotation
a
Nominal quotation.
n
maturities.
15 1942 100.22 100.24
1 1942 100.28 100.30
e>-i
6 Basis price,
r In
102.11
102%
101% 103%
102
103%
x
d Coupon,
a Ex
Interest.
Quotation shown Is for all
Ex-dlvldend.
New York Stock Exchange.
on
New York Curb Exchange.
not furnished by sponsor or
X These bonds
recelvorshlp.
With stock.
are
Issuer.
subject to all Federal taxes.1
1 Chase National Bank announced that
100.2
101
servicing fee from %% to %% must be deducted from Interest rate.
/Fiat
z
103%
102
102
South Carolina 4%s
Tennessee 4%s
♦No par value.
Asi
1 1941 100.22 100.24
Housing Authority—
%% notes Nov 1 1941.. 100
1%% notes Feb 11944.. 102.9
102
New York State 4%s
103%
A
U S
100% 101.8
1%S Jan 3 1944—
4%s
mmm
North Carolina 4%s
102
Corp—
%%
Nov
%%
Jan
1%
.July
XH%
Oct
U%%—-July
Us
Apr
104
West Virginia 4%s
Reconstruction Finance
15 1941 100.23 100.25
11943 100.21 100.23
*l%%__Feb 15 1945
Bid
102
101% 102%
101% 102%
3-2—42 0.40%
7-1-41
...
101% 102%
Massachusetts 4%s
Michigan 4%s
Minnesota 4%a
0.35%
6-2-41
New Mexico 4%s
N Y (Metrop area) 4%s..
103%
101% 102%
102
103%
101
102%
101% 102%
101% 102%
Georgia 4% a
Illinois 4%s
Indiana 4%s
Asked
102% 103%
Maryland 4 %s
2-2-42 0.30%
8-1-41
Bid
New Jersey 4%s
58...
102%
Louisiana 4%s
1-2-42 0.35%
1-2-42 0.35%
Obligations of Governmental Agencies
Commodity Credit Corp—
102
Delaware 4%s
District of Columbia 4%s.
Florida 4%s
A si
9-2-41 0.25%
9-2-41 0.25%
3-1-41
.
.
Bid
Asked
101% 103
58
Federal Intermediate Credit Bank Debentures
Mortgages
on
and after June 27
a
distribution will
be paid at the rate of
$40 on each $1,000 original principal amount.
Previous pay¬
ments were $77.50 Dec.
31, 1940, 5% July 7, 1939, and 5% % on Sept. 25, 1939.
Volume
The Commercial &
153
975
Financial Chronicle
Quotations on Over-the-Counter Securities—Friday Aug. 15—Continued
Railroad Reorganization
Guaranteed Railroad Stocks
Securities
(When Issued)
Bear, Stearns & Co.
Mtmktri T^rut Yrrk Sfck
Members Nev) York Stock Exchange
Dealers la
120 Broadway
Tel. RE ctor
New
York
Chicago
.
GUARANTEED
NEW YORK
2-6600
STOCKS
Reorganization Rail Issues
Sine®1855
(When,
and If Issued)
as,
Guaranteed Railroad Stocks
Asked
Bid
(Guarantor in Parentheses)
V:'■*:
(no par)
Stocks—
Dividend
(IllinoisCentral)
...
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Bull Booh A Pitts)
....
Beech Creek (New York Central)
...—.
Boston A Albany (New York Central).....
6.00
Alabama A Vlcksburg
Haven)—...
Canada Southern (New York Central)
Carolina Cllnchfleld A Ohio com (L A N-A C L)_.
Cleve Cln Chicago A St Louis prel (N Y Central).
Boston A Providence (New
81
2.00
29H
90
93
8.50
22
25
100
3.00
34
37 %
pref (N Y Central).
York Central)
Lack A Western)
A Western (DL4W)...
Central (Pennsylvania)
......
Michigan Central (New
Morris A Essex (Del
New York Lackawanna
5.00
90%
02%
6.00
74
77
82%
85
48H
47%
40%
6.50
66
69
9.00
4.00
45
(Penna) prel—
Ashtabula pref (Penna).
Pittsburgh Fort Wayne A Chicago
50.00
600
750
30%
58
61
4.00
97
99
4.50
42
46
1.50
45
47
3.00
89
94
Second preferred
71
83%
85
.2014
140%
130%
42
.2039
.1989
65%
66%
.1999
25%
26 %
.1969
85
178 %
'
.1990
64%
163
54
6.00
140
3.00
68
140
-
-
«r
59
65%
.2005
34%
35%
.2015
24%
144%
73
25
.1998
72 %
74
144
'
.2014
J22%
First mortgage
4s
A 4%b
convertible B 4%b.
Chicago A North Western Ry—
First general mortgage 2H-4s
Second mortgage convertible Income 4Hs...
4s...—
Des Plalnes Valley
RR 1st 4s
A
4%a series B
Missouri Pacific
Income 4s series
Income
....
Norfolk Southern Ry—
First mortgage
4%a
6.00
6.00
57
60
Sioux City A
100
5.00
64
69
Wabash Ry 1st mortgage
A Western)..
Pacific (Illinois Central).
100
6.00
63
68
Income 4s ser A...————..
100
5.00
66
70
Income 4% s ser
Lack A Western)...—„.
(Penn-Readlng)
.50
3.60
28%
3.00
58%
62
Bid
249 %
254
General mortgage
convertible Income 5s
Bid
Ask
Merchants
Top & Sante Fe—
51.85
2Hsand2Hs
2%a~.
1.50
62.20
1.85
Despatch—
61.75
2Hs, 4Hs&5s
Missouri Paclflo4Hs-5s-
—
1.30
61.70
1.25
1.70
*
•
Amer Bemberg A com...*
American Cyanamld—
Alabama
6% conv pref 1st
ser..10
63.75
3.25
N Y N H A Hartford 3s...
62.15
Chesapeake A Ohio 4%b..
61.40
1.10
Northern Pacific 2%a-2%a
61.75
1.40
2%b..
61.60
1.25
No W Refr Line 3Hs-4s—.
63.50
2.50
61.85
1.50
o.-.l
$3 partlc preferred.
*
Arlington Mills
100
61.90
1.60
Art Metal
1.25
6
61.60
1.30
Nash Chat A St Louis 2 Ha
62.15
1.85
Boston A Maine 5s
62.00
1.50
New York Central 4Hs—.
61.70
1.35
Canadian National 4%b-5b
63.75
2.75
Canadian Pacific 4 Hs—
63.75
2.75
Central of Georgia 4s
Erie 2%a
2s-2Hsand 3%a
62.15
2%a
2Hs and
1.90
N Y Chic A St Louis 4s
62.25
1.90
1.80
62.10
1.15
62.50
2.00
Pennsylvania 4s series E__
2%a series G A H
61.60
1.25
Pere Marquette—
Cllnchfleld 2%a
62.00
1.80
Del Lack A Western 4s
62.40
1.75
Chic Mllw A St Paul 5s...
Chic Mllw St Paul & Pac—
2%a. 3Hsand3Hs
Chic A Northwestern 4)4s.
61.90
2%a-2%a and 4Hs
1.50
Reading Co 4%a
1.35
1.50
Growers
62.00
1.50
St Louis-San Fran 4s-4%a.
1.40
St Louis S'western 4%a
61.75
1.40
1.50
1.20
Shippers Car Line 5s
Southern Pacific 4Hs
61.85
61.60
61.75
1.40
63.50
2.50
62.50
2.00
61.60
1.25
Southern Ry 4s and 4 %a..
61.60
1.25
62.25
His.
Erie 4Hs
61.80
61.70
Denv A Rio Gr West 4
Fruit
61.70
1.85
Texas A Pacific 48-4 Hs
61.60
1.25
61.70
1.40
Express—
4s. 4%a and 4Hs...
Grand Trunk Western 5s.
Great Northern Ry
.
2s
Illinois Central 3s
2%a
Southern 3s..
62.35
1.85
Union Pacific 2%a
Lehigh A New Engl 4Hs..
61.65
1.25
Western Maryland 2s
61.85
1.60
Long Island 4Ha and 5s..
61.75
1.35
Western Pacific 6s—
62.00
1.35
1.40
2d
series
Construction-10
Autocar Co com
10
Botany Worsted Mills cl A6
$1.26 pref erred..
10
Brown A Sharpe Mfg...60
Castings..*
Chic Burl A Qulncy...100
Chilton Co common....10
City A Suburban Homes 10
Cooa Cola Bottling (NY)*
Columbia Baking com—*
$1 partlc preferred
*
Croweli-Colller Pub
*
Cuban-Amer Manganese. 2
Buckeye Steel
61.90
Maine Central 5s
1.50
West Fruit Exp
4%$-4%b.
62.00
3%a
Louisiana A Ark
61.75
1.50
Wheellng A Lake Erie 2%a
6175
Water Bonds
oom__.10
Devoe A Raynolds B com *
Dictaphone Corp
*
Dixon (Jos) Crucible...100
Domestlo Finance cum pf. ♦
Draper Corp
•
17H
19
11 %
12%
12%
12%
Pilgrim
11%
11%
4%
57%
Ohio Match Co—
5%
Bid
A 8k
Ohio Valley Water 6s.
Ashtabula Water Works—
1954
Ask
109
105%
Ohio Water Service 4s_ 1964
107H
1958
105
Oregon-Wash Water Serv—
5s
1957
100 H 103H
Calif Water Service 4s 1961
109
1958
5s
Atlantic County Water—
6s
Community
1946
86
89
92
1957
1st 5s series A
Rochester A Lake
Gulf Coast Water—
1948
1st 5s
Indianapolis Water—
1st mtge 3%a
1966
Joplln Water Works—
1st 5s series A
1957
Kankakee Water 4 %a.
Kokomo Water
1st 58 series A
1969
Works—
1958
74
77
1956
1950
5%a
105% 107H
104
101
1950
Spring Brook Wat Supply
5s
1965
99% 101H
4s A
-
1951
New York Water
102 H
105H
West
1951
105
Union Water Service—
1951
5Hs
99
Va Water
Service—
1961
101
series A
101
1st 5 %a
103
1st 5s series B
service—
5s
1956
Co—
1950
1950
1st conv 58
99H 100H
1951
deb 6s extended
1950
103
106 % 108
104H
42
Stanley Works
16%
14%
16
Stromberg-Carlson
Sylvania Indus Corp
2%
3
2
4
4%
178
171
20%
22%
45
48
Ino......26
•
•
Tampax Ino com
1
3%
10%
Tennessee Products ......
•
Thompson Auto Arms
1
7
Time Ino
•
64%
6
*
Common.
14
26%
Trloo Products Corp
17%
10%
Triumph Explosives
2
United Artists Theat com. •
8
3%
51%
117
44
4
12%
4
53%
121%
Tokhelm Oil Tank A Pump
12 %
23 %
7
6%
21%
41
Taylor Wharton Iron A
Steel common
...»
6%
46
5%
6
6%
60
44
xlO %
Talon Inc com
5%
15%
17%
32%
34%
3%
4
1%
1%
8%
6%
United Drill A Tool50
47
16%
18%
Class A
•
7%
Class B
*
5%
26%
28%
United Piece Dye Works. *
40 %
43%
100
Veeder-Root Ino com
•
Warner A Swasey
....*
Welch Grape Juloe oom 2%
"
71%
33H
35%
68
1%
11%
2%
14
3 %
Preferred
100
preferred
7%
Steel. 10
Wick wire Spencer
4%
Extinguisher...*
*
20%
12%
13%
3%
19%
18%
21 %
20%
108
5%
6%
9
11
43
49
...100
49
52
82
84%
preferred
7%
3%
4%
16
27%
2
53
50
Worcester Salt
York
52
15
%
%
1%
50%
100
Ice Machinery.....*
Wiloox A Glbbs oom
27
Fire
2
Corp......I
Graton A Knight com
*
Preferred
100
Great Lakes S3 Co com..*
Great Northern Paper..25
Harrisburg Steel Corp
6
Interstate Bakeries com..*
$5
2%
Humor
preferred
7%
67%
42
14 %
15%
1%
2
25%
27%
7%
6s._i961
8%
A—1946
1948
Deep Rock Oil deb 6s. 1952
/56%
4%b
94%
06%
87%
80%
Carrier Corp
McKesson A Bobbins—
1956
3Hs
Minn A Ont Pap
5a... 1960
1955
Monon Coal 5s
1 N Y World's Fair 4s. 1941
Old Ben Coal—
1st mtge bs 1948 (w-b)_.
Remington Rand 3%b
1956
21
Scovill Mfg3H8 deb..1950
16 %
Western Auto Supp
24 H
18%
25%
93 %
96%
13%
14%
56%
20%
58%
30%
3%b'55
102% 102%
74
f20
3%
75%
75%
23
3%
77%
102% 103
105% 106
99
99%
Railroad Bonds—
Akron
Canton
A
Youngs¬
town—
5Hs ser B triple stamp.
Bait A Ohio 4% notes. 1944
61%
63%
57%
59
10 H
12~"
Cuba RR 5s
25
27%
13
14%
Denv
1960
A Salt Lake 6s.. 1960
54%
80%
85%
1946
5S..1946
50
52
39%
42
1957
57
118
974,
58%
Brown Co 5%b ser
19
5% preferred.....—60
National Radiator
10
For footnotes see page
72%
43%
30%
100
100 H 102
0
40%
•
com_._l
Co——*
Marlln Rockwell Corp—_1
Merck A Co com...
1
6% preferred
100
Muskegon Piston Ring.2H
National Casket
... *
Preferred
*
Nat Paper A Type com_._l
Industrial Bonds—
Amer Writ Paper
103
99
0%
15%
Mailory (P R) A
108 H
3
Singer Manufacturing.. 100 1.36% 1.39
8
7
Skenandoa Rayon Corp..*
39
42%
Standard Screw....
20
Clark—25
Lawrence Portl Cement 100
Long Bell Lumber
♦
79
Remington Arms com
45 %
103""
Springfield City Water—
Western N Y Water
6Hs series A__
74
2%
2%
8%
5%
83%
2
Landers Frary A
5s
7%
28%
79 H
50
preferred
King Seeley Corp
103H
25c
1%
43 %
39
Oarlock Packings com...*
$5
South Bay Cons Water—
105 H
New Rochelle Water—
1951
105H
101
1967
1st Are! 5s A
1st 4s
5s series B
101H
1958
Scranton-Spring Brook
4%B
Shenango Val 4s ser B.1961
103
Muncle Water Works—
1965
1951
Water Service 5s. 1961
106 % 108H
Monongahela Valley Water
5s
Ontario
Water 5s
Scranton Gas A Water Co
Monmouth Consol Water—
5s
106
10c
26%
Soovlll
corn—•
Farnsworth Telev A Rad.l
Federal Bake Shops
•
Preferred
30
Foundation Co Amer shs •
Good
Richmond Water Works—
10%
11%
Manufacturing. .26
22%
Giddlngs A Lewis
Machine Tool
103 H
89
1946
5%b series B
6s aeries A
1951
6s
46
9
10%
6%
53%
20
Gen Machinery Corp com
Pittsburgh Sub Water—
Ask
51%
17%
60%
Bid
44
4%
21%
Dentists Supply
Gen
110H
Water Service
1
Exploration
Manufacturing...*
Pollak
1
Safety Car Htg A Ltg—.60
Dun A Bradstreet
Bid
Par
New Britain
4
35
1.50
Kansas City
29
Machine....*
a—•
Pan Amer Matoh Corp..25
Permutit Co
..—1
Petroleum Conversion... 1
Petroleum Heat A Power.*
3%
32
Arden Farms com v t
61.75
Baltlmore A Ohio 4 %a
39%
28 H
Ash
Bid
Mills Ino
10
3d series..
10
Amer Distilling Co 5% pflO
American Enka Corp
•
American Hardware
25
Amer Maize Products.._♦
American Mfg 5% pref 100
62.10
69 %
38 %
Industrial Stocks and Bonds
Par
Ask
68%
.1991
4s
B
85
.1981
—
American Arch
Chic Burl A Qulncy
23 %
.1969
.1971
Pacific 4s
Bonds
Railroad Equipment
Bessemer A Lake
32
30%
Preferred
Atlantic Coast Line
......
.....
10.00
Vloksburg Shreveport A
A tch
......
...
100
Valley (Delaware Lackawanna
West Jersey A Seashore
69
.1989
100
United New Jersey RR
Warren RR of N J (Del
.1988
4%b
A Pacific RR—
100
(Terminal RR)
...
A Canal (Pennsylvania)...
Susquehanna (DLA W)
Tunnel RR St Louis
Utloa Chenango A
174 %
6.64
19 %
General mortgage incone
29
5.00
7.00
50
General mortgage Income
3.875
100
5%
40
Lumber Co.
4H% pref ($100 par)
Bonds—
100
100
7%
19
Ctfs of beneficial Interest In J L Roper
Chicago Milwaukee St Paul
.60
100
(Delaware A Hudson).
Louis Bridge 1st pref (Terminal RR)
7
4
m
Akron Canton A Youngstown
100
Pittsburgh Youngstown A
Rensselaer A Saratoga
4%
4%
16%
4%
Prior preferred
Wabash Ry
48
100
7.00
16
149
143 %
100
100
100
...
Missouri Pacific RR common
Common (no par)
2.00
Preferred
4%
11
10%
Second preferred.
2.00
Lack A Western)
....
Pittsburgh Bessemer A Lake Erie (U S Steel).....
14 %
4
Chicago A North Western Ry—
Norfolk A Southern RR—
51
Oswego A Syracuse (Del
51
Common (no par)
3.50
100
28
14
5% preferred (par $100)
8.76
100
60
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)...
St
31%
100
100
26%
5% preferred (par $100)
Chicago Milwaukee St Paul A Pacific RR—
5% preferred (par $100)
Common (no par)
84
26
(Pennsylvania)
Fort Wayne A Jackson
Northern
97
6.00
100
Betterment stock
Delaware
101%
10.60
100
(Pennsylvania)
Cleveland A Pittsburgh
77
74
49
Akron Canton A Youngstown com
Asked
Bid
Par in Dollars
4
3%
24%
27%
7%
8%
Hoboken Ferry 5s
N Y A Hob Ferry
Tenn Ala A Ga 4s
Vicksburg Bridge
4-6S.1968
81%
57
83%
976
The Commercial & Financial Chronicle
Quotations
Public
Aug. 16, 1941
Over-the-Counter Securities—Friday Aug. 15—Continued
on
Investing Companies
Utility Preferred Stocks'
Bid
Par
Aeronautical
Sold
•
•
Aik
Bid
Ask
Series B-l
28.51
31.26
Series B-2
23.08
25.31
Series B-3
14.45
Par
13*
14*
2.71
2.97
7.08
7.79
Assoc Stand OU Shares...2
Aviation Capital lno
1
ESTABLISHED 1879
Series B-4..—
4*
5*
17.81
Bankers Nat
Principal Stock and Commodity Exchanges
7.83
Series K-l
14.39
15.80
19.35
Series K-2
13.19
10.46
14.56
11.25
Series 8-2
11.54
12.69
2*
3*
3*
Series 8-3
♦5% preferred
5
4*
Public
Utility Stocks
Bid
14.45
.11
.21
20.77
22.45
12.10
13.26
2.60
3.25
25.87
27.82
9.38
10.15
Alabama Power S7 pref..
Par
106* 109*
6*
7*
Amer Util Serv 6% pref.25
Arkansas Pr A Lt
7% pf__"
Atlantic City El 6% pref.
87
National Gas 4 El Corp. 10
New Eng G 4 E
90
92*
51*
55
87
preferred
Cent Indian Pow
*
7% pf 100
86 prior lien pref
86 cum preferred
109* 111*
120* 122*
Central Maine Power—
100
—100
99* 101*
108* 110*
Cent Pr A Lt 7% pref-100
Community Pow A Lt—10
114* 117*
8*
9*
86
preferred
7%
preferred
Connecticut Lt & Pow...*
Consol Elec 4 Gas 86 pref.*
41
Consumers Power 86 pref.*
Continental Gas A Eleo—
105
7%
100
preferred
Derby Gas 4 El 87 pref.
cum
11*
106*
92
*
94*
67*
64*
Federal Water Serv Corp—
86 cum preferred
*
86.60
42
9*
41*
43*
45*
106
Ind Pow 4 Lt
113* 114*
(Del) 7%
6%
7%
20*
26
preferred
100
100
7% pref—100
22*
29
101
Peoples Lt 4 Pr 83 pref.26
Philadelphia Co—
86 cum preferred
102
65
67*
♦
28*
105
106
16*
26*
Mississippi Power 86 pref.*
2
Missouri Kan Pipe Line..6
Monongahela West Penn
Pub Serv 7% pref
16
6% preferred D
103
Sierra Pacific Pow com...*
20
104
95
14 *
130
133
55 A
55 H
24
*
21*
*
23*
64*
65
96*
52*
51
Inoome deb 3*8.—1978
Income deb 3*8—1978
/18*
/18*
/19
/19*
/28
/29*
1973
1973
1973
8s without warrants 1940
1973
units.—
West Penn Power com—*
West Texas Utll 86 pref..*
19*
19*
20
20*
Kentucky UtU 4s
1970
4*8
1955
Lehigh Valley Tran 5s 1960
Lexington Water Power—
5s
1968
3*s..—
1966
31*
Michigan Pub Serv 48.1965
32
Montana-Dakota
31
/12
Sink fund lno 5-68.. 1986
99
25
101*
14
14
1961
106*
105*
I 1-J1
oo ^
64*
66*
94*
97*
o<
106* 107*
106*
...
105* 106*
66
110
New Eng G 4 E Assn 5s '62
NY PA NJ UtUltles 5s 1956
61
103
98* 100
99* 101*
no* HI*
108* 109*
110*
Old Dominion Pow 58.1951
Parr Shoals Power 58.1952
Philadelphia Co 4*s.l961
Portland Electrlo Power—
6s
—1950
Pub Serv of Okla3*s.l971
Pub UtU Cons 5*8—1948
97
88*
90*
104
104* 105*
/18*
20*
107* 107*
94*
96*
Cities Service deb 58..1963
Cons Cities Lt Pow 4
Trac
5s1962
Consol E 4 G 6s A
1962
2*
Collateral 5s
1951
95*
97*
67
68
66
68
Crescent Public Service—
63
92*
65*
94*
Southern Nat Gas
3*s '56
Tel Bond 4 Share 5s. .1958
Texas Publlo Serv 58—1961
Toledo Edison Co—
1st mtge 3*s
s
:debs 3*s
1970
1960
108* 109
96*
98
104* 105*
81* 83*
106* 107*
103
72*
90*
Sou Cities UtU 5s A—1958
1962
Delaware Fund
.1
Diversified Trustee Shares
D
page 974
103*
United Pub UtU 6s A. 1960
Utlca Gas 4 Electric Co—
58
1957
West Texas UtU 3*8.1969
74*
61* 63*
104* 105
78*
80
103* 104*
107*
103* 104*
104
106
130
108
108*
Western Public Service—
5*8
30*
111*
32*
3.80
17.75
19.09
Mass Investors 2d Fund.l
8.40
9.03
Mutual Invest Fund Inc 10
Nation .Wide Securities—
8.57
9.37
*
3.26
(Md) voting shares_.25c
National Investors Corp.l
National Security Series—
1.05
l"l7
4.S8
5.36
4.10
4.55
(Colo)
ser B shares
4.94
Low priced bond scries..
Preferred stock series
New England Fund.——1
5.45
6.61
7.32
10.75
11.59
N Y Stocks lno—
7.15
7.87
4.16
4.59
9.94
......
10.93
1~7~20
4.80
5.45
1.06
1.16
Bank stock
7.97
8.77
Building
4.16
15.91
25c
Shares
7.90
2.90
1
Agriculture
2.50
Dividend
7.18
10c
10c
Aviation
3.20
Eaton A Howard—
Balanced Fun.d
1
17.51
4.98
5.49
8.11
8.92
supplies
Chemical
Electrical equipment..
Insurance stock..
6.54
7.20
10.44
11.47
7.75
8.53
Machinery
Metals
6.48
7.13
1
10.36
11.01
Equit Inv Corp (Mass)..5
Equity Corp S3 conv pref 1
Fidelity Fund Inc
•
24.37
15.46
16.64
First Mutual Trust Fund.5
Fiscal Fund lno—
Bank etock series..-10c
5.42
6.01
1.95
2.18
Insuranoe stk series. 10c
3.03
3.37
Fixed Trust Shares A... 10
Foundation Trust Shs A.l
Fundamental Invest Ino.2
Fundament'l Tr Shares A 2
B
19
7.34
8.08
3.18
3.52
8.49
3.30
3~75
16.83
4.21
4.99
6.21
6.08
6.70
'
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953.*
Series 1955
15.36
5;64
Steel
26.20
18*
Oils
Railroad equipment....
18.61
Stock Fund
40
m
mm.
1.93
2.37
1
^
'
m
m
mm
Series 1956
1
2.32
Series 1958
1
1.89
Plymouth Fund Inc.—10c
Putnam (Geo) Fund
1
Quarterly lno Shares.. 10c
Republlo Invest Fund... 1
.36
.41
12.09
12.93
4.10
5.00
3.16
3.54
mrnmm
Scudder, Stevens and
Clark Fund Inc
*
78.72
Selected Amer Shares. .2*
Selected Income Shares.. 1
3.62
•
3.84
General Capital Corp
•
General Investors Trust. 1
Group Securities-
26.36
28.34
4.31
4.69
Investors
Spencer Trask Fund
4.77
5.25
3.52
3.88
Super Corp of Amer AA..1
2.08
Trustee Stand Invest Shs—
♦Series C
1
2.06
Agricultural shares
Automobile
shares
7.10
Building shares
4.78
5.27
Chemical
5.82
6.40
Electrical Equipment
7.29
8.02
Food shares
3.75
4.14
Merchandise shares
4.86
5.35
Mining shares
Petroleum shares
5.00
5.51
4.37
4.82
Bhares..
Railroad shares
RR Equipment shares..
Steel shares
Tobacco shares
Fund Inc
com
Sovereign
7.95
1
5.55
*
12.80
Standard Utilities lno. 50c
♦State St Invest Corp... •
60*
.19
7.81
♦Series D
1
1.95
1
5.08
1
Trustee Stand Oil Shs—
♦Series A
♦Series
5.10
B
Trusteed Amer Bank Shs—
2.59
2.86
3.40
3.75
Trusteed Industry Shs 25c
4.50
4.96
Union Bond Fund B
4.16
4.59
.12
Class B
25c
.22
1
Wellington
10c
1.28
5.09
13.98
15.03
2.01
2.24
Aviation Group shares
Bank Group shares
13.43
14.72
13*
1.50
Shades A...
Fund.
13.61
1.40
Incorporated Investors..6
Independence Trust Shs.*
Institutional Securities Ltd
.45
70
15.52
_
Series B
U S El Lt A Pr
Huron Holding Corp
Income Foundation
.
.
.89
Insuranoe Group shares.
Investm't Co of Amer._ 10
Investors Fund C_.
1
.99
1.24
1.37
18.05
19.62
9.08
9.30
Bid
Aetna Cas 4
Surety
Investment Banking
Corporations
♦Blair 4 Co
...1
♦Central Nat Corp cl A..*
♦Class B
*
20
♦First Boston Corp
10
13*
10c
.10
*
1
♦Schoellkopf Hutton 4
Pomeroy lno
com
i960
101
103
Ask
10
131
135
10
56
58
Aetna Life
10
27*
Agricultural
26
82
10
6
Aetna
American Alliance
American Equitable
Amer Fidel 4 Cas Co
American Home
com 5
Par
Home
Bid
Ask
6
31*
Home Fire Security
10
29*
Homestead Fire
10
1 *
18*
85
Ins Co of North Amer
10
24
25*
Jersey Insuranoe of N Y.20
21
22*
13
Knickerbocker
Lincoln Fire
6
11*
5
1
Maryland Casualty
1
3*
Bonding A Ins. .12*
63*
66*
51
55
10
6
7*
American of Newark
2*
American Re-Insurance. 10
13*
15
Mass
46
48
American Reserve
American Surety
Merch Fire Assur
10
12*
25
49*
Automobile
38
40
33*
2*
41*
19*
81*
43*
9*
10*
80
:
2
4
H
51*
10
14*
Baltimore American
Bankers 4 Shippers
2*
100
25
Camden Fire
Carolina
7*
95*
625
8*
99*
638
Meroh A Mfrs Fire N Y..6
National Casualty
10
New Amsterdam Cas
New Brunswick
8*
30
67
7*
20
161
2
19
8*
165
20*
5
20*
22*
10
35*
29*
30*
New Hampshire Fire
10
46
23*
47*
25
New York Fire
6
16
Northeastern
17*
5
8
9
26*
31*
—2*
Employers Re-Insurance 10
6
.
Federal
10
28
33*
*
41
8
Northern
50*
1*
5
135
Preferred Accident
10
6
Providence-Washington .10
5*
100
25*
37*
6*
104
27*
131* 136
120
124
41*
43
91*
15*
18
36
38
95*
74
Reinsurance Corp (N Y)_2
7
8*
10*
Republic (Texas)
10
27
33
Revere (Paul) Fire
Rhode Island
28*
10
25
26*
2*
3
5
264
26*
St Paul Fire A Marine82 *
Seaboard Fire A Marine. 10
254
24*
25
27
Seaboard Surety
10
6
43*
45*
Security New Haven
10
5
10*
12*
Springfield Fire A Mar. .25
11
General Reinsurance
Corp 5
Georgia Home
10
Gibraltar Fire 4 Marine. 10
Glens Falls Fire
Globe 4 Republlo
Globe 4 Rutgers Fire
31
25
9*
52*
108* 112
9*
National .25
Pacific Fire
Pacific Indemnity Co. -.10
Fireman's Fd of San Fr 25
Firemen's of Newark
5
72
2 50
Phoenix
130
Franklin Fire
—12.50
North River
44
Fidelity 4 Dep of Md...20
Fire Assn of Phlla
10
2d preferred
Great American....
65
2
National Union Fire
Northwestern
Great Amer
10
National Liberty
7*
28
10
City of New York
10
City Title
6
Connecticut Gen Life...10
Continental Casualty—
5
Eagle Fire
5
com
National Fire
16
.15
.6
Indemnity...1
Halifax
io
Hanover
see
28*
118
C
Excess
Republic Service—
/I*
87*
♦7% preferred
100
Cumulative Trust Shares. •
Boston
14
14
com
Automobile
Ask
14
101
let lien coll tr
5*8.. 1946
1st Hen collt rust 6s. 1946
24
14*
Utll—
3*
73
Narragansett Elec 3*8
Cent Ark Pub Serv 6s. 1948
Central Gas 4 Eleo—
66*
Luzerne County G 4 E—
30
/II
fi 1
/II
/U
100
Fund Inc
Maryland Fund Inc
Mass Investors Trust
Insurance Companies
/30
Sink fund lno 4*8. .1983
Sink fund Inc 5s
1983
Sf lno 4*8-5*8
1986
13*
Bid
/29
/70
Assoc Gas 4 Elec Co—
Cons ref deb 4*8.-1958
23*
25*
Washington Ry 4 Ltg Co—
Ask
94*
Income deb 4s
1978
Income deb 4*8—1978
Utilities Corp
Participating
♦8% preferred.
Utility Bonds
63*
Associated Electric 5s. 1961
Assoc Gas 4 Eleo Corp—
110* 112*
26 *
Bid
Amer Gas 4 Pow 3-68.1953
Amer Utility Serv 6s..1964
106
83 preferred
44 *
Public
For footnotes
Pub
21*
29*
13*
Nassau 4 Suf Ltg 7%pf 100
1950
6*
105
82.75 preferred
7
43 *
Narrag EI 4*% pref...60
Conv deb 5s
Conv deb 5*8
United
Utah Pow 4 Lt 87 pref---*
50
Conv deb 4s
Conv deb 4*g.
7% pf-100
85
28 H
Mountain States T 4 T 100
GenMtge 4*s
5*
100
66*
6
Mountain States Power..*
6*s stamped
1952
Iowa Southern Utll 4s. 1970
20
27*
82*
92*
64*
»
Houston Natural Gas4s.'65
Inland Gas Corp—
18*
8'western G 4 E 6% pf-100
15*
Mississippi P 4 L 86 pref.*
Coll lno 6s (w-b)
1954
DaUas Ry 4 Term 6s. 1951
El Paso Elec
3*s
1970
Federated Utll 5*8—1957
85*
128* 129*
.100
Republic Natural Gas
Texas Pow 4 Lt
6s series B
83*
Rochester Gas 4 Eleo—
conv partlc pref. .60
Cent
63*
65*
106* 108*
18* 20*
Queens Borough G 4 E—
preferred
26*
Aviation shares
Mass Pow 4 Lt Associates
Maine Power 3*s '70
Central Pow 4 Lt 3*81969
Central Publlo UtUlty—
Inoome 5*s with stk '52
39*
32*
6%
82 preferred
*
Mass UtUltles Associates—
6% preferred
85*
37*
*
87 prior lien pref
30*
100
preferred
71*
82*
Pub Serv Co of Indiana—
100
64*
107* 109*
113* 116
117* 119*
*
Penna Edison 86 pref
♦
Penn Pow 4 Lt 87 pref...*
101* 103*
Luzerne County G 4 E—
87
61*
69*
Pacific Pr 4 Lt 7% pf—100
Panhandle Eastern Pipe
Line Co
Kansas Power 4 Light—
Kings Co Ltg 7% pref-100
Long Island Lighting—
7% preferred
100
Louisville G & E 5% pref25
36*
58*
Interstate Natural Gas...*
6%
103
34*
100
preferred
2.42
Crum 4 Forster Insurance
♦Common B shares
10
9.69
Railroad
6% pf-100
pref
20*
Ohio Public Service—
108
57
Jamaica Water Supply.._•
Jer Cent P 4 L 7% pf..l00
6*% preferred
N Y Water Serv
70*
68*
10*
101
2.42
—1
6.34
Income scries
2.04
1
♦Crum 4 Forster com__10
36
111* 113*
Northeastern El Wat 4 El
84 preferred
*
Northern States Power—
43*
Florida Pr 4 Lt 87 pref..*
Hartford Electric Llght.26
4*% preferred
cum preferred—.100
Okla G 4 E
preferred...*
5*% Pf-100
7%
2.04
1
Accumulative series... 1
Series AA mod..—
Series ACC mod
111* 113*
New York Power 4 Light—
86 cum preferred
2.15
Series AA
18*
New Orleans Pub Service.*
87 preferred
*
3.80
28*
4*
69*
66*
8*
*
3.50
26*
Corporate Trust Shares.. 1
16*
34*
*
1
Consol Investment Trust—
Ask
3*
14*
6*% pf-*
New Eng Pr Assn 6% pf 100
New Eng Pub Serv Co—
87 prior lien pref
*
Birmingham Gas—
S3.60 prior preferred._50
Carolina Power A Light—
Bid
89*
122
Birmingham Eleo 17 pref.*
Commonwealth Invest
Ask
3.65
5.75
I
Manhattan Bond
13.44
Century Shares Trust...*
Chemical Fund
1
Teletype N.T. 1-1600
3.28
Knlckbocker Fund
3.34
Basic Industry Shares.. 10
Inc
5
British Type Invest A
1
Broad St Invest Co Inc..6
8.79
Series 8-4
Bullock Fund Ltd
1
Canadian Inv Fund Ltd..1
7-1600
15.89
7.10
,
Boston Fund
Tel. BArclay
Keystone Custodian Funds
Investing—
♦Common
New York City
115 Broadway
7.99
2.59
Afflllated Fund lno
Jackson & Curtis
Members
7.35
2.36
♦Amerex Holding Corp. 10
Amer Business Shares
1
Amer Foreign Inv't InclOc
Quoted
1 *
Axe-Hough ton Fund Inc.l
Bought
Securities. .1
10
Hartford Fire
—.10
Hartford Steam Boiler
jlO
42
43*
9
7*
40
38*
130
9
42
40
133
71*
Standard Accident
Stuyvesant
10
68
5
4
5
28*
29*
Sun Life Assuranoe
100
200
245
10
12
Travelers
100
411
421
24
11
12*
28*
30
U S Fidelity A Guar Co. .2
US Fire
4
90
93
U S Guarantee
56*
Westchester Fire
54*
10
2 SO
52*
51*
54*
25*
53*
76
79
36*
38*
Volume
The Commercial & Financial Chronicle
153
977
Quotations on Over-the-Counter Securities—Friday Aug. 15—Concluded
Real Estate Bonds and Title Co. Mortgage
If You Don t Find the Securities Quoted Here
Id
which
cation quotations are
stocks
bonds.
and
Banks and Trust
In this publi¬
Alden Apt 1st mtge 3s. 1957
carried for all active over-the-counter
Beacon Hotel lnc 4s..1958
The classes
Bid
4-68
3s
Railroad Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
1st 4s (w-s)___
Mill Stocks
mmm
mmm
Hotel units
105 Broadway Building—
8eo s f ctfs 4 3*8 (w-s.'58
1734
14
634s stamped
Bid
1946
Ask
fS
/50
mmm
Bid
/834
/434
/434
'Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 73*b '32
1947
/25
1948
Bank of Colombia 7 %.
/25
mmm
...
---
mmm
/32
/834
1946
•
/734
Cities 7s to
Bogota (Colombia) 634b '47
8s
1945
mm
34
Hungarian Discount A Ex¬
/18
'mmm
Land M Bk Warsaw 8s '41
534
Lelpsig O'land Pr 634s '46
Lelpslg Trade Fair 7s. 1953
Luneberg Power Light A
Water 7s
1948
1958
1969
/4 34
5
68
1940
/63*
834
/834
/4334
4434
1931-51
Bremen (Germany) 7s.
/834
/8 34
1935
1940
6s
British Hungarian
5
1834
2034
26
Meridionals Eleo 7s-.1957
Montevideo
scrip
1945
mmm
Munich 7s to
m m
•
,
Munio Bk Hessen 7s to '45
m
10
10
.
...
/834
/834
---
...
/834
'mmm
Nassau Land bank 634s '38
Burmelster A Wain 6s. 1940
25
(A A B) 4s...1946-1947
Caldas (Colombia) 734s '46
/93*
(Colombia) 78...1947
(Peru) 73*8—1944
Cauca Valley 734s
1946
Ceara (Brazil) 8s.....1947
Central Agric Bank—
Callao
see
/1534
/334
/9J4
(Newark)—
1947
61 Broadway Bldg—
/2
1962
German Central Bk
1948
Mtge 7s
Oberpfals Elec 7s
f834
1934
Madgeburg 6s
1952
Panama
/434
1946
86
Cordoba 7s stamped..1937
/35
Costa Rica funding 5s. '61
/II
13
Costa Rica Pao Ry 734b '49
/14
/II
1534
1949
634s
mmm
37
89"
1956
Porto Alegre 7s
1968
Protestant Church
1946
Prov Bk Westphalia 6s '33
/434
873*
133*
9034
1534
Hearst Brisbane Prop 6s' 42
Hotel St George 4s.
1960
30
35
Syracuse Hotel
34
3534
5134
55
6s 1936
13
1941
6s
/434
mmm
/8
/834
mmm
m-m
243*
25
29
493*
5234
/334
/834
934
/834
/834
/834
/834
...
---
mmm
Rom Cath Church 634b '46
/83*
fS 34
R C Church Welfare 7b '46
/834
mmm
54
60
283*
313*
Saarbruecken M Bk 6s.'47
/834
mmm
1963
03*8
mmm
1st 434s w-s
/18
1966
7a 1957
/3
/18
1967
73
vestment
734a income
7b
7s income
'
mmm
mmm
4s scrip
1948
8s
8s ctfs of deposit. 1948
mmm
-•a.
Frankfurt
Mtge 7s. '63
1945
/834
7s to
mm m
Westlnghouse Bldg—
banks
Federal land
the
Agriculture
(Braall) 6s. 1943
Sao Paulo
Saxon Pub Works 7s_.1945
1951
Saxon State Mtge 08—1947
Siem A Halske deb 6s. 2930
German
mm'm
Building A Land-
bank 6340
1948
German Central
/834
mmm
holding less than $100,000,000
reported
1938
Conversion
1946
German scrip
of this
year
Graz (Austria) 8s
1964
1948
39
mm
m
1940.
the
improvement
place in general agricultural
and
conditions in many parts of
Louisville, St. Paul, Omaha, Wichita,
mmm
1957
1947
Tollma 7s
/45
nsx
...
iVesten Elec Ry 7s....1947
/834
...
1945
/834
...
...
■
Hamburg Electric 6S..1938
/9
mm
Wurtemberg 7s to
Bid
Bondt
Ask
1951
0s
Stocks
Par
Eastern Sugar Assoc com. J
Bid
7
Ask
8
2634
1
2534
*
Corp.*
134
134
83*
9
2934
31
Preferred
/23
Baraqua Sugar Estates—
1947
6s
65
67
1964
/50
53
/2634
28
Haytlan Corp com
Punta Alegre Sugar
Haytlan Corp 4s
1989
5s
34b
Sugar
Refg
]
1940-1942
6
334
334
West Todies Sugar Coro..l
53*
534
Sugar Co
Sugar—
/30
---
an
banks
active
try
demand
to sell
Black,
"do not reflect a price boom, but
of the United States.
The land
in many parts
the
and in recent
properties to honest-to-goodness farmers,
they have paid particular attention to sales to farm
result that last year about half the farms sold were to
years
tenants, with
such farmers,
preceding years.
About 16% of the
to tenants who had been placed on the farms await¬
considerable increase over the two
sales
1940
in
were
Farm
■
most striking increase in farm sales was in the Eighth
Credit District, where Federal land bank and Federal Farm Mortgage
"Perhaps
the
946
this
territory—which includes Iowa, South Dakota, Nebraska and Wyoming, just
received—were about five times as great as those of June, 1940."
Another indication of an improved farm real estate market is found in
the appraised value of farms upon which loans have recently been made,
compared with the so-called "normal" agricultural values.
The record
shows that during the past year the appraised market value in only about
one-fourth of the properties appraised was
value—a
change
of
about
less than their so-called normal
5%
compared
with
the
year
previous.
Governor
conditions,
by the
For footnotes see page 974
from Louisville, St. Louis, Houston, Berkeley, and Spokane.
the Federal land banks and the Federal Farm Mortgage Corpo¬
commented Governor
agricultural
Savannah
Vertlentes-Camaguey
New Nlquero
banks either outright or subject to
19% less than holdings a year
less than at any time since 1932.
banks, with the exception of Columbia (S. C.), now hold fewer proper¬
than they did a year ago, and reductions exceeding one-third are
Federal land
the
by
Corporation sales the first half of this year were 1,559, compared to
for the similar period a year earlier.
Records of sales in June in
Sugar Securities
Antllla Sugar Estates—
announcement
The number of farms now held is
ing sale.
m
mmm
Department's
...
/Q 1Z
47
The
"Sales by
a
/40
/834
years.
to state:
held
redemption at mid-year totaled 18,799, or
ago.
show
mm
eight
past
goes on
15
Uruguay conversion scrip..
Unterelbe Electric 08—1953
1953
the
ration,"
mm
reported by the Fed¬
Farm
reported
60
was
Mortgage Corporation for which the Federal
land banks have handled first and second mortgages during
All
43
Water Wks
6s
Haiti 6s
/8 34
1955
Berkeley
Spokane Farm Credit Districts."
12
■
Credit Ad¬
which has taken
Increases in business are notable in the
the Great Plains.
ties
/8
Electric 7s
for
Real estate sales have
been largest for the past several years.
"reflects
ministration,
mmm
/10
Toho
had for sale during the
sold, compared with 21%
were
"This," said A. G. Black, Governor of the Farm
+
1834
/5
Guatemala 8s
Hanover Harz
1956
1956
Department
particularly marked increases in those areas where
the holdings have
mmm
■
Mtge Bk Jugoslavia
Stettin Pub Utll 7s—.1946
/1734
/I
11
100
2d series 5s
79
Office
Funding 3s
State
had to take over
Approximately one-
11.
Aug.
on
corresponding period in
the
Farms
103*
143*
/834
/834
58
Bank
Agricultural 6s
German
/io
'
33
that for the first time since 1934
are
of all properties the banks
fourth
9
/934
634a
German Atl Cable 7S..1945
mmm
/1334
/10
/834
mmm
30
..1948
1st mtge 4s
worth of farms—most of which they have
«...
/8
1947
mmm
35
French Nat Mali SS 6s '52
734
634
Santa Catharlna (Braall)—
/434
223*
According to Agri¬
Department—Federal Land Banks Now
Hold Less than $100,000,000 Worth of Farms
eral
/634
/6
fH
/10
Santander (Colom) 7s. 1948
8%
Farmers Natl
1951
culture
Baltimore,
9
Salvador
7b ctts of deposit..1967
Mortgage A In¬
7>4b
1966
....1967
European
mmm
'193*
Wall A Beaver St Corp—
An increase in farm sales also
/834
/834
/834
Electric Pr (Ger'y) 6Ms '60
1034
1950
3s
40
Farm Real Estate Market Improves,
—-
Eatsi Prussian Pow 6s. 1953
1st 4-6s'40
Walbrldge Bldg (Buffalo)—
'
mmm
—
1933
mmm
2234
__1958
6s
1st
3834
London Terrace Apts—
lBt A gen 3-4s
1952
mmm
...
Rio de Janeiro 6%
rn m
'
Trinity Bldgs Corp—
let income 3-5s x-s_1949
...
'
46
Lexington Hotel units
Lincoln Bldg inc 634 b w-s
due 1952 (1500 paid)...
shown
/56
/834
/834
/834
1945
85
1956
2 Park Ave Bldg
3934
1951
first half
Dortmund Mun Utll6348'48
1945
"■m
(Syracuse)
1st 3s
mmm
934
Duisburg 7% to
3s with stock
Textile Bldg—
Lefcourt Manhattan Bldg
1st 4-5s
1948
of
/834
Duesseldorf 7s to
22
The Madison Ave—
Harrlman Bldg 1st 68.1951
mmm
.
19
mmm
0348—1959
Cundlnamaroa
1957
3134
173*
during the last seven years, the United States
(Ger¬
many) 7s
1950
mmm
31
5% scrip
Poland 3s
1953
5s
/03
/03
...
-
Colombia 4s
1946
Panama City
Central German Power
City Savings Bank
Budapest 7s
mmm
National Hungarian A Ind
Oldenburg-Free State—
78 to
1945
143*
30
1st 334b
ment during the past year
Nat Central Savings Bk of
Hungary 734 s
/13
mmm
/934
Call
1950
334s with stook
mmm
Nat Bank Panama—
(C A D) 4fl...1948-1949
113*
Sherneth Corp—
The farm real estate market has shown such an improve¬
/9
/47
1034
1734
434
103-4
334
934
1950
3334
mmm
Brown Coal Ind Corp—
1953
3s with stock
00 Park Place
/834
6*4s
61
Savoy Plaza Corp—
3734
mmm
/834
/834
Recklinghausen 7s.. 1947
Buenoe Aires scrip
64
57
—
/834
/12
/35
/4
1962
7Hs
60
6134
1943
..1957
1st 53* s(w-s)
1st 48 stamped
1948
Fuller Bldg debt 6s...1944
1st 234-48 (w-s)
1949
Municipal Gas A Elec Corp
Bank—
1939
Lefcourt State Bldg—
1st lease 4-6340
1948
Lewis Morris Apt Bldg—
,
Mannheim A Palat 78.1941
/62
Brazil funding scrip
mmm
.
/834
/3
...1943
Koholyt 6348
1834
78
Brazil funding 5s..
18
1st 4s
/1734
78
Brandenburg Eleo 6s. 1953
'
n
n
Jugoslavia 5s funding .1956
Jugoslavia 2d series 6s. 1956
1947
38
17
mmm
/43*
74 34
Bolivia (Republic) 8s.
/5
1936
change Bank 7s
"
mmm
36
__
'
7s
Barranqullla ext 4s—-1964
Bavaria 634b to
1946
Bavarian Palatinate Cons
Income
Graybar Bldg 1st Ishld 5s '46
Ask
59
1961
1st mtge 4s
1400 Broadway Bldg—
1
mmm
37
42 Bway 1st 6s
situation some of the quotations shown below are
263*
Roxy Theatre—
35
40 Wall 8t Corp 6s... 1958
lnc deb 5s ws
1966
...1946
5s
734
/53*
1st leasehold 3s. Jan 1 '52
Foreign Unlisted Dollar Bonds
/233*
Realty Assoc Beo Corp—
Film Center Bldg 1st 4s '49
Due to the European
nominal.
_«
Prudence Secur Co—
13
Broadway Building—
634b (stamped 4s)..1949
62d A Madison Off Bldg—
York City.
Dept. B, Wm. B. Dana Co., 25 Spruce St., New
58
1951
19
2
1946
534
1 Park Avenue—
163*
163*
5s 1952
'mmm
/4
Ollcrom Corp v to..
500 Fifth Avenue—
Your subscription should be sent to
59
473*
31
1960
2d mtge 6s
1st Income 3s
Quotation Record is published monthly and
3134
57
45?*
634s series q
N Y Towers 2-4s
33
50
2934
534 b series C-2
23
26
U- S. Territorial Bonds
493*
634s series F-l
Deb 5s 1952 legended...
U. S. Government Securities
The Bank and
mmm
51
Eastern Ambassador
Mining Stocks
43*
47 3*
534b series BK
21
1948
Equit OU Bldg deb
17
334
N Y Title A Mtge Co—
Dorset 1st A fixed 2s.. 1957
Stocks
ties
6634
1534
3334
Court A Remsen St Off Bid
1st 334s
1950
Title Guarantee and Safe Deposit
Joint Stock Land Bank Securi<
6334
24
Colonade Construction—
Stocks
1945
8 f deb 5s
31
Cheseborough Bldg 1st 6s '48
Industrial Bonds
mmm
N Y Majestic Corp—
2134
1957
Foreign Government Bonds
mmm
■
N Y Athletic OlUh 2s.1956
Chanln Bldg 1st mtge 4s '45
Investing Company Securities
54
84
4s with stook stmp. .1956
Public Utility Stocks
sells for $12.50 per year.
6334
Brooklyn Fox Corp—
Public Utility Bonds
1947
1st 6sC Bklyn)
2934
593*
1948
Federal Land Bank Bonds
Antloqula 8s
Ask
Baumann—
1st 5s (in
1951
Metropot Playhouses I no—
19
28
let leasehold 3 >4-5s 1944
Broadway Motors Bldg—
Canadian
Canadian
8"
7
1634
B'way A 41st Street-
Domestic
Out-of-Town)
Ludwlg
3634
B'way Barclay lnc 2s..1956
of securities covered are:
Municipal Bonds—
Companies—
Domestic (New York and
Anhalt 7s to...
Certificates
Ask
have interest, you will probably find them In
you
monthly Bank and Quotation Record.
our
Bid
Black
namely
of improved agricultural
decrease in the number of foreclosures completed
pointed to
the
During the year closed
of 40% from a year earlier. .
Federal land banks.
totaled 3,044, a decrease
another indictaion
June 30, 1941, they
i
The Commercial & Financial Chronicle
978
General Corporation
Aug. 16, 1941
and Investment News
RAILROAD -PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
However, they
FILING
are
always
as near
REGISTRATION STATEMENTS UNDER
OF
SECURITIES ACT
alphabetical position
as
possible.
$1,518; capital surplus, $290,982;
636,589.—V. 153, p. 680.
Alabama Natural Gas
following additional registration statements (Nos.
4813, both inclusive) have been filed with the
Securities and Exchange Commission under the Securities
Act
of
1933.
The amount involved is approximately
The
4810
to
earned
surplus,
$499,574;
(2-4810, Form A-2), Stateo Island,
N. Y., has filed a registration statement covering $2,125,000 4#% first
mortgage bonds, due Aug. 1,1966.
Halsey. Stuart & Co., Inc., Chicago, is
listed as the principal underwriter.
Net proceeds from the bonds will be
applied toward the redemption of $2,125,000 of series A first refunding
mortgage 6% bonds, due May 1, 1951, at 105 and interest.
The accrued
interest on tne series A bonds and the expenses incidental to the financing
will be supplied from the company's treasury funds. John Kohout is Presi¬
dent. Filed Aug. 6, 1941,
E-l), Seattle, Wash, has
5% 1st mtge. bonds due
2d mtge. income bonds due 1961 and 5,950
Whitworth Apartment, Inc. (2-4811, Form
filed a registration statement covering $74,375
1951, $74,375 6% non-cum.
shares of common stock (par 25c.).
The foregoing securities will be ex¬
changed for certificates of interest representing 148,750 undivided fractional
shares in trust property. The certificates of interest were given to holders
of $148,750 outstanding bonds when old mortgage was foreclosed.
M. J.
Lauridsen, President. Filed Aug. 8, 1941.
Wisconsin Power &
Light Co. (2-4812, Form A-2) Madison, Wis., has
registration statement covering $30,000,000 of 3M% first mortgage
1971.
The proceeds from the sale of the
bonds, together with $500,000 to be received from the sale to the Continental
Illinois National Bank and Trust Co. of a like amount of 2 A% and 2%%
unsecured notes, due serially on Feb. 1, 1942, to Aug. 1, 1948; $2,500,000
to be received from the sale to the Northwestern Mutual Life Insurance Co.
of a like amount of 3% unsecured notes, due serially on Feb. 1, 1949, to
Aug. 1, 1951; and such of the company's general funds as may be required,
Will be applied to the redemption at 104 of $33,000,000 of 4% first mortgage
bonds, series A, due on June 1, 1966.
Accrued interest on the bonds to be
redeemed will be paid by the company out of its general funds.
The bonds
are redeemable at the option of the company after at least 30 days' notice
at the principal amount and accrued interest and a premium of 9 % to be
reduced successively by % of 1% on Aug. 1 in each of the years 1942, to
and including 1948, and by ^ of 1% on Aug. 1 in each of the years, 1949
to and including 1970.
No premium will be paid if the bonds are redeemed
on or after Aug. 1, 1970.
The company states that the $30,000,000 bonds will be offered to under¬
writers on competitive bids pursuant to rule U-50 of the Securities and
Exchange Commission, which shall be not less than 103 plus accrued interest
from Aug. 1.
Grover C. Neff is president.
Filed Aug. 11. 1941.
a
bonds, series A due on Aug. 1,
Miscellaneous interest
(2-4813, Form, A-2) San Francisco, Calif.,
has filed a registration statement covering $15,000,000 serial notes, due
$1,500,000 Aug. 1, 1946 to 1955, inclusive, and $25,000,000 Of 2H%
debentures, due Aug. 1, 1966.
The registrant proposes to use $25,000,000
of the proceeds for the payment of unsecured instalment notes, while the
balance will be added to its general funds.
Interest on the notes and other
details regarding the offering of the securities will be supplied by amendment
to the registration statement.
The names of the underwriting syndicate for the serial notes are as follows:
H. D. Collier is President.
Filed Aug. 11, 1941.
Debens.
$
S
S
Blyth & Co., Inc....1,550,000
Mellon Secur. Corp.
210.000
Lee Higginson Corp.
350,000
Lehman Brothers—1,000,000
930,000
120,000
Alex Brown & Sons..
200,000
Brush, Slocumb& Co
100,000
60,000
100,000
Elworthy & Co
100,000
Ferris & Hardgrove.
100,000
First Boston Corp...1,400,000
Glore, Forgan & Co.
550,000
60,000
60,000
60,000
840,000
Goldman, Sachs & Co
700,000
100,000
60,000
Davis, Skaggs & Co.
Co......
3301,000
E. F. Hutton & Co..
1,000
90,000
150,000
Kaiser & Co........
Peabody
100,000
420,000
&
Co...
120,000
1,400,000
200,000
840.000
Morgan
Stanley
<fc
Co., Inc
..2,050,000
F. S. Moseley & Co.
400,000
Pacific Co. of Calif100,000
Ititer&Oo—
F.
Kuhn, Loeb & Co... 1,700,000 1,020,000
W. C. Langley & Co.
700,000
420.000
our
60,000
240,000
400,000
Rothschild
&
Co
120,000
200,000
200,000
120,000
Smith, Barney & Co.1,400,000
Wm. R, Staats Co..
250,000
840,000
150,000
Tucker,
Anthony
&
350,000
210,000
700,000
420,000
100,000
60,000
Dean Witter & Co-1,400,000
840,000
Co
———
Union Securities Corp
Weeden & Co.
previous list of registration statements
issue of Aug. 9, page 824.
was
given
reserve
for retirements, $126,404),
insurance, $3,624
deferred charges, $1,267 total, $699,722.
Liabilities—Capital stock (1,000 shares, no par), $1
long-term debt
$390,000 accounts payable, $7,974
due to Southern Natural Gas Co.
(parent company), $18,983
current balance due to affiliated company,
$2,638 accrued taxes, other than income taxes, $6,806 accrued Federal
and State income taxes, $16,201
miscellaneous accrued liabilities, $902
customers' deposits and accrued interest, $17,302 contributions in aid of
construction—non-refundable, $6,158
capital surplus
$416,631; earned
surplus, def. $183,874 total, $699,722.
Alabama Water Service
Co.—Earnings—
Years Ended June 30—
1941
....
Maintenance
..J.
Provisions for retirements and depreciation..
....
General
1940
47,063
130,331
112,238
Cr 12,588
$1,081,619
407,653
Cr 13,829
44,943
118,666
117,471
9.585
$397,130
6,908
$419,169
190,457
;
Operating expense.
General expenses charged to construction
$1,154,443
480,840
Cr17,587
$414,145
5,024
Total operating revenues.
....
taxes
Federal income taxes
Net earnings
Other
income.
Gross
income
26,375
Balance Sheet
on
1940
$2,806,778
2,484,396
$2,488,537
2,096,270
$322,382
3,886
Net operating profit—.
Prov. for depreciation.
_
Pro v. for govt, taxes—
Interest
on
Taxes assumed
$392,268
7,780
$326,268
62,355
97,500
7,127
6,740
$400,047
63,405
97,500
3,838
6,853
620
Miscellaneous interest
Amortization of debt discount and expense
on
472
interest
1939
$319,424
28,716
1938
$214,202
32,147
31,289
97,166
$230,236
38,254
33,160
590
690
630
710
for year—
Miscellaneous adjustm'ts
$243,440
Cr817
$192,851
CY867
$150,136
Cr487
$158,112
Cr2,002
Net surplus for year—
Shs. of com. stk. outst'g
$244,257
79,956
$193,718
79,831
$150,623
79,701
$160,114
79,625
$2.29
$1.54
$1.12
$1.24
Net
earns,
per
sh.
on
com.
—
1941
Assets—
a
on
$151,925
$227,977
Balance Sheet at June 30, 1941
Assets—Utility plant (less reserve for retirements, $799,149), $4,721,239;
special funds, $33,783; Cash in banks and on hand, $138,570; accounts re¬
ceivable (less reserve for doubtful accounts, $66,461), $520,292; current
balances due from affiliated companies, $3,154; advances to officers and
employees, $1,081; materials, supplies and merchandise, at or below cost,
Liabilities—
9141
Accounts payableBank loan
289,681
272,112
1,268,012
Accrued chargesPro v. for taxes.—
12,678
Fire insur.reserve,
$279,466
Accts. & bills
Deps.
1940
$50,150
1,319,456
Cash
re¬
tenders..
700
Dom. of Can. bds.
2,370
Adv. to employees
Life and fire insur.
1,985
deposits-------
13,364
12,805
13,010
$319,664
1940
$214,018
40,000
38" 597
27,251
200,000
113,112
25,818
15,328
Dividend declared-
Minority
25,818
15,334
8,410
24,422
960
875,900
876,200
Common stock..
266,310
265,893
Earned surplus.—
Prepaid expenses &
19,786
349,108
558,278
455,358
c
367,286
15,000
b Land, plant, &c.
Patents-
15,000
$2,300,856 $2,033,944'
Total...
960
interests
Preferred stock
Loans
for bad debts
Total--
52,300,856 $2,033,944
—
of $16,853 in 1941
and $16,061 in 1940.
$372,541 in 1941 and $336,902 in 1940.
c Issued
80,000 shares (no par) less 44 in 1941 and 169 shares in 1940 held
by subsidiary company.—Y. 153, p. 384.
a
Net income—
1940
1941
$460,274
41,501
174,743
Directors' fees
accrued revenue
first mortgage bonds 4H%
income note 6JA%
1941
Agnew-Surpass Shoe Stores, Ltd. (& Subs.)—Earnings
Years Ended May 31—
Inventories
1941
Total income
Interest
June 30,
Assets—Utility plant, $8,655,454; other physical prop., $33,350; miscell.
invest'ts (less reserve of $3,075), $8,345; cash, $316,832; accounts and
notes receivable (net), $135,969; accrued utility revenues, $17,685; materials
and supplies, $88,716; prepaid taxes and insurance, &c., $20,400; deferred
charges, $353,944; total, $9,630,695.
Liabilities—$6 cum. pref. stock, $1,043,600; common stock (6,000 shs. of
no par
value), $600,000; long-term debt, $4,210,000; accounts payable,
$48,518; customers' deposits and accrued interest thereon, $33,320; general
taxes, $54,792; Federal and State income taxes, $33,949; interest on longterm debt, $52,530; dividends on preferred stock, $5,218; miscellaneous
accruals, $13,596; customers' advances for contsruction /($54,856) and
unearned revenue, $70,747; reserves, $1,540,890; contributions in aid of
construction, $9,338; capital surplus, $1,822,461; earned surplus, $91,736;
total, $9,630,695.—V. 152, p. 3010.
ceivable, &c
Co.—Earnings—
Net operating income
Other income
40,758
December 1940 the company reversed amounts provided for
Federal income taxes during that year as a result of the deduction for
tax purposes of call premium, discount and expense applicable to bonds
redeemed.
Without such deduction, which resulted in the company having
no taxable income for 1940, and which it is anticipated will have a similar
effect for 1941, the company would have provided approximately $46,000
for Federal income taxes for year ended June 30, 1941.
Company has no
liability for excess profits tax.
Note—In
Consolidated Balance Sheet May 31
Eugene E. Wilson, President of United Aircraft Corp., was elected a
director of this company at a recent[meetinglof the Board.—V. 153,p. 1416.
-
$132,134
56,241
6,427
Net income..
Preferred dividends.
stock
Total oper. exps. (incl. Fed. & State inc. taxes).-
$404,038
263,463
6,856
1.586
$195,910
Interest on long-term debt
Miscellaneous deductions....
Amortization of debt discount and expense
Aetna Life Insurance Co.—New Director—
Alabama Gas
$559,237:
special funds, $533 cash in banks and on hand, $34,403 accounts receivable
(less reserve for doubtful accounts, $13,935), $78,873 advances to officers
and employees, $63
materials and supplies, $21,723 prepaid taxes and
Earns,
12 Months Ended June 30—
Total operating revenue
770
$28,465
Balance Sheet at June 30, 1941
Assets—Utility plant (less
600,000
The last
in
120,000
1,230,000
240,000
Shields & Co.—1,000,000
60,000
700,000
Kidder,
200.000
Mitcbum, Tully & Co
L.
600.000
Marks
Swabacher & Co
350,000
.
M.
& Co
420,000
Hemphill, Fenton &
Campbell, Inc....
Hemphill, Noyes &
Laurence
$52,234
23,000
$18,005
Net income
Notes
Debens.
Underwriter-
Notes
$
Underwriter—
Dillon, Read & Co. .4,150,000 2,490,000
Baker, Watts & Co..
150,000
90,000
Bancaraerica Co
150,000
90,000
Blair & Co., Inc
250,000
150,000
$49,317
2,917
921
.
Standard Oil Co. of Calif.
7
$41,926
23,000
long-term debt
on
$323,147
273,829
$39,400
2,526
Total income
Interest
$5,-
1940
1941
$335,964
296,564
Net operating income
New York & Richmond Gas Co.
total,
Corp .—Earnings—
12 Months Ended June 30—
Natural gas sales.....
Total oper. exps. (incl. Fed. & State inc. taxes)..
Other income
$72,274,977.
filed
.
It is not always possible to arrange companies in exact alphabetical order.
After
b After
reserve
reserve
American
for depreciation of
Cyanamid Co.—To Recapitalize—
The Board of directors at a meeting held on Aug. 13, recommended to
the stockholders the adoption of a plan to simplify the capital structure of
instance, $18,477; deferred charges, $85,194;
the company.
The plan involves offering to the holders of all three series
of the 5% cumulative convertible preferred stock, the opportunity to ex¬
stock (60,000 shares, no par), $1,331,300; first
mortgage bonds 4H% series, 1951, $1,381,000; 6A% income note, due
July 1, .1956, $1,500,000; first mortgage bonds, 4&% series, called for
change their present holdings, share for share, for a new 5% cumulative
preference stock and the recemption of all of the present 5% cumulative
convertible preferred stock that is not so exchanged.
The convertible pre¬
ferred stock will be entirely eliminated from the capital structure of the
taxes and
total, qpO»o3o,589•
Liabilities—Common
•
^|e2iPtloi1» &L014; note payable to bank, $100,000;
accounts payable,
$55,875; due to Southern Natural Gas Co. (parent company)—account
payable, $192,962; accrued interest on long-term debt, $25,894; accrued
taxes, other than income taxes, $50,113; accrued Federal and State income
taxes, $102,208; miscellaneous accrued liabilities, $4,226; customers' de¬
posits and accrued interest, $89,157; contributions in aid of construction—
non-refundable, $10,764; reserve for maintenance of benches and retorts,
company.
One of the reasons for the creation of the present
stock
was
the special purpose
of paying dividends
convertible preferred
the common stock.
on
Three separate dividend^ of this convertible preferred stock have been paid
to the common stockholders during the past few years.
Because of the convertible feature it has been necessary for each of these
dividends to create a separate series.
If the company should pay further
Volume
The Commercial & Financial Chronicle
153
dividends to the
stockholders in the form of this convertible pre¬
common
Amencan Ship
ferred stock, the number of series would be increased.
Substitution of a
non-convertible preference stock would eliminate the necessity of a separate
the
no matter
common
The
Building Co.—$1 Preferred Dividend—
Directors have declared a dividend of $1 per share on the 7% noncumulative preferred stock, payable Aug. 15 to holders of record Aug. 2.
Dividends of $7 were paid on May 1, last; June 29, 1940 and on June 25,
how many times dividends in preference stock are paid to
stockholders.
preference stock besides giving the shareholders the same yield
in dividends, will have the same $10 par value as the present convertible
preferred stock and the same $10.50 call price.
The recommendation will be considered at a stockholders meeting which
series
979
1938.—V. 152, p. 2693.
new
will be held Aug. 25,
Co.-—Earnings1941—6 Mos.—1940
1941—Month—1940
$12,620,766
rev—
60,764
$9,467,083 $72,882,308 $59,742,658
43,700
408,971
298,589
$12,560,002
7,396,492
$9,423,383 $72,473,337 $59,444,069
6,891,682
43,754,510
41,599,265
Net operating revenue $5,163,510
52,531,701 $28,718,827 $17,844,804
1,639,740
11,995,806
8,230,821
Uncollectible oper.
Operating revenues
Operating expenses
Securities Co.—To Pay $5 Div.—
Directors have declared a dividend of $5 per share/covering the cumuative period for the 10 months ended July 31, 1911 on the preferred stock
of the company, payable Aug. 26, 1941 to stockholders of record Aug. 22.
This payment clears up all accruals.—V.
June 30—
Operating revenues
Portland,
1941 to the company's principal office in
Maine.—V. 153. p. 825.
American European
American Telephone & Telegraph
Period End.
Operating taxes
153, p. 235.
2,120,621
'
American Gas & Electric Co. (&
Net operating income. $3,042,889
Net income
46,020,904
Subs.)—Earnings—
1941—12 Mos.—1940
1941—Month—1940
Period End. June 30—
Note—Federal
Subs., Consolidated—
Operating
$7,965,358
2,950,119
405,197
1,058,914
revenue
Operation
Maintenance
Depreciation
Taxes, other
eral
a
$6,783,250 $90,842,110 $82,576,111
2,100,676
30,248,310
26,107,428
360,251
4,901,252
4,547,576
1,047,436
12,673,948
11,487,655
789,235
744,213
9,080,830
8,777,816
653,437
income
378,194
6,851,091
3,520.744
Federal income & de¬
$2,108,455
56,270
__
Gross income
2,152,480 $27,086,679 $28,134,892
21,716
243,621
154,111
$2,164,725
Operating income
I nterest on funded debt
2,174,196 $27,330,300
631,721
7,395,952
134,022
1,269,294
424,394
4,530,995
609,919
-
Other int. & deductions-
Divs.
on
$1,184,391
stocks
1,994,741
$28,289,002
7,594,510
1',958,163
5,092,519
$984,060 $14,134,058 $13,643,812
11,113,024
10,332,076
Undistributed net inc.
def$810,350
$984,060
$3,021,034
$3,311,736
Am. Gas & Elec. Co.—
Undistrib. net income..def$810,350
$984,060
$3,021,034
11,113,024
1,327,388
1,190,471
$3,311,736
10,332,076
1,988,170
1,530,481
61,438
74,380
of subs, consol
Divs.
on
com.
stocks
1,994,741
Divs.
on
pref. stocks
54,165
66,068
Int.
on
bonds & advances
Other income
3,448
165", 681
129,166
4,530
$1,308,073
135,362
Total
a
Taxes & exps. (net)...
_
Int., &c., deductions
Dividends on pref. stocks
Bal.
of
$1,283,437 $16,713,355 $17,236,842
85,372
873,816
872,692
$1,172,711
92,928
140,767
$1,198,065 $15,839,539 $16,364,150
97,116
1,151,655
1,366,206
bl40,767
1,689,209
bl,911,474
avail,
earns,
accrued
at
tax
$9,613,983
90,986,214
rates
all
as
in
now
reported is higher than it will ultimately prove to have been.
probability understated and net operating income for these periods
There was a gain of about 81,300 telephones in service in the principal
telephone subsidiaries of the American Telephone & Telegraph Co. included
in the Bell System during the month of July, 1941.
The gain for the previous month was 68,500 and for July, 1940, 22,400.
The net gain for seven months this year totals 754,800 as against 471,400
for the same period in 1940.
At the end of July this year there were about
18,236,400 telephones in the Bell System.
The gain for July, 1941 was the largest for the month of July in the history
of the Bell System, the next largest July gain having been 35,500 in 1923.
—V. 153, p. 827.
for common stock..
$939,016
$960,181
$12,998,675 $13,086,471
Since April 1, 1941, the accrual of Federal income and defense taxes
has been based upon an estimated increase in rate to 30% and upon a non¬
Inc.—Weekly
Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Aug. 9, 1941, totaled 66,634,000
kilowatt hours, an increase of 22.4% over the output of 54,457,000 kilo¬
watt hours for the
corresponding week of 1940.
Comparative table of weekly output of electric energy for the last five
follows;
;
•". - v:
h
Week Ended—
1941
1940
1939
1938
1937
July 19
64,970,000
52,700,000
45,100,000
39,518,000
49,906,000
July 26
65,545,000
54,682,000
47,019,000
40,463,000
50,318,000
Aug. 2
67,262,000
53,390,000
46,210,000
41,210,000
50,291,000
Aug. 9
66,634,000
54,457,000
45,413,000
41,250,000
50,767,000
—V. 153, P. 827.
years
American Woolen
Balance
been
American Water Works & Electric Co.,
stocks
on common
$891,961 $16,723,021
43,177,659
98,546,021
have
in
for
available
common
Divs.
46,723
323,692
pref. stocks
Balance
1941
Gain in Phones—
fense taxes
Other income
for
effect.
As heavy increases in both income and excess profits taxes effective
retroactively to Jan. 1, 1941 appear certain, Taxes for periods in 1941 are
Fed¬
than
taxes
Co., Inc.—Earnings—
cl940
cl939
Sales, less disct., returns
and allowances, &c—$66,292,908 $28,973,736 $30,719,436
Cost of sales.
54,375,684
26,728,326
28,016,600
Selling, general and ad¬
6 Mos. End. June 30—
bl941
ministrative expenses.
1,698,522
1,361,620
1,353,318
operation_$10,218,702
Interest earned.
68,455
Disct. on purchases
199,963
Rent and sundry income
—net.
76,883
$892,092
72,135
87,263
cl938
$1-6,746,242
19,336,407
1,205,733
a
recurring reduction in taxable income for 1941, as a result of refinancing by
a subsidiary company in 1940.
Applying these adjustments retroactively
to Jan. 1, 1941, together with minor overaccruals of Federal taxes for 1940,
resulted in a net overaccrual of $364,645 as of March 31, 1941, which is
being absorbed by an adjustment of the accrual over the last nine months
of the year at the rate of $40,516 per month.
The foregoing amounts in¬
clude an underaccrual of $17,016 as of March 31, 1941, and a monthly
charge of $1,891 therefor, applicable to American Gas & Electric Co.
b Restated for comparative purposes.
stock, both payable Sept. 15 to holders of record Aug. 19.
Like amounts
paid on June 16 and March 15last, and extra of 40 cents was paid on Dec. 16,
1940.—V.153, p.
235JJ7. 152, p. 4115.__
ance
Sheet June 30—
$
1941
Capital assets.... 2,111,594
Liabilities—
3,311,110
433,444
Excess
76,563
117,792
over
receivable......
bl
Marketable secur.
50,000
c2,201,602
50,344
Mixed claim awards
on
$1,107,450
29,470
_
_
accts., pre¬
Profit
or
on
97,657
70,663
4,035
574,507
3,680
Provision for deprec'n..
of
598,674
incompleted
voyages----.—
1,037,313
769,914
Accounts payable-
818,344
783,860
a3,452,324
Net
pend'
g
act
income
1,150,000
Reserve for repairs
13,402
Reserve for claims
67,509
41,243
Res've lor contlng.
250,000
8,117,225
Reserve
350,000
Before provision for
_
1,150,000
1,150^666
for
excess
a
Textile Realty Co. capital stock
5,734,255
c
and open acc't..
Fixed assets
profits tax.
b After
reserve
Total
of $2,206,864.
-*■ *<<«*
b See contra.
&c—
-18,193,753 16,139,761
Total...
9,84.3
9,717
22,995,709
784,683
Mortgage notes receivable on dwellings
298,263
238,212
6,808,649
Other assets and prepaid insurance,
18,193,753 16,139,761
16,054,654
46,475,958
148,212
-
Other current assets
c2,201,602
Earned surplus
June 30, '41
$5,356,967
-
-
Inventories
ceivable
Capital surplus—
Consolidated Balance Sheet
Assets—
Cash
Accounts receivable—trade, less reserves—,
for mixed
claims awards re¬
4,680,174
Insurance iund
1,400,000
dividend^
Federal taxes on income, b Includes Pocono Co.,
but excludes Textile Realty Co.
c Including all subsidiaries except Textile
Realty Co.
x Loss.
Note—The figures for 1940 include operations of Manufactures Ware¬
house Co., which was liquidated Dec. 4, 1940.
1,150,000
111,410
income tax
reserve
a$357,670 x$4,750,487
2,323,079
$4,905,625
691,212
Reserve for insur..
8.503,733
Includes
$357,670 x$4,750,487
$317,852
$9,554,260
Normal Fed. income tax
2,176,992
Federal excess profits tax
148,565
a
77,255
U. S. Govt, oblig.
a
-
Notes payable, banks
Accounts payable, trade
$20,700,000
1,117,218
2,840,026
5,029,835
229,825
liabilities
Reserve for Federal income taxes
Other current liabilities
Accrued
American Home Products
Corp.—Acquisition—
*
*
""
Baldwin Laboratories, Inc., has sold for cash machinery, equipment
inventories, trade name and goodwill of Dwin Products, an insecticide, to
Co., 100%-owned subsidiary of American Home Products Corp.
■';?./
—V. 153, p. 825.
;.
V
.
b.3H% mortgage on American Woolen Building,
New York, due July 1,1943
7% cumulative preferred stock (par $100)
d Common stock.
American Light & Traction Co.—Total Liquidation of
Company Might Be Best Method to Comply with SEC Order—
See United Light & Power Co. below.—V. 153, p. 825.
Machine & Foundry Co.
6 Mos. End. June 30—
Sales--..
Royalties and rentals...
Total income
1941
$4,076,476
1940
$2,589,289
(& Subs.)—Earns.
1939
$2,203,282
129,659
119,293
103,117
52,749
$4,206,135
$2,708,582
2,212,613
$2,306,400
2,098,748
$2,422,064
2,124,006
141,292
$207,651
101,579
79,707
15,522
95,789
78,339
161,901
$298,058
119,873
22,159
81,956
Mfg. cost and expense..
3,294,281
Operating profits
Depreciation
$911,854
204,587
a326,468
140,388
$495,969
$240,410
$179,180 loss$149,690
Federal taxes
Other corporate taxes
Is on-recurring charges.,
Profits
Divs.
rec.
1938
$2,369,315
$4,166,220
14,708,487
36,468,850
314,560
10,245
7,604
23,122,093
629,169
2.000,000
Dec. 31, '40
$17,400,000
1,044,825
1,437,511
760,000
381,107
1,100,000
35,000,000
2,000,000
20,303,784
3,505,625
Earned surplus
.$91,835,742 $79,427,227
Total...
wholly owned subsidiary, holds inactive properties
adjusted net book value as of June 30, 1941 of
These assets are in process of liquidation and the actual value
of the investment in this company is contingent on their realizable value
which is not determinable at this date.
b The 3H% mortgage on American Woolen Building is an obligation of
Pocono Co., a whollv 'owned subisidary.
c After reserve for depreciation of
$14,999,171 at June 30, 1941, and $14,443,293 at Dec. 31, 1940. d Repre¬
sented by 400,000 no par shares.—V. 153, p. 386.
a
American
"
1,100,000
35,000,000
20,313,213
Capital surplus
Dec. 31, '41
$91,835,742 $79,427,227
June 30, '41
Liabilities—
-*+•*
Earnings for the six months ended June 30,1941, appeared in the "Chron¬
icle' ' of Aug. 9, page 825.
MS me
A. S. Boyle
9,786
19,250
6,257
1,086,192
$394,431
76,579
Profit.
Preferred
revenue
disbursem't
680,988
Cash in banks and
Total.
37,798
42,073
5,011
1,110,178
34,345
145,344
Pensions
a
$1,584,037 x$3,629,001
31,306
fixed assets sold
scrapped
charges
Interest
taxes under
66,176
hand..
21,984
$10,566,675
Prov. for doubt, accts..
167,060
.
viously written off—
4,358,000
767,529
Supplies...
Deposit
23,307
3,834
:
Res've for Federal
Accts. receiv., tncl.
disaster & other
claims recov'able
52,359
4,293
_
on
$
Cap. stk.($10 par) 4,358,000
437,444
Unexpired ins., &c
1940
S
1940
S
Investment
51,667
_
Prov. for inc. in Federal
1941
Assets—
on
-Consotidated Bal-
Steamship Co.-
$1,341,216 *$3,795,898
60,445
80,119
126,183
41,487
2,672
_
.
Collection
Loss
Extra Common Dividend—
Directors have declared an extra dividend of 10 cents per share in addi¬
tion to the regular quarterly dividend of 40 cents per share on the common
American-Hawaiian
Profit from
Textile Realty Co., a
and other assets with an
$3,110,286.
Amoskeag Co.—Earnings—
Earnings for the 6 Months Ended
Income—Dividends
$74,070
Interest
June 30, 1941
$291,671
24,487
from Internat.
Cigar Machine Co
405,000
405,000
2,516
5,916
405.000
59,773
405,000
3,920
Interest
$647,925
$590,096
$315,084
$482,990
Salaries
529,493
392,217
392,217
392",217
$118,433
$188,409
$0.65
$0.58
def$77.133
$0.31
Other divs. & int. rec
Total profit....
Balance, surplus
b Earnings per share
Other expenses
9,470
Foreign exchange loss
Com. dividends (net)...
allncludes excess profits tax.
$90,773
$0.48
b On 11,000.000 shs. common stock^out-
standing (no par).—V. 152, p. 3333.
i Total income
a
Taxes
446
paid
b Net income
a
$283,496
will be no Federal income or excess profits taxes
ended June 30, 1941.
b Not including gains or losses on
It is estimated there
for six months
$316,158
4,965
22,265
4,986
sales of securities.-
The Commercial & Financial Chronicle
980
Balance Sheet June 30, 1941
Assets—
we can say
Liabilities—
Cash.-
$436,920
-
Receivables
Bank loans
.....816,163,7761
Total
228,031
14.724,375
Total...
par—outstanding.—V. 152,
p.
Armour & Co.
3335.
Hocking Glass Corp. (& Subs.)—Earnings—
12 Months Ended -June 30—
1941
Provision for income taxes
b Provision for contingencies
Net profit
Earnings
a
per common share
On sale of
1940
$1,496,048
315,383
$1,163,450
-
Non-recurring loss
a
$2,407,573
465,102
707,021
72,000
Net profit from operations
$1,180,665
$1.30
$1.38
Long Island City plant,
or
(111.)—Wages Increased—
■
resented
resented by 71,377 $4^ cumulative preferred and 89,911 common shares—
Anchor
nor any
Company has agreed to increase the wages of 20,000 employees rep¬
by the Packing House Workers Organizing Committee, C. I. O.,
the Defense Mediation Board at Washington announced on Aug. 12.
The
Board said the increase would amount to about $5,000,000 a year.
In
Chicago 10,000 employees will be affected.
The other beneficiaries work in plants in Kansas City and St. Joseph,
South St. Paul, East St. Louis, Indianapolis, Milwaukee, Birmingham, Ala.,
Sioux City and Mason City, Iowa; Los Angeles, Denver, Fargo, N. D., and
tions
no
,
.
$16,163,776
The indicated value of the securities owned, based upon market quota"
or other estimated fair value June 30, 1941, was
$10,989,676.
b Rep"
a
is this:
of its committees, officers
any other laws.
All of
the activities of this association have been strictly confined to proper and
legitimate activities.
"It should be remembered that Grand Jury proceedings are ex parte
(one-sided)."—V. 153, p. 542.
b Reserve for shareholders &
profit and loss
Aug. 16, 1941
opportunity to study the allegations against us, all
employees have violated the anti-trust laws
or
11,369
Dividends payable...
an
"Neither the American Meat Institute
$1,200,000
Res. for Fed. income taxes...
782,458
14,944,397
Investments—book value..
a
In the absence of
Omaha.
b Including changes in income and
The wages of all hourly paid workers are increased 10 cents an hour above
levels prevailing prior to April 1.
Consideration is given the general wage
rise of 8% granted as of April 21. The hourly rate for common labor will be
72H cents, against 67K cents prior to April 1.
The union lost its demand for a union shop and the check-off System.
—V. 153, p. 542.
profits tax laws.
The increase in earnings per common share of eight cents despite the
decrease of $17,215 in net profit is accounted for by the reduced preferred
dividend requirements due to the reduction in preferred dividend rate and
excess
partial redemption of preferred stock which took place during the first six
months of 1940.—V
152. p. 3487.
Arcturus Radio Tube Co.—-To Be Stricken from List—
The
Securities and Exchange Commission has granted the application
New York Curb Exchange to strike the common stocK
(par $1)
listing and registration, effective at the close of the trading session
Aug. 18.—V. 152, p. 973.
of the
from
on
Arizona Edison
1941—3 Mas.—1940
$486,315
245,783
1941—12 Mos.—1940
23,393
$439,734
226,262
20,918
(except Federal &
State income taxes)-Depreciation-
47,541
62,646
46,899
62,524
174,291
250,585
185,593
245,306
Net operating revenuei
Other revenue
$106,952
2,987
$83,132
4,357
$404,995
20,311
$109,938
$87,489
$425,306
_
_
_
Electric
Corp.—Will
Simplify Cor¬
Court, promises that the trustees soon will put forth a plan for the "geo¬
graphical integration and for the simplification of the capital and corporate
structures" of the Associated Gas & Electric System.
In the report, Denis J. Driscoll and Willard L. Thorp, trustees, also
stated that major refundings of the obligations of system companies wil.
get under way within a short time, so that the corporation may take advan¬
tage of the current
low interest rates.
generating facilities, an increase of 28.5% over the 1,384,583 kw. in
the close of 1940, also have been completed.
$332,688
Operation
Maintenance.
&
The 1940 annual report of the corporation, filed in the New York Federal
$305,561
27,127
revenue
Gas
Plans for the installation by the middle of 1943 of 394,500 kw. additional
Co., Inc.—Earnings-
Period End. June 30—
Operating
Associated
porate and Capital Structures—
$1,877,640
948,490
99,278
$1,701,656
879,230
85,966
use at
Consolidated Statement of Income, Years Ended Dec. 31
v
Deductions for
[Before
Interest
Taxes
on
Indebtedness
of
Associated
Gas
&
Electric Corp.]
1940
Operating revenues—Electric
Gas
Interest, income taxes, &
other charges
66,528
64,860
257,481
$22,629
$167,824
—
„
» .
__
_
.
-
-
-—_—
_
Ice
Total
236,301
$43,410
__
Water
Steam heating.
Gross income
.$114,339,656 $107953,584
14,751,650
14,583,132
7,353,246
7,015,518
3,073,198
3,056,509
1,701,107
1,581,762
995,859
1,357,920
________
Transportation
$96,387
1939
.
—....$142,214,716 $135548,425
Operating revenue deductions
Balance—-
(exclusive of exps.
and taxes of Associated Gas & Electric Corp.):
Operating
Balance Sheet June 30, 1941
Assets—Plant, property and equipment in service (less reserve for
depreciation of $2,105,130), $4,894,094; construction work in progress,
$118,521; automotive equipment, less reserve, $23,732; investments,
$2,303; cash, $212,399; accounts and notes receivable, less reserve, $140,440;
material and supplies, $89,988; deferred
charges, $95,928; total, $5,577,404.
Liabilities-— 1st mtge. bonds, $2,660,000; 2d mtge. income bonds, $1,647,800; accounts payable, $55,002; miscellaneous current liabilities,
$323; accrued taxes other than income taxes, $73,821; Federal and State
income taxes, $43,233; interest accrued,
$90,999; other liabilities, $158,781;
capital stock (issued 104,716 shares), $523,580; earned surplus, $357,090;
deficit in contingency reserve, $33,225; total, $5,577,404.—v.
152, p. 3641.
Arizona Power
Operating
1941
1940
219,187
$349,126
216,992
$103,115
1,991
$132,134
2,276
$105,106
31,537
Operating income.-(net)
profits._
excess
Gross income
Deductions from income—subsidiary companies:
_
Int.
on
long-term
$134,410,
34,797'
■
Net income
$73,569
73,569
-
Sinking fund appropriation
$99,613
99,613
Sinking fund requirements are appropriated from net income to the
prior charge to the declaration and payment of
any dividends.
It is estimated that the sinking fund requirements for the
year 1941 will be $107,511.
Note—The above figures for the six months ended June
30, 1941, include
provision for Federal normal income tax computed at 30% of the estimated
taxable income.
No provision has been made for excess
profits tax, as
a
58,763,932
9,758,593
14,064,817
56.815,520
7,449,482
14,815,478
4,265,659
14,206,654
8,734,990
13,538,869
.—.$37,362,414 $37,986,735
709,709
970,518
i
Other income
—
-
.$38,072,123 $38,957,253
debt—Mortgage bonds
14,018,542
381,260
14.078,581
3,672,725
622,225
964,185
Cr75,626
1,307,742
266,138
4,941,225
41,577
4,750,863
69,593
3,657,498
382,115
901,358
Miscellaneous long-term debt
Other interest.
--
Interest charged to construction
Amortization of debt disc't & exp., less premium
Miscell. amortization, principally of intangibles.
Dividends on pref. stocks paid or accrued, incl.
Cr184,682
1,304,910
$759,853 not being paid currently for 1940 and
$728,166 for 1939
income
Income deductions
a
Fed. income & declared value
Other
Deoentures
$322,302
;
revenue deductions
Net operating revenues
Other income, net
Gross
Prov. for retirement (deprec.) of fixed capital._
Prov. for taxes (incl. adjust, for prior years):
Corp.—Earnings—
6 Months Ended June 30—•
Total operating revenues
expenses
Maintenance..
Minority interest in net earnings
Bal. of income, before deductions for exps. and
taxes of Associated Gas & Electric Corp. and
for interest on that company's indebtedness..$12,628,319
Expenses and taxes of Assoc. Gas & Elec. Corp..
464,495
$13,300,829
365,660
extent available and are a
such tax*, if any, cannot be determined until the close of the
fiscal year.
—V. 153, p. 94.
Arkansas Natural Gas Corp.—Stock Sold—Allen & Co.
purchased and distributed privately on Aug. 14 17,500
shares of 6% preferred stock (par
$10).—V. 152, p. 2693.
Armour & Co.
(111.)—82 Packing Companies and 36 Indi¬
viduals Indicted by Federal Grand
Jury—Charged with Fixing
Price of Hams at Easter
Time—Swift, Meat Institute Issue
Statements—
-•!-■'
■.
A Federal Grand Jury at
''V
>
Chicago
on
Aug. 13 indicted 118 corporations
and individuals in the meat industry in 29 States on
charges of "conspiring
to fix the price of ham at Easter time in
violation of the Sherman AntiTrust Act."
It was the fourth and largest indictment returned
at Chicago since a
nation-wide inquiry into food prices was
begun eight months ago.
Prevfously 12 defendants were charged with conspiracy to fix certain
hog
prices; 12 others with conspiracy to fix sheep prices and 69 with
conspiracy
to fix the price of canned
peas.
The indictment Aug. 13
alleged that
conspiracy in ham prices had
a
sted for the last five years; that the meat
packers named sold
more
The
Government contended that the alleged price
fixing conspiracy was
promoted by the provisions committee of the American Meat Institute.
It claimed the committee
adopted a resolution to the effect that the meat
industry should confine the sale of Easter hams to a period of four weeks
immediately preceding Easter; that the Institute obtained pledges from the
packers to refrain from quoting prices prior to the four weeks before
Easter;
that the defendants conducted a nation-wide
advertising campaign to stimu¬
late the demand and pushed ham as a national
dish for Easter just as turkey
for
Thanksgiving.
,the indictment charged,
was
to
a
Commenting on
packers, charging conspiracy to fix the price of Easter
hams, John Holmes,
Prudent of Swift & Co., said: "The indictment is one more in a long list
inflicted on industry.
I can state positively that Swift & Co. has not en¬
tered into any
agreements with competitors or others with respect to
the sale of hams for Easter or in
any other respect.
The booking or con¬
tracting with retailers for Easter ham requirements is an
illegal
industry-wide
practice which is not confined merely to those firms which have been in¬
dicted.
It is a practice which has been in
effect for many years and serves
the useful double purpose of
assuring the retailer of a definite supply and
eIli i1 ng
are
Packer to properly
ordinarily sold for Easter."
prepare the large quantities of ham
The American Meat Institute
made the
following statement:
"This latest indictment
involving the meat packing industry is No. 23
of the series of indictments which the
Department of Justice has secured
against food industries of all kinds and descriptions.
on
the Debtor's Obligations)
.
Co.'s
subsidiaries,
$1,802,280;
General
Gas
&
Electric Corp.'s subsidiaries. $954,088; Northeastern Water
& Electric Corp. and subsidiaries, Cr$43,389; NY PA NJ
Utilities Co.'s subsidiaries, $5,985,060; The United Coach
Co.'s subsidiaries, $97,415---
8,795,454
Balance
Less:
Portion
$3,368,370
retained
by subholding and investing subs.:
Associated Electric Co. and its subsidiary nolding and
investing companies, $239,246; General Gas & Electric Corp.
and its subsidiary holding and investing companies, $72,876;
Northeastern Water Cos., Inc., $98,663; NY PA NJ Utilities
V Co. and its subsidiary holding and investing companies,
$1,426,900; The United Coach Co. and The Railway & Bus
Associates,
$12,503;
The
Associated
Corp.,
Cr$52,295;
Associated Utilities Corp. and its subsidiaries, $393,041
2,190,934
Net income realized by trustees of Associated Gas & Electric
Corp. before interest on its obligations
$1,177,436
Analysis of Stoppages of 1940 Consolidated Net Income
(Before Interest Deductions
on
the Debtor's Obligations)
Net consolidated income of Assoc.
G. & E. Corp. and subs..$12,163,824
Losses of operating companies included in consolidation:
Associated Electric Co.'s subsidiaries, $56,094; General Gas
&
Electric
Corp.'s
subsidiaries,
$381,132;
Northeastern
Add:
Water & Electric Corp. and subsidiaries, $43,390; NY PA NJ
Utilities Co.'s subsidiaries,
$92,685; The United Coach
Co.'s
subsidiaries, $3,709
577,010
Total
$12,740,834
Less:
Portion unavailable to Associated Gas & Electric Corp.
at Dec. 31, 1940:
.
_
(a)
Because of orders by and agreements with Federal and
regulatory commissions:
Associated Electric Co.
subsidiaries,
$1,849,666;
General Gas &
Electric
Corp.'s suosidiaries, $964,883; NY PA NJ Utilities Co.'s
subsidiaries, $3,023,615
(b) Because of bank loan agreements:
General
Gas &
State
conspiracy
time when the demand was at its peak.
the Government's anti-trust
indictment, against meat
which
Electric
ex-
Wilson.
The effect of tne alleged
increase the price of hams at
Analysis of Retention of 1940 Consolidated Net Income
(Before Interest Deductions
Net consolidated income of Assoc. G. & E. Corp. and subs
$12,163,824
Less:
Portion retained by operating companies:
Associated
than
80% of the hams in the United States and that they had plants in some 30
States.
Among the 82 corporate defendants were the American Meat
Institute and the "big four" meat
packers—Cudahy, Armour, Swift and
is
Balance of income, before deductions for interest
on indebtedness of Assoc. Gas & Elec. Corp__$12,163,824
$12,935,168
and
Electric Corp.'s subsidiary
(c) Because
of
insufficient
earned
surplus:
Associated
Electric Co. and subsidiaries, $247,953; General Gas &
Electric
Corp.'s subsidiaries,
5,838,166
178,521
$156,295; NY PA NJ Util¬
ities Co. and subsidiaries, $3,333,468
Because
of
cash
requirements:
3,737,716
(d)
NY PA NJ
Util¬
Co.,
$1,147,563;
Associated
Utilities
Corp.,
$270,257; Northeastern Water Cos., Inc., $98,663-Portion of consolidated income (giving effect to certain losses
ities
by subholding and investing subsidiaries of Associated Gas
and Electric Corp.) not subject to above restrictions
Net
income realized by Associated
before interest on its obligations
Gas
&
Electric
1,516.482
^'
292,513
Corp.
$1,177,436
Volume
The Commercial
153
was
Liabilities and Reserves Dec. 31, 1940
Consolidated Statement of Assets,
a
$862,548,537
Combined fixed capital
Power & Light
9,297,155
Co. and National Public Service Corp
majority-owhed company,
Securities of non-consolidated
statutory subsidiaries and associated companies:
New England Gas & Electric Association
2,368,380
& RR- and Paul
Paul Smith's Electric Light & Power
Smith's Hotel Co
1,152,376
532,682
Others (less reserves of $35,072,991) —
investments, including real
(less
estate
Miscellaneous
„
„
807,031
reserves of $91,545)—
Special funds—For new construction and (or), in part, for
subsidiary company oond acquisitions
Other, principally sinking funds—
-Deposits for matured bonds, bond int., divs., &c. tseecontra)
Cash (including $376,162 working funds)
Miscellaneous special deposits
Notes and warrants receivable (incl. $4,926 from employees)
Accounts receivable (less reserve for uncollectible accounts of
-
Gas
&
reorganization
5,948,689
1,071,088
274,577
&
Gas
Associated
of
Indebtedness
Electric
'•••v-/
Corp. at
Jan. 10, 1910:
8% eight-year bonds, matured March 15, 1940
(less
$2,390,210 owned intercorporately and $5,000 in treas.) _
Convertible dixed interest) debentures, due 1973
(less
$37o,700 owned intercorporately) —
Income debentures, due 1978 (less $50,475,960 authenti¬
cated and held in escrow for conversion of fixed interest
$1,706,415 in treasury)
thereon
on
$205,205 matured)--
payable and accrued
Uncompleted instalment bond-subscription
Taxes
accounts and
interest thereon
Accounts payable—-----
and participating stocks and
surpluses of subsidiary companies
—
Preferred stocks of subsidiary companies:
Preferred stocks, stated at involuntary liquidation value.in arrears
f Long-term debt of suosidiaries:
Bonds and debentures———
—
- —
Matured bonds, bond interest, dividends,
Long-term debt maturing during
&c. (see contra)--
1941 —
—
Notes payable—Banks vincl. $2,155,258 against which se¬
curities and appliance accounts receivable are pledged
as
collateral)
Others (.incl.
as
-
-
$367,270 against which securities are
collateral)
pledged
—
— —
Accounts payable (incl.
Customers' deposits..
.
$47,963 to associated
companies)—
------- - - - - - - - * - - -
—v- -
- ----- -
Taxes accrued
Interest accrued
Other current and accrued liabilities
Deferred credits—Customers' advances for construction
premium on debt of
Unamortized
$6,199,770
^
24,861,280
—
2,171,880
108,747
1,422,887
84,780,121
2,627,611
383,069,100
13,324,418
2,938,140
1,038,270
3,579,758
948,618
6,178,282
5,007,219
12,502,580
4,818,717
1,207,307
1,196,979
653,905
4,705,913
3,450,000
Possible additional minority participations
Estimated losses on sales of fixed assets of subsidiaries
taxes for years
Other
1934 to 1939, inclusive,
reserves
5% cumulative income note, due 1980-—— ---------Non-interest bearing note, due 1983
Advances on open account- —
—_ —. —
Dividend payable
Accrued interest on 5% cumulative income note, through
Jan. 10, 1940-
Excess of assets
—
891,399
3,839,403
71,805,120
1,250,000
568,122
90,000
568,457
154,040,609
$1,035,303,162
Of Associated Electric Co., General Gas & Electric Corp., Northeastern
Water & Electric Corp., NY PA NJ Utilities Co., and United Coach
Co. and their respective subsidiaries—representing electric, gas and other
utility plant, other physical property, &c. (including going value and other
intangibles), of operating subsidiaries, plus the net excess of the respective
amounts at which the investments in operating subsidiaries are carried
(not deducting certain reserves) by parent companies within the respective
groups over the related net assets of such subsidiaries as shown Dy their
Total
- -
-
Dec. 31, 1937.
in securities of, and receivables from, Asso¬
Co.—parent company, in proceedings for reor¬
ganization.,'.'.;'v7- '•'
c Including
approximately $6,565,000 applicable to refunded issues,
being amortized over the lives of the respective refunding issues.
d Amounts at which Associated Gas & Electric Corp. and North¬
eastern Water Co., Inc., carried investments in capitai stocks of Associated
Eiectric Co., General Gas & Electric Corp., Northeastern Water & Electric
Corp., NY PA NJ Utilities Co. and United Coach Co. at Jan. 10, 1940
(effective date of petition for reorganization of Associated Gas & Electric
Corp.) over the related consolidated net assets of the latter companies and
their respective subsidiaries as at Dec. 31, 1939, as shown by their con¬
b Exclusive of investments
ciated
Gas
&
Electric
solidated financial statements.
Exclusive of indebtedness, other than for certain convertible deben¬
Associated Gas & Electric Co.—parent company, in proceedings
reorganization.
e
tures, to
for
$38,984,700 authenticated and held by the trustees under certain
indentures: $27,025,520 in treasury and in sinking funds; $68,493,000 owned
intercorporately of which aggregate amount $2,862,600 are pledged as
collateral for various obligations, and less $1,038,269 due during 1941.
f Less
Exclusive of liability for interest on indebtedness of Associated Gas
subsequent to Jan. 10, 1940, treated as reserve for adjust¬
of presently stated amounts of fixed assets and investments upon
final determination of values.—V. 153, p. 94.
g
& Electric Corp.
ment
Artloom
Corp.—15-Cent Common Dividend—
Directors have
declared a dividend of 15 cents per
stock, payable Sept. 2 to
holders of record Aug. 22.
S
S6
1
911,598
Other def. charges
Cash in banks
3,037
$4
1
873,058
3,296,700
4,050,805
1,194,300
2,231,482
2,231,482
CI. A cum. pf. stk.
1,038,308
1,038,308
debentures-11,658,000 11,748,000
123,908
128,735
389",812 Current liabilities4,255
5,545 Due to sub. cos-_Reserves
46,920
46,000
315,884
Surplus reserves.208,143
208,142
Earned surplus—
799,659
782,012
Com. stk. (par $1)
5^%
233,362
1,396
378,189
Accts. receivable..
$
3,296,700
cum. pref. stock 4,050,805
pref. cumulative 1,194,300
7% cum. pref. stk.
patent
count & expenses
Dec. 31,'40
$
Liabilities—
-—.-23,159,181 23,105,902
Investments
consolidated]
June 30/41
Dec. 31, '40
$
June 30, '41
"
------
.24,648,224 24,728,741
Total.
24,648,224 24,728,741
Total-.-
—V. 153, p. 681.
Atchison
Fe
Santa
Topeka
Bids for the sale of
,
certificates are to be
Aug. 21 with Didders to name
The certificates will be dated
$20,000,000 equipment trust
submitted at trie road's New York office on
the rate of interest in
Ry.—Seeks Bids on
'
Equipment Issue—
multiples of V9 of 1%.
Sept. 10, 1941, and mature in 10 equal annual instalments.
unconditionally guaranteed by the road.—V. 153, p. 681.
Atlantic
&
Gulf
West
Indies
They will be
(&
Steamship Lines
Subs.)—Earnings—Period End. June 30—
Operating revenues.—-.
a Operating expenses
1941—Month—1940
1941—6 Mos.—1940
$2,447,880 $2,120,515 $15,274,694 $13,016,708
2,149,118
2,073,582 13,156,047 12,459,607
51,664
$247,096
2,544
-
Gross income
Interest, &c
Net income
Prov.
for
declared
$1,801,462
21,515
$277,466
$7,159
40,379
$1,822,977
241,183
$342,095
282,812
def$39,220
$1,581,794
$59,282
41,744
244,871
126,290
Fed. Inc. &
value excess-
profits taxes
Net income
depreciation,
excess-profits taxes.
Includes
value
$185
6,974
57,532
—
$557,101
279,635
$205,077
.i
$2,118,647
317,185
$298,761
-
Operating incomeOther income
$46,933
46,748
$249,640
44,563
Net operating rev_
b Taxes
64,628
$147,545 def$80,964
$1,336,923 def$67,007
b Other than Federal income and declared
Note—These operating earnings are before Federal excess-profits
audit adjustments and do not include profits or losses arising
disposition of capital assets or purchase of this company's
Normal Federal income taxes have been accrued at 30%...
taxes
from
obligations.
and
The above statement
of the New
of Atlantic
includes the earnings from
subsidized operations
York and Cuba Mail Steamship Co. (a wholly owned subsidiary
Gulf and West Indies Steamship Lines) before provision for
one-half
possible recapture by the United States Maritime Commission of
of the profits in excess of 10% on the capital necessarily employed
operations (the amount of such recapture of profits to
by the total amount of subsidy received) as provided in the
Marine Act.—V. 153, p. 94; V. 152, p. 3961, 3800.
subsidized
in the
be limited
Merchant
-
a
books as at
$709,562
[The accounts of subsidiary companies are not
A sscXs
a
1,779,932
determination
Contributions in aid of construction ^on-refundable)-----Indebtedness (other than for certain debentures) to Asso¬
ciated Gas & Electric Co.:
g
$799,659
Balance, surplus June 30
_
69,085
42,872
336,710
subsidiaries-
Other deferred credits
subject to final
$22,664
707,706
24,519
$5,922
Due from sub. cos.
Reserves—Retirement (depreciation) of fixed capital
87,128,017
Conversion of debentures—24,861,280
Federal income
782,012
23,568
Balance deficit
Previous surplus
Direct credits to surplus
rights.
Minority interest in common
Miscellaneous
2
32.019
$5,922 prof$18,451
18,462
22,653
Net loss
$6 first preferred dividends
Unamort. debt dis¬
5,875,750
long-term debt (incl.
Provision for cumulative dividends
2
31,683
7 % first preferred dividends
Patents,
prior to 1934 and interest
-
Accrued int.
91,914
115,364,900
-
Federal income taxes for years
$375,739
325,267
*
and
intercorporately
owned
$29,359,015
debentures,
$347,609
321,846
General interest
$467,653
Comparative Balance Sheet
$1,035,303,162
,'V
$431,765
84,155
and taxes
1940
$433,000
34,652
Amortization of debt discount and expense,-.
4,298,200
Liabilities—
e
expenses
Net earnings
Debenture interest
proceedings of
Total
1941
$402,205
29,559
Other income
_
356,376
1,862,610
74,909,028
-
«.
_
(Earnings of Company Only)
receivables from, Associated
Co.—parent company, in
Telegraph Co.—Earnings—
Operating
5,348,595
545,232
958,706
-
Electric
Associated Telephone &
10,992,128
1,163,753
Other deferred debits.——--------Investments in securities of, and
Electric group was 117,947,531
(kwh.).
Tnis is an increase of 17,782,260 units or 17.8% above
production of 100,165,271 units a year ago.—V. 153, p. 828. v ;
f
units
21,523,218
of suosidiaries..
being amortized
capital in suspense, the disposition of which has not
yet been determined—
-Preliminary survey and investigation charges
-Abandoned railway fixed capital, being amortized
New
York
State
canal dam rebuilding costs,
being
Unamortized debt discount and expense
Fixed capital in suspense,
...
Co.— Weekly Output—
that for the week ended Aug. 8
of the Associated Gas &
6 Months Ended June 30—
Interest and divs. received from subs
Fixed
-
Electric
&
Gas
Total income
Other current and accrued assets
Deferred debits:
amortized..
Associated
The Atlantic Utility Service Corp. reports
net electric output
7,085,363
448,107
2,938,140
18,496,418
311,648
65,125
$1,125,488)—
Materials and supplies (including construction materials)
and merchandise, at cost or less-i-wv-ww«.i-'-'4.'-;i----^--^:'v.;
Prepayments.
-
excess
by subsidiary store companies, exclusive of the Manhasset
Taylor which has been in operation only 10 weeks, for the
13-week period ended Aug. 2, 1941 were $14,108,438 compared with sales of
$12,231,873 in the corresponding period last year, an increase of 15.3%.
Sales for the 26-week period ended Aug. 2, 1941 were $29,683,983 compared
with sales of $25,805,834 in the corresponding period last year, an Increase
of 15.0%.—V. 153, p. 828.
Sales reported
branch of Lord &
b Investments—Securities of Jersey Central
d Net
Goods Corp.— Sales—
Associated Dry
Gas & Electric Co.)
c
paid on May 10, last, and 25 cents was paid on Jan. 31, last, this
being the first common dividend paid since 1930.—V. 152, p.2694.
latter
(Exclusive of liability for interest on indebtedness of Associated Gas &
Electric Corp. subsequent te Jan. 10, 1940, and designating no amount
as capital liability of that company to its sole stockholder, Associated
^
981
& Financial Chronicle
share on the common
Dividend of 12 M cents
Atlas Powder
Co.—Offers to Exchange Common
for Darco
Corp. Preferred— ;
of Darco Corp. an
stock on the
Company has submitted to the preferred stockholders
to exchange Atlas common stock for Darco preferred
of three shares of Atlas common for four shares of Darco
offer
basis
preferred
foliow-
Atlas common for one Darco preferred), subject to the
limitations:
„
.
.
(1) That the holder of the Darco preferred stock will also
to
Atlas
along with his Darco preferred stock and without additional com¬
pensation, all shares of Darco common stock held by him, and
(2) That this offer will terminate as soon as acceptance thereof
respect to 1,900 shares of Darco preferred shall have been received by
Atlas, or at the close of business on Oct. 10, 1941, which ever shall first
(or M shares
ng
_
transfer
with
occur
states:
Leyland Lyon, President, in letter to Darco preferred stockholders
Atlas common stock is listed on the New York StocK Exchange, and its
share from Jan. 1, 1941, to Aug. 4, 1941, has ranged be¬
tween a low of $61 and a high of $72.25.
The closing price on Aug. 4, 1941,
was $69 per share.
Earnings for the year 1940 amounted to $5.71 per share of common
and dividends paid amounted to $4.25 per share.
For the six months ended
June 30, 1941, earnings amounted to $3.04 per share of common stock and
dividends of 75 cents per share each were paid on March 10, 1941 and
market value per
stock,
JUEmrco
Corp.
preferred stockholders accepting this exchange offer will be
dividends which may be payable on Atlas common
entitled to receive any
beginning Dec. 10, 1941.
No underwriting discounts or commissions will be paid in connection
with this exchange offer.
The amount of expenses incurred or to be incurred
in connection with the exchange offer is estimated at $1.93 per unit or an
aggregate amount of $2,750, which will be paid by Atlas.
Total sales of Darco Corp. for the year 1940 amounted to $1,112,938,
an increase of 36.6%
over the preceding year and an increase of 70%
above 1938 sales, and profits for the year, after taxes, amounted to $92,585,
compared with a deficit of $23,403 for the year 1939.
For the six months
ended June 30, 1941, sales amounted to $711,184 and profits, after taxes,
amounted to $46,032.
stock
The Commercial & Financial Chronicle
982
The rapid expansion in sales of Darco during the past three years has been
encouraging.
An Increasing number of industries, particularly in the
prove the quality of their products, justifying past belief in the ultimate
value of activated carbon to industry.
While competition has been severe,
a
fair share of the total business.
16, 1941
of floor space occupied by the company was approximately 987,745 square
feet.
Sales by the company in the six months period ended June 30, 1941,
aggregated $4,208,637. Purchase orders for equipment, materials, parts and
supplies, calling for future payment by the company of approximately
$8,600,000 were outstanding at June 30, 1941.
Such purchase orders
contain no provisions permitting cancellation by the company.
The company has produced new types of machine gun mount adapters.
corn
sugar, beet sugar, cane sugar and chemical fields, are using larger quantities
of activated carbon to increase the efficiency of their processes and to im¬
Darco has obtained
Aug.
It must be pointed
out, that an amount estimated to represent approximately 16.6% of total
1940, was export business going to areas formerly supplied mostly
from PJuropean sources.
How much of this business may be retained when
Substantial orders for these devises has
sales in
been received, and
Ordnance
an
Division has been established in the Buffalo plant to handle this branch of the
company's business.
As of July 15, 1941, the company's unfilled orders aggregated approxi¬
mately $86,000,000, of which approximately $32,000,000 were for materials
,
European supplies again become available is not known.
The increased demand for Darco has made necessary the expansion and
of plant facilities.
In 1940 a construction program was
modernization
under contracts with the British Government.
authorized
Funded Debt—The funded debt consists of bank loans aggregating
$1,070,000 as of June 30, 1941. Company borrowed an additional sum of
$35,000 on July 7, 1941.
Common Stock—Authorized 500,000 shares (par $1), of which 250,800
shares issued and outstanding as of June 30, 1941.
As of such date 14,200
requiring
the expenditure of approximately $250,000, which
Darco Corp.'s cash position was not adequate to
provide all of these funds as needed, and due to its heavy indebtedness and
past record of losses, the corporation was not in a good position to borrow
money on its own credit.
Therefore, Atlas Powder Co. agreed to advance
funds as needed, up to a limit of $200,000 against Darco Corp.'s 6% de¬
mand notes to finance this construction program, of which $100,000 has
been borrowed and remained unpaid as of June 30, 1941.
It is obvious
has been about completed.
shares
were reserved under the terms of an employees' stock purchase
plan.
In July, 1941, 800 additional shares of reserved stock were issued and
sold,
that on Aug. 1, 1941, 251,600 shares were issued and outstanding and
13,400 shares were reserved.
Upon the issuance and sale of these 100,000
shares, and upon the assumption that prior to that time no more shares are
purchased by employees under contracts, company will have 351,600 shares
of common stock ($1 par), issued and outstanding.
Purpose—It is contemplated that the estimated net proceeds will be
added to the company's general funds and used for working capital,
including
the cost of engineering and research, the purchase of materials, the pay¬
ment of wages, salaries, and other operating expenses.
Underwriters-—The names of the respective underwriters and the number
of shares which each has agreed to purchase are as follows:
so
that all available cash for sometime to come must be applied to repayment
of these cash advances, and to the payment of the $50,000 per annum re¬
quired for the liquidation of the 10-year serial notes, $450,000 of which
were outstanding as of June 30, 1941.
The entire present capacity of the Darco plant at Marshall, Texas, is
required to fill domestic and export orders.
Even with this volume of
business, current earnings are considerably less than the rate of $8 per share
on preferred stocK.
The financial position must be improved before the
payment of any preferred dividends can be considered.
Current earnings
would have to exceed $8 per share, with
satisfactory financial condition,
before there could be any decrease in back dividends on preferred stock.
Common stock could receive no dividends unless and until back dividends
on
Name—
Shares
G. M.-P. Murphy & Co
Schoellkopf, Hutton & Pomeroy, Inc
Blyth & Co., Inc
Hayden, Stone & Co_
Eastman, Dillon & Co__—..-4..,..
preferred stock: had been liquidated in full.
In the past, Atlas from time to time has made offers to purchase Darco
fireferred stock. Atlas' the prefererd and 67.86% thus been increased and
82.24% of ownership in Darco has of the common stock of
t now owns
Darco Corp.
Numerous
Laurence M. Marks & Co.
Merrill Lynch, E. A. Pierce & Cassatt
Jackson & Curtis
requests have been received indicating that many of the
present preferred stockholders of Darco Corp. desire to sell their holdings,
and the improvement in sales and earnings and future outloox for Darco
In
such
Engineering and design of an
experimental nature were continued.
In September, 1937, a new
type
experimental airplane (long range multi-seater
fighter known as the Bell
"Airacuda") was flown for the first time.
Sales by the company in its fiscal
year ended Dec. 31, 1937, amounted to
$1,707,627. As of Dec. 31, 1937 (by deed recorded Jan.
6, 1938) the com¬
pany acquired an improved airport which it does not use in
connection with
its business. The
airport was acquired under the terms of a contract for the
manufacture by the company of aircraft
parts for another manufacturer.
Such contract was completed in
1938.
The contract provided for
payment
to the company of
$125,000 of the contract price of approximately
$1,250,000
by conveyance of the airport to the
company.
In 1938 the
company continued the manufacture of aircraft parts for
such other contractor under
subcontract.
experimental nature were continued.
engaged in certain development work.
Engineering and design of
31,1938, the leased floor
space occupied by the
company aggregated approximately 197,500 square
feet.
As of the same
date, it employed approximately 850 persons. Sales
by the company in its fiscal year ended Dec.
31,1938, amounted to $1,219,2u«i
•
In 1939
development work and engineering and
design of an experimental
continued, together with the manufacture related to contracts
During the year a single-seater interceptor pursuit
airplane known
as the
Airacobra" was test flown. As of Dec. 31, 1939, company employed
approximately 1,100 persons and sales for the
year ended Dec. 31, 1939,
amounted to $450,439.
'
In 1940 another
single-seater type airplane known as the "Airabonita"
was test flown.
Orders received in 1940 for the
production of "Airacobra"
type airplanes required rapid
expansion of plant facilities and concentration
production facilities on the manufacture of
this type.
Experimental and
development work was continued. Leased
floor space in the Buffalo
of
was
increased to
plant
1940.
approximately 500,000
square feet as of Dec. 31,
increased to approximately 4,400 as of that
production employees was estab~1^40' the construction of an assembly plant having
approximately 240,000 square feet of floor
space on land adjacent to the
airport owned by the City of
Niagara Falls, N. Y., about 16 miles from the
'
was t>ekun under an
emergency plant facilities
the number of
ljuj
employees
was
school for training inexperienced
.
i
n^ici Government.
to $5 188
(XHy
The plant
contract with
was occupied by the company in May,
company *n its fiscal year ended Dec. 31,1940,
1941 the company continued to
expand.
As of June 30,
number of employees had been
increased to approximately
1941, the
8,400, of which
approximately 1,100 were employed at the
Niagara Falls plant.
Leased
floor space in the Buffalo
plant was increased to
approximately 747,745
square feet, the maximum
space there available to
the
company.
The
is dated
July 1, 1941, and expires June 30, 1943. The
gross rental for
the entire two-year period is
$381,536.
The lease is non-cancellable, and
an option to the
company to renew the same for a period of
one,
two or three years.
Including the Niagara Falls plant, the aggregate amount
lease
contains
/
$9,813
$81,613
939
Drl ,025
$10,753
$80,588
:
1,550
15,100
$9,203
v
$65,488
Balance Sheet June 30, 1941
Liabilities—
on
hand-
Accounts receivabl e.
Cash surrender value
_
insurance
_
_
$3,873,340
1,434,949
.
of
life
$1,745,740
410,042
—..
8,788
....
Accounts payable
Accrued payrolls
Accrued taxes.
-
-
.
_
Other accrued liabilities
.
220,479
09,970
395,844
_
-
Inventories
5,703,900
Prov. for est. Fed. inc. taxes.
Fixed assets, at cost (net)Emergency plant facilities
Intangible assets
1,290,573
Amounts rec. in adv.
110,804
1
Deferred charges
3,611,406
tracts
Res.
on
con¬
(net)..
for future
10,011,855
experimental
& development expense...
Common stock ($1 par)
Paid-in surplus
Earned surplus
Total...
816,033,820
300,000
250,800
1,889,790
072,704
Total——
--.-$16,033,826
-V. 153, p. 829.
Bell
Telephone Co. of Pennsylvania—Earning,s—
Period End. June 30—
Operating revenues
Uncollectible oper.
rev..
Operating revenues..
Operating expenses
Net
oper.
revenues..
Operating taxes
Net
1941—Month—1940
1 941—6 Mos.—1940
$6,876,457
$6,272,280 $40,695,298 $37,790,770
14,599
21,544
83,078
109,711
$6,861,858
4,560,260
$6,250,736 $40,612,220 $37,681,059
4,172,755
26,522,439
25,189,508
$2,301,598
714,656
$2,077,981 $14,089,781 $12,491,551
773,070
4,394,009
3,630,942
operating income $1,586,942
1,080,311
Net income
—V.
153,
p.
$1,304,911
856,751
$9,695,772
6,831,002
$8,860,609
6,176,656
829.
Borden Co .—To Sell Vitamin Products—
This company on Aug. 11 announced the formation of a vitamin
products
department under the management of Harry McNeilly, Industrial
Engineer
and former Vice-President of Scott & Bowne Vitamin
Corp.
The new department will manufacture and sell certain
vitamins,
par¬
ticularly vitamind A and D, derived from natural sources, for food and feed
fortification.
As needs develop, other vitamin products will be added.
—V. 153, p. 683.
Border City Mfg. Co.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Aug. 13 to holders of record Aug. 6.
Dividend of 25 cents
was paid on Feb. 11
last, this latter being the first common dividend since
1937.—V. 152, p. 1124.
Brazilian
Traction, Light & Power Co., Ltd.—Earns.—
Period End. June 30—
1941—Month—1940
1941—6 Mos—1940
Gross revenues
$3,602,456
$3,063,378 $20,397,259 $18,103,655
Operating
expenses
Net earnings
-V. 152, p. 4117.
1,652,405
British Columbia Power
1,532,871
9,520,133
8,987,212
$1,530,507 $10,877,126
$1,950,051
$9,116,443
Corp., Ltd.—Earnings—
Month of June—
Gross earnings
1941
Brooklyn
&
Stock at $10—
The value of the
1940
$1,452,159
Net earnings
—V. 152, p. 2845.
$1,317,001
469,404
469,997
Queens Transit Corp.—Court Appraises
stock of the corporation to those stockholders
who objected to the corporation's sale to the
City of New York under the
plan of transit unification has been increased by Supreme Court Justice
Lockwood to $10 a share.
The value as previously set by the appraisers
was
$6.75
a
common
share.
Justice Lockwood announced his decision in a
lengthy statement modify¬
ing the report of the appraisers, Nathaniel L. Goldstein, Lewis H. Pounds
and Frank C. Russell, who were appointed
by him to appraise the value of
the common stock of the corporation.
Stockholders, at the meeting called for
amounted
In
$284,745
Assets—
Cash in banks &
hand.
_
91,500
$263,827
Net profit for period
nature were
on
$376,245
350,000
1938
$450,438 :$1,219,2.52
440,624
1,137,639
Federal
est.
income taxes
an
In this year the
company was also
As of Dec.
$335,502
40,742
$613,827
Total profit
for
1939
$5,188,000
4,852,497
$562,362
51,464
Operating profit
Prov.
1940
$4,208,637
3,646,275
...
Cost of goods sold
common
1937 the company continued the manufacture of
aircraft parts for
other contractor under subcontract.
8,000
6,000
5,000
5,000
—
Years Ended Dec. 31
-
June 30, '41
.
Bell Aircraft
incorp. in New York July 10,
1935.
The character of the company's business is the
creation, design,
development, construction, testing, sale and repair of aircraft and parts
therefor and related devices. Up to Aug.
13,1941, company has been engaged
in the design and development of aircraft and related
devices and, upon a
contract or subcontract basis, in the manufacture and sale of aircraft
and
of parts therefor and other devices, such as machine
gun mount adapters,
for military and naval purposes.
Engines, propellers, aeronautical instru¬
ments and certain other equipment are not manufactured
by the company.
It is intended that the business to be done
by the company will be the
creation, design, development, construction, testing, sale and repair of
aircraft and parts therefor, and other
devices, principally for military and
naval purposes.
The principal raw materials used by the
company in its
business are purchased in the open market from domestic
suppliers.
The company operates as a
contractor, substantially all of its contracts
being, either directly or indirectly, with or for governmental departments or
agencies of the United States or foreign countries.
Company began plant operations in September, 1935, in approximately
40,000 square feet of leased floor space.
From the time operations were
begun until Dec. 31, 1936, the operations of the company were
chiefly
engineering and design of an experimental nature, and the manufacture
by the company of aircraft parts for another manufacturer under sub¬
contract. As of Dec. 31, 1936, the leased floor
space occupied by the com¬
pany aggregated approximately 145,000 square feet.
Sales by the company
from July 10,1935, its date of
incorporation, to Dec. 31,1936, amounted to
$339,961.
—
—...—
■
Other income
was
-----
3,000
—.———3,000
6 Mos.End.
Sales
Beech-Nut Packing Co.—Extra Dividend—
History and Business—Corporation
—
Statement of Income for Stated Periods
1
Corp.—Stock Offered—Offering of 100,000
stock (par $1) was made Aug. 14 by a
group headed by G. M.-P. Murphy & Co., Schoellkopf,
Hutton & Pomeroy, Inc., Blyth & Co., Inc.,
Hayden,
Stone & Co. and Eastman, Dillon & Co.
The shares were
priced to the public at $18.50 per share.
—-
Union Securities Corp
Directors have declared a dividend of 15 cents per share on the common
stock, payable July 25 to holders of record July 10.
Like amount paid on
March 15, last and last previous distribution was the 25 cents paid on
Aug. 30, 1937.—V. 153, V. 542.
shares of
17,500
15,000
15,000
15,000
-
-
Atlas Tack Corp.—15-Cent Dividend—
Directors have declared an extra dividend of .50 cents per share in addition
the regular quarterly dividend of $1
per share on the common stock,
both payable Oct. 1 to holders of record Sept. 10.
Extras of 25 cents were
paid on July 1, April 1 and Jan. 2, last; a special dividend of $1 was paid
on Dec. 14, 1940; extra of 50 cents
paid on Oct. 1, 1940.—V. 153, p. 543.
—
—
—
Auchincloss, Parker & Iiedpath
Emanuel & Co-.----.-.—-
Corp. have influenced Atias Powder Co. to mage an offer at this time.
Darco stockholders desiring to exchange their Darco preferred stocK for
Atlas common stock should mail same with form provided to the
Empire
Trust Co., 120 Broadway, New Yoik City.—V. 153,
p. 829.
to
—
..
to
the
purposes of
approving the sale
city,
were advised that, in the event of unification, they would
their share of the purchase price approximately $4 a share.
The basis of Justice Lockwood's decision is that the value of
the stock
must be determined
by the appraisal which was made for the Brooklyn
Manhattan Transit by Stone & Webster when the B.M.T. was
offering for
sale to the public its collateral trust notes in
1936, and that the company
should be bound by the representations it made at that time to its
stock¬
holders and the public.
receive
as
Stone & Webster, at the instance of the
company, bad appraised the
value of the company's properties on a reproduction basis at
$95,370,000,
Volume
The Commercial & Financial Chronicle
153
Balance Sheet June 30
which, without giving consideration to the value of its franchises and going
value, was equal to $14.09 a share.
The company could not contend, for
appraisal purposes that its common stock was valueless when, for the
purposes of selling Its securities to the public several years prior thereto,
it had represented this stock to have substantial value, the Court insisted.
At the hearings the company contended that the common stock was
valueless and that the dissenting stockholders were not entitled to receive
anything except the amount they would receive in the distribution of the
proceeds of the sale to the city.
As the result of the decision, the dissenting stockholders will receive
approximately three times as much as those who assented to the plan.
—V. 153, P. 3962.
"■■.'r:'
Assets—
a
1941
Investments
Dlvs.
receivable..
16,180
b25,187
Deferred charges..
95,943
112,174
15,062
Total
$7,075,187 $7,421,222
602,120
4,774,365
....$7,075,187 $7,421,222
Market value at June 30, 1941, $4,457,224; June 30, 1940, $4,023,919.
b Includes interest accrued.—V. 152, p. 3173.
v.-1;> y
Previous
Celanese Corp. of America
12 Mos. End. June 30
Net profit from opera¬
Exchange Commission has granted the application
of the New York Curb Exchange to strike the common stock (no par)
(& Subs.)—Earnings1940
1941
1939
tions, before deprec_a$14,510,449 a$12418,731
Divs.
listing and registration, effective at the close of the trading session
Aug. 18.
The above stock has been suspended from dealings since April 19, 1938.
—V. 152, p. 4117.
.v; -vy
o :
from
$3,170,914
28,330
329,106
61,805
$14,552,826 $12,809,642
2,601,928
2,067,482
58,113,804
1,504,921
$3,220,096
1,338,029
219,467
income..
Miscell. income, net
42,377
Total income
Depreciation
Inc.—15-Cent Dividend—
Interest
15 cents per share on the common
on
...
20",852
debentures &
debt
otner
1938
$7,773,295
39,533
274,887
26,089
investments
on
Non-recurring
on
Butler Brothers,
6,605
2,000,000
a
and
Directors have declared a dividend of
27,737
4,241
1,874,000
debentures...
566,792
Cap. stock (par $1)
Capital surplus... 4,578,921
Burco, Inc.—Stock to Be Stricken from List—
Securities
1940
$23,070
Dividend payable-
payment was made in
The
Payable for securi¬
ties purchased..
5%
the preferred
18.
stock, payable Aug. 30 to holders of record Aug.
February, 1940.—V. 152, p. 1274.
Accts. payable and
accrued expenses
Prov. for taxes...
Total
class A
1941
$23,496
Liabilities—*
1940
$6,399,985 $6,498,291
563,079
785,570
Cash in banks
Co.—Preferred Dividend—
Brown Fence & Wire
Directors have declared a dividend of $1.50 per share on
983
1, 1939 and regular quarterly
1938.—V. 152, p. 3015.
Cabot Manufacturing
603,097
586,725
27,259
22,583
60,000
2,182,898
1,032,378
105,155
$7,868,906
$4,967,198
$1,557,446
Amort, of debt premium,
discount and expenses
1,
dividend of like amount was paid on March
775,450
237,636
Fed. inc. tax provision.. b5,755,788
stock, payable Sept. 1 to holders of record Aug. 6.
Similar payment was
made on March 3, last, Dec. 1 and March 1,1940, Dec. 1 and on March
was
Prov. for loss in equity of
inv. in Celluloid Corp.
Co.—$1 Dividend—
Directors have declared a dividend of $1 per share on
Net
the common stock,
payable Aug. 15 to holders of record Aug. 7.
This will be the first dividend
paid since Aug. 14, 1937 when $1.50 per share was distributed.—V. 147,
p.
1918.
California Electric Power Co.
%
(& Subs.)—Earnings—
Note—Net profit for 12 months ended June 30, 1941, was equal to $9.02
$553,053
282,150
52,028
$5,319,832
2,769,396
617,480
$5,192,148
2,868,705
591,961
$213,235
$1,932,957
$1,731,483
2,556
44,945
32,014
$223,166
96,759
$215,791
118,753
$1,977,902
1,357,285
$1,763,497
1,441,677
$126,407
Depreciation
$517,426
253,181
51,009
$218,875
4,291
Operating revenues
Oper. revenue deduct'ns
$97,038
$620,617
$321,820
Net oper. revenues___
Other income
Gross income
________
Income deductions
Net income..
—v. 153, p.
a
1941—12 Mos.—1940
1941—Month—1940
.
$5,182,025
a After deducting $3,924,092 in
1941 and $3,622,962 in 1940 for selling,
general and administrative expenses,
b Prov sion has been made at rates
in excess of those in the existing Internal Revenue Code.
This provision
also includes excess profits taxes of $918,312 applicable to first six months
of 1940, but which was not provided for until Djc. 31, 1940.
[And its Consolidated Subsidiaries]
Period End. June 30—
income
$2.42
share on participating preferred and
Camille Dreyfus, President, states:
a
common
share.
business in the second quarter of 1941
reached record levels with sales amounting to $16,598,234, resulting in
earnings before taxes of $4,135,166.
This compares with sales of $10,973,314 and earnings before taxes of $2,089,754 for the first quarter of
1941—V. 153, p. 96.
The volume of your company's
Central Illinois Public Service Co.—Earnings—
Operating revenues
Oper. exps. and taxes...
830.
1941—12 Mos.—1940
1941—3 Mos.—1940
Period End. June 30—
$3,619,498 $15,488,577 $14,804,394
2,627,900
11,057,693
10,587,420
$3,727,185
2,666,007
$1,061,178
California Oregon Power
—
Taxes
480,000
7,270
699,944
263,996
$2,423,732
$2,299,463
_
238,978
11,180
7,514
$2,195,934
842,500
203,223
debt
Amortization of debt discount
Other interest
and expense
$2,068,676
842,500
203,223
_
_
CV2.972
63,044
21,774
Interest
abandoned
Miscellaneous.-
——
$561,915
$489,428
$2,400,160
$2,202,024
Central
Cr3,547
85,567
22,616
Net
Canada Northern Power Corp.,
232,464
Net
$189,984
earnings
$197,154
$1,136,833
Earnings for Week Ended Aug.
:
—Y. 153, p.
$1,196,608
1941
$4,464,381
153, p.
$3,429,000
-
$6,727,000
6 Mos. End. June 30—
Income—Dividends
Interest
date
1940
$141,692
1939
$107,234
6,467
18,805
$148,159
$126,038
13,204
5,901
5,888
8,144
4,860
4,991
2,729
3,216
59,340
3.417
58.345
4,457
57,600
Net
Net
-
sales of in¬
(computed
basis of a vge. cost).
on
$5,381; total, $14,866,345.
$61,161
$39,550
$21,929
124,251
78,407
443,141
464,434
$76,888
28,389
$17,246
30,124
$403,591
30,124
$442,505
on
Net operating
loss
Dividends declared.....
*
60,212
$3,168
$2,346
include realized or unrealized gains
Sheet
June 30,
1941
payable for shares purchased,
$876; accrued ex¬
$4,142; accrued taxes, $995; reserve for dividend payable Aug. 1,
$233,197; capital accounts (represented by 568,774 shares of $1
par value), $14,623,967; amount available for distribution, $3,168; total,
$14,866,345.
Note—The net assets of the trust as at June 30, 1941, taken at market
1941,
425
vestments
$211,744
209,398
penses,
650
$47,363
income.
loss
Balance
;:
yy ••
2,762
$236,365
233,197
Assets—Investments (cost), $14,349,176; cash in bank, $389,716; ac¬
crued dividends receivable, $122,072; account receivable for shares sold
---c--
......
2,967
830
losses on investments.
Liabilities—Account
Federal
440
available for distribution
Note—The above statement does not
2,577
3,211
65,909
Balance of amount
or
8,265
Legal & auditing fees—
State franchise taxes and
Fed. capital stock tax.
income tax
$206,016
of amount available for distribution at
beginning of period
sales & purch. of shs. to equalize
amount per share available for distribution
12,050
Prov. for normal
25,580
$235,095
Balance
$107,305
13,564
1940
$231,596
29,343
Amts. set apart on
1938
$93,904
13,401
12,407
expenses
—
distribution
Reserved for dividend payable Aug. 1
$139,652
Other
1941
$264,438
June 30—
cash dividends...
Amount available for
Management fee
Fees of custodian, regis¬
trar, transfer agent
Total income.
be purchased with the funds remaining
as
Net investment income
Corp.—Earnings—
1941
in the order of the receipt of tenders thereof com¬
Expenses
152, p. 114.
$139,159
493
Corp.—Tenders—
Century Shares Trust—Earnings—
dividend of 10 cents per share on the common
Carriers & General
such
Income from
stock, payable Sept. 30 to holders of record Sept. 20.
Like amount paid
on Dec. 28, 1940, and last previous distribution was the 15-cent dividend
paid on Dec. 27, 1937.—V.
it is
tax.
153, p. 684.
6 Months Ended
quarterly divi¬
(Philip) Carey Mfg. Co.—Common Dividend—
a
$558,876
be purchased from each owner tendering
nearly as practicable in equal principal amounts until
the available fund is exhausted.—V. 153, p. 685.
on
dividend of $2 per share on the common stock,
payable Sept. 30 to holders of record Sept. 20.
Previously
dends of $1 per share were distributed.—V. 149, p. 4021.
declared
$817,155
received on any one date than can
available on such date, bonds will
$5,353,000
684.
Directors have
$348,067
Bonds, will be accepted
Canfield Oil Co.—$2 Dividend—
Directors have declared a
$430,548
income
mencing with Aug. 20, 1941, and ending at 4:00 p. m. (EST) on Sept. 19,
1941.
All tenders received prior to, as well as those received on, Aug. 20,
1941, will be considered as received on Aug. 20, 1941.
If more bonds are
7— Period July 21 to July 31
1940
1941
1940
$4,246,000
Gross earnings....
$1,203,664
644,788
hausted.
Week Ended Aug.
1941
543,202
Central States Power & Light
1940
$5,620,029
—
$634,162
286,094
$1,360,358
279,872
$1,198,887
4,777
Corporation has offered to purchase first mortgage and first lien gold
bonds, 5H% series, due Jan. 1, 1953, with Jan. 1, 1942, and subsequent
coupons attached at a price of 100 plus accrued interest until the sum of
$5,210,000 plus an amount equal to such accrued interest has been ex¬
830.
Canadian Pacific Ry.—Earnings—
—V.
7
$710,421
8,503
No provision has been made for excess profits tax as
anticipated that the profits of the companies will not be subject to such
Canadian National Ry.—Earnings—
Gross revenues
$1,351,854
Act of 1940."
—V.
—V. 153, p. 389.
'
$630,100
4,063
4,890,276
Notes—The provision for Federal income taxes for the six months period
ended June 30,1941, are based on the requirements of the "Second Revenue
1941—6 Mos.—1940
$2,507,761 $2,548,477
1,370,928
1,351,869
210,309
Operating expenses..
$702,948
7,473
Gross income.
Ltd.—Earnings—
1941—Month—1940
$422,448
$407,463
Period End. June 30—
$5,970,335
4,771,448
$6,242,130
operating income-
Net
1941—12 Mos.—1940
$2,990,528
2,360,428
Int. & other deductions.
389.
(& Subs.)—Earnings—
1941—6 Mos.—1940
$3,156,703
2,453,755
Other income
Note—No provision for excess profits tax under the
of 1940 was made as it is estimated no such tax will be
Gross earnings
Power Co.
Indiana
Period End. June 30—
$1,063,561
$914,678
Second Revenue Act
due.—Y. 153, p. 95.
Net income
$4,217,671
2,015,647
Operating revenues
Oper. exps. & taxes
3,639
^
charged to construction
Amortiz. of preliminary costs of projects
$4,440,274
2,040,113
provided in the Second Revenue Act of 1940.
Earnings figures published in
1940 prior to enactment of that Act have been adjusted for purposes of
comparison.
It appears that the proposed Revenue Act of 1941, as reported
to the House of Representatives by the Committee on Ways and Means
on July 24, 1941, may increase the company's Federal income and excess
profits taxes approximately $155,000 and $140,000 for the first and second
quarters of 1941 respectively.—V. 153, p. 830.
$2,061,162
-
—
Gross income
$4,216,974
Note—Federal income taxes have been accrued in current periods at rates
238,301
$2,184,754
...
income
697
$991,670
502,242
Net income..
7,270
657,400
201,000
_
Net operating revenues
Rent for lease of electric plant
9,390
279,866
480,000
Provision for Federal income taxes
Interest on funded
1?40
$5,111,651
1,186,651
240,276
Appropriation for retirement reserve
Amortization of limited-term investment
Net operating
Other income-
_
$5,409,525
1,294,306
—
__
$4,430,884
72
Other income (net)
1041
Operating revenues
Operation
Maintenance and repairs
$991,598
Dr 603
$1,060,574
Int. & other deductions.
498,660
Co.—Earnings—
Years Ended June 30—
quotations, amounted to $14,246,125, the equivalent of $25.05 per share
before deducting the dividend of 41 cents payable Aug. 1, 1941.
No provision has been made above for 1941 Federal income tax as it is
expected that the trust will qualify as a mutual investment company under
the Revenue Act now in effect and no liability for income tax wiU be in¬
curred.—V. 153, p. 238.
The Commercial & Financial Chronicle
984
Certain-teed Products Corp. (&
6 Months Ended June 30—
Sales (less discounts and allowances)_
Cost of sales
—
—
—
Depreciation and depletion
Selling, general and administrative
1941
—
—
$8,359,621
299,444
1,408,569
6,398,686
311,504
1,409,291
$951,3&3
88,273
2,444
—
expenses
— —
Miscellaneous income
—
Island
1940
$10,024,086
7,964,690
.
__
Operating profit.
Subs.)—Earnings—
—
(net)
Extraordinary credits (net)—
Dividends received from Sloane-Blabon Corp
Assurances with respect to preservation of rights as
pledgee of the Kankakee
& Seneca RR. 1st mortgage 4H% bonds and the Rock Island
Improvement
Co. 1st & coll. mortgage 5%
6 Mos. End. June 30—
232,988
Profit
Unrealized
Profit............
49
.........
............
56
$835,707
316,986
...
Estimated provision for income taxes
$296,655
128,074
sales-
—
Cost of sales
$296,599
gain arising from conversion of Cana¬
dian assets and deferred charges..
a
$544,316
3,064
244,652
$835,658
on investments and notes
debenture bonds.
on
a
No (J. 8.
excess
$518,721
$0 48
...
common
stock
charges
included in
The
above statement
does
"dividend of $3 per share on the class A
preferred
Corp. payable July 15, 1941.—V. 152, p. 3492.
a
not
give effect
to
stocs: of Sloane-Blabon
The Interstate Commerce Commission has
issued a supplemental report
(dated July 31, 1941) amending and modifying the
reorganization plan as
approved by its report and order of Oct,
31, 1940. The plan is modified in
following particulars:
Effective Date of Plan—The effective date
including
no-par
common
new
of the plan
capitalization is increased
stock
$100
as
increase of $20,000,000 in contingent
or to be
made, prior to Jan.
share.
a
is advanced to
This
to
.
foreign
inc.
&
an
interest bonds and payments made
public interest involved in the possible acquisition
of the Rial properties
by the Louisiana & Arkansas.
Specifically, the
modifications provide (1) that the
acquisition of the Rial by the Louisiana
& Arkansas would not be in the
public interest, (2) that the Rial bondholders'
committee plan of reorganization based
upon the Louisiana & Arkansas'
offer for the properties should be
rejected, and (3) that the Rial properties
should be included in the
reorganized Rock Island system.
$1,409,600 of unpaid interest accrued on these bonds to Jan.
1, 1942 the
holders shall receive an
equal face amount of new first mortgage 4% bonds
of the reorganized
company.
The Choctaw Omaha & Gulf RR.—The
treatment of the bonds of this
company is modified by crediting them with the entire
earnings of the
Choctaw & Memphis in excess of the
latter's interest requirements, instead
of merely the excess over
1H times interest requirements.
Reconstruction Finance Corporation—The treatment of this
creditor has
been modified in various
respects, the most important of which is the issue
to it of a new
10-year collaterally secured note for $2,500,000 in
recog¬
nition of various items of miscellaneous
collateral.
been
modified
by elimination
of the provision for
appointment of one of the five
reorganization managers
by the trustee under the indenture under which the Rock
Island's 30-year
convertible bonds were issued,
which one of the five
and by substitution of a provision under
reorganization managers would be appointed jointly
by the trustees for the Rock Island general
mortgage, the Rock Island first
and
refunding mortgage, and the Rock Island secured 414% bonds. The
plan also has been modified to permit the trustee
under the Rock Island
30-year convertible bond indenture and the committee
representing the
holders of Burlington Cedar
Rapids & Northern Ry. consolidated first/
mortgage 5% bonds to participate with other
groups in appointing the fifth
reorganization manager.
Sales Provision
of Plan—The plan has been modified to permit, with the
approval of the court, the use of funds
which, in the judgment of the re¬
organization managers are available
among the assets of the debtor's estate
of the reorganized
company and are not necessary for workiing
capital
requirements of the new company or to
pay any of the obligations under the
plan, to pay the portion of the purchase price of
property acquired at fore¬
closure sale under the
plan, payable in cash.
Protection of Employees—On motion of the
ICC, the plan has been amended
to provide that as a
condition of the Commission's
or
veyance of the properties
approval of the
of the
con¬
Chicago Rock Island & Gulf Ry. to the
reorganized company, the ICC shall
require
ment to protect the interests of
the railroad
a
fair and equitable arrange¬
employees affected.
Miscellaneous—In addition to the above
modifications, certain provisions
of the approved
plan have been modified to meet technical
objections with
respect to their workability; also
clarified in certain minor
respects.
certain
provisions thereof have
been
t
Distribution of New Securities—Under the
plan
obligations will be assumed undisturbed
T. Co. first
mortgage 4% bonds will be
as to
as
modified, equipment
The P. T. Co.-P. Ry.
1, 1967, with the
guaranty discontinued and otherwise undisturbed.
The holders of out£ Ch°ctaw & Memphis first mortgage bonds will receive for each
$1,000 bond such bond extended for
20 years at 4% interest, and for interest
terms.
extended
to Jan.
matured unpaid, upon
presentation of the defaulted
coupons, $400 in new
mortgage bonds. The distribution of new securities to
the holders of the
remaining securities and claims, other than
collaterally secured notes, will be
as
follows, no par common stock being stated at
$100 a share:
first
Will Receive Per Each $1,000
Neiv
New 1st
~
Inc.
New
,
..
Mtge.
Pref.
Com.
_
C. R I.&P
Bonds
gen.mtge.4% bds.
1st &ref. mtge.
4% bonds-.
Secured4
% bonds
S.^^coMol.mtge.Srobds.
St.P.&K.C.S.L.
1st
$83.51
58.65
66.29
Bonds
Stock
$454.14 $445.98
232.72
209.62
263.03
236.93
_
awtr?tgeu4H,% bds4% bonds
.
B.
C.R.&N. consol. 1st
mtge.
conv.4H% bonds.
Gem creditors, per $1 000
claim
C.
R.L&P.6% pref.
7% pref. stock
Common stock
Totals
Stock
$336.37 $1,320.00
524.85
1,025.84
593.22
1,159.47
189.80
1,272.01
stock
20,974,843
4,351,132
30,494,274
4,351,132
25,345,771
5,709,600
$4.82
$7.01
4,351,132
$5.83
4,351,132
$1.31
profits taxes,
Period End. June 30—
Operating
Operating
expenses
Operating income
p.
3802.
$226,476
$496,100
3,965
2,992
2,103
10,310
$223,909
$229,468
165,137
5,500
1,799
372
$498,203
326,148
7.976
$496,032
330,332
500
$54,412
Gross income.
Int.
long-term debt..
on
$56,661
161,444
5,408
2,084
Taxes assumed on int...
Other interest charges...
Net
1941—12 Mos—1940
$1,910,423
$1,805,956
1,414,323
1,320,234
$219,944
Other income
income
—V. 152, p. 3018.
1,864
$158,094
1941
$9,946,233
$9,266,891
19,122
11,651
23.777
$9,977,006
1,500,000
33,742
3,734
$9,298,793
1,500,000
122,535
27,566
$8,562,065
income
$7,819,959
...,
income
on
1940
$33,251,633 $31,185,084
23,305,399
21,918,193
Net operating revenues.
Interest
$151,762
Illuminating Co. (& Subs.)—Earns.
Interest.
Gross
8,308
4,254
1,377
4,122
12 Months Ended June 30—
Operating revenues
Oper. exps., maint., taxes and depreciation
Other
$485,722
-
.
Cleveland Electric
funded debt
Amortization of bond premium
Other interest
_
A
Less—Interest during construction
Net income
8,125
______
6,399
Note—The provision for Federal income tax for the 12 months
ended
1940, includes additional accrual of $156,000 (on the basis of a
tax rate of 24%) applicable to the taxable net
income for the six months
ended June 30, 1940, which was provided on the books
subsequent to
June 30, 1940.
The provision for Federal income tax for the six months
ended June 30, 1941, has been
computed at the existing tax rate of 24%.
June 30,
—V. 152, p.3175.
Clinchfield
RR.—Equipment Trust Certificates—
The Interstate Commerce Commission on
Aug. 5 authorized the Atlantic
Coast Line RR. and Louisville & Nashville RR. to
assume obligation and
liability, jointly and severally, in respect of not exceeding $1,720,000 of
Clinchfield RR. equipment trust series B
1%% serial equipment trust
certificates, to be issued by the City Bank Farmers Trust Co
as trustee,
and sold at
100.1259% of par and divs in connection witn the procurement
,
of certain equipment.
The report of the Commission states in
part:
The applicants invited 157 investment
.....
i
.
houses, savings
banks, insurance
companies, commercial banks and trust companies to bid for the
purchase
of the certificates, the bidder to name a rate
of dividends, in multiples of
Vi of 1% per
seven
bids
based
on
a
annum, to be
were
received.
rate of
1%%
borne by the certificates.
The best bid,
per annum,
was
In response thereto
100.1259 and accrued dividends,
made by Halsey, Stuart & Co.,
Inc., on behalf of itself and associates, and has been accepted,
subject to
approval.
On this basis the average annual cost of the
proceeds to
the applicants will be
approximately 1.72% —V. 153, p. 686.
our
Columbia Broadcasting System, Inc.—To Sell Subs.—
At a special meeting held
Aug. 11 the stockholders of this company
approved contracts made by the corporation for the sale of its interests
in
its artist management
subsidiaries, Columbia Concerts Corp. and Columbia
Artists, Inc.
The Concerts Corp. stock is to be sold to the Concerts
Corp.
itself and the Columbia Artists' stock is to be
sold to an affiliate of Music
Corporation of America.—V. 153, p. 831.
Columbus
&
Southern
Ohio
Electric
Co.—Bonds
Called—
City Bank Farmers Trust Co. is notifying holders of first
mortgage bonds,
3M% series due 1970, that it has drawn by lot for redemption on
Sept. 1,
1941 at 107% and accrued interest
$200,000 principal amount of tnese
The bonds will be redeemed at the
principal office of the
22 William St., New
York, N. Y.—V. 152, p. 3339.
Dank,
Commonwealth Edison Co.—Weekly Output—
Last
week's electricity output of the Commonwealth Edison
group o
companies, excluding sales to other electric utilities, showed a
12.5% in
crease over the
corresponding period of 1940.
Following are the kilowatthour output totals of the
past four weeks and percentage comparisons with
612.20
950.67
461.58
42.26
1,005.16
188.88
152.84
Week Ended—
63.44
447.42
528-17
878-17
August 9
August 2
July
26.
July
19
—V. 153, p. 833.
last year:
433.33
433.33
433.33
433.33
Elim't'd
Elim't'd
Elim't'd
The banks which hold the notes
of the debtor will receive
approximately
following totals of new securities: New first
mortgage bonds, $759,731;
new Income
mortgage bonds, $2,749,742; new
preferred stock, $2,335,362;
new common
stock, 83,009.97 shares.
The RFC will receive the
following: New first mortgage bonds, $2,250,
fecur®d note, $2,500,000; new income mortgage bonds,
£9' Peyr Preferred stock, $4,461,710; new common stock shares,
114,974.04 shares. Assignment of share in
marshaling and distributing fund
$9,500,000
profit from sale
(& Subs.)—Earnings—
1941—6 Mos.—1940
$944,109
$897,662
"
724,165
671,187
revenues
128.59
the
y
d Includes $862,314
Stations in operation as of July 31, 1941, totaled 207.082, a
gain of 932
preceding month and 12,634 over 194,448 telephones operated in
July, 1940.—V. 152, p. 3802.
216.37
-
■'<
over
267.39
____
■
1,582,717
Cincinnati & Suburban Bell Telephone Co.—Gain in
Phones—
•-.v
59"82
25000
-tf;
6,350,000
Note—Depreciation and amortization have been charged to cost of sales
and expenses in the amounts of $15,874,942 in
1941, $11,937,739 in 1940,
161.33
100 00
:■
10,300,000
—.
excess
487.75
520.96
19,138,757
: ■
of investment securities.
73.50
n^rW8
C. R.I.&P.
26,431,074
Includes wholly owned United States subsidiaries,
b Includes wholly
United
States and
foreign subsidiaries,
c Includes
a
48.55
mtge.
413% bonds
56,130,883
24,435,111
bonds.
New
Mtge.
.
Outstanding Issue—
68,846,466
28,052,192
owned
mortgage, dated Jan. 2, 1899, and the $3,524,000
of bonds issued thereunder shall
be assumed by the reorganized
company,
(2) the bonds shall remain outstanding with the
maturity date extended 20
years and the interest rate thereon reduced to
4%, and (3) that for the
Reorganization Managers—The plan has
25,230,915
dl,200,160
cl8.500,000
Miscell. income deduc'nsi,:
Choctaw & Memphis RR.—The provision in the
plan which would give the
holders of the $3,524,000 of Choctaw &
Memphis first mortgage 5% bonds,
with unpaid accrued interest thereon of
$1,233,400 to Jan. 1, 1941, $4,757,400 of new first mortgage bonds of the
reorganized company, is modified,
on account of the
earnings record of the property, to provide, (1) that the
Choctaw & Memphis first
$
162,894,550
1
per share..
provision for
Participation in Reorganization—The former report has been modified
to decide the question of
bl938
"
55,771,017
359,866
57.3,036
,
excess
Net profit—
Earnings
$368,127,410,
results from
1, 1942, of outstanding obligations.
Rial
68,273,430
66,320,783
engin., selling,
adv., serv.& gen. exp- 26,845,940
Prov. for Fed., State &
Citizens Utilities Co.
New Capitalization—The
$
$11,311,840 in 1939, and $5,753,453 in 1J38.—V. 152.
Chicago Rock Island & Pacific Ry.—Reorganization—
Jan. 1, 1942.
bl939
Admin,
compares with
a net profit of $235,489 for the same
period of 1940.
No part of the net
profits of Sioane-Blabon Corp for the period ended June 30,
1641, applicable
to Certain-teed Products
Corp'g investment therein has been
foregoing statement.
66,158,374
162,408
Shs. cap. stk. (par $5)—
reports a net profit after taxes and all
for the six months ended June
30, 1941, of $346,399, which
*lj«
%
Total income
Nil
Note—Sloane-Blabon Corp
Y:
bl940
—441,807,762 354,369,852 287,017,276
Gross profit
Int., divs.& misc. inc—
$168,581
profit tax payable.
: ■,/;
.507,966,137 422,643,281 342,788,293 188,125,465
profits taxes
Net profit
Earnings per share of
al941
%
$1,068,646
...
bonds.—V. 153, p. 685.
Chrysler Corp. (& Subs.)—Earnings—
26,546
Provision for losses
Interest
'Corporation.
Without recourse, Chicago Rock
Ry., Carrollton branch first mortgage 6% bonds, with a
of the mortgaged property and an assignemnt of rentals,
Cash payment of previous rentals from Carrollton branch
$331,000.
Net
Total income...
Aug. 16, 1941
Credit
Gulf
&
conveyance
$240,141
153,333
150,842
———
Railroad
the
of
Kilowatthour Output
1941
149,519,000
151,117,000
146,204,000
142,848,000
1940
132,938,000
134,996,000
136.466,000
127,988,000
Per Cent
Increase
12.5
11.9
7.1
11.6
Commonwealth & Southern Corp.—To Aid Two Sub¬
in National
Defense Programs—To Make Further
sidiaries
Investments in Junior Issues—
The
board
of directors
of the
corporation at a meeting held Aug. 13
authorized the corporation to aid the national defense
programs of two of
its utilities
operating on the Gulf Coast, according to a statement made
by
Justin R.
Whiting, its President. The operating companies referred to are
Mississippi Power Co. with headquarters at Gulfport, Miss, and
Gulf
Power Co. with
principal offices at
Pensacola, Fla.
Volume
Last
The Commercial
153
each
month
of the
& Financial Chronicle
The plan also provides that anybalance of the
operating companies made application to the
Securities and Exchange Commission respecting the issuance
Mississippi Power Co
directors may determine.—V.
Continental Motors Corp. (& Subs.)- -Earnings—
the
the
6 Mos. End. Apr. 30—
1941
Net profit after all chgs.,
incl. depreciation
a$l,224,129
$3,250,000
_
3,600,000
Gulf Power Co
Continental Telephone Co.
<'•.
6 Mos. Ended June 30—
Total income
_
Operating
Corp.)
(1)
Cash,
(a)
$250,000:
(b)
by
*
$1,995,955 as
account
indebtedness in the amount of $810,000; (c) by the surrender for cancellation
of 143 shares of the company's $6 preferred stock at Commonwealth's cost
of $10,355; and (d) by the surrender for cancellation of $1,157,000 principal
amount of the company's first and refunding mortgage bonds, 5% series
due 1968, at Commonwealth's cost of $925,600.
.
Weekly Output—
hour output of electric energy of subsidiaries of the
business con¬
amounted to
week in
185,035,949 as compared with 154,447,304 for the corresponding
1940, an increase of 30,588,645 or 19.81%.—V. 153, p. 832.
Connecticut Ry. & Lighting Co.Period End. June 30—
Operating revenues
Oper. exps. & mainten'ce
Prov. for depreciation._
_____
Pro v. for taxes—Fed. inc.
Other
Federal
State and local
_,
■Earnings—
1941—3 Mos.—1940
),416
$833,938
422,875
474,760
86,893
90,462
14,147
44,313
10,628
13,080
55,078
60,421
$38,103
17,500
26,812
$61,141
17,500
26,812
def$6,209
$16,828
Balance Sheet June 30,1941
B. B. Williams, President in letter to shareholders states:
Net sales billed for the six months ended June 30, 1941 were
,
The weekly kilowatt
$128,524
62,500
4,883
Cooper-Bessemer Corp.—Semi-Annual Report—
(2)
follows:
Commonwealth & Southern Corp. adjusted to show general
ditions of territory served for the week ended Aug. 7, 1941
"8",22i
Assets—Investments, $2,327,979; deferred expense in process of amortiza¬
tion, $189,093; due from subsidiary companies, $7,037: cash in banks,
$152,219; special deposits, $68; total, $2,676,396.
Liabilities—7% cumulative participating ($100 par), $500,000; 6H%
cumulative ($100 par), $825,000; common ($5 par), $1,047,350; accounts
payable, $796; accrued taxes,
49,644; accrued dividends, $22,361; em¬
ployees
benefit fund reserve, $3,568; capital surplus, $36,733; earned
surplus, $190,894; total, $2,676,396.—V. 152, p. 3340.
Southern
In the case of Mississippi Power in the amount of $3,338,834 as
(a) Cash, $250,000; (b) by the surrender for cancellation of 264
shares of the company's $7 preferred stock and 483 shares of the company's
$6 preferred stock at Commonwealth's cost of $66,228.63; and (b) by the
surrender for cancellation of $3,031,500 principal amount of the company's
first and refunding mortgage bonds, 5% series due 1955, at Commonwealth's
cost of $3,020,606.
Application has been made to the War and other departments to certify
the proposed construction work is in the aid of national defense so tbat the
companies may avail themselves of substantial depreciation in accordance
with the provisions of the Revenue Act.
$46,325
$16,805
Balance for surplus
of open
the cancellation
$148,057
19,533
$61,117
17,500
26,812
Net income
7% preferred dividends.
6% preferred dividends
facilitate these transactions the
In the case of the Gulf Power Co. in the amount of
follows:
1940
$67,289
20,964
8,221
Net earnings
on funded debt
follows:
as
1939
1941
$87,381
18,043
$69,339
__
expenses and taxes
Debt discount and expense.
Commonwealth & Southern Corp. will join in the proceedings and proposes
to make additional investment in the outstanding common stock of said com¬
panies (all of which is presently owned by the Commonwealth &
-Earnings-
a
Interest
borrowed from RFC.
be
1938
tory and the operations at the Detroit plant are being accelerated in keep¬
ing \yith the machinery and other items available —V. 152, p. 2549.
applications with the Commission which would include refunding all bonds
held by the public as well as the proposed loans from the RFC which have
been reduced by $500,000 in each case.
.
'
It is understood that each company will create a new first mortgage and
issue new 30-year first mortgage bonds, bearing interest at a rate not
exceeding 3H%.
The amount of bonds to be issued at present by each
company is $8,927,500 by Mississippi Power Co. to redeem $6,177,500 of
its bonds outstanding with the public and $2,750,000 to cover the amount
presently proposed to be borrowed from RFC.
In the case of Gulf Power
Co. the issue is to be $,>,600,000 to redeem $2,500,000 of its bonds in the
hands of the public and $3,100,000 to cover the amount presently proposed
To improve the financial structure and
1939
1940
b$207,739 loss$126,233 loss$190,421
a After
Federal taxes.
Equivalent to 41 cents per share on 3,000,000
shares of capital stock,
b Before Federal taxes.
Current unfilled orders continue to be the largest in the company's his¬
be derived from these bonds are for the purpose of financ¬
ing future construction, a large part of which are projects in the interest of
national defense.
Each company plans the construction of a new 20,000
kilowatt generating station, the one in Mississippi to be located at Hattiesburg, the other in Florida at Pensacola.
In the meantime these financial
programs have been taken up with the staff of the Securities and Exchange
Commission and as a result it has been decided to file amendments to the
The proceeds to
to
above funds can be used
such manner and at such time as
153,«p. 392.
to purchase or redeem preferred stock in
of 4% mort¬
gage bonds due in 10 years with sinking fund provisions becoming opera¬
tive after five years, to be purchased from time to time by the Reconstruc¬
tion Finance Corporation and redeemable at any time at the option of
issuing company at par and accrued interest.
These bonds were in
principal amount as follows:
985
1941—12 Mos—1940
$4,773,173
compared with $3,760,164 for the same period last year.
Net profit after all charges, including estimated Federal income and excess
profit taxes, amounted to $243,291 compared with $271,106 for the first
six months of 1940.
Profit for the period, after provision for prior preference
and cumulative preferered shares outstanding, amounted to 50c. a common
share.
higher costs of production due to the increased costs of labor
percentage or profit of 9.4%, before provision for taxes,
same as last year.
Taxes of all kinds for the period, however,
were $330,416, including those estimated under the proposed Revenue Act
of 1941 now in Congress, compared with $174,856 last year.
Unfilled orders on June 30, 1941, were $19,217,464 compared with $6,847,678 at the beginning of the year.
Employment reached an all time high with 3,024 employees on June 30.
Payrolls for the period totaled $2,503,764.
New facilities installed for the National Defense Program have required
In spite of
and
materials,
about the
was
the outlay of $613,707 so far this year,
active use.
and the bulk of them are now in
Earnings for the 6 Months Ended June 30, 1941
$3,057,834
1,826,315
$2,719,874
358,656
106,502
52,053
235,055
351,129
43,584
42,371
224,366
$479,253
b Provision for Federal and State income and excess profit taxes
1,724,411
Net sales billed,
a
Cost of goods
$4,773,173
_______
_
sold, administrative and selling expenses
4,364,732
_
$408,441
'
Operating profit
Other income (net)
39,366
\
_
_
Profit
$447,807
204,516
$150,902
101,488
417,345
$334,013
405,094
$254,980
Total income
$90,795
104,078
Net oper. revenues
Other income, net
$192,283
18,296
10,140
$896,598
42,774
$739,107
31,241
Earns, per share of common stock.
Including depreciation charges of $77,725.
b Federal income and excess profit taxes were provided in the amount of
$118,740, as computed under the Second Revenue Act of 1940. with an
additional amount of $76,951 in anticipation of increased taxes under the
Revenue Act of 1941.
Provision has also been made for State income taxes
Other corporate expenses
Netprofit...
$243,291
$0*50
—
;
,
a
Income deductions
Int.
long-term debt__
Sinking fund requirem't.
on
$236,684
82,107
68,152
16,571
$182,143
64,710
16,571
$853,824
344,052
268,447
66,285
$707,866
367,259
254,835
66,285
$69,854
$10,999
$175,040
$19,487
89,863
in the amount of $8,824.
Balance to surplus._.
Note—Previous years' figures restated for comparative purposes.
Provision for Federal normal income tax, in the above statement,
made at
an
estimated rate of 30% for 1941,
is
compared with 24% effective
1940.
Adjustment to the 30% rate, retroactive to Jan. 1,
1941, was made in the June 30 quarter.
It is anticipated that no Federal excess profits tax, under the "Excess
Profits Tax Act of 1940," will be payable for the year 1940.
No provision
has been made in the current year's figures for such tax, as the amount
thereof, if any, is not determinable at this time.—V. 152, p. 3019.
the year
for
Consolidated
Edison
Co.
Output—
of
New York,
Inc.—Weekly
Balance Sheet June 30,
&c., $711,749; unpaid dividends on prior preference stock, $55,563; accrued
Federal, State and local taxes, $414,644; advances on uncompleted contracts,
$1,178,884; reserve for contingencies, $23,661; $3 prior preference stock,
$3,749,200; $3 preferred series A stock, $39,500; common stock (263,437
shares), $790,311; capital surplus, $1,674,074; earned surplus $732,558;
treasury stock at cost, Dr.$36,727; total, $10,863,417.—V. 152, p. 3178.
'
1
Consolidated Oil Corp.
(& Subs.)—Earnings—
1941
$
a
Gross oper. earnings._
Costs, oper. & gen. exps.
Profit....
_
Int., divs., &c. (net)____
Total income
__
Interest etc
Deprec. and depletion..
Canceled
leases,
aban¬
donments & dry holes.
Prov. for estimated U. S.
income tax
Net profit
Earns.per sh .on com. stk
a
1940
<|
116,816,660 112,766,744
98,686,553
98,720,244
18,130,107
907,823
14,046,500
2,103,190
* ■
1938
§
1939
§
90,394,225
Income from operations
Non-operating income (net)
Gross income.___________
16,149,690
1,317,446
10,568,001
12,825,058
1,343,974
10,431,071
17,268,926
2,148,425
2,009,215
1,822,685
bl,200,000
175,000
100,000
$2,080,028
loss872,671
4,000,341
$0.28
Nil
sales, inter-company transportation charges
controlled com¬
panies, not consolidated, for the six months ended June 30, 1941, amounted
to approximately $142,000 (gain).—V. 153, p. 833.
Consolidated Gas Electric Light & Power Co.
of Bal¬
timore—Bonds Called—
Payment will be made at the Bank of the
Manhattan Company, N. Y. City or at Alex. Brown & Sons, Baltimore,
Md.
Immediate payment can be had at holders option.—V. 153, p. 687.
Co.—Tenders Accepted—
announced it has accepted tenders on 83,243 shares of its
8% preferred at an aggregate price of $8,709,227.
All tenders received in
acceptable form at $105 per share or less, including all claims for dividends
were accepted, the company stated.
Tenders were called for by the company in connection with a recapitali¬
plan approved by stockholders last month.
Under the plan the
can use up to $17,325,000 to acquire preferred stock through
not more than $105 a share, including dividend arrears.
To
exhaust that amount, the company could purchase 165,000 shares of the
company
tenders at
preferred.
$203,088
59,550
84,297
$927,544
251,208
320,028
—-
—
69,941
182,525
x$6,485
x$l 0,700
$173,783
1,820
*$10,700
$171,963
x$6,485
Assets—Capital assets,
30, 1941
$10,634,645; special deposits, $382,960; invest¬
ments, $9,687; cash, $552,471; notes receivable, $455; notes
merchandise contracts discounted (contra), $8,045; accounts
$285,492; materials and supplies, $101,084; prepayments,
debits, $609,810; total, $12,609,367.
Liabilities—Capital stock of subsidiary outstanding in
receivable,
$24,718; deferred
jf
hands of public,
serial nott* due Aug. 1, 1941,
payable, $202,290; consumers
deposits—refundable, $104,226; notes receivable—merchandise contracts
discounted (contra), $8,045; unredeemed ice coupons, $127; accrued Interest,
$1,316,920; funded debt, $8,797,800; 3M%
$100,000; notes payable, $10,200; accounts
$142,021; accrued taxes,
$165,476; miscellaneous accruexlliabilities, $16,258:
$2,025,922; unrealized profits, $67,760;
deferred credits, $83,061; reserves,
par), $60,606; deficit, $500,513;
$12,609,367 —V. 152, p. 3020.
stock ($1
Crown
capital, $9,168; total,
Zellerbach Corp.—Reduces Bank Loans—
Corporation has announced the payment of another $1,000,000 of longbank loans, reducing the outstanding loans to $7,000,000.
For tne
last 18 months the company has been paying off these loans at the rate of
term
$1,000,000 about every three
months.—V. 153, p. 687.
Curtiss-Wright Corp. (&
Company
zation
$188,111
63,950
79,567
Consolidated Balance Sheet as of June
of $650,000 series N 3\i% first refunding mortgage sinking
fund bonds due Dec. 1, 1971 has been called for redemption on Sept. 10
Continental Baking
$916,231
11,313
SS*
*
total
.
$201,537
1,552
51,079
—
Net income
common
107 and accrued interest
$185,548
2,563
receivable-
$0.15
Note—Equity in undistributed current gains and losses of
at
$2,899,542
1,983,311
Provision for Federal income taxes._
225.000
t,471.941
$0.26
$645,588
444,051
3,
series B
1,702,970
942,358
10,398,257
and U. S. Federal and State gasoline and oil taxes,
b Includes excess profits
tax and provision for possible increase in tax under new Revenue Act.
A
— -.
i_
16,243,101
1,025,825
19,037,930
1,321,246
10,896,317
Exclusive of inter-company
,_
91,303,024
11,610,095
1,214,963
12 Mos. *41
522,084
$707,632
Operating revenue
Operating expenses
102,004,320 107,546,125
(& Subs.)—Earnings—
1941—3 Mos.—1940
Period Ended June 30—
tric plants of its system for the week ended
6 Mos. End. June 30—
Public Service Co.
Crescent
Consolidated Edison Co. of New York announced production of the elec¬
Aug. 10, 1941, amounting to
141,900,000 kilowatt hours, compared with 136,600,000 kilowatt hours for
the corresponding week of 1940, an increase of 3 9%.—V. 153, p. 883.
1941
Assets—Cash, $603,526; notes and accounts receivable (net) $2,359,407;
inventories, $4,980,083; other assets, $199,865; plants and equipment,
$2,706,685; patents and patent rights, $1; deferred charges, $13,850;
total, $10,863,417.
Liabilities—Notes payable, $1,530,000; accounts payable, unpaid payroll,
Subs.)—Earnings-
1941—3 Mos.—1940
1941—6 Mos.—1940
$5,784,318 $3,821,773 $10,664,338 $6,235,969
a After
depreciation, amortization, sundry reserves and provision for
Federal income taxes and excess profits tax in 1941, and also anticipated
Period End. June 30—
a
Net profit.
incrc^isc
30, 1941 were $861,505,424 as compared with
Jan. 1, 1941.
Orders received during the six-month period
were'$286,807,324 and shipments were $142,272,691.
Unfilled orders at June
$716 970,791 at
The Commercial & Financial Chronicle
986
$1 Class A Dividend—
Denver
Directors on Aug. 14 aut horized a ^dividend of $1 per share on the $2
non-cumulative class A stock, par .$1, payable on Sept. 15 to stockholders
of record Sept. 1.
Dividends of 50 cents were paid on June 30 and
dividends totaling $2 per share were distributed
during 1940.—V.
152,
3179.
p.
Cushman's Sons,
Period—
Net profit
-
.
Weeks Ended
28 Weeks Ended
40 July 12, 41 July 13,
July 12, 41 July 13.
1osb$3,880
$52,3i4
$110,972
40
$188,479
After interest, depreciation, Federal income tax (rate of
30% in 1941)
a
and other charges.
Notes—Earnings for 12 weeks ended July 12, 1941, includes adjustment
reflecting increase in Federal tax rate from 24% to 30% retroactive to Deginning of fiscal year.
No liability for Federal excess profits tax is anticipated.—V.
153, p. 834.
Darco
Comparative Income
Account^
i
Period—
-
V-.,-,
/•■'.'.
r^.
Mos. End.
June 30/41
Cal.
Year
1940
$711,184
629,230
$1,112,938
956,161
$81,953
$156,777
448
943
$82,402
17,266
19,103
$157,720
34,136
30,999
Net income...
$46,032
Previous deficit.
42,140
$92,585
134,726
$3 892
def$42,140
-
Cost of
goods sold and other
expenses..
Profit from operations.,.
Other income,
Interest
on
royalties.,
indebtedness to Atlas Powder Co.
Federal income and capital stock taxes.
Surplus.
... _
.
'
Includes depreciation: 1941, $47 ,870; 1940, $90,095.
Int. on
June 30, '41
Dec. 31, '40
$111,010
Cash....
Accts. & notes rec.
--
120,538
Misc. accts. receiv.
$102,744
88,469
113,280
Inventories.
1.969
—
140,486
3,119
673
Notes rec., employe
Property,
equipment
(net)
C537.759
Deferred
422,766
7,459
C.9C5
cnarges.
June 30,'41
pay. & ac¬
crued liabilities.
Fed. inc. taxes acc.
$65, 439
$55,348
35, 518
29,405
156,178
debt,
x
..$1,514,752
$1,300,539'
400 000
652,225
bl
1
def42,140
1,000
Total
Note—Dividends
are in arrears at June 30, 1941
share.—V. 151, p. 1890.
on
2,362
Balance—
$46,573
5,775
$9,813
Dominion Gas & Electric
tions in these bonds
$8,736
Co.—Delisting—
that
on
Exchange since May 20,1931.—V. 148,
~(E. I.)
du Pont de Nemours & Co.IIosiery Makers—
A quarter million pounds of rayon
yarn is
being offered by this company
hosiery manufacturers, in compliance with the
Aug. 4 issued by the administrator of Office of Price
Administra¬
and Civilian Supply.
for August distribution to
The allocation is from the
company's August rayon stock and output and
is subject to order by hosiery mills not later
than Aug. 18.
No orders
received later than that date will be
acknowledged, the company said.»
The list of yarns offered, it was
announced, comprises those du Pont
for
satisfactory at present.
every effort to distribute this yarn on
equitable basis," said a statement, "but can assume no
responsibility
inability to fill all or part of each order."
"Shipment will be made against all orders
accepted, during the month
of August or as soon thereafter as possible.
All orders are subject to our
present published prices, terms and conditions of
sale, and no guarantee
quality."—V. 153, p. 547.
Eagle-Picher Lead Co. (&
Subs.)—Earnings—
6 Months Enaed June 30—
1941
Net sales
Gross operating profit
Expenses..
$3,817,965
1,160,153
on
bank indebtedness
$1,224,736
61,949
$2,897,544
Total income
$2,124,327
1,008,215
$2,822,036
75,508
Net operating income
Other income
Interest
Provision
for
Federal
normal
taxes and State taxes on
1941—12 Mos.—1940
$6,496,658
$5,988,469
4,533,648
4,029,565
'Net income
$458,708.
26,809
$.1,963,011
101,569
$1,286,685
45,396
718,080
43,561
942,991
and
excess
profits
income
950,000
------
$485,517
149,794
$2,064,580
605,466
$2,036,422
599,377
$335,724
$1,459,114
$1,437,045
77,519
Note—The provision for
Note—Provision for Federal normal income tax, in the above statement,
30% for 1941, compared with 24% effective
1940. Adjustment to the 30% rate, retroactive to Jan. 1, 1941
was made in the June 30 quarter.
The above figures for the June quarter
are, therefore, adversely affected in the amount of $38,114 resulting from
tax adjustment applicaole to the quarter ended Mar. 31, 1941.
It is anticipated that no Federal excess profits tax, under the "Excess
Profits Tax Act of 1940,
will be payable for the year 1940. No provision
has been made in the current year s figures for such tax as the
amount,
thereof, if any, is not determinable at this time.—V. 151, p. 243 695, 2641,
3649; V. 152, p. 3805.
for the year
the proportionate
based
is made at an estimated rate of
sents
on
16.467
176,815
Federal income and
excess
liability for the
now
profits taxes repre¬
six months ended
June 30, 1941,
year and the rates and bases
of computa¬
under consideration in
Congress,—V.
153,
394.
Eason Oil
Co.—Earnings—
6 Months Ended June 30—
Gross
$410,309
16,467
88,407
probable earnings for the
tion proposed in the tax bill
p.
112,900
$960,992
Net profit.
Dividends paid on accrued—Preferred
$1,958,903
$311,466
Income deductions.
$421,786
39,569
$461,355
149,889
net)
1940
...$18,661,127 $12,625,299
14,843,162
10,500,972
—.
Production and manufacturing costs
Common....
Net oper. revenues
Other income
p. 2423.
-Allocates Rayon for
order of
preferred stock to the
Light Co.—Earnings—
Period End. June 30—
1941—3 Mos.—1940
Operating revenues
$1,642,466
$1,491,444
1,220,679
1,032,736
Oper. rev. deductions...
$24,476
17,167
243.960
Depletion, depreciation, &c
Delaware Power &
$281,273
6,184
248,755
1,857
The Securities and Exchange Commission
announced Aug. 6 that a hear¬
ing has been set for Aug. 22, at its New York Regional
Office, on the
application of company to withdraw its 614 % collateral trust
gold bonds,
due 1945, from listing and registration on the
Chicago Stock Exchange.
The application, among other things states that
there have been no transac¬
450,000
1, 499
a652, 225
$1,314,752 51,300,639
a Represented by 18,635 sharer, no par.
b Represented by 12,907 shares
no par.
c After deducting depreciation and replacements:
1941, $761.481;
1940, $725,209.
extent of $144 per
121.980
$264,106
$259,548
$137,024
2,067
124.365':
1,857
i6 made other than that the yarns are of
standard
,892
for insurance
'Scum. pref. stock
Common stock
$170,915
$247,321
12,227
x For debt maturities,
sinking funds and other corporate purposes.
Note—No provision has been made for any Federal or State
income taxes.
—V. 152, p. 2850.
due
Atlas Powder Co
lies,
8,507
154,700
Due Atlas Powder
Co. (current)...
Surplus...
Total
Dec. 31/40
Accts.
535.349
42.2,706
Good-will & patents
$128,517
6,146
on gen.
on
an
Liabilities—
Funded
plant &
$164,769
underlying bonds
& ref. bonds
eqpt. trust ctfs__
Int.
1941
yarns designated by the hosiery manufacturers as
"The du Pont company will make
Comparative Balance Sheet
Assets—
928,954
269,241
183,237
Gross Income
Int.
16,
1941—12 Mos.—1940
$3,074,080
$3,000,996
1,899,521
1,865,832
566,266
519,948
360,971
351,110
$1,509,949
942,690
281,572
177,458
Taxes
tion
a
1941—6 Mos.—1940
$1,566,490
Oper.exps (excl.deprec.)
Depreciation
Corp.—Atlas Powder Co. Makes Offer to Preferred
Stockholders—See Atlas Powder Co.
a
Period End. June 30—
Total oper. revenue—
Net oper. income
Total mfecell. income—
Inc.—Earnings—
——12
a
March 29. last, and
on
Aug.
Tramway Corp.—Earnings—
1941
$234,874
142,347
$59,838
2,422
$92,527
5,374
$62,260
1,903
104,651
...
,
$188,450
128,613
$160,124
11,390
.
$683,809
448,935
$171,514
Net operating profit
Other income.
expenses.
1939
$653,386
464,937
$272,899
112,775
Gross income
Operating and general
1940
$800,070
527,171
operating income
Cost of sales
$97,901
1,095
803
109,044
111,120
x$47,879
14,349
x$14,022
14,349
'
Dennison
depreciation, &c
Mfg. Co. (& Subs.)—Earnings—
6 Months Ended June 30—
Sales
aNetprofit
-----
1940
$6,512,000
315,000
-
-
Interest charges
1941
$5,262,000
320,000
a After $475,000 in 1941, provision for income and excess
profits tax, and
$190,000 in 1940.
Note—All of the above figures are estimated.
The 1940 figures have also
been revised.—V. 153, p. 393.
,
(Fred)
Dold & Sons
Packing Co., Wichita, Can.—
Bonds Offered—The Branch-McKinney Co., Wichita,
Kan.,
are offering $60,000 1st mtge.
31/2% sinking fund bonds at
101 and interest.
Dated July
1, 1941; due July 1, 1956.
Principal and int. (J. & J.)
office of Wheeler Kelly Hagny Trust Co., Wichita, Kan.,
Coupon bonds in denom. of $1,000 and $500.
RegisteraDle as
to principal only.
Redeemable as a whole or in part on 30 days' notice on
any interest date to and including July 1, 1944, at 101; thereafter at
par.
payable
at
trustee.
Business and History—Organized in 1929 in Kansas and since that time
has been engaged in the manufacture and sale of meats and
meat
products.
by¬
A strictly modern and up-to-date packing plant is operated in
Wichita, Kan.
Company's products marketed under
"F W D," "Belmont" and "Crestway," have met with
the
trade
evidenced by the enlarged volume of business.
plant and office is located at 421 East 21st St., Wichita, Kan.
Earnings—From the time the company started operating in 1929 to
Dec. 28, 1940, the total net profit carried to surplus amounted
to
mately $118,000,
approxi¬
or an average of approximately $10,000
annually.
During
this time substantial cash dividends have been
paid to stockholders; how¬
ever, a sufficient amount of the profit has been left in the
company to in¬
crease the surplus from $20,000 to $66,637 as of Dec.
28, 1940.
In addi¬
tion, the company has set aside from gross earnings a depreciation reserve
of $128,008.
Earnings, both before and after depreciation,
Years Ended—
Gross operating profit before
Reserved for depreciation.
a
Gross
income
..Dec.
deprec..
are as
follows:
28, '40 Dec. 31, '39 Dec. 31, '38
$35,163
$25,671
$30,590
11,862
11,635
11,068
$23,301
$14,036
$19,522
a Before bond interest and reserves for
Federal and State income taxes.
Annual interest at 33^% on $60,000 bonds will
require $2,100.
&c
Prov. for income taxes.
Net profit..
19,500
—
$45,460
...
Preferred dividends—
x
Loss.
13,941
'
.
Balance Sheet June 30, 1941
Assets—Cash, $61,441; receivables (net), $282,073;
inventories, $109,414
value of insurance on lives of
officers, $167,560; deferred'"
receivables, $94,875; investments, $31,596;
property plant and equipment
(net), $946,547; land, buildings and equipment not
used in the business
(net), $213,371; prepaid expenses, and deferred
charges, $43,427; total,
$1,950,304.
cash surrender
Liabilities—Notes payable to bank, $145,000;
accounts
payable, $98,282;
preferred stock dividend payable, $6,970; due to
officers and
employees,
$887; accrued taxes, interest, &c., $54,450;
$1.50 cumulative convertible
preferred stock (par $20), $371,720; common
stock (par
$1), $460,520;
paid-in surplus, $1,660,638; defecit, $6,685:
treasury
common stock
shares, at cost). Dr$841.479; total,
$1.950.304.—V.
East Coast Public Service Co.
(&
152.
v.
Period Ended June 30—
Operating
revenues
-
$2iS'iti
Purchased power
gu - * *
Operation
Maintenance
7U,3^U
ii.you
;---cr
Taxes (including Federal income taxes
of subsidiaries
(146,328
3341
Subs.)—Earnings—
Comparative Consolidated Income Statement
1941—3 Mos.—1940
name
increasing favor,
Company's packing
as
Depletion, depreciation,
$187,463
27,193
59,768
15,579
12 Mos. ?41
$84.5,824
120,398
276,930
58,730
18,4»b
Balance to surplus.
1,998
6,153
$69,856
$320,522
32,000
30,918
1,147
21,263
21,713
125,836
4,217
86,118
1,312
|1
$314,370
3,000
acr4,147
$22,614
,
75,396
$67,857
$78,337
Gross income
Provision for renewals, replacements
and retirements.....
Fixed charges of subsidiaries
Fixed charges of East Coast P. S.
Co.
Prov. for Fed. income taxes of
East
Coast Public Service Co
17,066
$76,686
1,651
Income from operations
Non-operating income (net)
$13,437
787
$108,498
Represents adjustment of over accrual
during 12 months ended June 30,
years based upon examination made
by Internal Revenue
Bureau through the tax year of 1939.
Sinking Fund—Under the terms of the trust indenture,
company is re¬
quired to retire annually beginning July 1, 1942, not less than $2,500 par
value of bonds.
Sinking fund payments may be made in cash and
(or)
bonds of this issue.
Cash deposited with tne trustee will be
applied to
the redemption of bonds selected by lot in accordance with
provisions of
the trust indenture.
All bonds acquired by tne
sinking fund will be can¬
celed.
and other
Purpose—Proceeds from the sale of thase bonds, together with the neces¬
cash on hand, will be used to retire the $65,000 43^ % bonds now out¬
standing which were called for payment July 1, 1941, at 101.
$16,925; accounts receivable, $77,455, materials and
supplies, $53,411;
prepayments, $6,932; other current assets,
$1,141; deferred debits,
sary
a
1941, and prior
Consolidated Balance Sheet June 30, 1941
Assets—Property, plant
and equipment (including organization
expense
intangibles), $3,258,806 special funds, $6,741;
miscellaneous in¬
vestments, $i; cash,
total,
$3,560,090.
$136,518;
notes
receivable
(merchandise contracts),
$2,162.
The
153
Volume
accrued, $35.34U;
accrued,
$154,408; capital
Period End. June 30—
$57,494
18,954
17,951
Operating expenses
Net
$98,900
$106,080
$33,157
$38,540
earnings
-
Expenses, incl. taxes...
NetincomeInterest
Int.
on
on
debentures..
collat. tr. bonds.
Earnings of Company
Gross earnings.
'^9»949
Net earnings
Interest on funded debt.
$21,420
20,625
.38
2."07
-
Interest on unfunded debt.. —
—
Amortization of debt discount and expense,
...
&C—
$2,715,048
1,550,000
•
60,829
38,974
2,268
.
96
1,003
1,133
$409,254
$344,858
$1,352,712
$1,061,844
—V. 153, P. 835.
Inc.—Weekly Input—•
Aug. 7, 1941, the System Inputs
of client operating
of Ebasco Services Inc., which are subsidiaries of American
Power & Light Co., Electric Power & Light Corp. and National Power
& Light Co., as compared with the corresponding week during 1940 were
companies
72,755
$27,618
20,625
78,529
—-
— —
265,010
$2,997,150
1,550,000
54,461
38,974
-
Netincome.
For the week ended
Only for 3 Months
—. —_
_
Operating expenses
441,313
7
Ebasco Services,
Corp.—Earnings—*
Ended JuneZO
Eastern Minnesota Power
$2,980,058
$3,438,463
')■!
trust bondsretired...
3967.
—V. 152, p.
!'
1941—12 Mos.—1940
$756,861
387,500
14,664
9,743
$819,570
387,500
'13,065
9,744
—_•
Prem. & expense on coll.
51.378
53,907
—
Only)
1941—3 Mos—1940
$925,586
$814,535
106,016
57,674
April 30—
Other int. deductions.-.
SH§9'oZ§
$159,987
$51,108
Period End.
Gross income-.---.-
Amortiz of debt dis & exp
Co., Ltd.—Earnings—
1941—Month—1940
1941—3 Mos.—1940
East Kootenay Power
of Income {Company
Statement
(secured by
Liabilities—Long term debt, $2,282,764; notes payable
contracts), $4,761; accounts payable, $41,124; consumers
deposits (refundable), $11,541: interest on long-term debt
taxes
(State, local and Federal accrued), $28,428; insurance
$5,536; other accrued liabilities, $4,051; deferred credits, $11,849; reserves,
$590,163; common stock ($1 par), $30,517; earned surplus,
surplus, $359,608; total, $3,560,090. —V. 152, p. 3495.
merchandise
Gross earnings
987
Commercial & Financial Chronicle
«
o
3,038
follows:
as
Thousands of
Kilowatthours
1941
Operating Subsidiaries of—
-—Increases-
1940
Pet.
Amt.
147,831
130,637
17,194 13.2
84.391
73,745
10,646 14.5
National Power & Light Co.
103,003
86,397
16,606 19.2
The above figures do not include the system inputs of any companies
not appearing in both periods.—rV. 153, p. 835.
American Power & Light Co..
Electric Power & Light Corp
___
Net income--------------
Consolidated Income Account
for 3 Months Ended June
1941
$270,195
including other income)
Gross revenues
191,279
Operating expenses
——------—
Netincome—V. 152, p.
172,055
$31,519
23.569
1
1941—Month—1940
Operating revenues
$476,383
$467,702
Operation.
144,043
144,116
Maintenance
21,491
16,229
Depreciation-..
50,740
52,535
Taxes....93,658
68,982
Period End. June 30—
$36,173
23,705
$7,950
—---
—
$12,468
Gross income
24 Weeks Ended—
Net sales to the trade.
Sales to subsidiary
$48,628 def$341,692 def$452,511
Net income—-----Pref. stock div. requir—
$125,860
8,632
$153,595
8,632
$2,277,236
103,579
$2,419,913
103,579
$117,229
$144,963
$2,173,657
$2,316,334
and expense
Co.—Earnings—-
Bal. for com. divs. and
—
_______
companies not consolidated
operations.
_ . -
the United States#
Net profit —
—-----.$19,989,337 $12,238,175
165,998
126,865
136,046
208,289
-
- — -
-
Electric Controller &
..—....$73,525,058 $57,015,524
53,535,721 44,777,349
$20,291,381 $12,573,329
38,482
481,055
5,092,474
2,200,000
2,500,000
2,913,104
-$10,460,425
$4.15
$9,179,170
$3.63
...
-— -----—- - - -
of common stock
Depreciation charged to operations—$3,907,385 in 1941 and $3,482,873 in 1940.
Note—The operations of the subsidiary companies situated in the British
Isles, Continental Europe, Africa, and Asia are not reflected in the accom¬
panying statement of profit and loss. In general, these companies continue
after deprec.,
Federal taxes, &c
Earnings per share on no
par shares
-
although some of them are finding it
Damage to the foreign properties
of military action has been negligible.
operate on a satisfactory basis,
difficult to secure materials and supplies.
of the company as a
result
F. W. Lovejoy, Chairman states:
.
Contracts for special military equipment
.
.
.
.
.
such as height finders, aiming
to approximately $44,000,000
the United States Government.
and time fuses amounting
circles, telescopes,
placed with the company by
these contracts is progressing
satisfactorily, and deliveries are
being made in accordance with contract schedules. Due to the time required
in obtaining necessary production facilities to manufacture equipment of a
before made by the company, such deliveries up to the present
extensive. As stated in the last annual report, the company
to limit its profit on negotiated bid contracts to 10% of
cost before income taxes.—V. 152, p. 3805.
type never
have not been
has undertaken
Note—In estimating
& Light Corp. (& Subs.)—Earnings—
April 30— 1941—3 Mos.—1940
1941—12 Mos.—1940
Electric Power
$30,884,897 $30,155,922 $115518,789 $112448,765
10,233,500 10,291,845 41,004,900 41,037,376
1,410,448
1,404,929
5,691,138
5,834,143
a5,454,622
4,425,070 a20,226,044 16,462,871
Operating revenues
Operation
Maintenance.
Taxes
Prop. ret. & depl. res...
4,782,218
4,539,066
18,136,431
17,505,212
Net operating revs...
9,004,109
24,579
9,495,012
40,921
30,460,276
255,194
31,609,163
333,628
Other income (net)
$9,028,688
Gross income
Other interest
Other deductions
Int. charged to
$9,535,933 $30,715,470 $31,942,791
499,807
337,090
11,713,629
2,110,435
992,133
12,015,604
2,013,273
1,437,858
const., Cr
863
49,357
19,102
2,877,777
2,984,596
588,631
239,873
long-term debt
10,477
5,332,884
5,715,303
15,948,630
1,971,525
1,971,618
7,886,102
—-------
3,361359
3,743,685
8,062,528
a
112,363
308,232
382,137
368,732
b Net equity
$3,248,996
Elec.Pwr. & Lt. Corp.—
$3,435,453
$7,680,391
$8,239,953
$3,248,996
276
$3,435,453
2,656
$7,680,391
907
$8,239,953
3,271
3,249,272
3,438.109
7,681,298
After
a
stock (par
for the 6
V.
57,674
441,313
1,644,438
265,010
1,653,204
-----
Other income
—
Exp., including taxes...
Int. & deductions - — —
carried
to
Includes provision by
$2,732,940 $2,968,432 $5,595,547 $6,325,010
subsidiaries for Federal excess profits tax.
b Of
Light Corp. in income
of subsidiaries.
June 30, 1941, were $23,561,442, as compared with
and $21,704,506 as of Dec. 31, 1941.—V. 153, p. 394.
Unfilled orders as of
$3,111,096
a year ago
Federal Light &
Period End. June 30—
Operating revenue
Oper. exps., maint.
Traction Co. (& Subs.)—Earnings—
1941—3 Mos.—1040
1941—12 Afos.—1940
$2,434,126 $2,271,510 $9,683,085 $9,871,496
and
1,468,814
1,387,541
5,949,278
5,969,541
196,625
201,257
174,166
98,315
725,405
543,738
694,454
364,269
$567,430
5,120
Wes.:
Prov. for
$611,489
Dr2,636
$2,464,664
5,265
$2,843,233
Dr5,471
$572,549
$608,852
$2,469,929
$2,837,762
128,106
45,825
113,693
45,970
463,003
183,649
449,443
183,910
deprec. and re¬
tirements
Federal income tax
Operating income--.Other income
Gross income
Interest disc,
—-
and other
sub. cos...
Pref. divs. of sub. cos—
Int. disc. & other charges
of Fed. L. & T. Co.-charges of
Pref, divs., Fed.
Co
133,207
158,082
610,547
650,066
$265,412
$291,107
$1,212,729
$1,554,342
66,561
Netincome..--
66,561
266,244
266,244
L. & T.
-
surplus
pref. div—--
Bal. to earned
after
$198,851
Provision for estimated
$224,546
$946,485 $1,288,098
Federal income tax is included above
six months of 1941 at the rate of 30%.
For other periods it is
computed at rates prescribed by the applicable Revenue Acts, which, for
in the first
1940 have been applied retroactively.
It is estimated that on the basis of consolidated returns under the
Act of 1940, the consolidated group is not subject to excess
profits tax.—V. 152, p. 3805.
the year
(b)
Second Revenue
Federal Screw Works,
Earnings for the 6
a
Net
Inc.—Earnings—
Months Ended June 30, 1941
V'.
profit...
b Earnings per
Con¬
solidated earned surp
Electric Power &
$0.37
153, P. 835.
Note—(a)
412,003
1941—3 Mos.—1940
c$460,506
$376,136
-
Fairchild Aviation Corp.—Correction—
6 Mos. End. June 30—
1941
1940
1939
1938
Unfilled orders..
$23,561,442 $3,111,096 $1,507,475 $1,530,014
a Net profits
365.049
318.946
141,122
159,508
Earnings per share
$1.08
$0.95
$0.41
$0.47
a After provision for Federal taxes.
The balance sheet of June 30, 1941 shows current assets after deducting
deposits received and advance billing to be $1,779,013 against current
liabilities of $762,854.
The corresponding figures as of June 30. 1940 were;
Current assets of $1,435,183, against current liabilities of $404,501.
8,243,224
106,016
410,316
Netequity.
$1.22
for sub¬
Ways and Means
1941—6 Mos.—1940
c$893,422
$897,560
$0.30
$0.72
$0.72
charges and Federal income taxes,
b On 1,237,500 shs. capital
$1).
c And after reserve of $39,400 for the 3 months and $76,600
months period for probable increase in Federal income tax.—
Net profit
b Earnings per share
8,608,685
Portion applic. to minor,
interests....—.
Balance-.-
Nil
(& Subs.)—Earnings—
Electrolux Corp.
7,886,473
-
$3.89
Federal taxes the hew tax bill as prepared
Period End. JuneZO—
16,495,158
public
Balance
Pref. dividends to
$6.11
$86,524
The profit and loss surplus account as of June 30,1941, stands at $1,226,580 as against $899,375 on Dec.
31, 1940.
Dividends amounting to
$106,283 were paid or provided for during the first half of 1941.
On June 30,
1941, current assets amounted to $3,105,382.
Of this
amount $1,475,084 consisted of cash and U. S. Government securities.
Current liabilities amounted to $407,223V. 152, p. 1280.
.
^
1938
1939
loss$ll,270
Unfilled Orders~~~~
declared a dividend of 25 cents per share on the common
stock, payable Aug. 15 to holders of record Aug. 8.
Dividend of 20 cents
was paid on May 10, last, one of 12^ cents paid on Feb. 10, last, and divi¬
dends totaling $1.12H were distributed during 1940.—-V. 152, p. 3967.
_
$276,101
Committee was used.
Directors have
Period End.
Subsidiaries—
$433,487
of Representatives by the House
mission to the House
Corp.—25-Cent Dividend—
Elastic Stop-Nut
1940
Net profit
.
a
to
Mfg. Co.—Earnings—
1941
6 Mos. End. JuneZO—
.—-——.——
excess-profits tax
— —
Provision for expected increase in 1941 tax rates—
Profit per share
surplus— — —
x Includes for year ended June 30,1941, provision for Federal income tax
$785,709 and Federal excess profits tax, $95,505; for year ended June 30,
1940, provision for Federal income tax $557,020.—V. 153, p. 241.
June 14,'41 June 15,'40
$69,912,186 $52,486,104
3,612,872
4,529,420
United States
a
$2,784,181
354,124
8,374
1,770
Total income
Bal.
389,769
21,598
15,943
Other charges
Provision for income taxes at current rates:
United States and foreign income taxes
Total.
$2,704,545
29,302
255
... —
Income from
on
$183,849
698
Interest and dividends-....—-—...
Other income.
— — .— ....
Int.
15,118
$2,764,855
19,326
1,699
145
Net sales.
on
80,970
$2,586,105
118,441
Miscell. income deduct's
Cost of sales and expenses-
Work
_
Interest
1,273
$184,568
Dr7l9
$160,747
33,043
income..
Other
3021.
Eastman Kodak
been
859,168
$2,779,973
1,770
43.004
[Including wholly-owned subsidiary companies in
Canada, Mexico, Cuba, Panama and South America.]
have
$2,667,074
Amort, of debt discount
.
Net income
a
697,922
x
$84,691
Other expense
p.
111,336
733,1197
xl, 117,399
$96,922 loss$42,756 loss$l51,944
3,321
9,051
14,984
51,615
307,987
315,551
$125,925
Other income-—-------
152,
$6,294,348
1,845,948
218,052
24,708
Balance
.
Operating income
—V.
$6,596,406
1,860,763
$141,744
19,003
costs
ment
Lines, Inc. (& Subs.)-—Earnings—
1941—Month-—1940
1941—6 Months—1940
$801,365
$850,047 $4,561,772 $4,045,216
675,440
753,125
4,604,528 4,197.160
Period End. JuneZO—
$185,841
1941—12 Mos.—1940
Exploration and develop¬
Eastern Steamship
Operating revenue.
$166,452
Net oper. revenues.__
3021.
Operating expense—--.
(& Subs.)—Earnings—
El Paso Natural Gas Co.
$255,516
47,397
Subsidiary deductions.-..—■*'—
Balance
Deductions of parent company
30 1940.
.
$83,461
47,289
$78,916
income-------------
Gross
$3,913
loss$2,149
-
share..—
-
-
$181,865
$1.12
depreciation, interest and a 50% reserve for Federal income and
excess profits taxes,
b On 161,465 shares of common stock, $1 par.—
V. 152, p. 3806.
a
After
988
The Commercial & Financial Chronicle
Federal Mining & Smelting
2nd Quar.
-
Tons of concentrates produced
Ton« of
—
a
'
32,849
1,472
595
5363,207
5410,068
After depreciation but before deducting depletion, Federal taxes
and year-end adjustments.—v. 153,
p. 548.
Florida Power & Light Co.—SEC
Postpones Hearing—
On request by the company, which says it has formulated a
new plan for
refinancing the publicly held securities and wishes to submit it to the Com¬
mission, the Securities and Exchange Commission has postponed from
Aug. 11 to Sept. 22 its hearing of corporate simplification actions against
Florida Power, American Power
&Light and the Electric Bond & Share Co.
tat The company says that under its proposed plan the amount of its
publicly
held securities will be substantially reduced and that in
connection with
it American Power & Lignt will surrender to Florida Power &
Light Co. all
securities of Florida Power now owned by American Power wnich
are
senior to Florida Power's common stock.—V.
153, p. 837.
Period End. June 30—
1941—3 Mos.—1940
aWet profit.
Earns.persh
$489,833
$1.09
.on com.stk.
$357,037
$0.78
$1,009,711
$2.21
$877,450
;
$1.89
.
a After all
charges, including Federal income and excess profits taxes.
Note—Due to the fiscal year ending on Sept. 30, the
earnings for the cur¬
year are subject to the Revenue Acts of 1940.
The excess profits
tax for the year ended Sept. 30, 1941, has been estimated and the
propor¬
tion of excess profits tax, amounting to $118,100,
applicable to the earnings
for the first nine months of fiscal year has been deducted from the
earnings
of the third quarter.
The normal income tax deducted from earnings dur¬
ing the first three quarters amounted to $355,586, making a total income
and excess profits tax deduction for the nine months to date of
$473,686,
as compared with $195,087 in the
corresponding period one year ago.
rent
Machinery orders for the nine months ended June 30, 1941, reflect an
increase of 34% over the corresponding
period one year ago, while billings
increased only 21 % for the same period.
Unfilled orders are approximately
100% greater than one year ago.
Rentals from leased machinery for the
nine months are 7% above the same
period in 1940.
The U. S. Navy has placed an order with the
company for an additional
120 Amphibian Tractors, making a total order for 320
Amphibian Tractors
at a contract price in excess of
$5,000,000.
The amount of the Amphibian
Tractor order is not included in the report contained in the
preceding para¬
The company has agreed with the officials of the U. 8.
Navy to
the manufacture of these Amphibian Tractors from the
present Dun-
graph.
the citrus machinery manufacturing and processing will remain at
Dunedin, Fla., plant.
The Lansing, Mich., Hoopeston,
111., Riverside, Calif., and Los Angeles,
Calif., plants are also working on defense orders in addition to their
regular
lines of business.—V. 152, p. 2852, 1590.
motor
vehicles, approximately 50% of such business is upon new automobiles
approximately 50% of such business is upon used automobiles.
In
of small loans of the corporation's
subsidiaries, approximately
93% of such loans is upon used automobiles.
and
the
case
Underwriting—The names of the several principal underwriters and the
several principal amounts of debentures underwritten
by them respectively
follows:
are as
Co., Inc..
Boenning & Co
There is
—
J-;i
$2.5,000
$200,000
25,000
25,000
Grubbs, Scott & Co
Reynolds & Co
However, by agreement
1941 the underwriters have severally agreed to
purchase an
aggregate of $300,000 of the debentures.
Corporation has further granted
to the underwriters in identical proportions and at the
to
on
or
152,
General
Bottlers, Inc.—Extra & Larger Dividend—
were
an
five cents
paid
May 15 and Feb.
on
15 last and
on
3023.
P.
o.,
6 Mos. End. June 30—
Aug.
Inc. (& Subs.)-—-Earnings1941
1940
1939
1938
$2,069,698
1,288,434
192,570
129,646
$1,786,321
1,262,372
200,013
59,748
$2,211,954
1,598,700
214,731
71,483
47,940
Profit..
Other income
income
Preferred
Directors have declared an extra dividend of 12
y2 cents per share in addi¬
a dividend of 12
V2 cents per share (or,a total of 25 cents per share)
the common stock, both
payable Sept. 15 to holders of record Aug. 30.
Like amounts paid on June 16 and March
15, last dividend of 55 cents paid
on Dec. 16,1940, 25 cents on
Sept. 16, 1940. and previuosly regular quar¬
terly dividends of 10 cents per share were distributed.—V.
tion to
on
153, p. 837.
dividends
Common dividends
$459,048
115,020
$264,188
59,169
$327,040
$593,580
175,000
236,491
$574,068
175,000
236,491
$323,357
175,000
472,982
$395,865
Acceptance Corp., Bethlehem, Pa.—Bonds
Offered—Jackson & Curtis, Battles & Co., Inc., Boenning
& Co., Grubbs, Scott & Co. and
Reynolds & Co. on July 29
offered $600,000 10-year 5% convertible subordinated de¬
bentures at 98 and int.
Dated July 1, 1941; due July 1. 1951.
Interest payable (J. & J.) with¬
deduction for Lenn. taxes
(other than succession, inheritance and
out
corporation taxes) up to not exceeding $8 per annum for each
$1,000
debenture.
Mass. and Maryland income taxes
payable by individual
debenture holders, up to not
exceeding $3 per annum for each $1,000
debenture, will be refunded on timely application.
Pennsylvania Company
for Insurances on Lives and
Granting Annuities, trustee.
The debentures
are subordinate both as to
principal and interest to all indebtedness repre¬
senting money borrowed and maturing within not more than nine months
and any renewals thereof for not
exceeding nine months.
The indenture
provides that the corporation shall at all times maintain its net worth at a
sum equal to at least
150% of the aggregate of the principal amount of the
outstanding debentures and all other subordinated
indebtedness.
Coupon debentures in the denom. of $1,000 registerable as to
principal
only.
Redeemable at the option of corporation, as a whole or in
part, at
any time, upon at least 50 days' published
notice, at the following prices,
and accrued int.; on or before June
30, 1943, 103; thereafter and on or
before June 30, 1945,
102%; thereafter and on or before June 30, 1947, 102;
thereafter and on or before June 30,
1948, 101 \4; thereafter and on or before
June 30, 1949, 101; thereafter and on or
before June 30, 1950, IQOM]
thereafter up to maturity 100.
Each $1,000 principal amount of debentures
is convertible into 60 shares of class A
common stoca of the
corporat on at
any time on or before June 20, 1951 (or on or before
the 10th day prior to
the redemption date in case of debentures
called for redemption).
Purpose—It is the present intention of the
management to use such
portion of the net proceeds of the sale of the debentures as
to
may be necessary
maintain
the increased volume of business of
the corporation and its
subsidiaries due largely to recent
acquisitions, and the remainder of the
proceeds for the development of additional
retail, wholesale, small loan
and re-discount business.
Earnings for Staled Periods
6 Mos. End. 9 Mos. End.
Mar. 31, '41 Sept. 30, '40
Operating
Operating
revenues
$346,376
224,269
expenses
Net opor. income.
com.
stk.(no par).
$0.88
$0.84
$0.31
KAssets—
a Real
$
'
?
$295,055
210,177
$168,247
16,200
$84,878
24,300
$131,557
45,535
$158,212
56,155
$184,447
81,665
$109,178
70,472
taxes.
21,300
20,150
15,255
3,727
$81,907
$87,526
27.977
$34,978
$81,907
$59,548
$34,978
Minority interest, &c
Consol. net income..___
$64,722
Capitalization Giving Effect to Present
Financing
,
Authorized
*1,000,000
15,000 shs.
a26,000 shs.
dividend rate and certain other
preferences thereof have not yet been
fixed.
,A£M00
shares reserved for the conversion of $600,000 debentures,
17,700 shares reserved for conversion of
15,000 shares of 7% convertible
stock, 5,000 shares reserved for
exercise of certain warrants
effective April 1, 1939,
expiring April 1, 1942, to purchase this stock
for
$10 a share issued to a former underwriter
in connection with a
previous
offering of 7% cumulative convertible
preferred and class A common
stock, and 1,822 (now 1,500) shares reserved for
the exercise of certain
preferred
Liabilities—
Inventories
17,391,512
Accts. receivable.
1,961,627
1,077,512
-
Cash
,
2,363,639
507,907
1
49,500
16,679,244
512,358
144,872
Deferred charges..
par
taxes.
749,168
603,254
455,501
500,000
222,211
3,899,658
Earned surplus... 8,488,037
3,899,658
Insurance
reserve.
122,043
-.25,919,555 25.667,704!
Total
After depreciation,
a
no
.
5,000,000
5,298,410
1,000,000
Capital surplus...
2,743,423
Total
labilities.
$
5,000,000
5,298,410
1,000,000
1,277,94 8
Special capital res.
Accepts, payable..
Accts. payable and
accr. 1
1940
5
7% pref. stock
Common stock..
c
1,813,600 Fed. income
3,619,412
U. 8. Government
b Less amortization,
shares.—V. 152, p. 3182.
500,000
8,395,002
25,919,555 25,667,704
c
Represented by 472,982
General
on
Motors Corp.—July Car Sales—The
company
Aug. 8 released the following statement:
July sales of General Motors cars and trucks in the
United States and
including export shipments, totaled 224,517,
compared
with
110,659 in July a year ago.
Sales in June were 240,748.
Sales for the
Canada,
first
seven months
of 1941 totaled
1,666,545, compared with 1,209,446
same seven months of 1940.
Sales to dealers in the United States totaled
204,695 in July, compared
with 99,664 in July a year
ago.
Sales in June were 224,119.
Sales for
the first seven months of 1941 totaled
1,533,053, compared with 1,112,698
for the same seven months of 1940.
Sales to consumers in the United States
totaled 195,475 in
July, com¬
pared with 145,064 in July a year ago.
Sales in June were 235,817.
Sales
for the first seven
months of 1941
totaled 1,578,597,
compared with
1,086,885 for the same seven months of 1940.
;
for the
Sales to Dealers in United Slates
1941
March
1939
164,925
160,458
181,066
183,900
171,024
151,661
99,664
21,154
116,031
207,934
198.064
204,473
116,964
115,890
142,743
126,275
112,868
7.436
47,606
129,821
180,133
188,839
1.860.354
;
1940
218,578
January
February
1,364,426
208.214
-
April
May
June
...
July
August
September
226,592
233,735
217,120
224,119
204,695
October.
November
December
124,048
71,803
Sales to Consumers in United States
1941
1940
1938
56,938
63.771
76,142
78,525
71,676
72,596
61,826
34,762
16,469
92,890
159,573
JL50.005
~9357l63
253.282
April
May
272,853
265,750
235,817
195,475
July
August
September
October
November
December
I
62,831
100,022
103,534
129.053
92,693
124,618
181,421
174,610
168,168
187,252
February
1939
88,865
83,251
142,062
132,612
76,120
56,789
110,471
162,881
156.008
76,071
78.758
64.925
40,796
68,896
131,387
118,888
1,827,241
January
Total..
Outstanding
10-year 5% conv. subordinated debs., 1951
$600,000
7% cumui. conv pref. stock ipar $20)
15,000 shs.
Preferred stoca: (no par) $1.50
series, cumul
20,497 shs
Class A common stock
(par $5)
b200,000 shs.
44,859 shs'
Common stock (par $5)
10,000 shs.
10,000 shs'
rr,La 74,000 additional shares of preferred stock (no par) are authorized!
The
.
S
&c—2,226,283
b Cigar machinery
328,075
l
Goodwill, pats.,&c
Mtges. receivable.
46,250
June
$64,722
$0.46
1941
est., equip¬
March
$151,912
6,300
Net income
1940
Total
$448,325
280,078
68,825
Consolidated Balance Sheet June 30
1941
—Years Ended Dec. 31
1939
1938
$122,107
9,450
Net oper. &c. income.
income
$402,489
250,576
.....
Earn, per sh. on 472,982
securities
General
152,
$545,640
Deprec. & amortiza'n
Federal income taxes
Net
15, 1940.—V.
$2,447,922
1,496,700
166,787
238,795
ment,
Gaylord Container Corp.—Extra Dividend—
option
a
of
50 cents per share on the 5%
preferred stock, payable Aug. 15 to holders of record Aug. 9.
This will be
the first dividend paid in some time.—V
147, p. 1035.
an
3968.
p.
extra dividend of five cents
per share in addi¬
quarterly dividend of 15 cents per share on the common
stock,
both payable Aug. 15 to holders of record
Aug. 1.
Previously regular
quarterly dividends of 10 cents were paid.
In addition extras of
to
Foundation Investment Co
.—Preferred Dividend—
dividend
price
an aggregate of $300,000 additional of such
debentures at any
before Sept. 29, 1941.—V.
Directors have declared
tion
shs.
a
same
purchase
time
gency,
have declared
25,000
..
firm commitment to take the issue.
no
dated July 22,
our
Directors
the
loans of $300 or less by its subsidiaries and
approximately 15%
consists of rediscount business.
In financing the purchase of new and used
move
edin, Fla., plant to the new plant just being completed at Lakeland,
Fla.,
in order to facilitate earlier
delivery of these units.
For the present emer¬
to
approximately 20% consists of making
small
Battles &
1941—9 Mos —1940
1941
approximately 65% of the business of the corporation
and its subsidiaries consists of financing the
purchase of new and used motor
vehicles by dealers and individuals,
Jackson & Custis
Machinery Corp.—Earnings—
16,
issued
receivables of other finance and small loan
companies.
At the present time
A
Food
1942,
1,
the liabilities of Allentown Wimsett Thrift Co.
From 1932 to date, the
predecessor of the corporation and the corporation through and with their
respective subsidiaries, have confined their activities principally to the
financing of new and used motor vehicles for purchasers and dealers, the
making of small loans on used motor vehicles and the rediscounting of the
on
ncome
expiring June
History and Business—Corporation was incorp. in Pennsylvania Aug. 7,
1933, and later acquired by merger the properties and assets and assumed
of 1940
30,200
1,608
$381,079
....
Net income--
a
2nd Ouar.
of 1941
shipping product produced by
lessees-----
1 st Quar,
o/l 941
28,674
Aug.
effective June 1, 1937,
president of the corporation.
warrants,
Co.-—Earnings—
1,364.761
1.001,770
120,809
123,874
174.625
183,481
165,820
173,212
145,064
100,782
97,527
186,016
102,031
1938
63,069
Total Sales of General Motors Cars
and Trucks from All Sources
of Manufacture
United Slates and Canadian
Factories—Sales to Dealers and
Export Shipment:
1941
January
235,422
February
226.609
247,683
March
April
May
255,887
235.679
240,748
224.517
June
July
August
September
October
November
December
IIIIII
IIIIIIII
~~
III III
IIIIII
I.I...
....
Total
-V. 153, p. 837.
1940
1939
181,088
174,572
136.489
133,511
161,057
142,002
128,453
139,694
84.327
12,113
53,072
144,350
200,071
207,637
193,522
196,747
185,548
167,310
110.659
24.019
124,692
226,169
217.406
223,611
2.025.343
1.542.776
1938
76,665
77,929
89.392
91,934
85,855
84,885
73,159
41.933
19,566
108,168
185,852
172,669
1.108.007
Volume
The
153
989
Commercial & Financial Chronicle
Consolidated Balance Sheet June 30
General Mills,
Inc.—Directorate Reduced—
Stockholders at the annual meeting held Aug.
(Excluding Certain European Subsidiaries, Not Consolidated)
12 elected Walter R. Barry
Minneapolis a director to succeed Thomas C. Thatcher of Oklahoma
City, who had requested to be relieved of service because of impaired
health.
Mr. Barry for the last 12 years has been Vice-President in Charge
of
Grocery Products Operations.
At the meeting the stockholders also approved amendments to the
corporation's by-laws reducing the number of directors from 17 to 13 and
providing for indemnification of directors, officers and employees of the
company.
Approved, as well, was the appointment of the public accounting
firm of Peat, Marwick, Mitchell & Co. to audit the books and accounts
for the next fiscal.—V. 153, p. 690.
,
Assets—
10,732,344
10,029,597
rec'ble.
notes
Other
acc'ts
26,404,759
36,578,017
Corp.—Dividends—
General Shareholding
Directors have declared a dividend on account
stock (optional stock dividend
At the option of the holder,
series) so held; or
in cash at the rate of $1.50 for each share of
(optional dividend series) so held.
$6 cumulative convertible preferred stock
—V. 153, p. 550.
823,329
37,215.703
Corp. (& Subs.)—Earnings—
—
-
—
-$10,787,386
-—.——_
—
$2,472,581
Dr63,831
$2,413,495
Drl2,267
$4,817,619
Drl 16,957
$2,408,750
728,118
6,877
65,682
Amort, of debt disct., prem. & exp__.
17,093
Interest charged to construction (Cr.)
375,172
Divs. on pref. stocks of sub. cos
Provision for sub. cos. cumulative pre¬
2,168
ferred dividends not declared.
5,790
Minority interest in current earnings.
1,440
Miscellaneous income deductions
$2,401,228
$4,700,662
1,504,924
8,841
Net operating income
__
Other income (net)
Net earnings
Interest
on
888,439
2,737
54,579
9,439
354,891
long-term debt
General interest
4,300
27,294
4,734
54,597
65,575
4,256
Prepaid insur'ce,
taxes, &c
1,249
24,721,860
44,025,837
7,621,342
foreign sub.
h Common stock 44,025,837
1,357,413
1,632,592
696,321
reflnc'g chges.
Earned surplus.
819,269
Misc. defd items
131,077,2141
152,020,125
to
reserve
15,988,444
--.152,020,125 131,077,214
Total
doubtful accounts, discounts and allowances of
cover
1941; $2,611,575 for 1940.
b To other companies, and
less reserves,
c After depreciation and special
$48,214,587 for 1941; $46,019,657 for 1940.
d Less amount
written off.
e And drafts payable to banks, for crude rubber purchases
($147,328 secured),
f Including provision for Federal income and excess
profits taxes.
g These companies, three in number, are located in belligerent European
countries and substantially all of this investment is represented by a sub¬
sidiary located in occupied France.
No audited accounts of such principal
subsidiary, whose plant is located in territory now under military occupation,
have been received for the years 1939 and 1940, during which years it is
understood some profit was made, nor have audited accounts of the two
small companies for the year 1940 been received.
Owing to war con¬
ditions, the assets and liabilities of all three have been excluded from
for
miscellaneous receivables,
of
reserves
above balance sheet.
Instead, their securities are
31, 1938, values.
In the absence of adequate informa¬
has been established with respect to the asset carried
above.
According to information received from its managing director,
the plant of the principal subsidiary is intact.
h Represented by 1,303,255 no-par shares.—V. 153, p. 692.
consolidation
the
in
Dec.
included
at
tion,
reserve
no
Greater New York
Brewery, Inc.—Registrar—
Colonial Trust Co. has been appointed registrar of the
capital stock of this
company.
$808,583
$1.65
$1.33
$1,941,166
$3.04
accumulations on the $6 cumulative preferred stock, no par value, payable
made for 1941 excess profits taxes.
3.24% for the corresponding
.
558,173 company-owned tele¬
June 14
Net sales.
$3,759,251
Exps., deprec., Federal
income taxes, &c
a3,569,207
$2,620,850
$2,001,581
2,385,214
------
bl,964,026
$1,588,573
.
bl,763,572
$190,044
1,182
Total income
$235,636
Dr4,216
$37,555 loss$174,999
4,512
2,596
$191,226
Operating income
Other income, net of exp.
$231,420
$42,067 loss$172,403
36,349
$42,067 Ioss$208,752
a Includes $137,383 for Federal income taxes under Revenue Act of 1940
and Canadian income taxes; $124,150 for Federal excess profits taxes under
Revenue Act of 1940 and Canadian excess profits taxes; and $175,000 for
estimated additional Federal taxes under proposed Revenue Act of 1941.
b After deducting $1,513 ($7,059 in 1938) reduction of provision for
$231,420
$191,226
Consol. net income...
Canadian income taxes.
The net income for the
first six months ended June 14, 1941,
amounted
152, p. 3968.
Georgia & Florida RR.—Earnings—
Jan. 1 to Aug.
7
1940
■Week Ended Aug.
1941
$33,325
Oper. revenues (est.)--.
1941
$799,627
$19,325
-Jan. 1 to
•Week Ended Julg 31—
1941
1940
(est.)
692.
Gross earnings
$32,425
—
Gotham Silk Hosiery Co.,
1940
$638,630
July 31
1941
1940
$766,302
$26,762
$619,305
Inc. (& Subs.)—Earnings—
1941
$52,208
$2.15
30—
pf. stk_
■-qv\V.'vhrc
152, p. 3655.
(B. F.) Goodrich Co. (&
sales
,*
66,440,153
16,763,904
46,807,660
16,255,133
1,878,200
1,801,260
$12,922,802
7,527
420,854
$2,637,973
Dr28,604
383,821
$13,3 51,183
922,287
Profit from operations
Net profit on foreign
exchange
-
income
Interest
Gulf Power Co.—New
See Commonwealth &
■
not relating
special charges
to
$2,993,190
the current year and
between cost and face value of com¬
panies' bonds acquired during the period
951,931
Financing, &c.—
Southern Corp.—Y. 153, p. 838.
Ltd.—Earnings—
subsidiary's capital stock
Miscellaneous deductions
Federal income and excess profits taxes—
Provision for contingencies
—
Prov. for
milled..
Profit carried to surplus
11,631
8,396
661
84
120,571
4,650,000
1,000,000
48,105
450,000
by the B. F.
Goodrich Co.
stock
68,383
$18.56
$21.41
$1,254,379
$1,255,350
334,949
182,000
329,767
124,700
284,414
44,700
$799,912
7,489
$926,236
2,561
$807,402
65,000
42,000
$928,797
54,000
42,000
——.— _
Oper. exps., incl. devel., mining, mill.
& admin. & general expense.
,
Reserved for taxes
Profit
_.—
$740,554
13,232
—
—
Miscellaneous income
Total
income.
Estimated reserve for depreciation—
Pre-operating exp. written off
-V.
152,
p.
$753,786
66,000
42,000
i
59,380
$645,786
$700,402
$832,797
32.29 cts.
Estimated net profit-
35.02 cts.
41.63 cts.
— .
arnings per share
1918.
Oil
Hancock
Co.
of
:.—Extra
Dividend—
dividend of 25 cents per share in addition
regular quarterly dividend of 50 cents per share on the class A and
class B stocks, all payable Sept. 1 to holders of record Aug. 15.
Similar
amounts were paid on June 1 last and on Dec. 1 and Sept. 1, 1940.
Extras
of 75 cents were paid in preceding quarters.—V. 152, p 3025.
Directors have declared an extra
to the
Hazelton Water Co.-—To Reduce Interest Rate—
Securities and Exchange Commission announced Aug. 6 that the
filed an application (File 70-372) under the Holding Company
Act regarding a proposed modification and amendment of its 4M% first
mortgage bonds, series A, due 1958, and of the indenture, providing for a
reduction in interest to 4 % per annum and an increase in premium on the
principal.
There are $936,000 of the bonds outstanding held as follows:
Metropolitan Life Insurance Co. $418,000; the Northwestern Mutual Life
Insurance Co. $280,000; and Mutual Benefit Life Insurance Co. $238,000.
The company is in the Associated Gas & Electric Corp. holding company
system.—V. 148, p. 2428.
1
The
(Charles E.) Hires Co. (& Subs.)—Earnings—
Earnings for Nine Months Ended June 30,1941
1
Net sales
—:
$6,646,033
1,030,077
325,814
$4.31
$1,362,692
1,030,077
$3,434,562
2,585,694
222,620
-
Other income
——
—
$626,248
41,637
$667,885
Total income
Discounts, provision
48,666
148,600
19,200
18,800
12,215
for doubtful accounts, &c„
Federal normal income tax—
Federal excess profits tax
State income taxes
Additional payments for prior years.
$420,404
profit
Note—Provision for depreciation and amortization of lease¬
hold Improvements charged to manufacturing and other
amounted to
ended June 30,1941 amounted to
for taxes amounted to
Net sales for the quarter
Net profit after provision
—V. 152, p. 3184.
155,304
2,158,196
492,739
Hackensack Water Co. (& Subs.)—Earnings—
6 Months Ended
June 30—
operating revenue.
non-operating revenue
Net earnings
Interest charges (net)
Gross
$0.26
a Including
sales to certain European subsidiaries not consolidated of
$4,217 for 1941; $112,262 for 1940 (discounts, transportation and excise
tax deducted).
b And amortization of bond discount and refinancing
charges,
c Including provision for foreign income taxes,
d Not owned
Earnings per share of common
64,333
$19.55
————
Recovery per ton
Gross
Dividends paid on preferred stock
Dividends paid on common stock
1939
1940
1941
$1,257,503
Tons
classes of expenses
171,982
Difference
d Net profit applic. to a
been elected Presi¬
who resigned.—V. 153, p. 242.
6 Months Ended June 30—
Net
Total income
of
Corp.—New President—
Operating profit
1941
1940
$98,005,059 $67,502,026
goods sold.
Expenses
Greenfield Tap & Die
Donald G. Miller, Chairman of this corporation has
dent to succeed Howard M. Hubbard,
including selling, advertising, and delivery expense
Administrative and general expense
Not Consolidated)
Selling, general and administrative expenses
Provision for depreciation—
on account
Cost of sales,
Subs.)—Earnings—
(Excluding Certain European Subsidiaries,
6 Months Ended June 30
$1.50 per share
company
1940
1939
1938
x$156,975
$91,515
$8,278
Nil
$3.54
$0.30
a After
depreciation, charges on funded debt, taxes of Canadian sub¬
sidiary, and exchange adjustment,
x Loss.
Note—No provision required for United States Federal income taxes.—
6 Mos. End. June
aConsol. net profit
Miscellaneous
Corp.—Accumulated Dividend
-----
Pension fund loss
Earns, per sh. on
Power
Mountain
Green
The directors have declared a dividend of
Hallnor Mines,
(& Subs.)—Earnings
'41 June 15 '40 June 17 '39 June 18 '38
Quarter Ended—
$618,458.—V.
Trust
Sept. 2 to holders of record Aug. 15.
A like payment was made in each of
the 21 preceding quarters.—V. 152, p 3184.
General Time Instruments Corp.
e
3,863
$5cum. pf. stock 24,721,860
a
476,086
450,808
97,431
1,449,656
353,991
phones.—V. 153, p. 242.
b
56,609
2,440,141
Min. st'k int. in
177,010
pared with a gain of 16,240 telephones or
period of 1940.
The subsidiaries now have in operation
Net
gold b'ds
for'n sub.
185,241
Gain in Phones—
Cost of
47,720,544
d Bond disc't &
Schroder
Corporation reports for its subsidiaries a gain of 3,322 company-owned
telephones for the month of July, 1941 as compared with a gain of 1,465
telephones for the month of July, 1940.
The gaiA for the first seven months
of 1941 totals 26,147 (exclusive of purchases and sales) or 4.91% as com¬
a
a
Co., New York, N. Y., has been appointed transfer
agent for the $1 par value capital stock.—V. 152, p. 4125.
-
balance
—V. 153, p.
of
Reserves..
$2,295,157
General
Note—No provision has been
to
15,600,000
24,515,000
$985,593
Earnings per share of common stock.
and
3,143,941
8,484,708
14,400,000
24,165,000
$1,055,355
pref. stock of
Telephone Corp
Divs. paid on
Federal
7,944",181
$1,240,596
Net income
Income
137,334
36,523
754,601
4,604,902
10,952,648
_
3% bank loan..
1,734,540
1,584,909
mach. & equip 48,848,589
$3,054,454
1941—6 Mos.—1940
12 Mos_. _*41
$9,920,505 $21,177,269
1,646.359
3,463,170
Maintenance.
--—-1,751,767
1,737,671
3,656,329
Provision for depreciation
1,842,955
Traffic, commercial, general office sal¬
5.800,697
2,807,658
aries and other operating expenses.
2,948,468
1,973,707
947,096
General taxes..
1,005,583
1,465,747
368,226
Federal income taxes
766,032
_
For. bank l'ns.
Acc'ts payable.
Mtge.
fr. certain
Total
Period Ended June 30—
Operating revenues
e
756,717
976,113
1st mtge. bonds.
3,518,048
3,427,304
Europ'n subs.
cR'lest., bldgs.,
Less
1,200,000
1,200,000
.
f Accr'dllablls.-
Investments,
advances
a
General Telephone
year..
operations
sundry advs—
1,322,740
Inventories
47,724,427
rec.
of dividends in arrears on
$6 cumulative convertible preferred stock (optional stock dividend
series), payable Sept. 1 to stockholders of record at the close of business
Aug. 18, as follows:
,
^
,
In common stock of the corporation at the rate of 44-1000ths of one share
of common stock for each share of $6 cumulative convertible preferred
one
Bank loans, lor'n
&
notes rec'ble &
b
$
loan, 3%,
payable within
g Inv. in & acc'ts
the
Bank
Trade acc'ts &
a
of
1940
$
Liabilities—
s
$
Cash
1941
1940
1941
Retirement
Federal income taxes.
Balance
available for dividends
1941
$2,098,480
3,489
1,056,464
263,618
159,819
145,000
1940
$1,986,142
4,958
997,648
264,471
157,072
102,500
$488,027
$473,606
Note—Provision for 1941 Federal income taxes is based on anticipated
increased rate under the proposed 1941 Revenue Act.
No excess profits
taxes are payable —V. 152, p. 3343.
The Commercial & Financial Chronicle
990
Harbauer Co.—Dividends Resumed—
Directors have declared
dividend of 25 cents per share
a
stock, payable Aug. 25 to holders of record Aug. 12.
dividend paid in some time.—V. 151, p. 1573.
the common
on
This will be the first
Company has notified the New York Stock Exchange of the resignation
of William L.
Directors have declared
an
initial dividend of
$IMX
per share on the
152,
V;!'
Heywood-Wakefield, Co.—Dividend
a
b$288,125
.
Earns, per sh. of com.stk
After depreciation,
a
was
also
Nil
in effect amounted to
now
provision of $100,000 for estimated
a
excess
Illinois Bell
profits tax
the estimated change in inventories as at June 30,
1940, as compared to
Dec. 31,1940, as the amount of such change was nominal.—V.
152, p. 3657.
Holly Development Co.—Earnings—
1941
1940
1939
1938
$20,594
18,000
$86,782
18,000
$81,536
18,000
$18,663
Balance
outstanding ($1 par)i_
Oil
$2,594
$68,782
$63,536
$0.02
$0.10
$0.03
1941
leases,
1940
$8,671,761
6,046,300
$8,004,702 $51,185,970 $47,993,456
5,264,190
35,447,416
32,069,518
Net oper. revenues...
$2,625,461
1,352,855
$2,740,512 $15,738,554 $15,923,938
1,518,758
8,080,712
8,106,138
$1,272,606
1,137,440
$1,221,754
1,102,357
Operating taxes
Net operating income.
Net income.....
—V. 153, p. 243.
Illinois Central
The
wells,
Capital stock
565,380
Accounts payable.
272,151
272,151
1,719
Reserve lor divs..
Accts. receivable..
Cash...
Marketable
4,836
Taxes accrued....
898
26,660
12,500
9,000
10,200
8,040
Earned surplus...
Distrib, to stock¬
365,157
12,500
531
4,772
8,266
7,734
......
Res. Fed. inc. tax.
19,333
386,489
$900,000
343,774
312,014
and accrued dividends in connection with the
procurement of certain
The report of the Commission states in
response
thereto
(net)
3,275
holders
Dr503,542
Indiana Gas & Chemical Corp. (&
Manufacturing
Insurance
.....
_
excess
Total
$763,002
$738,549
of earned surplus at dates of distribu¬
tion—V. 152, p. 2857.
Honolulu Rapid Transit Co., Ltd.Period End. June 30—
Gross
rev.
from transp..
-Earnings—
1941—Month—1940
1941—6 Mos —1940
$186,806
104,924
$138,721
96,435
$877,237
550,718
$772,904
523,029
from transp.
Rev. other than transp.
$81,882
1,496
$42,286
1,574
$326,519
7,070
$249,874
8,672
Net rev. from opers..
Taxes assign, to ry opers,
$83,378
14,516
1,203
20,500
$43,860
11,640
$333,589
83,168
3,722
$258,546
69,849
1,425
110,274
Operating
Net
expenses
rev.
Interest
Depreciation
Profit and loss
17,894
118,627
Cr271
26,079
13,114
25,000
Net revenue
—V.
731
CY257
Replacements
Anticipated abandon'ts.
Operating
Provisions
Net Income from oper.
Other income credits
Interest paid
Prov. for contingencies.
Federal taxes—
$13,596
$27,265
$73,438
Normal tax
Excess profits tax
Additional taxes under
proposed
enue
1941
cess
577,963
542,649
$5,160,456
2,834
1,216,642
$4,570,204 $10,141,247
3,976
11,125
$4,574,180 $10,152,372
192,153
564,223
150,000
275,000
1,213,000
191,000
1.124,200
36,000
2,376,522
360,000
profits taxes.....
Common
1,824,700
36,000
31,378
224,261
56,559
2,605
4,006
6,155
$3,037,844
$5,813,360
$6,121,377
450,000
1,470,573
450,000
1,474,612
900,000
3,,660,430
900,000
3,685,421
$3.51
$6.68
$7.08
com¬
Consolidated Balance Sheet June 30
1941
Instalment notes receivable
(net)
Investment in
Dominion of Canada
victory loan bonds
Other receivables, &c
Office equipment and
89,560
615,613
and
improvements (net)
Total
$6,874,324
71,299,299
173,195
54,222
629,966
war
1940
$7 ,765,664
77 ,925,250
_
Liabilities—
Serial loans, banks
(due currently)
Notes payable
$86,548,298 $78,878,795
2,030,535
962,306
i
profits, and
_
_
_
_
173.481
14,500,000
394,418
33,193
18,000,000
18,432,650
697,334
10,544,568
$86,548,298 $78,878,795
a
Authorized, 1,600,000 shares of no par value; issued and
outstanding
-—1941, 737,389 shares less 2,382 shares in
treasury; 1940, 737,000 shares
treasury, at a stated value of $25 each (subject to reserva¬
ownership plan—1941 and 1940, 80,000 shares.—V. 152,
p. 2707.
expenses-
rev.
from ry. oper.
$24,361
146
of June 30, 1941
1941—6 Mos .—194 0
$7,188,168
4,468,787
$5,772,122
3,984,545
$470,886
206,449
124,029
$329,460
95,373
116,312
$2,719,381
989,012
664,259
$1,787,577
494,284
601,446
$140,408
2,936
$117,775
2,656
$1,066,110
17,424
$691,847
$143,344
7,507
,v,
41,587
$120,431
3,264
37,132
$1,083,534
22,975
250,655
$707,049
19,534
223,045
$94,250
,
Railway tax accruals
Eqpt. & joint facil. rents:
Total income
Misc. deducts, from inc.
Total fixed charges.
:
Net income
-V. 153, p. 243.
$80,035
$809,904
15,202
/
$464,470
International Cigar Machinery Co.
—Earning s6 Mos. End. June 30—
Royalties and sales
Interest earned.
1941
1940
$1,497,291
1939
1938
3 [,315,682
$1,390,762
$1,383,857
196
735
2,098
$1,497,291
583,015
88,281
a276,772
26,884
$1,390,958
$1,317,780
455,381
179,880
26,390
$1,384,592
488,170
100,266
135,112
22,437
$522,340
804,000
$682,049
600,000
$638,607
600,000
$621,701
600,000
Balance, surplus.:
def$281,660
Prev. surplus (adjust.).2,093,891
$82,049
1,915,220
$38,607
1,791,263
$21,701
1,619,431
$1,997,269
$1,829,871
600,000
$1.06
$1,641,132
600,000
_
Total income.
Cost of sales & expense..
.
.
Net profit
...
Dividends paid
Earned surplus
Shs.
com.
Earnings
-
stk. outstand.
$1,812,231
600,000
share
—V. 152, p. 3346.
404,468
98,171
600,000
$1.14
$0.87
per
90,297
125,087
25,315
$1.04
International Mining Corp.—Dividend Action
Deferred
Directors at their recent meeting decided to defer action on the
common
dividend until the November meeting.
Dividend of 15 cents was paid on
International
152,
Machine
p.
27, 1940 and in each
of the
3971.
Tool
Corp., Elkhart, Ind.—
18,380 shares of common
recently offered by a syndicate headed by Reynolds
& Co. and E. H. Rollins & Sons, Inc.
The shares, which do
not represent new financing, were offered at $10.80 each.
Common Stock Offered—An issue of
stock
3,460,831
Dividends payable.
960,007
Miscellaneous current liabilities
I
I..I
186,856
Serial loans
(non-current)
14,000,000
Reserves for Canadian
exchange fluctuations and
contingencies
861,896
Minority interest in subsidiary company
39,499
5% pref. stock ($100 par)
18,000,000
a
Common stock
18,375,175
Capital surplus
~
624,585
Earned surplus
11,638,819
less 83 shares in
tion for stock
oper.
three preceding quarters.—V.
$500,000
12,610,310
excess
4,900
21,470
RR.—Earnings—
June 25, last and 10 cents was paid on Dec.
$500,000
17,900,630
Federal and Dominion
income,
capital stock taxes
as
1941 — Month—1940
$1,224,480
$961,390
753,594
631,930
oper. revenues.
Federal taxes
3,139
stock
Total
Indiana Harbor Belt
Period End. June 30—
Railway
Railway
Other corporate taxes...
$3.07
_
44:
plan of reorganization, $481; special deposits, $1,050; accounts
receivable
(net), $215,858; inventories, $168,366; prepaid insurance, $8,019;
deferred
charges, $82,281; cost of work in progress not allocated, SI 1,190;
capital
stock of Terre Haute Gas Corp., $500,000; miscellaneous
investments, $1;
lands, buildings and equipment (net), $3,081,971; total,
$4,143,448.
Liabilities—Accounts payable, $100,911; dividends on cum.
pref. and
common stocK declared
but unclaimed, $481; dividends on
$3 cum. pref.
stocs: due July 1, 1941, $39,430; accrued
liabilities, $35,100: * serial fiveyear
notes, $250,000; reserve for maintenance and
contingencies,
$47,035; cum. pref. stock (no par), $1,170,000; common stock
(par 50
cents), $2,343,019; earned surplus, $157,472; total, $4,143,448.—
*
The first note for $50,000 will be due
April 1, 1942.—Y. 152, p. 4125.
.
stock.
stock
Assets—
Cash-
$8,597,253
402,463
150,000
$2,709,153
income
preferred
Earns, per snare of
mon
$8,583,165
14,089
113,524
Dividends—Cash:
5%
Consolidated Balance Sheet
1,078,950
535,000
Minority int. in earnings
Net
f
Other income
ex¬
subsidiary company
.
Net income before Federal income taxes
Deprec. & amortization.
535,000
Dominion income and
28,145
2,388
$76,759
-
1 941—12 Mos.—IS)AO
rev¬
bill
259,266
4,740
2,502
;
Net railway oper. inc.
(& Subs.)—Earnings—
1941—6 Mos—1940
$5,163,290
273,474
125,000
$340,677
20,998
--
Depreciation
Net
opers.$11,117,133 $10,089,230 $21,928,146 $19,487,615
expenses
5,378,715
4,976,377
10,570,258
9,825,501
for losses on
instal. notes receivable
.
...
512
75,000
$9,302
Household Finance Corp.
of
47
153, p. 242.
Period End. June 30—
Gross income from
...
...
State and Federal taxes--------Interest on- motes.
44
1940
$472,980
329,521
35,755
2,703
.-■._.__^._ii..4.
Assets—Cash in banks and on hand, $74,230; cash on
deposit for payment
of dividends on cum. pref. and common stock not
yet exchanged under
$738,549
In years prior to 1930 in
a
Sub.)—Earnings-—
1941
expenses
Administrative and selling expenses
Dr503,542
1,778
$763,002
Total
In
The
higher bid, 98.7579% of par and accrued dividends, was made by
Halsey,
Stuart & Co., Inc., and associates, and has been
accepted.
On this basis
the average annual cost of the proceeds to the
applicant will be approxi¬
mately 2.26%.—V. 153, p. 694.
>
bank
equip¬
part:
'
offered for sale through competitive
bidding.
bids representing 15 parties were received.
were
two
a
Cl'ms agst. closed
Deferred charges..
RR.—Equipment Trust Certificates—
on July 21 authorized the com¬
obligation and liability in respect of not exceeding $6,920,000
equipment trust certificates series V, to be issued by the Penpsylvania Co.
for Insurances on Lives & Granting Annuities, as
trustee, andsold at 98.7579
531
secur.
$7,817,800
7,013,440
Interstate Commerce Commission
1940
S900.000
$60,499
...
$7,657,842
6,607,767
v;
pany to assume
$0.09
1941
at cost-_
Inventory
...
Quarter Ended June 30—
Liabilities—
equipment, &e_
Investments & ad¬
vances
1941—Month—1940
Operating revenues...
Operating expenses
Balance Sheet June 30
Assets—
Nil
Loss.
1941—6 Mos.—1940
$8,027,306 $51,324,450 $48,129,211
22,604
138,480
135,755
The certificates
$27,663
9,000
Earns, per sh, on 900,000
shs. of capital stock
x
$8,695,340
23,579
revenues
ment.
ing depreciation, de¬
pletion and income tax
Dividends paid
$0.15
and other charges, and pro
Telephone Co.—-Earnings—
Period End. June 30—
b The
$100,000,
Note—The consolidated net income for the six months ended June
30.
1941, includes an amount of $45,581 representing the excess of estimated
inventories as at that date (estimated on the basis of the
prime cost per¬
centage for the year 1940) over the inventories as at Dec. 31, 1940.
The
operating result for the corresponding period of 1940 did not give effect to
6 Mas. End. June 30—
Net profit after deduct¬
1941—6 Mos—1940
$243,051 x$l,820,199
x$965.954
Nil
$0.14
Note—No provision required for excess profits tax.—V.
152, p. 3657.
Operating
loss$34,952
and increase in taxes.
$220,714
After depreciation, Federal income tax,
for anticipated tax increase in 1941.
1938
$106,595
$0.51
(& Subs.)—Earnings—
1941—3 Mos.—1940
vision
Federal income taxes and other charges,
provision for normal tax under laws
and there
1909
$170,463
$0.81
$1.37
Period End. June 30—
Uncollectible oper. rev..
(A.) Hollander &Sons, Inc. (& Subs.)—Earnings—
1940
Salisbury to fill
3345.
p.
Net profit
Earns, per sh. of com. stk
a
a
1941
director and the election of O. J.
a
a
Payment—
dividend of 31 cents per share on account of
accumulations on the preferred B stock, payable Sept. 2 to holders of
record Aug. 20.
Like amount paid on June 2 and March 1, last.
Accumulation after payment of the current dividend will be $2.50
per
share.—V. 153, p. 838.
f, Mas. End. June 30—
Net profit
as
152,
Hudson Motor Car Co.
2 to holders of record Aug. 21.—V.
p. 3969.
Directors have declared
Boos
the vacancy.—V.
Heyden Chemical Co.—Initial Preferred Dividend—
preferred stock, payable Sept.
Aug. 16, 1941
Homestake Mining Co.—New Director—
.
was
Transfer agents: Central Hanover Bank & Trust Co., and Girard
Trust
Co.
Registrars: Guaranty Trust Co. of New York, and Fidelity-Phila¬
delphia Trust Co.
Company was originally incorporated as Foster Machine Co. on June 5,
1909 in Indiana at which time it acquired all of the assets and assumed
all
of the liabilities of the
predecessor company known as Foster-Kimball Co.
This predecessor company was incorporated on May 24,
1902, as Foster
Machine Co. in Illinois and name was changed to Foster-Kimball
Co. on
May 2, 1903.
On Dec. 28, 1940, company bought all of the assets (except
$600,000 cash) and assumed the liabilities and contractual obligations of
International Machine Tool Co., Inc., of Indianapolis, Ind.
Since the
acquisition of the assets of International, the business has been carried on
as two
divisions, the "Foster Division," comprising the business theretofore
conducted
by Foster Machine Co., in Elkhart, Ind., and the "Libby
Division," comprising the business theretofore conducted by International
Inc., in Indianapolis, Inc.
These two divisions were
independently managed prior to the acquisition by the company of the
Libby Division.
Machine Tool Co.,
the business of manufacturing and selling
Company is engaged in
Its principal
tools.
made in various
are
Consolidated Balance Sheet2
machine
capacities ranging from lYx
A
inch
Com¬
machines
and Profits
e
;
Prov.
.'V*
i,v«'
„
'•
c
c
1940
1939
a
c
Three
Calendar
June
ended
months
$435,000
$327,150
705,052
395,000
754,500
310,052
678,784
55,220
1,433,284
66,491
b Three
30.
,
11,271
,
based
Liabilities—
27,627,825
27,627,825
60,766,771
60,766,771
Burr & Co.,
Henry C. Robinson &
Wm. C. Roney & Co.
Throckmorton & Gilien
Other income (net)--.-
Balance Sheet June 30,1941
Cash
51,685,503
872,746
_
Accounts
Accounts
receivable
$492,918
payable
487,838
Accrued liabilities
952,979
Federal taxes on income
Inventories
———----- 1,745,931
Investm't & other assets.
23,273
Property, plant & equipment_al,499,122
Deferred charges--- - - - *——
32,519
Customers
deposits
ma¬
on
contingencies
5% preferred stock (par
Common stock (par $1)
Capital surplus
Surplus arising from
$100)-
Earned surplus
After
a
deducting depreciation of
-
1.110
97,567
460,563
Net
3.428
1,552
87,937
1,200,763
246,198
179,078
5,425,061
437,163
175,875
2,387,507
442,403
8,495
—
16,994
-
11.895
31,063
14,488
5,878
Defore in¬
profit
come
$872,031.—V. 153, p. 694.
506
95,346
2,716,746
227,943
Deprec. and obsolescence
Depletion
Dividends paid on stock
of subsidiary
Divs. accr. out not being
currently paid on pref.
stocks of subsidiaries-
.$5,859,094
Total
$5,859,094
Total
30,561
226,700
338,000
1,102,453
revaluat'n
on
expense
1,669,515
chines ordered
Reserve for
funded debt
Int. on other debt.—
Amort, of debt dis. and
Int.
$78,189,173
61,439,953
1,551,500
---.$51,093,748 $44,527,082 $95,166,300
38,101,666 33,652,004
71,819,535
722,363
770,085
1,436,581
Total income
Cost and expenses
liabilities—
Assets—
disc.-'$50,426,670 $43,902,539 $93,837,091 $77,206,590
■
667,077
624,543
1,329,209
982,583
allowances and
Wyeth, Hass & Co.
1941—6 Mos.—1940
1941—3 Mos.—1940
Period End. June 30—
Gross sales, less returns
Stroud & Co., Inc.
Co.
Hill Richards & Co.
R. H. Johnson & Co.
Kalman & Co., Inc.#
J. H. Drass &
Subs.)—Earnings
International Paper & Power Co. (&
Straus Securities Co.
Cohu & Torrey
of $74,575,373 at June 30,
$70,372,482 at Dec. 31,1940.
b Represented by 14,584,025 no par shares.
Note—Figures stated in terms of U. S. currency.—Y. 152, p. 3184.
& Pate, Inc.
& Asche
Co., Inc.
McAlister, Smith
Co.
Cavanaugh, Morgan &
After reserve for depreciation
a
Page, Hubbard
285,020,326 279,164,908
1941, and
Total
Co.
Lester & Co.
Inc.
and other reserves.
expenditures in Finland
Capital surplus.
Earned surplus
Exchange adjustments
Name—
A. M. Kidder &
16,231,418
5,324,555
6,723,908
60,606,500
75,747,752
in consolidation in suspense Dr2,461,542 Dr2,461,542
17,218,262
5,383,850
6,723,908
60,606,500
77,518,240
Retirement system reserve.
Reserve for property
21,518,816
483,474
23,364,059
483,475
Preferred dividend payable.
Insurance, contingent
6,595,431
7,788,978 !
payrolls
Provision for taxes.
tax
future
$7,325,000
Name—
1
stock
Accounts payable and
principal underwriters are as follows:
Reynolds & Co.
E. H. Rollins & Sons, Inc.
Alexander & Co., Inc.
Bond & Goodwin, Inc.
'
'
..
b Common
profits taxes,
e Taxes for each 1941 period are estimated
on
rates provided by the Second Revenue Act of 1940, as amended, but
legislation will probably increase the amount of taxes which the company
may be required to pay for 1941.
,
Company had unfilled, confirmed orders of approximately
on
July 25, 1941.
Underwriters—The names of the
-.285,020,326 279,164,908
7% cumulative preferred stock
March 31.
ended
months
600,464
—;
Total
provision for Federal income and excess
d Before
years,
Insurance and other prepaid items.
31,278,799
469,977
Cash
Taxes
$762,150
$2,731,090
2,122,850
5.059,952
1,381,058
——
After
Taxes
24,401,802
23,286,773
27,648,981
;
Profits
al941—--b 1941
"
bills and other
Time deposits, Canadian treasury
short-term securities
Net
e
Income
Excess
d Profit
40
_
for
Fed. Inc. &
Sales
41 Dec. 31,
tflf
Property
—
machines.
Summary of Net Sales
OQsif*
158,248,272 158,121,001
Investments
618,530
617,025
Securities held against retirement system reserve.. 17,181,872
16,228,717
Inventories
33,602,263 32,502,616
Accounts and notes receivable less reserves)
14,176,935
12,861,353
Government securities..
9,786,723 .2,553,131
a
spindle bore with 13-16 inch bar capacity to 173^ inch spindle bore.
pany also manufactures miscellaneous equipment, tools and special
of which the two most important are the "Faatermatic" and "Superfinisher"
z-.O'
June 30,
>
lathes which
standard products are horizontal turret
sizes and types with
991
Commercial & Financial Chronicle
The
153
Volume
$9,214,200
taxes.
U.S. Federal taxes
$8,555,101 $15,836,564 $12,159,319
under
existing laws:
International Railway Co.—Earnings—
Six Months
Ended June 30—
Revenues.—------—
—
Maintenance- -—- —.■-——-——- -
operation
Conducting transportation.
General including accidents
Power
Taxes
earnings
—
—
$3,5x9,155
612,498
126,zii
1,103,292
513,707
Interest—
Rentals, &c——
Amortization of discount---
:;
■
—-----------------
u ----------------- -
Deficit———-------- ------a
- -- -- --
-- -- -- -
withheld from the
income tax.—V. 152, p. 3185.
Canadian war
Nickel
International
Co.
of
above
$532,488
284,987
19,106
27,003
61,525
470,350
$330,482
item
account
Ltd.—Semi-
greatly augmented nickel requirements of tne metal-consum¬
industries and expanding needs of the Army, Navy and Air
Canada, Great Britain and the United States, substantially
amounts of nickel have been made available, Robert C. Stanley, Chairman,
says in a letter to shareholders.
All production facilities of the company
are operating at full capacity, he adds.
"Since the outbreak of the war," Mr. Stanley continues,
the allocation
of nickel in Canada and the United Kingdom has been handled in accordance
with tne wishes of tne Canadian and British authorities.
Last March all
nickel imported to or produced in the United States was placed on a priority
basis and its allocation directed by the Division of Priorities of the Office of
Production Management.
The purpose of the United States priority system
is to control the deliveries of vital materials so that defense and 'lend-lease,
production schedules may be met."
'
To meet the
Services of
increased
'Certain of our customers
in the
who for more than a
development of uses for
decade have cooperated
nickel and have assisted in the progress
of
manufacture of commodities
states. "Due to the un¬
precedented calls for nickel from the industries supporting the war and de¬
fense programs, these customers are temporarily experiencing difficulties in
securing adequate supplies of nickel and have been compelled to attempt
substantial alterations in their operations.
We are offering them the full
cooperation of our research and technical organizations in meeting this
difficult situation and many of our activities formerly concerned with sales
and services are focused on providing this help."
The communication to shareholders also includes excerpts from a letter
sent by President Stanley in April to United States customers, offering them
the assistance of the company's technical staff in solving problems of ma¬
terial arising from the temporary lack of nickel.
are engaged primarily in the
not essential to war production," Mr. Stanley
this industry,
Consolidated Income Account
Period End. June
Earnings
Admin & head
445,379
847,559
711,457
854,272
$3,938,860
$6,761,511
$6,899,433
$1.13
$1.52
$2.44
$2.51
—
profit
of com.
Earns, per share
stock
—V. 153, P.
839.
Iowa Southern
Period End. June Z0—
Gross oper.
earnings
Utilities Co. of Delaware—Earnings—
1941~Mo«I7i--1940
1941—12 Mos.—1940
$361,563
$345,060 $4,514,775 $4,329,397
mainten'ce
Oper. exps.,
216,775
40,000
Net oper.
Net
30—
1941—3 Mos.—1940
1941—6 Mos.—1940
---$20,165,038 $17,196,247 $38,864,808 $33,266,636
437,814
433,826
863,480
850,645
operating
profit-.$19,727,224 $16,762,421
230,985
141,948
$197958,209 $16,904,369 $38,409,671 $32,651,907
Total income
Income &
franchise taxes a9,030,852
Decree. & depletion.... 2,163,467
^oth^purpSS!?-!!687,992
Net
$38,001,328 $32,415,991
408,343
235,916
profit..
—
$8,075,898
—
Eo?periS^--!!i^i7-g 77,214,902
5,614,821 al5,189,325
1,840,622
1,208,747
4,202,891
1,701,848
9,246,823
3,676,199
1,668,592
$8,240,179 $17,315,607 $18,060,293
73,340,772
75,747,752 71,293,217
.--$85,290,800 $81,580,951
Preferred" "diVidends
483,475
483,475
$93,083,359 $89,353,510
966,950
966,950
Total
Common dividends
7,289,085
Eapereiod8U.rP!US
°f$77,518,240
cCohi&of&tdnl£tsESSSiie 2,461,542
--
E
Balance
common
a
at June
2,442,787
of
stock--.--,.--.
Includes estimate
$0.52
of anticipated tax
30.
14,578,169
14,578,169
$73,808,391 $77,518,240 $73,808,391
$75,056,698 $71,365,604
-
Earnings per share
7,289,085
2,461,542
2,442,787;
$75,056,698 $71,365,604
$0*53
liability under legislation pending
a2,693,719
474,500
a2.507.121
404,000
$104,769
3,#48
$1,346,556
31,864
$1,418,276
38,499
$108,576
earnings—
Other income
a205,792
34,500
$104,788
3,788
and taxes.
$1,378,420
,530,017
150,000
163,048
$1,456,776
fund, debt-
43,308
12,500
deduc'ns
12,979
$108,017
58,047
12,500
7,491
special charges
Special charges- —
$39,789
$29,978
$535,354
$516,407
13,365
Net income———
$39,789
$29,978
$535,354
$503,042
Total net earnings
on mortgage bonds.
Int.
Int. on other
Amort. & other
699,232
150,331
90,806
Net income before
x
The charge in lieu of income taxes,
accrual for 1940, represents the estimated State income
tax and the estimated Federal income tax which would have been payable
on the 1940 income if the company had not had the benefit for income tax
purposes of the deduction of discount, call premium, &c., applicable to
bonds refunded in 1940.
The corresponding credit has been applied in
reduction of the unamortized balance of discount, call premium, &c.. on
the bonds refunded in 1940.
x Includes provision for legal fees and other expenses in connection with
plan of recapitalization.—V, 153, p. 244.
a
Restated for comparative purposes.
included in the tax
Island Creek Coal Co.—Production—
In
606,322 tons of coal against 619,199 tons in
in July, 1940.—V. 153, p. 398.
July company mined
June and 493,788 tons
Jefferson Lake
Sulphur Co., Inc.—Earnings—
Earnings for the Six Months Ended June 30, 1941
Total income
-
Cost of sulphur
office exp
Other income..
2,000,000
232,973
$3,214,688
taxes
Annual Report-—
ing
2,000,000
415,085
Canadian & other foreign
Prov. for retirements—
Canada,
2,000,000
155.543
x,500,000
256.286
Statetaxes
Net
$77,498
$34,100, amount
Includes
2,172,640
360,947
60,813
*57,859
physical property,
Depreciation of misc.
Depreciation
3,172,635
2,775,876
1,857,788
profits
Prov. for additional taxes
under proposed laws._
475,033
^746,930
262,515
20,716
22,526
-
-
520,766
143,595
985,403
*419,514
————
—
Net
- ---- - -
-
Excess
$3,018,231
1,613,138
1,940,059
Normal
1940
—
sold-—-.--——--——————.,
$1,459,438
660,688
Shipping expenses484 ,091
Administrative, selling and miscellaneous expenses
150 457
Depletion.4J)18
Net Income from operations-—$160 184
Adjustment-...,--——-—————....
a65|038
$225 222
b Net income
for United States
Louisiana income taxes—-,
Provision
Net IncomeCash dividend
income and
In
27 900
paid on preferred stock
stock----
311
,
$197,322
47 201
' 233 036
1940 profits earned on sulphur under special contract
providing for excess profits and income tax liability.
1941
b Before
profits and
w„
—
Cash dividend paid on common
a
excess
.
of
Balance Sheet June 30,1941
Assets—Cash, $1,696,834; accounts receivable
(trade), $129,082* notes
receivable (officers, employees and others), $6 529*'inven¬
tories of sulphur and supplies at cost, $492,130; United States'savings
bonds, $50,000; New Zealand Government war loan certificate $750* 450
shares Old Ocean Gas Co., Inc. (in escrow), $14,850; Valentine mineral
lease, Lake Peigneur oil exploration and Texas suplhur domes and mineral
leases at cost, $617,513; land, plant and equipment (net), $121,331 • treasurv
stock (46,640 shares of preferred stock and 160 shares of common stock
carried at cost), $301,532; deferred items, $7,232; total, $3,437 784
Liabilities—Accounts payable, $21,587; accrued expenses. $165 3*75* 7%
cumulative preferred stock ($10 par), $1,813,010; common stock ($25 cents
par), $233,085; reserve for depletion, $275,168; paid-in surplus $340 278*
earned free surplus, $589,279; total, $3,437,784.—V. 152, p 2708
and
accounts
The Commercial & Financial Chronicle
992
Jamaica Public Service Ltd. (&
Subs.)—Earnings—
Period End. June 30—
1941—Month—1940
Operating revenues—$102,043
$89,441
Operation
40,713
39,613
Maintenance—
9,331
8,295
Taxes
20,081
5,579
--
$25,919
3,297
7,500
Utility oper. income-.
Other income (net)—..
Retire. res've accruals—
Kansas
1941—12 Mos.—l 940
$1,157,362
$1,032,088
492,046
454,995
100,063
95,415
150,056
80,764
$35,953
X>rl,044
7,500
$415,196
13,329
90,000
$27,409
$338,525
7,107
7,134
85,377
762
770
9,143
Dr3,777
Cr735
Cr9,461
$18,771
Pref. djv. requirements of J. P. S. Co., Ltd.—
$234,544
Preference shares B—
29,400
21,992
Preference shares C
16,150
29,498
21,992
11,434
J. P. 8. Co., Ltd
Amort .of dt. disc. & exp.
Other income charges—
8,691,138
8,034,573
$694,413
118,512
8,540
177,893
$9,046,019
1,450,491
102,479
$8,659,126
1,426.287
102,479
2,171,746
2,129,603
1,570
5,408
151,545
1,560
6,390
109,055
19,419
68,336
1,558,062
65,986
1,083,278
$284,681
$272,463
$0.48
$3,675,486
$3,833,422
$6.54
$6.84
Depreciation
$206,051
debenture stock—
634,818
182,159
Amort, of disct. & prem.
86,480
9,267
C'rl 1,324
on
753,600
$754,474
120,571
8,540
"
Net earnings
Interest charges
$313,122
Int.
1941—Month—1940
1941—12 Mos.—1940
$1,508,073
$1,329,231 $17,737,157 $16,693,700
Oper. exps. (incl. mainte¬
nance & gen. prop, tax)
$400,914
2,209
90,000
$21,715
—
City Power & Light Co.—Earnings—
Period End. June 30—
Gross earnings.
Amort,
Gross income
Aug. 16, 1941
limited-term
of
investments
Misc. income deductions
Fed. & State inc. taxes..
Net
profit
Earns, per sh. on com..
income
Net
$17,624
—
Preference shares
Preference shares D__
Note—Pending the final enactment of Federal tax rates for the year 1941,
provision has been made for Federal income and excess profits taxes at the
rate of 30% of the estimated taxable net income.—V.
153, p. 244.
Keith-Albee-Orpheum Corp. (& Subs.)—Earnings—
8,239
26
Balance
$158,763
91,800
Balance
-V.
$52,227
1941—6 Mos.—1940
Gross revenue
$7,106,682
2,381,205
857,535
Maintenance expense...
380,851
Taxes (incl. Fed. income)
1,131,776
Oper. expense, general..
Oper. expense, mdse
before
Balance
on
1941—12 Mos.—1940
$6.706,iSi $14,285,232 $13,814,139
2,260,255
4,725.605
4,571,684
674.941
1,352,934
1,124,887
437,395
772,699
829,585
801,911
1,824,264
1,719,486
$2,355,315
622,308
$5,609,731
1,338,473
$2,002,877
$4,271,257
$882,665
393,987
100,484
$427,063
$525,909
$388,194
(S. H.) Kress & Co.—Sales—
$7,581,812, an increase of $1,067,16.4% over July, 1940.
For the first seven months of this year,
$50,624,046, an increase of $6,760,043, or 15.4% over the
first seven months of 1940.—V. 153, p. 554.
-
$4,453,520
968,722
1,325
1,330,000
154,142
1,944,347
1,325
long-term debt:
Bonds...
Promissory notes
Amort of debt, discount
75,525
and expense
195,052
05,169
33,400
$930,940
$2,563,834
Laclede Gas Light
Operating
Operating
165,541
proxy statement
being sent to the stockholders on Aug. 15.
The dividend rate and redemp¬
tion prices for the new shares have not been decided
upon but will be re¬
commended
by the Board of directors to the stockholders at the meeting.
Several other actions in connection with the
proposed issue are also pro¬
posed to be taken at the meeting.
The proxy statement reveals that the sale of the issue is
being discussed
with Lehman Bros, and Goldman, Sachs &
Co., but that no contract has
been entered into or commitment made.
It is expected that a
Registration
Statement covering the issue will be filed with the Securities and
Exchange
Commission shortly.
Additional production and warehouse facilities are to cost
approximately
$1,500,000, including a new coffee processing plant and warehouse at Los
Angeles, Calif., similar new facilities at Harrington, HI., and new buildings
for the Food Stores Department in
Chicago.
An amount of $1,250,000
may be needed for possible additions to sales units,
involving an increase of
the company's "wagon routes" from 1640 to
2000, and in its stores from
133 to 200.
Remaining funds will be used for working capital and other
general corporate purposes.—Y. 153, p. 694.
Jones &
Laughlin Steel Corp.—60-Cent Common Div.—
Preferred Dividend—
Directors
dividend of 60 cents per share on the
to holders of record Sept. 3.
This
will be the first common dividend paid since 1931.
Directors also declared an initial dividend of $1.25
per share on the new
5% preferred class A and class B stocks payable Oct. 1 to holders of record
stock,
a
payable Oct.
6
Sept. 3.—Y. 153, p. 694.
Joy Manufacturing Co.—Listing—
New
shares of
York
common
■"
Exchange has authorized the listing of 384,100
stock ($1 par), all of which are issued and
outstanding.
Comparative Income Account
8 Mos.End,
■
■
^
'
Selling, general and administrative
Operating income„Other income
expenses
Gross income
Other expenses
...
Provision for income taxes.
Net income.
$1,481,200
54,011
$1,084,915
384,100
Consolidated Balance Sheet
Assets—
May"S\ •41
Cash
$215, 984
Notes & accts. rec.,
trade (net)
1,744, 962
Inventories.
_
Sept.30,'40
3199,956
May 31,'41 Sept. 30,'40
$255,674
$103,867
Accts. pay., trade.
1,799,113
1,630,309
Div. payable
Custs. credit bals.
55, 513
113,009
Accrued liabilities.
Unearned Int. on
3, 547
1,763
589,685
392,501
6,960
26,946
23,979
Instalment notes &
contracts
receivables.
Property, plant &
at
Liabilities—
Notes pay. to bks.
2,415,934
--
cost
(net)
Patents (net)
expenses.
dlsc't'd notes rec.
Prov. for adj. due
Total....
338,822
115,230
246,139
8,964
"¥,381
587,677
353,107
7,372
engineering
changes
3,626
Note pay. to bank
Com. stk. (par $1)
Paid-in surplus.__
$5,059,533 $4,168,0041
Total...
477,493
384,100
384,100
1,820,475
1,098,419
1,820,475
75,000
700,814
$5,059,533 $4,168,004
gross
occupancy as to a reduction in expenses.
This information is based on a statistical
income
or
study by Amott, Baker & Co.
During the present fiscal year there were quite a few tenant
changes in the
property which necessitated high expenditures for
alterations, &c.
Hold¬
ers of approximately $1,000,000 first
mortgage leasehold bonds outstanding
have received $27 per $1,000 interest on their
bonds so far this year and
another payment is anticipated in November.—V.
151, p. 248.
Liggett & Myers Tobacco Co .—Stock
Offered—Stifel,
Nicolaus & Co., St. Louis, on Aug. 12 offered
1,817 shares of
common
B stock
common
stock (par
(par $25) at 86 per share and 700 shares
of
$25) at 85Yz per share.—V. 152, p. 3348
Link-Belt Co.—Consolidated Balance Sheet June 30—
1941
Assets—
a
1940
$
Cash.
3
•
,776,042
Accts., notes, &c.
receivable....
6 ,246,923
Inventories
6 ,682,717
$
4,338,931
4,714,155
789,200
1,606,480
2,368
1 ,576,159
12,207
1,576,159
3 ,235,382
3,241,773
bMach. & equip.. 3 ,649,178
Invest, in affil co.
Int. in employees'
3.194,482
Buildings
...
stock
stock pur. trusts
Other assets
123,600
dends payable..
Common stock divi¬
618,503
554,850
%
103,317
103,350
342,231
171,115
384,489
322,190
profits taxes 2,188,267
for
capital
452,762
Accrued State, local
Prov.
for
cess
Prov.
Fed.
in¬
taxes & ex¬
come
stock taxes
106,755
cum.
142,883
330,170
195,900
se¬
curity taxes
Reserves.
6>4%
39,305
188,141
Prov. for social
14,000
1940
1,210,053
divi¬
and Can. taxes.
securities
b
?
Accounts payable. 2,103,007
Pref.
on
Land.
1941
Liabilities—
2,980,739
dends payable..
cost
Acer. int. receiv.
pref.
stock
(par $100) 3,180,000
3,180,000
c Common stock.
.10,690,745 10,690,745
Earned surplus
7,486,482
6,375,004
d Treas. stock
Z>r527,132 2>r525,932
Total
26,576,473
22,357,376
Total
26,576,473 22,357,376
a After reserve of
$477,981 in 1941 and $364,927 in 1940. b After reserve
for depreciation,
c Represented by
718,066 no par shares,
d Represented
by 10 shares of preferred stock in 1941, and 33,604 shares of
common stock
in 1941 and 1940.
Earnings for the 6 and 12 months periods ended June
30,
1941 appreared in the "Chronicle" of
Aug. 9, page 841.
Liquid Carbonic Corp. (& Subs.)—Earnings—
Period End. June 30—
sales
Net
1941—3 Mos.—1940
1941—9 Mos.—1940
$8,045,140
$6,785,445 $16,143,501 $13,640,044
1.694,250
1,521,169
2,599,192
1,978,843
25,489
38,962
71,757
111,154
204,827
197,502
606,069
582,679
"
Net profit
Interest charges
a
Depreciation.
Prov. (est.) for U. S. and
Canadian income taxes
385,000
174,480
475,000
209,000
90,000
19,917
175,000
35,000
Provision (tentative) for
ex¬
cess
profits taxes
Prov. for social security
and
surance
Net
42,235
406,629
City—Earnings—
The Lefcourt State Building, a
24-story structure located at 1375 Broad¬
taxes
1,307:
$2,514
way, showed improved net income in the latest fiscal
year compared to the
preceding year.
This was due not so much to an increase of
U. S. and Canadian
to
Earned surplus
-V. 152. p. 3658.
Lefcourt State Building, N. Y.
5,245
Cr7,531
12,792
$491,958
Net income
$1,427,189
342,275
$724,090
326,485
t
Dividends
$1,126,453
31,652
$1,094,801
370,711
.
$1,379,900
101,299
5,524
Crl0,406
15,484
Year End.
$1,065,174
61,279
-
16,993
deposits, &c
-V. 152, p. 3028.
May 31, '41 Sept. 30, '40
$3,999,490
$5,128,034
2,513,471
3,312,510
420,845
435,624
Net sales
Cost of goods sold
$2,116,049
1,945,000
142,399
15,630
144,469
Interest charged to construction
Miscellaneous deductions
Stock
-.V-,:.
■
consumers'
$1,739,383
376,667
$2,609,022
1,945,000
-
Securities owned at
Aug. 12 declared
on
common
$2,196,321
412,700
Gross income
Interest on funded debt.
Amortization of debt discount and expense
Taxes on bonds and interest
on
$6,929,896
3,150,018
320,879
519,422
854,282
345,911
284,165
525,255
864,615
340,799
23,300
Federal income
Interest
1940
$6,849,991
2,615,535
Operating income
Non-operating income
Assets—Fixed capital, $81,630,637; cash, $1,303,804; notes
receivable,
$1; accounts receivable, $2,295,780; unbilled income, $553,526; material
supplies, $1,121,945; prepayments. $76,404; other current and accrued
assets, $14,763; miscellaneous assets, $12,236; unamortized
debt, discount
and expense, $4,183,353; miscellaneous deferred
charges, $163,173; com¬
pany's own preferred stock held, $132,200; total, $91487,824.
Liabilities—Preferred 7% cumulative ($100 par),
$7,100,000; preferred
6% cumulative ($100 par), $7,030,300; preferred 5H% cumulative ($100
par), $7,910,800; common (1,053,770 shares, no par), $10,537,700;
longterm debt,
$42,505,000; notes payable, $530,000; discounted contracts,
$268,108; accounts payable, $280,121; consumers' deposits, $614,015;
taxes accrued, $984,622; interest accrued, $468,508;
miscellaneous, $66,225;
reserves, $6,606,653; miscellaneous unadjusted credit,
$262,674; contribu¬
tions in aid of construction, $523,989; capital
surplus, $1,276,931; earned
surplus, $4,522,178; total, $91,487,824.—V. 152, p. 3028.
Stockholders are being asked to authorize and
approve the sale of an
issue of 50,000 shares of preferred stock at a
special meeting of the stock¬
holders to be held on Sept. 8,1941. according to notice and
1941
;
Taxes—State, local & miscell. Federal
L_
Gity of St. Louis—5% gross receipts license
and
Co., Inc.—To Issue Preferred Stock—
C
expense
Provision for retirements
Consolidated Balance Sheet June 30, 1941
Jewel Tea
Co.—Earnings—
revenue
Maintenance
$2,278,511
94.274
totaled
12 Months Ended June 30—
Cr2.533
66,328
$870,612
Net for dividends
02,533
30,149
or
sales
,
109,029
Cr3,851
16,692
Amort, of prem on debt
Other miscell. deductions
Prepaid
343,785
Y20.635
Sales for July of this year amounted to
$5,568,497
1,114,977
$1,733,006
expense
$2,531,678
508,801
July 2,1938
$1,036,703
370,381
140,412
Note—The provision for Federal income taxes is based on a 30
% rate for
1941 as compared with a 24% rate for 1940.
No provision has been made
for Federal excess profits tax as the companies do not
appear to be liable in
this respect.—V
153, p. 553.
733,
Available for int., &c.
eqpt.,
$891,482
$213,440
Net profit after all chgs.
"665,000
Retirement
Other
June 29, '40 July 1,1939
$635,403
327,048
94,915
taxes.,
Prov. for income taxes..
retire¬
ment expense—...
The
July 5,1941
for
prov.
153, p. 398.
Period End. June 30—
new
before
deprec, & inc
Depreciation
Jersey Central Power & Light Co.- —Earnings—
Int.
Weeks Ended—
Profit
$143,127
90,900
$66,963
Common dividends paid- -J. P. 8. Ltd-
$0.50
18,071
group
in¬
premiums
86,670
Shares of
common
outstanding
Earnings
per share
80,330
248,152
255,760
$902,264
profit...
$1,009,978
$1,023,215
$785,249
728.100
700,000
728,100
700,000
stock
.
$1.24
$1.44
$1.40
$1.12
Before interest, depreciation, Federal income
taxes, and provision for
social security taxes and group insurance
premiums.
Note—United States taxes on income calculated on the basis of
Revenue
Acts of 1940, it being assumed that the Revenue Act of
1941 will not be
applicable until the fiscal year beginning Oct. 1, 1941.—V.
a
152, p. 3348.
Volume
The
153
Operating
Operation
11,131,258
$10,503,802
$11,654,958
377,509
$7,694,206 $13,081,418
550.247
881,503
$8,200,972
$7,143,958 $12,199,915
Depre., deple. & amort-
1,783,394
1,633,914
3,346,496
$10,555,392
Pro vs. for Fed. inc. tax.
1,083,812
536,437
439,983
Other income credits..
Gross income.
$8,578,481
—
Income charges
—
Netincome.
Taxes.
1,151,156
Net operating income
1.099,565
445
Net income$5,333,437
$4,973,231
$6,813,937
213,354
$4,382,240
—
———
—
———
—
—
Interest charged to
—
_
Total.
$30,953
17,228
13,645
$24,139
8,648
al ,061
$26,129
5,842
$17,307
$14,430
20,010
prof.20,953
$20,287
28,615
loss$2,702
23,086
$35,383
23,169
$2,156
—
Deductions
$43,357
$8,327
16,556
.
f
Prov. for Fed. inc. taxes-
Net
$31,183
income
Netlossonsecurs. sold—
Total
Dividends paid
'•
'
1
'■
!
)'
Loss
-V
•
''
P.
$9,610
14,529
31,044
•
$24,955
5,998
2,295
_
.
—
bonds.
on
$41,300
2,057
$28,888
Interest
$45,468
2,271
$47,739
Income—Dividends
cost-
age
——
Cash in bank
Cash
on
June 30 '41 Dec.
.$1,910,911 $1,830,402
566,770
628,451
dividend payable
The U. S.
11,745
Acer. int. receiv—
710
Def'd Fed.
stock
Corporation Counsel William C. Chanler, in a statement, noted that
upheld Judge Patterson's decision after hearing argument by
Assistant Corporation Counsel Chester W. Cuthell,
William S. Gaud Jr.,
Special Counsel to the Transit
$2,879
2,463,315
a
$2,505,614 $2,466,193
Total
—.$2,505,614 $2,466,193
Represented by 30,955 shares at
June 30, 1941, and 30,610 shares at
1940.
31, '40
June 30, '41 Dec.
Notes—
for
Co.—Tenders—
Bank is inviting tenders
amounted to
$1,719,881
—
$1,684,067
$74.19
Fund, Inc.-
Loomis-Sayles Second
6 Months Ended
13,666
30,687
4,014
2,794
2,525
38,118
4,135
$83,052
131,437
$78,297
10,499
76,853
83,447
$125,238
& Mass. excise taxes.—-
Net profit
—...
—
sold (based on aver, cost)
Net adjustment of prior years' Fed. income taxes. _
Dividends paid
-----—
—_—.
Excess of expenses,
realized losses and dividends
3,030
8,950
514
held, based on market quotations, was
$1,315,011 below cost as of June 30, 1941, as compared with $1,256,292
below cost as of Dec. 31, 1940.
Comparative Balance Sheet
Note—The value of securities
June 30 '41 Dec. 31
age
*40
Reserve for Federal
& State taxes.—
$5,947,753 $6,156,005
1,209,147
1,425,496
cost
a
Cash on deposit for
dividend payable
Divs.
$38,228
Dividend payable.
aver¬
Cash in bank
June 30 '41 Dec. 31 '40
Liabilities—
receivable.-
Acer. int. receiv-.
38,228
22,796
3,154
3,908
Cap. stock equity 7,178.943
a
825
$7,221,079
$7,599,5221
$7,221,079 $7,599,522
Total
Represented by 191,142 shares at June
30,1941, and 200,600 shares
afc
dates, amounted to..
152, p. 3506.
-—
-
—V.
,
.
Louisiana Land & Exploration
1941
—
:
Other income—
$545,255
58,297
$455,951
$634,248
140,620
215,914
149,127
$284,550
25,066
22,275
253,191
$240,437
15,165
—
Earnings per share
1941
End. June 30—
Net Income after charges
a$457,302
and Federal taxes
a
share
on
income
—
$16,236
4,718
27,343
10,380
$5,390
$18,829
$5,856
$10,088
—'
has been made for
Sales are stated to
company's history.
plant is engaged in
2710.. '.
148,279
26,356
152, p. 3506.
20,736
14,493
285,479
190,768
119,417
183,365
26,157
359,654
297,991
$73,486
$917,924
271,250
863
income
Dividend accrued on
$5
„■ „,—
available for
stock--
.
.
2,995
4,120
33,167
4,492
$990,383
337,750
29,327
44,748
$43,766
$609,015
$578,557
13,461
-
$402,932
common
$3,234,230
1,424,916
218,159
23,950
debt—
serial notes—
deductions (net) —
—V. 153, p. 555.
262,008
$12,722
Net earnings
Balance
$3,585,507
1,569,673
$38,809
22,604
2,620
Interest on
preferred stock -
$273,823
118,406
20,545
46,681
24,506
Provision for retirement
$272,639
1,184
$308,582
_
Gross revenues
Net
1941—12 Mos.—1940
$3,557,833
$3,213,344
20,887
27,674
$307,228
1,353
Interest on mtge.
$0.76
$1.79
which is the highest in the
1941—Month—1940
30—
Operating revenues
Non-operating income -
Other
$407,767
$2.53
Power Co.—Earnings-
Marion Reserve
$0.09
$489,665
$573,096
In addition to its own production, the company's
prime contract work for National defense.—V. 152, p.
U
/ XX'r';--V ■'.■v: \
^
'
Maintenance-
$587,421
1941—6 Mos.—1940
$U.8U
$1.30
be continuing at a rate
$192,823
$0.06
1938
-Earnings—
$182,766
$293,482
sh on 226,6*2
common shares
$267,597
1939
Machine Co.-
Earns, per
General taxes
Federal income and ex¬
cess profit taxes
1941, current assets were $3,909,813 against current liabili¬
ties of $1,272,086, or a ratio of 3.1 to 1.
The corresponding figures at
the same date last year were $3,943,127 and $1,134,197. respectively, or a
At June 30,
ratio of 3.5 to 1.—V.
Net profit after charges
and Federal taxes
$255,602
62,779
1940
Federal income or excess profits
a tax basis there was no taxable
p. 3815.
1941—3 Mos.—1940
30—
Period End. June
$309,616
42,019
$1.11
$0.93
$0.87
estimate for probable increase in Federal taxes, y-
stock
And after
$46,172
for the reason that after adjustment to
income for the respective periods.—V. 152,
$302,454
41,639
McCall Corp.—Earnings—•
per
$10,107
taxes
reserve——
6 Mos.
common
$13,554
2,682
6,477
depletion,
$0.09
_
—V. 152, p. 3348.
Earnings
$34,969
11,203
12,524
dry
leases forfeited,
$8,092
2,016
$22,612
Total income
Operationi _—_ -—* -—
aqjlji depletion-.
v
1,722
Balance
Deprec.,
X<
1941—6 Mos—1940
$26,977
$51,168
13,423
16,199
$14,568
$20,889
Operating income.
Oper. exps. & taxes
Period End. June
;
1941
trade (less reserves),
$29,222
8,333
$260,815
Total income
Net income.
1940
1939
31,409
30—
Operating expenses
. _ _ _ „ _ _ _ _
Geophysical and admin, exps., lease
rentals, taxes, leases abandoned, &c
Depreciation
Co.—Earnings—
$271,045
3 Months Ended June
Net oil and gas income
_
$31.60
$30.68
$2.31
Corp.- -Earnings—
1941—3 Mos.—1940
June 30—
Marchant Calculating
June 30, '41 Dec. 31/40
The value of securities of Fund, based on market
quotations at respective dates, amounted to.— $4,632,742
$4,899,714
The net assets and liquidating value per sh. on basis
of market quotations for securities at respective
Notes—
Profit—
accounts receivable,
Maracaibo Oil Exploration
PerioaEnd
Note—No provision
Dec. 31,1940.
126,500
$2,351; deferred
equip¬
$1,939,639.
Liabilities—Accounts payable, trade, $12,595; accrued taxes, $69,442;
accrued expenses, $3,594: reserves, $131,420; minority interest in sub¬
sidiary, $37,996; capital stock (126,600 no par shares), $862,500; earned
surplus, $822,092; total, $1,939,639.—V. 152, p. 1923.
■;%) &C...W
2,150
-----
$1,103,637;
$292,325
$140,200; inventories, $112,722; miscellaneous assets,
charges, $12,771; investments, $7,776; land, buildings, machinery,
ment, &o. (net), $540,924; patents (net), $19,257; total,
Net
tax
Total
$34,419 in 1941 and $33,658 in 1940.—
Consolidated Balance Sheet June 30,
Assets—Cash,
holes,
15,045
Def d Fed. capital
stock
to
Other income.
$4,763
7,594,759
for
59,870
75,826
2,878
$2.41
depreciation and amortization amounted
$16,164
— __——--——*—-■- —.„
Custodian & transfer agent fees & expenses
Miscellaneous expenses--u---—
Securities at
$305,665
126,500
Consolidated net profit—
Note—The total provision
5,091
52,937
117,060
5.030
Dividends paid
$132,531
Management fees— „
Net loss on securities
$430,899
1940
$118,865
Earnings per share
Prov. for Fed. cap. stock
$425,808
and State income taxes
Minority interest in net profits of subsidiaries
$123,072
Assets—
—
Total.
1941
1940
$478,561
2,131
$480,692
Gross profit on
Other income (net)
Selling and general expenses
$114,052
9.020
Interest on bonds
available
1941
,
ITovision for Federal
■Earnings—
June 30—
June 30—
sales
6 Months Ended
$75.69
liquidating value per share, on
the basis of market quotations for the securities
at the respective dates, amounted to. - -- -- -- - —V. 152, p. 3506.
The net assets and
first
prices not to exceed
Mfg. Co. (& Subs.)—Earnings—
Mapes Consolidated
securities of the Fund, based on
quotations at the respective dates,
for the sale to it of
bonds, 5% series due 1946, at
105%, in an amount sufficient to exhaust the sum of $3,890 to be
in the sinking fund on Sept. 1, 1941.
Tenders will be received at the cor¬
porate trust department of the bank, successor trustee, up to noon on
Aug. 25, 1941.—V. 152, p. 3973.
The value of the
market
reasonable
the cash price
non-cooperating security holders instead of the higher rate
awarded to assenting security holders," Mr. Chanler said.
The Corporation Counsel added that the court's decision "finally ter¬
minated the long series of negotiations and litigation culminating in the
acquisition of the transit properties by the city."—V. 152, p. 3749.
aside
The Chase National
825
Wright, repre¬
plan constituted a fair and
dissenting security holders to
compromise, but relegated the
Manila Electric
capital
Total
Commission, and Boykin
senting the bondholders.
"The court not only held that the
refunding mortgage gold
Dec. 31,
in connection with
Judge Thomas W.
the court had
6,337
178
tax——
Aug. 13, claims of a group
appealed from a decision of
Swan.
15,477
Divs. receivable—
Circuit Court of Appeals rejected,
Manhattan Ry. who had
of bondholders of the
set
2,591
Pay-
S. Court Upholds Unification
Judge Robert P. Patterson, approving settlements made
transit unification.
The court's opinion was written by
.
2,487,545
State taxes
Cap. stock equity
distributed.—
dividends of 20 cents per share were
Ry .—-U.
Manhattan
Res. lor Federal &
a
deposit for
dividend of 20 cents per share on the common
ment—
31 '40
$15,477
Dividend payable,
Securities, at aver-
24,747
$2,869,334
V. 152, p. 1134.
$25,788 prof .$12,214
Liabilities—
'40
$3,002,218
——
Mallory & Co .—20-Cent Dividend—
viously regular quarterly
Comparative Balance Sheet
June 30 '41 Dec. 31
R.
Directors have declared a
a Includes $686 prior year's tax.
Note—The value of securities held, based on market quotations, was
$191,029 below cost as of June 30, 1941, as compared with $146,334 below
cost as of Dec. 31, 1940.
Assets—
.
:
stock, payable Sept. 10 to holders of record Aug. 27.
Like amount paid on
March 10, last; dividends of 40 cents was paid on Dec. 10, 1940, and pre¬
——
——
Cr8,972
20,964
—
-v. 153, p. 399.
1938
1939
1940
1941
160,227
19,453
250,000
37,000
Cr44,216
construction
Miscellaneous
Inc.—Earnings—
Loomis-Sayles Mutual Fund,
l^O^O
—
---------
'Net income.
6 Mos. End. June 30—
$4,168,886
228,556
$4,465,112
Interest on funded debt...
1,030,450
Amortization of debt discount and expense.
160,227
Other interest
8,468
Amortization of flood and rehabilitation expense..
250,000
Amortization of contractural capital expenditures.
37,000
$6,936,409
has
allowance
1,102,290
858,416
$4,236,556
„
Gross income--
statement for any
been made in the above
amounts involved in rate litigation.—V. 153, p. 245.
Note—No
1,123,952
1,407,177
—-
Other income-.-
2,836,863
781,620
376
sub. company
—
—
Provision for Federal & State income taxes—
329
a
....
Amortization of limited-term investments--..
VXX 501
of
—
—
Appropriation for retirement reserve
2,039,037
Min. int. in net income
— .
—
Maintenance----..--
11,567,430
5.787,811
revenues
1941
J 1940
.—$12,536,033 $11,700,905
3,779,053
3,638,253
576,366
640,633
1,411,500
1,291,000
1,428
1,428
'
Years Ended June 30—
$7,433,810 $11,886,515
260,396
1,194,903
6,158,165
$8,138,498
Operating income
(Ky.) (& Subs.)—Earns.
Louisville Gas & Electric Co.
Corp. (& Subs.)—Earnings—
1941—6 Mos.—1940
1941—12 Mo.?.—1940
revenue.—$14,296.663 $13,221,620 $23,453,945 $21,635,060
Lone Star Gas
Periods End. June 30—
Gross oper.
Gas purch., oper. exps.,
maintenance & taxes.,
993
Commercial & Financial Chronicle
13,461
161,530
165,532
,def$738
$30,305
,
22,604
$447,485 /
$413,025
The Commercial & Financial Chronicle
994
Martin-Parry Corp.
3 Mos. End. May 31—
Net sales...
-Earnings-
1941
a
1940
1939
Period End. June 30—
1938
$779,717
745,774
$25,038
72,717
$5,991
43,088
$80,746
loss $47,680
loss $37,097
206
654
463
458
$34,149
loss $47,217
loss$36,639
142
147
b8,255
$81,400
731
3,162
17,052
$21,634
Net oper. profit.
$305,839
225,093
$33,943
Cost of goods sold
$60,455
loss$49,131
Other income
Profit
Miscellaneous
303
charges..
Interest
3,957
Fed. fc State Inc. taxes..
1941—Month—1940
Operating revenues
a
Operating revenues... $4,504,780
Operating expenses.....
2,757,301
$3,944,362 $26,112,280 $23,167,237
2,326,194
15,567,263
13,815,093
Net operating
Operating taxes
$1,618,168 $10,545,017
734,122
4,089,282
Net operating income.
Ioss$36,78«>
$1,099,103
1,083,895
a
$905,240
Prop. & plant...
Patents
Liabilities—
b Capital
$870,956
199,384
d!941
1,731,098
945,098
Accts. payable and
accruals
Accts. rec. (less res.)
847,414
103,446
Contract
Inventories
338,999
65,568
Prepaid exps.
deferred
■
21,218
charges
(non-current)...
14,849
Res.
35,914
$4,043,353
$1,999,917
m
310,414
175,120
38.000
Surplus
.
782,371
Total
Net operating income
54,660
The
York
New
shares of
common
stock
July 8, 1941.—V. 153,
Exchange has authorized the listing of 249,932
(par $1), which were issued and outstanding as of
p.
842.
preferred stock
on
Balance
Maytag Co.—Earnings—
Period End. June 30—
,
$3,091,896
2,602,526
$8,633,623
7,012,278
$845,309
4,104
19,730
4,446
$489,370
3,531
14,639
5,205
$1,621,345
6,448
33,571
12,614
$979,112
6,370
30,345
9,675
$512,744
10,849
55,717
63,815
$1,673,978
91,155
111,433
$1,025,502
24,907
127,630
202,000
96,000
367,000
rsIPS
r*rn*«R
$6,058,016
5,078,904
$873,589
32,689
Cost of sales & expenses.
Petroleum Corp.
Period End. June 30—
V 1941—6 Mos.—1940
1941—3 Mos.—1940
$4,330,567
3,485,258
Ipoc
Discounts & royalties.—
Other income
Total income
Other deductions
Depreciation
1941—3 Mos.—1940
Prov. for Federal
excl. depre-
■■
■
7,295,606
13,584,824
12,743,215
Gross profit from sales $3,916,837
SJling and general & ad¬
ministrative expenses.
1,627,983
$3,527,504
$6,600,505
$7,196,557
1,657,583
3,069,862
3,086,834
Net profit from sales.
Other income credits, net
$1,869,922
$3,530,643
$4,109,723
$2,288,854
including interest and
•••/
received...
,
262,286
$2,536,331
Depreciation & depletion
783,889
248,000
>V,
410,641
-
.
247,477
$2,132,208
Total income
248,000
-o.-,' .•.••••
.
8,024,960
dividends
excess
profits tax
1941—6 Mos.—1940
Fptnms
allowances......$11,941,797 $10,823,110 $20,185,330 $19,939,773
Cost of sales
Prov. for Federal & State
income tax
(& Subs.)—Earnings
174,500
and
ciation and depletion)
Operating profit
Int. earned and divs.rec.
$2,469,331
,-V
—V. 152, p. 2710.
Mid-Continent
Net sales
$2,589,331
120,000
$2,366,420
Net income
Dividends
$4,576,801
1,676,056
20,815
262,592
28,008
$2,486,420
120,000
long-term debt
Amortization of debt discount and expense
Miscellaneous other deductions
Co.—Listing—
Stock
on
General interest
$4,567,540
9,262
$4,507,188
1,702,133
31,798
257,029
29,808
Gross income
Interest
$4,043,353 $1,999,917
for
Master Electric
$4,338,744
168,444
Other income
mmmm mm
depreciation of $762,195 in 1941 and $659,164 in
1940.
b Represented by 338,050 (199,550 in 1940) no par shares,
c After
reserve
for amortization of $58,656.
d Consolidated figures.—V. 162,
p. 3029.
a
.
and
State taxes
After reserve
»
250,900
Res. for conting's.
Total
...
.
mm
208,900
for Fed.
.
.
.
Funded debt
1940
.
_______
86,504
'
•
$5,830,854
5,719,193
1941
...
....
..
payable
$6,455,735
6,391,760
.$24,451,881 $22,947,386
8,281,449
7,518,852
Amortization of gas conversion expenditures....
288,836
286,620
Other operation expense
5,516,939
5,225,907
Maintenance
938,968
975,367
Provision for depreciation.
1,503,107
1,363,890
Taxes—State, local and miscell. Federal..
2,540,964
2,429,590
Federal income and excess profits..
1,042,875
579,620
1940
421,657
....
and
June 30—
Operating revenues
Gas purchased for resale..
stock...$2,246,098 $1,432,734
.....
Clash
$884,046
866,927
Michigan Consolidated Gas Co.- -Earnings—
Years Ended
Balance Sheet May 31
c
$9,352,144
3,521,290
—V. 153, p. 842.
Including operations for the period of Iiexair, Inc., a subsidiary com¬
b No provision made for excess profits
1940
$1,748,479
649,376
revenues
1,773
pany, acquired as of Jan. 2, 1941.
dl941
1941—6 Mos.—1940
$3,956,384 $26,207,824 $23,241,338
12,002
95,544
74,101
tax.
Assets—
16, 1941
$4,521,819
16,039
Uncollectible oper. rev._
Net income
Net profit
Aug.
Michigan Bell Telephone Co.—Earnings—
462,560
$3,941,284
1,511,662
738,658
$4,572,283
1,495.378
Leaseholds
Net profit
-V. 152, p.
$335,183
$342,081
$856,389
$698,465
3187.
surrendered
abandoned
and
218,724
Fed. & State inc. taxes._
Melville Shoe
Corp. (& Subs.)—Earnings—
6 Months Ended June 30—
Net
1941
Store and factory sales
Less intercompany sales
1940
$35,053,978 $30,211,049
11,196,481 T 9,896,489
$1,233,718
share
per
$0.67
.$2.3,857,497 $20,314,560
16,187,954
13,553,625
4,890,166
4,597,091
248,252
246,869
Store operating, selling, gen. & admin,
Depreciation
expenses
Gross profit
$2,531,125
67,957
Net profit on real estate operations
Total profit...
excess
Net income
$1,501,031
Preferred dividends
on common
Estimated
shares outstanding
basis of amendments proposed on July 26, 1941
by the
House Ways and Means Committee.
On basis of law enacted last
a
on
year,
provision for taxes would be $713,753 for 1941 to date.
Note—The 1941 inventories were computed at cost based on the last-in
first-out method, less reserve for markdowns, and the 1940 inventories
at
the lower of cost or market, less reserve for markdowns.
The effect of the
change was to reduce the six months' earnings by approximately seven cents
per
1941
5
1941
Liabilities—
Cash in banks and
hand..
on
Marketable
Accts.
Adv.
rec.
_.
merchandise
a
Accounts payable.
6,675,369
118,541
369.297
433,398
...
300,000
to employees
Prov. for Fed. inc.
568,709
6,372,663
Security fund...
150,000
140,972
Investments
b Fixed
Prepd.
$
1,592,073
810,711
Prov. for distrib'n
on
assets(net) 3,394,505
royalties, &c._.
6,535,485
&
110,811
136,576
3,206,924
expenses &
919,401
100,000
taxes
both
were
1,532,182
154,149
Reserves
deferred charges
529,714
493,948
325,356
5% preferred stock 9,447,700
Com. stk. (par $1)
919,806
Paid-in surplus
Earned surplus
was
paid on Dec. 20, 1940.—V. 153, p. 555.
Mississippi Power Co.—New Financing, &c.—
See Commonwealth & Southern Corp.—V. 153,
p. 842.
Monarch
Machine
Directors have declared
a
20,165.063
Held by bank
ducting
153,
p.
reserve for
as
18,011,0521
Total
799,785
158,228
307,343
25,090
9,781,000
919,564
18,432
5,149,306
1940, and
depreciation:
b After de
1941, $4,549,455; 1940, $4,364,042.—V-
Merchants & Miners Transfer
3 Mos. End. June 30—
1941
Total revenues
$2,104,993
a Net loss from
opera'ns.
83,114
b Net gain
1,020,745
c Net income
Prov. for Fed. income &
excess
Net
profits tax (est.)
income..
d Earnings per share...
Transportation Co.—
1940
1939
1938
$1,776,934
$1,850,780
57,660
$1,755,556
102,288
115,066
a
dividend of 50 cents
...
x$l 15,066
x$57,660
paid
on
March 1, 1940.—V. 152, p.
1939
1938
$2,152,339
$1,998,608
1,577,356
1,724,131
1,697,814
649,359
577,858
587,688
557,982
$37,888
$120,983
3,328
$133,162
2,915
$136,729
1,877
....
Adv., distrib.,
1940
$2,181,007
and
gen.
expenses
Net oper. loss
Miscell. income (net)
9,212
loss
$28,676
$117,655
$130,248
$134,852
Including underwear, foundation garments, hosiery, &c., after deduct"
discounts and allowances,
b Includes $494,326 net sales on
U. S. Army and Navy contracts.
Note—Charges included in the above statement for depreciation of
buildings
machinery and equipment: 1941, $40,168; 1940, $41,626; 1939,
$42,729; 1938, $39,198.
a
ing returns,
Comparative Balance Sheet June 30
1941
Land, bldgs., ma¬
chinery, &c
G'dwill, tr'marks,
1940
a
$833,533
Liabilities—
1941
1940
b Capital stock
$1,500,000 SI,500,000
$853,205 Accts. payable...
215,367
118,095
Accrued expenses.
83,589
48,385
patents, &c.
Cash
1
1
708,728
1,256,158
Accts. & notes
rec.
771,291
500,622
Contract lor deed.
24,000
36,000
insur., policies..
20,894
Inventories
2,502,906
Prepaid expenses.
92,755
2,076,962
Cash
surr. val.
Res. for Fed., State
and
local taxes.
Capital surplus
Earned surplus.--
106,190
96,912
3,044,181
3,184,181
5,784 defl01,655
life
investments
14,195
107,772
1,002
1,002
x$102,288
274,000
...$4,955,110 $4,845,9171
Total
$4,955,110 $4,845,917
Land, buildings, machinery and equipment at reduced values estab¬
lished in
January, 1933, less provision for depreciation of $755,262 in 1941
and $749,685 in 1940.
b Represented by 150,000 shares of no par value.
—V. 153, p. 843.
a
x$115,066
x$57,660
x$102.288
$3.53
Nil
Nil
Nil
After depreciation but before
provision for Federal taxes,
b On other
profit and loss transactions, including gain from sale of
ships, $989,302.
a
?olof16 Provlslpn f?r Federal income
187,833 shares of
and excess profits taxes,
d On
capital stock,
x Loss.
During the first six months of the year the net
earnings from the opera¬
tions of the company,
together with charter money received account of
»3?f rented to other operators, resulted in
a net
of $5,144, or 2 7-10ths cents
per share of stock.
profit from the six months
During the first half of the year the company sold five
ships, two of the
larger combination freight and
passenger ships, which were bought by the
Government, and three small freight
ships.
These ships were sold for
$1,684,375, which was a gam of $989,302 over the
depreciated book values,
which profit is subject to an estimated
Federal tax of 30%.—V. 152, p. 3815.
Pay $1 Dividend-—
Munsingwear, Inc.—Earnings—
Total
$663,631
was
6 Mos. End. June 30—
1941
Net sales
...__b$3,054,097
Cost of mdse, produced
and sold..
2,442,627
Misc.
$937,631
Co.—To
a
1440.
4,431,174
20,165,063 18.011,052
security for store managers' deposits,
842.
Tool
dividend of $1 per share on the common stock,
payable Sept. 2 to holders of record Aug. 22.
Like amount was paid on
March 1, last, and on Dec. 2, 1940; stock dividend of
40% was paid on
Sept. 30, 1940; dividend of $1 per share was paid on Sept. 1 and June 1,
Assets—
Total
Co.—Extra Div.—
payable Sept. 10 to holders of record Aug. 25.
Similar payments
made in each of the five preceding quarters.
In addition, extra of
Net
Store mgrs. secur.
deposits
Regulator
684,815
100,000
.
an extra dividend of 25 cents
per share in addi¬
the regular quarterly dividend of 50 cents on the common
stock,
admin,
profits
excess
to
25 cents
Accr'd taxes, rent,
(net)..
Inventories
$
•••;
8,639,203
secure.
paym'ts
1940
$1.17
' * ■"'..."
■
a
1940
$
Assets—
1
Minneapolis-Honeywell
share.
Consolidated Balance Sheet June 30
$2,169,048
$0.95
Directors have declared
$1,432,524
245,446
919,167
$1.29
236,207
919,778
$1.38
Common dividends
Earned
$1,913,875
82,239
399,112
130,225
967,826
profits taxes
$1,758,348
Net current assets as of June 30, 1941, were $22,773,490,
equivalent to
$12.25 per share of outstanding stock, compared with
$21,549,569 as of
Dec. 31, 1940.
Of the current assets, $12,753,884 was in cash and shortterm United States Treasury notes.—V. 152,
p. 3350.
$1,916,975
Dr3,100
$2,599,082
Other charges (net)
Prov. for Fed. income &
350,000
provision for Federal and State income taxes for the six
ended June 30,
1941, exceeds estimated requirements under
months
tion
a
557,858
300,000
Note—The
existing IclWS.
Net sales
Cost of sales
371,275
$714,370
$0.39
300,000
income
Earnings
329,180
350,000
(A. A.)
Murphy & Co., St.
Paul,
Minn.—Debentures
Offered—Wells-Dickey Co. and C. S. Ashmun Co., Minne¬
apolis, recently offered at 100 and int. $300,000 5% deben¬
tures.
Debentures
were
offered
to residents
of Minnesota
only.
Dated June 1, 1941; Due June 1, 1947.
Interest payable June 1 and
Dec. 1.
Coupon debentures in the denom. of $1,000, registerable as to
principal only.
Redeemable at company's option in whole or in part on
the first day of
any month on 30 days' notice at 100 and interest and a
premium of 5% if red. on or before June 1. 1942,
4% if red. thereafter and
.
The Commercial
153
Volume
V
•'
History and Development—Company is a partnership organized under the
Uniform Partnership Act, consisting of C. J. Claude, M. L.
Minnesota
Roussopoulos and John Hammerbacher, all of St. Paul, Minn.
It is en¬
gaged in the small loan business under statutory license in Minnesota,
under the name Family Loan Co. and in the discount and time payment
collection business in North Dakota, South Dakota and Montana, under
Murphy Finance Co. and Family Finance Co.
The business
outgrowth of a small loan business established in St. Paul, Minn., in
1922 by A. A. Murphy in partnership with John Hammerbacher.
As of April 1,1940, the present partnership was organized, which partner¬
ship is the issuer of the debentures.
The interests of the three partners in
the
is
names
an
the
present
interest,
partnership remain as before, Mr. Claude having a 50%
Roussopoulos a 35% interest, and Mr. Hammerbacher a
Mrs.
15% interest,
Purpose of Financing—Since the
effective date of the Minnesota
Loan Act, June 1, 1939, the company has experienced
borrowers for small loans.
It anticipates that
Small
increased demands
such demands will
continue and believes it advisable to provide that part of its borrowed
capital be placed on a more permanent basis than bank borrowing.
The
$300,000 of debentures is being sold for such purpose, but initially the
net proceeds received estimated at $279,000 after deducting estimated
expenses, will be applied to reduction of its bank indebtedness, which at
May 31, 1941 amounted to $320,000.
It is expected that further expansion
of the company's business will necessitate additional bank borrowing.
The total amount of the company's indebtedness is limited by terms of the
indenture.
- ■■M
v Capitalization as of March 29, 1941
$273,631
_
_
Net worth—partners'
capital
Total
584,752
..
$858,383
_
Inc.—Special Meeting—
(Conde) Nast Publications,
meeting on Aug. 29 to vote on proposition
franchises and property of the corporation.—V. 153, p. 545.
months totaled $41,926,-
415 against $39,909,874.
following table shows the territorial
taxes, of foreign subsidiaries and branches,
for the respective periods, as follows:
The
_
distribution of profits, after
included in above statement,
$105,986
$260,871
$485,263
47,166
48,699
23,470
73,893
51,330
loss819
165,387
47,807
13,684
89,155
8,361
46,497
loss5,295
$322,837
$426,477
__
Other British possessions
Continental Europe
Latin & South America
Far East
„
.
Total
After
common stock.
National Gas & Electric Corp.
revenues
118,161
Maintenance
6,414
9,928
10,022
Utility
$72,256
6,610
$50,735
2,964
$78,866
28,943
10,354
•
oper.
on
$53,700
20,394
10,672
$685,235
262,749
126,841
$634,240
228,557
355
1,102
accruals
bonds.
res.
$616,824
17,415
380
4,265
7,723
4,265
5,513
$21,897
$283,654
$267,797
$0.60
and expense
Other income charges
Net income
$0.63
tax.—V. 153, p. 247.
President of the company,
Niles Trammell,
oeen
advised by the
National Tool Co.—To
Accepts
NBC
announced Aug. 2 that they
Society of
Composers, Authors and Publishers that it had approved a proposal under
which ASCAP music would be returned to the Red and Blue networks and
the managed and operated stations of the NBC.
Following approval of the proposal by ASCAP, attorneys for both NBC
and ASCAP immediately began drafting a contract covering the terms of
expressed tne hope that the contract would
quickly as possible.
and ASCAP will not be signed by
NBC, however. Mr. Trammell explained, until NBC affiliates have agreed
to refund to NBC 2H% of the stations' compensation on network business,
except in those States where such refunds are prohibited by law.
The essential points of the new agreement between ASCAP and NBC
the agreement,
Mr. Trammell
be drawn up and ready for signature as
The network contract between NBC
as
outlined by Mr.
Trammell are:
(1) NBC agrees to pay to ASCAP at the source 2 % %
business while NBC's managed and operated
mercial
on network com¬
stations will pay
2M% on local and national spot business.
(2) NBC agrees to pay at the source $200 per year for each managed and
operated and affiliated station on the NBC networks and for the use of
ASCAP music on all network sustaining and public service programs.
NBC's managed and operated stations will pay ASCAP the following
fees on local ^sustaining programs: If the net receipts of the station from local
business are over $150,000, 12 times the station's half-hour rate; if between
$50,000 and $150,000, 12 times the quarter-hour rate.
A nominal local
sustaining license fee of $12 per year would be applied to any stations earn¬
ing less than $50,000 per year.
(4) NBC's new services of Frequency Modulation and International
Shortwave Broadcasting will pay for the ASCAP music on the same basis.
The new contracts will run to Dec. 31, 1949.
On that date the contracts
will be automatically extended for any period not in excess of nine years,
for which ASCAP has tne right to contract for its members, with the under¬
standing that if, for the extended term, ASCAP demands an increase in
fees to which NBC is then unwilling to agree, the question of such increase
(3)
only
would be determined by arbitration.—V. 152, p. 3974.
Products Corp. (&
the first common
Pay Common Dividend—r
al941
al940
1939
$199,857,290 $171043,748 $163859,942
189,143,898 163,498,922 154,718,135
See note
See note
See note
Net sales
Cost, expenses, &c
Depreciation-.
...
k
$10,713,392
575,850
Operating profit
Other income
Total income
Int. & subs. pref.
► capital assets.-
$11,289,242
1,020,064
b4,400,000
of
$7,984,438
1,156,770
1,533,400
$9,634,623
1,258,483
1,400,700
26,686
57,059
'
;v-\
Miscellaneous interest
Miscellaneous credits and
....
exchange loss
arising from for. oper.
charges..
Minority interest
47,238
55,662
215,735
21,421
8,439
ended June 30,
of 1941 were $869,986, equivalent to 90 cents
$628,982, or 64 cents per share, in tne six months
194i.—V. 152, p. 3819.
England Gas & Electric
New
kwh., or
month a year ago.
Gas output is reported.as 363,471,000 cu. ft., an increase of 21,762,000
ft., or 6.37% above production of 341,709,000 cu. ft. in the corre-1
sponding month a year ago.
,
„
,
,
For the week ended Aug. 8, New England Gas & Electric Association
reports electric output of 11,653,721 kwh. This is an increase of 2,281,468
kwh., or 24.34% above production of 9,372,253 kwh. for the corresponding
week a year ago.
v. v",-''
Gas output is reported at 79,819,000 cu. ft., an increase of 1,754,000
cu. ft., or 2.25% above production of 78,065,000 cu. ft. in the corresponding
week a year ago.—V. 153, p. 843.
cu.
_
...
depreciation, &c
Federal & foreign income taxes
Profit after
Operating
profit
Earns.per sh.on
.
subsidiaries.
30, 1941, was $828,618 after depre¬
income taxes, &c., equal to 51
1,628,000 shares of capital stock.
This compares with $618,960 or 38 cents a share
vious year.
Net sales for June quarter amounted to
with $10,843,706 in June quarter of previous year.
715,658
$1,126,074
$1,197,539
491,416
450,503
76,992
deductions.-
Net income
:
u
•i-:.;-."'1
mmm
mmm
153, p. 557.
New York
Central RR.—Earnings—
wS
(Including All Leased Lines)
1941—Month—1940
1941—-6 Mos.—1940
oper. revenues.$38,170,509 $29,916,581 $208,658,449 $175,367,432
oper-expenses. 26,391,097
22,330,166 150,354,340 135.i36,623
Ner rev. fr. ry.
oper_.$ll ,779,412
accruals..
Equip. & jt. facil. rents.
a
Co. (& Subs.)—Earnings—
•
al941
1940
1939
$22,017,367 b$20013,179 C$20075,954
1,985,054
1,428,868
1,555,817
660,363
329,037
367,448
profit for quarter ended June
$1,913,198
730,595
Other income
Railway
a
Net
$1,856,669
-
—
-V
;v
$1,841,100
72,097
(deprec.) of fixed capital--
Gross income
:
,'v
Mil
—
-
ciation, Federal and foreign
373,153
487,170
245,161
432,993
declared value excess profits
Operating income
s#!:'
1940
303.153
458,712
-
Other taxes
rV-:cV:,
ifBlSS Si;.
$4,782,036
1,402,455
$1,779,677
r -
,sv",,:W?
Period End. June SO—
com.stk.
slovakian and Japanese
....
1941
$4,799,650
expenses-,1,316,187
Maintenance
$7,319,990
1,334,756
1,140,100
$1,324,691 $1,099,831 $1,188,369
$0.81
$0.67
$0.73
Excludes sales and profits of Algerian,
Belgian, Czechoslovakian,
Egyptian, French, German, Hungarian, Jugoslavian, Netherlands and
Spanish subsidiaries,
b Excludes sales and profits of German, Austrian,
Czechoslovakian, Algerian, Egyptian, Hungarian, Netherlands and Spanish
subsidiaries,
c Excludes sales and profits of German, Austrian, Czecho¬
Net
June 30—
Gross operating revenues—.........
—Y.
Code.
Note—Depreciation included in the above accounts aggregated $4,310,050
in 1941, $4,316,965 in 1940, and $5,079,871 in 1939.
Repairs and main¬
tenance (including replacements of milk bottles) amounted to $4,916,669
in 1941, $4,705,928 in 1940, and $4,765,006 in 1939—V. 153, p. 105.
Sales
Power & Light Co.—Earnings—
New Jersey
12 Months Ended
9,946
Ended June 30—
Association—Output—
month ended July 31. New England Gas & Electric Association
output of 50,165,532 kwh. This is an increase of 11,319,129
29.14 % above production of 38,846,403 kwh. for the corresponding
For the
Railway tax
Net. ry. oper.
Other income
cents a share on
in June quarter of pre¬
$12,113,439 comparing
5,171,119
1,243,671
income. $5,364,622
1,793,046
1
the Internal Revenue
6 Months
$316,433
$0.32
depletion, depreciation-
reports electric
Total income
"$5,635,680
National Cash Register
195,667
70,964
share, compared with
per
$6,837,085
482,905
a
ments to
$583,064
royalties, prospecting, &c.
Earnings for tne first half
5,260,187
$5,125,871 $6,678,849 $4,845,134
com.stk
$0.90
$0.76
$1.01
$0.71
Excluding foreign subsidiaries,
b Includes excess profits tax, and also
includes $1,155,000 additional provision based upon proposed 1941 amend¬
Net profit
Earns, per sh. on
46,334
$454,986
$0.47
-
capital stock
insurance, general expenses,
Includes taxes,
Railway
......
185,391
34,000
235,263
137,104
Net income
»
Realized
Miscellaneous
$498,230
4,500
$827,353
Total net returns
Earnings per share of
v
<r'-"
42,170/
charges
a Non-operating expenses
Federal income tax
a
1940
1941
$744,796
2,250
31.000
v
2,849
4,2891
,/
3 Months Ended June 30—
70,910
divs__
Federal taxes.
Net loss on disposition
$9,141,806
492,817
$7,544,826
439,612
1938
$165288,076
153,190,804
if
it?
(& Subs.)—Earnings—
Natomas Co.
Provision for retirement
Subs.)—Earnings—
6 Mos. End. June 30—
■■
y-'h
8 declared a dividend of 10 cents per share on the
15 to holders of record Aug. 30. This will be
dividend paid in more than 20 years.—V. 152, p. 2402.
Federal income &
National Dairy
V
:
stock, payable Sept.
Discount
board of directors of the American
■:
fWf
Directors on Aug.
common
Rock operating
Proposal—
had
i ■
128,105
Amort, of debt discount
Land rentals
1941 was made at
Co.—ASCAP
98,291
50,383
148,781
$658,133
27,101
•
Gold dredging
Broadcasting
,
$38,110
Gross income
Interest
$2,054,705
1,140,423
92,819
104,024
142,444,
355
income..
Other income (net)
Retirement
$2,288,866
1,291,444
6,912
6,035
13,097
.....
General.
dividend requirements.
Provision for Federal taxes
National
:'
1941—12 Mos.—1940
99,209
Taxes—Fed. & State inc.
after preferred dividend re¬
quirements which compares with earnings of $1,494 for second quarter of
1940 or a deficit of 17 cents per share on common stock after preferred
35% of earnings subject to
■
(& Subs.)—Earnings—
1941—Month—1940
$216,784
$175,990
Period End. June 30—
Operating
Operation
1941 were $182,806, equal to
for the first six months of
k! :.)
■
1941
1940
1939
1938
$237,230
$93,361
$203,000
$189,561
$0.88
$0.13
$0.70
$0.63
charges, depreciation and Federal taxes,
b On 192,815 shares
The net earnings for the second quarter of
78 cents per share earned on common stock
$732,251
—V. 153, p. 247.
(& Subs.)—Earnings—
6 Mos. End. June 30—
a Net profit
b Earnings per share...
a
r
20,110 \
Note—Foreign currencies were converted at rates of exchange prevailing
1941, 1940, and 1939, except that during 1940 official rates
established by various units of the British Empire were used in converting
currencies of those countries.—V. 152, p. 3817,
Earnings per share
National Candy Co.
if;-
'ifi
at June 30,
Stockholders will hold a special
to mortgage
1939
1940
1941
6 Months Ended June 30—
Canada.
England
from
Bank loans
comparing with $1,716,548 or
Net sales for the 12
to $1.40 a share,
months ended June 30, 1940.
after
•
months ended June 30, 1941, was $2,276,587 equal
$1.05 a share for the 12
Net profit for the 12
or before June 1, 1943, 3% if red. thereafter and on or before June 1,
1944, 2% if red. thereafter and on or before June 1, 1945, 1% if red. there¬
and on or before June 1, 1946, and without premium if redeemed
on
thereafter.
995
& Financial Chronicle
$7,157,668
162,150
Total income.
Misc. deduc. fr. income
Total fixed charges
Net income after
_
$7,586,415 $58,304,109 $40,230,809
3,187,625
23,077,638
17,480,905
1,238,766
7,320,543
7,124,971
$3,160,024 $27,905,928 $15,624,933
1,842,571
9,133,836
8,502,266
$5,002,595 $37,039,764 $24,127,199
173,211
825,467
894,743
4,124,133
fixed
charges _ _
. .....
Includes Fed. inc. and
$2,871,385
profits tax accr .
—V. 153, P. 697.
$2,024,080
a
excess
yfSi§?:
•
24,355,791
23,808,592
$804,943 $11,858,506
;ivV: v'
def$576,136
$4,637,736
$459,477
4,024,441
$160,685
t'
Long Branch RR.—Mortgage Payment—
of this railroad, announced that the company
principal and interest of $2,308,000 general mortgage
4% bonds and $192,000 general mortgage 5% bonds maturing on that date.
Payment will be made at the New York Trust Co., New York City.
The
New York & Long Branch is jointly controlled
by Pennsylvania RR.
and Central RR. of New Jersey.—V. 152, p. 2403; V. 150, p. 4133.
New York &
E
on
W
Scheer, President
Sept. 1 would pay
New York
See list
& Richmond Gas
pose
,
'
,
authorized the company
the pur¬
$2,125,000 in 4M% first mortgage bonds due in 1966 for
of refunding an equal amount of 6% bonds maturing on May
to issue
—V.
Co.—Registers with SEC—
given on first page of this department.
Service Commission of New York has
The Public
153. P. 844.
1, 1951.
m a
The Commercial & Financial Chronicle
996
New York State Electric
Dividend—
Directors
& Gas Co ."—Initial
declared
Period End. June30—
Sales of steam (M pounds)
Sales of steam
...
Other oper. revenues--,
Fisheries, Inc.—New Vice-President—
Larrabee
quarterly dividend of $1.2724 Per
stock, payable Sept. 1 to holders
Initial
an
share on the 5.10% cumulative preferred
of record Aug. 8.—V. 153, p. 698.
New York Steam
Pacific Coast Co.
(& Subs.)—Earnings—
1941
1941—3 Mos.—1940
1941—12 Mos.—1940
1,546,669
2,008,594
10,486.352
11,178,353
$1,514,947
$1,939,325 $10,068,367 $10,704,152
2,859
2,786
55,774
57,851
Cost of goods sold,
Taxes
$816,987
operatmg expenses, deprecia¬
752,354
Profit from operations
633,567
$229,951
49,397
tion, depletion, and taxes.
Interest and taxes paid at source on bonds
$1,942,111 $10,124,141 $10,762,003
1,357,268
6,699,119
6,714,917
:t
148,000
857,000
650,000
377,265
1,627,362
1,629,355
1940
$982,305
3 Months Ended June 30—
Sales of products and merchandise and revenues
Corp.—Earnings—
$1,517,806
1,240,090
142,000
374,596
-
.
$183,420
x$238,880
10,606
Gross income.--..
$1,767,731
36,151
$b3,677
304,483
$963,119
1,206,935
i
x$240,806
x$243,816
$539,170
250,000
Balance
x$531,009
x$493,816
x$239,170
225,325
917,118
943,468
Appropriated net income for acquisition of bonds
a
x
x$290,800
233,427
expend's
to
or
of new property*
Loss.—V. 152, p. 4132.
$91,431
35,110
$317,156
34,039-
Increase in surplus
9.129
19,016
$273,988
Increase in surplus—
Before provision for income and
30% for 1941 and 24% for 1940.
profits taxes.
a
at
4,082
1,891
116,425
4.436
less min, int. therein)
b Estimate of Federal income and defense tax
Estimate of Federal excess profits tax, on basis of
c
amounted
$85,458
300,000
Pacific Coast Co
Pacific Coast Cement Co.
$37,304
present law
Maintenance
f
Excess of par value of bonds retired, over cost and
bond discount and expense applicable thereto:
a
e
20,780
25,768
Corp
$1,803,882
1,264,712
x$531,009
.
Income deductions..
$940,660
22,459
x$228,274
302,735
.
$59,578
4,099
50,000
Operating income.
51,096
26,086
Cr41,508
Minority share of the profit of Pacific Coast Cement
$196,294
Other income.-
1941
16,
Company has advised the New York Stock Exchange that Charles F.
has been elected Vice-President.—V. 153, p. 402.
,
have
Pacific American
Preferred
Aug.
profits taxes,
b And surtax
After provision for income and
excess
c
excess
d 1941 figures
include a credit adjustment of $60,234 due to reduction
depreciation accrual on cement plant at Seattle for years 1938, 1939,
1940 to conform to revised basis prescribed by Internal Revenue
Department; also retirement loss on obsolete railroad facilities amounting
to $12,089.
1940 figures include amortization of plant and underground
development at Dale Mine, Black Diamond, in excess of amount charged
to operations at previously established rate, amounting to $5,070, due to
reduction in anticipated coal content through faults and disturbed con¬
dition of seams encountered beginning June 1, 1940; also retirement of
obsolete railroad facilities amounting to $12,975.
Note—Disparity in estimate of income and excess profits taxes for 1941
and 1940, in proportion to increase in surplus for quarter, is caused by
anticipation that losses on major property retirements occurring later in
1941 will extinguish tax liability for that year of several included corpora¬
in
and
Newmarket
Mfg. Co.—$1.25 Dividend.
Directors have declared a dividend of $1.25 per share on the common
stock, no par value, payable Aug. 15 to holders of record Aug. 8.
This
compares with 75 cents paid on May 15, last; 50 cents paid in 3 preceding
quarters; $1 paid on Feb. 15, 1940;
1.50 on Nov. 15, 1939, and previously
regular quarterly dividends of 75 cents per share were distributed.—V.
152,
3033.
p.
Northeastern
Water
Electric
&
Corp.
(&
Subs.)—
Earnings—
Period End. June SO—
1941—3 Mos.—1940
1941—12 Mos.—1940
revenues
$638,499
$602,441
$2,582,474
$2,512,308
Operating expenses
287,394
248,005
1,087,148
1,038,132
Maintenance
33,740
Provision for retirements
59,051
59,069
53,880
37.695
52,953
57,739
29,638
142,786
231,126
244,132
188,434
156,140
222,991
232,987
99,851
$145,362
51,669
$176,408
48,542
$688,846
183,702
$762,204
187,989
Operating
General taxes
Pro v. for Fed.inc.
taxes.
Operating income
Other income
Gross income
si97,031
50,133
611
Other interest
$224,951
48,553
1,467
Bond interest
$872,548
197,614
10,916
514
421
$950,193
194,729
5,811
1,729
585
Amort, of debt discount
and expense, &c
963
563
4,557
2,784
$143,855
91,579
$174,899
91,579
$656,675
366,317
$52,275
$ 83,319
$290,358
Minority interest
Net income..
Divs.
on
pref. stock
Balance..—V.
152,
p.
$747,337
366,317
:
$381,020
3193.
Northern States Power Co.
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended Aug. 9, 1941, totaled 36,129,885 kwh., as compared with 27,524,681
kwh. for the corresponding week last year, an increase of 31.3%.—V. 153,
p.
844.
Northern States Power Co.
Stockholders at
a
special meeting
on
Co.—Offering of Preferred Stock—
offering 400,000 shares 5% first preferred
stock, cumulative (par $25), at $27 per share, payable in
full at the time of subscription or in instalments.
Purpose—The net proceeds (approximately $10,809,000 before deduction
of estimated expenses of $51,620) from the contemplated sale of
offered will become a part of the treasury funds of the company.
the stock
Company
equal to such net proceeds, together-with other
treasury funds, to pay at or before maturity tne $20,000,000 of its first and
refunding mortgage gold bonds, series B, 6%, due Dec. 1, 1941.
The net
proceeds received in excess of the par value of the stock sold will be credited
to premium on capital stock.
Method of Offering—The offering is made directly by the company.
There are no underwriters and no firm commitment to take any of the
proposes to use an amount
securities
purchase of 1,782 shares of preferred stock of Newport Water Corp. for
$39 per share.—V. 153, p. 698.
Since its
initiation
of the
"customer
Consolidated Income Account 12 Months' Period Ended June SO
1941
1940
$111,297,615 $107743,782
operating and administrative ex¬
penses, taxes (except Federal income tax), and
provision for insurance, casualties and uncollectbile accounts.
51,350,875
49,532,219
Provision for depreciation
16,204,477
15,415,332
Miscellaneous
$43,742,263 $42,796,231
196,471
276,172
1941—6 Mos.—1940
$4,516,639
10,808
Gross income
$3,977,479 $26,177,556 $23,459,520
2,385,218
15,066,949
14,043,791
$43,938,734 $43,072,403
-
Provision for Federal taxes
on
income
11,709,856
8,978,079
12,434,312
5,329,110
Net income to surplus
$23,250,799 $25,308,981
on capital stocks held by
public and minority interest in undistributed
earnings for the period
1,649
1,670
Dividends of subsidiaries
$3,986,245 $26,232,920 $23,509,086
8,766
55,364
49,566
Operating revenues... $4,505,831
Operating expenses
2,576,413
income
Bond and other interest, discount and other income
deductions
Telephone Co.—Earnings—
Uncoil, oper. revenue—-
made.
Net operating revenue
Ogden Corp.—Withdraws Application—
The Securities and Exchange Commission announced Aug. 7 that it has
1941—Month—1940
been
Maintenance,
consented to the withdrawal by the corporation of its application (File 70329) filed under the Holding Company Act in connection with the proposed
Period End. June 30—
has
Gross operating revenue
Norwich Pharmacal Co.—20-Cent Dividend—
Operating revenues
offered
ownership" plan in 1914, the company has effected the direct sale, without
underwriting, of approximately $76,000,000 of its preferred stock.
The
last offering of this kind was made early in 1932 when $5,000,000 of pref.
stock was sold within a period of six weeks, more than 7,000 individual
subscriptions having been received.
On Dec. 31, 1940, the company's outstanding preferred stock was held
by about 59,000 stockholders, of whom about 48,000 or 80% were residents
of California.
The outstanding common stock was held by about 37,000
stockholders, of whom more than 21,000 were residents of California.
Listing—Company expects, prior to the close of 1941, to make application
to list on Stock exchanges in San Francisco and Los Angeles the 5% first
preferred stock covered by this offering.
merger
Directors have declared a dividend of 20 cents per share on the common
stock, payable Sept. 10 to holders of record Aug. 22.
Dividends of 25
cents per share were distributed in
preceding quarters.—V. 153, p. 558.
a
Pacific Gas & Electric
The company is
(Minn.)—Special Meeting—
Aug. 21 will consider plan of
844.
of subsidiaries into parent company.—V. 153. p.
Ohio Bell
tions.—V. 152, p. 3194.
Remainder—applicable to Pacific Gas & Electric
Co
$23,249,150 $25,307,311
on preferred stock
7,909,822
7,909,822
Dividends on common stock
12,522,547
12,522,541
-
Dividends
Net oper. revenues--,
Operating taxes
$1,929,418
746,622
..
$1,592,261 $11,110,607
818,986
4,423,783
$9,415,729
3,720,357
$2,816,781
$1,182,796
1,207,853
$773,275
786.575
$6,686,824
6,719,515
$5,695,372
5,642,866
—V. 153, p. 249.
No. of shares of
period..
Earnings per share
San
Ohio Edison Co.—CorrectionThe figures published in last weeks' "Chronicle" are for the month and
12 months ended June 30 and not six months as stated.—V. 153, p. 845.
Ohio Oil Co.—Consolidated Balance Sheet June 301941
Assets—
1940
$
i
a
$
1941
Liabilities—
.
Prop., equip.,
&c
87,159,870
7,828,097
Cash...
Market
10,979,750
securi¬
ties after
Accts.
89,925,550
rec.
-
1,012,905
1,047,744
5,854,126
Accrued
after
Income-.--—
com¬
mercial notes.
—
—
assets
$
1,248,760
1,766,243
13,884,267
1,348,681
Funded debt.
„
Minority int
Earned surplus
.
Capital surplus.
6,896,247
Deferred charges
753,282
2,009,216
1,687,547
on
Def'd liabilities-
11,610,491
Matl8* & suppl's
Invest'ts & other
int.
funded debt-
Crude & refined
products
1940
34,134,900
59,235.791
3,334,016
947,419
Federal taxes on
6,780,048
res.-
reserves-
Short-term
$
6% pref. stock-- 21,323,300
b Com. stock--. 59,235,791
Accts. payable3,665,744
Accrued taxes.
974,850
37,747
26,250
15,500,000 cl4,000,000
210,355
196,904
80,129
9.728,701
70,607
13,460,977
7,318,595
8,616,490
123,807,183
131,988,148
7,095,425
603,843
-..123,807,183 131,988,148'
Total
After
depreciation and deplotion.
b Represented by 6,563,377 no
par shares,
c Includes $1,000,000 serial notes due March
1, 1941.
-Efnings far the six months ended June 30,1941, appeared in the "Chron¬
icle" of Aug. 9, page 845,
,
165
In
on common
Francisco
Broadway Building, Inc.—Correction—
6,261.271
$2.78
stock outstanding at close
— -
to
stock
Operate and Own Power System—
Approval of a new plan submitted by the City of San Francisco for estab¬
lishing a publicly owned and operated system for the distribution of Hetch
Hetchy power was announced by Secretary of the Interior Ickes, Aug. 11.
The new plan, it is stated, involves the purchase of the present distribu¬
tion facilities of the Pacific Gas & Electric Co. and serving it with Hetch
Hetchy power to the full extent of the existing plants and a new plant to be
constructed at Red Mountain Bar, as well as a new transmission line from
Newark to San Francisco and substations and a steam standby plant in the
city.
It also provides for submission to the municipal voters in November of a
$66,500,000 bond issue. The bonds would mature over a period of 33 years
and would be payable solely from the profits of the system. Proceeds of the
bond issue would cover not only the purchase of the Pacific Gas & Electric
facilities, but would include funds for the necessary new construction and
for initial working capital.
According to the plan, after payment in cash of all operations and mainte¬
nance expenses and depreciation the annual bond interest and annual bond
redemption and a return to the general fund of the equivalent in taxes now
paid by Pcaific Gas & Electric there would remain an estimated amount of
$5,233,000 as surplus on the basis of the company's present business.—V.
153, p. 559.
Pacific Tin Consolidated Corp.
Total
a
common
of
$4,874,948
6,261,274
$2.45
Balance...
Net operating income.
Net income
Period End. June 30—
Net income..
United States taxes—
a
Net income...Earns, per share of com.
previously made by the Uniform Practice Com¬
1941—6 Mos.—1940
$560,000
$917,000
78,000
b235,000
stock
84,000
70,000
166,000
174,000
$169,000
$218,000
$316,000
b$508,000
15.b cts.
Deprec. and depletion._
mittee of the National Association of Securities Dealers, Inc., re: 165 Broad¬
way Building, Inc., the bonds should have been described as 4Ms of 1958,
(& Subs.)—Earnings—
1941—3 Mos.—1940
$287,000
$401,000
34,000
113,000
20.1 cts.
29.1 cts.
46.7 cts.
include
not
an
announcement
4lis of 1958.
See V. 153,
p.
845.
a
Before United States taxes, depreciation and depletion,
b Revised to
an additional $28,000 United States income tax applicable to this
period whicn
was
previously reported in the third quarter of 1940.
Volume
includes the taxes payacle
Note—The 1941 deduction for taxes
for
corporation's foreign subsidiaries the
comparable fiscal periods is not
of United States taxes for
■___
Net
$32,649,201
-
&
income taxes.
$3,291,955
501,254
Drl9,116
10,177
$613,340
516,149
Dr9,285
21,972
x$2,246,963
Nil
profits taxes
required on the basis of the 1940 Revenue Acts, there has been provided
$190,000 to cover possible increases resulting from the new Revenue Act
now under consideration by Congress,
x Loss.-—V. 152, p. 4133.
Federal income and excess
& Telegraph Co.—Earnings—
1941—Month—1940
1941—6 Mos.—1940
$6,993,741
$6,223,167 $40,404,723 $36,820,514
23,800
19.700
128,700
115,550
Pacific Telephone
Period End. June 30—
Operating revenues
Uncoil, oper. revenues..
Net oper.
$6,203,467 $40,276,023
4,188,800
28,006,521
$6,969,941
4,843,851
Operating revenues
Operating expenses
revenues—."$2,126,090
Operating taxes
$940,195
$6,477,670
1,572,547
income- $1,183,928
1,798,340
845.
Net operating
Net income
—V. 153, p.
10,171.370
1941
272,088
J._
$4.67
Recovery per ton
Gold production, less marketing expense
a
$1,269,123
756,984
125,300
...
Operating expendures.v
Reserved for taxes.
Profit....
Total
$386,840
....
Miscellaneous
16,660
income-
income
$5,473,171
9,320,892
Mines, Ltd.—Earnings—
Pamour Porcupine
_______
...
^
reserve for depreciation
Pre-operating expenditure written off........
Estimated
Estimated net profit
Earnings per share.
Including development, mining, milling, and
eral expense,—V. 151, p. 856.
a
Panhandle Producing &
$403,500
96,000
44,400
1940
292,781
$4.66
$1,349,143
734,559
123,200
Inv. of
$263,100
$361,555
$0.05
$0.07
administrative and gen¬
and companies with which
....
_ _
rentals
miscellaneous income
p.
$7,937,788
5,332,590
$2,605,198
_;
less expenses, and other
Earned surplus
<
$2,678,703
151,494
740,000
530,000
.....
Discounts allowed, int. and other miscell.
deductions
Provision for Federal tax on income
Excess profits tax
Net
income
$1,257,209
100,000
-----
Provision for contingencies
(J. C.) Penney Co.—Sales—
1941 were $26,143,229 as compared
Sales for the month of July,
Dividends
on
common
Earns, per share on
compared with $146,188,938 for the same period in
crease of $26,681,849 or 18.25%.—V. 153, p. 846.
Pennsylvania Glass Sand Corp. (&
_____
Pennsylvania Power & Light Co.-— SEC
Balance Sheet June 30,
Securities
and
The
stock of Pennsylvania.
postponement followed
request by the company which
a
its common stock until
Pennsylvania Water & Power
Co.—Earnings—
Transmission Company]
[Including Wholly-Owned Subsidiary
1941
$3,049,623
1,156,691
274,146
$1,326,888
Taxes
1940
$3,224,231
1,085,542
279.452
0 Months Ended June 30—
Operating revenues
Operating expenses
Depreciation
$1,313,609
209,364
532,348
-
Operating income
178,592
Other income
$1,505,480
354,611
Gross income
debt
premium & expense
interest.
—
charged to construction
Miscellaneous income deductions
Net income
_ _
81,574
net)
•
i"-..
_ _ _ _
Cr234
Common
(net), $2,100,842; prepaid insurance taxes,
interest, &c., $35,035;
8,514
859,696
$119,183; wages, com¬
accrued expenses, $148,910; provision for Federal taxes
on income, $1,282,997; mortgage instalments due within one year, $20,000;
5%
mortgage payable, $170,000; reserve for contingencies, $100,000;
$1 cum. conv. pref. shares (par $20), $400,000; common shares (par $1),
$300,000; capital surplus, $1,076,521; earned surplus, $1,462,516; total,
$5,648,419.—V. 151, p. 3406.
missions and other
Parkersburg Rig & Reel Co.
30—
sales
Selling, warehouse, gen. & adm. exps.
6 Months Ended June
Peoples Light & Power
Earnings—
Co. (& Subs.)
1941
Ended June 30—
$3,612,649
1-972,576
Operating revenues.
Operation
119,208
76,172
262,166
$1,098,778
18,182
$1,199,932
7,519
$1,116,960
$1,207,452
292,683
300,674
287,148
Profit from
operations..
Income credits, less income
Net inc., before prov.
charges..
for inc. taxes.
Provision for income taxes
Minority int. in income of
subsidiary.
Net income
.
accruals
bonds—Public
stock
stock
1940
1939
notes
$536,423
21,791
2,250
116,721
advances from parent company..
charges
applicable to parent company
sub. cos. deducted above:
Interest—Bonds
.
Balance
Income from
Other
3.514
Other income
$514,021
.
Total
155,785
Net income——
$358,236
—
11,470
1,298
$665,914
299,550
$366,363
152, p. 3824.
—V.
$199,124
18,543
$268,196
8,829
$177,837
19,648
ing Fund Bonds—
$217,667
83,337
15,543
$277,027
64,063
$lb7,485
44,78h
a$196,675
Philadelphia Co.—Listing of
434% Collateral Trust Sink¬
York Stock Exchange has authorized the
collateral trust sinking fund bonds due July 1,
outstanding.—V. 153, p. 846.
The New
16,288
4X%
now
68,750
—...
30, 1941
listing of $48,000,000
1961, all of which are
issued and
Peoples Water & Gas
$152,696
and accounts receivable, $1,133,882;
receivable not due within one year, $21,162;
sinking fund for preferred stock retirement, $2,118; property account
(net), $1,847,084; deferred charges, $29,924; total, $5,444,757.
Liabilities—Note payable, bank, $80,000; accounts payable, $193,363;
salaries, wages and commissions accrued, $28,593; Federal and State
income taxes, $130,403; other taxes, $44,877; miscellaneous accruals, $40,003; notes payable to bank not due within one year, $310,000; reserves,
$19,364; minority interest in capital stock and surplus of Oil Country Special¬
ties Manufacturing Co., $554,153; preferred stock, $1,952,000; common
stock ($1 par), $182,000; capital surplus, $866,038; earned surplus, $1,043,962; total, $5,444,757 —V. 152, p. 3355.
$621,535;
$486,465
2,250
Other income
$536,714
358,877
Consolidated Balance Sheet June
inventories, $1,789,051; notes
26,621
215,820
116,721
11,470
26,340
21,791
Parent company
$837,575
569,379
Equal to 27 cents per
share of common stock in 1940.
Assets—Cash,
-
Other income
$649,711
450,587
68,750
34,375
45,500
share of common stocK in 1941 and to 70 cents per
Dividend paid on preferred
Dividends paid on common
a
Other taxes
(& Subs.)—Earnings—
1941
1940
$3,640,806
1,983,326
120,608
153,042
267,643
Maintenance
a$118,788
Gross profit from
$125,799
700.
p.
Interest on
10,559
Cr90
$1,039,228
53,732
859,696
$126,971
12 Months
$1,522,973
411,742
53,020
$1,040,399
53,732
—
dividends
153,
—V.
305,176
29,129
Preferred dividends
Interest on
patents, at cost, $1,500; total, $5,648,419.
Liabilities—Accounts payable, $568,291; taxes,
stated
the declaration and payment of any dividend
after the convening of the hearing in September
and in no event earlier than Oct. 10.
The National Power & Light Co.
and the Electric Bond & Share Co. have concurred in this arrangement.—
V. 153, p. 846.
that it would agree to postpone
Retirement reserve
\94:l
Assets—Demand deposits in banks and cash on hand, $596,578; notes
and accounts receivable (net), $1,055,022; inventories, $1,859,442; fixed
assets
Postpones Action
Exchange Commission on Aug. 8 granted post¬
18 of the meeting at which the Pennsylvania Power
& Light Co. must show cause why an order should not be entered imme¬
diately prohibiting the declaration of payment of further dividends on
The
ponement until Sept.
charged to costs and expensss for
amounted to $121,241.
$173,318
provision for income taxes, and excess profits tax in 1941. b Equivalent to
$0.99 per share of common stock in 1941, $0.68 per share in 1940 and
$0.47 in 1939.—V. 152, p. 3978.
20,000
$3.79
1938
1939
b$238,314
depletion, bond charges, &c., and
allowance for depreciation,
After
This is an in¬
Subs.)—Earnings—
b$305,952
b$395,231
Net profit
1940.
1940
1941
6 Mos. End. June 30—
a
225,000
Note—Depreciation and amortization
the year
....
stock..
300,000 shs. of common stock ($1 par)
with
$20,883,715 for July, 1940.
This is an increase of $5,259,514 or 25.18%.
Total saies from Jan. 1 to July 31, 1941 inclusive were $172,870,788 as
Federal and State income taxes
$1,157,209
transferred to earned surplus
Dividends on preferred stock.
.....
d Balance of net income
112,061
$1,126,474 in 1940.—V.
depreciation of $1,173,204 in 1941 and
1582.
Surplus
Totall income.
69,131
429,614
$2,053,295 $1,657,670
Total
73,505
—
_______
.
1,000,000
209,639
_
Interest
sold, selling, general & administrative expenses..
Operating profit.
earned, royalties,
$2,053,295 $1,657,670
After
a
151,
17,448
118,249
1,000,000
429,614
Capital stock...-.
Capital surplus
9,495
18,373
— ___.
Total
$29,416
60,783
yet due)
-
Taxes assumed on
i
less returns and allowances
&c
ance,
87,509
._
oth.
Accrued taxes (not
620,179
725,840
849,483
715,167
Amort, of debt discount,
Appliance Co,—Earnings—
Discounts
a
purchases
accts. not due..
Interest on long-term
Earnings for Year Ended June 30, 1941
Gross sales,
rent
Acer, wages &
Prepaid int., insur¬
$501,955
96,000
44,400
Henry Warren Wilson was on Aug. 8 elected as President of this company
succeed the late William Rhodes Davis.
Mr, Wilson has been ViceHarvey D. Carter was
Manager of the company.
elected a director to succeed Mr. Davis.
Mr. Wilson announced that the death of Mr. Davis would not cause
changes in the relations between Panhandle
Mr. Davis was associated.—V. 153, p. 845.
240,670
Accts. pay. for cur¬
suppl's, goods in
proc. & fin. g'ds
L'd, bldgs. & eq.
on
Refining Co.—New President
any
$61,485
372,095
$147,500
rowed funds....
mat'is,
raw
the common
President and General
Cost of goods
$98,178
$491,385
10,571
to
Parker
Notes pay .for bor¬
for
reserve
1940
:
1941
Liabilities—
1940
1941
hand and
Accts. & notes rec.,
a
6 Months Ended June 30—
Tons milled
$36,704,964
25,947,995
$2,014,667 $12,269,502 $10,756,969
1,074,472
5,791,832
5,283,798
942,162
....
on
possible losses..
$0.15
Nil
$2.64
_.
In addition to the reserve for
a
$97,578
—
Assets—
Earns, per sh. on 396,123
shares capital stock.
.___.
Balance Sheet June 30
less
~$59,846
$157,578
60,000
.....
Surplus
—
x$70,l77
profit..$1,044,951
391,000
$360,899
54,876
148,445
Net income
in banks
206^666
300,000
0163,891
Drll6,457
Ended June 30, 1941
and taxes..
____
Dividends paid.
Cash
al ,600,000
_
Earnings for the 12 Months
Depreciation taken
Taxes provided for___
$942,562 x$l,037,165
594,942
631,458
Dr58,744
Dr791
128,596
86,983
State
Inventory adjustment..
Disp. of fixed assets
Net
17,040,976
21,679,817
Plant depreciation
Int. & other inc. (net)._
Other charges
Prov. for Fed.
July 2, '38
$16,003,811
19,015,124
29,357,246
—
profit
oper.
'40 July 1, '39
$22,203,157 $19,957,685
June 28. '41 June 29.
6 Months Ended—
Cost of goods sold
share on the common
.
Income before depreciation
(& Subs.)—Earnings—
Pacific Mills
Net sales
accrual
Dividend—
Directors have declared a dividend of 25 cents per
stock, payable Sept. 20 to holders of record Sept. 10.
Dividend of 10 cents
was paid on Sept. 25, 1940; and dividend of 25 cents was paid on June 25,
1940.
.' =■
■/?. "■;
directly related
3823.
consolidated earnings.—V. 152, p.
to
Peck Stow & Wilcox Co.—25-Cent
under the
imposed by the Second Revenue Act of 1940 plus an allowance
estimated increases in such taxes under the legislation now pending.
Since
the amount of United States taxation is substantially influenced by the
rates
receipt of dividends from the
997
Commercial & Financial Chronicle
The
153
Co., Birmingham, Ala.—PJarns.
1940
1941
$1,312,713
Ended June 30—
Operating revenues......
Onerating expenses and taxes--.... —
Operating expenses
Years
1,049,423
$263,290
DrbOo
other deductions.
$384,272
184,334
$86,347
—...
Gross income
$199,937
Net income
Balance Sheet June
30, 1941
Assets—Plant, property, rights, franchises, &c.,
deposits, $8,625; current assets, $621,479; deferred
^Liabilities—$6
$4,343,634; special
charges, $199,006;
cumulative preferred stock (7,000 shs., no par), $350,000;
stock (42,500 shares, no par), $42,500; long-term debt, $3,047,000;
liabilities, $456,293; customers' advances for construction, $3,434;
common
current
916,313
$383,058
1,213
$262,684
176,336
Net earnings..
Other income..
Interest and
$1,299,371
The Commercial & Financial Chronicle
998
$781,877; contributions in aid of construction. $903; capital surplus,
$278,172; earned surplus since Jan. 1, 1940, $212,476; total, $5,172,744.
reserves,
—V. 152, p. 3355.
Pittsburgh & Lake Erie RR.—Earnings—
Period End. June30—
Railway
Railway
1 Oil—Month—I940
1941—6 Mos.—l940
$2,080,394 $13,547,905 $10,562,862
1,391,147
9,949,858
8,754,819
oper. expenses.
$2,703,773
1,754,766
from ry. oper.
$949,007
$689,247
$3,598,047
$510,865
$304,723
$2,079,233
223,447
1,990.587
1940, which
$8,082,325, include adjustments for a portion of the additional
Federal income taxes imposed under the Revenue Act of 1940.
On the basis of a consolidated return, Public Service
Corp. of New Jer¬
sey and subsidiary companies, under the Second Revenue Act of
1940, were
not subject to excess profits tax.—V. 152,
p. 3512.
$1,192,747
339,467
1,407,854
Net
rev.
Net ry. oper. income..
Other income.. „>
$777,609
14,218
$607,971
Miscell.
—
_
$791,857
deducts,
Public Service Co. of
Period End. June 30—
1941—12 Afos.—1940
$8,405,138 $17,514,034 $16,746,469
6,093,136
12,948,543
12,174,834
$2,369,454
Drl4,953
$2,312,002
f>84,222
$4,565,492
Drll5,088
$4,571,635
Dr205,781
$2,354,501
1,273,328
$2,227,169
$4,450,403
2,5-10,729
$4,365,855
2,639,575
$1,081,173
$1,001,610
$1,909,674
Comparative Balance Sheet June 30
$1,726,280
15,496
$2,023,150
117,366
$623,467
$3,633,021
$2,140,516
Net oper. income....
Other income
.....
142,678
3,240
134,052
3,274
722,375
56,914
363,436
20,347
Int. & other deductions.
$645,939
_.
$486,141
$2,853,732
$1,756,733
from
income.....
Total fixed charges..
.
Net inc. after fixed inc.
—V. 153, p. 700.
.
Gross income
Net
income.
June and 160,080 tons in July last year -—V". 153,
p
n
$
1941
1941
........—,—
General taxes.......
Net earns, from operations before provision for
Federal income tax
—
Otherincome.net
1, 242,047
4,260,639
a Invest. A advs—
2 ,756,415
Cash..—........ 4 ,500,003
1,973,739
Com. stk. (442,500
3,459,074
Construction
1940
$4,055,752
$4,018,488
8,4o2
18,881
fund
b Accts. receivable 2 ,000,539
Due from affll. cos.
A expense
1,747,233
129,709
131,202
1 ,597,983
Mat'ls A supplies.
Unamort. debt dis.
i
—.....
1,205,365
shs.,
4,982,256
Misc. def. charges,
315,488
185,048
—
Sundry income deductions..
.
—
—
_
obligations
594.949
558,362
899,460
729,203
Accrued accounts—
775,621
779,743
2,223,148
Taxes
1,537,130
93,603
$4,074,633
*,272,312
$4,026,940
2,303,535
cos.
254,236
264,265
262,117
104,000
....
—<
Lease rentals to
268.70.3
Other misc. liabils.
70,379
Def'd liabilities.—
95,915
580,803
840,829
5,627,320
4,300,522
330,644
316,409
....--v.ii......
Provision for Federal income tax...
6,558,530
Unsecured demand
Interest.......
less reserves
975,000
par).—22,125,000 22,125,000
Long-term debt.—51,750,000 52,800,000
Accounts payable.
(net). 3,899,200
S
7,850,339
no
Payroll.
Total net earnings
Interest on long-term debt.....
1940
Liabilities
S
$7 cum. pr. pf. stk
7,850,339
S6 cum. pr. pf. stk.
975,000
$6 cum. pref. stock 6,558,530
intangibles) -—79 477,628 74,787,674
—$10,384,439 $10,440,961
3,229,489
3,291,718
ol0,395
577, o92
929,865
887,846
1,558,938
1,665,217
.....—
Maintenance
Provision for depreciation.
1940
S
Assets—
Co.—Earnings—
12 M mths Ended June 30—
Gross operating revenues.
Operation
(Including Dresser Power Corp.)
1941
tons
404.
Utility plant (incl.
Portland General Electric
1,226,469
.....
Pond
Creek Pocahontas Co,—Production—
Company mined 194,790 tons during July, compared with 206,793
Indiana—Earnings—
1941—3 Mos.—1940
Operating re venues...... $9,002,563
Oper. exps. and taxes...
6,633,109
$3,509,401
123,620
.
Total income
1941
16
amounted to
$1,808,043
Kailway tax accruals—
Equipment & joint facii.
rents. (Cr). —
oper. revenues.
Aug.
Federal income taxes for the 12 months ended June 30,
1941, aggregating
$13,371,756, include for the last six months of 1940 adjustments for addi¬
tional Federal income taxes imposed uuder the Revenue Acts of
1940, and
for the first six months of 1941 adjustments for additional
provisions for
Federal income taxes above those imposed under the Revenue Acts of
1940,
while Federal income taxes for the 12 months ended June
30,
—
affiliated
152,321
Reserves—
Net income.....
Earned surplus at beginning of period—
$1,436,204
5,527,829
—
Depreciation
$1,384,323
4,171,722
Contingent
Fed.
Total surplus.
... —....
Earned surpl us debits—...
—
—
........
...
$6,964,033
132,142
(for
Inc.
tax)
Miscellaneous
$5,556,045
28,216
construction
Earned
surplus....
$6,831,891
$5,527,829
Note—There is no provision for excess profits tax in the above shown
figures as the company at this time does not have a tax
liability of this
Deficit
Total
nature.
Comparative Balance Sheet
1941
Utility
plant
Non-utility
1940
prop¬
erty, Ac....... 2,228,294
Total investments
&
long-term
2,443,658
re¬
ceivables..
2,468,640
2,516,853
Sinking fund, Ac.,
Accounts payable.
Customers' depos's
210,620
called,
274,256
210,276
Deferred charges..
3,391,470
3,596,933
861,268
1,979,415
1,286,864
Deprec'n
and
17,803
21,036
33,694
109,516
825,155
888,973
171,612
17,803
.
193,201
40,376
Miscellaneous..
notes A accts.rec Dt
rec'le
damages...
5,507
9,456
construction
92,194
91,262
Capital stock (236,
819 shs., no par) 15,357,712 15,357,712
Earned surplus... 6,831,891
5,527,829
_
_
Sp'l
27,081
502,008
Total
.79,309,684 77,996,364
1941
revenues
Surplus.
1940
$21 ,902,284
2 ,169,048
888,916
,186,417'
,054,200
,370,000
,787,915
17,328
,532,402
,302,858
975,386
,901,215
801,050
,370,000
$5,594,500
39,550
$5,211,130
137,660
$5,634,050
1,405,700
Int. on notes payable to Commonwealth
Edison Co.
900,000
Amortization of debt discount and
expense....
286,854
Other interest charges
4,233
Interest charged to construction
Cr42,236
$5,348,790
1,405,700
From affiliated companies
From others
Gas purchased
.
operation-
_
_
_
;
...
intangibles
Net operating income.
Other income
...
income
17,331
2 ,706,128
6 ,862,406
Provisions for taxes—State, local A miscell.
Federal
Federal income
Provision for deprec. & amort, of
on
772,868
$777,846
955,048
$5,681,485
1,910,169
$3,433,662
1,910,097
$3,771,316
$1,523,565
$1.72
$0.90
$0.81
$0.20
Excluding results of French subsidiary (Entreprises Industrielles
Charentaises) in both 1940 and 1941.
b A
rates of 30% for income tax
(including surtax) and 10% for special excess profits tax, for the quarter and
a
excess
profits tax
c
Based
1941.
accrues
on
For these periods it is estimated that no
under the provisions of the proposed 1941
total
outstanding share capital, 3,302,897 shares
of June 30, 1941; 3,820,194 shares as of June
30,1940.—V. 153, p. 404.
Directors have declared a dividend of $1.50 per share on the common
stock, payable Aug. 15 to holders of record Aug. 8.
Like amount paid on
May 15, last, this latter being the first dividend paid since Feb.
15, 1937,
when a similar distribution was made.—V.
152, p. 3195; V. 144,
Radio
$23 ,848,941
Operation—Power purchased—
Interest
2,202,054
421,957
p.
6 Months Ended June 30—
Gross
298,345
$2,676,290
955,121
-
Quissett Mill—SI.50 Common Dividend—
79,309,684 77,996,364
Maintenance
1,245,933
421,957
profs, tax..
Earns, per share
c
as
Public Service Co. of North. Illinois.-Earnings-
Other
1941—6 Afos.—1940
$4,088,197 $14,493,768 $10,286,618
3,012,006
6,188,272
6,080,088
on
six months ended June 30,
—Y. 152, p. 3357.
Operating
taxes
Dividends paid
69,534
642,206
1941—3 Mos.—1940
$1,721,169 def$l77,202
excess
regular
36,232
52,409
—
Total
Fed.
for
Net income
Prepd.lnsur.prem.,
—
(& Subs.)—Earnings— '
income;
Revenue Act.
taxes, Ac.
Mat'ls A supplies.
7,572,565
95.926,509 92,730,741
with leased property, subsidiaries not
consolidated,
reserves of $384,381 in ]941 and
$754,964 in 1940.
$95,806 in 1941 and $84,743 in 1940.—V. 153, p. 701.
of
Inc. tax (incl. surtax).
.
from
affll. cos
—
Total
Contrlb'ns In aid of
Reserve for uncoil.
Accts.
.95,926,509 92,730,741
connection
reserve
Pro v.
b Prov.
159,874
4,952,437
Dr222,320
Mdse., Ac
—
$7,446,238
for depreciation..
3,102,058
21,036
144,698
5,202,647
141,331
Accts. receivable:
—
850,063
(contra)...
reserve..
.
Pullman Inc.
Reserve for Injuries
called....
Notes receivable..
Consumers..
82,590
614,207
920,082
Deferred credits..
Cash...
In
—
Period End. June 30—
Earns, from all sources,
after all charges
a
not
special deposits.
red.
208,736
61,059
Accrued interest-.
Accrued taxes
.
1940
inabilities—
$
$
Total long-term dt.49,591,725
50,109,600
Deferred liabilities
12.478
11,562
Bonds
Special deposit for
redemp. of bonds
a
b Less
1941
67,390,850 66,355,094
173,172
342,474
special deposits, &c\, less
of June 30
as
220,371
372,846
6,401,285
—
Contribs. in aid of
...
funded debt...
_
Corp.
America—Ground
of
Laboratories at Princeton, N.
Broken
for
949.
RCA
J.—'
Ground was broken Aug. 8 at Princeton, N.
J.f for the Research Labora¬
tories of the corporation.
When completed, the buildings to be erected on
a site of more than 250 acres will
constitute the world's outstanding center
for radio and electronic research.
The first spadeful of earth was turned by Otto S.
Schairer, RCA VicePresident in charge of the laboratories.
The ceremony was attended by a
including David Sarnoff, Presi¬
dent, and General James G. Harbord, Chairman of the RCA board of
group of 40 RCA directors and executives,
directors.
Mr, Schairer called attention to the fact that the most
immediate re¬
quirement of the new RCA Laboratories will be to increase the
usefulness
of radio to national defense.—V.
153, p. 848.
Radiomarine Corp. of
Period End. June 30—
Total oper. revenues
Total operating deducts.
America—Earnings—
1941—Month--1940
$76,739
1941—6 Mos..—1940
$71,979
66,448
$444,234
432,656
' $455,133
81,672
loss$4,934
$5,531
$11,578
$69,439
129,241
13,889
389,471
73,396
Gross ordinary income
Deducts, from ord. inc..
$124,307
$19,420
$401,049
$142,835
363
155
1,925
936
Net ordinary income.
Extraord. inc.—charges-
$123,944
was
$19,265
2,500
$399,124
$141,899
13,500
rates, effective as of Jan. 1, 1941,
appear assured.
In that event, it will be
necessary to increase tax
provisions for the six months ended June
30. 1941, which will result in a
corresponding decrease in net income.—V. 153,
Deducts, from
$123,944
128,297
$16,765
4,522
$399,124
232,782
$128,399
25,832
loss$4,353
$12,243
$166,342
$102,567
_
_
900,000
286,854
6,035
_.
010,719
„
Net income—
$3,079,499
$2,760,920
nnNPie~rThe Federal
income tax provision for the six months ended June
the 24% rate now in
effect, while the provision for the
six months ended
June 30,1940, was based on the
20.9% rate then in effect.
On the basis of
subsequent legislation, the provision for the first half of
1940
30, 1941, is based
Ordinary
on
later increased by
approximately $119,000.
Substantial increases in Federal tax
now
p. 4136.
Public Service Corp. of New
Period End. June SO—
Operating
Jersey—Earnings—
1941— Month—-1940
$
$
revenues
Oper-. exps., maint., &c_
Operating income
_
Bal. avail, for divs. &sur
12,172,270
10,116,726
2,055,544
1,825,886
£££vision for Federal income
l1,47^8T,gEeat^ than the
$
_
net inc
Net inc. transferred to
earned surplus..
—V. 153, p. 250.
Railway & Utilities Investing Corp.—Earnings-
*8
11.243,004 145,121,130 137,344,329
8,156,083 107,491,148
97,543,361
_
Net income
1941—12 Afos.—1940
Earnings for the Year Ended June 30, 1941
Income—Cash dividends
$4,815
Interest.
3.086,921
1,876,012
37,629,982
22,861,191
39,800,968
25,563,222
taxes in June, 1941, of $2,298,278, was
of $822,399 in
4,071
Total income-
$8,886
7,237
Expenses
Provision
June, 1940.
In
June 1941 Federal income taxes
were accrued at the rate of
30% and include
°l 51,124,765 for the first five months to place the accruals on a
oasis, whereas in June 1940 Federal
income taxes were calculated at
18%, plus adjustments of $165,364 for one
month's proportion of the addi¬
tional Federal income tax
imposed under the Revenue Act of
1940, approved
which added tax was accrued
over the
remaining seven months
of 1940.
On the basis of
including only one month's proportion of the
adjustment in June, 1941, Federal income
taxes would be $1,124,765
lower, or $1,173,513.
income—non¬
communication
—
385,694
a Net income
b Net loss on sales of securities.
$1,649
19,076
Net loss
a
$17,427
Before applying net loss
cost basis.
on
sales of securities,
b Computed on
average
Note—The unrealized net depreciation of securities owned at June
30,
1941, based on the market quotations, was $130,072 less than that
at
June 30,
shown
1940.
i
Volume
'*'r!
The Commercial & Financial Chronicle
153
'"■'-■s'.':
.•'.'-■V.-'.''"--'
Balance Sheet June 30, 1941
$3
convertible
series
receivable,
estimated, $2,740;
$3.50 series convertible
$152,325;
preferred stock,
$145,939; class B
common stock (par$l), $10,000; surplus (before deducting $1,758,018 excess
of cost of securities over amount thereof based on market quotations),
preferred stock, $540,675; class A common stock (par $1),
$1,337,642; total. $2,190,301.—V. 152, p. 1293.
Mills, Inc. (& Subs .)—Earnings—
Ended June 30, 1941
Real Silk Hosiery
Consolidated Statement of Income for ihe 6 Months
$4,572,071
Sales, less returns, allowances, discounts, &c
a
Cost of goods
sold, selling, packing and administrative exps__
29.14/
Other income
$2,152
2.992
Loss
Interest and discount.
Net loss before special profit and loss credits
__
Special profit and loss credits applicable to prior years (net)-.
■S-b' Net profi
vision
!
depreciation,
profits taxes.
required for Federal normal and excess
Consolidated Balance Sheet i
v
Reserve for taxes.
$266,988
377,027
Notes pay. banks.
Mach. contr. pay.
5,846
2,056,628
loans & adv., &c
Inventories
2,163
Accounts payable-
100,000
70,622
224,719
9,252
1,659,347
depos.
202,711
Reserves.....
890,220
890,220
1,390,500
890,220
1,041,278
157,871
1,041,278
b Common stock
1
Paid-in
surplus
Capital surplus...
Earned surplus
890,220
146,285
$5,274,887 $5,078,207
Total
$5,274,887 $5,078,207
depreciation reserves totaling $3,597,561 at June
b Par $5 —V. 152, p. 3982.
After deduction of
a
8,124
6,040
Preferred stock.1,390,500
tr'marks,
Total
181,171
18,746
Miscell. depos., &c
&c
4,862
8,125
7,147
Due to employees-
903
2,424,176
162,557
Fixed assets...-
9,350
165.595
15,235
139,899
902
2,436,463
Investments
G'dwill,
Customers'
Accruals
Prepaid exps. and
deferred charges
a
3225,815
100,000
8474,690
Miscell. acc'ts rec.,
30,
1941, and $3,471,193 at Dec. 31,1940.
Reed Drug
Co.—Earnings—
1941
& prov. for inc. taxes._
Copper & Brass, Inc. (&
Revere
Operating
$26,051
Subs.)—Earnings-—
1939
1940
1941
6 Mos. End. June 30—
_
1940
$30,249
6 Months Ended June 30—
Net prof, after all charges
—V. 152, p. 1930.
1938
before
profit
depreciation.......__a$9,460,333 b$2,976,455 a$l,103,575 loss$838,559
Non-operating income.144,756
49,874
65,594
47,881
$9,605,089
Total income
674,141
973,842
Non-operating charges..
Depreciation..
Interest
on
690,913
118,707
170,818
54,514
30,736
c5,420,000
574,667
bonds
Amort, of bond premium
and expense
Prov. for Fed. inc. taxes
,169,168 loss$790,678
209,813
148,116
693,258
670,391
175,388
180,472
$3,026,329
271,300
.
29,099
30,052
47,000
was
As
pointed out in last report, company and a number of affiliated
moved their seats of incorporation to Willemstad, Curacao,
1940, acting under the Act of April 26, 1940, Staatsblad of
the Kingdom of the Netherlands, 1940, No. 200, which Act became effective
in its entirety on May 8, 1940, by virtue of the Royal Decree of May 7,
1940, Staatsblad of the Kingdom of the Netherlands, 1940, No. 282.
This
transfer of the seat of the company was ratified by the Governor of Curacao
by Order of May 20, 1940.
Thus, on May 10, 1940, company acquired
the status of a Curacao company, and no measures which have been or
will be taken by the present administration of occupied Holland can change
this.
Such administration lacks any authority to cancel this Act or to
mullify the legal effect of action thereunder.
Furthermore, any such
attempted cancellation or nullification could never affect a Curacao com¬
pany, as ours became in all legal respects on May 10, 1940.
The various measures taken to enable company and its affiliated com¬
panies, formerly domiciled at The Hague, to function regularly outside
the occupied territory of the Kingdom of the Netherlands have fully achieved
the results expected.
The business of the Royfal Dutch-Shell Group is
called upon both in time of peace and of war to fulfill important tasks.
It goes without saying that company is wholeheartedly supporting the
Allied cause.
It is gratifying to relate that during the past year every
demand made upon the services of our organization has been fully met.
In the same way our Group will be called upon to play an important role
was
companies
May 10,
on
tehcnical facilities of the Group
steadily progressing inter alia by the construction of new plants designed
operate the most up-to-date processes.
To be able to continue to
meet at all times the highest demands with respect to both ouality and
to
quantity which may be made upon our industry we are,
the war, energetically carrying on our research work.
In regard to the financial statements submitted, the
directors repeat
necessarily incomplete
result of the invasion
of the Netherlands.
While last year it was stated that no major items
were likely to be involved, we are now able to state that during the past
year further data have become available so that the amount concerning
which there is still uncertainty is much smaller than it was last year.
Naturally the Royal Dutch-Shell Group has been greatly affected by
the war.
On the one hand, we have to reckon with the destruction of
valuable property and losses of stocks of our subsidiary companies, while,
on the other hand, areas with which we had to sever our trade relations have
been extended as a result of spreading of the war, so that at present prac¬
tically the whole of the European Continent has been temporarily eliminated
as a producing and marketing area.
It is proof of the strong position of
our
Group that, notwithstanding existing trade difficulties inevitably
resulting in a restriction in volume of trade; the financial results of last
year's producing and trading activities have been satisfactory in that we
have received just over 23,000,000 guilders as dividends from our subsidiaries.
Nevertheless, the profit and loss account does not show a favorable
balance and this is due to the fact that directors have considered it necessary
to create a special reserve against losses on investments in a number of
companies which have sustained or may still sustain losses through enemy
action.
It is impossible to ascertain at the present moment the full extent
of these losses, but directors have felt it advisable to make the maximum
possible reserve and they have therefore set aside for this purpose, in
addition to the undistributed balance of 1939, the total of our net income
for 1940.
The profit and loss account has been debited accordingly.
Earnings for Calendar Years (in Florins)
set on copper
and
no
deliveries of copper can be made by refiners to
of Priorities.
Fabri¬
defense orders ahead
of any previously placed civilian contracts.
Our own price structures are,
of course, frozen, regardless of somewhat increasing costs and higher taxes.
At the present time we have in process of construction three plants to meet
the requirements of the Army and Navy.
The plant for howitzer cases,
in Chicago, is in operation: the plant for cartridge cups and discs, also in
Chicago, is ahead of schedule; and the tube plant in Baltimore is just
except as specifically authorized by the Director
cators must accept defense orders and must fill new
getting under way,
"A copper deficit for the current year was forecast sometime ago and
it was thought that while there was plenty for defense purposes that
civilian orders would have to be redqced.
With the increasing demand
for immediate delivery of copper for defense purposes, it is impossible
to say at this time what the residual copper supply available for nondefense business will be.
-v"
"Working close to 100% on defense business has a very decided effect
on plant operations.
It causes a evry substantial part of the plant not
adaptable to defense work to remain idle, which in turn causes unemploy¬
ment.
Therefore, it is hoped that the supply of copper available for
non-defense orders will be sufficient to operate these departments and
supply a certain amount of normal
on
commercial necessities.'wy. 153, p. 250.
$150,000 15-year 4% sinking fund debentures (convertible
into common stock until and including March 14, 1947) due March 15,
1952 has been called for redemption on Sept. 15 at par and accrued interest.
total
Payment will be made at the Security-First National
at Chase National Bank of the City of N. Y.—V.
Rochester Gas & Electric
1941
Manufactured gas revenues
Gasl
revenues
Profit
200,000
26,200,000
400,000
23,469,550
1,773,722
25,800,000
1,214,922
sale of securities
on
_.
Administration and other expenses
...
Balance of profit
(estimated)....
forward..!
Undistributed balance brought
Total
—
_
Di vidend, preference shares.......
__
_
$17,277,327 $16,876,093
6,510,659
6,822, ] 84
$4,699,670
5,731
Depreciation
_ _
Local, State and Federal taxes, except income taxes
2.—-
Operating income
Other income.^
-.....__ _
1,832,693
2,673,548
1,316,047
1,710,397
2,628,528
$4,710,460
14,541
1.249,230
—
_. _-.
Gross income
563,4 59,74 1
2,064 ,875
800.000
_
_
_
.
less reserve.
17,622,045
49,210
....
.
_
Securities
on
:>
undertakings.
Debtors
._i_,
Net income.
26,000,000
1,104,072,137
998,500,000
1.500.000
17,000
20,000
50,000
998,500,000
1,500,000
17,000
—
Total..
Liabilities—
Share capital
Preference shares.
_______ ... ...
...
.;
—
Priority shareholders.
4% guilder debenture loan..
4 % dollar debenture loan. .
Unclaimed divs. & unclaimed int. on dollar debs
Creditors.
Suspense account.
—
-
__—_ —
-
-
-
2. -
.
-
-
—
_
Art. 4 of the articles of association.
Reserve against loss on investments. _____ —
Res.
as per
Profit balance
20,000
50,000
3.900,000
800,000
1,214.922
1,104,203
71,666,012
4,191.314
...
Undistributed dividends
748,965
71 ,«66,0H
25,243,272
25,800",000
— --
.1,101,936,563
Total
1,104,072,137
-V. 152, p. 2250.
Telephone Corp.—Earnings—
1941—Month—1940
]1941—■(!> Mos.—1940
Operating revenues
$491,473
$463,680 $2,904,668 $2,770,517
Uncollectible oper. rev..
846
1,053
6,248
6,145
Rochester
Peiiod End. June 30—
Operating revenues—
Operating expenses
$490,627
322,320
$462,627
302,822
$2,898,420
1,902,807
$2,764,372
1,875,588
Net oper. revenues—
$168,307
$159,805
63,552
$995,613
425,446
$888,784
374,586
$96,253
69,572
$570,167
410,964
$514,198
352,768
71,116
Operating taxes
Net operating income.
Net income
$97,191
71,391
—V. 153, p. 108.
Rutland RR.—Income AccountPeriod End. June 30—
1941— Month—1940
$319,777
$275,284
263,194
Ry. oper. revenue „ _ _
By. oper. expenses
267,063
$56,5*3
$8,221
20.319
1941—6 Mos.—1940
$1,793,116
$1,673,312
1,626,320
1,641,220
1,018,247
385,300
Railway tax accruals...
Equip. & j't facil. rents.
16.238
2,032
$2,856,388
1,393,226
Net. ry. oper. income.
$38,313
4,893
Ioss$17,187
5,265
$58,693 loss$107,378
25,914
25,092
—
-
$945,962
$1,463,162
$43,206
1,497
33,425
loss$l1,922
1,952
33,592
$83,785
1,638
201,030
Net rev. fr. ry. oper.
Other income.
_
— —
Total income.
Miscell. deduc. from inc.
Total fixed charges..
*
Royal Dutch Co.—Annual Report—
charges
*
no
p.
$166,796
109,350
Crl ,247
$32,092
134.029
5,441
loss$81,464
4,718
201,934
$8,284
def$47.466 def$l 18,883 def$288J16
outstanding bonds but unpaid.—vTllA.
Includes interest accrued on
702.
5.089
"*'
Net income after fixed
in part;
the annual report, the directors wish to point out that there
information available concerning enemy and enemy occupied territories
since the company maintains no relations with such territories.
Further¬
As regards
23,064,691
1,101,936,563
Debtors for dividends
$4,725,001
1,483,313
—V. 153, P- 562.
The managing directors state
16,000,000
50,000
—;
..
....
$2,339,188
1.393,226
dividend, Federal capital stock and
estimated Federal income taxes.
excess
Balance—
1939
4 94,876,000
563,4 59,741
1,634,000
2,052,396
lO^O
4 94,876,000
Assets—
Unissued share capital..
Claims
1,773,722
Nil
(in Florins)
$4,705,401
1,347,965
__
Interest and incidental charges
Preferred stock dividends
25,181,200
25,213,272
...
Balance Sheet as at Dec. 31
Share holdings,
Cash
27,014,922
60,000
.
...... .. _
_.....
Undistributed balance at end of year
.
.....
—
_~25,243,272
...
Dividend, ordinary shares
Reserve against loss on investments
...
Total operating revenue
Operating expenses
Maintenance
1910
—$11,595,634 $11,360,345
872,689
851,002
4,593,611
4,320,667
215,392
344,078
!
heating revenues
Natural
Bank of Los Angeles
152, p. 3196.
Corp.—Earnings—
12 Months Ended June 30—
Electric revenues
is
26,000,000
23,625,294
155,744
companies
Interest
of
or
State
1939
23,193,085
67,897
364,312
shares of various
Richfield Oil Corp.—Bonds Called—
Steam
,
1940
Credit for div.
profit for period..
us
A
notwithstanding
the remark made last year that these statements are
since certain documents are no longer available as a
Total profit
$14,610 d$l ,819,709
$2,363,884
$1,287,895
Nil
Nil
Earns.persh.oncom.stk.
$2.86
$0.95
a After
deducting net loss on metal contents of sales of $527,050 in
1941 and $132,259 in 1939.
b Includes net profit on metal contents of
sales of $66,033.
c Includes taxes based on the Revenue Act
of 1940
plus estimated additional amounts that may be assessed under the new
Revenue Act now before Congress,
d Loss.
C, Donald Dallas, President, says;
"The company has been operating
practically at capacity for many months.
However, on Aug. 2, in order
to conserve the supply and direct the distribution of copper and copper
base alloys, copper was placed under 100% priority control by the Office
of Production Management.
On Aug. 6, 1941, a celling price of 12 cents
Net
Royal Dutch-Shell
are
Dec. 31 '40
254,103
Acc'ts receivable..
of the
and responsibilities
Group in the prosecution of the war, for compelling reasons of public
interest the usual detailed report of the directors concerning the activities
of the Group during the pasts year is omitted.
in the post-war reconstruction.
The improvement and expansion of the
June 30'41
$358,388
Cash
b No pro-
:
Liabilities—
Dec. 31 '40
June 30'41
Assets—
$5J44
16,729
$11,586
f
Included herein is a charge of $146,819 for
a
4,603,3/0
$31,299
Operating loss.
in view of the role
more,
;
.
Assets—Securities, $2,186,968; cash in bank, $3,273; dividend
$60; total, $2,190,301.
Liabilities—Pro vision for taxes, $980; accrued expenses,
999
The Commercial & Financial Chronicle
1000
St. Maurice Power
Shattuck Denn Mining
Corp.—Earnings—
Earnings for 8 Months Ended June 30,1941
472
revenue
Note interest—
-
-
$624,888
300,000
114,967
-———----
--
1939
734,975
$627,707
489,955
$390,640
3,444
$235,006
2,970
$137,752
7,169
$394,084
29,328
24,463
$237,976
29,468
20,362
$144,921
28,829
17,573
$340,292
$188,147
$98,519
Profit
Other income
_
-------—- -
1940
$969,981
—
._
198,856
Total income..
Net
Bond interest
1941
Cost of sales
$823,744
revenue
Operation, $40,170; maintenance, $12,413; general expenses,
$35,796; water rentals, $49,081; taxes, $61,395; total exps
—
-
Admin. & gen. exp. Sc miscell. taxes..
Deprec. of construction and equip
Net inc., before depl. & inc. taxes._
Surplus
------ — -—
1941
$1,268,791
878,151
Sales of metals
$823,271
Miscellaneous revenue—
16,
Corp.—Earnings-
6 Months Ended June 30—
Power revenue..
Total
Aug.
$209,920
—
Note—Provision not yet made for depreciation.—V. 150, p. 2267.
St. Paul Union Depot Co.—Planning Issue—
The
company, it is expected, will soon apply to the Interstate Com¬
Commission for permission to redeem its $14,000,000 first and
refunding 5% bonds.
Because the indenture requires preliminary notice of
90 days to bondholders, it was said, this would indicate financing in
September.—V. 125, p. 1577.
Current assets as of June 30, 1941, including $712,440 in cash and $175,000 in U. S. Government securities at par, and with unsold copper on hand
carried at cost, amounted to $1,674,545.
Current liabilities, before pro¬
vision for income and profits taxes, were $99,119,
This left net working
capital of $1,575,426.
■ ^
7,279,501 pounds of copper, 2,232,206 pounds
gold, and 213,617 ounces
Production amounted to
merce
of zinc, 774,708 pounds of lead, 5,867 ounces of
of silver.—V. 152, p. 3984.
Sherritt Gordon Mines, Ltd .—Earnings—
Safeway Stores, Inc.—Arranges $20,000,000 Financing
Privately—Company has completed financing involving
$14,000,000 3 l/i% 20-year debentures dated Aug. 1, 1941,
and due Aug. 1, 1961, issued to three insurance companies,
and term bank loans in the amount of $6,000,000 obtained
from three New York banks.
The proceeds from this financ¬
ing will be used to pay off present term bank loans in the
principal amount of $12,678,000, with the balance being
1941
1940
Development, operating and administrative costs
$941,582
671,105
$886,525
675,577
Operating profit
Non-operating revenues.
$270,476
10,119
$210,948
1,866
28,750
$212,814
7,900
added to the cash funds of the company.
$251,846
$204,914
—V.
This financing
arranged by Merrill Lynch, E. A. Pierce & Cassatt.
was
3 Months Ended June 30—
Net return from metal sale?
Total
Provision for taxes.
Realized profit before write-offs.
Simonds Saw & Steel Co. (&
Earnings for Six Months Ended June 30 (Incl. Subsidiaries)
6 Mos. End. June 30—
Net profit after deprecia¬
tion and taxes
Shares
com.
1941
b$2,752,096
1939
$2,382,943
$2,855,402
$1,541,286
a805,284
$2.35
806,599
806,560
$1.31
a805,281
$2.84
$2.96
Average number outstanding during six months,
Subs.) —Earnings
6 Mos. End. June 30—
1938
stock -.out-;.v;
standing (no par)
Earnings per share
a
1940
152, p. 3197.
b Provision for
taxes
made at the rates contained in revenues measures now before the HouseNo provision made for excess profits taxes.
Provision for United States and Canadian income taxes in the 1941 six
months period amounted to $1,561,583, as compared with
$738,726 in the
comparable period of 1940.
In reporting the earnings, the company stated
the percentage of realized gross profit on sales
during the first six
was almost exactly the same as for the calendar
year 1940
and substantially lower than for the calendar year 1939.
1941
less discts.,
returns & allowances. $9,668,861
1940
Cost of goods sold
1938
$3,955,408
2,649,203
$2,935,149
2,118,005
$1,979,129
706,112
5,315,630
—
Gross
$4,353,231
profit
Selling expenses.924,715
Gen. and adminis. exps.
323,551
debts
Bad
1939
$4,932,340
2,953,210
$1,306,205.
620,290
234,458
sales
Gross
259,141
off
written
(less recoveries)
Cr54
10,399
5,759
8,668
$3,105,019
a30,344
$1,003,477
13,539
$445,698
17,187
$112,036
9,394
Profit from oper. and
other income.----- $3,135,363
375
$1,017,016
$462,885
28,332
$121,430
4,184
1,057
46,000
27,740
""761
"Y,469
. _
Profit from operations
Other income
that
months of 1941
Interest.-—-----------
Sales—
2
Sales for the four weeks ended
$30,133,666 for the four
18.62%.
Aug. 2, 1941 were $35,743,807, compared
ended Aug. 3, 1940, an increase of
weeKs
Sales for the 32 weeks ended Aug. 2, 1941 were
$269,962,954, against
$241,675,634 for the 32 weeks ended Aug. 3, 1940, an increase of 11.70%.
Stores in operation this year totaled 2,476, against 2,606 a
year ago.
—V. 153. p. 702.
San Diego Gas
—
--------
Maintenance and repairs.
Depreciation
—
$8,842,745
3,126,564
692,675
1,379,851
458
428
1,187,527
457,460
$2,652,086
$2,287,397
2,20,3
11
Gross income
Interest on funded debt---.
Amortization of debt discount and expense.
Other interest.
Interest charged to construction
Miscellaneous deductions
$2,652,098
562,222
57,743
33,548
Cr24,545
9,062
-
_
Net income
Earned surplus at beginning of period
Other additions to earned surplus.-
$2,014,068
2,803,165
205,391
—
Total...
7% cumulative preferred dividends
5% cumulative preferred dividends-
$2,289,601
620,000
61,953
9,503
019,860
9,169
$1,608,834
2,332,938
117,749
-i $5,022,624
-------------
$4,059,521
149,095
229,994
877,843
800,000
482,149
440,475
---------
Common dividends..
Provision for employees' provident reserve.
Discount and expense on capital stock
_______
Other adjustments (net)..
__
'
_
8,921
7,512
•:
1,277
Prov. for Federal & Canincome taxes—
758,795
246,152
ex¬
profits taxes..724,870
& other
Loss
on
charges._
invest, in
2,395
_—.
b33,106
Consol. net income-.
on com.
—
uncon¬
solidated subs.
Other charges
c
$1,188,704
$758,372
397,600
stock-.? 546,700
12.262
$371,346
$6,943 net equity in earnings of unconsolidated subsidiary, and
$3,780 net gain on sale or abandonment of plant assets,
b Loss on sale of
securities,
c Redemption premium and unamortized discount and
expense
on notes retired during the period.
.
Consolidated Balance Sheet June 30
1941
Assets—
::'J
Cash..
Canadian Govt .sec
1940
$
■
...
1941
Accts. & notes rec.
1,779,707
Inventories
3,341,575
Cash surr. value of
life ins.
Other accrd. liabil.
policies.
78,587
122,370
staff comp
Prov. for increased
Notes & accts. rec.
(not current)
a
c
Note—In its
Federal
income
32,041
34,299
Investments
70,281
68,432
contingencies.-.
Other
63,914
93,438
$2,483,541
profits taxes), is
4,991,110
4,813,390
would have been.
taxes
and
W'kmen's
other
8,595
161,900
71,240
lv
422,000
Com¬
Cap. stk. (no par),
$350,000 to
including ap¬
proximately $16,000 for excess-profits tax).
The net income reported for
1940 is correspondingly greater.
Provision for Federal income taxes for 1941 is
being made on the basis
,
30%. Under the provisions of the
as amended in March,
1941, which allow
profits credit for two years, it is estimated
liability for excess profits taxes for the year 1941 as the
Revenue Act
of
Total....
a
no
Schiff
Sloane-Blabon
Scott
Paper Co.—Stock Offer—Drexel & Co., Smith
Barney & Co. and Merrill Lynch, Pierce, Fenner & Beane
on
Aug. 14 offered, after the close of the market, 10,000
shares of common stock
(no par) at $37.50
dealer concession.—V.
153, p. 848.
a
share, less $1
Seagrave Corp.—To Change Par of Stock—
A proposed amendment to the
articles of
Incorporation will be considered
special meeting of stockholders to be held on
Sept. 4, 1941, which pro¬
change in par value of the common stock from no
par value to
$5 par value.—V. 153, p. 406.
a
vides for the
Serrick Corp.—Accumulated Dividend—
Directors have declared
on
p.
1735.
....15,172,014
reduced to reflect
At cost
or
less.—V.
a
losses,
v-.'
dividend of $1.38 per share on account of
stock, payable Sept.
11,944,034
b After
153, p. 849.
Corp.—Earnings—
1941
1940
$346,399
$235,489
After taxes and all charges.—V. 153, p. 703.
Southeastern
Greyhound
Lines- •Issue of Second Pre¬
ferred Stock to Acquire Bus Company—
Guy A. Huguelet, President, notified stockholders Aug. 14 that a special
meeting has been called for Sept. 19 at Lexington, Ky., to vote on proposals
authorize an issue of new second preferred stock and to
acquire Union
Co. through an exchange of stock.
Southeastern stockholders will be asked to authorize a new issue of
7,000
shares
with
($100 par) 6% second preferred stock, of which 5,000 shares, together
48,000 shares of presently authorized but unissued common stock,
would be exchanged for all the outstanding capital stock of Union Bus Co.
The exchange is subject to Interstate Commerce Commission
Acquisition of Union Bus Co. would give Southeastern ownership of the
Dothan, Ala., to Jacksonville, an important link in the route from
Birmingham to Jacksonville.
This link in now owned by Union Bus and
operated solely for the account of Union by Southeastern Management Co.
Since 1933, certain operations of Union and Southeastern have, in effect,
been conducted jointly through Southeastern Management Co.
(half owned
by Union and Southeastern, respectively).
These operations include bus
routes to Chattanooga, Atlanta, Macon, Savannah, Jacksonville and Lake
City, Fla.
Mr. Huguelet points out: "Application for authority to con¬
tinue these operations has been pending before the ICC.
An examiner's
report has recommended denial of the right thus to continue.
If the Com¬
mission should uphold that recommendation, it is probahle that it
may
become necessary that these operations be conducted separately; and that
would be very disadvantageous for both companies.
The advantages of
joint operation of these routes have been demonstrated beyond question and
such advantages will be preserved by unification of the two properties.
"While it is impossible to forecast the effect upon the operations of either
Southeastern or Union shomd they be compelled to operate in competition,
it seems entirely clear that such operation would be less profitable for each
company than a joint or unified operations," he continued
The unification is expected to effect operating economies, and to
improve
the current consolidated financial position of Southeastern,
according to
Mr. Huguelet.
'
line from
.
a
the class A
Aug. 25.—V. 151,
c
Total
as
approval.
Schulte Real Estate Co., Inc.—Interest—
Interest amounting to K of
1% ($5 per $1,000 debenture) will be paid
Sept. 1, 1941 to registeied holders of 15-year income debentures
due
June 1,1951. of record at the close of
business Aug. 30,—V. 151, p. 1004.
on
cumulations
11,944,034
consolidated
Bus
Sales for the month of
July, 1941 were $1,176,853 as compared with the
same period last year of
$997,251.
This was a gain of 18.01%.
Sales for the seven month
period this year were $8,428,933 as compared
with last year of $7,586,251.
This was a gain of 11.11%.—V. 153, p. 406.
at
15,172,014
subsidiaries not
6 Months Ended June 30—
to
Company—Sales—
7,899.029
Net profit.
1940,
company will have unused excess profits credit from the
year 1940 which
resulted from refinancing of funded debt in that
year.—V. 153, p. 563.
In
depreciation and obsolescence,
over of unused excess
that there will be
ss mo
2,982,000
i
of an assumed normal income tax rate of
Second
38,000
2,982,000
Consol. surplus.8,933,110
$2,803,165
and
Of this amount, $60,000
applies to State franchise taxes
Federal income taxes (the latter amount
and
122,130
losses under N.Y.
investv
b Plant
approximately $410,000 less than it otherwise
494,672
11,291
Res. for uninsured
sec.
13,281
State franchise tax returns for 1940
the company has claimed as a deduction the
unamortized discount and
expense and redemption premium on bonds called
during that year.
The
provision made during 1940 for such taxes,
accordingly (which includes
$
328,367
Provision for add'l
131,372
Prepayments---..
1940
$
Liabilities— h,;:
5
2,653,370 Accts. payable...
501,295
9,000 Accrd. Fed., State,
Can. & local tax 1,821,688
975,390
3,095,758 Accrued payrolls-.
300,731
r
4,753,104
8,910
pensation Law..
Earned surplus at close of period
$82,768
149,700
149,100
Includes
a
__
802,600
422,000
contingencies.
Miscellaneous
Divs.
Net operating income-..
carrying
—
2,292
-
in consolidated
1,185,822
170,005
Other income
_
Prov. for increased taxes
1940
$10,137,992
3,734,377
678,384
1,427,698
Amortization of limited-term investments
Taxes (other than Federal income taxes)
Provision for Federal income taxes..---.
-
donm't of plant assets
Adjust, of Can. exchange
cess
1941
Operating revenues_
Operation-..
unconsolidated
Losses from sale of aban-
Prov. for Fed. & Can.
& Electric Co.—Earnings—
Years Ended Jpne 30—
excess
—
Equity in earns, of subs.
with
no
$817,143
514,350
182,089
ac¬
15 to holders of record
Volume
notice
The
The Commercial & Financial Chronicle
IS3
the company contemplates ac¬
capital stock of Dixie Coaches, Inc., for $46,233
stockholders states that
to
quiring the outstanding
Sufficient shares
required Dy stock¬
Dixie Coaches, Inc., operates bus routes in
Birmingham, and Mobile.—V. 153, p. 849.
cash and 6,300 shares of common stocK of Southeastern.
of common stock are already authorized, and no action is
acquisition.
holders for this
Alabama, between Florence,
Inc.—Earnings—
Southern Advance Bag & Paper Co.,
12 Months Ended May 31, 1941
and pulp, less returns and allowances. __
Earnings for the
Sales of bags, paper
Net operating
$6,988,699
3,739,896
1,933,167
$1,315,635
profit.
97,600
Other income—
342,057
g———
Net income before
•—V.
$1,413,235
profit and other income
Net operating
Other charges
providing for Federal taxes on income.,..
$1,071,179
153. p. 564.
Southern California Edison Co., Ltd.—Earning s-^1941—12 Mos —1940
Period End. June 30—
1941—3 Mos.- -1940
Operating revenue
$11,380,825 $11 151,099 $47,140,247 $46,083,651
2,479,567
445,685
2,931,083
Production expense
633,682
685,151
778.487
186,783
Transmission expense—
182,652
2,842,058
2,698.346
670,697
Distribution expense—
620,269
2,752,603
2,707,198
684,493
Commercial expense
659,385
2,367.713
2,215,297
521,438
Adminis. & gen. expense
511,929
6,081.550
6,010,933
1.540,176
General taxes
1,455,841
2,414,000
a1,460,988
744,000
Prov. for Fed. inc. tax,, al,085,001
2,501,312
Prov. in lieu of inc. tax,,
7,603",802
7,778,141
1,839,931
Prov. for depreciation
1,877,836
_
_
Rent for lease of operat'g
$4,339,622 $17,720,216
12,850
1,003,632
revenue,$4,185,959
97,363
Net ©per.
Net non-oper. revenue,_
&
1,423,188
1,256,340
1,193,675
6,374,426
5,063,692
5,569,008
6,609,640
5,087,997
6,045,999
$363,640
$1,716,721
$1,368,734
$0.51
Common dividends
1,538,822
1,256,370
1,193,640
$410,120
discount
$0.49
$2,30
$2.33
Remainder
Earned per sh. on com.
stock outstanding....
fixing 1941 rates is still pending, this
provisions in bill now before Congress.—V.
Since Federal tax legislation
is estimated on basis of
p.
have been oversubscribed.
financing for the
Company was incorporated in Delaware on Nov. 12, 1906.
Business is
principally the purchase of corn and the manufacture, sale and distribution
of products therefrom, such as various types of starches, unmixed corn
syrups, crude corn sugars, table syrups, packaged starches, gluten feed,
germ meal, crude and refined corn oil; and also the purchase of soybeans
and the manufacture, sale and distribution of products therefrom, such as
soybean oil, soybean oil meal and soy sauce.
Company purchases its principal raw materials, corn and soybeans, for
its Decatur plant chiefly from grain merchants and elevator operators in
Illinois and nearby States.
The raw materials for the soybean plant at
Painesville, Ohio, are purchased principally in Ohio, and occasionally in
Indiana.
In connection with its operations, the company, from time to
time, utilizes the futures markets (in both long and shore positions).
The products are marketed by the company and its three subsidiaries
directly and through brokers to various outlets which include manufacturers
of candy, baking powder, ice cream, mayonnaise, tobacco, explosives,
adhesives, rayon, shortening, oleomargarine, soap, paints and varnishes,
and syrup mixers, bakers, brewers, feed mixers and dealers, edible oil
refiners, leather tanners, textile mills, paper mills, jobbers and grocery
distributors.
The company
also merchandises cash grain, soybeans and certain products
between approximately 0.58% and
Capitalization as at June 30, 1941
item
152,
Co.—Earnings—
;
15-year 2%% debs., due June 1, 1955
(2.10), $200,000 due each June
1941-1944)
Serial notes
Cumulative preferred
$5 series (no par)
Common stock ($10
849,168
134,732
300,000
333,633
86,809
Net operating income
Gross income
on
-
Other interest,
Interest
_
_
.
_
_
.
_
and expense,
.
...
_
charged to construction,
stock paid in cash—
34,174
10,434
$227,146
170,064
—.
CV539
$261,120
-
Dividends on preferred
$687,229
409,698
Crl1,625
8,420
.
_
Miscellaneous deductions.
170,064
6,316
profits tax under the Second Revenue Act
it is estimated no such tax will be due.—V. 153, p. 849.
Notes—No provision for excess
of 1940 was made as
--Jan. 1 to Aug. 91941
1940
of Aug.—
1940
1941
Period Ended July SI—
6 Mos. End.
1941— Month—1940
1941—7 Mos .—1940
$2,752,081
$2,493,445 $27,095,100 $26,913,847
Gross
1939
1938
$2,328,064
$1,107,760
$803,173
639,482
528,778
512,144
197,878
483,878
160,772
$1,176,439
$381,103
$158,524
18,172
13,819
7,382
1940
.
....
$4,322,256
25,872
.
;
$2,013,583
$2,302,764
$1,532,620
685
5,099
Drl ,506
3,002
9,855
6,498
2,696
1,882,437
$2,021,127
27,737
144,119
,315,622
179,902
$1,541,815
177,329
415,000
457,438
390,292
227,270
incidental
.
Total income
deductions.
Income
_
—
profits taxes—est
prov.
for
excess
profits tax
Prov. for contested addit
assess't on undistrib.
a2,950,000
b274,762
74,488
Est.
415,000
profits for 1936
Foreign income tax—— —
Adjusts, relating to prior
Crl3,453
periods
profit before spec.
$1,038,153
Premium paid
.
...
•
-
-
taxes.
Surplus
$905,130
337,088
50,000
$308,381
154,737
$518,042
$153,644
$13,170
for normal Federal income tax; $1,350,000 for
State income tax and $500,000 as a
-V. 153, p.
•
.
r.'r.. $
Casn...—....... 1,301,678
a Notes, accts. and
trade accept
2,653,839
in
4,792,421
S
801,951
Accounts
594,012
The Securities
oninion requiring
77,500
349,869
201,737
Misc. inv. accts...
2,831
9,685 Acer. Int., tax., Ac
9,884 Prov. for Fed.,Ac.,
income taxes---
4,016,020
55,940
270,888
Res. for contlng..
closed
3,092,077
2,124,181
cum. convert.
preferred stoefc.
1,900,000
1
Com. stk. (par $1)
421,360
2,000,000
421,360
1 Capital surplus...
490,041
71,690 Earned surplus... 3,630,554
2,473,501
..12,008.127
6,649,076
1
iii — im'
'«»■
Deferred charges..
" ' 1
138,915
Total....-.,—12,008,127
a
in
.v.."
.
6,649,076
Total
After allowance for doubtful accounts
1940.
(A.
490,041
of $107,817 in 1941 and $79,063
152, p. 3359.
b After allowance for depreciation.—V.
E.)
Staley Manufacturing Co.—Stocks Offered—
of 4,000 shares (no par) cumulative preferred
Public offering
497,447
Long-term liabil-.
Res've for conting.
397,022
440,000
2,100,000
2,300,000
350,000
350,000
Cum.pf.stk.,$5 ser 3,915,424
7% pref. stock-...
686,000
Common stock
4,232,530
Paid-in surplus...
32,330
3,915,424
1,086,000
4,232,530
32,330
5,039,781
20,144,959
18,515,278
Total.
Corp.—Initial Dividend—
of 10 cents per share on the
Aug. 1 to holders of record July
31.—V. 152, p.
Co.^-Ordered to Divest Itself of
Except Philadelphia Co.—
and Exchange Commission on Aug. 9 issued its order and
divestment by the company of all its holdings of securities
than securities of Philadelphia Co. and
Service Corp.
The order (in part) follows:
Public Utility Engineering
ordered, pursuant to Section 11 (b) (P of the Public Utility Holding
Company Act of 1935 that Standard Gas & Electric Co. shall sever its
tionship with the companies hereinafter designated and the
thereof, by disposing or causing the disposition in any appropriate manner
It is
rela¬
subsidiaries
not in
5%
Goodwill
P&tGiDltS
197,537
552
buildings,
...
&
23,750
552
companies,
dies, &c
200,000
464,744
444,605
inc.. 1,103,637
7% Pref. called for
redemption
other
13.062
b Land,
$
600,000
569,577
■
All Subsidiaries
60,791
by customer
Contract payable .
empl.acct. rec..
trust
Fed. taxes on
declared an initial dividend
stock, payable
Standard Gas & Electric
Advance payments
11,750 Dividend payable
on pref. stock..
Adv. to salesmen &
3988.
payable,
payrolls, &c
1,241,380
2,378,001
Standard Equities
5
982,302
Liabilities—
S
1940
11,750
Claims agst.
Dec. 31 '40
June 30 '41
Liabilities—
Notes pay able
Accounts payable.
Accrued liabilities.
849.
Directors have
common
1941
D
Square
Z0
1940
Assets—
Co. of Canada
$1,131,223
Standard Dredging Corp.—Special Dividend—
declared a special dividend of 10 cents per share on the
common stock, payable Sept. 2 to holders of record Aug. 20,
Dividend of
10 cents was also paid on March 1, 1940.—V. 151, p. 2208.
v."-'
..
Balance Sheet June
'v-'-
1941
Inv.
$1,681,352
Directors have
against possible additional Federal taxes when legislation under
contemplation is completed,
b Includes $3,873 underprovision for prior
Inventories
$1,379,144
96,388
Dec. 31 '40
....20,144,959 18,515,278
Total
$116,328
103,158
Federal excess profits tax; $50,000 for
"■
3,701
'
$
$
Cash
828 518 1,267,157
1,617,233
Notes & accts. rec. 2,136 ,161
inventories
5,857 950 4,496,179
Deposit, for red. of
440 ,000
7% pref. stock—
457,592
Invest'ts Ac. assets
459 571
Fixed assets (net)-10,042 ,933 10,329,577
347,539
Deferred charges..
379 ,826
reserve
.
Cr 6,3 71
Consolidated Balance Sheet
8,308
$925,986
Preferred dividends..
years.
2,290
40,395
Netprofit
$1,038,153 $1,282,755 $1,681,352 $1,131,223
a And unamortized discount and expense charged off upon retirement
bonds, less the resulting reduction of $30,438 in income
13.409
421,360
50,000
$1,397,346
Common dividends...
$1,050,000
70,446
27,861
paid..
Net profit
—
Earned surplus.5,670,855
$394,923
10,707
1,347
Other deductions
Provision for Federal and
State income taxes
9,050
Normal inc., defense &
declared value excess-
$165,906
782
$1,194,611
3,045
11,674
$4,348,128
Profit...
Includes
$1,876,751
profit.
operations
Other income-....
Assets—
1941
30—
$5,752,002
profit
858,292
Selling & advtg. expenses
571,454
Admixu& gen. expenses.
a
products sold-.
Sell., admin. & general.
Prov. for doubtful accts.
of first mortgage
Gross
Interest
„
I.--.-.$16,828,108 $27,863,167 $23,400,387 $20,646,478
13,516,363 22,958,203
18,116,948 16,670,024
1,402,249
2,828,777
2,906,673
2,415,478
32,743 .
62,603
74,000
28,354
&c
Cost of
charge
Square D Co.—Earnings—
Operating profit.
30, *41
Years Ended Dec. 31
1940
1939
1938
allow., freight
June 30 •41
Other income...
6,250
Consolidated Income Account
153, p. 849.
6 Mos. End. June
22,500
15,000
6,250
Stifel, Nicolaus & Co., Inc
a
Spiegel, Inc.—Sales—•
Sales
Com. Shs.
1,800
1,200
500
-
Corp
Blair & Co., Inc
$2,622,619 $103819,763 $80,155,884
$3,520,612
stock, $5 series, and
500
Smith, Barney & Co
Net
—-First Week
(est.)
—V. 153, p. 849.
Gross earnings
750,000 shs.
principal underwriters and the
Pref. Shs.
The First Boston
ify.—-Earnings—
Southern
—V.
—
Name—
Net inc. from
$686,124
1,105
406,874
33,930
10,185
first mortgage bonds
Amortization of debt discount
$2,411,531
888,698
126,202
300,000
327,607
82,898
$708,906
Other income—interest revenues
46,977 shs.
6,860 shs.
423,253 shs.
6,860 shs.
par)
respective number of shares of cumulative preferred
common stock underwritten by each, are as follows:
returns,
$706,525
2,380
-
600,000
800,000
175,000 shs.
100,000 shs.
Gross sales less discts.,
$2,410,870
Operating revenues
—
Operation
Maintenance and repairs
Appropriation for retirement reserve
Taxes (other than income taxes)
Provision for Federal and State income taxes
$1,700,000
$1,700,000
1,
stock
Underwriting—The names of the several
1940
1941
/
Outstanding
A."Authorized
June
Southern Colorado Power
Interest
have ranged
1.5% of consolidated net sales.
thereof, the sales of which during the last three calendar years
3198, 3038.
Years Ended June 30—
The sale did not constitute any
company.
7% preferred stock ($100 par)
of debt
amortiz.
Preferred dividends
a
$18,649,620
462,752
$4,352,472 $18,723,848 $19,112,372
$4,283,322
Net earnings
Int.
288,587
081,000
290,245
48,000
72,272
106,000
73,269
95,000
property—Vernon
Prov. for employ, bonus
stock, $5 series, and 50,000 shares (par $10) common stock
was made Aug. 12 by a group headed by Smith, Barney &
Co. and including the First Boston Corp., Blair & Co., Inc.,
and Stifel, Nicolaus & Co.
The preferred shares were
priced at $103.50 and the common at $14.50.
Both issues
new
Cost of goods
Other operating expenses
1001
contravention of the
applicable provisions of said Act or the
rules
direct and indirect owner¬
by The California Oregon
Power Co., Mountain States Power Co., Southern Colorado Power Co.,
Oklahoma Gas & Electric Co., Louisville Gas & Electric Co. (Del.), North¬
ern States Power Co. (Del.), Empresa de Servicios Publicos de los Estados
Mexicanos, S.A., Wisconsin Public Service Corp., Market Street Ry.,
Horse Shoe Lake Oil & Gas Co., San Diego Securities Co., Pacific Gas &
Electric Co., Little Wold Power Co., Madaras Rotor Power Co., Tri-State
Land Co., and Securities Corporation General, and of securities of the sub¬
sidiaries thereof as the same may from time to time be acquired by Standard
and
ship
regulations promulgated thereunder, of its
control and holding of securities issued
Gas &
in
Electric Co.
itc findinc
and nninion the
SEC states in nart:
The Commercial & Financial Chronicle
1002
The Position
of Standard. Gas
In its amended answer to the order instituting these proceedings, Standard
Gas has taken the following position: It wishes to dispose of ail of its holdings
except Philadelphia Co. common stock; it contends that the operations of
the Philadelphia Co. system are confined to a single integrated public
'
Philadelphia Co. may be retainable together only if one of them fulfills, in
relation to the other, the requirements of the A-B-C standards of the proviso
of Section II (b) (1).
But even if it should be decided that only the electric
First Boston
properties or only the electric or gas properties may be retained by Phila¬
delphia Co., it wishes to dispose of all of its holdings outside of Philadelphia
Co., and this position is taken regardless of what non-utility businesses of
Philadelphia Co. may be required to be dispoesd of by it under Section II
& Co., Inc.
payment of dividend arrears on, its outstanding 61,429 shares of $7 second
preferred stock pro rata.
Standard Oil Co., based on its present holdings
preferred stock and second preferred stock of Ajax Pipe Line Corp.,
would on such redemption, purchase or payment receive approximately
$1,500,000, which would be added to its working capital.
No specific
available for the then stockholders of Standard Gas.
The common stock of Philadelphia Co. is the most valuable of the invest¬
ments of Standard Gas; in 1940 Standard Gas received
£2,086,000 in divi¬
from this source which constituted 35% of its corporate income.
In explanation of the selection of Philadelphia Co. by Standard
Gas, Mr.
Crowley pointed out the large present interest of Standard Gas in Phila¬
delphia Co. and the potentialities for growth of the Philadelphia Co.
properties; ".
in my judgment (it) was (the) property that offered
the greatest opportunity to our security holders," he testified.
The electric utility assets of Duquesne Light Co. consist of
generating
plants, transmission lines and distributing facilities which are physically
interconnected and function as a single system.
The output of its generating
stations is coordinated in a single load dispatching office.
Ail its properties
are located in and around
Pittsburgh and are in an area of approximately
817 sq. miles.
The total corporate assets of Duquesne Light Co., as of
Dec. 31, 1940 were recorded at approximately $218,598,000, and its re¬
ported 1940 corporate operating revenue exceeded $34,000,000.
It has
approximately 350,000 customers while the territory it serves has a popula¬
tion of approximately 1,400,000 of which
Slightly less than half is in the City
of Pittsburgh.
We conclude that the properties of Duquesne Light Co.
constitute an integrated public utility system within the
meaning of Section 2
(a) (29) (A).
We make no finding as to whether the
gas properties of Philadelphia Co.
and its subsidiaries constitute an integrated public
utility system, or whether
if Philadelphia Co. retains its interest in
Duquesne Light Co., that gas
system could atso be retained within the proviso of Bection 11 (b) (1).
Moreover, we make no findings as to whether the non-utility businesses in
which Philadelphia Co. is interested can be retained
by that Company
under Section 11 (b) (1).
Standard wishes to retain as much of the Phila¬
delphia Co. properties as will ultimately be permitted under Section 11 (b)
(1), and it is aware of the possibility that the gas properties may not be
permitted to be retained by a holding company which controls Duquesne,
and that the other businesses of
Philadelphia Co. may not be permitted to
be retained by a holding company
controlling either Duquesne Light or the
gas properties or both.
The record is being held open on those
issues, and
the hearing will be reconvened to receive evidence on
them.
of
dends
„
Inasmuch
as
the selection of
Philadelphia Co. by Standard Gas, and
our
power to require divestiture by Standard Gas of its other
interest, do not
our decisions in regard to those
matters, it is unnecessary at this
time for us to consider those questions.
We are
similarly not deciding other
issues which arise out of our order
instituting these proceedings, such as the
action which it is necessary for the subsidiaries of
Standard Gas which are
registered holding companies, and for Standard Power &
Light Corp., to
take under Section 11 (p) (1).
No properties in the Standard
System, it has been conceded, outside of
the Philadelphia Co. system are
part of any integrated public utility system
within the Philadelphia Co.
system.
With the exception of the Louisville Gas & Electric
Co. properties, no
utility properties in the Standard Gas system are located in States which
adjoin the Philadelphia Co. utility properties.
Thus, regardless of whether
such properties constitute
integrated systems, subsection (B) automatically
prohibits their retention.
Moreover, the record shows that including the
Louisville properties, the operations of all of the other
groups of properties
of the Standard Gas
holding company system are separate from each other
and from Philadelphia Co,
In two
there are substantial
interchanges of power between these
properties; Mountain States Power Co. purchases pow er from the CaliforniaOregon Power Co.; and the Northern States Power Co.
system and Wis¬
consin Public Service
Corp. buy and sell power to and from each other.
However, in each case the properties are so totally unrelated to the Phila¬
delphia Co. properties and are separated from- them by such
huge distances
that even apart from the
prohibition in subsection (B), we could not make
appropriate findings under subsections (A) and (C).
The record clearly
indicates that the A-B-C standards of the
proviso in Section 11
(b) (1)
do not permit the retention
by Standard Gas of any of its other groups of
utility properties if it retains Philadelphia Co.
"We conclude that the retention of
Philadelphia Co. by Standard Gas
does n< t permit the retention
by it of any of its other utility properties,
cases
we no a that no endeavor has
been made by
of its properties outside of
Philadelphia Co.
Under these circumstances
Philadelphia Co. by Standard
„
we
raise
Gas and
no
we
Standard Gas to retain
objection
will enter
any
the
selection
of
an
Weekly Output—
Electric output of the public
utility operating companies in ihe Standard
?AsAAle?tric Co* system for the week ended Aug. 9, 1941, totaled 158,117,302 kilowatt-hours, as compared with
132,014,407 kilowatt-hours for
the
corresponding week last year, an increase of 19.8%.—V.
153,
p.
Sealed
tenders for the sale of sufficient of the
above mentioned bonds
to exhaust said sum will
be received from holders thereof
until 12 o'clock
noon, Aug. 22, 1941.
Standard Oil Co.
(New Jersey)- -Files Answer
of Unfair Labor Practices-
Charge
hearings on the complaint will begin
in September.
According to a statement issued by the
parent company the issues
peiore the JNLRB were whether the employees' groups were organized by
the employees without
interference by the company and also whether
they
iTe
e? *ree since that time to administer their affairs and bargain
collectively as guaranteed by the
Wagner Act.
In 1918 Standard of New
Jersey inaugurated a presentation plan for
employees which continued until the
Wagner Act became effective.
Soon
early
..
company said that the representatives of
Bayway Refineries Employees
Association, and similar associations for
the Bayonne and
Eagle refineries approached the
management and asked
for recognition of their
groups as duly constituted labor
organizations within
the meaning of the
Wagner Act.
After they had demonstrated
that they had enrolled a
majority of the
employees in their respective units," the
statement continued, "they were
recognized by the management as the collective
bargaining agents for these
groups»
'
and
industrial lubricants,
fuel
through lease or otherwise, and developing prospective and
oil and gas lands and interests therein, producing crude petroleum,
marketing automobile accessories through retail outlets, and in general
acquiring,
proven
conducting operations incidental to the foregoing.
Company's direct activities are principally the refining and marketing of
crude petroleum and products derived therefrom.
It owns and operates
three refineries located at Cleveland and in the
vicinity of Toledo and Lima,
Ohio, most of the crude requirements of which are purchased by certain
subsidiaries and transported to the refineries through the
pipe lines of sub¬
and other companies.
The refined products are distributed at
retail through owned, leased and dealer outlets, and at wholesale
through
bulk distributing plants, owned or leased by the company and
subsidiaries,
sidiaries
to
jobbers and others, including large
consumers.
The principal subsidiaries of the company are: Latonia
Refining Corp.,
wholly owned subsidiary, which owns and operates a refinery at Latonia,
Ky., and operates a pipe line for the transportation of refined products
a
from the refinery to
Cincinnati, Ohio.
Fleet-Wing Corp., a wholly owned subsidiary, which is engaged in the
marketing of refined products under its own brand names to wholesale
jobbers.
Sohio Pipe Line Co., a wholly owned subsidiary .which owns and
operates
Ohio.
It also
trunk pipe lines extending from the Illinois oil fields into
and operates trunk pipe lines extending from the
owns
Michigan oil fields
to the Toledo
refinery.
Sohio Corp.,
wholly owned subsidiary, which purchases crude oil afc
the well and owns and operates
gathering systems principally in Illinois*
Indiana, Kentucky and Michigan.
a
Sohio Producing Co., a wholly owned subsidiary, which is
engaged in the
acquisition and development of prospective as well as proven oil lands and
leases.The company
Uf-'f-u-'',
also has substantial
companies, including:.■ C-.wA-'iv-
interests
in
certain
non-subsidiary
rv?
Ajax Pipe Line Corp., which owns and operates a trunk pipe line extend¬
ing from Glen Pool, Okla., to the vicinity of Wood River, 111.
This line is
a link in a through pipe line
system transporting crude oil from the MidContinent fields into Ohio.
Ajax Pipe Line Corp. also owns the 186,667
shares of the company's common stock offered
hereby.
Company now owns
30% of the management (voting) stock, 18.33% of the common stock,
9,355 shares without par value of the $7 preferred stock and 13,472 shares
without par value of the $7 second
preferred stock of this corporation.
""Simrall Corp., which purchases crude oil at the well and owns and operates
a gathering system in
Michigan.
Company holds 50% oT the equity owner¬
ship and of the voting power.
■-
^
^
^
GreaULakes*Transport Corp., which owns two tank steamerfTand "one
barge and charters additional tonnage for the transportation of crude oil,
gasoline and other products for the account of the company and its sub¬
as well as for others, on the Great Lakes.
Company owns 33 1-3 %
sidiaries
,
of the capital stock of this corporation.
Fuel Oil Corp., which owns 33
1-3% of the capital stock of Great Lakes
Transport Corp., and owns and operates a large terminal on the River
Rouge convenient to lake transportation, and a bulk distributing plant in
Detroit.
Through these facilities the distribution of fuel oil is made in
the industrial and residential area in and
surrounding Detroit and elsewhere.
Company
owns 33
1-3% of the capital stock of this corporation.
Pipe Line Co., which owns and operates a short crude oil trunk
pipe line crossing the Ohio River at Owensboro, Ky.
Company owns 50%
of its capital stock.
Ouensboro-Ashland Co., w-hich purchases crude oil at the well and own8
and operates an extensive
gathering pipe line system in western Kentucky
and a terminal on the Ohio River at
Owensboro, Ky.
Company owns 50%
of its capital stock.
Red Indian Oil Co., Inc., which markets refined
products in the Detroit
through bulk plants and retail outlets.
Company owns 43.3% of its
area
capital stock.
•
v.-,--;'..-..--
..
A.'v..';
.
Capitalization May 31,1941
Serial debs. (2.65% to
3.00%)
each May 1, 1949-1956
$5,000,000
-
2% promissory note payable to bank, due $500,000 each May 31. 1942-1948—
Notes and mortgages payable
5% cum. pref. stock (par $100).
Common stock (par $25)
$5,000,000
a3,500,000
b2,137,608
--
___
------
a
Outstanding
maturing $625,000
120,000 shs.
120,000 shs.
811,112 shs. c755,740 shs.
-
Including $500,000 due May 31, 1942.
b Including $376,916 due on
interest
before May 31, 1942.
These notes and mortgages payable bear
at various rates and were issued or assumed in connection with
the
or
acquisi¬
tion of various properties
by the company,
c Excluding 525 shares Held in
the company's treasury but
including 2,000 shares held by a subsidiary
of the company.
All of such
2,525 shares
to
The company and its
operating subsidiary, the Standard Oil Co. of New
Jersey (Del.) on Aug. 12, filed an answer
in connection with the
complaint
of unfair labor practices
issued against them by the National
Labor Rela¬
tions Board.
It is understood that
exit of the old plan, the
automotive
Authorized
Standard Ice Co.—Tenders—
Holders of first mortgage
6% sinking fund gold bonds, due Aug. 1, 1947
Aug. 1, 1957 are being notified that
the
Fidelity-Philadelphia Trust Co., Philadelphia, Pa., holds
.$22,326 re¬
ceived by it upon the release
from the lien of the mortgage and the sale of
certain property no
longer necessary for the proper conduct of the business
or the
company.
Pursuant to the provisions of the
mortgage, said sum
will be applied to the
purchase and cancellation of bonds, at the lowest
prices obtainable, not
exceeding the redemption price thereof.
«
gasoline, naphthas, kerosene,
oil, greases, industrial oils and asphalt.
In connection with these activities,
it is engaged in purchasing crude petroleum and products derived therefrom,
850.
and bonds of said issue
extended to
b
History and Business—Company was incorporated in Ohio Jan. 10, 1870.
Company, directly or through its subsidiaries, operates primarily in Ohio
and nearby States and is engaged principally in the refining, marketing and
transporting of crude petroleum and products derived therefrom, including
Ohio River
to
appropriate order
requiring disposition by Standard Gas of its holdings, in all of its
subsidiaries
other than Philadelphia Co. and its
subsdiaries, which are either public
utility companies or registered holding companies.
*1
the
allocation of this amount can be made at this time.
.
turn on
Corp., Blyth & Co., Inc., and Harriman Ripley
The shares were priced to the public at 44
Application of Proceeds—The 186,667 shares of common stock offered are
being sold by Ajax Pipe Line Corp. and none of the proceeds of the sale
thereof will be received by the company.
Ajax Pipe Line Corp. has agreed
to apply, on or before Oct. 1, 1941, the entire net proceeds of the sale of
the stock, first, to the purchase and (or redemption of its entire outstanding
51,000 shares of $7 preferred stock, and second (to the extent that proceeds
shall be sufficient therefor) to the purchase and(or) redemption of, and(or)
to consider the
appropriateness of the selection of
Philadelphia Co. by Standard Gas.
Leo T. Crowley, the Chairman of the
board of directors and President of Standard Gas, testified that that com¬
pany plans to use the proceeds of the disposition of the properties to retire
its indebtedness.
H e stated that Standard Gas then proposes to recapitalize
according to his calculations the investment in Philadelphia Co. would be
us
1941
Standard Oil Co. (Ohio)—Common Stock
Offered—Public
offering of 186,667 shares of common stock (par $25) was
made Aug. 12 by a banking group headed by P. S. Moseley
& Co., Smith, Barney & Co., Lee Higginson Corp., The
Sublic utility system cannot include both electric and gas properties of
tandard recognizes the possibility that the electric and gas operations,
is incumbent on
16,
majority of employees in their respective plants
So far as is known, the
employees themselves have expressed no dissatisfaction with the form of
collective bargaining they have adopted."—V. 153, p. 407.
utility system and such other businesses as are reasonably incidental or
economically necessary or appropriate to the operations of such integrated
public utility system.
Since the Philadelphia Co. system includes both
electric and gas utility companies, and we have held that a single integrated
^it
Aug.
"The policy of Standard of New Jersey and its domestic affiliates has
been to avoid interference with the free exercise of the rights of its employees
under the National Labor Relations Act.
No question nas been raised over
the fact that the New Jersey bargaining units actually do represent a
were
sold in June, 1941.
Underwriters—The names of the several principal underwriters and thes
number of shares of stock which each has
agreed to purchase are as follows:
Name—
Shares
F. S.
Moseley & Co
Smith, Barney & Co
Lee Higginson Corp
22,389
.-..22,389
..22,389
Name—
Shares
Harris, Hall <fc Co. (Inc.)
3,000
Hawley, Shepard & Co..——... 2,000
Hayden, Miller & Co————— 5,000
Hayden, Stone & Co
3,000
BancOhio Securities Co..
1,000
Blair &
3,000
Hornblower & Weeks...
1,500
—
W. E. Hutton & Co.
Co., Inc..
—
Blair, Bonner & Co
Blyth & Co., Inc
H. M.
10,000
Byllesby & Co., Inc
2,000
-
Jackson
4,000
-
& Curtis.:
Kidder, Peabody & Co
Coffin & Burr, Inc
Curtiss, House & Co
2,000
2,000
Laurence M. Marks & Co
J.M.Dain&Co
Eastman, Dillon
1,500
Merrill
E.
A.
2,000
2,000
Fierce
&>>« '■
!» 3,000
Cassatt——5,000
3,000 Merrill, Turben & Co
; 2.000
& Co..
Estabrook <fc Co
Fahey, Clark <fc Co
Field, Richards & Co.
The First Boston
Corp
The First Cleveland
McDonald-Coolidge & Co..
Lynch,
4,000
3,000
5,000
2,000
2,000
12,000
Corp
Goldman, Sachs &Co
The R. F.
Griggs Co
Harriman Ripley & Co., Inc
—
....„
Maynard H. Murch & Co
Paine, Webber & Co
Shields & Co
2,000
-
—
2,000
Spencer Trask & Co.-.
5.000
White, Weld & Co.-
1,000
Whiting, Weeks & Stubbs, Inc—
10,000
4,000
3,000
-
------
-—
3,000
3,000
1,500
Volume
■
,
;1
5 Mos. End.
May31,'ii
V-:■
sales
Gross
a
Consolidated Income Account
.
;
;
.
and
/
Balance Sheet June 30, 1941
'
oper-
—„
operating expenses...
Sell.,gen. & admin, exps.
Prov. for doubtful accts.
Operating profit
48,808,464
11,529,553
$55,306,627
142,812
104,325
Patents
(net)
j
Deferred charges
Capital surplus
Earned surplus
Total
—
.—
—
Total profi t
Prov.
,699,369 $14,037,644 $11,350,101
1,116,655
963,354
240,446
.it'
—... .
o
3,524,296
2,942,489
Federal taxes
on
3,817,629
1,701,402
and amortization..
701,344
1941—6 Mos.—1940
$5,354,042 $5,574,424
1,740,871
1,740,871
Earnings per share
$3.07
$3.20
a After charges, depreciation
and Federal income taxes at rate of 30%
in 1941), but before provision for excess profits tax.—V. 152, p. 3199.
970,000
960,000
2,100
276,877
1,081,375
2,111,323
1,78?',000
8,700
taxes.
Cr9,551
period
State taxes on income:
period (est.)
Overprovision for prior
period.
Minority int. in earnings
Prov. for
2,283
8,625
...
..$2,013,860
$1,964,605
$5,602,499
$6,209,008
allowances, &c., but before deducting
subsidiaries not significant.
Less discounts, returns,
Other income
gasoline
and oil taxes fsales to unconsolidated
Assets—
on
935,838
Notes payable
1,034,289
Accts., pay., trade 10,775,535 10 ,625,852
9,852,994 Salaries, wages A
127,847
commissions...
129,418
15,600
Accrued taxes—— 1,395,247
1 ,267,814
hand, de¬
and
time
12,625,669
deposits
15.600
U.S. Govt, secure.
Notes and accounts
Inventories.
Total
8,360,277
11,176,278
receivable
4,008,246
3,706,445
Tot. fixed a8setS-48,087,853
47,677,771
Pref. div.
3 ,201,551
5,155,223
1,864,872
1,628,312
payable
...—
5
the sale.
underwriting group are Hornblower &
Weeks; H. M. Byllesby & Co., Inc.; Hawley, Shepard & Co.;
Otis & Co.; Granberry, Marache & Lord; Minsch, Monell
& Co., Inc.; Moore, Leonard & Lynch; Stroud & Co., Inc.;
Vietor, Common & Co., and BancOhio Securities Co.
Company—Incorporated as an investment or holding company in 1922
At the time of its in¬
Peyton-duPont Securities Co.
under the name of
corporation, it acquired a substantial amount, and thereafter, all of the
outstanding stock of the Standard Stoker Co., Inc.
This original Stoker
Co., was incorp. in 1913 and in 1928 acquired substantially all the assets
of Locomotive Stoker Co.
In 1931, Peyton-duPont Securities Co. dis¬
posed of all of its assets other than the stock of the original Stoker Company.
In 1936, the company acquired all the assets of the original Stoker com¬
pany, changed its own name to the Standard Stoker Co., Inc., and the
original Stoker company was dissolved.
Since 1913 the original Stoker company, and since 1936 the company,
has been engaged principally (1) in the development, manufacture and sale
of mechanical stokers for use on coal-burning steam locomotives, and
(2) in the manufacture and sale of repair and renewal parts for stokers and
other products of the company.
Company also manufactures and sells
stoker units and coal pushers.
Stoker units are parts of a stoker assembled
as units which may be installed in stokers in place of existing units.
Coal
pushers are used on
reach
locomotive tenders to push coal within convenient
locomotives or in conjunction with a
of the fireman on hand-fired
stoker on certain designs
of tenders.
Summary of Earnings
703
523
428
$3,472,753
1,813,321
$2,874,385
1,522,974
$2,062,198
1,250,390
207,835
$1,659,432
361,861
$1,351,410
357,703
$811,807
439,149
$1,297,571
1,972
10,594
$993,707
1,574
$372,657
8,329
$1,154,807
$1,308,165
$995,282
54
9,045
$380,987
2,408
498,891
200,376
77,195
sold.
531
sales, less discts.,
& allowances. $2,629,587
returns
Cost of goods
1938
1939
$1,152,835
No. of new stokers
1,268,916
sold
$1,360,670
Sell., gen. & adm. exps..
Gross income
Other income.
Total income—...
809
Other deductions.
-v;-'
;l
-
-
-
Net profit—.
$809,219
$462,157
.—.
f.a Includes $120,000 representing
under pending legislation.
Common stock ($5 par)
to
654,794
$301,383
used in opera'ris.
362,832
cost, less reserve
Patents,
licenses,
6,872,831
goodwill, Ac—
1
Res. for cap. losses
509,064
6,626,262
for
——
Outstanding
290,952 sbs,
severally, and not jointly, agreed
the following amounts of shares of
common
4,327,951
1,183,738
60,000
717,496
—
702,661
481,054
for
poss. loss
repossessions
176,241
209,362
0,502,910
Cap. stK. ($5 par). 6,502,910
5,451,951
Capital surplus... 5,526,951
3,463,992
Earned surplus
4,398,791
a Treasury
stock. 7)rl37,595 /;r287,595
on
...
24,472,737 18.977,994
Total
18.977.994
24,472,737
Total
57,519 shares in 1940.—'•V; 152, p. 3039.
27,519 shares In 1941 and
Co.—Extra Dividend—
Directors have declared an extra dividend of
addition to the regular quarterly dividend of like
12 ii cents per share in
amount on the common
Shares
Shares
10,890
Blyth & Co., Inc
H. M. Byllesby A
Co., Inc.—.
Hawley, Shepard & Co—
Otis & Co
i_.
Granbery, Marache & Lord
5.000
5,000
4,500
4,500
3,000
Minsch, Monell A Co., Inc
Moore, Leonard A Lynch
Stroud & Co., Inc.—————...'
Vietor. Common A Co—
3,000
3,000
3,000
BancOhio Securities Co..
1,000
2,000
18. Like
30, 1940;
stock, par $10, both payable Aug, 29 to holders of record Aug.
extras were paid on May 29 and Feb. 28, last; Nov. 29, and Aug.
Nov. 29, 1939, and Feb. 28, 1939.—V. 152, p. 3199.
,
Studebaker Corp.—SalesFactory sales of Studebaker cars and trucks during the month of July
the largest for that month in the history of the company.
The
total was 14,633 as compared to 1,573 unit factory sales in July, 1940, a
month in which the plant was partially shut down in preparation for the
were
next
For the first seven months of 1941, factory sales
comparison with 63,361 in the same period in
models.
year's
amounted to 86,143 units in
1940.
Retail deliveries in July were 13,503 which is the highest figure for
month since July, 1923.
For July, 1940 retail sales were 9,001 units.
that
In
months of 1941 retail sales were 84,323 units as compared
to 63,009 in the same period in 1940.
"The extraordinary public demand for new automobiles during the
month of July was accounted for in considerable part by the need of trans¬
the first seven
portation to accommodate the millions of workers who are being added to
industrial payrolls this year," said Paul G. Hoffman, President of the
Studebaker Corp,
"Under those conditions Studebakers sales in July were
limited primarily by the ability of the factory to produce from parts and
materials available."—V. 153, p. 704.
Sullivan Machinery Co.
6 Months Ended June
(& Subs.)—Earnings—
1941
$4,147,193
30—
Net sales
—
1940
$3,164,746
1939
—- - -
112,720 loss$36.014
Earns, per share on com. stock
$0.60
Nil
After depreciation, Federal income taxes and excess profits tax in 1941.
N0le—Federal income and excess profits taxes are estimated on the ex¬
pected liability of the company under the proposed 1941 Revenue Act.
a
Net profit.
282,508
$1.51
-
a
850.
Co. of Canada—Six Months
Business
Shows Increase—"
An increase of approximately 10% in new ordinary business is recorded
for the United States territory of the Sun Life of Canada during the first
six months of 1941 as compared with the same period last year.
A gain of
20% in Canadian operations is also reported.
In Great Britain, despite the very difficult conditions and the large drain
on the agency personnel due to war service, the company's new business
figure shows an increase of nearly 10%.
The total increase for the whole company in new ordinary business may
be attributed to the greater consciousness in wartime of the value of life
insurance, a trend which was evident in the experience of the Sun Life
of Canada during the World War of 1914-1918.—V. 152, p. 1144.
Superheater
Co.—Earnings—
6 Mos. End. June
Profit from
—
1939
$16,085
Net
earnings-
No. of shs.
$501,874
279,269
$1,306,014
64,879
$781,142
66,632
$397,616
67,175
$520,548
72,359
b494,580
149,215
55,246
78,661
26,604
54,658
11,022
30,846
$754,954
$510,638
$264,173
$338,683
904,855
$0.84
904,855
$0.57
904,855
940.855
$0.29
$0.37
381,531
Cr35,003
v
outstanding-
Earnings per share—
a
—
Additional income received upon
of year 1940.
153, p. 407
during latter part
profits tax.—V.
1938
$102,614
417,935
$978,166
327,848
Other income
Depreciation. _ _ —
Federal, Dominion and
foreign income tax
Earnings applicable to
minority interests
a Non-recurring income-
Affiliate]
1940
1941
,30—
operations—
'
Hornblower & Weeks
85,742
85,747
686,210
product
guarantee——
Res.
equip, at
Federal taxes
Authorized
—300,000 shs.
qv*
oblig's
pat. claims..
Res.
Total income
Underwriters—The underwriters have
purchase from the stockholders,
stock:
$785,860
estimated additional
Capitalization—
W
422,492
ceivables, Ac—_
not
A
-
120,000
1,022,465
Res. for poss'le loss
on
Land A bldgs.
Plant
mon.
[Including Its Canadian
a691,840
profits taxes
569,875
880,507
re¬
Provision for income and
excess
royalties, Ac—
Pur.
prepaid
current
$
2,109,749
—
(current)......
expenses, Ac
-
1940
$
Acer, taxes, wages,
i.
Sun Life Assurance
Years Ended Dec. 31
1940
4,569,914
-
—V. 153, p.
for Stated Periods
6 Mos. End.
June 30 '41
Gross
t
-
x$393,310
Nil
Accounts payable.
4,155,514
...
Storkline Furniture
Other members of the
$200,261
$0.16
1941
7,410,149
a
stockholders who will receive the net proceeds from
x$393,310
Liabilities—
2,124,872
Supplies,
$40,000,000
New York
Inc.,
$270,182
69,921
Pur. money oblig
ceivable, less res. 6,639.045
of this department.—V. 153, p. 850.
Co.,
Dr79,392
1940
$
1,652,578
Inventories
Named—
City—Stock
Offered—An underwriting group headed by Blyth & Co., Inc.,
on Aug. 11 offered 44,890 shares of common stock (par $5)
at $19.50 per share. " The offering does not constitute new
financing for the company, but is for the account of certain
Stoker
Standard
—
x$339,593
Dr53,7l8
$677,245
$0.54
$770,272
$0.61
-
share
per
hand
on
000,000
18 .843,500
4 ,348,723
4,348,723
24,160,243 22 ,936,666
Standard Oil Co. of California—Registers
Securities with SEC—Underwriters
438,211
a
$349,574
Consolidated Balance Sheet June 30
amortization: 1941, $30,601,666;
depreciation, depletion and
1940, $29,545,113.—V. 153, P. 850.
See list given on first page
12
Total— .... - —90,706,270 83,272,252
—.90,766,270 83,272,252
See
a
$939,446
262,201.:
$2,882,879
b2,112,607
1941
Non
5% pref. stock (par
After
ta*
Assets—
177,367
$100).
.—12,000,000
Com. stk.($25 par) 18,843,500
s
Accts. A notes re¬
2 ,887,339
Total minority int.
a
See
provision for depreciation charged to operations amounted
'to $586,368 in 1941, $502,403 in 1940 and $476,976 in 1939.
b Includes
$840,914 provision for excess profits tax, and $430,000 for additional
Federal taxes, based on contemplated laws,
x Lo-s.r':-•>. v^iV:
211,243
,314,681
surplus
$957,953
Drl 8,507
2,136,861
The total
a
228,578
118,642
Capital'surplus
$2,235,479
,
216,829
Other curr. liabils.
Earned
1938
$2,387,006
2,037,432
Cash in banks and
Mtges. payable
Long-term
Total
Earnings
15,254
150,000
27,475
-
debt— 9,760,691
Total reserves
2,800,455
a
Total def d charges
inc
State
Accrued interest-
investments
—
and
taxes on income.
13,224,312 11,794,295
.....
Ac., assets...
Federal
for Fori
Net profit
May 31 '41 Dec .31'40
$
$
\
$
Liabilities—
$
1939
$2,859,444
1,901,491
$2,905,779
Dr22,900
....
before tax
Prov
Consolidated Balance Sheet
May 31 *41 Dec. 31 *40
1940
$5,239,949
2,334,170
See a
Sell., adm. & gen. exp__
Depreciation
i
Net profit—
mand
1941
194,328
16,650
Cr32,371
Cr8,439
(Va.) (& Subs.)—Earnings—
Stewart-Warner Corp.
6 Mos. End. June 30—
Gross profit from oper..
Cr647
of subsidiaries
Cash
1941—3 Mos.—1940
$2,103,848
$2,303,955
1,740,871
1,740,871
$1.21
$1.32
Net profit..
Shares of capital stock..
Excess profits tax
Overprovision for prior
a
Sterling Products, Inc. (& Subs.)—Earnings—
Period End. June 30—
a
income:
Normal inc. & declared
value excess profits
;
iort-;
$4,235,076
Total
$4,235,076
.
2252.
$6,071,729
deprec., depl.
for
—
4,450
15,150
i; 1,454,760
1,334,181
254,400
(non-current)..—...
Capital stock—.,
—V. 152, p.
Other deductions
Experimental and development
(current)..
Experimental & develop, agreements
$5,436,689
635,039
138,936
890,324
43,957
Prov. for returns A allowances
1
1,082,389
155,362
51,898
-
127,881
i,650,231 $13,534,744 $10,949,678
49,138
502,900
400,422
-
Other income._......_.
Security of affiliate
Fixed assets (net)
1
$98,918
receivable
39,339,080
1 0,402,976
43.313,372
1 0,709,279
175,095
24,290,570
4,503,140
'
15,211,828
$74,047,858 $65,115,143
Net sales & oper. revs_$35,548,267
Cost of goods sold and
.
hand...$1,796,730 Accounts payable, trade......
(net)
227,357 Accrued liabilities
Inventories. ——y.
921,340 Prov. for Federal, Ac., taxes.Cash in banks and on
Accts.
$70,518,456
$93,968,617 $82,156,958
19,920,759
17,041,815
ating revenues.......$44,749,687
9,201,420
Gasoline & oil taxes....
LtabUUtes—
Assets—
Years Ended Dec. 31
1939
1938
19-10
1003
Commercial & Financial Chronicle
The
153
liquidation of a foreign subsidiary
b Includes $150,000 for Federal excess
The Commercial & Financial Chronicle
1004
Sunray Oil Corp.—Earnings—
6 Mas. End. June 30—
1941
Gross operation income. $3,016,515
x Net profit
305.729
1940
1939
$2,810,922
$2,868,445
261.191
$0.13
$0.11
349,413
$0.15
Earns.per sh,of com.stk.
x
1938
153,
1941
$426,654
dividend of 1 A
a
1941—3 Mos.—1940
properties_
expense,..,
$346,089
151,475
_
Net operating profit.,
Other income.......—
$1,482,890
621,667
.
$236,271
1,670
634
$861,223
$776,965
5,828
6.999
$237,941
6,997
123,656
$868,223
47,395
471,456
$782,794
26,697
424,503
and abandonments
Cr5
Prov. for inc. taxes
10,000
74,229
b3,000
133,849
26,000
243,686
cl ,250
$68,437
$30,059
$189,523
$86,658
indebtedness
Prov. for depl. & deprec.
Loss on leases surrend,,
Net profits
,
(par $1)
No
c
$0,049
Federal
as
surtax
As reported
by
on
$0,022
$0,136
$0,062
undistributed
profits or excess profits tax in¬
applicable,
b As restated by company,
in 1940.—V. 152, p. 3988.
considered
is
none
company
Tampa Electric Co.—Earnings—
Petiod End. June30—
Operating
Operation
1941—Month—-1940
1941—12 Mos.—1.940
$475,587
191,893
22,861
Maintenance
Fed. inc. &
excess
$5,460,422
2,093,438
273,029
$4,874,872
1,955,702
291,721
29,729
36,321
675,065
460,489
274,676
445,809
$140,099
1,037
$149,203
363
$1,958,401
3,032
$1,906,963
3,252
$141,136
35,833
...
$407,513
170,037
22,222
82,951
revenues
$149,566
35,833
$1,961,433
430,000
37,783
Utility oper. income..
Other
income—(net)...
Gross income......
a
Retirem't
accruals._
res.
Gross income
$105,302
678
636
$1,531,433
11,327
$104,624
$113,097
$1,520,106
Income deductions (int.)
Net income......
a
Before retirement
$113,733
$1,480,215
7,195
$1,473,019
Common dividends.....
Surplus
Shs.
com.
$730,126
$652,088
$367,296
$0.22
.
Exclusive
a
of
to cover the increase in rates
Texas Public Service
1940
...
$1,748,830
984,418
57,716
81,379
90,631
Taxes—Federal income
...
.....
Other.
Operating income.....
Other income—net
Gross income
12.360
accruals
reserve
reserve
for
investments
......
......
....
and
advances,
994,349
56,293
42,016
89,804
i Adjustment
of
prior years' taxes.
Consolidated Balance Sheet June 30
1941
A
1940
$
Oil
1941
$
producing..175,117,142
Liabilities—
$4.50
167,345,241
1940
$
5
50,000,000
.50,000,000
63,838,575
cum. conv.
Refining
68,375,118
Transportation.
50,424,537
50,235,714
a
Common stock
63,840,755
Marketing.....
39,762,667
39,000,204
Bk. loans, 1H%
6,500,000
Miscellaneous..
3,338,319
3,405,860
Serial notes 1%-
59,719,911
pref. stock
17,200,000
15-yr. 2*4%
15-yr. 3*4%
de¬
bentures
192,197,991
16,500,000
f.
s.
debentures..
Total proper's
Serial
equipm't. 133,232,780 127,508,939
Special deposits
&
redemption
;
!.:V's?:'
fund
3,700,400
768,750
Inv.
c
In cos.affil.
in
Invest,
3,500,110
■
on
6,046,005
6,046,005
1,116,518
4,006,332
3,741,714
17,638,790
stock
320,967
6,206,682
5,226,051
5,674,579
5,008,495
div."
payable
562,500
562,500
Est. Fed. tax...
10,663,859
308,512
228,567
accepts, rec..
Accts. rec., less
4*15,522
511,688
reserve......
10,844,365
9,900.766
Due from empl's
Advs. to affil...
6,198
1,993,000
658,900
354,901
632,495
6,323
Total
2,300,000
Accrued interest
Marketable sees.
adjusted items
......
696,163
Accrued taxes..
iPref.
Wages A miscell.
accts. payable
Notes and trade
Crude oil A prod
:
_.
trade
hand A
Mat'ls A suppls.
Deferred and un¬
currently.
obllg. (curr.)_
Accts. payable-
5,960,716
1,116,518
Other investm'ts
and
notes
Purchase money
So.
sion Corp
35,500,000
-
bank loan due
b Invest, in Mis¬
$571,070
121,934
184,787
13,090
Maintenance
$578,565
Dr7,495
123,375
184,787
.....
$1,761,029
$542,147
....
1941.
$195,596.
e Proportion
of dividend of $1 per share received from investment in
101,969 shares of Mission Corp. capital stock,
f Additional reserve for
investments and advances $62,500; settlement of title litigation and prior
year's Federal income tax for the account of a former subsidiary company
now dissolved, $35,547, and premium paid on debentures
purchased in 1938
for sinking fund deposit requirements $8,931.
g Includes $29,457 for insurance recovery and adjustment of contract,
relating to operations of prior years and $25,492 for dividend received from
Mission Corp.
in banks
1941
$534,684
7,463
Operation
year
amount of
Co.—Earnings—
revenues
Retirement
anticipated for the
d Consisting of adjustments of prior year's taxes in the amount of $52,982,
insurance recovery relating to operations of prior years
(net) in the
Cash
12 Months Ended June 30—
b Interest paid
Federal income taxes has been estimated at rates
Revenue Acts of 1940 plus an amount believed sufficient
for
and
Penn Oil Co..
Interest on bonds......
Other income charges
inter-company sales and transactions,
The provision
established by the
Revenue Act of 1941.
The six months' earnings, before estimated income and excess
profits
taxes, for 1941 of $1,215,126, compared with $735,887 for the same period
in 1940.—V. 152, p. 3360.
Operating
June 30.$36,680,285 $35,612,705 $29,139,548 $30,083,119
outst'd'g.
6,372,786
6,372.580
6,377,650
6,371,368
$0.80
$0.75
$0.19
$0.76
as of
stk.
A
$0.43
f106,979
1,125,000
3,184,996
only.
$188,391
a After
bond interest, depreciation and Federal income taxes
(excess
profits tax in 1941), proportion of earnings applicable to minority interest
The reserve for taxes is computed under the Federal Revenue Act of
1940
with provision for probable increases in these taxes to be
imposed by the
157,724
e63,731
Earned per share..
19.38
$0.76
1,125,000
3,188,108
and depletion.203,785,003
1939
$0.85
h62,500
1,125,000
2,548,372
1,125,000
1,911,774
2A%
1940
$5,992,705
28,285,935
18,750
H62.500
Preferred dividends
Total.......337,017,783 319,706,930
for deprec.
1941
Earnings per share on
853,696 shs. cap. stk.
$2,331,410
30,462,068
666,729
*54,949
$39,367,327 $33,515,156 $34,500,095
Res.
(& Subs.)—Earnings—
6 Mos. End. June 30—Estimate net income..
d248,578
Total surplus
$39,717,059
on deb's for sink¬
accruals. -V. 153, p. 564.
reserve
Tennessee Corp.
430,000
72,997
ing fund.
Deductions
h Additional
a
662,166
Prem.
$1,910,215
profits
taxes...
Other taxes
571,549
'
$5,904,865
33,094,647
359,914
17,901
,33,148,237
...
c
979 shares capital stk.
a
$6,247,247
Miscell. credits
non-prod, wells drilled
Net profit for period..
Earns, persh. on 1,388,-
538,706
...
Previous surplus...
Profit on sale of secur—
$1,360,660
583,695
$195,248
12,893
103,923
cluded,
461,772
.$16,130,925 $15,040,743 $10,699,549 $14,957,561
Int. & amort, of debens
471,729
742,952
723,121
b720,375
Dry hole losses A prop.
retirement..
412,655
563,260
535,514
697,399
Amortization
480,000
600,000
550,002
524,237
Deprec. & depletion....
6,526,294
6,590,597
6,470,171
6,441,266
Prov. for contingencies.
60,000
Prov. for Fed, inc. tax., cl,993,000
69,500
658,956
521,580
1941—12 Mos.—1940
$384,963
148,691
$194,615
Total income..
a
1938
Total income..
cents per share on
Superior Oil Corp. (Del.)—EarningsPeriod End. June 30—
inc. from oil and
on
1939
Operating income....$15,669,153 $14,502,037 $10,128,000 $14,295,395
Gross
Operating
(& Subs.)—Earnings—
1840
business_$71,430,551 $68,305,871 $62,008,635 $68,392,429
55,761,398
53,803,834
51,880.635
54,097,034
Other income...
the com¬
mon stock, payable Sept. 15 to holders of record Sept. 5.
Dividend of two
cents paid on March 15, last; one cent was paid on Sept. 16, 1940;
1A
cents was paid on June 15, 1940; one of 2lA cents paid on March 15, 1940
and on Dec. 15, 1939; four cents on Sept. 15, 1939, and 2*A cents per share
distributed on June 15, 1939.—V. 152, p. 998.
gas
1941
Total exps. and costs...
Oils, Ltd.—1 %-Cent Dividend—
Directors have declared
Int.
Total vol. of
a
$0.18
255.'..'
p.
Sunset
16,
Consolidated Income Account 6 Months Ended June 30
After interest, abandonments, depletion, depreciation and Federal taxes.
V.
a
Aug.
Tide Water Associated Oil Co.
Due to
cos.
Deferred
1,066,603
for
896,176
583,601
1,187,482
30,536,390
3,324,644
2,668,051
485,527
3,999,503
142,413
contin¬
gencies, Ac
26,459,172
3,615,907
1,483,052
3.066,027
obligations.—
Res.
1,225,715
868,958
affil.
purch.
3,416,583
Def'd
d Treas. stock..
214,142,263 204,918,9441
Represented by shares of $10
credits...
Surplus
410,760
36,680,285
Dr226,598
35,612,705
Z>r226,4 82
Total.......214,142,263 204,918,944
value,
b Represented by 101,969
c 172,743 shares of capital stock,
d 11,289
(11,278 in 1940) shares of common stock at cost.—V. 153, p. 705, 564.
a
par
shares of capital stock at cost,
Net income...
$220,893
175,000
...
Dividends declared
—V. 152, p. 3829.
on common
stock
$251,987
131,250
Time, Inc.—Earnings—
Thompson Products, Inc. (& Subs.)—Earnings—
Period End. June 30—
1941—3 Mos.—1940
1941—6 Mos.—1940
sales
$10,547,564
$6,277,450 $19,349,365 $11,763,820
Net
Costs,
&c
8,713,882
5,385,948
16,129,692
10,198,010
$1,833,681
31,980
expenses,
Operating profit
$891,501
41,511
$3,219,672
50,104
$1,565,810
60,418
$1,865,662
$933,013
$3,26^,777
$1,626,227
273,624
al,170,131
200,930
206,348
535,294
al,811,284
260,182
318,143
$421,907
$525,734
$923,199
$1,047,901
295,490
295,457
295.490
295,457
$1.31
$1.66
$2.89
Development
royalty,
....
int.,
exp.,
Ac
Federal income taxes
Net profit
Shares of common stock
outstanding (no par).
per share
Earnings
a
Based upon tax rates
now
under consideration,
Includes
excess
tax.
Note—Provision for depreciation for the six months amounted
profits
$206,815
1940
$
Cash.........
Dom.
war
of
S
1,807,304
90,700
notes,
ceptances
A
45,103
1941
4,063,840
2,467,159
5,744,766
1,142,165
b L'd,
bldgs., machin' y, eq., Ac__ 4,561,738
Pats. & licenses...
68,642
4,849,121
Prepaid
exps., &c_
48,155
300,000
1,644,881
749,196
159,029
Investm'ts & other
assets
Ins..
Accounts payable.
Accrued
8,023,371
364,547
c
205,806
d464,961
accounts.
34,289
100,000
1,535,522
206,471
Long-term debt... 4,050,000
a
64,327
2,100,000
Res. for workmen's
Res. for contlngs..
of
mkt.val.)
S
Notes pay. to bks.
450,000
Prov. for inc. taxes 2,416,746
compensa.
counts recelv'le.
1940
$
Liabilities—
ac¬
ac¬
Inventory (lower
cost or
602,240
Canada
bonds
Trade
Earnings
$5
cum.
premiums
Capital surplus.—
surplus
2,750,000
2,829,000
2,998,900
2,954,570
35,167
97,300
4,581,962
144,540
3.768,198
20,122,309 14,137,5511
Total
20,122.309
.
...—
statement for the entire year
of 1940, instead of in accordance with Revenue
six months statement in August, 1940.
Acts in force at the time of issuing the
153, P. 409.
—V-
Tobacco & Allied Stocks,
Inc.—Earnings—
Earnings for the Six Months Ended June 30, 1941
Income—Dividends earned
$125,195
—
205
Interest earned.
1,622
—
$127,022
13,995
Expenses
Provision for Federal income and defense taxes, estimated._—
3,500
(..
$109,527
Net income, before profit on sales of securities.
Net profit on sales of securities
-—
Net income
1,687
$111,214
Balance
Assets—General funds in
Sheet
banks,
June
30, 1941
$202,065;
deposit
by
broker against
Liabilities—Amount payable upon return of securities loaned to broker
(contra), $6,800; amount payable upon receipt of securities purchased,
$1,578; Federal income and defense taxes, $7,306; capital stock and State
taxes, Ac., $8,116; capital stock (67,483 no par shares), $2,337,847; paidin surplus, $1,168,924; other capital surplus, $479,865; earned
surplus,
$49,943; 150 shares of treasury stock, at cost, Dr$6,600; total, $4,053,779.
14,137,551
Represented by 27,50 j (28,290 in 1940) no par shares,
b After reserve
for depreciation of $2,204,911 in 1941 and
$1,950,914 in 1940.
c Repre¬
sented by 295,490 (295,457 in 1940) no par shares,
d Includes $149,911
provision for prior periods.—V. 152, p. 3665.
a
stock.
a After
Federal income and excess profits taxes.
Note—Provision for Federal taxes on income for the six months ended
June 30, 1941, was estimated on the basis of tne company s interpretation
of the proposed revenue bill passed by tne House of Representatives on
Aug. 4, 1941.
The figures for t-ie six months ended June 30, 1940, were
adjusted in this statement to give effect to estimates of results after Federal
taxes on income on the same basis as used by the company in its financial
—V.
Total
common
1,848,279
$7.84
loaned
(contra), $6,800; investments in securities, $3,828,156;
dividends receivable, $16,757; furniture and fixtures, $1; total, $4,053,779
Res. for group 1ns.
Earned
of
$3,094,875
stocks
conv.
prior pref. stk..
Common stock..
per snare
1940
$5,071,924
2,194,028
$9.29
Total income
Consolidated Balance Sheet June 30
1941
1941
Net profit
Stock loan premium received..
to
in 1941 and $181,890 in 1940.
Assets—
a
$3.31
Otner income
Total income
6 Months Ended June 30—
Net profit before taxes
152, p. 3360.
Transue & Williams Steel Forging Co.—45-Cent Div.—
Directors have declared a dividend of 45 cents per share on the common
stock, payable Sept. 15 to holders of record Aug. 25.
Dividend of 30 cents
paid on June 14, last and 15 cents paid on Dec. 30, Oct. 10, and on March 14
Volume
The Commercial & Financial Chronicle
153
1940, this latter being the first dividend paid on the common stock since
Dec. 1,1937, when 30 cents per
sharejvas distributed.—V
Western Air, Inc.—Earnings-—
Transcontinental &
transportation of mail in accordance with
Civil Aeronautics Board on June 22,1940.
b The net profit of $813,638
1940
6,997,174
62,504,225
$3,149,122
124,192
1,437,793
125,005
for the transportation of mail in accordance with a decision of the
Civil Aeronautics Board on June 22, 1940, and a reduction of $153,075 in
1,565,806
59,935
___________.$6,004,306
$4,899,055
Operating expenses (including taxes)____________ * 5,936,145
Depreciation and retirements_______
819,425
Other charges (net)
_________
4,902
4,484,320
—
miles
.
—
_
Passenger revenue
—
Express and freight revenue
Mailrevenue
Other
revenue.
f Total
.
revenue.
____
I
.$756,166
Net loss
453,772
32,965
the
x
United Aircraft Corp. (&
Cost of salas& expenses.
June 28, '41
June 30, '40
Ju ly 1,'39
June 25, '38
rentals of film & liter .$21,035,735
24,587
Dividends
$23,934,628 $27,200,459 $27,866,200
2,370
66,101
46,796
35,624
556,181
trol'd subs, not consol.
Otherincome
52,124
437,370
579,649
547,717
1940
1939
1938
£9,550,140
7,805,427
173,541
Prov. for amort. & retir't
of plant facilities
2,588.660
299,000
$12,350,898
209.425
$4,765,249
210,271
$2,760,897
128,580
$1,571,171
47,529
income.___-„-$12,560,323
$4,975,520
20,686
1,093,903
12,855
$2,889,478
353,771
344,602
3,215
$1,618,699
4,423
260,034
4,829
$776,854
$3,848,077
$2,187,890
$1,349,413
$0.29
$1.45
$0.82
$0.53
Operating profit.
Otherincome
Total
Other
a
Propor. of prof, of con¬
Subs.)—Earnings—
$22,551,262 $11,421,286
16,780,226
8,464.383
706,787
196.005
51,621,203
387,860
Depreciation-_____
Twentieth Century-Fox Film Corp. (& Subs.)—Earns.
26 Weeks Ended—
credited to surplus in 1940.
Loss.—V. 152. p. 3202.
3 Mos. End. June 30—
1941
Sales and oper. revenue_$66,948,620
of
Gross inc. from sales and
provision for depreciation of planes, engines and other equipment which
amounts were
$72,002
The company reported a net profit of $231,833 for the second quarter
1941.—V. 153, P. 565.
decision of the
revenues
1941
Revenue passenger
a
previously reported for the 12 months ended
June 30,1940, has been increased $348,230 representing $195,155 additional
9,255,378
84,688,079
$4,245,737
195,771
6 Months Ended June 30—
Revenue miles.
1005
revenue for the
deductions
Federal taxes
-__bl 1,783,468
Minority interest—
Netprofit
Earnings per share on
avge. shs. outstanding
Includes Canadian taxes. b Includes $10,748,980 for excess
profits taxes
Shipments of corporation for the quarter ended June 30, 1941, amounted
to $66,849,227.
The net profit was $776,854, which is equivalent to
30 cents per share on 2,656,691 shares outstanding.
Total net profit
for six months ended June 30, 1941, amounted to
$5,583,350, which is
equivalent to $2.10 per share.
These results are after provision for Federal
income and excess profits taxes as estimated under the provisions of "The
Revenue Bill of 1941," as introduced in the House of Representatives
July 24, 1941.
First quarter earnings previously reported were based on the existing
law.
Results for both quarters recomputed under the provisions of the
pending bill indicate earnings of $3,229,496, for the first quarter, and
$2,353,854 for the second quarter, or at the rates of $1.21 and $0.89 per
share respectively.
a
$21 ,652,128
Total income.
$24,426,493 $27,846,208 $28,460,713
Oper. exps. of exchanges,
&
office
head
admin.
5,295,602
5,488,394
6,931,701
6,879,562
1,500,000
Amort, of produc. costs. 12,309,345
Partic. in film rentals—
1,460,666
Interest
9,092
a Deprec. of fixed assets
141,844
Prov. for Fed. inc. tax__
74,300
800,000
15,760,572
2,054,415
1,572
173,626
30,700
15,848,478
2,301,616
8,464
144,423
286,000
14,168,952
3,296,521
42,430
134,841
518,748
$117,213
$2,325,526
$3,419,658
c$0.93
d$1.55
&c
for foreign
expenses,
Special
pro v.
assets
_____
Net profit
Earns, per
$861,278
share on com.
b$0.11
stock_>.
Nil
;
Not including depreciation of studio building and
equipment absorbed
in production costs, amounting to $365,700 in 1941, $389,541 in 1940, $420,361 in 1939 and $418,830 in 1938. b Earnings per share on 1,741,995 shares
a
Earnings per share on 1,741,988 shares of common
d Earnings per share on 1,741,932 shares of common stock.
of common stock,
stock,
c
Note—Roxy Theatre,
Inc. has been excluded
in all periods in above
Backlog of unfilled orders at April 1, 1941
New business booked during quarter ended June 30, 1941
Sales (shipments) during quarter ended June 30, 1941
$408,323,008
152,042,339
66,849,227
493,516,120
Backlog of unfilled orders at June 30, 1941-
Consolidated Account for Six Months Ended June 30, 1941
Sales of aeronautical product, parts, and service
$121,712,362
Royalties and proceeds from sale of design and manufacturing
rights and licenses, &c., less foreign taxes.
117,805
a
statement.
ended June 28, 1941, the consolidated net profit,
including provision of $1,150,000 of reserve for foreign
$457,189 compared with the first quarter profit of $404,089.
after a reserve of $350,000, and a loss of $236,163 for the second quarter of
1940, also after providing a reserve of $700,000.
No portion of the earnings of National Theatres Corp. is included in the
above figures since no dividends were declared by that corporation during
For tne second quarter
Total.
_
_____
_
_
after all charges,
Cost of sales..
assets was
Moving
the first half of either year.
V
corporation is not liable for excess profits tax on the earnings for
this period.—V. 152, p. 3361.
^';.y'' ^.v":;-VThe
Union Bag & Paper
Period End. June 30—
Corp. (& Subs.)—Earnings—
1941—3 Mos.—1940
Gross sales, less discts.,
returns & allowances. $6,739,560
of
cCost
plants.
4,126.032
3,443,739
14,949,647
$2,209,744
$9,388,502
$7,140,436
Delivery, selling, admin,
and general expense.
1,329,055
1,064,000
4,928,332
4,089.679
$1,284,473
Miscell. income (net) Cr_
5,992
Interest paid
54,858
18,951
Research, alterations,&c.
Group annuities
$1,145,744
4,738
$4,460,170
57,709
225,342
59,265
$3,050,757
18,569
234,454
_
______
Profit for period
At
____
facilities.
b225,500
sh.on com.stk
$485,023
$0.38
$867,273
$0.69
a
Net profit from operations..
Other income
1940, is based
Union Premier Food
Period Ended Aug. 9—
Sales..
Stores in operation.
1,696.000
312,440
$25,883,350
4,800,000
lo,500,000
Excess profits taxes
Net income for period
$1,904,602
$1.50
Consolidated
1941
$
$1.82
Balancle
64,865,068
466,810
44,361,978
343,660
a Fixed assets..
28,249,833
Deferred charges
643,310
rec_
Inventories
Investments
819
126,986
24,186,993
128,634
18,038.593
1,261,901
Advs.
3,168,511
c2,533,215
on
sales
contracts.
...
82,958,218
Deferred income
Bank loans
Res.
67,225,071
158,723
7,575,648
4,677,399
e
for conting
Capital
118,115
121,674
stock
Paid-in surplus-
13,283,455
10,791,214
Earned surplus.
14,764,224
(par 85)
177.625,342 112,537,687
Total
13,283,455
10,791,214
10,668,119
Total-.-__._177,625,342 112,537,687
depreciation, amortization and retirement of $18,933,512 in 1941 and $7,815,351 in 1940.
b Includes 2,958 (3,650 in 1940)
shares to be issued for shares of capital stock of United Aircraft & Transport
a
After
reserve
for
c Includes Federal income taxes for
d In capital stock and surplus of subsidiaries,
e Includes
excess profits taxes for the year 1940.—V. 153, p. 255.
Corp. when presented for exchange,
Period End. June 30—
1941—3 Mos.—1940
Subs.)—Earnings
Federal income and
1941—12 Mos.—1940.
61,187,583 237,262,593 184,351,157
1,437253553 6,540700343 5,620466421
Express pound-miles
.713,053,619 512,491,350 2,540700343 1,936652220
Revenue plane-mil es.___
6,509,983
5,909,588
24,557,126
20,034,476
Passenger revenues
$3,55^,430 $3,083,040 $11,833,144 $9,357,909
3,844,454
Mail revenues
1,027,787
al,009,212
b4,011,699
141,313
704,014
538,686
Express revenues
194,971
—
__
Miscell. revs, (net)_____
Total operating revs.
_
Operations
Maintenance
Depreciation
274,658
$5,047,846
3,344,885
540,457
502,934
247,306
546,896
576,160
$4,480,871 $16,928,509 $14,484,454
2,837,380
12,479,028
9.604.519
365,445
2,195,790
1,446,772
437,810
1,868,966
bl,505,607
equip¬
Cr5,303
Cr78,867
025,346
Prop., franchise & other
26,498
117,653
114,474
67,500
107,981
55,921
78.467
249,308
410,058
218,794
266,934
Unemployment & old-age
benefit taxes
Gasoline & oil taxes
State income taxes
Taxes
Property retirement and
depletion res. approp.
Net oper. revenues..
Other income (net)
Gross income.
4,952,020
1,356,485
a6,137,217
4,568,180
2,827,200
2,715,886
10,463,325
9,724,115
$3,378,809
$3,734,233
38,258
$8,768,205 $10,142,933
$3,772,491
75,120
48,750
405,063
480,504
9,573
$9,028,406 $10,452,654
127,700
303,180
195,000
195,000
1,620,250
1,550,086
1,939,817
2,098,343
56,002
126,805
25,346
$3,404,155
_
ratge. bonds.___
on
Int. on coll. trust bonds
debentures
on
Other interest-
deductions——
charged to construe
Other
Int.
1941—12 Mos.—1940
$44,157,954 $44,103,284
18,789,207
19,668,056
4,574,180
al,778,785
Oper. exp., excl. taxes..
Int.
26,694
taxes
United Gas Corp. (& Subs.)—EarningsPeriod End. Apr. 30— 1941—3 Mos.—1940
Total oper. revenues.__$12,558,974 $12,758,624
Int.
CV81,015
—
1939.
year
Rev. passenger-miles___ 71,907,376
Mail pound-miles
_1.801889093
on
4,784,138
tax___e28,498,097
Income
reserves
d Min. interest.
Stores, Inc.—Sales—
United Air Lines Transport Corp. (&
salvage
&C-___
4,469,588
Sundry
on rates
1941—4 Weeks—1940
1 941—32 Weeks—1940
$2,489,982
$2,029,622 $20,151,984 $17,925,272
74
69
taxes,
10,292,948
Prov. for Federal
and employees
Other acc'ts
S
$
payable..
wages,
3,928,692
off.
rec.,
Acc'ts
Accrued
less res.. 24,593,490
1940
1941.
Liabilities—
$
accounts
rec.,
Sheet June 30
1940
.
78,966,262
Acc'ts
$2,299,872
$5,583,350
Including income, aggregating $2,501,155, for the quarter and $5,5691941, derived from surcharges in
respect of emergency plant facilities provided for the performance of con¬
tracts with the French and British governments and other similar expediting
charges included in tne sales prices of product sold for export.
a
536 for the six months ended June 30,
bo35,000
—V. 153, P. 851.
ment sold
$25,353,637
529,713
___.
in Revenue Acts of 1939 and 1940
for the respective portions of this period.
c Provision
for depreciation during the quarter amounted to $265,782
($218,635 in 1940) and the 12 months period to $1,094,974 ($860,571 in
1940).—V. 152, P. 3202.
Net
7,108,891
expenses
Net income before taxes
Trade
1940 rates,
ended June 30,
5,744,492
________
Engineering, development, selling, and administrative
Cash.
and includes $272,500 and $761,000, respectively for
the 3 and 12 months' periods for excess profits taxes.
b Provision for Federal income tax for the quarter ended June 30, 1940,
is based on rates in Revenue Act of 1940.
The provision for 12 months
a
561,657
779,206
________
—
Assets—
284,235
a563,500
168,133
Prov. for add'l taxes
Earns, per
21,614
income
(estimated)
taxes
$121,830,168
82,282,285
of
Provision for amortization and retirement of emergency plant
13,428,856
$2,613,528
Fed.
_____
losses—rearrangement
and
products
for
retirement
Normal taxes.___
$5,653,483 $24,338,149 $20,569,292
Manufacturing profit.
Prov.
and
Depreciation
1941—12 Mos —1940
manufactur. expenses.
Balance
______
—
expenses
48,750
375,000
587,015
14,785
260,201
309,721
prop.,
from
$538,409
$684,654
x$318,128
$1,352,700
Dr86,453
7,899
.0103,502
Pref.
Airports
divs.
to
a
income taxes$451,956
______
$451,956
$692,552
63,900
a$628,652
x$99,455
77,100
$1,356,768
194,900
x$176,555 b$l,161,868
com.
The net
27,371
40,814
138,696
169,556
$2,712,489
$4,821,124
$6,178,045
— -____
-
Incl. prov. by a sut
Fed.
—V.
excess
153,
P.
United
profits tax
705.
'
.
Gas
$1,767
Vyy~
$0.42
Nil
$0.77
y\
.
$32,772
-vyyy' y.''; V
Improvement Co.—Weekly Output—
The electric output for the
$0.30
profit of $577,129 as previously reported for the three months
ended June 30, 1940 has been increased $51,523, representing additional
a
847
$6,347,601
$2,351,449
ity interests-
Income before Federal
Net income—.
476
$4,959,820
______
Balance-
stock
212
$2,753,303
y
Portion applic. to minor
of
Federal income taxes—
119
$2,378,820
322,175
of
10.043
$6,348,448
puolic.-
subsidiary..
Calif.,Ltd
Earns, per share
29,824
$4,960,296
4,068
miscell.
int., &c. (net).
Profit on sale of sub. in
1940:
United
34
$2,753,515
4,700
Net earns, from opers.
Income
334
$2,378,939
tion—Cr
U. G. I. system companies for the week just
closed and the figures for the same week last year are as follows:
Aug.
9, 1941, 101,554,475 kwh.; same week last yeer,
88,312.359 kwh., ah increase of 13,242,116 kwh. or 15%.—V. 153, p. 851.
Week
ended
The Commercial & Financial Chronicle
1006
United Light &
Power Co.-—Will Not Appeal SEC Order
Integration—Liquidation of American Light & Traction
Might Be Best Method of Compliance—
Sales for the six months
Stocks
to real estate
of complying
feasible method
Earns, for 12
Mos. End. June 30—(Incl. Subs.)
1941
1940
$
oper. earnings of subs,
intercompany transfers)..
General operating expenses.
(after eliminating
.100,359,971
46,661,328
Gross
Maintenance
_.....
General taxes
4,861,069
9,380,851
5,581,019
9,321,208
—
Provision for depreciation._—
Federal & State income taxes....
—
...
$
94,809,303
43,747,495
4,728,177
9,623,769
$636,000
approximately
higher
June 30,
on
and machinery and equipment accounts.—-V. 152, p. 1607.
Steel
Corp.—July Shipment—
"Indications of Business Activity"
706.
under
See
153,
V.
p.
on
a
preceding page.—
U. S. Rubber Co.—Court Denies Plea to Limit Lawsuit—
Justice Felix C. Benvenga of the New York Supreme Court denied
Aug. 13 a motion by defendants to dismiss two causes of action in a minority
stockholders' suit instituted by Arthur Diamond against the company,
Francis B Davis Jr., president and chairman of the board; 37 other present
and former officers and directors, the United States Tire Dealers Corp., a
subsidiary, and E.I. du Pont de Nemours & Co., principal stockholder.
The defendants, through John W
Davis as attorney, sought dismissal of
a cause of action asking return of
$200,360 in alleged overpayments of
salary to William De Krafft, Vice-President, in 1936 and 1937, and a
cause of action asking recovery of alleged losses suffered through special
allowances and commissions to certain customers of the Tire Dealers
Corporation.
Justice Benvenga sustained the plea of Nathaniel Phillips,
attorney for the plaintiff, that sufficient facts were alleged to constitute a
cause of action in both cases.
The complaint contains in all six causes of action asking recovery of
alleged losses totaling more than $6.000,000.—V. 153, p. 852.
j
United Wallpaper Factories, Inc.—Common Dividend—
New
Official—
Directors on Aug. 8
declared
a
dividend of 10 cents
per
share on the
Joseph A. Seguine, general sales and merchandise manager, was elected.a
Vice-President of the company.—V. 151, p. 2366.
Universal Consolidated Oil Co.
(& Subs.)—Earnings—
1941—3 Mos.—1940
Period End. June 30—
1941—6 Mos.—1940
Oper. profit bef. deprec.,
depl. intang. drilling
costs and prov. for tax
Net profit after prov. for
deprec., depl., intang¬
$230,604
$204,612
$387,645
$439,851
ibles and all taxes.—
124,591
84,490
126,552
161,710
$0.62
$0.42
$0.63
$0.81
Net
earns, per share on
200,000 shs.outstand'g
4,187,265
9,013,091
Current Assets and Liabilities
as
of June 30
1941
Net earns. from opers. of sub
Non-operating income of subsidiaries._.
$24,554,496 $23,509,506
2,150,786
2,014,575
______
_.____$26,705,282 $25,524,080
15,271,880
15,706,754
_
Total-...-
-
Current liabilities
Balance.—
.$11,433,402
attrib. to min. com. stock......
2,400,004
.....
Proport. of earns.,
...
—
~
—
—
... -
-
Equity of the United Light & Power Co. in
earnings of subsidiaries
$9,033,398
Income of the United Light & Power Co. (excl. of
income received from subsidiaries)
11,606
Total
......
—
Total deductions of the United Light & Power Co.
$9,817,327
2,139,842
—V. 153, p.
______
.....—
$7,677,484
Utilities Stock & Bond
Ice & Electric Co.
$6,254,451
$4,796,999
______
$4,796,999
Note—Federal income taxes computed for current periods are based
on
imposed by the First and Second Revenue Acts of 1940.
For com¬
parative purposes, adjustments made in 1940 to reflect successive changes
in tax rates have been allocated over entire calendar year.
Additional
accruals for current period have been made on books of operating subsidiary
companies in anticipation of increases in income tax rates for the year 1941
Such additional provisions are separately stated at the bottom of the above
statement.—V. 153, p. 851.
rates
...
United States Distributing Corp.
(& Subs.)—Earns.
1941
6 Months Ended June 30—
Sales and operating revenues
$7,683,346
Cost of sales
...
-
.
...
.
Total income
Interest (net)-..
--v.——...
Provision for depreciation, depletion
Profit on sale of equipment.
& amort..—.
Provision for Federal normal income tax
Net income
.... —
—
29,014
$594,269
67,542
277,090
Cr24,555
76,226
$444,385
71,627
224,585
Drl,181
27,348
$197,965
________ —
__
20,181
$119,644
—
--
—
$415,372
410,103
_
operating profit-—
Other income..
46,995
6,652,160
-
Selling, general and administrative expenses. _____
Prov. for Federal and State social security taxes.
Net
1940
$6,942,188
6,111,521
366,586
48,709
$574,088
...
Note—The provision for Federal normal income tax for the six months
ended June 30, 1941 is computed under the Revenue Acts of 1940.
A con¬
solidated Federal excess profits tax return will be filed for the corporation
and its subsidiaries, and premised on such return being filed, it is not con¬
sidered that the companies are
liable for Federal excess profits taxes.—V.
152,p. 3831.
United States Freight Co.
(& Subs.)—Earnings—
6 Months Ended June 30—
1941
Freignt and cartage revenue.
Freight and cartage cost
—
Net freight and cartage revenue...
Miscellaneous
1940
$23,771,651 $18,919,463
18,198,625
14,440,916
__
$5,573,026
$4,478,547
150,576
130,491
$5,723,603
$4,609,038
5,195,495
4,487,056
$528,108
revenue
Operating
-
expenses.....
Net operating profit
Net other income credits.
—
._
$121,982
48,282
17,560
$576,390
Edward K.
27,337
MacDonald, President in letter to stockholders states:
June, 1940, directors and officers have been
submitted in the form of
sequent negotiations are
a
plan of
Normal tax—
—
finance field.
Directors believe the proposed merger is in the best interests of both the
preferred and common stockholders and strongly recommend its prompt
approval.
Present Status of Utility & Industrial Corp.
Corporation was incorp. in Feb., 1929 as a general management invest¬
operates as a registered investment company under the
1929 the net asset value
their market value, was
$33,545,757, while as of June 30. 1941 the net asset value, as presented in
the enclosed financial statements, has declined to only $1,675,253.
Quite
aside from the tremendous loss to stockholders which this shrinkage in
ment trust and now
Investment Company Act of 1940.
As of Dec. 31,
of the company, including marketable securities at
been
of the
created.
company
has involved, serious fundamental problems have
believe that the remaining assets are so small
Directors
that it is doubtful that the company can function effectively under existing
circumstances as an investment trust, as the expenses necessary to*keep
the company in operation absorb an undue portion of any income whioh
can
reasonably be expected from the reduced assets.
as reflected in the following table:
Operating
Int. and Divs.
Oper. Expenses
pi
Received
Including Taxes
$61,448
62,010
66,102
28,931
$50,537
43,212
42,590
18,982
1939
42,634
1940....
Net profit.
Earns per share of common stock.
a
...
$338,938
$1.13
$112,205
$0.37
United States Envelope
fis. End. June 30—
Net income after deprec.
charges
but
1940
1939
$372,789
$311,051
$153,894 loss$156,855
Earnings for the six months period cover payment on March 3, 1941 of
preferred dividend of $140,000 and common dividend of $52,500, estimated
Federal income taxes of $124,000, and an addition to reserve for adjustment
on raw materials account of $50,000, leaving balance for surplus account of
$6,289.
.
-
...
<
82.2
69.7
64.4
65.6
dividends received were equivalent to approximately
$3.02 per share on the 553,481 shares of net outstanding pref. stock,
on the basis of preferences in liquidation the prior claims of the pref.
stock, including dividend accumulations of $7,610,364, amounted to $24,214,794, or $43.75 per share.
Net earnings from interest and dividends
for the year 1940 were equivalent to four cents per share on the net pref.
to
1938
before
Federal income taxes.
In 1940 interest and
expenses
on net asset value as of Dec. 31, 1940, but after deducting expenses
and taxes net income was only 1.45% on such net asset value.
As of June 30, 1941, the net asset value of the company was equivalent
Co.—Earnings—
1941
1941 (first six months).
.
Ratio Expenses 1
to Income *4
4.08%
Estimated increase in above taxes.—V. 153, p. 851.
6
of the
In the judgment of the management, which is acting for approximately
22,000 widely scattered stockholders, corporation, with remaining assets
as of June 30,
1941 of $1,675,253, does not constitute an economic unit
which reasonably can be expected to operate successfully under existing
circumstances.
Company is an independent one which must provide and
pay for all of its facilities, including the maintenance of offices, the transfer
and registration of its stock which is traded on two national exchanges, the
preparation and filing of reports required by governmental bodies and stock
exchanges, and research, legal, auditing and other services.
Expenses and
taxes for the last 3H years have amounted to 71.1% of all dividends and
interest received, and net investment income during that period has averaged
less than four cents per share annually on the preferred stock as compared
with cumulative dividend requirements of $1.50 per share.
Since 1932 no
dividends have been paid on the preferred stock and no dividends have ever
been paid on the common stock.
The proposed merger will immediately place stockholders in a position to
receive dividends and will increase the earning power and security of their
investment.
Upon consummation of the merger the preferred and common
stock of Utility & Industrial Corp. will be exchanged for 5% pref. stock of
General Finance Corp. having a total par value equal to the net asset value
of company as of the day prior to stockholders' approval.
On the basis of
June 30, 1941 asset value such stock would pay dividends of $83,762
annually in contrast to no dividend payments and net income from interest
and dividends of company of only $23,512 in 1940, and in addition will carry
detachable warrants entitling holders to purchase common stock, which
warrants, in the opinion of directors, may become of substantial value.
The management is impressed by the success of General Finance Corp.
and the ability of its management.
The consummation of the proposed
merger will open up new fields of opportunity for its further development
and will make it the seventh company in size, nationally, in the automobile
1938——.
64,672
Excess profits tax.
a Under new proposed law.
merger
corporation and General Finance Corp.
A special meeting of stockholders
is to be held Sept. 18, to vote upon the proposed merger.
*4
have been curtailed
Net profit before Fed. inc. & excess profits taxes)
Federal inc. & excess profits taxes under 1940 act:
2366.
p.
assuming office in
$139,542
130,146
______
15.—V. 151,
working to determine the most constructive solution of the fundamental
problems which confront the company. The results of their study and sub¬
assets
Total revenue
for each share of this company's stock
Utility & Industrial Corp .—Proposed Merger-
$7,696,898
2,899,899
754,931
common stock
held, payable Sept. 15 to holders of record Aug.
$9,045,004
2,790,553
$5,499,519
Balance..........
Corp.—Stock Dividend—
19,414
Add'l Federal income tax accrual in anticipation of
increase in tax rates—__________________
$205,954
170,510
113.
Directors have declared a dividend of one-twentieth of a share of .Louisiana
Since
Balance.
$56,478
111,923
37,553
$527,515
151.048
Receivables.
Int.,amort. & pref. di vs. of subsidiaries
1940
$182,353
240,866
104,296
Current assets—Cash
Inventories
Total income of subsidiaries.
com¬
stock, payable Sept. 10, 1941, to stockholders of record Aug. 18, 1941,
it was announced by A. J. Browning, President. Last previous paymen
was 10 cents per share on June 28, 1938.
— *
4
mon
the Commission's order."
with
were
States
United
recognized that complete liquidation of American Light & Traction
through distribution of its assets to its stockholders might be found the
Co.
inventories
1941, as compared with Dec. 31, 1940.
In the six months period ended June 30, 1941, there was added $287,717
should be
most
1941
16,
similar period of 1940.
on
In letters mailed Aug. 14 to stockholders of the company and its sub¬
sidiary, American Light & Traction Co., William G. Woolfolk, President,
reaffirmed the company's intention to cooperate in every way possible with
the Security and Exchange Commission in integrating and simplifying its
corporate structure in compliance with the Commission's order.
Mr. Woolfoik's letters commented on the most recent order of the SEC,
issued Aug. 5, which resolved most of the problems confronting the com¬
pany under terms of the so-called "death sentence" clause of the 1935 Act.
The company's management does not intend to appeal from this order,
Mr. Woolfolk states, "but will meet this situation in the utmost good
faith and believes that it can rearrange the affairs of your company in
compliance with the terms of the order without imposing undue sacrifices
upon security holders."
The Aug. 5 SEC order requires disposition of LaPorte Gas & Electric Co.
and elimination from the United Light & Power Co. system of all sub¬
sidiaries and investments of the American Light & Traction Co.
In ad¬
dition, it prescribes the limits of the operations of the remaining holding
companies in the system and requires disposal of certain specific interests in
utility operating firms.
Mr. Woolfolk states in both letters that the SEC gives the management
"great latitude" in carrying out its requirements, and that no particular
method of procedure is prescribed.
In his letter to American Light & Traction Co. stockholders, Mr. Woolfolk
points out that Michigan Consolidated Gas Co. is the principal integrated
system of that company.
"Whether the properties in Wisconsin can be retained by your company,'
he states, "under other provisions of the Act is a matter for future deter¬
mination.
If your company were required to daspose of all its investments
except that in Michigan Consolidated Gas Co. and could purchase only
other companies whose properties woule fit into the properties of Michigan
Consolidated Gas Co., the Commission might in the future find that,.
American Light & Traction Co., no longer serves any useful purpose. These
eventualities must be taken into consideration by your management in
formulating plans to comply with the Commission's order.
Therefore it
Aug.
period ended June 30, 1941 were 21% above
and
stock outstanding as at Dec. 31, 1940 and (after allowing for undeclared
pref. dividends) a deficit of 85c per share on the common stock; the corres¬
ponding figures for the first six months of 1941 were 1.8c. and a deficit of
40c. per share respectively.
The earnings on the preferred stock should be
compared to the annual dividend requirement of $1.50 per share.
I
Volume
The Commercial
153
is
engaged
in
financing
instalment
purchases of motor
Retail
Directors also declared a dividend of
stock, payable Sept. 3 to holders of
(H. F.) Wilcox Oil & Gas Co.—Earnings—•
Vapor Car Heating Co.,
1,292,835
1938
$1,479,060
1,123,566
$388,135
126,563
$516,375
$3o5,494
174,703
103,540
$241,576
$261,572
$251,954
1940
$410,436
Operating profit
deductions
10,879
11,491
$341,671
42,005
$252,455
161,567
$273,063
228,798
$383,677
202,617
$272,494
3,333
3,333
$87,555
Profit
Profit
common
Deprec. & depletion
$40,932
$181,059
$133,401
20.539
1939
1938
^
Net
^
Willson Products,
a
dividend of 10 cents per share on the
10 to holders of record Aug. 18. Like amount
initial dividend of 10 cents was paid on July 15
Before Commission—
Commission on Aug. 13 served notice on
it must be prepared to show why it need not revamp its
corporate structure.
It is the SEC s contention that such a step appears necessary Decause there
is an inequitable distribution of voting power among its security holders
which should be corrected.
An order under Section 11 (B) (2) of tne Holding
Company Act—the so-called corporate simplification section—was issued by
the SEC and sets Sept. 23 as the hearing date.
This is tne second recent move against the company (operating subsidiary
of the Associated Gas & Electric System).
Several weeks ago the SEC
turned down a proposed refinancing program of the company and indicated
that it was going to take further steps.
Within the next few days company and trustees of Associated Gas &
Electric Corp. will confer with tne SEC on the relative merits of the four
plans submitted by investment bankers for recapitalizing and refinancing
26,581
896
Net
profit
a
—
Interest and
$28,889
$63,288
loss$40,904
15,242
14,732
13,065
1,500
6,000
$12,147
$42,556
$12,147
$42,556 def$106,414
Sheet June 30,
payable, bank, $200,000; accounts payable,
$3,603; other liabilities, $34,809; common
capital surplus, $532,124; earned surplus, $367,392;
in value of marketable securities, Dr$399,968;
$1,228,460—V. 152. p. 3834.
$2,206; accrued taxes,
stock ($1 par), $488,294;
unrealized depreciation
total,
Light Co.—Registers with SEC-—
Wisconsin Power &
See list
Corp., Ltd.
It is stated tnat in spite of
bombing raids only 19 theaters have been iclosed out of the chain more
than 450 houses owned and operated by Associated.
Tne price paid was £903,150 sterling for 2,007,000 ordinary shares out
of a total of 8,000,000 ordinary shares outstanding.
Payment is to be
made over a term of years out of funds which may be reraittable to the
United States under the British sterling exchange export restrictions.
During the year starting Nov. 1, 1941, payment will be £125,000 and the
same amount will
be paid in the following year.
In case no funds are
remittable payment will be made out of sterling funds now frozen in Great
given on first page
of this department.—V. 153, p. 709.
Wright Aeronautical
Period End. June
a
Net
30—
Corp. (& Subs.)—Earnings—
1941—3 Mos.—1940
$2,992,338
profit
$1,362,988
1941—6 Mos.—1940
$2,599,98
$5,341,601
sundry reserves, and provision for
Federal income taxes, and also in 1941 provision was made for Federal
excess profits tax, and increase in Federal taxes.
Unfilled orders at June 30, 1941 were $456,913,176 as compared with
$393,739,770 at Jan. 1, 1941.
Orders received during the six-month period
were $148,308,991 and shipments were $85,135,585.—V. 152, p. 3364.
a
Britain.—V. 153, p. 853.
Products—10-Cent Dividend—-
After
depreciatoin, amortization,
Wright-Hargreaves Mines,
dividend of 10 cents per share on the common
Ltd.—Extra Dividend—
declared the regular quarterly dividend of 10 cents per
of 5 cents per share on the no par capital
in Canadian funds on Oct. 1, to stockholders
of record Aug. 21.
Like amounts paid on July 2 and April 1, last.
On Jan. 2, last, company paid extra of 5.55 cents and quarterly dividend
of 11.1 cents and on Jan. 20 an extra of 11.1 cents in Canadian funds.
Previous to this dividends had been payable in United States funds on
19-cent quarterly basis with extra of 5 cents.—V. 152, p. 3206.
Directors have
20 cents
1937.—
Snowdrift Co., Inc.—Special Meeting—
1941
$2,103; total, $1,228,460.
Liabilities—Demand notes
sundry,
purchased a 25% interest in its largest British customer,
Special meeting of preferred stockholders will be held on Aug. 29 to
consider sale of not exceeding 10% of capital stock of subsidiary.—-V. 153,
p. 853.
C-V; ;a,- Av->v:A-:-r!;-v",: ;A/ /. ::;v;
52,446
dividends on investments.
Balance
the Associated British Pictures
first page of this department.
loss$53,968
Assets—Cash, $35,663; dividends and interest receivable, $7,555; invest¬
ments in
securities, $1,182,884; prepaid expenses, $255; other assets,
Inc.—Purchases 25% Interest in
with SEC—
t.
Ioss59,098
def$6,503
—
paid-——
Surplus
a
39,769
$18,063
24,567
Total income
Dividends
See
196
$34,616
14,150
2,403
1938
a$17,728
467
17,135
20,073
2.898
45
Operating expenses
Prov. for income taxes __
Largest British Movie Firm—
r
1939
$6,074
309
1940
$5,722
51
Divs. on stocks
The programs
be taken to the SEC, accordingly, for discussion.
First Boston Corp.
Stone & Webster and Blodget; Kidder, Peabody &
Co.; Blair & Co.; Halsey, Stuart & Co.;; Wertheim & Co., and Lazard
Freres & Co. submitted such plans to the company and trustees on Aug. 11.
—V. 153, p. 852.
'
$7,042
Net profit on sale of inv.
Miscellaneous income—
plan, the Commission
-
Co.- -Earnings-
1941
interest-
Other
formulating a new pro¬
submitted by the four different banking groups will
.
Inc.—-Bonds Called—-
End. June 30—
Income—Int. on invest.
Virginia's application to
Inc., Seattle, Wash.-
153,
total
6 Mos.
Virginia
3362.
and provision for Federal income taxes.—V.
,
Wisconsin Investment
The Securities and Exchange
Whiteworth Apartment,
charges
July 15,
the company that
stock, payable Aug. 25 to holders of record Aug. 14.
Dividend of
was paid on May 28, last, and 123^
cents was paid on Sept, 28,
lossl82,047
of $548,000 first mortgage 20-year bonds, series A 4%, due
1955 has been called for redemption on Sept. 15 at 10iy2 and
accrued interest.
Payment will be made at the Guaranty Trust Co. of
New York or at the First National Bank of Chicago.—V. 153, p. 114.
A
Co.—Capital Changed Asked—
Revamping Is Required—Four Refinancing Plans
Virginia Public Service
Directors have declared a
all
After
854.
Wilson & Co.,
_
1940
$3,658,767
111,442
-
Net profit
a
p.
1941
$5,853,960
Ended June 30—
3 Months
Net sales
stock, payable Sept.
Warner Bros. Pictures,
Inc.—Extra Dividend—
the regular
Willys-Overland Motors^ Inc. (& Subs.)—Earnings—
Previously quarterly
Directors have declared an interim
issued its order denying
3,468
declared an extra dividend of 20 cents per share in addition
quarterly dividend of like amount on the common stock,
both payable Sept. 10 to holders of record Aug. 30.—V. 153, p. 709.
distributed.—V. 151, p. 3412,
proceed with the previously proposed refinancing
said its staff would be glad to assist the company in
-
Directors have
to
Amulet Mines—Interim Dividend—
paid on June 16, last and
1940.—V. 152, p. 2413.
profit
Note—No provision considered necessary for Federal income or excess
profits tax.—V. 152, p. 3205.
Inc.—75-Cent Dividend—
record Aug. 30.
135,624
commis¬
sion and expense
dividend of 75 cents per share on the common
stock, payable Sept. 10 to holders of
dividends of 50 cents per share were
Wesson Oil &
1939
$1,809,210
1.365,085
168,860
Costs and expenses—
Other
$1,753,221
1941
$1,708,444
1,298,008
6 Mos. End. June 30—
Income.
Amort, of mtge.
1940
1941
Directors have declared a
See list given on
Privately—
Company has applied to the New York Public Service Commission for
authority to sell $3,500,000 of 314% 1st mtge. bonds, due 1966, and $967,500 of 3%% sinking fund notes, to the Northwestern Mutual Life Insurance
Co*
For further details, see V. 153, p. 853.
$429,725
$356,654
$485,360
$311,650
129,281
129,281
129,281
129,281
$2.88
$2.30
$3.30
$1.95
a After depreciation
and provision for Federal income tax and excess
profits tax in 1941.—V. 152, p. 2725.
ters
Co.—Plans to Sell Bonds and
Western New York Water
Notes
a Net profit
com. stK. outst'g
Earnings per share
p.
.
that the Wisconsin P. S. Commission
Gas Co. to
Milwaukee
at cost of $22,044 a mile.
Total expenditure is estimated at $28,704,000.
Company representatives told the Commission
they had prepared a
$30,000,000 financing program.
The Commission has been hearing a
estimony relative to permitting natural gas lines in Wisconsin.
Shs.
152,
.
Co.—Gas Pipe Line Proposed—
Milwaukee press dispatcnes state
Co., Inc.—Earnings-—
Wayne Screw
Previous payment
>
Other income
6 Mos. End. June 30—
The company has
record Aug. 20.
heard testimony last week on application of Western Natural
build an 804-mile pipe line from Hugton field in Kansas to
share.—V- 153, p. 852.
.
Divi¬
1938, and amounted to 20 cents per share.—V. 152,
Feb. 5,
Western Natural Gas
stock and
gram
on
record Aug. 20.
30 cents per share on the common
Utility & Industrial Corp. common stock, approxi¬
mately 84-100 share of General Finance Corp. series A preferred
detachable warrants to purchase approximately 84-100 share of
concern.
At the time the SEC
share on the 7% cumu¬
of Exchange
described in the proxy statement.
be determined since it will be
Corp. as of a later date.
asset value of Utiliity &
Industrial Corp. equal to that of June 30, 1941 is used, although the actual
net asset value as of the effective date may be either greater or less.
On this
basis there will be issued approximately 167,525 shares of General Finance
Corp. preferred stock and warrants as follows:
For each 100 shares of Utility & Industrial Corp. preferred stock, approxi¬
mately 28M shares of General Finance Corp. series A 5% preferred stock
and detachable warrants to purchase approximately 28% shares of common
the
per
4143.
The exact ratio of exchange cannot now
SEC Asserts
made
was
1944 will be retired in the manner
to Go
$3.50
lative preferred stock, payable Sept. 2 to holders of
dend arrears on this issue were recently cleared up.
based upon net asset value of Utility & Industrial
For the purpose of this and other calculations, net
common
(Iowa)—Dividends—
Western Grocers Co.
and act of merger provides that the shares of Utility &
preferred and common stock will be exchanged for shares
series A $10 par 5% preferred stock (each share
carrying a detachable warrant to purchase common stock) having a total
par value equal to the net asset value of Utility & Industrial Corp. as of
the close of business on tne day preceding the day upon which the stock¬
holders of Utility & Industrial Corp. approved the agreement and act of
merger.
Of the shares of General Finance Corp. preferred stock so issued
95% will be exchanged pro rata for shares of Utility & Industrial Corp.
preferred stock and 5% will be exchanged pro rata for shares of its common
stock.
However, the proxies being solicited will be voted against the merger
if 95% of such net aaset value as defined in the accompanying proxy state¬
ment as "net capital" is equivalent to less than $2.40 per share of net out¬
standing preferred stock.
No fractional shares will be issued but in lieu
thereof scrip certificates will be issued which, when combined with other
scrip certificates, may be exchanged for whole shares or which after Nov. 30,
Waite
H.
Directors have declared a dividend of
The agreement
Van Raalte
Co.—Official to Retire—
Gregory, Comptroller of the company for more than 30
years and a director for over twenty, will retire on Aug. 31 after 43 years
of Bell System service, it was announced following a meeting of the board
of directors of that organization on Aug. 12.
S. Wallace Murkland, Assist¬
ant Comptroller since 1927, was elected a director and will succeed Mr.
Gregory as Comptroller.
At the same meeting, Stanley Bracken, engineer of manufacture of the
company and President of the Teletype Corp., a subsidiary, was also
elected a director.—V. 152, p. 2414.
of General Finance Corp.
stock at $4 per
$4,741,000 $36,809,000 $27,443,000
853.
p.
Western Electric
Industrial Corp.
stock at $4 per share.
For each 100 shares of
153,
Richard
p.
Terms
$2,964,000 $21,129,000 $16,855,000
1,777,000
15,680,000
10,588,000
$6,591,000
Combined sales
—V.
field.
its
$3,584,000
.2,907,000
sales___.
Wholesale sales
pany's assets consist principally of cash and current receivables. Evidences
of indebtedness are purchased at discounts usually ranging from 5% to
12% and maturing in from 12 to 24 months.
Such purchases are financed
principally through the company's own capital and through the sale of
collateral trust notes to financial institutions at discounts now ranging
from H of 1% to 1*4% per annum, dependent upon their maturities.
Company's loss ratio on retail and loan receivables since organization in
1933 has been approximately 1%.
Since establishment of the business by the present management in 1925
annual net earnings, as determined in the manner indicated in the accom¬
panying financial statements, have increased from $15,258 to approximately
$515,000 for the 12 months ended May 31,1941 (including agency earnings
of approximately $125,000 not taken into the income account during the
period), net worth from $100,000 to $3,248,214 and the annual volume of
business from less than $1,000,000 to over $53,000,000.
For the 12 months
ended May 31, 1941 net income of $515,000 was equivalent to 16.7% on
the average of net worth at the beginning and end of the period
Company
has maintained regular dividends on its preferred stock since issuance and
dividends have been paid on its common stock in every year since 1933.
Directors of both companies believe that the additional capital which the
merger will make available to General Finance Corp. can be advantageously
employed irrespective of temporary fluctuations in the industry and will
enable the company to take advantage of opportunities for further expansion
1941—7 Mos;—1940
1941—Month—1940
Period End. July 31—
vehicles, the writing of insurance on vehicles so financed, and the making
of personal loans.
Upon consummation of the merger the company will
rank seventh in size, nationally, in the automobile finance field
Com¬
in
Supply Co.—Sales—;
Western Auto
General Finance Corp.
Corporation
1007
& Financial Chronicle
share, plus an extra dividend
stock of the company, payable
■
Zonite Products
Edward F. Hutton has
the
Corp.—Director Retires—-
retired as a director of this corporation after serving
including a long period as Chairman of
for nearly 20 years,
board.—V. 152, p. 3364.
the company
1008
COMMERCIAL EPITOME
Friday Night, Atq/. 15, 1941.
,.v\\-,vv
Coffee—On
the
lower to 1 point
8 to
10
11th
futures closed
inst.
points higher the market advanced
points, only to slide back
as
11
some
points net lower
lots.
The market
on
much
continued
as
points net
the quota for the year
bags.
Opening
much
as
Sales
It will be recalled that
Green Coffee
Orleans has gone on record as
139
were
be influenced by fears of
beginning Oct. 1 will be in
The
16
as
22 points and finished
deliveries.
to
possible action from Washington.
19,000,000
11
higher for the Santos contract.
excess
Association
of
being opposed to such
of
New
quota,
a
but apparently this sentiment will not reflect
generally the
sentiment of the country.
In Brazil today prices were 330
lower
on
Rio 5s.
the spot for Santos coffee and 200 reis
higher for
Brazil's
shipments last week
which 77,000 were for the United
and
19 lots.
Trading
market
today,
flected
is
was
but
of
the
12th inst.
Transactions totaled
extremely slow in the coffee futures
the
dulness
the
higher.
for Europe
none
On
tone
the
steady.
was
actual
market
of
the
Inter-American
starting Oct. 1.
fixed
now
As announced
quiet
which
re¬
currently
and stocks,
13th
Santos
including afloats, amount
futures
600
were
closed 4
contract, with
quiet trading.
sales
There
"A" contract
was
for
6
to
the
year
the quota is
979,000 bags.
reis
higher.
was
In
On
the
points net lower for the
totaling 45 lots.
5 to
10
During the
points net lower
little feature to the market.
was
off
800
to
to
early afternoon Santos coffee
The
Board
week ago,
19,000,000 bags unless scaled down
Only 150,700 bags are afloat from Brazil
spot prices
inst
a
at better than
in the meantime.
Brazil
Coffee
3
points, with Mar. selling at
8.34.
In Brazil the official spot
price on hard Santos 4s
was up 500 reis while the
type 5 Rio price was off 400 reis.
Rio
7s
were
200
actual market
reis lower
was
at
27.800 per
On the 14th inst. futures closed
were
10 kilos.
The
quiet.
for the Santos contract,
with sales totaling 60 lots.
up
There
five contracts traded in the Rio
division, which showed
points. In Brazil official spot prices were
irregular. Soft Santos 4s were up 200 reis; hard 4s off 100
reis; type 5 Rio up 400 reis; and Rio 7s off 200 reis.
The
actual market here was quiet with most of the trade
waiting
for news from Colombia
regarding her price and export
regulations for the second quota year starting next October
1st.
Today futures closed 1 to 4 points net lower for the
Santos contract, with sales
totaling 35 lots. Coffee futures
trading was extremely quiet.
Santos contracts were un¬
changed to early afternoon after early losses of 6 to 8 points.
March was selling at 12.33 after
having been down to 12.25.
There was nothing new in the actual market
and no fresh
developments either in producing countries or in Washington.
Rio coffee prices closed
September
March
-
->■
as
__._11.98
--12.18 trad
December....
March. 1942
May
July.
8.46
8.29
Santos coffee prices closed
September.....
follows:
as
7.89
8.09
____
12.32
follows:
IMay..._____________
_
A 12.42
July.....
12 52
"
|
"
Cocoa—On the 11th inst. futures closed 1 to 3
points net
higher. Sales totaled 110 lots, including 46 lots of
switching
operations. Stocks in licensed warehouses decreased
slightly
to
1,490,910 bags.
Arrivals today amounted to only 600
bags, bringing the total for the calendar year to date to
3,666,434 bags. Activity in the actual market is still season¬
ally restricted to routine business, dealers point out. Local
closing: Sept., 7.62; Oct., 7.66;
Mar., 7.84; May, 7.92; July, 8.00.
Dec., 7.73;
Jan.,
7.77;
On the 12th inst. futures
Commission house liquidation
buying from manufacturers featured
the cocoa market
today. Sales totaled 214 lots, of which
switching operations accounted for 60 lots. • Most of the
closed 9 to 7 points net lower.
and some down-scale
switching
was
liveries.
Stocks
of the Sept. contract into forward de¬
in licensed warehouses
again showed a
out
decline to 1,488,017
bags.
Arrivals this week
amount
to
7,087 bags, bringing the total for the calendar
year to date
to 3,672,921 bags.
Activity in the cocoa market remains
routine.
Local closing:
Sept., 7.54; Oct., 7.57; Dec., 7.66;
Jan., 7.70; Mar., 7.77; May, 7.84. On the 13th inst. futures
closed 5 to 2 points net lower.
Transactions totaled 287
early afternoon.
Stocks increased 4,500 bags to
a new
high
of 1,500,785.
Arrivals this year reached 3,700,000 bags, an
increase of a miLion bags over arrivals for the same
period
last year.
Local closing: Sept., 7.50; Oct., 7.55; Dec., 7.60;
Mar., 7.73; May, 7.81; July, 7.88.
Today futures closed
10 to 11 points net lower, with sales totaling 227 lots. Cocoa
was fairly active with 190 lots
changing hands in the first
Prices
were
lower
at
September selling at 7.37, off 13.
said to have
come
the end of
that
period.
Most of the selling was
from commission houses.
Licensed
ware¬
house
stocks, the American visible supply, increased 1,300
bags to 1,502,047, a new-high record. A year ago the supply
here totaled 1,166,000 bags.
Local closing:
Sept., 7.40;
Dec., 7.49; Mar., 7.62; May, 7.70; July, 7.78.
Sugar—On the 11th inst. futures closed 4 to 6 points net
with sales totaling 294
higher for the domestic contract,
lots.
With the advances in refined and raw to lead the
way,
the futures market showed fair gains.
Opening prices were
1 point lower to 1 point
higher, but as soon as it became
apparent that the
market
firming and other re¬
following the action of free
gathered momentum and
spurted up shortly after the opening to hold the bulk of the
gains for the day.
The world contract advanced as much
as
103^ points but dropped back on profit-taking and in¬
creased hedge selling to close only 3 to 5 points lower.
Sales continued heavy at 852 lots.
On the 12th inst. futures
closed 2 to 6 points net lower, with sales
totaling 213 lots for
raw
was
finers might move up their basis,
refiners on Friday, the market
the
unchanged to 1 point
net declines of 6
December
On the 14th inst. futures closed unchanged to 2
points net
lower, with sales totaling 106 lots.
Trading in cocoa was
rather dull, only 70 lots changing hands in the first three
hours and prices were 1 point lower to unchanged
during
four hours.
The
marking time pending final decision with respect to quota
aims
in
States,
30,000 for all other destinations.
futures closed 1 to 6 points net
107,000 bags, of
were
lots, which included 186 lots in switching operations. Switch¬
ing operations proved to be the main feature of the cocoa
market today.
Again commission houses were switching
the Sept. contract for the forward deliveries/while trade ana
dealers were doing the opposite.
During the morning com¬
mission house liquidation moved the market lower, but
manufacturer and dealer buying advanced prices somewhat.
Stocks in licensed warehouses gained over 8,000
bags to
1,496,280 bags, the highest stock figure on record. Arrivals
this week total 37,139 bags, bringing the total for the
calendar year to date to 3,702,973 bags.
Local closing:
Sept., 7.50; Oct., 7.53; Dec., 7.61; Jan., 7.65; Mar., 7.73;
May, 7.82.
domestic
llA to 93^
contract.
The
points net lower
world
contract closed
sugar
sales of 576 lots.
Price
Administrator Leon Henderson's announcement of a
ceiling
on
price for raw sugar of 3.50c. per pound delivered to New
York, fell like a bombshell in the market here today, since
the price established was 30
points under current trading
levels.
The trade was caught
completely unawares, having
paid 3.80c. for raws earlier in the day.
The immediate
reaction of sugar traders to the
news
was
one
of keen dis¬
appointment, this being especially reflected in the world
sugar market which showed heavy declines.
It was felt,
however, that the ceiling price is not the end of the story
by any means.
The belief is that producers of sugar, as¬
sured of a floor price, and far ahead in their
selling schedules
to date, will hold back their
supplies.
On the 13th inst.
futures closed 12 to 13 points net lower for the domestic
contract, with sales totaling 496 lots.
The world sugar
contract closed 43^ to 2^ points net lower, with sales
totaling
812 lots.
Domestic sugar opened 14 to 23 points net lower
.and in early afternoon was 15 to 16
points lower compared
with previous finals.
This weakness was due largely to the
announcement by the Office of Price Administration and
Civilian Supply, late yesterday, of a
price ceiling of 3.50
for duty paid raw
sugar, New York.
The trading volume
was not
exceptionally heavy, confirming the claims that the
speculative
for
lower in
points.
interest
in
this
contract
has
been
very small
10H points
early afternoon after early losses ranging up to 21H
Trading was heavy.
Selling was in sympathy with
some
months.
The' world
market
stood
the domestic market and also reflected the belief that
more
would be available for the world market if the United
States demand for Cuban sugars was contracted
by the ceil¬
sugar
ing action.
On the 14th inst. futures closed 7 to
9^ points net lower
for the world sugar contract, with sales
totaling 413 lots.
Trading in domestic sugar was suspended until further notice
in deference to the
request of Leon Henderson, price admin¬
istrator.
A committee, headed by the President of the Ex¬
change, W. W. Pinney, will confer with Mr. Henderson in
Washington in response to his request. Except for the bank
holiday suspension in 1933 and a delayed opening in 1935,
the domestic
sugar market has been in continuous operation
since trading was reopened on Feb. 16, 1920—after the world
war
control ended.
irregular in tone
World sugar futures were nervous and
at the
opening when prices
were
9 points
Volume
The Commercial & Financial Chronicle
153
higher to 3% points lower.
Sellers for the most part were
believed merely evering up their positions pending a clarification of the whole sugar picture.
Today futures closed
unchanged to 534 points net lower for the world contract,
with sales totaling 570 lots.
World sugai was off 424 to 724
points during the morning, but rallied on reports that Britain
had paid 1.65 for 25,000 tons of Cuban raws.
In early afternoon prices were irregular at 1% points higher to 424 points
1009
18 to 20 lbs., 24%c. Bellies: Clear, f.o.b. New York—6 to
8 lbs., 20}4c.; 8 to 10 lbs., 20c.; 12 to 14 lbs., 18c. Bellies:
Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs., not quoted;
-18 to 20 lbs., 13%}.; 20 to 25 lbs., 13%}.; 25 to 30 lbs.,
1324c. Butter: Firsts to Higher than Extra & Premium
Marks: 32% to 35%. Cheese: State, Held '40, 25% to 27.
Eggs: Mixed Colors: Checks to Special Packs: 2434 to 2934«i
•
i
i.
reported to have paid
1.75 for 100,000 tons of Cuban raws ana yesterday was said
to have been bidding no more than 1.50.
Trading in the
domestic contract remained suspended.
Refiners were reported to be accepting raw sugars at 3.50 and giving sellers
a letter guaranteeing them an adjustment when and if one is
made.
Meanwhile sellers were reported forming a protective
committee to confer with OPACS.
One rumor circulated
that the United States Ambassador to Cuba was returning
to file a formal Cuban Government protest against the price
1J?i.m1^ cars 1S±
2 to
Qo^atmns. Chmawood: Tanks, spot 32% offer nominal;
offer nominal. Coconut: Tanks, nearby
277y2Cio
"k %. mrI\:
West, tanks, nearby—;
-^
nks, Decatur,>ld crop—.109% to
York, ;c07';
ri?
Edible: Coconut: 76 degrees 13%
• Jjiari ®x* ^
°|fer: ^o'/£lr
edi°t.
contracts.
Britain earlier in August was
lower.
Prices closed
as
Not to Pay Above
Quoted. Turpentine: 80% to 83%. Rosins: $3.00 to $4.56.
Cottonseed Oil sales yesterday,
14
Pound
a
on
Refined
su-ar , dutv
su^
*
tte
move
12
of
Associated Press
"consumers should not under
permit
throughout the
consumers
country
by frightening with scare
kind or another, although the actual situation is one of
unusual abundance, not scarcity."
Mr. Henderson said that plans have been made for a conference with
one
and refiners to consider a ceiling on refined prices.
supply of sugar for 1941 made available under
processors
total
sugar
raw value.
Mr. Henderson said this
million tons the actual consumption of
and would be sufficient to give the Nation the highest per capita
law
is
short tons,
7,769,621
supply exceeds by more than
consumption
on
one
record.
inst.
11th
the
-
.
■
.
Lard—On
,
futures
.
.
1
closed
22
points
%
net
influenced by
the downward trend of most commodity markets.
The
market opened 5 to 10 points lower, but later declined to 22
points under previous finals on selling believed to be for long
account.
Prices on hogs at Chicago at the beginning of the
week were mostly 10c. lower than Friday's finals.
Sales
ranged from $10.65 to $11.70.
Western hog marketings
totaled 64,600 head against 57,800 head for the same day
last year.
On the 12th inst. futures closed 17 to 22 points
net lower.
Due to heavy selling for speculative and trade
account, lard futures declined quite sharply today.
The
market ruled weak during most of the session, and this was
attributed largely to the downward trend of most commodity
markets, and of course the bearish news from Washington
played its part. Hog prices at Chicago were off 10c., with
sales ranging from $10.65 to $11.50. Western hog marketings
totaled 66,100 head, against 63,400 head for the same day a
year ago.
On the 13th inst. futures closed 2 to 7 points net
higher
New lows for the recent downward movement in
lard prices were established during the morning as a result
of scattered selling through commission houses.
There was
very little in the news to bolster prices, and the market ruled
heavy during most of the session.
Hog prices at Chicago
ranged from $10.70 to $11.55. Western hog marketings were
not very heavy and totaled 53,400 head, against 48,300 head
The lard market ruled weak today,
for the same day
last year.
On the 14th inst. futures
lard futures
closed 7 points net lower. Chicago
after displaying a fairly firm tone during the
early part of session, turned easy late in the day under
realizing influenced by the nervousness in other markets,
The hog market at Chicago was very steady, finishing close
in line with the previous iinals. Sales were reported throughout the session at prices ranging from $10.65 to $11.55.
Western hog marketings were not very heavy and totaled
50,800 head, against 52,300 head for the same day a year
ago. Today futures closed 7 to 5 points net higher. Although
trading was light, the lard market was firm during most of
the session.
daily closing
§gSSrber
prices of lard futures in Chicago
Sat.
Man.
Tues.
Wed.
Thurs.
Fri.
—10:05
December._"_I"
10.47
10.57
January. 1942-.-
10.27
10.35
ay
oil
10.05
10.17
10.12
10.22
~~T
10.07
10.15
10.12 ~
10.20
""""
Pork—(Export), mess, $30.37% (8-10 pieces to barrel);
family (50-60 pieces to barrel); $23.25 (200 pound barrel),
Beef: (export), steady.
Family (export), $22.25 per barrel
Pickled Hams: Picnics,
6 to 8 lbs., 19 %c.; 8 to
Skinned, loose, c.a.f.—14 to 16 lbs., 27c.;
(200 pound barrel).
Cut Meats:
loose, c.a.f.=—4 to 6 lbs., 19 %c.;
10 lbs., 19
%c.
reported in the outside market
fnfiflV
;+
j
lporrmd
fliqo
wao
£rain nnrobasod
oTo^in^- ^nt
p
Si
Mn«t of tho frnnca^firmo
ifiVfjs
rnhbor
22
50^
on
Oof
sn
Tb«
f
o
% S
„
!.+
Pnbwn
-^®®er7e
h
99
^
t
To
P°"?ts off ,to unchanged. Both the futures and actual
rubber markets continued to rule very quiet today. In the
q6" t
Td S
Rubber Reserve Go. buying was reported. Spot standard
ribbed smoked sheets in cases was unchanged at
001/
23%C. per pound. There Were 11 lots sold on the Exchange
today including 5 lots which Were exchanged for physicals
in the Sept. position. Dealers here state that they are
waiting for the Government to issue the differentials
on
the
various off grades of rubber.
Local closing: Sept., 22.40;
0(jt
22.50; Dec., 22.50; Jan., 20.80; Mar., 20.80.
On 13th
•
the
nom
Sales totaled only 31 lots. Spot standard
No. 1-X ribbed smoked sheets in cases was offered in the
^al to dealer at
mark?t business was Pound. A fair amount of
Per
dealer
themselves to be cajoled into paying more for
sugar in retail stores than at the present time."
"There is more than enough sugar for everyone," he added.
"Speculators have been endeavoring all through the year to reap a profit at the
of
11.60 @
25 points up.
•
Henderson saM that
;
Rubber—On the 11th inst. futures closed unchanged to
Raw Sugar
Warns Consumers
Present Retail Prices for
on
condition
lower.
follows:
11.60 @11.65
of 3.5 Cents
hrivkSA.«
last year
as
11.5S@60 tr.
11.64@ trad.
5SJas-28?ttTSSSS
L'
Wash-
quota
switches 40
11.88 @11.94IJ anuary, 1942
ll.68@ll.75jFebruary—
the Office of
Price AdminLeon Henderson said this action was taken to "proAmerican public from rampant speculation in sugar
tect the
The
including
Prices closed
__11.80@ nomlDecember
September
was set on Aug. 12 by
Administration and Civilian Supply.
reports
nom.
11.68@ nom | March
—
New York,
in
expense
Crude, S. E., 10%
November.
:
— _ _
r-Pilin- of
ceiling of d.oc. n pound on 96 aegree raw
a nrinnd on Vb decree raw
istrator
any
,
October,______
[March
___
—Price Administrator Henderson
inrton
u
o
(July
_
OPACS Fixes Ceiling
Price
t
[May
Septemoer
November
\
A
ft
vjh
August
follows:
January, 1942
paid
g
n
,
f11*llrflq plnspd with
Tan
anil Mar
HnliVorina romcWinrr
mst. luiures closea with Jan. and Mar. deliveries registering
net gains of 50 points, while other deliveries ranged 7 points
" point S lower. In response to a request from
the Office of Price Administration and Civilian Supply
_
Administrator* Leon Henderson to liquidate all outstanding
rubber futures contracts, the board of governors of the
Commodity Exchange, Inc., suspended trading in rubber
today.
Little or no activity
was reported in the actual rubber market
as dealers and
importers are still waiting for further developments from
Rubber Reserve Co.
Certificated stocks in licensed
Commodity Exchange warehouses remained unchanged at
530 tons.
Local closing: Sept., 22.47; Oct., 22.50; Dec.,
22.41; Jan., 21.30; Mar., 21.30; Spot, 22.65.
With the rubber futures market on the Commodity Exchange closed and the Rubber Reserve Co. still discussing
^he other phases to be adopted before the Government
program
completely functions, business in the outside
market was virtually at a standstill today.
The Rubber
Reserve Co. was again reported as a buyer of rubber on a
f.o.b. Singapore basis.
At the close of business on the
futures at the close of business
Commodity
Exchange
on
August
13th there
were
only
1,053 contracts open.
.
.
Hides—On the 11th inst. futures closed 4 to 5 points net
nigher. Of the 8 lots traded, switching accounted for 4 lots,
The Sept. contract was switched for the Dec. delivery at a
discount of 5 points. The only activity in actual hides came
.from South America. United States dealers purchased 5,000
reject steers at 13c. per pound. Although not confirmed, one
importer here states that the United Kingdom bought 12,000
heavy standard frigorifico steers in Argentina. The price
of the transactions was not disclosed. Some of the local hidf
dealers reported a little activity for resale hides at steady
levels.
Local closing: Sept., 14.45; Dec., 14.50; Mar.,
14.51; June, 14.53. On the 12th inst. futures closed 5 to 10
points net lower. Transactions totaled 14 lots, of which
switching operations accounted for 2 lots. The widening
in the spreads between the various hide futures contracts was
the feature of the market today. The Sept. delivery closed
10 points under the Dec. contract and 20 points below the
Mar. During the day the Sept. contract was switched for
the Mar. at 10 points. Local closing: Sept., 14.35; Dec.,
14.45; Mar., 14.45; June, 14.47. On the 13th inst. futures
closed 5 to 7 points net lower. Only 8 lots were sold on the
Exchange today. Dealers today reported that the United
Kingdom purchased 40,000 heavy standard frigorifico steers
in Argentina at 1314c. III pound.
per
This represents a redueHi ' I'll
tion of 3-16c. from the previous sale.
At the same time
American dealers bought 12,000 reject frigorifico steers in
Argentina at 12 13-16c. per pound. Although there was no
activity reported in the Chicago packer markets today,
local traders state that there was a fair demand for foreign
hides here. Local closing: Sept., 14.30; Dec., 14.40; Mar.,
14.38; June, 14.40.
On the 14th inst. futures closed unchanged compared with
previous finals, with transactions only 27 lots. Switching
The Commercial & Financial Chronicle
1010
operations accounted for eight lots.
The Sept. was switched
to the Dec. contract at a discount of 9 points, and switched
to the Mar. delivery at a discount of 12 points.
Trading in
spot hides continued to rule dull in the Chicago market yes¬
terday. Dealers here believe that some sales are being made,
but details are absent.
A fair demand for resale hides, the
light foreign types, were reported in the local trade.
More
reject steers and cows were sold in the Argentine market
at steady prices.
Local closing: Sept., 14-30; Dec., 14.40;
Mar., 14.38; June, 14.40.
Today futures closed 8 to 12
points net higher, with sales totaling 36 lots.
There were
only eight trades in hides in the first three hours and prices
were 5 to 10 points
higher, Sept. selling at 14.40, up 10, and
Dec. at 14.45, up 5.
Open contracts totaled 776.
Local
closing: Sept., 14.38; Dec., 14.48; Mar., 14.50; June, 14.48.
Ocean
Freights—The negligible quantity of free ton¬
continues to curtail operations in the charter market,
and only a few transactions are recorded from day to day.
Charters included: Time: A steamer, round trip Greenland
trade, August, no rate given.
Sugar: A steamer, Cuba to
Montreal, August, 60c. per hundred pounds.
Fertilizer:
A steamer. North of Hatteras to
Bay of Fundy, August,
$5 per ton.
Lumber: Puget Sound to South Africa, August
loading; no rate given.
Another vessel, Grays Harbor to
South Africa, September loading.
Cork: Portugal to United
States, August, reported at $7 per 40 cubic feet.
Sugar:
Six vessels, North Cuba to United States Gulf,
AugustSeptember, 34c. per 100 pounds.
nage
Coal—Although the coal transportation situation
tinues to be tight, there have been no serious coal
car
virtually all of the active months. There was a little com¬
activity, also on both sides.
Reports from
dealings there were small, with the strike
at Lawrence believed to be limiting sales.
Some prices were
easier in the morning.
The Buenos Aires scoured wool
mission house
market continued quiet and final prices were un¬
changed to off 1 peso.
The August was quoted at 44 pesos.
Local closing: Wool Tops: Oct., 123.7; Dec., 121.1; Mar.,
119.1; May, 118.2.
Grease Wool: Oct., 93.5; Dec., 92.6;
Mar., 91.5.
Today futures closed 1 to 3 points off for wool
tops, while grease wool futures closed 2 points off to un¬
changed.
Wool tops were off a bit in quiet trading.
The
midday bid price was 5 to 9 points down and 5,000 pounds
were traded before noon.
Grease wool was dull during the
morning hours.
During the pre-noon session 12,000 pounds
changed hands.
The high and low prices were both quoted
at 1 point down.
Local closing: Wool Tops: Oct., 123.5;
Dec., 121.0; Mar., 118.8; May, 118.0. Grease Wool: Dec.,
92.4; Mar., 91.5.
futures
O T T O N
Friday Night, Aug. 15, 1941
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 67,673
bales, against 63,822 bales last week and 90,172 bales the
previous week, making the total receipts since Aug. 1, 1941,
141,812 bales, against 78,606 bales for the same period of
1940, showing an increase since Aug. 1, 1941, of 63,206 bales.
The
Movement
Railroads indicate that surplus coal
Corpus Christi
cars, available at the
loading, continue to average from approximately
17,000 to 19,000 cars daily.
This is a reduction of around
50% from the average daily surplus at the end of June, a
year ago.
Great concern is being shown by coal producers,
dealers, consumers and Government officials.
The heavy
increase in the demand for transportation facilities for other
commodities also has an effect upon cars for hauling coal.
With mine prices of anthracite coal increasing 15c. per ton
Aug. 15, buying has been stimulated even further, pro¬
The Pennsylvania Anthracite Emergency
Committee set the production quota for the week ended
Aug. 16 again at 1,200,000 tons. This tonnage is equal to
five^days working time for the ninth consecutive week.
Wool—On the 11th inst. futures closed 4 to 13
points net
lower for wool tops. ; Liquidation in wool
tops futures,
which met stop loss orders on the way down, resulted in
sharp declines.
Prices steadied somewhat near the close.
200,000 pounds of tops.
Trading
extremely quiet, with only two
The market closed officially
quiet, with losses of 1 to 6 points for the day.
The Buenos
Aires scoured wool futures market was
steady, with prices
unchanged to off .50 peso.
The Aug. was quoted at 44.00,
off .50 for the day.
Local closing: Wool Tops: Oct., 123.8;
Dec., 121.0; Mar., 118.5; May,
118.1.
Grease Wool:
Oct., 93.5; Dec., 92.5; Mar., 92.1.
On the 12th inst. futures
closed 1 to 3 points net lower for grease wool, while wool
tops futures closed 2 to 8 points off.
Trading in grease wool
futures dwindled to only two contracts, or 12,000 pounds of
wool.
The wool tops market was more active, with 45
contracts, or 225,000 pounds of tops sold, but the pace of
trading was rather slow.
Boston interests were on both
sides of the tops market all day.
A little liquidation pro¬
vided the balance on the selling side and prices gave ground.
Reports from the Boston market were that there was little
demand for domestic wools, although there are some in¬
quiries for medium South American wool.
Prices were
about unchanged.
Local closing: Wool Tops: Oct., 123.0;
Dec., 120.6; Mar., 118.3; May,
117.6.
Grease Wool:
Oct., 93.8; Dec., 92.8; Mar., 92.0.
On the 13th inst. futures
closed 3 to 4 points net higher for wool tops, while grease
wool futures closed unchanged compared with
previous finals.
Only four contracts were traded in grease wool.
In wool
tops 20 lots changed hands, equivalent to 100,000 pounds.
Commission houses took most of the tops contracts that were
to be had, while spot houses and trade interests were
gen¬
erally on the selling side.
The market ignored the labor
difficulties at the Arlington Mills and rumors of disturbances
in grease wool futures was
contracts changing hands.
were
Boston
selling freely in the West and
fair demand for low South American wools.
Strikes, it was said, were tying up the Boston warehouse
combing was affected at the Arlington plant.
Buenos
Aires scoured wool market was
quiet and final prices were
unchanged.
The Aug. was quoted at 44 pesos.
Local
closing: Wool Tops: Oct., 123.3; Dec., 121.0; Mar., 118.7;
May, 118.0.
Grease Wool: Oct., 93.8; Dec., 92.8; Mar.,
92.0.
On the 14th inst. futures closed 1 to 4
points net higher for
while grease wool declined 2 to 5 points.
Thirty
grease wool contracts, representing 180,000 pounds of wool,
changed hands, and 10 lots were traded in the wool top
market, equivalent to 50,000 pounds of tops.
Boston spot
interests dominated both markets, both
selling and buying
Thurs.
total
Fti.
1,188
1,820
1,349
1,633
525
5,104
6,794
267
180
1.355
1,693
669
3,589
2,247
2,170
2,600
195
354
403
8,622
16,651
1,746
30,965
3,045
6,644
10,173
13,215
17,719
9,907
11,014
6,455
67,673
314
New Orleans
Savannah
...
Totals this week.
1,958
619
8,231
813
4,647
156
The
following table shows the week's total receipts, the
total since Aug. 1,1940, and the stocks tonight, compared
with last year:.
1940-41
Receipts to
Aug. 15
1939-40
Since Aug
Week
Galveston.
Brownsville
Houston.
This
1, 1940
Since Aug
Week
1,1939
10,597
28,921
923,241
30", 557
30,667
18,131
57,654
33,497
445
445
26,251
919,856
54,360
92,012
412,868
43,064
56,559
1,863
30,965
66,563
18,204
3",04 5
"3*401
"16
54
504
__
504
Gulfport
Mobile.
_
_
Jacksonville.
_
_
_
...
_
.
_
_
141",644
""547
"30
.
Norfolk.
12
___
_
.
59,139
52,957
1,360
150,516
113,903
21,613
3,427
20,107
....
234
New York..
Boston....
Baltimore
60,972
97,217
530,101
28",446
6", 644
_
Charles....
Wilmington.
603",683
678
.
Savannah.
Panama City
Charleston
673,514
760
•2,097
Beaumont
Pensaeola.
1940
1941
18.496
16,651
1,746
....
New Orleans
Lake
Stock
This
8,622
...
9,336
24.388
10,237
2,175
6,663
32,062
1,000
1,285
.
_
Totals
67,673
141,818
78,606
148,107 2,750,466 2 ,<258,896
In order that comparison
may be made with other years,
we give below the totals at
leading ports for six seasons:
Receipts at-—
1941
Galveston....
Houston..
New Orleans.
Mobile.
Savannah.
3
1939
10,597
30,667
18,204
30.965
1938
11,855
1937
27,037
8,370
16,520
35,081
13,320
1,315
8,535
10,763
1,158
3,354
2,488
045
16
437
255
30
2,513
1,505
862
1,157
631
1
.
243
_
Norfolk
All others
1936
5,374
14,724
4,356
6,644
.....
Charleston..
Wilmington.
1940
8,622
16,651
12
452
169
146
96
19.080
51,318
56,650
78,473
51,403
"
1~,746
Total this wk.
67,673
78,606
101,982
73,033
149,210
76,336
Since Aug. 1__
141,812
148, 1)7
209,466
152,466
285,032
163,405
The exports of cotton for the week
ending Aug. 15 reach a
12,415 bales in the corresponding
bales, in the same week two years
ago.
For the season to date aggregate exports have been
10,619 bales, against 35,567 bales in the same period of
the previous season and
120,683 bales for the season to date
two years ago.
Due to restrictions placed on information
regarding exports, we are obliged to omit our usual detailed
total of 4,356 bales,
against
date last year and 50,282
tables of cotton exports.
In addition to above
exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
and
wool tops,
3,294
4,234
3,897
•
_.
Corpus Christi...
was a
Wed.
Tues.
660
Mobile.
on
that there
Mon.
1,606
3,109
Houston
ducers here state.
reported that fine wools
the
■
mines for
at the worsted division of the American Woolen Co.
of
Sat.
Receipts at—
Galveston
40 contracts, or
1941
Boston said that
at the mines to date, according to various coal carriers.
Statistics recently published by the Association of American
were
16,
con¬
short¬
ages
Sales
Aug.
in
On
Shipboard Not Cleared for—
Aug. 15 at—
Leaving
Great
Britain
Ger¬
France
Other
Coast¬
many
Foreign
wise
Galveston
100
Stock
Total
100
Houston
New
Orleans..
Savannah
"600
"700
4",000
4,000
Charleston
Mobile
Norfolk.
...
Other ports
Total
1941..
Total 1940
Total
1939
4,000
4,652
11,342
1~.306
923,141
919,856
411,568
146,516
28,446
56,559
24,388
235,366
700
~577
700
5,421
2,734
5,400 2,745,066
10,073 2,243,823
10,618
2,682
27,953 1,829,916
Volume
The
153
Staple— The
Premiums and Discounts for Grade and
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries on contract on Aug. 21.
Premiums
and discounts for grades and staples are the average quota¬
tions of 10 markets, designated by the Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch staple and 75% of the
average premiums over 15-16 inch cotton at the 10 markets
on Aug. 14.
X
15-16
Inch
31-32
1 Inch
Inch
29-32
Inch
Inch
and Up
■
Middling Fair..
.33
on
.43
.27
on
.37 on
Good Middling
.21
on
.31
on
on
.55 on
.62
on
.70 on
.49 on
.56 on
.64 on
.50
on
.58 on
on
.46 on
..43 on
.30 oil
.37
.21 off
.11 off
Basis
.06 on
.70 off
.61 off
.51 off
.45 off
.36 off
1.43 off
1.30 0ft
1.32 off
1.30 Off
1.26 Off
.09
Strict Middling
Middling
Strict Low Middling
...
Low Middling
.19
on
on
.14 on
Extra White—
Middling. ...
.
.
.58 on
.30 on
.37
.46 on
.11 off
Even
.06 on
.61 off
.51 off
.45 off
.36 off
1.43 off
1.37 off
1.32 off
1.30 off
1.26 off
.34 off
.23 off
.11 off
.05 off
.03 on
.46 off
_
.
_ .
Strlct Low Middling
Low Middling..
.50 on
.19 on
.70 off
.
...
on
.21 off
.36 off
.23 off
.18 off
.11 off
.84 off
.72 off
.65 off
.21
Good Middling.........
Strict Middling
..........
on
.31
.09
on
.43
on
on
.14 on
Spotted—
Good Middling
......
Strict Middling
a
.93 off
Middling
U
iUlUUUUg
opuvvcu
ouou
umjr
u*j
culture establishes a type for
«
ft*
V"V
.59 off
j
such a grade.
Speculation in cotton for future delivery was unusually
active the
wide
past week, with prices
range
during many
sessions.
moving within a rather
Uncertainty regarding
especially as
"freezing" Gov¬
political developments here and abroad, and
the action of Congress relative to
concerns
ernment-held
cotton,
resulted
in
around 50c.
found
On the 9th inst.
prices closed 23 to 27 points net lower.
Increased hedge selling from Texas and the Southeast, and
continued improvement in the weather in the South, carried
"floor" under prices as well as a
removed it
When this pressure was
bale.
a
that few
contracts
was
offered and prices quickly
were
recovered to the point that at
midday they
14 to 23
were
points higher than previous finals. Part of the rise was due
to replacement and part to short covering.
It appeared^in
any case that the market was in a sold out condition.
Gams
later in the
day
were even
A moderate trade and
larger.
reported, but the chief reason for the sharp
rise appeared to be a scarcity of offerings.
't '
On the 14th inst. prices closed 19 to 13 points net lower.
Cotton showed wide pi-ice movements today, mostly on the
downward
side.
Following the sharp gains yesterday,
prices opened 2 to 13 points higher on an overnight accumu¬
lation of buying orders, presumably resulting from the pass¬
age of the crop-freezing bill late yesterday.
That the bill
would reach the President has been considered as certain
in the trade here for some time, and it is likewise believed
was
,
that
It is held that the House
it.
President will veto
the
probably would not override the veto, considering that the
vote was only 176 to 163.
What really gave the market a
scare was the announcement of the Itoosevelt-Churchill state¬
ment on war aims.
It was at first believed that the state¬
ment
something of
was
a
offer,
peace
and cotton prices
dropped sharply.
When it became apparent that it was
not, prices recovered some of their losses.
The nervousness
was enough to cause more caution on the part of the bullish
appreciable
little
and
element,
support
the
given
was
market.
Today
considerable irregularity
prices.
a
"ceiling,"caused some bullish sentiment. There were few
new hedges and offerings were light.
Opening prices were 5
points higher to 1 point lower. Early support was reported
from spot houses, but local selling and commission house
liquidation caused a further easement, prices declining to
from
closed 5 points
prices
entered
ton
of
Discussion of
last hour.
mill demand
White—
Strict Good Middling
1011
Commercial & Financial Chronicle
1
prices
point
about
Cot¬
up.
unchanged
the market had drifted
commission house and New Orleans selling and
on
Southern
Earlier
close.
yesterday's
lower
with
lionr
last
the
off to
Volume
operations.
hedging
was
The
small.
uncertainty over whether President Roosevelt will veto the
prices lower during Saturday's short session.
The
market opened barely steady 3 to 7 points lower, and the
early prices were the best levels of the day. Bombay brokers
sold16,000 to 7,000 bales of Oct. and Dec. during the early
trading, and there followed a persistent dribble of hedge
selling, and liquidation from New Orleans brokers. Rallies
were feeble during the day, and trade houses absorbed con¬
tracts on the scale down, but the buying at no time was
very aggressive.
The weather map for the day was favorable,
there being very little rain in the belt, and it is believed the
crop is now improving contra-seasonally.
Other markets
were sluggish,
believed to reflect adverse war news from
Russia ana ideas that the news from Washington this week
will be deflationary.
The Administration is expected to
crop-freezing measure caused hesitancy among traders.
Opening prices were 2 to 9 points lower, with scattered
Southern hedge selling outweighed by trade buying.
Firm¬
ness continued in the first hour, but the small volume was
oppose the bill in the House calling for freezing loan stocks of
cotton. Total sales in the leading Southern spot markets were
Aug. 9 to Aug. 15—
Middling upland 15-16
cotton
price at the 10 designated spot
closed 21 to 23
points net lower.
Increased hedge selling from Texas and
Georgia, and continued favorable weather in the belt caused
a setback today in cotton, and final prices were at about the
lowest points of the day, or 21 to 23 points net lower.
The
market opened barely steady, 5 to 11 points net lower, and
continued to back and fill all day.
Volume was not heavy
at any time.
Prices sank more from lack of demand than
anything else. Washington reported that Government held
stocks Aug. 1 totaled 6,550,000 bales, of which Commodity
Credit Corp. owned 6,125,000 bales.
The balance 425,000
bales, consisted of 1938, 1939 and 1940 loan stocks.
The
loan levels named last week also were an important factor
in bringing in liquidation and hedge selling.
The interior
loan levels, and the loan that will be granted at the ports,
average 14.30c., or about 170 points under the commercial
values for cotton at the same points.
Sales in leading spot
markets totaled 3,810 bales compared with 3,939 bales last
year.
The average price at the 10 designated markets for
middling was 15.79c. and at the 8 delivery points 15.93c. On
the 12th inst. prices closed 36 to 41 points net lower. Con¬
tinued heavy liquidation of longs yesterday influenced by
favorable weather in the South, indications that President
3,895 bales.
markets
was
The
16c.
calculated to dampen interest
bales, anew high record, was at first without marked effect.
had estimated 940,000 bales.
Later
this
disappointment was enough to help
small
The official
quotation for middling upland cotton in the
New York market each day for the last week has been:
Sat,
Mon.
16.76
(nom'l).16.97
New York
Tues.
16.35
Wed. Thurs. Frl.
16.91 16.73 16.65
Quotations for 32 Years
quotations for middling upland V% (nominal) at New
on Aug. 15 for each of the past 32 years have been as
The
York
follows:
1925
23.75c.
1924
29.40c.
1916
...
1923
1915
...
1930
10.69c.
1929
18.00c.
1921
.12.36c.
.11.70c.
.13.60c.
1928
1927
19.20c.
19.40c.
1919
1926
18.00c.
1918
25.65c.
20.85c.
13.05c.
37.50c.
31.50c.
33.35c.
1940
.
1937
1936
*
....
1932
1931
8.27c.
.
1938
1933
9.81c.
9.29c.
.
1939
1935
1934
1917
8.85c.
7.50c.
7.05c.
11.90c.
*16.65c.
1941
1941 quotation is for
1922
1920
...
..26.70c.
__14.30c.
9.30c.
..
1914-..
1913
IIll~90c.
...
1912
12.00c.
...
1911
...
1910
_
...
_
12.60c.
-.15.55c.
15-16ths.
and closing prices at New
week have been as follows:
Futures—The highest, lowest
York for the past
Saturday
Mondav
Tueada>i
9
Aug. 11
Aug. 12
Aug.
4K0.(1941;
Thursday
Aug. 14
16.12k
15.91k
15.50k
16.06k
15.88k
16.22k
16.01k
15.60k
16,16k
15.98K
16.00-16.00
Range..
Closing.
October—
Range..
Closing
.
Friday
Aug. 16
15.82 15.82
Range-.
Closing.
Wednesday
Aug. 13
September -
15.95K
16.30 16.50 16.09 16.31 15.65 10.06 15.03 10.26 15.78-16.39 lo.92-10.17
16.05 16.26 —— 16.08
16.11 16.12 15.70
16.32k
NovemberRange..
Roosevelt would veto the bill
even
depress prices further.
On the 11th inst. prices
quantities. During the day Secretary of Agriculture Claude
R. Wickard, in a speech at Athens, Ga., severely criticized
the bill in Congress that would freeze Government loan
stocks, and intimated that the bill would be vetoed if it
reached the White House. He also indicated that after the
war there might have to be found a new method of arriving
at 85% of parity for farm commodities, because the public
might not stand for the continued expense. Total sales in
the leading Southern spot markets were 4,615 bales, compared
with 5,84?) bales last year.
The average price at the 10
designated spot markets was 15.39c.
On the 13th inst.
prices closed 56 to 51 points net higher. Cotton futures were
strong today, advancing nearly $3 a bale at one time in the
The mere
The New York Cotton Exchange
average
proposing to freeze cotton loan
stocks, and threats of ceiling prices on finished goods, carried
cotton prices to new low levels for the move and to net losses
of 36 to 41 points for the day*
The market started 2 to 5
points lower, and steadily declined with only a few small
feeble rallies.
Bombay and commission houses sold freely
all day.
There also was selling from New Orleans, and the
trade demand was of a scale down nature, and in diminishing
and prices slid off.
prospect of a presidential veto of the freezing measure was
enough to discourage speculation.
The Census Bureau esti¬
mate of cotton consumption in July, although at 928,943
Closing
.
DecemberRange..
Closing
Jan.
.
(1942)
Range..
Closing.
16 41k
10.19k
15.80K
16.34 k
10.14K
16.18k
16.10-16.35
16.48 16.70 16.27 10.47 15.84 16.25 15.8116.45 16.00-16.54
16.24
16.50 16.51 16.27 16.30 15.88 15.92 16.41 16.43 16.27-16.29
16.23-16.23
16.50 16.70 10.32 10.42 15.84 16.05 15.85 16.42 16.29-16.53
16.23
16.42 —— 16.29
15.90K
16.29k
6.51k
FebruaryRange..
Closing.
March—
Range..
Closing
.
16.56k
10.34k
15.96k
16.48k
16.28k
16.34k
16.19-16.46
16.60 16.81 16.39 16.59 15.95 16.35 15.93 16.55 16.03-16.64
16.39-16.41 16.34-16.35
16.54 —
16.03 —
16.39 —
16.62
April—
Range..
Closing
.
MayRange..
Closing
.
16.62k
16.39k
16.03k
16.54k
16.36k
16.40k
16.20-16.46
16.60 16.82 16.40 16.57 15.95 16.36 15.94 16.56 16.07-16.61
16.38-16.39
16.41
16.03 — 16.54
16.40
16.62
June—
Range
..
Closing.
July-
16.59K
16.37n
16.00k
16.51k
16.34k
16.37k
Range
Closing.
.
16.25-16.40
16.56 10.74 16.38 16.52 15.92 16.32 15.90 16.48 16.07-16.54
1.6.57k
n
16.34k
15.97k
16.49k
16.34
—
16.30k
Nominal.
New York for the week
and since trading began on each option:
Range for future prices at
Aug. 15,
ended
The Commercial & Financial Chronicle
1012
in the
1941—
15.03
August
September
15.81
Aug. 13 10.70 Aug.
.
9.28 Dec. 19 1940 17.62 July
9
28 1941
1942—
15.84 Aug. 12 10.70 Aug.
January
February...
March
15.93 Aug. 13 10.81 Aug.
April
15.94 Aug. 13 16.82 Aug.
May
9.49
9
17 1941 17.63
Feb.
<%week at New York
market for spot
on the spot each day
during the
indicated in the following statement.
cotton
are
For the convenience
28 1941
9 13.16
The
than
Market and Sales at New York
July 28 1941
9 10.43 Mar. 17 1941 17.78 July
year.
more
week last year.
"The total sales of
November..
December.
same
15.14 July
9 1941 16.65 July 15 1941
Aug. 15 J6.00 Aug. 15 16.00 Aug. 15 1941 16.00 Aug. 15 1941
8.70 Oct. 18 1940 17.46 July 28 1941
9
Aug. 13 16.50 Aug.
16.00
_
October
1941
16
170,303 bales more than at the same period last
receipts of all the towns have been 31,844 bales
Range Since Beginning of Option
Range for Week
Option for-
Aug.
of the reader
and futures closed
28 1941
also show how the
we
the
on
days:
same
...
May 19 1941 17.77 July
Futures
June
Aug. 13 10.39
15.90
July
9 15.92 July
Aug.
18 1941 17.75 July
Volume of Sales for Future Delivery—The
Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for (future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
Open
New York
Aug.
8 Aug.
9 Aug. 11 Aug. 12 Aug. 13 Aug. 14
Spot Market
28 1941
Contracts
Aug. 14
NomipaL
Nomina]
Steady.
Nominal
Nominal
100
19" 700
li.OOO
17~2<)6
34" 900
December
79,800
44,600
55,400
89,800
900
400
1,100
6,500
March
60,900
28,400
50,400
95,200
May..
32,500
12,000
37,400
71,000
4,500
1,700
12,800
900
a
100
Total all futures
7 Aug.
8 Aug.
192,000
78,800
1,900
23,200
61,000
480,500
Via St. Louis
34,000
292,300
6,300
54,500
Via Mounds, &c
Via Itock Island
Contracts
Aug. 12
"!
1941—
'
300
300
600
200
6,750
6,350
24,250
41,500
100
1,500
27,300
15,950
2,350
650
4,650
54,200
118,400
March
14", 600
22,500
45,550
26,750
May
13,200
8,050
9,250
100
1,150
18,100
1,450
54,500 102,900
60,250
July
Includes
a
100
900
469,800
100 bales against which notices have been Issued, leaving
net open
45,200
contracts none.
b Includes
1,400 bales against which notices have been Issued, leaving net open
contracts 1,800 bales.
The Visible
Supply of Cotton —Due
are not permitted to be
cotton statistics
We
are
therefore
obliged to omit
visible
at
supply of cotton and
Liverpool:
Aug. 15—
Middling upland, Liverpool
*
Egypt, good Giza, Liverpool.
Peruvian Tanguis, g'd fair, L'pool
Broach, fine, Liverpool
C. P. Oomra, No. 1 staple, super¬
fine, Liverpool
3,791
5,285
3,000
9,376
14,432
22,242
47,561
14,073
37,457
At
the
usual
371
167
487
38,017
10,137
26,622
16,763
38,388
12,589
29,394
5,479
9,173
1,484
8,063
of
the
give only the spot prices
1941
1940
been
Estimated.
year,
and
of
bales, against 3,484 bales for
that for the season to date the
increase
an
over
a
year ago
1,100 bales.
-1941
In Sight and Spinners
-1940
Since
Takings
Week
Receipts at ports to Aug. 15
Since
Week
Aug. 1
67,673
Net overland to Aug. 15
5,479
South'n consumption to Aug. 15__ 190,000
141,812
9,173
380,000
Total marketed.
Interior stocks in excess
Aug. 1
1,484
110,000
*14,931
_
.263,152
*43,058
Came into sight during week._..220,094
Total in sight Aug. 15
North.spinn's'takings to Aug. 15_ 60,809
140,630
148,107
8,063
254,000
437,862
3.89d.
78,606
530,985
*43,123
3.92d.
1939
movement
5,479
aggregate net overland exhibits
1938
8.19d.
5.14d.
15.30d.
4.84d.
5.73d".
10.40d.
8.84d.
4.lid.
8.34d.
6.50d.
4.25d.
^
190,090
410,170
*47,835
7.29d.
8.34d.
14.7.3d.
6.32d.
4.78d.
Towns, the movement, that is,, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
Decrease.
detail below:
15, 1941
Movement to
Aug.
10,
175,159
...
______
Interior
Movement to Aug.
a
The foregoing shows the week's net overland
this year has
the week last
2,285
194
16,509
Including movement by rail to Canada,
conditions,
table
91
2,285
Total to be deducted
sent from abroad,
Closed.
.
__
can
our
to war
227
440
6,404
7,089
Leaving total net overland *
*
6,331
7,000
290
Inland, &c.t from South
9,200
76,800 131,700
Total all futures
•
Aug. 1
2,288
a3,500
3,110
_
157,800
27,900
24,752
7,725
151
Total gross overland
Deduct Shipments—
Overland to N. Y., Boston, &c
Between interior towns
1942—
January
Since
Week
Aug. 1
11,835
3,300
Via Louisville
Via Virginia points
109,250
400
December
-1940-
Since
Week
67,300
30,650
3,700
20,150
4,850
15,150
3,400
13,800
1,400
1,800
-1941-
Shipped—
63,200
0.566
100
August
October
600
600
years are as
549,100
1,900
68,400
41,100
7,200
9 Aug. 11 Aug. 12
200
The results for the week and since
follows:
Aug. 1 in the last two
34", 100
Open
6 Aug.
2C0
1
Via other routes, &c
Aug.
"400
'JVi
week.
14,900
82,100
198,300 102,000 174,300 307,300 215,700 216,100 1.591,700
New Orleans
"400
800
- _ _
Aug. 15—
July
800
_
Overland Movement for the Week and Since
Aug. 1—
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from
telegraphic
1942—
January
Total
800
_
1,200
Nominal
_
Since Aug.
Contr'ct
Spot
Barely steady.
Barely steady.
Steady
Very steady
Steady
__
Total
Closed
Nominal
reports Friday night.
1941—
August (Inactive)
October
Market
Closed
Saturday
Monday
Tuesday
Wednesday
Thursday.
Friday
SALES
362,335
43,193
80,060
.
Movement into sight in previous years:
Week—
Bales
1939—Aug. 18.
1938—Aug. 23
1937—Aug. 21
Since Aug. 1—
-.213,493
—
Bales
1939..
-183,330
,544,3 99
406,158
^.671,553
1938
283.410
1937—
Quotations for Middling Cotton at Other Markets—are
the closing quotations for
middling cotton at
1940
Below
Towns
Ship¬
Week
Ala., Birm'arn
Season
2,591
Stocks
ments
Receipts
Aug.
Week
15
Receipts
Aug.
Week
Season
Stocks
ments
Week
Ship¬
16
1,571
6,016
3,453
2,242
EUfaula
27
10,440
"110
118
"141
6,298
Montgom'y
2,302
5,427
1.489
93.147
1,443
3,153
560
Southern principal cotton markets for each
Closing Quotations for Middling Cotton
76,994
Selma
13,285
23
34
3,889
39,241
20
263
180
2,267
69,087
168
271
842
187
149
18.692
w
1,610
18,422
"28
'
—
"361
222
Jonesboro..
643
10
839
174
m-w*
3,687
31,356
993
18,991
1,000
2,016
2,000
40,166
19
91
371
26,252
6
184
22,663
853
332
116,139
12
50
20,339
27
229
59,397
17
"486
«...
178
28,721
-
'
m
m
■
17
'
Ga., Albany.
331
242
11,490
49
634
81
416
416
39
30,656
Atlanta
1,765
2,438
1,481
29,293
1*437
4,225
2,202
93,119
Augusta
Columbus.
3.335
6.463
3.853
176,661
927
2,410
505
110.316
1,100
600
29,050
500
728
494
36,668
_
Athens
375
29,064
500
_
Macon
258
Rome
v
La., Sbrevep't
Miss., Clarkad
Columbus.
-
62
509
100
Jackson
737
200
800
24,453
100
_
Greenwood-
411
515
200
1,200
*
"2
■
m
m.
-
702
86
29,507
42
1,000
22,703
"166
337
600
99
m
-
*
-
—
-
-
54,309
6,205
2,288
4,477
63
213
654
1,185
2,613
9,763
1,521
88,843
56,861
743,107
804
782
1,485
4,292
2,500
2,071
5,608
2,500
71,656
21,201
47,468
25,310
464,574
10,303
Austin
2
Brenham.
747
*
1.075
61
464
205
"""5
"16
"5
1,043
2,209
3,000
27,880
211
337
137
28,633
64
110
400
18,051
9
15
4,229
16,636
3
3
58
1,062
205
326
248
248
"313
348
18,848
944
158
12,733
Marcos
81
_
Waco
Total,56town8
140
322
70
710
424
3,729
84
Texarkana
742
275
13,338
65,508
238
_
857
The
15.55
15.05
15.10
%
In.
In
15-16
In.
In.
15-16
In.
3 5.60 15.85 15.40
15.65
15.60 15.80|15.42 15.62
15.50 15.75(15.35 15.65
15.76
15.85
16.15
15.90
10.15
15.65
15.57
14.95
15.55
15.52 15.77 15.31 15.56 14.90 15.15 15.46 15.71 15.28 15.53
15.25 15.56
Dallas
New Orleans Contract Market—The
for
closing quotations
leading
contracts in the New Orleans cotton market for
the past week have been as follows:
9
Monday
Aug. 11
Tuesday
Aug. 12
Wednesday
Aug. 13
Thursday
Aug. 14
Friday
Aug. 15
1941—
October
16.27-16.28 16.05
December. 16.48
16.26
15.66
16.23
16.085
15.86-15.92 16.39
January.
16.525
_
March
16.11
16.25-16.29 16.23-16.26
1942—
16.305-.32a 15.915-.93a 16.405-.42a 16.275
16.255
16.65-16.66 16.38-16.39 16.03-16.06 16.54-15.66 16.39-16.41 16.39
16.66-16.67 16.40-16.42 16.03-16.05 16.56-16.57 16.41
16.37
16.605-.62a 16.335-.34a 15.985-.OOa 16.505-.51a 163451036a 16.315
May__
July
Tone—
above
totals
show
that
33,664
the
during the week 43,058
Spot
79,884'
48,595 1910,624
interior
bales
and
stocks
are
have
tonight
Quiet
Quiet
Quiet
Steady
Quiet.
Barely st'y Barely st'y Barely st'y Very st'dy Barely stdy
Futures
a
Ask,
Quiet.
Steady.
5 Bid
Census
Aug.
138,531 115,566 2080,927
Includes the combined totals ol 15 towns In Oklahoma.
decreased
Friday
Vs
1.013
233
"312
Robstown__
*
8,813
48
Paris
San
im* *
147,941
1,000
_
Dallas
16.17 16.42 15.96 16.21
15.05 15.90 15.45 15.70
15.70 15.90 15.50 15.70
Little Rock.. 15.55 15.80 15.35 15.60
Memphis
Houston
Aug.
6
1,649
Norfolk
Montgomery. 15.95 16.15 15.75 15.95 15.35
Augusta
Saturday
2.019
70,584
In.
15-16
15.50
28,273
1,924
363
%
15.15 15.71 15.32 15.52
15.91 16.06 15.73 15.88
16.10 10.30 15.95 16.15
15.90 16.10 15.70 15.90 15
16.11 16.36 15.93 10.18 15
415
3,204
1.300
I In.
15.57 15.77 15.36 15.56 14.95
15.97 16.12 15.77 15.92 15.35
16.20 16.40 16.00 16.20 15.60
23
32
33,537
In
In.
11,679
11,834
Tenn., Mem's
Texas, Abilene
15-16
Mobile
Savannah
23
14.991
116,718
li
In.
15.59
11,982
544
S. C., Gr'vllle
,15-16
15.61 15.81 15.42 15.62 15
15.68 15.88 15.53 15.73
11,952
""l3
Oklahoma—
15 towns *_
%
on-
Thursday
15.07 15.87 15.46 15.66 15.05
New Orleans. 15.73 15.93 15.50 15.70 15.11
380
7,046
542
-
In.
174
227
"
24,566
-
15-161
""39
7,451
157
-
Wednesday
45,259
■
11,722
-
Tuesday
Galveston
30,100
N.C., Gr'boro
'mm--
V*
In.
35,526
Vlcksburg..
Yazoo City.
Mo., St. Louis
1
Monday
27,210
"740
37,371
-
*
*
250
82
7,349
m-
300
-■«»«.
-
"4
49,121
•
•*
Natchez
—
41,423
300
1,000
1,154
30,646
■
-
10,398
36.741
I
Aug. 15
24,588
87
43
93,622
48
Walnut Rge
118
k—.
45
21.796
1,436
12
Bluff.
'■m
23,015
465
Rock
Newport
Sat urday
96,056
187
Hope
Week Ended
47,747
817
Helena
Pine
51
110
Ark.,Blythev.
Forest City
Little
45,038
day of the week:
13
Report
the
on
Bureau
Cottonseed
of
the
Census
Oil
Production—On
issued
the following
showing cottonseed received, crushed, and on
hand, and cottonseed products manufactured, shipped out,
on
hand, and exported for the 12 months ended with July,
statement
1941 and 1940:
Volume
The Commercial & Financial Chronicle
153
COTTONSEED
RECEIVED.
CRUSHED, AND ON
HAND
1013
(TONS)
Total Loans
Received at Mills *
State
Aug. 1 to July 31
Aug. 1 to July 31
1940
1941
1941
Bales
July 31
1940
1941
1940
Ala
200,964
199,070
211,297
12,329
582
80,458
89,127
80.249
91,743
217
8
537,205
456,722
517,747
455,222
25,013
5,555
Arizona
Arkansas..-
5,901, 599.05
3,324, 899.07
117,674
3,299, 077.30
5,706
1,622
279,584.37
69,470
6,089, 185.06
126,899
6,009,,067.87
1,605
Calif....
386,172
19,241, 337.61
368,182
17,990
Fla
151
80,117.19
827,877.61
2,082.91
Ga
184,731
155,747
7, 320.73
8,833, 436.93
18,413, 460.00
5, 327.82
168,137
139,894
73,460
8,042 913.99
16,594
6,842 ,770.96
15,853
757.125.75
3,342 ,627.25
3,739
10,919
508 ,590.03
1,819
203,675.54
83,167.11
4,680
201,582
165,796
198,162
167,600
6,489
3,069
418,347
384,712
400,528
397,771
18,951
1,132
133,363
219,956
133,108
220,249
509
254
Mississippi
499,640
626,012
641,291
3,864
North Carolina
276,555
167,310
502,290
270,614
164,949
9,551
6,514
a,610
Mo.....
Oklahoma
508
N. M...
154,196
238,266
275,156
237,196
335,954
-
272.744
400,228
529
154,485
237,580
2,928
516
1,126
380,693
337,764
20,661
923.431 1,085,572
962,087
27,227
16,412
108,260
108,717
3,018
221
4.488,725 4,069,636 4,396,191 4.150,755
131,376
39,507
Texas
1,097,052
120,035
All other States
117,148
La......
Miss
*
Includes 665 tons seed destroyed
tons
hand
on
1
Aug.
nor
1941 but not 39,507 and 120.626
at mills In
1941
58,612 and 42,566 tons reshipped for
and 1940,
PRODUCTS
MANUFACTURED.
ON
Produced
Item
On Hand
Season
Tenn
1940-41
j
1939-40
Refined oil, Ibs.
1940-41
Cake
and
1940-41
meal.
Aug.
On Hand
1 to
July 31
July 31
560,035,317 1,289,086,247
79,501
1,952,911
1939-40
119,718
1940-41
tons
Shipped Out
July 31
*37,351,577j 1,424,899,485 1.429,645.897
72,066,763 1,325,241,460 1,364,398,828
0493,658,107 51344,142,233
1939-40
AND
20,914
1,922,434
79,501
977,056
151,546
1939-40
77,087
1,110,951
20,914
1940-41
129,340
1,207,309
1,212,228
124,421
bales-.—-—
1939-40
1,422,315
129,340
Hull
479,316
1,072.339
1940-41
1.215
37,576
37,163
1,628
1939-40
24,931
30,932
54,648
1,215
1940-41
12.449
49,671
55,468
1939-40
fiber,
30,642
51,402
69,595
6,652
12,449
Grabbots,motes,
■
bales
*
Includes 15,683,017 and
13,300.637 pounds held by refining and manufacturing
establishments and 8,340,320 and 7,859,320 pounds in transit to refiners and con¬
12,623,312
and
4,064.378
oleomargarine,
and
pounds
4,023,599
soap,
pounds held by refiners, brokers, agents
than refineries and manufacturing establishments
6,874,577
and warehousemen at places other
and
In
transit
to
manufacturers of
shortening,
112,140
5,557 ,319.50
745,,882.34
10,713
98,620.24
648.647.76
122,853
15,373
745, ,882.34
15,373
78,008 ,837.28 1,413,245
1,625,677
913
Va
Total
43 ,203.09
67,465, 745.65
212",432 10,543,091*63
43, 203.09
913
3,180,179 153,139,181.15 2,871,216 137,952.349.91 308,963 15,186,831.24
.
Including unallocated repayments.
The
Agricultural Department also announced on Aug. 7
Aug. 2, 1941, loans outstanding on 1938-39 crop
cotton held by the Commodity Credit Corporation and lend¬
ing agencies aggregate 327,328 bales.
Loans and repayments
by States follow:
on
Repayments
Total
Balance
Aug. 2, 1941
Outstanding
(Bales)
(.Bales)
317,598
Alabama
(Bales)
21,307
296,291
_
_
__
.
..
California
71,991
8,003
655,001
40,800
195,144
..
79,994
695,801
Arizona
Arkansas
Through
Loans
Stales
170,818
24,326
171,979
Georgia
177,953
Louisiana
291,970
258,089
5,974
33,881
Mississippi
762,317
687,268
75,049
110,793
39,188
109,534
1,259
24,180
15,008
23,734
22,397
176,871
1,337
7,695
51,827
283,307
37,650
1,174,906
53,790
New Mexico
North Carolina
Oklahoma
184,566
...
53,065
South Carolina
320,957
1,228,696
1,238
150
139
11
4,481,926
4.154,508
327,328
Virginia
Total
-----
&c., Aug. 1, 1940, and July 31. 1941, respectively.
Comments
b Produced from 1,423,849.504 pounds of crude oil.
EXPORTS AND IMPORTS OF COTTONSEED PRODUCTS FOR 11 MONTHS
ENDED JUNE
30
1940
1941
Items
2,728,356
5,018,722
11,721,350
13,117,764
Exports—Oil, crude, pounds
Oil, refined, pounds
975
6,742
19,367
315,733
3,273^888
10,111*935
Cake and meal, tons of 2,000 pounds
Llnters, running bales
,
Imports—Oil, crude, pounds*-—--——----—.
Oil, refined, pounds*
49,569
Llnters, bales of 500 pounds
17,881
230.052
Cake and meal, tons of 2,000 pounds
*
2,232
Texas
Includes
a
9,828 021.06
Tennessee
Aug. 1, 1940, and July 31, 1941, respectively.
sumers
810,124.34
208,485
Missouri
500-f
lb. bales
&c., 500-lb.
17,824
9,926, 641.30
6,205, ,967.26
165,966
1.866,446
running
Llnters.
36,372.08
41,635
215, 454.61
2,010 963.76
793
2,821, 088.10
*29,741,785
37,351,577
0291,722.241
493,658,107
1,882,217
1,107,688
1,054,778
Hulls, tons
790,522.94
59,459
...
that
1 to
Aug.
Aug. 1
Crude oil, lbs
OUT.
SHIPPED
HAND
41
210,717
S. C
respectively.
COTTONSEED
25,821.77
3,546, ,302.79
591, 757.14
251, ,826.69
N. C....
Okla
*
110
7,599, 896.71
5,622, 014.68
77,199
12,738
5,473
....
Texas...
United States
Amount
$
71,092
Louisiana
238,287
Loans Outstanding
Bales
Amount
128,504
123,380
Georgia
Tennessee
Bales
Ark
Ariz
California
South Carolina
Amount
$
210,817
Alabama
*
Repayments
States
On Hand at Mills
Crushed
57,039
1941, no cottonseed oil was "entered for consumption," "with
drawn from warehouse for consumption," or "entered for warehouse."
During July,
Concerning
Cotton
Report
of
Aug.
1—
The
Agricultural Department at Washington in giving out
its cotton crop report on Aug. 8, as of Aug. 1, which we pub¬
lished in full Aug. 9, page 860, also made public the following
remarks:
,v?:
■
A United States cotton crop of 10,817,000 bales is forecast by the Crop
Reporting Board of the U. S. Department of Agriculture, based upon infor¬
mation gathered as of Aug. 1.
Such a production would be 1.749,000 bales,
or
14%, less than the 1940 crop, and 2,429,000 bales, or 18%, less than
the 10-year (1930-39) average.
This would be the smallest crop since 1935.
The average yield for the United States is forecast at 224.4 pounds per
acre, with is 28.1 pounds less than the 1940 yield, but 19.0 pounds more
than the average of 204.4 pounds per acre.
In South Carolina the weather has been very unfavorable for cotton and
prospective yield per acre is the lowest since 1922.
Conditions have
been unfavorable in Georgia, Florida and Louisiana, and yields per
in these States are expected to be considerably below average.
Pros¬
pects are much better than average, however, in Missouri, Tennessee,
Arkansas and Mississippi.
California yield per acre is indicated consid¬
erably above average, but less than the record yield of last season.
The 23,102,000 acres published in this report is the estimated acreage in
cultivation on July 1 less the 10-year average abandonment.
This acreage
is 3.0% less than that harvested in 1940 and is the smallest harvested acre¬
age since 1895.
The Board also secured such information as was available
concerning the number of acres which are being removed from cultivation
since July 1 to comply with the provisions of the Agricultural Conservation
Program, and made allowance for such reduction in acreage in estimating
probable production.
The reports from crop correspondents indicate that the crop is later than
usual in nearly all States.
In Texas and Louisiana, where unfavorable
conditions prevailed at seeding time, the crop is from one week to two weeks
late and in most other States from about average to one week late.
In
Tennessee and Missouri it is from one to two weeks earlier than average.
the
also
acre
Interior
York
Contract Under Study by New
Exchange—In keeping with its policy of
Delivery
Cotton
unbiased service to the cotton industry,
extending over a
than 70 years, the New York Cotton Exchange
announced on Aug. 12 that substantial progress is being
made regarding the possibility of developing an interior
delivery contract to meet changed distribution and con¬
suming conditions in cotton.
In keeping with tradition
the investigation will be very thorough so that the machinery
of the Exchange used by producers, merchants, and proc¬
essors
can
be, if found necessary, adjusted
to fit har¬
moniously into the far-reaching legislative developments of
recent years, designed to correct maladjustments in the
period of
more
nation's economic life.
Two New Members of
At
\
■■
New York Cotton
Exchange—
meeting of the Board of Managers of the New York
Cotton Exchange held Aug. 8, Eugene Bragg Smith of Dal¬
las, Texas, and Edgar D. Vaughan of Talladega, Ala.,
were elected to membership in the Exchange.
Mr. Smith is
member of the Dallas Cotton Exchange, Texas Cotton Ship¬
pers' Association, Memphis Cotton Exchange and Corpus
Christi Cotton Exchange.
a
Unfixed
Call
Sales of
Cotton
Down
36,100 Bales in
1—Unfixed call sales of cotton reported
Commodity Exchange Administration decreased
36,100 bales during the week ended Aug. 1 to 517,800 bales,
according to the Aug. 8 weekly statement from the U. S.
Department of Agriculture.
Of this amount, 70,700 bales
Week Ended Aug.
the
by
based
were
on
the October future and
172,200
on
the De¬
cember future of the current year, while 2,500 bales were
based on the January future of next year, 128,400 on March,
85,500
on
May, 52,200 on July and 6,300 on October.
announcement
The
added:
on
January, 8,800 on March, 4,300 on May and 600 on July.
includes only call sales and purchases based on New
as reported to the Commodity Exchange Adminis
This statement
York cotton futures,
by merchants with futures contracts of 5.000 bales or more in a
future, The figures released, therefore, do not cover all such trans-
tration
single
actions.
by Telegraph—Telegraphic
Returns
on
1940-41 and
1938-39 Cotton
advices to
us
this
evening denote that in Texas progress of cotton was good in
the north and fair elsewhere, except that in the southeast
rainfall was heavy, favoring weevil and delaying fruiting.
Rain
Inches
—2
2
Brownsville
Corpus Christi
Del Rio
Fort Worth..
Houston
—
Navasota
----
PalestineSan
—
_
Antonio
Waco
Little Rock—
Louisiana—New
-
—
Orleans---
Mississippi—Meridian
- - -
Alabama—Mobile.
Birmingham
--
—
—
Montgomery.
Florida—Jacksonville.
_ —
Miami
Tampa.----------------
Atlanta..--Augusta
North
------
Carolina1—Asheville- —-
Charlotte
Raleigh
.
— -------
Tennessee—Chattanooga
Nashville.
—
—-
84
82
101
73
87
83
96
93
94
73
72
71
96
70
83
1.52
97
70
84
98
84
0.82
99
70
71
0.05
98
62
80
1.93
96
85
101
73
72
1.31
98
69
84
0.34
97
68
0.52
98
72
83
85
87
95
70
83
1.26
95
71
83
100
90
72
86
78
84
95
77
86
97
75
86
97
68
83
97
70
84
0.93
94
63
79
94
71
84
0.22
89
62
76
0.25
0.55
95
58
77
99
53
0.15
95
62
76
79
95
70
83
96
68
82
0.43
0.65
0.01
3.16
2
dry
3
dry
3
1
1
1
2
85
0.83
0.92
dry
-—
85
83
0.78
3
3
2
1
1
3
Carolina—Charleston.-
Wilmington---
73
0.50
3
1
—
Macon-.--
South
83
84
66
0.10
2
— ---
72
84
94
dry
Vicksburg——------
93
0.02
1
5
3
1
2
-
75
83
97
70
70
Mean
97
dry
Oklahoma—Oklahoma City
Arkansas—Fort Smith
57
0.43
0.90
1
4
2
1
1
—
---
76
96
dry
—
Low
92
0.43
0.70
High
91
dry
dry
dry
Abilene
-Thermometer-
Rainfall
Days
Texas—Galveston
Amarillo—,
Austin.
Georgia—Savannah---
Loans—The
Department of Agriculture announced on Aug. 7 that on
\.ug. 2, 1941 loans outstanding on the 1940-41 crop cotton
leld by Commodity Credit Corporation and lending agencies
totaled $4,672,799 on 96,366 bales.
Loans and repayments,
jy States, with the exception of repayments of $10,514,Q31
>n 212,597 bales made but not ye^ allocated by States, follow:
Report
weevil.
Shreveport
Unfixed call purchases decreased 4,600 bales to 47,200 bales on Aug. 1.
Of this number 17,600 bales were based on October, 15,800 on December,
100
Reports received up to Aug. 1 concerning boll weevil activity indicate
prospective loss from this source since 1932.
The damage is
expected to be about twice as great as the 10-year average in all States
where the presence of weevils creates a threat to the crop.
In interpreting
reported condition in terms of probable yield per acre, the Crop Reporting
Board has made allowance, as in the past, for probable loss due to boll
the greatest
0.98
The Commercial & Financial Chronicle
1014
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Aug. 15, 1941
Aug. 16, 1940
Feet
Feet
of gauge.
1.6
1.9
——Above zero of gaugeNashville.....----.--Above zero of gauge.
Shreveport
Above zero of gauge.
Vicksburg—;
-Above zero of gauge.
0.5
3.2
9.5
Above
New Orleans
Memphis
zero
_
9.6
7.0
0.4
Plantations—-The following table
the
from
Receipts
4.9
2.4
—
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:
Week
Mocks at Interior Towns
Receijis at Ports
Receipts from Plantations
End.
1939
1940
1941
1941
1940
1941
1939
1940
1939
Aug.
16,
1941
peaks established at mid-week.
Traders attributed the late
rally to mill support and short covering by professionals.
Substantial price gains recorded in all Chicago pits the last
seven sessions, ranging from 5c. for corn and 6e. for oats to
almost 10c. for soy beans, were attributed by grain interests
chiefly to Washington developments. On the 11th inst. prices
closed % to lHc. net lower.
Profit-taking and hedging
sales, the latter associated with increased receipts in the
spring wheat belt, disturbed the wheat pit which lacked
sufficient support from milling and baking interests, whose
buying supplied much activity last week.
Minneapolis
and Duluth, principal spring wheat terminals, received
942 cars, compared with 770 a week ago, and traders said
they expected the volume to continue to reflect increased
harvest
operations.
However,
because
of
restrictions
against receipts for storage, arrivals were well below those
a year ago,
totaling 1,159 cars.
Minneapolis reports said
that tests of 150
of
ears
wheat last week indicated the
new
have lower protein average, but weight was con¬
sidered good.
On the 12th inst. prices closed % to llAa.
net lower.
Political developments again appeared to be the
dominating influence in the grain markets today and vir¬
tually all futures closed lower than yesterday's final levels.
The market opened around a cent lower on wheat, later
recdvered more than half the loss and then broke again to
close at or within minor fractions of the day's lowest after
an address by Secretary of Agriculture Claude R. Wickard,
in which he indicated that the Administration was opposed
to the suggestion that Government holdings of wheat and
cotton be frozen until "after the end of the year.
Lack of
adequate storage facilities at principal markets, easiness of
cash grain prices and reactionary tendencies of surrounding
markets, particularly cotton, also contributed to the weak¬
ness of grains.
Secretary Wickard, in cautioning against
too high prices for farm products, said the parity goal should
be retained, that the Commodity Credit Corporation should
crop may
May
15,932 2697,331 2321,071 2692,155
16,953 2651,660 2288,087 2667,674
17,870 2611,700 2256,647 2635,929
39,262
23.
75,438
83,347
42,808
29.
65.092
30,472
93,349
73,311
27,624
16.
21,240
Nil
Nil
Nil
37,676
9,324
25.232
Nil
Nil
35,193
Nil
Nil
19,766
34,047
32,014
Nil
8.083
Nil
Nil
June
20.
78,427
32,919
26,190
16,177 2553,544 2220,186 2600,639
23,331 2499,999 2190.925 2570,117
36.239 2465,619 2152,669 2541,961
27.
64,570
40,690
26,909 2423,063 2100,527 2512,919
27,653
19,555
26,363
33,685
58,075
73,527
6.
13.
3,658
Nil
July
3.
53,576
11.
79,412
18.
69,682
25.
90,172
19,881
21,723
2383,187 2061,441 2490,599
2326,471 2034,995 2462,476
2279,147 2013,138 2444,446
2225,970 1980,272 2434,289
13 700
Nil
4,043
22,696
Nil
5,562
22,358
Nil
40,045
36,995
Nil
63,370
Aug.
73,404 2181,050 1954,131 2441,606
72,192 2130,985 1925,605 2434,071
78,606 101,982 2180,937 1910,674 2417,522
64,962
63,822
74,139
67,673
1.
8.
15.
18,902
38,821
80,721
24,074
60,375
31,849
63,675
64,657
85.433
24,615
The above statement shows:
from the
(1V That the total receipts
plantations since Aug. 1, 1941, are 4S,689 bales;
in 1940
were 100,272 bales, and in 1939 were 196,939 bales.
That although the receipts at the outports the past
week were 67,673 bales, the actual movement from planta¬
tions was 24,615 bales, the stock at interior towns having
decreased 43,058 bales during the week.
(2)
be allowed to sell wheat and cotton stocks and that relaxa¬
of
tion
wheat
penalties would wreck the wheat control
On the 13th inst. prices closed V/s to 2Mc. net
higher.
An advance of about 2c. a bushel in wheat prices
today wiped out more than half of the loss that has occurred
since last Thursday when the four-year peaks were estab¬
lished.
Prices closed only a little more than a cent below
those tops.
Buying of wheat and other grains was stimu¬
lated by Washington reports that more funds for lend-lease
appropriations including purchase of farm products, would
be sought.
Buying by mills and previous short sellers as
well as traders who had cashed profits the last few days was
noted in the wheat pit.
The huge domestic supply available
was
virtually eclipsed as a market factor by uncertainty
regarding political developments. The Administration warn¬
ing against attempts to secure excessively high prices for
farm products was offset by a Senate proposal to require a
"floor" under prices as well as a "ceiling."
While no indi¬
cation of where this "floor" would be fixed was given, traders
said Congress could not place it much, if any, below 85%
of parity and I be consistent with the loan program which
program.
Manchester Market—Our report
by cable tonight from
Manchester states that the market in both yarns and cloths
is
Spinners are considered to. hold small stocks
We give prices today below and leave those for
previous weeks of this and last year for comparison.
steady.
of yarn.
'
y'\
1940
1941
/■
32s Cop
ings, Common
to Finest
Upl'ds
Cotton
ings, Common
Twist
Middl'g
Twist
32s Cop
to Finest
Middl'g
Upl'ds
Cotton
d.
d.
3
Closed
14.08
0
@13
@13
3
Closed
Nominal
1
@13
4%
Closed
14.04
11 10% @12
1%
Closed
13
a.
3
@13
@13
@13
@13
6
Closed
14.04
11
1%
Closed
6
Closed
s.
d
d.
'
8% Lbs. Shirt¬
8% Lbs. Shirt¬
s.
s.
d.
s.
d.
d.
May
16..
16.19
13
0
23..
16.19
13
29—
16.19
13
6—
16.19
11 10%@12
1%
Nominal
7.42
Closed
June
6
Closed
14.22
10%@12
11 10%@12
12
4%@12
6
Closed
14.06
12
6
6
Closed
14.13
12
6
7%
Closed
14.25
12
7%
7%
Closed
14.19
12
Closed
14.U5
12
7%
Closed
14.00
12
7h
Closed
14.04
12
Closed
14.26
12
13-
16.19
13
3
20—
16.19
13
3
27—
16.19
13
3
3..
16.19
13
11-
16.19
13
18-
16.19
13
25-
16.19
13
—
16.19
13
4%@13
8-
16.19
13
15-
16.19
13
4%@13
4%@13
7%
Til 1
14.04
1%
7.25
7%
7.82
@12
9
7.60
@12
6
@12
6
@12
4%@12
9
7.82
9
7.98
9
7.83
9
7.95
TT
July
Aug.
1
3
@13
4%@13
4%@13
4%@13
7%
7%
7.84
9
4%@12
4%@12
6
@12
7.82
8.19
calls for loans to farmers at this basis.
On
the
Wheat
14th
prices
Inst.
shot
minutes of trading today, but then tumbled back to around
Shipping News—As shown on a previous page, the
of cotton from the United States the past week
have reached 000,000 bales.
The shipments, in detail, as
made up from mail and telegraphic reports, are as follows:
Cotton
York
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
yesterday's
close.
tributed
exports
prices closed unchanged to %c. lower.
as much as 21/£c. in the first few
up
to
the
Eastern
connections
pits.
Short
original
bringing
Profit-taking
Trade attention
covering
and
mill
buying
con¬
upward
drive, with houses with
substantial orders into the
developed
centered
rapidly
the
on
reaction.
the
on
Roosevelt-Churchill
state¬
ment, but there was no unanimity of opinion about what it
foreshadows.
Failure of the stock market to sliowT any
reaction
caused some late selling, and there was uncer¬
tainty about the fate of the bill to freeze wheat and corn
stocks held by the
Government.
Other factors which influ¬
Foreign Cotton Statistics—Regulations due to the war
Europe prohibit cotton statistics being sent from abroad.
are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
in
enced
the Government, although trade reports indicated this may
We
on
not meet the
approval of the President.
Today prices closed % to %c. net higher.
India Cotton Movement from All Ports.
Alexandria
buying included completion of congressional action
legislation to freeze wheat and cotton stocks owned by
Wheat prices
fluctuated nervously today, dipping at one time almost lc.
below yesterday's close, but finishing with small net gains.
Receipts and Shipments.
Liverpool Imports, Stocks, &c.
The
market's
inability
establish
to
a
definite
course
was
attributed principally to trade unwillingness to assume new
BREADSTUFFS
positions in view
Flour—Flour
mills
time ahead and
some
It
account.
and
op
was
Southwest
the
sales
fill-in
report
practically all of the large
no
bookings.
consumers
bookings
were
However,
uncovered for their
reported that the mills in the Northwest
booked
not
were
modest
quantities,
uncovered.
but
Prices
on
the
details
all
bakery
the
of
contracted for
are
of uncertainty regarding
of
Friday Night, Aug. 15, 1941.
Government wheat
farm
certain aspects
including price-fixing and
program,
freezing
Reports of increased "free"
stocks.
wheat marketings in some localities at prices near loan
levels also attracted attention.
Although uncertainties still
prevail regarding presidential action on the bill to "freeze"
Government wheat stocks, estimated slightly in excess of
170,060,000 bushels, traders pointed out there is no likeli¬
hood
of
current
Government
levels.
action
to
One
trade
was
termed
depress grain values
source
today
carried
below7
long
farm program
a
grades were advanced 10c. by the major mills following the
analysis of what
upturns in wheat.
involving increased restrictions on wheat acreage and mar¬
keting and Government barter of agricultural commodities
Wheat—On
lower.
the
9th
gains, ranging from 6 to
advances
much
inst.
Wheat prices held
registered
in
prices closed
H to
^c. net
more
than 8c.—pne of the sharpest
months.
Although
declining
as
an
attempt to
proposed
new
promote exports.
DAILY CLOSING PRICES
OF WHEAT IN
NEW YORK
Sat.
DAILY
CLOSING
PRICES
OF
Mon.
Tues.
Wed.
122%
No. 2 red.
120%
119%
122%
WHEAT
September
December
May
FUTURES
Mon.
IN
Tues.
Wed.
111% 110% 109%
114% 113%
118% 117% 116%
111%
115*6
118%
Sat.
1 He. at times, due to
early profit-taking and account
adjustment selling for over the week-end, prices closed only
iractionally lower, and were within fractions of the four-year
as
in
tenaciously today to the week's
a
.115%
Thurs. Fri.
122%
123#
CHICAGO
Thurs. Fri.
MX
MX
118%
112%
115%
119%
Volume
Season's
When Made
f
Season's Low and When Made
Aug. 14, 1941 (September
73^
Feb. 17, 1941
Aug. 14. 1941 (December
9614
May 31,1941
Aug. 14, 1941 (May
___109
July 24,1941
High and
114^
September
December
___
—1175^
120M
May
DAILY
The Commercial & Financial Chronicle
153
CLOSING
WHEAT
OF
PRICES
Sat.
'V
FUTURES
Mon.
Tues.
winnipeg
IN
Wed.
75
Thurs.
October
7534
Decern oer
77
7534
77
May
8134
Fri.
8134
7734
closed 34 to y2c,. net higher.
fractionally with wheat, but later developed
independent strength and closed at the best levels of the
day.
Brokers said although scattered moisture was re¬
ported in parts of the main producing area, there was no
general relief from the dry spell, and the forecast for Indiana,
Illinois, Iowa and Nebraska was for fair weather with little
temperature change.
There was less hedging in the corn
pit because of a reduction in country sales, but receipts
continued heavy following the large bookings earlier in the
week.
There was no upward revision in the Government
asking price, but spot corn quotations, unchanged to lc.
lower, were about 2c. under the Government price of 77c.
for No. 2 yellow.
On the 11th inst. prices closed b/% to lc.
net lower.
Corn at one time during the session was off
Corn—On the 9th inst. prices
Corn dipped
The rally of corn from low figures of the session was
attributed to buying of cash grain dealers.
Although good
showers were reported in many sections of the belt, par¬
ticularly in Iowa and Illinois, traders said more rain is needed
as there has been no general breaking of the dry spell.
Re¬
134>c.
ceipts of corn, totaling 403 cars, had a bearish effect on
trade and reflected recently increased bookings of corn to
arrive.
On the 12th inst. prices closed
to %c. net lower.
beneficial rains and
lower temperatures over much of the corn belt and to the
bearish interpretation placed on the
Government crop
report issued after the close.
The report indicated a crop
of 950,953,000 bushels of wheat, largest since 1919, and
2,587,574,000 bushels of corn, or the largest since 1937.
On the 13th inst. prices closed 7A to lc. net higher.
Traders
The
in
sections and cooler
some
wreather had
apprehension regarding corn, at least for the time
although there were many spots that received no
benefit.
However, firmness
of corn reflected Weather
relieved
being,
Bureau reports
crop
in
showing drought was threatening the new
many areas.
On the 14th inst.
prices closed % to %c. net lower.
The
fractionally despite Government
announcement that 20,000,000 bushels of Commodity Credit
corn
today's declines in rye.
On the 12th inst. prices closed
to l^c. net lower.
This market felt the influence of a
declining wheat market and the bearish Government report.
On the 13th inst. prices closed
1% to 134c. net higher. The
rye market was strong, but did not respond as fully as
expected in view of the strong action of the other grains,
especially wheat.
However, appreciable gains were shown
at the close, and offerings were noticeably light.
On the 14th inst. prices closed % to V2c. net lower.
Rye
showed gains
market advanced only
Corporation corn would be disposed of through conversion
industrial alcohol.
Traders pointed out this should
of
more
than lc. at one time,
sympathy with the heaviness of the other grains.
Today prices closed % to %c. net higher. Trading was light
in rye futures, with the undertone firm in sympathy with a
firm
market.
wheat
DAILY
PRICES
CLOSING
RYE
OF
88%c. at one
at
selling
corn,
points.
May
time, equaled the four-year
relieve the storage situation at some
peak established last week.
Today prices closed % to %c.
up.
Corn advanced fractionally with wheat at times, but
was
held in check by lack of sufficient buying support.
commercial corn
belt, including Illinois and Indiana, relieved some appre¬
hension regarding corn, and continued cool weather with
Rains
night in parts of the Eastern
over
showers was
further
DAILY
Man.
Sat.
High
...
DAILY CLOSING PRICES OF
9224 93
CORN FUTURES IN CHICAGO
93
Tues.
Thurs. Fri.
Wed.
79
__
_
May
Season's
High and
79>4
December.___ 8224
May
8624
When
June
Aug.
Aug.
7824
77 H
8123
8124
81
7834
8124
8524
8634 8534 8534
Made
|
Season's Low and When Made
23. 1941 (September ___ 5734
Feb. 17, 1941
7, 1941 (December—,. 7334
May 23,1941
9, 1941|May
-7934 July 30,1941
-
September
7834
8224
September
December
91 %
Mon.
Sat.
8624
11th inst. prices
of oats were also
heavy and totaled 99 cars.
This helped to depress this
grain.
On the 12th inst. prices closed unchanged to Yc.
lower.
The oats market was relatively dull, with prices
showing very little change.
On the 13th inst. prices closed
1 to lMc. net higher.
The strong action of wheat and corn
Hedging sales weakened oats.
On the
34 to 5/8c. net lower.
Receipts
closed
had its effect on oats futures,
which latter responded un¬
usually well to relatively light demand.
On the 14th inst. prices closed % to %c. net lower.
—
RYE
OF
Sat.
October
also
undertone
Oats
DAILY
were
was
..
DAILY CLOSING
OF OATS FUTURES IN
Sat.
Mon.
Tues.
Wed.
—
.
....
4124
4434
When Made
Aug.
7, 1941
Aug.
7, 1941
Aug. 14, 1941
Aug. 14, 1941
winnipeg
IN
Tues.
21, 1941
31, 1941
23,1941
25,1941
Wed.
Fri.
Thurs.
5534
~
'
DAILY
CLOSING
BARLEY FUTURES
OF
PRICES
Y:
;
Sat-
October
Mon.
Wed. Thurs: Fri.
5134
5124
Tues.
5024
December
—
----
5034
_
May..
IN winnipeg
Closing quotations
....
5134
____________
were as
-
51H
—
follows:
flour
■
Standard Mill Quotations
6 45 @6.70
6, 55 @6.80
6.70@6.95ISoft winter straights
6.45@6.70|Hard winter straights
Spring patents
First spring clears
grain
Wheat, New York—
I Oats, New York—
No. 2 red, c.i.f., domestic
123 34 |
No. 2 white
Manitoba No. 1, f.o.b. N. Y. 9024 I Rye, United States, c.i.f
(Barley, New York—
|
40 lbs. feeding
Corn New York—
No.
2 yellow, ail rail
93
All the statements below
I
—
—
.
4934
8834
85 24
.58-68
Chicago, cash
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended Saturday, Aug. 9, and since Aug. 1 for
each of the last three years:
Flour
Wheat
Corn
Oats
hbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
Rye
Barley
bush 56 lbs bush 48 lbs
...
212,000
1,839,000
1,377,000
3,145,000
54,000
959,000
27,000
1,084,000
1,966,000
140,000
21,000
142,000
14,000
141,000
336,000
68,000
111,000
714,000
193,000
15,000
321,000
1,446,000
Chicago
Minneapolis
618,000
904,000
2,000
230,000
315,000
149,000
343,000
190,000
3,000
750,000
193,000
Duluth____
Ts'ooo
Milwaukee.
Toledo.^. *
Buffalo
Indianapolis
111)060
900,000
4,000
38.000
1,000
"8)600
72,000
25,000
71,000
272,000
214,000
Peoria
39,000
213,000
658,000
46,000
1,948,000
39,000
1,447,000
185,000
642,000
166,000
37,000
59,000
135,000
47". 000
111)600
1~7~, 606
89)666
12,627,000
11,709.000
4,506,000
4,375,000
1,642,000
2,327,000
Same wk '40
404,000
432,000
4,013,000
2,884,000
339,000
2,894,000
Same wk '39
398.000
10,566,000
2,922,000
4,642,000
790,000
4,744,000
2,704,000
645,000
1,557,000
4,107,000
4,371,000
St. Louis
__
Joseph.
Wichita
:)E
___
Sioux City.
Total wk'41
.;
106,000
149,000
Since Aug. 1
818,000
____
1939
32,568,000
25,321,000
9,663,000
8,538,000
8,608,000
864,000
842.000
1941
1940
22,525,000
5,494,000
8,577,000
5,070,000
8.943,000
receipts of flour and grain at the seaboard ports for
Saturday Aug. 9, 1941, follow:
the week ended
Wheal
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
342,000
204,000
"3",000
144,000
9,000
36,000
Baltimore.-
15,000
New Orl'ns*
30,000
2,000
260,000
1,022,000
9,000
Philadelphia
Can.
Barley
174,000
8,000
91,000
Boston
Galveston.
Rue
bush 56 lbs bush 48 lbs
3,000
200,000
132,000
17,000
York.
New
Flour
bbls 196 lbs
Receipts at—
2,000
10)000
"1)660
21,000
_
Atlan¬
ports
1,777,000
381,000
3,635,000
819,000
24,000
10,000
175,000
7,648,000 130,221,000
9,016.000
1,732,000
723,000
1,761,000
-
Total wk '41
230,000
Since Jan. 1
1941
206,000
2,256,000
982,000
41,000
2,000
2,000
7,642,000
Week 1940.
81,608,000
21,904,000
2,765,000
1,698,000
1,165.000
I
4134
4034
chicago
----
—
42
4124
4324
44 24 4424
4624
—4724
Season's Low and When Made
4324
September
Sept. (new)
Dec. (new)
—
_.
30
3334
*
Thurs. Fri.
----
4134
----
Feb. 17, 1941
May 3, 1941
on
Receipts do not
include grain passing through New Orleans for foreign ports
through bills of lading.
The exports from the several seaboard ports
ended Saturday, Aug. 9, and since July 1, are
for the week
shown in the
annexed statement:
May (new)
3634
May
26, 1941
4134
July
Mon.
Tues.
4124
3934
—.—
— ..
4134
3934
3924,
Rye—On the 9th inst. prices closed
Wed.
Flour
Oats
Rye
Barley
Barrels
Bushels
Bushels
Bushels
4324
4024
-•—
40 24
4434
—-
32,430
14,000
Thurs. Fri.
208,000
Boston...
39)600
Philadelphia
8.000
14,000
New Orleans
1,777)660
381,000
1,999,000
18,313.000
434,000
a32,430
1, 1941
1,681,000
174,430
8,000
Total week 1940.
1,551,000
942,000
2,000
56.000
13,890.000
5,486,000
46,600
266.030
9,000
155,000
—
Can. Atl. ports._
% to Yd. net lower.
Total week 1941.
largely influenced by the heaviness
of wheat values.
On the 11th inst. prices closed 1% to 2c.
net lower.
Rye was the weakest of the grains.
Profittaking and hedge selling were the contributing factors in
This market was heavy,
Exports from—
IN winnipeg
4134
3934
----
Corn
Bushels
30, 1941
PRICES OF OATS FUTURES
Sat.
Wheat
Bushels
October...
December
May
Feb.
May
May
July
5424
May
1940
CLOSING PRICES
Season's High and
September
4234
Sept. (new)
4234
Dec. (new)
4534
May (new)— 4834
When Made
Since Jan. 1
steady.
September..
September new)
December new)
May new)
FUTURES
Mon.
5634
5734
December..
tic
fractionally lower.
Trading was light
and without any interesting feature.
Today prices closed
Y to %c. net higher.
This market ruled quiet, though the
prices
7 1 24
__
__
DAILY CLOSING PRICES
Total
prices closed % to y8c. net lower.
Oats—On the 9th inst.
I
7 1 34
76
Season's Low and
When Made
44
Aug.
2, 1941 September
5434
Aug.
4, 1941 Sept. (new)
Aug.
4, 1941 Dec. (new)... 5624
Aug.
4, 1941 May (new).._ 6524
and
65
7134
Dec. (new)— 7424
May (new)
7924
St.
Thurs. Fri.
Wed.
Tiws.
9224
93
II""
7134
7534
Omaha.
IN NEW YORK
CLOSING PRICES OF CORN
-
.1 "
Kansas City
in prospect.
No. 2 yellow
Thurs.
6634
7034
7534
new)...
Season's
Fri.
Wed.
new)
September
Sept. (new)
chicago
IN
Tues.
6924
new)
December
May
FUTURES
Mon.
Sat.
September
September
into
tend to
but prices fell
off later in
opening breach was attributed to
said recent rains
1015
Since July
Since July
a
1, 1940
Export data not
______
available from Canadian ports.
8,000
701,666
55)660
The Commercial & Financial Chronicle
1016
The
visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and sea¬
ports, Saturday, Aug. 9, was as follows:
granary at
board
GRAIN STOCKS
Oats
five
Barleu
Bushels
Bushels
United State®—
Bushels
Bushels
bushels
517.000
1.802.000
412,000
261.000
18,000
Baltimore.———- ■
8,010,000
280,000
13,000
1,952,000
New Orleans
Galveston-,
.
Fort Worth
-
Wichita
—
428,000
134,000
71,000
13,814,000
7,129,000
201,000
Sioux City...
1,204.000
1,205,000
188,000
St. Louis
8,107,000
894,000
269,000
9,000
2,897,000
Peoria-1,450,000
1,096,000
632,000
171,000
76,000
2,000
Chicago-!
7,705,000
3,720,000
—
Kansas City
Omaha_
_
—
.
—
.— —
~
1,234,000
Indianapolis
"
------
-
On Lakes.
—
36,000
-
---
Buffalo
-
...
-
22,000
3,083^000
406,000
9^666
1,414,000
166,000
314,000
596.000
3,957,000
1,395,000
130,000
3,487,000
2,649,000
849,000
6,000
6,914,000
376,000
2,000
200,000
953,000
1,940,000
2,000
25,426,000
160,000
9,261,000
-
-
2,087,000
334.000
500,000
afloat....
9,1941.-210,610,000 37,699,000
Total Aug.
2, 1941.-202,257,000 39,266,000
Total Aug. 10, 1940--156,571,000 25,020,000
6.515,000
5,472,000
4,765,000
7,991,000 11,268,000
6,287,000 10,862,000
3,094,000
8,702,000
Oats—Buffalo, 82.00Q bushels; Buffalo
afloat, 203,000; New York, 170,000; total, 401,000 bushels, against 138,000 bushels
in
1940.
Barley—New York, 71,000 bushels; New York afloat, 58,000; Duluth,
117,000; total, 246,000 bushels, against 1,207,000 bushels in 1940.
Wheal—New
York, 3,007,000 bushels; New York afloat. 706,000; Boston, 2,126,000; Philadelphia
472,000; Baltimore, 964,000; Portland, 1,300,000; Buffalo, 5,206,000; Buffalo afloat
81,000; Duluth, 10,401,000; Erie, 2,233,000; Albany, 2,826,000; on Canal, 766,000;
transit—rail (U. S.), 1,567,000; total, 31,721,000 bushels, against 28,677,000
in
bushels in 1940.
Corn
Bushels
Oats
Bye
Barley
Bushels
Wheat
Canadian—
Bushels
Bushels
Bushels
Lake, bay, river & seab'd 66,546,000
225,000
Ft. William & Pt. Artnur 81,991,000
1,402,000
509,000
347,000
1,279,000
Other Can. & other elev.282,296,000
1,569,000
679,000
2,260,000
3,196,000
1,345,000
1,356,000
1,432,000
3,886,000
3,620,000
3,876,000
7,991,000 11,268.000
3,196,000
1,345,000
5,515,000
3,886,000
Total Aug.
9, 1941.-641,443,000 37,699,000 11,187,000 12,613,000
Total Aug.
2, 1941.-631,507,000 39,266,000 10,158,000 12,208,000
10, 1940.-405,610,000 25,020,000
7,866,000 10,194,000
9,401,000
9,092,000
8.641,000
Total Aug.
9,1941.-430,833,000
2,1941.-429,250,000
Total Aug.
Total Aug. 10,
3,871,000
.....
4,772,000
1940.-249,045,000
157,000
Summary...--210,010,000 37,699,000
430,833,000
American
Canadian
—
Total Aug.
The world's
shipment of wheat and corn, as furnished by
Exchange for the week
ended Aug. 8 and since July 1, 1941, and July 1, 1940, are
shown in the following:
Broomhall to the New York Produce
Corn
Wheat
Week
Since
Since
Week
Since
Since
Aug. 8,
July 1,
July 1,
Aug. 8,
July 1,
July 1,
1941
1941
1940
1941
1941
1940
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
1,043,000
5,066,000
3*9*8,666
5,804,666
1,441,000
12,490,000
Exports
No. Amer-
4,225,000
32,083,000
19,769,000
500,000
2,2187666
11,801*666
18,123,COO
Black Sea_
Argentlna.
53,000
Otoer
countries
Total
1,620,000
2,184,000
6,443,000
40,036,000
43.884,000
53,000
Reports on 1940 Corn Loans—The Department of
Agriculture announced on Aug. 13 that 858 loans on the 1940
corn crop were repaid during the week ending Aug. 2, 1941.
This brought total loan repayments to that date to 11,916,
representing 11,354,346 bushels valued at .$6,913,832, and
left 97,149 loans outstanding on 91—255,246 bushels valued
at
$55,609,097.
Loans by States follow:
Although
ail
No. Loans
Bushels
12,596
13,505,870
'
4,342
Bushels
1,044
904,821
395
4,677,929
328,214
59,020,094
5,167
4,713,202
879
626,371
65
43,403
Kansas
24
Kentucky
Michigan
18
66,890
50,005
9
5,649
2
856
10,431
Minnesota
368
crops,
particularly
barley, beans,
rice,
some
vegetables
crops promise better than average yields per acre.
While
due in part to abundant rainfall in the Great Plains area,
droughts in recent years have been most severe, there is increasing
evidence that the yields of many crops have been rising as a result of
improvement of varieties and use of better equipment and better cultural
where
practices.
most
crops the Aug. 1 forecasts of production are above the July 1
The increases indicated are arxmt 1% for corn, potatoes, and
about 2% for barley, flaxseed, rice, hay and sugarcane, and 3%
to
4% for wheat, beans, sweet potatoes and peaches.
The principal de¬
creases are
2% for tobacco, 4% for rye, and 6% for oats.
The
August
forecasts, when compared with crop outturns in recent
years, show prospects for small but ample
crops of cotton,
tobacco and
buckwheat, average but probably adequate production of potatoes, sweet
potatoes and commercial apples, unusually large but needed crops of flax¬
seed, peanuts and soybeans, partially offset by the reduced production of
cottonseed, and fairly heavy production of fruits, vegetables, other food
crops producing feed or forage for livestock.
The wheat crop, estimated
at 951,000,000 bushels,
is the third largest that has been harvested and
part of it will go to increase reserves.
The rice crop, estimated at nearly
59,000,000 bushels, and the bean crop, which may approach 19,000,000
bags, will both far exceed previous high records but are not large relative
grapes;
(
the
to
needed.
amounts
/■
With fair crops of corn and oats and unusually large crops of barley and
grain sorghums, the total quantity of feed grains produced this year is
expected to be nearly 103,000,000 tons.
This would be about 4% above
production last year, above porduction in other seasons since 1932, and
sufficient for
feeding the increased number of livestock in prospect at
about the usual rate without drawing on the large reserves of grain on
hand.
The hay crop is expected to be slightly larger than production
last year and probably above production in other years since
1927.
The
crop
will be just about sufficient for feeding the gradually increasing
flocks and herds as liberally as during the last two years without reducing
■reserves.
■
;•>
!v:
'-vV
With an
abundance of grain and roughage on band, Western ranges in
exceptionally good conditions for this season of the year, pastures good
to excellent
over
most
of the country, and prices of livestock
products
showing the strong demand,
the numbers
of cattle,
sheep, hogs, and
poultry are being increased quite generally, and the aggregate production
of livestock and livestock products,
including poultry and poultry prod¬
ucts, seems likely to exceed production in any past year.
On Aug. 1 milk
production per cow was reported 5% above the fairly high production at
that time last year and, with more milk cows on farms, daily production
of milk was between 7% and 8% higher than a year ago.
At the same
time the number of eggo .reported laid per hundred hens was more than 3%
above
the number reported a year ago and
12% above the average on
Aug. 1 during the previous 10 years.
The acreage planted to vegetables for canning and processing has been
materially increased this year and, if yields are not reduced by drought,
production will far exceed production in previous years.
The Aug.
1
tonnage indications for four of the principal crops, tomatoes, corn, green
peas and snap beans, exceed last year's tonnage of these crops by
17%
and the 10-year average by 57%.
On the other hancL the production of
vegetables for shipment to market, while above average,' may be less than
it was last year.
Due chiefly to less favorable growing conditions, pro¬
duction up to Aug.
1 was about 3% less than
last year, and August
supplies will probably be about 5% less.
Aug. 1 forecasts for late crop<-indicate 15% less onions than last year, but 20% more tomatoes.
Pro¬
duction of snap beans,
cabbage and lettuce in the first section of the
late States will be less than in 1940, but the late cauliflower and cantaloup
crops will be greater.
Little change is shown in the size of this year's
late watermelon crop as
compared with last season.
Planting of fall
vegetable crops will continue this month,
under average conditions in
most areas.
.-./vVvV] rV':'
.
CORN—Aug. 1 conditions indicate a 1941 corn crop of 2,587,574.000
bushels, an increase of about 39,000,000 bushels over the July 1 forecast.
Since
Aug.
1
the high
temperatures which prevailed over
the North
Central or corn belt States during the latter part of July have continued
than
less
half
of
rainfall
normal
has
been
received
in
many
areas.
result, corn prospects have continued to decline in much of this
area,
especially on the lighter soils.
Rainfall received the last day or
so
in Wisconsin, most of Illinois, and northern and eastern
Iowa should
stop, at least temporarily, further deterioration in those areas.
Minnesota
has received beneficial rains since-the first of the month.
The indications
on
Aug. 1 pointed to 13,000,000 bushels less than on July 1 for the corn
a
belt
States.
offset
the
Over
However,
decline
the
in
improved
the
corn
prospects
in
all
other
regions
more
than
belt.
main
part of the corn belt the crop, which was the earliest in
several
years,
continued to develop rapidly and prospects improved the
first half of July.
This improvement over the July 1 outlook, however,
was
more
than offset by extremely unfavorable weather the last of the
month.
However,
the
high
temperatures
the latter part
of July
are
98
26
297,166
667,976
407,364
39,816
261,670
147
77,188
where
5,541
4,030,897
55
38
18,928
10
46,644
4,583
erally adequate reserves of soil moisture at the time the hot weather began,
probably enabled corn to withstanding the high temperatures much better
109,065
102,609,593
11,916
11,354,346
3,442
Nebraska
15,455
Ohio.
.
Wisconsin....,
890
431
.
accompanied
there
than
Total.
Agricultural Department's Official Report on Cereals
Crop Reporting Board of the United States De¬
partment of Agriculture made public late Monday afternoon,
Aug. 11, its forecasts and estimates of the grain crops of the
&c.—The
United States
as
of
Aug. 1, based
on
reports and data fur¬
nished by crop correspondents, field statisticians and cooper¬
ating State Boards (or
shows that the
placed at 684,966,000
Department's estimate
report
Departments) of Agriculture.
This
production of winter wheat is now
bushels, which compares with the
of 682,321,000 bushels
harvest of 589,151,000 bushels in
a
10-year (1930-39)
average
a
month
ago
1940, and
a
production of 569,417,000 bushels.
The production of spring wheat is estimated as of Aug. 1 to
be 265,987,000 bushels, which compares with a production of
227,547,000 bushels in 1940 and
production
report:
acre
7,987,611
2,942,312
13,124,538
113,942
North Dakota.
and with
several
average
per
461
Missouri
South Dakota
epa •menls
No. Loans
59,047
Indiana
Iowa.....
yields
important
has been
this
and
Total Loans Made
Illinois..-.—;
about
for canning and probably soybeans, seem likely to exceed previous records,
the most notable feature of the crop situation this season is that practically
As
Mate
of crop
production, based on conditions on Aug. 1 with
weather conditions after that
date, show
more than 18% above the average during the
1923
to
1932 or pre-drought period,
and almost as high as the recordbreaking composite of yields last year.
As the total acreage of crops
harvested is expected to show an increase of 1% or 2% over last year the
aggregate crop production indicated for this season is slightly above pro¬
duction last season and 4% or more above production in either 1938 or
1939, but still about 3% below the outstanding record of 1937, when cotton
production was nearly 19,000,000 bales.
for
indications.
Total Aug.
Note—Bonded grain not included above:
forecasts
prospects for
For
202*666
45,000
On Canal
in this area during the first nine days of August, and
part of the area on the 10th, it is too early to measure the
prospects since the first of the month.
in
allowance
41*666
2,962,000
—
.
97,000
34,169,000
Duluth
-
4*666
93,000
64,000
25.000
422,000
55,000
Milwaukee
Detroit.
7,000
209,000
193,000
------
--------
Minneapolis-..--
"
15,159,000
afloat.--——---
weather
in only
Current
1,698,000
.
St. Joseph
dry
hot,
rains
6,000
weather in the South has resulted in the heaviest infesta¬
boll weevils since 1932, and in the corn belt the latter part
of cotton
change
239,000
improved
showery
the
but
2,000
91,000
11,045,000
6,176.000
39,915,000
Hutchinson
prospects
of July was so hot and dry that the corn was beginning to need rain in the
whole
area
extending from eastern Indiana to central Nebraska.
With
2.000
231,000
5,333,000
11,989,000
8,392,000
415,000
52,000
101,000
148,000
2,000
Philadelphia
New York-....——..-
Aug. 16, 1941
materially during July, and though growing
conditions were
less
favorable
in
early August crop production in the
United States this vear seems likely to exceed production in any past year
except 1937.
Until late in July prospects seemed outstandingly favorable,
tion
Corn
Wheal
Crop
of
-•$
178,090,000
a
10-year (1930-39) average
We give below the
bushels.
seemed
hot
it
by
to
winds
could
relatively
be
less
often
have
high
wind
are
humidity
than
usual
detrimental
to
over the entire corn
in the western part of
corn.
This,
together
belt;
also
the
with
area,
gen¬
otherwise.
The
indicated
production on Aug. 1 is about 5*4%, or 138.000.000
bushels, larger than the 1940 ©rop of 2,449,200,000 bushels and about
12%, or 280,000,000 bushels, above the 10-year (1930-39) average pro¬
duction of 2,307,452,000 bushels.
The 10-year average includes the two
years,
1934 and 1936, of severe drought, when production dropped to
about
1,500,000,000
bushels.
The
indicated
production
relates to
the
acreage grown for all purposes—grain, silage, fodder, hogging and grazing.
The Aug.
1 prospective yield per acre of 30.1 bushels is one of the
higher yields of record.
Total production is not relatively so high because
the acreage for harvest is the smallest in nearly 50 years.
As compared with a month earlier, the Aug. 1 prospects showed rather
pronounced changes by areas.
Corn deteriorated in parts of South Dakota,
eastern Nebraska, and in an area that included southern Missouri, south¬
western Illinois, and parts of eastern Kansas, northeastern Oklahoma, and
northwestern Arkansas.
The crop also declined over most of Indiana and
parts of Ohio and Michigan, particularly
on thin, light soils.
On the other
with the drought broken in the eastern and southern States, the
made a good recovery and presented a much more favorable prospect
on
Aug. 1 than on July 1.
Warm weather in the Western States during
July induced rapid growth, permitting late corn to catch up with the
season
and resulted in improved prospects.
Early corn is about made as far north as the southern part of Kansas.
Missouri, Kentucky, and Virginia.
As in the case of the Western States,
warm
weather in July induced rapid development in the North Atlantic
States and prospects are very promising in this area.
Favored by good
moisture supplies, corn held more promise on Aug. 1 in the western parts
hand,
crop
Volume
Nebraska
of
and
Hew
and
Mexico
WHEAT—The
bushels.
The Commercial &
153
This
Kansas
than
and
for a
Aug.
would
1
be
in the adjacent
number of years.
all-wheat
indicated
largest
the
areas
wheat
of Colorado,
Oklahoma
•
production
since
crop
is 950,953,000
1919, when the
prouuction was 952,097,000 bushels.
Production this year is nearly 16.5yo
larger than last year's 816,698,000-bushel crop, and is more than a fourth
larger than the 10-year (1930-39)
average production
of 747,507,000
bushels.
The
increase of 27,340,000
bushels over the July. 1 indicated
production is nearly all in spring wheat.
The preliminary estimate
of winter wheat production is 684,966,000
bushels, which is larger than last year's production of 589,151,000 bushels
and
569,417,000 bushels by 16% and 20%, respec¬
10-year average of
the
This preliminary estimate shows only a little increase over a
in total United States winter wheat production.
In Kansas,
Oklahoma and Texas, where there was heavy crop loss due to excessive
rain and delayed harvest, reports from wheat growers as of Aug.
1 indi¬
cated still further reduction
in production prospects tiian was indicated
a
month earlier.
This was offset, however, by increases over July 1 indi¬
cations
in some eastern corn belt States and in
most of the Western
States.
In these areas yields at harvest overran earlier expectations.
Indicated production oi all spring wheat (including durum) increased
to
265,987,000 bushels, about 25,000,000 bushels larger than last month's
forecast
of
241,292,000 bushels.
Production in 1940 was 227,547,000
bushels, and tne 10-year average is
178,090,000 bushels.
Increases in
prospective production occurred in nearly all spring wheat States, with the
greatest improvement in the Dakotas and Montana.
Production of durum wheat is indicated at 41,132,000 bushels, compared
tively.
month
ago
34,776,000 bushels last year and the 10-year average of 27,598,000
Tne production indicated for this year is the largest since 1930.
though there was some injury to durum wheat during July from
high temperatures, Aug. 1 indicated yields were xh to 1 bushel higher
with
bushels.
Even
the
than
earlier.
month
a
wheat is placed at 224,855,000 bushels,
bushels over the July expectations.
Last
Production of other spring
is
increase of 22,317,000
an
for North
prospect
crop
prospective production compared with 1940, but about 13% more than the
10-year (1930-39) average.
Production for 1941 in the intermediate States
is 14% smaller than 1940 and 6% below the 10-year (1930-39) average
production.
The early States have a crop about equal to that of 1940, but
24% larger than the 10-year (1930-39) average.
For the New England States, July weather conditions were moderately
Showers during the
for the present except in
In
central
and northern
Aroostook county, Maine, heavy rains in late June and early July resulted
in considerable washing
out of the crop and loss of fertilizer, while in
southern Aroostook county continued dry weather prevailed.
By the end
of July
conditions throughout the county were somewhat dry.
In New
York State the dry, hot
weather prior to July 28 hastened "maturity of
the early crop and harvest is under way.
Prospects for the late crop are
promising.
The New Jersey crop was about ready for harvest on Aug. 1,
with indications of yield about tne same as a month ago.
In tiie important North Central States, Michigan, South Dakota and Wis¬
consin have yield prospects well above those of 1940, while Minnesota and
North Dakota are poorer.
In the important States of California, Colorado,
Idaho and Oregon in the Western group of States, yields per acre in 1941
are expected to be smaller than
those of 1940 and larger in Washington.
In the Central and North Central States hot, dry weather during the
last part of July caused uneven prospects to develop, with the crop depen¬
dent upon future rainfall and weather conditions.
Some blighting of vines
bus occurred in parts of Minnesota and North and South Dakota.
favorable
last
the
by
Nebraska.
dry
considerable
caused
much
weather—and
lodging
affected
Heavy rains
early—before it could be seriously
and,
threshing has been done.
though
there are some
light oats, the
rust.
The Ohio, Indiana, Illinois and North Dakota
from rust and filled much better than antici¬
Nebraska crops are about as expected a month
but
headed short and was sharply reduced by rust
smut,
Dakota crop, much of which was p.anted late
cut
before fully matured,
suffered from a heavy infection of red
Prospective production in Wisconsin and Minnesota was reduced by
rust
and
quality
crops
ago;
and
and
is generally
good.
relatively free
Missouri and
the Iowa crop
and the South
were
pated
;
the
high
temperatures.
BARLEY—Conditions
on
REPORT AS OF AUG.
CROP
GENERAL
1
continued to
point to
a
barley crop
by
crop
Total Production (In Thousands)
Indicated
cated
Aug. 1
1940
1930-39
1930-39
Corn, all, bush—
23.5
28.3
30.1
Wheat, all, bush.
J 3.8
15.3
16.7
Winter, bush—
14.4
16.3
17.0
bush
10.5
13.1
16.2
Durum, bush
9.3
11.1
15.6
10.7
13.5
AH spring,
bush
2,307,452 2,449,200 2,548,709 2,587,574
950,953
816,698
923,613
747,507
682,321
684,966
569,417
589,151
265,987
227,547
241,292
178,090
41,132
38,754
34,776
27,598
30.8
24.8
12.7
13.5
16.0
16.2
15.7
6.4
9.7
9.5
7,315
11,269
31,217
30,018
30,711
48.4
50.2
49.7
45,673
52,754
58,160
58,970
—
bush
Buckwheat,
bush
—
Rice, bush..
Grain
224,855
202,538
192,771
150,492
1,007,141 1,235,628 1,212,783 1,148,162
346,057
338,397
309,235
224,970
46,462
40,601
48,579
38,472
35.5
23.1
11.2
_
Barley, bush
Flaxseed,
16.3
27.3
20.6
Oats, bush
84,253
121,371
1.36
86,312
Wild
0.76
0.81
0.94
69,650
9,083
8,844
83,495
10,631
1.10
1.31
1.15
24,587
29,287
25,164
25,274
24,907
30,578
33,049
33,239
1.93
2.18
2.18
b781
b876
b921
Alfalfa..
100-lb. bag
80.3
87.8
832
1,034
936
18.0
15.0
in other recent years.
Indicated yields are, however,
except Minnesota, Iowa,
land, where they equal
above the 10-year average in all States
Pennsylvania, Virginia, West Virginia and Mary¬
the average or are only about one bushel or less
Excellent yields—the highest in 10 to 20 years—are being secured
Dakota,
Indiana, Ohio, Kentucky, Colorado, Utah, Wyoming,
Idaho, Washington, and Oregon.
below.
in
Potatoes,
Sugarcane for
North
BUCKWHEAT—Development of buckwheat in the belt from Maine to
Ohio has been retarded by lack of moisture.
Condition in New York and
Pennsylvania, which produce two-thirds of the crop, is spotty and growth
in many fields short, with prospective yields below last year and average.
Weather favored the sowings in Michigan, Wisconsin, Minnesota and the
Virginias.
Combining all areas, present indications are for /a yield of
15.7 bushels, compared with 16.2 bushels in 1940 and the 20-year (1930-39)
average of 16.0 bushels.
Production, estimated
at 5,614,000 bushels, compares with 6.350,000
bushels produced last year and 7,315,000
bushels the 10-year (1930-39)
average.
The estimate of 357,000 acres for harvest this year represents a
decrease of 9% from the 393.000 acres harvested in 1940 and 22% from
the average of 460,000 acres harvested in the 10-year period.
Nearly half
the reduction was in New York, the leading State in acreage.
In many
localities in buckwheat areas it was either too dry at plowing and seed'ng
time
or
all vailabie labor was occupied with the hay or winter grain
harvest.
Changes in indicated production as of Aug.
mostly minor by regions or groups of States.
1 compared with July 1 are
Production is only slightly
10,715
18,046
16,074
>
4,729
4,268
5,760
5,890
11.4
13.3
12.8
9,284
12,192
9,582
9,730
b297
b322
41
41
Broomcorn, tons.
b255
1,171
1,297
1,180
d34,784
d42,552
41,500
41,408
Hops, lbs
36
Condition Aug. 1
Apples, comm'l
crop,
58
66
df 125,310
dll4,391
59
61
77
d54,356
d54,430
67,049
62
67
68
d27,278
d31,622
78
81
d2,544
51
57
d2,264
64,676
31,071
2,554
bush
Grapes, tons.g..
Pecans, lbs
76
Pasture
64
71
79
76
79
88
72
77
78
Soybeans
— — —
pe
a
125,568
f58
bush.e—
total
crop, bush — Pears, total
crop,
Peaches,
—-----
88,426
69,732
31,183
2,569
87,641
------
—
.
—
,
;'
-i'
——
—
b Pounds, c Picked and threshed,
e See footnote on table by States,
Production includes all grapes for fresh fruit, juice, wine,
sweetclover and lespedeza.
some quantities not harvested,
Excludes
d Includes
f Short-time average,
g
and raisins.
Acreage
Harvested
Crop
For
Average
1930-1939
Corn, all-
—
—
Winter
All spring
—
Durum
—
Other spring
Oats
_
_—- — - -
—
- -
Barley
Rye...
.
------—
— -
Grain sorghums,---------——
— —
—— —
Hay, all tame
—
Hay, wild-- —
----—
Hay, clover and tlmothy.bHay, alfalfa.. —
Beans, dry
edible
—
3,121,000
14,235,000
34,847,000
13,394,000
3.192.000
85,943,000
56,783,000
40,316,000
16,467,000
2,640,000
13,827,000
37,236,000
13,977,000
3,436,000
99.4
106.1
111.5
94.9
84.6
97.1
106.9
104.4
107.6
90.8
357,000
99.8
1,186,000
112.8
7,564,000
a32,952,000
9,856,000
8,549,000
a24,871,000
a23,519,000
94.6
61,592,000
62,488,000
101.5
11,445,000
21,898,000
105.0
15,218,000
108.3
2,033,000
110.7
9,990,000
3,331,000
106.8
108.7
11,791,000
22,363,000
12,867,000
1,716,000
5,467,000
Soy beans, c
—
Cowpeas.c—.v- -------- —
Peanuts.d————Velvet beans .c
- -
Potatoes.—
Sweetpotatoes
2,647,000
—>
Sorgo for sirup..
.-------
Sugarcane for sugar
_ —
sirup — .
— -
Sugar beets..--— -
Hops..
Total (excl.
d'U>l.)
94.9
95.1
114,000
161,000
3,296,000
882,000
3,053,000
2,904,000
95.1
772,000
843,000
109.2
1,676,000
219,000
1,404,000
1,376,000
98.0
200,000
193,000
96.5
257,000
285,000
296,000
103.9
137,000
105,000
110,000
104.8
815,000
916,000
761,000
279,000
222,000
79.6
30,000
33,000
35,000
107.0
329,847,000
321,026,000
cultivation July 1.
b Excludes sweetclover
all purposes,
d Picked and threshed.
Acreage In
97.8
324,000
—
Broomcorn
10,896,000
22,387,000
14,048,000
1,836,000
10,528,000
3,120,000
2,007,000
86.7
1,908,000
175,000
1,486,000
—
Tobacco
alone for
17,356,000
of 1940
3,228,000
1,788,000
942,000
Cotton.
86,449,000
53,503,000
36,147,000
Percent
1941
393,000
3,234,000
1,051,000
-
Rice
a
39,141,000
16,742,000
2,786,000
13,956,000
36,487,000
10,707,000
3,320,000
460,000
1941
Harvest
1940
56,102,000
Buckwheat—- ->
Flaxseed-.
98,049,000
55,884,000
Wheat, all
Sugarcane for
POTATOES—The production of potatoes in the United States is esti¬
at 369,693,000 bushels based upon Aug. 1 condition, and represents
an
increase of less than 1% in production over that indicated on July 1.
The 1941 crop is 7% smaller than the 1940 crop of 397,722.000 bushels,
but is about equal
to the 10-year (1930-39) average production of 370,045 000 bushels.
mated
85,187
Sugar beets, tons.
sugar, ton.
Co
than
'
18,728
1,486,610
1,063,374 1,734,340
369,693
367,650
397,722
370,045
73,984
71,089
61,998
73,208
1,394,839 1,451,966 1,316,481 1,288,212
13,297
19.9
estimated at 46,462.000 bushels, which is
14% larger than the 1940 crop of 40,601,000 bushels and 21% larger than
the 10-year (1930-39) average production of 38,472,000 bushels.
Indicated production declined more than 2,000,000 bushels during July
as
the
verv
promising earlier
prospects did not fully materialize in
Minnesota, South Dakota and Wisconsin—each an important rye-producing
State.
Yield prospects also declined during the month in Iowa, Kansas,
Missouri,
Illinois and Virginia.
Prospective yields held their own or
improved during July in the remainder of the States with the crop
threshing out better than expected in the Ohio Valley States, New York,
New Jersey,
North Carolina, Colorada, Wyoming, Idaho and Washington.
High temperatures the last few days of June and in early July injure 1
rye
in Wisconsin, Minnesota and South Dakota.
Thin stands in some
areas of
Minnesota were a greater factor in holding down yield per acre
than anticipated earlier.
In South Dakota the crop was very rank and
lodged rather badly.
Also hail damage was more extensive in this State
,
and
Clover
timothy .a...-
83.0
is
128,731
15.1
Tobacco, lb-.-..
rye
:'
1.40
(1930-39) average of 224,970,000 bushels.
Other large barley
crops
occurred in 1928 and 1930, when production also exceeded the
300,000,000-bushel mark.
Throughout the important Central
and North Central States, which
have the great bulk of the national total barley acreage, yields are running
well above these of the 1930-39 average.
Above average yields are also
reported through most of the South and West, but they are below average
in
the New England States, some of the Middle Atlantic States, and in
of
-
12.3
779
RYE—Production
-
1.24
127.3
California.
t-'
11.0
864
production has sharply increased
Important States with smaller
are Wisconsin, Minnesota and
w.
All tame———
130.3
Other important States where 1941
include the Dakotas, Kansas and Colorado.
production in 1941 compared with 1940
5,614
'
sorghums,
bush
714
years.
6,350
Hay, tons—
112.6
Aug. 1 the expected yield per harvested acre was 24.8 bushels, com¬
pared wth 24.2 bushels indicated a month earlier; the 1940 yield of 23,1
and the 10-year (1930-39)
average of 20.6 bushels.
Nebraska, the leading barley-producing State this year, has a crop of
close to 50,000,000 bushels, which is more than double her 1940 produc¬
tion and nearly four times as large as that of the average of preceding 10
1941
1940
Other spring.
bush..
Sweetpotatoes, bu
On
Aug. 1,
1941
July 1,
Average
1941
Aver,
Peanuts, lbs.c...
California.
1941
Indi¬
Crop
exceeding all previous records.
With a large part of the crop already
harvested, the indicated production of 346,057,000 bushels is about 12y©
above the
1940 production of 309,235,000 bushels, and 54% above the
10-year
1,
Reporting Board of the United States Department of Agri¬
for the United States from data furnished
correspondents, field statisticians, and cooperating State agencies.
Beans, dry, edible
Aug.
crop.
The Crop
Rye, bush
.
whole, the crop matured
potato
Yield per Acre
yield per acre is now placed at 30.8 bushels per acre—on July 1 it
bushels; for 1940, 35.5 bushels,'and the 1930-39 average, 27.3
In all of the important oats States yields are better than average
except Minnesota and Kansas; equal to or higher than expected a month
ago, except in Wisconsin, Minnesota, Iowa, South Dakota and Kansas; but
lower than
the high yielus obtained
last year, except in Pennsylvania,
Dakota .and
the
of
culture makes the following report
32.6
As a
development
the
for
of July
furnished ample moisture
Massachusetts
and
southern
Maine.
week
eastern
bushels.
North
was
States.
prospects
'the
was
in
States
Dakota, Idaho and Washington.
declined roughly 65,000,000 bushels during
July.
Prouuction as of Aug. 1 is estimated at 1,148,162,000 bushels, com¬
pared with 1,212,783,000 bushels July 1 and the average 1930-39 produc¬
tion
of
1,007.141,000
bushels.
Prospect.ve production declined about
86,000,000 bushels between July 1 and Aug. 1 in Minnesota, South Dakota,
Iowa and
Wisconsin, but this reduction was offset in part by heavier
threshing returns than expected in other States, principally from Illinois
OATS—Oats
the 30 late States as the small increase in the 18 surplus late
partially offset by a decrease of about 1% in the 12 other
Yield prospects improved about 5% during July in the inter¬
mediate States and remained about the same in the early States.
The
1941
mop
in the 18 surplus late States is 7% smaller than
the 1940 crop and about 3% smaller than the average crop for the 10-years,
1930-39.
The western States in this group show a decrease of 10% in
larger
late
which
year's
prouuction was 192,771,000 bushels, and the 10-year average is 150,492,000
bushels.
There was less evidence of damage to other spring wheat resulting
from the heat than to durum wheat, and Aug. 1 indicated yields are 1.5
to 2.5 bushels above July
1 in the Dakotas and Montana, where most of
the
increase
in prospective production occurred.
Record high yields are
in
1017
Financial Chronicle
325,758,000
and lespedeza.
83.1
101.5
c
Grown
The Commercial & Financial Chronicle
1018
Aug.
CORN, ALL
Yield per Acre (Bushels)
Yield per Acre (Bushels)
Production (Thousand
Bushels)
State
Indicated
A verage
1941
1930-39
1930-39
\
38.0
41.2
v-
39.0
40.0
42.0
37.0
40.0
2,942
Maine..—-New Hampshire
—
Vermont
Average
1930-39
Indicated
621
40.0
1
•
1940
38.6
"
1940
1941
41.0
42.0
1,582
41.0
41.0
358
369
369
40.0
41.0
1,983
New York
34.2
31.0
35.0
22,403
New Jersey
38.4
39.0
41.0
40.0
42.0
38.8
37.5
49.0
1,960
21,452
7,371
53,640
120,750
2,009
23,485
7,503
40.2
7,363
53,662
41.1
-
-
Pennsylvania
-
Ohio
36.2
...
— .
.
Minnesota
Iowa
—...
Missouri...
49.0
32.0
37.0
41.5
41.5
74,644
30.6
Wisconsin..
37.0
44.0
139,956
160,373
321,945
47,868
32.4
-
...
Michigan....
36.2
30.9
Indiana..
Illinois
39.5
38.0
143,410
399,184
107,141
16,368
37.2
46.0
.
51.0
52.0
20.6
.
30.0
29.0
14.0
—- _
North Dakota
24.0
20.0
18.0
54,642
159,348
181,102
373,723
55,907
92,628
170,886
474,292
114,144
49,8.56
93,582
172,457
460,581
119,280
24,480
South Dakota--..:
11.2
16.5
41,768
14.6
17.0
19.5
133,822
106,913
12.2
15.5
20.0
59,550
22,840
50,112
Nebraska
41,028
27.7
28.0
30.5
Maryland
31.6
35.0
36.0
3,964
16,173
Virginia
22.2
26.5
26.0
32,418
24.7
27.0
28.0
18.3
18.5
21.0
12,610
43,507
44,733
North Carolina
—
.
8.0
9.3
—
Three States
WHEAT
6,270
5,980
15.6
27,598
34,776
41,132
3,948
FOR THE
a
Red
Spring
Soft Red
Hard
Red
206,382
28,845
88,746
747,507
219,557
161,357
35,799
84,908
198,997
42,301
92,929
816,698
950,953
111,749
.
Texas
OATS
4,178
16,596
34,372
12,852
Yield per Acre (Bushels)
12,404
.
Production (Thousand Bushels)
Stale
49,770
Average
1930-39
36.8
13.5
22,831
24,304
22,964
11.0
40,904
46,849
7,114
78,848
65,088
New
Massachusetts
Indicated
Average
1940
1941
1930-39
40.0
37.0
4,320
40.0
38.0
282
280
266
32.0
32.0
1,866
1,760
1,792
34.0
34.0
182
238
238
11.0
8.5
6,775
9,031
25.0
28.0
64,557
70,400
25.0
24.0
12.4
12.5
14.5
60,618
40,973
69,175
43,450
48,894
14.0
17.0
40,544
47,753
42,903
24,128
38,817
Connecticut
22,170
New, York
'
Maine
—
Hampshire
37.2
—
Vermont-.
'
31.3
—
33.0
21.0
19.0
38,537
30,567
14.4
16.0
15.0
21,360
21.5
33.0
90.324
28,528
76,428
33.0
16.5
31,131
75,964
40,356
19.5
35.0
35.0
17.0
Pennsylvania
28.4
16.0
2,544
2,890
Ohio
30.7
44.0
42.5
1,521
2,745
Indiana
26.0
45.0
40.0
41,123
42.0
115,090
Idaho...—....—
35.2
38.0
39.0
1,239
10.0
10.0
15.0
2,068
1,930
i
10.0
12.0
15.0
13,419
10,656
13.3
13.5
16.0
2,677
2,376
15.2
_...... .
13,725
3,040
14.5
16.0
31.7
Rhode Island
30.0
32.0
1941
4,520
42,814
1,292
1940
1,378
26,405
1,396
16.0
Wyoming
Colorado..
New Mexico
Indicated
44,979
Montana—
Arizona
not show separately,
are
1, 1941.
•
9.9
.
Total
Spring)
226,151
15.4
—
a
311,785
Includes durum wheat in States lor which estimates
b Indicated Aug.
11.0
14.4
Louisiana.
STATES
White
Durum
13.1
Arkansas—
UNITED
315,077
390,575
14.5
Oklahoma.......
1,280
33,872
{Winter &
1940
21.2
Mississippi-.
27,082
5,591
(Thousand Bushels)
1941 _b„.
8.9
-
20,600
13.5
11.1
v
v
1930-39—.
Average
22.4
_....
16.0
11.0
Winter
14.0
Florida
Alabama
1,424
11.0
Hard
9.7
Georgia
Kentucky..
Tennessee
1941
1,407
Year
13.5
South Carolina
Indicated
1940
,
16.0
(PRODUCTION BY CLASSES)
:
45,936
126,360
47,120
17,535
36,490
West Virginia
1930-39
1,596
145,669
332,244
Kansas
Delaware-....-...
9.2
South Dakota
630
2,880
38.5
Connecticut—...
1941
1940
North Dakota——
600
39.7
Rhode Island
Average
16.0
Minnesota..
507
Indicated
13.2
456
483
2,627
1,558
Massachusetts
1941
Production (Thousand Bushels)
Slate
A verage
16,
DURUM WHEAT
63
4,181
60
64
New Jersey--
31.0
190
210
217
36.5
29.0
23,817
29,966
1,419
31,080
24,766
1,485
29.6
—
30.2
———-
Michigan
30.0
28.8
Illinois
28.8
-—-
-- -
48.0
29.8
47.0
32.0
39,026
30.8
31.2
31.4
—
Wisconsin.--------
43.0
33.0
75,456
42.5
29.0
40.0
33.0
,
31,710
44,880
49,950
152,496
'
47,855
53,720
....
144,102
41,600
133,528
60,489
96,793
180,795
127,078
185,271
206,640
183,810
75,042
482
362
464
24.0
28.0
Minuesita—
30.0
469
616
660
Nevada.......
26.7
Iowa
30.0
32.0
56
120
Washington.-.
Oregon
39.5
40.0
36,989
1,141
48,600
1,146
47,610
30.2
1,200
31.0
North Dakota
18.6
21.0
31.5
31.0
28,342
49,662
1,890
35.0
South Dakota——
21.3
32.8
27.5
26.0
36.0
1,872
2,317
1,860
California
37,372
2,240
2,520
23.5
28.3
30.1
2,307,452
2.449.2U0
35,152
2,587,574
.
.
Utah
—
United
34.4
States
—
160
-——-
21.5
Missouri
27.0
23.0
Nebraska-------
20.3
24.0
29.5
42,750
33,432
53,240
35,760
Kansas——-
21.8
28.0
21.5
32,525
43,596
Delaware
30.2
29.0
29.0
94
—
-
Maryland
WINTER
WHEAT
28.4
32.0
Virginia.
19.6
23.0
31.0
54,074
87
116
1,120
1,932
2,415
•
1,325
23.0
•
55,328
2,116
1,209
Yield per Acre (Bushels)
21.5
22.0
1,931
19.6
24.0
25.0
4,460
5,952
6,500
21.4
22.0
22.5
9.238
10,890
11,700
20.5
7,173
8,638
9,799
West Virginia.....
Production (Thousand Bushels)
Slate
19.6
North Carolina---.
South Carolina....
19.2
Georgia.--.-Florida..
Average
Prelim,
1940
1930-39
Average
1941
1930-39
1940
Kentucky
1941
Tennessee
14.0
15.5
115
126
16.3
20.0
21.0
1,733
1,400
1,722
16.2
22.0
23.0
1,603
1,760
2,346
4,875
v-
19.5
-
-
Alabama.—- :4New York
21.8
26.0
22.5
22.2
23.5
22.0
-
-
-
19.2
6,502
Mississippi
-
:
-
23.5
32.0
36.0
2,219
1,235
1,232
Arkansas.
19.4
22.0
20.5
2,784
3,058
18,594
18,140
25.0
32.0
30.0
942
42,097
49,700
Oklahoma
20.1
23.0
18.5
26,083
30,030
37,224
37,474
Texas..
23.8
27.0
25.0
34,980
39,555
Montana.-------.
23.0
28.5
35.0
5,907
■Idaho.
35.9
37.0
40.0
4,967
24.4
26.5
30.0
2,587
1,232
Pennsylvania
19.7
20.5
20.0
Ohio
20.1
21.5
25.0
19.5
23.5
Illinois...
18.0
22.5
20.5
19,229
40,718
30,321
36,413
Michigan—
20.8
23.5
22.0
16,651
17,602
16,148
628
800
702
3,146
4,008
6,944
7,680
31,690
2,505
2,535
Indiana..
--
Wisconsin.
17.6
17.0
20.0
18.0
Minnesota
18.0
24.0
15.0
-
/
Iowa
17.9
24.0
15.0
1
Missouri..
14.4
18.5
13.0
South Dakota
11.0
10.0
13.5
26,989
1,365
41,151
131,460
1,496
Nebraska..-
...
-
Delaware
-
Mary land—-
-——
Virginia
West Virginia.
—
.
13.6
13.5
15.5
11.8
14.0
14.5
17.5
19.0
20.0
19.2
19.5
21.0
14.4
—
Kansas-
15.5
15.0
8,342
8,643
15.0
14.5
15.5
14.0
14.0
33,696
123,648
V 1.406
7,566
8,463
2,154
10.9
1,100
30.0
32.0
4,292
25.0
568
652
17,589
27.0
29.0
293
297
377
1,822
33,666
Utah
35.8
37.0
40.0
1,234
1,073
1,320
35.3
40.0
41.0
130
280
287
11,544
170,607
1,480
7,980
7,950
4,807
12.5
1,364
2,688
10.5
11.0
1.270
1,880
15.0
18.5
5,520
4,403
5,625
7,215
5,116
5,438
—-
Arkansas--------
13.5
14.5
12.5
13.0
58
2,024
75
91
9.5
9.5
557
352
332
11.3
47,682
56,332
29,355
50,353
9.6
10.3
.
Colorado..
31,360
23.5
28.0
10,790
13,083
10.2
11.0
20.0
1,307
16,176
2,090
11.6
Wyoming
11.0
16.0
24.0
12.0
17.0
19,120
35,420
31,772
18,116
8,745
9,888
9.3
7.5
16.0
2,478
1,410
22.4
18,632
1,808
21.0
15.0
880
819
465
Utah
16.2
16.0
23.5
2,987
Nevada
2,976
25.7
4,277
27.0
28.0
68
108
140
Washington
24.0
25.5
31.5
24,568
25,984
49,424
Oregon.
California..
United
19.6
...
States
—
18.2
14.4
20.5
•
28.0
12,431
12,484
19,264
15.0
15.0
12,605
11,370
11,415
16.3
17.0
569,417
589,151
.
.
-
-
-
-
-
Colorado
—
-
Nevada.
—
48.2
39.0
-
—
684,966
United States.
8,208
33.0
8,944
8,658
7,950
26.0
3,192
4,350
3,328
27.3
__
52.0
29.0
35.5
30.8
1,007,141
1,235,628
1,148,162
Loans
by States follow:
State in Which Loan Originated
Colorado
No. of Loans
Bushels
4
-
Delaware.
Average
1941
1930-39
20.2
Maine
Indicated
1940
22.0
20.0
101
88
1941
80
New York.
17.0
17.5
134
92
Pennsylvania
57
—
Iowa
..
Kansas.-..
.
Kentucky —-,c
Michigan.
_
—
-
—
_
—
19,804.10
320
86,204
11,677
2,193
Indiana
193
21,791
1,185,438
92,659.50
11,682.27
1,165,849.14
.iv-
—
-
——
99
-
.
33,957
93
_
26,521
184,711
883
7,338
_
—
.
.
-
_
—
—
—
358,540
4
_
19.5
19.0
202
195
283
20.0
22.0
158
Indiana
40
19.5
20.0
169
Illinois
117
25.0
20.5
1,038
600
369
100,310.16
197,630.93
V
332,857.19
9,359.89
19,519.28
16,159
4
865
994.73
12,987
Total
3,925,808
$3,856,998.81
120
16.1
1,650,787.94
3,180.87
8,472
29
22
15.2
21
Virginia
Pennsylvania
190
17.0
37,646.69
27,461.92
184,902.79
1,685,300
3,465
92,007
208,149
721
—
206.33
88
17.9
Ohio
$2,145.08
1
Texas
Indicated
1940
Amount
2,359
88
Illinois
New Mexico
Production (Thousand Bushels)
1930-39
10,923
wheat.
Tennessee
Average
850
25.0
849
State
3,780
5,408
Report on 1941 Wheat Loans—The Department of
Agriculture announced on Aug. 13 that the Commodity
Credit Corporation through Aug. 5, 1941, made 12,987 loans
in the amount of $3,856,998 on 3,925,808 bushels of 1941
Nebraska
OTHER THAN DURUM
(Bushels)
10,885
5,360
>
31.3
-
California
Ohio..
Yield per Acre
24,920
36,100
27.3
Washington.——„
Oregon-.
Missouri
SPRING WHEAT
2,130
4,000
Arizona
New Mexico
.
2,900
14.5
14.1
.
6,594
9.1
20.7
-
.—.
Idaho
-
-
Wyoming
2,030
11.6
Oklahoma...
Texas......
Montana—.
11.3
10.4
5,724
3,075
22.5
12.5
Tennessee
-
27.8
9.2
Alabama...—--i.
3,776
23.4
10.0
Kentucky
25.0
26.7
—
Georgia
20.0
New Mexico
14.0
South Carolina...
-
.
Arizona
—...
—
Louisiana
-
—
1,984
32,269
37,125
9,034
5,106
2,915
4,530
2,016
6,132
North Carolina
155
3,000
7,904
1,316
5,572
New Jersey
1,562
14.7
—
Prelim.
1,462
Michigan
18.5
15.6
17.5
Wisconsin.
16.1
20.5
18.5
Minnesota
1,164
943
12.7
832
19.5
15.0
18,157
26,637
13.3
21.0
19,470
14.0
465
441
700
Iowa
Missouri
17.5
294
210
210
12.0
17.0
90
North Dakota—
17
7.6
12.0
16.0
South Dakota
9.3
99,824
13.0
Nebraska
43,139
14,091
69,972
7.3
8.0
18,851
7.5
29,250
13.0
Kansas
2,027
7.2
1,125
8.0
1,664
10.5
122
200
9.3
242
13.5
17.0
Idaho
24,483
25.8
36,950
29.0
41,412
30.5
10,760
Wyoming.
11.2
8,207
12.0
9,608
Montana
14.5
1,327
12.8
1,320
13.5
1,363
16.5
New Mexico
3,704
12.9
13.5
3,672
3,548
15.5
Utah
326
310
27.7
465
29.0
30.0
2,089
1,885
1,950
Colorado
Nevada.
24.2
25.0
26.0
319
Washington
17.1
375
16.5
23.0
Oregon
19,815
20.6
15,824
19.5
9,936
23.0
6,312
4,700
3,174
150.492
192,771
224,855
United
States..
10.7
13.5
16.3
338
Weather
Report for the Week Ended Aug.
13—The
feneral summary of the weather bulletininfluence by the
issued of the
)epartment of Agriculture, indicating the
weather for the week ended Aug. 13,
follows:
The weather of the week was characterized rather
generally in centra
and northern portions of the
country east of the Rocky Mountains by a
continuation of high temperatures and mostly scattered, local rainfall,
making the third consecutive week with quite similar conditions.
High
temperatures persisted throughout the week, with the highest maxima in
the Central Valleys and Northwest occurring during the first
part of the
period and again near its close.
Tne highest wero in the northern Great
Plains on August 5 when some first-order stations in the Dakotas
reported
up to 109 degrees, the highest for the United States, and reversing the
usual
summer
conditions
as
the
hottest weather
normally
occurs
in
the
far
Southwest.
During the middle part of the week there was a slight
respite from the heat in the interior, but near its close temperatures of 100
degrees or higher were again rather widely reported, although cooler weather
had set in
Rainfall
over
the far Northwest at the close of the week.
was
mostly spotted, with widely scattered heavy amounts;
reporting 24-hour falls of more than 2 inches include Galveston,
Tex., Chattanooga, Tenn., Birmingham, Ala., Savannah, Ga., Erie, Pa.,
and Pueblo, Colo.
During the last 2 days of the week substantial rains
stations
Volume
The Commercial & Financial Chronicle
153
North Dakota, northern Minnesota and Wisconsin,
fairly good showers to rather heavy rain in northern Virginia, Mary¬
land, Pennsylvania and the eastern Lake region.
Except in the Northeast, the west Gulf area, and southwestern Great
Plains, the weekly mean temperatures were decidedly above normal east
of the Rocky Mountains, with the largest plus departures appearing from
the western Ohio and central Mississippi Valleys northward and north¬
westward.
Some north-central stations again reported average weekly
temperatures ranging up to 10 degrees or more above normal.
West of
the Rockies, northern sections were abnormally warm, except the north
Pacific coast, while central and southern districts had near-normal to
moderately below normal warmtn.
In tne geographic distribution of the weekly rainfall, the amounts were
rather heavy, ranging up to 4 inches, in a considerable north-central area
and they were substantial locally in much of the Lake region and south¬
eastern Great Plains, in parts of the Appalachian Mountains, and the
occurred
in
eastern
and
central
Otherwise
Gulf area.
the
falls
were
mostly light,
though with
eastern
Early broomcorn harvest practivally completed in Lind¬
Pastures need rain badly; livestock generally fair.
areas.
say area.
Arkansas—Little Rock: Week characterized by very warm days; lack
of rain felt in east; some local showers in west.
Favorable for growth of
cotton, except where soil moisture badly depleted; favorable for checking
weevil; crop opening in south and east.
Showers favorable for corn in
west; bottom-land corn withstanding heat.
Pastures and meadows dry¬
ing in east.
Haying good progress^
Tennessee—Nashville:
Progress of cotton very good,
but lack of rain
felt in
some sections; condition good to excellent.
Progress of corn good;
condition good to very good. Tobacco stands irregular, varying from fair
to excellent.
Sweet potatoes good.
Pastures and clover very good.
Gar¬
den truck very good. , Peaches and early apples being harvested.
fairly heavy local amounts.
'
With the close of the third week of high temperatures and without ex¬
tensive rainfall over central and northern portions of the country east of
some
1019
condition rather poor in south, but fair to good elsewhere.
Progress of
corn good in southeast and south-central, but late damaged by drought
elsewhere; condition fairly good to good, except rather poor in some north¬
.
Rocky Mountains, drought conditions in those areas are becoming
progressively intensified, although some areas, principally from the west¬
ern
Lake region to the northern Great Plains, the central Appalachian
Mountain districts and some adjoining sections, and the southeastern
Plains area have received considerable relief by beneficial rain.
How¬
ever, a good general, soaking rain is needed nearly everywhere outside of
the Southern States, from the Great Plains eastward.
>
.
Cultivated crops, especially those on uplands and light soils have de¬
teriorated in many interior localities, with pastures declining and in need
of rain more than otner vegetation.
Additional reports empnasize the
necessity for hauling water for domestic purposes in parts of the Ohio and
THE DRY GOODS TRADE
the
lower Missouri
work made
Small Grains—In
the
later
western
and
northwestern
the
districts
thresh¬
ing generally, except that heavy rains about the 9th caused delay in North
Dakota and lodged some uncut grain; also local shock damage is reported
in Minnesota.
Some threshing returns in North Dakota show yields
ranging from good to the best of record.
Rain is needed in most of the
principal Winter Wheat Belt for conditioning the soil for plowing.
weather
was
favorable for harvesting the small grain crops and for
Corn—Hot and mostly dry weather made a continuation of
unfavorable for
corn
eral rain is needed
In the eastern
in most of the
principal producing area;
a
conditions
good gen¬
Ohio Valley late corn is reported as suffering
with some
In Missouri bottom land and late corn is still fair to excellent, but
goods slowed down.
been cheered
ness
most
Kansas much
parts of the
while beneficial rain has fallen in the northeast, southeast and south-
east,
central portions.
In Nebraska corn has deteriorated rapidly in many places,
of mills
of
the
In Iowa persistent hot weather and dryness over much oi the State have
continued steady deterioration and pushed advance through
roasting ear stage.
However, permanent damage has been mitigated by
heat-resisting hybrid varieties generally being grown; also .deterioration
has been from an unusually good previous prospect, which lessens its ser¬
iousness from a normal condition standpoint.
resulted in
Cotton—In the Cotton Belt temperatures for the week averaged
above
normal, ranging up to plus 6 degrees in parts of the north; showers were
widely distributed in mostly light to moderate amounts.
In general con¬
fairly favorable for cotton.
good in the north and fair elsewhere, except that
in the southeast rainfall was heavy, favoring weevil and delaying fruiting.
In Oklahoma progress was very good in the southwest and fair to good
elsewhere although heavy leaf worm infestation is reported in the south.
In central States of the Belt, conditions generally were rather favorable
with progress of cotton fair to good in most localities; there was too much
rain in some places, especially southern Alabama, and moisture is needed
in parts of Tennessee.
In the eastern States most reports indicate good progress, with bolls
opening rapidly in Georgia and weather favorable for fruiting north of
that State.
However, in some areas previously too wet, condition of the
crop remains poor to only fair.
First ginning in Louisiana was reported
on the 8th and in South Carolina on the 9th.
had
users
sell
to
more
freely, and sizable quantities of
Numerous buyers
were
opinion that the sagging tendency of raw cotton
prices might have contributed to the willingness of mills to
release goods,
and particularly
so, as a
drop in prices for the
staple would eliminate the necessity for higher ceilings.
The
fact remained however, that some of the mills manufacturing
various cloths continued to be
current year,
were
completely sold through the
while others have at least 75% of their
duction contracted for.
pro¬
Sheeting mills for the most part
completely out of the market in anticipation of possible
by the Government to commandeer looms for the
production of osnaburgs of which there is
the meantime, demand for
of the supply.
excess
shortage.
a
goods continued
many
In
times in
According to reports, wholesale
dis¬
tribution of dry goods throughout the country continued to
show
steady rise.
a
„
but still is
good in more than half the State; some is excellent in the west.
North
of Iowa continued deterioration is reported, but rains were helpful in
northern Minnesota and much of Wisconsin.
ditions
Converters and industrial
during the early part of the week by the willing¬
print cloths alone changed hands.
of the
early and hill crops have been severely damaged.
In
is still in condition to produce good yields, except in
Friday Night, Aug. 15, 1941.
in certain divisions during the
early part of the past week, business in the markets for dry
action
badly.
local firing, especially on lighter soils.
In Illinois the crop ranges from
excellent to poor; firing is general on light soils with severe local damage
in the south.
corn
moderate activity
Valleys.
generally good progress, except that it is too dry for
plowing in many interior localities.
West of the Great Plains, conditions
continue mostly favorable with recent rains in the Southwest decidedly
helpful.
In some southwestern sections the range is currently reported
as the best in many years.
Over the great western grazing country live¬
stock continue in generally good condition with further gains reported m
many southern localities.
Farm
New York,
After
During the period from January through
July the turnover of goods by wholesalers and jobbers
was
said to be 40% in excess of a year ago, while preliminary
information for
month
was
July indicated
50% above last
that business
Business in wholesale markets was spotty.
sold in
fairly good quantity, but in
was
dull.
Print cloths
numerous
offerings were difficult to find and with
trading
during that
year.
Activity in sheetings
other lines,
dearth of sellers,
a
was
extremely light,
were
In Texas progress was
The Weather Bureau furnished the
following
and
business
new
The
same
situation
manufacturers
stantial
goods
less
were
amounts
were
in
osnaburgs
pertained
was
to
almost non-existent.
drills
and
of
sheetings,
and while here and
being sold, the quantities moved
than what
twills.
Bag
reported to be in need of fairly sub¬
was
wanted.
located in the market.
were
there
mostly
Osnaburgs could hardly be
Rayons ruled firm with business
quiet owing to the scarcity of offerings.
There was no
in the demand however, with many buyers
subsidence
resume
reported to be in dire need of yardage.
/ conditions in different States:
Business also
con¬
North Carolina—Raleigh: Favorable temperatures and only local showers
of rain being felt.
Progress and condition of cotton good in east;
elsewhere progress and condition fair to fairly good.
Tobacco ripening
tinued to be restricted pending the establishment of ceilings.
fast; very much housed in coastal plain, with condition fair to good;
some
deterioration in parts of Piedmont.
Corn generally satisfactory
condition.
All crops in southern coastal plain reported doing well and
good condition.
attending meetings, with
lack
very
South Carolina— Columbia: Temperatures favorable and soil moisture
ample, except more rain needed locally for late crops in north.
Sunshine
favored setting cotton bloom and bolls in north; opening and picking
begun in south; first ginning on 9th; progress fairly good and condition
poor to fair, but some improvement.
Corn, truck, gardens and pastures
generally good progress.
Crops mostly laid by.
Georgia—Atlanta; Favorable temperatures and scattered showers; soil
mostly ample.
Cotton opening rapidly and picking fairly active;
weatner favorable for weevil.
Corn good; matured
in soutn.
Sweet potatoes good, except poor in north; local harvesting
in south.
Tobacco fair to good, harvest nearing completion.
Truck fair;
fall planting done in a few places.
Pastures good.
moisture
too much stalk growth;
Florida—Jacksonville:
condition
fairly
Very
warm
days.
Progress of cotton good;
good; picking fairly active.
Late corn maturing.
To¬
quality good.
Truck scarce; heat unfavorable for home
bacco being sold;
gardens.
Citrus groves being cultivated and fertilized.
Alabama—Montgomery: Favorable temperatures; adequate rains in
but too much in south.
Progress of cotton very good In north,
but only fair in south; condition mostly fair; picking begun locally in
south.
All other crops doing well and promise fair to good results.
north,
Mississippi—Vicksburg: Very warm days; too much rain in southeast.
Cotton picking beginning locally in northwest whore droughty tendency
checked growth generally; favorable for weevil activity in south, but less
Progress of late-planted corn fair in south, but mostly
elsewhere; early planted mature enough to feed.
Progress Of gardens,
pastures and truck good to excellent in south; poor to fair elsewhere.
Louisiana—New Orleans: Too much rain first part.
Progress of cotton
fair; maturing rapidly and beginning to open, with scattered picking;
first bale on 8th; fruiting poorly on lowlands, but fair to good on uplands;
normal to locally heavy shedding.
Corn poor to locally good.
Rice doing
well; some early being cut.
Sweet potatoes doing well.
Texas—Houston: Favorable temperatures and adequate rainfall gen¬
erally, although a few localities dry and others had too much rain.
Sub¬
soil moisture ample, but topsoil moisture badly depleted in some districts
of southern Panhandle.
Grain harvest practically completed; threshing
nearing completion.
Corn mostly matured outside Panhandle; late crop
favora ble elsewhere.
poor
greatly oenefited by recent rains.
Progress of cotton good in north, but
elsewhere, except in southeast where delayed fruiting.
Practically
all early commercial truck harvested.
Planting and transplanting large
acreage of fall truck continues in south.
Livestock excellent and ranges
generally excellent.
Oklahoma—Oklahoma City: Temperatures mostly favorable but more
I rain needed.
Wheat harvest completed in panhandle and stubble plowed
A
I:
of converters
reported to be in Washington
were
officials
of the
Office
of
Price
Administration and Civilian Supply to discuss details rela¬
tive to
a
price ceiling
on rayon
wear
Goods—An
finished goods.
demand for spring men's
goods markets during the week.
Buyers were in the market for large quantities, but as mills
were well sold ahead for the new season, they were not as
free with their offerings as previously.
Another factor which created cautiousness amoung mills
was their concern over possible higher labor costs.
Labor
difficulties reported in woolen and worsted manufacturing
plants in the East came in for considerable attention, and
although not considered immediately serious, gave rise to
greater hesitancy among sellers.
For the first time in a
Woolen
active
lines featured the wool
number of weeks, business in women's wear was somewhat
less active, as
openings of spring lines after Labor Day
were
awaited.
Scattered business however, was booked. Tight¬
ness continued in worsteds, and it was reported that coat
and suit
production for fall
was
reaching its peak substanti¬
ally ahead of the usual date. Wool hosiery mills continued
active on orders for their regular trade with some having
extra
production through the large Government buying of
light weight wool socks. Sweater mills were well employed
on
old business, and could get new orders if they were
prepared to make deliveries.
wear
mills
were
A number of the wool under¬
said to have started to offer
regular customers who
dise for fall to their
more
are
merchan¬
desirous of
filling in their stocks sold out a long time ago.
Foreign Dry Goods—Linens were active and firm with
fair
under.
Progress of cotton very good in southwest; fair to good elsewhere
favorable for checking weevil; heavy infestation of leaf worms in south;
score
particularly good demand reported for linen sheetings and
pillow cases.
Burlaps remained at a stand till as neither
sellers nor buyers were anxious to do business pending the
establishment of ceilings.
Domestically lightweights were
quoted unchanged at 10.20c., and heavies at 13.45c.
a
The Commercial & Financial Chronicle
1020
State and
Aug. 16, 1941
City Department
tax administration are Georgia, Kentucky, New York, Oklahoma.
Pennsylvania, Rhode Island and Utah.
States with two agencies are Ala¬
Arkansas, Connecticut, Kansas, Louisiana, Massachusetts, Mis¬
sissippi, Nevada, New Jersey, New Mexico, North Carolina, Ohio, South
Carolina, Tennessee, Virginia and West Virginia.
States with four or more agencies administering taxes are; Califronia,
Delaware, Idaho, Indiana, Maine, Nebraska, New Hampshire, Oregon,
South Dakota, which have four; Wyoming, which has five; and Missouri,
ized
bama,
Specialists in
Illinois & Missouri Bonds
which has six units.
_
Stifel, Nicolaus & Co,Inc.
Bond Proposals and Negotiations
Founded 1890
105 W. Adams St.
•
CHICAGO
DIRECT
314 N.
•
Broadway
ST. LOUIS
WIRE
Alabama Municipals
Steiner, Rouse
News Items
Co.
&
Members New York Stock Exchange
Texas—Property
Tax Reduced by $3,630,000—The State
Automatic Tax Board on July 31 pared a total of $3,630,000
from Texas' 1941 property tax bill by reducing the rate from
69 to 58 cents per $100 valuation.
Specifically, the 11-cent
reduction
a
cash balance in that fund will aid
ma¬
terially in meeting obligations.
Jan. 31. 1942.
Increased valuations helped in reducing the tax rate for school purposes
but had no beneficial effect on other rates because of accumulated deficits
on
case
ALABAMA
BIRMINGHAM, Ala.—BOND CALL—C.
:Y:£YYY
E.
Armstrong, City Comp¬
troller, states that the following bonds have been called for payment and
will be paid immediately on presentation together with the full amount of
last interest coupon thereon, at the city's fiscal agent, the Chemical
Bank & Trust Co., New York City.
Funding Nos. 1 to 100, 5%, $1,000,000.
Dated Sept. 30, 1911.
Due
the
The board, composed of Governor W. Lee O'Daniel, Comptroller George
Sheppard and Treasurer Charley Lockhart, left unchanged at 35 and 7 cents,
respectively, the rates for the deficit-ridden general and Confederate pension
funds.
These rates are the maximum permitted under the constitution.
Taxes for the current year are payable beginning Oct. 1 and become past-
and, in the
NEW YORK
Direct Wire
ordered in the school fund rate—from 27 to
was
16 cents—because
due
BIRMINGHAM, ALA.
of the general fund, greatly enlarged appropriations for
Sept. 30, 194I7YY>Yt^::-;';Y.:Y ^YY,-yy ■
Grade crossing, Nos. 2401 to 2475,
%, $75,000.
Dated Oct. 1, 1928.
Due Oct. I, 1941.
Public school buildings, Nos. 601 to 630, 5%, $30,000.
Dated Oct. 1,
1942.
Due Oct. 1, 1941.
Public school buildings, Nos. 1678 to 1732, 4 Yi% $55,000.
Dated Oct. 1,
1924.
Due Oct. 1, 1941.
the next fiscal year.
The board's unanimous
bonds other than these that mature
values for tax purposes
maturity.
This call does not apply to any
action came after a compilation of assessed
in the State's 254 counties showed a total of $3,669,582,023, up $89,174,338 from last year.
The available school fund will begin the new fiscal period with a cash
balance of SI ,269,000, the first time in several years.
The balance, together with an estimated $5,000,000 from the 16-cent
property levy and $30,000,000 from many special taxes, in which the fund
shares, will meet prospective obligations of $36,695,000, of which $34,695,000 was needed by the $22.50 per capita apportionment and $2,000,000
for text book purchases.
^
Texas—Special Legislative Session Reported Scheduled—To
provide aid by the State of Texas to counties and road dis¬
tricts in an amount estimated at $9,500,000, the legislature
is to be called in special session about Sept. 8, according to
word from Austin.
Govenor Coke Stevenson, who took
office Aug. 8 as successor to W. Lee O'Daniels, indicated at a
press conference that he will offer a compromise adjustment
of the problem, which was left without solution when the
regular session adjourned about 30 days ago.
If State aid is
not provided, counties and road districts will face the neces¬
sity of increasing ad valorem taxation by $9,500,000 or allow¬
ing bonds to go in default, it is said.
United States—Tax Assessors Favor
Written
granting tax exemptions on real estate, a poll by the
National Association of Assessing Officers showed on Aug. 12.
In
getting the opinion the Association polled about 600 members of the
organization in submitting this question:
"As a condition which must be fulfilled before an assessment
authority
can give official recognition to the tax-exempt status of
privately-owned real
estate which otherwise is eligible for exemption, should the owner be re¬
quired by law to file an annual written petition seeking the exemption?"
Of the 159 answers received so far in the poll, there was a ratio of 8 to 1
in favor of requiring annual written petitions.
A tabulation of results
shows 134 in favor of the requirement, 16 not in favor and nine uncertain.
The nine "uncertain" answers were so registered because they were
quali¬
fied to some extent.
Among the qualifications were that "it is all right for
homesteads but not for institutional property"; "might increase work too
much," and "status of churches and other institutional properties so well
known that annual applications are unnecessary."
In reporting results of the poll, the Association pointed out that at least
20 States require persons claiming certain property tax exemptions to file
their claims in writing.
In nine of the 12 States exempting homesteads
from taxes, for example, an annual application for exemption must be
made,
while in 12 of the 20 States
exempting real property of veterans, the veterans
must apply annually for exemption.
Periodical applications foe exemptions are almost never required for
government-owned property and are necessary in only eight States for in¬
stitutional property.
Newly-located factories when exempted from taxa¬
tion usually get this status under terms of a contract or an
ordinance, and
the filing of a copy of this document with the assessors
serves in lieu of the
annual application.
Colorado and
Michigan Only States to Integrate Tax Agencies
the number of legislative proposals to
reorganize State tax agencies this year resulted in adoption of
several changes, there was a net decrease of
only two agencies
administering major State taxes, the Federation of Tax
Administrators reported on Aug. 13.
This
Markets in all
REFSNES,
Year—While
Principal realignments occurred in Colorado and Michigan, whose inte¬
grations reduced the total number of tax agencies in the 48 States from 130
to 128.
At the same time, the number of taxes went
up by one, with repeal
of Louisiana's sales tax offset
by enactment of tobacco taxes by Illinois
•
BONDS
Municipal Issues
ELY, BECK &, CO.
PHOENIX, ARIZONA
ig*
COCONINO COUNTY
ARIZONA
(P. O.
Flagstaff), Ariz—BOND ELECTION
PENDING—It is reported that an election will be held in the
to have the voters pass on
near
future
the proposed issuance of $350,000 road bonds.
WILLCOX, Ariz.—BOND SALE NOT CONSUMMATED—'The sale of
$100,000 3 hi % and 3 % % first lien electric light and water revenue bonds to
Kirby L. Vidrine & Co. of Phoenix, as reported in V. 153, p. 126, was not
consummated
on
to
,
ARIZONA
Application
strongly in
for Property Exemptions—Local tax assessors are
favor of requiring annual written petitions as a prerequisite
bonds except those listed above.
Any
Aug. 1 to Oct. 1, 1941, will be paid at
the
as
voters
refused
to
sanction
the
loan
at
election
an
July 22.
ARKANSAS
LITTLE
ROCK STREET IMPROVEMENT
DISTRICT
NO.
376
(P. O. Little Rock), Ark.—BONDS OFFERED TO PUBLIC—M. W. Elkins
& Co. of Little Rock are offering for general investment
$20,000 4%
paving
bonds.
Denom. $1,000 and $500.
Dated July 1, 1939.
Due on Jan. 1,
$2,000 in 1942, $2,500 in 1943 to 1948 and $3,000 in 1949.
Prin. and int.
(J-J) payable at the Chase National Bank, N. Y. City.. Legal opinion by
James B. McDonough of Fort Smith, Ark.
*
CALIFORNIA
CALIFORNIA,
State of—WARRANTS SOLD—An issue
371.62 general fund registered warrants was offered for sale
of $3,303,-
Aug. 11
0.50%,
Aug. 14, 1941.
Due on or about
Feb. 25, 1942.
Legality approved by Orrick, Dablquist, Neff & Herrington
of San Francisco.
KYYy:Y:YY.^:Y'Y'"--Y YY'-
and
was
plus
a
EL
on
awarded to the Merchants National Bank of Sacramento at
premium
of $1,748.
Dated
SEGUNDO, Calif.—BOND SALE—The $15,000
semi-annual
sewer
bonds offered for sale
on Aug. 13—V.
153, p. 867—were awarded to the
California Bank of Los Angeles, as 1 Ms, paying a premium of $49,
equal
to
100.3^6,
basis of about 1.19%.
a
Dated July 2, 1925.
July 2 in 1946 to 1948.
Due $5,000
on
v
LOS ANGELES COUNTY (P. O. Los Angeles), Calif.—BOND OFFER¬
ING—L. E. Lampton, Clerk of the Board of County
Supervisors, will
Aug. 19 for the turchase of $120,000
5% interest Lakewood School District bonds.
Dated Aug. 1,
1941.
Denom. $1,000.
Due Aug. 1 as follows: $5,000 in 1943 and 1944
and $10,000 from 1945 to 1955, incl.
Interest for the first year shall be
payable in one instalment at the end of said year, and interest thereafter will
be paid semi-annually.
Both principal and interest payable at the County
Treasurer's office.
A certified check for 3% of the bonds bid for,
payable to
order of the Chairman of the Board of Supervisors, is required.
receive sealed bids until 10 a. m. on
not to exceed
SACRAMENTO
COUNTY
(P.
O.
Sacramento).
Calif.—SCHOOL
BOND OFFERING—It is stated by T. F. Patterson,
County Clerk, that
he will receive sealed bids until 10 a. m. on Aug. 18, for the
purchase of a
$35,000 issue of Arcade School District building, improvement and equip¬
ment bonds.
Interest rate is not to exceed 5%, payable M-S.
Dated
Sept. 1, 1941.
to
1946
and
Denom. $1,000.
Due Sept. 1, as follows: $3,000 in 1942
$5,000 in 1947 to 1950.
Prin. and int. payable in lawful
money at the County Treasurer's office.
The district has been acting as
such, under the laws of the State, continuously since Jan. 8, 1923.
The
bonds will be sold for cash only, and at not less than par and accrued
and Maine.
interest
seven
the
Colorado and
check for not less than
are
Chairman Board of Supervisors.
The total number of taxes in the States is now 309.
The action by Colorado and
Michigan placed the States in a group of
which utilizes three agencies to administer the chief taxes.
Formerly
Michigan had four agencies each.
Other States in the group
Arizona, Florida, Illinois, Iowa, Maryland, Minnesota, Montana,
North Dakota, Texas, Vermont,
Washington and Wisconsin.
The only major action
away from the current trend of integrated revenue
agencies, the Federation said, took place in
Idaho, where consolidations
effected in 1939 were dissolved
by repeal, and the previous status of four
agencies restored.
North Carolina added another tax
agency this year,
when the new department of motor vehicles was
commissioned to collect
vehicle registration fees.
Only seven States have a single tax agency, but in the 16 which collect
major taxes through two agencies, the second agency frequently is con¬
cerned only with supervision of local
property taxes or the collection of
motor vehicle registration fees.
The seven States with completely central¬
to the date of delivery.
Each bid must state that the bidder
offers par and accrued interest to the date of delivery, and state
separately
premium, if
SAN
any,
offered for the bonds
FRANCISCO,
APPROVAL—A
news
bid for.
Enclose
a
certified
10% of the amount of bonds bid for, payable
Calif.—POWER
PLAN
dispatch from Washington
to the
GETS II. L. ICKES'
on Aug. 11 reported as
follows:
"Harold L. Ickes, Secretary of the Interior, today approved a new
plan
submitted by the City of San Francisco for establishing a
publicly owned
Hetchy power.
distributing system of
the Pacific Gas & Electric Co. and serving it with Hetch
Hetchy power
to the full extent of the existing plants and a new plant to be constructed
at Red Mountain Bar; also a new transmission line from Newark,
Calif.,
to San Francisco and substations and a steam standby plant in the city.
and operated system for the distribution of Hetch
"The plan involves the purchase of the present
Volume
The Commercial &
153
in November
only the purchase
"The plan provides for the submission to municipal voters
of
a
$66,500,000 bond issue.
Proceeds would
cover not
of the Pacific Gas & Electric facilities, but would provide funds for necessary
construction and for initial
working capital.
"The bonds would mature over a period of 33 years and would be payable
solely from the profits of the system.
According to the plan, after payment
in cash of all operations and maintenance expenses and depreciation, annual
bond interest and annual bond redemption, return to the general fund
of the equivalent in taxes now paid by Pacific Gas & Electric,
remain an estimated amount of $5,233,000 as surplus on the
company's present business."
:
there would
basis of the
'
.
FRANCISCO, Calif.—BOArD ELECTION—We understand that
November election an issue of $60,000,000 Hetch Hetchy revenue
bonds is to be submitted to the voters.
City officials on Aug. 7,
requested Secretary Ickes to approve that amount of bonds to be submitted
districts
involving bonds totaling almost
Court on July 31 by holders
W. J. Meredith and others.
The districts affected are:
Special Road and Bridge District No. 5,
Southern
Hillsborough County, $1,056,000 in bonds; North Tampa,
$265,000, and Northeast Tampa, $675,000.
The Lake Fern District,
having $232,000 in bonds to be refunded, which is a part of the county
$2,240,000 program, is not included in the suit.
Mr. Meredith and his
committee maintained in the suit that the county "did not and has not
legally effectuated the purported redemption" of the old bonds because
it never had set up a redemption fund, as required by law.
power
;'V>
the voters.
CONNECTICUT
BRIDGEPORT, Conn.—BOND SALE—The $400,000 series E coupon
refunding bonds offered Aug. 11-—V. 153, p. 868—were awarded to Day,
Stoddard & Williams, of New Haven, as Is, at a price of 100.28. a basis
of about
0.95%.
Dated Aug. 15. 1941 and due Aug. 15 as follows: $40,000
$50,000 from 1948 to 1951, incl.
Other bids:
from 1943 to 1947, incl. and
Int. Rate
Bidder—
Co. Incorporated
Byllesby & Co., Inc., and
H. C. Wainwright & Co
Kidder Peabody & Co.; Roosevelt & Weigold, Inc.,
J.P.Morgan
&
and Chas. W.
$1,868.00
1.10%
520.00
1.15%
119.88
1.20%
Scranton & Co_„.
Harris Trust & Savings
Trust Co., Chicago
1,279.60
1,128.00
1,079.60
1,128.00
200.00
156.00
1,144.00
Bank, Chicago, and Northern
Blair & Co., Inc., and G. M.-P. Murphy &
Harriman Ripley Co., and Hemphill, Noyes
1.25%
Co.
& Co..
of Michigan Corp__.
Blyth & Co., Inc., and F. S. Moseley & Co
Estabrook & Co., and Putnam & Co
Halsey, Stuart & Co., Inc., and R. F. Griggs Co
Chemical Bank & Trust Co.: Kean, Taylor & Co.,
Lazard Freres & Co., and First
and
Premium
1H%
Inc.: H. M.
Otis & Co.,
1.20%
1.20%
1.25%
1.20%
1.20%
,
708.00
1.20%
Equitable Securities Corp
Conn.—BOND SALE—The $100,000 coupon water and
Aug. 12—V. 153, p. 868—were awarded to Putnam
& Co. of Hartford, as 1Mb, at a price of 100.896, a basis of about 1.08%.
Dated Aug. 1, 1941 and due $10,000 annually on Aug. 1 from 1942 to 1951
incl. Other bids, also for l %s, were as follows:
Bidder—
Rate Bid
GROTON,
electric bonds offered
Cooley & Co
Paine, Webber & Co
100.853
100.76
Salomon Bros. & Hutzler
the
of
above
named
county
was attacked as illegal in Federal
of the old issues.
The suit was brought by
$2,000,000
MIAMI, Fla.—SEALED TENDERS INVITED—It is stated by A. E.
SAN
at the
to
1021
Financial Chronicle
Fuller, Director of Finance, that he will receive sealed tenders until Sept. 3
(EST) for the purchase by the sinking fund of $200,000 refunding
bonds of the above city.
Each tender shall specify the amount of bonds
tendered for purchase, and shall specify the interest rate, maturity and
number of each bond tendered.
Bidders may stipulate, if desired, that
their tenders are for the purchase of all or none of the bonds tendered and
shall state the time and place for delivery of bonds tendered as specified
in the notice of sale.
The City Commission will determine the interest
yield basis of the bonds tendered, calculated to absolute maturity, and
the tenders accepted shall be those showing the highest interest yield basis;
provided the Commission may reject any or all tenders, but will not reject
any tender which complies with the terms of the notice of sale at higher
interest yield basis than the interest yield basis of any tender accepted.
If any bidder whose tender is accepted shall fail to surrender the bonds
tendered at the date and place specified in the notice of sale, the certified
check accompanying the tender will be forfeited as liquidated damages and
placed in the sinking fund.
The bonds accepted for purchase shall be
surrendered, together with all unmatured coupons appurtenant thereto,
on or before Sept. 15, at the Chemical Bank & Trust Co., New York, or
at the office of the Director of Finance.
Enclose a certified check for 1 %
of the face amount of bonds tendered for purchase, payable unconditionally
to the city.
Checks, accompanying the tenders will be returned to the
unsuccessful bidders after tenders are opened and tabulated, and will be
returned to the successful bidders upon the surrender of the bonds accepted.
at 11 a. m.
MIAMI BEACH, Fla.—BONDS VOTED—We
municipal hospital.
PLANT
100.623
100.57
100.402
F. W. Home & Co
R. L.
Day & Co
GEORGIA
COUNTY
UPSON
(P.
issue of $100,000
O.
WAYCROSS,
water works
DISTRICT
SCHOOL
SOLD—An Issue
certificates is said to have been
SOLD—An
& Co.
of $100,000
purchased recently
price of 102.94.
IDAHO
100.29
election
DELAWARE
duPONT
Ga.—CERTIFICATES
revenue
by J. H. Hilsman & Co. of Atlanta at a
Del.—BONDS VOTED—At an election on Aug.
issue of $50,000 school construction bonds.
ELECTION—We
Idaho—BOND
TETONIA,
I.
Ga.—BONDS
Thomaston),
hospital bonds was sold to Johnson, Lane, Space
of Savannah.
100.39
-
R. D. White &
First National Bank of Boston
ALFRED
by
refunding
TENDERS INVITED—It is stated
Fla.—BOND
CITY,
B. Peeples, City Clerk, that he will receive sealed tenders of
bonds, issue of Aug. 1, 1936, until Sept. 22 at 8 p. m.
J.
100.667
Halsey, Stuart & Co., Inc
Blair & Co., Inc
understand that the City
bonds for erecting a
Council has voted to issue $500,000 callable revenue
$4,500 not exceeding 6% water system
(P. O. Wilmington).
6 the voters authorized
understand
that
Sept. 27, to submit to the voters an
has been called for
an
issue of
purchase bonds.
ILLINOIS
an
ASHLEY, 111.—BONDS VOTED—At an election on July
authorized an issue of $3,500 water works system bonds.
BLANDINSVILLE TOWNSHIP (P. O. Blandinsville), III.—BONDS
White-Phillips Corp. of Davenport purchased an issue of
FLORIDA MUNICIPAL BONDS
Our long experience in handling
hensive
SOLD—The
Florida issues gives us a compre¬
municipal bonds.
We
inqufev regarding them at no obligation.
background of familiarity with these
will be glad to answer any
$7,000 3H% road improvement
111.—BOND
BOND SALE
R E.Crummer & Company
CHICAGO.ILLINOIS
WK
bonds authorized at an election on July 22.
SALE—The Millikin National Bank, First
National Bank, all of Decatur, recently
purchased an issue of $110,000 3% water revenue bonds.
Due as follows:
$25,000 from 1945 to 1948, incl., and $10,000 in 1949.
Bonds were author¬
DECATUR,
National Bank and the Citizens
ized at an election on June
1ST. NAT. BANK BLDC
24 the voters
19.
DETAILS—In reporting the above sale,
Walter E. Rugh
,
advises that the same group also
purchased $105,000 judgment bonds, not $107,000 as stated in earlier
reports.
These bonds were sold as 1 Ms at par and mature as follows:
$26,000 from 1942 to 1944, incl., and $27,000 in 1945.
Commissioner of Accounts and Finance,
has
FRAN
LIN,
111.—BONDS
SOLD—Thomas J. Williamson, Village
bonds recently authorized by the
Clerk, reports that $22,000 water revenue
FLORIDA
BARTOW, Fla.—BONDS SOLD—It is stated by
Village Council have been
Geo. J. McNamee,
City Auditor and Clerk, that the following coupon bonds aggregating
$1,131,000, were offered for sale on Aug. 14 and awarded to a syndicate
composed of Stranahan, Harris & Co., Inc. of Toledo, B. J. Van Ingen &
Co. of New York, the Equitable Securities Corp. of Nashville, and R. S.
Dickson & Co., Inc. of Charlotte, paying a price of 102.29:
$377,000 3H% refunding bonds.
Due Oct. 1, as follows: $33,000 in 1941#
$34,000 in 1942, $35,000 in 1943, $36,000 in 1944, $38,000 in
1945. $40,000 in 1946 and 1947, $42,000 in 1948, $43,000 in 1949,
and $36,000in 1950.
377,000 3*A% refunding bonds.
Due Oct. 1, as follows: $11,000 in 1950,
$47,000 in 1951, $48,000 in 1952, $51,000 in 1953, $52,000 in
1954, $54,000 in 1955, $56,000 in 1956, and $58,000 in 1957.
377,000 4% refunding bonds.
Due Oct. 1, as follows: $60,000 in 1958,
$62,000 in 1959, $65,000 in 1960, $67,000 in 1961, $70,000 in
1962, and $53,000 in 1963.
All of said bonds maturing on and
after Oct. 1, 1958, will oe optional for redemption on Oct. 1,
1957, and on any interest payment date thereafter at par and ac¬
crued interest to date of redemption
„
HAINES
CITY,
Fla.—BOND
SUIT
_
RULING FAVORS INVEST¬
report appearing in the
MENT HOUSE—We quote as follows from a news
Orlando "Sentinel" of July 31:
„
adjudicating the equities in favor of R. E. Crummer
was charged with fraud, concealment and mis¬
representation among other things by the City of Haines City in a bond
refunding transaction was filed yesterday with the Clerk of the U. 8. District
Court in Tampa, it was learned here today.
"The order was handed down by Federal Judge William J. Barker in a
suit brought by Haines City and held unusual public interest because of
the personalities involved, as W. Wallace Shafer, counsel for Haines City,
was a member of the Florida Legislature of 1941 and was understood to
be one of the co-sponsors of the resolution adopted by the House providing
for an investigation of refunding activities in Florida.
"The petition of the City of Haines City alleged acts on the part of
Crummer & Co. which were also generally alleged in the resolution of the
House.
After the adoption of the House resolution Mr. Shafer was named
as one of the five members of the refunding investigating committee.
"Because he deemed the case one of importance to the entire State,
Judge Barker personally heard testimony on July 8, 9, and 10.
In his
opinion and order the judge, among other things, held that the city was
authorized to enter into a contract with the Crummer firm and that there
"An order completely
&
Co.
was no
of Orlando which
evidence whatsoever of any
concealment, fraud, overreaching, mis¬
representation, bad faith or breach of any fiduciary or other responsibility
or obligation on the part of R. E. Crummer & Co.
"He held there was no evidence of any breach of contract or failure to
perform and to grant relief sought by the city would be to alter and change
the contract.
He also pointed out in his conclusions that the bond company
under terms of the contract made a capital investment of its own moneys
and assume the risks entailed.
The city was estopped from claiming any
profits that might accrue because of a market rise.
"Judge Barker ordered that the city's petition be dismissed with prejudice
and at the cost of the city.
"Robert J. Pleus and Joseph P. Lea Jr. represented R. E. Crummer
& Co. and Mr. Shafer and Gordon C. Huie were counsel for the city.
Today Mr. Pleus expressed pleasure over the favorable disposition of the
case on his last day as general counsel for the company.
He is entering
United States naval service Aug. 1."
.
_
_
„
HILLSBOROUGH COUNTY ROAD AND BRIDGE DISTRICTS
(P. O. Tampa), Fla.—BOND LEGALITY ASSAILED—We understand
for three out of four special road and bridge
that the refunding program
MT.
ZION,
sold.
III.—BOND ELECTION—Scott Barkley,
election has been called for Aug. 24, to
$17,138 water revenue bonds.
states that an
issue of
an
NORRIS
CITY,
ELECTION—An election will
of issuing $7,500 sewer system bonds.
III.—BOND
Sept. 9 on the question
RIDGWAY TOWNSHIP (P. O.
Township
Village Clerk,
submit to the voters
Clerk reports that the
authorized at an election on
be held
Ridgway), 111.—BONDS SOLD—The
$10,000 highway improvement bonds
March 11 were sold to the
Municipal Bond
Corp. of Chicago.
SCHOOL DISTRICT NO. 182
(P. O. Shelbyville), 111.—BOND SALE DETAILS—The $64,500 funding
bonds sold earlier in the year to the Midland Securities Co. of Chicago—
SHELBY
COUNTY
NON-HIGH
152, p. 863, were issued as 3 ^s, at par, are
Dec. 1 as follows: $3,000 from 1941 to
V.
mature
$4,000, 1946 to 1948, incl.; $5,000 from
1954 and 1955.
Legality approved by
dated June 1, 1940, and
1944, Incl.; $3,500, 1945;
1949 to 1953, incl., and $6,000 in
Chapman & Cutler of Chicago.
INDIANA
GREENE COUNTY
(P. O. Bloomington), Ind.—BOND SALE
DETAILS—Tne $85,000 2% advancement fund (poor relief) bonds awarded
June 27 to Doyle, O Connor * Co. of Chicago,—V. 153. p. 127—were sold
at par plus a premium of $579, equal to 100.68, a basis of about
1.88%.
KOKOMO, Ind.—WARRANT SALE—The Union Bank & Trust Co •
of Kokomo purchased an issue of $95,000 warrants bearing 0.75% interestDue Dec. 21, 1941, and callable at the city's option.
OFFERING—John D. Lewis, City Comp¬
10 a. m. (CST) on Aug. 25, for the pur¬
interest temporary loan warrants, incl.
$50 000 for the general fund and $29,225 for the sinking fund. To be dated
as of date of delivery and mature Dec. 31,1941.
Denoms. as requested by
the purchaser.
The loans are being made for the purpose of securing funds
to meet current operating expenses which are payable out of said two funds
respectively prior to the collection of taxes in the year 1941.
The warrants
are payable out of taxes heretofore levied and now in course of collection
for each of said funds, a sufficient amount of which taxes has been appro¬
MUNCIE, Ind.—WARRANT
troller, will receive sealed bids until
chase of $79,225 not to exceed 4%
priated and
pledged to the payment
of said warrants and the interest
Legal opinion of Matton, Ross, McCord
furnished the successful bidder at the city's
will be received
and delivery of warrants
& Ice of Indianapolis will be
No conditional bids
expense.
will be made on the date of sale.
SANDCREEK TOWNSHIP (P. O. Westport), Ind .—BOND OFFER¬
G. Wiley, Township Trustee, will receive sealed bids until
a. m. (CST) on Sept. 2 for the purchase of $62,000 not to exceed 4%
interest bonds, as follows:
ING—Pnn\
10
$3TW6"School Township building bonds, being payable out of unlimitea
ad valorem taxes on all taxable property in the school township.
Denoms. $1,000 and $500.
Due as follows: $1,000 July 1, 1942;
$1,500 Jan. 1 and $1,000 July 1 from 1943 to 1954, Incl.
31 000 Civil Township community building bonds, being payable out of
unlimited ad valorem taxes on all taxable property in the civil
township.
Denoms. $1,000 and $550.
Due as follows: $1,550
on Jan.
1 from 1943 to 1962, incl.
'
Tifof the bonds will be dated Sept. 1, 1941.
Bidder to name one rate
of interest, expressed in a multiple of H of 1%.
Interest J-J. Legal
opinion of Matson, Ross, McCord & Ice of Indianapolis will be furnished
the successful bidder.
'
The Commercial & Financial Chronicle
1022
SHELBYVILLE
SCHOOL
DISTRICT,
Ind.—BOND SALE—-'The
$50,000 school improvement bonds offered Aug, 13—V. 153, p, 721—were
awarded to Hemphill, Noyes & Co. and Kenneth 8. Johnson of
Indianapolis,
in joint account, as 1 Ms, at par plus a premium of
$223.60, equal to 100.447,
a basis of about
1.18%.
Dated Aug. 15, 1041, and due as follows: $2,000
Jan. 1 and $3,000 July 1 from 1943 to
1952, incl.
Second high bid of
100.277 for 1 M» was made by John Nuveen & Co. of
Chicago.
KENTUCKY, State of—COUNTY DEBT SEEN AS STATE OBLIGA¬
TION—According to the views of Victor II. Fuller, public account, of
Louisville, the State of Kentucky is morally responsible to its counties for
some $50,000,000 raised by the counties and turned
over to the State for
roads and bridges.
Mr. Fuller was formerly assistant auditor in the De¬
partment of Highways and in charge of the financial affairs and
dealings of
that department with the various counties.
Mr. Fuller's contention is
BLAIRSBURG
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Iowa—BONDS SOLD—It is stated that $12,000
refunding
that the intent of the law under which the counties voted and sold
road and
CHARLES
April 5, it is now
reported by the City Clerk that the bonds were purchased at a
price of
100.741, and mature on May 1 as follows: $3,000 in 1943= and
$4,000 in
1944 to 1950, giving a basis of about
$2.60%.
IOWA
$2,327.91
vestor at
CITY, Iowa—MATURITY—The City Treasurer states that the
.5% semi-annual sewer improvement bonds sold to a local in¬
100.30—V. 153, p. 869—are due on May 1 as follows:
$200 in 1942
to 1950 and $527.91 in
1951, giving
a
bridge bonds was that they would be reimbursed by the State and that the
a State bond issue for the purpose was not
proposed was that the
State administrative forces were fearful that such a
proposition would not
reason
have been
approved by the voters.
Legislation has recently been advocated
which would make it impossible for the State to make a loan in
excess of
Mr. Fuller points out, would make it
impossible for the
State to reimburse the counties.
$500,000 which,
basis of about 4.93%.
LOUISIANA
JACKSONVILLE
TOWNSHIP SCHOOL DISTRICT
(P. O. Ne^
Iowa—BOND ELECTION—It is reported that an election
will be held on Aug. 28 to vote $5,000
building bonds.fSi
Hampton),
MODALE, Iowa—BOND ELECTION—It
will be held
on
Aug. 26
to
vote
is reported
that
an
election
$4,975 water works system bonds.
WASHINGTON TOWNSHIP SCHOOL DISTRICT (P.
O. Anamosa),
Iowa—BOND SALE—The $2,000 school
building bonds offered for sale
on
Aug. 5—V. 153, p. 721—were purchased by Mr.
Joseph McCormick
of Cascade, as 2 Ms at par.
Denom. $400.
Due $400 in 1943 to 1947 incl.
Interest payable M-N.
CALDWELL PARISH (P. O.
Columbia), La .—BONDS AUTHORIZED
is reported that an issue of
$28,250 4% refunding bonds has been
—It
approved.
CALCASIEU PARISH ROAD DISTRICT NO. 1 (P. O. Lake
Charles)
La.—ADDITIONAL INFORMATION—In connection with the sale
of
the
Jan.
$50,000 road and bridge bonds to Felix M. Rives of
Shreveport, on
7, as 3Ms, at 100.05, it is now reported thpt, this sale was not con¬
summated and the bonds
KANSAS
FRANKLINTON,
Due
follows:
as
$1,000
Feb.
on
and $3,000 on Aug. 1 in 1943 to
Other bids submitted were:
Trust Co.
1, 1942; $2,000
on
1951.
r
TOPEKA, Kan.-BONDS OFFERED—M. P. Jones, Commissioner of
Finance, received sealed bids until 10:30 a. m. on
Aug. 15 for the purchase
$606,669.03 bonds, as follows:
of
$420,000.00 not to exceed 5% interest municipal auditorium
bonds. Denom*
$1,000.
Due $60,000 annually on
Aug. 15 from 1942 to
1948, incl.
70,000.00 not to exceed 5% interest public and civil works bonds.
Denom.
$1,000.
Due $7,000 annually on
Aug. 15 from 1942 to 1951,
a
general
One bond
improvement, street and alley paving bonds.
$1,261.83, others $1,000 each.
Due Aug. 15
for
as follows:
$3,261.83 in 1942; $4,000 from 1943 to
1949, incl.,
$3,000 in 1950 and 1951.
65,879.63 1 % general improvement, street and
alley paving bonds.
One bond for $879.63, others
$1,000 each.
Due Aug. 15 as
follows: $6,879.63 in
1942; $7,000 from 1943 to 1947, incl.,
V
$6,000 from 1948 to 1951, incl.
13,527.57 1 % internal improvement, sewer bonds.
One bond for $527.57,
others $1,000 each.
Due Aug. 15 as follows:
$1,527.57 in
1942; $2,000 from 1943 to 1945,
incl., and $1,000 from 1946
to 1951, incl.
-
«v
bid
on
each
will be dated Aug. 15. 1941.
group
individually
or
on
Bidders
the entire
were
permitted to
amount of the
offering.
by the city, registered by the State
Auditor, and
ready for delivery at any bank in
Topeka on or prior to Aug. 28.
All
shipping or handling charges by any bank will be
at the expense of the
purchaser.
Offered for sale subject to the
rejection of the State School
Iiind
Commission, which is authorized by statute to purchase all
municipal
bonds issued, at par and
accrued interest.
The city will not furnish a
legal
°P J°n' ant*
Purchase of the bonds will be subject to the approval of
the bond
transcript by the successful bidder's
attorney.
Said attorneys'
fees must be borne
by the purchaser.
The full faith and credit of the
city
is pledged as
security for all bonds issued.
Section 10-113, Revised Statutes
of Kansas,
1935, gives the city power to levy on all taxable
property for the
payment of all bond obligations without
limitation of rate or amount.
All
Bonds will be printed
bonds
are on
are
payable at the State Fiscal
Agency in Topeka. Sufficient funds
deposit with the Fiscal Agency for the
payment of all matured bonds
as they become due.
and interest
coupons
WICHITA,
Ili|
Kan,—BOND
until 7:30 p. m. on
Aug.
purchase of the
pefert^g— Sealed bids will be received
18, by E. S. Worrell, Director of Finance, ftm the
following bonds aggregating $205,117.50;
$80,117.50 park, series No. 480 bonds.
Denom. $1,000. one for $1,117.50.
Dated Aug. 1. 1941.
Due on Aug. 1 as follows:
$8,117.50 in
1
an<l $8,000, 1943 to 1951.
125,000,000 refunding, series No. 481 bonds.
Dated Sept. 1, 1941.
De¬
nom. $1,000.
Due on Sept. 1 as follows:
$12,000 in 1942 to
.1946 and $13.000 in 1947
nnr.
nn
_
toJ4)51.
.
~
Not to exceed
5%, pavable semi-ann. Rate"of interest to be in
fractions
of not less than M
of 1%.
Each bidder must certify as to correctness of
computations.
Prin. and int. payable at the fiscal
agency of the city of
Topeka
General
obligations
of
the
city,
payable
from
unlimited
ad
valorem taxes.
Bids will be on each issue and
awards will be made on the
basis or the lowest net
interest cost to the
city, over the life of each issue.
No bids of less
than par and accrued interest
will be entertained.
All
bids must be on
forms to be furnished
by the City Clerk, executed by a
duly authorized officer of the
bidding firm or corporation, otherwise they
will not be
considered.
The bonds are
being offered subject to rejection
by the State School Fund, who
have the right to
purchase at par and ac¬
crued interest.
The purchase price, together with any premium and ac~
crajinterest from the date of the bonds to the date of delivery, must be
paid for at
delivery or bidding check will be forfeited.
The successful
bidder will be advised as
soon as determined when
delivery can he made,
the bonds will be
printed on city, privately owned,
lithographed forms,
and will be
ready for delivery at any bank in the city on or
before Sept. 15.
All
shipping or
handling charges by
jnPiUrcJiasc.r'i
bonds will be
wiJJ be furnished,
or
Kansas
RLpr^c.e,e(
any bank, will be at the expense of
sold subject to, and the successful bidder
an approving opinion of Bowersock,
City, which will be paid by the
p:s
signed delivery
papers.
2% of the total bid, payable to the
city.
Fizzell & Rhodes
city, together with transcript
Enclose a certified check for
of)—
MAINE
MARYLAND
MONTGOMERY
COUNTY (P. O. Rockville), Md. — OFFERING
CANCELED—J. Frost Walker, Clerk of the Board of
County Commissioners
announces that the call for sealed bids until
Aug. 26 for the purchase of
$120,000 not to exceed 5% interest voting machine notes.—V.
153, p. 869—
has been canceled.
*-,v.
H,/
;v
:
V".
MASSACHUSETTS
EAST
Mass.—NOTE SALE— The Springfield Safe
Deposit & Trust Co. of Springfield recently purchased an issue of $11,900
notes at 0.18% discount.
Due Feb. 16, 1942.
The Merchants
National Bank of Boston bid 0.20%,
0.25%.
unable
years from tax levies available for their
payment,
the finance officer
and State revenue
commissioner bad written that he
considering two cases in whmh counties
proposed reissues to refund
existing indebtedness.
In Letcher
County, Mr. Reeves is said to have explained, the
plan was
to refund
5% road and bridge bonds with a new issue
bearing 2M% in¬
terest the first 10
years and 3% thereafter.
.£layo9?"n^' he added> Planned to refund 6% bonis and other debts
a
Mr.
334% issue.
Reeves, according to the report said the
counties
pledged themselves
to provide the
maximum amount which
appeared feasible for retirement of
new
issues, but that this was not sufficient.
the
Mr.
Federa is said to have
replied that State law prevented State
ap¬
proval of refunding bonds if the
finance officer "believes the
financial
condition and prospects of the
county do not warrant a reasonable expecta¬
and the Springfield National Bank,
MASSACHUSETTS
(State of)—NOTE OFFERING—Charles Hurley,
State Treasurer, will receive sealed bids until noon on
Aug. 18 for the
purchase of $5,000,000 notes, dated Aug. 22, 1941 and due Nov.,21,
1941,
to be issued in anticipation of assessments
against the Metropolitan District.
Notes will be direct obligations of the
Commonwealth.
Rate of interest
to be named in the bid and will be
payable at maturity. Interest is figured
on exact number of days on a
360-day year basis. Principal and interest
will be payable in Boston or New York
City.
Notes will be delivered in
Boston.
NEW
BEDFORD, Mass.—BOND SALE—'The $400,000 coupon mu¬
nicipal relief bonds offered Aug. 8 were awarded to Halsey, Stuart & Co.,
Inc., New York, as 1 Ms, at a price of 100.517, a basis of about 1.15%.
Dated Aug. 1, 1941.
Denom. $1,000.
Due $40,000 annually on Aug. 1
from 1942 to 1951, incl.
Principal and interest (F-A) payable at the First
National Bank of Boston.
The bonds will be general obligations of the
city, exempt from taxation in Massachusetts, and all taxable property in
the city will be subject to the
levy of unlimited ad valorem taxes to pay
both principal and interest.
Legality approved by Storey, Thorndike,
Dodge
Boston.
Palmer &
of
Other bids at the sale
were
as
follows:
Bidder—
Int. Rate
Est a brook & Co
1M%
Harriman Ripley & Co., Inc., and Mercantile-Com¬
merce Bank & Trust
Co., St. Louis wg-Jw
1M %
First National Bank of Boston
1 M%
Salomon Bros. & Hutzler
..
~
—
-
Rate Bid
100.13
100.069
Par
100.66
—
1M%
Stranahan, Harris & Co.; Bacon, Stevenson & Co.,
and Bond, Judge & Co
1 M%
Lazard
Freres &
Co., and Chace, Whiteside &
Symonds...
1M%
—
100.543
100.426
BONDS PUBLICLY OFFERED— Halsey, Stuart &
Co., Inc. made public
at prices to yield from
0.20.% to 1.25%, according
re-offering of the bonds
to maturity.
.
;
_
REVERE, Mass.—ORIGINAL
report in
V.
153,
p.
869, that
a
PURCHASER—In
group
connection
with
tne
headed by Bond, Judge & Co. of
relief and funding bonds, we have
Boston had purchased $211.00" 1
M%
since learned that the First National Bank of Boston
chaser of the bonds.
was
the original pur¬
TAUNTON, Mass.—BOND
SALE—The $119,000 coupon bonds offered
Aug. 12 were awarded to Graham, Parsons & Co. and Bond,
Judge & Co.,
both of Boston,
jointly, as 1 Ms, at a price of 100.234, a basis of about 1.19%.
Sale consisted of:
$32,000 Oakland
follows:
J-D.
School bonds.
Dated June 1, 1941 and due June 1 as
$3,000 from 1942 to 1951 incl. and $2,000 in 1952. Interest
J-D.
LIMITS
was
with
LONGMEADOW,
revenue
45,000 municipal relief bonds.
Dated July 1, 1941 and due July 1 as
follows:
$5,000 from 1942 to 1946 incl. and $4,000 from 1947 to
1951 incl.
tt
Wltbin 40
improvement bonds.
Dated June 1, 1941 and due June 1 as follows:
$9,000 in 1942 and 1943, and $8,000 from 1944 to 1946 incl.
Int.
MATURITY
OPINION
/ REFUNDING— An opinion is said to have been given recently
H.
by
Appleton Federal Assistant
Attorney-General, that Clyde Reeves,
State Local Finance
Officer, "has no alternative but to withhold his
ap¬
proval
of refunding bond issues
which counties in that State are
mu
sewer
42,000 sidewalk bonds.
KENTUCKY
^^X^Y^/State
March 8.
OGUNQUIT VILLAGE CORPORATION, Me.—BONDS SOLD—F. W.
Home & Co. of Hartford purchased an issue of
$35,000 2M% improvement
bonds at a price of 100.72, a basis of about
2.13%.
Dated Aug. 15, 1941.
Denom. $1,000. Due Aug. 15 as follows: $3,000 from
1942 to 1952 incl. and
$2,000 in 1953.
Principal and interest (F-A) payable at the Community
Trust Co., Ogunquit Branch.
Legality approved by Chaplin, Burkett &
Knudsen, of Portland.
The bonds were certified as to genuineness
by the
National Bank of Commerce of Portland.
The Village Corporation is a
separate municipal entity situated within and comprising
47.673% of the
Town of Wells, and is similar to and performs the functions of a
fire district.
~
All of the bonds
,,
on
price of 101.354.
light, water and sanitary
inclusive.
37,261.83 1%
here
^ MINDEN,
La.—BOND ELECTION—It is reported that an election has
been called for Sept. 15 to submit to the voters an
issue of $150,000 electric
Aug. 1,
Aug. 1, 1942,
Callender, Burke & MacDonald of Kansas
City, offered 102.035; Union State Bank of Arkansas
City, 101.918; City
National Bank & Trust Co. of Kansas
City ,101.77°, and the LathropIJerrick Co. of Wichita, 101.636.*!
purchased subsequently by the Ernest M.
as noted
La .—CERTIFICATES
SOLD—'The
Washington
Franklinton, is said to have purchased $7,384, 4%
of
paving certificates at
ARKANSAS CITY, Kan.—BOND SALE—The
$30,000 1 H % semi-ann.
armory building, general bonds offered for sale on
Aug. 11—V. 153, p. 721—
were awarded
to
Brooks-Milburn, Inc., of Wichita, paying a premium
of $684.60, equal to
102.282, a basis of about 0.89%.
Dated
were
Loeb Co. of New Orleans,
Bank &
1941.
1941
reissue these bonds would be for the State local finance officer to
approve
the reissuance and, in this way,
approve that which might at the present
time be an invalid indebtedness."
bonds have been sold.
CITY, Iowa—BOND SALE DETAILS—In connection with
the sale of the $31,000 (not
$35,000) street improvement, special assess¬
ment bonds to two Charles City banks, as noted
here on
16,
principal maturities can be met when due without
seriousld restricting other expenditures of the
county.
"Of course, it is clear that the county would save on
interest, but to
IOWA
Blairsburg),
Aug.
tion that interest and
Interest J-J.
Principal and semi-annual interest payable in Boston, Mass., or at the
City Treasurer's office.
Coupon bonds exchangeable for fully registered
certificates, interest on which is payable at Treasurer's office.
Legality
approved by Ropes, Gray, Best, Coolidge & Rugg of Boston.
Other bids
for the bonds
were
as
follows:
Bidder—
'
Estabrook & Co____
Harriman Ripley & Co., Inc
First National Bank of Boston
Webster & Atlas National Bank
Tyler & Co_„___
...
Int. Rate
Rate Bid
—1M%
1M%
1M%
1 M%
1M%
100.139
100.136
100.11
100.09
100.799
—
WELLESLEY, Mass.—NOTE OFFERING—Arthur K. Wells, Town
Treasurer, will receive sealed bids until noon (DST) on Aug. 18, for the
purchase at discount of $200,000 revenue notes, due in
payments of $100,000
on May 22 and
Aug. 21, 1942.
each
WESTON, Mass.—NOTE SALE—Tyler & Co. of Boston
On
Aug. 8
an
issue of $55,000 water supply notes
as
were
0.75s, at
a
awarded
price of
Volume
100.15o,
to 1946,
were
as
Co.; J. M. Dain & Co.; E. J. Prescott & Co.: Thrall,
West & Co. and Juran, Moody & Rice, premium of $685 for 1944-1948
bonds as 2s, 1949-1957 as 1M® and 1958 to 1960 as l^s.
Northwestern National Bank & Trust Co., Minneapolis; Piper, Jaffray &
Allison-Williams
basis of about 0.72%.
Due Aug. 1 as follows: $6,000 from 1942
incl., and $5,000 from 1947 to 1951, incl.
Other bids, all for Is,
a
follows:
•
Bidder—
-v/.# Bate Bid
100.96
Graham, Parsons & Co_
Newton, Abbe & Co___
Perrin, West & Winslow..
Smitn, Barney & Co...
Rate Bid
Bidder—
100.908
100.866
_
_
bonds
_
.
.
MICHIGAN
REA D Y—Charles
G.
Oakman, City Controller, is notifying holders of interim receipts of the
$51,157,000 series G non-callable refunding bonds, due serially June 1.
1943 to 1947 incl., and June 1, 1949 to 1963 incl., that such receipts should
be presented to the Northern Trust Co., Chicago, to be exchanged for
definitive bonds of like number, maturity and rate of interest.
of $250,000 non-callable city bonds at an average
DSTRICT NO. 421
Minn.—BOND ELECTION—We understand that an
on Aug. 18 to vote on $10,000 not exceeding 3% build¬
ing bonds.
Dated Oct. 1, 1941.4|LDenom. $1,000..*Due Oct. 1, 1946 to
1955.
Interest A-O. ig
*
(P.
O.
Badger),
ST.
annual
LOUIS
sewer
PARK, Minn.— WARRANT SALE—The $267,000 "semi¬
for sale on Aug. 11—V. 153, p. 870—were
warrants offered
syndicate composed of the Northwestern National Bank &
Trust Co., the Wells-Dickey Co., and the Thrall, West Co., all of Minne¬
apolis. paying a premium of $650, equal to 100.243, a net interest cost of
about 2.33%, divided as follows:
$66,000 as 2s, duo $22,000 on Feb. 15
in 1943 to 1945; $110,000 as 2M®, due $22,000 on Feb. 15 in 1946 to 1950;
the remaining $91,000 as 2Ms, due on Feb. 15, $22,000 in 1951 and 1952;
$10,000, 1953 to 1956, and $7,000 in 1957.
.v
awarded
to a
BOND SALE—The $10,000 semi-annual shop and equipment storage
building bonds offered at the same time—V. 153, p. 870—were awarded
to the Northwestern National Bank & Trust Co. of Minneapolis as 2Ms at
par.
Due $1,000 from Feb. 15, 1943 to 1952, inclusive.
*
•
aijl
WHEATON, Minn.- -BONDS VOTED—It is reported that at the elecon Aug. 6, the $5 ),000 sewerage plant bonds were approved by the
tion
voters.
MISSISSIPPI
Miss.—BOND SALE— The $185,000 school bonds
offered for sale on Aug. 11—V. 153, p. 870—were awarded to the First
National Bank of Memphis, and associates, it is stated.
HATTIESBURG,
NEWTON COUNTY (P. O.
We
understand
that
an
issue
Board of
Aug. 12
yield of 2.519%.
MISSOURI
are
the
bonds offered
on
July 21,
for which
MONTANA
BRECKENRIDGE, Minn.—CERTIFICATE SALE— The $115,000 per"
fund, semi-annual certificates of indebted"
offered for sale on Aug. 8—V. 153, p. 722—-were awarded to the First
National Bank of Breckenridge, according to the City Clerk.
Dated Sept. 1
1941.
Due on Sept. 1 in 1943 to 1961; optional on and after Sept. 1,1946.
manent improvement, revolving
ness
CASS COUNTY (P. O. Walker), Minn.—BOND SALE DETAILS—
0 refunding bonds awarded Aug. 1 to Piper, Jaffray & Hopwood
The 8100,0
Kalman & Co.. St. Paul, jointly, as reported in V. 153,
870, were sold as 3s at par.
This was the only bid for the loan.
of Minneapolis and
Minn.—CERTIFICATE
bids
OFFERING—Sealed
will
be
B. Moore, Village, Clerk, for the
purchase of $24,000 Water Main Improvement No. 1, certificates of in¬
debtedness.
Dated Aug. 1, 1941.
Denom. $2,000 or $3,000. Due Aug. 1,
as follows:
$2,000 in 1943, 8,3,000 in 1944, $2,000 in 1945, 83,000 in 1946.
$2,000 in 1947, 83,000 in 1948, $2,000 in 1949, 83,000 in 1950, and $2,000
in 1951 and 1952.
Prin. and int. payable at any suitable bank or trust
company.
The certificates are issued for the purpose of financing the cost
of a water main improvement in the village, and are payable primarily from
the assessments to be levied for the improvement, but the full faith and
credit of the village will be pledged for their payment.
The village will
furnish the printed certificates and the approving legal opinion of Fletcher.
Dorsey, Barker, Oolman & Barber, of Minneapolis, both without cost t
the purchaser. Delivery on or before Sept. 15. v
received until 8 p. m. on Aug. 25, by Ben.
State Treasurer.
MONTANA
NEBRASKA
HOUSTON COUNTY INDEPENDENT SCHOOL DISTRICT NO. 42
Dorsey, Barker, Colman & Barber of Minneapolis.
1951; the remaining
MINNEAPOLIS, Minn.—BOND SALE—The $1,270,000 coupon semi"
refunding bonds offered for sale on Aug. 12—V. 153, p. 583—were
& Co. of New York, the
and Blodget, Tnc.. F. 8.
Moseley & Co., both of New York; Paine, Webber & Co. of Chicago: the
First of Michigan Corp. of Detroit, and Campbell, Phelpsl& Co. of New
York, as lMs, paying a price of 100.157, a basis of about 1.47% A Dated
Sept. 1,1941. Due $127,000 on Sept. 1 in 1942 to 195 * Incl,
' ►-* r
ADDITIONAL SALE—The following coupon -emi-ann. bonds aggre¬
gating $1,446,000, offered for sale on the same day—V. 153, p. 583—were
awarded to the above syndicate, as 1.70s, paying a price of 100.2109, a
ann.
-
;
public relief bonds" Due on Sept. 1 in 1942 to 1951 incl.
696,000 permanent improvement bonds. Due on Sept. 1 in 1942 to'1961
•;
' v
•
Sfcsm
$7507000
BONDS OFFERED FOR INVESTMENT—The successful
bidders rebonds for public subscription, the 1 Ms priced to yield
fromO.25% to 1.55%,and the 1.70s at prices to yield from 0.25% to 1.80%,
according to maturity.
■
BIDS—Runner-up in the auction for the larger issue was" the
account of Salomon Brothers & Hutzler, which went as far as 100.209 for
OTHER
same rate;
Halsey, Stuart A Co., Inc., and associates were third,
dropping out at 100.145 for the same coupon.
For the other issue the city obtained 100.1574 for 1M% obligations.
In
this contest the account of Halsey, Stuart & Co. Inc., was runner-up
with 100.1496 and Salomon Brothers & Hutzler was third with 100.063,
all for the same rate.
Other bidders included National City Bank of New
the
bid 100.47 for
1.60s and Bankers Trust Co. of New York
100.35 for 1.70s.
SCHOOL DISTRICT NO.
$175,000 building
722—were awarded to Halsey, Stuart &
Co., Inc., Chicago, as 1 M8 at par plus a premium of $245, equal to 100.14, a
basis of about 1.48%.
Dated Aug. i, 1941 and due Aug. 1 as follows:
$6,000from 1944 to 1948, incl.; $12,000 from 1949 to 1959, incl., and $13,000
in 1960.
All bonds maturing in 1956 and thereafter to be subject to prior
redemption at par and accrued interest on Aug. 1, 1955, and on any inter¬
est payment date thereafter.
Other bids were as follows:
First National Bank & Trust Co., Minneapolis; First National Bank of
St. Paul, WellsDickey Co. and Harold E. Wood & Co., premium of
$1,155.11 for 1944-1948 bonds as 2s, 1949-1955 as lMs and 1956 to 1960
'A:. as 2s. Av. ■
ivnVJA\ A-isk
U'-C'- A: " •'•■A A
OTTER TAIL COUNTY INDEPENDENT
(P. O. Fergus Falls), Minn.—BOND SALE—The
bonds offered Aug. 7—V. 153, p.
^
NEBRASKA, State of—TAX RATE INCREASED FOR 1941—Nebrastax of $2.71 for each $1,000 worth of property assessed in
kans must pay a
1941 to operate the State government, the board of
cided.
This levy compares with $2.57 last year and
equalization has de¬
$2.61 two years ago.
expected to raise $5,283,892,
In explaining the reason for the boost, Governor Griswokl cited the neces¬
sity of taking care of emergency appropriations in the first year of the
biennium and said the fairest comparison is 1941 against 1939.
"The 1939 general appropriation was $10,856,000, while in 1941 it was
$11,351,000, an increase of $495,000.
The emergency appropriation made
in 1939 was $192,000, while in 1941, it was $297,000."
Another difference
in the two levies is caused by the fact that miscellaneous collections de¬
ducted in making the 1939 State levy were $819,000, while the same item
deducted in making the 1941 levy was $787,000.
The new levy is
.
HAMPSHIRE
NEW
offered the above
York, which
$250,000 as 3Ms, due $20,000 in 1952 to 1961.^^
IMPERIAL, Neb.—BOND ELECTION—The Village Clerk states that
election will be held on Aug, 12 to vote on $25,500 gas revenue bonds.
an
awarded to a syndicate composed of Phelps, Fenn
Northern Trust Co. of Chicago; Stone & Webster
r*.
be sold for less than par and they
HASTINGS, Neb.—BOND SALE CONTRACT—The Robert E. Schweser
Co. of Omaha has contracted to purchase an issue of $250,000 gas system
revenue bonds which was authorized at an election in April.
The bonds were sold as follows: $50,000 as 3s. due $10,000 in 1947 to
(P. O. Caledonia), Minn.—BOND OFFERING—Bids will be received by
*
(State of)—SCHOOL DISTRICT BOND RULING— State
Bonner is said to have given an opinion hold¬
Attorney General John W.
ing that school district bonds cannot
must have a serial maturity.
E. J. Crotty, School Clerk, until Aug. 26 at 8 p. m. for the purchase of an
issue of $115,000 building bonds.
Legality to be approved by Fletcher
basis of about 1.67 %:
issue of
MONTANA, State of—BOND OFFERING— Sealed bids will be received
Aug 26, by W. L. Fitzsimmons, Clerk of the Board of
Examiners, for the purchase of a $500,000 issue of coupon State Insane
Hospital bonds.
Interstate rate is not to exceed 4%, payable M-S. Denom.
$1,000.
Dated Sept. 15, 1941.
Due $125,000 Sept. 15, 1942 to 1945,
Rate of interest to be in a multiple of M or one-tenth of 1%, and must be
the same for all of the bonds.
Prin. and int. payable at the State Treas¬
urer's office.
Registerable as to principal only; general obligations; pay¬
able from an annual tax, not exceeding one-half mill to be levied annually
upon all property in the State subject to taxation, and the full faith and
credit of the State are pledged for the payment of the principal and interest?;#
on said bonds.
The validity of the bonds;!has been sustained by a decision
of the State Supreme Court.
The bonds will be awarded at the hghest
price, not less than par and accrued interest, and no bid for less than all of
the bonds will be entertained.
Each bid must be unconditional.
Delivery
of the bonds and payment therefor must be made on Sept. 16 at the State
Treasurer's office.
In the event that prior to the delivery of the bonds tho
income received by private holders from bonds of the same type and charac¬
ter shall be taxable by the terms of any Federal income tax law, the suc¬
cessful bidder may, at his election be, relieved of his obligations under the
contract to purchase the bonds and in such case the deposit accompanying
•us bid will be returned.
Issued subject to the approving legal opinion of
M'asslich & Mitchell of New York, and the-purchaser will be required to
pay their fee and expenses and also the*cost" of printing the bonds on steelengraved borders.
Enclose a certified!,check for $5,000, payable to the
bids received
all
an
until 10 a. m. on
rejected.-—V. 153, p. 722.
EDINA,
is reported that
HOUSTON, Mo.—BONDS VOTED—It
$22,000 sewer bonds has been voted.
Minn.—BOND OFFERING—Sealed bids will be received
City Recorder, for the purchase of
ALBANY,
21
been
bonds.
$25,000 sewage plant bonds.
Due on July 1 as follows:
$1,000 in 1942,
$1,500 in 1943, $1,000 in 1944, $1,500 in 194.5, $1,000 in 1946, $1,500 in
1947. $1,000 in 1948,81,500 in 1919.$1,000 in 1950,81,500 in 1951,81,000
in 1952,81.500 in 1953, $ 1,000 in 1954, $ 1.500 in 1955. $ 1.000 in 1956, $ 1.500
in 1957,81,000 in 1958, $1,500 in 1959, 81.000 in 1960 and $1,500 in 1961.
Issued pursuant to a resolution duly adopted by the Village Council on
June 30, 1941, as amended by a resolution of the village Council, dated
Aug. 4, 1941.
The bonds will be sold to the most favorable and lowest
interest rate bidder.
with
funding bonds has
St. Louis.
until 8 p. m. on Aug. 29, by E. S. Winter,
p.
3M%
DISTRICT ROAD
DISTRICT (P. O. Booneville), Miss.—BONDS SOLD—O. B. Walton &
Co. of Jackson have purchased an issue of $13,500 4M % refunding bonds.
Dated June 2, 1941.
Legality approved by Charles & Trauernicht of
MINNESOTA
These
Decatur), Miss.—BONDS LEGALIZED—
of $25,000
PRENTISS COUNTY FOURTH SUPERVISORS
OWOSSO, Mich.-—BOND ELECTION—We understand that an election
September to submit to the voters an issue of $20,000 water
were
~
election will be held
is to be called in
revenue
-
approved as to legality by Charles & Trauernicht, St. Louis.
BONDS PURCHASED—Charles G. Oakman, Secretary of the
of Retirement System, reports purchase by tenders on
Trustees
4
ROSEAU COUNTY CONSOLIDATED SCHOOL
.
BONDS
•
(P. O. Pine City), Minn.—PURCHASERS—In con¬
$90,000 refunding bonds to the Allison-Williams
Co. of Minneapolis, as 2Ms, at a price of 100.722, a basis of about 2.37%—
V. 153, p. 583—it is stated that the Wells-Dickey Co., J. M. Dain & Co.,
both of Minneapolis, and Harold E. Wood & Co. of St. Paul, were asso¬
ciated with the above named firm in the purchase.ffe
AVON TOWNSHIP SCHOOL DISTRICT NO. 3 (P. O. Route No. 1.
Mich.—DEFINITIVE
■%'
l%s and the remainder as lMs-
PINE COUNTY
nection with the sale of the
Rochester), Mich.—BOND OFFERING—Director Edwin Lantzsch will
receive sealed bids until 8 p. m. (EST) on Aug. 22 for the purchase of
$54,000 not to exceed 3M% interest coupon refunding bonds of 1941.
Dated Aug. 1, 1941.
Denom. $1,000.
Due March 1 as follows: $3,000
from 1943 to 1955 inch and $5,000 from 1956 to 1958 inch
Bonds maturing in 1957 and 1958, will be subject to redemption prior to
maturity in inverse numerical order, at par and accrued interest, upon 30
days published notice, on any one or more interest payment dates on and
after the following dates, towit: Bonds maturing March 1, 1958, on and
after Sept. 1, 1942: Bonds maturing March 1, 1957, on and after Sept. 1,
1943
Rate or rates of interest to be in multiples of M of 1%.
Principal
and interest payable at the Detroit Trust Co., Detroit.
General obligations.
The District which is authorized and required by law to levy upon all taxable
property therein such ad valorem taxes as may be necessary to pay the
bonds and interest thereon without limitation as to rate or amount.
The
bonds will be awarded to the bidder whose bid produces the lowest interest
cost to the District after deducting the premium offered, if any.
Interest
on premium shall not be considered as deductible in determining the net
interest cost.
Interest on callable bonds is to be computed to maturity.
No proposal for less than all of the bonds will be considered.
Bids shall be
conditioned upon the unqualified opinion of Miller, Canfield Paddock &
Stone, of Detroit, approving the legality of the bonds.
The cost of such
opinion and of the printing the bonds shall be paid by the district.
The
bonds will be delivered and must be paid for not later than Aug. 29.
En¬
close a certified check for $2,000, payable to the district.
"V:;;;:"
DETROIT,
as
_
_________
_
premium of $75 for
1960 as 1M8$138 for 1944-1958
Hopwood; Kalman & Co., and O. S. Ashmun & Co.,
1944-1949 bonds as 2s, 1950-1955 as 1
and 1956 to
Harris Trust & Savings Bank, Chicago, premium of
Second Nat. Bank of Boston_100.587
Whiting, Weeks & Stubbs
100.582
F. Brittain Kennedy & Co---100.555
100.805 Lee Higginson Corp_
100.548
R. L. Day & Co..
National Shawmut Bank of
_-._100.39
Boston
.100.777 Ilarriman Ripiey & Co.,
Inc
-100.069
100.603
Lyons & Shafto. Inc
_
1023
The Commercial & Financial Chronicle
153
MANCHESTER,
N.
H.—BONDS AUTHORIZED—The Board
Aldermen has authorized an issue of $50,000 general improvement
of
and
equipment bonds.
$100,000 coupon bonds
Co., Inc., New York, as
of $761.80, equal to 100.176, a basis of about
PORTSMOUTH, N. H.—BOND SALE—The
13 were awarded to Halsey, Stuart &
offered Aug.
1M®, at par plus a premium
1,07%. Sale consisted of:
-
".vo*;
y
-
V-'
inc]*
$35,000 equipment bonds. Due $7,000 on Aug. 1 from 1942 to 1946
65 000 permanent improvement bonds.
Due Aug. 1 as follows: $7,000
*
from 1942 to 1950 incl. and $2,000 in 1965.
*
w
.
All of the bonds will be dated Aug. 1. 1941.
Denom. $1,000. Principal
and interest (F-A) payable at the Merchants National Bank of Boston.
'
& Dodge of Boston. The
to yield from 0.20% to
Other bids, all for 1 Ms, were:
Legality approved by Storey, Thorndike, Palmer
successful bidders reoffered the bonds at prices
1.25%, according to
Bidder—
Merchants
maturity.
.
„
Tyler & Co
E. H. Rollins & Sons, Inc
_
First National Bank of Boston
Bond, Judge & Co
R. L. Day & Co.F. W. Home & Co
onoAn/1
Rate Bid
„
100.733
National Bank of Boston
"Mqt ir\n5i 1
Tannic r>f
___
-
Rostrm
100.699
100.553
100.392
100.345
100.29
100.19
;
The Commercial &
1024
NEW
Financial Chronicle
JERSEY
to
HOUSING AUTHORITY, N. 1.—PAYING AGENT—
Manufacturers Trust Co. of New York has been appointed New York
(first issue) Housing Authority bonds
paying agent for series A
EDGE WATER,
N.
$24,000 fire
SALE DETAILS—Tne
J .—BOND
equipment bonds purchased by the Police and Firemen's Fund,
reported in—V. 153, p. 428—were sold as 3Hb and mature
follows:
$5,000 from 1942 to 1945, incl. and $4,000 in 1946.
at par, as
June 1 as
HADDONFIELD,
N.
J.—BOND SALE—The $359,000 coupon or
registered refunding bonds offered Aug. 12—Y. 153.jp. 723—were awarded
to an account composed of C. C. Codings & Co., E. H. Rollins & Sons,
Inc. and A. Webster Dougherty & Co., all of Philadelphia, at a price of
100.001, as follows: $185,000 1 Hb, due $21,000 Sept.l. 1942; $22,000 in 1943
and 1944; $23,000 in 1945 and 1946: $24,000 in 1947, and $25,000 in 1948
and 1949; $137,000 l^s, due $26,000 in 1950: $27,000 in 1951 and 1952:
$28,000 in 1953, and $29,000 in 1954; $37,000 IHb, due $30,000 in 1965
and $7,000 in 1956.
Bid figured a net interest cost of 1.61%.
Other bids:
Charles Clark & Co., Bioren & Co., Suplee, Yeatman & Co., and Dolphin
& Co., Inc., par for $185,000 2Mb and $174,000 l^s, net cost 1.795%.
Halsey, Stuart & Co., Inc., 100.46 for $185,000 2Mb and $173,000 l^s.
Camden Trust Co., 100.10 for $185,000 l*Aa and $174,000 2s.
Buckley Bros., B. J. Van Ingen 8c Co., Inc. and W. H. Newbold's Son
8c Co., 101.58 for $185,000 2%s and $169,000 2s.
M. M. Freeman & Co. and Colyer, Robinson & Co., 100.09 for $185,000
2Mb and $174,000 2s.
Stroud & Co., H. T. Greenwood 8c Co., Schlater/Noyes & Gardner, and
MacBride, Miller & Co., 100.52 for $358,000 2K«.
HADDONFIELD, N. J .—BOND CALD—J. Ross Logan, Borough CIotS",
call for payment at the Haddonfield National Bank, Haddonfield, at par and accrued interest, on Sept. 1, 1941 and Dec. 1, 1941, of
announces
various outstanding
NEPTUNE
REFUNDING ISSUE—'The
proposed Issue of $334,000 3j^% refunding bonds will be dated Sept. 1,
1941 and mature as follows:
$10,000 from 1942 to 1944, incl.; $11,000,
1945 to 1947, incl.; $15,000, 1948 and 1949: $16,000, 1950 and 1951;
$17,000, 1952; $19,000 from 1953 to 1960, incl. and $20,000 in 1961 and
N.
J .—PROPOSED
1962.
RIDGEFIELD,
N.
J .—BOND
OFFERING— Otto
Ehrlich,
Borough
Clerk, will receive sealed bids until 9 p. m. (DST) on Aug. 28, for the
purchase of $41,800 not to exceed 6% interest coupon or registered bonds,
divided
as
follows:
'
One bond for" $500, others $1,000
Due June 1 as follows:
$2,500 in 1942; $2,000 in 1943, and
$3,000 from 1944 to 1951, inclusive.
13,300 street improvement bonds. One bond for $300, others $1,000 each.
Due June 1 as follows:
$2,300 in 1943; $3,000 from 1944 to 1946,
incl. and $2,000 in 1947.
•
All of the bonds will be dated June 1,1941.
Bidder to name a single rate
of interest, expressed in a multiple of \4 or l-10th of 1%.
The price for
which the bonds may be sold cannot exceed $42,800.
Interest J-D. Prin¬
cipal and interest payable at the Ridgefield National Bank.
Legal opinion
of Reed, Hoyt, Washburn & Clay of New York City will be furnished the
successful bidder.
A certified check for $836, payable to order of the
borough, is required.
$28,500 public improvement bonds.
each.
„
SPRING
LAKE, N. J.—BOND OFFERING—Myron O. Morris, Borough
Clerk, will receive sealed bids until 8 p. m. (DST) on Aug. 18, for the pur¬
chase of $121,500 not to exceed 6% interest coupon or registered bonds, as
Denom. $1,000 and $500.
To be issued as
as
15-year serial bonds.
On a 10-year
15 as follows: $2,500 from 1942 to
1948, incl. and $3,000 from 1949 to 1951, incl.
In the case of
15-year bonds the maturities will be as follows: $1,500 on Aug. 15
from 1942 to 1948, incl. and $2,000 from 1949 to 1956, inclusive.
95,000 series B water bonds. Denom. $1,000. To be issued as 10-year ser.
bonds or as 15-year serial bonds.
On a 10-year basis the bonds
will mature $7,000 Aug. 15, 1942; $9,000 in 1943 and 1944, and
$10,000 from 1945 to 1951, incl.
On a 15-year basis the issue will
mature $6,000 from 1942 to 1951, incl. and $7,000 from 1952 to
1956, inclusive.
$26,500 series A water bonds.
10-year serial bonds
or
basis the issue will mature Aug.
All of the bonds will be dated Aug. 15, 1941.
In bidding for the bonds*
bidders must consider the entire $121,500 bonds as constituting a single
issue.
Bidder to name a single rate of interest, expressed in a multiple of
A of 1 %.
Principal and interest (F-A) payable at the First National Bank,
Spring Lake. Bidders are requested to submit tenders on both 10-year and
15-year bonds.
The price for which the bonds may be sold cannot exceed
$121,500.
A certified check for $2,430, payable to order of the borough, is
required
Legal opinion of Reed, Hoyt, Washburn & Clay of New York
City will be furnished the successful bidder.
YORK
NEW
EAST ROCKAWAY, N. Y.—BOND OFFERING—Guy E. Thompson.
Village Clerk, will receive sealed bids until 3 p. m. (DST) on Aug. 21 for
the purchase of $54,000 not to exceed 6% interest coupon or registered
bonds, as follows:
$19,000 improvement bonds.
Due Sept. 1
as
follows:
$4,000 in 1942 and
1943: $3,000 in 1944 and 1945, and $1,000 from 1946 to 1950 incl.
25,000 tax lien bonds, issued to provide funds to pay the cost of tax lien
foreclosures in the village.
Due $5,000 on Sept. 1 from i942 to
1946 incl.
10,000 refunding bonds.
$3,000 in 1948.
Due Sept.
1
as
follows:
'
$7,000 in 1947 and
All of the bonds will be dated Sept. 1, 1941.
Denom. $1,000. Bidder to
name a Ringle rate of interest, expressed in a
multiple of }4 or l-10th of 1 %.
Principal and interest (M-S) payable at the East Rockaway National
Bank & Trust Co., East Rockaway.
No bid will be accepted for separate
issues or for separate maturities, or at less than the par value of the bonds.
A certified check for $1,080,
payable to order of the village, must accompany
each bid.
The bonds are unlimited tax obligations of the village and the
approving legal opinion of Hawkins, Delafield & Longfellow of New York
City will be furnished the successful bidder.
EVANS WATER DISTRICT NO. 3 (P. O. Angola), N. Y.—BOND
OFFERING—Howard W. Barrett, Town Attorney, reports that sealed bids
will be received until 11a.m. (DST) on Aug. 20, for the purchase of $35,000
water bonds, the same issue for which all bids were rejected at the previous
offering on Aug. 6.
Mr. Barrett advises that seven bids were received,
ranging from 1.85% to 2.40%, but because of certain informalities in some
of the bids it was deemed to be for the best interest of the town to
reject
all offers and readvertise the loan
Bids
received
were as
Bidder—
Evans National Bank, Angola..___________
Roosevelt & Weigold, Inc
____________
...
Premium
1.85%
2.10%
2.10%
2.10%
2.20%
2.20%
2.40%
$17.50
214.00
108.00
74 00
146.65
63.00
157.50
,»M£U£lT PLEASANT UNION FREE SCHOOL DISTRICT NO. 1
(P. O. North Tarry town), N. Y.—BOND SALE—The $33,944
registered improvement
bonds offered Aug.
11—V.
a^rOed to the Manufacturers Trust Co. of New York,
of
100.299,
as
follows:
as 1
As, at a price
basis of about 1.42%.
Dated Aug. 15, 1941 and due Aug. 15
$3,944 in 1942, and $5,000 from 1943 to 1948, incl. Other bids:
Bidder—
E.
coupon
153, p. 871—were
a
Starkweather
,
&
Co.
£'Y^te 9°„
H. Rollins &
Sons, Inc
____
______
.
int. Rate
Rate Bid
i^%
100.251
1^%
100.14
1A%
100.135
ITHACA,
N. Y.—BOND SALE—The $239,000 coupon or registered
bonds offered Aug. 12—V.
153, p. 871—were awarded to Dick & MerleSmith of New York, as Is, at a
price of 100.1499, a basis of about 0.98%.
Sale consisted of:
$1.55,000 street improvement bonds.
Due Aug.
from 1942 to 1946, incl. and $16,000 from 1947 to
15 as follows:
1951, incl.
84,000 bridge bonds.
Due Aug. 15 as follows:
$4,000 from
1957, incl. and $5,000 from 1958 to 1961, incl.
Rate Bid
1.10%
1.10%
1.10%
1.10%
100.37
100.359
100.27
100.139
1.10%
100.11
Lazard Freres & Co., and First of Michigan Corp._
First Boston Corp
Halsey, Stuart & Co., Inc
._—
and Roosevelt & Wei¬
Inc__
—
Harriman Ripley & Co., Inc
H. L.Allen & Co. and Minsch, Monell & Co
Equitable Securities Corp
George B. Gibbons & Co.,
gold,
—
100.069
1.10%
1.20%
100.40
100.324
1.20%
1.20%
100.319
1.20%
100.147
Harris Trust & Savings Bank_
Marine Trust Co. of Buffalo and R.
D. White &
C. F. Childs & Co.; Sherwood 8c Co., and Rey-,
nolds & Co
Traders Trust Co.
Co., Inc____
Manufacturers A
McEntee
&
100.10
1.20%
:.
E. H. Rollins & Sons, Inc., and A. C. Allyn & Co.,
Inc
.
100.09
1.20%
and Adams,
1 H%
100.273
114%
Kidder, Peabody 8c Co., and Kean, Taylor & Co__
100.15
NASSAU
COUNTY (P. O. Mineola), N. Y.—BOND SALE—The
$825,000 coupon or registered bonds offered Aug. 14—V. 153, p. 871—were
awarded to the Franklin Square National Bank, Franklin Square, on a bid
of 100.14 for $500,000 1 }4s and $325,000 1.70s, making a net interest cost
of 1,3546 %.
Sale consisted of:
$500,000 series F refunding bonds.
Due $100,000 annually on Sept. 1
from 1949 to 1953, incl.
325,000 emergency relief series M home relief bonds.
Due Sept. 1 as
follows: $30,000 from 1942 to 1946, incl., and $35,000 from 1947
>";t-•^0.3.0*51 inclusive •
-,v .*.V:
All of the bonds will be dated Sept. 1, 1941.
Sixteen other bids were
received at the sale, a partial list being as follows:
Rate
Net
Bid
Cost
100.189
1.477%
100.041
1.484%
100.12
1.485%
100.041
100.069
1.503%
1.52 %
Int. Rate
Bidder—
Graham, Parsons & Co., Eastman, Dil¬
lon & Co., Gregory <fe Son, R. A. Ward
& Co. and Schlater,Noyes& Gardner.
Smith, Barney & Co., Stone 8c Webster
'
IA%
and
Blodget, Inc., and Roosevelt 8c
Weigold, Inc
1.30%-2%
Kidder, Peabody & Co., B. J. Van Ingen
8c Co., Inc., and Bacon, Stevenson &
Co
1A%
National City Bank of New York, Harri¬
man Ripley A Co., Inc., Lazard Freres
& Co., R. W. Pressprich «fe Co. and
_______
Mercantile-Commerce
Bank
&
Trust
1.40%-l .80%
1 X % -214 %
Co.
Chase National Bank of New York
(P. O. Pots¬
SALE—The $30,000 coupon or registered school
723—were awarded to the Union Securi¬
ties Corp. of New York, as 1.10s at a price of 100.182, a basis of about
I.05%. Dated Aug. 15, 1941 and due Aug. 15 as follows: $5,000 from 1942
to 1946, incl.; $2,000 in 1947 and 1948, and $1,000 in 1949.
Other bids:
UNION FREE SCHOOL DISTRICT NO. 8
POTSDAM
dam),
N.
Y.—BOND
bonds offered Aug. 12—V. 153, p.
Int. Rate
Manufacturers & Traders Trust Co. of Buffalo.__
100.166
100.083
1.10%
E. H. Rollins & Sons, Inc
C. F. Childs & Co. and Sherwood & Co.___
Rate Bid
1.10%
1.10%
Bidder—
Gordon Graves & Co___________^___
100.08
1 }4%
1.30%
100.083
100.091
BERLIN, SMYRNA,
PLYMOUTH, COLUMBUS, HAMILTON AND BROOKFIF.LD CEN¬
TRAL SCHOOL DISTRICT NO. 1 (P. O. Sherburne), N. Y.—BOND
OFFERING—Bertha H. Benedict, District Clerk, will receive sealed bids
until 1 p. m. (DST) on Aug. 20, for the purchase of $120,000 not to exceed
3.»0% interest coupon or registered bonds, divided as follows:
SHERBURNE,
NORTH
NORWICH,
NEW
$40,000 refunding bonds.
Due Feb. 1 as follows:
$5,000 from 1955 to
1958, incl., $6,000 in 1959 and $7,000 in 1960 and 1961.
89,000 school bonds.
Due $5,000 on Feb. 1 from 1943 to 1958, incl.
Bonds maturing in 1955 to 1958 subject to redemption as a whole
or in part, at the option of the Board of Education, on any interest
payment date prior to their maturity, at par and accrued interest,
upon not less than 30 nor more than 60 days' previous notice given
by publication in a newspaper circulating in the district, and in a
'
_
financial newspaper published in New York City.
AlTof
the bonds will be dated Aug. 1, 1941.
Denom. $1,000.
Bidder to
single rate of interest, expressed in a multiple of }4 or l-i 0th of 1 %.
Principal and interest (F-A) payable at the National Bank Sr. Trust Co. of
Norwich, in Sherburne.
No bid will be accepted for separate issues or
separate maturities, or unless accompanied by a certified check for $2,400,
payable to order of the Board of Education.
The bonds are unlimited tax
obligations of the school district and the approving legal opinion of Hawkins.
Delafield & Longfellow of New York City will be furnished the successful
bidder.
name a
SMITHTOWN
(P.
—The $30,000 coupon
O.
or
Smithtown Branch), N. Y.—BOND SALE
registered public improvement work relief pro¬
jects bonds offered Aug.
12—V. 15.3, p. 585—were awarded to the Bank
of Smithtown, of Smithtown Branch, as 0.90s.
at a price of 100.il. a
basis of about 0.85%.
Dated April 1, 1941 and due April 1 as follows:
$6,000 in 1942 and 1943, and $9,000 in 1944 and 1945.
Other bids:
Bidder—
Rate Bid
Int. Rate
Tilney <fc Co
R. D. White & Co_
Salomon Bros. 8c Hutzler__.
1%
1%
1.10%
Manufacturers^ & Traders Trust Co
1.10%
TRENTON*(P.
.
100.251
100.14
100.07
100.024
O. Barneveld), N. Y.—BOND OFFERING—Jennie H*
Mcintosh, Village Clerk, wili receive sealed bids until 12:30 p. m. (DST) on
Aug. 21, for the purchase of $4,800 not to exceed 6% interest counon or
reeistered Water bonds.
Dated March 15, 1941.
Penoms. 8350, $400 and
$500.
Due Sept. 15 as follows:
$350, in 1941 and 1942; $400 from 1943 to
1946, incl. and $500 from 1947 to 1951, incl.
Bidder to name a single rate
of interest, expressed in a multiple of H or l-10th of 1%.
Interest M-S.
The bonds are unlimited tax obligations of the village 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 amount
bid for, payable to order of the
village, is required.
UTICA, N. Y.—BOND ELECTION—It is reported that,
an
election is to
be held in the fall to submit to the voters an issue of $15,000 general hospital
follows:
int. Rate
Blair & Co , Inc.
E. H. Rollins & Sons, Inc.
Manufacturers & Traders Trust Co..
George B. Gibbons & Co., Inc.__.__
Marine Trust Co. of Buffalo.
or
Int. Rate
_____
R. D. White & Co__________________
follows:
.
Other bids:
yield from 0.15% to 1.20%, according to maturity.
H. T. Greenwood & Co
• •
bonds,
CITY,
and were re-offered at prices
Bidder—
BEVERLY
1941
16
Aug.
All of the bonds will be dated Aug. 15,1941
$15,000
1942 to
improvement bonds.
1
v:
WARRENSBURG,
THURMAN,
CHESTER,
BOLTON,
CALD¬
WELL, HORICON, STONY CREEK AND JOHNSBURG CENTRAL
SCHOOL DISTRICT NO. 1 (P. O. School Street, Warrensburg),
N. Y.—BOND SALE—The $336,000 coupon or registered building and
improvement bonds offered Aug. 12—V. 153, p. 871—were awarded to a
group composed of E. H. Rollins <fc Sons, Inc.; A. C. Allyn & Co., Inc.: and
B. J. Van Ingen & Co., Inc.. all of New York, as 1 VaB, at a price of 100.53,
a basis of about 1.71
%.
Dated June 20, 1941 and due June 20 as follows:
$8,000from 1942 to 1945. incl.; $10,000 from 1946 to 1949, incl. and $12,000
from 1950 to 1971, incl.
Re-offered at prices to yield from 0.40% to
1.75% for the 1942 to 1968 maturities, and at a price of 99 for the remainng
bonds.
Other bids:
Bidder—
Int. Rate
Roosevelt & Weigold, Tnc-__-„------Trust Co. of Buffalo; R. D. White&Co.
and First of Michigan Corp.Harriman Ripley <fc Co., Inc. ; Goldman, Sachs &
Rate Bid
1^%
100.43
Marine
Manufacturers
&
Traders
Trust
Co.;
George
100.72
1.90%
Co.. and R. A. Ward & Co_
1.90%
100.159
1.90%
100.149
2%
2%
100.85
100.817
B.
Gibbons & Co., Inc., and Adams, McEntee &
Co., Inc
Kidder, Peabody & Co.; Estabrook & Co., and
Kean, Taylor & Co
Halsey, Stuart & Co., Inc.,:
YONKERS, N. Y.—NOTE SALE— The $.500,000 tax anticipation notes
offered
Aug.
12—V.
153,
p.
872—were awarded
to the
First National
The Commercial &
Volume 153
Dated Aug. 14, 1941 and due
Bank of Boston, to bear interest at 0.31%.
April 14, 1942.
Other bids:
Int. Rate
Bidder—
0.345%
0.40%
0.46%
Leavitt&Co.
First National Bank of Yonkers
Chase National Bank of New York
G. M.-P. Murphy & Co
National City Bank of New
___
—_
York (plus $11 premium)
NORTH
0.46%
0.47 %
principal only.
Unlimited tax general obligations of the county.
Deliv¬
ery on or about Sept. 2, 1941, at place of purchaser's choice.
Rate of
interest to be expressed in multiples of H of 1 %, bidder to name one rate
for part of the bonds (having the earliest maturities) and another for the
balance.
A certified check for $340, payable to order of the State Treas¬
Legal opinion of Masslich & Mitchell of N. Y. City will
In the event that prior to the delivery
by private holders from bonds of the same
type and character shall be taxable by the terms of any Federal income tax
law, the successful bidder may, at his election, be relieved of his obligations
under the contract to purchase the bonds and in such case the deposit
accompanying his bid will be returned.
be furnished the successful bidder.
of the bonds the Income received
CAROLINA
153, p. 872.
In addition,
Sept. 4, rather than Aug. 28.
bonds will be delivered about
N. C.—BOND OFFERING—W. E. Easterling,
Government Commission, Raleigh, will receive
(EST) on Aug. 19, for the purchase of $5,000 not
to exceed 6% interest, coupon not registerable, street improvement bonds.
Dated Sept. 1, 1941.
Denom. $500.
Due $500 on Sept. 1 from 1942 to
1951, incl.
Principal and interest (M-S) payable in such city or town and
bank or trust company therein as purchaser may designate in his bid.
Rate
of interest to be expressed in multiples of M of 1 %, and one rate must be
named for part of the bonds (having the earliest maturities) and another
rate for the balance
A certified check for $100, payable to order of the
State Treasurer, is required.
The bonds are unlimited tax, general obliga¬
HARRELLSVILLE,
Secretary
the
of
election held
TOWNER, N. Dak.—BOND OFFERING—Both sealed and open bids
be received until Aug. 23, at 2 p. m. by Kenneth McDonald, City
$3,000 not to exceed 5% semi-annual street
improvement bonds.
Denom. $500.
Due in not to exceed 10 years.
A
certified check for 2% of the bid is required.
Auditor, for the purchase of
OHIO
DISTRICT (P. ©. Aid), Ohio—BOND ELECTION—
It is reported that an election is to be called in tht near future to submit to
the voters an issue of $39,500 construction bonds.
AID SCHOOL
m.
BALTIC 7'VILLAGE
A certified check for
bonds at an average price
Legal opinion of Masslich & Mitchell, of New York City, will be
In the event that prior to the delivery of
the same
type and character shall be taxable by the terms of any Federal income tax
aw, the successful bidder may, at his election, be relieved of his obligations
under the contract to purchase the bonds and in such case the deposit
accompanying his bid will be returned.
O.
Wilmington),
N.
C.—BOND
OFFERING—Sealed Dids will be received by W. E. Easterling, Secretary
of the Local Government Commission, at nis office in Raleigh, until 11a.m.
on Aug. 26, for the purcnase of a $500,000 issue of school building
Dated July 1, 1941.
Due on July 1 as follows:
$10,000 in 1944
1945, $20,000 in 1946 to 1964, and $25,000 in 1965 to 1968.
No option
of prior payment.
Denom. $1,000
Prin. and int. (J-J) payable in New
York City in legal tender; general obligations; unlimited tax; coupon bonds
registerable as to principal alone; delivery on or about Sept. 8, at place of
purchasers choice. There will be no auction.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum, in multiples of % of 1%.
Each bid may name one rate for
part of the bonds (having the earliest maturities), and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the county, such cost to oe determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and accrued
(EST),
BELLEFONTAINE
*
SALEtt-The Bank of
ana
BENNINGTON TOWNSHIP
O. Raleigh), N. C.—BOND SALE—The $34,000 3% semi-annual
stadium refunding bonds offered for sale on Aug. 11—V. 153,
723—were awarded to Kirchofer & Arnold of Raleigh, paying a price of
110.037, a basis of about 2.34%.
Dated June 1, 1941.
Due on Dec. 1
(P.
coupon
p.
in 1953 to 1965.
as
'"""CAMPBELL CITY SCHOOL DISTRICT, Ohio—NOTE OFFERING—
Pete Keish, Clerk of the Board of Education, will receive sealed bids until
7 p m. on Aug. *5 for the purchase of $21,193.26 not to exceeu 4% interest
second series refunding notes.
Dated Aug. 26, 1941. Due Aug. 26, 1943.
Callable after Nov. 30 in any year.
A certified check for 1% of the notes,
payable to order of the
Board of Education, is required.
CANTON CITY SCHOOL DISTRICT, Ohio—RATE OF INTEREST
The $130 o05.14 second series refunding notes sold to the District Sink¬
ing Fund
'
Commission—V. 153, p. 872—bear 3% interest.
CARROLL COUNTY (P. O. CarroIIton), Ohio—BOND
We understand that on Nov. 4 an election will be held to
voters for
ELECTION—
submit to the
approval $96,000 county home bonds.
CEDARVILLE TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Ohio—NOTE OFFERING—A. E. Richards, Clerk of the
will receive sealed bids until 8 p. m. on Aug. 19, for
the purchase of $6,224.49 not to exceed 4% interest second series refunding
notes.
Dated Sept. 1, 1941.. Due Aug. 31, 1943.
Subject to call after
Nov 30 in any year.
A certified check for 1 % of the notes bid for, payable
to order of the Board of Education, is required.
Cedarville),
Board of Education,
CELINA EXEMPTED SCHOOL DISTRICT, Ohio—NOTE SALE—
Ohio National Bank of Columbus purchased an issue of $9,396.41
series refunding notes as 1.15s.
Due in two years. Optional
after Nov. 30.
*
The
second
...
OXFORD, N. C —BOND OFFERING—Sealed bids will be received at
E. Easterling, Secretary of Local Government Commis¬
sion, Raleigh, until 11 a. m. (EST) on Aug. 19 for the purchase of $15,000
the office of W.
6% interest bonds, as follows:
Denom. $1,000.
Principal
Coupon bonds registerable as
principal amone.
unlimited tax general obligations of the town.
De¬
livery on or about Sept. 3, 1941, at place of purchaser's choice.
A separate
bid for each issue (not less than par and accrued interest) is required.
Rate
or rates of interest to be expressed in multiples of )4
of 1 %.
Each bid
may name one rate for part of the bonds of any issue and another rate for
the balance, but no bid may name more than two rates of interest for any
one issue, and each bidder must specify in his bid the amount of the bonds
All of the bonds will be dated Aug. 1, 1941.
and interest (F-A) payable in N. Y.
City.
to
A certified check for $300, payable to order of the
State
Treasurer, is required.
Legal opinion of Masslich & Mitchell of N. Y. City
will be furnished the successful bidder.
In the event that prior to the de¬
livery of the bonds the income received
by private holders from bonds of
the same type and character shall be taxable by the terms of any Federal
income tax law, the successful bidder may, at his election, be relieved of
obligations under the contract to purchase the bonds and in such case
the deposit accompanying his
bid will be returned.
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Asheville), N. C.—BOND SALE—The $12,500 4M% semi-annual school
153, p. 872—were purchased by the
Imperial Insurance Co. of Asheville, at par.
No other bid was received
bonds offered for sale on Aug. 12—V.
it is stated.
Rockingham), N. C.—BOND OFFER¬
Easterling. Secre¬
Local Government Commission, Raleigh, until 11a.m. (EST; on
Aug. 19 for the purchase of $17,000 not to exceed 6% interest county jaii
bonds.
Dated Sept. 1, 1941.
Denom. $1,000.
Due Sept. 1 as follows:
$3,000 from 1942 to 1944. incl., and $4,000 in 1945 and 1946.
Prin. and
int.
(M-S) payable in N. Y. City.
Coupon bonds, registerable as to
RICHMOND COUNTY (P. O.
ING—Sealed bids will be received at the of/ice of W. E.
tary of the
CENTRAL RURAL SCHOOL DISTRICT (P. O. Elm
Grove), Ohio—NOTE SALE— The Waverly State Bank of Waverly pur¬
chased on July 26 an issue of $10,888.53 second series refunding bonds as
CENTER
1.30s.
$4,000 refunding bonds.
Due Feb. 1, 1955.
11,000 general refunding bonds.
Due Feb. 1 as follows: $1,000 in 1955
and $5,000 in 1956 and 1957.
CREEK
notes
Nov. 30.
be accompanied by a
NORTH CAROLINA STATE COLLEGE OF AGRICULTURE AND
ENGINEERING OF THE UNIVERSITY OF NORTH CAROLINA
of Cleveland
refunding
trust company,
be returned.
DISTRICT, Ohio—NOTE SALE—GUUs. Russell
purchased on July 21 an issue of $1,034.48 second series
1.70s, at par.
Due in two years. Optional after
SCHOOL
CAIRO
6 Co
Philadelphia
Co. of Akron
refunding notes as
RURAL SCHOOL DISTRICT (P. O.
Ohio—NOTE SALE—The First Central Trust
BRACEVILLE
Station),
purchased on Aug. 4 an issue of $3,589.93 second series
1 Ms.
Due in two years. Optional after Nov. 30.
form to be furnished with additional information and
certified check upon an incorporated bank or
payable unconditionally to the order of the State Treasurer
Mitchell, New York
City, will be furnished the purchaser.
In the event that prior to the delivery of the bonds the income received
by private holders from bonds of the same type and character shall be tax¬
able by the terms of any Federal income tax law, the successful bidder
may, at his election, be relieved of his obligations under the contract to
purchase the bonds and in such case the deposit accompanying his bid will
RURAL SCHOOL DISTRICT (P. O.
Marengo), Ohio—NOTE SALE—The Union Savings & Trust Co. of War¬
was awarded on July 24 an issue of $4,034.33 second series refunding
notes as 1.79s.
Due in two years.
Optional after Nov. 30.
ren
interest will be entertained.
The approving opinion of Masslich and
RURAL SCHOOL DISTRICT, Ohio—NOTE
North Lewisburg purchased on July 23 an issue of
notes as 2.95s.
Due in two years.
second series refunding
Optional after Nov. 30.
$1,165.49
bonds.
a
of 49.30.
SCHOOL DISTRICT, Ohio—NOTE SALE—The
St. Clairsville purchased on July 29 an issue of
$29,968.14 second series refunding notes as 0.98s.
Due in two years.
Optional after Nov. 30.
Second National Bank of
the bonds the income received by private holders from bonds of
(P.
Due in
BELLAIRE CITY
$140, payable to order of the State Treasurer, is
COUNTY
$1,025.61 second series refunding notes as 2.45s.
Optional after Nov. 30.
PURCHASED—The call for tenders on
Aug 12 of refunding bonds resulted in the submission of offers of $107,600
bonds at prices ranging from 46 to par.
According to Benjamin C. Bourne.
Village Clerk, the Village Council authorized the purchase of $30,000
furnished the successful bidder
HANOVER
....
(P. O. Marshallville),
of Orrville purchased on
BEACH WOOD, Ohio—BONDS
required.
REEMS
Ohio—NOTE SALE—
-v.'
July 22 an issue of
two years.
(having the earliest maturities), and another rate for the balance, but no
each bidder must specify in his
his
DISTRICT,
BAUGHMAN RURAL SCHOOL DISTRICT
Ohio—NOTE SALE—The Orrville Savings Bank
bid may name more than two rates, and
bid the amount of bonds of each rate.
of each rate.
SCHOOL
Bank of Barnesville was awarded on July 10 an issue
$2,728.17 second series refunding notes.
Due in two years. Optional
after Nov. 30.
(F & A 1), payable in legal tender in New York City; general obligations;
not to exceed
Ohio—NOTE SALE—
The First National
of
unlimited tax; delivery on or about Sept. 3, 1941 at place of purchaser's
choice.
Bidders are requested to name the interest rate or rates in multiples
of one-fourth of 1%.
Each bid may name one rate for part of the bond
for $10,000.
DISTRICT,
Nov. 30.
HENDERSON, N. C.—BOND OFFERING—Sealed bids will be received
Easterling, Secretary of Local Government Commis¬
must
SCHOOL
VILLAGE
AMANDA
Gillis, Russell & Co. of Cleveland purchased on July 25 an issue of $5,988.35
second series refunding notes as 1.40s.
Due in two years.
Optional after
sion, Raleigh, until 11 a. m. (EST) on Aug. 19, for the purchase of $7,000
not to exceed 6% interest water bonds.
Dated Aug. 1, 1941.
Denom.
$1,000
Due $1,000 on Aug. 1 from 1942 to 1948, incl.
Coupon bonds
registerable as to principal alone; principal and semi-annual interest
on
DISTRICT, Ohio—NOTE OFFERING—
Education, will receive sealed bids until
Aug. 18 for the purchase of $315,833.59 not to exceed 4% inter¬
series refunding notes.
Dated Sept. 1, 1941.
Due Sept. 1,
1943.
Callable after Nov. 30 in any year.
A certified check for 1 % of the
notes, payable to order of the Board of Education, must accompany each
proposal.
1 p. m. on
est second
at the office of W.E.
Bids must be
SCHOOL
CITY
AKRON
Hazel Fleek, Clerk of the Board of
tions of the Town.
NEW
on
N. Dak.—BONDS VOTED—We understand that at the
Aug. 4 $15,000 4% armory and equipment bonds were ap¬
will
Local
a.
DAKOTA
NORTH
GRAFTON,
proved by the voters.
CANTON,N. C .—BOND OFFERING— Sealed bids will be received at
the office of W. E. Easterling, Secretary of Local Government Commission,
Raleigh, until 11 a. m. (EST) on Aug. 19, for the purchase of $17,000 not
to exceed 6% interest street, water and sewer bonds
Dated Aug. 1, 1941.
Denom. $1,000.
Due Aug. 1 as follows:
$2,000 from 1943 to 1949, incl.
and $3,000 in 1950.
Rate or rates of interest to be expressed in multiples
of
of 1 %.
Each bid must name one rate of interest for part of the bonds
(having the earliest maturities) and another rate for the balance, but no
bid may name more than two rates, and each bidder must specify in his
bid the amount of bonds of each rate.
Principal and interest (F-A) payable
in New York City.
Coupon bonds not registerable, general obligation,
unlimited tax bonds of the town.
Delivery at place of purchaser's choice.
A certified check for $340, payable to order of the State Treasurer, is
required.
Legal opinion of Storey, Thorndike, Palmer & Dodge of Boston
will be furnished the purchaser.
sealed bids until 11
is required.
urer,
CALDWELL COUNTY (P. O. Lenoir), N. C.—NEWSALE DATE—
W. E. Easterling, Secretary of the Local Government Commission, reports
that he will receive sealed bids for the issue of $14,500 school building bonds
until 11 a. m. (EST) on Aug. 19, instead of on Aug. 12 as originally an¬
nounced—V.
1025
Financial Chronicle
Optional after Nov. 30.
DISTRICT, Ohio—NOTE SALE—
purchased on July 21 an issue of
second series refunding notes as 1 Ms, at par.
Due in two years.
Due in two Tears.
CHAGRIN
The Ohio
FALLS
SCHOOL
National Bank of Columbus
$3,470.26
Optional after Nov. 30.
CHIPPEWA RURAL SCHOOL DISTRICT (P. O. Dovlestown),
NOTES REOFFERED—H. W. Paridon, District Clerk, reports that
73 not to exceed 4% interst second series refunding notes of¬
fered July 24 were not sold, and are being reoffered op Aug. 21.
Ohio
the $5 021
CLAIBORNE-RICHWOOD SCHOOL DISTRICT (P. O. Richwood),
NOTE SALE— The First Central Trust Co. of Akron purchased
Ohio
on
July 28 an issue
Due in two years.
of $4,679.45 second series
Optional after Nov. 30.
refunding notes as 1.35s.
Ohio—FINANCIAL STANDING ANALYZED—"A
fair credit rating is still justified for the general obligations of Cleveland."
and with short-term and floating debt declining and no immediate prob¬
ability of a heavier bonded debt burden, the city's prospects are encour¬
aging according to a financial study of Cleveland just released by Lazard
Freres & Co
By reason of a moderate debt burden and a relatively low tax
rate compared with 11 other large cities. Cleveland is in a position to tide
over any unusual periods of stress, according to the report.
One of the principal favorable factors cited in the study is the adoption
in 1940 of a charter amendment setting a new tax limit that permanently
gives Cleveland an expanded taxing power and improves the conditions
under which levies may be voted in excess of the limit.
Estimated net overall debt of $121,339.301 is "well within the economic
capacity of the city to pay," and the total tax rate, estimated at $22.33 on
actual valuation, is described as "relatively low."
The water and electric light systems reflect satisfactory operation, and
bonds of these two systems are "better secured than the other obligations
of the city " according to the Lazard Freres study. Other favorable factors
listed include:
Recent improvement in current conditions through reCLEVELAND,
,
The Commercial & Financial Chronicle
1026
ductions in note debt and current liabilities; efficient management of
fi¬
under severe handicaps: and the apparent tendency of State courts
LOGAN
in the past to
place the most favorable construction
on
constitutional tax
limitation from the viewpoint of bondholders.
"Generally speaking," according to the
survey,
in the Cleveland situation have arisen directly or
ation of the drastic tax limitation in the State
"the unfavorable factors
indirectly from the oper¬
MADISON
RURAL
about
award
the
a
1.84%.
These
took advantage of their charter rights to establish a new and
higher tax limit of their own, with the right to approve any additional
levies by a mere majority vote.
was
"The trend of the net over-all debt has been
generally downward during
MARGARETTA
bringing
onerous."
MEDINA,
an
issue of $8,204.31 second series
refunding notes as 1.30s.
Optional after Nov. 30.
iWaiw.fcv fc.v
*
in two years.
^%.y...«f.,
COLUMBUS GROVE RURAL SCHOOL
DISTRICT, Ohio—NOTE
SALE—The First Central Trust Co. of Akron
purchased on July 21 an issue
of $4,569.95 second series
refunding notes as 1.87s.
Due in two years.
Optional aft'er Nov. 30.
■
CORNING VILLAGE SCHOOL
DISTRICT, Ohio—NOTE SALE—
Gillis, Russell & Co. of Cleveland purchased on
July 25 an issue of $4,459.39
refunding notes as 1.45s.
Due in two years.
Optional after
second series
Nov. 30.
DEERFIELD TOWNSHIP SCHOOL DISTRICT
(P. O. Clarksburg?}
Ohio—NOTE SALE—The Clarksburg Commercial Bank
was awarded on
July 21 an issue of $2,789.71 second series
refunding notes as 1.75s.
Due
in two years.
Optional after Nov. 30.
Ss
*
(P.
O.
Sandusky),
DISTRICT, Ohio—NOTE SALE— The
Columbus
Ohio—BONDS
was
awarded
July 25
on
SOLD—The
issue
an
issue
of
M
BancOhio
of
an
price of 100.007.
a
Securiti&s
$65,000 234%
Co.
water
of
works
:
"
notes
as
Ohio—NOTE SALE—
Aug. 8 an issue of
0.75s.
Due
in
two
years.
j
.
MINSTER
VILLAGE
SCHOOL
DISTRICT, Ohio—NOTE SALE—
The $4,959.49 second series refunding notes offered
Aug. 2—V. 153, p. 586—
were awarded to the First National Bank of Barnesville
as 1.05s.
Due in
two years.
Optional after Nov. 30.
MONROE COUNTY (P. O.
Woodsfield), Ohio—BOND SALE— The
$30,000 poor relief bonds offered Aug. 11—V. 153, p. 724—were awarded
Stranahan, Harris & Co., Jnc., Toledo, as 134s, at par plus a premium
of $11, equal to 100.03, a basis of about
1.24%.
Dated Aug. 15, 1941 and
due as follows: $1,500 June 15 and Dec. 15 from 1942 to
1950, incl., and
$3,000 June 15, 1951.
Second high bid of 100.95 for 134s was made
by the
to
BancOhio Securities Co. of Columbus.
NEW
BOSTON
CITY
SCHOOL
DISTRICT, Ohio—NOTE OFFER"
ING—Owen Fitch, Clerk of the Board of Education, Avill receive sealed
bids
p. m. on Aug. 19 for the purchase of $10,262.32 not to exceed
4% interest second series refunding notes.
Dated Aug. 19, 1941.
Due
until 8:30
Aug. 19, 1943.
Optional after Nov. 30 in any year.
A certified check for
1% of the notes, payable to order of the Board of Education, is required.
Due
r
DISTRICT
MIDDLETOWN CITY SCHOOL DISTRICT,
■
CLEVES-NORTH BEND SCHOOL DISTRICT
(P. O. Cleves), Ohio
SALE—The Cleves National Bank of Cleves was awarded
on
fe fc
The First National Bank of Barnesville
purchased on
CLEVELAND, Ohio—BOND ELECTION—We understand that" an
ordinance calling for an issue of -14,000,000
bridge construction bonds is
to be introduced in the
City Council on Aug. 25.
An issue of $750,000
hospital improvement bonds is to be placed on the ballot at the November
July 24
of
$41,412.94 second series refunding
Optional after Nov. 30.
.
—NOTE
Bank
Columbus purchased on July 23
bonds due in 20 years.
opinion, could be raised considerably without becoming unduly
H4 U-JJM
ukdMlU
8M
election.!
National
revenue
any prospective
.
SCHOOL
MASSILLON CITY SCHOOL
Ohio
,
.
RURAL
$39,082.55 second series refunding notes as 1.15s, at
Due in two years.
Optional after Nov. 30.
The city should not find it
difficult, according to the report, to meet
future capital requirements through tax levies and new
borrowing, even
with a continuance of the present
refunding policy. "It is apparent that the
city's refunding policy must be continued and supplemented with sub¬
stantial levies outside the tax limit, as in the
past.
Cleveland voters have
shown a willingness to cooperate with the local
administration in this
respect, as exemplified by the fact that for some years past levies outside
the
tax limit have been voted and in 1940 the
electors voted the highest 'outside'
levy in the city's history and 'froze' it in the charter in an attempt to obviate
the trouble, expense and
uncertainty involved in appealing annually to the
voters for needed tax revenues."
Lazard Freres & Co., in its study, sees no indication of
"The tax burden is
comparatively light
§
r„
Ohio—NOTE SALE— The Tiffin National Bank of Tiffin purchased on
July 24 an issue of $4,327.95 second series refunding notes as 1.55s.
Due in
two years.
Optional after Nov. 30.to t f
t
*w~
i. *s L.&
burden down practically to the low point of two
years ago and
15% belowr the 1931 peak."
Although refunding has slowed up debt retirement, Lazard Freres finds no
serious criticism against a moderately slow debt retirement
provided the
city is able and willing to pay for maintenance of its capital plant and for
necessary improvements and extensions thereto partly
through general
our
because
high bidder for the issue.^
MANSFIELD CITY SCHOOL
DISTRICT, Ohio—NOTE SALE—The
National Bank of Columbus was awarded on
July 21 an issue of
$37,492 62 second series refunding notes as Is, at a price of 100.013.
Due
in two years.
Optional after Nov. 30.
past 10 years, interrupted by a temporary reversal of the trend in
1939-40 by reason of the effect of the refunding policy instituted a few
years
ago, coupled with a substantial increase in new borrowing and the recent
decision to service the electric light general
obligation debt from property
taxes in order to pay off a liability owed the electric
light fund.
A rapid
reduction in the overlapping debt has since been instrumental in
and, in
on July 18
price of 101.78, a basis of
originally offered last December, but
of a taxpayer's suit.
V. 152, p. 298.
were
Ohio
the
increase in the debt burden.
bonds
deferred
was
The above firm
and recently
revenue sources.
1941
SCHOQL DISTRICT (P. O. London), Ohio—
an
Erecedence overwillingness needs and also by the fact that outside thevoters
operating to approve substantial levies Cleveland limit
shown
the debt
16,
BONDS SOLD—Seasongood & Mayer of Cincinnati
purchased
issue of $160,000 building bonds as 2s, at a
constitution.
From the
bondholders' viewpoint, however, the full effect of such a low limit is alle¬
viated by a court ruling to the effect that debt service requirements
take
ave
Aug.
CITY
SCHOOL
DISTRICT,
Ohio—NOTE SALE— The
Quaker City National Bank of Quaker City purchased on Aug. 1 an issue
of $16,198.06 second series
refunding notes as 1.19s.
Due in two years^
Optional after Nov. 30.
nances
NEW
HOLLAND, Ohio—BOND OFFERING—May Kibler, Village
Clerk, will receive sealed bids until noon on Aug. 22 for the
purchase of
$15,000 not to exceed 334% interest water works system bonds.
Dated
Aug. 1. 1941.
Denoms. $1,000 and
$500.
Due Feb.
1 as follows: $500
1962, incl.
Interest F-A.
34 of 1 %.
No conditional
bids will be considered.
A certified check for 1% of the bonds bid
for,
payable to order of the village, is required.
Legal opinion of Peck, Shaffer,
Williams & Gorman of Cincinnati will be furnished the successful
bidder.
from 1943 to 1952, incl., and $1,000 from 1953 to
Rate of interest to be expressed in a multiple of
ORWELL VILLAGE SCHOOL
The Orwell Banking Co. was awarded
series refunding notes as 2s.
OTTOVILLE
DISTRICT,
on
July 17
RURAL SCHOOL
Ohio—NOTE SALE—
issue of $2,662.90 second
Optional after Nov. 30.
an
Due in two years.
DISTRICT, Ohio—NOTE SALE—
The Tiffin National Bank of Tiffin purchased on
July 25 an issue of $5,226.67
series refunding notes as
1.40s.
Due in two years.
Optional
after Nov. 30.
'
second
DELAWARE CITY SCHOOL
DISTRICT, Ohio—NOTE SALE—The
First National Bank of Delaware was
awarded on July 30 an issue of
$11,743.22 second series refunding notes as 1.20s.
Due
in
Optional after Nov.
30.fi
EAST LIVERPOOL CITY SCHOOL
—The Ohio National Bank of
Columbus
of $39,583.94
second
two
years.
11M
j^v
series
Optional after Nov. 30.
DISTRICT, Ohio—NOTE
was
awarded
refunding notes
Aug. 11
on
1.05s.
as
SALE
an
Due in two
issue
vears.
EAST SPARTA RURAL SCHOOL.
luSTRICT, Ohio—NOTE
SALE
EUCLID, Ohio—IiOND OFFERING—A.
special
bids
until
assessment
noon
on
bonds.
W. Abbott, City Auditor, wil
Aug. 23 for the purchase of $466,500
FLORENCE RURAL SCHOOL DISTRICT
(P. O. Vermilion), Ohio
—NOTE SALE—The First-Central Trust
Co. of Akron was awarded on
July 23 an issue of $2,556.25 second series
refunding notes as 1.87s at par.
Due in two years.
Optional after Nov. 30.
GRAND RAPIDS RURAL SCHOOL
DISTRICT, Ohio—NOTE
—The First-Central Trust Co. of
Akron purchased
$3,283.45 second series refunding notes.
Due in
after Nov. 30.
GRANGER< SCHOOL DISTRICT
SALE—The First
Central
Trust
issue of $3,443.77 second series
Optional after Nov.
GREEN
30.
Co.
(P.
O.
an
SALE
issue of
Optional
years.
Ohio—NOTE
on Aug. 4 an
Due in two years.
purchased
notes as 134s.
•
July 18
two
Medina),
of Akron
refunding
on
.
TOWNSHIP
SCHOOL DISTRICT (P. O. Route No.
?.
Ironton), Ohio—NOTE SALE—Van Lahr, Doll &
Isphording of Cin¬
cinnati purchased on
July 18 an issue of $4,391.54 second series
refunding
notes as 134s.
Due in two years.
Optional after Nov. 30.
HAMILTON CITY SCHOOL
DISTRICT, Ohio—NOTE
SALE—'The
First National Bank & Trust
Co. of Springfield was awarded on
Aug. 13
sHe
100.011.
$52,953.99 second
Due in two years.
series refunding notes as Is,
Optional after Nov. 30.
rc™??ILTPN COUNTY (P. O. Cincinnati),
ISSUE—It is
at
a
price of
Ohio—PROPOSED BOND
expected that the voters will be asked to authorize
several
bond issues at the
November general election, as follows:
$3,500,000 new
county home,
home.
$500,000 airport and $1,000,000
juvenile court
detention
SCHOOL DISTRICT (P. O.
Elmore), Ohio—
NOTE SALE—The First
Central Trust Co. of Akron purchased on
July 28
an issue of
$4,644.89 second series
refunding notes as 1.38s.
Due in two
years.
Optional after Nov. 30.
H^IOr5 SCHOOL DISTRICT
SALE—The first
issue ot
(P. O. Matla), Ohio—NOTE
Central Trust Co. of Akron
purchased on July 24 an
$4,815.55 second series
refunding notes as 1.60s.
Due in two years.
Optional after Nov. 30.
IRONTON
CITY
SCHOOL
DISTRICT,
Ohio—NOTE SALE— The
on
Aug. 7 an issue of
ioooenI?n?at 0Iia Bank of Ironton purchased
$22,395.76 second series
refunding notes as Is.
tional after Nov. 30.
Due in two years.
Op¬
JACKSON TOWNSHIP RURAL
SCHOOL DISTRICT (P. O. Grove
c»ty), Ohio NOTE SALE—Van
Lahr, Doll & Isphording of Cincinnati
purchased on July 21 an issue of
$10,170.35 second series refunding notes
as 1.20s.
Due in two
years.
Optional after Nov. 30.
D
«o
1
,
RURAL SCHOOL
T.lffin National Bank
12,165.06 second series
refunding notes
Optional after Nov. 30.
UCIPSIC VILLAGE SCHOOL
purchased
as
1.45s.
DISTRICT, Ohio—
on
July 26
Due
in
an
two
issue of
years.
DISTRICT, Ohio—NOTE
SALE—The
First-Central Trust Co. of Akron
purchased on July 18 an issue of
$4,417.30
series
refunding notes as 1.89s.
Due in two years.
Optional
after Nov. 30.
second
LIMA
CITY
SCHOOL
DISTRICT,
tional Bank of Lima Was
awarded on
series
refunding notes.
RURAL
SCHOOL
DISTRICT,
Ohio —NOTE
Ohio National Bank of Columbus was awarded on
July 25
issue of $3,877.32 second series refunding notes as 1.30s.
Due in two
years.
Optional after Nov. 30.
RIDGEWAY
RURAL SCHOOL DISTRICT, Ohio:—NOTE SALE—
The First National Bank & Trust Co. of
Springfield purchased on July 22
issue of $2,633.43 second series
refunding notes as 1.70s.
Due in two
years.
Optional after Nov. 30.
an
—The First Central Trust Co. of Akron
purchased on Aug. 12 an issue of
$3,754.80 second series refunding notes as 134s.
Due in two years.
Op¬
tional after Nov. 30.
receive sealed
REYNOLDSVILLE
SALE—The
an
Ohio—NOTE SALE—The Na¬
Aug. 11 an issue of $47,187.69 second
Optional after Nov. 30.
Due in two
years.
£3
RIPLEY RORAL SCHOOL DISTRICT
(P. O. Millersburg), Ohio—
Millersburg purchased on July 18 an
refunding notes as 1.35s.
Due in two years.
NOTE SALE—The Adams Bank of
issue of $1,557.99 second series
Optional after Nov. 30.
ROCK
CREEK
SCHOOL
DISTRICT, Ohio—NOTE SALE—The
First Central Trust Co. of Akron purchased on
Aug. 4 an issue of $3,196.91
refunding notes as 134s.
Due in two years.
Optional after
Nov. 30.
ft-S, aaHSfttf**'"
second series
UUtLOf
u
ROSS TOWNSHIP RURAL SCHOOL DISTRICT
(P. O. R. R. No. 6,
Hamilton), Ohio—NOTE SALE—Gillis, Russell & Co. of Cleveland pur¬
chased on July 23 an issue of $4,501.32 second series
refunding notes as
1.45s.
Due in two years.
Optional after Nov. 30.
ST. CLAIRSVILLE SCHOOL
DISTRICT, Ohio—NOTE SALE—'The
First National Bank of Delaware
purchased on July 22 an issue of $10,635.56 second series refunding notes as 1.10s.
Due in two years.
Optional after Nov. 30.
SANDUSKY CITY SCHOOL
DISTRICT, Ohio—NOTE SALE—The
Ohio National Bank of Columbus purchased on
July 25 an issue of
795.67 second series refunding notes
after Nov.
r
SEBRING
NOTE
SALE
of $8,448.04
Columbus,
as
30.jtfcM
Due
in
two.years.
$27,Optional
b !" ? trV
md
EXEMPTED VILLAGE SCHOOL
DISTRICT, Ohio—
CANCELED—ISSUE RE-OFFERED—'The sale on
July 9
second series
as
Is.
,1.90s,
refunding notes to the Ohio National Bank of
Issue was re-offered on Aug. 15.
was later canceled,
SEVEN MILE VILLAGE SCHOOL
DISTRICT, Ohio— NOTE SALE—
The First Central Trust Co. of Akron
purchased on July 10 an issue of
$2,977.97 second series refunding notes as 134s.
Due in two years.
Op-
tional after Nov. 30.
SHEFFIELD
^
LAKE
VILLAGE
SCHOOL DISTRICT (P. O. R. D.
NO. 1, Lorain), Ohio—BOND SALE—The
$10,000 improvement bonds
offered Aug. 7—V. 153, p. 724—were awarded to
Ryan, Sutherland &
Co. of Toledo, as 234s, at a price of
100.56, a basis of about 2.15%.
Dated Sept. 15, 1941 and due $500 on May 1 and Nov. 1 from
1942 to 1951,
incl.
The
BancOhio
Securities
Co.
of
Columbus
$44[for 234s.!
offered
a
premium
of
SILVERCREEK TOWNSHIP SCHOOL DISTRICT (P. O. James¬
town), Ohio—NOTE SALE—The First Central Trust Co. of Akron pur¬
chased on July 28 an issue of $3,750.01 second series
refunding notes as
1.40s.
Due in two years.
Optional after Nov. 30.
SOUTHINGTON RURAL SCHOOL DISTRICT (P. O.
Warren),
Ohio—NOTE SALE—The First Central Trust Co. of Akron purchased on
Aug. 12 an issue of $3,287.76 second series refunding notes as 134s. Dated
Aug. 12, 1941 and due Aug. 12, 1943.
SPENCER
VILLAGE
SCHOOL
DISTRICT,
Ohio—NOTE SALE—
The $2,686.75 second series
refunding notes offered July 18 were awarded
to the Ohio National Bank of
Columbus, as 1.55s.
Due in two years.
Optional aftei Nov. 30.
SPRINGFIELD CITY SCHOOL DISTRICT, Ohio—NOTE OFFER¬
ING—Mildred L. Hartman, Clerk of the Board of Education, will receive
noon on Aug. 25, for the purchase of
$70,960.35 not to
exceed 4% interest second series refunding notes.
Dated Aug. 30, 1941.
Due Aug. 30, 1943.
Callable after Nov. 30 in any year.
A certified check
for 1 % of the notes, payable to order of the Board of
Education, is required.
sealed bids until
STEUBENVILLE, Ohio—BOND OFFERING—J. A. Cartledge, City
Auditor, will receive sealed bids until 2 p. m. (EST) on Sept. 8, for the
purchase of $16,500 not to exceed 6% interest Wells Run storm sewer
special
assessment bonds.
Dated Oct. 1, 1941.
One bond for $500, others $1,000
each.
Due Nov. 1 as follows:
$1,000 from 1943 to 1945, incl.; $1,500 in
1946, and $2,000 from 1947 to 1952, incl.
Rate of interest to be expressed
,
Volume
The Commercial &
153
1027
Financial Chronicle
a multiple of J*
of 1 %,
Principal and interest (M-N) payable at the
City Treasurer's office. The printed bonds and the legal opinion of Squire,
Sanders & Dempsey of Cleveland will be furnished by the city at its own
expense.
Prompt delivery of the bonds is promised.
A certified check
for §165, payable to order of the City Treasurer, is required.1
ill _M
in
STEUBENVILLE, Ohio—BOND SAujlj—The $7,500 water line special
Aug. 11—V. 153, p. 724—were awarded to Ryan,
as 1 J*s, at par plus a premium of $19.50, equal
to 100.26, a basis of about 1.19%.
Dated Sept. 1, 1941 and due Nov. 1 as
follows: $1,000 in 1943 and 1944: $1,500 in 1945 and $2,000 in 1946 and
1947.
Second high bid of 100.53 for lAs was made by the BancOhio
1932.
The bonds
are
general olbigations of the city, and shall be sold sub¬
ject to the prior approving opinion of Storey, Thorndike, Palmer & Dodge,
of Boston.
The award will be made to the highest responsible bidder at
and accrued interest.
If delivery is demanded
shall be at the expense of the purchaser.
less than par
not
of the city, such delivery
a certified check for 2%
outside
Enclose
of the face value of the amount of bonds bid for,
payable to the city.
assessment bonds offered
WALDPORT, Ore.—BOND SALE—An issue of $11,000 water system
was sold to the Bank of Newport at a price of 109.136.
Sutherland & Co. of Toledo
Securities Co. of Columbus.
STRUTHERS, Ohio—BOND SALE— The $6,424.39 coupon street
improvement bonds offered Aug. 2—V. 153, p. 586—were awarded to
Seasongood & Mayer of Cincinnati as IKs, at par plus a premium of
$19.85, equal to 100.30, a basis of about 1.35%.
Dated April 1, 1941 and
due Dec. 1 as follows: $3,000 in 1942 and $3,424.39 in 1943.
Only other
bidder was Provident Savings Bank & Trust Co. ft Cincinnati, whose offer
was a premium of $7.71 for 2lAs.
OFFERING
sealed bids
until noon on Aug. 25 for the purchase of $20,342.89 not to exceed 4%
interest second series refunding notes.
Dated Sept. 1, 1941.
Due Aug.
31, 1943.
Optional after Nov. 30 in any year.
A certified check for 1%
of the notes, payable to order of the Board of Education, is required,'BFr'
STRUTHERS CITY SCHOOL DISTRICT, Ohio—NOTE
•—W. F. Nelis, Clerk of the Board of Education, will receive
SULLIVAN
CENTRALIZED
SALE—The Citizens
an
National
SCHOOL
Bank
DISTRICT,
Ohio-—NOTE
on July 12
Due in two
|g|
^-3
of Zanesville purchased
issue of $1,966.76 second series refunding notes as
years.
WILLAKENZIE SCHOOL DISTRICT NO. 6 (P.O. Eugene, Route 2).
Ore.—BONDS SOLD—The District Clerk states that $12,500 semi-annual
were offered for sale on
Aug. 9 and were awarded to the
Tripp Co. of Portland, as 2Ms, at a price of 100.87, a basis
2.11%.
Dated Sept. 1, 1941.
Due on Sept. 1 as follows: $1,000
in 1942 to 1953. and $500 in 1954."
school
DISTRICT, Ohio—NOTE SALE—The First
Aug. 4 an issue of $3,411.40 second
1.28s.
Due in two years.
Optional after Nov. 30.
STRASBURG SCHOOL
Central Trust Co. of Akron purchased on
series refunding notes as
bonds
1.95s.
Optional after Nov. 30.
SYLVANIA EXEMPTED SCHOOL
DISTRICT, Ohio—NOTE SALE
July 25 an issue of
$13,116.47 second series refunding notes as 1.20s, at a price of 100.038.
Due in two years.
Optional after Nov. 30.
—The Ohio National Bank of Columbus purchased on
of about
PENNSYLVANIA
BRISTOL TOWNSHIP SCHOOL DISTRICT (P. O. Bristol). Pa.—
BONDS AUTHORIZED—We understand that an issue of $62,000 1 A%
bonds
OFFERING—W. L. Huntzinger, Borough
(DST) on Sept. 8, for
1H%, 1A%, 1H%, 2%, 2A%,2 A%, 2 5*%
or 3% coupon, registerable as to principal only, borough hall and fire house
bonds.
Dated Aug. 1, 1941.
Denom. $1,000.
Due $2,000 annually on
Aug. 1 from 1942 to 1956, incl.
Bidder to name a single rate of interest for
all of the bonds.
Interest F-A.
Principal and interest payable without
deduction for any tax or taxes, except succession or inheritance taxes, now
or hereafter levied or assessed thereon under any present or future law of
the Commonwealth of Pennsylvania, all of which taxes the borough assumes
and agrees to pay.
The bonds will be payable from ad valorem taxes
within the taxing limitations placed by law upon boroughs.
Issued subject
to the favorable legal opinion of Townsend, Elliott A Munson, of Philadel¬
phia. and to the approval of the Pennsylvania Department of Internal
Affairs.
A certified check for 2% of the bonds bid for, payable to order of
the Borough Treasurer, is required.
SCHOOL
DISTRICT,
LOWER
SCRANTON,
at
WEST CARROLTON EXEMPTED VILLAGE SCHOOL DISTRICT,
1.24% :';■■■■■
,
-
1.
„
.
-A.... A-. 1.60%
■*
«..
L «'«■ *
WYOMING EXEMPTED SCHCCL DISTRICT, Ohio—NOTE
SALE
—The First National Bank of Lockland purchased an issue of $3,786.40
Is.% Due in two years.
Optional after
!-
■
■'''
1
■
Ohio—NOTE SALE—
The Ohio National Bank of Columbus was awarded on Aug. 12 an issue
of $202,323.93 second series refunding notes as 0.875s.
Due in two years.
Optional after Nov. 30.
: ■
V':'
IN.
YOUNGSTOWN CITY SCHOOL DISTRICT,
OKLAHOMA
VIN1TA, Okla.—BOND VALIDATION PENDING— Attorney Genera
Mac Q. Williamson is expected soon to release opinion on validity of pro¬
posed $100,000 revenue issue by the above city for construction of electric
distribution system to compete with Public Service Co. of Oklahoma and
to purchase power from Grand River Dam Authority.
After application
was filed last November, litigation involving the proposal was instituted,
and Mr. Williamson and his staff will examine the court record before
releasing opinion.
Bond proposal was approved at the third election held
to submit it to the people.
OREGON
18 (P. O. Springfield,
$10,000 issue of 2A% semi-annual
Atkinson,
and 1943,
$1,000 in 1944 to 1949. and $1,250 in 1950 and 1951.
«
j
LANE
Route),
COUNTY SCHOOL DISTRICT NO.
Ore.—BONDS
:
_
bids will be received
City Auditor, for the
purchase of a $500,000 issue of water bonds.
Interest rate is not to exceed
2 A %. payable F-A.
Denom. $1,000.Dated Aug. 15,1941. Due $50,000
from Aug. 15, 1951 to 1960.
Competitive bidding shall be wholly or
partially upon the rate of interest, and the rate will be fixed according to
the bid of the successful bidder but not exceeding the rate above specified;
subject, however, to the provisions of Section 192 of the City Charter
granting a preferential right to the City Treasurer to purchase the bonds.
Prin. and int. payable in lawful money at the City Treasurer's office, or at
the fiscal agency of the City in New York. Issued by Ordinance No. 74575
audi under authority of Section 228 A of the City Charter, adopted Nov. 8,
V PORTLAND, Ore.—BOND OFFERING—Sealed
until 11 a. m. (PST), on Sept. 2, by Will E. Gibson,
Other
0.30% to 2.10%, according to maturity.
Int. Rate
Union Securities Corp. and Moore, Leonard & Lynch._
2%
A. Webster Dougherty & Co., Singer, Deane & Scribner and Glover & MacGregor
2%
Barclay, Moore & Co., Burr & Co., Seasongood &
Mayer and E. W.& R.C.Miller &Co-_
2H%
Stranahan, Harris & Co., Inc., and John B. Bunting
& Co
2H%
Blair & Co., Inc., and E. H. Rollins & Sons, Inc
2%%
Stroud & Co. and Dolphin & Co., Inc.....—.—2A%
Rate Bid
100.38
.
-
100.239
101.26
101.179
100.636
100.297
SUMMERVILLE, Pa —BONDS SOLD—The Brookviile Bank & Trust
purchased an issue of $6,000 street resurfacing bonds.
Co. of Brookviile
SOUTH
CAROLINA
GREENVILLE COUNTY, PARKER WATER AND SEWER SUBDISTRICT (P. O. Greenville), S. C.—BONDS VOTED—We understand
that the election held on July 15 resulted in favor of issuing $150,000 fire
protection bonds.
TURKEY
CREEK DRAINAGE DISTRICT (P.
BOND JUDGMENT
O. York), S
C.—
GRANTED—A judgment granting Herman A. Moore,
and R. B. McClain, present bondholders, the sum of $207,238.72 against the above named district was filed recently in the office
of the Federal Clerk of Court, we understand.
The order and decree is
said to have been signed by Judge C. C. Wyche of Spartanburg, sustaining
the findings of Referee C. W. F. Spencer of Rock Hill, whose report was
made June 12.
V. M. Hambright, receiver of the district, was empowered
by the action "to make final demand upon all landowners
.
.
.
to pay
such sum of $2 per acre for each and every acre of land embraced in the said
district within a period of 12 months."
The receiver was given the right to
levy upon tracts of land that have not been redeemed by the owners.
He
was also authorized to take such action as may be appropriate for the re¬
covery of district funds totaling $14,450.85, and was directed to pay court
costs "in the case and a reasonable fee to the county bank of greenwood for
holding the bonds and maintaining records.
The sum covers 212 district
bonds whose par value was set at $500 with certain coupons and principal
and accumulated interest.
Walter Neeley
S. C.—BONDS SOLD—E. H. Pringle & Co. of
purchased $159,000 5A%-ZA% -water works and sewerage
dated July X, 1941. and due serially on July 1 from 1943
to 1965, incl.
Bonds bear 5A% interest to Jan. 1, 1946. and 3H% there¬
after
Principal and interest (J-J) payable at the Central Hanover Bank &
Trust Co., New York City.
Legality approved by Samuel Want of Darling¬
ton.
■'
' -V
WESTMINISTER,
Charleston
refunding bonds,
SOLD—A
school bonds was offered for sale on July 31 and was awarded to
Jones & Co. of Portland, according to report.
Due $750 in 1942
_
funding and
2.50%
WEST SALEM, Ohio—BOND SALE—$2,500 coupon fire truck and
equipment bonds offered Aug. 4—V. 153, p. 724—were awarded as 3s, at
par, to the Farmers State Bank of West Salem, the only bidder.
Dated
Aug. 1, 1941 and due $250 annually on Nov. 1 from 1942 to 1951 incl.
Subject to redemption on Nov. 1, 1941, or on any subsequent interest
payment date.
1 •**»»
» €1
H #:
Hi-Jl
second series refunding notes as
Nov. 30.
•
**
prices to yield from
^Bidder—
WASHINGTON TOWNSHIP SCHOOL DISTRICT (P. O. Alliance},
Ohio—NOTE SALE—The Licking County Bank of Newark purchased on
Aug. 4 an issue of $3,416.50 second series refunding notes as 1.45s.
Due in
two years.
Optional after Nov. 30.
>
the company's plan to segregate its water and gas
improvement bonds offered Aug. 12—V. 153, p, 725—were awarded to
Halsey, Stuart & Co., Inc., New York, as 2s, at a price of 100.388, a basis
of about 1.9923%.
DatedSept. 1,1941 and due Sept. 1 as follows: $13,000
from 1942 to 1944, incl., and $12,000 from 1945 to 1961, incl.
Reoffered
Ohio—NOTE OFFER¬
4% interest second series refunding notes.
Dated Aug. 18, 1941 and due
Aug. 18, 1943.
Optional after Nov. 30 in any year. A certified check for
1 % of the notes, payable to order of the Board of Education, is required.JM
_,
Pa .—COLLAPSE OF WATER DEAL SEEN AS FIRM
Associated Press dispatch issued from Scran-
Aug.
SCRANTON, Pa.—BOND SALE—1The $243,000 judgment
_
_
on
The abandonment of
ING—-Edwin J. Stroh, Clerk of the Board of Education, will receive sealed
bids until 7 p. m. on Aug. 18, for the purchase of $10,118.61 not to exceed
_
Camp
properties was construed as the death knell of the $49,500,000 scheme,
which was promoted by P. F. Cusick, local financier, and his Chicago
associate, Robert M. Sherritt.
"The company's withdrawal of its application before SEC represents a
big victory for the City of Scranton, since it will undoubtedly result in the
collapse of the plan to sell the water property to a public authority for
$49,500,000," Solicitor Barrett said.
VIENNA RURAL SCHOOL DISTRICT (P. O. R. F. D. No. 1, Brookfield), Ohio—NOTE SALE—The Ohio National Bank of Columbus was
awarded on July 21 an issue of $3,371.28 second series refunding notes as
2.10s.
Due in two years.
Optional after Nov. 30.! FA'*'* '*
-
O.
(P.
company's request.
Coolville), Ohio—
$ALE—The First Central Trust Co. of Akron purchased on July 8
an issue of $5,747.10 second series refunding notes as 1.23s.
Due in two
years.
Optional after Nov. 30.
3
TROY TOWNSHIP SCHOOL DISTRICT (P. O.
Gillis, Russell & Co—
DISTRICT
11 reported as follows:
Collapse of the plans whereby the water supply system of the ScrantonSpring Brook Water Service Co. would be sold to a public authority to be
created by the Lackawanna and Luzerne County Commissioners for $49,500,000 was seen today by city officials with the receipt of word that the
company had withdrawn its application to the Federal Securities and Ex¬
change Commission for permission to separate its gas plant from the water
property.
City Solicitor Jerome K. Barrett and Assistant Solicitor Henry S. Sahm
announced that they had been formally notified by the Securities Com¬
mission of the water company's withdrawal of its petition, which was sub¬
mitted early in the year, and which was scheduled for a hearing in Wash¬
ington on Tuesday of next week.
On two previous occasions hearings
which had been arranged were continued by the Federal agency at the
NOTE
West Oarrolltoa Bank-„*
SCHOOL
DROPS SEC ACTION—An
ton
Ohio—NOTE OFFERING—
First Central Trust Co
TOWNSHIP
1961 incl.
May P. Foster, Clerk of the Board of Education, will receive sealed bids
noon on Aug. 25, for the purchase of $256,606.69 not to exceed 4%
interest second series refunding notes.
Dated Sept. 2, 1941.
Due Sept. 2,
1943.
Callable after Nov. 30 in any year.
A certified check for 1% of
the notes, payable to order of the Board of Education, is required.
P& H
Ohio—NOTE SALE—The $4,581.30 second series refunding notes offered
Aug. 11 were awarded to the First National Bank of Barnesville, as 1.15s.
Due in two years.
Optional after Nov. 30.
Other bids:
Bidder—
Int. Rate
ALLEN
Hill,) Pa.—BOND SALE—The $21,000 2% building bonds offered Aug. 11
153, p. 873—were awarded to Johnson & McLean of Pittsburgh.
Dated Aug. 1. 1941 and due Aug. 1 as follows: $1,000 in 1943: $2,000,
1944; $1,000, 1945 to 1956 incl.; $2,000 in 1957, and $1,000 from 1958 to
—V
until
WAPAKONETA CITY SCHOOL DISTRICT,
Pa.—BOND
Secretary, will receive sealed bids until 7:30 p. m.
wil1
CITY
approved recently by the Department of Internal Affairs.
the purchase of $30,000 1%,
receive sealed bids until
TOLEDO
was
HAMBURG,
TOLEDO, Ohio—BOND OFFERING—Rudy Klein, City Auditor,
noon on Aug. 26 for the purchase of $37,000 3%
coupon city bonds.
Dated Sept. 1, 1941.
Denom. $1,000.
Due Sept. 1
as follows:
$13,000 in 1943 and $12,000 in 1944 and 1945.
Bidder may
name a different rate of interest provided that fractional rates are expressed
in a multiple of A of 1 %.
Prin. and int. (M-S) payable at Chemical Bank
& Trust Co., N. Y. City.
The bonds may be exchanged for bonds regis¬
tered as to principal and interest at the request of the holder.
Issued for
the purpose of reddeming anticipatory notes and in anticipation of special
assessments for sundry street improvements.
Delivery of the bonds to
be made at Toledo.
All proceedings incident to the proper authorization
of this issue will be taken under the direction of a bond attorney, whose
opinion as to the legality of the bonds may be procured by the purchaser at
his expense.
A certified check for 1% of the bonds bid for, payable to
order of the Commissioner of the Treasury, is required.^?
W
bonds
Charles N.
SOUTH
DAKOTA
HARDING COUNTY (P. O. Buffalo),
$207 000 funding bonds offered Aug. 6—V.
Commissioner of School
2s and $32,000 3s.
the
S. Dak.—BOND SALE—The
153, p. 587—were awarded to
and Public Land, at par, as follows: $175,000
TENNESSEE
DECATUR COUNTY (P. O. Decaturville) Tenn.—BOND SALE
STILL PENDING—In connection with the $42,000 public improvement
'bonds that were scheduled for sale on May 15. the award of which was held
up
because of threatened litigation, the County Judge now reports that
litigation is still pending, but it is expected that the matter will be
in
Chancery Court at an early date.
heard
The Commercial & Financial Chronicle
1028
LAUDERDALE
COUNTY (P.
O.
Ripley) Tenn.—BONDS NOT
SOLD—It is reported that the County Court on Aug. II rejected all bids
received for the purchase of $717,500 refunding bonds.
Aug.
16,
1941
refunding of about $313,000 bonded indebtedness at the rate ot
approxi¬
mately 30 cents on the dollar.
The debt would be reduced to $58,000. the
bonds being dated June 1, 1941,
bearing 4% interest and maturing from
1942 to 1957.
NASHVILLE, Tenn.—BONDS AUTHORIZED—The City Council is
said to have passed on final reading an ordinance calling for the issuance
of the following bonds aggregating $2,000,000. which are
expected to be
placed on the ballot at the Sept. 9 primary election: $1,775,000 street and
construction, and $225,000 fire stations, drill tower and equipment bonds.
STAMFORD, Texas—BOND LEGALITY APPROVED—We understand
an issue of $16,500
4% refunding bonds has been approved as to legality
by W. P. Dumas of Dallas.
that
TEXAS
CITY, Texas—BONDS SOLD—An
bonds is said to have
provement
TEXAS
Texas—BOND
election is to be called in the
ELECTION—We
understand
that
future to submit to the voters
near
an
issue
an
of $25,000 water and sewer bonds.
BALLINGER, Texas—BONDS SOLD—The Columbian Securities Corp.
of San Antonio, is said to have purchased $60,000 airport bonds at
par.
BEXAR
COUNTY (P.
O.
San
Antonio), Texas—BONDS NOT
SOLD—The $285,000 issue of 2 % % semi-annual county tubercular
hospital,
1941 bonds offered on Aug. 11—V. 153, p. 587—was not
sold,
as all bids were rejected,
according to the County Judge.
Dated
series of
1941.
on
April 15 in 1941 to 1961, inclusive.
BEXAR COUNTY (P. O. San Antonio), Texas— BOND
ELECTION—
that the County Commissioners will call an election
on
on $600,000 road bonds.
We understand
Sept. 20, to vote
BRACKETTVILLE
INDEPENDENT
SCHOOL
DISTRICT
Kinney), Texas—BONDS VOTED—We understand that
a
(P.
O.
recent election
resulted in favor of issuing $35,000 school bonds.
(P.
O.
Austin), Texas—BONDS AUTHORIZED
—It is reported that the Commissioners Court
of $40,000 right-of-way bonds.
recently ordered the issuance
VAN ZANDT COUNTY JUSTICE PRECINCT
NO. 8 (P. O. Canton),
Texas—BOND LEGALITY APPROVED-—We understand
that an issue of
$100,000 3% and 3 M % road improvement bonds has been
approved as to
legality by W. P. Dumas, Dallas.
WHITESBORO SCHOOL DISTRICT
(P. O.
BONDS
Whitesboro), Texas—
VOTED—It is reported that at the election
construction
bonds
April 15,
Due
$100,000 street im¬
by Louis Pauls & Co.
v
TRAVIS COUNTY
ARLINGTON,
issue of
been purchased
of Galveston.
on
carried.
Aug. 4, $10,000
WILBARGER COUNTY (P. O.
Vernon), Texas—BOND ELECTION
•—It is reported that an election has been called for
Aug. 28 to submit to
the voters an issue of $25,000 not
exceeding 3% airport bonds.
YOAKUM, Texas—BONDS SOLD—A syndicate composed of the
Columbian Securities Corp. of San Antonio;
Rauscher, Pierce & Co., Crum¬
mer &
Co., both of Dallas; and Dewar, Robertson & Pancoast of San
Antonio, has purchased the following bonds semi-ann.
aggregating $385,000:
$354,000
BROWN COUNTY WATER IMPROVEMENT DISTRICT
No.
1
rP. O. Brown wood), Texas—BOND REFUNDING AGREEMENT—It is
said that Herman Bettis, District Manager announced
recently an agree¬
refunding, series of 1941 bonds.
31,000 3)4% school refunding, series of 1941 bonds.
1942
to
Due
Due
on
on
Feb. 15 in
Feb.
15 in
1960.
ment has been entered into
between the above named district and a
syn¬
dicate of bonding firms under which $1,490,000 of the district's
bonded in¬
debtedness will be refunded at
On
a
UTAH
lower rate of interest.
.July 10th, Mr. Bettis said, the district submitted
funding $1,490,000 of 1938 refunding bonds which
a
proposal for
re¬
bear interest rate of
4%.
These are part of $1,493,300 outstanding refunding bonds.
The
district agreed to
pay off $3,000 of this issue on Sept. 1, 1941, and call in
all of the $1,493,300 in bonds and refund $1,490,000
worth, with the under¬
standing that the
new refunding bonds will be as follows: An issue of
$230.000 to mature from 1942 to 1951 and to bear interest at the rate of
3%.
Bonds in the amount of $122,000,
maturing from 1952 to 1955, with
interest at 3 }4 %.
The remaining $1,138,000 in new bonds to mature from
1956 through
1969 and bearing interest at 3H% from date.
These bonds are being refunded with the further
understanding that the
last $205,000 worth, maturing in 1968 and 1969, will be callable after
two
years from date at 101 and accrued interest, for the purpose of retirement
only.
The district also specified that all bonds outstanding
on
would be
LAYTONA TOWN, Utah—BONDS OFFERED TO PUBLIC—A
$22,000
issue of 3 Vt % general obligation water bonds is
being offered by the Lauren
W. Gibbs Co. of Salt Lake City, for
general investment.
Dated Aug. 15,
1941.
Due $1,000 on Aug. 15 in 1950 to 1971, incl.
Principal and interets
(J-D 30) payable at the Bank of Layton, Utah.
Legality to be approved
by D. II. Thomas of Salt Lake City.
VIRGINIA
PORTSMOUTH, Va.—BOND SALE DETAILS— The City Clerk
Sept. 1, 1951,
subject to call for all legal purposes at 102H and accrued interest.
This proposal was submitted to Orummer &
Co., Dallas: Beckert, Gil¬
bert & Co., Inc., Dallas: Moroney <fc Co.,
Houston; R. K. Dunbar & Co.,
Austin; Barcus, Kindred & Co.; Austin: who were invited to act as fiscal
agents of the district in handling this refunding deal, take care of
expenses
and fees in connection with the reissuance of
bonds, handle the bond mar¬
ket attorneys' fees and necessary cost in connection with
registration of
the bonds with the comptroller's office in
Austin, and contact owners of
bonds to be called or exchanged.
The fee for these services is to be 1 % %
of the par value of the bonds
exchanged.
CELINA INDEPENDENT SCHOOL DISTRICT
(P. O. Celina)»
Texas—BOND LEGALITY APPROVED—"We understand that the issue of
$32,500 3%% construction bonds has recently been
approved as to legality
by W. P. Dumas, of Dallas.
CHILDRESS, Texas—BOND SALE DETAILS—It is stated that the
$151,000 refunding bonds sold to Crummer & Co. of Dallas—V.
153, p.
874—were purchased as 4s at par, and mature on
April 1 as follows: $4,000
in 1942 to 1946; $5,000, 1947 to
1951; $6,000, 1952 to 1956; $7,000, 1956
to 1960, and $8,000 in 1961 to
1966.
EL
PASO, Texas—BONDS AUTHORIZED—We understand that the
City Council recently approved an issue of $35,000 airport lighting warrants
WASHINGTON
KENNEWICK, Wash.—MATURITY—The City Clerk
now states that
$4,500 street extension bonds sold to the Charles N.
Tripp Co. o'
Portland, as 3s at par, as noted here on April 5, are due $500 on
May 1 in
1943 to 1951, incl.
the
KING AND SNOHOMISH
SCHOOL DISTRICT NO. 46
(P. OSeattle), Wash.—BONDS SOLD—The County Treasurer states that
$10,000 land purchase and building repair semi-annual bonds were sold to
the Peoples National Bank of Washington of
Seattle, as 5s, at a price of
100.40, a basis of about 4.90%.
Due on Jan. 1 as follows: $1,000 in 1943
to 1949 and $1,000 in 1950 and
1951; optional after five years on any interest
payment date.
PIERCE COUNTY SCHOOL DISTRICT NO. 99
(P. O.
Wash.—BOND SALE—The $9,000 school bonds offered for sale
—V. 153, p. 432—were awarded to the State as
3s, at par.
VANCOUVER, Wash.—BONDS APPROVED—We
City Council recently approved
ment bonds.
An ordinance
authorize the bonds.
FORT WORTH, Texas—BOND ISSUE NOT DEFINITE—
Answering
inquiry anent report of a proposed issue of $250,000 outdoor theatre
definite
this matter.
City Secretary, advises
as
WEST
follows: "There is nothing
Some interests representing the
project have been
circulating petitions which they say will be presented to the
City Council
with a request to call an election on the
bonds, but the matter has not
on
officially been presented to the Council."
an
issue of $40,000
approved
understand
2%% electric light plant refunding bonds has been
legality by W. P. Dumas of Dallas.
as to
JASPER COUNTY ROAD DISTRICT NO. 6
(P. O. Jasper), Texas—
ELECTION—We understand that an election has been called for
BOND
Aug. 16 to submit to the voters
$15,000 bridge not exceeding 4%.
the
following bonds: $75,000 road and
COUNTY (P. O. Alton), Texas—BOND
LEGALITY
PROVED—It is reported that the following bonds have been
approved
legality: $31,120.41 4H% road and bridge funding and $60,000
AP¬
as
to
4% road
district No. 3.
'
■'
"
LITTLEFIELD, Texas—BONDS DEFEATED—It
issue of
as to
legality by W. P.
states that the
$7,500 community center bonds sold to John L. Clark & Co. of
Longview,
as 3s, at 100.433—V.
153, p. 874—are due on May 15 as follows:
$500 in
1942 to 1946 and $1,000 in 1947 to 1951,
giving a basis of about 2.92%.
MONTAGUE
COUNTY
(P.
O.
Montague), Texas—WARRANT
AUTHORIZATION PENDING—It is reported that the
Commissioners'
Court on Aug. 22 is to pass an order
calling for an issue of $60,000 not ex¬
ceeding 4H% road and bridge time warrants.
Due not later than April 1.
1960.
INDEPENDENT
SCHOOL
DISTRICT
Texas—MATURITY—The Superintendent
(P.
O.
Norton)
of Schools states that the
$37,000 4% semi-ann. school bonds sold to Crummer &
Co. of Dallas, at 106.564
—V. 153, p. 874—are due on
Aug. 1 as follows: $1,000 in 1942 to 1953 and
in 1955, and $2,000 in 1956 to
1967, giving a basis of about 3.43% •
PASADENA,
Texas—BOND PURCHASE CONTRACT—A syndicate
composed of McClung & Knickerbocker, Milton R.
Underwood & Co.,
both of Houston, and
Stlfel, Nicolaus & Co. of St. Louis, is reported to have
contracted
to purchase at par an
undetermined amount of 4)A%
bonds.
tunnel
PLANO INDEPENDENT SCHOOL DISTRICT
(P. O. Piano), Texas
—BOND LEGALITY APPROVED—It is
reported that an issue
refunding bonds has been approved
as
to
of $12,000
legality by W. P. Dumas of Dallas.
RANGER, Texas—BOND ELECTION—It
been called for
not
exceeding
4%
15 years.
Aug.
sewer
\s reported that an election
18 to submit to the voters
improvement bonds.
Due
an
in
issue of $35,000
not more than
ROGERS, Texas—BOND LEGALITY APPROVED—It
an issue of
$30,740 314% water refunding bonds has been
legality by W. P. Dumas of Dallas.
ROSENBERG,
election
on
is reported that
approved
as
to
Texas—BONDS
VOTED—We
understand
that
an
Aug. 2 resulted in favor of issuing $50,000 storm
sewer and
drainage bonds.
SAN
—It
is
JUAN, Texas—REFUNDING PLAN HEARING
SCHEDULED
reported that the plan of composition for the
indebtedness of aboved
hearing on which is scheduled for Oct. 4,
provides for the
named town, a
by the city attorney to
POINT
Charles A.
coupon
PLEASANT,
W.
VIRGINIA
Va.—BONDS
OFFERED
TO
PUBLIC—
Hinsch & Co., Inc., of Cincinnati are
offering $325,000 3M%
works and sewerage system revenue
water
refunding bonds for
investment.
Denom.
$1,000.
Dated Aug. 1,
1941.
Due on
as follows:
$7,000 in 1944 to 1946; $8,000, 1947 to 1950;
$9,000,
1951 to 1954; $10,000, 1955 to 1957; $11,000, 1958 to
1961;
general
$12,000, 1962;
$13,000, 1963 and 1964; $14,000, 1965 and 1966; $15,000, 1967 to
1969;
$16,000, 1970; $17,000. 1971, and $18,000 in 1972.
Bonds maturing in
the years 1971 and 1972 are subject to call on
Aug. 1, 1946, in their inverse
numerical order at 103.50, and bonds maturing on and after
Aug. 1. 1954,
are subject to call on
Aug. 1. 1950, in whole or in part in their inverse
numerical order at 102.50, and bonds
maturing
on and after
Aug. 1, 1964,
subject to call on Aug. 1, 1960, in whole or in part in their inverse
numerical order at 100.
Any of the above stipulated calls may be exer¬
cised on any interest date on 30 days' published notice.
Prin. and int.
(F-A) payable at the office of the West Virginia State Sinking Fund Com¬
in
Charleston.
Registerable as to principal only.
Legality
mission
is reported that the
MINEOLA, Texas—MATURITY—The City Secretary
has
$600,000 water system improve¬
prepared
revenue bonds failed to
$25,000 4% construction bonds has been approved
Dumas, Dallas.
revenue
Aug. 2
understand that the
approved by Chapman & Cutler of Chicago.
carry at the election on Aug. 5.
MARBANK INDEPENDENT SCHOOL DISTRICT
(P. O. Marbank),
Texas—BOND LEGALITY APPROVED—We understand that an
NORTON
be
are
LAMB
$225,000 light plant
to
on
Aug. 1
GARLAND, Texas—BOND LEGALITY APPROVED—We
that
an issue of
is
Tacoma),
.
our
bonds, E. 8. Blrdsong,
states
that the $62,000 refunding bonds sold to the
City Sinking Fund, as noted
here on April 5, were purchased as 3s at
par, and mature on Jan. 1 as
follows: $4,000 in 1947 to 1961 and
$2,000 in 1962.
WISCONSIN
SAUK CITY,
Wis.—BONDS SOLD— The Village Clerk states that
$40,000 semi-ann. street improvement bonds were offered for sale on
Aug. 11
and were purchased jointly by Paine, Webber &
Co., and Daniel F. Rice
& Co., both of Chicago, as 2 J^s,
paying a premium of $510, equal to 101.27,
a. basis of about
2.09%.
Dated Sept. 1, 1941.
Due on March 1 as fol¬
lows: $2,000 in 1942 to 1947; $3,000, 1948 to
1955. and $4,000 in 1956.
Prin
and int. (M-S) payable at the Farmers & Citizens Bank of Sauk
City.
SHEBOYGAN FALLS SCHOOL DISTRICT (P. O.
Sheboygan),
Wis.—BONDS AUTHORIZED—We understand that a resolution
was
passed recently calling for an issue of $75,000 construction bonds.
CANADA
ALBERTA (Province of)—JOINT COMMITTEE TO STUDY
FUNDING PLANS—Plans to refund Alberta's public debt of
are
to
RE¬
$147,000,000
immediately by a joint committee representing the
bondholders, it was announced Aug. 8 following a conference
be considered
Province and
between the Provincial Cabinet and bondholder representatives.
Premier William Aberhart made public the announcement which
said
that "at a meeting between the Provincial Cabinet and
representatives of
the bondholders it was agreed that a small joint committee of
representatives
of the Province and of the bondholders should be
appointed to consider
immediately ways and means of evolving a refunding plan satisfactory to
the Province and to the bondholders."
J. M. Macdonnel, of Toronto, President & General
Manager of National
Trust Co., Ltd., who with R. D. Tighe, of Edmonton, Chairman of North¬
Alberta Bondholders' Protective Association,
headed the financial
group, declined to make any statement in regard to the conference.
Premier Aberhart said after the conference the Provincial
representatives
to the joint committee wornd be composed of members of
ern
the
Albe/ta
Treasury Board. These are Solon Low, Pronvicial Treasurer; N. E.
Tanner, Minister of Lands and Mines; Dr. W.W. Cross, Minister of Health
Reiief, and J. F. Percival, Deputy Provincial Treasurer.
and
A meeting of bondholder representatives later
act on the
joint committee.
immediately.
It
was
will choose members to
In all likehood, the committee will start work
.
reported that the bondholders did not submit any concrete plan
Province, and the opening discussion was of a general nature.
The
was first given by Mr. Tighe.
Government quarters said it had been the declared aim of the adminis¬
tration ever since it was elected to refund the public
debt, and it had con¬
ducted negotiations with various parties with this objective in view.
to the
general outline
'
@FedFRASER