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BUS. ADMJ
library
COPYRIGHTED IN 1841 8Y
WILLIAM B. DANA COMPANY.
,8SUed W|l68.004pe?eYeara
VOL. 153.
MEW YORK.
cop,-
MATTER JUNE 23. 1879, AT THE POST OFFICE AT NEW YORK. NEW YORK.
ENTERED AS SECOND-CLASS
AUGUST 2, 1941
NEW YORK,
BROOKLYN TRUST
NO. 3971.
CHASE
THE
B A NK
COMPANY
UNDER THE ACT OF MARCH 3. 1879.
^5 Spruce St.f New York City '
BANK
NATIONAL
Chartered 1866
OF THE CITY OF NEW YORK
George V. McLaughlin
President
BROOKLYN
NEW YORK
Member Federal Deposit Insurance
Corporation
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Bonds
"Guide to Railroad
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The New and
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Containing all New Plans of Reorganiza¬
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tion
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IL
The Commercial & Financial Chronicle
Aug. 2, 1941
Dividends
Atlas Corporation
Dividend
Notice
of
dend
Common Stock
on
that
is hereby given
25tf
declared
Atlas
divi¬
a
has
share
per
Common
the
on
been
Stock
of
Corporation,
tember
payable
Sep¬
1941, to holders of such
5,
stock of record at the close of busi¬
August 11,
ness
THE PEOPLES GAS LIGHT AHD COKE COMPANY
Dividend No. 20
6% Preferred Stock
on
REDEMPTION
NOTICES
PEOPLES
COKE
GAS
LIGHT
AND
NOTICE.
deem, and hereby calls for redemp¬
tion, at the office of Continental Illi¬
and
Trust
Com¬
of Chicago,
in
the City of
Chicago, Illinois, the entire issue of
said The Peoples Gas Light and Coke
Company First and Refunding Mort¬
gage 4% Gold Bonds, Series II, now
outstanding, aggregating the princi¬
pal amount of *15,000,000, said bonds
having been issued under and being
secured by the mortgage
dated the
second day
of January, 1926, from
Chicago By-Product Coke Company
to Illinois Merchants Trust Company
(now said Continental Illinois Na¬
pany
tional
Bank and Trust Company of
Chicago),
Trustee, said mortgage
having been assumed by The Peoples
Gas Light and Coke Company by an
indenture
the
dated
first
day
of
by virtue of
March, 1928, under and
execution, delivery and recording
which indenture and the acquisi¬
tion of the property of the Chicago
By-Product Coke Company by The
Peoples Gas Light and Coke Com¬
pany
the
latter
Company
became
and now is the successor corporation
to
said
Chicago
By-Product
Coke
Company under the provisions of said
mortgage.
Under the provisions of said mort¬
gage, said bonds will become due and
payable on said redemption date of
September 2, 1941, and upon surren¬
der of said bonds,
with all interest
coupons thereto
appertaining matur¬
ing subsequent to July 1, 1941, and
(in the case of registered bonds or of
the
of
bonds which shall at the time
coupon
be registered
to
as
principal) accom¬
panied by duly executed assignments
or 'transfer
powers, at said office of
Continental
said
Bank and Trust
Illinois
National
Company of Chicago,
the
principal amount of said bonds
be paid in cash to the person or
entitled to receive the same
plus a premium of four per centum
of the principal thereof, together with
accrued interest thereon to September
2, 1941. Said bonds are required to
will
persons
be
surrendered
Continental
at
said
Illinois
office
of
National
said
Bank
and
Trust Company of Chicago for
redemption at said redemption price,
and after said redemption date said
bonds
will
terest.
Bondholders
cease
to
bear
may
further
so
in¬
surren¬
der
their said
bonds
at
any
time
prior to said redemption date and
thereupon receive said redemption
price
including
said
interest
to
September 2, 1041.
THE PEOPLES GAS LIGHT AND
COKE
corporation to Chicago
By-Product Coke Company un¬
der the provisions of said First
and Refunding
Mortgage.)
By GEORGE A. RANNEY,
Chairman.
Dated August 2, 1941.
1941, has been
Preferred Stock
Corporation, payable Sep¬
AND
August 11,
Walter A.
NOTICE.
1941.
Peterson, Treasurer
July 30, 1941.
NOTICE IS HEREBY GIVEN that
September 2, 1941, The Peoples
THE ATLANTIC REFINING
CO.
on
Gas Light and Coke
Company will re¬
deem, and hereby calls for redemp¬
tion, at the office of Continental Illi¬
nois National
Bank and Trust Com¬
of
pany
COMMON
NUMBER
DIVIDEND
144
Chicago,
in
the City
of
cIllinois, the entire issue of
said The Peoples Gas
Light and Coke
Company First and Refunding Mort¬
At
gage 4% Bonds, Serieis D,
standing, aggregating the
twenty-five cents
amount
of
*22,000,000,
having
now
out¬
principal
said
bonds
by
issued under and being
the mortgage dated the
second
day of January, 1926, from
Chicago By-Product Coke Company
to Illinois Merchants Trust
Company
(now
said
Continental
Illinois
Na¬
tional
Bank
and
Trust
Company
of
Chicago), Trustee, said mortgage
having been assumed by The Peoples
Gas Light and Coke
Company by an
indenture
dated
the
meeting of the Board of Directors
a
held
on
been
secured
July
28, 1941,
dividend
a
share
per
the Common Stock of the
of
declared
was
Company,
payable September 15, 1941, to stock¬
holders of record
close of busi¬
the
at
August 21, 1941. Checks will be
ness
mailed.
W. M. O'CONNOR
July 28, 1941
Secretary
first
day
of
March, 1928, under and by virtue of the
execution, delivery and recording of
which
indenture
and the acquisition
of the Chicago ByCoke
Company
by
The
Peoples Gas Light and Coke CompaAy
the latter Company became and now
of
the
T3crde4vS
property
Product
the
is
successor
corporation
to
Common Dividend
said
No.
Chicago
By-Product Coke Company
under the provisions of said mortgage.
Under the provisions of said mort¬
gage, said bonds will become due and
payable on said redemption date of
September 2, 1941, and upon surren¬
der of said bonds,
with all interest
coupons thereto appertaining matur¬
ing subsequent to June 1
19 41, and
(in the case of registered bonds or of
bonds which shall at the time
coupon
be registered
as
to
principal)
will
be
persons
plus
paid in cash to the
entitled to receive
person
the
thirty cents
share has been declared
on the outstanding common stock of
this Company, payable September 2,
1941, to stockholders of record at
(30(0
the
per
close
1941.
1941.
be
Said
bonds
are
business
August
Borden
E.
15,
Company
L. NOETZEL,
Treasurer
or
%J$iuAAAj&aAA/ iJo^cueje<r-&rrTvf3<iA4Af
same
required
of
Checks will be mailed.
The
a premium
of three per centum
of the principal thereof, together with
accrued interest thereon to September
2,
126
An interim dividend of
accom¬
panied by duly executed assignments
or
transfer powers, at said office of
said
Continental
Illinois National
Bank and Trust Company
of.Chicago,
the principal amount of said bonds
#
incorporated
111 Fifth Avenue
New
U
York
City
to
surrendered
Continental
at said
office of said
Illinois National Bank
and
Trust Company of Chicago for
at said redemption price,
after said redemption date said
bonds will cease to bear further in¬
144th
Common
Dividend
redemption
and
terest.
Bondholders
may
so
surren¬
der
their
said
bonds
at
any
time
prior to said redemption date and
thereupon receive said redemption
price
including
said
interest
to
September 2, 1041.
THE
COMPANY
(Successor
LIGHT
THE
HOLDERS
OF
THE
PEOPLES GAS LIGHT AND COKE
COMPANY FIRST AND REFUND¬
ING
MORTGAGE
4%
BONDS,
SERIES D, DATED JUNE 1. 1936,
DUE JUNE 1. 1961:
NOTICE IS HEREBY GIVEN that
September 2, 1941. The Peoples
Gas Light and Coke Company will re¬
31,
the 6%
on
Atlas
tember 2, 1941, to holders of such
stock of record at the close of busi¬
COMPANY.
REDEMPTION
on
Bank
GAS
divi¬
a
TO
ING
MORTGAGE
4%
GOLD
BONDS,
SERIES
B.
DATED
JULY 1, 1931. DUE JULY 1. 1981:
National
PEOPLES
COKE
TO
THE
HOLDERS
OP
THE
PEOPLES GAS LIGHT AND COKE
COMPANY FIRST AND REFUND¬
nois
of
ness
THE
that
hereby given
August
declared
Due 1961
COMPANY.
REDEMPTION
is
dend of 7per share for the quarter
SERIES D
Due 1981
THE
Notice
ending
SERIES B
1941.
PEOPLES GAS LIGHT AND
COKE COMPANY
(Successor
corporation to Chicago
By-Product Coke Company un¬
der
and
the
provisions
By GEORGE A.
Dated
of
said
First
Refunding Mortgage.)
August
A dividend of
5% ($1.25
declared upon
the Common Stock and Com¬
mon
a
share) has been
Stock B of The American Tobacco
Company, payable in cash
on
September 2,
1941, to stockholders of record at the close
of
business
August
9,
Checks
1941.
will
be mailed.
Edmund A.
Harvey, Treasurer
July 30, 1941
EATON
MANUFACTURING
COMPANY
CLEVELAND, OHIO
RANNEY.
Chairman.
Dividend No. 66
The
2, 1941.
Board
Directors
of
Manufacturing
clared
Cents
(75c.)
standing
of
Company
dividend
a
per
of
share
Eaton
has
de
Seventy-five
on
the out¬
common stock of the Com¬
payable on August 25, 1941,
shareholders of record at the close
pany,
to
of
business_August±5, 1941.
July 25, 1941
H.
THE
BUCKEYE
26
C.
STUESSY, Secretary
PIPE
LINE
COMPANY
Broadway,
New York, July 17, 1941.
A dividefad of One ($1.00)
Dollar per share
has been declared on the Capital Stock of this
Company, payable September 15, 1941 to stock¬
holders of record at the close of business
22,1941.
August
to
J.
r.
FAST, Secretary.
Volume
The Commercial & Financial Chronicle
153
Interest exempt
III
from all present Federal Income Taxation
American
Telephone and
Telegraph Company
$750,000
Town of Norwich, Connecticut
1%% Bonds
3% Convertible
Debentures (1956)
Due serially
August 1, 1942 to 1961, inclusive
(When, as and if issued)
Legal Investment, in
New
our
opinion, for Savings Banks
in
York, Massachusetts and Connecticut
Rights
Prices to
(When, as and if issued)
yield 0.20% to 1.40%
These bonds are offered when,
to
and if issued and received by us and subject
opinion will be furnished upon delivery.
Prospectus on request
McDonnell &fft
HALSEY STUART &. CO. INC.
BLAIR
&.CO., INC.
York Stock Exchange
Membeis New
Exchange
York Curb
New
Members
as
approval of legality by Messrs. Day, Berry & Howard, whose
Y. Tel. REctor 2-7815-30
120 Broadway, N.
Dated August
1, 1941.
Hartford, Conn.
has been
Principal and semi-annual interest, February 1 and August 1, payable In
Coupon bonds in the denomination of $1,000.
The information contained herein
carefully compiled from sources considered reliable, and while not guaranteed as to complete¬
ness or accuracy, we
believe it to be correct as of this date.
August 2, 1941.
v
Notice
MIDLAND
RAILROAD
VALLEY
COMPANY
September 1, 1941 on
Adjustment Mortgage Series "A" and "B"
Interest
payable
Bonds
Philadelphia, July 29, 1941.
deter¬
declared that for the year ended
has been earned and is payable
on the
Series "A" Adjustment Mortgage Bonds
and 2% has been earned and is payable on the
Series "B" Adjustment Mortgage Bonds.
On and after September 1, 1941 the FidelityPhiladelphia Trust Company, Philadelphia, Pa.,
will
pay
the following amounts for coupons
The Board of Directors has ascertained,
mined,
and
June 30, 1941, 5%
siirr6ii(i6r©ci'
Series "A"
150,000 Shares
Memphis Natural Gas Company
Bonds—Coupon No. 25—S50 on
Bonds and $25 on $500 Bonds.
Series "B" Bonds—Coupon No. 21—$20 on
$1000 Bonds and $10 on $500 Bonds.
$1000
H.
JOHN
Common Stock
INGERSOLL,
W.
Vice-President & Treasurer.
The
Bank
of
National
Suisun.
located at Suisun, in the State of
(Par Value $5.00)
Association
California is
closing its affairs.
All note holders and other
creditors of the association are therefore hereby
notified to present the notes and other
claims
for payment.
F.
JONES,
S.
President
Dated July 9, 1941
Price $5.00 Per Share
The Winter* National Bank located at Winters,
in the State of
All
note
California, is closing its affairs.
and other creditors of the
therefore hereby notified to
holders
association
are
present the notes
and other claims for payment.
W.
STARK. Cashier.
W.
Dated July 8, 1941.
Van Alstyne,
Noel & Co.
Schoellkopf, Hutton & Pomeroyjnc.
Whiting, Weeks & Stubbs, Inc.
The
"Expandit" Binder
opens as
a
single
flat
as
copy-
in sizes up to 13x8 H
Price $2.00
inches
Consistent Advertising—
each
Plus postage
U
an
or
Prices for larger
on
sizes
most
25 Spruce St., New
York City
and cuts the cost of selling, making lower prices
possible without sacrifice of seller's profits.
The CHRONICLE can carry your message to
application
The "EXPANDIT" Binder
economy
better services
Let
influential class of people at
us
help
manner.
you
solve
your
a
the World's
moderate cost.
publicity problems In
a
consistent
Aug. 2, 1941
The Commercial & Financial Chronicle
IV
Debentures for sale, or as an offer to buy, or as a solicitation
This is under no circumstances to be construed as an offering of these
of
Issue
New
v;:'v';-'"
•.}'V.<
$15,000,000
.
X i'
The offer is made only by means of the Offering Prospectus.
offer to buy, any of such Debentures.
an
Remington Rand Inc.
Fifteen Year
Dated
July 1,
3lA %
Sinking Fund Debentures
Due July 1, 1956.
1941.
Price 103%% and
Copies of the Offering Prospectus
accrued interest
be obtained from only such of the undersigned
may
as
may
legally offer these Debentures in compliance with the securities laws of the respective States.
X-
Harriman
Ripley & Co.
Incorporated
'
;
■
'■'}'■■'O'p.-Z.
The First Boston Corporation
Blyth & Co., Inc.
Merrill Lynch, E. A. Pierce & Cassatt
Lazard Freres & Co.
Stone & Webster and
Blodget
■
Incorporated
1941,
July 29.
United
States
Savings
and
Loan
League Reports
1,160,000 Families Purchased Their Own Homes in
Last Year-and-a-Half
Jan.
Between
1040
1,
1941, approximately
1,
June
and
1,150,000 families in the United States secured themselves
against rent rises in the changed national economy of the
'40's by acquiring homes of their own, according to the
Home Building and Home Owning Committee of the United
States Savings and Loan League.
consideration
into
takes
mate
It is
the
feaid that this
one-family
new
esti¬
homes
approximate number of those newly purchased
period, and one half of the residential units created
by the building of two-family homes.
Termor S. Cannon,
Chairman of the League Committee, pointed out on July 20
the
built,
Corporation
that
families
these
obtained
have
themselves
for
$25
between
averaging
charges
and
$80
and
the next 12 to 15 years.
for
interest
the
on
This monthly payment covers
financing of the newly bought home, sys¬
tematic reduction of the
view
In
and
dollar basis, the HOLC and savings and loan associa¬
a
fact
that
all
home
made
are
on
loans
provided by savings,
monthly amortized
a
basis
The
HOLC,
an
$124,000,000,
or
$170,000,000,
or
to
for
those
this
original savings and loan pattern
it
that
assumed
is
now
The
A
way
as
United
pared with
the
1940
The
those
acquiring
homes
Mr.
loan
took
States
Cannon
loans
a
entire
a
last
year
and
a
half
home production
was
already under
combination of circumstances when the international
a
turn
for
the
up
square
against
in
worse
the
May
a
year
necessity
ago
of
into
a
defense
pointed
being
home
to
out
lent
that
approximately
for
goes
builders.
Since
home
these
42%
of
the
savings
purchase
and
about
institutions
provide
and
32%
approxi¬
third of the home financing in the countrj' today it is assumed
section
cross
of
the
purposes
for which
they lend is typical cf the
field.
reduction
taken
real
At
estate
real
mated
total
Decrease by $500,000,000 in 1940 in
Institutionally-Owned Residential Real
Estate—Regarded as Encouraging Development
stitutionally-owned
$500,000,000 in the volume of in¬
residential
real
the real estate market was effected
estate
"overhanging"
nounced
on
The
real
economists.
residential
holdings
of
banks,
life
insurance
companies,
savings and loan associations and the Home Owenrs' Loan
the
in
larger than
that of
$520,000,000
was
residential
real
as
estate
the large reduction
this year,
the
com¬
overhang
which
known
is
is encouraging
associations
still
held
of the other types of lenders,
any
owned of
$443,431,000
to
$510,000,000.
of residential
real
estate,
of
resi¬
more
with
Life insurance
esti¬
an
companies
which
$209,-
about $190,000,000.
estate
overhang remains concentrated
tion of the country,
overhang.
hanks
are
About
located
at
the
end
of
73%
1940.
70%, while
was
for
in
of
as
in
the
rest
of
at
The
of
that
northeastern
sec¬
the properties
HOLC
the
estate
owned
basis
by mutual
of
capital
located
was
in
savings
value
these
of
States
commercial banks the corresponding ratio
savings and
homes
On
real
loan
owned
associations
by
life
it
was
insurance
58%.
Of
companies,
the
44%
these four States.
real
States declined
the
country.
overhang problem in this
centration
a
of
Although the dollar volume of
in the northeastern
the
New York, New Jersey, Pennsylvania
very large portion of the country's real
States.
For insured
non-farm
concentrated
87%
these
in
properties owned.
in
with four States,
Massachusetts accounting for
estate
during 1940—one of the
developments of recent years—it was an¬
July 26 by Federal Home Loan Bank Board
As a result, says the announcement, the total
decline
savings and loan
than
estate
with
mercial banks
was
most encouraging
drop
631,000 represented
l-to-4-family structures and $233,800,000 non-farm
dwellings containing five or more units.
Mutual savings banks held about
$400,000,000 of residential real estate, the HOLC $338,276,678, and com¬
Reports
A decline of more than
the
1940,
real
l-to-4--family
Volume of
Satistics had the
market.
of
estate
second,
;
$340,000,000 during 1939.
On a percentage basis
21.6% whereas the 1939 decline was only 12.4%.
was
of
much
was
1940
place during the first half of
the end
dential
are
FHLBB
decline of
a
the overhang
dollar volume the
magnitude
have
to
and
today
In
during 1939 and 1940, coupled with
and brought the
going
Mr. Cannon said.
money
mately
a
the
in
Division of Research and
decline in
year's
22.4%
or
11.1%.
or
say:
previous year.
the
monthly repayment plan.
result of
a
economy,
that
the
on
significant step-up in one-family
situation
for
of
majority
have them
Board's
Last
21.3%; for commercial banks $55,000,000,
savings banks $50,000,000,
following to
were
great
Savings and loan -associations' Holdings dropped
25%. The reductino for life insurance companies amounted
or
mutual
of the Board, reduced its holdings approximately
agency
26.8%.
$120,000,000,
and
building
and
1940 than
The advices state:
the
by agencies which insure the bulk of their loans with the FHA
follow
also
the
associations
loan
made
of
The
overhang
according to the report.
principal amount of the loan, and
provision for taxes and hazard insurance in advance.
League's announcement further stated:
the
tions made larger reductions in their holdings in
did banks or insurance companies,"
fixed
month
a
to
$1,880,000,000 and "it now
problem is no longer serious
except iu a few scattered areas."
"Both on a percentage
in the
shelter
reduced
were
that
appears
area
the overhang
In
estate owned by financial
during 1940, it did not drop
other words,
is not
in this
as
area
acute
is
as
now
although
it
was
in
the
institutions
as
rapidly
real
estate
1939, the
con¬
relatively greater than
it
time.
report
did
not
attempt
to estimate the
amount
real estate owned by closed financial
of
institutions, mortgage
companies, trust departments of commercial banks, fraternal
organizations, governmental agencies or individuals, al¬
though it noted that such holdings
were
"substantial."
AUGUST 2,
Vol. 153
No. 3971
1941
CONTENTS
Editorials
The Financial Situation
...
Congress Must Resume Its Authority-.
Bermuda and Some Other Bases
Comment and Review
Letter to the Editor.-.-
Week
on
the European
—
_—
—
—
608
———
Stock Exchanges—....
_
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment.
594
595
599 & 641
—
607
Course of the Bond Market
Indications of Business Activity
—
Week
on
the New York Stock
Week
on
the New York Curb Exchange
Exchange
608
592
....
638
News
Current Events and Discussions
Bank and Trust
General Corporation
637
....
and Investment News
Dry Goods Trade
State and
619
—
Company Items
680
718
^-...
719
Municipal Department
Stocks and Bonds
Monthly Range of Prices
on
N. Y. Stock Exchange.-. 663
Foreign Stock Exchange Quotations
641
Bonds Called and Sinking
641
Fund Notices
Dividends Declared
641
641
Auction Sales
New York Stock
Exchange—Stock Quotations
♦New York Stock
New York Curb
648
Exchange—Bond Quotations. __648 & 658
Exchange—Stock Quotations
♦New York Curb
664
Exchange—Bond Quotations
Other Exchanges—Stock
668
and Bond Quotations
670
Canadian Markets—Stock and Bond Quotations
674
Over-the-Counter Securities—Stock & Bond Quotations. 676
Reports
639
Foreign Bank Statements
Course of Bank Clearings
...
Federal Reserve Bank Statements
639
619 & 646
General Corporation and Investment News—
680
Commodities
The Commercial Markets and the Crops..
Cotton
Breadstuff s
*
on
Attention
is
directed to
the
new
our tables
bond quota¬
column incorporated In
New York Stock Exchange and New York Curb Exchange
tions pertaining to bank eligibility and rating.
Published Every
Saturday Morning by the William B. Dana Company, 25 Spruce
Street, New York City, N Y.
Board and Editor: WIINam Dana Seibert, President and Treasurer; William D. Klggs, Business Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative. 208 South La Salle Street (Telephone State 0613).
LondonEdwards & Smith, 1 Drapers' Gardens. London. E.C.
Copyright 1941 by William B. Dana Company. Entered as second-class matter
June 23, 1879, at the post office at New York, N. Y.. under the Act of March 3,1879.
Subscriptions in United Stateo and Possessions, 118.00
Herbert D. Seibert. Chairman of the
gsr year, $10.00 for 6 months; in Dominion of Great 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, $19.50 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:
exchange, remittances for foreign subscriptions and advertisements must be made in New York
of the fluctuations in the rates of
On account
funds.
The Financial Situation
attack
its
THE PRESIDENT has now sent his action to
expected
to Congress demanding
''extend,
and
and strengthen the
clarify
authority of
control prices, including rents.
the Government" to
Measures
of
houses
designed,
Congress
embody the wishes of the Administration.
to
applied to agricultural commodities, and to enter
as either buyer or seller for the purpose
among
President in his
lation, although the
tions
make
to
concerning
action is demanded
Chief Executive,
that
sists
action
by the
who in¬
outbreak
April,
strong efforts
with the
It
thus
abroad.
In
October,
squarely before Congress,
coined,
it
a
real
very
before the
people since the
since
reaction to such
proposals
among
likely,
usual, to be
The
not
deciding,
a
is
What
lators.
as
he
somewhat
had
in
while the
rising
have risen
be
detail
any
social
themselves
the
moment?
There
is,
of
course,
the
President, or anyone else about the evils of what
is being termed "inflation".
The President in his
message took occasion to paint a rather unpleasant
no
point in arguing with the Administration,
of
account
what
revolution takes
is
over.
In
has to say on
to
happens when
a
disruptive price
It would be equally futile
such development in this country
What he terms inflation is
a
dreadful
to
observed
means
speak solemnly of the evils of "inflation"
warn
formulate
is
this
found
loans.
and in great
to
the
the
say,
inflationary
of
Inflation
period
in
the
Today its
its
we
in great
course,
during
were
outward mani¬
stock
markets
outward effects
money
pools of idle funds afraid to
and
are
markets—
go
to work
reasons.
as
a
result
of
the
policies
now
being pursued in
Washington in connection with the gigantic defense
efforts in which
we
are
now
engaged
or
about to be
engaged will extend itself into the commodity
kets.
If the
President,
or any one
mar¬
else, prefers to
danger "inflation" it is his right, but it is
of the utmost
importance that students of public af¬
thing;
fairs
keep the facts of the situation clearly in mind.
feasible and effective defense against
It is
particularly important that members of Con-
ominously of its approach is
a
of
activities.
chiefly in the bond and
for obvious
label this
question.
and to
that
for
"priming
What is to be feared today is that this inflated
agree
thing, and it threatens us at this moment without
But to
large part created
condition and the further inflation certain to arise
the subject.
has substance.
were
foreign
by
currency
with what he
general, all will
some
possible
although commodity prices
During
festations
in
enor¬
volume
place, and what happens when it
deny that what he has to say about the imminent
danger of
twenties
receding.
term,
years—
super-abundance
late
in
the
stimulating business by
rising
the
a
and bank de¬
made
pump,"
173^%, agricultural commodities
363^% and other commodities
something over 14%.
which present
of
an
enlarged
of
had,
in light of the facts
at
of
purpose
economic
or
but
form
Government
by
lic, not with reference to
theories,
several
for
the
and in
Bureau of
over
was
Inflation,
tinkering with the
10%, agricultural prices
have risen practically 20% while other com¬
modities have risen somewhat over 8%.
pub¬
chaotic £nd
over-worked
posits
Since the first of this year while the general
index
by
confronted
meaning
of currency
im¬
enlightening.
1939,
danger
to
is
into
more
more
such
already have and have
we
Labor Statistics index of 900 wholesale prices
What should be
the conclusions of the
gone
August,
have risen
these ?
figures
that
into
are
a
real
much
following additions:
was
of
mously
Since
thought of such proposals
as
of
least
The
one
the
has
message
We suggest the
legis¬
to
display
his data would have been
influence
national
our
upon
-
President's
Had
strong if
a
his
in
word
ever
rapidly changing price
abroad.—The
war
the
at
we
is
pressive.
length and breadth of
the land is very
wholesale prices
price-fixing
Congress delivered on July 30.
people throughout
the
of 900
un¬
was
came
which
the Bureau of Labor
the outbreak of the
President
the rank and file
the
of
index
We
is
it
that
or
ever
usage.
17l/2%.
It has increased 10% since
January of this year.
In the past 60 days
wholesale prices have risen more than five
times as fast as during the preceding period
sense
that
general and indiscriminate
advanced
in
feel
structure.
Statistics
and
economic.
not
"inflation"
50% beyond its August, 1939, level.
24% since January of this
August, 1939,
placed
are
problem is politi¬
fortunate
1915,
increased
has
Since
issues
cal,
often
year.
series of
a
or
we
that
realization
full
a
the real
at the
war
difficulty is fully and
clearly understood, and in this particular instance
the next step is to come
commodities, by the end of June, had
advanced
dispatch.
The issue
nor
any
1917,
basic
utmost
adequate
dealing with
The Bureau of Labor Statistics index of 28
will be made to enact the
measure
include ourselves
his approach is
wise. The beginning of wisdom
such problem as this is to be
By
the wholesale price index had
jumped 63%; by June, 1917, 74%, and by
June, 1920, it was nearly 140% over the Octo¬
ber, 1915, mark.
The fact8 today are frighteningly similar.
pru¬
dently be postponed," and
proposed
of
as
whether
or
that
believe
who
them,
however, prices turned sharply upward.
longer
there there is every indi¬
cation that
stand,
we
not,
or
On this question there
be.
did in the closing
beginning of an up¬
ward sweep of the whole price structure.
Then, too, we enjoyed relative stability in
prices for almost a year and a half after the
Today
months of 1915,
"legislative
no
can
may
Significant Facts Omitted
Immediate
rates.
wage
as
to
observa¬
discreet
litically
far
certain that the nature of the
has
rather vague and po¬
some
"inflation"
at all events to limit its range and its
or
as
neither
in
wages
message
The issue
either adequate or wise.
great many, and we must
a
are
significantly not mentioned in the proposed legis¬
is
of
particular remedies
it,
of his, to fix maximum prices at dis¬
limitations, generally speaking, only
The matter of
need not,
prospect
price
imminent, but what ought to be done to pre¬
effects
controlling prices therein.
with the
agree
vent
In
the markets
of
dangerous
To
exceedingly unpleasant
an
it is
cretion—with
as
another.
face
be to assert that the
he suggests are
general they would empower the President/ or an
appointee
we
is not whether we want
it is understood,
so
quite
even
course,
being prepared for introduction in both
are
Is
that
President
message
one
Volume
gress
and all those who have influence
with these
legislators keep their thinking straight. Loose use
of the term "inflation" is much more likely to ag¬
atmosphere
surrounding current discussion. It definitely tends
to place the emphasis and onus upon the symptoms
gravate confusion than to clarify the
the infirmity it¬
of the disorder rather than upon
It leads to action directed at the
self.
effects of mis¬
public policies as those to which we
such mistaken
have
already referred.
condi¬
primarily
the work of "speculators," "gougers," "profiteers,"
and the general perversity of human beings.
The
to be supposed by many that a
It appears
tion of
price chaos such as is now feared is
of the dif¬
A clear manifestation of these
tendencies
mounting costs
price control proposals of the Presi¬
dent and his advisers at
The
;
have their
roots, not as the President and many others appear
to suppose, in uncontrolled natural forces, but in a
lack of determination to give these natural forces
the other are to be chiefly feared.
on
Neither the defense program nor
opportunity to operate as they naturally
would,
and
the general public
speaks will be served
profit
forgotten that taxes take any unreasonable
without
delay
enterprise
theories
as
that enterprise,
fully
not some Govern¬
social
in
much interested
as
defense
in
after all, best
solvent are,
remain
by
official
ment
Prices which permit any
doubt.
or
to
determined
to do
outright unwillingness to permit them
Tinkering with the monetary and credit
profit—and let it not be
reasonable
a
earn
not to say an
so.
from buyers
the one hand and
on
by rigid prices fixed at a level which does not per¬
mit manufacturers and others to stay in business
Our difficulties and our present danger
an
that pressure
income
newly found
welfare of which the President
this moment.
of Our Difficulties
Roots
is
the matter
truth of
management rather than at the source
is found in the
by
tempting to chain irresistible forces generated
with
ficulty.
591
Commercial & Financial Chronicle
The
153
It
the general welfare.
or
systems for many years past,
the
forts would prove
ef¬
might well prove that left-handed price fixing
particularly during
utterly loose fiscal policies,
past eight years,
and almost numberless
business
the
into
ment
other intrusions of Govern¬
community
in
to
order
and failure,
past year
since the defense program was first launched to
adapt public policies to obvious needs of the situa¬
tion by which we are confronted—plus, of course,
the apparent determination not to alter our course
in any fundamental way—are the causes of our
present danger. We hesitate to burden our readers
with another repetition of the details.
They have
many times been outlined in detail in these columns
partial paralysis of the business community.
modify, control, or cajole natural forces,
almost
—as
situation, failure to undertake
to the current
millions
as
a
of the defense program
result
and
amounts to many more,
excessive bank borrowings,
complacency, to say the
constantly rising labor costs,
insistence upon higher farm prices atained by Gov¬
ernment intervention, an utter lack of prudence in
least, in the face of
non-defense
if not
of non-defense
the outstanding features.
outlays,
and
indifference,
hostility, toward as full production
goods as may be are
With
face
may
face the real
to have had the
hardihood to
these facts in mind
Few
it
appear
we
Here it is: Assuming—as
squarely.
parently we must—that the
serious
price derangements
ap¬
underlying causes of
continue to
operate, is it wise to undertake by fiat to deny them
their natural expression in the price structure? We
venture to express grave doubt.
In the first place,
in
such circumstances
almost
seek
certain.
are
to
failure, not to say fiasco, is
Let those who harbor hopes con¬
record. In Germany
and Russia, perhaps, a measure of success has been
achieved, but at costs the American people are not
prepared to pay and, in our judgment, will not pay.
If instructive experience at home is wanted, let the
cerning its success consult the
record of the NRA be
consulted.
But whether
or
remedy,
far
so
as
It is obviously suggested
difficult to find.
nor
there is a remedy still
immediately effective use, is not far to
by what has already been said here.
In general
outline it has been set forth repeatedly in these
An excellent summary of it appears
columns.
in
week
tional
the
the
this
monthly letter published by the Na¬
(City Bank of New York, from which we take
liberty of extracting the following paragraphs:
Certainly, every effort consistent with the primary goal
extraordinary earnings now accruing to
destined to accrue in larger
issue.
The real
available for
even
,
Remedy
Real
The
complacement failure, during the
to tax the
much more damaging than even
President predicts—conceivable
evils the
the
of
speeding defense production should be made to increase
the output
of goods that people can buy.
With our manu¬
facturing industries as a group still operating at an average
of
only 41
hours a
doubt that many of our so-called shortages
tions, who can
relieved if
would be greatly
the
week, and with frequent interruptions
disputes over wages and working condi¬
due to strikes and
everyone
importance of doing as much
could be made to see
rather than as little as
bickering with one
possible, and of, avoiding time-wasting
No
another?
is
one
vitally concerned
more
in increasing
productiorTthan the -wage-earner, for it is to him that the
increased income due to defense is largely flowing. . . .
By all means, therefore, let us
this sector, we are
our
ability to have both "guns and
restrict
Hence the alternative must be to
butter" is limited.
in
still forced to recognize that, where the
is so great,
program
degree the supply of
some
increase production to the
Yet, despite all that can be done in
fullest extent possible.
purchasing power at the dis¬
posal of the public.
This
could be done in three principal
First, reduce government
ways:
non-defense spending.
.
.
.
individual investors. . . .
back upon the third principal in¬
Second, sell more bonds to
We
are
flation
thus
thrown
it is important to
taxes,
However, in the levying of
preventive—taxation.
consider what kinds of taxes are
appropriate to the situation.
For taxes, to be effective for
desired, must cut across the stream of spending;
word^, they must be levied over a broad base and
the purpose
in other
reach the great
what
our
This is precisely
bulk of consumer incomes.
Federal income tax
system at present does not
do.
not
such^an effort succeeds in fixing a rigid price
likely, so it seems to us, to be
chaotic price system characterized
The
Political Problem
structure, the result is
unfortunate.
A
is certainly noth¬
ing to be desired. The people, as well as the Wash¬
ington Government, stand in just dread of such a
situation, but there are other conditions ev4n worse,
by spiralling quotations and wages
and such conditions may
well be the outcome of at¬
All
this, as vital as it is, is really very elementary
no
doubt that most of our
readers have long ago come
to about the same con¬
commonsense.
clusions.
many
We have
While
we
do not have
a
high opinion of
of the soi-disant economists now resident in
Washington, we strongly suspect that some of
them
The Commercial & Financial Chronicle
592
at least are well
and such
enough acquainted with such facts
inescapable conclusions as these.
The dif-
l'iculty is, to repeat what was said at an earlier
Aug. 2, 1941
that he cannot remedy by further acquisitions
of
the exercise of it, no matter what its
or
power
nature.
dif-
The situation is a grave one, but one of a nature
it is to
rather different from that popularly supposed. The
persuade either the Administration or apparently
beginning of wisdom in dealing with it is a far better
understanding of the problem.
It is not nearly
point, essentially political.
ficult to determine what
ought to be done
as
so
Congress to take the necessary steps, not, we believe,
much
so
they entirely lack
because
under-
•
well that to do
would be to step on the toes of the
so
farmers and the wage earners,
have ruled
If
the
for
land
the
still hule it.
the two groups which
past eight
and
years
agricultural producers and organized
labor insist upon
"getting theirs" from the existing
situation, which both appear to be doing, to
say
nothing of the large band now enjoying vested rights
/
in relief, and the Administration and Congress dare
not say
them nay, then we shall have what the Presi-
dent terms inflation—or worse—and
face the fact.
All
upon
well
may as
the farmers, the
hesitate
wage earners
and the multi-
beneficiaries, but fairness compels
in
being too harsh in
these groups.
one
his judgment of
Their revered leader and President
throughout all the earlier months of the defense program
and most emphatically during the campaign
last autumn
surances
repeatedly
the most explicit
gave
to both that what he
as-
planning to do in
was
1D
abnormal use of the circulating medium.
In the
week ended July 30, the currency change was the
principal item affecting the banking position. Monetary gold stocks of the country advanced $9,000,000
a further record at $22,673,000,000, but the
to
Treasury again refrained from depositing gold certificates with the 12 Federal Reserve banks by way of
reimbursement for the acquisition.
Member bank
reserve
balances declined slightly, and
not cost any one any
to $5,160,000,000.
of his "social gains."
He
was
belligerent in the extreme in his excoriation of the
dictatorships (one of which is
beneficiary of
in
ceeded
our
now
to be
arsenal of democracy), and
sue-
obtaining what appeared to be popular
approval of exceedingly drastic steps in armament
and
aid, but that approval, if such it
was
country for
to be
a
painless effort, certainly
"all-out" defense
an
relatively if not completely
among
Now it develops, as it
from the first
obliged to develop, that
possibly hope to succeed.
headlong into
speaking.
as
it
a
trap of his
own
obviously
was
no
such ef-
He has rushed
setting, politically
The country is as unwilling, apparently,
ever was
to enter actual
hostilities, and at least
those groups which have been the main
support
the Administration in the
of
past are apparently as
unwilling
as they ever were to give full support to
grandiose armament program when it hurts,
Unless the, President and
Congress are willing to
the
reduce the armament effort
very
can find some
way to "sell" the
materially
else
or
farmer, the
earner, and sycophants the idea of
wage
doing what the
President is
constantly demanding that business do
sacrifice
gram,
or
to
the
unless
limit—for
some
selling" for them, it is
inherent in the present
affair
t
can
be eliminated
iongli, of course, they
actics.
It
politicians
is
the
else
one
not
can
sake
of
his
pro-
and will do the
likely that the evils
management of the entire
or
greatly alleviated, al-
be aggravated by unwise
plainly futile to demand that the
proceed
can
in
defiance
of
their
>con-
stituencies—and it might well
prove futile in the
end for them to undertake to do
in
so.
It is
never
affairs of this sort to seek
mandates
sentially false pretenses.
the President's
cash to buy the
use
new
Treasury
tax savings notes which went on sale yesterday.
On
the demand side of the credit picture, a further
effective inquiry for accommodation is indicated,
statement week, to $2,318,000,000.
That in
essence
wise
under
es-
has been
blunder in this
case, and it is
one
banks to brokers and dealers
same
lateral
were up
Loans by the
security col-
on
$6,000,000 to $339,000,000.
Gold certificate holdings of the 12 Federal Reserve
the farmers and the
wage earners.
fort could
rations and others
reserves
as corpo-
Business loans of the weekly reporting New York
carrying out his pledges,
effort, but it
In all probability, fexcess
sharply in coming weeks,
more
City member banks increased $18,000,000 in the
President of
free hand in
excess reserves
legal requirements fell $20,000,000
defi-
was, very
a
a
will drop
over
proviso which robs the
nitely if implicitly carried
He prepared the
.
.
/CURRENCY in circulation once again shows a
upturn in the official banking statistics
for the weekly period ended July 30. The advance is
$63,000,000, to a total of $9,697,000,000, which is
only slightly below the record established a month
ago.
Much of the increase now recorded possibly
is due to month-end requirements, but the general
trend has been sharply upward for many months, and
further records in currency circulation plainly will
develop after Labor Day, when the seasonal advance
of such banks
so-called
c.
^ sharp
the matters of defense and aid need not and would
a
,
„
will be superimposed upon other factors making for
-
this, obviously, places ultimate responsibility
tude of relief
to
we
•
,
„
Federal Reserve Bank Statement
„
^
x
standing of the situation as because they know full
banks,
advanced $2,000 in the weekly
combined,
period, to $20,302,533,000. The redemption fund
quite
and other cash
unchanged,
banks increased modestly,
moved
so
that their total
was
regional
reserves
Federal
$20,612,036,000.
$162,000 to
up
the
of
Reserve notes in actual circulation advanced $58,105,000 to $6,829,182,000.
regional institutions
were
Total deposits with the
lower by $63,735,000 at
$15,766,437,000, with the account variations
con-
sisting of
bal-
ances
a
decrease of member bank
reserve
by $20,149,000 to $13,096,940,000;
a
decrease
of the Treasury general account by $33,343,000 to
$921,055,000;
decrease
a
of
other
The
deposits
reserve
by
ratio
deposits
foreign
$21,110,000 to $1,144,031,000, and
$10,867,000
an
to
by
increase of
$604,411,000.
remained unchanged
at 91.2%.
Discounts by the 12 Federal Reserve banks increased
$1,832,000 to $4,560,000.
up
Industrial advances
were
$77,000 to $9,930,000, while commitments to
make such advances gained $304,000 to $11,697,000.
There
week,
were
.as
securities
no
open
holdings
were
market operations during the
of
United
States
Government
unchanged at $2,184,100,000.
The New York Stock Market
/^NCCASIONAL flurries of speculative and investment interest were apparent in the New York
stock market this week, and prices in general
were
Volume
The
153
The market had much to
well maintained.
with in the way
of
war news,
legislation
projected
fixing
President Roosevelt
freezing Japanese assets
the last week-end for
over
for
the already top-heavy tax
The action taken by
structure.
contend
earnings reports and
Washington
in
adding to
prices and
brought more sharply home to
in the United States
593
Commercial & Financial Chronicle
and 18 stocks touched new
: ■
•
•, •
high levels
new
levels.
1'
■
■
Call loans
mained
Exchange 121 stocks touched
York Curb
New
the
Exchange re¬
the New York Stock
on
low
unchanged at 1%.
Stock Exchange the
On the New York
sales on
Monday, 938,350
Wednesday,
Thursday, 853,940 shares, and on
Saturday were 362,180 shares; on
observers the
shares; on Tuesday, 963,410 shares; on
into the
745,090 shares;
possibility of American all-out entry
world war.
Notwithstanding all these and
im¬
proved slightly for the week, and others closed last
night within fractions of figures prevalent a week
minor factors, levels of many stocks were
many
Turnover on the New York
lower.
ran
of course, slipped modestly
Stock Exchange
Some groups,
earlier.
1,000,000-share level in the first two
close to the
week, but activity diminished a little
sessions of this
Although the volume of trading was far
thereafter.
from
satisfactory, it held much over the levels
were
common
brokerage community felt somewhat encour¬
and the
aged in
Three memberships on the
Exchange were reported sold
consequence.
Stock
York
New
that
throughout the first half of this year,
$5,000 from the last
July 7.
Tuesday at $32,000 each, up
previous transaction on
Railroad and steel stocks were favored
week, and some of the carrier issues re¬
half of the
mained
sizable
yesterday with
strong throughout, closing
Inquiry for steel stocks
second-quarter reports of United States
gains for the week.
lessened as
and other companies appeared.
Bethlehem
Steel,
in the first
record rate of
statements reflected the
operations, they also contained pro¬
visions for the
prodigious tax advances proposed in
Although these earnings
Washington, and it quickly appeared that
the benefit will accrue to owners
of the huge plants.
Stocks of the rubber manufacturing
in fair
little of
companies were
demand, at times, owing to somewhat better
second-quarter earnings than
Some demand likewise
had been expected.
developed for copper manu¬
facturing issues, but most of the
sent a message
commodity stocks
again after President Roosevelt
drifted downward
to Congress requesting
authority to
Various utility equities drifted
lower, as Consolidated Edison Co. of New York
found it necessary to reduce the dividend, in the
fix
prices and rents.
light of the rising costs and the rigid rate ceiling.
In the listed bond market the gyrations of Japa¬
issues attracted most attention.
nese
fell
when
funds
frozen
can
maintained, if release
effected
be
for the purpose.
Japanese issues naturally
For the week as a whole
substantially lower.
were
United States Treasury
obligations were well maintained, partly because of
a
spreading belief that no new money borrowing
be done until results of the tax anticipation
will
note
clear.
Best grade corporate bonds
throughout.
Most speculative railroad
offering
firm
were
bonds
were
are
improved, while a few specialties likewise
in demand.
In the commodity markets some
fairly sizable movements occurred,
principally in
agricultural items, but net changes for the week
were
much
great, as the price-fixing proposal caused
not
nervousness.
in
strength
the
Hongkong
dollars
foreign exchange market,
showed
which
otherwise remained dull.
On
the
touched
week
New
new
the New
On
York
Stock
Exchange 254
stocks
high levels for the year the present
while 11 stocks touched new low
levels.
On
ii
Curb Exchange the sales
York
on
Monday, 142,870
shares; on Tuesday, 153,875 shares; on Wednesday,
127,805 shares; on Thursday, 151,215 shares, and on
Saturday were 64,645 shares; on
Friday, 145,500 shares.
Saturday of last week with¬
The stock market on
stood the shock of the
presidential freezing order of
higher and
Nothing of note
transpired in the initial period of trading, but the
Japanese assets by moving moderately
closing at the day's best levels.
Sugar
tending upwards.
second hour found stocks
participants in the rise and
and steel shares were
enjoyed gains of fractions to more than two
Traders
light and as a consequence sales volume ex¬
able
panded
the day and values were lifted
fractions to three points.
on
in some
instances from
months
showing in
a
first
reflected the best
current year
of the
decade. Steel companies, too, revealed
comparisons with first quarter re¬
favorable
more
sults than had
been expected as a
result of a 9%
which went
increase granted to workers, and
wage
into effect on
of
On the
reports of railroad earnings for the
home front
six
points.
Monday were disposed to interpret both
and international affairs in a more favor¬
on
domestic
April 1, last.
In
far
so
as
Japanese assets was concerned, it
was
less stringent than the
order
the freezing
appeared the
one
invoked
thus
Early in the
day artificial silk stocks rose precipitately on the
strength of a possible shortage of silk, but later gave
way before heavy selling that produced net losses in
against other members of the Axis Powers,
making for less tension on that score.
Many stocks were featured,
several of these issues.
the
and
embraced
advance
various
rail and steel shares furnished
groups,
while
the day's leadership.
Uncertainty took hold on Tuesday, causing reces¬
sions in
prices.
Equities were higher at the start,
the good showing
with rubber stocks a feature on
made
on
ties that debt service will be
of
These issues
the freezing order, but rallied
announcement was made by Japanese authori¬
drastically
on
Friday,- 678,990 shares.
stock
on
a
by B. F. Goodrich in record
rose
hour, but inspired by the
their
a
leadership of rails the list
Rubber stocks retained
other industrials turned
firmer tone.
advances,
easier.
The
Dulness set in the second
sizable turnover.
developed
earnings.
1% points to a new high level for the year
while
In the case of steel shares,
they reflected
steadier appearance
following early declines run¬
ning to three points.
A sagging of prices at the
a
start
on
tions to
Wednesday cut into steel shares by frac¬
one
point.
The latter were especially vul¬
the
Crucible
Steel, their showing being adversely affected by
much higher taxes.
Both issues suffered recessions
running beyond a point.
Rubber shares took over
nerable, due to the disappointment felt over
earnings reports of United States Steel and
the
leadership in the second hour, occasioned by a
price rise in tires of 2.40%, and both Goodrich and
Goodyear extended their levels by a point to new
highs for the year.
By midday the list turned irreg¬
ularly lower and dull.
ness
characterized
In the early afternoon firm¬
trading
as
the Street was ap-
594
The Commercial & Financial Chronicle
prised
of
sought
the
President's
the
in
message,
regulate
to
power
prices
which
and
With the final hour at hand
recovery set
steel
shares
assuming the leadership.
a
in, with
affair.
mixed
the
on
Thursday
Trading began where it left off
previous day, with rails in the vanguard.
jn the aviation group,
a
on
Aircraft at
Not
*
the
Despite
an
effort
part of low-priced rail shares to advance
on
Fri-
on
day, equities turned lower in moderate trading and
held in that position to the end.
Gasoline rationing
worked
the
to
steels had to
second
disadvantage of the oil shares, and
contend, as before, with disappointing
quarter earnings.
rule this
week,
closing prices
figures
Mixed changes
be
as may
seen
by
a
were
the
comparison of
Friday of this week with final
on
Friday of the previous week.
on
General
32%
Electric closed Friday at 31%
against
Friday of last week; Consolidated Edison
on
Co. of New York at 19
& Electric at 3
against 19%; Columbia Gas
against 3%; Public Service Corp. of
"kT*
against 22%; International Harvester
55% against 55%; Sears, Roebuck & Co. at 79%
against 72% ; Montgomery Ward & Co. at 34%
Trade and industrial reports
maintenance of the
Western Union closed Friday at 28% against 28
on
162
Friday of last week; Allied Chemical & Dye at
against 164%; E. I. du Pont de Nemours at
158% against 155%; National Cash Register at 14
against 13%; National Dairy Products at 14%
against 14%; National Biscuit at 17 against 17;
Texas
Gulf
at
Sulphur at 37% against 37%; Conti36% against 36%; Eastman Kodak
Can at
nental
139% against 139%; Westinghouse Elec. & Mfg.
92%
at
gteel
operations for the week ending today
estimated
5%; Canada Dry
Schenley
Distillers
at
14%
at
14%
^
against
14%;
against 13%, and
National Distillers at 21% against 22%.
I11
the
rubber
group,
montb ag0?
ig
Friday at 19% against 18% 011 Friday of last
week; B. F. Goodrich at 19% against 16%, and
Railroad stocks
24% against 23%.
at
RR.
Southern Pacific at
Pacific
at
at
13%
82% against 81%;
14% against 13%; Southern Ry.
against 15%, and Northern
Pacific
at
8%
against 7%.
United
against 58%
at
42%
were
States
on
mostly improved the present
Steel
closed
Friday of last week
against
44%;
Bethlehem
Friday at 59%
;
Crucible Steel
Steel
at
76%
against 76%, and Youngstown Sheet & Tube at 39%
against 37%.
In the motor
at
group,
38% against 38%
ler
General Motors closed Friday
Friday of last week; Chrys^
on
at
57% against 55%; Packard at 2% against
at 6% against 5%.
Among the oil stocks, Standard Oil of N. J. closed
2%> and Studebaker
Friday at 43% against 45
on Friday of last
week;
15% against 15%, and Atlantic
Refining at 22% against 23.
Shell Union Oil at
Car loadings of
sponding week of 1940.
freight for the week ended Julv 26
Association
the
American
of
decrease of 1,971
a
carg?
week, but
Railroads at
897,399
from the previous
cars
gain of 179,361
a
revenue
reported by
are
cars
the similar
over
week of last year.
^g
indicating the
course
of the commodity mar-
Lets, the September option for wheat in Chicago
closed
]ag^
Friday at 196%c. against 106%c. on Friday of
week.
September
corn
at Chicago closed Fri-
day aj- 75%c> against 75%c. the close
week.
jag£
Friday of
on
September oats at 'Chicago closed Fri-
day a^ 38%c. against 38%c. asked the close
on
Fri-
day 0f iag£ week.
The
spot price for cotton here in New York closed
Friday at 16.88c. against 17.70c. the close
0f jag^ week.
The
day ^ 23.00c. against 23.00c. the close
]asj- week.
^be close
Domestic copper closed
on
Friday
on
spot price for rubber closed Fri-
Friday of last week.
Friday of
on
Friday at 12c.,
/
jn London the price of bar silver closed Friday at
23%
pence
ounce
per
the close
against 23 7/16
ounce
on
pence
per
Friday of last week, and spot
on
Friday at 34%c., the close
Friday of last week,
jn ^jie matter of
ferg
foreign exchanges, cable trans-
London closed
on
on
Friday at $4.03%
against
as
Friday of last week.
European Stock Markets
pRICE movements
1
,
were mostly in favor of holders
during quiet trading, this week,
stock
on
ex-
changes in the leading European financial centers.
Far Eastern affairs occasioned
at
a
little
London, early in the'week, but this
nervousness
quickly
was
overcome, and a succession of cheerful sessions ad-
The steel shares
week.
pre-
were
against 13; Union
19
26
ceding week and 2,760,935,000 kwh. in the corre-
closed
29% against 39%; New York Central
at
Pro-
rep0rted by Edison Electric Institute at 3,183,-
$4.04 the close
higher this week. Pennsyl¬
Friday at 24% against 243/8 on
Friday of last week; Atchison Topeka & Santa Fe
vania
at this time last year.
925,000 kwh., against 3,162,586,000 kwh. in the
closed
United States Rubber at
and*90.4%
auction of electric power for the week ended July
silver in New York closed
Goodyear Tire & Rubber
were
by American Iron and Steel Institute at
99.6% 0f capacity against 97.9% last week, 93.7%
a
^against 91%; Standard Brands at 5%
against
of the week indicate
high rate of activities occasioned
by the defense and aid-to-Great Britain programs,
'
at
against 35%; Woolworth at 29% against 29%, and
American Tel. & Tel. at 154% against
153%.
18% against 17%, and Douglas Aircraft
743^ against 73%.
at
hour and thereafter the list turned easier and held
through the close.
Curtiss-Wright closed Fri-
day at 9% against 9 on Friday of last week; Boeing
new
highs for
Firmness continued through the second
that way
Copper
Friday of
on
34%.
less than 10 of their number touched
the year.
Anaconda
against 44%, and Phelps Dodge at 34% against
gen-
was
stocks,
copper
Friday at 283^ against 28%
1941
week; American Smelting & Refining at 44%
iast
trifle under the session's
best levels." The market trend
the
Among
ci0Sed
Xhe former
recaptured their early morning losses and the
eral list closed mixed and
he
rents.
Aug. 2,
vanced
prices modestly for the week
The obscure events
on
as
the Russian front
whole,
a
were
inter-
preted optimistically by all markets, which is
a com-
mentary on the lack of real knowledge
to the
course
of that conflict.
dustrial stocks eased
as
Gilt-edged issues and in-
slightly at London, last Mon-
day, and Japanese bonds tumbled sharply,
plications
studied.
of
the
After
week-end
the
freezing orders
courageous
speech
as
im-
were
by Prime
Minister Winston Churchill, Tuesday, the
tendency
improved and a modest increase of trading also was
noted. The gilt-edged list wras firm, while Japanese
bonds recovered part of their previous losses.
Industrial stocks and home rail shares
came
into
oc-
Volume
The Commercial & Financial Chronicle
1S3
casional demand.
and
Netherlands
gains
over
the
Indian
Such
securities.
the ultimate outcome of the Far East-
difficulties.
in all
East
modified subsequently, owing to growing
were
concern
ern
The Amsterdam Bourse reflected
buying, early in the week, in both domestic
some
The Berlin Boerse moved
sessions, but the tone
mid-week
narrowly
firm, especially in
was
trading.
5'N jVN
■
vVN!N\-
N
■)/:;?
v/.'-
rapidly
United
East
obvious
in
this
Governments
the
concert,
against Japan
week
applied
eco-
wholesale scale,
on a
reprisal for the renewed expansionism that carried
Japanese troops into southern bases of Indo-China,
under
"agreement"'wit lithe French\regime atVichy.
an
A first rate international crisis thus has
in consequence
developed
of the fresh Japanese aggression and
the reactions of the demonocracies to the
It
move.
perhaps, the calculated policy of the Tokio part-
was,
On
tories agreed to cooperate
the
basis of
a
"menace"
militarily for defense of
the colony, the dispositions to remain in effect only
so
long
as
the circumstances
adoption continue.
which
caused their
Japan agreed to
respect the
rights and interests of France and the sovereignty
°f Vichy
over
disembark at
States, British Empire and Netherlands
Indies
liomie sanctions
in
and
attached there.
to the security of French Indo-China, the two signa-
all parts of Indo-China.
tingents of Japanese troops began
Sanctions Against Japan
ACTING
were
595
Large
con-
Monday to
on
Saigon and Camranh Bay, and
some
points in the interior also are to be held by the
Tokio forces.
j
,
;
While the Japanese were moving their troops
southward, the machinery of retaliation was set in
motion at London, Batavia and Washington, with
the United States Government taking the lead in all
respects.
President Roosevelt issued an order
freezing, as of last Saturday morning, all Japanese
assets in the United States in the same manner that
assets of various European countries were frozen
June 14.
:
N
ner
of the Axis to
sort of diversion in
All financial and trade transactions involving Jap-
the
Pacific, and thus draw the attention of the
anese interests were thus placed under the control of
the United States Government. The intention, ac*
cording to Mr. Roosevelt's statement, was to prevent
United
States
create
some
from Europe.
away
economic relations between
racies
and
Japan and the democ-
have, however, deteriorated far
drastically
than
parently expected.
lasting
prove a
fied
Political and
one,
Japanese
The crisis,
more
swiftly
authorities
moreover,
is
ap-
sure
to
and unhappily is being intensi-
by damage to the American Gunboat Tutuila,
which
moored
was
at
Chungking, when
a
fleet of
marauding Japanese bombers assaulted that Chi-
capital, Wednesday. Whether the developments
nese
will lead to
outright warfare between Japan and the
the use of American trade and financial facilities in
ways harmful to national defense and American
interests, to prevent the liquidation in the United
States of assets obtained by duress or conquest, and
to curb subversive activities in the United States,
The freezing order was applied at the same time to
the entire area of China, at the specific request of
Generalissimo Chiang Kai-shek, but only to prevent
the use by Japan of facilities in Shanghai and other
not
occupied ports against Chinese and American inter-
yet clear. If armed conflict should result, the United
estg. Efforts would be made, Mr. Roosevelt stated,
to develop and strengthen the financial and foreign
trade position of the Chungking Nationalist regime
in China. The British Government and all of the
British-Netherlands-American
States
will, of
course,
maticallv in the
combination
then be involved almost auto-
European
terms of the Axis pacts.
war,
began, it assuredly is
dangerous
now
than at
move
any
as
ever
pean war
Japanese
well, under the
as
Delicate
of the United 'States has been
The
the situation
since the Euro-
more
difficult and
time since Sept. 1, 1939.
into Indo-China remains sub-
ject to various interpretations, and it
may
further reactions among the democracies
upon
the actual
is
for the invasion,
reasons
develop in the future.
As
a
be that
will hinge
as
they
grab of additional terri-
torv, the Japanese seizure is quite significant by
itself, for French Indo-China is
a
region of agricul-
tural and other riches.
The French
viewed
as a
fresh
by the Japanese
military
already there
(Siam).
hand
ventures
are rumors
colony
may
be
stepping stone toward
in
adjacent
areas,
and
of demands upon Thailand
Any reaching of the
Japanese military
deeper into southern Asia could only
mean a
challenge to the British and Netherlands positions,
But it is
equally possible that Japan is securing her
southern flank in this
event of
moves
maritime
manner
against attack, in the
by the Tokio militarists against the
province of Siberia.
The most reasonable
supposition is that Japan is preparing for
portunistic military excursions that might
likelv to
Axis
offer
partner
a
chance
were
to
of
success,
prevail
in
any op-
appear
if the German
the
European
acted
promptly,
after
Mr.
for the
Roosevelt
denounced all treaties with Japan. The Government
of The Netherlands Indies, at Batavia, announced on
Monday the freezing of all Japanese assets there and
the abrogation of the agreement whereunder Japan
had been receiving sizable amounts of oil from wells
in The Netherlands East Indies,
Japan acted promptly last Saturday to freeze
American and British assets in that country, in precisely the same manner that Japanese funds were
frozen in the democracies, and counter action likewise was taken at Tokio, Monday, against Netherlands interests. The precise sums involved in all
cases are not satisfactorily established, but it is
evident that large amounts are thus added to the
frozen totals of previous orders. The effect upon
trade relations with Japan are certain to be serious,
"nless relaxation of the orders develops in a manner
to permit at least some exchanges. Tests of the
orders promptly began to appear, and others impend. Some 40 Japanese merchant vessels were reported hovering off California ports, awaiting clarification of the situation and orders from
battles.
The
Dominions
issued his statement, to freeze in similar manner the
assets of Japanese nationals held within their territories, and the London authorities at the same time
Tokio,
as
supine acceptance by the Vichy
regime of the Tokio demands has not been clarified,
the freezing orders went into effect. It was pointed
out that the ships left their home ports long before
beyond the formal statement that British domina-
the crisis developed, and consideration for this fac¬
tion
tor was urged.
reason
was
protocol,
feared.
Vichy made public the text of the
Tuesday,
immediately
after
signatures
One of the vessels, the Tatuta Maru,
carried a large cargo of raw silk from Japan, and
The Commercial & Financial Chronicle
596
American
100
than
more
to
This ship
passengers.
in
discharged her passengers, after which prepara¬
were made for an immediate departure.
Con¬
ferences
Monday,
ances,
ditions," and it
was upon
tered
assur¬
would
ships
clearance1 "under
prompt
granted
in .American
Japanese
that
present
and
Welles.
C.
Thursday
Washington is fairly obvious, and it may be, indeed,
closed.
Japanese authorities, with
that
incident
the
The British Government,
considered
was
through Foreign
The Japanese
Secretary Anthony Eden, issued to Japan a serious
warning, Wednesday, to consider while there is yet
time the consequences
day that the British and American steps had been
He added that Japan must
anticipated by Japan.
"push
with
ahead
Greater East Asia
construction
the
of
nese
self-sufficiency and co-prosperity
"most effective
any
the
in
It is obviously in this
Navy.
of
threat
fresh
warlike
complete
on a
footing, in order to meet
war
London disclosed late
strong reinforcement of troops stationed
a
President
Malaya.
ordered the
moves
Konoye
Tokio, Wednesday, that Japan is
and all eventualities.
last week
action, if necessary," to restore the
that
direction
going
Japanese press grimly urged
flow of oil to the Tokio
by Mr. Eden, who
Premier Prince Fumimaro
strained.
come
made it clear in
than the Washington and Lon¬
The
measures.
threat to Great Britain
a
expressed regret that relations with Japan had be¬
regime at Batavia grieved the Japanese more,
all appearances,
The Japa-
of Tokio's policy.
occupation of bases in southern Indo-China was
termed
the
The action by The Netherlands East In¬
sphere."
don
the
Minister, Masatsune Ogura, said last Sun¬
that fresh ventures will be hastened.
to
Tokio
In
Grew, and the State Department announced late
by the measures now taken in London, Batavia and
dies
No one
equal promptness, apologized to Ambassador Joseph
on
now
equipment smashed.
immediately to the Japanese Ambassador by Mr.
con¬
the basis of this statement
Japan will not be swayed from her course
Finance
deck
some
hurt, but representations naturally were made
was
be
that the Tatuta Maru arrived at San Francisco.
That
seriously hurt in the bomb¬
ing of Wednesday, a small motor boat being shat¬
Japanese Ambassador
Nomura resulted
Kichisaburo
The ship, which
at Chungking.
area
damaged slightly in a similar attack sev¬
eral years ago, was more
Washington between Acting Secretary
at
special
a
had been
tions
of State Sumnfer Welles and
close to the American
drop an airplane bomb
gunboat Tutuila, 370 tons, as that ship lay moored
finally docked at San Francisco, late Wednesday,
and
Aug. 2t 1941
Roosevelt
Sunday
last
Philippine military forces placed under
looms, and Batavia was well aware of the implica¬
the command of United States
tions.
authorities for the duration of the emergency,
The move,
according to Batavia dispatches,
military and naval
and
'
after
taken
was
and the United
to involve
her
States, and
risk of
a
with
consultation
fight forced
be
clearly understood
was
on
was
that
ton for
were
made in other ways by Washing¬
meeting all contingencies.
Washington War Moves
Wednesday that
accepted by the Hollanders,
ATTENTION in Washington was
i
\
the Far
upon-3
debate continued
along with their allies.
It
preparations
The Netherlands by the cir¬
upon
would
cumstances
Britain
Queen Wilhelmina, from
war.
refuge in London, declared
any
Great
accepted everywhere as a matter of course
on
largely focused
crisis, this week, but
Eastern
the Administration proposal for
lengthening beyond the original one-year stipulation
Japan would be forced, under the various freez¬
the service
requirements of conscripts, and
ing orders, to do without imports of oil and steel,
assurances
of vast aid
and
Russia and China.
perhaps of other
wares as
well, from the United
States, the British Empire and
A few commodities which
East Indies.
or
needs in
The Netherlands
Japan lacks
greater amounts will be available to the
from Indo-China, but London and Wash¬
aggressors
ington observers felt convinced that the Japanese
economy
should
would collapse within six months if war
develop with the Western Powers.
estimates
are
view of the
of
gravely
These
great value, it may be added, in
no
views expressed in the
erroneous
past with respect to Japan, Germany and Italy,
much
the
same
alleged
effects of the incidents
grounds.
are
on
The immediate
highly perturbing, not
only to Japan, but also to traders and possibly to
investors in the United States.
The
large silk trade
with Japan was cut sharply, and price and
authorities
in
Washington
issue control orders.
Oil
found
it
shipments to Japan were
halted, and steel shipments also ceased.
ner
priority
advisable to
in which the executive
The
man¬
freezing order is applied
will determine whether
any
trade whatever will be
permitted between the United
States and Japan.
Through its financial representative in New York,
Tsutomu
Nishiyama, the Japanese Government
nounced last
debt service
an
intention to continue full
payments
on
but the facilities for
In
the
contested in the Senate,
apply to
enlisted forces,
National
was
hotly
notwithstanding indications
large majority probably will vote favorably
a
when
the
measures
comes
to
a
test.
More of the
grandiloquent promises of aid to foreign nations which
this Administration is fond of
of the
feasibility of delivery,
extending, regardless
were
voiced last Sun¬
day, this time by Harry L. Hopkins, personal repre¬
President
of
sentative
Roosevelt.
Speaking
in
aid,
"immediately," to Soviet Russia, and also assured
London,
Mr.
Hopkins
pledged
all
possible
his British listeners of American readiness to
them with
war
materials.
supply
He depicted Germany as
caught between two hostile camps supplied by the
United States.
Mr. Hopkins
left London
on
Wednes¬
day for Moscow, where he arrived by airplane and
promptly began consultations with Soviet authori¬
ties.
The
State
Hopkins had
Department explained that
gone
Soviet
Mr.
to Moscow to discuss questions of
American aid with the
highest Russian officials.
A
mission, headed by General Philip Golikoff,
arrived in Washington, last
midst
of
making such payments
these
of
Saturday, for
purposes
ordering military supplies.
Russian Battles
investors,
are
at
of Washington.
BATTLE in thewere not materially changed this
lines
week
struggle raging in Eastern
vast
unfortunate
Japanese, whether by design
Guardsmen and the regular
fl05,500,<X)0 Japanese dol¬
lar bonds still in the hands of American
the mercy
an¬
Monday
The so-called Service Extension
which also would
Resolution,
that
some new
held out to Great Britain,
were
or
events
the
accident, managed
Europe
between
Soviet
Russian
forces
and
the
German-Finnish-Hungarian-Rumanian combination.
Volume
The
The Commercial & Financial Chronicle
153
of the
course
war was
less
the fact that neither side
torial
utmost
able to
terri-
make
for claims and interpretations difMoscow and Berlin both breathed
progress,
fered radically.
the
certain, however, than
was
confidence,
probably
the
of
because
progaganda value of the optimistic assertions.
locked in
to
the
total
a
of
9,000,000
series of battles which
a
death.
day after day.
make
be
being fought
are
down
to
now
are
The grimness of the struggle is
at-
extensive
that food
to
Moscow, and removed eastward.
Churchill and
commanders.
Russian accounts
effect that the Germans
the
areas
Soviet
attacking.
of
scene
the helpless robots
among
troops
were
said to
were
The Smolensk region
the
bitter
most
been formed by the
general
few
to be the
avenues
for
Germans
In the
and
early capitulation
capital
claimed
steady
and
progress
capture of the former Russian
or
predicted confidently.
was
sible blow that Britain
This the Russians
Mr.
of the
long front, German, Hungarian and Rumanian
forces made
slight
progress.
The invasion which
extremity
-
began
June 22
on
along in its second month, and
some
is well
of the Blitzkrieg..
was
European
severed
two
ago,
carrier
Petsamo,
well
as
Petsamo
British
held
side, and it
the
Soviet
behind
Union,
mechanized
lengthened.
meeting elite troops of
the
Stalin
against the Nazis,
perhaps
offset
are
sides
Both
in
part
by
assuredly
Such surmises
may
cant than the actual official and
Berlin
and
that the German
Moscow.
have
used
Blitzkrieg is
fierce counter-attacks
in the Smolensk
are
area.
a
be
signifi-
more
Russians
boasted
"washout" and that
driving the Germans back
The Germans admitted heavy
going around Smolensk, but stated that the battle
for the
city is drawing to
with many
a close in a Reich victory,
thousands of Russians being annihilated
in the steel traps
formed by Panzer divisions.
claimed
signed
an
the
of
Germans to
seven
men.
claim,
on
a
With
modest scale.
The
scale that enabled
Thursday, the destruction
Red Army divisions, totaling about 112,000
In Bessarabia the
Nazis.
a
of
Some
damage
to
announced by the
was
have
to
loss
of
16
been
hit.;
The
airplanes in this
claimed
were
Berlin described the battle
in which both
a
as
com-
Government-in-Exile, in London,
parties pledged each other assistance,
Western Europe
/^VBVIOUSLY mindful of the lulling effect of
v*/
unchanged
struggle has resulted in the
war
an
situation in Western Europe,
Prime Minister Winston Churchill last Tuesday discussed at
of
some
length, in
a
speech before the House
Commons, the situation in which England finds
herself, and the prospects for the next few months,
A warning by the Prime Minister that
"gambler's
must be taken into account and
desperation"
an
invasion attempt expected approximately on Sept. 1
overshadowed the actual conflict.
"It
madness," said Mr. Churchill, "for
us
that Russia or the United States
Britons
Leningrad engagement is
port
agreement with the Russians, Wednesday,
All
more
Finnish
downed, and only two German planes admitted
claims
a
the
The Polish
iost.
war
on
a
plete victory for the Nazis, with 28 British planes
this
made,
the
engagement and four German planes
sh0t down.
respect to the battle around Kiev the same sort of
were
said
were
up
propaganda reports
The
than
more
degree of aerial
the vast accumulated stocks may be near-
ing depletion.
from
a
militate
quantities of equipment and munitions,
enormous
even
which
circumstances,
superior German staff work and
and
The
and the German supply lines have
These
superiority.
Line.
of the Reich has traveled
equipment
long distances,
well be that the advance
little
a
Admiralty, while at Kirkenes four German
German
are
when Finland
the nearby Norwegian port of
the
port installations
ships
may
attacked
as
by
admitted
contingents of the Nazis
Tuesday,
airplanes which obviously took off from
neighboring
British
the
poignant incidents of the entire
to actual blows Wednesday, when
came
no
on
Among other
rumored to be asking for American
nations, side by side only
There is
advantage of surprise
with
officials, reputedly to
diplomatic relations with Great Britain.; The
supply
any
Roosevelt,
several conferences
developed
war
aspects of the conflict have been modified sharply,
longer
held
he
One of the most
Kirkenes,
now
every pos-
strike in the West,
tankers.
British
At the southern
can
discuss aid from the United States.
things, Russia
little actual advance has been made by the invaders
of the week.
now
Stalin and other Soviet
year
course
said in
were
Harry L. Hopkins journeyed from London to
denied, and the evidence suggests that relatively
in the
Joseph Stalin
As the personal representative of President
north, around Leningrad, the
Finns
despite the
Prime Minister Winston
communications, the Russian pleading for
Moscow, where
Nazis, with the Russians endeav-
The Russian
London, last Saturday, to have exchanged friendly
Mr.
pockets had
of the trapped soldiers through assaults from
the outside.
Premier
of
oring both to break out and to form
escape
from Moscow.
and the Reich
series
a
a
be counter-
appears
fighting,
insisted that
commentators
to the
being held, and in
are
now
supplies from the Ukraine will not
situation occasioned anxiety this week,
ing sickening slaughter
carrying out the orders of their despotic
manage
to them in large quantities, for crops
being garnered hastily by the Russians, according
assurances
are
Even if the Germans
gains in coming weeks, it
available
are
tested by unofficial reports from either side, indicat-
who
But the Russians
squadrons available, for even the
Reich reports state that additional planes were shot
seems
actually
men
claims to command of the air.
still have sizable
It is
fair surmise that the armies which both sides
a
estimate at
597
for
us.
The invasion
urged
were
vigilance, for "if
we
speeches,
previous
fall, all fall."
assurances
were
is at hand."
the
Much of the address
was
utmost
Again,
as
in
extended that
England will fight to "the last drop of
blobd."
be
going to win
are
season
maintain
to
would
to suppose
our
heart's
devoted to refu-
expulsion of all Russian forces from the Province,
tation of recent charges in the House of Commons
according to German statements, and
that
the Ukraine from that
Neutral observers
there is
no
way
area
is
an
invasion of
predicted.
being absent from the front lines,
of telling which side has aerial
super-
iority, but the Germans continued to bomb Moscow
on
occasion
and this confirms in part the German
production
is
lagging
in
Secretary Anthony Eden on the
Britain.
another of his frequent warnings that
be made with the
London
never
negotiated
no peace can
German Fuehrer, Adolf Hitler,
will entertain
peace,
Foreign
day issued
same
but will
any
see
Nazi offers of
,
to it, after the
a
war
is
Chronicle
The Commercial & Financial
598
that Germany is militarily helpless.
won,
prostrate the Reich economically.
does not intend to
Mediterranean
Mr.
Britain
He indicated, however, that
Eden declared.
Aug. 2, 1941
FIGHTING in various parts of the Mediterranean
reflected, this week, the struggle for ultimate
The British naval control is being
Day after day, as the igantic conflict moved close
to the termination of its second year, British air¬
control of that
planes soared over German ports and cities, and over
invasion area of nearby France and the Low
points in Northern Africa the battle rages on land.
British forces calmly continue at Tobruk, in Italian
the
Great blows
Countries.
fliers
struck by the British
were
American airplanes
against the Reich, with
taking
an
increasingly important part in the fighting.
the bombing of Berlin,
An interesting sequence was
last Sunday,
for the first time in nearly two months,
the incident
being followed immediately by a German
Each side claimed that little
bombing of London.
damage
The Reich de-
done by these raids.
was
augmented across
the English Channel, as the British fliers encountered
stiffening opposition. On the high seas the German
fenseive
squadrons apparently
were
sea.
challenged from the air by the Axis, and at several
Libya, with the encircling Italian troops apparently
a real threat to the Empire units.
It
unable to offer
have been withdrawn
is rumored that German troops
from the Western Desert for service in
Russia, but the
heat
would diminish actual combat in any event.
Axis
airplanes made occasional raids on Tobruk and
region, while British fliers hammered Ben-
the Suez
In a mass flight over
gazi and other ports in Libya.
Sicily, Monday, the British claimed the destruction
Accountings appeared, over
Axis airplanes.
34
of
week-end, regarding the Axis attack on a British
the
submarine sinkings are
believed to have diminished
convoy
which moved through the Western Mediter¬
in
official information
this
ranean,
last week, with the apparent intention of re¬
recent
weeks, but
aspect of the
in
German
The
nounced, Tuesday,
convoy
a
and
protracted attack
an¬
British
on a
attacks
escort
two
vessels
said to
were
reported
placed at 116,500 by Berlin. British aerial
was
the Arctic ports
on
and Kirkenes in Norway
velopments, such
Nazi-held
as
territory.
that this incident
was
which the British
their
Command
The British tonnage thus
have been sunk.
in
High
in the Atlantic, in the course of which 19
merchantmen
sunk
longer is being made available
war no
London.
on
new
of Petsamo in Finland
possibly portend
de¬
new
invasion attempt against
It is more likely, however,
an
part of the Russian campaign,
seeking
are
means
destroyer Fearless, in this action, and damage to one
merchant
Obviously irritated by the success¬
ship.
Malta last Saturday
with
Hemisphere
owing to border disputes and objections to German
The long-standing
over
Alexandria, last Sunday, and reported the sinking
to
of two
large and
The
Crete.
number of small Axis ships near
a
resumption of really large-scale activities
in the Mediterranean
of the Russian
come
probably depends
banks.
Present
any
at
rates
Dale
Effective
Aug. 1
Rale
Mar.
2
Jan.
51940
5
Dec.
1 1940
6
2)4
Chile
3
Dec. 16 1936
4
July
18 1933
3
Jan.
4
4
Erie
England...
a
4
Nov. 28 1935
3J*
'
3.65
1)4
22 1940
5
Apr.
18 1936
7 1936
3
Jan.
14 1937
6
July
6)4
May 28 1935
1)4
3
Italy
May
13 1940
1)4
Dec.
17 1937
3.29
May
Morocco
Jan.
21937
5
Norway
Oct.
16 1940
•4K
4H
3
June 30 1932
3H
Portugal—
4
Mar. 31 1941
4H
2
Oct.
3
Rumania
3
Sept.12 1940
3)4
Estonia
4H
Oct.
1 1935
5
South Africa
3)4
May
15 1933
1)4
Finland
4
Dec.
3 1934
4H
Spain
*4
Mar. 29 1939
5
was
France
IV<
Mar. 17 1941
2
Sweden
3
3)4
3)4
Apr.
6 1940
4
Switzerland
1)4
May 29 1941
Nov. 26 1936
the Bolivian mili¬
Greece
6
Jan.
41937
7
Yugoslavia.
5
Feb.
1 1935
6)4
was
rebellion in that country
Lithuania..
Danzig
Germany
tary attache in the German capital to the German
an
m
4~
Czechoslo¬
*
was
Oct.
3
3)4
sharp protests in Berlin, where it
Minister in La Paz
3
3
...
1 1936
Peru de¬
that Germany
hinted broadly that a letter sent by
Rate
June 26 1941
Hungary...
2H
Bulgaria
m
vious
India
3H
Mar. 11 1935
Pre¬
Dale
Effective
2H
Holland
1 1936
Argentina..
Belgium
Denmark
occasioned
Effect
Aug. 1
Country
vious
Effect
Japan
Java......
specific time for cessation of all
endeavoring to foment
are
Role in
Pre¬
Rate in
Country
vakia
Bolivian allegations
leading centers
5
Both sides agreed to a truce, but
hostilities.
the
shown in the table which follows:
Colombia..
Argentina, Brazil and the United States to arrange a
a
the out¬
Foreign Central Banks
Canada
engagements, notwithstanding strenuous efforts by
layed in acceding to
upon
campaign.
THEREdiscount no of
have been changes during the week in
the
of the foreign central
con¬
the line of de-
markation continued to flare into occasional military
truce.
sunk by the British
were
A British submarine returned
defenders of Valetta.
rates
propaganda activities.
fleet of small torpedo-
for aiding
MINOR disturbances were reportedrecent days,
in various
Latin American countries during
Nazi
a
carrying boats, all of which
Discount Rates of
flict between Peru and Ecuador
the Italians attacked
ful delivery of reinforcements,
ally actively.
Western
London admitted the loss of the
inforcing Malta.
American forgery.
__
._
26 1939
...
Poland
..
4
7
15 1939
5
2
Not officially confirmed.
The
Foreign Money Rates
Bolivian
said in
The
attache, Major Elias Belmonte Pabon, was
Berlin to have denied sending any such letter.
Argentine and German Governments engaged in
IN LONDON open market discountagainst for1-32%
rates 1 short
Friday
1 1-32%,
bills
on
a
diplomatic dispute
tine
over
the seizure by
an
Argen¬
legislative committee of several German diplo¬
matic mail
pouches,
radio transmitter.
contents of the
one
of which contained
In response to a
pouches
were
on
German protest,
Senator D.
fortunately,
suggested publicly
over
and Canada.
on
the
Worth
same
Clark,
of
Un¬
Idaho,
day that the United
the control of all of Latin America
President Roosevelt and Acting Secre¬
tary of State Sumner Welles promptly and emphati¬
cally rebuked the Senator and repudiated the
ments.
1-32@1 1-16% for
bills,
as
Friday
was
against 1 1-32%@1 1-16% on
Money
Friday of last week.
on
call at London
on
1%.
ex¬
Tuesday that the United States is seeking
Hemipshere.
as
were
three months'
Bank of England
Reich commentators
domination of the entire Western
States take
portable
returned/ with the
ception of the radio apparatus.
charged
a
on
Friday of last week, and 1
com¬
Statement
THE Bank's statement for theinweek ended July 30
showed
further advance
note circulation of
a
£5,775,000 to
a
new
record high of £658,430,000.
Notes in circulation have risen
the
total
holdings
were
of
were
lowered
which
then
was
steadily since Jan. 29,
replenished by £41,957, while
£5,733,000.
Gold
£599,202,665.
reserves
Public deposits declined
£2,841,000 while other deposits rose £8,979,836.
Of
the
in-
latter
amount,
£7,735,812 represented
an
Volume
in bankers' accounts and
crease
599
The Commercial & Financial Chronicle
153
DI8COUNT RATES OF FEDERAL RESERVE BANKS
£1,244,024 in other
a
The
accounts.
proportion of
to liabilities
reserves
Federal Reserve Banks
dropped to 12.1% from 15.5%
a
week
it
11.0%.
was
Additional purchases of Govern¬
securities
and
counts
and
£11,840,000 and other
Other securities include dis¬
£46,557.
rose
advances, which decreased £3,770,856,
which
securities,
increased
The
£3,817,413.
discount rate remains unchanged at
Below we
2%.
comparisons for previous
IX
*ix
*1H
Aug. 21. 1937
2
*1X
Sept.
2,
Aug. 24,
Sept. 3,
Aug. 31,
2
Sept.
1937
1937
1937
1937
3, 1937
2
Sept.
New York..
1
IX
Cleveland
IX
Richmond
IX
Atlanta
.
Chicago.
St. Louis
...
Kansas
Minneapolis
City
IX
*ix
Dallas
*ix
San P'rancisco
*
show the various items with
Rate
1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11,1935
Aug. 27, 1937
Aug. 21, 1937
1
Philadelphia
ment securities amounted to
Previous
ago; a year
Boston
ago
Date
Established
Rate in Effect
Aug.
1
IX
IX
2
2
2
2
2
2
2
bear a rate of 1%, effective Sept. 1, 1939,
Chicago; Sept. 16, 1939, Atlanta, Kansas City and Dallas; Sept. 21,1939, St. Louis.
Advances
Government obligations
on
years:
BANK
ENGLAND'S
OF
COMPARATIVE STATEMENT
July 30,
July 31,
Aug. 2,
1941
1940
1939
Course of
Aug. 4,
1937
Aug. 3,
1938
'HE market for
without
Circulation
658,430,000
11,286,000
Other deposits...... 182,600,535
Bankers' accounts. 132,081,108
Other accounts^..
50,519,427
Govt, securities
158,772,838
Other securities..
29,517,332
Disct. and advances
6,545,387
Securities
22,971,945
Reserve notes & coin
23,521,000
Coin and bullion..
1,951,048
__
Public deposits
.
Proportion of
609,540,214 520,569,938 497,783,123
22,680,533 23,279.442
9,490,153
158,534,081 125,759,766 148,164,961
106,263,011 89,578,164 113,424,374
52,271,070 36,181,602 34,740,587
152,857,838 112,611,164 114,671,164
28,025,064 31,387,373
24,770,241
9,606.572
3,272,621
6,857,037
21,497,620 21,168,027 21,780,801
21,569,295 26,489.566 29,728,518
1,109,509 247,059,504 327,511,641
503,877,456
9,809,864
132,485,284
95,490,557
36,994,727
110,204,887
18.8%
2%
16.60%
2%
84s. UHd.
84s. 11 Hd.
11.9%
2%
12.1%
Bank rate
2%
....
Geld val, per fine oz.
168s.
17.7%
2%
168s.
148s.
6d.
6,445,380
20,146,013
23,643,889
327,521,345
sight, compared with
has been between
There
activities.
was
only the usual modest trading
in
Washington sold last Monday
$100,000,000
discount bills
awards
at
were
annual
0.094%
discount
bank
New York Stock
due
average,
a
further issue of
in
and
days,
91
computed
Call
basis.
The Treasury
loans
on
on
an
the
Exchange held to 1% for all trans¬
actions, and time loans
were
134% f°r 60 and 90
days, and 1}4% for four to six months.
a range
of between $4.03% and
$4.03y2 and $4.04, compared with
of between $4.03% and $4.04 a week ago.
range
Official
merely carried along from previous
in bankers bills and commercial paper.
for sterling this week
The range for cable transfers
$4.03% last week.
rates
quoted
by the Bank of England
unchanged; New York, $4.02%@$4.03%;
Canada, 4.43-4.47 (Canadian official, 90.09c@90.91c
on
were
is held under
$40334 and $403% for bankers'
between
been
has
Money Market
DEALINGS remained York Money modest, this
week,
the New exceedingly market, and
again
pound
The range
the official rates.
continue
rates
The
throughout the entire sterling area.
Quotations for the free pound closely approximate
a
New York
sterling exchange is limited and
feature.
control
,
26,591,393
reserve
to liabilities
strict
Sterling Exchange
States
United
per
New
3.2280;
3.2280@3.2442.
commercial bank rates for official
4.02
at
3.2150@
Australia,
dollar);
Zealand,
American
sterling continue
In London, ex¬
buying and 4.04 selling.
change is not quoted on Germany, Italy, or any of
the invaded
change
on
In New
Government order.
quoted
tries due to the June
on
York, exchange is not
of the Continental European coun¬
any
on
Exchange
Since July 26 ex¬
European countries.
Japan and China has been suspended by
14 Executive
freezing order.
Japan and China has been similarly
suspended since July 26.
New York Money Rates
The financial situation in London was dominated
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
ruling quotation all through the week for both new
loans
and renewals.
continues
Rates continued nominal at 134%
quiet.
to 90 days and
up
The market for time money
134% for four to six months'
The market for
maturities.
prime commercial
continued active this week.
has
been available in
been
good.
Prime
paper
paper
has
good volume and the demand has
Ruling rates
are
%@%% for all
ma¬
turities.
this week
The
China, under the guise of
of this
seas
Britain.
very
good but the supply of prime bills is
rates
as
days
are
light.
very
reported by the Federal Reserve
and including 90
%% bid and 7-16% asked; for bills running
for four
Friday Japanese assets in the United
States estimated at about
$138,060,009
were
months, %% bid and 9-16% asked.
The
buying rate of the New York Reserve^BankJs
34% for bills running from 1 to 90 days.
ordered the
the
freezing of all Japanese assets through¬
British
blocked
Empire.
■'
'
■
■
' r
Discount Rates of the Federal Reserve Banks
by both
in
Governments,
reach of
tory.
At
the
request
British and
order to
place
United
them
of
were
the
like¬
States
beyond the
Japanese agents in occupied Chinese terri¬
Great Britain also denounced its 1911 trade
treaty with Japan, the 1934 commercial agreement
between
India
and
Japan, and the 1937 Burma-
Japan trade agreement.
On
Monday the Netherlands Indies suspended for¬
eign exchange transactions with Japan and placed
all
exports to Japan, Manchukuo, China, and French
Indo-China
'
frozen
by Executive order. The following day Great Britain
months, 9-16% bid and 34% asked; for five
and six
bill
reprisal by the United States and Great
Last
Chungking Government, Chinese assets
THE market for prime bankers' The demand con¬
acceptances has
tinued
quiet this week.
Dealers'
policy of "joint defense"
possessions, brought swift parallel measures of
wise
Bank of New York for bills up to
a
largest and most important of French over¬
economic
out
Bankers' Acceptances
been
by the impact of events in the Far East.
acquisition by Japan of control of French Indo-
under
special license.
Japan of about 1,800,009 tons
Oil exports to
a year were
stated to
be
THERE have been of the Federal Reserve banks;
no changes this week in the
rediscount
rates
recent advances
in
on
Governnent obligations
the footnote to the table.
schedule of rates
of paper
now
shown
The following is the
in effect for the various classes
at the different Reserve banks:
are
jeopardized by the reported suspension of the
petroleum agreement between Tokio and Batavia,
a
report which
oil sales
were
the extent of
was
subsequently denied.
in effect
placed
on a
Though
day-to-day basis,
the oil export restrictions cannot be
judged until British and American policy is clari¬
fied.
'
.
The Commercial & Financial Chronicle
600
was
$129,000,000 in May. A decline in imports received
from Great Britain during May to $9,600,000 from
Monday, followed by similar
$15,000,000 in April reflected Atlantic shipping
Retaliatory freezing by Japan of American and
assets estimated
British
placed in effect on
action
at nealy
$500,000,000
against Netherlands and Netherlands East
losses.
Reversing the previous trend
Indies assets.
British economic
the effect of
experts expressed the view that
strongly applied British and American
sharp warning to Japan against further ag-
a
as
it is
Translation of the vast potential
moves.
threat into
crushing economic pressure will depend,
believed in these
now
British
circles,
on
the
policy pursued by Japan in the light of this warn-
Actual oil exports to Japan and withdrawals
ing.
of
Japanese funds permitted
under the licensing
system will be watched for an index of the effectiveof the latest invocation of economic sanctions,
ness
Great Britain is
the pace
any
short-term banking funds.
The London money market continues easy. Call
is available at 1%. Bill rates are as follows :
two-months bills, 11-32%, three months bills,
money
11-32%, four-months bills 11-32% to 11-16%, and
six-months bills, 13-32%.
The Canadian dollar advanced 6 points
day to finish at 88.50 on the day.
Japanese shipping lines."
facilities.
are
allowed to pass
war-
Vessels with
through British
use
British port
While withdrawal of the warrants will
British
ports throughout the world, it will bring
them under closer British
appoint
scrutiny and control.
Churchill
Prime Minister
on
July 29 refused to
Minister of Production inasmuch
a
three present
Ministry, and War Office
the
functioning effec-
are
tively. He denied that the efficiency of labor
duced and
as
supply departments of the Admiralty,
was re-
pointed out that less than 2,000,000
man-
days have been lost through labor disputes in 23
months of war,
whereas during the last two
of the World War
of
nearly 12,000,000 man-days.
factories, he said, British
war
that
German
broken, but warned of
air
By dispersion
industry has
immunity from mortal damage by
He asserted
years
stoppages and strikes caused the
enemy
around $200,000,
demand from that
superiority has been
invasion attempt by Sept. 1
an
TT
.1
Oi
1
this
week
A
x
States support
by such
measures
Axis-COnnected
that
-1
Passenger automobile production in Canada dur-
ing 1942 will be limited to 44% of the 1940 output,
it was announced on July 29, in order to provide
steel, alloy steels and iron for war needs. Gasoline
ration cards
rapidly
increasing
•
.
six
American
...
,
firms, requisition Of Shipping, and
.
W
l
A
blockade.
facturers in cooperation with Dr. George Hilton,
oils administrator under the Canadian Wartime
Prices and Trade Board.
Montreal funds ranged during the week between
a discount of 11%% and a discount of 11 5-16%.
j
The amounts of gold imports and exports which
follow
are taken from the weekly statement of the
United States Department of Commerce and cover
the week ended July 23, 1941.
inflation has not been
measures,
/
imports
ore and base bullion
Exports
601,444
$1,843
3,226,915
1,210
$4,828,359
Refined bullion and coin
$3,053
I
Total
^
—
-——
Detail of Refined Bullion and Coin Imports
.
C3»H3u£i
«53134
venezueia™II"I""~I""IlII"I""I"IIII"III"III
' 42!osi
.„!0Chie2J.,S162'784 Canada' $269,460 Nicaragua, $390,487 Mexico,
5298,159 Chile, $106,692 Peru, $146,401 Venezuela.
Gold held under earmark at the Federal Reserve banks increased
London financial circles feel that the
control
South
countries, has greatly strengthened the
economic
Some replace-
soon.
placed a strain on shipping facilities, by domestic
animal fats has been agreed on by Canadian manu-
of
1
±>ritlSll
to be issued
months
control, blacklist
large purchases of strategic supplies from
•p
are
ment of imported oils used in shortening, which
G0ld imports and exports, july 17 to
23, inclusive
during the past
export
as
The year's high of 89.00
source.
June 4 and the low of 82.25 in
experts in the Ministry of Economic War-
declared
United
on
January.
prompted by "gambler's desperation."
British
recorded
was
won
air raids,
These purchases were stated to be
about double the usual weekly
requirements.
prevent Japanese ships from entering or leaving
fare
Tues-
on
On Wednesday
since June, due largely to "covering" operations
"steps have been taken to withdraw ships*
"contraband control" lines and to
of
the
by the United States Post Office to meet month-end
such warrants
loss
1940,
the Canadian unit reached 88.62, the highest level
rants from
Air
in
Thursday Foreign Secretary Eden disclosed
On
not
$804,200,000
mili-
primary burden of
tary effort resulting from their application.
that
of
import of $15,192,000 from Canada and $8,000,000
from Latin America, principally in the form of
looking to the United States to set
in applying such sanctions, since the United
States would bear the
and
closed, the net capital outflow from the United
States in the last two weeks of April was $20,475,000, with export of $58,820,000 to Europe offset by
present time that the measures are intended
gressive
$1,195,635,000
United States Treasury Bulletin for July 27 dis-
However, it is thought
industry within six months.
at the
of capital, which
moved to the United States in 1939 to the extent of
cripple Japanese
be to
would
sanctions
economic
Aug. 2, 1941
danger of
adequately met, despite price
and urge that since wages and
incomes cannot be
during
the weekended July 23 by $11,235,696 to $1,944,513,695.
Referring to day-to-day rates, sterling exchange
Saturday last was $4.03%@$4.03% for bankers'
on
effectively controlled, spending
should be curtailed through total rationing
throughout the national distribution system. The
sight and $4.03%@$4.04 for cable transfers. On
Monday the range was between $4.03% and $4.03%
increasing extent of inflation is
transfers.
power
seen
in the steady
for
bankers'
sight
and
$4.03%@$4.04
On Tuesday bankers' sight
expansion of currency circulation since the end of
$4.03% and cable transfers
April to
Wednesday bankers' sight
ended
a new
July 30.
Figures
States
to
the
peak of £658,430,000 during the week
cable transfers
published
last
Friday by
United
the
Department of ICommerce show that exports
British Empire
during May amounted to
the
$247,000,000,
Imports
or
from
the
about 64% of this country's exports,
British Empire countries totaled
range
was
were
was
was
for
cable
$4.03%@
$4.03%@$4.04. On
$4.03%@$4.03% and
$4.03%@$4.04. On Thursday
$4.03,%@$4.03% for bankers' sight
were
and $4.03%@$4.04 for cable transfers.
and
range
was
On Friday
$4.03% @$4.03%' for bankers' sight
$4.03%@$4.04
quotations
on
for
Friday
cable
were
transfers.
Closing
$4.03% for demand and
Volume
The Commercial & Financial Chronicle
153
601
Commercial sight bills
Latin America, Acting Secretary of State Welles
$4.00; 60- and 90-day bills are no longer
said the blacklist is "another step in blocking the
efforts of those who have sinister designs on the
$4.03% for cable transfers.
finished at
quoted.
'
,
.
j
i.
f
Americas."
v
r
.
Continental and Other Foreign Exchange
Exporters
required under Treasury regula-
are
HAERY L. HOPKINS, where he coordinator, tions tothe
lease-lend
London,
inquiring
giving include in their declarations consignee oath
and address of the a special and
flew
from
Moscow
was
Britain's
Great
into
most
urgent
name
needs, to
war
July 30, at President Roosevelt's direct
on
request, to discuss with Soviet officials ways to coRussian
ordinate
war
other
of
those
with
orders
governments and to expedite delivery of war materials
Russia.
to
President's
The
personal envoy
In view of penalty pro-
of the "ultimate consignee."
visions under the blacklist, traders have appealed
to the Treasury Department for
Clarification
term.
where
when
consignee's
a
also
is
definition of the
a
of
sought
name appears
procedure
the blacklist
on
States wTill
According to recent statistics of the Department
provide the Soviet Union with war supplies immedi-
of Commerce, the United States purchased $434,500,-
needed in the war
000 in Latin America during the first five months
assured Premier Stalin that the United
ately and for
with
long
as
as
they
are
of 1941, almost
Germany.
Following Finland's action in breaking diplomatic
relations with Great Britain
Government
was
on
July 28, the British
reported to be preparing to freeze
Finnish assets.
A
United States blacklist is
new
reported to be in
preparation covering individuals and firms in Euand the Orient, regardless of nationality, who
rope
are
serving Axis interests, whether or not acting
under German
or
Italian direction.
firms would appear on
ican
such
United States
list if they sold Amer-
a
supplies to blacklisted Axis concerns, thereby
obstructing
this
States
United
possession.
prevent
Government's efforts to
materials
from
falling
into
Axis
of the
$95,000,000,
were
means
of capital participation in French,
The Argentine
ficial
for such purposes as
the sale of their products or the
utilization of their
patents. In Paris
German
company
chemical
is
a
joint Franco-
said to
have
capitalized at 706,000,000 francs, to act as
a
been
sales
organization for the sale of German chemical prod-
France, and to take
German
chemical
over
Germancontrol
consolidating
various patents of
Another
trust.
of
the
method
of
industrial
capacity of occupied countries is the placing by Gerarmament
man
French, Belgian,
of
concerns
or
with
sub-contracts
Dutch manufacturers for the
production of equipment.
Sweden is
undergoing increased economic distress
hostilities, which have
blocked trade between Sweden and Russia and cut
few
sea
lanes.
material
and
In addition to the loss of its
coal
shortages
and
prolonged
drought.
■
peso
The Argentine of-
is pegged at 29.78.
at
The Brazilian milreis
Chilean exchange is
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 2O.701, against 20.70.
*
♦
'
nr»HE exchange and financial outlook of the Far
1
Eastern countries
states and British
obscured
was
by the United
Empire freezing orders of July
26, followed by similar action by the Nether-
retaliated
on
Monday.
The Japanese promptly
by freezing American, British, and Dutch
As
assets.
result of these economic
a
reprisals for
Japanese occupation of Indo-China, which are outijned
the
in
faces the
000,000
of
resume
sterling exchange, Japan
possible loss of silk exports valued at $100,-
a year
and finds its most crucial import, oil,
placed under special license.
the
indies,
source
petroleum products
denied
on
Japan
between
agreement
Reports that the oil
and
the
1,800,000 tons
of
a year,
Netherlands
of
oil
and
had been abrogated were
Wednesday, but it is believed that the
■■■■'-.
under the parallel action
applied against Japan
policy of the United 'States, Great Britain and the
Netherlands will
depend
on
Chinese assets
the
at
were
included in the freezing orders
request of the Chungking
Government, in
prevent Japanese use of Shanghai to ac-
On July 30 the Bankers
quire foreign exchange.
■-.'w
the military course set
by Japan.
order to
;
;
free market
or
nominally quoted at 5.17, against 5.17.
remaining markets, Sweden is suffering from
raw
:
unofficial
severity of the economic sanctions which may be
because of the German-Soviet
off Baltic
than in May, 1940.
5.15, against 5.15.
peso
closed
lands Indies
concerns
more
closed at 23.85, against 23.85.
25 and
ucts in
60%
over
in the 1940 period.
of
"joint companies" of German and local
during the whole of 1938.
as
Imports from Argentina, Uruguay, and Brazil in the
first five months of 1941 were $77,000,000 more than
Belgian and other enterprises and by the formation
the
much
--
occupied countries is reported to be proceed-
ing by
as
Purchases for May from Central and South America
'
Tightening of German control of the industries
;
♦
shipment is in transit,
a
EXCHANGE relativelyLatin American of trans- Foreign Exchange Committee announced the receipt
on the small volume countries by cable of British exchange control procedure in
shows
actions.
a
The Venezuelan
bolivar
declined
during
the week from 29.30 to 28.00.
Suspension by Japan of exports to Panama
announced
on
was
July 31, following the recent closing
Iff the United States of the Panama Canal to Japanese
merce
has
ships.
The United States Department of Com-
pointed out that this is the first time Japan
suspended exports to
try.
In
any
Latin American
coun-
releasing deletions and amendments to the
controlled
blacklist, issued
on
firms and individuals
Chinese accounts.
rules bankers
are
Under the
permitted to honor
con-
firmed credits opened prior to July 29 and to accept
and pay bills or drafts drawn prior to that date.
Japanese investments frozen in the United States
are
estimated at about $138,000,000.
American in-
vestments in Japan are placed at around $229,000,000, of which $117,000,000 in short-term
balances
and long-term investments were affected by the Jap-
;
United States
the case of frozen
British
July 17, of Axis-
doing business in
anese
freezing order.
American assets, however,
have been immobilized for two years by Japanese
change control regulations.'
ex-
,
The Commercial & Financial Chronicle
602
A number of
States
freezing
procedure
under the United
Such licenses specifically
order.
exempt the British colony of Hongkong, the
tional Government of
Daniel
ber of
Na-
China in this
affected
drhw
500
series
of
yen
by the order
coun-
month for living
a
Japan and China.
cident to
the
or
exporting of goods be-
blocked country other than China,
tional unless he is within
China,
rencies
have
States
July 26.
not
been
British
and
tions
available
Shanghai
since
the
cur-
The
United
freezing orders took effect
Shanghai
yuan
ing in the Shanghai
commercial
The
were
Monday.
or
was
When
Tuesday, the'unit
dollar
closed
uttered
It is time for
executive
on
29 points to 25.99 cents
rose
century and
a
quarter ago,
a
yesterday:
the
day and continued to advance, closing on
Friday at 25. 5/16.
Manila closed on Friday at
49% against 49.85; Singapore at 47% against 47%;
Bombay at 30.31, against 30.31; and Calcutta
30.31, against 30.31.
at
Congress to examine and decide for itself.
It lias taken things
trust long enough.
on
recommendation
till
finding safety in that path.
it
the duty of this people
the
resumed
was
than
more
trad¬
not quoted on Satur¬
trading
Congress of the United States.
"horse-and-buggy days," is still so apt and so
pertinent that it might with equal force have been
completed in terms
Hongkong
Friday last at 24.80, but
day
With
there
rights to its discretion?
for
the
treasure
and
to grant
now
On what
the
pursuits
failure
of
all
which
lives
of
past promises do
proportion to
we
been wasted
or
we
misapplied?
all in
we
see
any
British statutory rate,
Webster," National Edition, Vol. XIV,
in
the
principal European banks
fine ounce)
as
of
respective
These
dates of most recent
special
statements, reported to us by
yesterday (Friday); comparisons are
cable
shown for the
corresponding dates in the previous
four years:
of the
regarded?—"Writings
resonant
In
the
of
assurance
our
confifence
last to grant away
now at
principally
per
prepos¬
it?
have heretofore granted has
THE following table indicates the amounts of gold
bullion (converted into
pounds sterling at the
ll%d.
same
engaged
What is there in
protection
does
own
what pledge
the
our
that bespeaks a wise or an able Government?
evidence that the
important
its
the people,
to measure out
disgrace and
our
everything because all that
most
When it calls thus loudly
hitherto
have
Are
of
confidence to
new
merits of
does it offer that it will not waste
terous
hope
no
What is there, Sir, that makes
it rest this extraordinary claim?
in
It has followed
remains
Administration, and to surrender their
future performance?
Gold Bullion in European Banks
84s.
prop-
following paragraph, part of Mr. Webster's
argument of
unit suspended temporarily,
transactions
Hongkong.
5.47.
was
normally and
are
in the
on
On July 25, the last date for which quota¬
available,
yen
checks
were
23.69
the
legislative discretion that
large
powers
erly entrusted to the elected representatives who
.
were
and
on
0f
authorization in any
in important matters to exercise the
form the
Quotations for the Japanese and
on
na-
any
or
within Manchuria.
person
of
its
behalf of
or on
application whenever Fed-
eral executives demand
way or
any
The
defeated, but the argument
which he made has clear
behalf of
on
upon
largely excessive and beyond
were
bill that he opposed was
parts of China other
general license, provided they are not
proposed to be conferred
powers
prQpriety of legislative delegation.
power or
Manchuria have been made the subject of a
than
any
cretionary
^jie President
All transactions ordinarily in-
importing
the great ex-
pounder of the Constitution believed that the dis-
Hawaii, the Philippines, and
the United States and
tween
A con-
and, although it had been
extensively modified in committee,
general licenses is designed to facilitate
transactions between
Dec. 9, 1814.
on
partment and transmitted with urgent recommenda-
One
expenses.
Representatives
tions for its enactment
permitted to
are
Mem¬
a
gcription bill had been drafted in the executive de-
try since June 17, 1949 are likewise exempted and
nationals
Webster, serving his first term as
Congress, spoke with bold confidence in the
House of
China, and the Central Bank
Nationals of Japan or
of China.
Congress Must Resume Its Authority
general licenses were issued by the
governing
Treasury
Aug. 2, 1941
is the object
country
Speeches
and
condition
What is the
of Daniel
59.
p.
questionings must have vibrated
responsively in that
where
space
no
sound is
lost when Hatton W.
Sumners
of
April 28 of the present
Representatives
on
arose
ever
in the House
year.
Mr. Sumners represents a region that was Mexican
Banks of—
1941
1940
1939
1938
1937
and
£
£
£
£
£
and
England
*986,645
242,451,946
3,867,600
63,667,000
x.
Spain
63,667,000
16,602,000
97,714,000
132,857,000
Italy
Netherlands
Nat. Belg'm
86,730,000
41,994,000
6,505,000
6,667,000
.
6,667,000
6,666,000
698.085,091
700,454,625
698,063,873
700,529,453
84,758,000
41,994,000
.
Total week.
Prev. week.
Note—'The
war,
94,083,000
94,400,000
98,447.000
34,222,000
6,505,000
Norway
from
17,440,000
97,714,000
132,857.000
*141,542,742
311,709,184
3,836,050
63,667,000
23,400,000
6,505.000
Switzerland
Sweden
Denmark
242,451,946
3,882,500
France y
Germany
*561,079
many
war
in
327,511,641
293,728,209
327,521,345
293,037,744
2,524.000
2,487,600
63,667,000
25,232,000
123,393,000
83,505,000
87,323,000
25,232,000
104,823,000
111,440,000
83.479,000
29,226,000
6,539.000
in
7,442,000
6,602,000
6,549,000
878,527,976 1,074^07,850 1,067,464,689
878,353,432 1.074,170,776 1,070,084,045
this
tabulation.
Even
before
the
present
regular reports
*
as of
Pursuant to the
Currency and Bank Notes Act, 1939, the Bank
statements for March 1, 1939, and since
have carried the gold
at the market value current as cf the
of England
holdings of the Bank
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
£1,951,048, equivalent, however,
about £986,645 at the statutory
rate (84s.
calculations.
as
to
only
11 J^d. per fine ounce),
according to
our
In order to make the current
figure comparable with former periods
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 The Bank of France gold holdings have
been
years; on
revalued several times in recent
basis of latest valuation (23.34
mg.gold 0.9 fine equals one
tuted March 7, 1940, there
are
per
Union
the
to
tion Mr. Webster served
under John
Secretary of State.
as
orator
an
Mr. Webster
as
he
probably
would
not
attempt
rhetoric if he could—but he is
a
such
This
was—
flights
of
great patriot and
a
great statesman, and he speaks from the rich experi¬
ence of 28 years in the halls of
Congress, much of it
spent as Chairman of the important Committee
the
on
Judiciary.
Observing that during a long period,
which
unhappily continues, Congress has not fully
occupied its constitutional sphere, Mr. Sumners
spoke, in part,
as
In great crises
follows:
of the past—and
great crisis—members
ous
that
council.
during
we
of this great
We must do it
a great many
now.
years
certainly confront
a
body have met in seri¬
Notwithstanding the fact
the Congress of the United
States has not been, in a constitutional
sense,
the body
where the public policy of the Government
is fixed.
I have
a
pretty definite notion
that
franc), insti¬
British statutory pound about
349 francs; prior
7, 1940, there were about 296 francs per
pound, and as recently as Septem¬
ber, 1936, as few as 125 francs were equivalent to
the statutory pound
For details
of changes, see footnote to this table
in issue of July
20,1940.
to March
admitted
was
able Texan is not
25,880.000
Europe has made it impossible to obtain
up-to-date reports
of the countries shown
that
Tyler, during the first half of whose Administra¬
104,530,000
were not obtainable from
Spain and Italy, figures for which
April 30, 1938, and March 20, 1940,
respectively.
The last report from
France was received June 7;
Switzerland, Oct. 25; Belgium, May 24;
Netherlands,
May 17; Sweden, May 24; Denmark, March
29; Norway, March 1 (all as of 1940)
and Germany, as of July
11, 1941.
are
Spanish when Daniel Webster entered Congress
responsibility, not in
but
with
any
self-respect,
purpose to help.
.
.
.
Congress
antagonistic
consciousness
But it
seems
of
to
must
or
assume
responsibility,
me
that
combative sense,
and
perfectly evident
Volume
that
The
153
that
crisis
the
confronts the country
now
public opinion can con¬
the best which
and
develop,
can
challenges
responsibility,
conscious of its
the best which the Congress,
tribute.—"Congressional Record," April 28, 1941; p.
3429.
France, early during the second
and for almost two decades
the fundamental truth
people that
the
representatives freely acting as a delibera¬
daily brought home to the French
was
the
when
elected
tive
power
of legislation is taken from
body, or surrendered under pressure or persua¬
sion
liberties of the
feebly held at
self-perpetuating execu¬
by those representatives, the
people have either disappeared or are
the will
and
pleasure of a
Albert, the royal consort of
The wise Prince
tive.
Queen Victoria, found an
appropriate and epigram¬
people at that time, a situation from
the French
they revolted with violence, destroying the
which
autocratic
in
has not ventured to press, even
United
in the
available
had made the
to
maintain
his
The
power.
How
That,
the
freedom, Napo¬
French the spectators of their own
Vcmdam,
D.
patriotic Americans of capacity and
many
forthright
the
straight¬
and
of
confidence
full
the
Congress
and
the
and
country.—"Congressional Record," May 28, 1941; p. 4665.
Presented in
Senate much more than two-thirds
a
Democratic, with 69 Senators present on the floor,
this resolution could not be passed.
The few who
that
should
it
selfish purposes
their
with
ready and anxious to do so, have
feel, since 1933, that they are "spectators
When they do not feel
government"?
own
even
become the subject of debate.
Certainly
by whom it had been pro¬
posed asked that it be allowed to "lie on the table,"
still
where it
reach
unobtrusively sleeps, but it did not
Committee
Relations,
Foreign
on
Senator Walter F.
certain to
was
until the Chairman of the
destination
that
cussion
to
as
President on the 27th instant, it is
Senate that the President was right
the
the
it
of their
of
sense
deserves
of
informed
being
forward address by the
parts in the great tasks of self-government, and
come
That resolution reads
follows:
character, abundantly qualified to bear fully
no
possible after the radio address of May 27
White House.
the
In the end the Senator
"Undercurrents of the
EmpireLondon, William Heinemann; 1897; p. 295.
government.—Albert
Second
President, which he offered on May 29, last,
as soon as
from
in the Senate of the
States, the simple resolution of confidence
might have supported it dared not press it to a
by depriving France of her political
III
opposition, it may prove to be .with a lack
unity that must be unfortunate and threatening
the extreme.
Senator Claude Pepper of Florida
of
vote, and those wisest among them were unwilling
forces
leon
"spectators of
military reverses weakened
Prince Consort said that:
...
as
government and deposing its arbitrary
moment that
the
head
If,
government" they are taken into a war
own volition but by leadership stronger
own
not of their
phrase in which to describe the situation of
matic
the
sition to warlike intervention.
their
than their
half of the
nineteenth
century, executive usurpation seized
upon the policy-making and law-making functions,
In
603
Commercial & Financial Chronicle
the
able
very
George of Georgia, had said that
provoke long and "regrettable" dis¬
"productive of
no
good," and that it "would
promote no spirit of national unity to throw this
matter
to discussion" at this time.
open
Finally,
appearing to recognize the situation, Senator Pep¬
that
they
they
are
not being excluded because everything is
ticipated except formally, with a few words, in¬
so
well that there is no opportunity for im¬
cluding these:
going
being helplessly victimized.
are
provement and no need for additional or wiser coun¬
sel.
clear-headed citizen of
'Certainly there is no
the United States who does not at
once
recognize
applicability to the present conditions in this
the
country of the words that Daniel Webster found it
necessary
to speak while the Nation was in peril
If the country is presently
it is daily told that it is by the Secre¬
during the War of 1812.
threatened,
of
taries
as
War
and
Navy, with the at least tacit
approval of the President, it is not in condition to
meet the threatened
condition of
attack, its attempts to realize
a
adequate preparation are not proceed¬
ing satisfactorily. Vast sums of money are being ap¬
propriated and spent for armaments and munitions,
there
but
is
no
sufficient
endeavor
to
effect off¬
setting economies in ordinary expenditures and even
the defense
be
to
expenditures themselves do not
intelligently coordinated
or
appear
otherwise wisely
Possibly the Prime Minister of England is not
always a reliable authority upon American affairs,
but there
are
times when he
seems
to have extraor¬
dinarily accurate sources of information in Wash¬
ington or to exercise a strangely acute transatlantic
vision.
on
He told the House of
Commons, in London,
Tuesday of this week, that the United States:
...
is advancing in
very verge
rising wrath and conviction to the
of war.
time, but if he does it is
still true, as
every
intelligently conducted poll of public opinion demon¬
strates, and there have been many of them, that the
majority of the American people remains in
If
Senate is
the
not
so
unified
allow the disunity to proceed
go more
that
it
can
speak those
there may be nothing to do, of course,
sentiments,
but to
and the country, perhaps, to
rapidly toward the abyss which it approaches with
gaining speed each passing day.
Those
Senator
are
Pepper's words, not
do not make them ours,
we
grave
lar
ours,
and
but they do point to
a
Popu¬
emanation from the
condition that cries loudly for remedy.
government cannot be an
Representatives in Congress, and
top downwards.
Senators,
the immediate representatives through
are
citizenship participates in its own self-
whom the
Every citizen has the unquestioned
government.
right to be effectively, continuously, and indepen¬
dently represented by his representatives, and by all
No
of them.
representative is ever entitled to abdi¬
authority delegated to him, to evade his
the
cate
delegate it to any other person or
to
exercise
or
in any manner involving significant and
discretion,
controlling
executive
of anyone
own
dictation
or
much less to
to
bend before
substitute the judgment
else, even that of the President, for his
judgment.
It is only through such independent
representation that any modern people can be free
and
tions
self-governing.
are
Moreover, the present indica¬
strong that this republican
cratic system
and demo¬
is the only method under which it is
possible to achieve efficient and wholesome govern¬
Perhaps Mr. Churchill states the fact correctly
this
closed the incident, in which no Republican par¬
persons
planned and executed.
•
per
oppo¬
ment of any
sort.
Daniel Webster
ners
is right;
^
was
right, and Hatton W. Sum-
the American Congress must
the functions and
resume
authority that it has for too long
permitted to remain in abeyance or has weakly sur-
The Commercial & Financial Chronicle
604
rendered to the executive
always to be the agent
department, which ought
servant and
or
can
never
safely be allowed to become the master.
1
issues
previous
cost
have
we
dealt
the lagoon side.
on
Congressman Vinson
an-
nounced last February that the Crown lands required
would be allocated gratuitously and that it would
■
Bermuda and Some Other Bases
In
also
Aug. 2, 1941
with
'
British
only about $2,000,000 to buy the balance of the
desired property
belonging to private parties.
other terms he outlined
The
part of the pact, including
as
Antigua, in the Leeward, and St. Lucia, in the Wind-
the use of the British naval docks and shops, paying
only for wear and tear, also indicate a genuine desire
to extend facilities to enable us to establish, fortify
and protect a highly useful vanguard base of operations which obviously will take considerable time
ward Islands.
fully to develop.
Guiana, Trinidad and Jamaica—three of the eight
hemisphere possessions in which our
British western
bases
new
located.
are
Bermuda,
namely,
turn to four
more,
now
in
the
Bahamas,
.
Bermuda's
remarkably fine all-year-round climate
has made her famous
consider it
We
Mayaguana,
this continent.
on
of the most
one
Many of
delightful climates in the
world.
The average annual temperature is 70.
summer
it is
The
spring
rarely
90
over
coral has erected
a
an
The base of Ber-
extinct volcano
which
over
huge structure, making it,
as some
claim, the most northerly coral island in the world,
The coral
reef, except for two
surrounds it
three
or
completely—close in
east, and forming a large atoll
on
which encloses
an
lagoon with
a
miles.
the south and
the north and west,
of 150 square
area
/
islands
The
form
roughly
species of fishhook,
a
The prin-
cipal port is Hamilton, which, however, is not
large and is difficult of approach.
pamphlets
on
Bermuda there is
an
In
very
of the
one
interesting account
by Captain H. Jeffries-Davis of the Queen of Ber-
muda, explaining the problems facing
a
ship-master
who, bringing his ship through the opening at the
eastern end of the
lagoon, proceeds through
of channels—some of them
Harbor.
ton
care
and skill
series
exceptional
required, because of the reefs, the
are
channels, the currents, which
narrow
a
quite narrow—to Hamil-
He makes it evident that
are
islands became known to Europeans they were uninhabited. An old map bears witness that the Spaniards knew of the islands in 1511. Plans were laid
settlement
a
early
as
as
1527, but nothing
came
During the 16th Century Bermuda had
of them.
a
bad reputation, due mostly to the danger presented
by the reefs to the unwary mariner.
referred to as the Isles of the Devil.
Bermuda
was
■
Apart from some castaways and three groups of
shipwrecked mariners who stayed only long enough
to build ships to take them away, the islands remained uninhabited until the second decade of the
17th Century, when the mishap of the last of those
;
three line-holes for good measure.
with
breaks,
narrow
on
Bermuda takes pi/ide in always—since settlement
began—having been under British rule. When the
74 to 80,
summer
fall 70 to 75 and winter 66 to 68.
muda is believed to be
In
in the winter below 50.
or
from 64 to 71,
averages
us
sometimes
groups led to an organized venture in colonization by
the British. Presently, and until 1684, the colony
wa^ under the auspices of a chartered company.
In
*620 the colonists were allowed a representative
legislature, which fact is the foundation of its claim
to be the oldest self-governing colony in the British
Empire. The corporate enterprise proved, however,
unprofitable, in spite or because of monopolistic and
oppressive practices.
tives
was not
The assembly of representa-
allowed to
convene
for the last ten
years
of the company rule. Fortunately for the colonists,
the company sold much of the land to them and it
may
be added, parenthetically, that their descend-
strong and always variable, and, on occasion, the
robust winds.
At the eastern end lies the other prin-
ants have held
cipal port and land-locked harbor, St. George, which
is approached from the open sea but only by smaller
London court proceedings at the instance of the
spirited colonists, and Bermuda became a colony
vessels.
of the Crown, though not technically
Colony, as the representative Assembly
as
the
or
any
near
-
Indeed, the
largest
very
cruse
Bermudan port, but anchored in
and other
naval
made last Novem-
was
estimated last
around Castle
end,
George Harbor.
use
or
a
area,
515
acres
some
about 4% of the total
area
is located in and
landlocked body of water
a
and
communicating
end, not
from White
very
diate
our
However,
causeways
and bridges,
tablished.
as
are
in
lature
answer
our
little work
some
well
so as to
as
imme-
Government
has
dredg-
the alterations of
make Castle Harbor
larger craft not only from the
sea
but
annulled in
was
a
an
composed
Council of nine, and
elected members.
of
a
rees-
An
Executive Council of
charge of the administration.
is
Crown
was
This system continues today.
The
appointed
an
ap-
seven
Legis-
Legislative
House of Assembly of 36
The arrangement is not unlike
that of the British Parliament, though because of
manhood and property qualifications,
certain
lack
thrift
of
on
the
as
well
as
a
part of the laboring
class, only about 8% of the population—estimated
in 1939 to be 31,661—are voters.
There has been
pronounced dissatisfaction with this regime, except that there has been a small but persistent
no
woman
with
suffrage movement, which
success
at
any
time
as
authorized, at the start of this
been granted the right to carry out extensive
ing and filling operations
accessible to
Navy
war.
bases could be made to
purposes.
St.
far from the Brit-
Island, which
It has been indicated that with
very
new
with
of two small islands in the Great
occupied during the last
the
a
garrison
The United States has also been
Sound at the western
ish naval base
or
The leased
Harbor,
east
granted the
February that
required,
of the islands.
the
the sites
years
rights for landplane and seaplane bases,
station, explosives depots and
of land would be
near
deep spot
to it with exceptional tenacity,
pointed Governor and
Pursuant to the lease agreement
area
a
the eastern end.
ber, the IJnited States acquired for 99
It
ships, such
Aquitania and Europa, did not enter the reefs
on
In 1684 the company's charter
may
the
be crowned
Governor
war,
was
to grant the
vote whenever he found it advisable,
About
60% of the
colored people.
good
manners,
population is
composed of
They have been notable for their
intelligence, clear enunciation of the
King's English, lack of interest in bright colored
articles
of
apparel
and
contentment.
The
latter
trait they have long shared with their white neigh-
-
Volume
bors, for
aderunning days of our Civil War, until near
18th century commentators
Bermuda
consensus is
has been pretty;
The
happy."
but
"poor
that the relation between the races
mutual respect,,
though the color line is drawn, even at the Gov¬
ernor's receptions, where the colored guests manage
to segregate themselves notwithstanding consider¬
able mingling, solely on the initiative of their white
acquaintances.
1
\
An outline of the economic history of Bermuda
characterized
and
amicable,
by
r
far to explain this relatively
goes
agri¬
tried hard to interest the Bermudans in
ernor
cultural
of
such
produce
as
cotton,
sugar
encouraged elsewhere the
plantations, achieved little real
tobacco, &c., which
cane,
creation of extensive
Bermuda.
in
success
In
agriculture as
fact,
an
left, in the early-days, to those
not adapted to callings requiring more dexterous
craftsmanship or more spirit of adventure.
This
occupation
was
the slaves who began
years of the arrival
stronger and more intel¬
practice was applied even to
to be introduced within six
The
of the first settlers.
ligent^^ among tliein were trained
in the various ramifications
An admixture of
sailors.
craftsmen, mainly
as
tables and
to
of shipbuilding, and as
Indian blood derived from
a
yard, fishing for local consumption, agriculture for
on
bases
our
are
ministering to the wants of her residents
on
those of the
80% of the Colony's revenue from outside sources.
1939, according to British figures, 56,625
In
in that year
apiece
The islanders' chief
last
the
of
became
after the
decree
as
foodstuffs
to the twenties
and sail
trade trans¬
"royal fish" was so demoted by
of all, in whale
came
near
Revolutionary
made with the
to
up
shipbuilding
be the legitimate prey
to
Bermuda's
fishing.
the
were
salt from the Bahamas to America, and
proficient mariners in the carrying trade
porting
and,
industries,
century,
They developed a considerable
making.
some
extent
Bermuda to
dependence
to
on
America for
costing her dearly during
But arrangements were
War.
Americans, which apparently were
overcome
her larder deficiency.
allowed to trade with the
of which some
acres,
the
option
years
exercise
granted it to extend the regime for six
system of "apprenticeship." At the time
by
a
of abolition
When
ernor"
the
substantially
William Reid,
came
islands.
every
family held slaves.
known as "the good Gov¬
in 1839 there were
He
promoted
only two plows on
the
development
of
zeal and foresight.
With
its aid, and the direct and indirect benefits derived
from the building and maintenance in Bermuda of
agriculture
with great
important fortifications, as well as naval dockyard
including their numerous personnel, by
facilities
the
of
to
Imperial Government, reinforced by the spirit
contentment which the delightful climate seems
engender, the Bermudans
did well enough by
activity has been agri¬
of the island is about 11,700
1,400 acres are cultivated.
fertile soil, best
is
so
very favorable that vegetation flourishes very
rapidly, and two or three annual crops are obtained.
The number of properties producing for market was
spite of the not particularly
In
adapted for the growth of esculents, the climate
than
Less than 20 of them contain more
1939.
20
on
by tenants
carrots,
and cabbages.
their bulbs
berries
and flowers.
Bananas and straw¬
good quality are produced for the local
There are also approximately 3,500 acres
of
market.
confined to winter vege¬
celery, tomatoes, onions,
Easter lilies are cultivated
to a great extent
chiefly
.potatoes
for
practically all the farming being
on small properties.
The
acres,
crops are
land of low grazing value.
y'y'
;
trade is relatively salient as the island
to procure elsewhere a large part of its
of pasture
The import
had
has
food
supply, and in the absence of industries and
wealth, most of its other requirements.
value of the foreign trade for the three years
mineral
The
1937 to
The
1939 was:
Exports
Imports
—
-
£2,183,151 Y.
1,906,088
1,751,536
£179,735
133,990
115,656
proportions of Bermudan exports taken
during those three years were:
by
her customers
1QQ7
Canada
United Kingdom
the
1QQQ
43.6%
<v;
48.1%
43.8%
; 5.7%
2.4%
1.6%
West Indies
48.8%
5.2%
2.4%
the table indicates, the United States
chief purchaser from the point of view of
In 1939,
was
1 Q'JO
36.7%
56.8%
4.5%
United States
The Bermudans could not meet this com¬
petition by much more cheaply built vessels and the
and the Assembly decided not to
The great bulk of them
United States, but the number of
The next most important
ports.
ished,
In addition 25,437 visited
culture. V The total area
British West Indian
prosperity of their shipping; began to wane.
It
received its quietus when in 1834 slavery was abol¬
tourists
of 10 days
Canadian tourists had been increasing.
Her
renewed impetus after
the Revolutionary War and progressed through the
War of 1912, until in 1822 when American ships
19387
an average
It is estimated that altogether
£1,500,000.
the
from
condoned by Britain and enabled
shipping industry received
were
trippers.
they spent
were
and spent
the islands.
on
cruise
as
tables,
located.
her economy has been centered
and to
tourist trade.
The last alone produced
export and local needs,
pigmentary and other effects, noticeable particularly
St. David's Island, where an important part of
Cromwell's
from
Save for two perfumery factories,
building plants, the Naval Dock¬
few small boat
carried
received
of Bermuda has not been complex
broadly based.
350 in
Pequots exiled by
blood
interesting proportions.
assume
Massachusetts, and of white
Irish exiles, had
the
century when
The economy
nor
the
the trade in winter vege¬
the business of catering to tourists began
turn of the
came
pursuits, and succeeded to a limited extent,
cultivation
the
good feeling be¬
Though the first company Gov¬
the races."
tween
incidently surviving the hectic block-
themselves,
in the least prosperous times of the
found the population of
even
605
& Financial Chronicle
The Commercial
153
as
value-—celery, winter potatoes
and lily bulbs being
principal acquisitions.
Canada, however, was
easily the first as a quantity buyer, taking 80.8%
of all the vegetables exported.
^ ;
A news item of last week reported that the housing
its
problem brought about by the influx of workers
the American bases was to be made the subject
at
of
investigation by the Bermudan
residents had either
or
forced to pay
Assembly.
Some
been turned out of their houses,:
150% higher rents by their land¬
lords, anxious to rent their premises to Americans
confronted by the acture housing shortage.
Evi¬
the building and other operations
solve some of the acute eco¬
problems facing4 Bermudans in these war
dently much as
at our
nomic
bases may help
The Commercial & Financial Chronicle
606
times,
the
resulting dislocation of
and ways,
well
as
their
scale, of life
as
pecially hard
economy
few others.
a
At
ment will need about 960
easterly situated
20
The
pur¬
announce¬
Bahamas,
and
from
miles
the
extreme
end
eastern
of
About 15,000
Special
vation
local
Cuba.
has
effort
during the last four
vicinity of Florida to about
total
five
or
to assist in
is
solving
made,
The bay is
volved—from
particularly
to develop culti¬
years,
To that end the
cooperating in various
ways
aspect of the problems in¬
every
for
under cultiva¬
acres are
been
by small farm holdings.
Government
19378
(68,980 acres)
area
private parties; much of it is in large
plantations.
south¬
islets, which extend in scattered formation
numerous
about 800 miles from the
part of the
greater
held by
is
tion.
larger
1940
35,527, composed largely of colored people.
was
of land to carry out
one
the
of
1939,
of the most
acres
The island is
plans.
50
bay for naval
a
and, according to last February's
poses,
its
of
use
and in
years
The estimated population as of Dec. 31,
measures.
Mayaguana Island in the Bahamas, the United
States is to have the
times of recent
the British Government undertook to finance relief
create not
may
Aug. 2, 1941
marketing produce.
described as a large bight, deep enough
seaplanes and small ships but obstructed by a
dangerous reef.
It has been regarded
not im¬
as
probable that, since supply and other vessels would
have
lie
to
marines,
off
shore
other
some
ally be selected.
north
miles
base
to
an
island in the
At
Windward
foothold
a
on
Guantanamo
at
important channel of
any
and
Bay
Jamaica,
to the Caribbean.
access
colony known
as
the
government of the
the Leeward Islands.
Crown Colony administered
a
even
legislative branch by appointed officials.
situated 197 miles southeast of
The
is
area
and is
line
coast
108 square
our
miles.
It has
hilly, though
a
and
—long
There
periods' of
are
drought
being
infrequent.
not
beautiful bays and beaches.
many
tigua, long off the beaten track, has become
and
store
American
repair
equipment
Airways.
A
few
depot
of
of
the
a
An¬
station,
the
tourists
Pancruise
ships had also begun to stop at the island.
commercial port
The
is at St. Johns, the capital, which
the leeward side of the island, though
the harbor is not
vessels,
coast—long
has
a
deep enough to permit
and
English
Harbor
miles
anchorage for
a
from
St.
Johns.
It
few
hours
affords
good
With
depot available at St. Johns, the
notice.
a
land
Our
however, have been estimated
at
seaplane base
requirements,
some
1,453
acres,
presumably considerable work will be under¬
taken to
adapt them to
Discovered
since
by
The
1632, except for
been
West
in
broad
a
few
in
1493,
but
British
in that century
years
possession, Antigua's history
lines
that
of
a
typical British
Indian
sugar island.
Prosperous in the old
the basis of slave labor, the abolition of
slavery and the competition, in the European mar¬
days
on
kets, of beet
sugar
have presented it with economic
difficulties from which it has
The
colony has,
in fact,
never
been
really recovered.
going through
es¬
In
some
The 1939 production
in cotton.
were
was:
Imports
Exports
£270,534
£338,882
241,836
222,065
230,874
220,460
1939.
St.
Lucia, where
patrol base is to be established,
a
is about 210 miles south of
north
of
base
our
Caribbean
and
other
Trinidad,
Mayaguana
to
Antigua and 213 miles
Trinidad.
on
patrol
extends from
up
local livestock.
foreign trade of the three-year period ending
1939
near
Island
Thus
line
our
of
centers
of
operation
the cost of Venezuela,
Guantanamo Bay in
or
Cuba, and includes not only those bases, but also
those
Jamaica,
on
Antigua.
of
which
each
St.
Rico,
Porto
With St.
Thomas
Lucia they will form
link
be
will
within
small
Gros Islet
signed to
It is
on
the west coast
near
not
large
enough
miles north of Port
seven
authorities
our
acres
nearby Port Castries has
had
in
years ago,
the
it
West
was
one
Indies.
It is
At
least
until
a
wharf.
mountainous, beautiful and rugged—
height being about 4,000 feet.
area
(233
square
About
miles) has
cultivated, mainly in the fertile valleys and
along the lower slopes of the mountains, which
thickly wooded, though less than 20
of the island is covered
Crown lands
cover
miles
by the original forests.
The
the hands of private parties.
history of St. Lucia
abouts until
1803,
are
square
only about 1-15th of the total
area—the rest being in
The
few
largest of the British Windward
third of the total
been
fine landlocked harbor,
the only port in the Lesser Antilles
Lucia is the
Islands.
they
However,
Islands, and the second British naval
where ships tied up to the
St.
that
of land.
long been the British coaling port for
the Windward
station
a
Our bay
development,
estimated
have
require about 1,200
which
extensive
for
as¬
the northern
Castries, the capital and principal port.
will
airplane
Bay and adjoining land has been
us.
tip of St. Lucia, about
is
and
chain
a
of the next.
range
the greatest
our purposes.
Columbus
when the French took
has
the north¬
few vessels of deep draft.
sound could have been converted into
and
on
the
of
of about 2,000, and in 1940
acreage
acres,
years
crops—
247,513 lbs.
though
Sound,
side, well protected from the rollers, and
six
the Pan-America
a
to
south
capacious and sheltered port.
eastern
on
access
the
naval dockyard and military station—
a
Our base is to be at Parham
about
on
sugar
than 90% of the
more
but also fruit and vegetables—
cotton,
improvement
an
with
located, in accordance with British practice in
those parts, on
large
the
1939
high rocky
largely deforested, and the rainfall is variable
the main industries of
are
and
products,
especially
It is
The soil is fertile, but the island has
1,500 feet.
cotton,
and to
sugar,
paid to the development of alternate
in
height is above
no
"
processing of
encouragement greater attention has of recent
been
St. Thomas.
own
to
population is directly or indirectly dependent on
industry. However, under governmental
Until
partly elected Legislature, but in that
a
became
year
of
seat
cultivation
the sugar
2,500
the
of
About 90% of the exports consist of
sugar
was
is
1898 it had
is
us
and
Antigua another patrol base is to be located.
British
been
160
patrol
a
to enable
serve
securing
enemy
it is
as
Passage,
of
extent
some
Antigua.
island
This
the
may eventu¬
general vicinity and thus supplement
defenses,
of that
additional site
or
Mayaguana might well
on
prevent
our
position exposed to sub¬
However, situated
the
of
in
methods
and
and
The cultivation
:
-
kinds
an
was
from 1635
or
there¬
epitome in miniature of the
struggle for colonial empire waged by England and
The
153
Volume
comparatively few
decades passed without one of them losing posses¬
sion to the other.
Since the latter date the island
has been British, but the impress of the French on
the laws, traditions, customs and language of the
people is still strong. A Crown Colony since 1814,
there has been a movement similar to that in Jamaica
for a more representative form of government, which
may achieve some measure of success in view of the
disposition manifested last year by the Home Gov¬
ernment to make some concessions in that direction
in the West Indian area.
About 5% of the 69,000
inhabitants are white.
The balance are nearly all
colored.
The native peasantry is said to be charac¬
the
bonds displayed a firm undertone
prices increased by fractions.
Medium grade rail issues have been actively higher and there
has been much interest among second grade and defaulted
rails.
Prices for the latter class of bonds have been mixed,
however, with some Chicago, Indianapolis & St. Louis issues
gaining as much as 4 points.
The market for high grade and utility issues of investment
calibre has been firm this week, and peak prices have been
attained in a number of instances, such as Brooklyn Edison
3Ms, 1966; New York Edison 3MS» 1965; Pacific Telephone
& Telegraph 3Ms, 1966, and Kansas Electric Power 3Ms,
1966.
Speculative issues, including Cities Service 5s, 1958
and New England Gas & Electric Association 5s, 1948, also
moved ahead.
Among the specialties, American & Foreign
Power 5s, 2030 have been in demand, while the Utah Power
& Light 5s, 1944 and 6s, 2022 were sold in quantity on ad¬
High-grade railroad
sea.
8%.
•
contract developments.
verse
Bananas were fourth
occurred in the in¬
showed mixed
Crucible 3Ms, 1955 which
Oils have been steady to
fractionally higher, while building materials company issues
(Celotex 4Ms, 1947 and Certainteed 5Ms, 1948) were down
fractionally. The General Steel Casting 5 Ms, 1949 lost 1M
points at 95 M, and the Gotham Silk Hosiery 5s, 1946 dis¬
played weakness toward the close of the week.
;$• No changes of particular importance
dustrial section of the list this week.
Steels
with
about 3%.
The foreign trade from January, 1937, to No¬
vember, 1939, both inclusive, was:
5H%, and cocoa fifth with
about
Bond Market
during the past week, and
was
third with about
107,434
occurred in the prices of domestic corporate
Among the foreign issues, Japanese
steadied after their sharp losses of the preceding week.
bonds
abolished by the French in 1794.
In the old days the economy of the island was
based solely on sugar.
It is still the most important
industry, and consequently St. Lucia has largely
shared the fate, problems and hardships of the other
British West Indian sugar islands.
During the first
11 months of 1939> sugar and its products, molasses
and rum, supplied about 63% of the exports.
Coco¬
nuts and their product, copra, came next with 11%,
and limes, including their product lime oil, were
Slavery
135,313
148,337
Little change
and humid—the annual rainfall ranging
from 70 to 120 inches.
It is also healthy, except in
certain marshy areas near the mouths of streams.
In that connection it is interesting to note that the
considerable garrison stationed on the island prior
to 1905 was kept mostly in a fort at an elevation
r
189,303
months)
and Government bonds.
perature,
of 770 feet above
Exports
£147,303
The Course of the
hot—80 being the average tem¬
is
climate
The
Imports
£244,851
—.
1939 (11
cheerfulness.
terized by its
19378
period
that
Within
France.
607
Chronicle
Commercial & Financial
fractional changes, excepting the
advanced M of a point to 98 M-
In the
foreign list, Japanese
bonds continued to fluctuate
with some late steadying of prices at levels
above those prevailing after the recent sharp break.
Among
South American loans, Chilean issues gained fractionally
and Argentine bonds continued firm; Cuba 4Ms, advanced
again several points.
There has been some liquidation in
Belgian loans, and Queensland and Sydney issues have been
under pressure.'
'' r'%;■;
wide
over a
range
,
MOODY'S BOND YIELD
MOODY'S BOND PRICES t
(Based on
AVERAGES t
Individual Closing Prices)
(Baaed on Average Yields)
1941
U. 8.
Daily
Bonds
rate ♦
1 — 119.56
July 31- 119.59
107.80
107.98
30— 119.62
107.80
29- 119.61
Corporate by Groups
*
Corpo¬
Averages
Corporate by Ratings
Avge,
Govt.
A
Aa
Aaa
Baa
P. U.
R. R.
1941
Indus
108.52
92.06
97.47
112.00
115.24
Aug.
118.20
115.24
108.52
92.20
97.62
112.00
115.24
July
115.24
108.52
92.20
97.47
112.00
115.24
107.80
118.00
115.24
28- 119.52
107.80
118.20
115.04
26- 119.54
107.80
118.00
115.24
R.
Baa
A
R
P.
V
Indus.
3.06
2.89
2.74
2.89
3.25
4.27
3.91
2.89
3.25
4.26
3.90
3.06
2.89
2.74
4.26
3.91
3.06
2.89
3.29
115.04
108.52
92.06
97.47
112.00
115.04
92.06
97.47
111.81
115.04
97.47
112.00
115.04
24
3.91
3.06
2.90
3.25
4.27
3.91
3.06
2.90
2.74
2.90
2.89
3.26
4.27
2.90
2.75
3.07
3.29
3.91
2.89
3.25
4.27
3.91
3.06
2.90
3.29
2.75
2.89
3.25
2.90
—
2.74
3.91
3.06
3.29
4.27
2.90
3.25
4.27
3.91
3.06
2.90
2.74
2.90
3.25
4.27
3.91
2.90
2.74
3.06
3.29
3.06
25
115.04
4.27
26
92.06
3.25
28
108.34
2.89
3.29
112.00
2.75
—
97.47
2.89
3.29
3.29
92.06
2.74
3.25
29.
108.52
Aa
3.28
30
118.20
118.20
Aaa
3.29
1—.
31
115.24
Aug.
Corporate by Groups
l
Corpo¬
rate
Corporate by Ratings
Avge.
Daily
Average
*
—
—
s
119.55
107.80
118.00
115.24
108.52
107.80
118.20
115.24
108.52
92.06
97.47
112.00
24— 119.54
115.04
108.52
92.06
97.47
23
118.20
115.04
107.80
112.00
23- 119.51
115.04
108.52
92.06
22
118.20
115.04
107.80
112.00
22- 119.52
97.47
2.90
3.26
4.27
3.26
4.28
3.93
2.90
91.91
112.00
115.04
19
2.90
97.16
3.30
2.74
3.06
21- 119.47
108.34
112.00
2.74
115.04
92.06
21
118.20
115.04
107.80
97.31
3.29
3.92
3.26
115.04
18————
2.90
2.90
2.74
3.93
3.06
3.30
4.28
3.26
4.28
3.93
17——;
2.90
2.90
2.74
3.07
3.30
25-
—
-
19— 119.47
118.20
115.04
107.62
118.20
115.04
108.34
91.91
97.16
112.00
18— 119.47
17- 119.48
107.62
118.20
115.04
108.34
91.91
97.16
111.81
118.20
115.24
108.34
91.91
97.31
115.24
107.80
112.00
16- 119.49
97.31
115.04
107.62
91.91
112.00
119.49
115.04
108.34
15—„
118.20
115.04
108.16
14-.
118.40
97.31
115.04
107.62
91.91
111.81
14- 119.42
12- 119.44
■>
107.62
108.34
107.62
118.20
114.85
108.16
92.06
97.16
111.81
115.04
118.20
115.04
108.16
91.91
97.16
111.81
15-
2.74
2.89
3.26
4.28
3.92
3.06
2.89
3.29
2.90
3.26
4.28
3.92
3.06
2.90
2.74
3.27
4.28
3.92
2.90
2.90
3.07
3.30
2.73
3.27
2.90
2.74
3.07
3.30
3.93
i2
4.27
2.90
3.93
2.90
3.30
4.28
ii—
3.27
115.04
2.74
3.07
2.90
111.81
115.04
2.74
4.28
3.07
3.30
3.27
3.93
10—
2.90
2.91
3.27
4.28
2.91
2.74
3.07
3.30
3.93
2.91
3.27
4.29
3.94
2.90
2.74
3.08
3.30
3.28
4.29
3.94
3.08
2.91
4.29
3.94
3.08
2.92
3.08
2.91
v./v
16
•
—
—
.!
107.62
107.62
118.20
115.04
108.16
91.91
97.16
114.85
108.16
91.91
97.16
111.81
9— 119.58
118.20
114.85
107.62
—
114.85
108.16
8
118.20
115.04
107.62
97.00
111.62
8— 119.58
91.77
107.44
114.66
107.98
97.00
111.62
—
7- 119.59
91.77
7
118.00
114.85
118.00
107.98
91.77
97.00
111.62
114.66
5
114.66
5- 119.55
107.44
3— 119.55
Exchan ge Clos ed
114.66
118.00
107.44
2„ 119.56
107.44
1- 119.56
107.27
4„
Stock
118.00
117.80
9
2.75
2.92
3.31
2.75
2.92
Stock
97.00
111.62
114.85
3
3.31
91.77
107.98
97.00
111.62
114.66
2
3.31
91.62
111.62
114.46
1
3.32
107.98
114.66
91.62
97.00
118.00
114.66
107.80
91.77
97.16
114.44
114.66
107.44
114.46
107.62
91.48
97.00
111.44
20- 119.02
117.80
91.48
97.00
111.25
Exchan ge Clos
2.92
2.75
3.28
4.29
3.94
3.28
4.30
3.94
3.08
2.92
2.92
2.92
4.30
3.94
3.08
2.93
2.76
3.28
3.29
4.29
3.93
3.09
2.92
2.75
3.31
2.75
2.93
3.30
4.31
3.94
2.94
2.76
3.09
3.33
2.95
3.31
3.94
2.96
2.77
3.10
3.34
4.31
13
113.89
27————
2.92
4.33
3.96
3.12
2.99
—
3.35
2.79
2.97
3.32
2.99
3.33
4.34
3.96
3.02
2.82
3,13
3.37
3.34
4.33
3.96
3.13
3.01
2.81
2.98
3.34
3.95
3.14
3.02
2.99
4.32
3.00
3.34
4.30
3.94
3.14
3.01
3.01
4.32
3.95
3.14
3.02
2.80
3.35
3.02
3.36
4.33
3.96
3.05
2.82
3.15
4.35
3.97
3.06
2.83
3.37
3.16
3.40
3.03
3.38
3.07
3.05
4.36
10.
2.83
3.18
3.41
3.97
3.04
3.38
4.31
3.94
3.05
2.81
3.17
3.39
4.34
3.97
3.18
3.07
3.02
13- 118.97
106.92
117.60
114.08
107.44
117.20
113.70
107.27
91.19
96.69
113.31
106.74
110.88
6— 118.81
May 29— 118.71
23— 118.35
116.61
113.31
107.09
91.05
96.69
110.70
112.75
May 29
3.37
113.50
106.92
91.19
23
116.80
110.70
112.93
106.39
96.69
2.82
110.52
16— 118.52
91.34
96.85
3.37
113.31
106.92
16
116.61
112.75
106.39
106.56
116.80
113.12
110.52
9- 118.45
91.62
9.—
106.92
112.93
2.81
97.00
3.36
106.39
112.93
106.74
110.52
118.66
96.85
3.37
91.34
2
117.00
112.75
106.56
91.19
96.69
110.34
112.19
Apr. 25
3.38
112.75
110.15
112.00
18
>
2-
106.39
6—
Apr. 25— 118.62
106.21
116.61
18- 118.28
105.86
116.41
112.56
106.39
90.91
96.54
112.19
106.21
90.77
96.54
109.79
10- 117.36
116.41
111.81
105.69
112.37
105.86
106.04
91.05
96.54
109.79
Mar.28— 117.80
21- 117.85
112.19
Mar. 28
116.41
111.81
117.00
90.77
96.54
110.15
112.75
106.21
106.56
21
112.93
113.31
106.56
90.48
14
117.40
113.31
106.21
109.97
14- 117.77
96.54
113.31
106.39
90.20
96.23
109.97
7— 116.90
117.40
113.12
106.04
117.20
112.93
106.21
89.78
95.92
112.75
105.86
109.79
Feb. 28- 116.93
21— 116.06
117.00
112.75
106.04
89.52
95.62
109.60
112.75
105.52
113.12
106.21
89.64
95.92
109.60
113.12
109.79
113.31
—
4
116.80
109.97
112.19
106.04
91.48
97.00
117.55
106.21
4-
3.28
ed
20
June
114.27
107.09
....
2.91
3.31
v-4
119.45
June 27—
—
107.98
114.66
2.90
3.30
115.04
11— 119.46
10- 119.50
1
.
—
2.83
3.05
3.38
2.80
3.01
3.36
4.36
3.97
3.46
4.38
3.97
2.99
2.78
3.36
3.17
3.38
2.99
2.99
3.37
4.40
3.00
2.78
3.17
3.39
3.99
7—
4.43
4.01
28—
3.01
3.38
3.02
2.79
3.18
3.40
3.02
3.39
4.03
3.02
2.80
3.19
3.42
4.45
21
3.00
3.38
4.01
3.00
2.77
3.19
3.40
4.44
14
Feb.
3.40
3.39
4.40
3.97
2.99
2.76
3.37
3.18
3.38
2.99
2.97
3.37
4.37
2.97
31
2.75
3.18
3,37
3.95
2.96
3.36
4.36
3.93
3.17
2.98
2.77
3.36
4.38
3.96
3.16
2.96
2.95
...
14- 116.24
105.86
117.60
7— 116.52
106.21
117.80
113.31
106.39
90.20
95.54
106.39
90.48
109.79
113.70
106.39
113.70
96.85
Jan. 31— 117.14
118.00
24
117.60
113.89
113.60
106.56
90.77
109.97
24— 117.64
106.56
97.16
3.36
2.74
113.89
90.48
110.15
2.94
3.36
4.39
90.34
110.15
114.08
2.74
106.56
10
114.27
96.69
3.36
3.96
17— 118.06
118.20
3.16
106.56
96.69
3.36
106.56
17—
2.96
113.89
4.43
4.01
2.93
110.15
114.46
2.73
3.37
3.16
3.37
2.93
3.06
3.39
4.47
3.08
2.84
3.20
3.42
4.03
2.89
3.25
4.26
3.90
2.89
2.72
3.06
3.28
3.19
4.68
3.36
3.06
5.24
3.42
3.81
2.78
2.90
4.42
4.00
2.91
3.35
2.70
3.12
3.23
3.14
3.38
3.16
\V-
7—
Jan.
10- 118.03
106.56
118.20
3- 118.65
106.39
118.40
114.46
106.39
89.78
95.92
115.24
108.52
92.20
97.62
112.00
Hlgh 1941 119.62
118.60
115.24
107.98
116.22
112.00
106.04
109.42
111.62
105.52
95.62
1941 115.89
High 1940 119.63
Low 1940 113.02
89.23
High 1941—
Low 1941
115.04
106.74
89.92
96.07
110.88
High 1940
106.74
119.00
114.85
112.19
79.37
86.38
105.52
106.56
99.04
99.52
Low 1940—
109.60
103.30
115.63
112.75
Low
1 Yr. Ago
Aug. 1 '40 115.67
2 Yrs.Ago
Aug. 1 '39 117.38
♦These
102.13
prices are
115.04
112.00
103.30
99.68
movement
1
85.46
85.07
92.06
90.91
108.88
106.21
110.52
110.15
—
Year Ago—
Aug. 1. 1940—
2 Years Ago—
3.55
1939—
3.62
Aug. 1,
2.87
2.90
3.35
3.02
3.55
.4.75
4.27
3.06
3.77
4.78
4.35
to show either the
relative levels and the relative
not purport
maturing In 25 years) and do
In more comprehensive way the
of July 13, 1940, page 160
yields on the basis 01 one "typical" bond (3H% coupon,
of actual price quotations. Tiey merely serve to illustrate
a
being the true picture of the bord narxet.
used In computing these Indexes was published In the Issue
computed from average
level or the average movement
of yield averages, the latter
♦The latest complete list of bonds
average
3—
608
The Commercial & Financial Chronicle
Questions Wisdom of Blacklisting Latin
3.
Dear
July 30, 1941.
of the "Commercial & Financial Chronicle
Sir:—By
4.
raw
material from
furnishing them with
means
tial order would be
live in
war.
If the only result of the
Presiden¬
just that, the order was justified. But as
ployment
world
a
We have been
trade,
occasions
mentioned.
The effects of the recent Presidential
edict will be serious
as
regards the future of our business as well as cultural
relations with Latin American countries.
Many people
irrespective
by stringent rul¬
believe that trade channels should be
left open
of wars, as neutral nations
may be affected
ings
our relations along commercial
and cultural lines
be destroyed by such rulings.
It seems to me that the
ana
may
Presidential order will have the
following effects:
friendship of Latin American business
men who have been
buying millions of dollars of goods from
us, even though they have been
seLing mucn goods to Ger¬
many and Italy, with which countries
they may be or may
not oe in
sympathy politically.
1.
2.
It will alienate the
If the
German-Italian campaign in Russia should be
powers can do very well without much of
successful, the Axis
the
materials which
raw
America
Russia will
as
metals to the Axis.
they are now importing via Latin
supply much grain, food, oil and
as
well
it has been
competitors in foreign
our
as
so
That is the British way and
for centuries.
6. All of
the excellent work that was done
by the Hull
delegations i and that is now being done by the Rockefeller
committee including Nelson Rockefeller and
Douglas Fair¬
banks, Jr., will be thrown into the scrap heap.
We shall
find that not only Britain, but
Germany, Italy and Japan,
will have created better commercial
relationships with Latin
American countries and with their
people than we have.
If the Government will argue that we have to use black¬
listing of firms in order to help win the war for our friends,
then I must disagree.
I believe the war should be won
fate
Roosevelt should return the Order of the
Southern
Cross to Brazil which
they received on some of the
by
first and by economic and commercial means,
last.
To use such expedients is like the
military
means
last
at the very
.
one
.
.
the
Government
had
to
in
use
order
STATE
OF
TRADE—COMMERCIAL
Business
power
high.
EPITOME
Friday Fight, Aug. 1, 1941.
activity continues at a high level.
Electric
output expanded further and recorded a new all-time
Merchandise loadings, bituminous coal
production
and steel operations
showed small
runs-to-stills advanced 4.5 points.
gains, while petroleum
It is surprising to
many the way the stock market
holding in view of the many uncertainties and worries
investors.
The
.
.
is
Japanese episode failed
able
effect marketwise.
On
in the securities
markets of
the
to have any appreci¬
other hand panic
reigned
Japan, and stocks there broke
badly when tension between the two
countries, Japan and
the United States, reached
almost the breaking point.
in
To the many worries which
investors have been
absorbing
the last few months there
has now come into
being a
new
in
element, namely, what the Government intends
the matter
of price
to
do
regulation.
The President's
proposal that he be granted power to
place ceilings on virtually all
things used by the public—
but with favored farm
products and wages exempted—and
the threat of the
to
Secretary of the Interior that he is going
appeal for reductions in petroleum
consumption and then
them, have added much to the confusion and un¬
demand
certainty, yet the securities market
appears to hold.
Steel orders received in
July were slightly ahead of the
heavy volume booked in June, and the steel
industry again
set new high
production records in most
departments in
an effort to meet
national defense
needs, according to the
"Iron Age."
"Steel
month
as a
ingot
at
99%,
output,"
a
half
says
point
result of equipment
a level
of activity
but at
never
time
drop
Age,"
under
breakage at
"is
last
closing
week's
action
summer
industry still is looking
complete control
to
prevent
rate
a
months of
a
year.
has assumed
the
medium-sized plant,
which American steel
plants have
before reached during the
"The steel
quick
"Iron
a
over
decline
to
peace¬
Washington, which
situation, for
the scrap
in steel
output.
This
A1
capture
.
Americans take towards us after, the
ference if not of absolute
hostility ?
I believe such tactics are
than
war
of indif¬
one
•
unworthy of our history.
We
ought to ask the Secretaries of War and the Navy if
they
think that is the way to win the war and if that is
so, why
have an army and a
navy.
All of which will demonstrate to the American
people, if it
does not to the officials at
Washington at the White House
and in the Departments of State and
Commerce, that we are,
always been, a nation of experts'at manufacturing
distributing but when it comes to creating good relations
for selling, and
collecting the bills, a great nation of
pure
suckers.
Yours very truly,
as we
have
and
.
week,
however, estimates that the
operations will decline
in
the
fall
months
as
much
a
result
as
.
.
CRISCUOLO.
national average of steel
as
10 points to around
of
the
90%
shortage
scrap
are
being made."
Production
of
electricity
to
rose
a
new
record
high
at
3,183,925,000 kwh.
the Edison
to
to
Capone and other gangsters
income tax violations.
The
F.B.I, could not get
anything on the gangsters in connection
with murders and other major
crimes, so they found income
tax violations and sent
Capone for a term in a Federal prison.;
Latin Americans are not
going to accept our excuse that
we are
sorry we have to penalize them in order to punish the
Germans and Italians.
They may like the Germans and
Italians better than they do us.
What attitude can Latin
LUIGI
THE
our unem¬
may come.
British, who have been
friendly attitude of the British.
prominent in every sphere of our
public life.
Those people went to Latin America and
were
feted all along the route, gathered a mass of
information, and
were given various decorations
meant to provide them with a
visible souvenir which
they could exhibit proudly to their
friends "back home."
Captain
That is when
ment, all with the intention of securing Latin American trade
for themselves.
Let us not be deceived
by the present
and the Italians.
We sent various
delegations to Latin
America headed by Secretary of State Hull and
composed of
various citizens who were
James
absolutely destroyed.
unemploy¬
spending much
our
It is to be hoped that those decorations will not meet the
of Colonel
Lindbergh's German Eagle because if we
adopt the wrong policy with Latin America, a* 1 believe we
are
adopting, in a few years we shall hear clamor in the
newspapers urging that Michael Francis Doyle and
effort, but the effect
war
in goodwill, may not say anything now but
the moment the war is over,
they will point out to Latin
Americans that we ruined their trade and caused
mans
,
The
5.
money and effort, and the
State Department and its aides, in cement¬
ing both business and cultural relations with Latin American
countries.
The purpose of that was in
part to prevent Latin
American peoples from becoming too
friendly with the Ger¬
intelligence of
own
even
■with Asia is
where there is war
today, and where the
belligerents of today who are allied in the war
may be com¬
petitors when peace is attained in the future,
perhaps we
ought to look at the ultimate effects of the order.
we
our
may come after the war is over.
Then, our competitors will
see to it that much of our trade with Latin
America and
might
aid them to win the
blacklisting will not have any perceptible effect
American unemployment now because all of our pro¬
duction will be needed for
reaching
that
coun¬
The
upon
pre¬
the Axis powers and
unemployment in such
cause
countries.
recent order the President announced the
blacklisting of 1,800 firms in Latin America in order to
a
vent American merchandise and
blacklisting will
1941
our enemies
there, the Germans and the Italians,
will make the most of that in order to
prevent us from obtain¬
ing future business in those countries.
We need not mention
the diplomatic difficulties which will be created for us in
such
'
.
Aug. 2,
tries and
American Firms
To the Editor
The
in the week ended July 20,
according to
Electric Institute.
This represents an increase
of six-tenths of 1%
ended July 19, and
1940.
over
a
the previous high level in the week
gain of 15.3%
Led
by New England,
percentage increases
stantial
over
with
a
over
last
the
gain
like week
of
of
22.3%, sub¬
year's
production
were
reported by all major geographic regions.
Loading of revenue freight for the week ended July 26
totaled 897,399 cars,
according to latest reports filed by
the railroads with the Association of
American Railroads
and made
public today.
This was a decrease of 1,971 cars
below the preceding week this
year, 179,361 more than the
corresponding week in 1940, and 241,868 above the same
period two years ago.
This total was
135.70% of
loadings for the corresponding
week
of
the
10
average
preceding
years.
Glass
I
railroads
$433,538,408
months
period
of
before
of
1941,
last
year
of
the
rate
of
States
rentals
had
in
earnings
the
first
of
six
"
Association
that earnings in
ment.
and
compared with $245,523,110 in the same
and $369,416,251 in the first six months
1930.
The
United
interest
return
This
of
of
American
Railroads reported today
the first half of 1941 were at an annual
4.07%
compared
on
with
the
railroads' property
invest¬
2.32% in the first
six months
last year and
3.46% in the first half of 1930.
Class I railroads in June had
earnings, before interest
and
rentals, of $93,261,372, com oared with $48,090,785 in
June, 1940, and $67,683,471 in June, 1930.
New York Telephone Co.
reports for the June quarter net
income of $9,998,422 after taxes and
charges, against net
income of $9,166,561 in the 1940
period.
Gross was $57,404,828 against $54,895,609.
For 12 months to June 30
income
net
was
$36,339,265 after
taxes and
charges, against net
Volume
The
153
of $35,912,620 in the preceding 12 months.
Gross
$223,473,380 against $214,746,033.
While Washington is aware of the danger of inflation,
income
has
some
New York
"In
meeting this danger
National City Bank of
which it has evolved for
weakness,
serious
says
52.9%
place," the bank says, "the program lacks
coordination, and is in fact definitely conflicting
points.
While Mr. Henderson's division has been
the
first
the proper
at
some
endeavoring
to
prevent
a
runaway
price by establishing
"ceilings" for various important products, Congress
taken an opposite tack in enacting 85% parity loans
farmers.
This has given a sharp boost to agricultural
price
has
for
prices, which affects raw material costs and basic elements
in the cost of living; the latter, in turn, affecting wages,"
the bank
"Still another inconsistency is
says.
the failure
include wages, although Mr. Hen¬
derson admits that wage increases, along with farm parity
loans and ocean freight rates, have been the real cost in¬
of
price control efforts to
crease
week's output
of passenger automobiles and trucks at 62,146 units as most
companies completed their 1911 model production.
This
week's total compares with 105,635 units assembled last
week and with
Inc., today estimated this
Retailing continues at
exceptionally high levels for
this
with wholesale business brisk in reflection of the
increasing sellers' market, Dun & Bradstreet observed today
in its trade review of the week.
Two major influences
trends were governmental action
"freezing" Japanese assets in this country and President
Roosevelt's request for price ceilings on prices and rents.
Generally speaking, wholesale price levels remained sub¬
stantially the same.
The recent heat wave stimulated buy¬
ing in some lines, but left this week's retail volume some¬
what lower at the end, Dun & Bradstreet say.- Stores re¬
ported spotty results for ready-to-wear.
Retail sales vol¬
ume still averages 20% to 24% over a year ago, with a por¬
tion of the increase due to price raises.
The South again
led in percentage improvement.
New England ran 20% to
25%, and the East about 18% to 23% above a year ago.
Over two-thirds of the Nation suffered from excessive
heat during the early part of the week.
The continuing
heat wave that drove temperatures above the 100 degrees
mark in some Eastern and Mid Western cities caused a
number of deaths.
High temperatures were reported in the
eastern Ohio Valley, Pennsylvania, Maryland, the District
of Columbia and Virginia, many of these areas reporting
temperatures as high as 100 degrees.
East of the Rocky
Mountains the highest temperature recorded for the week
was 110 degrees at Pierre,
S. Dak.; west of the Rockies a
high reading of 111 degrees was reported from Las Vegas,
Nev.
On the other hand, locally in Florida the temperature
did not reach 90 degrees during the entire week.
The out¬
standing feature of the week's weather in relation to agri¬
culture was the scanty rainfall and extremely high tempera¬
tures that prevailed in much of the interior of the country,
where July in general has had sub-normal moisture, Govern¬
ment reports state.
In the New York City area the weather
was exceedingly warm during most of the week, with occa¬
affecting commodity price
rainfall.
characterized by rain in the
much of the remainder of the
day.
Temperatures fell between a minimum of 70 degrees
and a maximum of 83 degrees.
The forecast reveals partly
cloudy and warmer weather on Saturday, with probable
showers on Sunday.
No important change in temperature
is looked for tonight, thermometer readings both in the city
and suburbs being placed at a low of 65 degrees and rang¬
ing upward to a high of about 85 degrees on Saturday.
Overnight at Boston it was 63 to 67 degrees; Baltimore,
78 to 95; Pittsburgh, 69 to 86; Portland, Me., 62 to 68;
Chicago, 68 to 87; Cincinnati, 69 to 96; Cleveland, 68 to 90;
Detroit, 67 to 90; Milwaukee, 66 to 83; Charleston, 80 to
99; Savannah, 79 to 98; Dallas, 78 to 100; Kansas City,
Mo., 73 to 94; Springfield, 111., 66 to 95; Oklahoma City,
73 to 101, and Salt Lake City, 61 to 93.
The weather on
Truck Freight
Friday was
Volume in June 35.3% over
Last Year
seasonal trend, the volume of revenue freight
transported by motor truck in June declined 2.7% under the
record-breaking movement in May, but increased 35.3%
over
the volume transported in June, 1940, according to
a
reports compiled and released on July 28 by the American
Trucking Associations.
The reports further disclosed:
The decrease in
strike that tied up
June as compared
reported a little more than
with May was due partly to a labor
Pittsburgh area throughout the
Loadings Totaled 897,399 Cars
Ended July 26
Car
Freight
Revenue
During Week
Loading of revenue freight for the week ended July 26
totaled 897,399 cars, the Association of American Railroads
announced on July 31.
This was an increase of 179,361 cars
25.0% above the corresponding week in 1940, and an in¬
of 241,868 cars or 36.9% above the same week in 1939.
or
crease
Loading of revenue freight for the week of July
decrease of 1,971 cars or two tenths of one per cent
The association further
Miscellaneous freight loading
cars
reported:
and an increase of
of 1,406
91,072 cars above the
corresponding week in 1940.
Loading of merchandise less
increase of 1,316 cars
cars
than carload lot freight
above the preceding week,
above the corresponding week
Coal loading
totaled 155,996 cars
and an increase of 7,925
in 1940.
increase of 870 cars above the
of 46,717 cars above the corresponding
amounted to 168,826 cars, an
preceding week, and an Increase
week in 1940.
Grain and
cars
grain products loading
totaled 55,277 cars, a decrease of 6,119
of 9,253 cars above the cor¬
preceding week, but an increase
below the
In the Western
responding week in 1940.
Districts alone, grain and grain
week of July 26 totaled 35,594 cars, a decrease of
3,141 cars below the preceding week, but an increase of 8,372 cars above the
corresponding week in 1940.
;
Live stock loading amounted to 10,034 cars, an increase of 620 cars above
products loading for the
week, and an increase of 552 cars above the corresponding
In the Western Districts alone, loading of live stock for the
the preceding
week in 1940.
increase of 726 cars above the preced¬
of 314 cars above the corresponding week in 1940.
47,441 cars, an increase of 2,667 cars
preceding week, and an increase of 11,363 cars aboye the corre¬
26 totaled 7,230 cars, an
week of July
ing week, and an increase
Forest
products loading totaled
above the
sponding week in 1940.
amounted to 78.533 cars, a decrease
Ore loading
preceding week, but an increase
of 2,756 cars below the
of 9,830 cars above the
corresponding week
in 1940.
Coke loading
increase of 25 cars above the
of 2,649 cars above the corresponding week
amounted to 13,320 cars, an
preceding week, and an increase
''-'■'V.'r-
in 1940.
reported increases
All districts
in 1940 and
'
'■
' ' '\Vvv' ■
weeks
compared with the corresponding
9139.
Four weeks of
April...-.
Five weeks of May...
Four weeks of June
Week of July
5
12..
Week of July
19.
Week of July
...
.........
2.282,866
2,495,212
3,351,840
2,976,655
2,225,188
2,926,408
2,896,953
2,563,953
637,169
736,783
669,888
876,165
899,370
555,152
651,665
655,531
730,460
897,399
718,038
23,259,855
19,736,985
Week of July 26
Total
2,288,730
2,557,735
2,488,879
3,123,916
740,493
February
Five weeks of March—
Four weeks of
1939
1940
1941
2,740,095
2,824,188
3,817.918
2,793,563
4,160,527
3,510,137
Four weeks of January
.
17,796,036
railroads to report for the week ended
total of 425,377 cars of revenue freight
on their own lines, compared with 427,196 cars in the pre¬
ceding week and 335,645 cars in the seven days ended July 27,
1940. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
The first 18 major
loaded
a
(Number of Cars)
Loaded
on
Received from
Own Lines
Jidy 26 July 19
1941
1941
24,158
Santa Fe Ry.
RR
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Milw. St. Paul & Pac. Ry.
Chicago & North Western Ry.-.
Gulf Coast Lines.
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
—
N. Y. Chicago & St. Louis Ry—
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
—
Pittsburgh & Lake Erie RR
■„
Southern Pacific Lines
Atchison Topeka &
43,510
Baltimore & Ohio
29,338
19,948
23,910
23,051
2,815
2,228
4,798
17,364
53,250
7,444
25,027
90,969
6,664
8,657
35,583
6,662
Wabash Ry
x
July 27 July 26 July 19 July 27
1941
1941
1940
1940
26,624
43,914
28,979
19,722
24,532
22,772
2,609
8,529
16,795
53,809
7,819
25,025
91,150
6,776
9,155
34,857
7,009
22,455
14.875
10,311
10,406
17,726
11,409
6,989
10,209
10,238
6,945
13,306
12,768
9,855
1,981
40,754
4,710
5,292
14,757
24,780
16,124
18,920
18,980
2,428
1,742
4,053
13,483
1.939
7,975
23,289
19,652
32,141
1,873
2,054
1,315
1,619
2,434
2,191
3,552
11.370
53,025
3,761
10,838
55,938
7,685
39,619
9,880
14,125
6.592
5,958
21,173
68,983
4,755
7,261
28,611
5,847
425,377 427,196 335,645
Total
Connections
Weeks Ended—
Weeks Ended—
14,007
6,441
4,500
56.371
6,374
9,915
12,366
11,185
61,657
43,481
6,229
5,017
9,869
7,529
11,743
11,636
7,769
7,739
269,448 274,763 195,903
Estimated.
TOTAL LOADINGS
month.
AND RECEIPTS FROM
(Number of Cars)
Comparable reports were
CONNECTIONS
Weeks Ended—
The reporting carriers
in 41 States.
156.59.
More than
26 was a
below the
totaled 367,972 cars, an increase
above the preceding week,
truck operations in the
received by A. T. A. from 220 motor carriers
transported an aggregate of 1,700,451
tons in June, against 1,748,429 tons in May and 1,256,432 tons in June 1940.
The A. T. A. index figure, computed on the basis of the average monthly
tonnage of the reporting carriers for the three-year period 1938*1940 as
representing 100, stood at 152.49 for June.
The index figure for May was
4% of the
The volume of these
July 26,1941
early morning and overcast
Following
June of last year.
commodities showed a slight increase
of 0.4% over May, and an increase of 61.5% over June, 1940.
A little more than 4% of the total tonnage reported was miscellaneous
commodities, including tobacco, milk, textile products, building materials,
coal, cement and household goods.
Tonnage in this class decreased 2.5%
under May, but held 14.6% over June of last year.
an
17,373 assemblies this week a year ago.
season,
light
over
constituting almost 6% of
compared with May, but held
automobiles and trucks,
declined 7.9% in June as
preceding week.
items."
Ward's Reports,
sional
new
Haulers of iron and steel products
total tonnage.
its current monthly letter.
in
of
Movement
the total tonnage,
was
the program
609
Commercial & Financial Chronicle
77% of all the
freight transported in the
month was reported
general freight. The volume in this category decreased
held 36.7% over June of the previous year.
Transporters of petroleum products, accounting fbr alpiost 8% of the
total tonnage reported, showed an increase of 5.1% over May and an in¬
crease of 15.1% over June, 1940.
Carriers in this category stated the in¬
crease was due to the shortage in other transportation facilities.
July 26, 1941
St.
Total
by carriers of
3.3% under May, but
Island & Pacific Ry.
Central System
Louis-San Francisco Ry
Illinois
In the
-
July 27, 1940
31,185
24,233
38,722
39,105
28,497
15,862
16,923
12,103
85,120
Chicago Rock
July 19, 1941
30,536
86,213
64,833
following we undertake to
show also the loadings
roads and systems for the week ended July 19,
1941.
During this period 118 roads showed increases when
compared with the same week last year.
for' separate
The Commercial & Financial Chronicle
610
REVENUE FREIGHT LOADED AND RECEIVED FROM
Total Revenue
Railroads
Eastern District—
Arbor
1940
from
1939
Total Revenue
Connections
1941
Railroads
19
Total Loads Received
Freight Loaded
1940
1941
from Connections
1939
1940
1941
1940
Southern District-
Ann
627
Bangor A Arooetook
Boston A
Total Loads Received
Freight Loaded
1941
Aug. 2, 1941
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED JULY
632
1,571
1,258
Chicago Indianapolis A Louis v.
927
245
254
6,875
13,989
1,350
1,628
2,428
74
35
30
110
1,375
5,695
1,222
4,374
9,133
9,283
2.796
11,182
9,352
2,043
7,861
6,556
374
450
439
128
2,773
1,576
2,052
195
238
1,484
3.690
1,031
359
Erie
Lehigh A Hudson River
Lehigh A New England
Lehigh Valley
Maine Central.....
Monongahela
13,682
3,265
11,716
3,233
16,628
6,452
1,933
168
205
2,664
2,172
1,847
8,765
2.691
2,140
10,253
3,128
6,372
8,684
7,634
10,290
6,850
2,645
2,472
2,547
1,925
4,593
2,246
3,659
2,076
35,611
489
248
...
......
Montour
2,466
New York Central Lines
N. Y.N. H. A Hartford
54,308
12,207
1,277
7,819
New York Ontario A Western..
N. Y. Chicago A St. Louis
N. Y. Susquehanna A Western.
40,460
9,078
1,277
5,779
484
Pittsburgh A Lake Erie
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia....
3,516
1,256
398
1,412
1,077
391
354
5,851
4,097
2,565
2,876
971
11,954
159
...
992
360
2,484
16,704
6,412
Detroit A Toledo Shore LiDe...
Grand Trunk Western...
Southern.
163
7,397
10,392
Detroit Toledo A Ironton..
Norfolk
54
1,613
Delaware A Hudson..
Delaware Lackawanna A West.
Detroit A Mackinac
1,158
9,888
2,148
...
Central Vermont
2,704
1,412
469
951
7,292
3,338
453
1,168
8,971
1,669
...
Maine
Central Indiana....
552
438
579
150
139
148
870
605
116,807
94,752
91,604
88,002
63,065
Chicago A North Western...
22,772
20,368
17,985
2,960
23,802
2,502
2,606
12,768
3,191
10,055
Chicago Great Western
Chicago Mllw. St. P. A Pac—
Chicago St. P. Minn. A Omaha
19,389
18,788
10,230
6,906
3,555
3,369
4,478
3,465
21,260
13,189
205
Winston-Salem
Southbound...
Total...
Northwestern
District—
3,888
26,264
1,333
10,855
Duluth Mlssabe A Iron Range
Duluth South Shore A Atlantic.
.
2,682
241
Elgin Jollet A Eastern
12,363
Ft. Dodge Des Moines A South.
1,996
Great Northern
14,007
1,695
9,861
Green Bay A Western
1,700
96
63
7,748
4,823
Lake Superior A Ishpemlng
Minneapolis A St. Louis
1,883
10,084
6,229
5,269
786
4,269
14,539
839
17,345
2,475
4,695
780
6,101
19,687
397
39
2,312
1,834
1,770
Minn. St. Paul A 8. 8. M
8,188
7,366
5,882
2,263
3,160
1,680
2,504
11,558
9,305
9,089
5,009
3,675
412
7,431
7,844
20,036
453
39,187
938
4,639
8,107
20,139
545
39
5,428
8,940
9,578
23,721
55.439
9,405
6,776
1,286
Seaboard Air Line
Southern System
243
34
54
424
323
312
602
237
1,144
886
859
2,466
1,965
Rutland
551
611
622
7,009
5,757
6,210
4,928
5,846
3,838
148,905
134,120
218,161
156,005
605
5,549
581
491
127
159
27,000
22,232
17,457
4,367
3,247
678
473
529
704
577
3 478
3,881
3,178
190,951
568
9,768
1,031
Wabash
1,344
11,636
4,241
873
6,064
546
Northern Pacific
916
8,990
Wheeling A Lake Erie..
Total.
Spokane
302
7,435
610
442
33,412
1,032
22,455
2,429
19,037
6,034
29,441
4,966
323
302
314
5
6
1,594
124,641
102,185
59,520
43,257
22,113
19,823
3,916
3,533
3,207
7,975
3,177
709
Chicago Burlington A Quincy..
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois-....
2,031
255
2,086
25,624
-
794
43,914
6,599
832
500
1,907
539
312
89
70
Central Western District—
Alton
.....
303
1,662
148,501
Total.
Atch. Top. A Santa Fe System.
Alleghany District—
Akron Canton A Youngstown.
Baltimore A Ohio
Bessemer A Lake Erie
327
2,665
International
Spokane Portland A Seattle
'
Bingham A Garfield
—..
5,269
2,291
19,722
17,131
15,795
10,406
7,085
2,515
1,852
1,653
950
731
14,124
2,995
13,066
11.480
10,627
7.645
2,536
2,332
3,032
2,510
773
512
758
1,601
1,309
3,074
2.486
2,066
3,803
2,757
636
275
213
27
Buffalo Creek A Gauley..
Cambria A Indiana
1,952
1,373
11
8,226
6,789
1,323
5,868
23
Central RR. of New Jersey..-m
16,748
11,752
652
584
74
62
36
Denver A Rio Grande Western.
309
235
207
36
45
Denver A Salt Lake
122
48
84
45
28
731
Fort Worth A Denver City
1,459
1,111
525
1,078
3,193
1,130
843
573
2,534
Illinois Terminal....
2,061
1,716
2,122
1,451
737
402
Cornwall....
Cumberland A Pennsylvania..
Llgonier Valley....
Long Island
...
Penn-Reading Seashore Lines.
Pennsylvania System
Reading Co
1,702
91,150
17,845
Union
20,442
Western
Maryland...
1,016
57,152
11,910
10,438
4,211
19,248
3,007
198,972
(Pittsburgh)
1,125
70,028
14,363
157,583
....
1,810
16,657
1,410
44,783
16,538
5,717
24,215
6,825
3,318
9,308 |
6,599
Colorado A Southern
Missouri-Illinois
1
1,135
899
Nevada
[
2,005
1,809
1,584
114
469
980
814
781
573
469
1
28
26
39
0
0
|
30,118
23,755
23,521
439
329
6,907
1,570
4,312
410
16,058
14,187
13,996
10,897
7,750
Northern
North Western Pacific
Peoria A Pekln Union
Southern Pacific
...
(Pacific)
Toledo Peoria A Western
Total.
127,122
149,843
113,319
14,875
5,463
23,433
19,292
4,034
59,467
Norfolk A Western
23,344
20,650
4,140
48,134
346
220
25,025
...
Total
229
142
3
5
1,736
1,617
2,613
1,957
130,413
Total.
1,697
46,759
23,013
18,161
Southwestern
110,769
103,963
68.353
48,204
234
224
148
909
710
762
248
201
2,487
1,290
1.530
1,616
235
202
409
1,873
2,054
1,003
2,586
2,107
1,875
1,781
2,355-
1,734
1,675
1,597
1,720
1,269
1,199
1,624
1,378
636
Kansas City Southern—......
4,663
2,942
Louisiana A Arkansas...—...
Litchfield A Madison
347
238
289
954
480
561
503
289
243
2,947
1,123
1,854
Midland
1,259
173
174
174
325
291
256
281
4,710
4,293
156
606
385
3,761
2,703
16,823
14,412
401
4,549
13,567
827
623
Quanah Acme A Pacific
95
80
St. Louis-San Francisco
...
891
2;053
1,295
St.
...
247
515
374
xl,415
18,530
4,658
424
545
1,639
Columbus A Greenville
1,294
306
170
Durham A Southern
Florida East Coast
388
184
183
...
391
331
...
31
26
28
1,218
936
393
306
2,815
894
773
7,448
7,752
4,000
3,876
25,879
166
2,339
1,939
—
1,766
1,045
Charleston A Western Carolina
Clinchfleld
Gulf Mobile A Ohio
136
2,609
International-Great Northern..
6,327
3,927
1,550
1,033
9,081
4,121
160
Gulf Coast Lines
Atlanta Birmingham A
Coast..
Atlantic Coast Line
Central of Georgia
...
District—
Burlington-Rock Island
Southern District—
Alabama Tennessee A Northern
Atl. A W. P.—W. RR. of Ala..
Gainsville Midland..
Georgia
Georgia A Florida
273
12,301
4,711
1,149
6,441
1,205
1,798
Western Pacific
28,979
Virginian
Union Pacific System
Utah
Pocahontas District—
Chesapeake A Ohio....
23
1,789
1,448
Kansas Oklahoma A Gulf
Valley
Missouri A Arkansas
Missouri-Kansas-Texas Lines..
Missouri Pacific
.
10,838
731
241
7,919
179
74
81
167
125
7,085
6,689
4,082
2.026
5,549
6,684
20,185
5,452
3,126
Texas A New Orleans
9,061
2,419
6,642
3,899
2,652
2,804
Texas A Pacific
3,536
3.392
5,827
9,519
4,751
3,283
Wichita Falls A Southern
156
137
169
87
48
5,276
Weatherford M. W. A N. W—
16
33
41
45
21
54,259
45,676
•45,912
42,901
31,360
26,326
Macon Dublin A Savannah
19,251
21,792
19,605
3,127
14,261
7,854
240
152
125
667
202
107
144
388
214
1,982
457
Mississippi Central
Louis Southwestern
Illinois Central System......
Louisville A Nashville.
Note—Previous year's figures revised.
* Previous figures,
x
Moody's Commodity Index Declines
The movement of the Index has been
July
Sat.
July
Mon.
July
Tues.
July
Wed.
July
Thurs. July
Fri.
Aug.
25
26.........
28
29
211.8
212.6
212.2
......212.1
210.8
210.1
..210.5
30
31
1
as
.......
other
foods, 9; textiles,
18.
The indexes which
Low—Aug. 16
1941 High—July 26.
Low—Feb. 17
Indexes
of
by General Motors and
General
...171.6
on prices
expressed in the
reported July 28 as follows:
Eng¬
tralia
ada
land
Mex¬
Java
ico
New
Zeal'd
Swe¬
den
Switz¬ United
erland
States
132
112
1940—
May
120
118
120
143
116
113
112
131
June
118
118
120
144
116
113
114
131
136
July
118
118
120
145
115
112
114
132
August
140
109
118
119
120
150
115
111
120
132
144
109
116
109
Countries Compiled
Cornell University
^
individual country indexes.
The index is built
upon 40 basic commodities and the list
is the same for each
country in so far as possible.
Each
commodity is weighted uniformly for each
country, accord¬
ing to its relative importance in world
production.
The
actual price data are collected
weekly by General Motors
overseas
operations from sources described as "the most
responsible agencies available in each
country, usually a
government department."
The commodities involved in¬
as
^
clude "a comprehensive list of
several groups,
including
grains, livestock and livestock
products, miscellaneous foods
(coffee, cocoa, tea, sugar, &c.), textiles,
fuels, metals and a
list of other miscellaneous
materials (rubber,
hides, lumber,
newsprint, linseed oil, &c.)."
Weights assigned in the index
to the different
commodity groups are as follows: Grains,
20; livestock and livestock products,
19; vegetable fats and
120
121
116
110
October
10
Corp. and Cornell University, which
prior to the European war had collaborated in the
publica¬
tion of a world
commodity price index, have resumed issu¬
ance
of international
price statistics, but on a different
basis than before the war.
Instead of a composite index of
world prices, these
organizations now are publishing the
information
Can¬
tina
207.7
149.3
....212.6
11; miscella¬
(August, 1939=100)
Aus¬
..202.0
151.5
171.8
11; metals,
based
Argen¬
Motors
only
are
currency of each country were
September-
Commodity Price
12; fuel,
neous,
follows:
Two weeks ago, July 18
Month ago, July 1
Year ago, Aug. 1
1940 High—Dec. 31..
.........
Gulf Mobile A Northern only.
Moody's Daily Commodity Index declined from 211.8 a
week ago to 210.5 this
Friday.
The principal individual
change was for cotton, which lost ground after the
sharp
advances of preceding weeks.
Fri.
Total
113
123
122
145
117
110
120
139
November..
December..
158
114
113
125
124
146
118
111
118
142
164
118
113
126
126
149
120
111
119
144
168
118
150
rl20
111
119
144
rl72
120
145
122
135
1941—
153
111
January
February
114
127
126
114
126
127
150
121
113
119
147
March
171
120
119
122
129
150
123
114
119
154
176
122
April
121
121
131
150
125
115
119
156
180
125
126
120
134
150
129
117
120
156
189
129
135
rl51
192
130
May
1941—
Weeks
end.:
June 7
rl31
121
14..
129
121
June 21..
132
121
June
June 28..
118
120
151
133
119
120
155
193
137
151
131
119
121
154
194
133
154
132
134
121
139
*151
132
120
121
154
194
133
rl33
121
139
*152
134
123
121
154
*194
134
12..
133
121
141
*152
134
126
121
rl56
rl37
19..
133
121
141
*152
136
126
122
155
137
July
5..
July
July
•
130
136
I
Preliminary,
r
Revised.
Commodity Price Average Again Higher in Week Ended
July 26, According to the National Fertilizer
Association
The general level of wholesale
commodity prices continued
to advance last
week, according to the price index compiled
by the National Fertilizer Association.
The index rose to
the highest point reached since
August, 1937.
In the week
ended July 26 this index was
113.0, compared with 112.4
in the
preceding week, 110.2 a month ago and 95.3 a year
ago, based on the 1935-1939
average as 100.
The Asso-
Volume 153
The Commercial <6 Financial Chronicle
PERCENTAGE
ciatioil's report, under date of July 28, continued as follows:
The food price index moved to higher levels during the week,
included in the group advancing and only 6 declining.
group price increases for cotton,
JULY
Fruits and vegetables.
Cotton goods..——,
Silk....-
fractionally due to
and
drug index.
a
The fertilizer material price index
was
3.0
Paper and pulp.....
Clothing
2.9
2.7
Petroleum products.....
Fertilizer materials
.W--
2.4
.
Other miscellaneous......—.
.....
—
•f
—
Leather.........
Furnishings.
Cement....
Cattle feed
6.3
Oils and fats.———
2.1
Paint and paint materials—..
0.7
Other foods..—............
—
Grains
declined, in the preceding week there were 42 advances and 22 declines, in
i
PRICE INDEX
Compiled by the National Fertilizer Association.
(1935-1939=100*)
Electric Output for Week Ended July 26, 1941,
Gain of 15.3% Over Year Ago
Latest
PreceT g
Month
Year
Each Group
Week
Week
Ago
Ago
July 26
July 19
June 21
July 27
1941
1941
1941
1940
107.5
107.2
105.4
87.3
117.7
115.7
118.2
68.6
132.8
128.2
136.0
67.2
114.8
112.7
108.1
83.1
155.0
145.9
133.4
96.1
97.0
96.6
95.7
77.0
111.4
110.5
106.5
80.6
--'v
Group
Total Index
25.3
Foods
....
—
Fats and oils
Cottonseed oil...
23.0
Farm products.............
Cotton
...............
Grains
Livestock....
17.3
...
Fuels..
^
110.4
110.4
110.2
103.4
Miscellaneous commodities..
121.4
121.9
118.5
112.6
138.6
135.8
132.7
103.0
Metals
104.0
103.9
103.5
The Edison Electric Institute, in its current weekly re¬
port, estimated that the production of electricity by the
100.7
Building materials.........
Chemicals and drugs.
116.2
116.2r
115.4
102.2
105.3
105.2
105.0
103.8
112.0
111.9
104.7
100.9
104.3
104.3
102.0
101.3
.3-
.......
Fertilizer materials
'
■.3
Fertilizers
-3
—
Farm machinery...
100.0
99,3
99.3
99.3
112.4
110.2
1926-28 base
on
Bureau
Labor
of
July 6, 1941
Statistics*
Index
Wholesale
of
22.3
20.1
27.6
Middle Atlantic
12.8
17.2
17.6
21.2
19.2
22.8
25.0
25.6
West Central
2i.6
10.5
11.5
17.4
Southern States.
16.2
19.7
21.0
Rocky Mountain
Pacific Coast
10.3
11.3
4.1
9.8
9.1
6.3
15.3
18.0
18.5
WEEKS
(THOUSANDS
Com¬
Prices Advanced Further During Week
July 26 to Highest Level in Eleven Years:
modity
Ended
Week Ended
July 12, 1941
New England
1926-28 average to 1935-39 average as 100.
July 26, 1941, 88.0; July 19, 1941, 87.6; July 27,
V :"y'::' :.[y:-'y„i/y^iiy-:,
were:
r Revised.
Week Ended
July 19,1941
Central Industrial
All groups combined.
1940, 74.2.
Week Ended
July 26,1941
Major Geographic
Regions
95.3
Total United States.
RECENT
FOR
DATA
Broad advances continued in wholesale commodity markets
during the week ended July 26 as the Bureau of Labor
Statistics' index of nearly 900 price series rose .06% to an
11-year peak, Acting Commissioner Hinrichs reported on
July 31.
"The rise brought the all-commodity index to
88.8% of the 1926 average, now approximately 15% above
a year ago," Mr. Hinrichs said.
increase of 1.6% for textile products,
an
stimulated by the raising of ceiling prices for cotton gray goods and yarns
by the Office of Price Administration and Civilian Supply, and increased
tension in the Far East which caused
trading in silk
at
a
lower
4.
2.831,052
2,658,180
+ 10.7
Jan.
ll.
2.985.304
18.
2,995,562
2.688,380
2.673.823
+ 12.0
Jan.
25.
2,979.610
2.660,962
l.
2,977,501
2,972,566
2,958,855
2,967,576
2.982,203
2,986.470
2,964,817
2,963.579
2,956,149
2.937.585
2,882,319
2,873,710
2.632,555
1.5%
rose
and
foods
1.0%.
A
slight increase, 0.1%, was recorded for each of the following groups—hides
and leather products, fuel and lighting materials,
and metal products and chemicals
v'-''-y'cr
86.4 is at the highest level since
Cotton goods rose 3 .0% during the week end silk advanced
were
reported in prices for cotton yarns, tire fabrics,
print cloth, duck, osnaburg, broadcloth, percale and sheeting.
woolen and worsted
Prices for
yard goods rose substantially and higher prices
were
reported for burlap, hemp, jute and cordage.
Wholesale prices for gasoline and cylinder oils continued to
rose
advance.
also higher for certain types of yellow pine lumber and for
Linseed oil, rosin and turpentine declined.
maple and oak flooring.
rubber
2.7% during the week.
;
Crude
onions and potatoes.
a
year ago.
declined and prices
The farm products group index is
over
and dried fruits, for
a
steady.
Apr.
5.
Apr. 12.
mtmm*mmm
3.
June
7.
2,975.024
2.982,715
3.011,754
2,924,460
3,042,128
3,066,047
3,055.841
3,120,780
2,866,865
3,141,158
3.162.586
3,183,925
June 14.
June 21.
June 28.
July
July
5.
12.
July 19.
July 26.
Aug. 2.
than
powdered milk and for meats, including fresh beef, pork,
Prices
beans and
were
lower for butter, lard, oleo oil, flour,
Cattle feed declined 6.3%.
raw sugar.
slight increase in prices of pig tin, the primary metal markets
y
•' ;y.": ■v-- /y; ry^:..yf\-
The following tables show (1) index
y y-y':;
-
numbers for the principal
commodities for the past 3 weeks, for June
and the percentage changes from a
28, 1941 and for July 27,
week ago,
a
month ago and
'(1926=100)
:
V.':
groups of
1940
26.
1941
July
19,
1941
+17.1
+ 17.8
+ 13.9
+ 13.6
+ 17.1
+ 16.4
+ 18.3
+17.0
+ 16.3
+ 18.0
+ 17.1
2,588.821
2,477.689
2,598,812
2,664,853
2,653,788
2,659,825
2.425.229
2.651.626
2,681.071
2,760.936
2,762.240
Bank
Week
for
Debits
Above
Bank debits
as
1938
2,238,719
2,329,057
2,342,328
2,340,339
2,327,192
2,314,859
2.297,117
2.269,061
2.142,112
2.163,015
2,156,468
2.139,311
2.130.558
2,097,789
2,112,046
2,071,639
2,077,334
2.054,861
2.066,563
1937
+ 15.1
+ 15.2
+17.3
+18.2
+ 18.5
+ 18.0
+ 15.3
2,293,582
2,285,175
2.275,658
2,027,433
2,036,671
2,050,101
2,016,227
2,258.221
2.272,424
2,243,986
2.234,908
2,265,216
2.244,039
2,224,723
2,238,826
2,234,592
2,277,749
2.186,394
2,328,756
2.340,571
2,362,436
2,395,857
2,145,033
2,402,893
2,377,902
2.010,121
1,995.555
1,992,161
2,019,065
2.023,830
2.030,754
1,936.597
2.056,609
2.051.006
2,082,232
2.074.014
1,937,486
2,154,099
2,278,249
2,277,609
2.286.494
2.236,074
2,225.581
2,238,281
2,242,433
2,225,539
2,237.729
2.251.888
2,261,111
2,237,926
2.183.704
2,218,798
2,218,616
2.229,866
2,237.642
2,225,194
2.242,421
2,249,305
2,251,995
2.176,399
2.266.759
2,260,771
2.287,420
2,285,362
2,139.281
2,152,779
2,159,667
2,193,750
2,426,631
2,399,805
2,358,438
2,321.531
2.312,104
2,341,103
July
12.
1941
19£1.
1941,
22.7%
23 aggregated $10,166,000,000.
there
was an
increase of 25%.
These figures are as reported
July 28, 1941, by the Board
Reserve System.
of Governors of the Federal
SUMMARY BY FEDERAL RESERVE
June
July
28.
27.
1940
July 19 June 28 July 27
1941
23»
13 weeks ended July 23
during the
>
1941
July
Year Ago
Total
amounted to
$133,011,000,000, or 23% above the total reported for the
corresponding period a year ago. At banks in New York
City there was an increase of 19% compared with the corre¬
sponding period a year ago, and at the other reporting centers
debits
DISTRICTS
(In Millions of Dollars)
Percentage Changes to
July 26, 1941 from—
1941
Ended
a
reported by banks in leading centers for
V.
July
+ 16.1
+ 17.0
+ 16.3
+ 18.1
on
a year ago
(2) percentage changes in subgroup indexes from July 19 to July 26,
Commodity Groups
+ 16.5
2,524,066
2,493.690
2,529,908
2.528,868
2,499,060
2,503,899
2.615,515
2,550,071
2,914,882
10.
172431.
+ 13.6
+ 15.4
2.608.321
2,926,445
May
May
May
May
May
+ 12.0
+ 13.1
2,616,111
2,564,670
2,546,816
2.568,328
2.553,109
2.550,000
the week ended July
more
Marked increases were reported in prices for canned
ham, mutton and veal.
cocoa
m m mm mmm
Mar. 29.
31% higher
y''v:Vv'
.
21 % above a year ago.
Except for
8.
+ 11.0
were lower for eggs,
Average wholesale prices of foods rose 1 % during the week to
oatmeal,
Mar.
Cotton rose nearly 5 H% and prices were higher for most
All grains, except rye,
KILOWATT-HOURS)
Livestock
poultry advanced 2.4% because of higher quotations for calves, steers,
fresh fruits.
v.,"':
18.2
V
Price movements for agricultural commodities were mixed.
hogs and sheep.
1.
The indexes for metals
r';:
Sharp increases
were
Mar.
Apr. 26.
and allied products remained unchanged
The textile products group index at
Quotations
Feb. 22.
Apr. 19.
at last week's level.
February 1930.
15.
building materials, house-
furnishing goods and miscellaneous commodities.
2.9%.
8.
Feb.
Mar. 22.
Farm products
4.1
T
1939
1941
1940
Jan.
Jan.
Mar. 15.
level.
2.6
1940
silk prices to skyrocket. Futures
raw
15.6
from
suspended and it is expected that ceiling prices will be
was
19.4
Change
1941
Week Ended
Feb.
by
OF
;
;
Percent
Feb.
The Labor Bureau's announcement furt her stated:
The recent advance was led
PREVIOUS YEAR
Week Ended
99.4
113.0
PERCENTAGE INCREASE FROM
Base period changed Jan. 4 from
Indexes
were
Shows
light and power industry of the United States for
kwh. The
output is 15.3% above the output of the cor¬
responding week of 1940, when production totaled 2,760,935,000 kwh. The output for the week ended July 19,1941,
was
estimated to be 3,162,586,000 kwh. an increase of
18% over the like week a year ago.
Textiles
1.3
than
0.2
the week ended July 26, 1941, was 3,183,925,000
7.1
and
0.2
—.
current week's
6.1
fixed
0.4
0.3
_
electric
8.2
10.8
*
0.1
—
<
Per Cent
Bears to the
0.2
.....
Dairy products............
the second preceding week there were 37 advances and 9 declines.
WHOLESALE COMMODITY
0.2
0.2
1.9
0.9
.
Iron and steel..........—.
During the week 35 price series included in the index advanced and 17
WEEKLY
0.3
0.2
Decreases
W-"'-
v'VV',:
0.3
0.3
Drugs and pharmaceuticals..
the result of lower quotations for linseed
as
meal and cattle feed..
0.3
Anthracite
also slightly higher.
0.4
-
2.1
m
The only group average that declined last week was that of miscellaneous
commodities, which dropped
—
———
2.0
►
Woolen and worsted goods..
Other farm products
0.6
Lumber.
3.3
►
Rubber, crude.....
chemical
small upturn in the
1941
2.7
Meats
An advance in
small increase in the price of tin.
a
the price of camphor was responsible for
SUBGROUP INDEXES FROM
TO JULY 26,
.
advancing
rose as
quotations for cotton, raw fibres and silk offset price declines in cotton
goods resulting from the Government price ceilings.
The metal average
rose
19
Increases
In the farm product
The textile index
CHANGES IN
With 14 items
wheat, cattle, sheep and poultry offset
decreases In corn, oats, rye and hogs.
611
Week Ended
13 Weeks Ended
Mel Reserve District
July 23,
1941
1940
July 24,
1940
July 23,
1941
July 24,
1940
88.8
88.3
88.1
87.7
77.3
+0.6
+ 1.3
+ 14.9
86.7
85.4
85.0
84.2
66.0
+ 1.5
+ 3.0
+ 31.4
84.6
83.8
84.1
84.3
69.0
+ 1.0
+ 0.4
+21.6
Philadelphia.—~
99.0
+0.1
+ 1.1
745
+ 10.8
Cleveland..
547
Hides and leather products- 109.7 109.6 109.3 108.5
84.3 84.7
Textile products
86.4 85.0
71.8
+ 2.0
397
9,513
5,183
+20.3
Richmond
304
+ 1.6
349
230
4,236
3,235
19,898
4,371
15,773
3,382
2,259
3,473
Ail commodities.
......
—
Fuel and lighting materials.
Metals and metal products-
Building materials
—
a
—
Chemicals & allied products
Housefurnisbing goods.....
79.3
79.1
78.7
71.8
+0.1
+ 0.9
+ 10.6
Atlanta.
98.6
98.6
98.4
94.9
+0.0
+0.2
+3.9
Chicago...
1,574
1,169
92.7
+0.1
+ 1.6
+ 10.8
St. Louis..
—....
236
102.7 102.6 102.4 101.1
84.3
85.0 85.0 85.1
95.3
93.8
95.5 95.4
331
76.8
+0.0
+0.8
+ 10.7
Minneapolis
——
90.0
+0.1
+ 1.8
+6.1
81.8
81.7
81.3
80.9
77.7
+ 0.1
+ 1.1
+ 5.3
86.4
85.5
85.1
84.9
70.0
+1.1
+ 1.8
+23.4
Semi-manufactured articles.
87.8
87.6
'87.3
88.0
77.5
+0.2
——0.2
90.5
90.0
89.9
89.3
81.0
+0.6
+ 1.3
+ 11.7
89.3
88.9
88.8
88.5
79.8
+0.4
+ 0.9
+ 11.9
—
.....;—.......
Kansas City
Dallas..
183
\
...
All commodities other than
farm products and
foods..
90.0
89.7
89.5
89.1
82.4
+0.3
+ 1.0
+ 9.2
;
_
:
140 Other leading centers
•
Centers for which
*..
2,472
203
4,106
3,312
648
10,579
8,038
$10,166
$8,287
$133,011
$108,159
3,600
3,347
4,267
49,370
72,393
11.248
41,402
5,697
870
2,661
^
Total, 274reporting centers....
New York City
133 Other centers......
All commodities other than
;
149
268
273
872
......................"
San Francisco..—....
I
$5,920
45,618
5,773
7,360
4,062
352
——
+ 13.3
Manufactured products.
.
7,606
79.4
Miscellaneous commodities.
products.
414
98.6
Raw materials
farm
3,645
$7,335
54,400
540
—
New York.....
$473
3,974
Boston
Farm products
Foods
$577
673
bank debits figures are available back to 1919.
57,603
9,154
The Commercial & Financial Chronicle
612
April Statistics of the Electric Light and
Industry
althoug substantial, failed to counterbalance
Power
in exports to
The following statistics for the month of April, 1941
covering 100% of the electric light and power industry, were
released on July 24 by the Edison Electric Institute:
DISPOSAL OF ENERGY—MONTH
SOURCE AND
Aug. 2, 1941
the decrease of $24,000,000
the United Kingdom.
General imports from British Empire
countries and Egypt advanced by
United Kingdom de¬
Imports from the
already been indicated.
has
as
Increases were
Canada and British countries in Asia,
in May.-
clined from $15,000,000 in April to $9,600,000
OF APRIL
May.
$12,000,000 over April to a value of $129,000,000 in
recorded principally in imports from
United Kingdom, in May amounted
decline of nearly $11,200,000 in comparison with
Exports to Europe, excluding the
PerCt.
1941
to less than
Change
April.
1940
$212,000,
to
Generation* (Net)—
By fuel burning plants.
8,0.50,528,000
6,656,001,000
+21.0
By water power plants.
4.834.033.000
4,548,747,000
+6.3
12,884.561.000 11.204,748,000
+ 15.0
$7,200,000, a
Shipments to the U. S. S. R. dropped from
Add—Net Imports over lnternat'l boundaries
}
Less—Company use.
——....—
Less—Energy used by producer
Net energy for distribution
\
reductions.
Losses and unaccounted for
I
j
148,206,000
United
Yet
423,416.000
whale oil from Norwegian
Avail-
10,705,682,000
1,433,900,000
9.271,782,000
+ 16.6
25,185,950
24,237,301
651,168
+ 3.9
938.672
4,257,602
4,205,417
172,5.50
117,356
179,286
or
30,672.130
29,386,873
+ 4.4
1,990,113,000
1,857,255,000
+ 7.2
South America
130,760,000
126,196,000
+ 3.6
credited in the statistics to country of origin
are
Asia
rather than to intermediary points
of shipment.
following tabulation covers the month of May, the
previous month, and the corresponding month of last year:
The
Thousands of Dollars (000 Omitted)
industrial:
light & power
Large lignt and power
Other customers
....
Total ultimate customers.
Geographic Division
f
+1.0
May,
Europe
—
-
April,
May,
May,
1941
1941
1940
May,
April,
1940
and Countrg
1941
1941
38,225
123,046 145,964 110,409
81,165
72,137
62,830
35,793
23,355
36,928
40,189
38,226
42,071
49,506
38,706
42,989
25,750
32,344
39,787
36,681
61,597
56,048
—
27,265
40,332
49,021
55,756
63,665
68,147
8,784
8,337
7,413
12,471
28,354
36,925
1,938
8,139
81,157
16,681
12,356
99,923
Oceania..... —... .......—.
Northern
KUowatthour Sales—During Month of Mar.
or domestic
Rural (distinct rural rates)
Commercial or Industrial:
Small light and power
1,927,083,000
1,759,455,000
+ 9.5
5,821,360,000
Large light and power
Street and highway lighting
4,607,756,000
154,711,000
+ 3.3
241,045,000
...
220,788.000
Africa
15,317
Total...
—-
323,749 385,454 384,636 211,470 287,560 296,930
318,134,000
—2.3
155,958,000
64,130,000
—15.6
Australia—
5,858
4,557
5,067
15,718
14,437
675
7,698
6,674
+7 0
64,115,000
Interde partmental
325,533.000
166,902,000
15,683
1,807
13,752
3,926
10,770
Argentina..
Street and lnterurban railways
Electrified steam railroads
14,075
+ 9.2
Railways and railroads:
4,221
5,766
1,911
a
m
297
Total to ultimate customers
10,809,394,000
DOMESTIC
9,271,782,000
+ 16.6
$210,078,400
....
5194,535,300
+ 8.0
Belgian Congo
143
576
1,339
999
3,152
Bolivia...
Revenue from ultimate customers
OR
-
+ 26.3
159,882,000
Other public authorities—
North America
Southern North America—
Residential
RESIDENTIAL
IMPORTS
EXPORTS
Small
into
amount of
warehouses of a considerable
vessels, and to substantial receipts of Belgian
113,701
domestic
Rural (distinct rural rates)
Commercial
which
diamonds,
cut
able)
10,809,394.000
--
Classification of Sales—
Number of Customers—As of March 31—
or
total of $20,700,000 in April was due to the entry
bonded customs
States
excluding the United Kingdom, declined
in May, about the same figure as in March.
value of $13,800,000
a
Not
Sales to ultimate customers
Residential
to
The unusually large
72,556.000
(Details
noteworthy
Spain and Switzerland also recorded
General imports from Europe,
Total generation—
$5,200,000 in April
$5,600,000 to $1,300,00C,
Greece decreased from
those to
while exports to France,
640
884
891
369
2,639
709
10,384
10,505
13,177
9,282
15,944
17,167
278
594
1,498
390
721
501
Brazil
—
British East Africa
(REVISED
SERIES)
8,095
9,155
7,389
7,996
6,117
694
3,574
17,842
36,191
32,232
70,813
5,728
79,611
27,271
61,969
48,192
5,018
British India
SERVICE
British Malaya
130
103
148
1,735
39,357
1,585
Chile
3,694
4,107
4,214
6,059
10,848
8.20C
China
8,824
9,477
12,120
7,722
7,966
8,618
Colombia
4,154
Canada.,......,,..—....... ...
Ceylon
12 Months Ended April 30
1941
1940
% Change
Kilowatthoure per customer
966
916
+ 5.5
$36.71
$36.09
+ 1.7
3.80c.
Average annual bill
Revenue per kllowatthour
3.94c.
—3.6
3,880
4,816
5,083
1,136
967
944
480
1,031
704
Cuba
7,028
10.842
11,431
11,294
20.837
Curacao (Netherlands W. Indies)
1,689
1,213
1,286
1,480
19,967
3,292
561
Dominican Republic
710
801
653
408
714
739
16.705
1,129
1,609
407
455
528
941
1,184
1,205
3,436
1,524
2
18
66
634
1
5,351
890
398
570
France
1,089
39,220
Finland
Shipments of United States merchandise to Latin America
which reached the highest level during the war period, and
gains also in exports to Africa and to certain British do¬
minions accounted for the high value of total
export trade
in May.
The value of exports to the United Kingdom
dropped off as compared with April, although May ship¬
521
585
7,638
333
—
El Salvador
Foreign Trade with Geographic Areas
Leading Countries in May, 1941
714
565
2,674
525
Egypt
States
-
2,248
Ecuador
By courtesy of the Federal Power Commission.
and
5,842
Costa Rica
Average Customer Data—
United
5,922
3,712
226
686
34
43
596
French Indochina
232
288
682
112
2,335
276
1.218
914
2,101
1,452
5,622
1,342
1,190
365
1,073
70
Germany, Czechoslovakia, Poland
Gold Coast
Greece
a
739
Guatemala
746
1,109
1,310
1,227
688
678
754
695
1,076
703
826
1,794
2,414
3,387
389
196
196
Iran (Persia)...
292
868
1,365
571
525
475
Iraq.
587
566
184
182
523
491
Honduras.
Hongkong
L
37
29
Italy
12,553
4,210
18
36
$100,000,000 in value, or double
that of a year ago.
United States import trade increased
during May primarily with countries in Asia and Africa,
Japan
13,687
8,419
6,621
9,283
11,020
10,869
421
235
199
173
295
341
7,472
13,193
13,770
Netherlands
1,102
1
1,125
128
6
and with Canada.
Netherlands Indies
3,625
7,955
9,845
11,189
14.504
850
1,252
1,429
737
815
21,630
1,251
1,968
3,738
1,516
1,103
continued
ments
above
A release issued
by the Department of
Commerce July 25 also said:
May figures record
America,
level
which
brought the monthly
during the entire
April
over
were
war
recorded:
total to $85,000,000,
the highest
period.
The following percentage increases
Argentina, 31% to a value of $7,700,000 in
May, Brazil,
to
25% to $13,200,000, Chile, 3% to $4,100,000, Cuba, 5%
$11,400,000, Mexico, 4% to $13,800,000, Venezuela, 22% to $6,100,000.
May shipments to the Latin American republics in North America were
substantially larger than those in the corresponding month of last year.
Shipments to South America, however, showed only a moderate gain over
May,
1940.
It
will
be
recalled
that
United
States
exports
South
to
America advanced to high levels in the early months of 1940.
Exports to
Brazil, Chile, Colombia, Peru, and Uruguay during the period JanuaryMay, 1941, were higher than in the corresponding five months of 1940,
while those to Argentina and Venezuela were not so
high.
United
States
imports
from
the
Latin
at
$95,000,000 in May, imports of merchandise
of
merchandise exports to that area.
republics
also
.............
Newfoundland and Labrador....
were
$10,000,000 in
excess
year.
new
high volume for rubber imports recorded in May is reflected in
the increased value of imports from British
Malaya, as well as from the
Netherlands Indies and Ceylon.
exports
to
Exports to British
months.
,
United
areas
also
increased
considerably,
Japan
were several times
rising
to
larger than at present.
showed marked increase in May over those earlier
export
trade
with
as
compared with $11,000,000 in April,
1941, and with $9,-
300,000 in May, 1940.
Receipts of raw silk from Japan advanced to 2,~
828,000 pounds, valued at $7,870,000 in May, the largest monthly figure
December, 1940.
since
United
States
exports
$247,000,000 in May,
or
to
British
Empire, including Egypt, valued at
approximately 64% of total United States exports,
$7,000,000 smaller than in April.
British
Malaya.
Hongkong,
6,889
9,237
8,365
1,231
966
39
623
5,045
1
1,540
2,091
353
373
362
Panama Canal Zone
3,487
4,516
5,797
70
18
44
11
a
Peru
2,162
2,216
2,315
1,466
1,884
1,984
Philippine Islands
Portugal
Spain
9,791
2,290
9,487
11,618
9,054
8,422
10,201
1,419
2,078
676
1,886
1,513
3,112
1,722
1,044
1,427
1,988
1,384
Sweden
2,089
276
459
321
727
254
Switzerland
3,755
521
325
2,472
3,416
3,744
474
727
599
40
222
Thailand (Slam)
Trinidad and Tobago
108
460
1,036
134
169
386
683
1,524
1,126
1,023
1,885
7,203
16.030
15,558
3,628
4,470
499
5,186
212
2,932
2,748
3,260
49,788 127,623 103,228
867
1,541
1,207
6,110
6,489
4,993
Union of South Africa
899
1,083
Turkey
12,115
15,049
9,576
1,976
4,572
3,467
3,380
3,620
3,360
Union of Soviet Soc. Republics..
United Kingdom
Uruguay.
Venezuela
1,852
Less than $500.
Far Western Business in June
Again at Record
Reports Bank of America (California)
Peak,
Reviewing the performance of Western business during
the month of June, the Bank of America's current "Business
Review" states:
Western industry produced as never before.
were
again at-record high,
prospered,
so
were
biles, refrigerators,
and
stoves
bitter with the sweet.
Employment and payroll8
retail sales.
particularly firms handling
radios.
consumer
But
Most lines of business
goods such
even
as
automo¬
they had to take the
Overhanging them were the threatening clouds of
deliveries.
As
a
result of the quickened activity in nearly every line, it is no wonder
that this bank's index of general business
level
ever
should
now
be at the highest
obtained—with the exception of the single month of October,
1929.
At 130.3%
of the 1935-39
was
ago.
a year
average,
the index is about 20% higher
Japan decreased from
$8,400,000 in
April to $6,600,000 in May, the lowest point reached since the depression
year 1933.
Imports continued relatively large, however, amounting to
$10,900,000
a
87
347
97
1,688
.....
Norway
than it
.
,
States
-
-
priorities and future shortages and, even now, the difficulty of obtaining
Asia
$63,700,000 in May from approximately $55,800,000 in April.
This May
total was the largest recorded since
December, 1939, and January, 1940,
at which time exports to
-
Panama, Republic of
As compared with April, declines
replace British vessels withdrawn from the Pacific earlier in the
States
-
con¬
United States imports from Asia increased from
$81,000,000 in April to
$100,000,000 in May. the highest value for any month since November,
1929.
The increase in trade was made possible by the
reentry of tonnage
United
......
a
Valued
Mexico, Argentina, Chile, Bolivia, and Uru¬
guay.
However, imports from Brazil, valued at $17,200,000 in May,
represented the largest monthly value since October, 1929.
were
Mexico
shown for imports from
were
The
Kwantung.
a
American
tinued large, although the May figure dropped below that of
April.
to
628
New Zealand-—..
increase of 14% in United States exports to Latin
an
Ireland
Australia,
Increases in shipments to Canada,
and
Egypt in
May
over
April,
Conference
Board
Reports Decline in Manufacturers'
Orders in June—Unfilled Orders Continue to Rise
For
the
first
time
in
15
months,
new
orders
declined
slightly during June, according to the seasonally adjusted
indexes regularly compiled by the Division of Industrial
Economies of the Conference Board.
Bookings remained
considerably in excess of shipments, however, and the backlog
of unfilled orders rose to a new high point.
Shipments rose
Volume
The Commercial &
153
613
Financial Chronicle
members
The
of
this Association represent
83% of the
2% from May to June.
Despite reports of shortages of raw
materials in many industries, the index of the value of
inventories continued to advance.
The advices from the
program includes a statement
week from each member of the orders and production,
Conference Board
also
total
July 26 continued:
on
:
6 points,
The decline in the index of the value of new orders amounted to
or
The index (1935-1939=100) for June was 243, or
approximately 2%.
69%
The decline
1940.
higher than in June,
figure which indicates the activity of the mill based
operated. These figures are advanced to equal
100%, so that they represent the total industry.
individual
shoe, textile,
tered
in
for
orders
new
and
Smaller declines were regis¬
greatest
boot
in the
electrical equipment,
equipment,
building,
MILL
ACTIVITY
Percent of Activity
Production
Orders
Received
Period
Tons
Remaining
Tons
Tons
Current
Cumulative
ma¬
Large increases occurred in the railroad
chinery and office equipment.
PRODUCTION,
Orders
were
and chemical industries.
paper
REPORTS—ORDERS,
.
declines
industries,
STATISTICAL
caused primarily by
was
Unfilled
lower bookings for non-durable goods.
Among
,
,
each
and
a
the time
on
Neio Orders
industry, and its
1940—Month
of—
528,155
579,739
167,240
72
71
equipment and housefurnishings industries, and there were smaller increases
February
420,639
453,518
137,631
70
71
in
March
429,334
449,221
69
70
April
520,907
682,490
508,005
456,942
129,466
193,411
247,644
236,693
70
70
76
72
79
73
544,221
587,339
72
73
452,613
487,127
196,037
162,653
74
73
468,870
470,228
72
73
670,473
488,990
464,537
648,611
163,769
184,002
79
73
509,945
161,985
77
73
479,099
151,729
71
73
629,863
202,417
75
mm
February
673,446
608,521
548,579
261,650
81
mm
March
652.128
571,050
337,022
82
iron and
New orders were much
steel, metal products and clothing.
larger in all reporting industries than in June, 1940.
May
June.-
Shipments
Shipments advanced to
record levels during June because of heavier
new
Shipments of non-durable goods,
shipments by durable goods producers.
after
in
lower than
adjustment lor the usual seasonal movements, were 4%
May, but
goods
outbreak
were
of the
May
largest
the
June,
to
-
advances
were
by the
industries.
reported
building equipment, railroad equipment and housefurnishing
Smaller increases occurred in shipments of automobile equipment,
iron and steel, non-ferrous
chemicals,
October
November
December
1941—Month
reporting declines after adjustment for seasonal factors included boots
and
857,732
726,460
447,525
83
May
656,437
61.2,323
488,993
84
June
634,684
608,995
509,231
88
Unfilled Orders
Mar.
Mar. 29
increased
in
-
month
somewhat
was
a
a
year ago,
rise of only
June,
In comparison with inven¬
however, durable goods show an increase of 27% against
The following table gives
for
The rise during the
housefurnishings.
industries producing non-durable goods
the Conference Board's indexes of the value
inventories, shipments, new orders and unfilled orders
month and for the corresponding month of
for the preceding
1935-1939 monthly average as 100. are adjusted for
OF
seasonal change.
ORDERS—JUNE,
INVENTORIES, SHIPMENTS AND
May,
1941
1940
to
to
June
June 14--
74
77
81
July
182,603
160,609
572,532
92
82
26
Car-Makers'
including
+ 64
vehicles.
+ 81
155
161
108
-4
+ 44
243
249
144
—2
+ 69
533
520
150
+3
+ 255
Report of Lumber Movement Week Ended July 19, 1941
Lumber
production during the week ended July 19, 1941,
was 4% greater than in the previous week; shipments were
11% greater; new business 0.5% less, according to reports
Manufacturers. Association from
operations of repre¬
Shipments were
4% above production; new orders 11% above production.
Compared with the corresponding week of 1940, production
was 15% greater, shipments 19% greater, and new business
13% greater.
The industry stood at 125% of the average
of production in the corresponding week of 1935-39 and
137% of average 1935-39 shipments in the same week.
The Association further reported:
the
mills.
i
Year-to-Date Comparisons
Reported production for the 29 weeks of 1941 to date was
14% above
above the shipments,
23% above the orders of the 1940 period.
For the
corresponding weeks of 1940, shipments were 17%
were
was
12% above production, and
gross
a year
ago.
1941, Sales at
as
442,158 passenger cars and 89,949 commercial
Retail sales in June, 1940, were 350,871 passenger
trucks.
1941 total is 12.7% below the total
reported
for the
1941 is
3,017,099 units compared with 2,166,902 units for the first
for May, 1941, and 32.4% above the total reported
month of June, 1940. The total for the six months of
six months of 1940.
!
Figures for the month of May, 1941,
of Jime, 1941, page 3718.
Department
Reports
Agriculture
of
;
appeared in our issue
Food Purchases
During Week Ended July 26
The U. S.
Department of Agriculture
July 28 the purchase of the following food
the week ended July 26:
Quantity
Commodity—
announced on
supplies during
Quantity
Commodity—
3,355,220
151,200
135,000
fresh peaches (bushels)-—--22,310
Potatoes (bushels)
173,624
Fresh plums (boxes)
14,230
Carrots (bushels)--8,918
Oranges (boxes)
—
12,474
Beets (bushels)..
1,092
Snap beans (bushels)--.—--17
Pork meat products:
Rolled oats (pounds)
9,540,000
Canned (pounds)
4,971,640
Casings (100-yard bundles).
21,700
Lard (pounds)
8,616,976
Canned potatoes (cases)
Cured (pounds)
Shell eggs
(cases)
(pounds)
—
—
Dried eggs (pounds)
American cheese (pounds)—..
(pounds)
(lbs.)—
Evaporated milk (cases)
Dry skim milk (spray)
Dry skim milk (roller)
Or
91,695
8,616,380
660,000
75,000
440.000
520,000
252,450
Canned pork and beans
(cases)
Vitamin A—Fish liver oil (lbs.)
x2,250
102,150 million units.
explained that these food supplies can
distribution to public aid families and
for free school lunches, to meet requirements for the Red
Cross for shipment to war refugee areas, for transfer to other
countries under the terms of the Lend-Lease Act, or for
release upon the market when this is desirable.
The Department
.
The ratio of unfilled orders to gross stocks was 48% on July 19,
year ago,
Group Reports June,
532,107 Units
and 51,054
The June,
*
Supply and Demand Comparisons
a
cars
6% above production.
compared with 21%
Compensation for delinquent
and other Items made necessary adjust¬
on
Frozen eggs
-
less production, do
reported by the Automobile Manufacturers
July 28, of new passenger cars and trucks in
the United States during June, 1941, totaled 532,107 units,
Association
+ 7.7
shipments
equal the unfilled orders at the close.
reports, orders made for or filled from stock,
ments of unfilled orders.
+5
Unfilled orders
129,019
Note—Unfilled orders of the prior week plus orders received,
120
New orders
,
82
92
;
82
542,738
550,902
207
business
82
131,531
+27.0
new
82
156,989
+2
29 weeks of 1941 to date,
81
149,197
115
were
88
168,431
5
186
orders
504,786
147,365
July
189
new
81
156,439
July 19
+ 19.5
and
81
84
.
81
84
July 12
+ 2.8
softwood
85
144,481
489,915
488,993
500,252
151,648
90
+ 4.0
and
472,782
152,410
509,231
529,633
+ 3.1
hardwood
149,884
518,755
115.0
sentative
80
84
154,711
122.2
covering
80
153,364
118.6
Lumber
80
84
151,114
119.0
associations
83
466,064
168,561
151.0
National
447,525
June 21
137.5
the
431,859
147,188
88
123.8
to
80
84
147,582
148,381
158,821
7
155.2
regional
80
168,875
155,831
156,188
—
141.7
Non-durable goods
80
78
161,295
May 24
May 31
Non-durable goods
*
85
165,583
Durable goods
217
79/
393,732
415,485
170,436
Retail sales
June, 1941 June, 1941
Durable goods.
79
83
166,338
1940
1941 June,
May,
(Revised)
.
84
134,853
June,
1941
Shipments
78
337,022
368,304
150,259
Percentage Change from
June,
Inventories
82
160,769
not necessarily
1941
1935 1939=-100
-
322,605
181,778
These indexes, all based on the
1940, together with percentage changes.
INDEXES
141,874
147,263
June 28
7.7% for the non-durable goods industries.
of manufacturers'
'78
12
19
3
than in those manufacturing durable goods.
tories
78
82
Apr.
26
greater in
80
146,578
May 10
May 17--
indexes except iron and steel and
82
300,378
183,264
May
covered by the Board's
77
261,650
277,115
5
of the industries
all
-
141,176
138,165
„
Apr.
Apr.
Inventories
•
143,748
155,262
154,001
Inventories
:
«•»
mm
168,701
167,430
161,996
1
8
Apr.
100) advanced to 533 from 520 in May.
.
Week Ended—
Mar. 22——
The Board's adjusted index (1935-1939=
unfilled orders continued to rise.
r
1941—
Mar. 15
Despite the decline in new orders and the further increase in shipments,
'
April--
Mar.
shoes, clothing, textiles, office equipment and electrical equipment.
624,184
509,781
of—
January
Industries
metals, metal products and paper.
-
July
August
September
before the
while those for non-durable goods were
War,
European
40% above the August, 1939, level.
From
Shipments of durable
44% higher than in June, 1940.
109% higher than in August, 1939, the last month
were
January,.
1941,
Unfilled orders were 88% greater than
stocks were 16% less.
Softwoods and Hardwoods
Record for the current week ended July 19, 1941. for
the previous week
be used for domestic
follows in thousand board feet-
and tor the corresponding week ot a year ago,
Somewhat
Reports Damage to Canadian Crops
Checked but Deterioration Continues
Over Large
Area
Bank of Montreal
Softwoods
r
Hardwoods
Softwoods and Hardwoods
1941
■
1941
1941
1941
1940
Previous
Week
Week
Week
Week
Week
275,217
238,383
265,650
July 31 report on the condition of Canadian crops,
the Bank of Montreal states that damage to crops has been
arrested in some districts of the prairie provinces by good
rains and less excessive temperatures but deterioration over
286,631
241,436
259,241
a
304,841
270,164
306,300
(Revised)
Production
264,182
Shipments
274,132
Orders
292,127
454
91
376
Mills
100%
104%
111%
11,035
12,499
12,714
100%
113%
115%
454
461
In its
considerable area continues,
In
Manitoba crop prospects are still
northeastern and parts
Weekly Statistics of Paperboard Industry
give herewith latest figures received by us from the
Paperboard Association, Chicago, 111., in relation
activity in the paperboard industry.
We
of
to
are
River
District of Alberta crop conditions continue
Cutting of wheat has commenced in a few areas in Mani¬
infestation of wheat-stem sawfly is reported in many districts
Sugar beet crops in Manitoba and Alberta
progressing satisfactorily.
In Quebec Province favorable conditions
fairly favorable.
toba.
National
generally good in southeastern and
of west-central Saskatchewan in the Peace
and the southwestern
area
The bank's report continues:
An
Saskatchewan and Alberta.
The Commercial & Financial Chronicle
614
have prevailed during the past week and crops have made good progress
with fair to good yields in prospect.
In Ontario harvesting operations
advancing rapidly and fair to good yields of fall wheat
below-average returns
rain would be beneficial in many districts
more
the
Maritime
Provinces
rains
recent
and
particularly for
warm
beneficial and the outlook for all crops is favorable.
cooler
weather
with
scattered
beneficial to all crops.
showers
during
weathers
pastures.
have
been
In British Columbia
the
The average
excise tax,
past
week
has
price for refined sugar, net cash at New York, including
during the month of July, 1941
against 4.26 cents
For the first
barley and oats,
roots, tobacco and other late crops are showing good progress, although
corn
In
reported, but
are
indicated for spring wheat,
are
are
per pound for
Plantings
wheat
on
The date for the referendum will be get in the spring as soon as the con¬
dition of the 1942 crop can be determined.
Since the enactment of market¬
ing quota legislation, this determination has been made following the May
crop report.
The Agricultural Adjustment Act of 1938 specifies that the
referendum must be held before June 10, and that two-thirds of the farmers
voting in the referendum
of 1940.
averaged 4.72 cents
must approve
the quota before it
can continue
in
Quotas of Inter-American Agree¬
Reported by Bureau of Customs
Quota Period
Country of Production
have to be proclaimed next spring.
result of
going to be the largest
low as
carryover we
a
quota would
will have
record for the United States and
358,000,000 bushels would bring the supply
Pounds
Dominican Republic
16 ,138,333
Guatemala
71 950,208
...
Venezuela—
—
Colombia
*osta
Import qu ota filled
56, 484,233
-
423 632,012
Rica
26, 897,267
4———......—
Brazil
1,250, 722,887
80, 691,799 July
2, 689,700 July
69,394,142
19, 1941
19, 1941
26, 1941
20, 173,016 July
36, 983,708 July
26, 1941
26, 1941
26, 1941
2,009,947
23,154,333
8,414,634
19,732,082
36,696,002
3,090,570
60,520,232
47,742,641 July
......—
_
.
19, 1941
26, 224,775 July
10, 758,933 July
3, 362,191 July
63, 880,975 July
i,
El Salvador
Honduras-
26, 1941 b46,594,769
Nicaragua
Cuba
-
Ecuador—
..
Haiti
.....
Mexico.
26. 1941
All types of coffee
Quota Period Apr. 22 to Aug. 31, 1941,
Inclusive—
Non-signatory countries: Mocha coffee...
a
2,645,520 July 26,1941
Quotas increased by Inter American Coffee Board
as
bl,497,648
of June 1, 1941.
on
hand
of 20,000 bags for coffee of the Mocha type
from April 21 to Aug. 31, 1941, inclusive.
which
may be
entered for consumption
a
up to
1941 crop
the quota
Volume
of
Cotton
Textiles
Produced
and
Delivered
Largest in History of Industry, Says W. R. Bell of
surplus off the market until it is needed.
national program is very clear today.
problems confronting
nowhere
have
wheat
farmers
the
protect their prices.
The result of such cooperation in a
American wheat farmers face the
in
growers
effective
as
American farmers
other
and
are
exporting
countries,
democratic
as
same
a
but
program
to
getting far better prices for their
1941 crop than farmers in any other wheat exporting country.
The
Agriculture Department's announcement further said:
The 1942-43 supply used in the quota determination is estimated at
1,300,000,000 bushels.
This includes the estimated July 1, 1942 carryover of
640,000,000
bushels,
bushels
on
acreage
allotment.
amount to
the
and
basis
of
A
a
normal
normal
of
690,000,000
lor the 10-year period ending
makes
a
1942
a
wheat
yield
estimated
crop
the
on
at
660,000,000
55,000,000-acre national
year's domestic consumption
739,000,000 bushels.
consumption
and
exports
This is made up of an average domestic
bushels
and
exports
June 30,1942.
of 49,000,000
The addition of
marketing quota level of 998,000,000 bushels.
a
bushels
35%
If between
reserve
and
the fall of 1942 the supply of wheat should fall
5% below the quota level,
the Act provides that the quota must be lifted.
The purpose of a marketing quota is to divide
a
now
limited market equitably
among all growers and to protect wheat prices and income
of the surplus off the market until needed. Since
their acreage allotments have made their adjustment at
seeding time, they
continue to market their entire production in the normal
manner.
Pro¬
ducers who over-seed their allotments
make
an
are
adjustment in marketings the
seedings.
same
excess
or
as
yield of their
excess
However, the penalty may be postponed
wheat is kept off the market and stored under
bond, or it may
be avoided if the wheat is taken out of market channels
by delivery to the
Government for relief
use.
Producers who store excess wheat in 1941 also
have the privilege in 1942 to take out of storage and market without
penalty
wheat equal to the amount by which 1942
seedings are reduced below
excess
the acreage allotment, measured in terms of normal
yield, or equal to the
amount the 1942 production falls below the normal
yield of the
acreage
allotment.
The marketing penalty,
which is intended to discourage marketing of
wheat, is related to the loan rate, the law specifying a penalty of
50% of the basic loan rate.
For 1941, the basic average loan rate is 98
excess
cents, making a penalty rate of 49 cents.
Since the quota serves to protect the value of loan
collateral, the Act
no Government loans can be made on the
1942 wheat
provides that
crop
marketing quota is voted down.
Average Duty Paid Price for Raw Sugar in July Was
Highest Since September, 1939—Refined Sugar
Price Also Advanced
The average price for raw
sugar,
York, for the month of July, 1941,
duty paid basis at New
3.50 cents per pound
was
compared with 2.68 cents for the
same
month last year,
according to Lamborn & Co,, New York,
The July, 1941
average is the highest monthly average since September,
1939 when the figure was 3.65 cents
per pound.
The firm's
announcement further said:
For the first
seven
months of 1941, the average duty paid
price for raw
sugar was 3.28 cents per pound as against 2.79 cents for the
period in 1940.
highest since
The average for the
1937
when
the
Mr. Bell's statement continued:
produced and delivered goods which had been previously contracted for.
During June the total yardage produced is estimated
yards,
there
a
at
970,000,000 square
continuance of record production, and this during a period when
little activity in the gray goods market due to discussion of price
was
ceilings.
It is safe to say, I believe, that practically none of this production went
into mill stocks.
As evidence of this, a current report shows one group of
manufacturers have but
and
one week's production in stock, which is
they have unfilled orders for 14 weeks ahead.
This condition is
If there
is any shortage
industry today, it certainly
or
a
minimum,
probably typical of the entire industry.
of gray goods in any branch of the finishing
can not
be ascribed to any lack of production
shipments.
Since the recently revised ceiling prices were issued by OPACS the cottontextile industry has indicated its desire to cooperate in
every
and
to
maintain
maximum
production.
The fact that
a
possible
way,
widely active
market has not follow ed has been due in part to individual mills
taking great
care to set up
procedures for fulfilling their contracts and at the
conforming with the ceiling prices.
is bound to
prices
cause
are at a
If there is
a
The continuous rise in
natural hesitation in sales for future
same
raw cotton
time
prices
delivery, when cloth
fixed level.
slowing down in future sales it would
seem that this would
result in less speculative buying, an objective which I understand is
sought
by those government bodies which
are
striving to prevent inflation.
The cotton-textile industry is producing at maximum, and it is
cooperating
with OPACS in the matter of ceiling prices.
The first obligation of cotton-
textile mills is to fulfill their obligations under
Bell said
existing contracts.
July 30 that developments in the Far
East will further intensify the production problems faced
by
the cotton-textile industry in its effort to supply vastly ex¬
panded military and civilian needs.
He added that the
impending shortage of silk and possible future shortages of
additional materials may greatly increase the burden on the
cotton-textile industry, estimating that 25% of its current
production is already being taken for purposes of national
on
defense.
Daily Average Crude Oil Production for Week Ended
July 26, 1941, Gains 193,900 Barrels
The
American
Petroleum
Institute
estimates
that
the
January-July period of 1941 is the
price for
veraged 3.52 cents per pound.
corresponding
before in the
Cotton textile mills in general are sold up tight for the third
quarter of
this year. During the recent inactivity in the gray goods market the mills
Mr.
..
are
ever
dividual mills concerned.
the cooperator made in
actual
penalty.
to
being produced and delivered in larger
history of the industry, and
recent inactivity in the gray goods market,
following the
fixing of ceiling prices, should cause no shortage for current
production of finished cotton goods, W. Ray Bell, President
of the Association of Cotton Textile Merchants, said in a
statement issued July 25.
Substantial sales of gray goods
are being made
every day now, in accordance with ceiling
prices which have been fixed by Office of Price Adminis¬
tration and Civilian Supply, Mr. Bell said, and these sales
are
in accord with the merchandising policies of the in¬
volume than
called upon under the quota to
Only the smaller of the normal
acreage is subject
Association of Cotton Textile Merchants
Cotton textiles
by keeping part
producers who plant within
as
Consumption
(Date)
above-normal yields and reduced exports,
our
on
The
doubt that
no
The large supply puts a real challenge before wheat farmers.
It is a
challenge to work together to adjust acreage and to hold the price-depressing
if the
Entered for
As of
Quota Period 12 Months from Oct. 1, 1940
level.
if the
Revised
Quota
(Pounds)
14, 1941, the increased
import quota for non-signatory countries is subject to the allocation of a maximum
The wheat supply in sight for 1942-43 leaves
is
a
b Under the terms of an Executive order, effective June
Administrator states:
even as
pound.
Non-signatory countries:
is now in effect on the 1941 crop as a result of the
81 % approval voted in the referendum on
May 31, reference
to which appeared in our issue of June 7,
page 3566.
In
commenting on the program R. M. Evans, National AAA
as a
per
The Bureau of Customs announced on July 31 preliminary
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 July 26, 1941.
Total imports
under the other coffee quotas are shown as of July 19,1941.
A quota
July 1, 1942,
The average for the January-July period of 1941 is
the highest since 1937 when the price for the corresponding seven months
Peru
the year's crop.
on
as
Coffee Imports Under
marketing quota for the 1942 crop was pro¬
July 25 by Secretary of Agriculture Claude R.
Wickard.
The proclamation, which under the law must be
made prior to May 15 for any marketing year in which it
appears the wheat supply will exceed a normal year's domestic
consumption and exports by more than 35%, was made at
this time, according to the announcement, "in order to
give
growers the opportunity to make plans for 1942 plantings
before seeding time." The 1942 national acreage allotment of
55,000,000 acres was announced May 22, 1941 and most
farmers have already been notified of their individual allot¬
ments, as was noted in these columns May 31, page 3526.
In its announcement July 25 the Department said:
effect
4.95 cents per pound
was
month last year.
been
Wheat Marketing Quota Proclaimed for 1942—Decision
Announced Now to Give Growers Time to Plan for
claimed
same
4.75 cents per pound as compared with 4.39 cents per pound during the
was
similar period
ment
1942
the
months of 1941, the average price for refined sugar
seven
The picking of tomatoes, apricots, peaches, plums
and early apples has commenced.
A
Aug. 2, 1941
the
similar
seven
months'
period
daily
average
July 26, 1941,
crude
was
oil
production for
3,869,950 barrels.
the
This
week
was
a
ended
gain of
Volume
The Commercial &
153
Financial Chronicle
193,900 barrels from the output of the previous week.
The
barrels
calculated by the U. S. Department of the Interior to be the
total of restrictions imposed by the various oil-producing
week's
current
States
during July.
weeks ended
The
figures
daily
totaled
were
Daily
output for the week ended July 27, 1940,
average
Further details
3,690,400 barrels.
reported by
as
Imports of petroleum lor domestic use and receipts in bond at principal
barrels lor the week ended
weeks
ended
bonded
July
July 19 and 209,714 barrels daily lor the four
figures include all
These
26.
impoited, whether
oil
separation in
for domestic use, but it is impossible to make the
or
ban-els,
of 213,143 barrels, compared with a daily average of 254,286
average
weekly statistics.
There
ports
were
receipts of California oil at either Atlantic or Gulf Coast
no
during the week ended July 26.
Reports received Irom refining companies owning 86.3% of the 4,538,000
barrel
estimated
daily
potential refining
capacity of the United
indicate that the industry as a whole ran to
stills, on
States
Bureau of Mines
a
basis, 3,920.000 barrels of crude oil daily during the week, and that all
bulk terminals, in transit and in
companies had in storage at refineries,
pipe lines
of the end of the week 86,945,000 barrels of finished and un¬
as
The total amount of gasoline produced by all companies
finished gasoline.
estimated
is
to have been
12,860,000 barrels during the week.
CRUDE OIL PRODUCTION
AVERAGE
DAILY
(Figures in Barrels)
Actual Production
Four
B.ofM.
/- '
Week
Weeks
from
Ended
Ended
Allow¬
July 26,
Previous
July 26,
July 27,
ables
1941
Week
1941
1940
Week
Calcu¬
'
V
Ended
ments
•
Stale
Require¬
■
Change
lated
"
{July)
....
415,000
—5,150
421,100
405,800
b241,950
+ 2,900
239.000
186,200
b5,100
498,500
225,300
_
b416,65Q
237,400
—100
5,050
200
80,350
Oklahoma
Kansas
—2,000
82,700
70,000
4,200
Nebraska
Panhandle Texas
29,300
East Central Texas..
210,950
+ 4,300
81,200
78,700
367,950
+ 71,950
334,400
449,050
+ 37,800
+ 39,350
196,500
262,100
205,900
283,250
Texas....
Coastal Texas
212,100
1,324,000 C1347926 1,428,550 + 197,300 1,329,400 1,354,200
Total Texas
78,400
Louisiana—
76,450
63,550
—8,400
239,600
216,200
279,750
304,000
-
303,397
314,500
—6,100
316,050
77,000
Louisiana...
ArkanaAfl
+2,300
236,100
North Louisiana
Total
32,750
242,500
217,450
Texas
Coastal
29,750
+ 45,700
84,300
West Texas—
+ 100
266,100
West Central Texas.-
Southwest
94,750
100,250
+ 100
99,850
North Texas
East
73,748
73,550
+ 450
72,900
21,000
—500
340,650
+ 7,800
b20,900
+ 1,300
90,450
41,500
88.400
19,900
81,150
5,100
3,700
107.050
72,600
10,450
42,500
338,900
37,200
Indiana
b46,750
102,100
|.
384,800
22,200
Mississippi......—.
Illinois
Rationing
Action—Coordinator
Names
Staff—Daily Average Crude Out¬
put Up; Stocks
Decline—Texas Defers "Oil for
Britain Day"—New York and Pennsylvania Join
Compact Group
New Members to
nois and Indiana)..
Michigan
Wyoming
|
Mnntann.
|
Colorado
Mexico
week.
90.450
87,300
+ 950
40,400
—2,300
84,200
53,600
73,950
bottleneck which has brought about the shortage of supplies
on the East Coast,
"even though it causes a shortage is
d603,000
624,800
.
19,400
18,650
3,850
109,050
"—250
+ 500
105,100
3,300
3,231,850 + 196,300 3,133,300 3,084,400
606,000
—2,400
635,450
638,100
Total East of Calif. 3,222,300
Total United States 3,847,100
,
—500
19,400
108,600
•
The Coordinator said that the diversion of the 50 tankers
2i,050
to
108,600
California
Declaring that the voluntary curtailment program had
failed, Oil Coordinator Ickes on July 31 asked that all oil
companies operating in the Eastern States close their gasoline
service stations from 7 p.m. to 7 a.m. as a means of imposing
compulsory restrictions upon the use of gasoline, effective as
of Aug. 3.
Approximately 100,000 service stations will close,
for an indefinite period, in accordance with Mr. Ickes'
request, the oil companies affected by the request indicated.
However, some uncertainty was shown as to how the oil
companies could cope with recalcitrant stations.
It was
generally thought that Mr. Ickes would receive further
authority, if necessary.
Pointing out that "voluntary rationing to date has not
achieved the reduction which must be accomplished if we
are to avoid
a
more
serious situation later," Coordinator
Ickes spoke of the possibility of more serious rationing, in¬
cluding the issuance of ration cards.
"Unless this first
action achieves results, it must be followed by other steps
to accomplish our end," he declared.
More than 17 States
will be affected by this sensational closing, first in the history
of the industry.
The recommendations of Coordinator Ickes for night
closing of service stations would be applicable "throughout
the States of Maine, New Hampshire, Vermont, Massachuetts, Connecticut, Rhode Island, New Jersey, Delaware,
Maryland, North Carolina, South Carolina, Georgia, the
peninsula of Florida, the District of Columbia and all
marketing areas in or east of the Appalachian mountains in
the States of New York, Pennsylvania, Virginia and West
Virginia and such additional marketing areas in said States
where any substantial part of the motor fuel supplied is
either produced in any of said States, or shipped into such
areas from any point east of such areas."
The "shutdown" came a few days after Coordinator Ickes
had renewed his plea for a 33 1-3% voluntary cut in oil
products consumption on the East Coast in a radio address,
broadcast nationally, in which he said that "with Adolph
Hitler running about the world like a mad dog, Americans
seem to act as if they were living in a normal world."
In
his talk, Mr. Ickes pointed out that despite his request for
curtailment, demand for gasoline along the East Coast last
week was more than 1,500,000 gallons above the previous
418,350
14,850
Eastern (not incl. Illi¬
New
Further
production for the four
average
United States ports for the week ended July 26 totaled 1,492,000
daily
and Its Products—Eastern States Hit by
Night Closing of All Service Stations—Ickes Hints
July 26, 1941, is estimated at 3,768,750 barrel^.
the Institute follow:
a
Petroleum
the 3,847,100
above
3,869,950 + 193,900 3,768,750 3,690,400
Great
are
Bureau of Mines' calculations of the requirements of domestic
crude
oil based upon certain premises outlined in its detailed forecast for the month of July.
As requirements may be supplied eitner from stocks, or from new production, con¬
templated withdrawals from crude oil inventories must be deducted from the Bureau's
estimated requirements to determine the amount of new crude to be
b Oklahoma. Kansas, Nebraska,
7
a. m.
produced.
July 27.
This is the net basic 31-day allowable as of July
c
it will increase
as new
1, but experience Indicates that
and If any uoward revisions are made.
com Die ted,
wells are
Panhandle shutdown days are July 5, 12, 19, 26 and 31; with a few exceptions
rest of the State
was
ordered shut down
on
the
July 4, 5, 6, 12, 13, 16, 19, 20, 26, 27
and 31.
d Recommendation of Conservation Committee of California Oil Producers.
Note—The figures indicated above do not
include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS,
OF FINISHED
PRODUCTION OF GASOLINE AND STOCKS
AND UNFINISHED GASOLINE AND GAS AND FUEL
OIL. WEEK ENDED JULY 26. 1941
Stocks
Produc'n
Fin¬
of
ished &
Gas
of Re¬
Unfin¬
OH
sidual
tion
ished
and
Fuel
Gaso¬
ten¬
tial
Rale
Dis¬
Oil
line
P. C.
fineries
P. C.
Re¬
port¬
ing
Incl.
Daily Oper¬ Natural
Blended
ated
Aver.
593
Gaso¬
line
a
a
Stocks b Stocks
Avia¬
tillates
8,972 E. C'st
1,600
21,555
12,389
Appalachian..
166
83.8
139 100.0
481
536
752
84.4
640 100.8
2,586
2,968
16,323
418
Ind., 111., Ky.
4,309
3,712
413
80.7
309
92.8
1,120
6,775
1,619
2,080
Inter7?
Inland Texas.
263
63.2
140
84.3
600
411
1,246
1,120
Texas Gulf...
1,097
91.0
946
94.7
3,094
2,163
11,737
6,929
8,149 G. C'st
Louisiana G'lf
156
89.1
158 112.9
363
3,275
1,576
1,492
No. La. <fc Ark
95
49.9
57 12i.3
170
431
255
457
673 100.0
East Coast—
Okla.,
862
3,468
136
50.1
55
80.9
221
1,349
134
492
787
90.9
541
75.7
1,340
14,389
11,297
65,194
1,747
86.3
Mtn._
California
3,578
91.4
11,575
80,965
39,337
92,330
7,197
1,285
5,980
860
1,525
345
12,860 e86,945
12,562 87,920
40.197
93,855
7,542
38,732
93,091
7,740
38,284 105,894
5,427
342
Est. unrep'ted
July 26 1941
3,920
3,805
4,538
4,538
♦U.8.B. of M.
*
and
Estimated Bureau of Mines basis,
pipe
lines,
b Included
1940, daily average,
July, 1940,
Mines'
dil,214
c3,481
July 26 1940
in
a
finished
89,937
At refineries, bulk terminals, in transit
and
unfinished
gasoline
total,
c
July
d Tnis is a week's production based on the U. S. Bureau of
daily average,
e Finished,
79,495,000 barrels; unfinished,
7,450,000 barrels.
a
small price to
pay
,
1
and Corpus Christi,
Tex., and New Orleans, La., to enforce the Connady "Hot
Oil" Act,
The staff selected by the Oil Coordinator follows:
Special Assistant, George W, Holland, retiring temporarily
as director of the Interior Department's petroleum conserva¬
tion division; Production, Robert E Allen, Chairman of the
Petroleum Conservation Board of Alberta, Canada; Refining,
will be established at Midland, Houston
W, W, Garry, former assistant to the Vice-President of
M, W, Kellogg Co, of New York; Transportation, H, A,
Gilbert of New York City, director of the New York State
servation division of the Interior Department;
and Conserva¬
tion, E, De Golyer, geologist and independent oil producer
of Dallas, Tex,
Chief counsel is Howard Marshall, of San
Francisco, former assistant dean of the Yale Law School.
Further action was taker in regard to the tanker situation
as
the Office of the Petroleum Coordinator on July 27
States
United
American
that
movements of oil
by tanker from
to ail
companies discontinue all
an> point in the continental
islands in the
Caribbean
area
except
Cuba, and that these islands be supplied from Aruba and
Curacao,
It was aiso recommended that the companies
Calif.
•Est. tot. U.S.
July 19 1941
transportation
national defense program forward to the
will be invulnerable,"
There was a choice
arrange
selves
Reoorted
the
own
recommended
Kans.,
Missouri
Rocky
88.1
caused
Institute; Marketing, John W, Frey, of the petroleum con¬
Stocks
Gasoline
to Stills
Capacity
Po¬
District
Refin¬
Crude Runs
at Re¬
Daily
have
Waterways Association and of the Maritime Exchange of the
Port of New York and member of the American Petroleum
(Figures in Thousands of Barrels of 42 Gallons Each)
ing
which
announced that sub-offices of Federal Tender Board No
for week ended
Mississippi, Indiana figures are
Britain,
for time to enable us to carry our
point where we
of two alterna¬
tives he continued,
"the threat of a possible blitzkrieg on
the East Coast, or a temporary gasoline shortage on the East
Coast
it is not a difficult choice to make,"
Appointment of a staff of experts to administer the
coordinating program for the petroleum industry was an¬
nounced in Washington on July 29 by Mr Ickes who also
certainly
,
These
a
615
for the exchange
whenever
it
or
loan of products among them¬
will facilitate
the reduction
in tanker
Mr, Ickes =aid that the recommendations, issued
following a conference attended by representatives of the
companies affected, would be followed.
A period of nearly three weeks ordinarily is required for
tankers to carry petroleum products from Gulf Ports to
most of
the Caribbean Islands, and return, Mr. Ickes
pointed out. The round trip from Aruba and Curacao to
Puerto Rico approximates 8.6 days.
The recommendations
of Mr. Ickes' office will permit the supplying of the various
islands with a full quota of petroleum products with less
tonnage,
The Commercial & Financial Chronicle
616
than half the tanker space required.
The Companies par¬
ticipating in the conference included the Asiatic Petroleum
Corp., Standard Oil Co. of New .Jersey, Texas Co., Trinidad
Leaseholds, Ltd., and various subsidiaries.
The surprisingly efficient fight made against the Nazi war
machine by the Russian Army has heightened American
interest in what aid the United States can give the Soviet
Union, now its ally by an ironic quirk of fate. Coordinator
Ickes disclosed at his press conference in Washington this
week that Russia has asked for the loan of two American
tankers to supplement the tankers owned by the Soviet
State.
Mr. Ickes also has recommended priorities for the
manufacture of 10,OCX) steel drums which will be used to ship
aviation gasoline and other petroleum products to the Soviets.
At the same press conference, Mr. Ickes said in response to
a
question as to whether England was using the tankers
"borrowed" from America
"in the most efficient manner"
"we ourselves were not getting the most
efficient results from our tankers, that might be true also of
that inasmuch
as
Great Britain."
of crude oil in the nation showed a sharp
daily average during the week ended .July 20
due to an extra day's production in Texas, the midweek
report of the American Petroleum Institute disclosed.
The
daily average climbed 193,900 barrels to hit 3,869,950
barrels, against July market demand estimates of the Bureau
of Mines of 3,847,100 barrels daily.
Out put of crude oil in
Texas was up 197,300 barrels, which was offset partially by
higher production in one or two other oil producing States.
Stocks of domestic and foreign crude oil were off 1,519,000
barrels during the week endea July 19, dipping to 254,048,000
barrels, the Bureau of Mines reported.
American crude oil
stocks dipped 1,773,000 barrels, but foreign crude holdings
were up 254,000 barrels.
The Texas Railroad Commission on July 26 revoked its
order setting Aug. 10 as "Oil for Britain Day" and lifting
State-wide petroleum shutdown orders to permit the produc¬
tion of more than 1,250,000 barrels of crude oil which were
to have been denoted to Great Britain by Texas producers.
The delay was necessary in order to work out the details
of the paper work necessary for the transfer of the oil to
Great Britain.
August daily average production of crude
oil in Oklahoma was set at 415,000 barrels by the Conserva¬
tion Commission, unchanged from previous months and
substantially under the recommendations of the Bureau of
Mines for Oklahoma, which neared the 500,000-barrel mark
for August.
Membership in the Interstate Oil Compact Commission
increased to 11 States, which produce 82% of the Nation's
oil. this week as New York and Pennsylvania joined the
group.
California is the only major oil-producing State
which does not oelong to the Commission.
While New York
is not commonly considered an oil-producing State, there
exists some oil properties near the Pennsylvania line.
The United States and Great Britain followed by the
Netherlands East Indies took economic action against the
Japanese Government this week in retaliation for aggressive
steps by Japan in French Indo-China whicn will virtually
end tne receipts of oil by Japan from these three sources.
Under the orders as issued, there is a loophole which will
permit some shipments of crude but voluminous red tape'
must be cut and Government approval be ontained.
The
1940 agreement between the Netherlands East Indies and the
Japanese Government whereby the latter received sufficient
oil to keep her fleet, third largest in the world, in full opera¬
tion, was ended this week by the East Indies Government
There were no crude oil price changes posted.
Production
climb in the
Aug. 2, 1941
ticular case," the letter signed by Dr. J. K. Galbraith, in
charge of the section, wrote.
"In this event, you should
furnish us with complete data such as:
A
Cost of crude and other charging stock,
13
Type and size of plant,
C
Daily throughput,
D Refinery operating cost,
.
Yields pf products,
E
Income statements first two
F
of 1941 and
quarters
1940,
and other
pertinent facts that will be helpful in presenting your case to us.
Upon the receipt of such material, the analysis in our fuel
section will give it full attention."
In one of the few price advances since the petroleum in¬
dustry was placed under the control of Petroleum Coordinator
Ickes, Standard Oil Co. of Ohio on July 31 announced a
State-wide increase of
cent a gallon in the tank-wagon
prices of tractor fuel oil, furnace oil and kerosene. Under
the new schedule, effective Aug. 1, kerosene went to 10 cents
a gallon and tractor and furnace fuel oil to 7
to 8 cents a
asked the
gallon. Inasmuch as the generally Production Management
industry Office of not to make advances
as
without prior consultation with it, it would seem as
the OPM had approved the advance.
though
Suppliers of heavy fuel oil were told in Washington on
Wednesday by Dr. John W. Prey, director of marketing in
the Office of Coordinator Ickes, that "drastic cuts" In the
consumption of heavy fuel oil in the Atlantic Seabaord States
would have to be made in the immediate future to meet
impending shortage due to the lack of transportation
The oil supplying industry was asked to supply
detailed information as to customers whose plants might be
immediately or readily convertible to the use of coal instead
of oil by Dr. Frey, who told the conference of supplier rep¬
resentatives that "there are going to be cuts and they are
going to be substantial." Participating in the meeting were
officials of the Office of Production Management and OPACS
in addition to Dr. Frey and representatives from the
industry
an
facilities.
itself.
The service station shutdown
requested by Coordinator
Ickes
provided an ironic touch this week. Only a few days
before the issuance of the request, the Petroleum Industry
District Marketing Committee for National Defense had pub¬
lished the first 1,000-line newspaper advertisement counseling
curtailed consumption of motor fuel scheduled to appear in
500 newspapers in the Eastern area.
The advertising is
being paid for by the petroleum companies operating in the
16 States, West Virginia and the District of Columbia hit
by the transportation shortage.
Stocks of finished, unfinished and aviation motor fuel were
cut 975,000 barrels during the week ended
July 26, dropping
to 86,945,000 barrels,
according to the American Petroleum
Institute.
Of the decline of approximately 1,000,000 barrels
in inventories, nearly 500,000 barrels were accounted for in
the East where supplies have been hard hit
by the trans¬
portation bottleneck which has developed.
The sharp decline in gasoline inventories came in the face
of a rise of 298,000 barrels in production of
gasoline during
the week,
and increased refinery operations.
Refinery
operations during the week gained 2.9 points, rising to 91.4%
of capacity, with daily
average runs of crude to stills gaining
115,000 barrels to hit 3,920,000 barrels.
Price changes follow:
July 31—Standard of Ohio advanced tank wagon prices of tractor fuel
oil, furnace oil and kerosene H cent
U. S. Gasoline (Above 65
New York—
x
a
gallon, effective Aug. 1.
Octane), Tank Car Lots, F.O.B. Refinery
New York—
Socony-Vac
$.085
Tide Water Oil...
Texas.-
.09
Other Cities—
......
$.085
Shell Eastern...
.085
Chicago
.....
$.06-.06 %
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees
are not
x
shown)
...
.83
Signal Hill. 30.9 and over
...
....
$1.20
1.25
1.29
.95
1.12
PRODUCTS
—
TRADE
PONDERS
1.23
(Bayonne)
EFFECTS
OF
.0525
Fuel OH, F.O.B. Refinery or Terminal
N. Y.
(Harbor)C__
—OIL
OF
FROM
CURTAILED
COMPANIES*
SUMPTION
GULF
COAST
SUPPLIES
ADVERTISING
OF
REFINERS—FREY
HEAVY
DRIVE
CURTAILMENT—GASOLINE
FUEL
SEEKS
STOCKS
With
approximately
East Coast
downs
area
GAIN
100,000 service stations along the
scheduled to start 7 p. m. to 7 a. m. shut¬
Aug. 3, for
an
Gulf Coast
...
$.85-.90
1.60
.....
Gas Oil, F.O.B. Refinery or Terminal
(Bayonne)—
I Chicago—
$.041
7 plus...
I Tulsa.
28.30 D
.S.03H-03W
I
$.053
CON¬
indefinite period, the trade pondered
the effects of such a shutdown, unprecedented in the history
of the oil industry.
The ominous trend of Mr. Ickes' state¬
ment in "requesting" the oil companies to place the shut¬
down into effect in which/he hinted at further rationing
action, if the night shutdowns didn't curtail consumption,
provided a bearish background to the general picture.
The price division of the Office of Price Administration and
Civilian Supply has notified Gulf Coast refiners that before
it grants the refiners' request for a hearing on the recent
OPACS order freezing Gulf Coast gasoline prices at 6 cents
a
gallon it would like more information "helpful in presenting
your case to us."
"If compliance with our request pending a complete study
of the Gulf Coast situation will cause undue hardship on you,
we will be glad to give prompt consideration to your paron
i
I Halifax...
2.00
OIL
DECLINE
UNDER HEAVY DEMAND—REFINERY OPERATIONS
Savannah, Bunker C_$l .30
Phila, Bunker C
1.35
.$1.35
Diesel...
N. Y.
INFORMATION
.06-.0654
Philadelphia—....$.05251 New Orleans_S.0554-.0rt
North Texas...
.04
Tulsa..
MH-MH
$.055
Baltimore
SERVICE STATION SHUTDOWNS—OPACS SEEKS FURTHER
WARNS
.06-.06
Super.
New York
Bunker
REFINED
y
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
Bradford, Pa——.——.......$2.75 Rodessa, Ark., 40 and above..
Corning, Pa
...
1.31 East Texas. Texas, 40 and over
Eastern Illinois...
......
1.22 Kettleman Hills, 37.9 and over
Illinois Basin..——.....
1.37 Pecos County, Texas.
Mid-Cont't, Okla., 40 and above.. 1.25 Lance Creek, Wyo_—
Smackover. Heavy......
Branded,
Gulf Coast...
Oklahoma....
y
Crude
Petroleum
and
Petroleum
Products, May,
1941
The
near
steady climb in crude-oil production, which began
the end of 1940, was continued in May, 1941, states the
Bureau of Mines, U. S. Department of the Interior.
daily
average
in May
70,700 barrels above the
below the average
of
was
3,733,400 barrels,
average
The
which
was
in April, but 42,200 barrels
a year ago.
The Bureau further
re¬
ported:
Most of the important producing States increased their production in
May with the largest increase (about 60,000 barrels daily) in Texas.
The
spurt in Illinois proved short lived, as the
May.
daily-average output declined in
California's average of 623,200 barrels
ber, 1938.
was
the highest since Decem¬
Kansas' production continued to rise to
other increase in coastal
Louisiana raised that
new
records, and
an¬
State's average to a new
record of 314,500 barrels daily.
Record-breaking crude
runs
to stills of 3,853,000 barrels
daily and
a
material gain in crude-oil exports far outweighed the gain in production,
with the result that stocks declined nearly 4,500,000 barrels.
refinable
grades on
May 31 of 262,111,000 barrels
slightly above the total of
a year ago.
were
Stocks of
therefore
but
Including heavy crude in California,
the total for this year is less than a year ago.
Volume
,
The Commercial & Financial Chronicle
153
Weekly Coal Production Statistics
Refined Products
,
,
The trends in the yields of gasoline and fuel oil followed the
usual seasonal
pattern in May, although the rise in gasoline yield from 43.7% in
44.2%
in May
April to
less than expected, and the decline in the distillate
was
yield of 0.2% was below the
average.
The domestic demand for motor fuel in May reached 59,107,000
12% above
or
barrels,
This gain was much higher than anything con¬
a year ago.
templated at the beginning of fhe year, but about met predictions based
on
our
more
which in May was not influenced by voluntary
present economy,
civilian
curtailment.
of motor-fuel totaled 2,214,000 barrels—
Exports
has originated in the
than last year because the "shuttle" movement
Stocks of finished and unfinished gasoline declined about 3,-
meantime.
barrels
of 92,968,000
1941, and the total on May 31
000,000 barrels in May,
Stocks on the
nearly 8,000,000 barrels less than a year ago.
was
East Coast
were
about
million barrels less in 1941 than in 1940.
a
The domestic demand for most of the other products continued strong
in
with lubricating oil
May,
buth with
another large gain,
registering
'•
kerosene showing a decrease.
r
According to the Bureau of Labor Statistics, the price index for petroleum
in April, and 50.7
products in May, 1941, was 55.3^ compared with 51.9
in
-'"C'
May, 1940.
barrels, hence the operating ratio was 88%
ESTIMATED UNITED STATES PRODUCTION OF SOFT COAL
•
:-vv;•
DEMAND OF ALL OILS
SUPPLY AND
' .''A
■
currently weekly coal report of the Bituminous Coal
Division, U. S. Department of the Interior, reported that
the total production of soft coal in the week ended July 19
is estimated at 10,600,000 net tons.
This indicates an in¬
crease of 1,040,000 tons over the output in the preceding
week, when working time was curtailed in certain areas by
the miners' vacation.
Compared with the average weekly
rate of approximately 10,200,000 tons in June, the week of
July 19 shows a gain of 4%.
Production in the corresponding
week of 1940 amounted to 7,775,000 tons.
The U. S. Bureau of Mines reported that the estimated
production of Pennsylvania anthracite for the week ended
July 19 was 1,250,000 tons, an increase of 143,000 tons over
the preceding week.
In comparison with the output in the
corresponding week of 1940 there was an increase of 117,000
tons (about 10%).
a-:
.,V•::/'y':':%';\;,'y,\
•y.'/'y''
'
(Thousands of Barrels)
:...
A
-
+';..A
VA
' .A-.--..
:
''
.•
T
r
r
•
■
"1
1941
1941
a
Jan. to
Jan. to
May,
May,
1940
April,
May,
' ■/' '
'(.
1941
v
'-'A
•
'•
,■
Total, including mine fuel-.-
Daily
average
------ ...
—■
Domestic production:
Daily average
111,080
116,976
3,773
5,181
- - - -
118,283
552,311
3,816
4,587
576,211
3,658
24,526
3,703
4,980 7
247
i
Total production.—————
277
116,337
123,117
3,878
3,972
3,830
3,943
3,831 7:7 3,921
17,468
1,593
comparison and statistical convenience the
b Sum of 29 weeks ended July 19, 1941, and corresponding
Subject to current adjustment.
c
ANTHRACITE
PENNSYLVANIA
OF
COKE
BEEHIVE
:l
.;
AND
A'
y,
; /v
(In Net Tons)
'
13,864
Daily average
7,775 255,220 242,761 286,098
1,424
1,669
1,498
1,296
9,560
1,767
_
PRODUCTION
ESTIMATED
1,215
288
1,475
578,312
10,600
—
—
3,791
122,445
_
1929
1940
c
21,940J
3,950
-----
—
—.
Includes for purposes of historical
a
production of lignite,
Natural gasoline
1941
1940
1941
Coal—a
29 weeks in 1940 and 1929.
Crude petroleum
12 July 20
19 July
July
1940
1
*
New Supply—
Benzol.b
'
1941
May,
..
:
•.
;
•
i""
"
Bituminous
.
Calendar Year to Date b
Week Ended
y,-
,
A\;
(In Thousands of Net Tons).
•'
.--yv -"-v.'
compared wi;h 85% in April
,
and 83% in May, 1910.
/
A
' ..y
The
represented by data in this report was 4,363,000
The crude-oil capacity
617
599.366
•"
;y'
■
.
Calendar Year to Date
Week Ended
+
Imports c:
3,866
for domestic use
Crude petroleum in bond- — ---.
Refined products for domestic use a. i,5oo
d2,469
Refined products in bond
130,280
Total new supply, all oils..
V 4,203
Daily average
.
—
Crude petroleum
176
214
934
12,343
9,040
7,174
631,338
1941
Ji
1941
617,377
590
,
4,179 7v 4,089
4,154
2,290 J c8,361
8,331
4,155
,i;;'"A-A.
';
■
•
131,414
126,953
121,190
4,239
4,232
3,909
4,144
3,897
4,339
2,503
20,723
5,900
4,886
.7,541
11,859
6,391
Total demand.-
625,708
27,426
Exports
59,107
4,501
11,159
30,372
2,732
V.
145
55,105
5,549
250,372
223,163
31,096
77,859
c:
Crude petroleum-..—
Refined products—
Domestic demand:
Motor fuel
—
—-
—
Kerosene.—
Distillate fuel oil
Residual fuel oil.—
—
Lubricating oil--------:
•; Wax.—.
Coke
'
.
-
158,814
11,872
144,090
557
3,171
139
30,062
1,397
1,945
6,358
8,863
120,684
118,550
108,763
3,508
586,423
536,391
3,529
3,952
11,241
5,856
gasoline----A..—-A—...A-
276,415
- -
6,479
3,884
261.839
13,265
6,514
282,176
262,111
Alaska...
5,856
— .
132
OF
144
134
/aAA'AJ
CRUDE
ySv'"''"*: ■
Western...
Montana—
145
1941
Total
Arkansas
-—
California—Kettleman Hills...
Long Beach
...
Wilmington
—■—-—
Rest of State
Total California---,
Kansas
--- - -—
-
—
.———
Rest of State.————
Total Louisiana
Michigan
1,454
5,868
7,310
1,353
6,324
12,404
6,805
10,545
12,601
2,558
14,283
82.5
81.9
460.7
451.3
2,570
13,642
68,085
65,981
623.2
614.1
19,019
92,681
92,697
154
4.9
5.1
127
628
515
10,499
338.7
343.2
13,833
50,549
17.6
18.5
325
2,846
210.2
207.9
5,198
30,704
63,551
1,385
25,980
403
Kentucky—
Louisiana—Gulf Coast
Rodessa
2,198
42.2
72.1
6,518
—
-
- -
10,683
71.5
38.7
41.5
... —
————
Mississippi -——————-——
13.0
13.6
445
2,035
7,625
246.0
235.8
7,173
35,157
453
14.6
15.6
594
2,312
1,507
9,274
1,771
45,629
7,259
43,434
5,795
53.9
55.0
314.5
306.4
1,141
36.8
38.1
901
25.6
29.1
252
8,160
3,382
2,131
33,062
3.113
1,024
611
New Mexico———
New York...
—-----—-
19.7
19.7
616
2,958
2,735
3,369
Montana
108.7
107.3
3,370
15,855
17.027
435
14.0
14.5
439
2,077
2,209
v
285
9.2
9.3
280
1,332
1,241
2,860
3,194
92.3
94.2
3,300
14,335
16,017
103.0
102.2
3,637
15,486
18,044
6,829
220.3
221.1
6,508
33,403
---------
31,987
Total Oklahoma-—--—.
12,883
415.6
63,224
66,048
—
-
— -
Oklahoma—Oklahoma City
Semlncle.,
—_
— —
Rest of State
Texas—Gulf Coast
West Texas
East Texas.
-----——-
Panhandle--
——
13,445
45.4
46.1
377.5
355.0
1,585
11,139
254.4
241.6
11,406
2,351
6,772
7,724
55,487
367.9
363.8
7,843
11,925
52,719
35,151
54,817
75.9
76.3
2,214
10,724
61,539
11,609
605
419
311.1
298.7
9,925
1,349.7
43,651
2,195
45,504
201,110
10.0
311
1,401
14.3
37,731
433
14.0
453
2,132
67.0
9,984
7,690
86.6
81.0
1,681
2,134
12,116
9,874
136
4.4
3.6
10
534
38
3,702.7 118,283
552,311
576,211
290
West Virginia---————
Wyoming—Salt Creek
—
Total Wyoming
Other, a
14.0
72.6
2,684
Total Texas—
—
9.4
-
-
A
-
- -
a
Includes Missouri (4),
Nebraska (131), Tennessee
64i
533
870
259
212
299
27
40
35
56
89
88
91
76
103
134
842
575
797
752
889
735
174
152
115
96
191
202
23
21
24
45
2
2
3
2
13
17
45
44
47
41
44
41
20
17
20
17
50
52
A-a
-----------
.
AA;—-,:A-——-A-.
.
A
19 ■'A-V;
14
14
19
(1) and Utah (-) In May, 1941.
1,268
451
87
A
42
fl4
flO
363
452
350
447
854
2,438
bituminous—_
—A
-A
-
-
-
,
587
1,810
2,220
1,773
2,798
3,680
98
107
112
99
113
122
-------
23
8
12
16
19
39
31
55
87
375
270
287
279
225
239
---AA—A.A—
28
30
30
27
35
37
Virginia—Southern a———
2,061
1,340
1,955
1,744
2,029
1,519
774
485
616
546
754
866
86
100
'•'•A
.
-■ -
8
-
Aw aa— ■- -
-
-
-
-
--
-
-
A.
-
----A A A»»;»aAA A A A
102
111
82
■
*
*
*
*
*
f2
115
-..
f4
— .
9,560
Total bltumonous ccal
Total all coal...--
r
"A''';': 48 aa:..
------
— -
-
-
1,107
62
10,667
...
Includes operations on the
6,775
6,837
7,062
8,244
9,605
11,208
773
1,029
1,950
7,835
10,634
13,158
1,189 A
9,433
N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.;
Mason and Clay counties,
b Rest of State, includ¬
and on the B. & O. in Kanawha,
ing the Panhandle
counties, c Includes
Pennsylvania anthra¬
District and Grant, Mineral and Tucker
Idaho, Nevada and Oregon,
d Data for
Arizona, California,
published records of the Bureau cf 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.
.AAA,
cite from
World
Tin
Six
Production
Months'
in
June
Advances Further—
125,700 Tons
Output Aggregates
According to the current issue of the "Stastical Bulletin,"
published by the Tin Research Institute, world production
of tin in June, 1941, is estimated at 27,700 long tons, com¬
pared with 22,900 long tons in May, 1941. Production for
the first six months of 1941 was 125,700 tons against 105,200
tons in the first six months of 1940.
Exports from the
Tin
are
countries signatory to the International
Agreement, and the position at
shown below in long tons of tin:
the end of June, 1941,
April
I elgian
Congo--
-
Thailand
*
Not yet
-----
available.
——
—13,243
4,553
130
130
4,508
8,243
10,243
4,576
4,935
5,190
Nil
—
Netherlands East Indies.-——
End June
*
130
French Indo-China——
Malaya
1,254
3,531
3,838
Bolivia-—
June
May
1,138
Nigeria..
116,976 3,773.4
Total United States
74
165
f
712
3,302
47,501
217,179
1,431
2,184
2,251
— —
Rest of State
13.5
9,645
43,410 1.400.3
Rodessa
Rest of State
417.5
1,407
11,702
7,887
Pennsylvania.
!'A
70
106
f
1
'
389
296
56
268
"A':
Pennsylvania anthracite_d_- —-_
9,443
1,672
9,750
--—-A -
Other Western States.c—
a
226
32
A—
Northern.b
1940
■
:■>
A.
■•AAA. 12
A:;
e
f
31
■-
-
V7 yoming
1941
545
+'
Colorado
_———-
West
38.5
,
i
"
1940
68
f
38
Texas
19,318
.....
Illinois
2,237
1,192
1,285
-——-
Mexico. —-A.-.—
Tennessee
May,
Daily
-
--....- -———
-
_
Virginia...
Average Average
i
.
Washington
Daily
36
2
A vge, '
1923
1929
372
—
——— —
Pennsylvania
>
Jan. to May
260
13
77
North and South Dakota.
(Thousands of Barrels)
April,
.
Ohio a*
PETROLEUM BY STATES AND
May, 1941
—
Michigan..
563,794
Division, c Imports of crude as reported
and exports from Bureau of the Census,
Increase..
e
555,623
220
•V.'.-V.i .1
-
.
2 .?
■
21
i.
Kentucky—Eastern——Aa i.*—-
6,514
282,176
3
107
308
-'
-
Kansas and Missouri..—-
13,265
A
1939
1940
950
—
Utah
Ohio
-- -
•A.""
15 July 13
July 13 July
1941
4
——
.--—
Iowa A-»-—-
PRINCIPAL FIELDS
\
—-
-
-
------ ----
Colorado
New
b From Coal Economics
PRODUCTION
Indiana.
July
Arkansas and Oklahoma-. -—
261,839
276,415
563,794
131
-----------
re-export,
>
Week Ended—
July 5
July 12
1941
693
11,241
556,757
555,623
of Mines; all other imports
d Partly for
ship¬
from dis¬
Stale
Maryland..
oils——I.
Revised,
Bureau
266,012
11,802
5,504
273,439
262,111
Refined products.—
a
(In Thousands of Net Tons)
subject to revision on receipt of monthly tonnage reports
trict and State sources or of final annual returns from the operators.
;
Indiana
'
Days' supply
JAA.
V:
estimates are based on railroad carloadings and river
The current weekly
Georgia and North Carolina—
Heavy in California—
Total, all
22,036
for purposes of
lignite, c Ex¬
ments and are
Alabama
3,893
—
.
■
3,768,200
PRODUCTION OF COAL, BY STATES
29,419
193
Refinable in United States
to
/" ■: • 1
ESTIMATED WEEKLY
Illinois
petroleum:
Natural
cludes colliery fuel.
1,112
Stocks—
Crude
Adjusted to comparable periods in the three years,
b Includes
historical comparisons and statistical convenience the production of
7,232
1,217
1,631
—
Daily average
18,344
a
2,838
9,071
611
•■;AA: 812
—
1,095,100
6,404
3,136,800
58,500
9,750
128,900
21,483
121,700
20,283
—
447,
2,564
6,443
a
9,660
701
86
2,022
A:
419
Total domestic demand
"
82,264
192
7,059
Miscellaneous—
a a.
+ A,
31,124
average.
'
Still gas——
Losses---—.—
52,946
5,297
9,738
26,338
2,063
431
,
770
i'i---—- --i-
—-
.
.
'
186
3,011
—
Road oil
2,712
:
597
——
Asphalt
12,634
31,452
1929
a
Beehive Coke—
Daily
35,200
Daily average—
>1940
1941
Anthracite—
Total, incl. colliery
fuel b-—----- - 1,250,000 1,107,000 1,133,000 28,359,000 28,255,000 38,073,000
Comm'l prod'n.c. 1,188,000 1,052,000 1,076,000 26,948,000 26,842,000 35,332,000
e39,024
592,314
Ea.
United States total
Demand—
July 20,
1940 A
July 12.
10,344
1,403
129,551
^
1,134
oils—
Increase in stocks, all
1 a.
1,981
2,514
124,663
July 19,
1,406
1,467
1,075
,
>
*
1,749
,
—1,458
—12,763
+2,444
*
—5,776
The Commercial & Financial Chronicle
618
The Institute's announcement further stated
United
totalled
deliveries
States
10,490 tons in May, 1941.
14,880
in
tons
on
June,
DAILY PRICES OF METALS
July 31:
1941,
Aug. 2,
1941
QUOTATIONS)
<"E. & M. J."
against
Electrolytic Copper
For the first six months of 1941, United States
deliveries totalled 80,372 tons compared with 50,609 tons in the correspond¬
Straits
Dom.,Refy. Exp., Refy.
Lead
Tin
New York
Zinc
St. Louis
St. Louis
New York
ing period of 1940.
14,436 tons against
was
11.850
10.950
54.125
5.85
5.70
7.25
July 25
11.850
10.950
55.250
5.85
5.70
7.25
July 26
July 28
11.775
10.950
55.2,50
5.85
5.70
7.25
July 24
Consumption of tin in the United Kingdom for the first six months of
1941
15,740 tons in the corresponding period of
1940.
11.800
10.950
55.000
5.85
5.70
7.25
11.775
10.950
54.000
5.85
5.70
7.25
w—
11.775
10.950
53.000
5.85
5.70
7.25
Average..
World stocks of tin, including smelters' stocks and carryover decreased
11.804
10.950
54.438
5.85
5.70
7.25
July 29
July 30.
by 1,165 tons during June, 1941, to 55,975 tons at the end of the month.
Stocks at the end of June, 1940, amounted to 41,211 tons.
The average cash price for standard tin in London was £262.9 per ton in
1941, compared with
June,
f.o.b.
June,1940.
The average price for
in
June, 1941,
1940,
Average prices for calendar week ended July 26 are:
£267.7 in the previous month and £273.6 in
Straits tin in New York
against 52.18 cents in May.
as
was
The
52.69 cents per pound
5.850c., St. Louis lead, 5.700c.r St. Louis
zinc, 7.250c., and silver, 34.750c.
The above quotations are "M. A M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced
the basis of cash. New York or St. Louis, as noted.
All prices are in cents
54.54 cents per lb.
was
11.833c., export copper, f.o.b. refinery, 10.950c., Straits
tin, 54.167c., New York lead,
price in June,
average
refinery,
Domestic copper
to
per
Full
Priority
Copper
in
Warning
and
"Metal
Aug.
1—Zinc
Pool
Advance in Tin
on
Markets"
Mineral
in its issue of July 31
reported that though official announcement in regard to the
impending full priority status for copper has not yet been
the figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c. per pound above the refinery oasis.
Export quotations for copper are reduced to net
plan of distribution beginning Aug. 1.
The
emergency pool for zinc for August has been raised to 27%,
against 22% in the two preceding months.
Tin advanced
sharply after Japan's entry into Indo-China, but the uplift
in prices was stopped on a sharp warning from
Washington
that threatened price control in the metal unless quotations
declined to near the 50c. basis.
The publication further
reported:
at refineries
the Atlantic
on
On foreign business, owing to the European War, most sellers are
restricting offerings to f.aa. transactions, dollar basis.
Quotations, for the present,
reflect this change in method of doing business.
A total of 0.05c. is deducted from
seaboard.
issued, the industry is preparing to operate under the Gov¬
ernment's
pound.
Copper, lead and zinc Quotations are based on sales lor both prompt and future
deliveries: tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that Is,
delivered at consumers' plants.
As delivery charges vary with the destination,
Raised—
f.a.s. basis (lighterage. Ac.) to arrive at the f.o.b. refinery quotation.
Due to the European war the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: July 24, spot, £259%,
three months, £262%; July 25, spot, £261, three months,
£263%; July 28, spot, £261, three months, £262%; July 29,
spot, £258%, three months, £260%; and July 30, spot,
£257, three months, £259%.
Copper
Allocation
the
of copper for
domestic consumption will
Production
on
Office of
of the
nouncement
Management
Aug.
business
concerned,
was
was
extremely dull
advisory committees for
been selected and
a
be
taken
The market,
so
far
the week ended.
as
as
new
Members
products have
formal announcement of the personnel is expected soon.
Sales lor the last week in the domestic market totaled 15,811 tons.
ing to
a
Valley,
and
Ow¬
downward revision in the sales total for July 3, the total for the
month to date
far
so
now amounts to
92,490 tons.
large mine operators
as
small producers at
some
were
12Mc.
The price continued at 12c.,
concerned, with custom smelters
Bonded
sold at 11c., f.a.s.
copper
basis.
Imports of copper during May, with comparable figures tor the
Copper
an¬
the industry is fast
copper and copper
Liquidation of Outstanding Futures Contracts for
by
over
Pending official
plan for distributing the metal
putting its affairs in order for full priorities.
to serve on the
1.
At
special meeting of the Board of Governors of Com¬
modity Exchange, Inc., New York, held on July 28, the
report of the Special Copper Committee appointed on July 22
was heard and after deliberation,
the Board decided that all
outstanding contracts for copper made on Commodity
Exchange Inc., shall be settled and liquidated as of July 28,
1941 at the following prices:
July.
August
September
—
Steel
May
May
1941
1940
1941
5,261
1,163
7,451
(content) .20,133
3,785
30,197
21,991
In regulus, Ac
Refined.
176
134
7,358
30,518
67,13i
Exports of refined copper during May amounted to 8,001 tons, which
compares with 29,943 tons in May last year.
Estimated copper content of shipments
June
136,000 tons,
was
a
Bureau of Metal Statistics.
74,000
in June last
tons
by mills and foundries during
monthly high, according to the American
new
This compares with 133,000 tons in
May and
year.
Shipments
over
the
amounted to 781.000 tons, against 420,500 tons in the
first
half
of
1941
January-June period
of 1940.
Lead
Some
quotas
consumers
ol
that the machinery for
fected, and they
foreign
impatient
were
amounted
to
2,407
week
about
Reserve
Producers
soon
explain
be
per¬
concerned about the plan adopted for handling
in the domestic market for the last week
Sales
tons.
Quotations
continued at 5.85c., New York,
settling basis of the American Smelting &
Refining Co., and at 5.70c., St. Louis.
which
also
was
the
11.55
"Iron
Age" in its issue of July 31 reported that
in July were slightly ahead of the
heavy volume booked in June and the steel industry again
set new high production records in most departments in an
orders
received
effort to meet national defense needs.
contract
under last week's rate
as
production.
for August
was established
yesterday at 27% of June
In the two preceding months the pool absorbed 22%.
OPM have been selected and approval is expected
Sales of the
common
Those
advisory committee of
soon.
grades of zinc for the last week amounted
to
3,491
with shipments of 5,460
80,093 tons.
tons.
The backlog has been reduced to
The quotation for Prime Western continued at 7 He., St.
Louis.
Details of the
Office of Production Management's
tin market,
pound.
into Indo-China resulted in
and prices advanced sharply,
a
general tightening of the
Straits spot touching 55Hc.
a
The advance brought out another price warning from Washington.
Price Administrator Henderson stated on
July 28 that the increase in the
price of tin may force the Office of Price Administration and Civilian Supply
to
impose
a
price ceiling on the metal in the
near
future.
He said that
no
special consideration will be shown to persons who henceforth acquire tin
at higher prices.
In the opinion of Mr. Henderson, the Government's
buying price of 50c.
pound is
fair one, and it is hoped that prices will
stabilize quickly around that level.
a
a
Due to the unstable condition of the tin
market,
OPM, requested the immediate cooperation of tin
the buying movement and at the
toiies accumulated since
same
Erwin Vogelsang, of
consumers
in checking
time asked them to reduce inven-
June, 1940, by one-half.
Straits tin for future arrival
was as
Birmingham
furnaces at
one
at
Gadsden
and
Inland
Bethlehem
(Ala.)
Steel Co.'s
plants
Carnegie-Illinois
erected at
more
Republic
Ind.,
Steel
Plant,
Corp.,
one
Provo,
Utah,
Steel Corp.'s plant at
Braddock,
Pa.,
new
U.
S.
such
one
Iron Co., Pueblo, Colo.
where Columbia Steel Co.,
one
two
each at
Pa., and Lackawanna, N. Y,, plants,
blast furnaces, taken from other steel centers,
subsidiary, already has
Building of the
of
Indiana Harbor,
Steel Co.'s Johnstown,
In ad¬
are to
Steel
be
Corp.
stack.
blast furnaces, plus enlargement of existing furnaces,
will increase pig iron capacity in the United States by
6,508,950 tons at a
cost of more than $150,000,000 which wiU come, for the most
part, from
the Defense
The
Plant
problem
of
Corp., Reconstruction Finance Corporation subsidiary.
getting the
necessary steel, equipment, and labor for
carrying out the blast furnace program has been left largely to the steel
some
steel
blast
which are now hampering steel production, the
industry this week faces possible shutdowns or partial curtailment of
melting schedules due to the ever-threatening lack of
August
October
Illustrating
severe need for increased scrap supplies are steps taken
by American
Rolling MiU Co. and Wheeling Steel Corp. in organizing community drives
for collecting scrap.
At Portsmouth, Ohio, Wheeling Steel this week lost about 1,300 tons of
ingots due to its inability to obtain the type of
maximum
output
of its furnaces.
At
scrap
Columbus,
needed to maintain
Ohio,
a
government-
sponsored meeting finally reached the point of debating means of speeding
up
the scrapping of automobiles,
a step
recommended
some
time ago by
the scrap trade.
The steel
industry still is looking to Washington,
over
the scrap situation, for
decline in steel output.
September
scrap.
the
complete control
follows:
furnace program will provide a long range answer to
material shortages
points to around 90% in the fall months
Emphasis in the OPM'g
new
estimates
will decline
as a result
program
which has assumed
quick action to prevent
This week, however,
that the national average of steel operations
July
11.2%
an
yearly, indicate that new blast furnaces will be allocated to five companies.
This allocation to provide four new furnaces at Cleveland, Youngstown,
While the
move
plan for
increase in the industry's existing pig iron capacity of about 58 million tons
manufacturers.
Tin
Japan's
breakage
at a medium sized plant, but at a level of
activity which
American steel plants have never before reached
during the
summer months of a
peacetime year. The "IronAge"further
dition, three
members of the industry who are to serve on the
tons,
ingot output is
half point drop
a
result of equipment
a
furnace at the plant of Colorado Fuel &
Zinc
The emergency pool
Steel
closing the month at 99% of capacity,
obtaining their full
Co.
moving the tonnages involved will
are not
origin metal.
11.55
reported:
last
by the Metals
lead released
The
-
steel
Totals
11.65
December
Industry Sets New High Production Records
During July
May
1940
Old and scrap
October
January
same
May
In ore and concentrate
11.80
11.80
11.80
_•
—
month last year, in tons:
Unrefined
a
are
as
a
being made
much
as
10
of the scrap shortage.
for preventing another shortage
July 24
July 25
July 26
54.000
53.750
53.500
55.125
5-t.875
54.625
54.375
of material,
55.125
54.875
54.625
54.375
placed
July 28
55.000
54.750
54.250
53.750
July 29
54.000
53.250
53.000
52.750
July 30
53.000
52.875
52.625
52.500
capacity, rather than substantial enlargement of electric furnace capacity,
which, so far in 1941, has already been increased by 400,000 tons to about
3,000,000 tors annually.
The aircraft industry's fabricated alloy steel
53.250
Chinese tin. 99%. spot, was
nominally as follows: July 24. 53.500c..
July 25, 54.625c., July 26, 54.625c., July 28. 54.375c., July 29, 53.375c.,
July 30, 52.375c.
on
that of alloy steel for aircraft manufacturers, is likely to be
allocation of orders and
on
increasing heat treating and finishing
requirements through the end of 1942 have been closely calculated.
Allocation
of about
55,000 tons of plates for
a
mid-west pipeline
reported to have been made by the OPM at the week's start.
was
The line
Volume
The
153
Orders for railroad rolling stock continue at a
will carry an A-5 priority.
with
1,300 freight cars and 50 locomotives ordered last week. Reinforcing steel
awards gained sharply to 22,500 tons, against 5,650 tons last week, the
outstanding letting being 6,300 tons for Navy facilities on islands in the
Pacific.
New reinforcing steel projects, however, declined to 11,100 tons
high rate with 2,300 freight cars and 50 locomotives placed compared
Fabricated structural steel awards, according to the "Iron Age"
tion, declined to 14,200 tons this week from 39,950 tons in
included 4,500 tons for
which
the Phila¬
New structural
delphia Electric Co.'s Southwark station at Philadelphia.
projects,
tabula¬
the preceding
seven-day period, with the largest project being 6,000 tons for
Army airplane repair
an
building at Rome, N. Y., dropped to 15,700 tons from 30,300 tons last
THE "IRON
the wrong descriptions,
■
'■■■■"
The
tank plates,
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
85% of the United States output.
Based on steel bars, beams,
July 29. 1941, 2.261c. a Lb.
2.261c.
ago———2.261c.
2.261c.
One week ago
One year ago
of
Low
High
7
way ol
Thus
a
maker of blast furnace and steel works equipment
ultimately manufacturing steel, obviously
has trouble in getting steel for
entitled to priority rating,
but not yet granted one.
Allocating steel deliveries
on a percentage
basis of what has been ordered,
have assigned quotas to branch offices, who,
expected by
steelmakers
many
and
in turn, allocate their customers
growth of priority orders allocations on these priorities
by the end of the current quarter.
allied
of
complain
manufacturers
In several
,
consumers
cases,
finding their priority ratings are not high
Railroads complain that then' A-3 ratings are not
sitating another wait.
Jan.
7
2.261c.
Jan.
2
2.211c.
Apr.
16
potent enough to be effective.
1939
Jan.
3
2.236c.
May
16
There is often confusion
1938
.2.512c.
May 17
2.211c.
Oct.
18
1937
-2.512c.
Mar.
9
2.249c.
Jan.
4
1936
2.249C.
2.062c.
2.118c.
1.953c.
1.915c.
1.981c.
2.192c.
2.236c.
Dec. 28
2.016c.
Mar. 10
1935
1934....
1933
1932...
1931
1930
1929
tions
50% yet remains to
1
2.056c.
Jan.
8
Apr. 24
Oct.
3
1.945c.
Jan.
2
many were
1.792c.
May
2
6
1.870C.
Mar. 15
Jan.
13
1.883c.
Dec. 29
Jan.
7
1.962c.
Dec.
May 28
2.192c.
Oct.
Sept.
9
29
(Based on average for basic iron at Valley
$23.61{ furnace and foundry iron at Chicago,
23.61
Philadelphia,
Buffalo,
Valley, and
22j61 [ Southern iron at Cincinnati.
;
One month ago
One year ago
1941..
1940
1939
1938
—
1935
-
1934.....
tion facilities with Washington lacking.
1933
-
1
1932
1930
1929..
'r-x
July 29, 1941, $19.17 a Gross Ton
$19.17
One month ago
19.17
One year ago
diversified producer who can
22.61
Jan.
2
ratings ruled on sheared plates, honoring still only orders for universals
20.61
Sept. 12
19.61
July
6
16
17.83
proposition pending for a long time.
1
16.90
Dec. 5
Jan.
5
Jan.
6
Jan.
7
May 14
•
May 14
Jan. 27
13.56
Jan.
May
13.56
Dec.
6
14.79
Dec.
15
15.90
Dec.
16
18.21
Dec.
17
on
No.
1
melting
heavy
and Chicago.
steel
1936
1935
$19.17
Apr.
10
16.04
Apr.
9
1933
1932
—
1931
1930
—
-
—
Ihe American Iron and
16
14.08
May
15.00
Nov. 22
11.00
June
Mar. 30
12.92
Nov. 10
Dec. 21
12.67
June
10
10.33
Apr.
7
3
Mar. 13
9.50
29
Sept.29
12.25
8.50
11.33
15-00
17.58
Aug.
8
6.75
Jan.
6.43
July
13.42
Dec.
5
3
Jan.
12
Jan.
6
8.50
Dec.
25
Feb.
18
11.25
Dec.
9
Jan.
29
14.08
Dec.
3
Steel Institute on July 28 an¬
28
telegraphic reports which it had received indi¬
operating rate of steel companies having 91 % of
the steel capacity of the industry will be 99.6% of capacity
for the week beginning July 28 compared with 97.9% one
week ago, 93.7% one month ago, and 90.4% one year ago.
This represents an increase of 1.7 points, or 1.7%, from the
preceding week. Weekly indicated rates of steel operations
since June 10, 1940, follow:
nounced that
cated that
June 24—86.5%
74.2%
86.4%
86.8%
88.2%
90.4%
90.5%
89.5%
89.7%
91.3%
82.5%
91.9%
92.9%
1.
July
July
8
July
July
22
15
29
5
12
19
26
2
9
16
July
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
1941—
1941—
1940—
84.6%
87.7%
10
17
92.5%
Jan.
6
97.2%
Sept. 30——.92.6%
Oct.
7
94.2%
Jan.
13
98.5%
Jan.
20
14
Jan.
27
96.5%
97.1%
21
Feb.
3
Sept. 23
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
94.4%
94.9%
28
95.7%
4
96.0%
11
96.1%
18
96.6%
25
96.6%
2
96.9%
9
96.0%
16...—96.8%
80.8%
95.9%
Dec. 23
Dec. 30
Mar. 31
96.9%
.97.1%
94.6%
96.3%
97.5%
98.8%
99.4%
99.8%
99.2%
Apr.
7
Apr. 14
99.3%
98.3%
Feb.
10
Feb.
17
Feb.
24
Mar
3
Mar. 10
Mar. 17
Mar. 24
May
6
96.8%
99.2%
99.9%
June 23
98.6%
99.2%
98.6%
99.0%
99.9%
June 30
2
June
9
June
16
July
7
96.8%
14.....97.2%
July
21
July
28.
July
97.9%
99.6%
of the iron and steel
more
situation becomes ever tighter, yet,
strain and even hysteria,
hopeful the industry becomes
Often shortages of
in certain sizes.
that all users will pas the crisis safely.
rather vacancies only
unbalanced, partly because derense work
steel in hands of consumers are
Stocks are very
illustrates that
During
balances
bank
in
Week
with the Federal
the week ended July 30
decreased
reserves arose
circulation
and
from increases of
$10,000,000
decrease of $3,000,000
member bank reserve
in
in member
$63,000,000 in money
Treasury cash and a
in Reserve bank credit,
offset in part
$9,000,000 in gold stock and $2,000,000 in
currency and decreases of $33,000,000 in Treasury
by increases of
Treasury
Reserve Banks
Reductions
$20,000,000.
OPM does not
A stovedenied priorities, which
as to
issue them promiscuously.
second quarter begin to appear and there
is
whether the returns will bring revisions upward on ceiling
prices on steel.
,
.
.
Scheduled automobile production for last week was
105,635 units, down
week of 1940.
unchanged at 97% last week.
34 point to 100, Wheeling 2 points
to 93, Cleveland 1 point to 96, Detroit 2 points to 88.
Declines were:
Eastern Pennsylvania 134 points to 9514 and New England 10 points to
85.
Unchanged were: Chicago at 100, Youngstown at 98, Buffalo at 93,
4,277 for the week, comparing with 34,822 for the same
production for the country
Ingot
was
Advancing districts were: Pittsburgh
Birmingham at 90, Cincinnati at 8534 and
three composite price groups
"Steel's"
Iron and steel at $38.15,
St. Louis at 98.
; ,
l
for last week were unchanged:
finished steel at $56.60 and steelworks scrap at
$19.16.
Steel ingot production for the week ended July 28, is
placed at 98% of rated capacity according to the "Wall
Street Journal" of July 31.
This compares with 97% in
the two preceding weeks.
The "Journal" further stated:
97% against 96% the week before and 9614%
U. S. Steel is estimated at
Leading independents are credited with 9814
two weeks ago.
%, compared
the previous week and 97% two weeks ago.
following table gives a comparison of the percentage of production
with 9714% in
The
with the nearest
corresponding week of previous years, together with
approximate changes, in
1941
98
+ 1
1940.—..——
86A
1939
6134
the
points, from the week immediately preceding:
—
.—— —
-
— — —
.....
—IK
+ 114
84
•
3i 34
8334
■.
+3
26
:s+.
+1
—
K
i
:
1932
—
—
—
1930
-
—
———
14
—
H
+
58
4014
24
+
+ 1
13
1927—-.-.
72
—
—
—
65H
+
34
:
—1
•
50 34
26 >4
i"v
—1
58
>4
—3
1
+ 134
—1
—1;;
1534
29
—4
64 A
+
53
98
A
34
+2
76
—1
..
34
+4
.86
+ 514
—2
91
+1
—-1
76
A
—334
69
/"%.
—1
63
—2
34
—
1928.----.
4334
+ 1
+1
—
33
—2
94
1929
34
—2
31
66 34
+2J4
51
55
1933
1931
90
55
72
46 •••'•:
——
——
9834
—1
67
85
1934
+ 1
+3
-
—
97
38 I" v +1
— ———
1937
Independents
U. S. Steel
Industry
Current Events and
The
Impossible to get, the Army
Ravenna, Ohio.
finally buying 2,000 tons of new rails.
Statements on earnings for
speculation
1935
despite many weeks of
there are few, if any, instances of steel
users shutting down from lack of materials, even those engaged in nondefense work.
The longer that such shutdowns can be staved off, the
Steel supply
severe
I ''
Ol
maker showed orders for a cantonment but was
1936...
July 28 stated:
on
full
in sight, though with
buying rails was shown by desire for 4,000 relayers for
The difficulty of
.93.7%
June
The supply becomes more precarious.
by various subterfuges.
1938—
"Steel" of Cleveland, in its summary
markets,
Apr. 21..—96.0%
Apr. 28
94.3%
May 12
May 19
May 26
'
Securing of priority ratings for the obvious is not always easy.
7
Dec. 30
13.00
...
V
Reports multiply of paying higher than official prices for
$4.75 base.
had difficulty in
Low
17.75
...
1934
;
has been "advanced 60 cents per 100 pounds, or
Typical is the Chicago situation where makers say they can run at
the shell-loading plant at
^
3
pipe line from Texas to the Atlantic Coast, a
capacity through the quarter with scrap supplies now
quotations at Pittsburgh, Philadelphia,
Oct.
...
to
steel scrap
the future dubious.
Based
22.50
...
The price of track bolts
3
21.92
.—
-
1937
1940—
Moreover Secretary Ickes has just recom¬
Nov. 24
Nov. 5
mended construction of a
Jan.
1939
June
The strain on plates is stupendous, particu-
and piates made on
Aug. 17
...
June
strip mills.
iarly for ship and car building.
Feb.
18.73
.—$22.00
21.83
1940
1929
cancelled all orders on books where no priority
2
High
1941
allocations was on the part of a widely
One of the most drastic cuts among
Jan.
18.17
1938
arranging deliveries.
$23.45
Steel Scrap
One week ago
Washington as
headquarters to
fountainhead of priorities is truly effective in
realize that only the
users
their own
from
20.25
14.81
15.90
18.21
18.71
1931..
:';V'
somewhat
been shifted
that pressure from consumers for materials has
note
Mar. 9
17.90
16.90
—
——
.
advisory only, often with direct wire communica¬
act, their functions being
19.74
18.84
1936
automobile
though
OPM,
by
upon
Though priorities field service representatives have been set up in 13 key
23.25
1937.;—....————.,———..————-—
passed
cities, their effectiveness is lessened considerably by lack of authority to
Low
High 4'.:+,',
$23.61
Mar. 20
23.45 Dec. 23
22.61
Sept.19
23.25 June 21
'-VVv
be
under impression it was a delinite order.
Some steelmakers
July 29, 1941, $23.61 a Gross Ton
Thus the recommendation by OPACS
proposals.
or
.
Washington proposi¬
going to makers of household appliances and
Pig Iron
One week ago......
actual orders
are
-
,
to whether certain new
as
that materials
makers be cut
Oct.
Already several
A-l-A ratings
"
enough to get results, have returned to OPM to get higher ratings neces¬
Jan.
i
more
than they can fill.
-2.286c.
J
Some mills
particularly to civilian consumers, is the order of the day.
-2.261c.
——
1940
tailor made to fit
Naturally such steel users can't anticipate steel
specific purpose.
requirements.
.2.261c.
1941
obtaining steel are
having most difficulty in
consumers
Because of the rapid
COMPOSITE PRICES
AGE"
class
those who turn out contract work, of a specialty nature,
Finished Steel
.
foresight being more difficult than hindsight.
practical
were some
items the situation would be much smoother,
are
'1
One month
week.
bought
If
returning surpluses in exchange for scarce
required sizes and specifications other than usual and consumers
there
some
from 24,925 tons a week ago.
steel
619
Commercial & Financial Chronicle
68
—
";->V
Discussions
deposits with Federal Reserve
banks and $11,000,000 in
and other Federal Reserve accounts.
of member banks on July 30 were estimated
non-member deposits
Excess reserves
to be
approximately $5,160,000,000, a decrease of $20,000,-
000 for the
week.
The statement in
found
on pages
;
full for the week ended July 30 will be
646 and 647.
items
,
bank reserve balances and related
during the week and year ended July 30,1941, follow:
•Changes in member
The Commercial & Financial Chronicle
620
Increase
July 30. 1941
obligations
U. 8. Govt, guaranteed
Industrial advs.(not Inel
—)
S
—262,000.000
—2,000,000
*12,000,000
+ 1,000,000
10,000,000
40,000,000
Bank credit....... 2,245,000,000
22,673,000,000
—5.000,000
+ 23,000,000
Total Reserve
Gold stock
—3,000,000
3,163,000,000
+2,000,000
—20,000,000
—239,000,000
+2,210,000.000
+ 139,000,000
......
Treasury currency
.....
+ 9,000,000
+63,000,000
Treasury cash-.....-.......--...Treasury deposits with F. R. banks.
Non-member
deposits
and
other
F. R. accounts
2,330,000,000
+ 80,000,000
+227,000,000
—33,000,000
—11,000,000
+ 392,000,000
S
*
+ 287,000,000
+ 4,000,000
+158,000,000
7,959,000,000
+8,000,000
+1,394,009,000
3,302,000,000
3,549,000,000
Reserve with Fed. Reserve banks.10,855,000,000
Cash In valut..
548,000,000
Balances with domestic banks
3,496,000,000
+81,000.000
+ 1,000,000
+883,000,000
—13,000.000
—44,000.000
—671,000,000
Treasury notes
....
.....
United Stattes bonds
guaranteed
by
KM
the
United States Government.....
Other securities.....
+ 2,000,000
+ 50,000,000
—87,000,000
+ 315,000,000
+ 121,000,000
-2,000,000
+3,397,000,000
...—......
Liabilities—
24,381,000,000
5,414,000,000
deposits—adjusted
Demand
Time deposits
921,000,000
2,036,000,000
...!
..........
>s
Interbank deposits:
+ 3,000,000
494,000,000
United States Government deposits
+100,000,000
-36,000,000
.
9,115,000,000
Domestic banks
+ 807.000,000
—194,000,000
—22.000,000
654,000,000
1,000,000
July 16 figures revised, Chicago district.
Foreign banks......
Borrowings.....
Banks in New York City and
Returns of Member
(—)
July 24. 1940
—6.000,000
—401,000,000
+ 1,814,000,000
+ 10,000,000
balances..—13,097,000,000
Money In circulation..—
...
9,697,000,000
Member bank reserve
1941
or Decrease
Since
1,081,000.000
2,251,000,000
Treasury bills
Obligations
commitments, July 30)
Other Reserve Bank credit
'
Assets—
+1,000,000
...
(+)
July 16, 1941
July 23, 1941
S
July 31, 1940
+2,000,000
2,179,000,000
5,000,000
U. S. Govt, direct obligations
or Decrease
Since
%
9
5,000,000
Bills discounted.
(+)
July 23, 1941
Aug. 2,
Increase
a
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal
System for the New York City member
Reserve
member banks for the current
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
banks and also for the Chicago
AS8ETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
CENTRAL RESERVE CITIES
(In Mllllonfl of Dollars)
New York City
Chicago
July 30 July 23 July 31
July 30 July 23 July 31
f
1941
1941
1940
1941
1941
(Monetary
Department), has published under date of
May, 1941, a pamphlet containing all the Defense (Finance)
Regulations in force in Great Britain, and also all orders
relating to Definition of Sterling Area, Securities Restric¬
tions, Returns, Exemption and Acquisition, Currency Re¬
strictions, Importation of Notes, &c., &c.
The price is
and Economic
Swiss francs 3.
♦
i940
2,301
873
2,741
870
86
647
28
643
26
433
20
302
34
37
25
11,983
3,505
Commercial, Industrial and
agricultural loans.......^*
Open market paper
9,489
2,788
2,733
2,300
88
1,698
339
Loans—total
11,896
3,477
2,318
89
Loans and Investments—total..
333
Loans to brokers and dealers,.
162
53
54
21
18
452
123
31
381
21
3(5
453
"
167
112
32
Other loans
162
112
carrying securities..
Real estate loans
90
89
49
320
159
732
Treasury notes
591
1,434
587
1,433
389
1,052
382
123
3,216
3,214
2,618
824
822
Other securities
1,846
1,391
Reserve with Fed. Res. banks..
5,589
1,847
1,338
5,660
91
1,289
1,353
6,549
79
60
396
122
United States bonds
Treasury bills
by
guaranteed
-
the
United States Government...
161
370
159
372
134
351
1,128
1,115
1,144
41
84
86
79
267
....
336
315
359
42
41
273
41
41
253
45
U. S. Government deposits.....
11,103
757
16
11,088
74 5
17
9,753
687
35
2,303
4 95
100
2,287
496
100
1,983
507
94
Cash In vault..
....
95
...
Balances with domestic banks..
Other assets—net
An agreement
between the exiled Polish Government and
signed in London on July 30 providing for
diplomatic relations between the two countries
and for mutual aid in the present war against Germany.
By
the terms of the agreement the Soviet-German treaty of 1939
incident to territorial change in Poland are invalidated; the
text of the frontier agreement appeared in our issue of Sept.
30, 1939, page 2003.
Following the text of the Polish-Russian agreement as
reported in a wireless dispatch to the New York "Times" from
London July 30:
Soviet Russia
deposits—adjusted
Time deposits
3,827
597
Domestic banks............
Foreign banks......
1,015
8
1,032
8
—.
....
v.—
....
17
271
254
282
288
283
18
1,508
1,512
1,493
272
Other liabilities
Capital accounts
1..........
7
Banks of the
Federal
Chicago member banks
are
given out
on
Thursday, simul¬
taneously with the figures of the Reserve banks themselves
instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business July 23:
and covering the same week,
The condition statement of weekly
reporting member banks in 101 leading
cities shows the following principal changes for the week ended July 23:
of $81,000,000 in
Increases
obligations guaranteed by the United
States
Government and $121,000,000 in demand deposits—adjusted, and a decrease
of $194,000,000 in deposits credited to
domestic banks.
Commercial, industrial and agricltural loans increased $23,000,000 at all
reporting member banks.
Loans to brokers and dealers in securities declined
$30,000,000 in New York City and $44,000,000 at all reporting member
banks.
Holdings of United States Government direct obligations increased $44,000,000 in the Chicago district and $18,000,000 in the Richmond district,
and
declined $76,000,000 in New York City, the net increase at all report¬
ing member banks was $6,000,000.
Holdings of obligations guaranteed by
the United States Government increased $45,000,000 in New York
City and
$81,000,000 at all reporting member banks.
Demand
deposits—adjusted increased $80,000,000 in New York City,
$25,000,000 in the Cleveland district, and $121,000,000 at all reporting
the
Soviet-German
directed against the U.S.S.R.
The two governments mutually agree to
3.
render one to another aid and
against Hitlerite Germany.
The Government of the U.S.S.R. expresses its consent to the formation
territory of the U.S.S.R. of a Polish Army under a commander appointed
by the Polish Government in agreement with the Soviet Government, the
tional
Army
on
territory of the U.S.S.R. being subordinated in an opera¬
Command of the U.S.S.R., In which the Polish
to the Supreme
sense
AU details as to command, organization and
Army will be represented.
employment of this force will be settled In a subsequent agreement.
5.
force immediately upon signature and
This agreement will come into
The present agreement is drawn up in two copies, in
without ratification.
the Russian and Polish
Both texts have equal force.
languages.
The Soviet Government grants amnesty to
on
as
Soviet territory
either
as
all Polish citizens now detained
prisoners of war or on other sufficient grounds,
from the resumption of diplomatic
relations.
+
Czecho-Slovak Government in London
Recognized by
United States
The United States has extended
diplomatic recognition to
of Czecho-Slovakia in London,
it was announced on July 30 by
Sumner Welles Acting Secretary of State.
As a result it is
stated relations with Czecho-Slovakia will be placed on the
same diplomatic status as the other governments temporarily
established in London, viz.: Poland, Belgium, the Nether¬
lands, Norway, Greece, Yugoslavia and Luxemburg.
The
following regarding the matter was reported in a Washington
dispatch of July 30 to the New York "Times."
the provisional government
headed by Dr. Eauard Benes,
Acting Secretary of State, explained at his press con¬
Sumner Welles,
ference that after the occupation of Czecho-Slovakia by the Germans this
country continued to recognize the
Czecho-Slovak Minister here.
Subse¬
quently, Dr. Benes, who had resigned earlier as President, went to London,
and there
member banks.
recognizes
in Poland as having lost their
The Polish Government declares Poland is not bound by any
support of all kinds in the present war
Polish
explained above, the statement of the New York and
U.S.S.R.
the
sadors will be arranged.
4.
Member
of
of
to territorial changes
the signing of this agreement, and an immediate exchange of Ambas¬
upon
16
System for the Preceding Week
as
Diplomatic relations will be restored between the two governments
2.
on
Returns
Reserve
1939
agreement with any third power which is
♦
Complete
of
validity.
923
....
—.
....
3,684
620
3,807
591
Government
The
1.
treaties
Inter-bank deposits:
Borrowings........
was
restoration of
Loans to banks
Obligations
Mutual War Aid Signed—Invalidates Partition Treaty with Germany
Polish-Russia Agreement on
605
Other loans for purchasing or
As
—
******
Assets—
Demand
Foreign Exchange Regulations in Great Britain
The Bank for International Settlements, Basle
a
Czecho-Slovak committee was formed
British in the
For
prosecution of the war.
a
to cooperate with the
long time there were legal
complications regarding the status of the committee, but Mr.
Welles said
today that the committee was representative of the Czecho-Slovak people
Deposits credited to domestic banks declined in all districts, and prin¬
and
was
entitled to
recognition as the provisional government.
cipal decreases being $74,000,000 in New York City and $25,000,000 in the
Chicago
district, the total decrease at all reporting member banks
was
$194,000,000.
A summary of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended July 23, 1941, follows:
Increase
-
(+)
1
or
Decrease
July 23, 1941
"■
Assets—
July 16, 1941
$
Loans and investments—total
S
$
28,646,000,000
+ 69,000,000
+ 4,699,000,000
—19,000,000
+1,990,000,000
+ 23,000,000
+1,549.000,000
Commercial, industrial and agri¬
cultural loans
6,011,000,000
Open market paper
388,000,000
+6,000,000
+98,000,000
461,000,000
—44,000,000
+ 50,000,000
—6,000,000
—35,000,000
+ 3,000,000
Other
loans
for
purchasing
carrying securities
Real estate loans
Loans to banks
Other loans
or
....
,
441,000,000
1,252,000,000
37,000,000
1,914,000,000
a
—2,000.000
+1,000,000
+ 1,000,000
+281,000,000
a
Freezes
States
Japanese
Assets—Applies
to
Chinese Funds at
Request of Chinese Government
—Counter-Action by Japan
freezing Japanese assets in the United States.
The order,
effective at the opening of business July 26, is "designed
among
other
things
to
prevent
the
use
of
the
financial
facilities of the United States and trade between Japan and
the United States, in ways
+ 46,000,000
Loans to brokers and dealers in
securities
United
President Roosevelt issued an executive order on July 25
July 24, 1940
--.'-.10,504,000,000
Loans—total
recognition of the Czecho-Slovak committee was
reported in our issue of Dec. 30, 1939, page 4098.
(—)
Since
\
British
American interest,
States
curb
same
of
assets
subversive
time
the
harmful to national defense and
to prevent the liquidation in the United
obtained
activities
President
by
in
duress
the
or
United
extended
Chinese assets in the United States,
the
conquest,
States."
and
At
freezing control
to
the
to
in accordance with the
Volume
wishes
The Commercial & Financial Chronicle
153
of
the
Chinese
Government.
The
White
statement
explained that this action was taken "for the
of helping the Chinese Government," since certain
purpose
important
control.
Chinese
financial
The order
when German and
also
the
assets
centers
similar to
was
Italian assets
of
invaded
under
are
in the United
previously subjected to the freezing order,
noted in these columns June 21,
page 3892.
President's
1941,
States, and
occupied European countries
or
not
The
Japanese
issued June 14,
one
were
frozen;
taken because of Japan's move
Indo-China, was followed the next
day (July 20) by Japan's freezing of United States assets.
This retaliatory move by Japan, effective
July 28, applies
to all United States nationals and also to the
Philippines
southward
and
States
territorial possessions.
$217,000,000
of
with
The
text
of
the White
the President's
In
he
view of
has
today
States
and
are
criminal
penalties
the
the
of
American
the
United
14,
to
by
of
the
of
in
measure,
the
order.
in
This
European
effect,
which
Government
brings
Japanese
and
executive
the
in
assets
various
imposes
order,
just
is designed among other things to prevent
1941,
facilities
of
in
the
United
liquidation
and
conquest,
or
States
harmful
ways
the
prevent
national
to
in
the
and
States
of
activities
Chinese
the
the
of
conducted
is
Kai-shek and
the
President
Chinese
to
licensing system
with
a
view
to
assets
with
has,
the
at
United
the
in
the
for
to
respect
strengthening the
the Chinese Government.
Chi¬
foreign
The inclusion
of
in accordance with the wishes of the Chinese
continuation
a
Chiang
Government,
the freezing control
administration
be
of
this
Government's
policy
assisting
of
China.
♦
Japan to Continue Payments
Public
and
Dollar Bonds of Both
on
Private
Issues
Tsutomu
Nishiyama, Japanese Financial Commissioner in
the United States, with offices in New York City, announced
on July 27 that Japan will continue to make interest and
sinking-fund payments on its dollar bonds of both public
and private issues.
Mr. Nishiyama said that he had received
or any
on or
national thereof,
or
Japan,
in accord with his
was
continue its record of
country's desire to
having defaulted on a foreign
never
United
A general license is hereby granted authorizing any banking institu¬
tion within the United States to make
payments from blocked accounts of
China or Japan, or any national thereof:
A. Of checks and drafts drawn or issued
prior to July 26', 1941, and to
accept and pay and debit to such accounts drafts drawn prior to July 26»
1941, under letters of credit provided:
(1)
The
amount involved in any one
not exceed
(2)
$500,
not exceed
B.
$10,000 and the check
Of
on or
States
Freezes
Assets
of
Japan
China—
and
Japanese and Chinese property in the United States on or
since June 14 was frozen July 26 by executive order of Presi¬
The order
dent Roosevelt.
amendment
was
issued in the form of
an
his
to
previous order freezing funds of Con¬
tinental Europeans which appeared in our issue of June 21,
page 3892.
Text of the amendment follows:
EXECUTIVE
AMENDMENT
OF
OSDEE NO.
EXECUTIVE
OF
APRIL
10,
October
6,
(40 Stat. 415),
1917
authority vested in
States of
as
ORDER
NO.
me
by Section 5(b) of the Act of
amended, and by virtue of all other
I, Franklin D. Roosevelt, President of the United
me,
America, do hereby amend Executive Order No. 8389 of April 10,
1940, as amended, by changing the period at the end of subdivision (j) of
Section 3 of such Order to
semi-colon and adding the following new sub¬
a
(k) June 14, 1941—
China, and
:
■l;r-':
v..
FRANKLIN
Japan
The White
y!'
House,
•
-
,■
D. ROOSEVELT
vV'1-
July 26, 1941.
An official announcement
also issued
relating to the freezing order,
July 26, follows in full:
In view of the unlimited national emergency
has
today issued
United States in
countries
blocked
country,
national thereof,
or
account in a domestic bank unless such
terests
were
the
issued
except payments
foreign country
any payment to
into
a
blocked
national is other¬
or
(3)
Banking institutions making
any
payment
or
debit authorized by
this general license shall file
promptly with the appropriate Federal Reserve
Bank weekly reports showing the details of such transactions
(4)
This license shall expire at the close of business
on
Aug. 26,1941.
♦
Japanese Bombing of American Gunboat is Closed Issue
Following United States Acceptance of Apology
apology of the Japanese Government and an expression
the United States gunboat
July 30 have been accepted
by the American Government which now considers the in¬
of its regret for the
bombing of
Tutuila at Chungking, China, on
cident
closed
a
Sumner
issue.
This
announcement
Welles, Acting Secretary of State,
the authorization of President Roosevelt.
ferred
earlier
the
made by
July 31 with
was
on
Mr. Welles
con¬
day with
Nomura, Japanese Ambassador, who
regret of his government.
Mr. Welles
Government has given assurance that
Admiral Kichisaburo
expressed the official
said that the Japanese
concrete and detailed
measures will be taken to
prevent a recurrence of such in¬
cidents and that Japan had offered to pay indemnity in full
for the damage to the gunboat.
The United States had made
immediate representations with Japan upon learning of the
Tutuila
bombing and the lokyo Government promptly
same
acted.
»
Invited for Sale of State of
Tender
New South
Wales
(Australia) 5% Gold Bonds to Exhaust $208,500 in
frozen
manner
same
on
City of New York is invit¬
ing tenders for the sale to it of an amount of State of New
South Wales, Australia, external 30-year 5% sinking fund
gold bonds, due Feb. 1, 1957 sufficient to exhaust the sum of
$208,500.15 now held in the sinking fund.
Tenders should
be addressed to the corporate trust department of the bank,
11 Broad Street, New York City,
They will be opened at 12
o'clock noon on Aug. 8, 1941.
declared by the President,
are
involved
in
which
June 14, 1941.
under
the Order of June 14,
use
This
assets
of various
measure,
the
control
of the
Government and imposes
This Executive Order, just
1941, is designed among other things to prevent
States,
in ways
American interests, to prevent the
obtained by duress or conquest,
harmful to national defense and
liquidation in the United States of assets
and to curb subversive activities in the
United States.
the specific request
purpose
of Generalissimo Chiang Kai-shek and for the
of helping the Chinese Government, the President has, at the same
time, extended the freezing
The administration of the
be conducted
with
City of Porto Alegre
(Brazil) 7% Gold Bonds of 1928
Ladenburg, Thalman & Co., as special agent, is notifying
City of Porto Alegre (United States of Brazil) 40-
holders of
7% sinking fund gold bonds, external loan of 1928, that
deposited with it, sufficient to make a pay¬
ment, in lawful currency of the United States of America, of
13.325% of the face amount of the coupons due Feb. 1, 1939,
amounting to $4.66% for each $35 coupon and $2.33 3-16 for
each $17.50 coupon. Pursuant to the terms of the Presidential
Decree of the United States of Brazil, such payment, if
year
funds have been
accepted by the holders of the bonds and coupons, must be
accepted in full payment of such coupons and of the claims
for interest represented thereby.
No present
provision, the notice states, has been made for
due Feb. 1, 1932 to Feb. 1, 1934 inclusive, but
they should be retained for future adjustment.
the coupons
European
in effect, brings all
of the financial facilities of the United States and trade between
Japan and the United
+
•;...
Available for Payment on
Executive Order freezing Japanese assets in the
an
criminal penalties for violation of the Order.
a
control to Chinese assets in the United States.
licensing system with respect to Chinese assets
view to strengthening the foreign
change position of the Chinese Government.
Executive Order, in accordance with
a
within the United States in
wise licensed to receive such
payments.
Member
trade and
ex¬
The inclusion of China in the
the wishes of the Chinese Government,
continuation of this Government's policy of assisting China.
Among several general licenses which have been issued by
Treasury Department with respect to Japanese and
one read as follows:
Trading
on
Curb Exchanges
financial and import and export trade transactions in which Japanese in¬
is
was
documentary drafts drawn under irrevocable letters of credit
8389
division thereafter:
will
draft
This general license shall not be deemed to authorize
Funds
8832
AS AMENDED
1940,
By virtue of the authority vested in
At
or
prior to July 26, 1941, and
confirmed by a domestic bank prior to July 26,1941.
(2)
a
payment, acceptance, or debit does
or
The amount involved in any one payment, acceptance, or debit does
The Chase National Bank of the
[Chinese Included at Their Own Request
gy
the
national thereof, has at any time
Sinking Fund
+
as
if
(ii) such transaction involves
Another license provided':
(1)
loan.
he
or any
or
since July 26, 1941, had
any interest.
authorization from Tokio to make the statement and added
that the action
interest.
behalf of, or pursuant to the direction of
between
defense
United
subversive
curb
to
trade
and
since July 26, 1941, had any
or on
The
Generalissimo
request of
China in the executive order,
Government,
This
control
of
and exchange position of
trade
Japanese
assets
Japan,
process of collection
regard
States.
will
assets
the
States,
duress
extended
The
1941.
14,
violation
United
helping
time,
States.
nese
June
specific
of
purpose
same
under
for
interests,
the
At
freezing
which
in
or
property in which China
or
order
manner
June
on
financial
the
obtained
assets
in
of
the
and
same
involved
order
use
Japan
China
declared by the President,
emergency
import and export trade transactions
interests
as
national
executive
an
the
frozen
were
financial
all
issued
in
statement
follows;
the unlimited
United
countries
decree
House
on or
This general license shall not be deemed to authorize
any transaction,
(i) such transaction is by,
to
America! interests.
621
license is hereby granted licensing any transaction which is
July 26, 1941, but not
action,
It is estimated that the freezing order affects
$131,000,000
of Jarianese assets in the United States, while the counter
action by Japan immobilizes an estimated
general
prohibited by the Order solely by reason of the fact that it involves
property
in which China or
Japan, or any national thereof, has at any time prior to
French
into
United
A
House
The
Securities
New York Stock and New York
During Week Ended July 19
and Exchange
Commission made public
1 figures showing the volume of total round-lot
stock sales on the New York Stock Exchange and the New
York Curb Exchange for the account of all members of these
on
Aug.
exchanges in the week ended July 19, continuing a
series of
figures being published weekly by the Commission.
Short sales are shown separately from other sales in these
current
figures.
Trading
the Stock Exchange for the account of mem¬
(in round-lot trans¬
actions) totaled 563,585 shares, which amount was 17.63%
of total transactions on the Exchange of 3,184,790 shares.
This compares with member trading during the previous
week ended July 12 of 1,093,888 shares or 19.30% of total
trading of 5,658,200 shares.
On the New York Curb Ex¬
bers
on
during the week ended July 19
member trading during the week ended July 19
the
change,
Chinese funds
amounted to 97,110 shares, or 16.70% of the total volume
The Commercial &
622
preceding
515,185 shares; during the
that Exchange of
on
the account of Curb members of 168,040
19.70% of total trading of 799,165 shares.
week trading for
shares
was
the New York Curb Exchange
York Stock Exchange and
m
weekly reports filed with the New
by their respec¬
classified as follows:
published are based upon
The data
These reports are
tive members.
New York
New York
*'-v
Slock
Total number of reports
:■
Reports showing no
4.
ON THE NEW YORK
1941
Week Ended July 26.
30
98
215
30
ACCOUNT OF ODD-LOT
STOCK EXCHANGE
TRANSACTIONS FOR THE ODD-LOT
DEALERS AND SPECIALISTS
773
34
Total
for Week
Odd-lot sales by dealers
Number of orders
193
68
599
transactions
complete figures showing the
actions for the odd-lot account
'
.
initiated off the
other transactions
3. Reports showing
00
the
daily volume of stock trans¬
of all odd-lot dealers and
specialists who handle odd lots on the New York Stock
Exchange, continuing a series of current figures being pub¬
lished by the Commission.
The figures are based upon
reports filed with the Commission by the odd-lot dealers and
specialists.
3 300
of
STOCK
188
...
on
■
v--vr,
Exchange
1,062
--
-—
Reports showing transactions as specialists
Reports showing other transactions initiated
floor
_
1.
2.
■3
received
(customers' purchases):
18,810
584
Number of shares
.
York Curb Exchange, odd-lot transactions are handled solely
the stocks in which they are registered and the round-lnt transactions
resulting from such odd-lot transactions are not segregated from the
specialists' other round-lot trades.
On the New York Stock Exchange, on the
other hand, all but a fraction of the odd-lot transactions are effected by dealers
engaged solely In the odd-lot business.
As a result, the round-lot transactions of
specialists in stocks In which they are registered are not directly comparable on the
two exchanges.
p'ppp"d'p/;vp:vp/d;:vV^u\. "■ VP ■■■'.■
vv
-
Not*—On the New
by specialists in
PoP
516,866
18,762,632
Dollar value
of specialists
:<" v:'-;
1941
.
Curb
Exchange
Aug. 2,
Financial Chronicle
Odd lot purchases by dealers
Number of orders:
(customers' sales):
236
Customers' short sales
Customers' other sales, a....—
19,918
—-—
——
...
in the various classifications may total more than
received because a single report may carry entries
20,154
Customers' total sales
-
Tbe number of reports
the number of reports
in
.
VP
\'
more
than one
Customers' short sales..—
classification.
6,357
508,692
————
-
—
Customers' other sales.a
STOCK SALES ON THE NEW YORK STOCK EX¬
AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
CHANGE
OF4MEMBERS * (SHARES)
y
:
....
pp p
v
Total round-lot sales:
A.
P»T
v
Other sales.b
VPP
■<
Cent
—
•
Round-lot sales by dealers:
Number of shares:
40
125,900
Short sales
Other sales.b
3,184,790
Totalsales,.,,..——..-—
15,699,075
Dollar value
90,930
3,093,860
Short sales
istifc.
515,049
Customers' total sales...
-V.-
.
Total for
Week
125,940
Total sales.
'v
i
0jf-} vv;p:p- -p;
0m00
account of members, except for
Round-lot transactions for
IS,
'
Round-lot purchases by
j>: tbe odd-lot accounts of odd-lot dealers and specialists:
1. Transactions of specialists in stocks in which they are
p
registered—Total purchases
.
00'00
000%
Short sales—.—.
liPVPPVpop pv
a
2. Other transactions
■P Pvvpp • p
:?
pp:
Total sales
3.
PpP
Other;transactlons initiated off the
Other sales.b.-
floor-Total purchases
4.
0&30U
303:30:}
Total—Total purchases
Short Bales.-.,—————--——-.
Other sales.b—
vmm
67,330
PVP
496,255
PP5
17.63
563,585
Total sales——
-V> ■33'-.: -VppP
04v.:-.3.0\: S" ' .""t
30,3;:'0 0 3;-',..3 ;
559,181
.—-—
..
2.79
90,885
—
————
BERS.*
OF MEM¬
(SHARES)
Total for
A.
Total round-lot
Short sales
————
|
Other sales.b
—
for the account of
members:
they are
of specialists in stocks in which
registered—Total purchases—...—
1. Transactions
transactions Initiated on
the floor—Total purchases
—
sales.b
11.22
12,225
2.47
11,280
4. Total—Total
purchases—
—
97,110
account of specialists:
Total purchases
—
contracts,
Mr.
market,
simplify and facilitate transactions in
eliminate
disputes and misunderstandings
the mechanisms of a free and
open
market.
The public
well as those engaged in the
Milwaukee, Wis.
16.70
36,488
—-
A
previous item regarding the code, which is designed to
trading in all parts of the country, ap¬
peared in
our
Membership
volume includes only sales
sales which are exempted from restriction
with "other sales."
b Round-lot short
exempt" are included with "other
by the Commission
sales."
Odd-Lot Trading on New York Stock Exchange
Week Ended July 26
and
issue of April 5, page 2177.
Commission on Aug. 1
for the week ended July 26, 1941,
Exchange
a summary
During
of
New York Curb Exchange Votes for
Seats—More Than 91% of Members
Retirement of
Favor
members, their firms and their
transactions as per cent of twice total round-lot volume.
Ju calculating these percentages, the total of members' transactions is compared
with twice the total round-lot volume on the Exchange for the reason that tbe total
of members' transactions includes both
purchases and sales, while the Exchange
improve
of
code, it is noted, is the result of many months' work
the part of the Association's Uniform Practice Com¬
mittee headed by Joseph T. Johnson, The Milwaukee Co.,
special partners.
Securities
settlement
The
Shares In memners'
Sales marked "short
of
.
on
22,993
"members" Includes all Exchange
public
over-the-counter
3.01
0
Total sales
r The
for
36,488
Customers' other sales.c—
made
code
facilitate counter
Odd-lot transactions for the
Customers' short sales
c
Over-the-Counter
Becomes Effective
which deals in over-the-counter securities as
74,935
Total sales
rules are included
over-the-counter
and
3,930
93,180
Other sales.b
a
exempt securities exchanges for
business, will benefit from the code.
19,785
Short sales.
partners, Including
all
increase of 15.2% over May.
This is the first time the vast over-the-counter
codified, on a national basis, trading
practices and method
Fulton said, adding:
the
19,585
Total sales—
The term
on
an
It is believed that the code will
initiated off the floor—Total purchases
00'r
*
$562,786,
securities business has
11,725
—
Other sales.b
:
sales
total
value of
all registered securities exchanges.
on
trading in securities, sponsored by the National Association
of Securities Dealers, Inc., has been declared effective Aug. 1,
Wallace H.
Fulton, Executive Director, announced on
July 31.
13,185
200
C.
market
sales
national uniform practice
A
61,870
——
Short sales.
03'-3:
92.8% of the market
and 99.8%
sales, 92.5% of the market value of stock sales,
value of total
of the market value of bond
Security Trading
65,100
—
....
—
Total sales-...-.
3: ;Vpv
May.
New York exchanges accounted for
500
Short sales...
3/Other transactions
...
—
—
Total sales..-..—-
P\Pvpv
Total principal amount of bonds
$173,215,450, a decrease of 20.8% from
National Uniform Practice Code for
—
Other sales.b
Other
was
increase of 2.2% over May.
50,470
3,230
Short sales--
2. Other
an
June, 1941, amounted to
511,055
excluding rights and warrants, was 17,950,813
volume of stock sales,
515,185
Round-lot transactions
p.
on
—
—
Total sales
;PP\:
sold
The
4,130
jk
B.
Centa
sales:
k
31?' PV
Per
Week
(
shares,
The two leading
1941
Week Ended July 19,
Exchange Commission announced
total sales on all registered
1941, amounted to $506,060,562, an increase of 0.5% over the market value of total
sales for May and a decrease of 22.2% from the market
value of total sales for June 1940.
Stock sales, excluding
rights and warrants, had a market value of $410,775,621, an
increase of 6.9% over May.
Bond sales were valued at
$95,054,565, a decrease of 20.3% from May's total.
The
market value of right and warrant sales in June totaled
$236,376. The Commission's announcement went on to say:
The
CURB EX¬
TOTAL^ROUND-LOT STOCK SALES ON THE NEW YORK
CHANGE AND STOCK TRANSACTIONS FOR ACCOUNT
Securities and
The
Registered Securities
Over May But Was
July 23 that the market value of
securities exchanges for June,
8,400
82,485
—
——
Total sales
30000:
5.63
86,861
pP'Y'PP: Short sales-
% 0B \
Increased 0.5%
22.2% Below June, 1940
Exchanges
185,140
:-PV
PPVpvP'Ppp
Value of June Sales on
Market
12,750
172,390
Ppuppppp,
exempt" are reported with
9.21
173,260
Initiated on the floor—Total purchases
Other sales.b
MMM
which Is less
287,560
-i
Short sales
0030%
129,820
"other sales."
offset customers odd-lot orders, and sales to liquidate a long positlOD
than a round lot are reported with "other sales.'
Sales marked "short
b Sales to
46,180
241,380
-
—
dealers:
Number of shares
299,060
Other^eales-b—
Total sales
■
t
TOTAL ROUND-LOT
i
p-v
■'.V
Number of shares:
Plan
The members of the New
York Curb Exchange, "by an
overwhelming majority in one of the largest ballots ever
cast," have adopted amendments to the Exchange's con¬
providing for retirement of seats, it was announced
the Exchange on July 29.
The ballots, which were
opened on July 29, showed that more than 91% of those
who voted were in favor of the amendments.
The plan as
indicated in the^e columns July 19, page 317, authorizes the
stitution
by
purchase and retirement of not more than "0 out of the 550
seats at a price not to exceed $1,000 each: it is proposed that
the cost of such purchase -hall be divided equally between
the Exchange it e'f and the individual members,, who would
be assessed for then* share.
In commenting on the vote
Volume
The Commercial
153
011
the amendments,
following to say:
Exchange
the
July 29 had the
on
vote
a
on
brought in
the ballots opposing an
embodied in five amendments.
amendment exceed 30.
regarded by Exchange officials as an
their
own
money on
permissive, not man¬
be retired except upon specific order by the Board
case.
It is expected that the Board of Governors at
seats will
no
of Governors in each
the retirement of seats are
meeting will order purchase of such seats as are
its next
San
Francisco
Stock
Rates—Will
Exchange
Rates
Meet
change, Effective Aug.
reduction
A
spend
acquisition of seats by the Exchange.
As the provisions for
datory,
plan
impressive vote of confidence in
It is in effect a vote by the members to
the future of the Exchange.
in
commission
to
then available.
Lower Commission
York Stock Ex¬
New
on
on
immediately.
effective
become
On July 21
visions
under
the Commission announced certain minor re¬
its
Certificate of Notification,
Form U-6B-2,
to
the
Public
Utility
Act
Company
Holding
1935.
of
registered holding companies and additional copies may be
obtained upon request.
The SEC
ment
the San Francisco
Exchange to meet those on the New York Stock
Exchange, was announced in San Francisco on July 24 by
George N. Keyston, President of the Pacific Coast exchange.
The new rates, which will be from 25% to 40% lower than
heretofore, will become effective Aug. 11.
The following
regarding the action is from the San Francisco "Chronicle"
of July 24:
Rates formerly charged ran from $7 per 100 shares for stocks selling
July 23 announced the adoption of an amend¬
on
U-45 under the Holding Company Act
Rule
to
which
prohibits the making of loans, extensions of credit, dona¬
tions and capital contributions to associate companies, ex¬
cept in accordance with a declaration which has become
effective under the Act.
The amendment exempts from
Rule U-45 a loan or extension of credit or an agreement of
indemnity arising out of a joint tax return filed by a
tive July
hold¬
The rule became effec¬
and its subsidiaries.
ing company
11
rates
of
with the authority to investigate.
Copies of the revised form are being mailed to each of the
»
of the retirement
The size of the vote and of the majority in favor
are
276 ballots
proposals
the highest figures on record.
In no case did
of 369, which is one of
The retirement plan was
specified in Rule XIX which are concerned with the conduct
now
investigations rather than
constitutional amendments, the seat requirement
total
a
acts
The amendments
Although it has often been difficult to obtain the necessary
for
623
& Financial Chronicle
23, 1941.
Stock
between $1 and $2 a share to
$22 per 100 for issues in the
$40 to $50 per
share bracket.
The
minimum rates will be exactly those
new
and the
same as
those anhbunced by Merrill
whose resignation
off the whole
These
of the New York exchange,
Lynch, E. A. Pierce & Cassatt,
from the Pacific Coast Association
of
281,717 in First Half of Year
public disposition to cooperate in current thrift and
savings efforts is reflected in figures released July 28 by the
National Association of Mutual Savings Banks in its mid¬
The
report.
Mutual savings bank accounts touched a new
high as of July 1, bringing the total to 15,906,157, an increase
of 281,717 accounts during the first six months of the year,
according to the Association, which also states:
year
The practically peak position
of mutual savings banks was well
$5 per 100 shares for the $1 to
$2
a
slight variation downward of $11,534,873 from the
Deposits last June 30 amounted to
securities.
Mutual
$10,606,223,748.
savings banks, which operate in 17 states,
Opinion Dealing with Recitals of Investment Com¬
Policy in Registration Statements—Views as
to Brokers' and Dealers' Requirements for Deliver¬
pany
Lane,
state¬
ments filed by investment companies under the Investment
Company Act of 1940.
With respect to the opinion the SEC
an
said:
announcement
and
(1) of the Investment Company
(b)
investments
concentrating
The
tries.
in
particular industry or group of indus¬
a
authorizes a registrant
section
to reserve freedom
of action to
it mandatory, if freedom of action
is reserved, that the registrant make a statement indicating, in so far as
is practicable, the extent to which the company intends to engage in 6uch
activities.
The question discussed in the opinion is the proper interpreta¬
tion to be given this provision in the light of Section 13 (a) of the Act,
which requires a stockholders' vote as a condition precedent to any change
in
the policies
recited in the registration statement.
The conclusion
reached in the General Counsel's opinion is that, in view of the statutory
in such activities, but also make
engage
distributed
course
of mutual savings bank assets,
total ef $11,938,263,612
however, continued upward, the
showing an increase of $18,968,400
between last
June 30 and December 31.
of all mutual savings banks
The surplus account
At the end of the six month period, combined
610, having increased by
likewise moved upward.
surplus stood at $1,284,685,-
Ratio of surplus to deposits was
of the highest ratios of protection afforded any
$19,668,248.
12.1%, higher by -2%, one
similar accumulation of capital.
Act provides for recitals
of policy in registration statements filed under the Act with respect to
certain specified activities of the registrant, such as issuing senior securi¬
ties, engaging in the business of underwriting securities issued by others,
8
Section
investing such a
Bonds. Mutual savings banks
$32,000,000 of the bonds in the first two months that they were
large part of surplus funds in Defense Savings
The
Exchange Commission made public on
opinion of its General Counsel, Chester T.
dealing with recitals of company policy in registration
July 23
considered gratifying, when the public is
the hanks was
available.
ing Prospectuses to Customers
The Securities and
continue to hold almost
The steady flow of small sums into
one-sixth of American bank deposits.
SEC
maintained
institutions showed
total six months ago.
during the period, although deposits in mutual savings
comjmissions run from
new
on
last February touched
price-cutting move.
stocks to $17 for the $40 to $50
Banks Accounts at New High Figure
July 1—Total at 15,906,157 Represents Increase
Mutual Savings
The effect of low money rates was
dends for the 17 states, which
shown by the average of mutual
divi¬
amounted to 1.90%.
public will to save is well reflected by the stable plane
deposits in mutual institutions and the increasing volume
of defense Bond sales," said Andrew Mills, Jr., President of
the association.
"Mutual banks are doing their utmost to
"The
of
support the Government in
financing defense needs."
+.
Average Profits of Insured Commercial Banks 64 Cents
per $100 of Deposits in 1940 According to A.B.A.
Profits before dividends of all insured commercial banks
(1) and 13 (a), the
the purposes of Sec¬
specific and definitive.
throughout the nation averaged 64 cents per $100 of deposits
during 1940, according to a survey of earnings and expenses
of insured banks compiled by the Bank Management Com¬
mission of the American Bankers Association.
The survey,
publication of another
discussing the circumstances under
which brokers and dealers are required by the Securities
Act of 1933 to deliver prospectuses to their customers in
connection with the purchase and sale of securities which
are registered under that Act.
Concerning this subject the
prepared annually by the Commission, reveals a
profits before dividends of 8 cents per $100 of
deposits from 1939, and an increase of 4 cents per $100 of
deposits over the 1938 figure.
As to the results of its
survey, the Association on July 23 stated:
and legislative
language
tion
history of Sections 8
(b)
of intention is controlling for
(a) and must, in so far as is practicable, be
statement
required
13
The SEC
on
July 25 announced the
by Mr. Lane
opinion
Commission's announcement stated:
the
by brokers and
& Tele¬
graph Co. covered by the registration statement which became effective on
July 15, 1941.
These inquiries have indicated that there is widespread
misapprehension in the securities industry as to the circumstances under
which prospectuses are required by the Act to be used.
For convenience
Mr. Lane's opinion describes the nature of the American Telephone & Tele¬
graph Co. offering, and then discusses various practical situations which
may arise in connection with
transactions in that company's securities.
However,
it should be understood that the securities of American Tele¬
phone & Telegraph Co. are selected solely for the purpose of convenient
the
prospectus
of the
requirements
the debenture bonds and
dealers in
illustration,
and
warrants of American Telephone
the principles
that
expressed in Mr. Lane's opinion are
equally applicable to transactions in any
during the first year after
SEC Adopts
other issue of registered securities
the registration statement has become
effective.
Clarifying Amendments to Two Rules of
Practice—Revises
Holding
New Rule Affecting
Profits before
Company Certificate—
Earnings from current
nation's insured banks
ranged from
Stale.
Current
to
Practice
make
it
The
(1)
second
to
unnecessary
amendment
make
clear
amends
that
applies to the invetsigations
on
Rule IX (b) of the Rules of
for trial examiners to file reports con¬
Act of
1940 ;
and
applications filed
Rule XIX of the Rules of Practice so
(e) of the existing1 Rule II
covered by Rule XIX; (2) to except from the
only. paragraph
application of the Rules generally investigations
mission pursuant to the Trust Indenture Act of
Company
deposits.
operating expenses averaged
of the
These earnings
$1.75 in New York
$1.81 per $100 of deposits for all
The highest average of
operating expense was
banks of West Virginia and the lowest average was
$1.20, which was incurred by the banks of New York State.
Recoveries and profits on securities sold by insured commercial banks in
the various States ranged from $1.21 per $100 of deposits for the banks in
Nebraska to 9 cents for Nevada's banks, and the national average was
55 cents.
Losses on loans and
securities, and all other charge offs
averaged
commercial banks, varying
from $1.46 per $100 of deposits in Maine to 26 cents in Nevada.
Deduction of current operating expense, losses, charge offs and dividends
from current earnings and recoveries left a net profit of 26 cents per $100
of deposits for all insured commercial banks.
These figures ranged from
a net profit of 94 cents for the banks of South Dakota to a net loss of 5 cents
68 cents per $100
of deposits among all insured
of Maine.
for the banks
Increase of
.
-
conducted by the Com¬
1939 and the Investment
(3) to omit certain sections of the various
$43,954 in Assets of New York State
Retirement
System Reported for Six
Bankers
Months Ended
June 30
York State Bankers Retirement System
1941, totaled $337,980, a gain of $43,954
Assets of the New
enlarges the scope of
taining findings of fact in connection with hearings on
under the Investment Company Act of 1940.
as
operations before deduction of expenses
averaged $2.58 per $100 of
$3.63, incurred by the
sion stated:
The first' amendment
by States ranged from
insured banks of Oklahoma to 31 cents
$4.90 in both North and South Dakota to
■
'7v'/',,
insured commercial banks.
clarifying amendments to two of its
Regarding these changes the Commis¬
of Practice.
dividends for the insured banks
$100 of deposits for the
in Maine.
July 22 the adoption of
Rules
per
Loans to Associate Companies
Exchange Commission announced
Securities and
The
to transactions
Act
decrease in
$1.37
publication of this opinion is occasioned by the numerous inquiries
Commission has received in connection with the application of
The
which
which is
as
of
June
30,
compared with assets on Dec. 31, 1940, according to a report
submitted to David C. Warner, President of the Endieott
Trust Co., of Endieott, and Chairman of the System's
Board of Trustees, by F. J. Oehmichen, Accountant. Advices
in the matter state:
A total of
68 banks were participating in
active enrollment
the System on June 30, and
756, net gains of
of employees on the same date totaled
The Commercial & Financial Chronicle
624
three banks and 68
participants
Banks which
1940.
Bank of
Bank,
the comparative figures for Dec. 31,
the System since Jan. 1, 1941, follow:
have joined
Membership
As of June 30.
HicksvIUe, Long Island National Bank, Hicksville, First National
Poughkeepsie,
National
Bank,
First
National
Red Creek.
Aug. 2, 1941
over
There
Bank,
Glen
two
were
Bead,
and
lied
1941, there
13,479 operating banks insured by the
were
Federal Deposit Insurance Corporation.
Creek
The decrease of 16 in the number
banks
of insured
during the six months ended June 30, 1941, resulted
principally from continued elimination of banks in unsound condition, dis¬
withdrawals. College Point
National Bank, College Point, and National Bank of Tuxedo.
of
continuance
operation
of
other
banks
with
poor
and
prospects,
the
chartering of few new banks.
United
States
Savings
and
Loan
League Reports
1,160,000 Families Purchased Their Own Homes in
During the six months, 50 banks
three by merger with the aid of loans
41
tion,
Last Year-and-a-Half
by
For text of this article
advertisement page iv.
see
taken
Urges Insured
and
Banks
Other Substandard
—In
Six
Eliminate
to
Assets from
Real
Books
First
present
at the end of the
assets
and other sub-standard
assets constituted about
4% of the
appraised value of all assets of insured banks in 1940.
The
Corporation also reports that about 29% of all insured banks,
holding 13% of total deposits, have sub-standard assets
amounting to 10% or more of their total assets.
The following features of the
report were announced on
July 28 by Leo T. Crowley, Chairman, who issued the report
1.
in excellent
assets of insured banks at mdre
Although the majority of insured banks
condition, certain banks concentrated in
are
few States still have
a
significant real estate problems.
2.
About 29% of all insured banks,
holding 13% of total deposits, have
substandard assets amounting to 10% or more of their
total assets.
The
Corporation strongly
to non-insured banks in
were successors
18 first opened for business
and
year
chartering
bank of the 18 banks
one
during the six months
were
insured
period.
than 99% of their book value.
substandard
more
Of the assets about 4% were found to be of
quality.
"Other real estate"
000,000
directly owned by insured banks amounted
to $427,-
June 30, 1934.
The amount of holdings increased to a peak in
1936, of $574,000,000 (excluding substantial investments and other assets
on
held
by some banks that indirectly represent "other real estate").
The
growth in holdings represented the accumulation of real estate, in excess
of sales and write-offs, through foreclosure of loans which were in
default,
and accompanied the bank rehabilitation program of
1934, 1935 and 1936.
Since 1936 the rate of foreclosures has been greatly reduced and real estate
taken
has
over
been gradually liquidated or
written-off.
At the close of
1940, the book value of real estate directly owned by insured banks
about $340,000,000 or
assets
was
approximately one-half of 1% of the banks' total
and 5% of their total capital accounts.
Although
During 1940 examiners appraised the
by
Real Estate and Other Substandard Assets
for the Board of Directors:
than 99% of their book value.
or
During 1940 examiners appraised the assets of insured banks at
their
books, either by sale or by charge-off."
The
report says that real estate and corporate stocks cannot be
considered "satisfactory bank assets" and that these assets
one
.
only banks that qualify for insurance, all but
Half of 1941
eliminate non-banking and sub-standard
to
and
34 banks admitted to insurance,
were
chartered and first opened for business
In its report for the six months ended June
30, 1941, the
Federal Deposit Insurance Corporation
"strongly urges all
insured banks in periods of
generally good business like the
from
There
in operation
were
voluntary liquidation
As evidence of continued cooperation of supervisory officials in
Months'
Report Indicates Capital and
Surplus of Corporation Increased Over $27,000,000
in
16
during the six months.
purchase of assets by the Corpora¬
or
or
Five by suspension,
having had its deposit business previously
operation at the beginning of the
Estate
Their
by another bank.
over
of which
FDIC
consolidation,
merger,
withdrawal from insurance after
eliminated:
were
the great majority of insured
banks
now
States
have significant
still
long been of major
real estate problems.
concern to
this Corporation.
negligible
possess
amounts of "other real estate" certain banks concentrated
chiefly in
These
a
few
problems have
More than
one
half of all
non-banking real estate directly owned by insured banks is held by banks in
three adjoining middle Atlantic States, into which has
gone most of the
Corporation's disbursements to facilitate mergers and pay off depositors.
other substandard
Until very recently, the decline in volume of real estate owned
by insured
banks in these three States reflected in large part the
taking over
books, either by sale or charge-off.
Capital and surplus of the Corporation at June 30,
1941, stood at
$523,372,060.75, an increase of $27,387,229.53 since Dec. 31, 1940.
4. Disbursements for the protection of
depositors of insolvent or
culties and in part the elimination of assets through bank
suspensions.
Real estate cannot be considered a satisfactory bank
assets, except for
the investment in banking premises necessary for efficient
operation.
The
business like the
urges all insured banks in periods of
present
to
eliminate real
estate
and
generally good
assets from their
3.
hazard¬
ous
insured banks from the beginning of deposit insurance
through June 30,
mated that
5.
1941, amounted
$192,829,963.62,
Full protection of all
to
or more than
but
or
of
16
in
number
eliminated, while 34 banks
were
of
was
ex¬
banks
were
$449,286,000, of
June 30,
1941,
net
a
insured, 50 banks having been
admitted to insurance.
12 months
ended
pertaining to operations during
and during the entire
that date,
on
period of operation of the Corporation
was as
The
income
of
the
amounted to $30,034,820 for the six
1941, including assessments of $24,953,544 paid
by insured banks and interest earned of $5,081,276 after
deducting pro¬
for amortization of premiums.
Expenses and losses during this
period amounted to $3,075,338, of which $1,199,302 represented
deposit
insurance losses and expenses, and
$1,876,036 represented administrative
Income
for
the
charges.
ratios and
For the
general
through
by deposit insurance losses and
1941,
amounted to
expenses of
to
of income
a
amounted
over
to
$304,530,263,
take
assets
to
improve
Unwillingness to sell such
assets at
$1,955,825, and administrative
including
Jan.
on
1, 1934, total
assessments
amounted
expenses
of
$236,-
total
to
$46,537,141,
re¬
disbursements of $239,367,104
pending to depositors of closed insured banks in settle¬
ment of their claims and to
or
purchases
or
merging banks
or
receivers of closed banks lor
assets, including expenses incident thereto, and esti¬
mated
recoveries of $192,829,964.
Administrative
charges have amounted to $23,920,618.
expenses
and
other
sighted.
months
ended
June 30,
1941, eight
insured banks
sus¬
pended
or received aid from the
Corporation. The 33,972 depositors in these
banks, having total deposits of $10,654,000 were protected to the extent of
$10,522,000, or about 98.8% of their claims, by insurance or otherwise.
Only 39 depositors in the suspended banks were not
fully protected.
During the year ended June 30, 1941, 21 insured
banks, having 58,932
depositors, all but 75 of whom were fully protected, closed or received aid
from
the
Corporation.
Total
deposits
$19,013,000 of which $18,821,000,
or
in
99%,
these
were
From the beginning of deposit insurance
banks were closed, of which three were
k
an
unreasonable
21
banks
amounted
to
to June
30,
largely
loans
been
and
and capital of all
their position
current
at
every
opportunity.
market levels merely because
book values is likely to prove short¬
degree of risk,
in order to
assure
maximum
as
that
on
date,
was
surplus for the six
released by the corporation
follows:
STATEMENT
less than one-quarter of
1%,
held
accounts
in
excess
oi
$5,000 and
were
fully protected by insurance, offset, preferment, pledge of security,
terms of the merger agreements.
OF
ASSETS AND
LIABILITIES
JUNE
30.
1941
Assets
Cash on hand, in transit and on deposit
$19,632,800.43
U. S. Govt, securities (cost less reserve for amortiza¬
tion of
Assets
premiums) and accrued int. receivable
acquired
mergers
Subrogated
Insured
through
bank
suspensions
(less collections):
claims of depositors
against
419,991,688.25
$439,624,488.68
and
closed
banks.
$33,649,632.04
Net balances of depositors In closed insured banks,
pending settlement or not claimed, to be subro¬
gated when paid—contra
303,213.58
Loans to merging Insured banks, to avert deposit
insurance losses, and recoverable liquidation exps
53,556,635.98
Assets purchased from merging insured banks, to
deposit insurance losses, under agreements
to return any excess recovery to selling banks...
Assets purchased from merging insured banks and
receivers of closed insured banks to avert de¬
posit insurance losses
39,992,561.41
1,378,560.40
—
$128,880,603.41
Less:
Reserve for losses
43,925,260.58
"
84,955,342.83
Furniture, fixtures and equipment.
1.00
_.
Deferred charges and miscellaneous receivables..
57,535.84
Total assets
$524,637,368.35
Liabilities
1941, 366 insured
subsequently reopened or taken
by other insured banks, and 363, having
1,167,349 depositors with
total deposits of
$149,286,000, were liquidated or merged with the aid of
loans from the Corporation.
Deposits amounting to $439,503,000, or
97.8% of the total deposits in the 363 banks, were made available
promptly
without loss to the depositors.
Only 1,720 of the 1,167,349 depositors, or
resources
A statement of the assets and liabilities of the
corporation
of June 30, 1941, and an analysis of
protected against loss,
over
not
have
delinquent
Conservative policy requires continuous disposition of all assets
involving
avert
Closed Insured Banks
During the six
steps
the prices obtainable may be below
and
sulting from the difference between
loans
they
behind
books, either by sale or by charge-off.
It is particularly
important that the management of banks with substantial proportions of
such
of June 30,1941 was $234,072,504,
resulting
expenses and losses during the entire period of
$68,482,520 derived from interest
earned and profits from sales of securities, after
making provision for amorti¬
zation of premiums.
Charges to surplus have amounted to $70,457,759.
Net deposit insurance losses and
or
estate
continuous decrease in the proportion of such assets
during the existence
as
047,743,15 paid by insured banks
actually made
real
collateral
of deposit insurance, about 29% of all insured banks
holding about 13%
of total deposits still have substandard assets
amounting to 10%, or more,
of their total sssets.
$58,559,926,
$5,694,296, represented
From the beginning of deposit insurance
has
of
charges of $3,738,471.
Surplus of the Corporation
income
realization
These assets and other substandard assets together constituted abou
4% of the appraised value of ail assets of insured banks in 1940.
Despit
months ended
operation.
Like
insured banks.
Total losses and expenses for the year amounted
an excess
bank holdings of corporate stocks do not
reasons
assets.
roughly similar proportion of the
represent a
as
from
characterize most
relatively fixed operating costs.
same
satisfactory
represent
including assessments paid by insured banks of $48,736,295, and
$9,823,632
representing interest earned, less provision for amortization of premiums.
expenses and other
that
preparation for whatever unknown hazards lie in the future.
ended June 30,
year
uncertainty in income
assets from their
.
vision
expenses and other
and
The Corporation strongly urges all insured banks in periods of
generally
*
:
Corporation
30,
value
good business like the present to eliminate non-banking and substandard
Operations
months ended June
follows:
in
by the
of banks in financial diffi¬
mergers
properties make them especially unsuitable either for voluntary acquisition
or for permanent retention by
institutions, like banks, with low capital
acquired
The report by the board of directors
relating to the ac¬
tivities of the FDIC for the six months ended June
30, 1941,
with additional information
the
fluctuations
merged with FDIC financial aid
Total deposits of these banks
the
1934)
is esti¬
80% will be recovered.
which nearly 98% were promptly made available.
6. There occurred during the six months
ended
reduction
1,
1,720 of the 1,167,349 depositors
tended in the 363 insured banks closed
through June 30, 1941.
(Jan.
$239,367,104.46, of which it
Corporation of assets in facilitating the
or
Current liabilities:
Accounts and assessment rebates payable
Earnest money deposits and collections in
pense,
arising
positors,
assets
loans
from
to
subrogated
claims
merging insured
of
banks
$120,527.22
sus¬
de¬
and
purchased.
743,166.83
Net balances of depositors in closed insured banks,
pending settlement
or not
303,213.58
claimed—contra
—
Deferred
credlte
Reserve for deposit Insurance expenses
Total liabilities
—
$1,166,907.63
'
....
;
9,280.24
89,119.73
$1,265,307.60
Volume
The Commercial &
153
$289,299,556.99
.$206,685,274.23
Surplus—Balance Dec. 31, 1940
Deposit insurance assessments $24,953,544.04
Interest earned on securities
(less provision for amortiza¬
5,073,274.97
Interest received on loans and
subrogated claims of depos¬
8,001.37
itors
$30,034,820.38
Deductions:
Deposit
■
■
' ''!
•
-a ■■
losses and
insurance
$1,199,301.58
expenses
Administrative
1,834,475.52
expenses
any
Furniture, fixtures & equlpm't
:
41,560.84
purchased and charged off-.
by the Secretary of the Treasury of the amount
Those submitting tenders will be advised
accepted bids.
Additions;
premiums)
State, or any of the possession of the United
sidered to be interest.
26,959,482.44
'
Treasury Department Circular No. 418, as
234,072,503.76
prescribe the terms of the
$523,372,060.75
-
Total liabilities and
their issue.
Department Acts to Effect Economies—An¬
Plans to Consolidate Emergency Work-
Treasury
Reports
Estate—Regarded
Encourging
as
For text of this article see
nounces
Relief Accounting
Development
advertisement page iv.
$266,617,000 Received to Offering of $100,of
91-Day
Treasury Bills—$100,015,000
Accepted at Average Price of 0.094%
of
Morgenthau announced on
offering last week of $100,000,000 or thereabouts of 91-day Treasury bills totaled $266,617,000, of which $100,015,000 was accepted at an average
price 0.094%.
The Treasury bills are dated July 30 and
will mature on Oct. 29, 1941.
Reference to the offering
appeared in our issue of July 26, page 467.
The following regarding the accepted bids for the offering
is from Mr. Morgenthau's announcement of July 28:
the
of
Treasury
July 28 that the tenders to the
Total applied for,
Total accepted $100,015,000
$266,617,000
Range of accepted bids:
100.
-
'
99.972 equivalent rate approximately
Average price
0.111%
99.976 equivalent rate approximately
Low
0.094%
(29% of the amount bid for at
the low price was accepted)
in the field in order to effect the
by
formerly exercised in Richmond,
the Division of Disbursement,
Because of a reduction in the
a
of the Treasury Morgenthau. The extension makes Sept. 29
the final day for filing such returns. Without extension, the
July 31. The Treasury said that
chargeable on unpaid capital stock taxes
until after Sept. 29, whereas ordinarily interest would be
charged od such taxes unpaid after July 31. The announce¬
ment issued by the Treasury Department further said:
deadline would have been
interest will not be
The extension was
of the
of the fact that the Congress is
presently considering changes in the revenue laws.
under consideration are definitely determined, it is
Until the changes
difficult for corpo¬
that must be declared for capital stock
,
prompted also by the fact that
the Ways and Means
$1.10
to $1.25 per $1,000 is intended to apply to the taxable year recently con¬
cluded, for which returns would have been due July 31.
Any corporation which has already filed its return, under the assumption
that no general extension of time would be granted, has the privilege under
the law and regulations of amending the valuation declared in such return
by filing an amended return, provided such amended return is received
by the Collector of Internal Revenue on or before Sept. 29, 1941.
Committee's recommendation to
New Offering
Tenders to
a
increase the capital stock tax from
of $100,000,000 of 91-Day Treasury
To Be Dated Aug 6, 1941
new
Bills—
discount
offering of 91-day Treasury bills to
the
$100,000,000, or thereabouts, to be sold on a
basis under competitive bidding, were invited on
Aug. 1, by Secretary of the Treasury Morgenthau.
will be received at the Federal Reserve banks,
Tenders
and the
branches thereof, up to 2 p. in. (EST) Aug. 4, but will not
be received at the Treasury Department, Washington.
The
Treasury bills will be dated Aug. 6 and will mature on
Nov. 5, 1941, and on the maturity date the face amount of
the bills will
be payable without interest.
There is a
maturity of a previous issue of Treasury bills on Aug. 6 in
amount of
Mr.
$100,031,000.
Morgenthau
in
his
announcement of
the offering
further said:
issued in bearer form only, and in denominations
They (the bills) will be
of $1,000,
value).
$5,000, $10,000, $100,000.
$500,000 and $1,000,000 (maturity
multiple of $1,000, and the price
Each tender must be for an even
offered must be expressed on
decimals, e.g., 99.925.
the basis of 100, with not more than three
Fractions may not be used.
without deposit from incorporated banks and
Tenders will be received
trust
companies and from
securities.
responsible and recognized dealers in investment
be accompanied by payment of 10%
applied for, unless the tenders are ac¬
Tenders from others must
of the face amount
of Treasury bills
will be transferred there.
Work Projects Administration program,
and
appropriation to enable the Treasury to
and disbursing work in connection with the program
corresponding reduction in the
fiscal year, it will
for the ensuing
be necessary to terminate
approximately 760 employees in the emergency
and 214 in the emergency Treasury
In making
the services of
Treasury accounts offices
disbursing offices.
these reductions, all State
offices will be required to contribute
service, and veterans'
preference.
Employees
relative efficiency, need for work, depend¬
veterans' preference, will be given an opportunity
desire to be transferred to the regional offices in
eligible for retention upon basis of
length of service, or
whether they
to indicate
their
regions.
-
^
V/
Capital Moved Toward United States
$139,460,000 in April
The capital
and
movement in April between
other countries
in Amount
of
the United States
resulted in a net flow of
funds to this country.
$139,460,000
alone in¬
Short-term banking funds
reveals
that of
combined
"Bulletin"
carries tabulations of these figures, further
the total amount of funds moving to the
States
$86,082,000
$139,995,000, while
creased
showed a net outflow of
for
July, which
United Kingdom
other classifications
$535,000.
was
alone; Canada
America, $15,469,000, and Asia,
With regard to the movement
The Treasury
for the account of the
provided $15,806,000; Latin
$20,973,000.
in transactions in domestic
of $6,043,000 resulted for April.
Of the total in this classification Switzerland was respon¬
sible for $2,595,000 and Canada $2,837,000 of the total.
The United Kingdom accounted for only $373,000.
securities
a
net
outflow
Offers for Sale Two Series of
Tax Anticipation Notes
Designed to Ease Taxpayers Burdens in Meeting
Increased Levies—Both Series to Mature in Two
Department
Treasury
Tax
of
amount
Disbursing Offices of
United
that the extension was granted because
uncertainty that exists as a consequence
,
disbursement
Columbia, South Carolina, and Raleigh,
States Treasury-State
North Carolina, by the United
ency,
general 60-day extension of the period for filing capital
stock tax returns was announced on July 21 by Secretary
A
tax purposes.
Virginia, and the function of
will be established in Richmond,
work, dependency, length of
Capital Stock Tax Returns Extended
Treasury Department for 60 Days to Sept. 29
Time for Filing
rations to calculate the valuations
economies contemplated in
Relief Appropriation Act of 1942.
The plans
call for the consolidation of 53 field offices into 22 regional
offices and the termination of the services of approximately
974 employees, to be effected by next Sept. 30, the announce¬
ment said, continuing:
A regional office of the Division of Disbursements, Treasury Department,
the Emergency
proportionately to the reduction as nearly as possible.
Reductions will be
made on the basis of efficiency, giving due consideration to relative need for
+
Treasury officials explained
consolidation of
work-relief accounting and disbursing activities
continue the accounting
High
announced in Washington on
July 29 that it had formulated plans for the
000,000
Secretary
and Disbursing Activities
The Treasury Department
its emergency
Tenders
amended, and this notice,
the conditions of
Treasury bills and govern
$524,637,368.35
capital
Decrease by $500,000,000 in 1940 in
Volume of Institutionally-Owned Residential Real
FHLBB
of discount at
States shall be con¬
bills are originally sold by the United
which Treasury
$3,075,337.94
States, or by any local
For purposes of taxation the amount
taxing authority.
.
Total capital
will be opened at the Federal
which pxxblic announcement will be
and price range of
of the acceptance
or rejection thereof.
The Secretary of the Treasury expressly reserves the
right to accept or reject any or all tenders, in whole or in part, and his action
in any such respect shall be final.
Payment of accepted tenders at the
prices offered must be made or completed at the Federal Reserve Bank in
cash or other immediately available funds on Aug. 6, 1941.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, as
such, and loss from the sale or other disposition of Treasury bills shall not
have any special treatment, as such under Federal tax Acts now or here¬
after enacted.
The bills shall be subject to estate, inheritance, gift, or
other excise taxes, whether Federal or State, but shall be exempt from all
taxation now or hereafter imposed on the principal or interest thereof by
made
$207,113,021.32
31, 1940
...
Surplus for the six months ended June 30, 1941:
bank
trust company.
Reserve banks and branches, following
427,747.09
Balance a? adjusted Dec.
or
Immediately after the closing hour, tenders
adjustments applicable to periods prior to
Jan. 1,1941
tion of
of payment by an incorporated
companied by an express guaranty
Capital
Capital stock
Add
625
Financial Chronicle
Notes—In Nature of
Years
1) offered for
of non-transfer¬
able notes of the United States, designated Treasury Notes of
Tax Series A-1943 and Treasury Notes of Tax Series B-1943,
to be used in payment of Federal income taxes. The notes of
both series to be dated Aug. 1, 1941 and to mature on
Aug. 1, 1943, are to be sold at par and accrued interest.
When the notes are presented in payment of income taxes
they will be received at par and accrued interest up to and
including the month in which such taxes are paid but interest
will not accrue beyond the maturity of the notes. The notes
of Tax Series A-1943, especially designed for the small
taxpayer, will be issued in denominations of $25, $50 and
$100 and will earn about 1.92% a year, while the notes of
Tax Series B-1943, designed for larger taxpayers, either
The Treasury
sale at the
or corporate, will be issued in denominations of
$500, $1,000, $10,000 and $100,000 and will earn
individual
$100,
Department yesterday (Aug.
Federal Reserve banks two issues
The Commercial & Financial Chronicle
626
of Series A notes accept¬
limited to $1,200 in any
one tax year, whereas the amount of Series B notes which
may be presented in payment of taxes is limited only by the
amount of taxes due.
If not presented in payment of taxes,
the notes will be redeemed for cash at the
purchase price paid.
anticipation notes are designed to make it easier
for taxpayers to meet the increased taxes called for under the
pending tax bill to raise additional revenue in furtherance of
the national defense program. Plans for their issuance were
reported in these columns July 5, page 37.
The Treasury Department's official circular describing
These tax
the notes follows:
if he deems such action to be in the public interest, and his action in any
cases
Treasury, in his discretion, may designate agencies other than those herein
provided for the sale of, or for the handling of applications for, Treasury
notes to be issued hereunder.
Delivery of Notes—Upon acceptance of full-paid applications,
3.
will
be duly
TREASURY NOTES
registered mail within the Continental United States, the Territories and
Insular Possessions of the United States, the Canal Zone
and the Philippine
No deliveries elsewhere will be made.
Islands.
circular, care
Form of Application—In applying for notes under this
4.
should be exercised to specify whether those of Tax
Series A-1943,
Tax
or
individual, corporation
other entity in which the notes are to be
or
issued, and if address for the delivery of the notes is different, appropriate
instructions should be given.
B-1943
in the
used
J,
Offering of Notes
official
The Secretary of the Treasury, pursuant to the
authority of the Second
amended, offers for sale, to the people of the United
as
notes
issued and, unless delivered in person, will be delivered by
Series B-1943 are desired, and there must be furnished the name and address
Tax Series A-1943—Tax Series
1.
The Secretary of the
therefor will be refunded.
payment received
any
of the
Liberty Bond Act,
If an application is rejected, in whole or in part,
such respect shall be final.
,
1941
hereunder any notes in any case or in any class or classes of
to be issued
about 0.48% a year. The amount
able in payment of income taxes is
Aug. 2,
forms
The
should be in the same form
name
Federal income tax return of the purchaser.
application
torm
be obtained
may
is
desirable,
but
not
The
as
that
of an
use
Appropriate
necessary.
application to any Federal Reserve Bank or
on
branch, and banking institutions generally will supply such forms.
States, through the Federal Reserve banks, at par and accrued interest, two
IV.
issues of non-transferable notes of the United States, designated Treasury
Notes of Tax Series A-1943, and Treasury Notes of Tax Series B-1943.
As
Presentation in Payment of Taxes
After three months from month of purchase (as shown by the date of
1.
hereinafter provided, the notes of both series will be acceptable at par and
issue
accrued interest in payment of Federal
under such rules and regulations as the Commissioner of Internal Revenue,
income taxes:
Provided, however,
each note), but not before Jan.
on
1942, during such time, and
1,
that not exceeding $1,200 principal amount of notes of Tax Series A-1943,
with the approval of the Secretary of the Treasury,
and the accrued interest
issued hereunder in the
thereon, will be accepted from
any one owner
in
period of 12 consecutive months In payment of taxes due from such
any
If not presented in payment
owner.
at the purchase price as
2.
of taxes, the notes will be redeemable
hereinafter provided.
either
are
hereinafter
The notes will be placed on sale beginning Aug. 1, 1941, and
the sale will continue until Dec. 31,
1941, unless earlier terminated,
as to
shall prescribe, notes
taxpayer (individual, corporation, or other
a
his estate, to
or
the Collector of Internal Revenue, to whom the tax return is
from August, 1941, to the month, inclusive (but no accrual beyond August,
1943), in which pressented in payment of any Federal income taxes (current
and back personal and corporation taxes, and excess-profit taxes) assessed
against the original purchaser
both series, by the Secretary of the Treasury.
or
of
name
be presented and surrendered by such taxpayer, his agent,
may
made, and will be receivable by the collector at par and accrued interest
Descriptions of the notes of both series, and their terms
fully set forth.
entity)
or
but not
his estate,
than
more
$1,200
principal amount of notes of Tax Series A-1943, and the accrued interest
II.
1.
thereon, may be accepted by the Collector in any period of 12 consecutive
General—The notes of both series will be dated Aug. 1, 1941, and will
mature
Aug. 1 1943.
will be entered
Bank.
The owner's
and address, and the date of issue
name
each note at the time of its issue by a Federal Reserve
on
The month in which payment is received by a Federal Reserve Bank
branch,
or
Description of Notes
or
No
hypothecation of the notes
deposits of public money.
Except
subject to the general regulations
will be recognized
on any account
be
not
accepted
to
secure
herein provided, the notes will be
as
of the Treasury
Department,
now
or
Denominations and Interest—The notes of Tax Series A-1943 will be
issued
in denominations of
during each month after August, 1941, in the amount of 16
$25, $50, and $100, and interest thereon will
each $100 principal amount, that is, four cents on each
Tax
August, 1941, in the amount of four cents
that is four cents
$1,000, $4
In
no
on
each $100 principal amount,
each $100, 20 cents on each $500, 40 cents
on
each
each $10,000, and $40 on each $100,000 denomination of note.
on
however, shall interest
case,
on
each month after
accrue
note is presented in payment
accrue
of taxes,
or
beyond the month in which the
beyond its maturity. Exchanges of
authorized denominations of each series from
higher to lower, but
not from
lower to higher, may be arranged at the Federal Reserve Bank of issue.
3.
Purchase Price, and Tax-Payment Value—The notes of both series will be
sold at par
during August, 1941, and will be sold at
par and accrued interest
during each subsequent month while they remain
on
sale, the purchase
price for a note of any denomination of either series advancing each
after
August, 1941, in the amount of
one
month's interest
on
month
that note.
Tables, showing for each month from August, 1941, to August, 1943, for
each denomination of each series, the principal amount of the notes with
accrued interest added, appear below.
The total shown for
any denomin¬
ation for
any
remain
sale, is the purchase price,
on
month—August through December,
Also, the total shown for
tax-payment value,
any
the amount at which
or
4.
more
one
par
1941—while the notes
or cost, of the note during that month.
denomination for any month thereafter is the
'the
during that month in payment of Federal income
note
taxes
will
as
be acceptable
herein provided.
Acceptability in Payment of Taxes—The notes of both series (but not
than $1,200 principal amount of notes of Tax Series A-1943 from
any
owner
in any
period of 12 consecutive months) will be acceptable, at
and accrued interest, in payment of Federal income taxes (current and
back personal and corporation taxes, and excess-profits
taxes).
The con¬
ditions of presentation, surrender and acceptance of the notes in
payment of
such taxes are set forth in Section IV.
5.
Payment
called by the
If such notes
at
maturity,
or
Redemption for Cash—The notes of either series
Secretary of the Treasury for redemption prior
are not
or
presented in payment of taxes:
at
or
Tax Series B-1943
the purchase price at or before maturity.
Notes
Series A-1943 may be redeemed before maturity without advance
notice, but notes of Tax Series B-1943
timely surrender of
a note
be redeemed before maturity
may
30 days' advance notice.
on
The
of Tax Series B-1943, bearing a properly executed
request for payment, will be accepted as constituting the advance notice
required hereunder.
2.
on
The notes of
Series B-1943 will be issued in denominations of $100, $500, $1,000,
$10,000 and $100,000, and interest thereon will
of Tax
cents on
$25, eight cents
each $50, and 16 cents on each $100 denomination of note.
Cash Redemption at or Prior to Maturity
General—Any Treasury note of Tax Series A-1943
will be redeemed for cash
only after 60 days from date of issue and
hereafter prescribed, governing bonds and notes of the United States.
accrue
person.
V.
1.
The
and, for his protection, should be forwarded by registered mail, if
presented in
The notes may not be trans¬
by the Treasury Department, and they will
2.
owner,
not
due from such owner.
be forwarded to the Collector at the risk and expense of the
must
notes
by the Treasurer of the United States, will determine the
purchase price and issue date of each note.
ferred.
months in payment of Federal income taxes
majy
not be
to maturity.
(1) they will be payable
(2) they will be redeemable prior to maturity, at the owner's
as hereinafter provided in Section V, and in either case
Execution of Request for Payment—The owner in whose name the note
is inscribed must appear before one of the officers authorized by the Secre¬
tary of the Treasury to witness and certify requests for payment, establish
his identity, and in the presence of such officer sign the request for payment
appearing on the back of the note, adding the address to which check is to
be mailed.
After the request for payment has been so signed, the witnessing
officer should complete and sign the certificate provided for his use.
3.
Officers Authorized to Witness and Certify Requests for Payment—Any
officers authorized to witness and certify requests for payment of United
States Savings Bonds,
as set
530, Fourth Revision,
as
forth in Treasury Department Circular No.
amended,
hereby authorized to witness and
are
certify requests for cash redemption of Treasury notes issued under this
circular.
Such
officers include
United
States
certain other
postmasters,
post office officials, and the executive officers of all banks and trust
panies incorporated in the United States
cluding officers at branches thereof who
ment
as
executive officers.
are
or
com¬
its organized territories,
in¬
certified to the Treasury Depart¬
,
Presentation and Surrender—Notes bearing properly executed requests
4.
for payment must be presented and surrendered to
the Federal
Bank of issue, at the expense and risk ol the owner.
For the owner's pro¬
Reserve
tection, notes should be forwarded by registered mail, if not presented
in person.
5.
Disability
and the notes
Death—In
or
are
not to be
case
of the disability or death of the owner,
presented in payment of Federal income taxes due
from his estate, instructions should be obtained from the Federal Reserve
Bank
of issue
before the request for payment is executed,
or
the notes
presented.
6.
Partial Redemption—Partial cash redemption of notes of either series,
corresponding to
an
authorized denomination, may be made in the same
manner, appropriate
case
of partial
7.
changes being made in the request for payment.
redemption of
date of issue
same
as
a note,
In
the remainder will be reissued with the
the note surrendered.
Payment—Payment of any
note,
either at maturity
tion
before
maturity, will be made only by
that
issued
the
and
note,
will
be
made
of the owner, and mailed to the address
the
or
Federal
by check
on
redemp¬
Reserve
Bank
drawn to the order
given in his request for payment.
option and request,
In any case, payment will be made at the purchase price of the note, that is,
payment will be made only at the price paid for the notes.
at par and accrued interest
6.
Taxation—Income
derived
Federal taxes, now
or
estate, inheritance,
gift
but shall be
principal
or
from
the
or
be
subject
to
all
The notes shall be subject to
other excise taxes,
exempt from all taxation
shall
notes
hereafter imposed.
now
whether Federal
or
or
hereafter imposed
State,
on
the
interest thereof by any State, or any of the possessions of the
United States,
or
by any local taxing authority.
III.
VI.
1.
Federal
authorized
to
banks,
General Provisions
as
fiscal
perform such services
of the United
agents
or
acts
as
may
States,
are
be appropriate and
given by the Secretary of the Treasury.
The
Secretary of the Treasury
supplement
1.
Reserve
necessary under the provisions of this circular, and under any instructions
2.
Purchase of Notes
(if any) paid at the time of purchase.
or
amend
may at any
thejterms of this circular,
time
or
from time to time
of any amendments
or
or
Applications and Payment—Applications will be received by the
Federal Reserve banks and branches, and
by the Treasurer of the United
supplements thereto, and may at any time or from time to time prescribe
States, Washington, D. C.
Banking institutions generally may submit
applications for account of customers, but only the Federal Reserve banks
and the Treasurer of the United States
are authorized to act as official
information
agencies.
Every application
must be
accompanied
amendatory rules
as to
and
regulations
governing
which will promptly be
the
offering
of the
notes,
furnished to the Federal Reserve
banks.
HENRY MORGENTHAU
by payment in full, at
JR.,
Secretary of the Treasury.
par and accrued interest to the month in which
payment is received
by a
Federal Reserve Bank or
branch, or the Treasurer of the United States.
Any form of exchange, including personal checks, will be
accepted subject
to collection, and should be drawn to the
order of the Federal Reserve Bank
of the Treasurer of the United States,
or
qualified pursuant
92
(revised
payment
Feb.
to the provisions of
23,
1932,
by credit for
as
Reservations—The
case
may
be. Any depositary,
Treasury Department Circular No.
will
be
permitted to make
notes applied for on behalf of itself
qualified in
excess
Secretary of the Treasury
reject any application in whole
the
supplemented)
up to any amount for which it shall be
2.
as
or
or
its customers
of existing deposits.
reserves
the right
in part, and to refuse to issue
or
to
permit
Treasury Notes—Tax Series A-1943
Purchase Price and Tax-Payment Value During Successive Months
Table, showing for each month from August, 1941, to August, 1943, for
notes
of each denomination,
added.
the principal amount
through December, 1941—while the notes remain
price,
or
with accrued interest
The total shown for any denomination, for any month—August
cost, of the note during that month.
on
sale, is the purchase
Also, the total shown for any
denomination for any month thereafter is the tax payment value, or the
amount
at
which the note will be acceptable during that month in pay¬
ment of Federal income taxes.
1
Volume
The
153
627
Commercial & Financial Chronicle
do
want
you
to know how
$100
$25
$50
$25.00
$50.00
$100.00
25.04
50.08
100.16
into United States
25.08
50.16
100.32
in
25.12
50.24
100.48
25.16
50.32
100.64
President
August, 1941
..
September, 1941
October, 1941
__
November, 1941.
—-
-
December, 1941..
...
X\';\'
/XX.'X-)
r".'
XX'X
■
'■
.
July 26 ordered all of tlie organ¬
on
forces of the Philippine Government into the
armed service of the United States.
This order, issued from
Hyde Park, N.
his
Y., home, also covered the
$25.20
$100.80
50.48
100.96
25.28
50.56
101.12
25.32
50.64
101.28
25.36
50.72
101.44
25.40
50.80
101.60
150,000 men, the War
25.44
February, 1942
$50.40
25.24
50.88
110.76
the creation of a new unit
25.48
50.96
101.92
25.52
________
51.04
102.08
»;
March, 1942
„
April 1942
........
...
May, 1942
___
July, 1942
August, 1942
•V
September, 1942...-_ .
October, 1942
_
i. _■«^iv i J _
_
naval com¬
ponents of the islands placing them under command of the
United States Navy forces now stationed there.
Following
the issuance of the President's order, which affects about
'
June, 1942
Placed
and Filipino
Command of Combined American
ized military
$100
$50
$25
Army—Gen. MacArthur
Forces in Far East
Tax-Payment Value
X:':XX;>x" :;x'XXX<-^
1
January, 1942
Military Forces
Roosevelt Orders Philippine
President Roosevelt
■'
splendid
much I, personally appreciate your
efforts.
Purchase Price
Department in Washington ordered
Forces in the Far East."
named "The United States Army
Commanding this new army com¬
ponent will be. General Douglas A. MacArthur, who retired
in 1937, but is now called back into service with the rank
of Lieutenant-General.
Since 1935 General MacArthur has
25.56
51.12
120.24
November, 1942
25.60
51.20
102.40
December, 1942
25.64
51.28
120.56
25.68
51.36
102.72
25.72
51.44
102.88
25.76
51.52
103.04
25.80
51.60
103.20
25.84
51.68
103.36
25.88
51.76
103.52
25.92
51.84
103.68
adviser to the Philippine Commonwealth, with
the Philippine Army.
The
President sent the nomination of General MacArthur to be
a
Lieutenant-General to the 'Senate on July 28, where it
25.96
51.92
103.84
was
.
.
.
.
January, 1943
February, 1943
,
i
March, 1943,
....
April, 1943
v
__
_
May, 1943
June, 1943
_
July, 1943...
August, 1943
;
been military
rank
the
Field Marshal in
of
immediately confirmed by a unanimous
Roosevelt's
military
action
President
Treasury Notes—Tax Series B-1943
notes
1941, to August, 1943, for
the principal amount with accrued interest
of each denomination,
The total shown for any denomination,
added.
sale, is the Purchase
Price, or Cost, of the note during that month.
Also, the total shown for
any denomination for any month thereafter is the Tax-Payment Value, or
the amount at which the note will be acceptable during that month in
v.,;r._,T/■ Vj;.:.-'•'■"
payment of Federal income taxes.
Purchase Price
$100,000
$100
$500
$1,000
$10,000
$100.00
$500.00
$1,000.00
$10,000
$100,000
September, 1941
October, 1941
100.04
500.20
100,040
500.40
1,000.40
1,000.80
10,004
100.08
10,008
100,080
November, 1941-.. V——
100.12
500.60
1,001.20
10,012
100,120
December, 1941
100.16
500.80
1,001.60
10,016
100,160
August, 1941
.....
The text of the
Under and by
Tax -Payment
Value
$100,000
$1,000
$10,000
$100.20
$501.00
$1,002.00
$10,020
100.24
501.20
1,002.40
10,024
$100,200
100,240
March, 1942
100.28
501.40
1,002.80
10,028
100.32
501.60
1,003.20
10,032
States
Navy.
501.80
10,036
100,360
100.40
502.00
10,040
502.20
10,044
100,440
100.48
502.40
10,048
100,480
100.52
502.60
100,520
502.80
10,056
100,560
100.60
503.00
1,005.20
1,005.60
1,006.00
10,052
100.56
10,060
100,600
100.64
503.20
1,006.40
10,064
100,640
January, 1943.....
100.68
503.40
1,006.80
10,068
100,680
February, 1943
100.72
503.60
1,007.20
10,072
100,720
March, 1943
100.76
503.80
1,007.60
10,076
100,760
April, 1943
100.80
504.00
10,080
100,800
May, 1943
100.84
504.20
June, 1943
100.88
504.40
July, 1943
August, 1943.
100.92
504.60
100.96
504.80
1,008.00
1,008.40
1,008.80
1,009.20
1,009.60
V'
X*/..,;
" vX
relation to all units and
X.:
.
personnel
of the Commonwealth
of the Philippines, from and after the dates and hours, respectively, indi¬
cated in orders to be issued from time to time by the general officer,
United States Army, designated by the Secretary of War.
\:\,xfranklin d. roosevelt.
100,400
100.44
1,003.60
1,004.00
1,004.40
1,004.80
.
shall
order
take
with
effect
military forces of the Government
the organized
100,320
May, 1942....
100.36
Independence
(48 Stat. 457), and by the
100,280
April, 1942
by the Constitution of
(12) of the Philippine
(a)
Section 2
corresponding provision
of the ordinance appended to the Constitution of the Commonwealth of
the Philippines, and as Commander in Chief of the Army and Navy of the
United States, I hereby call and order into the service of the armed forces
of the United States for the period of the existing emergency, and place
under the command of a general officer, United States Army, to be desig¬
nated by the Secretary of War from time to time, all of the organized
military forces of the Government of the Commonwealth of the Philip¬
pines, provided that all naval components thereof shall be placed under
the command of the Commandant of the Sixteenth Naval District, United
March 24, 1934
This
$500
the
freezing
is noted
President's order follows:
virtue of the authority vested in me
United States, by
the
Act of
of
$100
came
elsewhere in these columns today.
for any month—August
through December, 1941—while the notes remain on
'X 'X'XXX:XXX
after he had issued an order
Japanese assets in the United States; this matter
Philippines
Value During Successive Months
Purchase Price and Tax-Payment
Table, showing for each month from August,
vote.
concerning
January, 1942.....
February, 1942
June, 1942..
...
.......
July, 1942
August, 1942
September, 1942
October, 1942
November, 1942...
December, 1942....
i
...
.....
10,084
100,840
10,088
100,880
10,092
100,920
10,096
100,960
People Who Directed
Celebration for Fight Against In¬
President Roosevelt Thanks 14,000
His
Birthday
fantile
Paralysis
President Roosevelt on July 30 sent a
letter of thanks to
the celebration of
against infantile
The 1941 birthday celebration activities raised
President Roosevelt Creates
Economic Defense Board—
Group Made Up of
President Wallace Heads
Vice
Seven Cabinet Officers
established by executive order on July
with Vice President Henry A.
Wallace as chairman.
The order, issued under the unlimited
national emergency proclamation, said the Board was created
"for the purpose of developing and coordinating policies, plans
and programs designed to protect and strengthen the inter¬
national economic relations of the United States in the inter¬
est of national defense."
Serving with Mr. Wallace on the
Board will be Secretary of State Hull, Secretary of Treasury
Morgenthau, Secretary of War Stimson, Secretary of Navy
Knox, Secretary of Agriculture Wickard, Acting Attorney
General Biddle and Secretary of Commerce Jones.
As defined in the executive order the term "economic de¬
President Roosevelt
31
Economic Defense Board
an
fense" means:
in the interest of
The conduct,
nearly 14,000 citizens who helped direct
birthday in the nation-wide fight
nomic activities,
paralysis.
national defense, of international eco¬
including preclusive
his
a
net total
of $2,104,406 through balls and
the President's 59th birthday
other events on
last Jan. 30; the report on the
proceeds was referred to in these columns July
The text of the President's letter follows:
The
people of America, young and old, have come to
in the nation-wide
celebration,
proof of this could be shown than
59th birthday is $2,104,460.53
v
also shows that $1,096,865.84 has remained in
This testimonial report
the counties of the United States
for direct use. and that the sum
of $1.-
by the committee for the celebration of the
President of the National Founda¬
Infantile Paralysis, for its use in carrying on every effort to find
007,594.69 has been given
President's birthday to Basil O'Connor,
tion for
the answer to the cause and
control of this disease.
raging in several of our States and you
fact that through the National Founda¬
tion competent; machinery is now coping with this scourge.
I feel that the magnificient results this year, far exceeding as they do any
Right now epidemics are again
may
fell somewhat comforted by the
things—first, the tireless work of the
National Foundation for Infantile Paralysis in every phase and in creating
chapters throughout each of the 48 States through which many thousands
of people hurt by this terrible disease have been aided, second, the en¬
thusiasm and intelligent support of the State, county and local birthday
chairmen, and third, the quick, generous support of all of our citizens.
Truly I am grateful and happy—grateful that your help is carrying on
this fight and happy that you, your family and your friends, joined with
the National Foundation in helping the youngsters around your own corner
previous one, are because of three
in their battle for
health.
,
I
celebration activities last fall, nothing
is closer to my heart than the health of our boys and girls and young men
and young women. Tome it is one of the front lines of our national defense.
This year I am writing to almost 14,000 of our citizens who helped direct
the celebration of my birthday and while this letter is signed by process, I
As I said at the start
of the birthday
the
including those relating to exports,
disposition of materials and
or
extensions
international aspects of patents,
The Board's
(a)
or
imports, the acquisi¬
commodities from foreign countries,
buying, transactions in foreign exchange and foreignforeign-controlled property, international investments and
of credit, shipping and transportation of goods among countries,
taining to commerce
t:
in the inscribed
report presented to me by the committee for my birthday
which shows that the net total sum raised throughout the
country on my
owned
the front once more
fight against infantile paralysis.
No more convincing
testimonial
26, page 485.
tion and
international communications per¬
and other foreign economic matters.
functions
are
described
as
follows:
economic defense measures to be taken
performed which are essential to the effective defense of
Advise the President as to
functions to be
the Nation.
and actions of the several departments and
relating to economic defense in order to
application of such measures.
(c) Develop integrated defense plans and programs for coordinated
action by the departments and agencies concerned and use all appropriate
Coordinate the policies
(b)
agencies carrying on activities
sssure unity and balance in the
to assure
means
that such plans and programs are
departments and
carried into effect by such
agencies.
relationship
(d) Make investigations and advise the President on the
of economic defense measures to post-war economic reconstruction
the steps to
to
expedite
' ^
relations.
^
:
:
.'
■:1
Review proposed or existing legislation relating to
economic defense and, with the approval of the President,
(e)
such
and on
trade position of the United States and
the establishment of sound, peacetime international economic
be taken to protect the
additional legislation as may be necessary or
President
Roosevelt
ditional
Funds
affecting
recommend
or
desirable.
Vetoes Bill Appropriating Ad¬
Cooperative Farm Extension
for
Work
President Roosevelt vetoes on
July 31 a bill which
would
authorized annual appropriations of $555,000 for the
development of cooperative agricultural extension work with
States under a formula by which States and Territories re¬
ceive funds "in the proportion which the rural or farm
have
The Commercial & Financial Chronicle
628
population bears to our total rural or farm population
determined by the last decennial census."
Regarding this action
as
to the New York "Times" said:
The shifts revealed by the 1940 census result, the President
said, In a re¬
distribution of these funds with the result that "the bill renders
meaningless
the apportionment formula of the basic acts."
"If that formula is
would
seem
could be included in the
considered unsound," Mr.
now
to me that the proper
By the legislation, he also pointed out, prices would not be
or
frozen since a ceiling only sets an upper limit,
beyond which prices cannot fluctuate.
Introduction in Congress of a bill to carry out the Presi¬
dent's suggestions was delayed on July 31 by the Adminis¬
tration in order that a provision restricting instalment
buying
fixed
Washington dispatch of July 31
a
Aug. 2, 1941
Roosevelt stated, "it
corrective is to replace it with
a new
and
better one, rather than simply make offsetting special appropriations when¬
the operation of the formula decreases the shares of one or a
group of
States and Territories."
ever
Pointing to the Bankhead-Jones Act of 1935, the President said he
measure.
President Roosevelt con¬
this subject with Marriner S. Eccle3, Chairman of
the Board of Governors of the Federal Reserve System, and
Leon Henderson, head of the Office of Price Administration
ferred
and Civilian
Supply.
The text of the President's message to
did
not feel there was "sufficient warrant for further
increasing at this time the
continuing annual appropriations provided by that Act and earlier related
legislation."
on
Inflationary price rises and increases in the
threatening to undermine
Senate Votes to Freeze Government Cotton and Wheat
Loan Stocks—Rider Attached to
House-Approved
Wheat
Marketing
Wickard
Opposes
Quota
Amendment—Secretary
Easing
of
Penalty
Excess
on
Congress follows:
To the Congress of the United Stales.
defense effort.
our
ing to the Congress the adoption of
We
spending
now
are
rate must and will
of
cost
living
today
are
I am, therefore, recommend¬
deal with this threat.
measures to
than $30,000,000 a day on defense.
more
increase.
In June of this year we spent about
000,000—more than five times the $153,000,000
Every dollar spent for defense
This
$808,-
spent in June,
we
1940.
against an already limited supply of
presses
materials.
Wheat
The Senate
This
July 29 passed
on
biTl providing for with¬
a
holding from the normal channels of trade
and commerce,
is
pressure
demand.
sharply
accentuated
by
ever-increasing
an
civilian
For the first time in years many of our workers are in the market
for the goods they have always w-anted.
This
cotton
buyers for more
products which contain steel and aluminum and other materials needed for
owned
defense.
or wheat of the
1940 and previous crops which is
by the Government or pledged as security for Govrenment loans.
This "freezing" of Government
holdings, to be
effective during the present European war, was in the form
of a rider to House-approved legislation
dealing with marketing
of wheat.
When the House on July 21 passed its version of
the bill it amended the wheat
quota act to permit farms to
seT without penalty, their normal
production of wheat even
though the grain was harvested from excess acreage.
Under
existing law a wheat grower who plants excess acreage faces
a
marketing penalty of 49 cents a bushel on production from
the excess land even
though his crop is below normal pro¬
duction of his allotted acreage.
The Senate by a vote of
34 to 23 approved the wheat amendment
providing the excess
grain is used for livestock feed or seeding purposes, and added
profits for the manufacturer,
the
higher
cotton
and
measure now
The
wheat
to
goes
Senate
had
stock
"freezing"
provisions.
The
joint conference committee.
previously (May 23) passed
"freezing" cotton loan stocks (referred to in
May 31, page 3426) but the House failed
bill
a
these columns
to act
the
on
calling for abandonment of
the bill in view of the
present wheat situation, declaring such
legislation would make non-compliance with the Agricultural
Adjustment Administration wheat control program "attrac¬
tive," Secretary Wickard said:
If farmers
who
withold
have intentionally overseeded their allotments
the
wheat
excess
surplus exists, and will have
an
in
storage,
are
re¬
they will realize that
a
incentive to cooperate with the thousands
of other farmers in subsequent
years in adjusting production and
marketing
to the amount for which a fair
price
may
price advances merely determine who gets the
increasing the available supply.
The consequences of inflation
We
are
Producers, unable to determine what their
into defense contracts
or
Rents—Says
Inflationary Price Rises Are Threatening Defense
Effort—Seeks
No
Limit
on
Wages
Against Abnormal Labor Costs.
President Roosevelt, in
asserting that
rises and increases in the cost of
undermine
decis¬
act
we
costs will
seen
them before.
be, hesitate
to enter
otherwise to commit themselves to ventures whose
they cannot foresee.
The whole production machinery falters.
Speculators, anticipating successive price advances, withhold commodi¬
Costs to the Government increase, and with it the
public debt.
Increases in the workers' cost of
living, on the one hand, and excessive
This
wages.
profits
the other, lead to spiraling demands for
on
friction between employer and
employed.
means
reaped
are
by
while others, with fixed and low
incomes, find their living standards drastically reduced and their
lifelong
savings shrunken.
The unskilled worker, the white-collar
workers, the
farmer, the small business man and the small investor all find that their
some,
dollar buys ever less and less.
with fixed income
commensurate
And
or
haphazardly and inequitably on those
bargaining power is too weak to secure increases
whose
with the rise in the cost of
living.
all hovers the specter
over
confuse
and
retard
the
defense
dangers and difficulties of
of future deflation and depression, to
effort
a return to
we are
determined that the sacrifices of
Nothing will
our
living
but
"inflationary price
today threatening
Juy 30
decisively and without delay." Mr. Roosevelt also
said that the legislation should include
authority "to pur¬
chase materials and commodities when
necessary, to assure
price stability, and to deal more extensively with excesses in
the field of instalment credit."
Saying that our objective "must be to see that inflation,
arising from the abuse of power to increase prices because
the supply is limited and
the demand inflexible, does not
present emergency, the President warned
that today the facts are
"frighteningly similar" to the corres¬
ponding World War period.
While the President did not call for authority to put a
limit on wages he
emphasized that "there cannot be price
stability if labor costs rise abnormally."
Continuing he
>
said:
more to
gain from price stability than from abnormal
wage
are likely to be
illusory and quickly overtaken by
sharp rises in living costs, which fall with particular
hardship on the least
For these
workers and
There will always be need
rectify inequitable situations.
our
for
old people.
wage
as
a
whole will fare best from
a
labor policy which
recognizes that wages in the defense industries should
not
substantially exceed the
prevailing wage rates in comparable
defense industries where fair labor
policies have been maintained.
Declaring that for
non-
year "we have tried to maintain a
stable level of prices
by enlisting the voluntary cooperation
of business and
through informal persuasive control," Presi¬
a
dent Roosevelt explained that we are
now faced with the
prospect of inflationary price advances which mean that
"legislative action can no longer
quickly or ruinously than
by the individually undeserved and
Our objective,
present emergency.
Today
an
we
stand,
upward
of
as we
sweep
abroad.
war
did in the closing months of 1915, at the beginning
of the whole price structure.
a
Then, too,
year and a
we
enjoyed
half after the outbreak
In October, 1915,
however, prices turned sharply upward.
By April, 1917, the wholesale price index had jumped 63%, by June, 1917,
74%, and by June 1920, it
The facts
today
are
was
nearly 140%
over
the October, 1915, mark.
frighteningly similar.
The Bureau of Labor
Statistics index of 28 basic commodities by the
had advanced 50% beyond its
August, 1939, level.
It has
increased 24% since January of this
year.
Since August, 1939, the Bureau of Labor Statistics index of
900 wholesale
prices had advanced 17^%.
It has increased
10% since January of this
fast
In the last 60 days wholesale prices have risen
prudently be postponed."
than 5 times
more
as
as
during the preceding period since the outbreak of the war abroad.
Since August, 1939, the Bureau of Labor Statistics index of
the cost
of
living has advanced 5K%.
It has Increased 3H% since the beginning
of this year, and the upward
pressure is now intense.
In a single month,
May to the middle of June, the cost of living jumped 2%.
During the last quarter the increase in the cost of living was greater than
during any similar period since the Worfd War.
But even yet the index
from the middle of
doex not lully reflect past
increases, and only in a few months will it respond
to current
In
increases.
1915
the
upward
price
movement
proceeded
unchecked,
when regulation was finally
begun it was already loo late.
an
opportunity to act before disastrous inflation is
ours
to
For
make, but
12
enlisting
months
the
persuasive
sighted
we must act
control.
business
The
leaders
is
indirect
maintain
cooperation
effort
realize
and circumscribed,
Now
so
that
we
have
The choice is
upon us.
speedily.
have tried to
we
voluntary
has
of
a
stable level
business,
been
that
jeopardized by runaway inflation.
and
of prices
through
by
informal
widely supported because far-
their
true
own
interest
would
be
But the existing authority over prices
and operates through
measures
which
are
not
appropriate or applicable in all circumstances.
It has further been
weakened by those who purport to recognize need for
price stabilization,
yet challenge the existence of any effective power.
In some cases, more¬
over, there has been evasion and
bootlegging, in other cases the Office of
Price Administration and Civilian
Supply has been openly defied.
Faced now with the prospect of inflationary price advances,
legislative
action can
adjustments from time to time to
But labor
more
therefore, must be to see that inflation, arising from the
abuse of power to increase prices because the
supply is limited and the
demand inflexible, does not occur during the
during the
our
But
shall not be the profit of another.
uncontrollable poverty of inflation.
year.
on
act
fortunate of
one
and thrift
inevitably to aggravate the
shall bear them cheerfully.
end of June
legislation giving the Government authority to
establish ceilings for prices and rents.
In a special message
to Congress the President said that "we face
inflation, unless
Labor has far
we
the moral of this Nation
sap
penalizing its sweat and skill
Warns
are
defense effort," asked Congress
and
normal peace-time basis.
a
Economic sacrifices there will be and
enact
increases.
We have
ties from essential military production.
be obtained.
President Roosevelt Asks Congress to
Empower Govern¬
ment to Fix Ceilings for Prices and
occur
materials, without
scarce
inflation, unless
well known.
relative stability in prices for almost
we
face
outcome
of
to
a
The burden of defense is thrown
On July 29 the Department of
Agriculture made public a
letter from Secretary of Agriculture Wickard to
Representa¬
tive Fulmer, Democrat ot South
Carolina, Chairman of the
House Agriculture Committee,
to
to
demand by the Government.
ively and without delay.
measure.
quired to
rapidly expanding civilian demand has been added
a
Those who have money to spend are
willing to bid for the goods.
The
Government must and will satisfy its defense needs.
In such a situation,
Great
a
of
Thus
and insistent
vast
means more
that
we
no
longer prudently be postponed.
Our national
safety/ demands
take steps at once to extend, clarify and
strengthen the authority
of the Government to act in the
interest of the general
welfare.
Legislation should include authority to establish ceilings for prices and
rents,
to purchase
materials and commodities when necessary, to
price stability, and to deal
more
extensively with
excesses
assure
in the field of
installment credit.
To be effective, such authority must be flexible and
subject to exercise through license or regulations under expeditious and
workable
administrative
procedures.
Like
other
should expire with the passing of the need, within
defense
a
legislation,
it
limited time after the
end of the emergency.
The concept of a price ceiling is already familiar to us as a result of
own
World War experience.
Prices
are not
fixed
or
frozen,
an upper
our
limit
Volume
The Commercial &
153
alone is set.
Prices may fluctuate below this
Financial Chronicle
limit, but they cannot go
above it.
other.
things, for the Government to increase the available supply of a commodity
stabilize the market
to
may
abroad.
In other
by buying and selling
essential
it will be
cases
the exigencies of price
as
require.
Housing is
commodity of universal
a
speedily be increased.
for
or
defense,
we
Despite the
reminiscent of those which
steps
taken to
assure
which cannot
adequate housing
increases
ominously
prevailed during the World War.
This is a
already
are
the supply of
use,
confronted
with
rent
development that must be arrested before rent profiteering can develop to
increase the cost of living and to damage the civilian morale.
Of course, there cannot be price stability if labor costs rise
Labor has far
increases.
to
more
For these
abnormally.
gain from price stability than from abnormal wage
likely to be illusory, and quickly overtaken by
are
sharp rises in living costs which fall with particular hardship on the least
fortunate of
workers and
our
old people.
our
There will always be need for wage adjustments from time to time to
rectify inequitable situations.
labor policy which
not
But labor
recognizes that
substantially exceed
the
as
wages
prevailing
a
whole will fare best from a
in the defense industries should
wage
in
rates
comparable non-
defense industries where fair labor policies have been maintained.
through the efforts of the National
stabilization
measure
committees,
of wage
wage
Already
Defense Mediation Board and wage
standards
are
being
and
established
stability is being brought to particular industries.
a
It is
activities will be continued, extended and made in¬
expected that such
creasingly effective.
I recognize
that the obligation to seek an excessive profit from the defense
with equal force
emergency rests
must assume their
I
also
on
labor and
on
recognize that
we
may
expect
income in terms of the things money will
on
the part of all
means
not
only
a
alone
can
a
reasonable and stable
buy, and equal restraint or sacrifice
This
reasonable stabilization ot prices and the cost of living
the
excess
profits and purchasing power.
In this
nation be protected from the evil consequences of a
chaotic struggle for gains which must prove either illusory or unjust,
and
which must lead to the disaster of unchecked inflation.
FRANKLIN
D.
An
item
appeared in
ROOSEVELT.
regarding
our
House Passes
plans for price control
issue of July 19, page 322.
The House
basis
as
for
July 28 parsed and sent to the Senate a
bill carrying $8,063,238,478 in supplemental funds for the
Army, Navy and Maritime Commission.
Of the total the
War Department would receive $4,760,203,813 for equip¬
ment and maintenance of a 1,727,000-man Army, plut critical
equipment for a possible Army of 3,000,000 men.
The
Navy Department would be provided with $1,569,374,665,
for expanding its enlisted strength for public works and
for new ship construction and repair facilities, while the
Maritime Commission receives $698,650,000 in cash and
$1,000,000,000 in contract authorization to build 541 cargo
vessels and acquire 350 others to meet the shortage of tonnage
created in part by the lease-lend program.
President Roosevelt's request for these funds was reported
in these columns July 12, page 182.
on
and
26,
472, the heading of the item, however, having been mis¬
leading, since it inadvertently stated that the House had
approved the bill, although the item itself indicated that
approval had been registered solely by the Committee.
In
addition to the provisions carried in the bill, as noted in last
week's issue of our paper, Associated Press accounts from
Washington on July 26 stated that the Committee made
three minor last-minute changes, one of which would spe¬
cifically subject newspapers and radio stations to the pro¬
posed 5% tax on monthly telephone bills.
As to this, these
page
accounts said:
explained that
stations from
existing law
exempted newspapers
tax on leased wires but that there had been no
a
and radio
intention of
exempting them from the telephone bill levy.
The other late
1,000 matches
changes would impose the proposed tax of two cents per
floor stocks except those in the hands of retailers, and
on
would add three
new
brackets to the proposed levy on
boards up to 100 square feet would be taxed only $1
feet, $2, 300
600
over
Bill¬
and
feet, $11.
square
Democrats
that
billboards.
yearly, up to 200 square
feet, $3, 400 square feet, $5, 600 square feet, $8,
square
more
Representative
legislation
in other States.
persons
The final approval of the bill by the House Ways
Means Committee was noted in these columns July
belief
1941.
Appropriation
Bill
Army, Navy and Maritime Commission
$8,063,238,478
Opposition to the joint income tax return was voiced in
on July 31
by Rep. Thomas A. Jenkins (Rep.,
a member of the Ways and Means Committee, who,
said the United Press, charged the requirement not only is a
retrogression in the women's rights fight but is clearly un¬
constitutional.
While several other legislators joined Mr.
Jenkins in his views, several supporters of the joint return
(we quote the United Press) defended it as the only fair
means
of compelling high income residents of community
property -States to compute their income taxes on the same
Ohio),
Both
The White House, July 30.
sanctioned
the House
Officials
the wholehearted and voluntary
others who participate in the defense program.
but the effective taxation of
way
industry and that both
responsibility if we are to avoid inflation.
cooperation ol labor only when it has been assured
ironclad rule against all amendments except those
by the Committee might be able to prevent its adoption.
To make ceiling prices effective It will often be necessary, among
by purchases in this country
629
and
Republicans
should be required
persons
Cooper
Committee expressed
Rules
the
on
to
income taxes,
pay
but
Tenn.), speaking for the Ways and Means
(D.,
Committee, asserted that at present single persons have only $15 of their
weekly income exempt from taxation, and married persons only $38.
Underdate of July
Washington stated:
Congressional
stations
they
use
The
authorities
tax
today
said
that
newspapers
and radio
long distance telephone calls, provided that
leased wires and
on
from
advices
Press
specifically exempted from excise taxes proposed in the new
were
bill
tax
Associated
31
these facilities either for the collection or dissemination of news.
tax
new
on
.
,
telephone toll calls, telegraph, cable or radio messages
would be levied on those for which the charge is more
tax would be levied at the rate of 5 cents
than 24 cents.
The
for each 50 cents or fraction thereof.
Treasury experts said the press, radio and similar businesses would continue
to be exempt
from these taxes
as
well as from the leased wire taxes.
Newspapers and radio stations will be subject, however, to the proposed
tax of
5%
on
their local telephone bills, Congressional attaches said.
Intimations that further taxation
was likely another year,
beyond that embodied in the pending bill, were given on
July 28, when Chairman Doughton of the Committee is
said to have predicted that the prospective measure may in¬
clude a general sales tax and provide for a lowering of income
tax exemptions.
Reporting this, the Associated Press on
July 28 said:
/
Answering criticism that the bill should provide for broadening the pres¬
Authorizes $320,000,000 for Defense High¬
way Construction Program—Provides for Airplane
Landing Strips
Congress
Congressional action
on a
defense highway bill providing
for the expenditure of $320,000,000 was completed on July 24
when the Senate and the House adopted a conference report.
The bill makes the following appropriations: $125,000,000 for
the construction of so-called
strategic roads to be apportioned
among the several States; $150,000,000 for access roads to
Army and Navy reservations and defense plants and sites;
$25,000,000 for repair of damages to State roads; $10,000,000
for construction of experimental airway strips and $10,000,000 for surveys and plans for future highway develop¬
ment.
This bill had passed the Senate on June 16 and the
House on July 21.
Senate passage was referred to in our
issue of June 21, page 3900.
income tax base
ent
so
as
to make more persons
Rules Committee that another revenue measure probably
would be necessary next year.
doubtless
will
"It
and impose a
road
be
necessary,"
he
said,
Bill
yet."
Doughton's request that the Rules Committee ap~
parliamentary procedure under which only amendmends sanctioned by his committee could be offered was
granted after less than five minutes' deliberation.
prove
on on July 30, final action on
slated for Monday next, Aug. 4,
July 30 and concluding Aug. 1.
From its Washington bureau the New York "Journal of
Commerce" on July 30 reported:
Under the
procedure agreed
the bill by the House was
with debate beginning on
"gag" rule followed party lines for the most part.
—Last Minute
Committee
Changes—New Measure
New interest
Chairman Doughton Would
Broaden Tax Base and Call for Sales Tax—Majority
while,
was
Formally brought before the House on July 26 by the
Ways and Means Committee, debate on the new tax
bill drafted by the Committee, and designed to raise $3,529,200,000 in new revenue to help meet defense costs, was begun
on July 30 in the House, after the latter had voted on that
day, 204 to 167, in favor of a "gag" rule barring the offering
of amendments on the floor (other than those of the Com¬
mittee), but permitting a separate vote on the provision
calling for a joint income tax return by husband and wife.
On July 28 the Rules Committee voted for the rule whereby
all amendments would be barred except those offered by the
Committee.
The modification reported by the Rules Com¬
mittee on Jhly 30, and agreed to by the House, permitting
a vote cn the joint return provision, was decided upon by the
House leadership, said Associated Press advices from Wash¬
ington July 30, after it became apparent that opponents of an
House
Three Progressives and one American Labor
joined the opposition.
*
in the Treasury's scheme of
excess
prpfits taxation, mean¬
aroused when it was learned that President Roosevelt conferred
today with Assistant Secretary of
secretary
Minority Reports
A
Republicans voting for it and 30
Democrats for the rule numbered 193 and Republi¬
against numbered 134.
Party member
on
Next Year Forecast by
and
Democrats against it.
cans
Joint Returns
mittee—Debate Limited—Action
lower the exemptions
Mr.
The vote on the
Begun by House of $3,629,200,000 Tax
Following Its Submission by House Com¬
"to
We're not at the end of this tax
general consumption tax.
breakdown of the tally revealed only ten
Consideration
tax-conscious, Chairman
Doughton (D., N. C.) of the House Ways and Means Committee reminded
members of the
the Treasury John L. Sullivan.
Under¬
Daniel Bell, and Edward H. Foley, general counsel.
simply as concerning "Treasury business,"
reported that the Treasury's excess profits recommendations
discussion.
The Treasury proposed, and the President later
They described the meeting
but
were
it
was
under
indorsed,
a
plan of excess profits taxation based solely on
method of computing the excess profits
credit.
the invested capital
This was rejected by the
favor of retention of the present law prin¬
ciple of allowing corporations to choose either the average earnings or in¬
Ways and Means Committee in
vested
capital formula.
Besides the majority report on the bill,
the minority members
mittee filed a report on
While we must support—on
in the tax burden, we at
with such increase a
on
July 26,
the ground of imperative need—an increase
the same time insist that there should be coupled
mandatory reduction in expenditures for civil purposes.
Despite the emergency, these costs have been
The same critical state
constantly increasing.
of affairs which calls for an increase in taxes also
requires that non-defense spending
sary
filed
of the House Ways and Means Com¬
July 25, in which it was stated:
be drastically reduced, and all unneces¬
and wasteful expenditures completely eliminated.
The Commercial & Financial Chronicle
630
If the Government Is going "all out" for national defense, and "all out"
exemptions on a weekly basis
for taxes upon the people, it is compelled both by necessity and
by a regard
for its obligation to the taxpayers of the country also to go "all out" for
ried person.
economy.
of living.
That it should be possible to bring about action along this line
almost
universally conceded.
ap¬
$15 for
are
single person and $38 for a mar
a
Your committee feels that
1941
further reduction in these ex¬
a
emptions is not warranted at this time, especially in view of the rising cost
...
It should be noted that while the personal
to be
seems
The Secretary of the Treasury, in his
Aug. 2,
exemptions
are
not decreased
by this bill, a large number of persons will pay income taxes under it who
pearance before the
Ways and Means Committee, stated that in his opinion
non-defense expenditures could be reduced to the extent of at least $1,000,-
do not pay under present law.
tion would, in
000,000.
the committee since the surtax is applicable to the first dollar of income
Various other estimates of possible savings have been made by
responsible individuals and organizations, running as high as $2,000,000,000
and over.
We
that the
sure
after personal exemption and credit for dependents.
The first $88 above
exemptions of a single person without dependents and the first $222 above
...
are
The amount of income exempt from taxa¬
effect, be lowered under the surtax rate schedule adopted by
American people are ready and
willing to make
whatever sacrifice Is necessary to pay the increased taxes which
However, they will do
with
so
satisfaction
more
and
are
required.
exemptions of a married person without dependents, now free from the nor¬
mal tax on account of the earned income credit, become subject to surtax.
with better feeling
toward their Government if they are shown that it, too,
The surtax
is making some
item of
our
sacrifice in its spending.
rates
individual
oil
incomes
noted
were
in
week ago, page 472.
a
They may rightfully resent being called upon to pay increased taxes
under the supposition that they are contributing toward national defense
only to find that their tax dollars
are
also being used to finance further New
Text of Newly
Enacted Bill Increasing Lending Author¬
ity of RFC and Empowering It to Create New De¬
fense
Corporations—Permits
Loans
to
Foreign
Deal extravagance.
Although
have placed emphasis
we
on
the need for the curtailment of
non-defense spending, it is apparent that there also is much room for
In connection with
omy
some
The report of the majority members of the Committee,
presented by Chairman Doughton, declares the bill to be
"unprecedented in the amount of revenue it is designed to
provide."
"It lays a substantially increased burden upon
the American people," says the report, which adds:
But there is convincing evidence that this burden will be borne cheer¬
fully in the light of the overwhelming importance of national
the continued freedom and security
of the United States.
It
defense to
is believed
that the risk to life and property from an inadequate preparedness would
make
much heavier burden attractive by comparison.
even a
appearance
before your
committee
Secretary of the Treasury stated that
as
authorizations
for
and
recommendations
April 24,
on
1941,
national
defense
totaled $39,000,000,000, including the lease-lend appropriations.
ing to the estimate of the Bureau of the Budget
figure had then risen to $43,000,000,000.
$50,000,000,000.
been expanded
the
of that date the appropriations,
the
It is
as
of June 1,
now set
Thus, since April, the scope of
our
at
program
Accord¬
1941, this
approximately
defense program has
by $11,000,000,000.
Upon that occasion the Secretary further stated that actual expenditures
for all Federal purposes for the fiscal year 1942 were then
expected to be
$19,000,000,000.
It is
The budget message of January,
1941, estimated that the deficit for the fiscal
000,000.
year
1942 would be $9,200,-
The Bureau of the Budget, as of June 1, 1941, set this figure at
These figures do not reflect any additional revenue from
$12,800,000,000.
proposed tax legislation.
Your committee bill is designed to yield a net additional
of $3,500,000,000 for a year of full operation.
estimated to yield about $1,900,000,000.
create
corporations
became
gram
signed it
law
a
revenue
in
this bill, will be reduced to $10,900-
000,000.
The bill with the present
law will meet about 60% of the anticipated
expenditures, leaving 40% to be met by borrowing!
During the World
War only one-third of the expenditures were met
by taxes and two-thirds
In recent years your committee has recommended and the
legislation substantially increasing
our
The
alignment.
defense program,
our
goal would have been achieved.
the fiscal year 1941 our total receipts
aggregated
total expenditures were $12,710,000,000,
These
bill
tional defense.
or
no
example, for
$7,607,000,000 and
Thus, had defense expenditures been
perhaps
For
our
at
normal levels,
a
deficit for 1941 would have occurred.
majority states that "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 tax¬
payers; $152,000,000 from estate and gift taxpayers, and
about $900,000,000 from excise taxes."
The report in undertaking to justify the provision
requir¬
ing joint income tax returns of husband and wife states that
seems
clear that
Congress has the constitutional
power to
this proposed amendment."
It adds that "the only
other possible limitations upon this kind of exercise of the
enact
taxing
those imposed by the broad outlines of the
clause of the Fifth Amendment.
Obviously,
the proposed amendment does not run counter to the con¬
due
Authority,
the
new
increases
measure
banks,
Jan.
22, 1947, the life of the
Corporation and the Electric Home and Farm
both
subsidiaries
RFC.
of the
law permits loans to foreign
new
A
provision
in
governments, central
those acting in behalf of such governments, when
or
securities
American
offered
are
collateral.
as
The purpose
of this provision, it was indicated, is to forestall liquidation
of British holdings in the United States at distress prices.
In
the
House,
comments
June 5, Representative Steagall in his
pointed out that "there are specific
on
the
on
bill
authorizations enumerated in
the bill
providing for various
activities that may be undertaken in aiding the program on
national defense."
In part, he added:
bill
passed by the Senate provides a general authorization under
as
which $300,000,000 would be available for use.
$100,000,000.
The
conferees
agreement
adds
action, directly
St.
any
Lawrence
projects,
stantial
which
the
bill
passed
the
in
would
prohibit
the
The
conference
Corporation
from
indirectly, with respect to the Great Lakes-
or
projects known
change
The House reduced this to
$200,000,900.
upon
Passamaquoddy, Florida
seaway,
the
or
proviso
a
agreed
as
by
canal,
ship
the Nicaragua
passed
as
the
canal.
House
and Tombigbee
There
no
sub¬
these
two
is
in
except
The
bill
Senate
power are
stitutional
mandate of uniformity.
With respect to the
possible application of the due process clause, the problem
resolves itself essentially around the
power of Congress to
classify income for purposes of taxation."
The report
continues:
I
report was
reason
on
stated
as
enacted into law follows:
[S. 1438]
AN
To extend
persons
who live together in a separate
one
of those persons has a separate
ACT
the operations of the Disaster Loan
Home
and
authority
Farm
Corporation and the Electric
to
provide
for
Reconstruction
the
of
Authority,
Finance
Corporation,
increasing
lending
the
and
for
other
purposes.
Be
it enacted
States
by the Senate and House of Representatives of the United
of America in Congress assembled, That the Act approved Feb. 11,
S. C., 1934 edition, Supplement V, title 15, sec. 605k-l), as
1937
(U.
amended,
1938,
hereby amended
is
1939,
1949" and
or
by
striking
Sec.
as
2.
Section
amended,
1 of
"in
out
the
inserting in lieu thereof
period between Jan. 1, 1936, and Jan. 22,
1936,
years
1937,
"occurring during the
1947".
the Act approved
March 31, 1936
(49 Stat. 1186),
is
hereby amended by striking out "June 30, 1941" and
inserting in lieu thereof "Jan. 22, 1947".
Sec. 3.
(a) The first sentence of section 19 of the Reconstruction
Finance
before
Corporation
the
4
amended,
(a)
amended,
as
is
is
hereby
by
amended
following: ", except
inserting
provided
as
of the Public Dept Act of 1941".
19
of
the
Reconstruction
further amended
"The
sentences:
new
Act,
period at the end thereof the
in section
(b) Section
of the fact that each
as
June 5 by both the Senate and
above, the President signed the bill
on June 10.
References to the legislation appeared in these
clumns May 24, page 3268; May 31, page 3426; June 7, page
3580, and June 14, page 3734.
The text of the measure as
approved
House, and,
■
"May Congress place married
(not May 17
May 16
on
earlier reported), and the House on May 28; the conference
process
class, and, by
The
RFC by $1,500,000,000, from
defense corporations which may be
The report of the
"it
June 5.
on
of the
likewise extends to
In¬
leaving a deficit of $5,103,000,000.
$12,710,000,000, $6,048,000,000 were for na¬
Of the total expenditures of
small deficit
defense pro¬
June 10, President Roosevelt having
power
The
Disaster Loan
Congress has
tax revenues.
designed to bring our receipts and expenditures into closer
Except for the enormous expenditures made necessary by our
were
the
instances.
by borrowing.
enacted
of
created under the bill may perform any functions the Presi¬
dent might deem necessary to expedite the defense program.
The
Thus, the net deficit of $12,800-
expedite the national
to
on
the bill
on
borrowing
excess
For the fiscal year 1942 it is
lending authority
the
Corporation and empowering it to
that date, following the completion of congres¬
on
sional action
the
increasing
Finance
taking
000,000, predicted without regard to
creases
Authority
legislation
Reconstruction
anticipated that the expenditures for the fiscal
now
1942 will exceed $22,000,000,000.
year
Farm
The
$2,500,000,000.
From the majority report we also quote:
Upon his
Governments—Measure Also Extends Operations of
Disaster Loan Corporation and Electric Home and
econ¬
of the phases of the defense program itself.
Finance
Corporation
by adding at the end
exemptions
provided
for
Act,
thereof the
the
in
as
following
preceding
sentence
income, require each of them to pay
with
he
include sales, use, storage, and purchase taxes) shall be construed to be
applicable not only with respect to the Reconstruction Finance Corporation
or
a higher tax upon his or her income than
she would have been required to
pay had they lived separately?
"The Supreme
Court has indicated the scope of the power of Congress
in this regard in the
following language:
but
respect
also
taxation
to
with
respect
to
(which
(1)
shall,
for
all
be
purposes,
the
Defense
Plant
Metals
Reserve
Company,
Corporation,
deemed
to
the Defense
"
'In levying excise taxes the most
ample authority has been recognized
beginning to select some and omit other possible subjects of taxa¬
tion, to select one calling and omit another, to tax one class of
from the
and
to forbear to tax another
(Flint
v.
158).'
property
Stone Tracy Co., 220 U. S. 1C7,
"Applying this principle specifically to income taxes, it has always been
recognized that Congress has plenary authority to classify income for
pur¬
poses
of taxation,
and in fact Congress has frequently exercised this au¬
The individual income tax exemptions
were
reduced last year from $1,000
single person and from $2,500 to $2,000 for
A married person's exemption is now
as
low
as
a
it has ever
married couple.
been since the
Federal income
$2,000.
been.
Company,
created
this
and
by
Act,
any
National
tax was adopted in 1913.
During the period 1917-20 it
A single person's exemption is now lower than it has ever
During the periods 1917-24 and 1932-39 it
was
corporation
heretofore
Finance
the
Rubber
Reserve
hereafter organized
or
Corporation
under
section
5d
amended, to aid the Government of the United States in
national-defense
or
other
Reconstruction
the
as
the
program,
(2)
The
Mortgage Association, and
hereafter organized by or at the
(3)
RFC
any
Mortgage
Company,
the
or
of
its
Federal
other public corporation heretofore
instance of the Reconstruction
Finance
the Disaster Loan Corporation, and any other public
corporation which is now or which may be hereafter wholly financed and
wholly managed by the Reconstruction Finance Corporation.
Such exemp¬
As to personal exemptions, the
report says:
was
Corporation,
Corporation, and
thority."
to $800 for a
Supplies
$1,000.
The present
tions
sonal
any
shall
any
State
but
by
referred
such
State to
to be
be construed
owned,
corporation
sentence,
in
also
property
any
to be
applicable to the loans made, and per¬
Finance Corporation or by
the Reconstruction
to
in clause
exemptions
shall
buildings which
(1),
not
are
(2)
be
(3)
of
the
construed
to
be
or
considered
personal property for taxation purposes."
preceding
applicable
by the laws of such
Volume
The Commercial &
153
paragraph of section 5d of the Reconstruction
amended, is hereby amended by inserting
after subsection (3) thereof the following new subsection:
"(4) When requested by the Federal Loan Administrator, with the
approval of the President, and subject to 6uch conditions and limita¬
tions as may be set forth in such request, to make loans, notwith¬
standing the provisions of any other law, to any foreign governments,
to their central banks, or to any person, commission, association, eorSec.
4.
Finance
(a)
OP ACS
fourth
The
Corporation
Act,
as
in
States
United
or
He
program,
of the Reconstruction Finance
but
dent
shall
tion
construed
be
considered
emergency
subsection
shall
certified
when
the
entirely
and
Florida
the
Federal
the
to
take any
ship
canal,
and Tombigbee River
of the Sen¬
Representatives
House of
only when similarly filed and published.
The charters of corpo¬
heretofore so created or organized shall be so filed and pub¬
valid
rations
amendments thereto shall be valid
hereafter so filed and published.
No corporation heretofore or hereafter created or organized by the
Corporation pursuant to this subsection shall have succession beyond
Jan. 22, 1947, except for purposes of liquidation, unless the life of
such corporation is extended beyond such date pursuant to an Act of
before
lished
July
1941, and
1,
only when certified copies thereof are
Congress."
Sec.
which
tions
and
have
creased
Reconstruction
the
outstanding at
Finance Corporation is authorized to issue
one
any
debentures, and other such obliga¬
time under existing law is hereby in¬
by $1,500,000,000.
Approved,
June
Chairman
1941.
10,
Eccles
Repeal
or
of Federal
Reserve Governors Urges
Views
Committee Investigating
System's
of
Liberalization
Powers—Presents
Lending
Senate
Defense—E. R. Stettinius
Before
Truman
23 Marriner S. Eccles, Chairman of the Board of
of Governors of Federal Reserve System, told the Senate
Defense
Investigating
Committee headed
by Senator
Truman that Congress should either empower the system to
make direct defense loans or repeal its lending powers
United Press
reporting this added:
entirely.
asserted
that
Reserve System
than
due to
Washington advices
of July 23
with the business community,
defense loans
He said present lending
Finance Corporation.
of the system are "wholly inadequate and
far too limited" to make
such loans.
Senator
Tom Connally
(D., Texas), told Mr. Eccles he did not want
change in the status of the Reserve
to see a
Federal Reserve System degenerate
because "I do not want to see
from its original purpose and become a
private banking system making these loans all over the country."
Mr. Eccles replied that he was not particularly concerned as to
his
proposals Congress accepted, but that
two
should
which of
he believed the situation
be "cleaned up."
Under
present
circumstances, he declared,
intents and purposes today
credit structure.
Federal Reserve is "to all
impotent" to affect the Nation's banking and
Private banks, he explained, have large surpluses and
The Nation has come to realize
wealth, he said.
"Today, we do not measure a battleship in whether We can afford it,"
he said.
"We no longer ask 'where are you going to get the money.'
If
we have learned anything from Hitler,
we have learned that wealth is
need not fear the powers
of the system.
that money and finance are not
resources
plus
materials."
of the Priorities Division
OPM told the Committee on July 22 that there had
a clarification of the jurisdiction between OPM and
Edward R. Stettinius Jr. Director
of the
to
be
of
United States and that it depended
He said that if the bottoms were not
ship bottoms.
see a
available
!
shortage of copper within 90 days.
defense program
the
forthcoming
new
calling for increasing amounts
models.
Mr. Stettinius and John Biggers,
OPM production chief, were
the witness stand with respect to the effect
strategic
materials
establishments
business
upon
called to
of priorities and shortages of
not
having
defense
contracts.
Further Opposition to St.
Project—John L. Lewis says
50,000 American Workingmen Would Lose Jobs—
Hears
Committee
House
Lawrence
Seaway
Proposal—-
Against
Trade
of
Board
York
New
Other Views
hearings before the House Rivers and Harbors Com¬
on the legislation authorizing the development of the
and power project entered their seventh
week on July 28.
The Committee voted on July 29 by a
6 to 5 margin to conclude the hearings on Aug. 6.
Opening this week's hearing, John L. Lewis, President of
the United Mine Workers of America, testified in opposition
The
mittee
St. Lawrence seaway
to the
project, contending that ultimately it would result in
of 50,000 American workingmen from their
the displacement
of his organiza¬
economically unjusti¬
fied.
He also argued that the proposed project would mean
the displacement of coal in the generation of electricity and
would provide a water route and would serve as an induce¬
ment for the importation of foreign goods.
Concerning his
remarks, United Press Washington advices of July 28 said:
Expressing the "united opposition"
jobs.
tion, Mr. Lewis said the project was
"It is common gossip
in the Congressional halls,
and admitted in
editorial
would be kicked out of
the window without ceremony, if a sane appraisal and simple economic
yardstick could be utilized to determine its merits," Mr. Lewis told the
comment, that the
proposed St. Lawrence project,
House Rivers and
Harbors Committee.
The
project, he added, was
power or commerce
rejected in 1934 as unnecessary for
and now is being propelled
either
through Congress as a war¬
time defense need.
"This
dress of defense
new
the mire
necessity is calculated to lift the
of the monstrous and
proposal from
uneconomic, and make those, who know
essential arm of national defense," Mr. Lewis
failed to make any assured, permanent progress in
better, accept it as an
have
we
said.
solv¬
problems, I cannot understand how in the name of
common sense, even though disguised in the new dress of defense and prog¬
ress, this committee can act favorably on this proposal, which in the end
means a graduated scale of unemployment that in time will displace 50,000.
and maybe more, American workingmen," Mr. Lewis said.
He also charged that transportation and dock interests, elevators and
cities in the area are "lined up solidly against this proposal."
"Lake cities do not want to be forced into millions of dollars of expense
necessary to develop new harbor depths to provide docking facilities for
tramp ships," he said.
"Railroad men and water transportation employes,
like the coal miners, recognize in this development a loss of jobs that may
ing our unemployment
boom is no more."
Canada will take part in the
development.
"In fact,
those who should be
party to the
in the know assert that
Canada is just a
proposal at this time as a wartime favor—window dressing in
might be better fortified to befuddle the
order that the project's sponsors
American people.
"Properly and
will
not
stand
thoroughly unmasked, the pending St. Lawrence project
of careful and penetrating examination," Mr.
the light
Lewis said.
its intimacy
would be in a better position to make direct
Reconstruction
is
powers
Stettinius revealed there is 500,000 tons
spell permanent idleness when the armament
Mr. Lewis said there is no certainty that
Also Heard
On July
He
With
"Since
The amount of notes, bonds,
5.
piled on the present program.
of necessary
raw materials and metals, Mr. Setttinius told the committee that many
civilian manufacturers are curtailing their use.
The automobile industry,
he said, has engineered 60% of the nickel and all of the aluminum out of the
and publshed in
Register, and all amendments to such charters shall be
of
was
on
he could
the aggregate
copies thereof are filed with the Secretary
Clerk
the
ate
of civilian
the duration of the
extended indefinitely and another $15,000,000 appropria¬
He said he could seen a tremendous readjustment
Chilean copper awaiting delivery to the
Corporation which
Corporation
operations for civilian
nickel and copper and zinc
the duration of the emergency and the sink¬
With regard to copper, Mr.
project known as the Nicaragua Canal.
The
corporation hereafter created or organized under this
be set out in a charter which shall be valid onlf
every
of material for small business
supply if sinkings of ships continued at the present rate,
the
to
or
of
powers
The
clarify these functions.
soon
ings of ships.
or
Passamaquoddy,
seaway,
projects,
authorize
to
would be a defense or
priorities chief said that he was sure that the Presi¬
and other metals depends on
indirectly, with respect to the proposals heretofore
by the Congress and known as the Great Lakes-St. Lawrence
directly
the functions
example the breaking down of a power
supply, Mr. Stettinius said that the supply of
shall not
action,
would
Asked about lack
be outstanding at any one time for carrying out this clause (g)
exceed $200,000,000: Provided} That nothing in this subsec¬
may
responsibility
The question is whether such a breakdown
tion for defense buying was
national-defense
the
of the funds
place the proper
Stettinius'i said there is a "no man's land" between
Mr.
civilian problem.
sentence of subsection
expedite
to
sary
to
as
of the two agencies and gave as an
(3) of such fourth paragraph is
hereby amended to comprise four sentences to read as follows:
"(3) WThen requested by the Federal Loan Administrator, with the
approval of the President, to create or organize, at any time prior to
July 1, 1943, a corporation or corporations, with power (a) to pro¬
duce, acquire, carry, sell, or otherwise deal in strategic and critical
materials as defined by the President;
(b) to purchase and lease
land, purchase, lease, build, and expand plants, and purchase and
produce equipment, facilities, machinery, materials, and supplies for
the manufacture of strategic and critical materials, arms, ammunition,
and implements of war, any other articles, equipment, facilities, and
supplies necessary to the national defense, and such other articles,
equipment, supplies, and materials as may be required in the manu¬
facture or
use
of any of the foregoing or otherwise necessary in
connection therewith; (c) to lease, sell, or otherwise dispose of such
land, plants, facilities, and machinery to others to engage in such
manufacture; (d) to engage in such manufacture itself, if the Presi¬
dent finds that it is necessary for a Government agency to engage in
such
manufacture;
(e) to produce, lease, purchase, or otherwise
acquire railroad equipment (including rolling stock), and commercial
aircraft, and parts, equipment, facilities, and supplies necessary in
connection with such railroad equipment and aircraft, and to lease,
sell, or otherwise dispose of the same; (f) to purchase, lease, build,
expand, or otherwise acquire facilities for the training of aviators
and to operate or lease, sell, or otherwise dispose of such facilities to
others to engage in such training; and (g) to take such other action
as the President and the Federal Loan Administrator may deem neces¬
amount
was
plant.
State."
any
so
July 23, from its Washington bureau which also had the
following to say:
behalf of such government, for the
dollar exchange value in the
United States for the securities of property of any such government,
central bank, person, commission, association,
corporation, or bank.
Such loans may be made only upon the security of bonds, debentures,
stocks, or other such obligations of (a) the Government of the United
States
or
any
State, municipality, or political subdivision of any
State, or (b) any private corporation organized under the laws of the
(b) The first
functions
might be regarded as indirect defense problems.
indicated in advices to the "Wall Street Journal"
of
maximum
the
achieving
of
on
what
This
portation, or bank acting for or on
purpose
631
Financial Chronicle
■
.
■
the project was heard in
testimony presented by M. D. Griffith,
Executive VicePresident of the New York Board of Trade and Alexander
C. Brown, Vice-President of the Cleveland Cliffs Iron Co.
Representative J. Harold Flannery, Democrat of Pennsyl¬
vania and Mayor James P. Costello of Hazel ton, Pa. also
testified on July 29 in opposition to the seaway plan.
Mr. Griffith said that the Board had adopted a resolution
continuing its opposition to the plan saying it "believes that
such a proposal is in no conceivable manner a part of our
On July
29 further opposition to
national defense program."
When the waterway
proposal
York Board of Trade then
opposed the project for the following reasons:
was
being studied in 1932 the New
1.
The United States cannot afford it.
2.
There is no need
3.
The St. Lawrence
existing land
4.
of additional American port and harbor facilities.
"Waterway would be a serious menace to the present
transportation facilities.
Canal would probably be more than double the
billion dollars.
Hydro-electric power could not be developed and transmitted to
The cost of the
mated cost of one-half
5.
York with profit.
6.
The Waterway if built
would be closed five months each year.
exti<1
4
New
632
7.
The Commercial & Financial Chronicle
There would probably be no saving on transportation rates
8.
Such
9.
The carriers of the United States
an inland
grain.
on
mittee,
in competition with govern¬
are now
timony,
a
a
Washington dispatch of July 29 to the New York
region.
He declared that importation of foreign ores and steel "produced
cheap foreign labor, transported in foreign boats" would endanger
85% of domestic iron
ore
ore
ranges,
which supply
needs.
going to permit foreign ships, with un-American working
we
con¬
ditions and wages to ruin our own lake shipping
system so essential in sup¬
plying the steel industry with its
raw materials for national defense?" he
"It is not the waterway that is required for national defense
but
asked.
the maintenance of
our own domestic source of raw materials
and our great
inland fleet, both of which the
waterway threatens to curtail, if not to ruin."
Mr. Flannery asserted that the seaway would
"violently dislocate" the
anthracite industry by
opening domestic markets to foreign coal and by
replacing coal-generated electricity with waterpower electricity.
He said
that the project would drain labor and raw materials from
important
national defense projects "to work of no immediate defense value."
Several members of the House Committee on
July 25
visited Buffalo's water front as part of their
study of the
proposed project.
They also toured power plants in Buf¬
Niagara Falls and in Canada.
On July 26 various
falo and
Russian
According to Associated Press accounts from Washington
July 29, Representative Martin J. Kennedy, Democrat, of
New York, reported on that day a special
sampling of pub¬
lic opinion in Montreal and Quebec disclosed no sentiment
among Canadians there for the St. Lawrence seaway pro¬
ject, these advises stated.
W";
returned
from
a
visit
the
to
Canadian
province,
Representative Kennedy, an opponent of the seaway, said
that he talked with many persons in all walks of life but
found none who expressed enthusiasm for the
$285,000,000
power and navigation development.
j*,On July 30, Walter P. Hedden, a member of the staff of
the Port of New York Authority is reported to have advised
the Committee that the proposed expenditure for the sea¬
way could not be justified by benefits to commerce and navi¬
gation anywhere.
Advises to the New York "Times"
July 30 from Washington, from which we quote, also stated:
Mr.
Hedden
told the committee that the existence
was
such justification and that the committee should take
no
into account "the potential damage and
discouragement to enterprise in
the Port of New York which will take place if the St.
Lawrence project is
authorized."
Mr. Hedden said he
Authority, but
In the
was
not
appearing
expressing only his
was
advices the
same
as a
representative of the Port
own views.
"Times" said:
The others who opposed the project were Louis C.
Madeira/Ill of New
York, Executive Director of the Anthracite Institute, George Minott, a
Portland, Me., Authority, Armand Brissette Jr. of
member of the Port of
the
National Association of Manufacturers,
University of Toronto,
G.
H.
Pouder,
Dr.
W.
Executive
T. Jackxnan
Vice-President
Baltimore Association of Commerce, and Cleveland A.
of the
of the
Newton. General
Counsel for the Mississippi Valley Association.
Further opposition to the
project
voiced
July 1 by
representatives of the Brotherhood of Railroad Trainmen,
the New Orleans Joint Traffic
Bureau, the Southern States
Industrial Council and the Department of Mines of Penn¬
sylvania.
was
on
Five witnesses
having important affiliations with coal in¬
terests, and one engaged in the mining industry testified on
July 24 in strong opposition to the seaway project it was
stated in Washington advises to the New York "Journal of
Commerce," which in part said:
John D.
Battle, Executive Secretary of the National Coal Association,
challenged the national defense claims that had been advanced by pro¬
ponents
of the project and contended that initiation of this
project
now
would hinder rather than help the all-out effort to aid Britain
and defend
America.
The witness appearing as a spokesman for the bituminous
coal
development,
"We
much concerned with the welfare of
are as
of American
necessary
who work in the mines, in opposing the St.
Lawrence
putting their self interest above the country's interest.
men
were
citizens," said Mr. Battle,
sacrifices.
But
neither
the
"and
our
are
as
hydroelectric
country as any group
.
.
power
development
com¬
or
in
.
The coal industry of West Virginia, as well as that of the
Nation, would
be permanently crippled by the proposed St.
Lawrence seaway and power
project, Jesse V.
Sullivan of Charleston,
W.
Va., Secretary of the West
Virginia Coal Association contended.
Ohio's coal
industry would be seriously damaged by the construction of
the proposed St. Lawrence
seaway and power
ment made
project, according to
a state¬
by R. L. Ireland, Jr. of Cleveland, President of the Ohio Coal
Association.
Coal production in western Pennsylvania would be
disasterously affected
by the proposed St. Lawrence seaway and power project, Walter F. Shulton of Pittsburgh,
representing the Western Pennsylvania Coal Operators
Association, declared.
Thousands of people would be thrown out of work if the
proposed St.
Lawrence
seaway and power project were constructed, R. E.
Howe, of
Cincinnati, President of Appalachain Coals, warned the committee.
Mr.
Howe testified
Leading off
as a
as
representative of the Cincinnati Chamber of Commerce.
the first witness for the mining industry before the Com¬
on
Supplies
♦
Lease-Lend
Supervisor Hopkins
Premier
Stalin
Confers
American
on
Aid
With
Soviet
Russia
to
Harry L. Hopkins,
Supervisor of the Lease-Lend Pro¬
on
July 30 after an airplane flight
London, where he had been since July 17. Mr. Hoplans
is reported to have gone to Russia at President
Roosevelt's
request to discuss the problem of war supplies needed by the
gram,
arrived in Moscow
from
Soviet Union in furtherance of the President's
plan to lend
material support. The Lease-Lend Administrator conferred
with Premier Josef V. Stalin on
July 30 and again on July
31 but declined to discuss details at the conferences
outside
of saying that the
supply problem was discussed.
Mr.
Hopkins received
a
message
from Mr. Stalin to transmit to
President Roosevelt.
Mr. Hopkin's flight to London
columns of July 19, page 333.
was
referred to in these
♦
Oil Coordinator Ickes
Urges Filling Stations in Atlantic
Seaboard States to Close From 7
p.
Wants Gasoline Sales
Stopped 12
Night to Relieve Growing Shortage
Defense
industry
Petroleum
Coordinator
Ickes
m.
to 7
a.
Hours
called
m.—
Every
the
on
oil
July 31 to close all filling stations in the Atlantic
p. m. to 7 a. m. starting tomorrow
Aug. 3. Mr. Ickes explained that this action is necessary
because of the inadequacy of available tanker
capacity for
transportation of petroleum from Gulf coast ports to the
Eastern seaboard.
Asserting that voluntary rationing to
Coast
on
States from 7
date has not achieved the one-third reduction
gasoline con¬
must be accomplished
if we are to avoid a serious situation
later, Mr. Ickes said
sumption in the Eastern States which
"that
unless
this first action
achieves
results
it
must
be
followed by other steps."
The recommendation for closing
service, made by local, Federal and industry experts, would
be applicable as follows:
Throughout the States of Maine, New Hampshire, Vermont, Mas¬
sachusetts, Connecticut, Rhode Island, New Jersey, Delaware,
Maryland,
North Carolina, South Carolina,
Georgia, the Peninsula of Florida, the
District of Columbia, and all marketing
areas
in
or east
of the Appalachian
Mountains in the States of New
York, Pennsylvania, Virginia and West
Virginia, and such additional marketing areas in said States where
any
substantial part of the motor fuel supplied is either
produced
said
States,
shipped into such
or
areas
in
any
of
from any point east of such areas.
Mr. Ickes warned that "unless the
shortage is abated, it
have serious adverse effects on the
progress of the
national defense effort and become
would
to
the public interest
increasingly detrimental
generally."
The petroleum shortage in the Atlantic States was
brought
about by the recent transfer of 50 tankers to Great
Britain.
Mr. Ickes appealed to the Governors of 16 Eastern
sea¬
board States
on
July 19 for a one-third voluntary reduction
gasoline consumption (referred to in these columns of
July 26, page 476), but the results as to this were not satis¬
factory, it is stated.
The present move restricting the hours
designed to emphasize to the public the seriousness
situation, Mr. Ickes said.
of sale is
of the
willing to make any
the basis here proposed, not the
seaway project either singly or in
bination, have any honest economic justification either in wartime
on
peacetime."
Wpr Mission Confers With President Roosevelt
of
industry,
repudiated the intimations of the proponents that the producers of coal and
the half-million
473.
page
military mission, which arrived in Washington
on July 26, conferred with President
Roosevelt on July 31
on American aid
to the Soviet Union.
The mission, con¬
sisting of Lieut-Gen. Philip Golikov, Deputy Chief of the
Soviet Army General Staff, and Col. Alexander
Repin, his
aid and army
engineering expert, were presented to the
President by the Russian Ambassador, Constantino A.
Oumansky. The group had come by airplane from London
by way of Montreal (July 25) and New York (July 26).
Arriving in Washington on July 26 they immediately talked
with Sumner Welles, Acting
Secretary of State, and General
George C. Marshall, Army Chief of Staff. On July 28, it is
reported, the mission outlined their war needs to Dean
Acheson, Assistant Secretary of State.
This country's plans to aid Russia in its war
against
Germany was discussed in our issue of June 28, page 4049.
of many waterway
projects throughout the country tended to divert trade from the Port of
New York, "but if these projects can be
economically justified, the interest
of our port must give way."
In the case of the seaway, however, he be¬
lieved there
323 and July 26,
A Russian
Great Lakes' ports were viewed.
Just
page
and Other Officials
Mr. Brown said that the seaway would, in effect, subsidize
transportartion of foreigh goods competing with domestic products in the
Great Lakes
"Are
July 19,
Flannery's tes¬
"Times" said:
with
Conover, Secretary of the American Mining Congress
vigorous protest against the Great Lakes-St. Lawrence Project.
in these Columns
continued development of the Great Lakes iron
1941
Previous testimony before the Committee was referred to
ment-owned systems of Canada.
With respect with Mr. Brown's and Mr.
2,
Julian D.
launched
waterway would not be part of the National Defense.
Aug.
Rights of
Policy Holders
Not
Affected
Adversely By
Loan Agreement Between British Government
and
RFC According to New York
Superintendent of
Insurance, Louis H. Pink
Superintendent of Insurance, Louis H. Pink, stated on
July 31 that as a result of the study made by his Department
he finds that the
rights of policyholders are not impaired
adversely affected by the
nounced between the
Loan
British
Agreement recently
or
an¬
Government and the Recon¬
struction Finance
Corporation.
It is pointed out that the
collateral security for the loan consists of American stocks
and bonds which are owned
by the British Government, of
shares of British-owned industrial
companies doing business
in the United
States, and shares of British-owned American
fire, marine and casualty insurance companies.
The an¬
nouncement by the State Insurance
Department adds:
In the
case
of the United States insurance
companies which
are
British-
owned there will be paid over to the Federal
Reserve Bank in New York
Volume
Financial Chronicle
The Commercial &
153
dividends
account of the RFC such
the respective companies' boards
as
of
time declare in the normal course of business.
insurance shares having loaned them to the British
of these
owners
Government for
use
collateral will, it is understood, simultaneously re¬
as
ceive from the British
paid
Government the sterling equivalent of
the dollars
In addition the United States
Reserve Bank.
to the Federal
over
Federal
Branches of the British insurance companies will turn over to the
other earnings as the Superintendent of
Reserve Bank such interest and
Insurance may permit to be disbursed in the customary way
satisfied himself that the policyholders of
the Branches
are
after he has
fully protected.
The British Government, we are informed, will simultaneously pay to
Home Offices of these insurance companies the sterling equivalent of
July 30 by Leon Henderson, Administrator.
30 by major
of increased
production costs. Mr. Henderson also said that his office was
making an investigation aimed at the establishment of a stable
and permanent price basis for the tire industry.
OPACS had planned to set ceiling prices for tires and
tubes, but decided on July 3 to defer such action for some
months explaining that voluntary measures would be given
a trial; this was
reported in these columns July 12, page 184.
on
The advance, which was put into effect July
tire manufacturers,
was
approved because
directors may from time to
The
announced
633
the
these
disbursements.
The agreement in no way disturbs the present managements
panies
the
or
branches
Departments of the various states in which they operate.
Insurance
The Federal Reserve Bank of New York will act
ever
custodian and what¬
as
portions of these securities have not been returned previously, as a
in the note, will be released upon payment in
result of periodic reductions
full of the principal, interest
and
All questions pertaining to
any expenses
that
may
have been incurred.
the execution, interpretation and carrying out
will be determined in accordance with the laws of the
of the agreement
Although the agreement is dated July 21st, 1941 it will
State of New York.
not
of the com¬
Fabricated
Steel Available for Aircraft
Tripled by 1942 OPM Declares
Alloy
the existing procedure of examination and audit by
or
become effective until certain details have been disposed of, including
the passage of Enabling
Legislation by Great Britain.
to
be
Steps are being taken to triple the supply of fabricated
alloy steel for aircraft manufacture before the end of 1942, the
Iron and Steel Branch of the Office of Production Manage¬
ment disclosed July 29.
J:
■ ■■■■■
1 \
.,
The increased supply is to be obtained not only by expand¬
ing the steel industry's electric furnace, heat treating and
other finishing capacity but by allocation of orders so as to
obtain maximum output from present facilities.
An an¬
continued:
nouncement of the OPM to this effect
Details of the expansion program have not yet been worked out.
Rural
Allotments of
Electrification
Administration at
In
announcing the undertaking,
the
Iron
and
Steel
Branch said
the
End of Fiscal Year June 30, 1941 Totaled $369,027,-
requirements of the aircraft industry had been determined accurately and in
621
detail through the cooperation
of the aircraft industry, the Army and Navy,
the Iron and Steel Institute,
and the Aircraft Branch and the Bureau of
Compared with $268,972,949 at End of Preceding
Year
Allotments
Rural
the
of
Administration
Electrification
totaled
$369,027,621 on June 30, 1941, contrasted with
$268,972,949 at the end of the preceding fiscal year. During
the first 10 months of the fiscal year 1941, the number of
energized systems increased from 630 to 718, and the number
of miles of line in operation from 233,166 to 291,986.
This
is made known with the issuance on July 25 by the Depart¬
ment of Agriculture of statistics of REA operations during
the fiscal year ended June 30, 1941 and of the operations of
REA-financed power systems to March 31, 1941.
The
Department points out that these statistics show that REA
allotted practically all of the $100,000,000 available to it for
loans during the fiscal year, and the REA systems had main¬
tained the growth shown in previous reports.
It is added
that the payments of interest and repayments of principal
on the REA loans are ahead of schedule by a larger amount
than at any earlier reporting period. From the Department's
announcement
On May
States
we
also quote:
30,1941, the 726 REA financed power systems in operation in 45
were
actually serving 758,379 connected consumers.
non-farm rural residences, rural business establishments,
Included are
rural industrial
plants. Army camps, airways facilities, Naval and Coast Guard stations
and rural
farms.
■
community institutions of various kinds, but more than 80% are
••
■.
Gross
fiscal year
"V'
■
of REA systems
revenues
increased approximately 75%
in the
just ended, compared with the previous fiscal year, and total
kilowatt-hour
consumption,
increased
approximately
period, according to estima5es by REA statisticians.
75%
in
the same
quarterly statistical report, presenting the operating position and
progress
of each REA system.
This report shows that gross revenues
months
hour
ended
sales
to
of REA systems during the nine
1941, amounted to $21,434,660, and
March 31,
433,463,000,
compared
to
$17,533,592
kilowatt-hours for the entire fiscal year ended June 30,
kilowatt-
319,804,000
and
1940.
releasing the report, REA Administrator Harry Slattery
stressed the statistics of repayment by REA systems on their
loans from the government.
The cumulative figures to
March 31, 1941, including wiring, plumbing, and other
loans as well as loans for distribution lines and generating
In
plants, it is announced show:
principal due
due
Total interest and
$8,804,476
8,597,482
2,675,594
...
Total payments on amounts
Total advance payments
-
Total overdue amounts.;
This detailed determination of requirements
of the amount and kinds of alloy steel that
206,994
....
193,110
Notes paid in full
Appropriations
total
of
priations
to
the
defense purposes,
Government
States
authorizations,
contract
and
available
United
Reconstruction
Exceed
Appro¬
defense
plus
Finance
Ceiling—Commodity Exchange Suspends Trading
Futures
Silk
in
An order
freezing all stocks of raw silk in the United States
"to meet a threatened shortage caused by unsettled condi¬
tions in the Far East" was issued on July 26 by Edward R.
Stettinius Jr., Priorities Director of the Office of Production
Management.
The order also limiting the processing of
"thrown silk" to levels prevailing during the week ended
July 26, forbids either the delivery or the acceptance of raw
silk except without specific authorization.
At the same time Leon Henderson, Administrator of the
Office of Price Administration and Civilian Supply, an¬
nounced that price ceilings would be imposed on silk and
also called for the suspension of all trading in silk futures on
the Commodity Exchange, Inc., New York.
In accordance with the request of OPACS and because of
the OPM order "freezing" all raw silk stocks, the Board of
Governors of the Commodity Exchange on July 28 tempo¬
rarily suspended trading in silk futures."
Strike at Air Associates,
Washington, D. C., according to a statement issued on July
by Loren J. Houser, acting regional director of the United
Automobile Workers Union (Aviation Division), C.I.O. on
his return from a National Defense Mediation Board con¬
29
ference.
' V. 1
funds
made
for
aggregated $47,116,000,000 as of July 15,
Bureau of Research and Statistics.
Lendappropriations are included in this amount.
In
addition, the British have placed $3,669,000,000 of orders,
bringing total authorized defense expenditures to $50,785,000,000.
Noting this, the July 29 issue of "Defense," weekly
bulletin of the Office for Emergency Management, further
stated that additional defense appropriations now pending
amount to about $8,200,000,000.
The bulletin breaks-down
United States and British commitments as follows:
$11,-
Management,s
lease
957,000,000 allotted for airplanes; $8,483,000,000 for naval
vessels,
merchant ships, and transportation
equipment;
$8,081,000,000 for guns and ammunition, and $5,530,000,000
industrial facilities.
■
Reporting the strike settlement the New York "Times" of
July 30, said:
Mr. Houser said officials
point program
of the company had virtually agreed to a five"
suggested by the board and accepted, last week by the union,
proposed that the striking employes return to work immedi¬
in which it was
a new contract.
The proposed contract
effective not later than Aug. 9 or the conflict between
ately, pending negotiation for
and the union will be submitted to Professor Harry Shulman,
Sterling Professor of Law
According to Mr.
with
Corporation
Inc., in Bendix, N. J. Settled
the Bendix Borough, N. J. plant of
Air Associates, Inc., manufacturers of airplane parts for the
Army and Navy, was ended on July 29, through the media¬
tion efforts of the National Defense Mediation Board in
The work stoppage at
a
of Yale University, for arbitration.
Houser, union officers and officials of the company,
member of the mediation board present, will open
contract at a
appro¬
according to tabulations made by the Office of Production
for
exact picture
OPM Freezes Stocks of Raw Silk—OPACS to Set Price
the company
and British Orders
$50,000,000,000—Additional $8,200,000,000
priations Contemplated
The
an
other lines of defense manufacture.
would have to become
•+>
Defense
provided
would be needed, the Branch
stated, and supplied a model for subsequent surveys of steel requirements in
These estimates are
projections of figures for the first nine months of the fiscal year, shown in
REA's
Research and Statistics in the OPM.
morrow
negotiations for a
meeting tomorrow afternoon at a place to be designated to¬
The first group of workers will return to work tomorrow
morning.
Others will return within the next two days.
which began on July 11, was interpreted as a strike by
morning.
The stoppage,
company
officials and as a lockout by the union.
The labor dispute followed
employes, who were dropped, it was alleged by the union,
activities.
Mr. Houser said it was his understanding of the strike
the discharge of 24
for union
settlement that the
receive back pay
Earlier today,
employes would be returned to the payroll and would
for the time they were out.
Vice-Chancellor Henry T. Kays in Jersey City denied ap¬
order made by the company in an injunction pro¬
would have restrained striking employes from picketing or con¬
plication for a show cause
ceeding that
gregating in the vicinity of the plant.
The denial was based on the grounds
application and supporcing affadavits contained insufficient evi¬
that the
issuance of the order.
dence to warrant
The Air
Associates plant, not to be confused with the Bendix Aviation
Corp. plant here,
fewer than
A
employs 700 men and women, but it was estimated that
half that number took part in the work stoppage.
previous reference to the strike appeared in our issue of
July 19, 1941, page 329.
♦
OPACS
Allows
5%
Advance
Automobile
Increases
automobile
facturers
of
not
tires
more
and
following
Tires
in
Prices
of
Tubes
than 5% in wholesale
tubes
were
discussions
in
Office of Price Administration and
Wholesale
and
announced
prices of
by manu¬
Washington with
Civilian Supply, it
the
was
Brooklyn Navy Yard Tie-Up Ended, Other Defense
Tie-Ups Continue
Striking electricians were ordered back to work at the
Brooklyn Navy Yard on July 31 after a conference between
union leaders and an O.P.M. representative.
The general
strike began
by the union
on
July 29 against private
con-
The Commercial & Financial Chronicle
634
tractors will continue,
it was announced, until the Consolid¬
ated Edison Co. yields to the union's demands that the com¬
pany employ only members of Local 3 on 600 installation jobs
at the Waterside plant, Thirty-ninth St. and First Avenue,
now being held by members of the Brotherhood of Consolid¬
ated Edison Employes.
In reporting the strike the New York "Journal of Com¬
merce," of August 1, said:
Harry Van Arsdale,business
wealthy.
other
the
divided
make
end of
Picketing stopped at 2:10
will not bb back
men
the job
on
work to be resumed
yesterday.
Cessation of the strike at the yard, however, did not affect tieups on other
defense work which has been at a virtual standstill since the
calling of a
city-wide electrical workers' strike against the Consolidated Edison Co. in an
effort to win
jurisdiction
new
jobs
over
held by members of
now
a
company
union.
Oliver
here at the direction of
came
O.P.M., who sent
Sidney Hiilman, co-director of the
telegraphic appeal to union leaders yesterday asking
so far as it hampered rearmament.
a
Union officials had announced at the start of the strike
Tuesday that its
purpose was to bring their "just grievance" against the Consolidated Edison
Co. to public attention.
Their grievance is that the company had refused to take union members
for 600 electrical installation jobs which now
held by members of the
are
Brotherhood of Consolidated Edison Employes.
More than 25 defense jobs were affected
of which
by the strike, the most important
by the walkout of 286 electricians.
Work
on
four battleships
slowed.
Also affected
the Bethlehem Shipyards, the Sperry Gyroscope
plant,
were
Coast Guard station, a quartermaster's office and the Ford Instrument
Co. plant.
'
7-'...."''■ f::V~' 77,
,.W.
Service
'"'/-C-
To
by Civil
economists
in
all
branches
of
economics
should
taxes
to the
also
be
States.
Less
Deficit
on some
by
the
Division of Industrial Economics of the Conference Board.
cause of this discrimination,
says the Board, lies
in the circumstance that
corporations are required to com¬
pute their tax liabilities on their net taxable incomes each
with little or no allowance for losses incurred in prior
years.
Under date of July 26 the Board's announcement
regarding the study further said:
If fluctuations
on
than another.
industries,
Conference
to
"muddling
cation
off
financial
Conference
Board
tax
Board
costs,
blocks
and
puts
the
development
system, according to
"Essential
on
Facts
a
for
in
of
a
by The
study
Fiscal
industries paid
The study points out that in a time of
fiscal pressure caused by war or some other
emergency,
conflicting State and Federal taxes become a source of
fiscal weakness.
It observes that the Federal Government's
on
many
in
same
one
bad
all
industries,
could
years
industry
be
heavily
more
that the present tax system
so
the
aggravates
in¬
15.6%
15 major industrial groups during the
on
In that span of years the food and chemical
of their
net
income less
deficit
in
Federal
income
whereas the lumber and wood products industry paid 47.4%.
A
of industries classified by the Bureau of Internal Revenue as the
group
service industry paid $338,000,000 in Federal taxes,
although it incurred
deficit in excess of net income.
OF
NET
INCOME
All corporationsAll manufacturing corporations
Food and kindred products
LESS
18.8
17.6
DEFICIT
INCOME
PAID
TAXES,
a
IN
FEDERAL
1922-37
All mfg. corporations
(concluded):
Textile mill products
15.6
Leather and leather products-—-
28.7
Lumber and wood products
15.6
All other.;
Printing and publishing.
16.4
Metal and metal products
16.7
Paper, pulp and products
17.3
Stone, clay and glass products.17.4
25.9
47.4
20.6
Transportation
and
other
public
utilities-
17.2
—
Trade
21.9
Construction
28.9
Service
*
Rubber and rubber goods
26.4
*
Deficit in excess of net Income; taxes,
§338,000,000.
<•,- "...
Net income (or deficit) refers to statutory net income (or
deficit) before Federal
taxes
income.
on
The
industries
which
in Federal income taxes
tions in annual
of
deficits
paid low
were
earnings.
every
percentages of net income less deficit
those subject to comparatively small fluctua¬
The food industry reported net income in excess
chemical industry reported net income in
The
year.
of deficits
excess
but two.
The printing and publishing in¬
dustry, which paid 16.4% in taxes, reported net income in excess of deficits
every
year
1932.
every year except
The service group, on the other hand, which includes
laundries, hotels,
purveyors of various forms of amusement,
and companies engaged in render¬
ing professional services, incurred deficits in excess of net income
every
year from 1931 through 1936.
These deficits were so large that for the
entire 16 years the deficits exceeded net income.
product
industry
deficits
exceeded
income
net
In the lumber and wood
every
year
from
1930
through 1935, and by such large
amounts that in 1937, at the end of 16
the industry had paid 47.4% of its net income less deficits in taxes.
years,
The
discriminatory
consequences
of taxes
on
these
groups
rather
are
mild, however, in comparison with those on 69 sub-groups for which
figures
are available for the 11
years from 1927 through 1937.
Sixteen of
these
69 industries paid Federal income taxes in
to
excess of
Eleven of the 16 incurred deficits in
excess
their
net
income less
of net income.
The
paid by the other five ranged from 166% of net income less deficit
20,891%.
industries within major groups of industries.
In the major "transportation
for example, the telephone and telegraph
industry paid only 12.1%, while the aerial transportation
industry paid
and other public
$3,000,000 in
financing national defense is already encroach¬
of the States' sources of revenue, and States
utility"
although its deficits exceeded its aggregate net income.
paid 42.6%, while autobus line, taxicab and
sightseeing
companies paid 65.8%.
The figures compiled
imagination
the
by the Bureau of Internal Revenue leave
discrimination
unwittingly imposed
on
which
the
Federal
income
tax
to the
law
has
individual corporations.
V The Conference Board's
study is concerned solely with the consequences
of the Federal normal
corporation income tax.
There are other Federal
taxes,
such
energy,
as
the
which in
special
some
advantages which
excise
cases
some
further
expansion of defense taxation will aggravate
plights of many States.
During the emergency
-these States will have to get
along as best they can.
But
after the war some
readjustment of Federal-State fiscal
relations will be imperative say the
Board, which adds:
group,
taxes
Steam railroads
Policy,"
released July 31.
program for
the
The statistics reveal the existence of much discrimination
among various
States
many
were
Fluctuations in profits and losses are different in different
however,
period irom 1922 to 1937.
taxes,
Study
policy
that
lias
char¬
relationship results in multipli¬
administrative
straitjackets,
rational national
Coordination,
through"
acterized Federal-State tax
losses
equalities caused by business fluctuations.
taxes
Post-War Need for Federal and State Tax
According
profits and
ignored, without taxing the long-term profits of
deficits.
The
in
profits could be taxed in good years, and losses in
for
July 15 that the Quarter¬
master Corps of the War Department needs auditors in
connection with emergency projects
being constructed under
the national defense program, and said that
applications
for these positions will be accepted until further notice.
The salaries range from $2,600 to $5,600 a
year.
Persons
who are selected for appointment may have to
report to
Washington, D. C. or Fort Myer, Va., for instruction.
They must be willing to accept subsequent assignments to
•ny of the field offices of the Quartermaster Corps.
taxes
may
on
communications
and
electric
at least partly offset the comparative
industries have with respect to income taxes.
fiscal
The
list
or
of
taxes
States
more
taxes,
capital
social
security
imposed
now
is
stock
long.
taxes,
taxes,
both
by
the
ment
has
Some
States
entered
Federal
have
imposed
Government.
simultaneously imposed
Solution of
eral
sales
clusively
tobacco
on
innumerable
The
fields
wholesale
personal
should
according
to
costs
whereas
be
the
divided
study,
on
solve
and
the
estates
problem
specifc
would
the
the
and
interstate
would
revenue
reduced,
on
the
impose
income,
the
Federal
on
be
States
some
have
of revenue.
be
because
with
the
manufacturers
such
taxes
gen¬
levied
shared
on
Jas. II. Oliphant & Co., members of the New York
road companies.
ganization
plans
Federal
of
the
Goverment
Government
taxpayers.
Federal
competition
stock
and
and
levying
of
tAx
of
on
large
Government would
largely
for
of
the
domiciles
of
important
tions
as
are
are
summaries of
properties.
As
in
reor¬
past
presented showing the volume and character
tonnage carried for
show
coal,
are
what
a
portion
number of
years.
Other tabula¬
of
important commodities, such
carried by the individual roads.
Other figures
relate to earnings and expenses of the
country's carriers.
and
Regulations
Act,
States,
exclusively
The taxation
Added this year
almost
estate
the
Stock
editions, maps of important systems are included.
In addition to information
relating to individual roads,
statistics are presented hearing upon the Nation's railroad
system as a whole, over a period of years.
For example,
ex¬
the
"Earning Power of Railroads" Published
by Oliphant & Co.
Exchange, have published the thirty-sixth edition of their
"Earning Power of Railroads," presenting data for ^4 rail¬
Rules
capital
Federal
small
New Edition of
tabulations
arrangement whereby
the
taxes
must
exclusively by the
of
gasoline,
distributors.
corporation
between
and
sources
some
commodities
thereby
States
retail
same
include
consumption
large taxpayers and the States
incomes
liquor,
The Federal Govern¬
energy.
Government
the
on
Government
and
income,
products,
practically reserved to the States.
formerly considered the prerogative of
Federal
taxes
taxes
impose
can
products,
taxes
The
new
Federal
Collection
Government
taxed
the
and
formerly
problem should
and
taxes
by
States.
the
Government
It includes: personal and corporation income
duties, gift taxes, stock transfer taxes,
taxes
fields
tax
Federal
estate
and
oleomargarine, admission tickets, and electric
„
whereby the States could
These
necessary.
of
There
The main
on
The Commission announced
'
Income
Chemicals and allied products
service, the Civil Service Commission an¬
July 31 an examination for positions paying from
$2,600 to $5,600 a year. Applications will be accepted at
the Commission's Washington office until further notice and
will be rated as soon as practicable after
receipt.
Persons
who filed applications for the general economist examination
announced in September, 1940 and who received
eligible
ratings need not file another application, the Commission
said, pointing out that their eligibility will be continued.
However, the Commission added, if they wish to apply for a
higher position than that in which they were rated eligible
previously, they should file a new application.
the
it is thought,
when
NORMAL CORPORATION
Announced
Commission—Project Auditors Also Sought
secure
nounced
one
rates
Federal income taxes place much heavier burdens
industries than on others, according to a study
Government
the
each
of
Board Study Funds Uneven Tax Burdens
Industry—Federal Income Tax Load from 1927
Through 1937 Ranged from 12% to 21,000% of
PERCENTAGES
Examination
for Government Service
that
arrangement,
on
were
*-'2
♦
General Economist
ing
moderate. share
A
large returns should be returned to the States.
This is evident from statistics
construction at the Navy Yard, where 1,000 men were thrown
was
out of work
a
1941
estates,
year,
them to call off the strike in
was
and
efficiently if the task
more
commissions.
incomes
by the Federal Government and transmitted
Net
but the
p. m.f
tax
small
on
in
Office of Production Management.
until 7 a. m. today, since word of the settlement was received too late for
taxes
Conference
Navy Yard tieup at the
meeting with Eli Oliver, officer in charge of the labor division of the
a
on
some
supplementary
of the International Electrical Work¬
manager
the state
be
of
could probably be done
among
also
collected
Union (A. F. of L.), announced the end of the
ers
hand,
the Federal taxes
should
Aug. 2,
administration
The
the
A revised issue of the
Under
as
Commodity
Exchange
Amended
pamphlet containing the Commodity
amended, and the Rules and Regulations
of the Secretary of Agriculture
promulgated thereunder has
been brought out by the Commodity
Exchange Adminis-
Exchange Act,
as
Volume
Tliis
tration.
issued
The Commercial
153
issue includes
new
regulations
the rules and
amendment
the Pace
under
the
to
Commodity Ex¬
change Act, bringing fats and oils, soybeans and other com¬
modities
Wide
under
World
Federal regulation.
Service
Picture
The Wide World
news
Sold
to
Associated
Press
photo service will come under the
ownership of The Associated Press on Aug.-1, it was an¬
nounced on July 27 following the signing of a contract of
purchase between The Associated Press and the New York
"Times."
The important facilities, resources and files of
Wide World thus become available to all Associated Press
member newspapers
which
use
635
& Financial Chronicle
In announcing the nomination of Mr. Tugwell and the
resignation of Mr. Swope, President Roosevelt on July 30
released an exchange of correspondence with the retiring
Governor.
In accepting the resignation, the President wrote
Mr. Swope that he would have had some reluctance in accept¬
ing it, excepting that he was joining the Interior Department.
The President in his letter said:
I have formed
Governor,
value to the government in the handling of
in Puerto Rico wUl be of great
problems relating to our territorial and insular affairs.
wishes for
success
pictures in the Western Hemisphere as
July 31.;
in
February of this
page 927.
office of Governor of Puerto Rico
year, as
noted in
our
of
President
Names
Roosevelt
J.
A.
&
country's largest credit
reporting house, celebrated on Aug. 1 its 100th anniversary.
Founded on Aug. 1, 1841, as the Mercantile Agency, control
of which was purchased in 1859 by R. G. Dun, the firm
today represents the consolidation in 1933 of R. G. Dun
& Co. and Bradstreet Co., founded in 1849 by John M.
Bradstreet,
Inc.,
Bradstreet.
•;.<-
The Mercantile
Agency
the
'/V,
was
■'
\
goods sold
on
as
nominated Anthony J.
to be Minister to the
Yugoslav Government in exile, now established at London,
his fifth such post.
Mr. Biddle is at present the American
envoy to the Polish, Belgian, Norwegian and Netherlands
Roosevelt
President
Biddle
Drexel
on
July 24
Jr., of Philadelphia,
Governments, exiled in London.
v>!'
founded in 1841 by Lewis
Tappen, a member (with his brother Arthur) of Arthur
Tappen & Co., silk importers, after the firm failed in the
panic of 1837 because of its inability to collect hundreds of
thousands of dollars due it from country merchants on
terms of six months to two years.
failure Mr. Tappen
Biddle
London
Such Post Held in
100th Anniversary
Observe
Inc.,
Bradstreet,
&
Drexel
Government in Exile—Is Fifth
Minister to Yugoslav
Dun
issue of Feb. 8,1941,
*
——♦
Dun
You have my best
in your new position.
Mr. Swope assumed the
tinue the sale of
It carries many diversified
responsibilities, particularly at this time, and I am sure that your experience
its picture service.
Wide World, a subsidiary of "The Times," has been in
business for more than 24 years.
"The Times" will discon¬
office of
good opinion of your administration of the
a
has the Secretary of the Interior.
as
From that
conceived the idea of a system of corre¬
spondents to report on the character, ability and finances of
While the Agency first opened offices in large
Eastern cities,
it later expanded westward, principally
merchants.
through the efforts of Mr. (R. G.) Dun, who joined it in
1854, and Benjamin Douglass.
When Mr. Dun acquired
control of the Agency in 1859 (at which time the name
changed to R. G. Dun. & Co.) the company began
publishing its reference book.
The Bradstreet Co. was
established in 1849 by Mr. Bradstreet in Cincinnati, but
in 1854 moved to New York.
The Bradstreet Co. began
was
publishing its reference book in 1957.
The reference book
as published today by Dun &
Bradstreet, made available
six times a year, lists 2,300,000 commercial enterprises in
50,000 communities.
H. F.
Grady Named to Represent Federal Loan
Eastern
Far
in
Agency
Countries
Grady, who resigned in December as Assist¬
Secretary of State to become president of the American
Dr. Harold F.
ant
President Lines, was
designated
on
July 26 as special repre¬
in China, Burma, the
sentative of the Federal Loan Agency
Philippine Islands, British Malaya and the Netherlands East
Indies.
Announcement of the appointment was made in
Washington
July 26 by Jesse Jones, Federal Loan
on
Admin¬
istrator, who said that Dr. Grady would act for the Metals
Reserve Co., the Rubber Reserve Co., and the Defense
Supplies Corp., in connection with the production and move¬
strategic and critical materials.
The resignation of Dr. Grady as Assistant Secretary of
State was noted in our issue of Jan. 4, page 44.
ment of
-♦
45 to Assist in Civilian
Program—Members of Volunteer Partici¬
pation Committee Will Serve in OCD
Names
Roosevelt
President
Defense
Appointment of 45 members of the Volunteer Participation
serve in the Office of Civilian Defense, was
made on July 19 by President Roosevelt.
The committee,
which will assist Mayor La Guardia of New York, head of
the OCD, in carrying out the civilian defense program, will
act as an advisory and planning body.
The members of the
committee were divided into nine regions, with the following
named for the Second Corps Area, comprising New York,
New Jersey and Delaware:
Committee, to
Death of Harvey
C. Couch, Industrialist and Former
Director of RFC
Harvey C. Couch, nationally-known Southern industrialist
and a former director of the Reconstruction Finance Corpora¬
tion, died at his summer home near Hot Springs, Ark., on
July 30 at the age of 63 years. Mr. Couch had been named
a director of the RFC by President Hoover in 1932 and re¬
mained
in the
post for two years,
resigning
a year
after
At his death he was
President and Chairman of the Arkansas Power & Light Co.
and Chairman of the Kansas City Southern Ry, and the
Louisiana & Arkansas Ry.
President Roosevelt assumed office.
Lincoln MacVeagh
as
Nominated by President Roosevelt
Minister to Iceland
Lincoln MacVeagh,
President Roosevelt
Mr.
as
on
Mrs. J. Borden Harriman,
MacVeagh recently returned from abroad, having served
Following the occupation of Iceland
Minister to Greece.
by United States Naval forces a month ago, (referred to in
these columns July 12, page 173) it was indicated on July 10
that President Roosevelt would seek indirect Congressional
sanction for the establishment of diplomatic relations with
appropriation to open a Legation in
Reykjavik, the Icelandic capital.
In Washington Associated
Press advices July 31 it was stated:
Brig. Gen. L. B. Hershey
The United States has been
a
represented in Iceland by a consul since last
Another diplomatic representative, a
vice-consul, was sent to Iceland
little more than a month ago.
♦
-
■»
A '•
~
J.
R. G. Tugwell as
Governor of Puerto Rico to Succeed Guy J. Swope—
Latter
Resigns to Join Interior Department as
Director
of
Division of Territories
and Island
President
Roosevelt
Nominates
nominated Rexford Guy
Tugwell, of -New York, to be Governor of Puerto Rico to
succeed Guy J. Swope, who resigned that day to become
Director of the Division of Territories and Island Possessions
in the Interior Department.
Mr. Tugwell, who was one of
the original New Deal advisers, had last served the Govern¬
ment as Under-Secretary of Agriculture, resigning several
in New York. A week ago it was
disclosed that Mr. Tugwell had been named as Chancellor of
the University of Puerto Rico and on July 25 Mayor La
Guardia of New York announced that'Mr. Tugwell would
resign shortly as Chairman of the New York City Planning
Commission to accept this post.
It is stated that he can hold
this position as well as that of Governor of Puerto Rico.
years ago
to enter business
Named by President Roosevelt
of
Selective Service
sent to the Senate the
Hershey to be Director
nomination
was confirmed by the Senate on the
same day.
The new
Director had been serving as acting director since the resig¬
nation in March of Dr. Clarence A. Dykstra, President of
the University of Wisconsin.
On July 31 President Roosevelt
nomination of Brig. Gen. Lewis B.
Senator
It is understood that the
Connally of Texas Named Chairman of Senate
Foreign
Relations
Committee—Succeeds Senator
Head of Finance
George of Georgia Who Becomes
Committee—Other Changes
The
Senate
Democratic Steering Committee on July
30
in Senate Committees, the most impor¬
tant of which was the designation of Senator Tom Connally,
Democrat, of Texas, as Chairman of the Froeign Relations
Committee.
Mr. Connally will succeed Senator Walter F.
made several changes
George, Democrat, of Georgia, who withdrew to become
Chairman of the Finance Committee, succeeding the late
Senator Pat Harrison of Mississippi, who died on June 16.
Senator George became Chairman of the Foreign Relations
last year following the
Committee
Pittman, of Nevada.
Possessions
President Roosevelt on July 30
Director
as
Iceland by asking an
year.
New
N. Y., Josiah Marvel, Wilmington,
Del., and Louis P. Maciante, Trenton, N. J.
of Selective Service.
of Connecticut, was nominated by
July 31 to be Minister to Iceland.
New York, Mrs. Anna M. Rosenberg,
York, Dr. Edmund E. Day, Ithaca,
deatlji of Senator Key
Senator Carl A. Hatch, Democrat, of
Mexico, was named Chairman of the Privileges
Elections Committee, succeeding Senator Connally in
New
and
this
All of the designations are subject to final approval of
As to other committee changes made that day
by the Steering Committee, Associated Press advices from
Washington, July 30, said:
post.
the Senate.
The
Democratic
Democrat, of
the
Foreign
Committee also added
Senators Josh Lee,
Relations Committee to succeed Mr. Harrison, and former
Senator James
to
Steering
Oklahoma and James M. Tunnell, Democrat, of Delaware, to
F. Byrnes, Democrat, of South Carolina, who was appointed
the Supreme Court.
The committee was
reported reliably to have split, 8 to 8, over whether
Lucas,
Democrat, of Illinois, or Senator Claude Pepper,
Justice Byrnes as Chairman of the
Senator
Scott
Democrat, of Florida, should succeed
Audit and Control Committee,
As a result the position was left open.
The Commercial & Financial Chronicle
636
Senator Prentiss M. Brown, Democrat, of Michigan, who was absent from
the meeting, thus may decide the issue.
Sir
Angus Fletcher Retires as Director of
Library of Information, New York
British
Announcement
was made on July 30 of the retirement of
Angus Fletcher as Director of the British Library of
Information, New York City.
Sir Angus joined the British
Library in 1933, two years after it was formed, and became
Director in 1937.
He was formerly a member of the research
Sir
staff of the National Industrial
Conference Board of New
\
:
York. X
'
.
A.
H.
Thaden,
von
'
+»
of
U.
,:V./
S.
Commerce,
Named Assistant to President of Excess Insurance
Co. of America
Chamber
The
nounced
Commerce
of
of
the
United
States
an¬
in
Washington on July 31 that Arthur H. von
Thaden, Manager of its Insurance Department, would, on
Aug. 1, become assistant to the President of the Excess
Insurance Co. of America, New York City, of which FYank
F. Winans was recently elected President. Mr. von Thaden
has been
a
member of the Chamber staff since 1926.
Association
of
Bank
Convention in
Women
Hold
to
Bankers
Association
Several
Committees for 1941-42
Chairman of
these
committees
were
made known
Agriculture:
F. E.
Decker, Vice-President of Northern
New York Trust Co., Watertown.
Committee
on
Bank Management:
Theodore Rokahr, Vice-President of
First Bank & Trust Co., Utica.
Committee
on
Bond
Portfolios:
New York Trust Co., New York
Committee
Bank of
on
Adrian M.
Massie,
Vice President of
City.
Bank Research:
on
A
Committee
Canadian
on
Legislation:
on
George W. Heiser, Vice-President
Fred E. Worden, President of National Bank
Relations:
Leston
P.
Faneuf,
Committee
on
Trust Functions: William
Assistant
Vice-
Vice-President of
Security Trust Co., Rochester.
Convention
Committee:
D.
Callanan,
Assistant
...
....
Foreign
Trade
Convention
New York
Secretary
Be
engaged in
now
area
have
completed
been
to
Tariff
Commission
Policy
Issues
Report on
Foreign Trade,
and
1922-40
comprehensive report on Italian commercial policy and
foreign trade for the period from the beginning of the
Fascist regime in 1922 to Italy's entry into the war in
June, 1940, was promulgated on July 17 by the United States
Tariff Commission.
The
publication analyzes in detail
Italian commercial policy and the
new
the sweeping changes in
far-reaching shifts in international trade that have recently
as a result of Italy's adoption of policies aiming
at a high degree of national economic self-sufficiency and
of military power.
occurred
The report may be purchased from the Superintendent of
Documents, Government Printing Office, Washington, D. C.,
at 30c. a copy.
The Tariff Commission has
limited
a
num¬
copies available for distribution.
Report
Commercial Policies and Trade Relations of
on
Haiti Issued
by United States Tariff Commission
States Tariff Commission issued
on July 8 a
report on the commercial policies and trade relations of the
Republic of Haiti as part of a series being made available
for
all
of Latin
countries
of
America.
Twenty
sections,
one
for each Latin American country, will constitute Part II of
the Commission's report on "The Foreign Trade of Latin
Part
Latin America
I, which is concerned
with
the trade of
whole, has recently been released and
translated into Spanish for use at the Habana Confer¬
Part
ence.
as
a
III, dealing with principal Latin American
ex¬
port commodities, has also been released.
commenting
the report on the Republic of Haiti the
on
Tariff Commission stated:
the
issued
report
a
by
the United
States Tariff
Commission,
of the
trade
export
Republic of Haiti is dependent chiefly upon four
cotton, sugar, and sisal—which customarily account
for more than 85% of the total.
The 6ale of these products in continental
European markets has been adversely affected by the war and prices have
been depressed, although in recent months there has been a considerable
...
..
to
Toronto
Arrangements
Commercial
commodities—coffee,
Neil
Manufacturers & Traders Trust Co., Buffalo.
*
States
According to
II. Stackel,
be extensive daily plant tours
in the
concerns
production.
A
President of Marine Midland Group, Inc., Buffalo.
l.
defense
guide to further improvement of production facilities of a similar nature
In
Public
three day session will
permit visiting Tool Engineers to inspect work in these defense plants as a
Auburn.
Committee
National
feature of the
through major industrial
was
County Organization:
of Manufacturers Trust Co., New York City.
of Auburn,
day semi-annual meeting, American Society of
Engineers, when that organization convenes at the
Royal York Hotel in Toronto, Canada, Oct. 16 to 18. The
meeting will seek to determine in a general way whether
machine tools are or are not a "bottleneck" in defense work,
said an announcement by the Society, which added:
America."
Bert H. White, Vice-President of
Liberty
Buffalo, Buffalo.
Committee
speed
three
The United
on
be utilized to
as
follows:
Committee
can
Tool
ber of
Eugene C. Donovan, President of the New York State
Bankers Association, announced on July 28 the
appoint¬
ment or nine Association committees to serve
during 1941-42.
The
Tool
To what extent older machine tools
Italian
Elects
Engineers to Hold SemiToronto, Canada, Oct. 16-18
of
defense production is to be the major topic of discussion at
United
Annual
Sept. 26 to 29, according to Miss Emma E. Claus, President
of|the Association and Secretary-Treasurer of the Bankers
Trust Co., Gary, Ind.
Besides Miss Claus, other officers
offthe Association are:
Miss Elizabeth S. Grover, Chase
National
Bank, New York City, Vice-President; Miss
Gertrude Greenwald, Bankers Trust Co., Gary, Ind., Re¬
cording Secretary; Miss Gertrude M. Jacobs, Marshall &
Illsley Bank, Milwaukee, Wis., Corresponding Secretary,
and eight Regional Vice-Presidents, one from each division.
State
Society
Annual Meeting in
Chicago, Sept. 26-29
The 19th annual convention of the Association of Bank
be held at the Congress Hotel, Chicago, 111.,
York
+
American
in the United States.
Women will
New
1941
2,
Mining Co. and Eureka Lily Consolidated Mining Co., Salt
Lake City, is General Chairman of the Program Committee,
and P. R. Bradley, President of Alaska Juneau Gold Mining
Co. and Treadwell Yukon Corp., and Vice-President of
Atolia Mining Co., Pacific Mining Co. and Bunker Hill &
Sullivan Mining & Concentrating Co., is General Chairman
of the Arrangements Committee.
the
Chamber of
Aug.
Held
in
improvement in the prices of coffee and
abroad
City, Oct. 6-8
The National
Foreign Trade Council has decided to hold
this year's National Foreign Trade Convention in New York
City on Oct. 6, 7 and 8, with headquarters in the Hotel
Pennsylvania, it was announced by James A. Farrell, Chair¬
man, who urged attendance at the meeting "in view of the
momentous issues before the
country that may determine for
generations the place of the United States in world trade."
In his announcement of the
coming convention, Mr. Farrell
said:
the
Republic
of
Haiti
must
chiefly of
1937
has
rely
almost
entirely
upon
into
imports
long
had
States, though of
the
Republic
substantial
a
the
Imports into the Republic consist
wide variety of manufactured products and foodstuffs.
a
total
Haiti
For the sale of its products
sugar.
now
United States and the United Kingdom.
have exceeded
trade
import
with
Since
therefrom.
exports
balance
the
United
late that balance has been declining.
Copies of the reports
are available at the office of the
United States Tariff Commission in Washington, D. C., and
the
at
Commission's
office
in
Custom
the
House,
New
York, N. Y.
f
A prominent member of the
international affairs,
Administration, with special knowledge
has already accepted the
delegates attending the World Trade Dinner,
invitation
on
Oct.
to
o
speakers at this and other sessions is being
carefully chosen to deal with
the issues that confront the United States as a
leading trading Nation.
Annual
Convention
Construction
of
to Be
American
Institute
Held in White
of
Steel
Sulphur Springs,
W. Va., Oct. 14-17
W The 1941 annual convention of the American Institute of
Steel Construction, Inc., is scheduled to be held
at The
Greenbrier, White Sulphur Springs, W. Va., Oct. 14 to 17.
Announcement of the convention dates was made on
by V. G. Iden, Secretary of the Institute.
Eighth'Annual
Homesite
address the
July 17
Purchases
Over
25% Ahead of Dwelling
According to Semi-Annual Survey
Construction,
7, and the list of
of National Association of
Real Estate Boards
Purchase of homesites since Jan. 1 of this year has been
going on in the United States at the rate of something like
3.63 lots
per 1,000 population, or about 14% lots per 1,000
families, and it is running almost 27% ahead of dwelling
construction, according to estimates for 211 cities reported
to
the
National
Association
thirty-seventh semi-annual
of
Real
Estate
Residential building in the identical cities
local
real
estate
boards
in
Boards
in
its
of the real estate market.
survey
estimated
as
confidential
their
reports
by
has
averaged about 2.86 dwellings per 1,000 population, or over
11 per 1,000 families.
The Association's announcement fur¬
ther states:
Metal
Mining Convention and Exposijtion^to Be Held in San Francisco, Sept. 29-Oct. 2
The
of
subdivision
the
cities of
market
the
is
the
than
active
more
country,
survey
it
finds.
was
It is
a
on
year
a
in 61%
ago
level with last
According to a recent announcement by Julian D. Conover,
Secretary of the American Mining Congress, Washington,
the Eighth Annual
Mining Convention and Exposition will
year's activity in 29% of the cities; less active in only 10% of the cities.
Oct.
population,
be held at the Fairmont Hotel, San
Francisco, Sept. 29 to
2.
James W. Wade, Vice-President and General
Manager of the Tintic Standard Mining Co., and President
and General Manager of the Eureka Standard
Consolidated
Old
subdivisions
being
market
are
Southeast
of
has
the
per
1,000
or
any
being
are
developed
The
44
per
section
liveliest
revived.
in
small
region,
with
1,000
of
the
construction
population.
The
Many
of
the
new
subdivisions
now
area.
an
of
average
families,
country.
record,
Southeast
11
appears
The
with
to
purchased
be
Southwest
5.02
reports
lots
the
houses built
4.24
houses,
1,000
per
liveliest
section,
site
however,
since
Jan.
1
the Northwest
Volume
3.76
houses,
the
and
Central
South
3.51
States
houses
built
1,000
per
aiyniiicantlj,
very
largest cities of the country as a group lot
lag behind dwelling construction rate and dwelling construction rate
Cities of over 500,000 population report
only not quite
purchased
of
the
in
under the national average.
runs
lot
a
dwelling built per 1,000 population, and only one lot
one
one-fourth
4,000 population, an average of little more than
per
dwelling.
per
Regional
variations
in general
notable
are
real estate
market activity.
71% of all the cities of the country show livelier turnover than last
While
this
at
year
Northwest
Great
83%
time, and
100%
region
Lakes
cities
of
88%
region
area
represented
cities
show
so
the
in the
report,
in the
Pronounced
pick-up;
82%.
New England region
the
in
;
defense
of all
regional variations are shown in residential building supply both for
apartments.
75%, New England
61%, the Central Atlantic region 54%.
For
apartments, most frequent need of more space is reported in the Great
Lakes region (57% of cities) and in New England (55% of cities).
Defense activity seema to have had as yet comparatively little reflection
in
demand
for
business or
office
space.
Central business rents have
cities
needing further houses—the Great Lakes region
64%,
the Southwest region
29% of the cities;
in
advanced
2%.
in only
lower
are
In some defense
building or
business expansion.
Normal
balance between supply and demand of business space is reported by 67%
of the cities, shortage by 15%, and an over-supply by 18%.
In defense
areas, 62% of the cities report normal balance, only 12% a shortage, and
it
areas
that
returns
survey
new
has outrun
structures
business
property
rents
in
Subcenters lag
19% rents
rents.
In
recovery.
behind central
advancing.
are
districts
central
States, and completed within a single week by expert indus¬
Society's membership, gives from their
trial realtors of the
first-hand
total
unchanged
are
as
with last
compared
A slim 1% have
have almost exactly the same demand-supply
Defense
rates.
situation
demand
is
areas
anywhere
reported by
and
cities
cities
as
of those
by 28%
Mortgage
65%.
27% of the
shown in
is still
in defense areas.
for
supply
money
Oversupply
supply and
balance between
else—a normal
real
to
total of approximately
A
a
of
warehousing
usable
normal
The first part of the
semi-annual survey by the Associa¬
19, page 331.
the
all
of
Savings and Loan Mortgages
Rise
Of these, 611
were
12,000,000 additional equare feet
industries and of
disposal of defense
the
at
alone,
areas
the
finds.
survey
through
way
existing
ghost
defense
in
housing.
It
means
of
minimum
a
far
so
as
utilization of existing power,
existing labor pools, and of
production,
and services,
utilities
Use
out, means speed
dislocation
industrial
of
and
towns.
straight-line pro¬
duction make up approximately 14% of the Nation's industrial space still
available, the survey indicates.
It located almost 12,000,000 square feet
of one-story manufacturng space in the 50 areas ready for new occupancy.
Of these areas, 14% say that two or three out of every 10 of their vacant
manufacturing buildings are the one-story type, 12% of the cities say
that three or four out of every 10 of their structures are in the one-story
classification, 8% of the cities report five or six out of every 10 of their
present unused industrial structures are one-story buildings, another 8%
One-story
the
of
cities
are
the
of
10
(35%)
show
cities
suitable
of
the
for
is
type,
out
needed
10
of
give
10%
space
to
reported.
in the
are
buildings
'Concrete
Cities
and
18% of
or
the
Society
for
makes
up
30,000,000 square
sections
industry.
square
the
of the country
whose floor load
One-third of the
feet, or 55%
survey
approximately
available structures;
The
40% and 60%,
47,000,000
inviting occupancy,
now
construction
space
kind.
the one-story
proportion of their structures
siding is available
industrial
20%.
proportion that ranges between
a
their
of
6% of the cities report seven or eight
capacity would make them suitable for heavy
Railroad
for
heavy manufacturing make up
space
wide variation
seven
and
industrial
empty
individual
Structures
feet
or
buildings,
their
of
for
preferred
six
that
state
one-story
median
the
structures,
15,000,000
equare
slow-burning construction
77% of them.
the defense industrial
of the
shows.
feet,
makes
up
or
during
emergency
will
keep
up
a
33% in June
ITEMS
ABOUT
BANKS,
three
New
each.
The
York
Stock
TRUST
COMPANIES,
&c.
July 29 for the transfer of
Exchange memberships at $32,000
Arrangements were made
on
previous transaction was at $27,000, on July 7.
Arrangements were been completed on July 24 for a sale
membership in The Chicago Stock Exchange at $800, up
$250 from the last previous sale.
of
for the purchase of homes, totaling $2,158,206, 372
loans for
construction
50
periodic and frequent check of available structures and their type.
Mortgage loans made by all savings and loan associations
in New York State during June show a 33% increase in total
amount loaned over the month of June, 1940, according to
information announced July 22, by the New York State
League of Savings and Loan Associations.
Zebulon V. Woodard, Executive Vice-President, reports
that 110 member associations, with assets totaling $277,381,276, made a total number of 1,294 loans totaling $4,712,161
during June, 1941.
The League's announcement adds:
were
the
in
existing public
The
New York State
now
67,000,000 square feet,
♦
86,000,000 equare feet of manufacturing space
total of almost
a
is
space
industries
industrial
tion was referred to in our issue of July
type and
possible of existing structures, President Schmidt points
extremely
be
Areas covered, some
lease.
or
states:
of
cities
continues
estate
favorable.
purchase
of them entire States, are distributed from coast to coast.
With regard to the results of the survey the Association
in 86% of the cities, but 13% report higher rates.
lower
the
buildings
usable manufacturing and warehouse space
available for
now
the individual
with
acquaintance
of really
cut
6%.
dropping in
are
business
higher
having
in
Office
100,000 and 200,000 population make the best showing
between
44%
They
the
from
over-supply.
an
districts
year
business
of
Cities of
with
probable
seems
remodeling
26%
July 26 by Walter S. Schmidt, Presi¬
released
Society, new specialized branch of the National
Association of Real Estate Boards.
The survey, covering
some 50 of the most active industrial areas of the United
single
With under-supply for single family
dwellings beginning to be felt in 57% of the cities of the country and in
70% of cities in defense areas, the Northwest region shows 80% of its
and
dwellings
family
which were
dent of the
population.
sales
637
& Financial Chronicle
The Commercial
153
total of $1,896,586,
a
120 were refinanced,
totaling $428,371, 100 were for repairs and modernization, totaling $94,820,
Projecting the actual number of loans made to include all associations
in the State for June,
Arrangements
New York
and 91 other loans totaled $134,178.
1941, there would be a total of 2,084, amounting to
were
made
July 31 for the transfer of a
membership at $35,000.
The
at $32,000, on July 29.
on
Stock Exchange
previous transaction
was
$7,586,579, which represents an increase of 33% or $1,880,914 in amount
loaned
over
over
June, 1940, and an increase of 11% or 212 in number of loans
Arrangements were made on July 31 for the sale of a New
Exchange membership at $1,000, unchanged from
on July 2.
Present market is no bid, offered at
York Curb
June, 1940.
the last sale
Boards of the Country Extend Work for
Rent Situation in Defense Areas
Real Estate
Balanced
Real
boards
estate
throughout
the
throughout
the present year placed
who
country
first on their
have
list of
responsibilities the maintenance of a balanced housing and
rent situation in their communities in the light of changing
have
needs
defense
through
their National Association
of
Real Estate Boards formally pledged
their aid and coopera¬
guarding against
defense areas.
The Association,
$2,500.
This sale is not made under the recently
ment
plan.
retirement
adopted seat retire¬
Under that plan purchase by the Exchange for
of seats will be made only upon specific order by
the Board of Governors of the Exchange in each case.
Guaranty Trust Company of New York announces the ap¬
pointment of T. Clyde McCarroll as an Assistant Secretary.
tion to the Council of National Defense in
undue
in
increases
rent
through its President, Philip W.
Kniskern, points out the
importance, to speed up the defense program itself, to Con¬
tinued flow of needed new defense housing construction, to
the whole future of
private ownership of real estate and to
municipal financing as well, that every
effort be made to handle any rental emergency that may
the
stability
arise
of
through
ance
It has asked
voluntary effort.
boards in 470 cities to
to any committee
its member
pledge their cooperation and assist¬
which
be appointed in the com¬
may
munity by the Mayor for voluntary action to maintain fair
rents.
—♦—
i
;
Charles Shier,
Assistant Cashier in charge of Tax Depart¬
ment, Bank of the Manhattan Co., New York retired on
July 31 having completed 41 years service with the Bank.
Cecil Hogan, a Vice-President of the Bankers
Co., New York City, died of a heart attack at his home
in Summit, N. J., on July 28, at the age of 56 years.
Mr.
Hogan joined the Bankers Trust in 1920, in the bond depart¬
ment, after resigning as Assistant Secretary and Treasurer of
the Title Guarantee & Trust Co. of Baltimore, Md.
He was
Robert
Trust
made
an
Assistant Vice-President of the Bankers Trust in
1926 and Vice-President in 1928.
Mr. Kniskern states:
In
the
last
war
emergency
practically
all
house building
was
stopped
In the present emergency we are proceeding much more intelli¬
entirely.
the 189 defense areas house building is being stepped up
home construction for the first time is going on at a rate
gently, and in
until
now
the
exceeding
private
home
figures,
is
and
it is
average
of
the big years
construction
now
through
from
private
1926
capital,
to
1929.
The rate of
according
to
running about 23% ahead of the same period
taking place almost entirely in the defense industry
official
last
year,
areas.
Available Manufacturing and Warehouse Space Meas¬
ured in
Termed
Survey by Society of Industrial Realtors—
Backlog For Defense Industry Expansion
Amount of usable industrial space still available in exist¬
ing
industrial structures of the country, our backlog for
defense industry expansion, is measured in a spot
quick
survey
by the
Society
of
Industrial Realtors,
returns
on
In 1934 he was placed in
charge of the corporate trust department.
Since March of
this year he had been in charge of consolidating the institu¬
tion's credit, analysis and economics departments into a new
department known as the Credit-Analysis Department.
A native of Baltimore, Mr. Hogan attended Washington
University St. Louis.
He was graduated from the law school
of the University of Maryland, at Baltimore, in 1909, but
never practiced.
He also attended Johns Hopkins Univer¬
sity, Baltimore, where he took a graduate course in political
economy in 1909-10.
Mr. Hogan became a clerk with the Title Guarantee &
Trust Co. (Baltimore) in 1907, becoming Assistant Secretary
and Treasurer in 1910.
With the exception of service in the
Army during and immediately after the World War, he was
,
with the Baltimore bank until he became affiliated with the
Bankers Trust Co.
The Commercial & Financial Chronicle
638
The New York State Banking Department approved on
July 19 plans of the Empire Safe Deposit Co., New York
City, to reduce its capital stock from $650,000, consisting of
6,500 shares of a par value of $100 each, to $100,000, con¬
sisting of 1,000 shares of the par value of $100 each.
The retirement
by the board of directors of the Fidelity
National Bank in New York, at Elmhurst (Queens), N. Y.,
of $15,000 of preferred stock held by the Reconstruction
Finance
Corporation
Gering, President, in
announced on Aug. 1 by John P.
letter to stockholders. The announce¬
was
a
ment said that in order to maintain the bank's capital at its
legal requirement of $200,000, the board of directors declared
a common stock dividend of 1,500 shares, of the par value
of $10 each, to replace the 1,500 shares of preferred stock
retired, payable on Aug. 1, 1941 to stockholders of record as
of July 15,1941. Mr. Gering, in his letter, further remarked:
A cash dividend of $2,000 was paid to stockholders of record as of Dec. 21,
1936. To date $55,000 of preferred stock has been retired.
in dividends has been paid in cash
Mr.
A total of 49.72%
and in common stock.
announces that in addition to the $30,000
stock dividends which have been paid during the
Gering also
common
1941, the management has purchased the bank building
year
in which its main office is maintained at the cost of $37,500.
The earlier stock dividend of $15,000 paid this year was
noted in
our issue of April 5, page 2181.
Fidelity National Bank, in its statement of condition
as of June 30, reported total resources of $4,036,318, which
compares with total assets of $488,152 on Jan. 27, 1934,
when the bank first opened. Since its opening, deposits of the
institution have increased from $36,410 to $3,666,556 on
June 30, this year.
The
Frank Abner
Merrill, retired banker of Boston, Mass.,
July 24 at his home in Brookline. He was 75 years
old, having been born in Exeter, N. H., on Oct. 7, 1865.
Mr. Merrill retired in 1927 when the private banking firm of
Merrill, Oldham & Co., Boston, which he founded in 1901
and of which he was senior partner, was purchased by the
Atlantic National Bank, Boston. Prior to founding Merrill,
died
on
Mr. Merrill had been associated from 1886
Oldham & Co.
with the firm of N. W. Harris & Co.
THE
Price movements
on
Aug. 2, 1941
CURB
MARKET
the New York Curb Exchange have
pointed upward during much of the present week.
There
setbacks, when profit-taking developed,
but they were not maintained long enough to change the
trend of the market.
The transfers were fairly heavy
throughout the week. President Roosevelt's executive order
freezing Japanese assets in this country brought about a sub¬
stantial rise in all rayon shares, ranging from fractions to
more than 3 points in some instances.
Traders assumed,
no doubt, that rayons will
materially benefit from the freezing
order's effect on shipments of Jarpanese silks to America.
There was a tendency toward higher levels in most of the
general list, and many new 1941 highs were established.
Trading was rather active during the two-hour session on
Saturday, stocks closed moderately higher, with rayon shares
featuring the largest Saturday's trading in three months.
The transfers totaled 64,645 shares,
compared with 36,000
during the preceding short session. The advance in rayon
issues was unquestionably due to President Roosevelt's execu¬
tive order freezing Japanese assets in this
country.
North
American Rayon A and B stocks advanced 3
34 and 234
points, respectively.
Tubize Chatillon common gained 2%
points at 934, while the class A was up 334 points at 45,
both issues closing at new highs for the
year.
Celanese ad¬
vanced 1% points and Hartford
Rayon was up 34Long
Island Lighting pref. B led the utilities,
closing up 2 points
at 30, a new 1941 high.
Southern Union Gas A climbed a
point at 24.
With a few exceptions fractional gains ruled
elsewhere in the utility sector. Point or better
gains appeared
for Baldwin Locomotive pref.,
Fruehauf, Gilbert pref.,
Quaker Oats, Fox Brewing and Canadian Industries pref.
Celluloid Corp. issues were also
up, the preferred ending the
session with a gain of 2 34 points at
46, its 1941 peak. Petrol¬
eum and natural
gas shares were moderately higher although
there were a few in this
group which worked against the
trend.
Aviations made fractional
gains, Cessna recorded a
new 1941 high at 734Other groups were irregularly higher.
The market developed a firm tone on
Monday, renewed
activity was apparent throughout the day and stocks closed
higher. The turnover was approximately 143,000 shares, as
against 139,000 on Friday, the last full day. More encourag¬
ing international developments seemed to give greater con¬
have been occasional
fidence to investors.
Edward M.
Thompson, President of the Brockton Savings
Bank, Brockton, Mass., for 18 years died on July 19 at his,
home in Brockton following a long illness.
He was 84 years
old.
Admission of the Long Branch Trust Co., Long Branch,
N. J., to
nounced
membership in the Federal Reserve System was an¬
on July 30 by the Federal reserve Bank of New
York.
This is the 26th bank in the Second (New York)
District to join the System thus far this year, and the 34th
since the present increase in membership began last Septem¬
ber.
The Long Branch Trust Co. reported total assets on
June 30 of $5,060,000.
Officers of the institution include
John Terhune, Chairman of the Board; Samuel C. Morris,
President and Treasurer; Henry S. Terhune, Vice-President
and W. Stanley Bouse, Secretary and Trust Officer.
At
meeting of the Board of Directors of the Tradesmens
Bank & Trust Co, of Philadelphia on July 25
Howard A. Loeb, Chairman, announced the appointment of
a
National
Rodman J. Hicks
was
as
Assistant Cashier.
Assistant Manager
Mr. Hicks formerly
of the bank's Germantown Office.
Stacy B. Lloyd, President of the Philadelphia Saving Fund
Society, Philadelphia, Pa., died of a heart attack at his sum¬
home in Northeast Harbor, Me., on July 30.
Mr.
Lloyd, who had been President of the Society since 1934,
mer
would
have
celebrated his 65th birthday
Aug. 1.
on
In
noting that he was also a director of the Philadelphia Na¬
tional Bank, the Provident Mutual Life Insurance Co., the
Merchant Fund and the Baltimore & Eastern Ry. Co., the
Philadelphia "Inquirer" of July 31 gave the following sum¬
mary of Mr. Lloyd's career:
Mr.
Lloyd, who made his home in Ardmore, Pa.,
He
Aug. 1, 1876.
was
was
born in Camden,
educated at Penn Charter School here and at Law-
renceville School, entering Princeton University in 1894.
degree of Bachelor of Arts there four
years
later and
was
He received the
graduated from the
law school of the University of Pennsylvania in 1901.
For the following five years he was associated in general practice with
the law firm of Read & Petti in this city.
eral solicitor in the legal department of the
In 1906 he
was
appointed gen¬
Pennsylvania RR., and subse¬
quently became assistant general counsel of that road, serving until 1921.
In
that
year
he resigned to become Vice-President
of the
Philadelphia
Saving Fund Society.
In 1934 he was elected President of the savings
made on July 22 by officials of the
Cincinnati, Ohio, of the completion of the
remodeling and modernization of the offices of the company,
resulting in a complete rearrangement of the banking quar¬
was
Central Trust Co.,
The announcement said that the bank will also occupy
the new addition to the Union Central Building, on the site
ters.
of the old
Electric Building, in addition to the remodeled
quarters.
variations were held to fractions in the aviation and
petroleum
and natural gas groups.
Mining and metals were quiet with
little change one way or the other.
Mixed price movements with moderate
irregularity were
dominating features of Curb dealings on Tuesday. Active
trading continued, volume of transfers climbed up to ap¬
proximately 157,000 shares, contrasting with 143,000 on
Monday.
Considerable profit-taking developed from time
to time, with the result that the market took on
an irregular
the
Mixed prices prevailed at the close.
Public
prominent on the downside, issues losing a
point or more included American Superpower 1st pref.,
Consolidated Gas & Electric of
Baltimore, Electric Bond &
Share $5 pref., Florida Power &
Light $7 pref., New England
Tel. & Tel. and Public Service of Indiana
$7 pref.
Merritt
Chapman & Scott issues held close to their tops for the year.
Other industrial strong spots were, Gorham
pref. up 134 at
293/2, R. Hoe & Co. up 2 at 15, Mead Johnson up iy at
130 34 and Sherwin Williams
up 234 at 7934American
appearance.
utilities
were
Cyanamid B established a new 1941 high at 4234, up 1/4*
The G. A. Fuller issues were also at their best levels for the
In the paper and cardboard group, St. Regis Paper
pref. advanced 134 points to 9734, otherwise only fractional
changes occurred in this sector. Aviation prices were mixed
with changes held to fractions.
In the petroleum and natural
gas shares, as well as in the mining and metal
groups, there
year.
institution, and directed
its affairs from that time until his death.
Announcement
Prices were higher in
practically all
Continued strength in rayon shares was in evidence,
Atlantic Rayon gained 34 point to a new
high at 4 34. Celan¬
ese advanced 1
point to 124, although this was not a new
high, but both the common and preferred stocks of Celluloid
Corp., controlled by Celanese, rose to new 1941 highs, the
former up % to 5% and the latter
up 2 to 48.
Tubize
Chatillon A closed up 1 34 at 4634 after
recording a new top
at 4634Among issues of companies benefiting directly or
indirectly from war activity, there were several new peaks.
Midvale was prominent in the "war"
group, climbing 8
points to a new top at 123, and closing up 434 at 13134. With
building activity stimulated, G. A. Fuller common rose 3
points to 63 and the $3 conv. pref. 2 to 48, both new highs.
Other stocks gaining a point or better
included, American
Cyanamid B, Brill Company pref., Colt's Patent Fire Arms,
Great Northern Paper, Hammermill
Paper, Niles-BementPond, Mead Johnson and Thew Shovel. In the utility
group,
Empire Gas & Fuel, all issues, closed from 2 to 334 points
higher.
Other utility strong spots were Central New York
Power pref., Consolidated Gas of
Baltimore, Cleveland
Electric Illuminating, Indiana Service
6% and 7% pref.,
Long Island Lighting pref. and pref. B, North American
Light & Power and Public Service of Indiana $6 pref. Price
groups.
little variation from
Monday's prices.
The trend turned downward
during the
was
early trading in
on Wednesday, but recovered
Recessions with few exceptions
A few special groups displayed
independent strength, though the trend was mixed at the
close.
Volume tapered off from the
large totals of the two
some
of
the
leading stocks
somewhat in late dealings.
were of small
proportions.
Volume
The Commercial
153
preceding sessions, the turnover amounted to approximately
128,000 shares, compared with 157,000 on Tuesday.
The
public utilities have been prominent in recent trading, both
on the upside as well as downside.
The Empire Gas & Fuel
preferreas were the outstanding features today, establishing
new
highs for the year. The 6% pref. rose 3 points to 1133^,
the 6^% pref. 5^ to 1153^, the 7% pref. 5^ to 122 and the
8% pref. 5 to 125. Indiana Service 6% and 7% preferreds
with gains of 1J^ and 2]^ points respectively, were also at
new peaks for the year.
Long Island Lighting 7% pref.
moved up a point to 35. Among the soft spots were Columbia
Gas & Electric pref. and Puget Sound Power & Light $6 pref.
Electric Bond & Share $5 pref. was unchanged at 473^,
equaling the year's low recorded on Tuesday.
George A.
Fuller continued to gain ground, the common hit a new high
for the year at 65 and the 4% stock duplicated its top at 65.
Aviation prices were mixed though Beech recorded a new high
at 8%.
In the Rayon group Celanese and North American
Rayon B were up fractionally, while Tubize common was off
Prices in other sections were mixed and changes were of
small proportions.
Renewed activity was apparent on Thursday and the
volume of sales registered a moderate increase over the pre¬
ceding day, the turnover was approximately 156,000 shares,
as against 128,000 on Wednesday.
There was some profittaking in evidence, but this was quickly absorbed as specu¬
lative interest spread.
The market closed irregularly higher.
Public utilities continued their activity and many new peaks
for the year were registered, Cities Service and Empire Gas
& Fuel stocks led in the upswing and closed with substantial
gains, all issues recording new highs for the year.
Cities
Service common closed up % at
after recording a new
high at 6% the $6 pref. was up 33^ at 783^ the top for the
day and year being 83^; pref. B advanced 13^ at 7^ and
the pref. B B closed at 72% "with a gain of 93^ points.
Em¬
pire Gas & Fuel, 6% pref. rose 53^ points to 119 after re¬
cording a new top at 120, the Q%% pref. was up 6% to 122;
the 7% pref., 1
to 1203^ though selling earlier at 130 and
the 8% pref. was up 3 at 128, after registering a new high
at
138.
#
Cities Service Power & Light $6 pref. and the $7
pref. gained 5% and 43^ points respectively. Other utilities
advancing a point or more included, Illinois Iowa Power
pref., Indianapolis Power & Light pref., Indiana Service $6
and $7 pref., New England Power 6% pref. and North
American Light & Power pref. A few utilities worked against
the trend closing on the downside.
In the Industrial and
miscellaneous groups stocks recording new highs for the
year included among others, Brown Co., pref., Celluloid
common and pref.,
Fire Assn. of Philadelphia, Godchaux
Sugars A, R. Hoe & Co., Lackawanna Railroad of N. J.,
Mangel Stores common, Seiberling Rubber and J. B. Stetson.
In the aviation section changes were held to fractions, Beech
again recording a new top at 934Prices in the petroleum
and natural gas stocks were mixed with fractional changes,
Humble recording a new high at 64^.
Rayon shares were
quiet. Other groups registered minor changes.
Irregular and mixed price movements characterized the
trading during the greater part of the session on Friday.
Profit-taking appeared from time to time, and while prices
fluctuated up and down, there was a tendency toward slightly
higher levels. The market closed irregular though the ad¬
vances outnumbered
the declines by a moderate margin.
Several issues recorded new peaks for the year.
The transfers
dropped to approximately 145,000 shares, compared with
156,000 on Thursday.
Utilities were mixed, Cities Service
and Empire Gas & Fuel stocks were down, losing a small
portion of yesterday's substantial gains. For the most part
other
declines
in
section
this
were
confined
to
fractions.
Issues
gaining ground included, Eastern Gas & Fuel, 43^%
and 6% pref., Electric Bond & Share $5 and $6 pref., Georgia
Power 6% pref., Hartford Electric, Illinois Iowa Power pref.,
Indiana Service $6 and $7 pref., both establishing new highs;
International Utilities A and B, New England Power pref.
and Ohio Edison.
Among the stocks in other sections re¬
cording new 1941 highs were American Manufacturing,
Eversharp, Inc., Gulf Oil, Lehigh Coal and Navigation,
Ohio Oil, Pennroad, Sieberling Rubber and J. B. Stetson.
Changes were fractional in all other groups. As compared
with Friday of last week prices were about evenly divided
between advances and declines.
DAILY
TRANSACTIONS
AT
THE
YORK
NEW
639
& Financial Chronicle
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
give below
FOREIGN
record for the week just passed:
a
RATES
EXCHANGE
BANK
CERTIFIED
UNDER
TREASURY
TO
1941, TO AUG.
JULY 26,
Bonds (Par Value)
Aug. 1, 1941
of
Shares)
Domestic
Corporate
New York
July 26
July 28
July 29
July 30
July 31
Aug. 1
$
$
$
$
S
$
a
a
a
a
a
a
Bulgaria, lev
Czechoslov'ia, koruna
a
a
a
a
a
a
a
a
a
a
a
a
Denmark,
a
a
a
a
a
krone..
a
Engl'd, pound sterl'g
Official
.035000
—
4.035000
.035000
4.035000
4.035000
4.035000
4.032500
.032500
4.032500
4.032500
4.032500
Free——
.034062
Finland, Markka..
a
a
a
a
a
France, franc
a
a
a
a
a
Germany, relchsmark
a
a
a
a
a
a
Greece, drachma
a
a
a
a
a
a
Hungary,
Italy, lira
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
Poland, zloty
a
a
a
a
a
a
Portugal, escudo
c
c
c
c
c
c
a
a
a
a
a
a
Spain, peseta
a
a
a
a
a
a
Sweden, krona..——
c
c
c
c
c
c
Switzerland, franc...
c
c
c
c
c
c
Yugoslavia,
a
a
a
a
a
a
pengo
Netherlands, guilder.
krone
Norway,
Rumania, leu
a
a
.
dinar-
Asia—
China—
Chefoo (yuan) dol'r
a
a
a
a
a
a
Hankow (yuan) dol
a
a
a
a
a
a
Shanghai (yuan) dol
Tientsin (yuan) dol
Hongkong, dollar
India (British) rupee.
Japan, yen
Straits Settlem'ts, dol
c
c
c
c
c
c
a
a
.247500
.246266
.246750
.248125
.250656
.251156
.301283
.301283
.301283
.301283
.301283
.301283
.471600
.471600
.471600
.471600
.471600
.471600
228000
3.228000
228000
3.228000
3.228000
3.228000
213958
3.213333
213333
3.213333
3.213333
3.213333
226791
3.225958
225958
3.225958
3.225958
3.225958
South Africa, pound- 3.980000
3.980000
3.980000
3.980000
3.980000
3.980000
.909090
a
Australasia—
Australia, pound—
Official
Free
...
New Zealand, poundAfrica—
North America-
Canada, dollar—
Official
.909090
.883046
.883125
Mexico,
.205425*
peso
205425*
.909090
.909090
.909090
.884140
.884732
.885703
.885937
.205375*
.909090
Free...
.205425*
.205425*
.205425*
Newfoundl'd, dollarOfficial
.909090
.909090
.909090
.909090
.909090
.909090
Free
.880468
.880625
.881875
.882500
.883281
.883281
.297733*
South America
Argentina, peso—
.297733*
.297733*
.297733*
.297733*
.297733*
.237044*
.237044*
.237044*
.237044*
.237044*
.237044*
Official
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
Free
.050666*
.050666*
.050666
.050666*
.050666*
.050666*
Official—
——-.
Free
-
Brazil, milieis—
Chile, peso—
c
Official
Export—- —
Colombia,
c
c
— —
.569800*
Non-controlled.
Nominal rate,
a
.569800*
.569800*
.569800*
.569800*
.658300*
.658300*
.658300*
.437525*
.437525*
.437525*
.658300*
.437500*
.658300*
.437525*
_.
.569825*
.658300*
peso
Uruguay, peso—
Controlled
*
c
c
c
c
c
No rates available,
COURSE OF
Bank clearings
c
.437500*
Temporarily omitted.
BANK CLEARINGS
this week show an increase
compared with
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Aug. 2)
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be 18.4% above
those for the corresponding week last year.
Our preliminary
total stands at $6,691,625,611, against $5,649,873,440 for
the same week in 1940.
At this center there is a gain for
the week ended Friday of 11.9%.
Our comparative suma
year ago.
Per
Clearings—Returns by Telegraph
Week Ending Aug. 2
Boston
Kansas
City
Louis
—U—•———————
Pittsburgh
$2,419,639,221
+ 11.9
315,390,433
447,000,000
211,076,286
108,258,838
99,600,000
154,652,000
157,816,577
182,214,451
124,105,977
88,782,587
253.341,236
+ 24.5
334,000,000
+ 33.8
$4,596,029,391
980,325,285
Philadelphia
1940
$2,707,132,242
New York
8t
Cent
1941
$3,894,627,543
753,215,295
+ 18.0
$5,576,354,676
1,115,270,935
$4,647,842,738
1,002,030,702
+ 20.0
$6,691,625,611
$5,649,873,440
+ 18.4
174,027,716
82,346,088
78,400,000
151,275,000
117,289,143
117,530,493
91,919,397
74,859,249
Foreign
Government
RESERVE
1930
Europe—
Belgium, belga.—.
Other cities, five days
Foreign
OF
ACT
Unit
Eleven cities, five days
(Number
Week Ended
FEDERAL
BY
TARIFF
1. 1941, INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
Baltimore
Stocks
Total
We
cable transfers in the different countries of the world.
EXCHANGE
CURB
RATES
EXCHANGE
FOREIGN
Pursuant to the
Total all cities, five
All cities, one
days
day
——-
+21.3
+ 31.5
+ 27.0
+2.2
+ 34.6
+ 55.0
+ 35.0
+ 18.6
+ 30.2
+ 11.3
$300,000
Monday———.
142,870
$295,000
620,000
$2,000
$5,000
9,000
Tuesday
153,875
843.000
2,000
27,000
872,000
Wednesday
127,805
788,000
28,000
37,000
853,000
Thursday
151,215
145,500
955,000
2,000
15,000
972,000
723,000
38,000
8,000
769,000
785,910
$4,224,000
$72,000
$101,000
$4,397,000
64.645
Saturday
Friday
Total
Sales at
Week Ended Aug. 1
631,000
Jan. 1 to Aug.
1
New York Curb
Exchange
Stocks—No. of shares.
1941
1940
1941
1940
785,910
415,090
15,354,702
28,592,192
$4,224,000
$3,815,000
5152,514,000
$193,252,000
72.000
11,000
2,438.000
1,408,000
Bonds
Domestic
Foreign government—
Foreign corporate
Total..—
101,000
104,000
1.691,000
4,356,000
$4,397,000
$3,930,000
$156,643,000
$199,016,000
Total all cities for
week
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
by the
cannot
today
(Saturday) and the Saturday figures will not be available
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until noon today.
present further below, we are able to give final and complete
for the week previous—the week ended July 26.
For that week there was an increase of 9.2%, the aggregate
of clearings for the whole country having amounted to
results
$6,120,728,594, against $5,606,530,,678 in the same
week of
The Commercial & Financial Chronicle
640
1940.
Outside of this city there was an increase of 33.5%,
the bank clearings at this center having recorded a loss
of
10.9%.
We
group the
districts in which
serve
Aug. 2,
Week Ended July 26
Clearings at-
cities according to the Federal Re¬
they are located and from this it
Inc.
1941
that in the New York Reserve District (including
this city) the totals show a decrease of
9.7%, but in the
1940
Reserve
District
the
totals
show
an
increase
OF
BANK
1938
Seventh Feder al Reserve D (strict—Chi cago—
Mich.-Ann Arbor
369,472
Grand Rapids
Lansing
266,727
274,929
+ 58.6
+26.5
102,379,617
2,495,972
83,881,957
2,105,433
1,541,898
1,036,001
711,805
15,903,000
2,042,437
Wayne
Indianapolis...
2,885,103
1,214,434
+ 68.2
1,572,917
18,548,000
+ 33.7
933,011
+ 32.0
17,881,000
2,645,601
1,802,900
6,587,584
Rap.
Des Moines..
4,766,857
18,563,120
1,113,449
+46.7
+ 38.2
21,560,782
1,312,273
10,242,325
—
Terre Haute..
Wis,—Milwaukee
la.—Cedar
+ 50.2
112,008,673
2,102,334
24,488.000
......
Ind.—Ft.
South Bend
245,965
177,666,323
3,650,863
Detroit
+ 16.1
1,086.331
4,902,540
21,384,792
1,339,610
7,476,917
3,013,042
+ 20.8
+ 24.4
926,473
4,282,791
17,050.845
1.031,759
7,781,105
+ 91.6
317,644
380,765,326
8,230,935
3,066,180
253,063
291,675,671
+ 30.5
274,948,420
3,057,581
320,510
261,457,118
Decatur....
1,159,416
848,085
+ 36.7
Peoria........
4,285.063
3,770,787
+ 13.6
939,791
2,864,226
785,279
3,233,348
Rockfod-
1,845,953
1,615,403
1,127,401
1,411,911
+ 63.7
986,208
894,044
+ 14.4
1,160,735
1,442,157
647,241,771
473,078,333
+ 36.8
445,945,599
406,176,135
Sioux City
—
4,417,659
_
Ill.-Bloomington.
484,957
Chicago
Springfie'd
districts:
SUMMARY
1939
%
of
21.8% and in the Philadelphia Reserve District of 24.5%.
In the Cleveland Reserve District the totals are
larger by
41.5%, in the Richmond Reserve District by 29.1%, and
in the Atlanta Reserve District by
48.9%.
In the Chicago
Reserve District the totals record an expansion of
36.8%,
in the St. Louis Reserve District of
45.6%, and in the
Minneapolis Reserve District of 26.1 %.
In the Kansas City
Reserve District there is an improvement of
31.8%, in
the Dallas Reserve District of 37.2%, and in the San Fran¬
cisco Reserve District of 35.2%.
In the following we furnish a
summary by Federal Reserve
or
Dec.
appears
Boston
1941
Total (18
CLEARINGS
cities)
+ 44.1
Inc.or
Week End. July 26,
1941
1940
$
1941
I
Dec.
1939
1938
$
I
Eighth Federa
1 Reserve Dis trict—St.Lo uis—
Mo.—St. Louis..
Federal
1st
Reserve Dlsts.
Boston
12 cities
%
261,212,770 + 21.8
318,089.246
84,300,000
+ 37.1
80,100,000
76,900,000
52,301,153
31,703,381
+ 65 0
30,515,666
28,287,011
25,355,417
16,567.016
+ 53.0
15,529,047
13,285,904
...
557,000
516,000
+ 7.9
461,000
585,000
Total (4 cities).
193,613,570
132,986,397
+ 45.6
126,605,713
119,057,915
238,495,606
218,913,073
Tenn.—Memphis
—9.7
3,140,777,349
2,838,444,740
111.—Jacksonville
+24.5
365,981,065
326,700,523
277,211,547
233,544,484
2d
New York..12
"
2,863.481,764
3,169,767,548
3d
PhlladelphlalO
"
501,828,271
403,127,661
4th
Cleveland..
"
436,677,161
308,514,507
+ 41.5
7
115,400,000
Ky.—Koulsvllle.
6th
Richmond..
6
"
188,567,666
146,075,146
+29.1
124,861,838
0th
Atlanta
10
"
234,915,102
157,736,428
Chicago
"
647,241,771
473,078,333
445,945,599
8th
St. Louis...
x
125,984,922
18
+ 48.9
+36.8
142,269,561
7th
Quincy
406,176,135
112,044,069
4
"
132,986,397
+45.6
126,605.713
Minneapolis 7
10th Kansas City 10
11th Dallas
6
"
128,322,993
101,799,573
89,304,647
187,411,664
142,173,737
+ 28.1
+31.8
96,107,891
••
146,223,272
134,859,206
"
88,115,120
64,227,608
+37.2
12th San Fran... 10
59,485,315
62,574,237
"
332,464,266
245,830,970 +35.2
226,025,429
210,468,920
9th
Total
193,613,570
119,057,915
Ninth Federal
Minn.—Duluth
5,606,530,678
+9.2
+33.5
5,389,990,185
4,678,072,871
N. D.—Fargo...
8. D.—Aberdeen
2,530,887,669
2,342,289,381
2,129,525,680
Mont.—Billings
32 cities
379,763,296
294,127,973
+29.1
287,187,462
add
now
2,807,006
+ 25.5
+ 31.0
62,059,902
24,820,035
2,250,529
+ 27.7
2,011,732
755,581' + 45.4
714,067
3,158,733
2,705,460
59,850,852
21,064,782
296,632,309
1,098,737
949,348
765,669
1,968,679
752,645
764,490
3,577,600
Total (7
We
+ 13.5
22,523,414
3,258,248
+ 9.8
702,689
2,992,460
128,322,993
101,799,573
+26.1
96.107,891
89,304,647
_
Helena
Canada
Min neapol is-
69,087,399
2,874,741
Bt, Paul
6,120,728,594
—
3,586,143
86,721.483
29,514,941
.
3,379,462,072
113 cities
Outside N. Y. City
Reserve Dis trict
Minneapolis...
cities).
+ 24.0
2,197,739
detailed statement showing last week's
figures for each city separately for the four years:
our
Tenth Federal
1941
1940
$
Federal
Reserve Dlst rict—Boston
Maine—Bangor
Portland......
1939
Lowell
604,232
+ 28.4
563,437
1,830,299
226,355,693
+ 26.2
+ 21.5
2,064,999
204,289,509
773,598
Fall River
648,811
+ 19.2
520,154
+ 15.3
292,954
255,523
+ 6.2
646,616
2,797,726
1,530,270
10,653,550
4,419,447
10,277,000
10,669,041
752,134
3,303,224
Worcester
2,419,247
Conn.—Hartford.
12,055,945
+26.2
466,382
1,712,107
Total (10 cities)
B.I.-Providence.
11,291,300
N.H.—Manches'r
+ 30.3
517,632
474,571
+ 9.1
439,944
Total (12 cities)
318,089,246
261,212,770
+ 21.8
238,495,606
218,913,073
Feder al Reserve I) (strict—New
5,500,052
9,468,182
930,684
30,300,000
705,359
476,043
+48.2
+ 9.9
451,632
26,800,000
405,988
556,619
,748,547,191
6,453,377
3,680,040
(12 cities) 2,863,481,764 3,169,767,548
Third Federal
618,475
—10.9
3,047,700,804
+ 34.0
6,400,478
+ 16.6
4,122,178
+ 18.1
3,599,848
249,101
15,439,661
21,496,306
+ 0.9
+ 12.6
+ 31.6
-9.7
623,982
331,632
579,406
+6.9
382,172
1,167,417
+ 18.2
466,855
..
Lancaster.....
1,379,931
488,000,000
Philadelphia
Reading
3,314,653
265,028
15,783,547
25,309,214
3,140,777,349 2,838,444,740
+ 88.2
Ft. Worth....
+ 22.2
390,000,000
1,351,959
2,238,739
+ 32.4
+ 6.4
994,181
+ 19.1
+ 25.1
380,149
496,051
300,666
1,198.347
351,550
Wllkes-Barre..
York.........
N.J;—Trerton..
1,416,427
1,329,255
+ 6.6
3,966,400
4,552,900
—12.9
Total (10 cities)
501,828,271
403,127,661
+ 24.5
365,981,065
1,789,871
2,381,119
1,184,381
Feder al Reserve D 1st
3,035,208
Cincinnati
78,931,721
Cleveland
160,770,045
11,739,200
Columbus
Mansfield
401,047
1,149,530
312,000,000
2,617,448
3,771,511
Reserve
District—Da Has—
1,197,103
+ 79.0
1,285,398
1,413,841
69,865,054
8,777,502
51,606,000
+ 35.4
47,159,005
49,480,675
5,960,716
+ 47.3
6,482,671
2,262,000
1,663,000
+ 36.0
1,361,000
Wichita Falls..
1,205,559
3,862,037
888,721
2,912,068
+ 35.7
+ 32.6
794,099
2,403,142
897,324
2,485.235
88,115,120
04,227,608
+ 37.2
59,485,315
62,574.237
(6
cities).
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle..
Yakima...
Ore.—Portland..
Utah—H. L. City
Calif.—L. Beach.
Pasadena
San Francisco
_
San Jose......
Santa BarbaraStockton
Grand
total
Franci
SCO—
58,212,119
1,056,098
38,981,823
+ 49.3
+ 18.4
34 ,307,476
891,755
898,515
713,181
50,018,970
17,034,965
36,594,512
+ 36.7
28 376,638
26,058.587
14,727,868
+ 15.7
12 499,885
11,022,414
4,670,555
3,589,320
2,646,172
142,480,000
2,612,070
3,095,155
190,170,000
3,712,301
1,350,665
3,143,438
332.464,266
+ 30.1
3 940,069
—
1,506,179
2 986,149
3,800,160
137 214,000
2 572,398
128,960,000
+ 42.1
100,670,520
9,371,100
1,663,650
+ 59.7
+ 39.8
+ 25.3
+ 57.3
1,675,978
52,966,746
88,154,772
8,486,100
1,413,921
2,236,178
1,356,240
47,273,186
77,328,104
1 280,821
1 949,478
2,098,860
245,830,970
+ 35.2
226,025.429
210,468,920
+ 26.9
cities)...
6,120,728,594 5,606,530,678
+ 9.2 5,389,990,185 4,878,072,871
3,379,462,072 2,530,887,669
+ 33.5 2,342,289,381 2,129,525,680
Week Ended July 26
Clearings atInc.
or
122,277,852
Total (7 cities).
436,677,161
308,514,507
+41.5
277,211,547
233,544,484
-Richm ond—
463,033
3,617,000
50,471,450
2,511,000
39,129,673
+ 44.0
319.818
2,243,000
+ 29.0
39,991,189
1,471,757
1,900,000
33,036,655
1,089,695
+ 35.1
103,023,247
29,301,477
908,117
869,643
79,396,217
23,485,528
+ 29.8
+ 24.8
62,688,601
18,711,113
57,538,456
18,433,787
188,567,666
.
$
88,093,764
+ 28.6
86,182,213
+ 18.0
59,873,846
34,703,363
17,643,246
21,568,350
4,613,640
2,829,604
Winnipeg
Vancouver
19,787,876
-----
-
Halifax;
Hamilton
146,075,146
+29.1
124,861,838
112,044,069
+ 47.4
1938
265,528
30,717,498
4,946,427
648,987
7,811,112
6,774.534
2,248.076
2,120,453
2,604,902
4,932,248
4,935,564
8
85,895,725
95,250,843
35,180,090
104,236,287
+ 12.2
16,142,475
15,849,404
+ 42.4
13,904,867
4,215,441
2,293,447
4,804,228
4,317,344
1,755,444
1,663,519
1,984,821
3,524,447
3,336,791
13.586,918
+ 72.5
+ 7.2
—77.1
98,713,599
23,728,823
3,912,881
2,407,695
Brandon
407,650
5,882,360
4,313,628
1,959,362
1,784,862
2,207,712
3,773,986
4,066,271
305,855
+ 33.3
297,511
Lethbridge..
515,550
409,941
+ 23.3
452,988
395,747
1,454,792
1,224,282
+ 18.8
978,153
1,064,560
606,754
480,826
+26.2
564,993
733,227
492,446
.
_
St. John
.
London
682,735
Richmond
%
113,287,836
Victoria
Md.—Baltimore
D.C.—Wash'ton.
1939
$
101,676,419
Calgary
S. C,—Charleston
Dec.
Montreal...
Ottawa
+ 29.6
...
1940
$
Quebec
+42.9
W.Va.—Hunt'ton
1,166,824
(112
Outside New York
9,248,000
2,639,723
Reserve Dist rict
2,368,862
+ 40.1
Toronto
+ 49.9
3,812,406
+ 17.0
+ 33.5
326,700,523
Clevel and
2,024,291
56,451,410
30,467,626
1,064,294
2,243,159
1,138,042
135,693,813
Total (6
134,859,206
6,148,900
175,812,028
Va.—Norfolk
146,223,272
1,594,082
Pa.—Pittsburgh.
..
Fifth Federal
+ 31.8
2,031,044
1,419,399
1,753,361
95,166,194
■
142,173,737
1941
Ohio—Canton...
Youngstown
187,411,664
+ 29
Galveston
La.—Shreveport.
Canada—
Fourth
470,491
679,018
578,371
6,330,162
1,967,000
Total (10 cities)
324,985
354,000,000
1,343,972
1,915,090
1,047,435
1,105,519
4,249,000
Scranton
+ 20.1
+ 26.1
2,914,100
93,802,677
3,234,516
597,368
513,805
984,307
Reserve Dist rict—Philad
elphia-
619,305
Chester.
105,514,190
3,246,807
2,142,968
Dallas
6,344,776
+ 19.8
+ 42.8
939,537
855,096
2,741,266,522 3,075,643,009
Rochester
8,706,678
6,498,474
Syracuse
4,989,812
4,278,461
Conn.—Stamford
5,486,470
4,949,608
N. J.—Montclair
355,413
352,209
Newark
20,338,904
18,064,236
Northern N.J.
27,205,344
20,667,014
Bethlehem
Texas—Austin
Total
+ 23.4
New York
Pa.—Altoona
+ 36.8
York-
4,458,283
1,025,115
32,500,000
Jamestown
Total
+ 25.0
1,227,673
46,400,000
Elmira..
99,768,861
3,308,540
481,624
642,421
Eleventh Fede ral
3,964,540
8,877,300
375,648
Buffalo
2,778,688
2,786,426
Pueblo..
1,531,594
5,120,754
14,716,200
N. Y.—Albany
Bingham ton
2,518.451
+ 70.2
2,785,787
+21.5
Second
28,470,598
+ 24.2
2,734,931
2,589,181
4,653,901
136,442,112
3,404,211
187,248,704
9,925,401
4,096,065
New Haven
28,323,351
2,084,766
2,226,610
+ 37.5
486, i67
+ 7.6
St. Joseph....
Colo.—C. Springs
540,280
290,348
708,215
3,071,210
1,916,625
334,809
New Bedford..
Springfield
30,757,406
810,235
..
Mo.—Kans. City
775,780
2,309,277
275,010,646
.
Mass.—Boston
86,850
159,812
2,300,792
2,404,791
36,293,056
Kan.—Topeka
Wichita
_%
City
81,673
119,956
2.482.909
65,100
103,478
Omaha
1938
as
+41
+ 8.0
+ 18.0
89,542
146,264
....
or
Dec.
Reserve Dis trict —Kans
.
Hastings......
Lincoln
Inc.
Flrst
Neb.—Fremont
Week Ended July 26
Clearings at-
Edmonton
Regina
Saskatoon...
Moose Jaw
....
..
+32.8
+ 57.0
+ 14.7
+ 18.8
+ 18.0
+ 30.7
+ 21.4
5,350,590
4,042,810
1,554,709
1,623,531
2,515,063
3,222,064
2,942,797
298,394
Brantford
cities).
Sixth Federal
1,048,068
879,549
+ 19.2
Fort William....
1,097,624
916,388
835,239
723,508
+ 31.4
595,523
765,530
693,470
+ 26.7
688,238
664,659
418,253
200,960 + 103.2
714,872
549,075
+ 30.2
219,987
511,319
885,639
733,135
+ 20.8
723,460
1,287,714
3,607,011
991,832
+ 29.8
903,049
3,373,973
+ 6.9
2,074.360
642,108
972,840
2,592,832
414,729
316,085
+ 32.2
306,204
286,308
1,037,363
946,789
812,204
628,006
+ 9.6
+29.3
757,818
486,556
+ 55.8
890,903
547,243
427,620
New Westminster
Reserve Dist rict
Tenn.—Knoxvllle
Nashville
Ga.—Atlanta
Augusta
Macon
Fla.—Jack'ville..
Ala.—Birming'm
Mobile
5,302,219
Medicine
+ 51.8
3,230,787
17,499,491
+48.8
16,672,857
81,700,000
1,429,407
1,248,479
25,902,000
30,111,630
2,569,873
57,900,000
+ 41.1
1,039,430
+ 37.5
801,187
+ 55.8
16,141,000
21,334,853
+ 60.5
+41.1
2,131,459
+ 20.6
50,300,000
1,075,145
854,509
15,523,000
18,319,648
1,526,490
Miss.—Jackson
Vicksburg
—Atlan ta—
3,493,030
26,030,957
x
Hat
Peterborough..
_.
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
...
Chatham
156,837
529,127
720,816
558,302
482,755
477,302
Sarnia
x
111,161
112,236
La.—N. Orleans.
—1.0
60,509,376
77,164
37,283,742
+ 62.3
34,689,961
Total (10 cities)
234,915,102
157,736,428
+48.9
142,269,561
3,098,191
14,984,263
43,900,000
748,546
600,411
13,310,000
16,921,766
1,281,544
88,110
31,052,091
476,708
406,715
+ 17.2
Sudbury
938,381
1,013,286
—7.4
423,952
1,579,250
1,151,105
379,763,296
294,127,973
+29.1
287,187,462
296.632,309
Total (32 cities)
N
125,984,922
*
Estimated,
x No
figures available.
Note—Westchester Clearing House Association discontinued.
Volume
The Commercial &
153
REDEMPTION
CALLS
AND
Financial Chronicle
THE
FUND
SINKING
NOTICES
Below will be found
list of corporate bonds, notes,
and
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
number gives the location in which the details were give in
the
a
Chronicle."
*
Alabama Gas Co. 434% bonds,
Sept. 2
Allentown Bethlehem Gas Co. 1st mtge. bonds
Sept. 1
American I. G. Chemical Corp.—See General Aniline k Film.
*
American Wire Fabrics Corp. 7% bonds
_Sept. 1
Anaconda Copper Mining Co. 434 % debentures
Aug. 11
*
Central States Edison, Inc. 15-year bonds
__Oct.
1
680
680
_
*
xl591
681
x4ll5
684
*
Champion Paper & Fibre Co.—
4%% bonds (1938)
.Sept. 1
4%% bonds (1950)
.Sept. 1
Chicago Union Station Co., 334% bonds
Sept. 1
Coast Counties Gas & Electric Co. 4% bonds, series B_ _8ept.
1
*
Colon Development Co., Ltd. 6% pref. stock
-Aug. 27
*
Connecticut Light & Power Co. 334% debs.
.Sept. 1
685
685
96
239
686
687
x3965
392
Consolidated Aircraft Corp. $3 pref. stock
Aug. 30
Aug. 6
Aug. 11
Durez Plastics & Chemicals, Inc., 434% debs__
Aug. 18
East Tennessee Light k Power Co. 6% refunding bonds .Nov.
1
Federal Light & Traction Co. 5% bonds
...Sept. 1
*
Illinois-Iowa Power Co. 6% bonds
Oct.
1
*
International Paper Co. 6% bonds
Sept. 1
Iowa Power & Light Co. 1st mtge. bonds
.Sept. 1
Lehigh Valley Coal Co. 6% notes...
Aug. 20
Loew's, Inc., 334 % bonds...
Aug. 15
K&th Memorial Theatre Corp. 1st mtge. bonds
Nov. 1
National Battery Co. preferred stock
Oct.
1
*
National Distillers Products Corp. 3 34% debentures
Sept. 1
*
National Oil Products Co. 3 34% debs
Sept. 1
Nebraska Light & Power Co. 1st mtge. 6s
Nov. 1
New Mexico Power Co. $7 pref. stock
Aug. 15
New York State Electric & Gas Corp.—
First mortgage 4 Ms, 1980
Aug. 7
First mortgage 4Mb, 1960
;»
Aug. 7
Continental Baking Co. 8% preferred stock
Driver-Harris Co. 7% preferred stock..
First mortgage 4s, 1965.-
Nov.
1
1
1
23355
23355
5s
Southern Corp
Adjustment mtge. bonds
Winslow Bros, k Smith Co. 534% debs..
*
Wickwire Spencer Steel 6% notes
Announcements this week.
2
23355
107
701
702
1
1
21586
23827
256
1
709
,
V. 152.
AUCTION
following securities
were
Wed.,
July 30
♦Cable A W
36/82/-
35/6
83/9
85
£59%
£11%
37/a30/6
£5934
£60
£60
£60%
£11%
£1134
£11%
37/6
30/6
37/6
30/9
37/6
£11%
38/30/9
(ord)
Central Min & Invest-.
Courtaulds S A Co
De Beers
Ford Ltd
Closed
Hudsons Bay
Co
...
Imp Tob A G B A I...
SALES
1 unit Washington Ry. A Electric
20/6
24/9
105/-
24/9
!•
V
108/9
£13%
106/3
£13%
21/9
26/3
108/9
£14%
£15
75/6
75/6
£7
£7
£7
£7
£7
£6
£6
£6
£6
£6
Rio Tlnto
...
Rolls Royce
Vlckert
West
13%
Co
$100
100
$100—
— ^-..-.- — .100
4,000 North Continent Oil A Gas Corp., Ltd., par 10 cents; 5 Stanley En¬
gineering, Inc.; 100 Industrial Development Corp., par$l
—..$5.50 lot
110 Odell Mfg. Co., Lewiston, Me., par
10 Odell Mfg. Co., Lewiston, Me., par
■X'
Bonds
PeT Cent
1942
69 flat
..
80
46/9
25/16/-
24/9
48/9
25/3
16/3
16/-
Per £100 par value.
The
BANKS
following information regarding National banks is
Comptroller of the Currency, Treasury
from the office of the
Department:
CHARTER
ISSUED
Amount
July 23—Bellwood National Bank, Bellwood, 111
Capital stock coasists of $50,000, all common stock.
dent, Wm. F. Boeger.
Cashier, A. C. Mesenbrimc.
version of Bellwood State Bank, Bellwood, III.
CHANGE
OF
July 21—Union Old Lowell National
"Union National Bank of Lowell."
$50,000
Presi¬
Con¬
-dividend.
DIVIDENDS
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
Dividends
are
dividends previously announced, but which
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
show
the
have not yet
The dividends announced this week are:
Acme Steel Co.
Share
Company
(quar.)
50c
$1%
7% preferred (quar.)
Allied Kid Co. (quar.)
Allied Laboratories, Inc. (quar.)
25c
15c
25c
(quar.)..
—
43 %c
To:
Jr., Suisan City, Caiif.
Absorbed by, "Bank
National Trust & Savings Association," San
Calif.
Charter No. 13044.
of America
13044.
'■
■/'
ry-
COMMON CAPITAL STOCK
preferred (quar.).
.
——-—
.
American
$50,000
,
of Inc.
Bank of Lapeer, Lapeer, Mich.
—-
PREFERRED STOCK
—$20,000
ISSUED
Amount
July 24—The First
Sold locally—
6% preferred (quar.)
Bandini Petroleum Co. (quar.)...
(Montreal) (qu.)
$1.50 conv. preferred (quar.)
Belden Manufacturing Co. (irregular)
Bendix Home Appliance class A
—
Bethlehem Steel Corp., common
Bearing Co..
—
BrooKlyn Edison Co., Inc. (quar.).
— -Brooklyn Telegraph & Messenger Co. (quar.) —
Bunker Hill & Sullivan Min. & Concent. Co.(qu)
Canada & Dominion Sugar Co., Ltd. (quar.)... .
Canada Starch Co., Ltd. (irregular)......
preferred (s.-a.)
*
(accum.)
Canadian Internat. Invest, k Tr., Ltd. (accum.)
Canadian Oil Cos., Ltd. 8% preferred (quar.)...
Capital Wire Cloth & Mfg. Co.. Ltd.—
$1.50 conv. preference (quar.)
Telegraph Co. (quar.)...
I.) Co. 7% preferred (quar.).....
Caterpillar Tractor Co. (quar.)
Centlivre Brewing Corp
Chambersburg Engineering Co. (irreg.)..
Central Ohio Light & Power Co., $6 pref. (quar.)
Charis Corporation
Chesapeake-Camp Corp
Chicago Wilmington & Franklin Coal Co.—
6% preferred (quar.)
Civic Finance Corp. $0.80 preferred (quar.)
Cleveland & Pittsburgh RR. reg. stock (quar.)..
Carolina Telephone &
/.;■>
National Bank of Lapeer, Lapeer, Mich.
$50,000
Specialguaranteed (quar.)..
Colonial Stores. Inc., common
ENGLISH
FINANCIAL MARKET—PER CABLE
daily closing quotations for securities, &c., at
reported by cable, have been as follows the past
The
as
Tues
Wed.,
Thurs.,
London,
week:
Wt.,
Sal.,
M on.,
July 26
July 28
July 29
July 30
July 31
Aug.
Silver, per oz-d
Closed
23h«
23 %
23 %
2334
23be
Gold, p. fine oz
168s.
168s.
168s.
168s.
168s.
168s.
Consols, 2%%British,
Closed
£81%
£8134
£81%
Closed
£104%
£104 %
£1041h#
£104%
£104%
Closed
£113%
£113%
£113%
£113%
1
£113%
£81 "u
£81%
334%.
War Loan...
British 4%,
1960-90.-...
price of silver per ounce (in cents) in the United
States on the same days has been:
The
BarN.Y. (for.)
U. S.
34%
34%
34%
34%
34%
34%
71.11
71.11
71.11
71.11
Treasury
(newly mined)
71.11
71.11
5% preferred A (quar.)
Connecticut Power Co. (quar.)
Oct.
1 Sept. 11
Oct.
1
Sept.
2 Aug. 19
1 Sept. 24
Oct.
Sept. 11
July 21 June 30
8 July 31
Aug.
1'
Sept. 2 Aug.
25c
Sept. 2 Aug. 21
$134
Sept. 2 Aug. 21
35c
Sept. 15 Aug. 15
Oct. 15 Sept. 15
$1%
9
$1%
Sept. 2 Aug.
9
$1%
Sept. 2 Aug.
15c
5
Aug. 15 Aug.
1 Sept. 19
Oct.
$134
f75c Sept. 2 Aug. 22
15c
Sept. 25 Sept. 15
25c
Sept. 15 Aug. 21
25c
Sept. 5 Aug. 11
75c
Sept. 2 Aug. 11
5Uc
8
Aug. 20 Aug.
J4c
Sept. 3 Aug. 15
10c
Aug. 15
Sept.
15c
Aug. 15
Sept.
Aug.
4
74c Aug.
X%2
Aug. 15
Sept.
25c
Aug. 15
Sept.
Aug. 15
3734 c
Sept.
40c
Sept. 2 Aug. 18
t30c
Sept. 25 Sept. 12
$1%
Sept. 2 Aug. 11
1 Sept. 5
Oct.
$1%
$1
Sept. 2 Aug. 15
$1%
Sept. 2 Aug. 15
30c
Sept. 2 Aug. 15
50c
Aug. 25 Aug. 15
$234
Aug. 25 Aug. 15
75c
Sept. 20 8ept. 9
$2
8
Aug. 30 Aug.
$134
Sept. 2 Aug. 21
25c
Sept. 2 Aug. 11
Sept. 2 Aug. 15
Sept. 1.5 Sept. 8
:§3% Aug. 15 Aug. 8
1 Sept. 13
Oct.
J76c
t50c
Sept. 2 July 23
1 Sept. 20
t$2 Oct.
$1
10c
4%% convertible preferred (quar.)
American Tobaceo Co. common (quar.)
Class B (quar.)
—
Anchor Hocking Glass Corp., common
$5 preferred (quar.)
Arden Farms Co. $3 preferred
Art Metal Works, Inc
Atlantic Refining Co. (quar.)........
Atlas Corp. common
6% preferred
—
Atlas Drop Forge Co—_
Aunor Gold Mines, Ltd
Baltimore Radio Show, Inc., com. (quar.)
Banque Canadienne Nationale
Beaunit Mills, Inc
Sept. 30 Sept.10
Sept. 2 Aug. 15
8
Aug. 15 Aug.
1 Sept. 15
Oct.
1 Sept.12
Oct.
1 Sept. 12
Oct.
1 Sept.12
Oct.
Aug. 30 Aug. 15
Aug. 30 Aug. 19
$134
Case (J.
INCREASED
"l!
'
Corp
Ltd. (monthly)
Indemnity Co. (Bait.)..
Canadian Breweries. Ltd., $3 pref.
Amt.
July 24—The First National
From $100,000 to $120,000
10c
75c
—
American Factors,
7%
Francisco,
July 21—The Winters National Bank, Winters, Calif
Effective, July 8, 1941.
Liquidating agent, W. W. Stark
Winters, Calif.
Absorbed by, "Bank of America National
Trust
k
Savings
Association," San Francisco, Calif.
Charter No.
$100,000
Liquidating agent, W. C. Bobbins
1941.
25c
—.....
American Bank Note Co., common.
Bower Roller
July 21- -Bank of Suisun, National Association, Suisun City,
Effective, July 9,
|25c
—
Bigelow-Sanford Carpet Co., Inc., common ...
6% preferred (quar.)
....—
Borden Co. (interim)
Boston Woven Hose & Rubber Co., com
Special
VOLUNTARY LIQUIDATIONS
v
50c
■
;
Class A (quar.)
Amalgamated Electric Corp., Ltd. (interim)
American Arch Co..--—...—
Payable of Record
Sept. 12 Aug. 15
___r_
Alleghany Ludlum Steel Corp., common..
Allied Products Corp., common
Extra
Holders
When
Per
Name of
7% preferred (quar.)
TITLE
Bank, Lowell, Mass.
£4%
£4%
£4%
£4'ig
...
—
NATIONAL
80/50/25/3
16/3
/-
80/-
45/734
Wltwatersrand
Areas
*
75/6
75/6
80/-
80/45/25/15/9
Shell Transport
United Molasses
American Rolling Mill Co., common
$ per Sh.
$40 General Discount Corp. 6s, Dec.,
12/-
Rand Mines
American Metal Co., Ltd., common
■
,
65/3
20/6
65/3
12 /20/6
25/-
104/3
£13%
75/6
♦London Mid Ry
6% preferred (quar.)-,
Stock
£8%
£8
65/12 /-
64/6
American Enka
sold at auction on Wednesday
,
30/9
Metal Box...........
American Box Board Co., 7%
American Car & Foundry Co.
By R. L. Day & Co., Boston:
Shares
'
85/-
85 /-
12/-
64/9
12/20/6
24/9
Electric A Musical Ind.
35/9
35/9
•
£7%
£7%
£7%
Distillers Co..
35/6
/-
6% preferred (quar.)..
of the current week:
Fri.,
Aug. 1
Tues.,
July 29
700
2
1
1
Oct.
Sept.
Sept .
Thurs.,
July 31
Mon.,
July 28
Boots Pure Drugs
British Amer Tobacco.
23355
..Nov.
5s
Nov.
Philadelphia Co. 5% bonds
Sept.
*
Remington Rand, Inc. 20-year 434% bonds
Sept.
*
Safeway Stores, Inc. 5% pref. stock.
Oct.
Southeastern Power k Light Co.—See Commonwealth k
The
249
249
249
249
1
First consolidated 4s
cable
Sat.,
"
'
First consolidated
*
693
694
x3028
399
399
101
556
696
697
23032
23819
7
7
1
4% debentures
received by
as
22550
a.3805
Nov.
Peoria w ater Works Co—
stocks
July 26
394
.Aug.
Aug.
...Sept.
;
534% preferred stock
Pennsylvania Water k Power Co. 3%% bonds_
Prior lien
24121
EXCHANGE
STOCK
LONDON
Quotations of representative
each day of the past week:
Cons Goldfleldt of 8 A.
Page
Date
Company and Issue—
*
641
(quar.)—
........
13P
$2
Oct.
1 Aug. 12
1 Sept. 24
$134
Oct.
1 Sept. 12
J38c
50c
10c
50c
$134
15c
3734c
$134
20c
8734c
50c
25c
62 %c
6234c
40c
Consolidated Edison Co. of N. Y., Inc. (reduced)
30c
Consolidated Investment Trust (quar.)...
20c
Special
25c
Consolidated Paper Co. (quar.)
a234%
Courtauld's, Ltd., ord. reg. (interim)...
a234
Amer. dep. rec. for ord. reg. (interim)..
Crane Company. 5% conv. preferred (quar.)...
1234c
Creameries of America, common (quar.)
8734c
$3.50 convertible preferred (quar.)
J50c
Crown Cork k Seal Co., Ltd
—
75c
Curtis Publishing Co. prior pref. (quar.)
50c
Deere & Co., common (irreg.)
35c
7% preferred (quar.)
$3%
Dejonge (Louis) & Co. 5% 1st conv. pref/
$234
5% 2d preferred
...
Dentists' Supply Co. of New York (quar.)...
75c
Quarterly
30c
Detroit Gasket k Mfg. Co., 6% pref. (quar.)
Sept.
Aug. 30 Aug.
7 July
Aug.
Aug. 15 Aug.
1 Aug.
Sept.
Aug. 15 Aug.
1 July
Aug.
15
31
5
16
1 July
1 Aug.
29
1
Aug.
Aug.
Sept.
4
21
2 Aug. 11
2 Aug. 11
1 Aug. 20
Sept.
Sept.
1 Aug.
Sept.
Sept. 2 Aug.
Sept. 15 Aug.
Sept. 15 Sept.
Sept. 15 Sept.
Sept. 2 Aug.
Aug. 27 Juiy
Sept. 3 July
Sept. 15 Sept.
Sept. 15 Aug.
1 Aug.
Sept.
Aug. 15 Aug.
1 Aug.
Oct.
Sept. 2 Aug.
Sept. 2 Aug.
July 25 July
July 25 July
Sept. 3 Aug.
20
15
8
2
2
21
24
29
1
25
11
8
29
15
15
12
12
20
Dec.
2 Nov. 20
Sept.
2 Aug,
15
The Commercial & Financial Chronicle
642
Per
Name
Share
of Company
Diem & Wing Paper Co., 5% pref. (quar.)
SI M
SIM
Di-Noc Mfg. Co. 6% conv. pref. )quar.)
Dixie-Vortex Co., common
$2.50 class A (quar.)__
25c
62 Mc
10c
Doyle Machine & Tool (initial)
Durham Hosiery Mills, Inc., 6% pref. A
Eaton Manufacturing Co
El Paso Natural Gas Co. (quar.)
Employers Casualty Co. (Dallas) (quar.)
Esmond Mills, common
7% preferred (quar.).__
Falstaff Brewing Corp. (quar.)
t$2M
75c
_
Extra
60c
40c
25c
SI M
15c
10c
-
Fitz Simmons & Connell Dredge & Dock Co.
Common
_
_
_
_
______
_ -
_
_
_
_
_
Fort Worth Stock Yards Co
Francoeur Gold Mines Ltd. (irreg.)
Fruehauf Trailer Co.
25c
______
25c
t4c
—
(quar.)
5% conv. preferred (quar.)__
Fuller Brush Co., common A (quar.)
7% preferred (quar.)
Garner Royalties Co., Ltd., class A
General Acceptance Corp. 7% conv. pref. (quar.)
$1.50 series preference (quar.)
General Industries Co
common
—
_____
_
General Refactoiies
35c
$1M
15c
SIM
2,5c
35c
37 Mc
J2Mc
25c
When
Aug. 15 July
Sept. 2 Aug.
15 Sept.
Oct.
1 Sept.
Aug. 30 Aug.
Aug.
1 July
Aug. 25 Aug.
Sept. 30 Sept.
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug. 30 Aug.
Aug. 30 Aug.
Oct.
Name of
7% preferred (quar.)
Pepperell Manufacturing Co. (irregular)
Philadelphia Co., 5% non-cum. pref. (s.-a.) —
Phoenix Hosier Co., 7% 1st prer__
Photo Engravers & Electrotypers, Ltd. (s.-a.)__
Pillsbury Flour Mills Co. (quar.)
Pittsburgh Suburban Water Service Co.—
$5.50 preferred (quar.)
Plymouth Rubber Co., Inc., 7% pref. (quar J.¬
Potomac Electric Power Co., 6% pref. (quar.)_
5% preferred (quar.)
Princeton Water Co. (N. J.) (quar.)
Public Service Corp. (N. J.) common
25
10
15
29
5
16
25
_
24
24
16
16
Sept.
Aug. 22
Aug.
July 26
Aug. 29 Aug. 14
Sept. 2 Aug. 20
Sept. 2 Aug. 20
Aug.
1 July 21
Oct.
1 Sept. 22
Au&.
4 Aug.
1
Aug. 15 Aug.
Aug. 15 Aug.
Aug. 15 Aug.
Sept. 24 Sept.
Aug. 20 Aug.
Sept. 15 Sept.
*$1M
75c
Sept. 10 Aug. 30
2
Aug. 15 Aug.
1
Golden
Cycle Corp.
Gorham Manufacturing Co. (irreg.).
Graton & Knight Co., 7% preferred
Additional
tUM
Plywood Corp., $2
conv., preferred
Harshaw Chemical Co., 4M% conv., pref. (qu.)
Harvill Aircraft Die Casting Corp
Hawaiian Pineapple Co
Hazel-Atlas Glass Co.
(quar.)
$2
50c
Aug. 15 Aug.
Oct.
1 Sept.
5
5
35c
Oct.
1
43 Mc
37Mc
nk
SIM
12Mc
25c
SIM
Hilton-Davis Chemical Co
Hobart Mfg. Co. class A (quar.)
20c
37 Mc
10 Oct.
Sept. 30 Sept. 16
Sept. 2 Aug. 12
Oct.
20 Oct.
Aug.
1
Sept. 2
Sept. 2
Aug. 25
6
July
Aug.
Aug.
Aug.
Oct.
1 Sept.
Aug. 10 Aug.
Sept. 2 Aug.
21
15
7
15
12*
3
16
Horn (A. C.) Co.—
7% non-cum. prior participating pref. (qu.)__
8Mc
6% non-cum. 2nd participating pref. (qu.)__
4.5c
Hotel Barbizon, Inc., common vot. tr. ctf. (qu.)
Imperial Chemical Industries, Ltd.—
Amer. dep. rec. forord. shares (final)
9 3-10c
Inland Steel Co. (quar.)
$1
International Silver Co. (resumed)
$1
International Util. Corp. $3.50 prior pref. (qu.)_
87 Mc
Payment has been approved by the SEC.
Jefferson Standard Life Ins. Co. (s.-a.)
75c
Jersey Insurance Co. of N. Y. (s.-a.)
$1
K. W. Battery Co. (quar.)
5c
Kansas City 8tock Yards Co. of Maine
Common (quar.)__._•
50c
5% preferred (quar.)
SIM
Kendall Co., $6 partic. preferred A (quar.)
SIM
Kinner Motors (irregular)
10c
Knickerbocker Fund
8c
Kresge (S. S.) Co. (quar.)
30c
La Saiie Wines & Champagne, Inc.
5c
(quai.)
Lanston Monotype Machine Co
25c
Lee (H. D.) Mercantile Co. (quar.)
Lima Cord Sole & Heel Co. (quar.)__
Manufacturing Co
Sept.
Aug.
Oct.
25c
_
_________
7% preferred (s.-a.)
Merchants Refrigerating Co., 7% preferred
Merritt-Chapman & Scott Corp., 6M% pref. A
Metal Textile Corp.
Common (irreg.)._
$3.25 partic. preference (quar.)
Participating
Metropolitan Industries Co.
Allotmentctfs. for 6% preferred (irreg.)
Michigan Bakeries, Inc., $7 preferred (quar.)
$1 non-cum. prior preference (quar.)
Common (irreg.)
Michigan Sugar Co. 6% preferred
Middlesex Water Co. (quar.)
Midland Mutual Life Ins. Co. (quar.)
Moore Drop Forging class A (quar.)
Muskegon Motor Specialties $2 class A (quar.)__
Nashawena Mills (irreg.)
Aug.
July
Aug.
Aug.
Aug.
50c
Aug.
$1
75c
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
25c
$3 M
t50c
t$2M
1 July
1 July
1 Aug.
15 Aug.
20 July
12 Aug.
20 Aug.
30 Aug.
15 July
1 Sept.
1 Sept.
15 Aug.
31 July
5 July
10 July
10 July
1 July
Aug.
July
24
24
10
1
10c
Sept.
Sept.
Sept.
50c
1
Oct.
11
Nov.
1 Oct.
11
75c
50c
50c
50c
Class A (quar.)
$3 convertible preferred, (quar.)
National Credit Co. (Baltimore), class A
(quar.)
National Industrial Loan Corp. (resumed)
National Lead Co., common (quar.)
;
7% preferred A (quar.)
6% preferred B (quar.)
National Malleable & Steel Casting Co.
(irreg.)
National Rubber
_
Machinery Co. (resumed)
National Union Fire Ins. Co. (s.-a.)
1 Mc
12 Mc
12Mc
SIM
SIM
50c
25c
$1M
Extra
$1
25c
New Bedford Cordage Co., common
Class B
25c
7% preferred (quar.)
$1 M
New Britain Gas Light Co.
(quar.)
New Jersey Zinc Co
New York & Queens Electric
Common (quar.)
37Mc
$1
75c
SIM
SI
Extra
6% preferred (quar.)
Ohio Casualty Insurance Co.
(s.-a.)
50c
"I
7% preferred (quar.)_
...I
Ohio State Life Ins. Co. (quar.)
Ontario Steel Products Co., Ltd., com.
(interim)
7% preferred (quar.)__
43 Mc
13c
150c
tSl M
.1
25c
25c
—
Parker (S. C.) & Co., Inc., class A
(quar.)
$0.40 preferred (quar.)_
Parkersburg Rig & Reel Co. $5.50 pref.
tSl
60c
tSl M
Oxford Paper Co., $5 preference
(quar.)
SIM
SIM
20c
...
Ohio River Sand Co. 7% preferred
Ohio Seamless Tube Co., common
(quar.j__
20c
25c
25c
—
Nov.
24
9
1
25
28
21
20
2
6
30
July 31
Aug.
5
Sept. 12
Aug. 29
1 Oct.
17
Sept. 6 Aug. 22*
Aug. 15 Aug.
1
Sept. 2 Aug. 11
Sept.
Aug. 11
Sept.
Aug. 11
Sept.
Aug. 11
Sept.
Aug. 11
Aug.
July 25
Sept. 10 Aug. 20
50c
10c
SIM
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
13
2
14
20
18
18
2
2
1
Aug.
1
Sept.
1
Sept.
Sept.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
15
20
1
15
15
1
30
30
1
1
2
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
Aug.
Sept.
Sept.
July
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
Aug.
22
8
29
7
8
8
20
20
21
21
15
5
10
24
5
5
15
11
11
18
18
20
$1M
$7M
75c
45c
SIM
$1
Aug.
Aug.
Aug.
Sept.
31
22
Dec.
10
Aug.
5
Aug.
Aug.
Aug.
Aug.
July
Aug.
July
July
Aug.
Aug.
July
July
Aug.
29
20
11
10
SIM
___________
10c
1
20
15
1
26
18
11
11
25
25
8
Sept.15 Sept.
Nov.
Nov.
1*
1 Oct.
20*
1 Oct.
20*
July 15 July
Sept. 22 Sept.
1
2
Sherwin-Williams Co.—
Common (quar.)
Extra
75c
75c
5% preferred, AAA (quar.)
Sloane-Blabon Corp. 6% preferred class A
Smith Agricultural Chemical Co. 6 % pref. (qu J
Common (irreg.)
South Bend Lathe Works (quar.)__
_
_______
:
Extra
_
_:_
_
SIM
tSIM
SIM
SI
75c
$1
—
Aug. 15 July 31
Aug. 15 July 31
Sept. 2 Aug.
Sept. 15 Sept.
Aug.
1 July
Aug.
1 July
Aug. 30 Aug.
Aug. 30 Aug.
15
1
22
22
15
15
Southern California Edison Co., Ltd.—
6% preferred B (quar.)
Southern California Water Co. 6% pref. (quar J
Southwestern Engineering Co
Stamford Water
_
37Mc
37Mc
June
June
Aug.
40c
Sept.
25c
Sept.
Sept.
Aug.
Aug.
5
Aug. 15
Aug. 15
Aug. 15
Aug.
1
Aug. 22
July 21
10c
—.__
Standard Products Co. (quar.)
25c
Stonega Coke & Coal Co
Stott Briquet Co., Inc., $2 conv. pref. u3.-a.)__
Stromberg-Carlson Telephone Mfg. Co.—
6M% preferred (quar.)
Stuart (D. A.) Oil Co. class A partic. pref. (qu.)_
SI
50c
Sullivan
Swift International Co., Ltd., dep. ctfs. (quar J_
Sept.
50c
Taylor &
;
Texas New Mex. Utilities Co., 7% pref. (quar.).
$2
SIM
75c
(irreg.)
7% preferred (quar.)
SIM
15c
(quar.)
Extra _C_'.
:
United Chemicals, Inc., $3 preferred
United National Corp.—
_____________
10c
t75c
Non-cum. participating preference
U. S. Electric Light & Power Shares, series B__
U. S. Fire Insurance Co. (quar.)
U. S. Freight Co. (interim)
U. S. Plywood Corp. $1.50 conv. pref. (quar.)__
United States Steel Corp. common
7% preferred (quar.)
Vanadium-Alloys Steel Co. (irreg J
Walker (Hiram)-Gooderham& Worts, Ltd.,com.
10c
30c
50c
25c
37Mc
SI
SI
t$l
:25c
6
2 Aug.
9
1 Aug. 15
Aug. 14
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
SIM
(quar.)
Fenn Co
.
Aug.
J20c
45c
common
Preferred A
_
Sept.
50c
Machinery Co. (resumed)
Tampa Electric Co.,
Sept. 15 Aug. 20
Sept.
Aug. 15
6c
40c
Co. (quar.)
Standard Cap & Seal Corp. $1.60 conv. pf. (qu.)
Standard Oil Co. of California (quar.)
25
1
15
15
1
2
25
15
Sept. 2
Sept. 2
Sept. 1
July
Aug.
Aug.
July
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
5 July
Aug. 15 July
Aug.
1 July
Sept. 4 Aug.
Aug. 31 Aug.
Sept. 20 Aug.
Aug. 20 Aug.
Sept. 2 Aug.
Sept.15 Aug.
Sept. 15 Aug.
25
1
1
24
21
15
1
11
11
11
30
31
25
21
15
20
1
15
22
22
Washington Ry. & Electric Co.—
Common
sio
Participating units
5% preferred (quar.)
5% preferred (quar.)
25c
Wesson Oil & Snowdrift Co., Inc. com. (yr.-end)
$4 conv. preferred (quar.)
Western Cartridge Co., 6% pref. (quar.)
Westinghouse Electric & Mfg. Co.
7% participating preferred
SIM
10c
SIM
Common (interim)
7% 1st preferred (s.-a.)_
7% 2nd preferred (s.-a.)
Youngs town Steel Door Co
we
SI
SIM
___
Wolverine Tube Co., 7% preferred (quar.)
York Emitting Mills, Ltd.—
Below
SIM
SIM
SIM
SI
SI
75c
common
Westmoreland Coal Co. (irreg.)
Whitman (William) Co. Inc. 7 % pref. (quar J
Will & Baumer Candle Co., Inc
;
*20c
t$3M
:.S3M
50c
Aug. 30 Aug. 15
Aug. 30 Aug. 15
Sept. 2 Aug. 15
Dec.
Aug.
Sept.
Aug.
Aug.
Aug.
Sept.
1 Nov. 15
27 Aug.
8
1 Aug.
20 July
29 Aug.
29 Aug.
10 Aug.
15
31
12
12
25
Oct.
1 Sept.13
Aug. 15 Aug.
8
Sept. 1 Aug. 18
Aug. 15 Aug.
8
Aug. 15 Aug.
8
Aug. 15 Aug.
8
Sept. 9 Aug. 30
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Name of
Per
Share
Company
Acme Wire Co
50c
Aetna Ball Bearing
Mfg. Co. (quar.)
Agnew-Surpass Shoe Stores, common (s.-a.)
35c
t40c
Extra
SIM
SIM
Northwestern Public Service Co.
7% pref. (qu.)_
Extra
Aug. 15
Aug. 15
Sept. 30
Sept.15
15
24
Light & Power Co.
pref. (quar.)
Nonquitt Mills (irreg.)
North American Aviation. Inc__
Northern Insurance Co. (N. Y.) (s.-a.)
non-cum.
Parker Rust Proof Co.
Extra
Nov.
75c
t30c
S2M
SIM
July
July
Aug.
Aug.
July
July
Aug.
15 Aug.
20 Aug.
15 Aug.
1
15
12
1
1
1
2
20
29
15
15
15
15
15
29
Sept.
Aug.
Sept.
Sept.
Aug.
Sept.
preferred (quar J
St. Louis Car Co. 7% preferred (quar J
St. Paul Union Stock Yrads Co. (liquidating)
Savage Arms Corp. (new initial)
Scott Paper Co.—
Common (quar.)
$4.50 preferred (quar J
$4 preferred (quar.)
Sedalia Water Co., 7% preferred (quar.)
Shattuck (Frank G.) Co. (quar.)
Tide Water Associated Oil Co.
25c
National Acme Co
National City Lines, Inc., com. (quar.)
15c
1 July
1 July
Oct.
5
1
15
15
ord. reg.—
conv.
Thew Shovel Co., common
Aug.
Aug.
Aug.
July
Aug.
Sept.
Aug.
Aug.
Sept.
Aug.
Aug.
Sept.
25c
Sept.
Sept.
Sept.
Rose's 5, 10 & 25c. Stores, Inc. (quar.)
15
15
Aug. 20
Aug. 20
2 Aug. 20
Aug.
July
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
rec.
$1 preferred (quar.)
10c
81Mc
Holders
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Aug. 15 Aug.
7
Sept. 2 Aug. 11
Sept. 1 Aug. 19
Sept. 2 Aug. 15
Sept.
1 Aug. 14
a20%
31
29
9
20
20
5
25
23
31
31
21
9
28
July 28
July 28
July 28
Aug. 15
When
1941
Payable of Record
Aug.
July
Sept.
Sept.
Aug.
Sept.
Sept.
Saco-Lowell Shops common
$1
2,
Dec.
Final
Extra
Oct.
25c
Apr. 25
Aug. 15
Aug. 12*
July 23
July 31 July 28
Aug. 15 Aug.
4
Aug. 15 Aug.
6
25c
SIM
Mayfair Investment Co. (Los Angeles) (quar.).L
May McEwen Kaiser Co., $4 pref. (quar.)
'_
Merchants Fire Assurance Corp., com. (s.-a.)_
8
2
1
1
Aug.
Aug.
Sept.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
10c
Marathon Paper Mills Co
Extra
$5
July
Sept.
10c
__
$2.50 preferred (quar.)
Extra
2 Aug. 15
2 Aug. 15
5 July 24
62 Mc
25c
Lawrence Portland Cement Co
Leath & Co., common
Marion
Sept.
Sept.
Aug.
25c
-
on common
5 M % preferred A (quar J
Rolls-Royce, Ltd., Amer. dep.
1
$1. Sept. 15 Sept.
Great Lakes Towing Co,—
P*7% non-cum. pref. (irreg.)
Great Northern Ry. Co., preferred
Great Southern Life Ins. Go. (Houston, Tex.)—
Quarterly
Hackensack Water Co., 7% pref. A (quar.)
Harbison-Walker Refractories Co., common...
6% preferred (quar.)
Harbor
Oct.
$4
25c
r.).
7% preferred (quar
$5 preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
-—
Quaker State Oil Refining Corp
Rand Mines, Ltd., ord bearer (interim)Reliance Grain Co., Ltd., 6M% pref
Reliance Steel Corp., $1.50 com. pref. (quar J.¬
Republic Insurance Co. of Texas (quar.)
Republic Petroleum Co. common (resumed)
Sept. 15
July 21 July
1
40c
t50c
»1M
8% preferred (quar.).
_
62 Mc
25c
Share
Company
Paton Manufacturing Co., Ltd., common (qu.)_
31
21
$2.50 preferred (quar.)
Gilmer (L. II.) Company
)
Per
Holders
Payable of Record
General Steel Wares, Ltd., 7% pref. (quar.)
General Telephone Corp. (quar.).
»—_
Aug.
120c
When
Holders
Payable of Record
Aug. 15 July 31
Sept. 15 Sept. 1
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Oct.
1 Sept. 15
7% preferred (quarterly)
Agricultural Nat 1 Bank (Pittsfield, Mass.)—
(Quarterly)
:$im
$2
Oct.
15 Oct.
10
Allentown-Bethlehem Gas, 7% pref. (quar.)
Allied Stores Corp., 5% pref. (quar.)
Alpha Portland Cement Co
87Mc
SIM
Aug.
9 July
31
Oct.
1 Sept.16
25c
Aluminium, Ltd., common
6% preferred (quar J (payable in U. S. funds)
Aluminum Manufacturers, Inc. (quar.)
Quarterly
7% preferred (quar.)
7% preferred (quar.)
American Automobile Ins. Co. (St. L.) (auarj-.
American Can Co. (quar.)
7% preferred (quar.)
American Car & Foundry Co. common (resumed)
7% non-cum. preferred (quar.)
Accumulated (clearing up all previous pndis¬
tributed earnings applic. to the preferred)
American Chain & Cable Co., Inc.com.
5% preferred (quar.)
American Chicle Co. (quar.)
_
—
1$2
$1M
50c
50c
$1M
SIM
25c
$1
SIM
$2.04
40c
SIM
SI
Sept. 25
Sept. 5
Sept. 1
Sept. 30
Sept. 2
Aug. 15
Aug.
8
Sept. 15
Dec. 31 Dec.
15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Sept. 15 Sept. 1
Aug. 15 July 24
Oct.
1 Sept. 17
Oct.
1 Sept. 24*
Oct.
1 Sept. 24*
Aug. 29 Aug. 22*
Sept. 15 Sept. 3
Sept.15 Sept. 3
Sept. 15 Sept. 2
Volume
Dec.
1 Nov. 25
8
Aug. 15 Aug.
Sept. 15 Aug. 29
SIX
t30c
(quar.).
t35c
$7 preferred
3c
American Furniture Co., Inc
75c
pref. (quar.)
62 He
50c
$2.50 preferred (quar.)
$2 preferred (quar.)
American Home Products Corp.
20c
American Insurance Co.
Sept. 15 Aug.
Aug. 15 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 2 Aug.
25c
5c
(monthly)
(Newark) (s.-a.)
Extra
(Chicago) (quar.)
MX
t$3
$3H
75c
Refining Co. 7% pref. (quar.)..
American Woolen Co., Inc., 7% pref
Amsterdam City Nat. Bank (N. Y.) (quar.)
Anaconda Copper Mining Co
Anheuser-Busch, Inc. (quar.)
A. P. W. Properties. Inc., class B
Armour & Co. (Del.) 7% preferred (quar.)
Armour & Co. (111.) $6 prior preferred
Armstrong Cork Co., 4% pref. pref. (quar.)
American Sugar
50c
$1
$1X
+35c
t$3M
$1H
t56c
48c
Ry Co.—
(Irregular)
$1
—
Baldwin Locomotive Works
S4H
(s.-a.)
Atlanta & Charlotte Air Line Ry.
$1.05
7% preferred (s.-a.)
Co. (s.-a.)
10c
Baltimore American Insurance
10c
'
MX
4 $2
t$2 H
Ins. Co. of N. Y. (quar.)
(quar.)
of Toronto (quar.)
Bankers & Shippers
Bank of Montreal
Bank
Best & Co. common
20c
$1
t$3H
t$4.55
15c
--
Blauner's $3 preferred (quar.)___
— —
(E. W.) Co. of Del.—
Representing 6 mos. div. (6% conv.
Representing 6 mos. div. (5% conv.
Sept.
Oct.
t25c
37 He
Paper Co., Ltd., cl. A (interim)
Bayuk Cigars, Inc. (quar.)
Belding Heminway Co. (quar.)
Bendix Aviation Corp
Berkshire Fine Spinning Associates, Inc.—
$5 conv. preferred
$7 preferred
Bertram (John) & Sons Co., Ltd. (initial)
Bathurst Pow. &
40c
75c
Bliss
Bloch Bros. Tobacco Co., com.
75c
pref.)
pref.)
62 He
37Hc
$1H
(quar.)
6% preferred (quar.)
Blue Diamond Corp. (irreg.)
15c
15c
5% conv. preferred (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.
Byron Jackson Co. (resumed)
California Packing Corp., common
pref. A (quar.)
B (quar.)
_
Co. (s.-a.)_.
Corp
Class A (quar.).
A (quar.)
_
-—-_—
,
6H % preferred (quar.)
...
Investment Corp.,
8% preferred (quar.)
Canadian Oil Cos., Ltd. (quar.)
Ltd.—
...
Extra
...
Castle (A. M.) & Co.
—
Cedar Rapids Manufacturing & Power Co.
Central Eureka Mining Co. (bi-monthly)
(qu.)
(quar.)
Central Vermont Public Service Corp.—
$6 preferred (quar.)
Century Ribbon Mills, 7% pref. (quar.)
Champion Paper & Fibre, common
6% preferred (quar.)
Chartered Investors, Inc., $5 pref. (quar.)
Chesterville Larder Lake Gold Mining Co., Ltd.
Common (irreg.)
Chicago Yellow Cab Co., Inc. (quar.)
Chile Copper Co
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.)
Central Cold Storage Co.
City Nat'l Bank
He
37 He
50c
10c
4$1
450c
4$2
412HC
412He
Co
& Trust Co. (Chicago)*
25c
75c
8c
25c
$1H
SIX
25c
S1H
SIX
Aug. 15 July
Aug. 15 July
Aug. 15 July
Aug. 15 July
Aug. 15 July
Sept. 15 Aug.
Aug. 28 Aug.
31
31
31
31
31
15 Dec.
1
29
15
Sept. 15 Sept. 1
Dec.
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Oct.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
...
(quar.).
1 Sept. 15
1
15 Aug.
1
15 Aug.
10 July 30
10
15
15
15
July
30
July 31
July 31
Sept. 5
Aug. 15 July 31
Sept. 2 Aug. 20
Sept. 15 Aug. 30
Oct.
1 Sept. 15
1
Sept. 2 Aug.
Columbia Gas & Electric,
6% pref. A (quar.)
—
pf. (quar.)
Commonwealth International Corp., Ltd. (qu.)_
Commonwealth Utilities Corp. 6H% pref. (qu.)_
6% pref. (quar.)
6H% preferred "C" (quar.)
Community Public Service Co—,—
—
Concord Gas Co., 7% preferred
Conduits National Co., Ltd. (interim) —
Confederation Life Association (Toronto) (qu.)_
Quarterly
Oct.
Sept. 20 Sept. 5
Aug. 15 July 31
Sept. 30 Sept. 15
(quar.)
Sept. 30 Sept.15
Oct.
1 Sept. 25
26
(Gin.) (quar.)
Jan 2'42 Dec.
(Atlanta, Ga.) (quar.)
(Hartford) (quar.)
(Hazleton, Pa.) (quar.)
First National Bank (Mt. Vernon, N. Y.)—
Common (quar.)
First Nat. Bank (North Easton, Mass.) (quar.)
First National Bank (Pittsburgh) (quar.) — ---_
First Nat. Bank & Trust Co. (Lexington, Ky.)
(Quarterly)
—First Nat. Trust & Save. Bank (San Diego) (qu.)
5% preferred (quar.)
Fitzsimmons Stores, Ltd. 7% pref. (quar.)
7% preferred (quar.)
Florida Power Corp., 7% pref. A (quar.)
,—--------
registered
(quar.)--
Oct.
Aug.
12 He
1 Sept. 15
1
10 Aug.
1 Oct.
21
Aug. 15 July
22
Nov.
S1H
SIX
SIX
68 He
41c
44c
SIX
SIX
six
50c
t50c
415c
$1H
$1H
9
Aug. 28 Aug. 14
Aug. 15 July
Aug. 15 July
19
19
19
15 July
1
15 Aug.
29 Aug. 15
15 July 15
Aug. 30 Aug. 15
Oct.
1 Sept. 15
Aug.
Aug.
Aug.
Aug.
Dec.
1 Nov. 14
Aug. 15 July
Aug. 15 July
Aug.
8 Aug.
Sept 30 Sept.
Djc. 31 Dec.
25
31
5
25
14
Sept.26
Nov.
Oct.
Nov.
Oct.
20
Sept.
Aug
20
Dec.
Nov. 20
SIX
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug. 15
Aug. 15
Aug. 15
Aug. 20
Aug. 20
July 25
Sept.30
Sept. 5
Sept. 5
Aug. 15
$1
15% Canadian
al0%
Sept.
a7ti
Sept.
25c
Sept.
4 July 29
4 July 29
Aug. 15 July 28
Aug. 15 July 31
Aug. 15 Aug. 5
$1
—-—
—--—
Nov. 15 Nov.
5
15 Aug.
5
Nov. 15 Nov.
5
50c
20c
(qu.)_
common
SIX
SIX
$1X
25c
%
(s.-a.)
Granby Consol. Min. Smelting & Pow. Co., Ltd.
Payable in U. S. dollars.
Subject to approval
of Canadian Foreign Control Board, less
dividend tax.
$3
15c
lc
-.—
Dredge & Dock Co. (quar.)--Greene Cananea Copper Co
Griesedieck Western Brewery Co.—
5H % conv. preferred (quar.)
Gulf Power Co. $6 preferred (quar.)
Hale Bros. Stores, Inc. (quar.)
Hamilton Watch Co. common
6% preferred (quar.)
Hanna (M. A.) Co., $5 pref. (quar.)
Harrisburg Gas Co., 7% preferred (quar.)
Great Lakes
Sept.
$1
National Ins. Co. (s-a)
Grand view Mines.
Oct.
Sept.
20
$1H
$1H
Preferred (quar.).
*.).
Preferred (quar
Goodyear Tire & Rubber Co.,
$5 conv. preferred (quar.)
Gorham, Inc.. $3 preferred
Grace National Bank (N. Y.)
35c
SIX
$1H
SIX
--—-----
Globe-Democrat Publishing Co., 7% pref.
Gold & Stock Telegraph Co. (quar.)
Goodrich (B. F.) Co. $5 pref. (quar.)
$1
Oct.
25c
31 Xc
17Hc
17Hc
50c
class A
1 Sept.
1 Sept. 30
50c
—
4
1 June
Oct.
$1?*
-— —-
General Metals Corp. (s.-a.)
General Outdoor Advertising,
Class A
1 Sept. 30
Oct.
7% preferred
(irreg.)
Fulton National Bank (Atlanta, Ga.) (quar.)
Gamewell Co., common (irreg.)..
$6 convertible preferred (quar.)
General Cigar 7% pref. (quar.)
General Electric Co., Ltd. (Great Britain)—
Sept.20
1 Sept. 20
10 Sept. 30
Oct.
First Nat. Bank
5% conv. pref. (quar.)
Fruit of the Loom, Inc., pref.
1
Oct.
Oct.
First National Bank
Oct.
20c
Oct.
First National Bank
Sept.
25c
5% preferred (quar.)
5% preference (quar.)
Columbia Pictures Corp., $2.75 conv.
Commoil, Ltd
1 Sept. 30
1 Sept. 10
Sept. 30 Sept.15
Aug.
2 July 24
Oct.
1 Sept. 20
Sept. 19 Aug. 29
Oct.
(quar.)
rets, ordinary
Sept.12
Aug.
9
July 25
Sept. 16
Sept. 30 Sept. 15
Dec. 18 Dec. 15
Ferro Enamel Corp
Bonus
1 Sept.12
Oct.
Fidelity-Philadelphia Trust Co. (quar.)
—
25
Oct.
Bank (Pitts.) (qu.)__
Farmers & Traders Life Insurance (quar.)
Federal Bake Shops, Inc. (quar.)
Federal Chemical Co. 6% preferred
Federal Insurance Co. or New Jersey (quar.) —
Federal Mining & Smelting Co
,-
Freeport Sulphur Co. (quar.)
Fruehauf Trailer Co., common-
1 Oct.
Oct.
*
(Marshall) & Co., 6% pref.
6
1 Sept. 20
1 Oct. 20
Sept.
Aug.
SIX
Colgate-Palmolive-Peet Co., common (quar.) —
S1.06H Sept. 30 Sept.
$4.25 preferred (quar.)
Colorado Fuel & Iron Co
(irreg.)
9
1 Sept. 20
Aug. 15 July 31
Oct.
1 Sept.12
$5 preferred (quar.)
Farmers Deposit National
.
9
Nov.
(semi-ann.)
Metallurgical Corp. $5 pref. (quar.)
Extra
1
9
Nov.
Gibraltar First
30
31
Oct.
Co. (s.-a.)
2 Aug. 15
$1
Sept. 30
Oct.
(s.-a.)
50c
25c
Aug. 20
11 Aug.
Sept. 30 Sept.
Sept. 22 Sept.
Falstaff Brewing Co. pref.
General Foods Corp.
Sept.
Aug. 15;July
$5 preferred (quar.)
Fairbanks, Morse & Co
Amer. dep.
8
5
7 July
Aug. 15 Aug.
Aug.
Aug. 30 Aug.
Sept.
1 Aug.
$6.50 pref. (qu.)
5% preferred (s.-a.)
Field
12
Aug. 12
Aug. 15
Aug. 15
1
Aug. 15 Aug.
1
Aug. 15 Aug.
Sept. 10 Aug. 22
11 Sept. 25
Oct.
Co. (quar.)
Elmira & Williamsport RR.
Fansteel
Aug.
Oct.
Employers Casualty Co. (Dallas) (quar.)
Employers Eteinsurance Corp. (quar.)
Engineers Public Service Co., $6 pref. (quar.)__
$5.50 preferred (quar.)
Fairchild Aviation Corp.
2
2
2
2
Sept.
1 Aug. 15
Aug. 25 July 31
450c
5
Aug. 20 Aug.
Sept.
2 Aug. 20
Aug. 26 Aug. 8
45c
1.5c
-----
...
Citizens Utilities
25c
25c
(quar.)
Extra
a8'1&
Quarterly
25c
tsix
Canadian Foreign
Sept.
(quar.)-__
Elgin National Watch Co..
Elizabeth & Trenton RR. Co., com.
5
31
1
20
22
29*
25
Sept.
Sept.
Sept.
Sept.
6% preferred (2d series)
A (quar.). 437 He
437 He
Canada Wire & Cable Co., Ltd.. class
Sept.
Sept.
Sept.
Sept.
75c
50c
(reduced)
Fifth-Third Union Trust Co.
37Hc
-
Canada Foundries & Forgings. class
Class B (interim).
37Hc
62
5% preferred (quar.)
Callite Tungsten
$6 preferred (quar.)
Electric Storage Battery
1 Aug. 15
1 Aug. 15
5 July 28
6
1 Aug.
6
1 Aug.
1 Aug. 16
35c
68 He
Sept. 15 Aug. 29
Sept. 15 Aug. 29
37Hc
East Malartic Mines. Ltd
Sept.
Sept.
25c
Aug.
8 July
2 Aug.
35c
35c
5% preferred (quar.)
SIX
__
Aug.
23 Dec. 23
1-5-42 Dec. 20
Sept. 15 Aug. 29
Dec.
(s.-a.)
Eastern Shore Pub. Serv. Co.,
1
1 Oct.
Oct.
SIX
J
$6 preferred (quar.)
Duplan Silk Corp., common
1 Nov. 24
$1
July
Aug.
2
Sept. 15 Sept.
Aug.
4 July 25
$2
Preferred
Dun & Bradstreet, Inc., com.
Dec.
68 He
50c
Butler Brothers common
California-Western States Life Ins.
Aug.
15
20
15
2
15
Dec.
$1H
(s.-a.)
5% preferred (accum.)
Sept.
1 Aug. 15
Sept.
1 Aug.15
8
Aug. 15 Aug.
Sept. 30 Sept. 25
16
31
1 Sept. 28
1 Nov. 22
Oct.
$1 X
(quar.)_-
Dover & Rockaway RR. Co.
Dow Chemical Co., common
25
1
31
28*
6
13
10c
Dodge Manufacturing Corp. (Ind.)
Dominion & Anglo Investment Corp., Ltd.—
5% preferred (quar.)
Dominion Bridge Co., Ltd. (quar.)
Dominion-Scottish Investments, Ltd.—
1
15 July
12 July
15 Aug.
1 Aug.
30 Sept.
2 July
50c
(quar.)
Final
Aug. 23
Aug. 23
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
5
31
8
29
29
15
31
10c
(semi-annual)
Dictaphone Corp., common
8% preferred (quar.)
Distillers Co., Ltd., Amer. dep. rec. for ord. reg.
20
16
July
$2
$3 H
Extra
*
31
Aug.
$1M
Crunden-Martin Mfg. Co., 7% pref. (s.-a.)
Culver & Port Clinton RR. Co. (extra)
$5 convertible preferred (quar.)
Diamond Match Co. (irreg.)
31
31
4
31
15
8 Aug. 11
1 Sept. 15
1 June 15
15 Aug. 31
1
15 Aug.
2
2 Aug.
Sept. 2
Sept. 2
Aug. 15
Aug. 15
Aug. 15
Crown Zellerbach Corp. $5 conv.
Crum & Forster 8% pref. (quar.)
43 He
(quar.)
pref. (quar.)__
Class B
SIX
16c
(quar.)
Bourjois, Inc., $2.75 pref. (quar.)
Brager Eisenberg. Inc. (quar.)
Buckeye Pipe Line
Budd Wheel Co. (irreg.)
Bunte Brothers 5% preferred (quar.)
5% Preferred (quar.)
Burlington Mills Corp. common
.
$2.75 conv. preferred (quar.)
Burroughs Adding Machine Co
California Water Service Co. 6 %
Sept.
Sept.
Aug.
Sept.
2c
25c
pref.
Dewey & Almy Chemical Co., common
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Sept.
10c
Boston Fund
Common
Sept. 2 July
Sept. 2 Aug.
Sept.
1 Aug.
Aug. 15 July
Aug. 15 July
Aug. 12 Aug.
Sept. 2 July
Sept. 2 Aug.
15c
Bath Iron Works Corp
1
43c
t$lX
J30c
(quar.)__'
Crown Cork & Seal Co., Inc
Crown Drug Co. 7% conv.
(N. Y.) 7% pref.
7% preferred (quar.)
Sept. 15
Sept. 1
Sept. 2
Sept. 1 Aug. 18
Sept. 2 Aug. 15
Sept. 2 Aug. 15
1
Aug. 15 Aug.
1
Aug. 15 Aug.
25c
Barnsdall Oil Co
6 % preferred
Oct.
July
Sept.
July
July
Sept. 2 Aug.
Aug. 15 July
Aug. 15
Sept. 29
Aug. 15
Aug. 15
it 5c
(quar.)
Detroit Hillsdale & Southwestern RR.
10
Sept.10
Sept.
1
Aug.
4
Aug. 15
Sept. 15 Aug.
25c
Dentists' Supply Co.
1 Sept.
25c
preferred (quar.)
$1.40 convertible preferred._
Associated Dry Goods Corp., 7% 2d pref
6% 1st preferred (quar.)
Associated Tel. & Tel. Co., 7% 1st pref
;
1
Common
Oct.
Aug. 20 Aug.
4Hc
(irreg.)
15
25
25
15
1 Sept
$2
35c
25c
(irreg.)
Cuneo Press, Inc., 4H% preferred
Delaware Rayon Co. class A
2
Mar. 31
Oct.
Oct.
Consumers Gas (Reading, Pa.)
15
Sept. 12 Aug. 26
30c
Artloom Corp. 7%
Asbestos Mfg. Co.
$6 1st preferred
Atchison Topeka & Sante Fe
31 Oct.
Sept. 22 Sept.1
MX
+S1H
$1
Common (interim)
Extra
Oct.
50c
10c
Extra
Sept. 1 Aug. 25
5
Aug. 15 Aug.
2
Aug. 15 Aug.
1
Aug. 30 Aug.
Sept. 15 Aug. 30
Oct.
2 Sept.
5*
Aug. 15 July 29*
$1
Co
Refining Co., com
(year-end)
15c
12Hc
Corporate Investors, Ltd., class A
1
Dec.
40c
(N. Y.) (quar.)
American Steel Foundries
Common
Aug. 11 Aug.
Aug. 30
Sept. 2 Aug.
Aug.
8 July
Aug.
8 July
Aug. 15 July
$15*
Corrugated Paper Box Co., Ltd., 7% pf. (accum)
Cosmos Imperial Mills, Ltd. (quar.)
Cresson Consol. Gold Mining & Milling Co.—
fi
SIX
American Ship Building
American Smelting &
15 Dec.
$1 X
7% preferred (quar.)
American Re-Insurance Co.
14
Sept. 30 Sept. 20
5
Sept. 15 Sept.
$1H
75c
15 Oct.
SIX
50c
(quar.)
Container Corp. of America
Continental Cushion Spring Co.
Continental Oil Co
1 Sept.
3
Sept. 16 Aug. 27
Oct.
15c
(Nashville, Tenn.) (quar.)
Paper Co., 7% preferred (quar.)
7% preferred (quar.)
American Pulley Co
__
Amer. Radiator & Standard Sanitary Corp.—
American
14*
3
Aug.
Oct.
$1H
Consolidated Oil Corp. (quar.)
Consolidated Retail Stores—
8% preferred
2
Sept. 15 Sept.
8 July 24
1 Sept. 15
Sept.
1 Aug. 15
Sept. 2 Aug. 15
25c
45c
75c
Extra
Oct.
$2
American Nat'l Bank
29
13
15
15
15
1 Sept.
Oct.
75c
American Meter Co
American Nat. Bank & Tr. Co.
1 Aug. 25
Sept.
SIX
Envelope Co., 7% pref. A (quar.)
7% preferred A (quar.)
American General Corp. $3
5
15 Dec.
SIX
American
American Export Lines, Inc. 5% pref.
American & Foreign Power Co. $6 pref
Dec.
Congoleum-Nairn, Inc. (quar.)
Coniagas Mines, Ltd. (interim)
Connecticut Light & Power, common (quar.)
5H % preferred (quar.)
Connecticut River Power Co., 6% pref. (quar.)
Consolidated Aircraft Corp. $3 conv. pref. (final)
Consolidated Cigar Corp. 7% pref. (quar.)
Consolidated Coppermines Corp. (irreg.)
5
Sept. 15 Sept.
15c
15c
American Colortype Co., common
Common
Payable of Record
Share
Company
Holders
When
Per
Name of
Payable of Record
Share
Company
Holders
When
Per
Name of
643
Commercial & Financial Chronicle
The
153
25c
75c
34 He
$1H
25c
25c
!1H
SIX
Aug.
2 Aug. 15
2 Aug. 15
Sept.
1 Aug. 20
Oct.
1 Sept.30
Sept.30 Sept. 23
Sept.15 Aug. 15
Sept. 15 Aug. 15
1
Aug. 15 Aug.
Sept. 1 Aug. 25
Sept. 2 Aug. 15
Sept.
Sept.
Aug. 15 July 15
1
Aug. 15 Aug.
Sept. 8 Sept. 2
Sept.
1 Aug. 15
1 Sept. 20
Sept. 2 Aug. 15
Sept. 15 Aug. 29
Sept. 2 Aug. 15
Sept.
1 Aug. 15
Oct. 15 Sept. 30
Oct.
644
The Commercial & Financial Chronicle
Aug. 2, 1941
Holders
Name of Company
Hart-Carter Co., 82 conv. pref. (quar.)
HaskeliteMfg. Corp. (quar,)
Havana Electric & Utilities Co., 6% 1st pref—
Hawaiian Electric Co., Ltd. (qaur.)
Hedley Mascot Gold Mines, Ltd, (quar.)
Hercules Powder Co. 6% pref. (quar.)
Sept. 1
Aug. 15
Aug. 15
Sept. 15
Aug. 15
Aug, 15
Aug. 15
Aug. 15
Aug. 29
Sept. 26
Aug.
July
Sept.
Aug.
Aug.
Sept.
$4
conv.
common
(quar.).
pref. (quar.)
Hibbard, Spencer, Bartlett & Co. (monthly)
Monthly
Higgens Industries (initial).
Highland Dairy, Ltd., 5% pref. (accum.)
...
Hires (Chas. E.) Co
Hollinger Consol. Gold Mines (monthly)
Extra
Home Insurance (Hawaii) (quar.)
Quarterly
Hooker Electrochemical Co., 6% pref, (quar.)..
Common (irreg.)
Hormel (Geo. A.) & Co. common
6% preferred (quar.).
$3 conv. preferred (quar.)
Idaho-Maryland Mines (monthly)
Illinois Municipal Water Co. 6% pref. (quar.)-Illinois National Bank (Springfield, 111.) (quar.)
Imperial Life Assurance Co. of Canada (quar.)..
Quarterly
Indiana Steel Products Co.
Indianapolis Water Co. 5% pref. series A (quar.)
Industrial Bank & Trust Co. (St. Louis), quar.).
Ingersoll-Rand Co
Inspiration Consolidated Copper
International Business Machines (quar.).
International Harvester Co. 7 % pref. (quar.)
International Ocean Telegraph Co. (quar.),
Internat. Rys. of Central Amer. 5% preferred
Iron Fireman Mfg. Co. (quar.).
Quarterly
Jantzen Knitting Mills, 5% preferred (quar.)..
Jewel Tea Co., Inc. (quar.).
Kable Bros. Co. 6% preferred (quar.)
Keith-Albee-Orpheum Corp. 7% preferred
Kemper-Thomas Co., 7% special pref. (quar.)..
7% special preferred (quar.).
Kennecott Copper Co
conv.
$4.50
conv. pref.
(initial quar.)
(Increased) (quar.)
Lehigh Portland Cement Co. 4% pref. (quar.)-.
Leitch Gold Mines, Ltd. (quar.)
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).
6M % preferred (quar.*)".
Little Miami RR.. original capital.
Ittle
Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)
Loblaw Groceterias Co., Ltd., class A
(quar.)
Class B (quar.)
Loew's, Inc. $6.50 preferred (quar.)
Lone Star Cement
Corp.—
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
Lone Star Gas Corp
Louisiana Land & Exploration Co
;
Louisville Henderson & St. L. Ry., com.
(s.-a.)
5% non-cum. preferred (s.-a.)
Louisville & Nashville RR. (irreg.)
Lunkenheimer Co
6M% preference (quar.)
6M% preferred (quar.)
Lynch Corp
Macmillan Co. common (quar.)
$5 non-cum. preferred (quar.)
Managed Investments, Inc. (quar.)
..
Manhattan Shirt Co
Manufacturers Casualty Ins. Co. (Phila.) (quar.)
Extra
Marshall Fieid & Co., 6% preferred
(quar.)
)% preferred, second series (quar.)I
:Cli
"
McClatchey Newspaper,
Sept. 24
1 Sept. 30
1-2-42 Dec. 31
Aug. 15 Aug.
5
Oct.
1 Sept. 12*
Oct.
Aug. 15
Sept. 2
7% preferred (quar.)
_
Dec.
1
1
Aug. 31
Sept. 20
Aug. 15
Aug.
7
Sept. 2
5c
25c
50c
SIM
SIM
niM
SIM
SIM
2oc
July 25
Sept. 6
Aug. 15
July 31
Aug. 20
Dec.
Nov. 20
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.
1
30 Aug. 29
30 Aug. 29
20 Aug.
1
28 Aug.
7
22 Aug.
15 Sept.
8
Sept.
5
Sept. 20
2 Aug.
8
Nov.
1 Oct.
Oct.
1 Sept.19
Oct.
1
17
Sept. 2 Aug. 16
Sept. 15 Sept. 5
Dec.
lo Dec
5
SIM
50c
SI
*2c
50c
14c
40c
40c
Dec.
12 Dec.
X
Aug.
Sept.
Sept.
Aug.
Oct.
Sept.
Aug.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
9
9
13
31
29
25
1
1
15
15
50c
Oct.
30c
Nov.
20c
Aug. 18 Aug.
2
Sept. 2 Aug.
8
Oct.
1 Sept. 15
8ept. 10 Aug. 25
Dec. 10 Nov. 24
50c
$1M
$1.10
$1.10
50c
50c
15 Oct.
6
1 Oct.
25
Sept. 10 Aug. 25
Dec.
10 Nov. 24
125c
125c
SIX
Sept. 2 Aug. 11
Sept. 2 Aug. 11
Aug. 15 July 29
$1M
Sept.
Sept.
1 Aug. 20
1 Aug. 20
$1M
Dec.
1 Nov. 20
25c
Dec.
1 Nov. 20
25c
20c
10c
$4
$2M
$3M
50c
SIX
$1M
50c
25c
$1M
5c
25c
40c
43 Mc
43Mc
$1M
$1M
20c
87 Mc
75c
Aug. 22 July 22
Sept. 15 Sept. 2*
Aug. 15 Aug.
1
Aug. 15 Aug.
1
Aug. 27 July 28
Aug. 15 Aug.
5
Oct.
1 Sept. 20
1-2-42 Dec.
23
Aug. 15 Aug.
5
Aug. 15 Aug. 11
Aug.
8 Aug.
4
Aug. 15 Aug.
1
Sept. 2 Aug. 11
Aug. 15 Aug.
1
Aug. 15 Aug.
1
Sept. 30 Sept. 15
Sept. 30 Sept.15
Aug. 30 Aug. 29
Nov. 29 Nov. 28
Sept.
Sept.
Sept.
2 Aug.
2 Aug.
19
1
2 Aug.
8
Aug. 29 Aug. 15
Aug. 15 Aug.
5
Nov. 15 Nov.
t
Dec. 27 Dec.
20
28
15
Mercantile
Dec.
5 Dec.
30c
Sept.
5 Aug. 30
30c
I.II
25c
Aug.
5 July
Sept. 3 Aug.
Aug. 15 July
Aug. 15 Aug.
Sept.
5 Aug.
25c
Stores Co., Inc., 7% pref.
(quar.)
Mid-City National Bank of Chicago, com
Mid vale Co. (irreg.)
Midwest Rubber Reclaiming Co.
$4
Dec.
5 Dec.
37 Mc
15c
$1 H
I
Oct.
Oct.
$1
50c
$2M
31
1
30
1
1
Aug. 15 July
$1
$2
pref~.~(qu".)I
Montreal Loan & Mortgage Co.
(quar.)
Moody's Investors Service, Inc.—
$3 participating preferred (quar.)
Moore (W. R.) Dry Goods Co.
(quar.)
Quarterly
Aug. 15 Aug. 15
50c
I
(quar.)II
Monsanto Chemical Co., common
(quar.)
$4.50 preferred A (semi-annual)
$4.50 preferred B (semi-annual)
$4 preferred C (semi-annual)
Sept. 2 Aug. 15
Sept. 12 Sept
3
25c
(Milwaukee) (s.-a.)
Massachusetts Bonding & Insurance Co.
(quar.)
May Department Stores (quar.)
Meadville Telephone Co.
(quar.)
Mercantile Acceptance Corp.
6% pref.
5% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
t50c
155 Mc
6% preferred (quar.)
Marshall & Ilsley Bank
Nov. 10
2
Oct.
15c
_______
Motor Finance Corp. (quar.)
Sept. 15
Aug.
4
Sept. 5
Sept. 22
Aug.
5
Sept.30
Aug.
5
Aug.
9"
Sept.
SIM
SIM
„
(quar.)
1
Sept. 2
Sept. 22
Oct. 10
10c
Publishing Co.
Mclntyre Porcupine Mines, Ltd. (quar.)
Macy (R. H.) & Co..
Madison Square Garden Corp
Magnln (I.) & Co. pref. (quar.)
Meier & Frank Co., Inc.
Aug. 15
t50c
30c
preferred
Lansing Co. (quar.)
Le Tourneau (R. G.), Inc.—
7% preferred (quar.).
Mc Graw-Hill
12
Sept.12
Aug. 12
July 26
July 26
Aug. 13
Aug.
5
Aug.
5
Aug.
9
Oct.
Special
7%
15 Dec.
Sept. 30
Aug. 30
Aug. 15
Aug. 15
Sept. 2
Aug. 15
Aug. 15
Aug. 21
Sept. 1
Oct.
1
Horn & Hardart Co. (N. Y.) 5% pref. (quar.)
Huston (Tom) Peanut Co. common (quar.).
Kentucky Utilities Co. 7% junior pref. (quar.)..
Kerr-Addison Gold Mines, Ltd. (interim).
Kinney (G. R.) Co., Inc., $5 prior pref. (accum.)
Kingsburg Cotton Oil Co
Klein (D. Emil) Co. common
Kroger Grocery & Baking Co. common (quar.).
7% preferred (quar.)
6% preferred (quar.)
Lake of the Woods Milling Co.,
Ltd., 7% pf.(qu)
Landis Machine Co., 7% preferred (quar.)
7% preferred (quar.)
Lane Bryant, Inc. (quar.)
Langley s, Ltd., 7% conv. pref
Aug. 15
Aug.
5
July 31
Sept. 5
July
2
Aug.
4
July 25
July 25
Aug. 19
Sept. 16
15 July 24
30 June 24
2 Aug. 15
12 July 29
12 July 29
15 Sept.12
Dec.
-.
Hershey Chocolate Corp.
When
Name of
of llecord
Sept.
Sept.
Dec.
1
31
Sept. 20
Sept.15
Aug. 20
Aug. 11
Dec.
Nov. 10
Nov. 10
Dec
Nov. 10
*31 Mc Sept. 15 Aug. 31
75c
SIM
$1 M
25c
Aug. 15 Aug.
Oct.
1 Oct.
1
1
1-1-42; Dec. 31
Aug. 30'Aug.
16
Company
Mt. Diablo Oil, Mining &
Common
Holders
Payable of Record
Development Co.—
(quar.)
lc
Munson Line, Inc. $4 preferred A
(irreg.)
Muskogee Co., 6% preferred (quar.)
$1
SIM
Sept.
Sept.
Sept.
Aug. 15
Aug. 15
2 Aug.
9
Mutual Chemical Co. of America—
6% preferred (quar.)
6% preferred (quar.)._
——
_
Nat. Automotive Fibres. Inc. 6% conv.
National Battery Co., $2.20conv. pref.
National Biscuit Co.
com
pf. (qu.)
(quar.)_
.
7% preferred (quar.)
National Liberty Ins. Co. of America (s.-a.)
55c
40c
Type Co__
2c
$1M
25c
5% pref. (s-a.)
SIM
Nekoosa-Edwards Paper Co. common
Common
—
$2M
SIX
50c
$2
45c
2 Aug.
9
1 Aug. 15
15 Sept.16
Aug. 30 Aug. 15
Oct.
30 Oct.
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
2
15
15
15
15
2
14
31
31
31
July 31
Aug.
2
Oct.
1 Sept. 23
Sept. 1 Aug. 20
Sept. 30 Sept. 20
31 Dec. 20
Dec.
Aug. 15 Aug.
Sept. 2 Aug.
1
(quar.)
Aug.
Sept.
1
7
1 Aug. 16
50c
$5 convertible preferred (quar.)
Sept.
2 Aug. 16
Nov.
1 Oct.
55c
SIX
16
50c
Norfolk & Western Ry. Co., com.
Nov. 15 Nov.
1
Aug. 15
Sept.19
Aug. 19
Sept. 30
5
Aug.
Aug.
5
1
12 Mc
m
umrn
Aug. 15 Aug.
50c
R
(quar.)
s2k
Adj. preferred (quar.)
NormarH Bearing Corp. (quar.)
Oil Consolidated
Oahu Sugar Co., Ltd. (irreg.)
15c
North American
—
15c
10c
O'Connor Moffat & Co. $1.50 class AA
Occidental Insurance Co. (quar.)
Okonite Co. 6% preferred (quar.)
Omaha National Bank (Nebraska)
—
t37&c
SIM
SIM
$1M
(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
Outboard Marine & Mfg. Co. (irreg.)
10c
50c
$2M
—
20c
SIM
t$2M
60c
50c
Owens-liiinois Glass Co
Pacific Fire Insurance Co. (quar.)
Pacific Gas & Electric Co.—
$1M
5M% preferred (quar.)
6% preferred (quar.)
5% preferred ($25 par) amount is pro-rated
from date of purchase to payment date.
Pacific Lighting Corp. (quar.)
——
Parker Pen Co
Aug.
15
Aug. 15
Sept. 2
Sept. 30
Sept. 10
Sept. 2
Sept. 2
Aug. 20
Sept. 20
Sept. 20
Sept. 15
Aug. 15
Aug. 15
Aug.
9
1
Aug.
Aug.
July
Sept.
July
Aug.
July
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
30
31
21
25
15
29
5
14
15
25
20
20
8
26
26
30
Aug.
4
July 30
Aug.
1
34 Mc
37 Mc
Aug. 15 July 31
Aug. 15 July 31
31 Mc
Aug. 15 July
Aug. 15 July
Sept. 1 Aug.
Sept.
1 Aug.
Aug. 15 July
75c
25c
31
19
50c
15
15
25
Oct.
1 Sept. 15
1-5-42 Dec. 15
35c
Extra
Aug. 15 Aug.
5
Nov. 15 Nov.
5
25c
Peninsular Grinding Wheel Co
Peninsular Telephone (quar.)
10c
-—
Quarterly
--
50c
Preferred A (quar.)__
Preferred A (quar.)
35c
Preferred A (quar.)
35c
5-15-42
Penmans, Ltd., common (quar.)
Pennsylvania Salt Mfg. Co. (irreg.)
Pennsylvania Water & Power Co., com. (quar.)
$5 preferred (quar J
Peoples Nat. Bk. of Wash. (Seattle.Wash.) (qu.)
Peoria & Bureau Valley RR. Co. (irreg.)
Perron Gold Mines, Ltd. (quar.)
—
Extra
175c
six
$1
SIX
25c
$3
14c
11c
Phelps Dodge Corp. (increased)
Philadelphia Electric Power 8% pref. (quar.)—
Philadelphia Insulated Wire (increased s-a)
Philadelphia Suburban Water Co. 6% pref. (qu.)
Phillips Petroleum Co. (quar.)
Phillips Pump & Tank Co. class A (extra)
Class A (quar.)
Class A (quar.)
50c
50c
25c
$1M
50c
2Mc
2Mc
2Mc
2Mc
12Mc
-
Class B
Phoenix Acceptance Corp., class A (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.)
Pollock Paper & Box Co., 7% pref. (quar.)
7% preferred (quar.)
Poor & Co.. $1.50 class A preference (quar.)
10c
75c
(quar.)
13c
tic
-
Procter & Gamble Co. (quar.)
50c
Provincial
Transport Co. (s.-a.)
Public Nat. Bank & Trust Co. (N.Y.) (quar.)__
Public Service of N. J. 6% prer.
(monthly)
Pullman, Inc. (quar.)
—
Extra
120c
37$
25c
75c
Quaker Oats Co.. 6% pref. (quar.)
Quebec Power Co. (quar.)
Rath Packing Co. 5% pref. (semi-annual)
Raybestos-Manhattan, Inc. (quar.)
Rayonier, Inc., common
$2 preferred (quar.)
Reading Co. common (quar.)
4% non-cum. 1st preferred (quar.)
2nd preferred (quar.)
Reece Folding Machine Co. (irreg.)
Reed-Prentice Corp. 7% pref. (quar.)
Regent Knitting Mills pref. (quar.)
Preferred (quar.)
Reliance Grain Co., Ltd.—
6M% preferred (accumulated)
Remington Rand, Inc., common (interim)
$4.50 preferred (quar.)
Republic Investors Fund, Inc., 6% pref. A (qu.)
6% preferred B (quar.)
Reynolds (R. J.) Tobacco (quar. interim)
Common B (qu. interim)
Risdon Manufacturing Co. (irreg.)
SIM
125c
$2M
37 Mc
25c
50c
25c
-*
6% preferred C (quar.)
6% preferred D (quar.)
5% preferred E (quar.)
Rolland Paper Co., Ltd., common (quar.)
6% preferred (quar.)
Royal Bank of Canada (Montreal) (quar.)
Rustless Iron & Steel Corp. common
$2.50 conv. preferred (quar.)
St. Louis Union Trust Co. (Mo.), common—
(Quarterly)
(Quarterly)
San Francisco Remedial Loan Assn. Ltd.
(quar.)
Schumacher Wall Board Corp.—
$2 participating, preferred
Scotten Dillon Co. (irregular)
Seaboard Oil Co. (Del.) (quar.)
Oct.
1 Sept. 15
1 Aug. 20*
15 Oct.
Dec.
15 Dec.
15
Sept. 1 Aug.
Sept.
1 Aug.
Aug. 10 July
Aug. 10 July
Aug. 15 July
Aug. 15 Aug.
25
25
Oct.
1
Aug. 15 July
Sept.15 Aug.
Sept.15 Aug.
Aug. 30 Aug.
Aug. 25 July
Nov.
1
Oct.
1
Sept. 16
Dec.
1S1M
20c
15
22
22
1
22
Sept.15 Aug. 29
Sept. 2 Aug. 15
40c
60c
87 Mc
15
15
25*
5
Sept. 20
40c
50c
10
Sept.15 Sept. 15
Aug. 14 July
Sept. 11 Aug.
Oct.
9 Sept.
Aug. 12 July
Oct.
1 Sept.
Sept. 1 Aug.
50c
Sept.
Oct.
Oct.
17
21
18
22
17
15
1 Nov. 15
Aug. 31
Sept. 10
Sept.10
15c
Nov.
Oct.
15
15c
Nov.
Oct.
15
50c
50c
Aug.
Aug.
50c
Aug.
July 25
July 25
Aug.
5
Rochester Button Co—
$1.50 conv. preferred (quar.)
Rochester Gas & Electric Corp.—
2-1-42 1-15-42
Sept.
1 Aug. 15
Aug. 15 A.ug.
5
Aug. 20 Aug.
1
Sept.
SIX
SIX
5-5-42
Aug. 15 Aug.
5
Sept. 15 Aug. 29
Oct.
1 Sept.15
Oct.
1 Sept. 15
Sept. 30 Sept. 25
Aug.
9 July 21
Sept. 22 Aug. 30
Sept.22 Aug. 30
Sept. 10 Aug. 15
Oct.
1 Sept. 10
Aug. 15 Aug.
1
Sept. 2 Aug. 11*
Aug. 30 Aug.
1
Sept.
1 Aug. 15
Nov.
1 Aug. 15
Oct.
37m
Accumulated
Privateer Mine, Ltd.
Extra
20
Aug.
July
July
July
SIX
Common
1900 Corp., class A
Class A (quar.)
15c
50c
Neptune Meter Co., 8% preferred (quar.)
New Amsterdam Casualty Co. (s.-a.)
New York State Elec. & Gas, 5M % Pref. (final)
Newberry (J. J.) Realty 5% pref. A (quar.)
Newport News Shipbuilding & Dry Dock Co.—
18
Oct.
Oct.
10c
National Power & Light (quar.)
Nat'l State Capital Bank (Concord, N. H.) (qu.)
Neiman-Marcus Co. 5% preferred (quar.)
27 Dec.
Sept.
10c
Extra
National Paper &
Dec.
15c
SIM
National Electric Welding Machine Co (quar.)National Gypsum Co., $4.50 pref. (quar.)
Sept. 27 8ept. 18
SIM
$1M
37Mc
Sept.
1 Aug. 20
SIM
SIM
SIX
115c
Sept.
Sept.
Sept.
1 Aug. 14
1 Aug. 14
1 Aug. 14
15 Aug.
5
2 Aug. 15
2 July 31
2 Aug. 15
2 Aug. 15
**12*
1S2
15c
62 Mc
50c
Aug.
Sept.
Sept.
Sept.
Sept.
Sept. 30 Sept.24
50c
Dec.
75c
Sept. 30 Sept.15
tS3M
$1
25c
26 Dec.
Aug. 15 Aug.
Aug. 15 Aug.
Sept. 15'Sept.
20
2
Volume
645
Commercial & Financial Chronicle
The
153
Bank of
Condition of the Federal Reserve
Name of
Company
(quar.)
Second Nat. Bank (Houston, Texas) (quar.)___
Second Nat. Bank (Nashua, N. H.) (quar.)
Servel, Inc
Shawirdgan Water & Power (quar.)
Shenango Valley Water Co., 6% pref.
Signode Steel Strapping Co., common
$2.50 preferred (quar.)
Silex Co. (quar.)
Sioux City Gas & Elec. Co., 7% pref.
Common (quar.)
Nov.
25c
J23c
UA
25c
G2Ac
30c
$12*
(quar.) —
25c
10c
Extra
Sisco Gold Mines. Ltd
J2c
Snider Packing Corp
25c
Sonotone Corp., common
60c. prior preferred (quar.)-
5c
:
15c
50c
Soundview Pulp Co., common
6% preferred (quar.)
Southeastern Greyhound
Preferred (quar.)
Conv.
88
___
(quar.)
South Carolina Power Co. $6 pref.
Lines (quar.)
37Hc
30c
30c
J20c
Oct.
15 Oct.
Total
20
5
15
15
15
15
15
July
July
Aug.
Aug.
July
31Hc
40c
40c
Aug.
Sept.
Other assets
5
Sept.15 Sept.
204,000
369,000
Dec.
31 Dec.
Liabilities—
15
1
Aug. 15 Aug.
Sept. 2 Aug. 15*
Sept. 1 Aug. 15
5
Aug. 15 Aug.
Sept.15 Aug. 29
Nov. 15 Nov.
25c
Trane Co., common
%IA
$12*
%IH
$12*
(quar.)
5A % preferred (quar.)
(quar.).
$4.50 pref. (Initial quarterly)
J 20c
(quar.)
Deposits—Member bank reserve acc't..
U. 8. Treasurer—General account—.
Foreign
Other deposits
Mass.)
10c
Extra
25c
(quar.)
United Cori*. Ltd. $1.50 class A (quar.)
United Engineering & Foundry Co., com. (qu.)_
7% preferred (quar.)
J38c
50c
$12*
United Fuel Investments, Ltd.—
t75c
Other liabilities, Incl accrued
20
20
_ _
Capital Accounts—
Sept.
53c
Oct.
50c
Sept.
50c
Oct.
$2 A
15c
Oct.
85c
-
50c
50c
Foundry Co., (quar.)
Quarterly
Aug.
Aug.
Sept.
Dec.
5Cc
(qu.)
Oct.
25c
U. S. Playing Card Co. (quar.)
Universal Insurance Co. (quar.)
Sept.
$12*
$1A
t$2
25c
$15*
$15*
SI A
20c
$1A
$15*
7% preferred (quar.)
Walker (H.) Gooderham & Worts, Ltd.—
Common (quar.)
J$ 1
t25c
$1 preferred (quar.)
Warner Bros. Pictures, Inc., $3.85 preferred-.. t962*c
40c
Warner & Swasey Co
Other capital accounts.
(quar.)
$1A
25c
43 ?*c
$15*
$1A
$12*
lc
25c
25c
Westinghouse Air Brake Co
Westmoreland, Inc. (quar.)
vances.
50c
Weston Electrical Instrument
25c
(resumed)
$1
Co., common (quar.).,
$15*
7% preferred (quar.)
30c
mA
$2 A
(s.-a.)
1 Sept. 13
2 Aug. 15
1 Sept. 28
These
10
(Rudolph) Co. (The)
Yale & Towne Mfg. Co
Aoungstown Sheet & Tube Co., common
5H% preferred A (quar.)
-----Zion'8 Cooperative Mercantile Institution (qu.)_
Quarterly
*
*
Clearing House
2
15
15
15
15
12
1
Sept.10
Aug. 15
Oct.
1
Oct.
1
Aug. 16
Sept. 2
Aug. 15
Aug.
July
July
Aug.
Aug.
Aug.
Sept.
Aug.
July
Sept.
Sept.
Aug.
Aug.
Aug.
15
18
18
1
9
Capital
15
15
27
25
15
15
1 Oct.
15
1 Oct.
Guaranty Trust Co
Corn Exch Bank Tr Co.
First National Bank
Irving Trust Co
Chase National BankFifth Avenue Bank
Bankers Trust Co
Title Guar A Trust Co..
Oct.
a20%
25c
50c
1 Sept. 10
Sept.15 Aug. 23
Oct.
1 Sept. 13
5
Sept. 15 Sept.
50c
Dec.
75c
$15*
Deposits,
Average
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
4,267,300
84,931,100
1,168,100
10,161,100
28,067,600
8,916,500
10,758,300
10,000,000
50,000,000
4,000,000
100,270,000
500,000
25,000,000
6,000,000
Comrn'l Nat Bk A Tr Co
7,000,000
New York Trust Co
official reports:
companies, June 30, 1941.
As per
a2,077,848,000
856,842,000
17,479,000
37,747,000
165,975,000
10,571,000
62,348,284,000
82,452,000
787,947,000
105,925,000
82,140,000
Cl, 198,219,000
334,256,000
27,538,000
740,000
832,231,000
749,183,000
5,019,000
83,674,000
1,195,000
(13,384,778,000
46,750,000
4,092,000
59,685,000
17,418,000
80,002,000
2,319,000
145,710.000
458,979,000
41,786,000
el,214,228,000
3,085,000
148,169,000
1,645,000
96,032,000
53,311,000
900,480,800 16,252,610,000
518,361,200
Totals
247,037,000
612,090,000
27,221,000
20,000,000
77,500,000
20,000,000
90,000,000
41,591,200
21,000,000
15,000,000
5,000,000
12,500,000
7,000,000
Marine Midland Tr Co_
769,771,000
National, June 30. 1941; State, June
30, 1941; trust
In foreign branches: a $281,621,000 (latest available
(latest available date); c $3,307,000 (July 31); d $88,753,000
Includes deposits
6 $65,328,000
available
date);
e
date)?
(latest
$23,206,000 (July 31).
and
Stock
Bond
Averages
daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
Below
15
11
15
20
20
20
Time
Deposits,
14,294,300
6,000.000
National City Bank
1
15
1
Net Demand
Profits
Bank of New York
HOUSE
1941
Average
Surplus and
Undivided
Members
♦
NEW YORK CLEARING
BUSINESS THURSDAY, JULY 31,
AT CLOSE OF
ASSOCIATION
Continental Bk 4 Tr Co.
Sept. 15 Aug. 22
Sept. 15 Aug. 22
8
Sept.
1 Aug.
Aug.
5 July 22
Sept. 2 Aug. 15
Aug. 11 July 31
1
Aug. 15 Aug.
THE
OF MEMBERS OF
STATEMENT
Cnt Hanover BkATr Co
20 Oct.
City
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
Sept. 4 Aug. 22
Sept. 2 Aug. 15
Sept. 20 Sept. 10
15c
...
Weekly Return of the New York
Clearing House
Manufacturers Trust Co
Sept. 2 Aug.
Aug. 21 July
Sept. 2 Aug.
Oct.
1 Sept.
Aug. 30 Aug.
25c
Co. (monthly)
certificates given by the United
Chem Bank A Trust Co-
10c
(interim)
are
1
10 Dec.
Federal
notes or a bank's own
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.
Nov
40c
93.1%
756,000
t "Other cash" does not Include Federal reserve
Nov.
(quar.)
94.3%
1,528,000
Reserve bank notes.
Aug.
4 July 28
Sept. 10 Aug. 30
Oct.
7,109,000
12,409,000
94.3%
Bank of Manhattan Co.
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
51,084,000
53,326,000
7,070,000
13,430,000
1,528,000
1-2-42 Dec. 29
1 Sept. 15
Oct.
56,447,000
9,711,765,000 9,750,704,000 9,988,763,000
Total liabilities and capital accounts.
Oct.
Dec.
51,639,000
7,070,000
13,440,000
Public Nat Bk A Tr Co.
50c
Corp
Washington Gas Light Co. $4.50cum. pref. (qu.)
Wentworth Mfg. Co. $1 conv. pref. (quar.)
West Michigan Steel Foundry Co.—
$1.75 conv. preference (quar.)
West Penn Electric Co., 7% preferred (quar.) —
Oct.
51,646,000
56,447,000
Surplus (Section 7)
Surplus (Section 13-b).
Aug.
8
Aug. 29
Aug. 29
Aug. 15
1 Sept. 15
2 Aug. 15
1 Sept. 15
2 Aug. 15
1 Sept. 15
10 Sept. 20
26 Aug, 12
26 Aug. 12
20 Aug. 30
20 Nov. 29*
Oct.
53c
323,000
9,583,162,000 9,622,118,000 9,864,835,000
1 Sept. 20
58l-3c
$12*
16,827,000
527,000
644,000
Capital paid In
Sept. 26
Oct.
July 10
Aug.
Aug. 15 July 31
1
Aug. 12 Aug.
Aug. 12 Aug.
1
Oct.
18,000
1,463,000
163,845,000
9,785,000
1,807,570,000 1,790,887,000 1,406,292,000
6,349,879,000 6,416,098,000 7,281,537,000
245,194,000
301,647,000
313,931,000
338,595,000
443,201,000
432,769,000
447,240,000
474,601,000
477,505,000
dividends.
Total liabilities
2
11
31
Aug. 22 July 22
Aug. 22 July 22
1
Aug. 15 Aug.
Sept. 2 Aug. 23
5
Sept. 15 Sept.
Sept. 15 Sept. 5
Aug. 15 July 31
Aug. 15 July 31
Sept. 15 Aug. 20
58l-3c
20c
345,372,000
7,574,084,000 7,635,547,000 8,312,566,000
145,654,000
195,157,000
200,864,000
Deferred availability items..
Sept. 2
Sept. 30
Sept. 30
Sept. 2
t$2 2*
United Gas Corp., $7
—
Total deposits
x
Union Oil Co. of California
;V;:
\
F. R. notes in actual circulation
3
13c
Sept.
1,811,000
9,711,765,000 9,750,704,000 9,988,763,000
Total assets.
Sept. 30 Sept. 15
4
tic
Wrigley (Wm.) Jr
Monthly
752,533,000
18,000
Bank premises
45c
Woolworth (F. W.) Co. (reduced)
Woolworth & Co., Ltd. Amer. dep. rets,
750,353,000
618,387,000
18,000
2,904,000
220,893,000
10,107,000
12,415,000
2,318,000
219,910,000
10,107,000
12,668,000
Uncollected items..
Aug. 15 Aug.
10c
-
Co
615,149,000
619,893,000
Total bills and securities
45c
50c
Extra
Winsted Hosiery
Extra
404,981,000
Due from foreign banks
90c
50c
t56c
t24c
Toburn Gold Mines. Ltd. (quar.)
6% preferred (quar.)
West Virginia Pulp & Paper Co., 6% pf.
Westgate Greenland Oil Co. (monthly)
384,113,000
231,036,000
615,149,000
—
Federal Reserve notes of other banks—.
15
2
26
28
3%c
White (S. S.) Dental Mfg. Co.
Wilson & Co., Inc.. $6 preferr
Wilson Line. Inc., 5% 1st pref.
384,113,000
231,036,000
bills discounted
direct and guaranteed
2 Aug.
Oct.
1 Sept.
Sept.10 Aug.
Aug.
8 July
Aug.
5 July
Aug.
5 July
Sept.15 Sept.
Sept. 2 Aug.
Aug. 15 July
60c
Wheeling Steel Corp.
3,211,000
1,533,000
1,705,000
1,533,000
Total U. S. Government securities,
31
$1H
%IA
(irreg.)
Upper Michigan Power & Light Co. 6% pf.
6% pref. (quar.)
Upressit Metal Cap Corp., 8% preferred
Vanadium Corp. of America
Vapor Car Heating Co., pref. (quar.)
Preferred (quar.)
Virginia Coal & Iron Co. (irreg.).
Vogt Manufacturing Corp
Vulcan Detinning Co. common (quar.)
420,000
1,285,000
940,000
anteed:
30
28
30
2
1
5
-
6% class A preference (quar.)
preferred
United Gas Improvement Co., common
$5 preferred (quar.)
United Light & Railways 7 % pref. (monthly)
7% preferred (monthly)
6.36% preferred (monthly)—
6.36% preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
United N. J. RR. k, Canal (quar.)
United Specialities Co. (quar.)
165,000
2,271,000
Notes..
12
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
$1
Taylor-Wharton Iron & Steel Co
Telephone Bond & Share Co., 7% pref.
$3 first preferred
Texas Gulf Sulphur Co
Texas Pacific Coal & Oil Co. (quar.)--.
Thatcher Manufacturing Co. $3.60 pref. (quar.)
Third Nat. Bank & Trust Co. (Scranton, Pa.)—
Whitaker Paper
obligations
direct and guaranteed
Bonds
10c
(quar.)
Warren Foundry & Pipe
Govt,
Other bills discounted-—.
Aug. 15 July 19
Aug. 15 July 31
35c
Talon, Inc
;—
8.
U.
U. S. Govt, securities, direct i
6% preferred (quar.)
United States Pipe &
by
Nov. 20
20c
Union Market Nat. Bank (Watertown,
8,846,851,000 8,885,980,000 9,044,292,000
reserves
Secured
Nov. 20
(quar.)
Stecher-Traung Lithograph Corp.
$12*
5% preferred (quar.)
$12*
5% preferred (quar.)
25c
Stein (A.) & Co. (quar.)
95c
Sterling Products Inc. (quar.)
$1A
Strawbridge & Clothier 6% prior pref. A (quar.)_
t31 He
Struthers Wells-Titusviile, $1.25 conv. pref
Wurlitzer
Total
Bills discounted:
Dec.
Inc.
Extra.'
Other Cash t
Dec.
Stanley Works (The) 5% preferred (quar.)
Standard Wholesale Phosphate & Acid Works,
•
United States Treasury.*
Redemption fund—F. R. notes
30c
25c
Union Gas Co. of Canada. Ltd.
8,775,382,000 8,816,271,000 8,938,862,000
1,035,000
1,656,000
1,656,000
104,395,000
68,053,000
69,813,000
Industrial advances
Standard Products Co
..
Gold certificates on hand and due from
Aug. 20
Ltd., com. (quar.)
Southwestern Life Ins. Co. (Dallas) (quar.)
Sovereign Investors. Inc. (quar.)
Sperry Corp. v. t. c
Spiegel Incorp. $4.50 conv. pref. (quar.)
Standard Brands, Inc., $4.50 pref. (quar.)
Union Electric Co. of Missouri $5 pref.
$
$
$
Nov, 20
Southern Canada Power Co..
$6 1st preferred (quar.)
Truax-Traer Coal Co. 6% pref.
July 23,1941 July 31, 1940
July 30, 1941
Assets—:
Dec.
37 Ac
Quarterly
Quarterly
,
Sept.
(Quarterly) common
Swift & Co.
the corresponding
comparison with the previous week and
date last year:
S7Ac
6% non-cum. preferred (quar.)
6% conv. preferred (quar.)
Co., Ltd.—
Swan-Finch Oil Corp., common
in
Sept. 1 Aug. 14
Aug. 25 July 24
Sept.
1 Aug. 20
2
Aug.
6 Aug.
2
Aug.
6 Aug.
Aug. 11 July 31
Aug. 11 July 31
Aug. 11 July 31
Aug. 11 July 31
Sept. 15 Aug. 16
Sept. 15 Sept. 5
Sept. 25 Sept. 4
Oct.
1 Sept. 4
Aug. 25 Aug. 15
Aug. 25 Aug. 15
Sept. 15
Oct.
Aug. 20
Sept.
Aug. 20
Sept.
Southern California Edison
(irreg.)
Bank of New York at the close
29
30c
preferred (quar.)
Lines, Inc. com. (qu.)_
Southeastern Greyhound
Standard Silica Corp.
1 Oct.
following shows the condition of the Federal Reserve
of business July 30, 1941,
The
Sept.10 Aug. 11
Oct.
1 Sept. 30
$2
SI
(quar.)__
New York
Payable of Record
75c
Sears Roebuck & Co.
Holders
When
Per
Share
as
are
the
compiled by Dow, Jones & Co.:
Stocks
Bonds
,
10
10
30
20
15
Total
10
First
Second
10
Indus¬
Date
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
ties
Stocks
trials
Rails
Rails
ties
Bonds
trials
roads
Totai
Transfer books not closed for
accumulated dividends,
j Payable in Canadian funds, tax deductible at the source.
taA, effective April 30 1941 increased from 5% to
15%.
remains at 2%.
a Less British income tax.
t On account of
5
Non-resident
Resident
tax
128.22
30.88
18.58
43.58
107.83
94.70
53.89
109.89
91.58
128.79
30.61
18.60
43.63
107.81
94.65
53.73
109.80
91.50
128.95
30.52
18.55
43.63
107.81
94.43
53.75
109.89
91.47
July 30.
15 Dec.
this dividend,
1-
July 31.
*
129.19
30.57
18.57
43.70
94.51
53.81
109.91
91.48
July 29.
107.70
30.55
18.69
43.93
107.60
94.36
53.86
109.86
91.42
July 28.
130.06
July 26.
128.70
30.07
18.59
43.44
107.08
94.51
53.75
lt)9.86
91.45
Aug.
»
The Commercial & Financial Chronicle
646
Aug. 2,
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 Federal Reserve
System
immediately preceding which
ASSETS
the figures for the latest week
upon
in
appear
The comments of the Board of Governors of
department of "Current Events and Discussions"
our
also give the figures of New York and Chicago reporting member banks for
we
AND LIABILITIES OP
WEEKLY
REPORTING MEMBER BANKS IN 101 LEADING CITIES BY
DISTRICTS
week later.
a
ON JULY 23.
1941
(In Million* of Dollar*)
Phila¬
Federal Reserve Districts—
Total
ASSETS
Boston
S
delphia
%
%
%
San
Minne¬
New York
Atlanta
Cleveland Richmond
s
S
Chicago
%
*
Kansas
apolis
CUv
Dallas
*
%
St. Louis
I
p' S
Francisco
$
Loams and Investments—total
28,646
1,408
12.871
1,320
2,209
790
730
4,127
849
455
782
614
2,491
Loans—total
10,504
757
3.882
552
862
312
377
1,336
405
230
374
322
1,095
Commercial, Indus, and agricul. loans
6,011
410
2,451
296
409
147
191
876
234
117
220
215
445
Open market paper
388
86
102
40
20
13
6
45
20
3
27
3
23
Loans to brokers and dealers In secure.
461
11
338
25
14
3
6
43
4
1
3
3
10
Other loans for purchasing or carrying
securities
441
16
208
30
20
13
11
61
13
6
10
14
39
81
196
15
33
23
386
81
64
192
------
.
Real estate loans
1,252
Loans to banks
37
Treasury bills
Treasury notes
4
149
52
557
49
183
109
215
30
1,914
Other loans
1
*
-m
m
37
137
60
174
74
88
2
—
87
m
124
»
m
—
-
1,081
23
610
2
2
8
397
3
6
30
2,251
38
1,472
25
182
87
46
215
35
21
45
34
51
United States bonds
7,959
386
3,467
390
730
220
114
1,252
219
122
114
122
823
Obligations guar, by U. 8. Govt
3,302
77
1,967
92
180
102
71
361
79
38
110
47
178
344
Other
-
........I.......
securities
3,549
127
1,473
261
253
67
114
566
111
41
133
59
10,855
554
5,815
503
792
268
185
1,521
236
111
207
148
548
150
116
24
52
26
17
81
15
8
19
13
27
Balances with domestic banks.
3,496
203
244
216
395
277
254
616
199
125
339
312
316
Other assets—net
1,159
69
380
78
91
44
51
73
21
15
20
31
286
24,381
1,458
11,840
1,152
1,806
653
527
3,451
585
349
629
573
1,358
5,414
230
1,112
260
745
209
192
999
191
111
141
134
1,090
494
14
44
17
42
33
48
136
26
2
13
37
82
9,115
386
3,904
472
532
367
357
1,375
415
182
472
278
375
Reserve with Federal Reserve Bank..
Cash In vault
515
LIABILITIES
Demand deposits—adjusted
Time
deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
BnrrnwIngR
654
593
6
1
2
9
1
19
1
1
Other liabilities
768
24
295
16
20
41
13
23
6
7
3
4
316
3 877
249
1,638
218
393
102
98
425
97
62
109
91
395
Capital accounts
22
1
~
»
-
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the 12 Reserve banks
at the close of business
for the System as a whole in comparison with the
week last year.
The second table shows the
Reserve note statement (third table
in
our
July 30,
hand and due from U. S. Treas.x.
by
U.
OP THE
FEDERAL RESERVE
BANKS AT THE CLOSE OP
BUSINESS JULY 30,
July 23,
July 16,
1941
1941
1941
1941
1941
June 11,
1941
June 4,
1941
$
$
$
$
$
$
............
1941
$
20,302,533
16,271
293,232
20,302,531
20,612,036
Redemption fund (Federal Reserve notes)
Secured
The comments of the Board of Governors of the Federal Reserve System upon the
$
Other cash *
Total reserves.....
Bills discounted:
The Federal
1941
ASSETS
on
and liabilities separately for each of the 12 banks.
department of "Current Events and Discussions
1941
Gold ctfs.
Thursday afternoon, July 31,
on
The first table presents the results
following) gives details regarding transactions in Federal Reserve notes between the
COMBINED RESOURCES AND LIABILITIES
Three Ciphers (000) Omitted
Wednesday,
figures for the eight preceding weeks and with those of the corresponding
resources
Reserve agents and the Federal Reserve banks.
returns for the latest week appear
on
20,611,874
16,271
293,072
20,307,532
12,186
July
9,
July 2,
June
June
25,
18,
July 31,
1940
20,310,531
10,553
252,279
20,312,231
20,313,730
20,313,731
20,313,731
20,314,730
8,853
12,852
287,750
10,945
289,010
9,944
241,080
9,508
285,141
9,508
283,282
276,625
377,336
20,603,000
20,573,363
20,562,164
20,608,379
20,610,989
20,613,686
20.601,299
18,579,165
1,891
18,188,977
S. Government obligations,
direct and guaranteed
Other b lis discounted
1,622
905
930
1,358
1,242
1,366
1,365
1,143
1,119
1,823
1,868
1,489
1,421
2,938
592
687
619
674
1,781
Total bills discounted
4,560
2,728
2,296
3,357
2,508
2,013
1,806
1,977
1,916
3,672
Industrial advances
9,930
8.
Govt, securities,
Due from foreign banks
Federal Reserve notes of other banks......
Uncollected Items
8,906
8,774
8,736
8,884
1,363,800
1,363,800
1,363,800
1,363,800
820,300
820,300
820,300
820,300
820,300
820,300
820,300
1,321,196
1,126,732
2,184,100
2,196,681
2,184,100
2,196,203
2,184,100
2,196,809
2,184,100
47
......
2,184,100
2,194,812
47
2,195,881
2,184,100
2,195,201
47
2,184,100
2,194,851
2,184,100
2,194,752
2,447,928
2,460,484
47
47
47
47
47
47
23,779
27,222
890,276
24,918
1,132,033
26,825
889,067
24,554
21,433
979,078
882,182
640,802
40,162
44,641
40,215
43,329
40,246
42,412
40,035
39,968
51,782
41,417
53,799
47
assets
29,911
30,130
936,334
40,429
46,641
1,120,507
45,896
29,503
895,591
40,175
45,283
23,806,433
premises
26,338
881,425
40,296
47,601
..
Other assets
Total
9,088
1,363,800
820,300
direct and
guaranteed
Total bills and securities
Bank
9,273
1,363,800
2,184,100
2,198,590
Notes..
U.
9,352
1,363,800
i
......
Total
9,807
1,363,800
820,300
Bonds
9,853
1,363,800
U. S. Govt, securities, direct and guaranteed:
23,861,917
24,036,227
23,780,771
23,845,752
23,804,669
24,045,457
23,818,310
23.794,584
21,801,202
6,774,078
13,223,032
849,372
6,797,124
12,971,077
1,038,545
1,191,575
564,481
6,787,914
13,125,376
6,633,192
12,985,110
1,081,125
1,240,276
650,690
6,573,156
13,130,642
1,023,809
1,229,892
6,542,175
13,312,189
6,534,194
13,201,494
13,498,134
940,973
993,072
1,226,526
582,106
1,243,661
843,419
624,714
608,123
538,943
15,574,579
617,784
40,444
57,854
LIABILITIES
Federal Reserve notes In actual circulation..
reserve
account
United States Treasurer—General account..
Foreign
Other
deposits
Total
deposits
Deferred availability items
Other liabilities, incl. accrued dividends
Tota inabilities
6,829,182
6,771,077
13,096,940
921,055
1,144,031
604,411
13,117,089
15,766,437
835,032
3,033
15,830,172
885,278
2,658
15,864,719
15,765,678
843,364
2,229
15,781,956
901,936
1,747
15,957,201
836,114
6,086
16,009,057
1,085,664
16,061,794
835,205
16,046,350
1,022,766
2,115
5,610
7,133
5,312
2,303
23,433,684
Deposits—Member banks'
23,489,185
23,663,678
23,408,395
23,473,553
23,432,593
23,673,487
23,446,307
23,422,637
21,442,267
954,398
1,165,141
593,544
1,185,116
607,199
836,852
1,208,225
611,503
836,781
5,247,601
694,083
CAPITAL ACCOUNTS
Capital paid In
......................
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
Total liabilities and capital accounts
140,894
140,889
140,797
140,578
140,324
140,331
140,311
137,499
157,065
157,065
157,065
157,065
157,065
151,720
47,993
26,785
47,902
26,785
47,948
26,785
47,850
26,785
47,796
157,065
26,785
157,065
26,785
140,469
157,065
26,785
47,880
140,376
157,065
26,785
48,005
47.822
26.785
47.786
42,877
26,839
23,806,433
23,861,917
24,036,227
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
23,780,771
23,845,752
23,804,669
24,045,457
23,818,310
23,794,584
21,801,202
91.2%
91.2%
Commitments to make Industrial advances...
91.0%
91.3%
91.2%
91.2%
89,2%
11,393
11,950
91.1%
12,590
92.1%
11,697
91.2%
12,432
13,072
11,814
11,629
12,272
8,582
3,477
2,236
1,732
2,870
1,950
1,482
1,208
1,384
94
1,346
20
122
2,212
122
142
54
51
91
80
93
42
81
100
152
193
185
120
320
26
81
87
77
148
489
MaturUv Distribution of BUls and
Short-Term
Securities—
1-15 days bills discounted
16-30 days bills discounted...
31-60 days bills discounted
61-90 days bills discounted
276
'
..
80
477
143
105
20
266
236
295
264
290
244
267
240
222
571
4,560
2,728
2,296
3,357
2,508
2,013
1,806
1,977
1,916
3,672
1-15 days industrial advances
2,283
16-30 days Industrial advances
81-60 days Industrial advances
2,072
1,515
1,524
1,525
1,522
1,273
1,442
1,473
325
309
754
1,881
696
321
284
292
284
270
63
278
228
181
193
526
567
569
555
515
207
1,124
5,920
1,225
6,019
1,386
977
839
589
754
407
333
251
5,971
5,962
6,062
6,126
6,018
6,086
6,145
6,482
9,930
9,8531
9,807
9,352
9,273
9,088
8,906
8,774
8,736
8,884
Over 90 days bills discounted
Total bills discounted
61-90 days Industrial advances
Over 90 days industrial advances
Total Industrial
advances
....
Volume
647
Financial Chronicle
The Commercial &
153
System (Concluded)
Weekly Return of the Board of Governors of the Federal Reserve
June
June
11,
July 31,
4,
July 16,
July 9,
July 2
1941
July 23,
1941
1941
1941
1941
June 25,
1941
June 18,
1941
1941
1941
1940
$
$
$
%
$
$
$
I
$
$
July 30,
Three Ciphers (000) Omitted
Maturity Distribution of BiUs and Short-Term
Securities (Concluded)
U. 8. Govt, securities, direct and
guaranteed:
1-16 days
16-30 days
....
31-60 days
61-90 days
2,184", 100
2,184" 100
2,184" 100
2,184" 100
2,184", 100
2,184" 100
2,184,100
2,184", 100
2,184,166
2,447,928
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184.100
2,184,100
2,184,100
2.184,100
2,447,928
7,179,380
7,150,196
7,138,328
6,865,638
364,250
7,067,169
279,255
6,899,789
379,119
7,113,287
316,163
6,942,165
350,198
308,973
326,633
323,463
6.835 331
301,137
5,553,139
305,538
6,829,182
6,771,077
6,774,078
6,797,124
6,787,914
6,633,192
6,573,156
6,542,175
6,534,194
5,247,601
7,305,500
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—
7,243,500
7,184,000
7,063,000
1,801
3,037
2,198
1,739
7.033,000
1,475
7,011,000
1,693
6,971,000
1,642
5,664,500
3,937
7,305,500
2,204
7,293,500
By eligible paper
7,209,437
7,307,704
7,295,301
7,246,537
7,186,198
7,064,739
7,034,475
7,012,693
6,972,642
5,666,336
Total collateral
Gold ctfs.
•
hand and due from U.
on
8. Treasury
1,836
"'Other cash" does not Include Federal Reserve notes.
These
*
cents
on
are
certificates being worth less to the extent of the difference,
«'
Total
on
S
S
New York
Boston
ASSETS
certificates
y
,
from United States Treasury
686,281
16,271
5,113
1,656
416
799
293,232
22,461
69,813
20,509
21,288
1,324
14,431
20,612,036 1,223,769 8,846,851 1,264,142 1,594,220
702,036
S
City
Dallas
Francisco
$
i
$
$
$
$
San
Kansas
apolis
St. Louis
Chicago
470,106 3,324,248
656
1,593
543,369
999
594
548
40,570
16,854
6,683
11,929
323,025 1,352,553
786
1,787
31,754
12,751
494,951 3,366,411
561,222
359,505
476,273
336,562 1,386,094
8
Redemption fund—Fed. Res. notes __
Total reserves.
Atlanta
$
$
$
$
20,302,533 1,196,195 8,775,382 1,243,217 1,572,133
Other cash *
BUSINESS JULY 30, 1941
Minne¬
Cleveland Richmond
delphia
^
;
and due
band
RESERVE BANKS AT CLOSE OF
Phila¬
Omitted
Federal Reserve Agent at—
Gold
100 cents to 69.00
Treasury under pro¬
1934
RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
WEEKLY STATEMENT OF
Three Ciphers (000)
banks when the dollar was devalued from
the difference Itself having been appropriated as profit by the
United States Treasury for the gold taken over fro en the Reserve
certificates given by the
Jan. 31, 1934, these
visions of the Gold Reserve Act of
24,189
352,228
463,796
Bills discounted:
Secured by U. S. Govt,
direct and
obligations,
940
201
2,938
74
19
91
172
78
273
10
30
273
97
364
35
30
20
22
4,560
.
87
3,211
275
122
8
58
338
820
168
417
347
171
3,562
825
1,302
1,533
447
9,930
Total bills discounted
65,886
38,477
66,280
53,594
32,235
107,765
Industrial advances
U. S. Govt, securities, direct
& guar.:
1,363,800
99.286
384,113
107,301
141,895
74,720
57,484
166,999
820,300
59,719
231,036
54,541
85,348
44,943
34,577
100,446
39,630
23,144
39,864
171.842
227,243
119,663
92,061
267,445
105,516
61,621
172,582
615,149
85,829
159,005
106,144
2,184,100
175,679
227,703
120,491
92,287
267,862
105,546
62,341
107,066
172,788
160,394
619,893
86,540
2,198,590
47
18
5
4
2
2
6
1
3
915
2,318
1,614
1,267
7,519
1,976
2,638
1,518
887
26,338
Bonds
62,735
108,883
68,092
29,987
124,763
48,145
1,966
1,990
3,001
5,498
2,299
2,177
21,531
1,353
1,366
Notes..
Total U. S. Govt, securities,
direct and
guaranteed ........
Total bills and securities
Due from foreign banks
Res. notes of other banks
Fed
25
101
38
100
2,271
87
1,622
guaranteed
r>th«r bills discounted
See
1
947
2,999
47,662
2,948
29,985
1,181
2,254
2,031
881,425
83,e36
219,910
Bank
premises
40,396
2,801
10,107
4,756
4,500
assets
47,601
3,192
12,668
4,043
5,328
2,687
2,910
23,806,433 1,474,710 9,711,765 1,512,974 1,941,905
903,737
623,159 3,770,179
720,908
446,983
626,378
-
Total assets
LIABILITIES
F. R. notes In actual circulation.....
6,829,182
13,096,940
1,144,031
604,411
Foreign
Other deposits
472,665
642,986
324,294
223,687 1,464,312
254,234
172,203
227,760
108,108
563,574
666,324 6.349.879
313,931
71,018
742,134
64,947
961,166
322,995
176,804
69,588
408,369
34,432
56,720
432,769
110,803
105,091
49,119
39,223
34,269
38,990
25,130
281,375
34,635
835,147
37,261
86,821
26,387
10,443
477,505
21,285
5,761
9,787
6,218
2,808
234,138
40,441
33,127
1,630
939,169 1,163,641
497,681
356,196 2,130,848
406,274
247,142
351,945
309,336
985,616
100,511
65,422
29,547
126,822
48,448
17,831
35,234
28,206
39,466
66,378
88
377
83
308
128
218
343
140
644
103
509
92
3,033
23,433,684 1,449,106 9,583,162 1,478,430 1,907,481
...
887,705
609,618 3,722,359
709,048
437,279
615,079
5,531
5,247
4,836
15,169
3,000
3,152
4,545
3,613
3,974
10,785
3,244
533
1,138
2,010
2,367
8,398
2,059
2,003
1,263
1,952
4,572
1,000
2,552
2,121
1,007
713
22,824
1,429
4,343
4,925
4,280
5,725
623,159 3,770,179
720.908
446,983
626,378
2
706
31
571
804,505 7,574,084
CAPITAL ACCOUNTS
Capital paid In
140,894
9,344
51,646
11,921
14,522
Surplus (Section 7)
157,065
10,906
56,447
15,144
4,393
3,086
14,323
26.785
Other capital accounts
2,874
7,070
48,005
Surplus (Section 13-b)
Total liabilities and capital
2,480
13,440
acc'ts.. 23,806,433 1,474.710 9,711,765 1,512,974 1,941,905
960
2,193
1,528
1,219
11,697
ad vs..
903,737
•"Other cash" does not Include
Federal Reserve notes,
Boston
Total
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
New York
Cleveland
telphia
492,320
350,198
19,655
11,757
3,086
457,247 1,616,488
3,620
39
567,789 1,807,570
472,665
615,000 1,910,000
87
3,211
500,000
$
7,309,437
615,087 1,913,211
500,235
$
Dallas
San Ft an.
%
S
$
269,648
177,751
238,000
122,154
24,016
15,414
5,548
10,240
14,046
631,296
67,722
223,687 1,464,312
254,234
172,203
227,760
108,108
563,574
255,000 1,520,000
279,000
181,000
240,000
126,500
639,000
370,000
670,000
3,937
$
$
324,294
642,986
7,305,500
St. Louis Minneap. Kan. City
247,727 1,498,306
33,994
24,040
30
269
97
279,030
181,269
240,097
126,500
639,000
348,310
25,004
6,829,182
Chicago
Atlanta
$
667,990
600,161 1,885,717
78,147
32,372
Bank
In actual circulation...
Richmond
$
$
$
$
$
7,179,380
■
STATEMENT
PhUa-
(000) Omitted
Federal Reserve Bank of—
445,778 1,588,739
Less than $500.
a
FEDERAL RESERVE NOTE
Held by Federal Reserve
49
779
Commitments to make Indus,
Three Ciphers
33,127
200,864
accrued dlvB—
Total liabilities....
27,796
271,744 1,846,865
138,910
37,679
137,075
39,980
7,998
6,793
76,303
availability Items.
Other liabilities, incl.
457,247 1,616,488
835,032
15,766,437
Total deposits
Deferred
921,055
account.
U. 8. Treasurer—General
2,797
4,144
567,789 1,807,570
Deposits:
Member bank reserve account
4
1
1,740
36,096
a
Other
Uncollected Items
64,817
Collateral held by agent as security
for notes Issued to banks:
Gold certificates on
hand and due
Treasury
from United States
Eligible paper
Total collateral
United States Treasury
Rates
8
235
370,008
670,000
255,000 1,520,000
Quotations for U. S.
Bills—Friday, Aug. 1
Figures after
quoted are for discount at purchase.
Treasury Notes—Friday, Aug. 1
decimal point represent one or more
it
Int.
Bid
Bid
Asked
Aug.
0.13%
Sept.17 1941
Treasury Bills
6 1941......
Sept. 24 1941
0.13%
0.13%
Oct.
...
1 1941
0.13%
0.13%
Asked
«
I
«
(
t
t
1
1
1
1
Bid
Asked
1 H%
102.3
102.5
1942...
m%
P-pt. 15 1942...
Deo. 15 1942...
2%
1 H%
102.11
103.11
H%
Maturity
Dec.
16 1941...
Mar. 16
Rati
IH%
102.13
Mar. 15 1944...
103.13
June
103.4
103.6
Sept.15 1944...
101.2
101.5
Mar. 16 1945...
1%
M%
1%
h%
102.4
8 1941
0.13%
27 1941
0.13%
15 1941
0.13%
Oct.
22 1941
June
JMar. 15 1943..
15 1943...
1 H%
102.2
3 1941
Sept 10 1941
0.13%
0.13%
0.13%
Oct.
29 1941...J.
0.13%
Sept.15 1943...
1%
101.29
Aug
Sept
United
York
-
States
Government
Stock Exchange—See
Securities
following page.
on
the New
101.31
Dec.
15 1944...
fSept. 15,1944
JDec. 15, 1945
H%
H%
at
the New York Stock
and Yearly—See page 663.
Transactions
Daily, Weekly
Bid
Askeo
102 10
102
12
Nat. Defense Nts
Oct.
Oct.
20 1941..
Int.
Rate
15 1943...
0.13%
Aug
Maturity
32ds of a point
102.1
102 3
101.11
101
102.4
102 6
101.14
101
100.14
100.16
100.12
100.14
13
16
Exchange,
648
Aug.
Stock and Bond Sales—New York Stock
1941
2,
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 year.
No
account is taken of such sales in
United States Government Securities
Below
furnish
the New
on
York Stock Exchange
daily record of the transactions in Treasury, Home Owners' Loan and
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.
|[
we
a
Daily Record of U. R. Bond Price
IP Treasury
July 2t July 2( July 3C July 31
July 21
iHlgr
'.
....
.
.....
$1,000 units...
sa es in
■:
It
.
111.2C
111.21
111.21
111.21
111.21
111.23
...
High
....
....
Low.
.
.
.
*
mmmm
High
mmmm
106.1
.
+
.
Close
mrn'm^
....
Low.
Close
-
.
Total sales in $1,000 units...
106.20
■■mm mm
mmmm
107.23
107.23
107.22
107.23
107.23
1
2
•
mmmm
Low.
110.30
111.1
110.31
110.30
111.1
110.31
106.12
mmmm
mmmm
mmmm
105
104.21
104.25
mmmm
mmmm
105.2"
105.3
.
105.2
105.3
19
mmmm
105.2
'm +mm
....
4
2
..
mm
2
mm mm
....
* '
4
■■■'
m mm
mmmm
'mmmm
106.21
....
,mmmm
.
.
mmmm
...
m.mm'rn
....
....
....
mmmm
....
....
mmmm
Low.
2Mb. 1954-56
106.21
....
....
Total sales in $1,000 units...
106.22
....
106.22
....
....
m
•
m
....
mm m
....
...
.
mmmm
mmmm
mmmm
106.17
mmmm
Close
....
....
106.17
....
...
mmmm
106" 19
.
mmmm
mmmm
106.17
....
....
1
....
....
mmmm
....
High
'
mmmm'
mmmm
-
mm
II
3s. 1946-48.
_
Low.
.......
m
.
Close
m m
mmmm
....
....
....
<+ <*m •»
....
....
....
■'
m m
m
m
■
Close
mmmm
mmmm
•
II
Low.
3s. 1951-55
-
....
... .
104.4
mmmm
,
....
104.4
i
-
mmmm
.mmmm
10
111.18
111.18
111.18
1
3
...
108.15
108.15
•
111.13
*1
Total sales in $1.000 units..
1
■
'
m
'----
-
110.15
....
■
mm m
■
110.16
----
■
mmrnm.
mmmm
110.15
....
...
11
']
-
....
mmmm
....
....
....
....
....
mmmm
....
....
....
-
.
......
....
:
.
....
...
....
....
....
.
.
.
....
....
....
•
....
.
.
....
....
.
....
■
mmmm
.....
..
'mm
.-
.
'
•'
Tola
-
....
.
.
•
....
....
....
106.28
....
mJmmm
High
...
'mmmm
....
....
....
sales in $1,000 unUs...
.
....
....
.
....
....
Low.
'
....
....
Close
"
.
'
High
3s, 1942-47
....
....
1
mmmm'
■
101.30
....
mmmm
■
mmmm
106.28
mmrnm
mmmm
....
....
106.28
■
Low.
...
Close
mmmm
110.15
110.16
10
Low.
110.22
Close
Total sales in $ 1.000 units..
3
110.22
•
-
«.
High
m
mm
m
....
....
.■
....
.....
....
mmrnm
101.29
....
....
*
....
....
•
101.29
mm
mm
mm m m
111.2
....
mm mm
Low.
mmmm
,'v
106.18
106.19
*1
6
High
....
mmrn
mmmm
mmrnrn-
d..
»
mmm
111.22
'mmmm
'
'
:
Low.
.
..
■
•
...
.
Close
Total sales in $1,000null. s..
111.22
-
-
-
111.18
mmmm
2
-
111.18
mmmm
High
mmmml
mmmm.
Close
....
»
•
-
-
Total sales in $1.000 units...
....
J
mmmm
....
X
''.'mmmm
....
....
mm
....
Sim
mmmm-
'
mmmm'
.
.
.
.
•
102.3
... .
.
....
....
102.3
....
....
....
....
....
.
...
....
....
.
.
....
102.3
....
....
....
....
....
....
'
"/
( Low.
-
•
■-
.
.
'
.
*1
•
..
....
.
.
.
.
....
'mmm-'m
..
....
''
....
.
.
...
^
^
—
.
*
mm
■
mmmm
.
Odd lot sales,
f Deferred delivery sale.
$ Cash sale,
x
No transactions.
mmmm'
mmmm
1 Low.
'mmrn'm-'mmmm
31
'
....
....
....
Close
Total sales in $1,000 units...
mmmm
....
....
....
....
( High
1 Mb, 1945-47
4
mmmm
111.18
rnm.mm
111.22
.
....
m
mmmm
mm
X
....
■
Total sales in $1,000 units...
110.29
m
■
.
High
m
X
•'
....
Low.
Close
'
Close
Total sales in $1,000 units..
X
106.19
'
110.29
....
m
106.18
110.29
m.mmm
.
Low.
2Mb. 1942-44
'
mm
.
X
106.19
Close
Total sales in $1,000 units...
1
....
'm
.
106.18
mrn m
m.
mmmm
mmmm
....
'
High
3s, series A, 1944-52
mmmm
1
•1
X
Home Owners' Loan
27
'
2Mb. 1942-47
110.16
110.16
mmmm
.
'
Total sales in $1,000 units...
'
m mm
110.16
*
mmmm
111.2
1
.
m
mmmm
■
111.2
-
m
mmmm
110.16
....
110.22
2Mb, 1945
^
'
....
.
.
High
2Hb, 1960-65
.
....
mmmm
....
Total sales in $1,000 units...
3s, 1944-49
mmmm
mmmm
Total sales in $1.000 units...
254s. 1958-63
mm'.mm
---
Low.
■
.
'
....
Close
mmmm
-
Close
2MB, 1956-59
.
'
High
2Mb, 1951-54
106.21
*3
....
....
Low.
111.13
;mmmm
--r-
....
106.20
....
106.21
.
'
3 Kb. 1944-64
108.15
2
Low.
Total sales in $1,000 units...
Federal Farm Mortgage
High
111.13
3
108.15
----
....
Close
mmmm
106.21
....
.....
Close
5
108.15
-
•
2s, 1953-55
113.4
108.15
..v.
....
113.4
mmmm
111.21
mmmm
Low.
....
106.20
106.20
2
..
1 High
'
2Mb. 1948-51
1
106.17
Total sales in $1,000 units.
mmmm
113.4
•
111.21
•
High
mmmm
111.21
111.18
mmmm
.
106.17
mmmm
■
1
111.18
....
....
Close
....
....
106.17
4 Low.
2b, Deo. 1948-50
mmmm
m
mmmm
m
113.3
111.15
.
....
.
Close
.
-
....
High
Low.
mm
113.3
111.15
-
Total tales in $1,000 units...
Total sales in $1,000 units.
m
113.3
111.18
111.15
....
18
•
mmmm
High
m-'
mm
■mmmm
mm
6
Low.
2*As, 1945-47
-•»
113.5
....
Close
L
*•
113.6
-
mm mi*
High
2Mb, 1955-60
-
-
113.5
-
»
.
Close
Total sales in $1,000 units...
1
-
mmmm
mmm
'
*
Total sales in $1,000 units
'
•mmmm
3
104.4
'
10
....
High
106.19
....
'
Low.
2s. March 1948-1950
mmmm
'mmmm
■
»
110.14
....
Total tales in $1,000 units—
jm
-
110.14
...
m
106.19
mmfs.m
mmmm
Total sales in $1,000 units...
'
....
110.14
....
'■'
Low.
2b. 1947
m
106.22
■
High
mmmm
....
1
....
■mmmm
'
'
Close
1
■
....
2
106.21
•
'
'
107.23
.■mmmm
m+mm
Total sales in $1,000 units...
High
....
105.3
105
.
....
'
I
mmmm
mmmm
'mmmm
...
mmmm
■
■
11
•
104.31
High
'
-
106.10
....
104.25
Total sales in $1,000 units...
-m
m
■mmmm
5
*
.
....
104.25
Close
mmm m
mmmm
1
106.12
mmmm
mmmm
rntrn'mm
Low.
107~23
mmmm
Total sales in $1,000 units...
High
Close
...
....
.
....
Close
■'
.
.
104.21
107.23
7
111
Low.
....
mmmm
■
111.1
3 mb. 1949-52
..
'
110.30
3 Mb. 1946-49
.
....
'
Close
I
....
...
Total sales in $1,000 units...
■
High
1
...
mmmm
.
....
104.21
mmmm
mmm'rn
*2
....
;-i
mr+mm
m mm m
Low.
2Mb. 1951-53
107.23
107.22
Close
•
"mmmm
....
'
----
....
Total sales in $1,000 units...
.
6
mmmm
m mm m
High
107.23
-
Low.
108.8
mmmm
High
\ 106.20
.
'mmmm
.
mmmm
Total sales in $1,000 units...
2Mb. 1956-58
mmmm
107.22
-
....
mm
....
rn-mmm.
.mmmm
Low.
—
mmmm
m m mm
mmmm
....
108.8
mmmm
Close
mmmm
■
,
-
...
High
8Kb. 1944-46
2Mb. 1952-54
-
mmm±
106.20
..
m
3
....
mmmm
High
mmmm'
mmmm
High
3 ha, 1943-45
'mmmm
'
mmmm
■
W
....
....
Total sales in $1,000 units...
108.8
mmmm
mm.mm
Close
2
~
.....
^
mm'mm
....
'
Total sales in $1,000 units...
■mmmm
106.1
_
.mmmm
....
'mmmm
mmmm
.
mm
"
Low.
2Mb. 1950-52
mmmm
106.1
fmrnmm
Low.
m
mmmm
108.9
mmmm
mmmm
■mmmm
mm*.*.
Total sales in $1,000 units...
m
mmmm
108.6
■'mmmm
High
mmmm',
mmmm
_
'
'
•
.
.
rnmmm
\
mmmm
.
*
.
108.9
mmmm
mmmm
Close
mmf m m
,
.
mmmm
Total sales in $1,000 units...
'mmmm
2
■mmmm
mmmm
'
.
High
11
113.9
...
<mrnmm
...
Low.
2Hs. 1949-53
'
113.9
.
....
Aug. 1
■
111.21
1
....
....
'mmmm
:
■J
llV.O"
....
Close
3mb. 1941
111.21
2
♦
Total sales in 11.000 units...
-
Total scues in $1,000 units...
111.23
•
'mmm~
(Close
15
111.2c
[High
(Low.
(Close
3^8.1943-47
119.18
Mortgage
July 2S July 21 July 30 July 31
l!
(High
(Low.
119.18
....
111.2c
Total sales in $1,000 units...
3^8,1946-56
Treasury
U9.lt
....
...
111.2c
(High
(Low.
(Close
4s. 1944-54
Daily Record of U. S. Bond Prices
119.18
119.11
(Clost
Total
Aug. 1
119.11i
.
(Low.
4Jis. 1947-52
I
m
Federal Farm
m
Note—Transactions in registered bonds were:
m
1
mmmm
m*mm'
5
—».i
Treasury 4^8 1947-1952
Treasury 2Ms 1952-1954
—
119.13 to 119.13
106.8
to 106.8
....
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCK8
Range Since Jan. 1
NEW YORK STOCK
M on day
Saturday
July 26
July 28
Tuesday
July 29
8 -per share
$ per share
$ per share
*53
53h
53i2
5312
*117
118
118
*40
43
43
4312
*4912
51
5078
5078
7
*2034
13i4
4334
*h
*4i4
7i8
21i4
13i4
4334
118
7
July 30
5358
*117
7'8
20r>s
5358
Wednesday
119
*43
45
5()34
7
July 31
$ per share
f per share
53i2
119
51
73«
21
*43i2
*49i2
7i8
2058
*2034
13i4
13H
*13i4
133«
13i4
44
45
4434
4434
43i2
2034
h
*3g
h
h
12
414
438
43g
4i2
43g
h
h
8
8i2
838
7i2
7l2
18i4
834
712
1814
2478
7i4
18
18
235g
83S
7ifi
18
24i4
*834
87g
16412 165
164
*1134
I8I424V«
*12
13i2
73s
83i4
1234
13i2
712
83i4
31
31
20i2
20i2
U4
*1
24®8
87«
834
167i2
1312
758
*82
31
*20i8
*1
13
13l2
7'H
H3h
30l2
17
18
18
62
62
62
1878
47i4
1878
18V8
46 I4
48
*46
*634
9
8l8
20l4
17
834
778
3lh
*60*8
18i2
47i4
8i2
1334
21
D4
yi8
13
13l2
*82
1
'4
*17i2
61
83i2
3D4
20V8
li4
120
300
47i2
4712
340
Abraham & Straus
50l2
50i8
503«
500
Acme Steel Co
714
714
*20l4
714
8,700
21
1312
44i«
98
7i8
4%
*98,I4
300
A-dams-Mlllls Corp
13
600
43
4,100
Air Reduction Inc
1,900
3,100
Air Way El Appliance. .No
par
Alaska Juneau Gold Mln
10
h
12
87ft
5,200
3,500
20
758
7'2
734
1.400
18U
1834
1,100
2438
2478
2434
24l2
6,100
834
163
834
163i2
2438
884
13
3018
*20
H8
884
884
834
834
834
1643s 16434
162
163
*12
*12
600
13
8
13
1312
8i4
1,800
1334
8
3,000
8iS
1312
17,500
200
8312
8312
8312
3012
2984
3C34
30
30
5,400
20 58
20"8
ll4
21
2058
21
900
I8I2
*16
*6058
6H2
6D2
*16
1U
18i«
83&S
*82ig
1'4
H4
18
*16
61
6H2
1,700
No par
$2.50 prior conv pref.No par
Alghny Lud Stl Corp. .No par
Allen Industries Inc
1
Amalgam Leather Co Inc
200
6%
I8I4
18i2
*18i4
I8I4
18U
1,800
Am Agric Chem
43i2
45i2
43
4312
42i2
427H
8*8
834
8&S
834
8&S
834
4,300
4,800
Am Airlines Inc
9i8
46i2
46i2
46i2
634
46i2
*4434
46i2
7
7
*46>4
4612
67S
6V8
prices; no sales
on
7
7I8
this day.
7M
J In receivership,
a
60
1,600
«« Apr 25
10
Apr 12
50
Amerada Corp
1834
7
1
conv preferred
1,200
No par
(Del)..No
41i2 Feb 14
143g Feb 28
par
..10
40
Feb 19
American Bank Note..
10
5i2 Apr 22
6% preferred
American Bosch
50
42i2June 19
1
5^8 May 29
Def. delivery,
n
New stock,
Corp
r
Cash sale,
per
x
Ex-div.
y
Lowest
thare
5358 July 29
Jan
47l2 Aug
51*4 Jan
7«4 Jan
2234 Jan
157s Jan
45
7
$
per
49U
110
30
6
347s May
414 May
16bi June
12i2 June
36i2 June
July 28
Jan
Dec
May
May
9
3
Highest
thare $
3
h Jan 14
5
8g May
per
70i4
147
46i2
60
thare
Feb
Feb
Apr
Nov
9
Jan
27i2
Apr
Jan
10i2
68»j Jan
78 Mar
4
4
May
7
Jan
July 30
98
100
Dec
100
Dec
5g Jan
3j Feb 26
634May 26
5i2June 6
May 27
18i4 Apr 21
734May 22
Allied Chemical & Dye.No par rl44t2Mar 6
Allied Kid Co
5
10i4 Feb 1
Allied Mills Co Inc
No par
II84 Feb 3
Allied Stores Corp
No par
514 Apr 21
5% preferred
100
713sMay 14
Allls-Chalmers Mfg
No par
253sMay 28
Alpha Portland Cem..No par
14i2Mar 13
46^
47
8
July 30
15
46i2
7
334 July
98
*18i2
47
May
3
22
22
20
15
23
35*4 Apr
3s Apr24
Albany & Susa RR Co
100
Allegheny Corp..
No par
5M% pf A with $30 war. 100
5M% Pf A without war. 100
6D2
18i2
9
12
10
®i«
181?.
8
Apr
Mar 21
5!« Apr
19i2 Feb
..No par
43ft
437ft
73«
*177s
2412
*82
Apr
h
738
I8I4
133s
38
44
43s
*98i4
®16
4
18U
13l2
120
Address-Multlgr Corp
l2
8i4
115
No par
21
13
'lis
13l2
778
Adams Express....
*20i2
4334
43
h
43«
73«
133«
*13
100
No per
conv preferred
45
h
*7
4}$%
*43>2
2034
$
No par
25
Abbott Laboratories
120
Highest
$ per thare
46
Feb 21
Pur
*4912
61
7
5334
*5314
*119
Range for Precious
Year 1940
IWhShare Lots
Lowest
Shares
507«
1U
18^2
47
Bid and asked
5334
On Basis of
EXCHANGE
Week
$ per share
*12
24l2
*834
878
16514 16612
*1134
1
Aug
120
the
Friday
45
lo
7I6
'16
8
*7
*5314
*119
h
43g
98
'l«
531Z
119
Thursday
6
h June
534 June
414 May
7
May
15i2 May
6®4 June
135i2 June
878 May
105s jan
9U Jan
9
2U2 Apr
3
25*8 Jan
6
9
llU Jan 2
16712 July 28
1134 July 24
1484 Apr 24
8i4 July 31
84
37
July 16
Jan
4
21
July 23
U4 Jan 4
18
July 28
63l2 July 22
1878 July 26
58i2 Jan 2
9i8 July 284
47
8I4
Mar
6
Jan
2
10
li8
145g
12i2
24
182
14
16*4
4i2 May
93$
May
79
21®4 May
4178
11
18
June
1*8 May
9i2 May
38i2 May
12]s May
41*4 Jan
6
June
35
June
5is June
Jan
Jan
Dec
26i2 May
1234 Apr
June
55
Jan
2h
Apr
Jan
Apr
Jan
Dec
Jan
Nov
Jan
18
Apr
58i2
Apr
21
Jan
75
Apr
12*4
Apr
50
Jan
9*8 May
Ex-rlghts. f Called for redemption.
<?
StLL^
Volume
AND
SALE PRICES—PER
HIGH
Saturday
Monday
July 28
July 29
38%
*37
38%
*129
130
*129
2
2
2
*129
130
89
89
89
89
*175
180
*175
180
*175
33
33
33%
34
77%
77
77%
88%
*70i2
33%
77
*76%
*108
111
*110
111
*13%
15
*13%
*7%
7%
7%
18
18U
*94
18%
94%
131«
*19%
19%
2%
36%
3%
29%
48%
1%
24%
4%
48%
*1%
*24
4%
*10%
3%
17%
17
37%
38
38
3634
3%
4%
11
11
47%
47%
15
92%
14%
93%
15
93%
12%
14%
14%
92%
12%
5
12%
5
*114
5%
19%
19%
19%
*110%
116
26
1%
*25%
1%
34%
34%
1%
6%
67g
678
*150
162
*150
30%
634
9
*44
45%
20%
91
92%
17%
19%
1»3I
1%«
70%
70%
70%
70%
70%
1*J2
70%
155
*153
*5%
47g
*153
0
6
47g
89%
*85
7%
7%
74%
73
6%
6%
57%
*54
155
71
6%
6%
5%
47g
89%
*87%
7%
7%
7%
5
71
72
271
6%
*54
28%
29%
29%
33
33
34%
25%
*43
74
*28%
*8%
29
9%
5%
5
90
SO
*67
20
28%
*8%
5%
*89
92%
6%
5
153% 154
I'll
l*Si
1»31
6
6
6%
71%
634
5534
29%
35
15
1584
112% 112% *112%
*1034
11% *10%
1%
*1%
17g
29%
2934
30
9%
9
*85
88
*100
104
88
*85
*100
8%
534
9034
9%
88
2834
8%
9%
*86
104% *100
*89
934
9%
30%
66%
27%
2734
27
2834
2834
28%
23
23
23
23%
22%
10%
934
10
*87%
*100
104%
28%
100
86
87
*85%
87
*9%
9%
*8%
9%
9%
9%
32%
*3134
10
10%
10%
10%
23%
23%
24
24%
*27%
2734
27
28
28%
*26%
984
9%
*3134
9
33
26%
26%
10%
23
*27%
26%
*10334
*29%
31
113% 113% *112% 113% *112%
8%
734
8%
*7%
8
14
14
"
*12%
*11%
14
39
38%
39%
38%
39
16
157g
1534
157g *157g
*1033g 105
31
*29
*52
55%
*32%
33
76%
77%
*12134 122%
*103% 105
*29%
*15
15%
8%
*15%
*14
15%
*13%
834
*90
»
95
rm and
90
90
122
*29%
*22%
9
22»4
5,000
Atlantic Refining
934
9%
33
9%
9
*3134
9?g
*9%
9%
9%
9%
*3134
33
10%<
934
9%
97g
33
97g
9%
*9%
33
934
9%
9%
1,800
10
10%
2234
23
23
23%
23%
23%
*27%
28
*27%
28
28
28% *27%
26%
27
26%
26%
*26%
26%
26%
*10334 105
*10334 105
*10334 105
105
*30
31
*30
31
*29%
31
31
115
113% 113% *113
113% *112% 113%
*734
8%
z8%
8%
8%
8%
8%
24%
15
39%
16
*12
15
39
40
15%
*52
122
30
23
9%
16%
*13%
5%
*87
93
asked prices: no sales on
15
38%
39%
157g
*15%
54%
*52
157g
54%
*32%
33
32%
7634
7734
*12134 122
32%
297g
*12
30
*22
221
834
*15%
9
16%
*1334
*84%
15%
90
this day.
7734
78%
12134 122%
30
30
22%
9
*15%
22%
9%
16
*13%
15%
*84%
90
*12
15
4,400
200
800
200
1,100
30
9,800
38%
38%
15%
15%
54%
2,800
32%
76%
121% 122
29%
29%
22%
22%
"""566
8%
4,800
*52
32%
7534
8%
*15%
15%
90
2,800
1,500
400
15%
15%
*84%
12,700
X In receivership,
20
10
5
Feb 14
Apr 18
46%May 13
22% Feb
25% Apr
11% Apr
110%June
14
21
25
30
9
Feb 24
1
May 14
Feb 20
26
109% Mar 24
4
May
50
n New
stock.
May
113
May
12% May
107
Mar
4
12% Jan
7
8
2% Jan 17
Jan 13
June
23
May
1«4 June
30
June
97% June
111% Jan 16
4
May
35
5% Jan 25
July 29
May
58%
June 17
Jan
343g Jan 10
22% May
July 31
6% May
9
3% May
684 Jan 10
Jan 14
96%
90
Jan
4% May
49% May
Apr 23
35% Jan 23
96% Mar 12
29% June
82
May
31% July 22
70%May 8
39% May
60% Jan
13% Feb 14
13% Feb 15
16% Jan
6
107 May 29
0% Feb 14
47% Feb 14
19%June
13
d Def. delivery.
June
18
20
5% Feb 19
79% Mar 8
87
Feb 19
No par
Aviation Corp of Del (The)..3
Baldwin Loco Works v t 0..13
Baltimore A Ohio........100
4% preferred
..100
Bangor A Aroostook.......50
Conv 5% preferred
100
Barber Asphalt Corp..
10
Barker Brothers—...No par
—6
Bath Iron Works Corp...*..1
Bayuk Cigars Inc
No var
Beatrice Creamery...
25
55 preferred w w
No par
Beech Creek RR-60
Beech-Nut Packing Co
20
Beldlng-Heminway
No par
Belgian Nat Rys part pref
Bendlx Aviation.
6
Beneficial Indus Loan. .No par
Pr pfd 52,50 dlv ser'38No par
Best A Co
...No par
Bethlehem Steel (Del)-No par
7% preferred
100
Blgelow-ganf Carp Inc-No par
Black A Decker Mfg C0N0 par
Blaw-Knox Co
No par
Bliss A Laughlin Inc
..6
Bloomlngdale Brothers .No par
Blumenthal A Co pref.....100
35
10% July 31
87% July 22
100
July 23
No var
No par
Barnsdall Oil Co
May
0
35% July 29
16
July 26
May 28
Apr 22
Feb 4
preferred....——.60
Jan
6684 July 14
30
July 22
23
6
5H%
4% May
04
111
55 prior A
25% May
4
8
Jan 20
100
5% conv preferred
83% June
60
No var
Atlas Powder
June
74% July 26
08
6% Apr 18
4%May 22
89 May 16
Mar
2% May
5% May
7% Jan 10
99% Jan 11
83g Jan 9
3
47% Jan
May 10
70
5,400
51
61
Austin Nichols
840
5
6% preferred...
Atlas Tack Corp
2,100
..—25
4% conv pref series A...100
1,600
24,100
..100
Atlas Corp
1,300
7,800
RR...100
1
Atl G A W I 8S Lines
10
500
33
Atlantic Coast Line
200
15,700
Fe_.100
..100
6% preferred
400
38,700
July
5%May 19
2
5% preferred
240
82
Feb
18
175% Mar
Dec
08«4
9
Jan
1,000
600
Jan
18
2,100
9,200
7
9
10,700
23'4
4% Apr 21
4
May 20
.
93
06% Dec
130
9
May
Atch Topeka A Santa
13g July 22
73% Jan 7
74% Jan 8
Jan
May
145
0
159
85
80
11% May
19% July 29
168% Jan
Dec
70%
Mar 27
146% Apr 20
20
41
22%
1184May 27
148%May
1% Aug
62
May 28
62
May 27
.100
5% preferred....
27%
*40%
93
2
Assoc Investments Co. .No par
29%
*15%
..100
100
6% 1st preferred
7% 2d preferred
2634
28
30%
41%
.60
55 dlv preferred
2834
77%
29%
22%
9
16%
15%
..26
55 prior conv pref
Anaconda Copper Mining.
27%
7834
122%
Amer
28%
39%
23%
33%
227g
.100
Zlno Lead A Smelt
1
Preferred
800
7734
29%
..No par
56 1st preferred
American Woolen.....No par
20,100
33
79%
122
Ino
Am Water Wks A Elec.No par
30%
55%
29
Am Type Founders
66%
23
100
10
6% preferred
66
23
.....25
25
Common class B..
29%
*52
22%
87g
Rights
American Tobacco
66
*3234
22%
A Teleg Co...100
3034
55%
29
Amer Telep
66
33
*52
100
Preferred
Am Sumatra Tobacco..No par
29%
27
Feb
152% May
33% Jan
Jan
Feb
67
29%
19% May
Jan
30%
40%
28% Jan 10
81
*66
27%
29%
40%
23%
May
139
160% Jan 10
Apr 21
70
Apr
z29%
39%
Dec
49%
Jan 21
155% Dec
17%
31%
66%
27%
26%
Apr
122
3
14%
"""166
*27
34
*31%
14,100
64
Jan
233$
88
109%
109% 109% *105
109% *107% 109% *107% 109%
*107% 109% *108
6%
7
67g
7%
7
7
67g
7
6%
7
*6%
7
*49
49%
*49
493g
49
49
493g
49%
*49
49%
*49
49%
*68
69l2
*68
70
6934
6934
70
*68%
69%
70%
*68
70
*117
123
*117
123
*117
123
117
117
*117
123
*117
123
9%
*9%
9%
9
9
*9%
9%
9%
9%
9%
9
9
2%
2%
2%
*23g
2%
*2%
2%
2%
2%
*2%
*2%
2%
1734
1834
1734
*17%
1834
*17%
187g
18%
18%
183g
*17
18%
3%
3%
3%
3%
3%
3%
334
3%
334
3%
3%
3%
16
15%
16%
157g
16%
16
1534
16%
16%
16%
16
15%
5%
5%
5%
5
5%
5%
47g
434
434
4%
4%
4%
87g
8
8%
83g
8%
7%
8%
7%
7
7%
8
8
*7%
8
7%
734
8
8%
8
8%
8%
8
3134
31%
32%
32%
32%
32
31%
34
32%
33
34
400
10
*834
28%
*27%
86
66
28%
"2,200
3.0G0
100
3034
x28%
70
9
5%
*86
66
*67
9034
100
3038
3,700
*5
88
86
67
*89
104%
87
39%
9
7,200
5%
88
*86
300
5
9034
9
*5%
534
9034
*85%
40%
29
287g
28%
*39
70
'
534
*89
28%
40
67
*67
111%
4%
66%
-5%
66%
29
8%
28%
*39
111
500
Deo
54
30% May
May
45% July 28
154
9% May
May
No par
Andes Copper Mining
20
A P W Paper Co Ino
6
Archer Daniels Midl'd.No par
ArmourACo(Del)pf7% gtd 100
Armour A Co of Illinois
6
56 conv prior pref...No par
7% preferred
100
Armstrong Cork Co
No par
Arnold Constable Corp
6
Artloom Corp....
No par
7% preferred
w.._100
Associated Dry Goods......1
"""166
41%
12% May
10
30
Apr 18
May
11
500
111
5
34
13834 Mar 13
37
Apr 25
145 May 12
12«4 Mar
113g Feb
23
Dec
11% July 12
13% Jan 14
Anchor Hock Glass Corp 12.50
11%
1%
Feb 14
May
684
10% July 31
403g July 29
30
19
6
Jan 13
7
2
7%May 23
20% July 29
Anaconda W A Cable._No par
30
Jan
Feb 19
3434
*1%
Jan
Mar
9%May 29
May 26
300
*10%
103
13
23,100
1,210
15%
June
10
29
*15
135
No par
3.400
18,800
10%
484 May
7% Jan 10
Aug
1
164
Jan
Jan
American Sugar Refining.. 100
56
30
*29%
111
3,200
64
74% Nov
34%
11%
17g
*1%
3,100
28% May
5%
48% May
28%
*55
*112%
*10%
70
*28%
87
26%
9%
9%
29
*67
6%
634
557g
29%
347g
157g
6%
287g
70%
6%
70%
71
557g
7%
7%
Mar
63%
4
100
100
11,100
26
34% May
7334 Jan
6% preferred
100
89
*85
7%
347g
*15%
1534
*112%
28%
87
*85i2
*27%
5%
*89
103
*28%
*65%
8%
5%
100
29%
30%
67%
26%
28%
9
*85
*28%
29%
70
4%
5
87%
71
71%
6
4%
5%
6%
47g
87%
7%
Mar
20% June
2
May
3% Jan 13
45g July
Amer Steel Foundries..No par
40,000
500
121
61% Apr 23
American Snuff
1,400
71
71
*153% 155%
155
155
4%
89%
7%
6%
7
71%
1»32
71
1%
*6934
7034
71%
6934
155
4%
*87%
7%
19%
153% 154%
July
TOO
No par
1,100
5,900
13,400
*19%
Jan
Mar
18% Nov
American Stove Co
92%
92%
19%
Jan
25
90
46% Jan 13
39
Jan 13
May
33g
1'4 May
1284 May
9% May
American Stores
19%
Deo
147g
0
500
9,400
92
May
157g Jan
Refg.No par
....100
25
Preferred
Jan
May
10
11% Feb 19
preferred
Amer Smelting A
22'4
38
Jan 10
Mill.....25
American Rolling
200
12
19
19%
71
71%
71%
89%
7%
11%
*11%
12
91%
1»32
5534
9034
Amer Ship Building Co.No par
11%
11%
19%
2834
*33%
2834
780
300
4
Feb 17
conv
Jan
13% Aug
Apr
67
53g July 10
6
4H%
Apr
Mar
12% Sept
203g July 31
121
Apr 4
26
July 24
155
30
19%
*69%
2934
35%
29
1,200
American Seating Co..No par
3,700
19
153% 15334
55%
*67
American Safety Razor.. 18.60
6%
41% May
10
May
17%
100
830
25%
92%
*91%
18%
6%
74
200
35
8
Jan
95%June 21
13% Jan 6
5
Feb 14
Preferred..
June
1%
Apr
37g
Dec
May
3
Apr
Apr
66%
13% Jan 27
25
200
25%
25%
11
*11%
11%
1%
29%
*110% 111
*110% 111
*110% 111
*110% 111
5
4%
5%
5%
4%
5%
47g
47g
66%
67
66%
68
66
67%
65
65
*67
10,200
*149% 152%
25%
25%
18%
*153
44%
150
*139
11
55%
15
151% 151%
11%
29%
15%
15%
*112% 115
*112% 115
*11
11%
*11
11%
*1%
1%
*1%
17g
*29%
30
*29%
30
10%
44%
150
67g
16
16
15%
....No par
18
8
60
No par
Am Rad A Stand San'y.No par
800
7IS4
3434
163
162
55 preferred
5,900
55%
2934
35%
162
18,500
5,400
44%
44%
155
*87%
634
2,600
4334
71%
*153
29?g
634
No par
67g
164
327g
30%
6%
56 preferred
6%
38
45% May
4
17g Mar 29
4% Jan
23% Jan 24
1
Apr 21
30 May
5
No par
Amer Power A Light
4,600
151% 151%
*43
44%
71
*69%
34%
30%
American News Co
30
1%
33%
30%
1%
44%
153% 154
I'm
18M
153% 154
70
1%2
70
1%
1%
34%
Mar
111
100
6% preferred
*44
19%
20%
10
24% Jan
60% May
9% May
24% July 29
15% Apr 24
39
19
19%
Amer Metal Co Ltd...No par
*934
92%
19%
*89%
91
16%
17%
153% 1537g
19%
2,800
5
39
11
11%
Amer Mach <fc Metals ..No par
1934
5
1934
Locomotive.No par
100
Preferred.
10%
*11
*11%
Amer Macb <fc Fdy C0.N0 par
39
11%
20%
92%
11%
11%
American
1,100
3,100
2,800
Z39
11%
*11
11%
*11%
4,100
93%
12%
12%
68
5%
10%
25%
25%
2534
11%
11%
25%
25
24%
*11
14%
12%
1
60
Jan
61
Feb 14
20
14%
1434
93
12%
5%
*146
150
*146
148
148
148
*146
May
93%
14%
9234
3934
40
45%
44%
151% 151%
40%
45
451
45%
*151% 152
151% 152
447g
44%
4434 *44%
153
*151
111
5% conv preferred
67%
9%
44%
45
45
40
39
3978
*38%
39
May
23
IO84
5
10
934
9%
9%
3
32% July 31
3
1% Feb 20
47%
15%
*5
May
1034
68
67%
9
American Invest Co of
200
Jan
23
par
600
Jan
Jan
7%
18% Aug 1
38% Jan 4
4% Jan 10
234June 20
May 15
Apr
2%
28%
13
27
100
6%
IO84 May
2% May
Jan
3%
44%June
No par
3% Mar
Dec
84
1
47%
11
48%
6
2234 Aug
3%June 6
10% July 2
47% July 29
1034 Apr 21
79
Apr 23
10% Apr 23
2% Feb 16
*1034
*47%
Sept
1% May
3% June
11% Apr 15
Feb 14
1
pref
5
1584
68
534
*5
6% non-cum
Apr
Apr
91% Mar
75
3
29
50
Amer Internat Corp
Jan
15%
May
Jan
1%
Feb
9'4
8%
8
Mar 26
5
13
4% May
1434 Feb 15
2% Apr 16
10
L..No
American Ice
1% Jan
l%May 14
Jan 2
3'4
Nov
5% May
94% July 28
400
68
15%
67%
9% Feb 19
78
Jan
7
3,400
4
15%
15%
67%
May
July 25
884 Jan 23
734 July 25
19 Aug
1
4%
*23%
15%
15%
67%
9
No par
6% conv preferred
American Home Products
600
1,800
1,000
68
534
10
15%
534
*1%
$6 preferred
15%
67%
14
6% Apr 23
4% Feb 17
2434
162
*160
140% May
American Hide «fe Leather... 1
5034
23%
4%
1%
3434
31%
6%
34%
May
*110% 116
*110% 116
26%
*2534
26% *2534
26
15
*5
5,500
3%
*31
5%
115
67%
5%
2,000
36%
334
32%
50
1%
20%
15
*5
36%
4 |
33%|
51 |
134
Amer Hawaiian S9 Co
5
1%.
31%
162
2,700
20
26
36
*160
162
3,200
5
115
7
3%
18%|
20
19%
31
6%
3
36%
1%
11
48%
14%
93%
12%
5
5%
35
35%
31%
7
30%
31
*30%
5
112
No par
17%
4
4%
*1034
*47%
14%
93%
12%
19%
20%
19%
*110% 116
116
26
26
26
1%
1%
1%
34%
*25%
4%
12%
12%
5%
12%
4
3
%May 27
1734
Jan
Jan
57 2d preferred A...No par
23%
4%
92%
17 preferred
Nov
23%
121
No par
3
134
24
11%
48%
14%
8,000
3
*1%
*23%
4%
92%
2234
1734
36l2
1%
24%
*10%
*47%
4878
21%
65
13% May
115
European Sees..No par
"T500
21%
21%
17%
37%
Amer
Amer <fc For'n Power
7s
34
79% July 11
23% Jan 7
May
American Encaustic Tiling.. 1
6%
Deo
33% May
100
100
%
Jan
185
May
May
Jan 21
Allegh Co NJ25
%
49
24%
24
1%
*5
116%
May
18
9% Mar 27
No par
0% 1st preferred
1,900
*1%
3%
*1%
1%
*1%
24
90
164
Jan
115
10
Corp.,.20
American Crystal Sugar
10
900
85% Dec
7
3434 July 22
Jan
June
2% July
Oct
1%
share
4584
135
18%June 6
Apr 22
z98%May 29
Am Comm'l Alcohol
5,800
94
94
May
per
May
128
185
107
100
American Colortype Co
7
1»4
32%
49%
49
Am Coal Co of
19
*6%
100
preferred
conv
American Chicle
"""506
6%
334
31
49%
48l2
18
5%
15%
94
31%
49%
31
110
200
18%
31%
*48%
3%
3%
3%
31
100
7%
78%May 29
Am Chain <fe Cable Ino.No par
1.800
*7%
28
7
Mar
2% Aug 1
95% Jan 10
171%May 28
23
Apr 19
50
Feb 15
No par
Preferred
400
21%
*12%
*34
3
*2%
2%
16%
27g
American Car & Fdy
109%
15%
7%
7%
25
100
Preferred™
*5
21
16
*30
11
*47
20
21
American Can
2,000
"4", 500
*1%
15
%
%
21%
*93%
6%
36%
3%
36%
*3%
20
2%
16%'
29%
*34
19%
*5
16
2%
16%
1%
*5
77
109% *108
*109
111
7%
17%
7%
18
94
1%
7%
17%
*93%
1%
6%
6%
%
19%
7
18%
94%
134
17g
1%
*5
6%
7%
*6%
17%
93%
94%
94%
1»4
1%
*5
7%
7%
7%
18%
61.200
June 18
39
par
conv pref
Highest
$ per share $
share
per
130
Fdy.No
Lowest
Highest
5
share
per
29% Apr 14
5h%
10
77
77
21%
21%
*108
111% 111% *109
*12%
15%
*12%
*7%
*7%
7%
113%
113% *111
*12%
15%
15%
7%
7%
778
21%
108
108
*76
76%
76%
*2034
21%
21%
21%
21%
21%
109%
109% *108
109% *108
21%
$
100 *122% Apr 14
Amer Cable & Radio Corp__l
1
Mar 18
Am Brake Shoe &
300
88%
88%
88%
89%
89%
89%
*176
180
*175% 180
*175% 180
32%
32%
32%
33%
32% 327g
89%
180
33%
2%
2%
2%
100-Share Lots
Lowest
Par
Shares
share
per
On Basis of
Week
3734
3784
*36%
38
129% 129% *129% 130
2%
2%
2%
2%
*129% 130
130
2%
2%
$
$ per share
38
38
38%
*37
39
EXCHANGE
Friday
1
Range for Precious
Year 1940
Range Since Jan. 1
STOCKS
NEW YORK 8TOCK
the
CENT
Aug,
July 31
$ per share
$ per share
8 per share
$ per s/iare
NOT PER
Thursday
Wednesday
July 30
Tuesday
July 26
SHARE,
Sales
for
LOW
649
New York Stock Record—Continued—Page 2
153
l%May
May
05
13
118% Jan
4
8% June
9% June
18% May
102
June
7
May
43% June
67
4
3
6
20% Jan 11
10
May
6
4
Aug
3%Mar 3
4% Feb 16
5
Apr 23
23%June 4
7
Apr 23
6% Jan 8
5% Jan
iv$
123$ May
2»4 May
3% May
484
8% July 28
34
July 25
24%
4
MarlO
28% Feb 17
June 25
108
7% Feb 19
10% Jan 14
32% Apr 21
15%May 23
54% July 25
26%May 12
68% Apr 22
121% Feb 20
23% Apr 18
16% Apr 19
0% Apr 18
23%
Dec
20% May
18% May
27% July 22
104% July 3
32
Apr 28
105
0
102
8% July 29
July 28
40
July 30
10
24% May
207g Jan 10
67 May 2
17% May
49% June
126
Jan
34% July 23
89% Jan 3
131% Jan 28
May
29% May
May
7% June
14
•
Nov
22% May
63% May
109% May
30
July 30
14
May
23
July 23
15
May
10% Jan
18% Jan
13%June
May
7% June
247g Mar 17
31% Mar 24
103
May
20
10% July 22
Feb 17
Dec
Dec
8% May
10% Jan 10
97g July 31
33%June 22
22
Feb
2
Jan
Jan 20
1834 Feb
2534May
May
5% July 31
87g July 31
19
7% Feb 19
11
Apr 29
15% Aug
80
Jan
90
r Cash sale. * Ex-dlv.
May
112% June
9% July 28
2?g Jan 11
2% Apr 17
12% Apr 21
28
May
9% May
28% July 22
313g July 7
41% July 7
24% Jan 2
110% Jan 2
7% July 10
60%June 3
72% Jan 9
Aug
4
8
1
Mar 13
y Ex-rlghts,
534 May
13% May
11
May
54
June
1 Called for redemption
New York Stock Record—Continued—Page 3
650
SALE PRICES—PER
HIGH
Monday
SHARE,
July 26
July 28
July 29
Wednesday
Ji\y 30
$ per share
$ per share
$ per share
I per share
Tuesday
Range Since Jan. 1
17*4
18
18%
18%
17%
30
30
30%.
30%
30%
98
45
97%
97%
*97%
18%
30%
98
*43%
45%
*9712
45
46
22%
23
19%
22%
19%
19%
19
19%
19
*43%
*22%
*1%
*32
1%
*4%
10%
19%
*28%
*40%
4%
10%
19%
*30%
*40%
4%
10%
19%
31
41%
4%
12%
33%
12%
33%
*20%
20%
11%
21
H%
11%
4%
74%
19%
6%
22%
12
12
12
34
*33
35
*32%
6%
12
*33
20%
11%
33
33
20%
56
19%
75%
56
z21%
*51
1
1134
100
*51
1
6%
6%
12%
12%
15
15
7
22%
4%
11%
*11%
22%
*51
1%
6%
.
15%
12%
14%
*36%
40
4%
21%
6%
97%
12%
38% *
12
*20
20%
11%
11%
*51
6%
*12%
14%
18%
3%
12%
22%
1%
28
48
80%
27%
119
9
48%
11
99
450
11%
22%
52%
1%
600
22%
52%
1%
6%
12%
14%
27S
79%
28%
120
9
9%
68
68
17%
17%
2%
111
3%
3
111
4
67%
*17%
79
2%
*111
3%
9%
♦3*8
32%
32
3%
32%
33
9%
*3
4
32
32
3%
80
21
21
32
33
13%
3%
*13%
*3%
37%
38%
99%
99%
99
99
13%
*98
100
*98
95
32
3%
33%
14
3%
100
1%
1%
1%
1%
1%
5%
5%
5
2%
48
48%
27%
27%
119
119%
9%
9%
*65
68%
17%
17
4
*3
*88%
31%
3%
31%
*18%
*13%
3%
37%
3
9%
9%
9%
7%
9%
9%
10%
7%
18%
9%
7%
18%
9%
*7%
9%
7%
18%
7%
*7%
17%
18%
17%
*41
*41
43
*52
54
43
*51%
40%
*51%
54
42
54
*51%
54
782
82
7S2
%
%
%
*18
*%S
%
*%«
%
*%8
%
*18
%
%
*8%
12%
*1%
9
*8%
9
*8%
12%
12%
1%
13
13%
1%
*8%
*12%
*1%
13
1%
*12%
1%
%
*8%
12%
26
58%
*24%
26
I *24%
26
57%
58%
57
58
10%
10%
10%
104% *103
104%
10%
10%
10%
10%
*39%
3%
40
3%
3%
40
1%
*24
57%
10%
104
42
3%
40
3%
*39%
104
9%
12%
1%
26
58%
10%
104
*%
*%
%
*8%
*12%
1%
3%
3%
40%
3%
40%
800
6,700
200
hi
""206
%
1,000
%
200
9%
13%
1%
""800
1,200
26
*24
57
57%
*10%
10%
No
5% preferred
100
Cerrode Pasco Copper. No par
Certaln-teed
43
3%
*40%
770
200
3%
1,200
41%
400
75%
*112% 113
*29% 30
101
101%
*83%
*48%
87%
*39
39%
52
36
36
146
146
*91%
*60%
75%
*112% 113
30
29%
*99%
*83%
*73
113
29%
87%
*83%
*48%
93
93
61
*60%
*720
13%
75%
113
29%
38%
37%
146
94
*60%
87%
51%
39%
37%
~14~'
*101% 103
*101% 103
20%
20%
20% 21%
*13%
29
*83%
38%
76
*73
6%
113% 113%
29
*28
29%
102% *101
*83%
87%
*83%
87%
52
52
*48%
*48%
40
39%
39%
39%
61
700
130
87%
51%
39
37%
*60%
61
*60%
*720
13%
*13%
22
21%
61
"l3%
13%
*102
103
21%
21%
*60%
Bid and asked prices: no sales on this day.
"13%
103
21%
13%
300
61
"13%
103
*102
20%
t In receivership,
■
50
21%
a
1,300
100
4,200
60
900
1,110
1,460
520
2,400
500
8,400
200
""300
2,300
800
2,700
100
4,200
200
21,900
15,500
2,200
8,900
Def. delivery,
8
44% Jan 13
22
10
11
3
19
13
7
13%
May
26% Nov
May
41% Nov
38
May
1%
53%
Apr
Jan
4% Nov
r5% Nov
2434 8ept
12%
Dec
25%
Jan
May
37%
29%
Apr
27
14% May
6% May
97
May
July 29
21
May
8% July 22
34% Jan
33% Mar
20
Apr
12% Nov
May 119
3
20% July 28
56% July 29
9% July 24
Apr
13% May
27
5% Jan
76
Mar
Dec
Dec
6% Jan
7234 Nov
3% May
8% Nov
36
Jan
Oct
17% May
35% Nov
12% May
21%
7%
Jan
12%
Jan
May
5%
Apr
5% May
1634
2
3% Jan 10
23% Jan 27
Dec
Oct
6% July 29
4% May
7%
Jan
22% July 30
17% May
23%
Apr
4% Jan
11% Jan
100
July 28
2% May
12
5
13^4
6% May
May
82
9
May
15%
May
26% Feb
52% Mar
22% July 29
14
53
50% July
Jan 24
Jan
7
5% Aug
39% Apr
3
1
1
May
11%
34
23l»
2
May
Jan
2
50% July 15
29% July 28
120% Jan 29
6% Mar
10%June
73% Jan
22% Mar
3% July
115% Jan
4% Aug
12% July
4
July
97
Apr
10
14
25
24
29
1
28
28
2
40%
Apr
Aug
45
May
39% May
June
May
105% May
5
May
48
June
17
Aug
l%May
106
Jan
6
42% May
20
Anr
Dec
June
22% May
100
Apr
Apr
0
23s May
92%May 20
81% July 22
Feb
Feb
De
July
30% Jan 14
3% Jan 29
125
Jan
1%
8%
19%
May
Jan 17
Nov
May
4% May
11
29%
2%
36%
75%
3% July 31
41
Jan
39
Jan
40
Sept
92%
Dec
32«4 May
.
3% Nov
75
Jan
126
Dec
56%
35%
121
Jan
Apr
Dec
12%
72
Feb
May
26%
Apr
3%
Jan
June
114% Mar
1% Dec
5% Apr
1134 May
4
May
Oct
6
Mar
Sept
2%
88
100
Apr
838
Feb
22% Apr 21
37% Jan 14
21% Jan 4
106% Feb 10
21% July 22
15% May
3834
Dec
15%May
12% Apr
2%May
34%May
93%June
% Mar
1% Mar
5
100
Class A
i
100 July 8
17% Feb 15
Chic A East 111 RR Co. Wo par
40
22
23
19
2
3
12
Chic Great West RR Co...50
»ieMar 20
5% preferred
Chicago Mall Order Co
Chicago PneumatTool.Wo
3% Mar 20
50
5
5
Apr 28
9% Feb 19
37% Apr 22
49
Apr 8
par
No par
Pr pf ($2.50) cum dlv No par
tChlc Rock Isl & Pacific.. 100
18
Jan
2
3% July 26
44% Jan 13
102% Feb 3
1% July 21
5% July 22
3
July 31
Jan
May
22
Oct
99% June
106
May
15
Apr
17% May
3034
10% June
29% Mar
2%
Oct
4%
Apr
30% May
44
Dec
84%June
101
Dec
10% July 22
8%
Jan JO
6% May
12%
Jan
19% July 21
8% May
15%
Dec
44% Jan 9
54
July 24
23% May
44%
Dec
41
51% Dec
*u Feb
May
6
%j Dec
3a
Jan
% Jan 17
%t Dec
84
Apr
»n Dec
%
8%May 22
10% Feb 7
l%June 17
% Jan 18
9% Jan 29
14%June 24
2% Jan 27
25
22
June
27
5
7% preferred
6% preferred
Chicago Yellow Cab
55
July 21
%i Jan
% Jan 4
It July 25
No par
Chllds Co
10
No par
Chrysler Corp
City Ice & Fuel
6>$% preferred
City Investing Co
City Stores
No par
100
95
42
5
No par
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The) 1
_
100
98 May
82 May
48% July
27
Feb
28% Feb
Special gtd 4% stock
50
Climax Molybdenum..No par
Cluett Peabody & Co..Wo par
Preferred
2
May
24
May
124
July
June
Jan 24
108
May
33% Jan 10
26
May
74
May
2.50
48
25% May
41%
37% July 29
25% May
45%
x
Dec
141
Mar
May
63
Feb
8
10% May
20
2
94
9
16%May
Jan
2
99% May
62% Jan
7
56
July 16
Mar 19
Jan 10
12% May
»i» Dec
y
Apr
Apr
145
1% Jan 13
Ex-dlv.
Mar
May
131
20
2i8May 20
73 May 24
62%July 17
69% Apr 29
4%May 16
$2.75 conv preferred.Wo par
21% Apr 17
Commercial Credit
10
21%May20
4H% conv preferred
100
99% Apr 8
Comm'l Invest Trust..Wo par
28%May 20
$4.25 conv pf ser '35.No par rl02%June
9
Commercial Solvents..No par
8% Feb 15
Commonw'lth & Sou. _Wo par
%»May 19
$6 preferred series—No par
49
Jan 30
Commonwealth Edison Co-25
24%May 26
83% Dec
46% May
114
.
Jan
43% Mar
8
3
5% preferred
100
Columbian Carbon Co. Wo par
Columbia Pictures
No par
114%
Mar 11
5
6% preferred series A... 100
Apr
7434 Nov
July
3
Apr
Nov
60
14% July
103% Apr
30% Jan
Jan
4%
40%
133
40
Apr 18
% Jan 2
1% Feb 5
1
Feb 18
l4%June 24
14%June 9
100
Cash sale,
Jan
114
106
14
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
r
Jan
Feb
z60
56
June 17
Apr
98
Jan 15
147
Nov
14%
8%
85
101% July 24
83%June 27
5% Mar
34
91%
Sept
740
110
100
Columbia Gas & Elec__Wo par
Aug
Apr
53% May
44
Feb 19
Mar 17
18%May
5% conv pref erred
100
Colo Fuel & Iron Corp.Wo par
B
1% Aug
20
46% Feb 20
3% July 31
40% July 31
139
Apr 26
87
No par
Colorado & Southern
16%
May
85
Jan 22
60
11% Mar
9
June 24
104
740 July 16
11% Feb 14
100% Feb 15
No par
No par
CoIgate-Palmollve-PeetWo par
$4.25 preferred
No par
Collins & Alkman
23
28
9
14
18
2
5
Jan
7% May
Oct
Sept
143
100
Coca-Cola Co (The)
Class A
3
30%June 6
139
Apr 26
73
Apr 23
110
Feb 14
24%June 9
100
100
5% pref
Jan
Jan 27
72% Jan
1034 Feb
July 25
2% Mar 7
.....
Equipment
2
8% Apr 21
100
4% 1st preferred
8
100
100
Chickasha Cotton Oil
n New stock,
8
Jan
38% Nov
100
Preferred series A
Class
4%
Jan
2 34
May
3% May
tChesapeake Corp
No par
Chesapeake<fe Ohio Ry...
25
Clark
26
25%
Dec
5% Jan 13
Checker Cab Mfg
$3 conv preferred
24% Mar
12% May
%
Apr
2%May 23
No par
,
2
11
27
29%
June
17
Jan
70% Mar
Dec
May
41%
No par
Common
Jan 17
118
19
22% May
Coca-Cola Intern Corp.No par
'
*
3,600
Jan
51%
Apr
Nov
123%
34% July 12
Clev & Pitts RR Co 7 % gtd. 50
4,700
*720
*720
111% 111% *111% 113% *111% 113% *11142 113% *111% 113% *111% 113%
18
17%
17%
18
18
18
17%
18
18%
18
*17%
*17%
*1%
1%
*1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
3
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2
2
2
*1%
2
2
2
2
2%
2%
*1%
2%
16%
16%
16
16%
16%
16
16%
16%
16%
15%
16%
15%
16%
16%
16%
16%
15%
16%
*15%
16%
16%
16%
16%
*15%
3
3%
3
3
3%
3%
3
3
3%
3%
3%
3%
*77%
78
*77
78%
78
77% 77% *77% 78%
*77
77%
77%
*64
*6312 68
68
68
*64
*64
68
*64
*64
68
68
*80% 82
81
81
82
*81
82
82
81
*80
81
*79%
5%
*5%
5%
5%
6
6
6%
6%
6%
6%
«*5%
6%
*26
26%
26
26
26% 26%
26% 26%
*26
26% 226%
26%
24%
24%
24% 24%
24%
24%
24%
24%
24%
24%
24%
24%
*102% 104%
103% 103% *103
104%
1047# *103
104% *103
1047g *103
30% 30%
32
30% 31
32
31%
31%
32
31%
32%
32.%
*106
107% *106
106
106
108
107%
*104
*104
108
*104% 108
11%
11%
11%
11%
11%
10%
10%
11%
10%
11%
10%
10%
%«
7ie
ht
7ie
he
716
7ie
7ie
716
7ie
ht
%
*60% 61%
59
59
60% 61
59
59
59
58% 60% O50%
'
26% 26%
26% 26%
26% 26%
26%
26%
26% 26%
26%
26%
A.
90
*28
41
May
1
prior preferred
5% preferred
*101
29
101
*48%
76
112% 113%
113% 113%
102% 102% *102
21%
*73
75%
37%
37%
37%
37%
37%
146
*143% 145% *143% 14534 *143% 145%
94
*93
94%
*92%
94%
*92%
94%
*720
13%
*73
101
*101
*48% 52
39% 39%
37
36%
*143% 146
93
61
*720
13%
*73
Jan 18
54
23% July 11
20% JaD 10
20% July 10
3% July 30
39% Jan 6
4% July 15
12% Jan 2
25% Jan 6
99
19
Products
CCC & St. Louis Ry Co
*73
7
Century Ribbon Mllls.Wo par
Jan
66 June
zl5%June
1% Apr
109%June
l%June
4% Feb
2% Feb
86%June
27
Feb
par
100
Chile Copper Co
22,500
1,000
104
104
43
40%
300
*40
*%
1%
3,800
10,700
17%
%
9%
500
14
3%
38
17%
732
3%
39
100
Preferred
18%
41%
%
*278
7% prior preferred
Celotex Corp
Mar 18
40
Apr 14
18%May 26
ll6%Marl9
JCentralRR of New Jersey 100
Central Vloleta Sugar Co
970
111% Jan 23
15% July 11
112
100
Central 111 Lt 4Yi% pref.,100
7%
*%
*38%
Case (J I) Co
Preferred
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
60
778
%
42
..5
1
100
3,500
10,200
1,000
600
34
3
10%June
36 May 7
3% Feb 13
34 May 27
2%May 20
37%May 26
86% Feb 25
22
Apr23
2% Apr 28
43
Feb 14
25
Wo par
3,700
~~2~8()6
28%
19*4 May
1% Jan
7% Jan
14% Jan 10
5% Feb 19
_
Central Aguirre Assoc.No par
Central Foundry Co
1
10%
7%
732
43
70
5,300
8,600
%
43
3,100
2,300
7,700
*%
104
640
3
%
104
3%
32
18%
70
2,800
33,700
5%
732
104
95
32
3,800
2%
31
9
Canadian Pacific Ry
14
share
per
12*4 Aug
9
Jan
10%May 16
5
Campbell W & C Fdy_.Wo par
Canada Dry Ginger Ale....5
Carriers & General Corp
5%
2%
10
5%
2%
5%
2%
*35
Calumet & Ilecla Cons Cop.
Carpenter Steel Co
1,500
1%
18%
2
190
*100% 102
1%
1%
1%
5%
18%
%June
500
100
2%
43
1
Chain Belt Co
1%
►
50
preferred
Callahan Zinc-Lead
Canada Southern Ry Co.. 100
100
Apr 21
29
20
11
Cham Pap & Fib Co 6 % pf. 100
5%
103
5%
Apr 16
Feb
Apr
16% Feb
51
Mar
120
2%
10%
Byers Co (A M)
No par
Participating preferred.. 100
300
1%
8
.
Byron Jackson Co-.-.-Wo par
California Packing
Wo par
1,000
5%
2%
*7%
3
7%
76%
7%
5
21
38
100
2%
19%May 29
104
1%
54
30
5% conv preferred
Butte Copper & Zinc
21
5%
43
—10
Bros
Butler
11
15% Jan 2
4% Feb 17
104
*20%
*13%
10
2%
„
1
21
13%
3%
38%
*1819
3%
38%
56
1
Terminal
103% 103%
21
21
4
*3%
19
19
*18
19%
103% 103% *103% 104
21%
13%
*24%
2%May
Bush
Bush Term Bldg dep 7 % pf 100
400
27%
27S
79%
80%
120
120
9
*88%
31%
3%
1%
14
14
15
6
15
3
8
1
278
92
278
68%
17%
27«
*3
95
37%
56%
3,600
1,200
6,900
5
.100 zl09 June
3% Feb
7% preferred
..100
61
Feb
Budd Wheel
—Wo par
5% Apr
Bullard Co
Wo par
23%June
Bulova Watch
Wo par
27% Feb
Burlington Mills Corp
1
15%May
Conv pref $2.75 ser_.Wo par
49 May
Burroughs Add Mach..Wo par
z7%May
27%
*91
28%
,
2%
2%
2%
278
111% *111
11178 ♦111
111%
4
4
4%
4%
4%
10%
10%
11
10%
10%
3%
26
100
3
No par
Capital Admin class A......1
$3 preferred A
10
Carolina Clinch & Ohio Ry 100
40
9
18%
4%
*39
*66%
*17%
67%
38%
55%
2,700
11,300
40
*37
92
*27%
3
38
*24%
12%
14%
40
*118% 120
48
47%
48
48%
28
28%
27% 28%
119
119
120
120%
3%
3%
*51%
7
678
12%
14%
92
92
79
*88%
55%
300
11
*10
6%
28
*2%
3%
38%
*%
3,100
2% Jan
5% Feb 14
10
Apr 21
preferred-—..
*90%
21%
*13%
3%
37%
#3
710
19
22
23
18
Highest
share $
per
18% July 28
35
Bucyrus-Erie Co
Budd (E G) Mfg
91
11%
4
33% 33%
33% 34
*19
19
19
19%
*102% 104
*103% 104
*52
4,100
2,200
8% Apr
18% Apr
30 July
38
Apr
$
share
23% Mar 21
12% Jan 6
29%
95
32%
*41%
2,200
Apr 18
% Feb 19
30
Apr 8
3% Apr 23
per
Jan 16
*39
9%
*3%
.
7,900
1,400
2,400
12%
14%
*37
700
99
H%
99
11%
22%
52%
1%
800
26
19
$
19% Apr 24
9
Apr 21
7%
3,900
1,450
2,600
21
22
9
29
12% Apr
25% Apr
90 May
38
Apr
17% Apr
18% Feb
16
Lowest
Highest
share
30
No par
Bruns-Balke-Collender.No par
40
*88%
32%
3%
4%
5,800
"
per
Brown Shoe Co
*39
4%
4
13%
3
4%
11%
39
95
21%
9
6%
*22%
98%
1%
7
12%
14%
19%
*55%
878
278
*19%
4%
*10
22
52%
33%
75
7%
27%
33%
19%
56%
22
6%
23%
118% 118% *118% 120
28% 29%
119% 120
9
9%
*68
69%
11
11
7%
1,900
$
2% Jan 13
6% Jan 14
14% Jan 13
33% July 28
40
78
78
47%
3%
11
74%
27%
23%
634
*22%
*3%
100
35
No par
No par
5
Brooklyn & Queens Tr.Wo par
Bklyn-Manh Transit—Wo par
Brooklyn Union Gas..Wo par
90%
119
3%
43
2,300
*32%
5
Brlggs <fc Stratton
Bristol-Myers Co
29%
3%
3%
*88%
32%
*42
900
5
Cannon Mills
*39
3
3%
111% *110% 111%
17%
""300
15
...100
Bridgeport Brass Co
300
3
_
Brlggs Manufacturing.Wo par
100
500
3
21%
14%
2,200
4,400
45,300
30
3%
10%
1978
32%
4l34
2%
6%
10%
19%
*30%
*4034
*2%
3%
92
*3%
Brewing Corp. of America—3
(The)
5%
3678
92
32%
400
*4
Co
Borden
Borg-Warner Corp
Boston & Maine RR
*3%
*29
31%
Bower Roller Bearing Co
20
36%
30
3%
600
12%
*33%
20
3%
4%
3
3%
91
3%
11%
*3%
11%
97%
6%
22%
4%
11%
97%
22%
1
33%
19%
36%
91
17%
21
6%
Inc
Stores
1,900
8,300
7,300
5,900
2278
4%
*29
76
20%
No par
Class B
Bond
6
No par
Bon Ami Co class A
3%
40
47%
3
50
46
5
Aluminum & Brass
Bohn
*36%
*39
*117
9%
3
20
Boeing Airplane Co
4%
36%
3%
39%
*3
9%
900
*36%
3%
3%
39%
47
*44%
*22%
1978
26,100
4%
36%
3%
4%
36%
3%
*3
3%
76
98
Range for Previous
Year 1940
100-Share Lots
Lowest
38%
478
4%
36%
4%
36%
9
*
39
3%
95
56%
1%
7
12%
15%
4%
6%
12%
14%
3
56
56
52%
22%
4%
22%
52%
1%
10%
1934
20%
21%
*87
19%
20%
6%
11%
3%
19%
56%
9%
21%
6%
22%
4%
11%
99
11%
22%
11
111
19%
7%
3
1
98
75
7%
27%
33%
*2%
11%
29
27%
*32%
9%
99
27
74%
27%
33%
3%
*22
37
11%
75%
7%
9%
21%
6%
52%
20
7%
3%
22%
6%
1
12%
34%
20%
11%
27%
*32%
20
56%
11%
119% 119%
*9%
9%
*68
69%
17%
18
3
3%
75
33%
11%
119
11%
18%
30%
6%
20%
11%
20%
9
21%
10%
19%
*30%
*40%
*2%
2%
6%
2%
6%
3
6%
47
10%
20%
H%
*4
4%
10%
19%
76
7%
55%
22%
*117
34
4%
27%
991
*2%
75%
34
42
7%
11%
21%
*51
4%
20%
3%
33%
4l.i
10%
19%
32%
42
2%
*40%
7%
11%
*3
19%
3%
33%
42
2%
6%
12%
27%
75%
98
37
20
3%
19%
31%
20
4
*34%
19%
20%
*30%
33
21%
4
20
19%
278
28
x7h
3%
22%
20
3
27%
74%
7%
27%
33%
20%
55
9l,i
*43%
17%
On Basis of
Par
Shares
30%
116% *113
116% *113
116% *113
116% *113
116%
4%
4%
4%
4%
4%
4%
4%
4%
4%
116% *113
4%
45%
22%
98
45%
22%
30
*2%
6%
12%
*97%
19%
6%
33%
98
30
*4%
10%
*40%
2%
18%
31
34
4%
10%
20
10%
20
31
42
2%
12%
3
2%
*31%
6%
*32%
20%
11%
4%
74%
7%
*27%
*32%
19%
54%
9%
20
19%
2%
*2%
6%
*113
19
33
33
33
19%
19%
2%
$ per share
17%
*30%
STOCKS
EXCHANGE
Week
1
Aug.
share
per
17%
30%
17%
30%
*97%
*43%
22%
23
20
1%
23
Friday
NEW YORK STOCK
the
NOT PER CENT
Thursday
July 31
I
Sales
for
LOW AND
Saturday
Aug. 2, 1941
Aug
108
May
1%
1%
2% Aug
Feb
June 102%
Dec
Oct
35%
112%
24
Dec
Apr
Feb
May
584
Apr
Apr
5
Apr
484
21% Jan
16
May
26% Mar
21
16
May
26% Mar
Jan
4% May
7%
Apr
82% Jan 25
67% May
93%
Apr
72
2
59
June
79
Jan
July 11
71
May
98'4
Apr
4% Jan
83
Apr
6% Jan 6
26% July 22
1434 May
31
Mar
7
27% June
104
Jan
6
95
June
108%
Feb
37% Jan 10
32
June
56
Apr
June
113
Mar
110
3% May
Jan 15
97
11% July 28
8
"it
Jan
65% July 2
30% Jan 11
Ex-rights.
May
%
2
42
Dec
May
25% June
8% Mar
26
Dec
48
Jan
16%
Apr
134 June
73%
Jan
33
Apr
H Called for redemption
=
Volume
SALE
HIGH
AND
PRICES—PER
Monday
July 26
July 28
$
334
334
16
*12%
90
*89
91
*89
9034
*89
*95*2
96
*94i2
96
96
96
96
96
3%
35%
36%
3,400
19,300
♦12%
12%
400
*94%
1534
35*4
345g
734
7*8
165s
34%
19*8
101*2 10134
19*4
101*8 101%
1
*34
1
*95s
212
10*8
934
934
2*2
*2i2
25g
63g
638
23g
6%
2i2
634
*34
2%
65s
29
29
102
4*2
6%
6*8
6*4
234
278
2%
234
*10134 102
4%
4%
45g
4*2
30*2
834
884
834
884
4378
884
100
9%
600
*2*2
2%
800
15,800
4,400
6%
6*8
6%
2%
2%
3*8
7*4
6%
36*4
36%
8%
37
36*4
4414
36*2
3678
3634
1
6%
7
8%
834
44
3%
33s
3*g
334
3*2
334
3*2
44%
3%
25*8
*20U
*16*4
*52*4
25i2
253s
*20*2
.2534
25*4
2534
25*4
25%
25%
21
21
21
I65g
*16%
1634
16*4
54
53*4
5334
*53
54*4
54
54
*42i2
43
*4212
43%
*42
42%
42
42*4
517g
52
52
53*2
53
53*2
53
1634
21
*20*4
42*8
52*4
53*4
*99
102
17
17
8*2
23
2234
*41
42*2
4212
143g
2234
42*2
834
*8634
44%
93*2
14%
14%
14*8
14%
87*2
87
87
457g
4634
43%
45
42*2
43%
96
97
92
94
91
92
8
7*2
63*2
14*4
1438
*14
22
14*4
22*8
22
*20*4
1
*34
*30
30*2
9
9*8
27*2
47*2
19*4
4*8
17*8
*44
19U
*37g
*16
7% ;
778
*112
9
*44
*4
16*4
*112
*»
9
47*2
*44
19%
19
4*8
*4
29*4
29*4
29
29%
15*4
15*2
15*4
15*4
1234
13%
13
13%
55g
6*8
20*4
20
19*8
18*2
18*2
20*8
18*2
2634
2634
*2634
6*2
6*8
9
*8
35
347g
35
*35
135
21*2
.
38%
39*4
8*2
39*4
38*2
16*2
*09%
70
*8i2
*16*4
*35
8*2
4
4*8
140
141*4
1834
1734
18*4
18
18
1,900
10%
17
16%
17
16%
17
5,900
73%
74*4
74
74*2
16%
74%
16%
75
74%
3,200
137*2 137*2
500
19
6*8
10*2
137% 13734 *132% 137*2 *132% 138
21
20*4 20%
20%
21*4 21*4
5%
5*2
512
*5*4
578
57g
10%
10*2
*9%
1034 2:10*4
10*4
113
15934
157
287g
*4*8
29
4*4
141*4 141*4
176
335g
3334
16*4
16*4
27*2
33*2
16*4
27*2
27*2
28
10*8
16*2
16%
1034
34
*"u
2
1%
113
*108
*105
113
157*2 158*2 158*4
160*4
*125*4 126% 125*2
126
112
111*2
111*2 112
28*2
4*8
29
139
13934
2
2
2*8
34*2
*3134
34*2
34*2
35
34
3534
32*4
32*2
32*4
32*4
32%
33
30
30
*2978
30*4
30
30*4
30%
30%
*30
32
*30
32
3334
45*2
111
111
4*2
4%
*30*4
*45*8
45%
45%
*110
110
110
43g
4*2
4
*30
46
4
4*4
Ltd No par
5% pref. with warrants.. 100
Dixie-Vortex Co......No par
Class A
No par
Doehler Die Casting Co No par
Dome Mines Ltd.....-No par
Douglas Aircraft...
No par
Distil Corp-Seagr's
No var
Dresser MfgCo...—.-Nopar
Dow Chemical Co..
—1
—....No par
8% preferred....
100
Dunhlll International
125% 126
111*2 ♦111% 111%
27*2
4*4
3,100
112
125*2
28%
4*8
27%
4%
139% 139%
3 6*4
%
2*8
31
32
*45*8
2
2
%
Inc.-....—1
Eastern Rolling Mills..
6
Eastman Kodak (N J)-No par
200
Elec A Mus
Ind Am shares...
35
3,400
32
32
1,300
31
900
31
100
El Paso
45%
100
Endlcott Johnson Corp
31
45%
*45*8
111
140
4
11,000
*75
78
100
83
83
600
89*2
200
111
4%
Electric Power A
3%
Natural Gas
par
par
par
par
3
50
100
Service..-.1
5% preferred..
Engineers Public
3*8
3*8
3*2
3*2
3%
3%
3%
3*2
3%
*3*4
3*2
1,700
75g
29
734
8*8
778
8
7%
7341
7%
7%
7%
7%
4,100
Evans Products
*2812
28%
28*4
1,000
Ex-Cell-O Corp.
%
**2
%
*2
*2
100
Exchange Buffet
40*2
4034
40*2
21%
40*2
900
21%
7,800
*10*8
*94%
11%
98*2
400
200
*76
*76*4
78
*76*2
78
78
78
83
*82*4
83
83
83%
*88*2
89*4
*88*4
89*4
**4
h»
%
%
1*4
1*4
*1*8
1*4
1*4
I3g
1*2
*l3g
*1*8
*3
7*2
*28*4
**2
*40*2
2134
41
225g
*10*4
11*2
94*2
94*2
%
%
%
%
1*2
1%
1*2
1%
1%
1%
1%
1%
2,500
5,400
1%
4,600
1%
1%
1%
2,100
2634
13*4
3*2
3*2
7i«
%
7i«
*23*4
23*2
23*2
2334
*89
93*2
*89
1*2
78
*73
78
28*2
27%
**2
%
**2
40*2
40*4
40*2
41
41
21%
*10*8
22%
1034
22
22
*94*2
*2534
*12*4
3%
95
26
*12*4
3*2
*7,1
24
26
13*4
3%
24%
93*a
*90
*13*2
4234
14
*1334
4334
14*4
14
14
43*2
4234
43*2
Bid and asked prices; no sales on
43*2
*10*8
95
78
%
10%
95
90
26*4
*25%
26*4
25%
25%
13%
*12*2
13*4
12%
12%
200
334
3%
3%
3%
3%
2,700
*7i«
*2
2412
24%
1,100
1,800
7u
7i«
*2
24*2
24*2
24%
7i«
*2
24%
*90
14*4
28
28*4
1*2
1*2
*73
78
*73
%
29
94
43*2
1%
**2
40*2
10*4
94*2
*26
3*2
*4
10*4
*12*4
*88
1%
1%
1%
94
1234
89
*4
22*4
2034
89
89*2
83*2
1*2
1*2
103s
23
83*2
83*2
7u
96*2
22*4
lOSg
*91
78
*76
79*2
83*2
*89
89
23
*26
7i«
1*2
1*2
1*2
29
29
*11*2
*33g
**4
*73
78
*73
78
*73
1%
1*2
1*2
88
■
93*8
*90
14
♦13%
43*2
this day.
43%
*89
93*8
14
14
14*4
43*2
43*8
44
93%
f In receivership.
600
4,000
a Def. delivery,
$5
Co..
5
3
Corp..No par
Fairbanks Morse A Co.No par
Fajardo Sug Co of Pr Rico..20
Federal Light A Traction.—15
$0 preferred
No par
Federal Mln A Smelt Co
2
Federal-Mogul Corp
5
Federal Motor Truck—No par
Federal Water Serv A-.No par
Federated Dept 8tores.No par
4\i% conv preferred——100
Ferro Enamel Corp
--.1
Fidel Phen Fire Ins N Y.$2.50
n New
stock,
r Cash sale.
13*4 May
3*a May
107
Jan 24
14
Feb 19
034 Aug 1
»i« Feb 20
20
May 23
13
Apr 21
23% Apr 7
19% July 24
2978 Jan 11
29
12
21
12
08%May 22
7 May 3
2H2 Apr
3434June
07g Apr
12%May
8
May 31
14%May 31
03i2 Feb 19
May 20
120
17*2 Feb 18
4
Apr 21
41
Jan
3
10*s Jan 10
18*4 Jan 11
86
Jan 6
9
37
Jan 30
Jan
June
llVgMay
8*4 May
2
July 31
2i2 Feb 19
»n Jan 4
Apr
June
1338 May
21
183s Jan
14%June 20
17
Sept
May
2978July25
8
23i8 Jan 28
23g
Dec
*j« Dec
12i2 May
257g May
32
May
484 May
12i2 May
66*4 May
Dec
9
30i2 May
14
May
17*8 July 14
11*8 May
Jan
9
Jan
4
05*8 July
127*4 Nov
79
141*4
23%June 24
6% Jan 8
IO84 July 29
1434
Jan
6
May
9*2 June
6%June
5
113i2Mar
1
117
138
1
16434 Jan 7
126%June.ll
146*2 May
2
2
112*2 May
25*4 June
May
1207S Feb 14
Jan
9
118
May
May 14
34
Jan
111% July
24
1
120%May 20
27g July
Apr 29
June 7
14*2 Feb 14
25
Apr 21
3
3
145g May
2684 July 22
Apr 30
29
Electric Boat
42
8% July 22
100
9,000
21*4 May
114
Co..—4
Inc——2
Auto-Lite (The)..—6
0% cum preferred—
Dec
0i2 July
4'4 July 31
17«4 Jan 10
14%May 20
34
Oct
June
2984
29% Jan 10
0i4 Apr 18
109% July 2
18% Feb 19
9
lt2
31
9
4734 Mar 29
20
July 14
Apr 21
27
6
3434 Feb 10
934 Jan 9
714 Feb 14
2412 Apr 22
42l2 Feb 4
15
Apr 18
3
2
Jan
May
19*2 June
Jan
17g Jan
45
Edison Bros Stores
Electric
600
Oct
I84 May
3'2 Aug
July 28
25
Eaton Manufacturing
2,800
4,800
May
75*4
8
100
10
3,500
5% 1st pf.100
Eastern Airlines
Light-No
$7 preferred
..No
...No
$0 preferred
Elec Storage Battery—-No
*30*4
111
4
16*8
1,300
1,800
Duquesne Light
Co.—20
No var
34%
35
32%
*110
15%
%
110
$4.50 preferred
preferred
-.-No par
$5H preferred..
No par
$0 preferred
No par
Equitable Office Bldg-.No par
I Erie Railroad—...
100
4% 1st preferred-.——100
4% 2d preferred-......100
Erie A Pitts RR Co. 60
Eureka Vacuum Cleaner
5
*82
•
20
Raynolds A.-No par
Detroit Edison
Du P de Nem (E I) A
*31
4*8
6% pf.100
700
31
111
*110
111
10
100
Delaware Lack A Western..50
.. .
Delaware & Hudson
5,900
34%
46
Preferred
Dlesel-Wemmer-Gllbert.
158*4 158%
*108
113
15834
*31
32
*45*2
32
No par
20
Deere A Co
Duplan 811k
1%
**n
2*8
4H% Pf-100
500
*%
11i«
Dayton Pow A Lt
2,300
16
»i«
No par
Davega Stores Corp—
5
Conv 5% preferred
26
Davison Chemical Co (The)
Cutler-Hammer Inc
5%
139% 140
16
16
16%
1
Class A.
10*2
176
*174
176
176
♦174
175*2 175*2 *174
34%
34*4
34*4
33*2
33%
33%
3334
33*2
16%
*16
16%
*16%
*16
16*2
16%
16*2
28%
28
28*2
28
28
28%
28%
2734
16*8
preferred.....-No par
CurtlS8-Wright
*9%
384
4
4
4*4
13934 141
1,500
21
21
25
712 Aug
9*s May
No par
*5%
27%
29*8
28*2
2
34
*»!«
18
19
187g
13634 13634
21
2U2
*174
176
*45*s
200
220
74
9*8
*105
28%
3334
500
9
35
35
3
6
47% Jan
98% Jan
45i2 Dec
6% partlc preferred—...25
Diamond T Motor Car Co.-.2
1678
*105%
158*2
125*2
125*2 125*2
*12434 125l2
111%
*111*2 112
*111*2 112
113
156*2 156*2
*31
30%
May
60
700
70
834
8%
*8*2
*35
36*2
May
75
July 31
38
70
70
70
834
July
12
Jan 16
92
July 28
Diamond Match--—..No var
400
30
16*2 Jan 25
Devoe A
1,200
9
7
158s Jan
64
190
8%
183S June
275g Jan 10
104
400
16*2
June
Feo15
18%
*8*4
*16%
16%
July 15
ll%May 6
1978 July 15
7gjune 23
34% July 31
28
July 2
26
18%
8%
*8
8*2
17
1 12,800
20
19%
20
20
20*8
June
17i2 Dec
3*8 May
72
5
No par
...
JDenv A R G West
75*4
6
6
2
%
38
36*2
18,300
57,300
6%
*»!«
I65g
74
33*2
*157g
6%
%
75
*183g
18'4
1634
*174
6%
*ht
*25*2
1634
*6912
*77g
*28*2
6*4
%
9
70*2
9
14
13*2
14
13*2
6%
70
16*4
71
8
800
18
8%
*105
16
26%
3934
*538
30
16
18
8%
*21
*29%
16
26%
39*4
135
29%
16
18
85g
185g
29*4
15*2
13%
27
39*4
74
30
13,300
1,100
17*2
8*2
*16*2
26
27
39*4
*34*2
25%
20
8%
16*2
*8
10
26%
27
40*2
*69
100
200
112
112
20*4
18*2
*8*8
200
4*2
17*8
t«77g
25%
*ht
%
*»i«
19%
7%
8
113
*112
26
25*4
*29*4
15*2
1234
6%
*39U
17
113
*112
1,900
*16*8
17*8
*7%
Prior
Tii8ept
13
75
4
45% Jan
9
May
417g Feb 20
Cushman's Sons $8 prefNo par
47%
*4
4*4
4*4
*16%
8
*778
*112
19
4*2
17*8
*16
8
15*2
12*2
5*2
*8
1634
19
19
19*8
4*8
17*8
*44
47*2
35,900
1,800
28
.
Preferred
1,000
30*2
9%
30*2
28
29%
*69
30*2
9*4
*15*4
1638
30%
27%
26*4
27
30*2
9*8
*16
20*8
34*4
27*2
2534
27
34*4
preferred
Curtis Pub Co (The)
100
36*2
9*4
263g
20U
*1784
Cuneo Press Inc
3,000
*si«
*33
27*2
1834
38
200
1
1
9%
25*8
*'x«
22
*21
22
conv
Jan
May
4
100
30
Cudahy Packing Co
27*8
26"
*ht
900
5H%
9
19
Dec
165
100
14*g
14
35%
*44
Sugar
Preferred
50
300
9%
47*2
Cuban-American
0
Apr
40*4
Jan 16
107
l%May 0
3i2 Feb 15
100
10
preferred
May
7
7
82
preferred..... 100
70
*62*2
*21
*33*2
30*4
48,900
conv
May
41
19%May 28
3934 July 7
lli8May 1
82%May 2
35% Apr 14
5
No var
Crucible Steel of Amer.No par
5%
7
Apr 18
47
43s Jan
$5 conv preferred
*98*2 101
*98% 102
».«
7*8
6%
7*4
7
2,470
i2 Jan
Jan 24
52% Jan 8
53% July 28
182% Jan 16
47S Jan 4
78 Jan 14
1978 Jan 10
Mar 31
13
$2.25 conv pref w w..No par
Cuba RR 0%
50
5
9034May
14% June
Crosley Corp (The)....No par
Crown Cork A Seal
No par
3,700
7%
6
6
5*2
»16
257g
*29*4
1212
5lg
32,300
90
21%
*778
-
4212
89*2
2734
*44
8
4134
92
21*2
1
9
4*8
1634
*77g
43%
14*4
27*2
19*8
60
2134
3078
19*8
6,500
87*2
14%
*30*2
47*2
14%
87*2
14
39%
938
14%
87*2
Feb 18
334 Apr 23
Cream of Wheat Corp (The).2
Crown Zellerbach Corp—
16*8 June
18*2 May
15*2 Mar
Jan
Apr 21
170
100
5% conv preferred
2
277g May
2
May
4'g
42% Apr 21
25
Crane Co.
200
14
*33*2
277g
277g
900
42
*8*2
64
3034
30*2
8%
23%
42
14%
4234
Coty Internat Corp
4434 July 29
52
1
...1
Coty Inc
130
23
8%
64
»u
700
Preferred....
45g May
2034 July 22
23i2 Jan 14
187# Jan 2
40i4May
25
100
9*8 May
9i8 July 22
13
5
50
Corn Products Refining
5,300
16%
40i2
15% Apr 25
Continental Oil of Del
3,400
%
3
...1
5
Continental Motors
200
17%
Jan
Continental Steel Corp .No par
$2.60
Continental Insurance
2,300
16%
63*2
14*8
40
*33
38*8
27*2
1
78
53
180
*991o 101
1081a Deo
19i2 Apr
May
20
Corn Exch Bank Trust Co..20
4%
Jan
June
33
22%
*90*2
101
65
70
8
42*2
14%
7*8
0*2
*98
101
*64
*63
*78
778
7*8
101
104
104
68
1
Jan
July
31%June 0
6% Feb 3
35U Feb 14
2%May 20
173s Feb 24
1,200
1,500
*87
5
5
5*2
67*2
105
*63
*2H2
5
5*2
5*4
10278 Aug
100
Continental Diamond Fibre.5
470
%
17
*42
42%
*86*2
*96
*14
22%
*42
42*2
79
No par
8% preferred
Continental Can Inc
200
17
101
Continental Bak Co
Copperweld Steel Co
Conv pref 5% series
4%
**16
93% May
Apr
5% Nov
2384 Nov
884 May
106*8 Jan 22
1012 July 22
5
July 18
42*2
*52*2
8*s
2%
Dec
1212 Feb 15
4% July 21
54
180
2
7g
2lg May
July 21
30
4
1*8 Jan
10i2 Apr
4i2 Apr
6% May
99
.
16%
42
17*4
16%
*8*2
22%
8%
22%
8*2
8*2
2278
227g
1412
5*4
73g
6%
17
87*2
9434
5*4
17
*%
101
*8612
I43g
87*2
45*2
14*8
17
*41
52%
17*8
101
8*2
834
*22
*8*4
100
1634
17
17
100
100
*99*2 102
21
*53
17634 177
4%
4*4
*175*2 17634 *175*2 17634
17634 *175*2 177
4*8
4*8
*4! 8
4*4
4*4
4%
4*4
4*4
»1«
%
%
34
34
*58
*5g
17*4
16%
1634
16*2
17*4
16*2
1612
16*2
176
3%
16%
16%
54*2
42*2
16*4
*53*4
100
preferred
conv
15% Feb
Feb
Apr
2% May
6%May 21
318 Aug 1
714 July 31
97g
32%
*2 Aug
5% May
Container Corp of Amerlca.25
3,400
1,300
3,200
15,600
11,300
600
j.
,800
26
*20
5%
7
July 10
3% Jan 13
Consumers Pow $4.50 pfNo par
3,600
44%
25%
...25
HOig Mar
6,100
8%
3%
3%
3%
No par
Consolidation Coal Co
l%July
Apr
99% Deo
100
Deo
213g May
97% May
9
11
Jan
75
63
8% July 10
233s Jan 13
10738 Jan
i2 Jan
7% Apr
2%June
*514 Apr
% Feb
2% Feb 15
Consol RR of Cuba 6% pf.100
800
44%
21
16*g
21%
16*4
207g
4434
Consol Oil Corp
May
Jan
May
May
4*8 May
16
75g
157g Jan 16
9784 Jan 23
Jan 15
200
*8%
26
44
44
44
No par
1
share
6U
243g Feb
31i2 Apr
*
103
2
20
2
14
2
14
15
per
25g May
May
17% June
14
8
303s July 31
1,900
36%
36%
36%
8%
44%
36%
8*2
44%
17%June
95
$2 partlc preferred
No par
Consol Laundries Corp
5
5,500
29*2
30
29
29*2
*28l2
*101
102
101*2 101*2 *101% 102
16
*15%
16
16*4
16*4
16*4
4%
4*2
4%
4%
4*2
4%
102
102*2 102%
102*2 102% IO284
10134 101%' l017g 102*4*
1
6%
29%
612
*28
29%
*101*2 102
16*4
16*2
16%
16*4
678
*34
9%
234
6*4
2%
*2*2
$5 preferred
Consol Film Industries
2,400
100*2 100*2
No par
Consol Edison of N Y
19,000
19
1
*34
..100
100
Consol Coppermlnes Corp...5
5,000
7%
7%
9%
*9%
*2*2
6*4
*101*4 103
16*2
45s
16*4
1
9%
234
6*2
6%
18%
No par
Jan 10
4
share $
per
18% Feb
Apr 25
221* Feb 19
10i2May 20
82
May 20
90
May 23
5*4 Apr 21
7% preferred
6H% prior pref
70
96
*94*4
100*2 100%
*34
9*2
'
634
29
96*4
7%
19%
Consolidated Cigar
10
91
91
91
7*2
19
19*8
1834
100*8 100*2
234
63g
29
102
35*4
12%
734
7*2
734
7%
19
18%
10084 101*4
78
78
934
*9%
2*2
2*2
734
7«4
19
19
337g
14
Congoleum-Nalrn Ino.No par
Consol Aircraft Corp..
..1
Highest
Lowest
Highest
$ per share
$ per share
3
Feb 19
No par
Conde Nast Pub Inc
300
16%
12*2
*12*4
90
123g
*88*4
12*2
*88
*3%
16*8
36%
347g
*12l4
16*8
35i8
12i2
100--S7tarfl Lots
Lowest
3*2
16*2
34%
12%
On Basis of
Par
Shares
16*2
3*2
*16*8
16*2
347g
12*2
16*4
EXCHANGE
Week
1
Aug.
$ per share
$ per share
$ per share
3%
*3*2
$ per share
334
3%
share
per
334
*3*2
1618
NEW YORK STOCK
Friday
July 31
July 29
Range for Previous
Year 1940
Range Since Jan. 1
STOCKS
ff)T
the
NOT PER CENT
Thursday
July 30
Saturday
$ per share
SHA RE,
Wednesday
Tuesday
Sales
jvr
LOW
651
New York Stock Record—Continued—Page 4
153
12*2 Feb 14
>8 Jan 4
li2May 31
27% Feb 19
23% Feb 19
28 May 27
26*8 Apr 29
39l2 Feb 14
108 June 27
3%May
5
9
5*4 Jan 23
142
Jan 4
9
367s Jan 10
182*2
Jan
165s July 31
33*8 Jan 10
173s Jan 6
84 July 18
43g Jan 11
3
9
34ig Jan 13
37U Apr
34*8 July
33
July
7
4538 July 28
11184Junel8
7
Jan 11
113
Oct
114
May
3
May
117
June
155
June
22
May
10*2 May
25
May
10*4 May
%
3
*24% June
20
May
35
May
102
May
53a May
05
Feb 20
80U Apr
4
63
70
Feb 14
83i2 July 17
66
75U Feb 14
»jiJune28
89*2 July 24
77
l2 Feb 20
7, Feb 15
i2Mar
75
I
Feb 28
12 Jan 30
I84 Aug 1
184 July 31
»4
Dec
Dec
5g May
3*8 Jan
2
23*8 Apr 30
%eJune 17
8
6
7
3
10%June 24
10 May 29
90 May
2
21*2 Feb 15
1078 Apr 18
2*4 Apr 10
% Apr 18
18!* Jan 3
Dec
5g May
67l2 Aug
884 Jan
May 17
May
*4
Feb 28
30*4 Jan
58 Jan
4512 Jan
34
May
158 July 30
75
5% Feb 19
27$ Apr 23
Dec
May
18*2 May
15*8 May
2478 Mar 10
13
Mar 17
2*4
5
Dec«
May)
20*2
Jan
%
Oct
29i2 June
17*2 May
11
May
Jan 27
85
June
26»4 July 24
16
July
14*8 Jan 14
4*4 Jan 7
125s Aug
100
2*4 May
*nMay
84 Apr 1
2434 July 31
15
May
90%June 30
97i2 Jan 15
79
June
lli2 Apr 29
1438 Mar 14
44
Aug
1
10
May
3414 Feb 19
* Ex-dlv. y Ex-rlghts.
27*2 May
*| Called for redemption.
New York Stock Record—Continued—Page 5
652
LOW AND
HIGH
SALE
SHARE,
NOT
PER
CENT
July 26
July 28
Tuesday
July 29
t per share
$ per share
$ per share
*17
Wednesday
July 30
July 31
9 per share
$ per share
Thursday
Sales
Aug.
1
29
*21
29%
22l2
6*4
*30i2
32i2
29%
*28l2
17*4
*121
*21%
6*4
*6%
6*4
3034
31
*30%
29%
*29
29%
104%
17%
*104% 105
18
18
129
129
17%
129
4%
29%
22%
*21
6*4
♦1045s 105
29%
5%
*127
*45
50
*46
5%
47%
46
39
39
39
40%
40%
40*4
5%
4%
46
*46
50
39%
10%
2%
10%
40%
22%
98%
2%
2%
10%
20%
20
21
22
22%
22%
23%
22%
2i2
2%
*2%
2%
2%
2%
98%
2%
1012
10%
2%
2%
10%
*2l4
2%
*10%
21
21
4*4
4*4
7
7
*1U2
21
*20%
47g
4%
7%
*7
13
*43
2%
2%
*10
20%
47g
47g
7%
*7
434
7%
50
40%
22%
2%
2%
10%
117g
484
7%
*11%
125
32%
125
32*4
39%
3914
*116% 117
*%
'ie
79
*80
81%
*---
38%
38*4
♦125% 126
*415S
43%
*3%
32%
39%
125
327g
397g
117
*75
*130%
125
117
125
32%
327g
39%
*117
126
397g
3%
13
3%
*43%
4478
8%
•8%
39%
40
119
%
%
%
%
%
80
*76
80
81%
*81%
84%
*81%
*130%
132
3834
39%
126
126
43%
43%
3%
3%
132
39%
3934
*126% 127
43
43
*3%
*108% 111
13
13%
3%
*3%
3%
7
7
109
109
*%
15%
100
15%
103
*%
*22%
23
*10%
73
22%
13%
*20
2234
23
10%
75%
22%
13%
22
3%
45
46
47
3%
47
3%
8%
71
72
8%
72%
884
71
8%
72%
72%
71%
47%
8%
71%
16%
16%
16%
16%
1634
1678
16%
1634
45
45
45
45
45
*43
*1%
*2%
*81%
1%
2%
86
'
1634
*65%
18%
*82%
17%
66
1834
84
1%
3834
39
8%
1%
*2%
*81%
17%
65%
1834
*82%
134
1%
2%
86
17%
34
*1078
5%
11%
10%
*934
*10%
34%
24%
*17%
2634
26%
11
34%
24%
17%
27%
27
24%
17%
27%
27%
67%
19%
83
83
40%
%
5%
ni«
34
1134
10%
107g
107g
10%
10%
34%
24%
17%
27%
27%
3434
24%
17%
2734
27%
142%
143
51
51
*50
34%
34%
3434
1234
13
*34%
1234
11%
16%
3
*11
16%
2%
30
11%
16%
2%
3034
52
22
2,100
99
*2%
2%
10%
20
20
800
2%
2%
5,300
10%
10%
240
434
9,800
734
*7
*126
32%
40
5%
107g
11
10%
3434
24%
17%
2778
28
31%
35,200
39%
39%
5,800
119
1,200
400
39%
3834
12634 12634
127
*43%
44%
3%
15%
15%
*100
22%
22%
13
13%
13%
22
%
22%
22%
15%
10%
73
*20
33g
47%
8«g
3%
47%
73
73
16
16%
44%
1®4
8%
*71
2%
163g
*44
3%
6,000
47%
8%
~
73
12.000
16%
1,600
44%
300
134
300
83
*2%
81%
81%
30
20
19
19%
46,300
69%
69
69
2,100
20%
19%
20
20,900
*83%
1%
85
400
23g
83%
2%
2
5.600
27%
2734
27%
32%
34
35
35
*35
35%
2434
*24
2434
7,100
19,300
3,100
17%
27%
2734
17%
2812
2734
173g
2734
27%
143
143
143
143
*143
*50
52
*50
52
51
51
3434
13%
3434
13%
11
11
16%
2%
1634
16%
234
2%
32
32
...
28%
27%
143
143
250
*50
52
500
34
*14%
29
36
35
14%
14%
14%
14%
14%
600
13
13%
13
13
400
1434
14%
*28%
29
200
*32
36
10
13
'107
108
'107
108
*107
*105
108
*107
108
106
*105
106
*105
106
*105
106
*105
106
105
105
*13
*1934
20%
20%
2034
20%
203g
*20
20%
20%
20%
20%
20%
148?8 *146
1487g *146
1487g *146
148% *146
148% *146
148%
6
*5*4
6
6
534
6%
*534
6
5%
534
5%
5%
*92% 99% *92% 99% *92% 99% *92%
99% *92% 99%
*92%
99%
2%
23s
2%
2%
23g
2%
23g
2%
2%
2%
234
234
*146
*49%
104
*14%
*175g
*24%
*9%
15%
*109
47%
*33%
12
129
*128
16
187g
25%
15
35
80%
51
50
50
104
104
*15
16
*15
16
*15
16
18%
*1734
24%
18%
24%
9%
*1734
24%
24%
9%
9%
24
9%
16%
_
19
3%
48
34%
12%
5134
10934
434
35
*%
*
%
3%
19%
3%
%
*3%
19%
334
**8
*1734
23%
*9%
129
24
129
*127
90
20
100
8%
6,700
74%
*162
500
165
*14
14%
77
77
10
100
1,300
334
20
37g
%«
7,.
on
22
42
200
t In receivership,
7,«
"l",706
400
3,800
100
"2" 900
1,600
200
"e'ooo
2.800
600
a Def. delivery,
11
Mar 26
Jan
Feb 14
6
104
17
100
140
1
2
25
1
6
Helme (G W)
Preferred
25
70
100
158
Motors
Feb 25
Apr 14
Jan
i
4%June 26
93%June 20
1% Apr 21
100
Hazel-Atlas Glass Co
Hecker Products Corp
76
No par
June 12
June
Feb
7
10% Apr 21
No par
66
Apr 22
6% cum preferred..:
100 zl23%May
1
48%May 28
99%June 17
14% Feb 4
par
Hollander A Sons (A)
15%May 23
May 28
6% Apr 12
23
5
51
Mining
3434
13%
11%
17%
Howe Sound Co
Hudson «fc Manhattan
3% Feb
26% Apr
%June
2%June
5
100
5% preferred
100
Hud Bay Mln A Sm LtdNo par
Hudson Motor Car
No par
JHupp Motor Car Corp
1
Cash sale,
Apr 22
14
22
20
20
15%May 26
2%June 2
•uJune 23
x
Ex-dlv.
y
Jan
49%
Apr
118%
%
Jan
13% May
98
Feb
Jan
44
Jan
101
Apr
131
Deo
66%
Apr
127% Mar
60
Dec
7%
Apr
10
Jan
110
Jan
1%
Jan
19% Jan
106% Deo
"is Apr
18% Apr
33*4 Jan
14*8 Jan
65% Nov
24*4 Mar
13% Jan
23%
106
Apr
May
10% May
3
Sept
30*4 Oct
4% May
23*8
9
Jan
43
65
Nov
May
11
May
30
May
1*4 Dec
2
May
77
July
10
May
45
May
12% May
69
June
1%
25
Dec
May
% May
4% May
9% June
6% June
May
26
May
21% May
11% May
15% May
18% May
10
*123
Jan
8*4 Mar
51% Mar
19*4
Jan
5
Dec
4%
3%
Apr
Apr
Sept
20*4 Apr
69% Mar
24% Apr
97% Feb
4% Feb
71% Jan
1% Jan
9% Apr
147t Jan
12% Dec
16*4 Apr
90
36% Apr
25% July
18*s Jan
30
Nov
29%
Jan
Jan
35%
17*4
Apr
Jan
9
21% July 22
Jan
7
Mar 28
8
Jan 24
108
May
9% May
9
May
14*4 June
1% Aug
11
May
1% Dec
8% Nov
29% June
30
May
9% May
10% May
Feb
Jan
12
Jan
25%
Apr
3%
30%
Apr
Apr
2% Nov
14% Nov
34% Apr
37
Jan
20%
Feb
17
Jan
July 16
106*4 Jan 16
100% June
25% Jan 10
16% May
130
May
5% May
138
83% June
104
14934 Feb 11
6% Jan 23
101
Feb 10
3% Jan
Jan
6
7
8% July 31
95
2
6%
July 11
155
66*4 Jan 18
115
16
Jan
8
Jan 14
17% July 9
3034 Jan 10
8
Jan 27
13*4 Jan
6
64
9
111
Jan
60
Jan
6
Apr
Jan
Jan
167
Deo
Dec
June
19
May
4% July
8
May
103
May
35
May
28
May
8*4 May
54% May
28
*4
Apr
Apr
110
94% May
12% July
5
July 22
37% Jan 8
4% Jan 13
Apr
9%
113%
11%
Dec
126% Aug
101
20% July 29
Jan
June
12% May
69
Jan 15
% Jan 22
3% Jan 6
Dec
28%
89% June
168
9
Jan
106
Apr
80
16% Jan
106%
4%
Jan 13
80% July 29
129
July 29
June
Aug
96
62% Jan
10
41
23
39
48%May 27
107%Jube 18
4% Sept
11% Jan
29% Apr
89% Nov
July 29
Aug
1
Apr 22
32%May 28
....No par
Household Finance..
No par
5% preferred....
100
Houston Oil of Texas v t C..25
% Nov
9*4 June
$6% Jan
% Dec
13% July
20
May
Jan
55
42% Apr 21
par
June
Jan
Jan
27% July
zl07% Apr 14
12.50
Houdallle-Hershey cl A.No
Dec
57%
8%
July 26
9% July 24
16% July 28
9
105
142
Feb 14
No par
Apr
June
100 xl07% Apr 14
Holly Sugar Corp
7% preferred
r
Jan 15
95
2
Apr 25
Hercules Powder
New stock,
28% July 22
28
July 29
143
15
Hayes Mfg Corp
n
Jan 27
2% July 29
40% July 29
1% Jan 11
6% Jan 6
13% Jan 7
13% Jan 6
12<4 Jan 2
36% Jan 16
25% Jan 22
18% July 30
163t Jan
preferred
Class B
20% July 30
11% Apr 19
preferred
Homes take
69% July 31
12%June 19
Hat Corp of Amer class A
9
Jan 10
38
5% May
July
July 30
33
Apr
May
7*4
3% June
100
May
91
9
103% Apr 21
May
32%June
10
20
10
100
37% May
116
14
June 20
No par
preferred
Sept
77*4 May
118
May
16*4 May
7*4 May
10
2% Jan 25
2% Jan
Feb 18
July
28
28
47% July 30
8% July 29
73
July 31
90
June
21
3% Apr 29
9
$4 conv preferred
No par
Hlnde A Dauch Paper Co... 10
Hires Co (C E) The
10
Holland Furnace (Del).....10
18%
24
3% July 28
35% July 28
28
Hershey Chocolate....No
*1734
24%
*9%
15
24
3
33
100
18%
106% Jan
% July
2334 July
29% Jan
11% Jan
77% July
22% July
16% Jan
1% Feb 19
13
26
15
15
40
2
29%May 27
9%May 5
10%June 27
12% Apr 23
1% Feb 4
25
300
5034
Feb 14
19% Jan
par
300
50%
Mar 12
138% Mar 26
Hanna (M A) Co $5 pf .No par
Harbison-Walk Refrac.No par
Hercules
Apr 22
13% Feb 18
1
*104% 105
*%
this day.
9
par
*126% 129
3,600
*1.
No
Water
7% preferred class A
6%
June 24
9% Apr 15
28% Apr 22
129
16%
16
16%
16
16%
16
16%
16%
110%
*110%
*110%
*110%
48%
48%
48%
48%
48%
49
*48% 49
*34%
35
*3334
34%
33% 33%
*33%
34%
1238
12%
12%
12%
123g
12%
12%
12%
5134, 5134 *51
52
*51
52
*51
52
108% 10934 *108% 110
*108% 110
*108% 110
434
434
4%
4%
4%
4%
4%
4%
353g
35%
35%
3534
35
35
35% 3534
*%«
84
*S16
34
%
*%6
*si«
%
*3%
*3
334
*3
*3
334
334
334
1934 20%
19%
1934
1984 20%
19%
20%
334
3%
384
3%
3%
384
*3%
334
9%
4% Apr 14
10
23
*49%
51
*104% 105
"2,100
9%
95 preferred
Hackensack
5)4%
12", 800
% Apr 17
5)4% conv preferred
10
Grumman Aircraft Corp
1
Guantanamo Sugar
No par
8% preferred
100
Gulf Mobile A Ohio RR No par
6%
"2" 100
24%
9%
Bid and asked prices: no sales
*127
8%
20
700
...
*sie
*234
14%
80
104
24
35
165
104
187g
484
*13%
78%
129
*17%
*51%
14
79%
*73
*50
16
*108
165
14
79
*8834
8%
74%
51
*15
12
1434
80%
8
90
129
10434
*9%
16%
16%
*110%
48*'
477g
34%
34%
4%
*14%
80
9%
52
3434
*73
*50
110
*88
77g
77g
7%
7h
734
8
73%
73%
73
74%
73
7434
*160% 165
*160% 165
*160% 165
*104
*51
90
*88
51
12
*87
90
104
*108
4%
89
Green (H L) Co Inc
Greyhound Corp (The) .No
6,200
29
107
1334
350
13,600
35
13
*128
June 10
No par
..No par
Hamilton Watch Co
*14%
*127g
2034
3%
21%
107
*14%
79%
25
Hall Printing Co
13%
1434
1934
*28%
31
384
20%
108
14%
June 20
Great Western Sugar. .No par
Preferred
...100
Green Bay A West RR
100
*35
2%
31
*107
89
1
10
*28%
*35
7,500
14,900
1
19
20
15
18
20
36
36
800
17%
% Jan 27
16% Jan 10
13
No par
preferred
2834
2834
*35
79%
5%
2834
*28%
3%
par
Gr Nor Iron Ore Prop ..No par
Great Northern pref
No par
20
3%
par
No par
Grant (W T) Co
34%
3%
20%
33g
11%
3
Feb
14% July 31
3% Jan 13
2% Feb
81% Aug
11% Apr
68%May
16 May
79% Apr
94
4
1% Apr 23
14%
61
3% May
7% Jan 15
lll%June13
dlv ctfs.Ns par
33%
1434
1334
*13%
79%
w
20
36
3%
*11
4% Jan
Apr 28
100
3%
234
32%
3%
20%
7
Jan
16%
12,700
1
Mar
46
2%
800
13%
6
Aug
48
40% Feb 25
16%
34%
13%
48% Jan
127
4)4% conv preferred
50
Gobel (Adolf)
1
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
3%
35%
34%
2
June
16*4
28%
78
1,200
Jan
17
13%
11%
163g
*35
3
800
Mar 19
Mar 17
Feb 21
45% June
Dec
132% Jan 28
22
Sept
Nov
8
1*11 Mar 17
109
20
22
12% Feb 24
Without dlv ctfs
Granite City Steel
3% Sept
5% Apr
120
96%July
60
Grand Union
Apr
Dec
39% Dec
4% May
11*4 May
48% Feb
12*4 May
102
May
26% May
33*4 Dec
111% May
% May
No par
3484
11%
18% Apr 16
2%May 13
Preferred
Dec
6%
41
145
10
34%May 24
5% Feb 14
95 conv preferred
Gotham Silk Hose
118
Apr
53g May
118
May
1*4 May
No par
700
1734
*24
100
2,500
Apr 21
var
5% preferred
No
Goodyear Tire A Rubb.No
Jan
Apr
35*4 May
102
5
11%
1034
10
Brothers
Nov
35
8
5
Granby Consol M S A P
*10%
1034
2
No par
...No par
preferred
32
107*4
21%
6
100
1,500
1134
1034
10
Feb 14
•i« Jan
1
1034
10%
5
40
.No par
Graham-Paige Motors
*10%
434
36%May 5
123% Mar 19
Gen Railway Signal
Glldden Co (The)
38% Mar
25% Apr
8% Nov
Jan
20% July 8
130% Apr 7
35% Jan 14
40
July 30
117
July 28
91
% Apr 8
11% Apr 12
98%June 25
preferred
Apr
Jan
Mar 20
86
No par
$6
June
6
2
Gen Public Service
Glmbel
8
6% Jan 6
15% Jan 10
3% July 2
5% June 30
conv
2% Aug
May
24*4 May
20
May
July 14
6
105%May 12
95
9% May
61
May
12
144
8
Apr 10
1
preferred
21%
Dec
Jan 28
7%
Jan
No par
8,100
84
10%
10
General Printing Ink
190
1Ji«
5
126
No par
12%
11%
16%
2%
29%
3%
*14%
7*4
1,400
2
5
.100
preferred
Jan
Jan
Mar 21
55
% Jan
No par
General Motors Corp
600
83%
173g
78% July
900
20
27
38
6%
20%
82%
*24
Gen Gas & Electric A..No par
$6 conv pref series A .No par
General Mills
General Tire & Rubber Co
Gillette Safety Razor..No
19%
6884
5%
1134
1034
10%
3434
24%
18%
33% Feb 15
112% Jan 8
5,900
2,100
19%
82%
2%
*10%
1034
*10%
*34%
No par
No par
11
22%
13%
1,710
83
3-
General Foods Corp
Gen Theatre Eq Corp..No par
Gen Time Instru Corp .No par
1,000
23g
Feb 19
Apr 25
June 18
2,400
800
10%
74%
*1%
32%
120
9%May 6
46% Jan 30
17%May 22
400
68%
»i.
*5
100
Apr 21
28%May 29
$6
June
Jan
46
1% May
12% July 29
53%May 8
5% July 29
102%May 10
6
Apr 22
16% Apr 16
20% Apr 21
22%
85%
36
3% Jan
3%
10%
73%
17%
General Shoe Corp
1
Gen Steel Cast $6 pref ..No par
General Telephone Corp...20
2,500
23
6
6% preferred
100
Gen Realty A Utilities
1
$6 pref opt dlv series.No par
General Refractories
No par
310
%
2134
38g
47%
83d
1,900
5
No par
50
100
June
134% Jan
No par
%
22
z5% June 19
No par
1,900
2
Apr 16
46% Apr 21
$5 preferred...
103
22%
2234
10%
75%
%
101
Gen Outdoor Adv A
3%
7
102
2
10% July
.100
Common
21*4
106
6% Sept
22
Sept
18% June
7
47% Jan 21
6
Apr 23
General Electric Co
200
12% May
May
32% May
10% May
24*4 June
19
May
84
5% Mar 21
June
6
preferred
Highest
share $ per share
5
8
No par
preferred
2%June
2% Jan
10% Aug
3% Apr 19
4
preferred
5%
July 31
50
preferred
General Cigar Inc
$4.50
41
7
6
5
General Cable Corp...No par
Class A
No par
cum
Jan
17
500
*•%
%
22%
2234
10%
73%
22%
21% Aug
Jan
5% July 28
10
5
300
109
7
46
per
1
44
6%
%
33,700
132
7% Apr 16
127
*107
103
39
Feb 19
General'Bronze Corp
30
*33g
6%
109
20
Apr 21
...5
No par
Baking
18 preferred
100
76
2
7
7
No par
preferred
7%
July 21
32
9
23% July 29
99
Aug
1
Gen Am Transportation
7%
31
Jan
No par
General
90
31%
76
Gen Amer Investors
700
500
4
Jan
par
Oaylord Container Corp
5)4% conv preferred
34%
3%
20%
*72
7C0
No
5% preferred.
13
20
*106% 165
300
3,200
4
7
1
Gamewell Co (The)
60
8
25% Apr
20
3434
3%
89
5,800
16% July
33% Jan
107% Jan
20% Jan
Gar Wood Industries Inc..
$6
T.200
Jan 13
1
98% July 30
1% Feb 4
1% Apr 10
(Robert)
3484
127g
11%
1934
28%
*87
300
"2,200
1
100
6% preferred
300
127
*117
Galr Co Inc
Jan 10
42%
2% Feb 17
May 21
32%May 31
10
pref.
conv
June 23
36
Gabriel Co (The) cl A ..No par
1,400
484
7%
12%
5%
60
2%
%
35
105
Fruehauf Trailer Co
98%
20
39
13
No par
2%
84%
*%
15%
May 31
June 17
No par
%
*3%
6%
24
7% pf.100
22%
98%
78
39
21
104
10
preferred
Lowest
share
18% Jan 10
105
3% June 17
100
10
Francisco Sugar Co
67%
*36
conv
12% Apr 22
26% June 16
21% July 23
100
preferred
F*k'nSimon<fcCo lno
*83%
*130%
*1%
23g
97
80
%
*44
1*4
2%
conv
13%
11%
3%
*13
*81%
1834
39%
*142
142%
85%
45
*1%
2%
5%
*44
1*4
2%
2%
40
5%
10%
107g
34%
6634
19%
2%
*107g
.
19
83
"ie
*5
18%
65%
19
40
%
1*4
2%
*81%
preferred
conv
4H%
Foster-Wheeler
1,800
8334
*20
5%
Food Machinery Corp
40
%
*100
•
No par
Florshelm Shoe class A.No par
Follansbee Steel Corp....
10
200
300
8334
*130%
*107
%
Florence Stove Co
par
Free port Sulphur Co
*43
43
900
"T.700
No
10
*108% 111
*108% 111
*108% 111
*108% 111
13
127g
13%
137g
13%
14%
13%
13%
3%
45
3834
39%
126% 126%
700
5,800
119
*76
84%
43
3%
*117
76
101%June27
31%May 12
41
127
31%
39%
%
76
*6%
6*4
634
634
67g
7
*108
111
108% 109
*108% 111
*%
%
*%
%
%
%
15
16
*14%
15%
15%
1534
*100*4 103
100
*10034 102*4
10034
%
%
*%
»ie
%
*22*4
23
*23% 2334
22%
22%
23
23
23
22*4
23%
23%
10%
10%
10% 10%
10%
10%
73%
74%
74% 75
7434
7534
*21% 2134
2134 22%
22% 22%
13
13
13
13%
13%
13%
*2034
22
*2034 22
*2034 22
13
32%
*117
120
127
31%
81%
*13034
*76
3%
*108% 111
126
15% Apr 23
6% preferred series A...100
10,500
11%
12%
12%
12%
12%
*11% 12
*50
*50
*50
52%
*50
52%
52%
*50
52%
*50
52%
52%
514
5%
5%
5*8
5%
5%
5%
5%
*5%
584
*5%
5%
*102% 105
*102% 105
*102% 105
*102% 105
*102% 105
*102% 105
53
53
53
53
53
53%
53
63%
53
53
53%
53
5%
6
534
57g
534
6
534
534
5%
6
5%
6
140
141
140
140
140
140
*132% 140
*132% 140
*132% 140
*4
4
4
4
4%
4%
*334
4%
*334
4%
*384
4
5
5
4*4
4%
5
5
5%
5%
5%
5%
5%
5%
*14
14%
14%
15
*14%
14%
14%
14%
*14
14% 14%
15%
89%
91
89% 89%
91%
91%
91
*90%
92
92
91
91
*20%
2034 *20% 21
1934
20%
19%
20
20
*19% 20%
20
*122
Firestone Tire & Rubber...10
First National 8tores..No par
3934
21%
4%
9 per
600
Fllntkote Co (The)
Range for Previous
Year 1940
Highest
$ per share
1,900
4,700
2034
*9734
*20
47g
7%
Lowest
Par
50
*43
41
Range Since Jan. 1
On Basis of 100-Share Lots
Shares
17%
18
18
18%
18%
183g
10334 10334 *101% 103% 1033g I033g
38%
39
38%
3834
38%
38%
14%
14%
15
*14% 14%
15
29%
2834
2834
*28*4 29
28%
28%
*21
22%
22% *21
*21
22%
22%
6
6%
634
6%
634
6%
684
32
*30% 32
*30% 32% *30% 32
29
29%
29
*2834 30
29% 29%
104% '104% 105
105
105
*10434 105
17
17%
17%
17
17%
17%
17%
129
127
127
127% 127
*121
129%
5%
4%
4%
4%
4%
434
434
Aug. 2,
EXCHANGE
Week
9 per share
1712
1678
17%
17%
17%
103% 10378 *103
103*4 *103
10334
39
*38%
39
39%
39%
39%
*1412
15
15%
15%
14%
15
29
NEW YORK STOCK
the
Friday
BTOCK8
lor
Monday
Saturday
PRICES—PER
June
3% May
%
Aug
Dec
Jan
21% Apr
100% Apr
133% Jan
67% Apr
115% Jan
18*4 Jan
35% Apr
9*4 Nov
16% Apr
110
Mar
60% Jan
38*4 Dec
16%
71%
112
6%
60%
1%
7%
Apr
Apr
Dec
Jan
Feb
Feb
2% May
May
3
May
27
6%
Feb
% May
1
Jan
12
Feb
Jan
Ex-rlght. ^ Called for redemption.
Volume
AND
HIGH
SALE
SHARE, NOT PER
PRICES—PER
July 26
July 28
July 29
$ per share
5 per share
S per share
3 per share
$ per share
8h
9
20i2
*8
....
40%
40i2
41l2
4'2
19%
41%
40%
438
4%
4l2
4l2
1914
19U
19iS
8%
*104
107
*153%
*15312
*153i2
4%
8%
28%
—
28%
*153%
13
360
Leased lines 4%
RR Sec ctfs series A
100
34% Jan
1000
278 Jan
Indianapolis P & L Co-No
200
8
Indian Refining
200
"3",300
12%
12%
125s
1278
1278
13'8
1278
I3i8
1278
678
678
*612
634
634
634
634
*6l2
7
7
25
25
*24%
2478
25
25
*24
24% 25
25%
25i8
25ig
110%
110% *109
110% *109
110l2 *109
*108
110l2 *109
110i2 *109
5
5%
5%
5%
5%
5%
*4la_5
45s
434
518
Sis
9
9
9%
9%
9%
9%
9
93^958
9%
934
914
134
134
134
1%
1%
134
134
134
158
134
134
1%
5,900
79i2
79i2
12i2
*6l2
4012
5478
42
42
*15712 159
40
157
158
40
*157
159
4012
159
*157
ll4
1%
1%
II4
884
8I4
834
8%
4
*334
378
334
27
2714
334
27%
2658
*1
28
2834
41
101
*134
....
1034
105g
38i4
38'4
3834
67
*66
66l2
*3212
____
29%
*44%
*29%
43%
4334
43%
....
66
2%
2%
2%
1178
97
1134
*92%
*83s
878
32 78
33%
11%
*134
66
...J
J
*120
....
10%
65%
86
7
.7
102
*100
*6i2
*100
3834
*14
393s
141.1
31U
*30
33s
3%
38i2
38i2
5%
25U
253s
*3
3934
25%
9%
102
39%
14%
39%
31%
*31%
3%
40
25%
14%
*100
39%
14%
32%
3834
14%
14%
31%
*31%
*3
3%
*3
40%
40
25%
39%
14%
25%
39%
14%
32%
3%
3%
3%
14%
31
31
3%
*3%
40
39
39
39
39
25%
25%
25%
25%
25%
*4
5
*4
June
56%
Feb
39%
Deo
International Salt
No par
International Shoe
100
No par
26
200
1,400
100
Preferred
200
Intertype Corp.
Island Creek Coal
No par
No par
No par
100
Preferred.....
Jones & Laughlin Steel.No par
100
Preferred A
1,100
1,800
7,500
1,300
14,400
1,400
Jan
Kendall Co $6 pt
300
par
98% Feb 21
par
31
pf A..No
Copper
No
Keystone Steel & W Co No
Kimberly-Clark
No
Kinney (G R) Co
15 prior preferred
No
Kresge (S S) Co
25
25
*114
2434
25
116
24%
*24% 25%
*114%
*114% 116
116
*114
378
4
4
4%
4%
4%
4%
2
2%
2
2%
2
2%
1%
11%
23%
2378
2334
13%
1338
*2234
13%
23
1234
2334
13%
23
23
28%
28%
29
5%
5%
*35%
3634
*87
89
90
90
12%
1278
*176% 180
*1934
21
*28%
2834
*33
34
*1278
13%
1534
1534
27
32%
*109
4434
*3
27%
33%
111
4434
3%
*16%
17
18
18
*155
160
12%
5%
*35%
87%
*90%
*178
29%
14
14
23%
23
23
23%
28%
28%
29
88
88
87%
5%
37
87%
89%
90%
88%
89
5%
5%
36%
87%
9078
*35%
180
2334
*23
1334
23%
29
*176
5%
5%
37% ,*35%
180
*175
*172
179
21
*1934
20%
*1984
20%
*1934
2834
29
*28%
29
*28%
2884
28
34
34
*33%
34
3334
13%
13%
*15%
15%
*15%
27%
33%
*108
447g
3%
1678
28%
337g
112
45%
3%
1678
18%
18%
*155
160
21%
21%
6934
26
27%
3378
*108
45%
3%
*16%
18%
*155
13%
15%
2734
34%
2,300
200
Laclede Gas Lt Co St Louis 100
6% Feb 14
17% Jan
ll*4May
2
8
45% July 15
13% July 24
Jan
3
160
2834
25,700
6,500
27%
33
33%
45
3
16%
18%
*155
69
45
3%
17
18%
31%
31
27%
2734
31
277g
13%
13
13
13
30
30%
3%
*634
16
7%
16
3%
*6%
15%
1%
1%
1%
1%
1%
4%
4%
4%
4%
4%
*7%
16%
29%
9%
24
8
16%
29%
9%
24
29
29
*173
176
*734
16%
2934
9%
24
29%
*173
8
1634
30%
934
24
2934
176
8
29%
9%
24
29%
*173
56
56%
55%
2%
24%
*2%
2%
24%
2%
13
*15%
15%
*10534 107
19%
9
*36
14%
19%
9
36%
1434
24%
104
24
29%
176
56
2%
24%
104
4%
7%
16%
29%
9%
*24
29%
*174
55%
*2%
*135
1478
15
•Bid and asked prices: no
»
-
-
68%
*135
-
-
31
31%
3,200
Mack Trucks Inc
28%
2834
3,100
13%
*29%
13%
800
Macy (R H) Co Inc—No par
Madison Sq Garden
No par
3034
700
Magma
3%
7%
15%
*14%
15%
*14%
15%
1%
4%
*1%
4%
1%
4%
*1%
4%
7%
1634
29%
9%
734
8
734
734
16%
29%
8,800
9%
23%
4,600
2934
800
24%
2934
3%
*7
55%
2%
24
14%
sales on this day.
30*4
3%
7%
3%
*7
16%
16%
29%
28%
9%
9%
9%
24
29%
55%
*2%
23%
103%
14
24
29%,
176
56
3%
7%
16%
29%
*173
176
No par
31%
*23%
2934
*173
Wtt,
«-
4*
1%
600
5,300
410
7.700
500
100
2,000
300
2%
*23%
14%
1,100
120
600
1,600
100
1,500
20%
20%
8%
8%
35%
500
35%
14%
14%
10,500
834
36
i In receivership,
..No par
25
300
d Def. delivery,
loratlon.. . 1
6
pref.. 100
Marshall Field A Co—No par
Martin (Glenn L) Co
1
Martin-Parry Corp
No par
Masonlte Corp
No par
Mathieeon Alkali Wks.No par
Marine Midland Corp
Market St Ry 6 % pr
7% preferred
May
'
Department Stores
100
10
No par
$3 preferred No par
$6 1st cum pref
No par
McCallCorp
No par
McCrory Stores Corp
1
6 % conv preferred
100
McGraw Elec Co
1
McGraw-Hill Pub Co.-No par
Mclntyre Porcupine Mines.-6
McKesson A Robblns, Inc..18
Maytag Co
.
n New
stock,
r Cash sale.
Deo
Mar
23% Apr 21
22*4May 26
II
Feb 17
1% Feb
9
4
5*4 Jan
3
23% Apr
12% Apr 17
*4 Jan 14
June 13
xA
7%June
6
13% Jan 17
23
Feb 14
Jan
May
45
Jan 18
Feb
Jan
Apr
Apr
96% Jan
3
87
May
109
98
Jan
2
87
May
109%
Apr
Jan
3
169
June
188*g
Deo
June 25
16
May
23%
Apr
Dec
Apr
Jan
4
Jan 14
13*3 July 30
16% Jan 8
37%
18% May
30*4
27
May
41
9
May
3i2 Jan
162
July 21
Jan
2
21% July 21
7334 July 22
31% Jan 21
138
Jan 21
33% Jan 10
20% May
13% June
18*4
Apr
Jan
Apr
Jan
25%
Apr
163%
Dec
15% May
21%
38
May
65
25*4 May
128
Sept
35
17
May
20% May
1
1
87g June
21% May
1% Aug
4
May
11% May
l%May 20
*4 May
5% Jan 14
3% May
27g May
8*4 May
7
May 20
12% Jan
6
6
May 28
28% Jan 13
21*4 June
30*4 Jan
37% Mar
109%
46%
4%
Dec
17%
July 28
11% Jan 8
1678 July 11
Apr
138% May
13% Aug
4% July 28
6% Mar 22
16
July 28
Apr
183g Mar
41%
28*4 Aug
31
14*g
10% May
22% July
19
Jan
Nov
Jan
136% May
31*4
31
12*4
38
4%
Dec
Apr
Jan
Mar
Apr
778 Mar
Jan
16%
l%May
Oct
5%
13*4
Dec
16% Nov
4734
1434
4078
Apr
Apr
Jan
6
30% July 22
21
June
32*4
Apr
June 13
175% Apr 29
160
June
173%
Dec
363s May
53%
Jan
Feb
24%May
56% July 28
17
278 Jan 14
28
Apr 8
31
107 June
5
23
14%May 6
18
15*4 July 22
12%May 26
103% Feb 20 111%. Jan 30
25% Jan 11
18%June 3
9% July 18
7% Feb 19
31
Feb 3
36% July 11
15% July 24
1278 July 19
45
14
29
189
26*4 June,
6% May
171
Jan
33
39
3
May
Jan
1%
Apr
19% Jan 15
17
4
9%
17
2
3
116% Dec
May
2% Apr 12
1334 Jan 30
June
7% Nov
5
15%May 14
M aracaibo Oil Exi
4%
2%
23%
23*4
103% *103% 107
1234
1234
*12%
15%
*15%
1534
106% *10578 107
20%
Shirt
Manhattan
54%
2%
Mandel Bros.
600
176
54%
18,700
10
1
Copper
Manati Sugar Co
%
2
May
133
28%
13%
Deo
2
100
6% preferred
Jan
25
May
1
May 16
MacAndrews & Forbes
35*4
June
Feb 18
Louisville <fe Nashville
500
3% May
I6*g May
97
25
900
21% Sept
16% Jan
8% May
29
60
800
117g Dec
45% July 28
100
10
21%
69%
Jan
May
4
June
160
26
*21
*25
-
10
100
7% preferred
Louisville Gas & El A—No par
31
24
103% 103%
14%
21%
160
25
31%
1234
*12%
13
*12% 1234
15%
15%
15%
15% 15%
15%
*10578
*105% 107
10534 10534 *105% 107
1978
20
1934
20%
19% 20
20%
*8%
9
9
8%
8%
*9%
9%
36
36
*35% 36% *35%
*36
36%
15
*156
160
No par
Lorillard (P) Co....
2778
15%
14%
Long Bell Lumber A
Loose-Wiles Biscuit
900
3,600
13%
*29%
*1%
1634
29%
9%
55%
24%
106%
10634 *104
1234
13
13
1%
4%
*7%
*2%
24%
3
*6%
*14%
16%
55%
*104
4
7%
15%
1,000
25%
13
3%
3%
16%
18%
18%
6934
31%
7%
15%
3%
16%
18%
18%
26
27%
27g
3%
167«
3%
167«
6934
13
31
2,000
21%
2534
35
45%
45%
Jan
Apr
9%
4
Apr 21
May 22
28
105
Feb
34%
2878 July 31
34% Jan 6
110
July 24
19% Apr 21
No par
45%
45%
958 Apr 16
Apr 26
13
CorpNo par
$6.50 preferred
Lone Star Cement
21%
....
34
111
*108
69
3134
*25%
*135%
34
3334
111
*108
*156
160
27%
*6%
No par
4
29%
7% Jan 23
30
-
Apr
Feb
63%
18% Mar 11
Lion Oil Refining Co—No par
Jan
26
June
Jan 13
207g Apr 21
x29 May
8
Link Belt Co
234
31*4
30
July 31
.No par
.
Apr
9
14
24
45% Jan
Lima Locomotive Wks. No par
Lily Tulip Cup Corp.
Jan
16*8 Nov
46%
24% Nov
21
Liquid Carbonic Corp. .No par
Lockheed Aircraft Corp.
1
Loews Inc
No par
2634
33%May 27
78%May 22
Apr
Dec
16% May
9% May
18% May
July 31
May 26
400
287«
Feb 19
5
38%
23% May
1% May
24
June 16
300
3334
3
105
4*4 Nov
80
1,800
15%
27%
1
Apr 18
May
978
May
174
13%
13
15%
800
11% Feb
21
26%June
2
187g Nov
22% Aug
15% May
100% June
2% July 25
1278 July 25
25
15%
*21
31
......
% Feb 13
2% Feb 14
197g Apr 12
100
Series B
Preferred
3334
21%
31
Liggett & Myers Tobacco—25
*13
31%
31
4%
5
No par
LIbbey Owens Ford Gl.No par
Llbby McNeill & Libby
7
Life Savers Corp
.6
*15%
28%
33%
27%
30
Corp (The)..
Fink Prod Corp
Lehn &
1,500
60
1
6% conv preferred
Lehman
15%
31
27%
*12%
2
100
50
No par
4% conv preferred
tLehigh Valley RR
Lehigh Valley Coal
13%
*25%
*135%
27%
1*4 Jan
116% Jan
478 Aug
34
....
30%
28%
4
*33%
69%
26
*28
109%June
Lerner Stores Corp
"""500
Aug
25% Jan
800
14,100
13
2734 July 22
19% Apr 12
800
2,900
7
21% Apr 14
*13
21%
*25%
2834
29
5%
534
5%
*34
35%
35%
*85
87%
87%
*87
8734
89
178% *173% 178%
20%' *1934 20%
13,100
2,100
Feb 15
24
5
13%
69
*135%
10
18,500
20,400
Lane Bryant
22
Lehigh Portland Cement...25
Lee Rubber <fc Tire
15%
*25%
69%
600
1,200
3334
*135%
68%
12
23%
14
23
28
28%
2,900
100
No par
No par
13
112
45%
3% 1
167g
18%
23%
*13%
*22%
478
17g
May
4% July 21
27% Aug
1
2978 Jan 10
16% July 15
115
4%
134
1134
10
2734 May
27g Feb 15
z22%Mar 3
10
15%
21%
68%
26
*207g
5%
*34%
*857g
88%
*1934
*13
12
24
*1334
13%
23
29
11%
1134
237s
14%
12%
2378
1134
23%
115
Jan 10
1
No par
Kroger Grocery & Bak. No par
"2" 160
1
par
Kresge Dept Stores
Kress (S H) <fc Co
5% preferred
25
14*8 July 30
38
1% May
Lambert Co (The)
26%
Mar 26
39*4 .,uly 22
17% May
19% May
500
24%
106
3% July 25
290
12 34
*25%
4
4*4 May
87% June
24% May
26% Jan 13
13%
13
II84
25%June
8% May
4
40% July 29
36
2534
12
par
2
Feb 14
530
36
26%
par
Jan
8% Jan
1*4 Jan 24
23% Feb 16
200
1,700
2734
12%
1034
*2534
Feb 14
Feb 14
Apr
20% Nov
Apr
95
Kennecott
7%
109
12lig*Apr 18
10
Apr
Mar
Jan
Deo
Jan
104% Jan 22
13
Apr 22
18
16
121
104%
15%
Kelsey Hayes Wh'l conv cl A. 1
5% Apr 23
Dec
109%
15%
30
17,400
1,700
Jan
May
2,500
Class B
Jan
77%
132
9
Dec
12%
*13%
Aug
May
2734
13%
22
3% May
11
May
1
1
7
13
1034
678 Aug
92
28
26
11178 July 29
9% Aug
87s July 28
12%
1034
1
Apr 21
84% Aug
Apr 16
28
26
June
Mar 19
12%
10%'
44
7
28
13%, *133g
122% May
27% July 31
100
27%
26
69% July 9
Feb 11
..100
5% conv preferred
28
13%
Jan
Mar
Kayser (J)&Co
5
Keith-Albee-Orpheum pf--100
28
*25%
17
62
48% May
978 June
28
*10
May
7
65% July 30
86% July 31
97
10
Dec
Deo
34*4 May
Jan
14% Jan 10
104% Jan 27
400
5
"13%
9
Jan
33
130
Jan 16
117% May
27%
37
37
36%
13%
13%
13%
12%
1234
12%
*2534
26%
26%
25
25
25%
*115
116
116
4%
4%
4%
178
2
2
June
12% Jan 10
27%
13%
122
May 14
121% Mar 12
27%
35%
Dec
8%
I
5
12%
92%
5% May
20% May
128
26% Aug 1
64% July 31
Kan
27%
37%
13%
11%
Jan
74%June
14
64% Apr 19
100
;
Jan
Jan
484
July 14
City P & L pf ser BNo par zll6%June 12
3% Apr 23
Kansas City Southern .No par
1534 Jan 9
4% preferred
100
12
Apr 16
Kaufmann Dept Stores
1
Preferred
Dec
87S July 24
33% July 30
124% Mar 26
100
Preferred B._.
Kalamazoo Stove & Furn
Nov
47g
97
32
Johns-Manvllle
Jan
30
10%
44
,.1
1
Jewel Tea Co Ino
36%
109
17g May
9% Apr 21
Apr 23
Jarvls (W B) Co
I84 May
9
Jan
4*g May
134
~1~206
110
Jan
May
5*s
3% Jan 10
Mar 21
124
*4
123g
3
Feb 14
7
25
13% May
97% Jan
Mar 26
Apr
1178 July 29
27% Apr 21
1
27
36%
2
1
5% Feb 19
87
Feb 24
Stores. No par
5
12%
17gMay
178May
102
3
Interstate Dept
12,000
27%
38
Jan
July 29
31% Jan 30
4334 July 30
May 20
25% Feb 15
95
*4
12%
40
44
7% preferred
100
Inter Telep&Teleg....No par
Foreign share ctfs...No par
100
2712
-
50
International Silver
27
38
Jan
133
37
5
1234
Jan
June
267g May
2% Aug
1
July 31
1% Apr 16
32%May 23
38% Feb 21
100
27
28
39i2
Jan
387g
109
100
*3%
*12
4
73
2678
2734
*38
Apr
7
40% May
1*4 May
5
12
14%
7378june 10
27
27%
Jan
5% May
3% May
19% June
67% Feb 19
*2678
*4
Deo
5*8
21% May
5% preferred
7%
*14%
Jan
62*4
173
Dec
1%
10% May
125
100
5% conv preferred
1,000
1,100
104
38%
May
28% Apr
23% Feb 19
May
8
191% Mar
May
2% Jan 10
9% Jan 4
4
July 26
Apr 24
Dec
July 22
2,200
38
June
38
145
Dec
44
19
20
*100
102
38%
31%
40
25%
102
102
136
Jan
2%
May
18% May
6
Jan
Mar
5% Nov
127g
107| Feb 19
700
*7%
7%
7%
7%
7%
7%
7%
*100
1
Jan 16
Apr
InternatRys of Cent AmNo par
778
*91% 100
16%
16%
*7%
3
113
6% May
170
Apr 15
Preferred
103%
103
June
2% July
2
1578
Jan 13
30
5%
22
1434
5%
21%
*14%
7%
31%
86
91
Jan 28
167i2 Jan 10
67
July 22
1
I
Inter Paper & Power Co..-.15
7,600
120
20%
102
39%
14%
-
65%
120
*120
*120
5%
20%
-
27
9%
9%
9%
9%
20%
5
5'8
2078
--
7% Nov
47*g Mar
131
200
27,000
1,900
1,600
1,400
66
65
6534
128% *12534
26%
27%
*64%
64%
65%
85
86%
84%
2634
4% June
21% Aug
5
700
10%
6534
Nov
2% Jan
100
700
40
*39%
Jan
94
49
Hydro-EJec Sys class A.25
16 preferred
*133%
*10%
5
5%
5%
5%
5%
21
20% 20%
21%
20%
14%
14%
*14%
1434
*14
*14%
1434
14i2
14%
14%
*102% 103% *102% 104
*101% 104
*101% 104
*10H2 104
8
8
*8%
8%
8
8
8%
878
83s
878
*92
101
*94% 101
118
118
*118
11834 118% 119
16%
16%
16
16%
16%
1634
1534
1534
1534
16
5
*19i2
33
8%
May
3
10
97
Jan
66% May
7% May
6% Apr 21
380
40
29
9
6
1
June 10
Int Nickel of Canada.-No par
Apr
Apr
538 July 22
Int Mercantile Martne.Nc par
17,500
*126
27%
9%
10
10
*120
*120
27%
934
16*3 May
11% Jan
43%May
1
May
Jan
Nov
23
Deo
6
158
113%
150
Corp
20
25% Jan 14
Internat'l Mining
300
110% 11178
11112
10
10l8
*978
2634
85
110
1087g 110
.
3%
33
10%
40
*39%
Int.
9,500
8
*92%
*8%
.
*10
12734 128
65
...
*133%
66
300
6%
118
Apr 21
140
No par
Preferred
300
1%
40
33
33
10%
39%
10%
16934
Internat'l Harvester
Dec
2%
May
1% Apr 10
30% Apr 23
100
Int. Business Machines.No par
400
7,700
128% 128%
18%
17%
68%
68%
2%
2%
97
8%
Prior preferred
Apr
May
19% Apr 16
107
July
5
Internat Agricultural..No par
900
55%
*44% 46%
29%
29%
29%
42%
4238
43%
*101% 103%
107
2%
2%
2%
2%
*2%
2%
11%
11%
1134
*92%
87g
....
39
66%l
*127
2%-
2%
*2%
1034
3878
10l2
3834
*101%
*101% 110
8%
3278
*83s
67i2
*127
*127
1178
95l2
1034
3834
46
*29%
23g
212
1178
95l2
214
*134
*134
*1058
*44%
101
*2%
87g
32%
878
32%
878
3278
*8%
*3212
2
39%
3934
7
800
43%
72
8% Feb 17
No par
26*4
6778
2%
40
46%
6778
2
*1%
44
4234
*10018 101
*100l8 102
214
23g
2i8
2i4
*23g
212
*23»
212
113s
1134
III4
IH4
*95
97
*9512
97
67
67
No par
Interlake Iron
*334
27%
128
128
*128% 135
17%
18%
18%
1834
*38%
Intercont'l Rubber
6% preferred
June
13% Jan
678 Aug
~2~900
12,200
Jan
31
140
Feb 25
6
1
No par
100
24%
5% May
Jan 10
9% Apr 22
20
Interchemical Corp
15834
734
8%
4
2678
2734
293s
4234
*29'8
42
42
8
*334
37g
2714
28%
44
4412
293g
*43ig
2914
4412
29
41
8U
*334
*128
130
*128
133
*12778 131
1778
185S
183g
18%
1734
183g
6714
673s
67%
6734
66l2
67
l'S
Us
*178
2
178
178
39
39
*3812
3834
3934
395s
*43l8
1%
8
812
4
H4
114
8I4
Inspiration Cons Copper
May
90% Jan
Insuranshares Ctfs Inc
55
16934 *166
*1
*1%
1%
No par
Jan
12
161
700
158
*166
..100
Inland Steel Co
13%
1
Aug
111% Jan 22
155% Feb 10
69% Apr 21
500
42
42
43
*157% 159
55%
56%
57
170
*166
166
166
166
166
*165l2 166
5512
56I4
5534
56l4
5512
5512
*42
42
42
No par
6% preferred..
8034
2034May 27
93%May 5
No par
share
per
1
45%May 22
4% Aug 1
21% Jan 27
9% July 21
2978 July 28
6
2
Feb 13
5
Highest
$ per share $
share
10% Aug
Feb 18
18%May 19
par
10
Industrial Ray on
Ingersoll-Rand..
12,300
....
80
8034
1284
634
80%
12%
81%
80
8H4
7934
80
79i2
100
600
27%
*153%
....
100
105
*101
107
6% preferred series A
per
24
6% Feb 15
Illinois Central RR Co
1,350
$
share
per
Lowest
Highest
Lowest
$
Par
27,300
8,200
41%
4%
19%
4%
19%
*7%
27%
4%
*104
24
4034
19%
*734
8
107
10%
934
23
2334
41
19%
28%
28i2
2934
2914
40%
*734
8
8
107
23
Lots
On Basis of 100-Share
Shares
$ per share
10
9%
9i2
23
22U
195s
*8
29i2
IO8I4
*153
23ig
2914
2978
107i2 107i2
8%
27
9
93s
22
414
*19l4
412
1934
*106
9
2212
40
40i2
*19
9%
21
9
2012
*3912
*4%
EXCHANGE
Week
1
Aug.
July 31
Range for Previous
Year 1940
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
Wednesday
July 30
Tuesday
Monday
Sales
for
LOW
Saturday
653
New York Stock Record—Continued—Page 6
153
Apr 23
2%June
23% July
103% Jan
12% July
% Ex-dlv.
y Ex-rlghts.
2% May
20
May
96%June
4%
30%
105
Apr
Mar
10% May
16%
Jan
10
17%
Apr
May
May lll»n Dec
29
Apr
17% May
5
June
9% Apr
93
26
June
47%
U Called for redemption
Jan
New York Stock
654
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Record—Continued—Page 7
Monday
Tuesday
July 28
July 29
S per share
S per share
$ per share
7%
Wednesday
.
.
July 30
|
|
July 31
Aug. 1
$ per share
17%
I77g
*29%
*116
30%
*28*2
117
42
42
42
*108%
*25g
*15%
42
....
3«4
334
♦116
37«
4
37g
78
797g
*77
797g
1234
12%
13*8
13
I37g
*4
»1«
2h
151
1534
*110
112
2*4
16
*110
3534
41
*39
2834
1412
*14%
8
%
17
91
91
4%
70*4
*1134
1234
*71
72
4*2
*7212
*117g
71
434
5%
*117%
*119*2
*110*2
3534
35*4
*39*2
28%
29
8%
8*4
1434
14%
2234
412
7134
4%
74
1234
*12
71
7134
57S
5%
22l2
22
6
7*2
87g
7*2
884
72
17%
17
*80
85
*80
85
17
*16
17
734
734
*16%
77g
14
14
14
*10*2
14*4
1034
14%
10%
67g
*934
22%
7
934
22
18%
678
7
*79*4
m,
82
♦17
67g
8034
5
27
2434
327g
327g
734
8
117
41*2
8
23
77g
*116
14%
10%
14%
1734
5
1,000
300
600
734
I77g
7
23%
18%
7%
6
46
22*2
2234
207g
57g
7*2
87g
7%
4
77%
14%
*32
3234
32
32
*31
31%
6%
634
6%
6%
57g
6%
5534
5534
5534
5634
56%
7%
7%
14
14
800
10,200
1,800
1,200
17
14%
2,200
5,900
10
7%
934
22%
*17%
22*2
18%
1334
10*2
14%
7%
*9*8
2178
*1734
67g
*79*2
1734
7%
14
2,000
5,600
10%
700
14%
7%
12,300
934
22*2
5,400
18%
100
7
*67%
69
*69%
*38*2
*113
1097g *108
30*2
978
26%
116
*39*2
40*2
13
*17
13%
16%
43*2
17%
*5*4
*1134
12
16%
4234
6
9%
70
39*2
10978
3034
31
97g
10
26%
26l2
114*2 116
40% 40*2
13% 1334
17
17%
44% 45
*17
17%
6
6
*12%
*84
78
*332
3134
*25%
32%
3234
25
25
*200
204
114
*5434
15*4
*96*2
7*8
1334
6434
65*8
1578
97
7*4
**i«
13*2
55*4
*5434
16%
*96*2
114
1334
55%
*24
*12*4
25*2
13%
9%
9
*21%
23
2134
6%
*77
*4%
*16*2
*14534
7%
6%
534
*11%
81
5
1634
5
16%
8
8
54
54
55
21
*52
55
*19%
*52%
*116%
—-
4634
*9*2
467g
10
3%
18*4
3*2
18*4
*7*2
8
*9%
25%
*36*8
17*4
934
25*2
3678
17*4
70
70
70*4
12%
*5
12%
59
%
32%
3234
25%
20334 20334
2%
*24%
*12%
934
69
782
114
2%
28
12%
97s
*»!»
8*4
55
I97g
*52%
*116*8
8%
55
197g
55
21%
6*8
1534
55
55
334
3*2
17*2
18%
*17%
734
934
8%
984
7*2
9%
25%
25%
25%
25%
36
36%
18%
36
36%
1834
6%
78
5*8
1584
16%
*20
$4.50 conv preferred.No par
National Lead Co
10
7% preferred A.
6% preferred B
100
100
Nat Mall A St'l Cast Co No par
National Oil Products Co
4
preferred
46*2
47
*984
10
3%
18*2
778
6H% prior preferred
25%
36*2
18%
this day.
55
7% Apr21
97g July 22
24% Jan 11
18* 2 June 20
5% Apr 21
78 May 12
8% Jan 13
9378 Jan 10
18'4 July 22
10,100
207g
207g
77
77%
70
*4%
16%
478
16*8
500
638
1,500
3,400
May
26
2,700
4% Apr 23
8*2 Feb 19
97g Apr 18
17
July 21
7% May
8% Oct
14
79% Feb 10
45% Jan 16
36
July
May
100
June
Feb 17
June 12
22% Apr 28
5% Apr 23
4%May 16
8
Apr 12
109
Jan
7
104
Feb 24
110
Apr
Jan
4
59
45
June
Jan
6
47
•u Jan
3
*11 Jan
2
July 30
% Jan 13
1% Feb 6
% Jan 10
24% Feb 14
24%May 7
3234 July 28
3234 Jan 8
hi
May
117
Jan
105
May
7
July
2
7%June
3
Jan 15
434May 23
Feb 19
14%May 29
4
June
6% Apr 23
t In receivership,
a Dei.
delivery,
New stock,
11
Dec
5% June
10*4 May
7% May
95
May
Jan
6
104% Jan
578 July
1734 Jan
9
8
2*8 May
11%June
Jan 11
12434 June
150
7
7
21
May
19
June
48%June
3
55
Jan 17
47
May
Mar 26
120
Mar 26
120
1
9
10%
5084 July 16
May
115% May
42
June
134 Apr 23
10 May 3
4% Apr 17
9%June 19
22%June 3
33g May
9*2 May
25% May
par
32%May
5
40
8
33
May
par
II
Feb 19
19
July 31
8
May
10
No par
r
May
2% May
25% Aug
10% Aug 1
334 July 28
19
July 24
8% July 28
11% Jan 28
287ft Jan 24
2d preferred
No par
Pacific Finance Corp (Call). 10
Pacific Gas A Electric..
25
n
May
27
Jan 10
Pacific Coast Co
1st preferred
Pacific Ltg Corp......No
Pacific Mills
No
101
55% July 31
Jan 6
2,050
18%
10
Jan 11
May
4% May
26%
334
36
234
15
84*2 June
4
16
3%
18%
18%
5
14% May
47*2 May
47% May
June
40% Apr 16
3*2
36
June
23% July 11
38«4May
7% Apr
36%
19
1
10% Mar 31
40
1334 Feb 19
Owens-Illlnols Glass Co.12.50
Pacific Amer Fisheries Inc...5
18%
113% Feb
27% July 30
1334 Feb 7
10
July 24
2,700
6,000
36%
6
l%May 17
Apr 25
11%June 3
634 Feb 19
10%
5,900
1,800
5,800
2
17% Jan 10
23
47
25
Jan
May
Feb 25
May
10%
3*2
25%
20
175
46
25
% Oct
*i« Dec
13%
Jan 25
June 10
100
*u Dec
215
684 Feb 14
110 May 7
140
May
May 31
3
100
434 May
112
10%
120
1234 July 11
May
115
73
Preferred
700
3*4 May
4
Mar
100
55
1,060
15
20% May
June 18
No par
No par
*52
18%
7«4
934
25*2
1
7
97% Apr 16
8% Aug 1
Otis Elevator
30% May
9% May
87ft May
6
96
Otis Steel Co.........No
par
9%
6
57% Jan 20
17% Jan 10
$5.50 conv 1st pref
No par
Outboard Marine A Mfg
5
Outlet Co..........
No var
7%
20*2 July
6% May
23*8 Nov
10534 Nov
58«4 Jan
6
May
8
5034 Apr 29
12% Apr21
100
*17
Jan
50% Apr 29
700
9%
31>4
72
Jan
11% July 14
27»4 Jan 2
116
July 28
5X pref series
....60
North Amer Aviation
1
Northern Central Ry Co....50
"5*200
8
Jan 17
50
55*2
734
110
4678 Aug
24*4 Jan
6'4 Jan
Feb 14
157gMay 15
34
Aug
3%
106
100
34
4
Apr 28
100
26% May
Feb 19
13
110
May
10% Jan
25
20%
9%
July 31
July 10
May
4% May
Apr 30
47
*17%
8
Jan 10
*19
*116*8
48
15% July 30
6
38
60
13% May
y28®4 Dec
5% May
Feb
69% July 25
50
N Y Lack A West Ry Co—100
14% May
68*2 Jan
77g July 31
Jan
*55
8
3
June
18% July 31
6% preferred....
734
Feb 19
534May 29
49
15%
8% preferred A
Oppenheim Collins
June
June
8
..No par
66
132
9
.........No par
June
7% June
5% May
Jan 15
July 11
32% July 23
7% Mar 20
45
Ohio Oil Co
5% May
17
24
11% Apr 22
Oliver Farm Equip
Omnibus Corp (The)
May
154
5
Co..2.60
May
3
9
May
1134 Feb 19
Pharmacal
6
117ft June
16% Apr 21
New York Central
No par
N Y Chic A St Louis Co...100
Norwich
Oct
934 May
142
12
10
Nov
15%
zl60
109
500
12% Dec
86
2
100
1,100
June
Jan
...10
20
June
16% Dec
155
176
69
Northern Pacific Ry
100
North States Pow $5 pf No par
Northwest Air Lines
No par
Northwestern Telegraph
50
Norwalk Tire A Rubber No par
Preferred
60
Jan
14% Apr 22
168%May 29
Adjust 4% preferred
North American Co
900
14% July 28
7% July 31
Jan 30
188
40,000
Jan 15
Apr 26
100
10
11
12
Norfolk A Western Ry
400
June
13%
9
Jan
Jan
Feb 24
Jan 6
Jan 15
934 Apr 28
14% July 31
65
......
11
107a Jan
18%
175*2
13%
88%
17%
17
60
27,100
1
Aug
884 Apr 1
12%June 6
47g Feb 15
7% Feb 14
.....No par
6% preferred series
May
3*4 May
Jan
No par
...No par
400
8% May
56
97% May
7% June
600
13,900
May
9
Feb 17
15*gMay 26
1607gMay 27
JN Y Ontario A Western.. 100
13%
May
20
May
Feb 19
N Y Shlpbldg
May
2% May
June
Feb 14
Conv preferred
8% May
41
5% July 28
227g July 29
23% Jan 2
Apr 22
|N Y N H A Hartford
33% May
21*2 June
51% Jan 27
3
No par
Oct
4
43
non-cum pref
July
Jan 11
8%
41
N Y A Harlem RR Co
May
119
122
1
2034 Feb 14
106*8 Mar 8
31% Apr 24
6,300
55%
13% Aug
100
6% preferred series A... 100
NYC Omnibus Corp..No par
New York Dock..
No par
119
May
5% July
500
13%
*54%
*54*2
.16*8
4% July 21
74
July 21
100
N'portNewsShlpA Dry Dock 1
Nov
110
15
No par
No par
1
z79
113% May
7% Jan
25%
25%
8
—-
Apr 18
934
4634
9%
2,600
Jan
7
40
5% preferred....
Dec
11'4 Nov
Jan
47gJune 30
No par
National Steel Corp...
25
National Supply (The) Pa.. 10
10%
*145
55%
2034
16
Corp part stk..l
Noblltt-Sparks Indus Inc
5
6%
5
*52
10
18 /
21%
*77%
*116%
47
2478
36%
21%
55
*52
3%
on
13%
55
8
65
20*2
978
8
*20
334
19
sales
13%
55
*145
8
10
no
21%
6%
77%
5%
16
43% July 3
334 Apr 21
14% Jan 3
"moo
5434
*54*2
55
55
1578
16%
16%
16%
*96% 98
*96*2
98
*96% 98
7%
7%
734
7%
8
8%
*111% 112
*111% 112
*111% 112
*8%
834
8%
834
9
8%
*37*2 39
39
39
*37% 39
2%
2%
2%
2*2
*2*2
2%
27*2 27*2 *2434 27*2
*24*2 27%
12%
12
12%
12
12%
12%
9%
978
9%
934
9*2
934
47
18
13%
55*8
5434
16%
900
Jan
Apr
647ft
Jan
12
47g Apr 23
%
115
3%
187g
77g
*9%
Jfc* Bid and asked prices;
Nat Enam A Stamping: No par
Nat Gypsum Co
1
N Y Air Brake
Apr
4'4
1%
4
Feb 19
31%
200
10
18
Nat Dept Stores......No par
6% preferred
10
Nat Distillers Prod
No par
preferred
Dec
110
4>4
17% Jan
July 29
I l%May 20
conv
Dec
54
19%
24% Jan 13
72
No par
National Cylinder Gas Co
1
Nat Dairy Products...No par
$5
45
124%
Dec
6
112
6«4May 27
6% prior preferred
National Tea Co..
Natom as Co_...
Feb
1% Dec
9ia May
Jan
9%May 2
617g Apr 17
*»»»
200
13%
Feb 19
12
109%June 25
3078
*111
*116%
934
7ai
115
25*2
14,500
60
1
199
47
Z47
7a*
»i«
199
*144
8%
55
%
32%
25*2
59
*111
31%
6,000
20
115
*55
46
10
400
201
*434
16*2
7
300
70,600
12%
200
77%
55
National Can Corp
Nat Cash Register
200
200
*111
5
16%
*««»
59
1
1,600
13,800
9,000
57g
25
80
*144
59
20
115*2
117%
*11%
»iio
117% *110
%*
1
14
12*2
110
*5*4
32
5
6%
1
6
25
80
20%
9%
167S
70*4
31
5
1634
12%
59
7»2
1
1
*25
5434
12%
59
7ai
13%
*54%
*5
*110*2 112
110
117% *110
117% *110
%
*331
112
6
80
*144
500
16%
217g
*78%
97«
17
2134
6%
6;
*19%
*116%
978
22
*9%
*87g
16%
*69%
*39%
112
96*2
6*4
97g
*9
10
100
4H% conv serial pref... 100
Newberry Co (J J)....No par
5% pref Berles A
100
Newmont Mining Corp....10
Newport Industries
1
16
13*4
2%May 15
200
96*2
28
1
100
16%
*24
*12%
934
*9%
*16%
70*4
97
2%
1
70*2
70
7%
2%
29% July 23
3934
39*2 39% *39%
3934
3934
110
I097g I097g *109
109
109
*107*2 109
30%
307g
29*2 30*2
30
2934
3034
30%
978
10%
10% 11%
10*2 11%
10%
1034
26
26% 26%
26%
26*2 2678
26%
26*2
*113
114
115% *113
♦113
114
*112
115
40
40
*39*2 40*2
*40%
41
40*2 40*2
13%
13%
13*8
13%
13% 14
13% 14
17
17
17%
17%
18
17% 18%
18%
43
44*8 4478
45
4434
46
45%
4678
*17
17*2
17% I784 *17% 17%
17
17%
734
7*2
734
112
*111*4 112
*111% 112
*8%
87g
*8%
9
9
834
*37*2 39
*37*2 39
38%
38*4
2
2,20C
*39
*111
2
4
Nehl Corp..
13%
55*8
5434
16%
55
4%
,7% May
26
28*4 May
*38% Dec
12% Apr
17% May
""3i«4"May
6
Nelsner Bros Inc
I4
202% 202%
*113
*4
May
8
Jan
Jan
700
%
*4
32*4
4%
26
1
June
31% Apr 30
67gMay 29
14%June 3
18%May 6
600
73J
25%
*113
13*2
5434
73J
%
9%
360
*4
17% Aug
38
7% preferred
conv
June
2% May
1
23
National Biscuit Co
$2
95
July 16
3% Aug
July 9
39% Jan 8
43% Jan 23
Nopar
National Pow A Lt
May
33% May
34% Mar
6% Jan
112
9
17
534
1234
9
77g
3,000
797g July 28
14% Aug
1
1
103
Jan 11
6
16*2
110
*10934 11034 110
♦111
117*4 *110
117*4 *110
*56
59
*5734
60
*57
*»t
934
*16%
*110
*%2
9,600
35,100
Jan 16
1087gJune
conv preferred.......10
Nat Aviation Corp.....
5
4,100
1,000
69
70*4
39*2
97fi
7%
15%
68
17
200
6
97g
9%
1,400
56
934
97g
"""70
15
56*2
7%
120
5,500
534
69
17
26
3134
5,800
5534
7%
66
9%
*30
*30
6
*63*2
1634
*38*s
32
65
56%
2,500
ICO
65
1634
*69
x6
3
Jan 14
4%
4
1*2 Jan 2
13% Feb 15
10
6434
68
4*4
*4
9% Feb
3g Jan
8134june 11
14%May 21
6412
67%
66
Nat Bond A Invest Co.No par
64%
68
4%
9*4
*108
32
6
Feb 14
5% pref series A
.100
Nat Bond A Share Corp No par
7%
Jan
45% Jan 10
2%June
100
10%
14%
7
4
300
64
9%
9%
110
June
800
64*2
*67*2
4%
107
83
7%
14%
9%
125
17*2
16*2
934
6% May
11% May
23% May
*80
10%
Aug
May
6
6%
200
10
1778 July 24
38*2 Jan 9
6
*16%
17
67g
9
2% May
11% May
24
91% July 25
Munslngwear Inc.....No par
17
May
May
Jan 15
120
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America.. 10
Myers (F A E) Bro
No par
Nash-Kelvlnator Corp..
6
600
85
82
13
Mar
14% May
Feb
37
118% July 17
300
540
7% May
64
53% Feb
24*2 May
27%May 23
6% Apr 21
26% Apr 21
10534 Apr 21
3734June 4
Highest
$ per share $ per share
5
May
9% Jan
90
May 108% Dec
2
6
...
$7 preferred...
160
5% July 24
Feb 14
Mulllns Mfg Co class B
173
15
4*4
3034 Apr
Feb 14
50
2,500
17
15%
934
28*4 July 29
14
No par
Mueller Brass Co..
173
1434
4
Jan 10
27%May 29
3% Feb 15
2134 Feb 15
Mar
9
7%
734
*67
33%
4
Mar 27
♦7*2
878
I47g
934
Feb
77
Motor Products Corp..No par
Motor Wheel Corp
......5
1,100
36"60 0
70
8
115
Morrell (J) A Co
Morris A Essex
4,500
65
112
"946
600
82
10
$4 pref ser C
No par
Montg Ward A Co. Inc.No par
1,500
9
9
July 15
70% Mar 19
May
Year 1940
9% July
No par
20,600
20
7% July 11
109% Jan
May 21
Range for Previous
Lowest
No par
$4.50 preferred....
Preferred series B
7*2
14%
4
Monsanto Chemical Co
8»4
7
7
Nopar
7% preferred series A...100
Mohawk Carpet Mills.....20
Feb 15
101% Apr 30
Nat Automotlve Flbres Inc..l
6
7%
67
4
*9*2
Mo-Kan-Texas RR
20
30
5*8
14%
66*2
Mission Corp
No par
10
230
46
7%
64
$6.50 preferred
500
6*4
56%
7*4
*62%
conv pre! series B...100
Minn Mollne Power Impt
1
Nashv Chatt A St Louis...100
National Acme Co
1
7
734
1,000
14,300
34
56*4
7*4
14%
*62%
8% cum 1st pref
100
Minn-Honeywell Regu.Aro par
6,600
*9*4
6%
5
Mld-Contlnent Petroleum..10
Midland Steel Prod
.No par
3,300
137g
10*2
56%
Miami Copper
6
7*2
32
1
(The)
22%
22»4
18*4
6
Co
Mengel
5% conv 1st pref
50
Merch & M'n Trans Co.No par
Mesta Machine Co...
..5
7*2
7
*31
~2"706
3%
80
80
81%
80*2 *79i2 81
81
18
I77g
18%
18%
18%
I77g
17% 18
18
175*2 *172
175*2 *172% 175*2 *172% 175*2
*172% 175% *172*2 175%
*145% 145*2 145*2 145*2 145% 145*2 145% 145% *143
145% *143
145%
*22
2278
23
2234 2234 *22
227g 23*8
23
23
23%
23*2
*172
900
1
21
97g
*9*2
22*2
18%
67g
79*2
177g
6
100
20%
14%
10*2
14%
10*2
14%
$ per share
No par
21%
6%
7%
14
$ per share
1
preferred
5%
2134
17*8 17%
17% 17%
171% 171% *171*2 174
*10% 10% *10% 10%
*80
83
83
84%
17
conv
4%
6*8
*45
3,100
4,400
"""26
17% 17%
*89*2 90%
*117% 118
6%
1,100
30
*71*2 72
*11134 112
22
7
2234
*17*4
7
*17%
207g
57g
♦16
6%
Mead Corp
Melville Shoe Corp
600
267*
3*g
5%
87g
McLellan Stores Co...
10
600
23%
33
40%
*108%
37g
378
77
*75*2
14
14%
34
84
3%
*45
1,100
Highest
$6 preferred series A .No par
$5.50 pref ser B w w.A'o par
118
40
41%
5*8
7*2
778
14%
18%
34
5
20*2
7
97g
22
30%
7178 72
*11134 112
46
5%
57g
17*4
16*2
*17*2
30%
Par
73
5
6%
22
734
834
85
634
*70*2
*30
26%
137g
112
6
16*2
1034
14%
634
97S
73
Lowest
82
2434
77
17*4
*45
57g
174% *172
17234 *171
17234
10*4
10*4
*10%
10*2
10% 10%
*10*2
14%
30%
*81
234
6
5%
227g
21%
*172
*80
*70*2
«4
34
*71
5%
21%
2034
734
8%
17*4
78
14
112
72
17%
*5%
*7*2
8%
I7tg
5*4
20%
21%
57g
82
91
91
91
118
*117% 118
*117% 118
123
*119% 123
119% 119% *11934 123
HI
*109*2 111
110
110% *110
110%
357g
34% 35*4
34
34%
34*8 34%
*40
41
41
*40
41
*40
41
29%
28*2 28*2
287g
29%
29% 29%
8%
834
9
*8*2
9
*8%
9
14%
1434 1434
14% 14%
14% 14%
23
2234
23*4
22%
2234
22%
22%
4%
4%
4%
4%
4%
438
4%
71
7234
71
71*2
71
*70*2 75
1234
1234
1234
1234
1234
13% 13*2
7*2
8%
207g
20%
21%
*81
90%
%
3
11134 11134 ♦11134 112
*11134 112
5%
534
5%
6*g
6%
6%
*44i2 46
*45
46
*4412 46
20
7*2
7*2
7%
7%
106% 106% *105% 10778
9
9
87g
87«
*108%
37g
37g
27«
17*4
23
23
23
4*4
70i4
41%
3%
77*2
1334
27g
16*4
41
28%
41%
*108%
**11
111
35l2
118
27g
16%
*89*2 92
117*2 118% *117% 118
11912 110*2 *11912 123
73g
14%
*22l2
41%
♦108%
—
91
*39%
285g
*117
78
91
3514
118
40%
*108*4
3%
*75i2
*12%
*%
118
Range Since Jan. 1
On Basis of 100-Share Lois
Shares
*484
26%
23*2
32%
7%
177g
*116
EXCHANGE
Week
7%
7*2
7%
7%
*7%
7*2
*10334 10778 *104*4 I077g ♦105*4 I077g *105% 10778
*9
9
9
9
9*2
9
9%
9
*81
82
*81
*79U
82
82
*79*4
82
*69% 73
*697g
73
*697g
73
*69*2 73
30
30
30*4
30*4 *2934
30%
30*g 30*8
5
5
5
5
5*8
6*8
5*8
5%
9K
28
27
277g
28
2734 28%
27*2
♦23
24
*227g
24
*22
24
24
24%
33
33
3234 3234
33
33
*32% 3234
8%
8%
8*4
8*8
8%
77g
8
1712
17>2
17*2
1734
17%
I77g
17*4
17%
»297g 30i2 *30*g
30*2 *297g
30*2
*29% 30*2
118
STOCKS
NEW YORK STOCK
the
Friday
$ per share
$ per share
7%
Thursday
Sales
for
Saturday
July 26
Aug. 2, 1941
Cash sale.
i-dlv.
y
Jan
Ex-rights.
484 June
May
8
May
2
1 Called for redemption.
Volume
New York Stock Record—Continued—Page 8
153
655
AND
$
*115
Wednesday
July 28
July 29
July 30
118% *116
*155
15534 156
334
4%
334
8%
8%
2%
1384
234
1334
14
834
234
13%
11
*9
11
*9%
33s
3%
8%
8%
234
1384
2%
*9
1%
1%
1%
30%
30%
30%
*101
102
Range for Previous
1134
*97
*1534
1%
12%
1234
12
99%
99%
99%
123s
99%
11%
11%
11
11
16%
1%
*1534
1%
*1534
17
29%
1%
134
29%
29%
13%
14
9%
934
14
50
82
82
*15%
157g
*49
51
83
83
83
*15%
*108
24
24
24
24%
44
45%
45
45
2%
*1%
2%
2834
*10%
29%
11%
57%
36%
57
57%
36
36%
6%
7
7
35
57%
36
24
*22%
6%
,
*22%
6%
3484
*46%
*46%
47%
*46%
*88
89
*88
89
88%
*10
10%
10%
10%
*83
85%
♦84%
85%
10%
84%
♦108% 110% *108% 112
8
778
7%
734
75
45%
45%
45%
45%
*234
45%
3
3
45%
17%
534
40
40
74
45%
3%
57
36
24
3534
*22%
6%
*88%
10%
84
*8
*83
8%
3%
*45%
6%
45%
28%
62,700
10%
*9%
10%
700
57
57%
35l2
36
*22%
24
36%
24
*45%
39
7%
12%
12%
1234
*12%
1234
12%
*174%
*174% 17634 *174% 177
*17334 178
6%
6%
6%
6%
*6%
6%
6%
8
8
7%
7%
*7%
*7%
*734
12%
7
3434
47%
47
200
89
*88
89
10
59
10%
10%
8%
3%
52
3934
7»4
12%
-
M
—
6%
6%
6%
6%
2,200
7%
7%
7%
300
36
36%
36%
36%
*35%
36%
65%
64%
64%
6484
65
*61%
66
1434
1334
14%
14
14%
3%
7%
7%
11%
8
734
11%
7%
7%
7%
734
12
12
11%
1134
11%
11%
1,500
17,100
11%
11
11%
11
11%
11
11%
11
11%
8,200
11%
*11%
11%
*11%
36%
*36
3684
37
*142
3%
*51%
*2084
21%
1534
28%
17%
*2034
17%
29
*28%
1778
18
*11
36%
143
'142
142
143
142
11%
37
11%
11%
18%
3%
52
3%
*51%
21
20
18%
17
3%
52
2034
1778
3%
*51%
3%
*51%
20
20%
16%
17%
17
17%
28%
28%
27%
18%
27%
*27
24
2334
28
28
18
27%
17%
*2334
1%
24
*2334
*32%
36
36
36
35
38
*30
12
12
12
*10
12
*10
9%
12%
*9%
*11
9%
r
9%
*61
62%
*54
5834
1%
1%
9%
*12
934
62%
*55
1%
2%
2%
*9
9%
1234
22
*19
71%
14%
71%
147g
93
94
77g
32%
8
8
94
32%
3234
53
52
52
*9
*4%
5
*4%
1734
13%
1734
13%
4434
*%
37%
44%
37%
38
*%
*18
*1%
3%
*3
4%
*43%
44
*111% 113
1978
*
20%
11%
9%
9%
*%
1%
Rels (Robt)
9%
1234
9%
6234
100
56%
5834
*57
5834
*57
5834
10
1%
*5634
1%
11%
934
*11%
I234
Reo Motors v t o—
2034
20%
20%
20%
20%
100% 100% *100% 100% *100% 100%
87
87%
87%
87%
87%
*86%
9
9%
9%
9%
9%
9%
22,500
21%
900
9%
9%
9
9%
♦478
18
13%
*45
94
94
94
8%
3234
734
32%
*52
53
9%
94%
2
93g
*4%
*1734
18
13
3
12%
*45
3734
%
*%
%
*18
*%
*1%
1%
3%
1%
1%
2%
*3
110
4384
2034
207g
4
44%
110%
21%
Bid and asked prices; no sales on
4
43%
110
20%
1
9%
4
3734
4
44%
43
110
21%
9%
93g
5
5
*4%
13
18%
*12%
13%
46
*45
47%
1
»4 Apr
1034 Feb
9934June
82ig Apr
7% Apr
37%
2,900
*%
'u
1,100
20%
%
2%
4%
44%
110
21
%
**i«
2
2
20%
4% June 27
I434 May 1
934 Feb 15
423s Mar 1
7uMar 11
100
28%May
»u Jan
300
330
fSt Louis
440
1,900
20%
Apr 15
0
10
44
11034
Richfield Oil Corp
J Rutland RR 7% pref
St. Joseph Lead
Jan 17
52
....
fSt Louis-San Francisco...100
6% preferred
—100
5
4%
*42%
*110
J In receivership,
------
10
conv
270
44,800
d Def. delivery,
ig
stock., r Cash sale,
Jan
10% May
10
May
67
Deo
19
May
Ma.
7
5
7
4
418g Nov
73% Deo
16%
Apr
151% July
161% July
Feb
1% Mar
%
May
2284
Feb
Jan
20%
Deo
5% May
484 Oct
0% May
03g May
1284
21
May
63
June
112% May
283g Dec
100
May
8
Jan
July
1478
Jan
1434
Jan
45% Nov
7134 Apr
118%
Jan
43%
115%
Apr
Jan
158% Feb 11
143
May
105
Apr
114% Oct
1078 May
118
Jan
29% July 22
1034 July 22
104% July 28
95
Aug
1
Jan
32%
Jan
84
Oct
11% May
June
684
97% May
738s May
89
May
Feb
12% July 31
1234 July 16
June
15%
9% Sept
15%
4
2
2
4% May
48% May
2% Nov
7%
09
3'4
Dec
34
43%
Deo
4% Jan
62% Jan
384 Jan
52%June 27
21% July 25
18% July 28
29
July 26
18% July 25
27% July 29
24
Jan 13
2% July 29
38
July 29
12% July 22
9% July 10
12% Jan 7
10% Mar 10
67% Jan 23
7
2
July 30
223g Jan 6
61
Apr
101% Feb 10
97
Jan 13
11
Jan
3
24
Jan
2
113% July 10
Jan
8
9
June
15% May
13% May
24
May
97g May
23
Apr
29% May
37% May
17%
1984 June
27
17
23
May
13g May
Dec
Oct
June
13
8
Aug
6
May
73784 June
Feb
Mar
65
0
Apr
Jan
4%
25
0% May
Feb
Apr
Apr
Jan
884 Nov
13%
10%
63%
Feb
Jan
Jan
Deo
60
May
09
1
May
14
May
2
Apr
24% Nov
70% May
May
60
7% May
17% July
70
June
39
May
10584 Sept
97% Deo
1434 Jan
30%
Apr
Nov
117
74%
1578
Deo
Feb
153g July 28
8% May
July
1
10«g Jan
6
767g Mar
6% May
30% Dec
90% Apr
117g Nov
44
May
62
May
60
Oct
67g
484
3%
11%
12%
45%
May
9% Nov
May
7%
26
June
7
63% Jan 13
10% July 8
9% Jan 27
34% Jan
684 Jan 16
18% July 15
13% July 28
4834 Jan 14
% Apr 5
3934 July 16
% Feb 8
% Apr 15
0
May
Aug
May
Deo
Oct
% Dec
12
48% Nov
1% Feb
42
Jan
%i
Dec
%
%
Oct
7g
5
2
Jan
Jan
Feb
22% Apr
15% Nov
5
Jan
Jan
May
434 May
4
July 17
Dec
Apr 19
45
Apr 29
Jan 13
3
35
34
May
63
Mar
1097g Feb 17
12%June 3
113
June 19
90
May
111%
Dec
Safeway
n New
Jan
1% July 17
Southwestern—.100
5% preferred
100
Stores........No par
5% preferred
....100
Savage Arms Corp new
5
6
Jan
11
117% Jan 25
7U Feb 14
May
Oct
8%
May
6
Apr
No par
Ritter Dental Mfg
No par
Roan Antelope Copper Minea.
Ruberoid Co (The)
No par
Rustlees Iron 4 Steel Corp—1
$2.50 conv preferred.No par
10
38%
100
10
14
18
21
19
9
Jan 11
85% Deo
16% Nov
178
Mar
95
6,100
*%
36%
1
Feb 13
61
July 24
7% Nov
Deo
97s Nov
46%
128
81i2May 9
©UMay 5
28igMay 29
1,000
4% May
Jan
Feb
145
preferred... 100
Reynolds Spring—
1
Reynolds (R J) Tob class B.10
Common..
10
-MM---.
18%
June
07g
June
73
400
Apr
Deo
120
Apr 17
Feb 15
5,300
9%
9%
18
32
110
this day.
9%
7»4
49
11078 May
Apr 21
20
53
%
*%
3734
♦52
14% Nov
97% May
4
137
17
6W7o
2
123% Jan 15
00
180
Jan
29% Jan
110
97
5,100
53
Apr 22
120
10
Class A
Mar 31
13% Jan
7% preferred—.......100
5J4% preferred....
100
Reynolds Metals Co...No par
3,200
%
*%
37%
10,600
7%
*4%
46
1
94%
3234
*4434
*%
36%
*%
14%
94
7%
37%
1
143g
32%
9%
5
12%
71
734
*9%
18%
13%
50
140
71
7
9i2 Apr 30
7i2 Apr 21
57%May 23
0% conv prior pref ser A. 100
Revere Copper 4 Brass.....6
1,900
3234
*52
9%
47%
94%
21%
110% 110%
6% conv preferred
30
500
7%
9%
5
18
2
1%
32%
8
3234
53
*9
9
7
Republic Steel Corp—No par
1%
20%
Jan
6% Mar 20
Co..100
1
45,300
"
2
1
Hg Apr 9
22 tg Mar 12
Preferred with warrants..25
Rensselaer 4 Sara RR
164
6
13% Jan 6
4034 Jan 2
60% July 26
21
1
Remington-Rand
43% Jan 8
75% Jan 8
15
July 15
83g Jan 10
12% July 28
11
May 2
23%May 28
123g Feb 14
2314 Jan 8
10
Reliance Mfg Co—
8,200
*61
934
7
107
12%
177gMay
Reliable Stores Corp...No par
100
*11%
984
1234
5% May
15
3812 Mar 14
4 Co 1st pref—100
100
10%
4%
20%
Preferred
30
12
0234
4334 44%
110% 111
*3
80
35
*9%
*9
10
32%
*%
*%
12
*61
*52
13%
47%
1
9%
*30
35
*9%
May
21
June
32i2May 16
50% May 1
par
60
4% 2d preferred...
Jan
9ig Apr 21
912 Apr 21
Reading Company ........
Real Silk Hosiery
65
6ig Apr 22
4»4 Feb 14
6
100
10%
8
5
12%
1,300
0284
94
18
1734
2%
3% May
10
25
60
—50
4% 1st preferred
2
2
14U Apr 21
preferred......100
$3 preferred
3% July 29
Jan
134july 25
17
July 28
•uMay
Raybestos Manhattan.No par
Rayonler Inc
1
400
*1%
1%
8%
33
*9%
*4434
*%
*23%
24
Mar 31
97i2May 20
....No par
6% preferred..
...
100 zl08 May 14
7% preferred.....
100 121«4June 9
8% preferred
100 13834June 17
Pub Ser El 4 Gas pf $5.No par
11418 July 17
Pullman Inc
No par
22% Feb 14
7
Feb 14
Pure Oil (The)........No par
6% preferred
.....100 x94 Mar 7
83<4 Feb 15
6% conv preferred
100
97gMay 2
Purity Bakeries
No par
8'4 Apr 1
Quaker State Oil Ref Corp. .10
3%June 7
Radio Corp of Amer__.No par
47i2June 9
$3.60 conv 1st pref_.No par
2i2 Apr 21
Radio-Keith-Or pheum
1
300
56%
58«4
1%
21%
9%
9%
9%
3,600
*2734
No
May
$5 preferred
conv
3% May
0
104
5
60
5% conv 1st pref
5% conv 2d pref
Procter 4 Gamble
6%
110% July 30
8% July 29
II84 Dec
68
May
9% Jan 10
3
63>4 Apr 29
9U Feb 19
1
Pressed Steel Car Co Inc
900
18
27%
24%
21
21%
21%
21%
21%
21%
21%
21%
*109% 113%
*109% 111
110% 111% *109% 111
71
71
72
*69
72
71
72
♦69%
15
15
14%
1434
15%
14%
15%
15%
*92%
*51%
29
*30%
*9
10,900
*61
9%
*61
20
20%
21%
20%
20%
100% 100% ♦100% 100% *100% 100%
88
*87
87%
87%
8734 8734
*9
9%
9%
9%
934
9%
*111% 113
*9
17
1,400
1734
2%
23g
2,200
62%
*117g
934
52%
9%
24
800
27%
23g
11%
2%
*2
57,200
12% Jan 10
7% Jan
May
27
Postal Teleg'h Inc pref.No par
......
20%
20%
1634
300
27%
28%
37
*10
*23%
3%
52
800
18
*28%
17%
*27%
23%
17%
27%
*27
3%
*51%
20%
27%
2334
2%
3%
52
*20%
18%
29
3%
52
600
Deo
1
June 24
3,200
Jan
87%
June
Feb
June 14
11,000
Jan
70
July 21
181
21
4,100
40%
47
91
13% Nov
116
------
Apr
Apr
878 Nov
10% Feb
24
25% June
37% May
0484 May
5% pf (ser of Feb 1 *29).100
40
142
142
6% May
Deo
29%
47% July 14
8
Pub Serv Corp of N J ..No par
100
Deo
Jan
20
100
684
Jan 30
3,900
700
May
15
4512 Feb 14
No par
Poor 4 Co class B
200
3,000
16
0
Pittsburgh 4 West Va.
400
38
*36
142% 143
*26%
1%
5% pref class A
5X% 1st ser conv pr
12%
11
17% May
11% May
4«4 Apr 20
Pond Creek Pocahontas No par
36%
Apr
84
09
100
100
pf.100
1,800
11
52
7% pref class B..
1,500
3612
*3%
No par
2,200
*114% 115% *114% 115% *11384 116% *114% 116% *114% 116% *114% 116%
28%
29
28%
29%
28%
28%
28«4
29%
2834
28%
28%
2834
10
10
10
10%
10%
934
10%
10%
10%
10%
10%
10%
103
104
104
104
*100
104% 104%
104%
104% 104% *104
100%
94
94 3g
95
94
94
94
9334
9334
*93%
*93%
9378
9378
12
11%
11%
1134
12%
11%
11%
11%
11%
11%
*11%
11%
12
12
12
12
12
12
*11%
*11%
*11%
*11%
*11%
12%
4
4
4
4%
4%
4%
43g
4%
4%
4%
3%
3%
54
54
54%
54%
54%
54%
54%
54%
55%
*54% 54% *54%
*51%
No par
134
11
145
*142
5*4May 27
Apr 23
Pittsburgh Steel Co
16%
59
59
59
58
59
59
58%
5934
60%
5934
60%
*11834 120
*11884 119% *11884 119%
119% 120
*11834 120
*11834 120
23
2?34
22%
2234
22%
22%
227g
22%
22%
2234
2284 2234
100
100
99%
*99% 100
100%
997g 100
99%
100% 100% 100
114
*113
114
113% 113% *113
*113% 114% *113% 114
*112% 114
126
*124
*125
125
*125
128
126
*123% 12534
126
12734 *123
Apr 22
Pitts Screw 4 Bolt
18
37
June 10
414 Apr 22
934 Apr 22
174
Mar
16%
60
13%
40»4
Apr
17%
734
Jan
6% May
287g
16%
734
1134
10%
Nov
4%
May
18
1%
Nov
43
16
1%
16%
1%
23
May
22
18
1%
May
1% June
46% Jan
884 Jan
1634
--
15
23
23% Jan 11
7>4 Jan 2
18%
1%
M -
2578 Nov
Feb
16%
<-«•
May
66
18%
1%
— —
Jan
15
May
167g
— M
Feb
Deo
16%
30
18%
1%
*163
•* -
4
40%
934 June
July 15
1634
*163
1% May
11»4 May
62
18%
*163
62% Jan
96% May
4% Jan
*38% Feb 14
1%
--
Dec
l«g May
100
_ .
17
-
23g Mar
12% Mar
1038 May
41s4
1834
•
233g Nov
May
30
1%
♦103
Feb
27% May
2% May
1634
1834
172
Deo
18
July 31
No par
No par
1
Pgh Ft Wayne 4 C 7% pref 100
210
1,240
Nov
11%
July 29
Pittsburgh Forgtngs Co
90
14%
13%
l07g Deo
99
77
preferred
conv
Apr
46
100
Pit Youngs Asht Ry 7% pf 100
Plttston Co (The)
No par
Plymouth Oil Co
-.5
•163
*1078
*35%
4»4May
Jan
Deo
51%May 23
3534 Feb 20
2«4Mar 18
6% preferred
220
60
36%
7%
-
*7%
60
Mar 28
June
1
May
June
30% July 11
ll%May 6
603gjuly 8
38 May 10
24% July
5
7% Apr 4
778 Jan 23
3578 Jan 2
10
45%
105%
May
71
2
Jan
87g Nov
4% Mar
25% Apr
Dec
43
Jan
7%
2% Nov
44% Apr
5% June
86% July 12
72*4 Feb
Pitts Coke 4 Iron Corp
S5
700
ft.
14
107g
8i2May 17
105
4
per
No par
100
.No par
6
Preferred
800
12%
36%
11%
Preferred 4M % series...100
Feb 20
79
1,200
*61%
7%
Philip Morris 4 Co Ltd
Phoenix Hosiery....
73%
14%
10%
3
10
Phllco Corp
25%May
4012 Feb 18
884
38
*7%
*70%
65%
10%
25
Philadelphia Co 6% pref...50
$6 preferred....
No par
15
14
187g
No par
Phelps-Dodge Corp
z5% Apr 17
0
May 19
30
*62
1%
16%
Pfelffer Brewing Co
6
2014 Feb 14
21
Jan 31
100
100
13%
1%
Petroleum Corp of Amer
1
42% Feb 15
Pillsbury Flour Mills......25
65%
16%
No par
2
Feb 16
Pittsburgh Coal of Pa
38
*18
7
Pere Marquette Ry Co
July
600
*61
*163
100
5% prior preferred-....100
5% preferred...
100
.
700
*35%
37
Feb 14
l%Mar 24
6%
38
587g
36%
21
17
17
*56%
13%
Feb 14
22
.
6
12
2
16
29
1
4
27
46% July 31
2.% Aug
1
July 30
22
60
*17484
61
109
30*4 Jan
29%
13%
84
5Sg
3% June
3% Jan
6284 July
1534 July
112% Mar
25% Apr
24% Jan
Jan 30
1
Pepsi-Cola Co
400
734
61
12
t Peoria 4 Eastern Ry Co—100
9,800
6%
61
50
5
100
13gMay
87
Feb 19
2
7
May
50% Aug, 1
4
3412 Apr23
52
6
6
Peoples G L 4 C C (Chic)
Phillips Jones Corp
7% preferred....
Phillips Petroleum..
1,600
70
45%
384
*45%
17%
600
80
*3
5% preferred
Pennsylvania RR.
Peoples Drug Stores Inc
200
8%
*7%
*74%
45%
46
1,900
114
*109
75
10,400
83%
8312
84
73%
12%
12%
*17434
400
7
734
12%
2,200
47
10%
No par
No par
100
ser A
Pet Milk Co
-
343g
7
*70%
74
-
35
6
38
7i2
*70
58
17
6
-
pref
Jan
May
6% May
10% July 28
1% Feb 15
790
.
1
743* Feb 20
conv
Jan
Sept
4% May
1414 July 30
1
6% Apr 21
43% Mar
$7
16
20% Jan
7%May
No par
Penn G1 Sand Corp
64
30% Jan 10
No par
.
99
2
Penn Coal 4 Coke Corp
10
Penn-Dlxle Cement
No par
Penney (J C) Co
1,290
6%
6%
6%
*3
173g
38
784
245%
3%
55
6
74
83g
75
17%
39%
58
10%
77
45%
17%
7%
90
76
6%
2834
109% 110% *108% 114
52
39%
47%
*47
10%
45%
3%
*68
*6%
34%
*46%
♦88%
8%
17%
60
6%
83%
6%
59
6%
700
1,500
47
200
5734
58
35%
77
24%
*45
17,700
2%
10%
7
17%
8
Penlck 4 Ford
30
24%
24%
2%
2784
27%
10%
35
51
74
800
110
24%
46%
2%
5778
85
*2%
*109
2834
*67g
6%
40%
234
24%
24%
*2%
34%
17%
734
*24
46
7
61
*68
1,900
110
24%
*22%
51
39%
8
*7%
*68
200
82%
234
2%
35%
47%
88%
10%
8%
77
3
50%
8234
107g
*108% 109%
75
50%
28
6%
*6%
7
2%
24
6%
35%
47%
80
*109
4334
♦1%
3478
109
24
43%
36
Patlno Mines 4 Enterprises _10
200
*23%
56%
31,500
500
43
24
984
700
24
11
934
234
109
2.50
Parmelee Trans porta'n.No par
Pathe Film Corp
16
43
1034
Parker Rust Proof Co
26% June
16% July 28
9
Jan
% May
13
July 31
101% Aug 1
1134 Jan 9
1
9512 Feb 14
9%May 27
No par
31,400
234
Feo
May
684
Jan 11
106
May 31
10
1
100
10
.
%
4934
24
27%
*9%
400
19
*1534
2434
28%
11%
Paramount Pictures lnc
12
6
17g July 29
37% Jan 10
99
100
conv preferred
14%
*49
110
No par
13%
1534
24%
28
4%
Jan
10i2 July 11
Jan
Park Davis & Co
49
247g
27%
Parafflne Co Inc
16
7
lt Feb 15
27
Apr 22
7U
2,800
15«4
24%
6
Airways Corp
Pan-Amer Petrol & Transp__6
Panhandle Prod 4 Ref
.1
*1Jie
2%
*2%
2i| Apr 30
10
Apr 21
U2 Feb 19
25%May 29
17 May 27
h Feb 21
49
24%
2%
Pan Amer
No par
27a June
5% Oct
2% May
934 Aug
3% Jan
512 Feb 18
1
16
24%
*1%
Packard Motor Car
per
4% Jan 10
Park Utah Consol Mines
51%
24%
24%
*2%
2%
3
3,500
1«4
29%
*50
2%
Deo
Mar
3
14*4 Apr
*1534
2%
1534
*108
110
2%
Mar
160
1
1534
*50
157g
2%
139
June
Park A Tllford Inc
51%
2%
2%
51
50
3
May
144
100
*1834
10
*50
83
3%
3%
*2%
*49
3%
2%
50%
50
115
Jan 10
83
934
82%
2%
Jan 27
100
51%
934
50
120
8
Pacific Tin Consol'd Corp
1
Pacific Western Oil Corp... 10
30
17
29h.
%
14%
14
82%
*49
82
29%
*»16
50
*48
0
6% 1st preferred
6% 2d preferred
134
19
May
147% Apr
3,800
*1534
share
110
100
share
53,300
1,900
13
Highest
$ per share $
share
100
Pacific Telep & Teleg
6% preferred
per
1134
11%
1%
*18%
%
14%
13%
9%
10%
9%
10%
19
$
$
101%
100
17
134
29%
29»8
*"i«
300
12%
13
9934100%
1134
11%
1%
*18%
102
*1534
37,400
30%
30%
101% 101%
31%
12%
6,400
1%
1%
1%
1%
*30%
*101
11%
1334
*6%
134
12%
1334
*17%
10%
102
13%
*75
*9
*101
1%
18%
78
7
IO84
32
29%
18%
*6%
*9
*30
*13i«
3484
1384
1034
31%
%
56%
12,500
1334
18%
*23
2%
14
2%
13%
*9
18%
*35
2%
13%
2%
1384
10%
1%
*»i«
110
5,300
14%
%
*108
984
2%
29%
18%
*2%
9%
234
*1,i«
»27g
9%
27g
*29%
18%
9
3%
8%
3,700
884
17
100
159
334
99%
1*4
29%
134
159
20
116% 116%
Year 1940
Lowest
Highest
Par
3%
11%
16%
16%
Lowest
3%
11%
11%
117
159
384
99
1134
98%
*11
117
334
8%
102
Range Since Jan. 1
On Basis of 10O-Share Lots
Shares
$ per share
*156
159
STOCKS
EXCHANGE
Week
1
Aug.
$ per share
9
*30
*101
102
*156
37g
1%
134
*30%
*101
$ per share
*116
117
$ per share
117
118% ♦116
*155
159
159
Friday
Thursday
July 31
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Tuesday
$ per share
share
per
PRICES—PER
SALE
HIGH
Monday
Sales
for
LOW
Saturday
July 26
x
Ex-div.
8
21% July 29
y Ex-rights.
^ Called for redemption.
LOW
Aug. 2, 1941
New York Stock Record—Continued—Page 9
656
HIGH
AND
SALE PRICES—PER
SHARE,
NOT
PER
CENT
Monday
July 26
$ per share
July 28
Tuesday
July 29
Wednesday
July 30
Thursday
July 31
$ per share
$ per share
$ per share
% per share
Sales
Aug.
1
Range Since Jan. 1
NEW YORK STOCK
On Basis of lOO-Share Lots
the
Friday
STOCKS
lor
Saturday
EXCHANGE
Lotsest
Week
$ per share
14%
14%
14%
14%
14%
14%
14%
14%
14%
13%
14%
*85
87
87
*85% 88
*85%
87%
*85% 87% *85%
87%
37
37
36% 36%
36%
36%
*36%
37
37
3512
37
11234 11234 *112% 113% 113% 113%
113% 113% *112% 113% *112% 11334
*11014 HH2 *110% 111% *110% 112
*110% 112
*110% 112
110% 110%
*3i«
*ai«
ai«
au
ai«
ai«
'4
%
aie
%
%
%
*7i«
*7u
*71«
%
%
%
%
%
%
%
34
34
16%
17
*16%
16%
*16i4
16i2
1678
16%
16% 16% *1534 16%
3%
3i2
3i2
3%
3%
3%
*3%
*3%
3%
3%
*3%
3%
72
72% 73
72% 7212
72% 73%
72%
71% 72%
70%
71%
8%
8%
*812
8%
8%
8l2
8%
8%
8%
8%
8%
8%
14
14%
*13%
13% 14
1314
13%
13%
*13%
13%
I334 1334
67
66
*64
*66
67
*65
67
67
67
66%
*66
69%
5 >8
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
*55
*55
57 %
*55
*55
*55
57%
57%
57%
57% *55
57%
6%
6i4
6%
6%
6%
6%
*6%
6%
6
*6%
6%
6%
36
36% 36%
36%
*36%
36l2
36%
37
36%
36% *36%
37
15% 15%
15%
15%
*15%
15%
15%
15%
15%
15%
15%
15%
4%
4%
4%
*4%
4%
*4%
4%
4%
*4%
4%
*4%
434
19%
19%
1978
20
19%
19%
19%
19%
19% 19%
19%
20%
135s
Par
Shares
1%
26%
*1%
26%
31
31%
1%
26%
31%
*105% 125
*102
*113
*113
...
1%
26%
*1%
1%
*1%
1%
*26% 27
*26%
27
32%
3278
32%
32%
32%
114
*102
114
*104% 114
...
23
14
*22%
23
*13%
13%
15%
1578
*13
15%
15%
10%
23
10%
2%
*113
23%
13%
15%
104
1%
27
32%
104
1%
14
13%
15%
10%
*65
78
*65
22
22
*21
*65
22%
*65
*21
22%
38%
38%
38
38
38%
37%
39
38%
38%
38%
38%
*56
57
57
57
56%
57
37%
934
14
45
44%
45%
44%
47
47
48
48
*38%
39
*38%
7%
7%
5%
5%
7%
7%
5%
7%
5%
7%
8
5%
5%
5%
6
61
39
62
7%
*35
*234
91,
43%
3%
*37%
*73g
*5%
13%
*8
*36
*234
48
434
*34%
278
*4%
*29%
*34
*14%
*1012
*96
38
3
9%
43»g
334
37%
7%
5%
13%
8%
41
334
48
47g
36%
278
4%
30
%
1478
1034
97%
33%
33%
45
45
*35
3934
3
9
9%
44%
334
38%
734
5%
43%
334
37%
7%
53,
19
3,700
1,500
92,600
61,200
3134
18%
30%
*31%
134
5%
44%
44%
45
534
69
20
100
39
39%
62%
62%
7%
62
*13
8%
*37
*2%
48
484
*34%
*278
*4%
29%
34
15%
10%
*96%
33%
45
14
8%
39
3%
48
5%
38
7%
5%
.
13%
8%
3
*2%
4%
30%
%
1534
107g
973,
33%
45%
4%
4%
13%
10%
13%
1%
68%
1%
68%
9%
1%
6%
70
6%
*11
13%
6%
*19
1978
*1%
20%
7%
37%
1%
20%
7%
12
12%
78
*11
6%
19%
78%
*114%
*15
*81
*82%
*11%
*30%
4258
12%
*14%
*110
*47%
*18%
37%
12
78%
*114%
15%
81%
81%
15%
83
83
12
*11%
31
30%
42%
42%
12%
12%
14%
110%
48%
20%
»i«
23%
*1%
20%
7%
*36%
%
24
1%
*70
6%
13%
*11
7
19%
1%
22%
5%
*34%
37%
1534
11%
1534
11
8
___
778
*3634
1134
77
*114
12
10,900
200
Thatcher Mfg
conv
No
par
pref
$3.50
600
preferred.No
par
_
8
23
8%
1,700
37
37%
400
1134
117s
78
78%
11434 115
15
15%
82%
82%
8234
82%
6,500
8,200
15%
82%
83%
8278
8234
1134
*11%
1134
30%
30%
41
42
41
1134
12%
14%
11%
14%
82%
*11%
*3034
12
31
4134
11%
14%
*14%
111% 111% *111% 11234
4734
48%
47% 48%
*19
*11%
12
3034
30%
4034
41%
11%
11%
13%
13%
11234 112%
*47
48%
30
4,300
1,700
800
100
700
11,200
6,500
800
50
1,600
20%
400
%
#i#
20%
%
*18%
#i#
916
%
13,900
2378
24%
23%
24%
23%
23%
6,600
t In reoelvershlp.
a Def. delivery,
Apr 21
Feb 28
5
4
3%May 10
Jan
6
30
23
19
14
22
4
18
8% Jan
534 May
4634 Aug
126
Mar 17
New stock,
100
16% Aug
434 May
334 May
41, May
28% May
384 Jan 16
9% July 28
4434 July 31
4%May 12
38% July 29
27,
4% May
May
2% May
267, May
734 July 28
5%
Apr
32% Jan
9% Jan
7% May
6
Apr
40
Mar
Dec
33
Feb
7% Mar
5% Mar
9%
Dec
47%
Apr
4% Apr
37% Nov
Oct
8%
3»4 July
6
May
6%
12%
Jan
7
Dec
18%
Jan
36
Dec
53
Mar
4
Feb
14
Jan
Jan
3
Apr 22
50
July 18
30
June
5% July 30
3
May
42% Feb
53, Mar
20
June
35
38%June
6
2% June
4%
Jan
6
2»4
Feb
6
Jan
6
4
Jan
34
Jan 10
1% Jan 18
18
Jan
9
11% July 31
25% May
1
May
8
7%
Nov
Apr
6% Dec
38% Apr
2%
Jan
May
23
Jan
8% May
12
May
9934
Dec
Dec
52% Nov
5% Jan 13
17% Jan 2
4% May
10% May
4% May
217,
Apr 16
July
3
Jan
6
10% July 28
2
Jan
9
75
Jan
9
Feb 19
6% July 30
l0%June 14
Mar 25
134 July 31
80
FeD 14
Mar
4
ll%May
25% Feb
34% Apr
93jMay
113gMay
26
19
19
15
27
109
May 1
40%May 2
16% Apr 23
%June
3
1834 Apr 21
par
par
Cash sale,
2334 July 29
77, July 10
7
July 10
5% July 24
36% July 18
353,
247,
34%
1234 Jan 2
75% Mar 28
No par
r
*17% May
May
934 Feb 14
Un Air Lines Transport
5
United Biscuit Co
...No par
5% preferred
100
United Carbon Co
No par
n
May
Jan 27
May
30
4% preferred
100
Union Prem Food Stores,Inc. 1
Union Tank Car
No par
United Aircraft Corp
5
No
May
3
Jan
jan
2% Jan
18% Nov
18
16% Feb 20
6%May 22
1
Corporation
20
Jan
4%May
24%
107,
277,
81
1
100
$3 preferred
7% May
12% May
1% Oct
9% May
35% May
60
Feb 14
Union El Co of Mo $5 pfNo par xlll'4 Jan 30
Union Oil of Califonria
25
United
Jan 10
9% Jan 30
5
May 23
16%May 20
par
par
Under Elliott Fisher Co No
par
Union Bag A Paper
No par
Union Carbide A Carb.No par
Unlted-Carr Fast Corp .No
Jan
2% July 11
2
4
10
Union Pacific RR Co
Feb
6
Feb 17
4%May 26
9%May 15
6% Mar 25
par
Coach Co
Jan 17
Jan
12%
51%
1
7% preferred
1
12%
657, May
July 10
9
21
40% Jan 21
Feb
May
7
Jan
Feb
9934 Jan
34% Jan
62
No
5
8% July 23
4
June
Dec
60% July 23
19
2% Apr 23
3%June 30
2534 Apr 30
% Apr 16
ll%May 14
93, Mar 6
1
Corp No
4
578 July 15
July 22
10% Jan 23
4
2% Mar 3
May 21
96
Twin City Rapid Tran.No par
Twin
Feb 15
2%June
73, Apr
34% Feb
278 Feb
31% Apr
5% Mar
33, Feb
8% Jan
5%May
32
No par
$1.50 preferred
Apr
4% May
27% Feb 19
Transamerlca Corp
2
Transcont'l A West Air Inc._5
No
8%
Jan 10
Jan
39
par
Truscon Steel Co
8
4
30
20 th Cen Fox Film
13%
15
10
$6 preferrred
Truax-Traer Corp
340
37
15
117%June 2
7% Apr 22
4
7,600
37
12
Apr 14
38
cum
Dec
5% July 28
4%May 26
1
Tide Water Associated Oil. 10
$4.50 conv pref
No par
Tlmken Detroit Axle
10
Tlmken Roller Bearing.No
Jan
3834
80»4
87,
May
100
Third Avenue Ry
100
Thompson (J R)
25
Thompson Prods Ino..No par
Tompson-Starrett Co.No par
Apr
66
32
Preferred
29
46%
Jan 11
No par
..........No par
Therm old Co
420
82
this day,
Texas Pacific Coal A Oil
10
Texas Pacific Land Trust.-.1
Texas A Pacific Ry Co
100
1%
5,100
2,200
2,700
1,800
15
on
5
Jan
66
9
Corp. (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur...No par
26%
Apr 16
60
Jan
16% Oct
20«4 May
297, June
52
83,
Jan
Jan
May
6% Mar 4
3%May 5
5% Apr 23
Dec
2%
7%
18%
2234
23
6
Texas
1
May
2% May
97, vuy
4
17% Mar
$3 div conv preferred
1%
7834
22
29
25
29
Dec
Jan
5% Feb 14
The Fair
1%
11434
July
July
July
July
112
40
Without warrants
Talcott Inc (James)
220
134
30%
Bid and asked prices; no sales
25
Swift International Ltd
$3.60
1%
22%
82
20
(4H% cum) 100
Jan
Feb 14
Symington-Gould Corp w w.l
400
15
20
Class A pref
Tennessee Corp
"9"400
8178
42
4278
12%
12%
12%
14%
14%
14%
110% 110% *110% 111%
*47% 48%
47% 47%
*19
20%
20% 20%
*16
%
*16
%
24
24%
2378 24%
No par
..5
7%
15
43
Sun Oil Co
Feb 14
Jan 24
6%
34
Stone <fe Webster
No par
Studebaker Corp (The)
1
.....50
19%
7734
33
1
5H % partic pref
6%
*114
8234
34% Feb 19
Telautograph Corp
19%
1134
78%
...
Standard Oil of New Jersey.25
Standard Oil of Ohio
25
24%
34%
45%
48%
116
l9'4May
1,500
8,100
1,200
Jan
Apr
12% Mat
108
Swift A Co
29%
1%
11%
66%
May
2234 Mar 21
Transue A Williams 8t'l No par
22%
267, May
12% Feb 14
177, Mar 4
25% Mar 5
!
23%
46
1
18% July 31
8
8
37%
6
9
3884 Apr
58% Deo
21% Mar 21
No par
No par
Trl-Contlnental Corp..!
*11%
67g Jan
67% Jan
40% Aug
Apr
10% Feb 19
prior pref
prior pref
4,400
7
4
23%
200
Feb
May
May
19
45% May
434 May
June
11% Apr 14
1,300
47
33
38% July 28
18%June21
600
Apr
59
Superior Steel Corp....... 100
Sutherland Paper Co
10
Sweets Co. of Amer (The)..50
3,300
Jan
May
2334
3%
113
1%
13%
21
31
19
2
53, Apr 26
7
72
14% May
3934 July 22
6,700
19%
67g
25
29
Jan
Jan
1% May
334 June
607, Oct
July 21
13, Feb 27
19%
678
1978
Apr 21
27% Apr
56% July
5
Apr
44%May
31% Feb
11134June
6*2 July 28
July 31
1
~2"l~66
6%
69
22
par
3%
4%
71
6
Jan
39
1% Jan 6
4% Mar 20
1,800
6%
9
Mar
Jan
347,
3, Mar 21
2% Feb 15
10%
*69
6%
*11%
May
3
Jan
15%
20%
May
32%
44%
1%
7034
6%
3
60
zl7%May 22
2
100
7,100
4%
13%
5
Superheater Co (The)..No
Superior Oil Corp
53g
37%
15%
11%
97
May
Sunshine Mining Co
3%
49
1
684 May
8
May
13% May
17% Nov
June
32%
44%
4%
*12%
*9%
978
82
14%
1%
*15%
11%
*96%
1%
7034
70
1%
13
29%
97g
6%
13%
22
33
44%
4%
13
1%
*1%
97
32%
44%
4%
4%
70
22
*96
13%
934
1%
634
37%
12%
7834
97
4%
*19%
1%
.
*13
678
*34%
3
1%
6%
37%
*4%
11%
*11%
5%
3
16%
1%
*2%
*46
5io
19% July 31
3134 Aug 1
327,May 9
Jan
30% May
15212 Apr
30% May
5
10
7,000
3,900
1,100
23% May
16%
98
41
3.%
11% Feb 15
19% Feb 14
23% Mar 13
3,600
2,100
*35
3%
3
12% July 11
1434 Aug 1
Jan
12% Jan
2% Mar
May
6
"""566
44 >
28% Jan
2
8
2,300
8
4%
30%
1%
1034
300
8
*278
16%
*29t2
2,800
22%May
7% May
1% July
113% July 16
cum
500
3
4%
30%
1%
10
June 19
$4.50 preferred
No par
Standard Gas & El Co.No par
$4 preferred
No par
$7
300
No par
..--1
5% conv preferred
.100
Standard Brands.....No par
1,600
13%
48
1034 July 22
2% July 25
17% Aug 1
2
Feb 19
Oct
40% Apr
112% Dec
77, Apr
cum
12,700
13,500
19,400
1,900
No par
2
Square D Co
$6
13%
41
3
29
1
.....No par
pref A
Spiegel Inc
Conv $4.50 pref
conv
400
38%
7%
5%
38
4%
30%
33%
8
*2
48
5%
45
37%
12%
79%
778
*36%
1134
78%
*114%
15%
1478
82
81%
83%
8278
12
1134
31
30%
3%
48
600
1,600
2,100
14,300
1,500
3,200
3,200
1,700
41
5%
*35%
*278
*4%
200
9%
*35
Feb
22
Standard Oil of Calif. .No par
Standard Oil of Indiana
25
"7~80(>
43%
3%
3734
7%
*5%
8%
*2%
150
9%
8%
48
5,800
1,100
$3
14,300
18,500
3
734
5%
14
*35
80
4434
384
734
5%
97
22%
$5.50 preferred
No par
Spencer Kellogg <fe Sons No par
8
4%
37
13%
1934
1%
22%
38
Jan
24%
No par
—.—1
6%
*4%
*35%
2%
13%
8%
6%
634
Sparks Wlthington
Spear & Co
8tokely Bros & Co Inc
4%
37
5%
*13%
8%
13%
*19
Mobile & Ohio stk tr ctfslOO
2,200
6%
734
5%
33
71
6%
100
2,700
6%
9
38
7%
45
438
13%
10%
1%
*934
1%
71
9%
33%
45%
4%
1338
37%
9
1%
16%
11
9678
45
9%
38%
7%
5%
13%
30
1078
9678
33%
43g
334
3
16
1334
43%
334
4%
1
*4%
44%
334
37%
30
*133g
9%
4334
5%
4%
No par
5% preferred
7%
62%
6%
2%
48
5%
*35%
Southern Ry
6%
4%
*35%
3
11%
Dec
8
10%May 16
25
5
1
59
59% *58
*123% 124% *123% 124%
*8%
8%
8%
18% 18%
18%
18%
2
*2
2%
2%
18
16% 18%
18%
*20% 2134 *20%
21%
*5
*5
5%
5%
23% 23%
23%
23%
2234
23%
22%
22%
*7%
7%
7%
73g
434
May
14
Jan
8% Mar
1% Jan
Gas.Co.7.50
738
4%
7%
6134
7%
6%
37
41
3%
48
Southern Natural
StarrettCo (The) L S-.No par
Sterling Products Inc
10
Stewart-Warner Corp..
5
59
*234
8%
*37%
*2%
37
*4%
48%
40
*3834
7%
4%
3%
3%
337g
44%
4778
39
48%
3934
62%
9%
44%
*9
5,700
2,200
22
43%
48%
*35%
5
1578 July 28
9
Southern Pacific Co..-No par
200
33
^
Southern Calif Edison
35,100
*1%
48%
3
8
13% Feb 28
Aug
Splcer Mfg Co
6%
10% May
May
12%
1434
Apr
25% July 31
l4%June 12
16
Sperry Corp (The) vtc
7%
6%
114% May
128
1,600
24%
23%
120
MarlO
4,500
22
May
May
Mar 31
3784
23%
67
105
21
56%
5%
6
Jan 27
150
38
*5
Jan
1
23%
23% May
112
6
3734
2%
16%
21%
12% June
Nov
114
6
Aug
14
Jan
2% Apr
Feb
June
23%
12%'
6% Nov
Feb 15
120
100
56%
6%
8%
187, Feb 19
95
112
zl3
8% preferred.
38
18%
31
So Porto Rico Sugar...No par
10
57
6%
8%
17%
2%
16%
*20%
1% May
17% May
5,400
37%
123% 123%
2% Jan 20
28% July 8
3278 July 28
13
*21
7%
24
South Am Gold & Platinum. 1
*57
6%
12% May
Socony Vacuum Oil Co Inc. 15
38
60
21% Jan 10
14% Feb 19
37%
5%
Jan
6
10
38
*59
Feb
13%
Jan
S'eastern Greyhound Lines..6
120
Apr
7% Mar
7% June
3% May
5
300
120
56
4
Smith & Cor Type v t c.No par
Snider Packing Corp...No par
200
34
40%
15
Smith (A O) Corp
Jan 30
1% Mar 28
23%june 4
10
Sloes Sheffield Steel & Iron. 100
3,300
484 May
May
No par
No par
16% Nov
73% Nov
584 Jan
40% Aug
10,500
22
37
44
16%June
27, Nov
May
July 16
6%June 26
2%
62%
3
Simmons Co
3
5% July 22
57
17%
17%
39
*35%
*278
1534 July 21
*56%
6%
6%
7134 Jan 17
10%
48%
*59% 60
*59%
60
59% 59%
*123% 125
*123% 125
*123% 125
8%
8% -: 8%
8%
8%
8%
*18%
18%
18%
18%
18%
18%
2%
2%
2%
2%
2%
2%
16
16
16
16%
16%
16%
*21
217g *20% 2178
*20% 21%
6
*5
*5%
*5
5%
5%
2378 24
237g 24
23% 24%
23% 23%
23% 23%
23% 23%
7%
7%
7%
7%
*7%
7%
6%
6%
6%
6%
6%
6%
5
*4%
434
434
*4%
4%
Feb 19
2%
69
5%
Jan
14% July 22
10% Jan 21
37gjune 28
57
7%
Apr
16%
Silver King Coalition Mines. 5
38
4%
7%
88
600
38
7%
1% Sept
8% June
8% May
61% Aug
5,200
$6 preferred
Jan
61% May
40
Skelly OU Co
Jan
Jan
20
7
3534 Apr 19
2,700
%
1%
Oct
May
7834 Jan 2
107, Jan 21
Sheaffer (W A) Pen Co.No par
Shell Union OU
15
230
38
8
3% July
115% Jan
111% Dec
% May
%
11
July 28
3% Apr 23
37
5%
% Jan 3
34 July 31
17
17%
17%
44%
6
60%
Jan
1484 Mar
May
1,700
34,100
45%
48%
*38%
62%
7%
5%
7%
60%
Dec
49
101% June
4% Feb 19
6,900
15%
88
34
July 15
112
51% Feb 27
3234
15%
7% May
64% July
107% June
par
Slmonds Saw & Steel..No par
25%
28
par
Status Petroleum
6%
6%
6%
6%
6%
6%
*52
52%
52% 52%
52
52%
52
52
52%
*51
52
*40
40
40%
40%
40%
*39l2
40
40% 40%
39%
40%
*116% 118
*116% 118
*116% 118
*116% 118
*116% 118
*116% 118
5%
5%
578
6
5%
6
5%
5%
5%
5%
534
5%
*111
*112
114
114
*112
114
*112
114
*112
114
*112
114
*%
»I6
%
%
%
%
%
%
%
%
%
%
2%
27g
278
278
2%
2%
2%
2%
*2%
278
234
278
*16%
17
1678
16%
16%
1678
16
16
*16%
16%
*16%
16%
*18%
19
18% 18%
18%
18
18%
18%
18%
18% *18
18%
23% 23%
23% 24
23% 23%
23%
23%
23% 2334
2334
24%
33%
34
34
33%
34
34%
33%
34%
3334
34
33%
46%
61
Highest
$ per share $ per share
24
28
27
par
2,700
"i',200
*56%
6%
*6%
52%
par
300
40
44%
Steel Corp
share
14% July
87% Jan
38% Mar
115% Mar
9
Jan
par
—
500
24%
*13
69
22
110
60
*21
...
*21%
Sharon
40
10
10%
10%
10%
10%
2%
2%
2%
2%
2%
2%
2%
17% *17
17%
17%
*16%
17%
*16% 71%
18
17%
18%
18%
17%
18%
17%
17%
17% 17%
*120
129
129% *120
129% *120
*120
129% *120
129
*23% 23%
23% 23%
23%
23%
23%
23%
23% 23%
*12%
12%
12%
12%
12%
12%
12%
12%
12% 12%
13
13%
13%
1378
13%
13%
13%
13%
13%
14%
15%
16%
16%
17%
17%
18
17%
18%
18% 19%
27% 28
28%
29%
28% 29%
30
28%
30
31%
*29%
31% *29%
31%
*30%
31%
30%
30%
30%
30%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
5%
6
6%
578
5%
6
5%
5%
5%
6
2%
*17
No
$5 conv preferred—No
Sharpe & Dohme
No
$3.50 conv pref ser A.No
Shattuck (Frank G)...No
105
13%
15%
10%
15%
%
1
1,400
Feb 14
per
% jan 20
No par
Seagrave Corp
Servel Inc..
June 23
12% Mar 3
1% Apr 29
67% Apr 22
8% July 1
10% Apr 23
Sears Roebuck & Co..-No par
6,500
113
25%
15%
500
12,600
%
share
33%June 12
109%June 9
108
Year 1940
Lowest
Highest
8% Apr 15
79
Seaboard Oil Co of Del.No par
10
113
24%
*13
609
Scott Paper Co
230
*102
24
23
2,100
2,000
100
No par
$4.50 preferred
No par
$4 preferred
No par
$ Seaboard Air Line...No par
4-2% preferred
100
5^>% preferred
""760
1%
27
*26%
32%
*113
*113
23%
13%
15%
10%
2%
17%
*1%
*26%
32%
per
Schenley Distillers Corp._—5
19,900
•85
3512
$
Range for Pretious
x
Ex-dlv.
y
1% May
Aug
64
3% May
6% May
7
Mar
Apr
93g Nov
284
Jan
82% Mar
5%
Apr
Apr
6
5
May
10%
13%
1978 July 21
14
May
25%
Jan
l%May
137, May
6% May
3%
Apr
30
21%June
45
7%
24
Jan
Jan 10
9% Jan 13
37% July 26
1234
Jan
4
9% May
Jan
Apr
13% Mar
Feb
18«4
883,
Apr
Jan 15
105
May
116%
Dec
15% July 24
112
17%
Jan
79% July 22
115
597, June
857, Jan 10
71
May
May
85% Jan 13
13% Jan 2
31
July 28
70
June
13
Dec
22%
Jan
44%
Jan
9
31% July
17%
Jan
9
12
1434 July 24
113% Feb 6
May
12% May
1087, Nov
50% Jan 10
42% May
20% Jan 15
1% Jan 7
3034 Jan 10
26
12
1%
May
jan
98
Apr
Feb
July
297, May
533, Apr
89%
16
2384 Apr
18
Apr
1117,
Dec
65% May
Dee
20% Dec
27, Apr
Dec
42
Feb
Ex-rlghts. 5 Called for redemption.
:2k
Volume
LOW
New York Stock Record—Concluded—Page 10
153
657
HIGH
'
SALE PRICES—PER
Tuesday
July 26
July 28
July 29
Wednesday
July 30
J per share
$ per share
$ per share
$ per share
4
4%
*2
2%
*24
4%
4
2
2%
*2
*25
5
4
23s
26%
*25
26%
*25
4%
27
5i4
*39
4%
*2
4012
69
685%
5%
5
53s
40
40
6834
69%
5
5
*39%
6934
6934
Week
$ per share
$ per share
Shares
4%
40%
70
300
2%
25%
5%
*39%
69%
....
*7i2
8
814
*82
88
3034
8
25%
70
5%
2,900
39%
71%
734
25
25%
5%
40%
7034
3,400
11,100
5
39%
71
*83
89
3034
31%
32
32
32
24
24
*24
2
17g
2
24
24%
90i2
91
92
*63
64
*71%
74
593s
*63%
*71%
58i2
283g
*45t2
46%
13s
13s
1
25
2434
92%
93
9234
65
*63%
*71%
65
*63%
73%
73%
59%
60%
121
27
2734
46%
1%
1%
46%
1%
"1#
1
1
*50%
53
*50
*14%
15
56
*54
*sl«
~
14%
*150
....
3g
56
55
*152%
*150
155
14%
*55
56%
*152%
155
53
*5ie
%
1%
2434
55
*54%
152
*152%
155
1,700
1,800
*150
155
*150
63%
800
1%
24%
74
59%
58%
120% 1203s
2734
27%
*46%
47%
*1%
1%
1%
53
14%
1%
*50%
14%
*54%
58
56%
152
152% *151
154%
154% *150
3g
%
7x«
732
%
1934
*1834
1934
1934
1934
20%
20%
21%
21%
*22
24
2534
26
27%
26%
26%
26%
*25%
26%
1334
1378
14
14
26%
14%
26%
1334
27%
14%
26
27
25
25
44
*
*45
2534
2i8
2714
*134
*26%
23
4%
2
2
1%
2634
2634
39
99
*138
4%
ui»j
19%
1978
20
*99% 100
5%
5%
30% 30%
*14
14%
4%
4% |
4%
4%
69%
69%
1%
1%
1%
13%
1334
*31%
*20%
*1578
33
*31%
21%
20%
*1578
1678
258
2%
*77
2334
727g
*68
9934100
102%
96%
96%
*116% 11684
*102
23%
*70
100
2934
14%
*4%
5
3I8
*®ii
>%e
*91«
"1#
*834
20%
100
20%
53s
29%
30
*14
14%
4%
*13n
19
4%
70
*69
33
33
*31%
20%
17
2034
*1578
21
17
*20%
7278
100%
102% 103
*96
96%
116% 116%
20%
2034
33%
21%
15%
.
24%
16%
*2%
3
*77
...
24%
5%
1%
16%
72
1%
1834
32
32
96
8
8
*9n
283g
2234
9134
*128
8%
a4
29
227s
92%
131
*31
32%
*35%
36
*%
2834
2234
9234
*129
*31
36
8%
8%
34
29
23%
93%
130%
32%
36
8%
*.'n
29
92%
92%
130%
32
*35%
23%
32
363g
28
22%
9134
129
32
*35%
8%
8%
axe
34
28%
22%
*129
8%
50
100
U 8 Tobacco Co
No par
96
*96
Universal Leaf Tob
% Apr 28
44% Apr 25
12
May 10
48
100
140
133
Vadsco Sales
8!
8%
8.600
23%
32
36
Feb 14
28
Feb 13
39%June
26% July 15
2% Jan 2
28% July 8
19
118% July 23
23% July 26
109
May
5
May
1% Apr 14
19% Apr 22
116% Feb 17
12
Apr
3
102
June 13
71
143
June 21
120
8
Jan
_
Walk(H)Good 4 W Ltd No par
25%May 31
zl2% Feb 13
Ward Baking Co ol A..No par
Class B
No par
7% preferred
...100
...5
No par
No par
$3 preferred—.....N# par
1
No par
100
Wesson Oil 4 Snowdrift No par
No par
.
Maryland.......100
...100
0% pref... 100
4% 2d preferred
Western Pacific
92
9234
5,100
6,500
60
60
Westlnghouse El 4 Mfg
1st preferred
10
400
Weston Eleo Instrument. 12.60
600
Westvaco Chlor Prod..No par
Jan
18% July 31
Feb 19
25
18%June
3
33
23%
July 23
Jan 13
6
17% July 22
20% Jan 6
4% Jan 7
Feb
6
80
16% Mar
3
25% July 31
May 14
14
15%May 28
2%May
80
65% Mar 6
97
May 31
100
July 31
94
112
July
7
Mar 31
15% Feb 19
104% Apr 26
3
2% Apr 28
23% Mar
74%
2
6
27% Apr 17
120%May
27%June
Apr 16
2
70
May
Mar 22
110
May
20
30% July 14
27*4 May
*55
65
10
Wheeling & L Erie Ry Co.100
65
July 23
65
100
100
40
92
Apr 28
100
~4~2<j6
3^% conv pf
100
Wheeling Steel Corp
No par
$5 conv prior pref...No par
White Dental Mfg(The SS).20
White Motor Co
1
163s
16%
*15
15%
16%
*15
16%
15%
7%
15%
7%
*4%
4%
*52
25%
2%
54%
25%
134
4%
6%
2%
134
4%
6%
*72%
74%
*113%
*27%
2934
2334
*116
*15
15%
1578
7%
734
4%
54%
*52
26
*26
4%
*52
26
30
24%
130
16
734
5%
54%
27%
2%
2%
2%
2%
134
178
4%
2
2
4%
4%
4%
6%
74%
*27%
2978
24%
*121
63g
6%
74%
*113%
28%
1534
734
434
28
30
2434
130
73
113%
*2734
2934
24%
130
6%
73
30
24%
130
130
*113
130
*115
130
*66
67
67
67
67
67
*69%
67
♦21
70
71
71
121% *114% 124
67
21%
*67
2134
14%
1434
117% 117%
*978
10%
117
38%
39
37%
14%
10%
*87
91
*87
17
17
17
12
134
«
15%
*7%
5%
*15
15%
15%
1534
7%
27%
2%
2
4%
*2
134
4%
6%
70
70%
*117
119%
2334
145
130
125
130
6634
6634
67
10%
15%
117%
10%
38%
39%
12%
12%
1234
134
1%
1%
2
'117
90%
*9134
17%
13
16%
12%
94
16%
12%
2
2
2
Bid and asked prices; no sales on this day.
2
4%
6%
73%
27%
30
24%
145
125
7
2%
1%
*4
6%
73
*113%
27%
2%
1%
4%
6%
74
*65%
21%
14%
117
67
30
2334
23%
*140
143
7,200
3,600
128
6834
*65%
21%
15%
*21
117
1434
*117
1,300
14%
13,400
118
90
39%
16,300
*92%
15%
2
20
300
68
2134
38%
16%
13%
700
800
1,100
16
2
50
10%
39%
92%
13
110
10%
10%
39%
92%
10%
700
13%
2
$ In receivership,
No par
0% preflOO
10
Wool worth (F W) Co..
10
$0 preferred
Wisconsin El Pow
2934
68
6
Willys-Overland Motors
1
0% conv preferred
10
Wilson 4 Co Ino......No par
"l",2o6
*123
Corp—1
No par
20
Wilcox Oil 4 Gas Co
600
3,700
4,300
12,600
27%
6634
69%
69%
68% 68%
6934
6934
*114
123%
116
116
123% *114
6634
1434
17%
Prior preferred
142
22%
91
300
2334
24%
21%
10%
40%
26%
2934
30
145
22%
15%
*26
73%
22%
118
54%
26%
2%
$4 conv preferred
27%
2134
15%
10%
39%
90%
16%
12%
White Sewing Mach
100
*113%
28
67
1434
8,700
6%
67%
118
White Rock Mln 8pr CoNo par
5
57
4%
67%
10%
40%
2,900
5
*52
2
68%
117
7
5%
*2
7334
27%
2934
15%
7%
54%
26%
6%
*72%
15%
7
70
*26
1534
5
5%
*52
'113%
28
*108
*111
*15
94
400
16%
6,500
13%
3,700
2
1,600
d Def. delivery,
21% Apr 18
04
10%
May 19
Jan
7
12% Feb 14
4
Apr 21
4
Feb 14
41
Feb 15
20% Feb 14
l%May 3
Jan
110% July 31
65
*15
2*4 May
34% Jan 10
105
141
101
400
May
June
% Dec
14% May
15% May
65
21,200
21
29% July 22
24% July 22
*99
70
11
18% Feb 13
17% Apr 22
86
May 31
65
29%
June
108% May
4% May
*95% 101
293s
June
July 31
*60
*68
80
l%May 13
98
7134
Deo
15% May
68*4 Aug
9
65
3034
May
2% May
80
1
110
7134
14
5
98
30
May
13% May
Jan
*60
71
May
20
%i Feb
6
110
30%
22
100% May
98
71
May
105% Feb 10
29% July 22
4% July 31
65
2734
May
% May
3*4 May
96% May
*96
71
2
30
91
Jan 10
107% Jan 18
117% Jan 3
20% July 15
*60
2834
Jan 18
3% Deo
% May
13% Aug
115
109% 109%
27%
5
June
109% Jan 25
65
*68
Feb
May
10
4
Feb
June
3
18% May
% Mar 11
0
105
5
89
4
6
6
Jan 2
July 21
Jan
1% July 31
Jan
No par
$4.60 preferred
50
Jan
4
2
53
Oct
•u Deo
5% May
10% May
Apr
5% Jan 6
l%June 9
21% July 10
5% July 31
72
July 31
3%May 13
•x»June 4
13% Apr 19
2% Feb 19
{Warren Bros Co
No par
9%
22%
105%
6%
30%
14%
May
June
14
% Jan 10
ni» Jan 17
17% Apr 22
Western
28% May
Feb 15
90%June 27
4
May 1
preferred
6
Mar 27
% Apr 15
•u Jan
No par
$3.85
36% June
89
.No par
Warner Bros Pictures.
4
33% Feb
4)4% pref with warrants 100
Walworth Co
Jan
42
136
100
No par
Walgreen Co
May
1*4 May
May
14
x37%June 12
31% Mar 29
92 34
71
Feb
35% May
5034 Jan
67
Mar 13
100
5% preferred A....
Mar 20
Mar 20
20
Westlnghouse Air BrakeNo par
29%
Apr
22% June
July
July 30
67
Weetern Union Telegraph. 100
71
%
112
7
45
6
No par
Waldorf System
115% July
2
100
Vlcks Shreve 4 Pao Ry
Victor Chemical Worka
200
28%
Jan
Deo
*i« Nov
July 10
114
5
10,400
71
Jan
128
19
x22
7% 1st preferred
Vlck Chemical Co
34
28%
70
159
43% May
6
June
18% Nov
May
101
28
Apr
Deo
June
...100
Van Raalte Co Ino
28%
*68
2%
03%
12
*96
*110% 110%
Apr
May
June
Mar 17
*55
*109% 110
2»4
25
15
*%
23
Deo
Nov
6
34% Jan
28%
22%
130%
3134
31%
31% *31
*33%
35
34%
35%
110% 110% *110% .112
2
Apr 10
3,500
130% *128
Apr
50
69
12
uxe
*128
Jan 21
Van Norman Mach Tool..2.60
29
23%
92
92%
39%
12% May
45
May
134>4 June
59% Jan 15
Apr 21
ui«
129
130
160%June 20
% Jan 9
21% July 31
Apr 18
28%
22%
llx«
29
*73% Deo
76% Nov
1
23
7% preferred..........100
0% preferred
100
West Penn Pow Co 4 )4 % pf 100
West Va Pulp 4 Pap Co No par
0% preferred
100
Wester* Auto Supply Co... 10
"""906
Jan
07% Nov
41
Jan 10
15
West Penn El class A..No par
120
7
4
157
May
Jan
Apr
42% June
1% Deo
4
100
Preferred
80
1,400
Jan
10% Jan 10
2
1%
415g
117
103% May
29% Deo
Vanadium Corp. of Am.No par
200
140
42
6
Jan 13
50
May 20
Jan 17
<11 Jan
No par
$4 oonv preferred
9
June
89% May
60
May
is8 Jan
1% Jan
May 10
No par
8% preferred
73
9734
48
1
6
% May
May
4
May
38%
15
33% Jan 13
Mar 27
Universal-Cyclops Steel Corp 1
*77
101
70% Jan
Aug
22
76% Jan 29
130
42
No par
preferred
7% preferred
100%
65% Apr
1
United Stockyards Corp
United Stores class A
conv
98
25
7% preferred
48
July 23
49% Apr 21
115%June 2
22% Apr 30
...No par
Webster Elsenlohr
101
96
Preferred
U 8 Steel Corp...
Preferred
4
17% Feb 14
80% Feb 15
65% Mar 13
69% Apr 25
...100
U 8 Smelting Ref & Mln
60
Wayne Pump Co
*100
96
68% May
10
8% 1st preferred
500
116% 116% *116% 116%
116% 116% 116% 116%
*20
20%
20%
20%
20%
20%
20%
20%
20%
*10538 106% ♦10534 106% *105% 106% *105% 106% *104
106% *104% 106%
29
29
29
29
29%
29%
*2834 29%
29%
29%
*2834 29%
4%
4%
334
334
4%
4%
334
3%
4%
378
4%
4:
20%
July 11
»x«June
No par
U 8 Rubber Co
3
100
10134 102
Jan
Apr
Nov
3
101
101
103
39
24
3
100
101
74
Dec
700
101% *100
101
103
Apr
Apr
27% June
Washington Gas Lt Co.No par
Waukesha Motor Co........5
"7",300
Apr
12%
May
21%June
Warren Fdy 4 Pipe
25%
6
9% July 30
Deo
7%
7
6
2% July 23
26 July 11
100
25%
May
3% May
4
34% Feb
25% Jan
500
*70
28
4% Jan
31% Jan 11
200
73
35
14
32% July 28
Apr 22
26% Apr 26
29%May 6
18% Apr 12
16
16%
25%
25% July
43
Apr 18
5% Apr 24
20%
25
June 12
Feo 10
3
20%
*15%
16%
*70
6% Mar
54% Feb 24
160
5,000
2,450
182% May
33
3234
21%
16
16%
*77
*70
96%
4%
7034
Jan
May
234 May
10
1
200
300
Nov
20
600
18
Deo
11
89
9%June 27
Dlv redeem pref .....No par
1,600
8,200
2,000
1,100
48,200
25
73
300
165
Jan
May
100
Playing Card Co
U 8 Plywood Corp
tU 8 Realty & Imp
1,600
%
73
24%
*70
96
1%
17
4%
*%
434
70
*15%
16%
*2%
16%
3
*4%
18
*20%
15%
17
4%
13x»
18
1%
I534
*31%
1%
16
500
12%
June
20
...No par
97
6% May
50
Jan 14
183
7%
Deo
8
69% Jan
4% Feb 17
.6
;_60
Preferred.....
3
5g
i
834
834
20% 20%
100
100
5%
5%
*30
30%
*14
14%
4%
69%
4%
70
1
*77
34
3xc
18
19
4%
14
1534
*2%
4%
»x«
*18
*69
1
2478
8%
100
5%
14
1678
8%
20%
20%
*9914100
5%
5%
30
30%
*14
14%
9
100
3%
U 8
149
3X#
*18%
4%
1
102
*138
3x«
*4%
"x«
*97
149
*138
•u
1334
*31%
1%
14
*77
*23
2934
*14
*13x«
19
13%
*1634
*2%
%
9
20
1934
*99% 100
5%
5%
*13xe
19
4%
1634
17%
3
%
*834
*98% 102
99
149
July 19
J Wabash Railway Co.....100
*32%
?16
13
10
*37%
3234
149
8% Mar 4
May 14
170
Apr 23
55
20
""960
37%
*32%
102
No par
37%
3234
*37%
May
Jan
300
50
3
13% Mar
7% Apr
May
6% dlv partlo preferred. 100
Va El & Pow $6 pref
No par
Va Iron Coal 4 Coke 6% pf 100
Virginian Ry Co
...26
6% preferred...
25
Vulcan Detlnnlng Co.__._100
230
June
5
Va-^arollna Chena
3234
*32%
*98
9*
21
Oct
0
12% July 30
4% July 15
80
300
19%
118
July 22
800
38
32%
*%2
2534 """400
*26%
19%
*138
a"8
72
38
149
®X6
44%
Jan
107% June
Jr-n22
U 8 Pipe <fe Foundry
40
300
Jan
15
83
30
~~6~806
117
Deo
85%
Dec
May
9%
July 23
Universal Pictures 1st pref-100
100
41
60
July 28
Partlc & conv cl A...No par
$6
""360
2% May
25% May
4
5)4% conv preferred
U S Industrial Alcohol.No par
240
40
32
3xe
117
20
7,600
05% Mar
5% Jan
71% Aug
1
10% Jan 15
Apr
Mar
6
42
19
Mar
84
2
27
117% 117%
*20
21%
2
27
117
118
1,200
5% July 24
Jan 8
share
7%
Deo
93
U 8 Hoffman Mach Corp.
10
800
2534
*1%
2534
*1%
700
20%
4
...
U S Leather Co.
Jan 11
9% Feb 19
U S Gypsum Co
100
42,200
2,200
14%
*42%
27
7,500
32,200
2,100
2434
14%
*24
21
102
*%2
69%
*68
*117
118
*38%
32%
2534
2,000
5,000
3,000
*
72
300
115% 115.%
44
*25~
1%
27
*98
*884
9
1934
1934
*98% 100
5%
5%
30% 30%
*14
14%
*'3i#
25%
*138
149
*«l#
19
2534
44
♦
2
3834
32%
*3218
*89% 102
*4%
72
*25
27
27%
117% 117% *117
20
21%
23
41l2
32%
®X«
45
*61
2534
178
*27
23%
*138
45
72
46%
*
72
*25%
*117% 118i2
*39
*45
46%
*
72
*25
%
%
14%
14%
25
25
25
25%
25%
25%
115% 115% *115% 116% *115% 116%
*115% 116
44
14
100
6,100
1,900
63
25%
Freight Co
per
3'4 May
2
8ept
pref.100
.No par
conv
Prior preferred
25%
*115% 116
U S
8,400
*1814
A
United Gas lmprov't-.-No par
$5 preferred
No par
7% preferred
"""766
*71%
2334
1%
5
6
Corp
32
20%May 10
3% Apr 21
33%May 5
00
May 29
6%May 9
105 May 3
8% Apr 25
2% Apr 10
2% Feb 19
No par
$6 first preferred
9234
74
*71%
74
583g 59%
58%
59%
*120
12034 121
120%
27%
27%
*27%
27%
*46% 47%
*46%
47%
1%
,1%
1%
1%
1
1%
1%
1%
*50
53
*50
51%
*13%
14%
*14%
14%
2
92
25
3% Jan 11
U, 8. & Foreign Secur. .No par
~3~400
32%
434 Jan 13
6
5,000
31%
32%
25%
1%
25
9234
30%
3
l%May
100
Highest
$ per share $
2%June
United Electric Coal Cos
U S Dlstrlb
share
per
5
200
"1:646
$
$ per share
United Mer & Manu Ino v 10 1
United Paperboard
10
8,800
Year 1940
Lowest
10
United Eng & Fdy.
United Fruit Co
85
30%
32%
25%
2
25%
93
6434
2434
121
too
85
30%
*32
64
74
300
9
8%
9%
*g3
30%
32%
2
15
*54
'150
85
30%
24%
91%
2%
24%
92%
64%
1
*15214
*83
834
32%
2434
1%
253g
53
*50i8
*14i4
9%
31%
32%
24%
5934
60%
11934 121
2734
2734
*45%
46%
'1%
1%
11978 120
*27
31
*31%
24%
2312
87
*83
3034
*31%
9
200
United Drug Inc
•_
United Dyewood Corp
Preferred
"
....
9%
8%
Par
Range for Previous
Highest
Lowest
12,300
4%
4%
4%
*2
734
7%
734
778
734
778
734
7%
7%
734
734
10834 10834 *107
108% *107
108% *107% 108%
107% 107% *107% 108
11%
11%
113s
11%
1178
11%
11%
1134
11%
12%
11%
11%
4
4
*4
4
4
4%
*334
*334
4
334
334
*334
4
4
4
*3%
4
4
334
334
4
378
378
3%
*89
93
*89
93
*88
*88
93
93
93
*90
91%
*90
18'4
I8I4
15
18%
17
18%
18%
17
17%
16%
16%
173g
12
12
1214
*1134
12%
123s
123s
12%
12%
12%
12%
12%
61
61%
62
*61
62
61%
62
62%
62
62%
63%
6234
*17514
*175
*175%
*175
*175%
*175%
*8i2
834
8
*8
8%
878
*8%
8%
*838
8%
8%
8%
*42
*43
42
*42
42
43l2
42
42
42
42
43%
43%
31
31i4
317g
30
31%
32%
3178
30%
30%
31%
31%
30%
4
*3%
3%
*3%
4%
378
4%
*4%
4%
4%
4%
*4%
_
Range Since Jan. 1
On Basis of 100-iShare Lots
EXCHANGE
July 31
5
40%
69%
STOCKS
NEW YORK STOCK
the
CENT
Friday
Aug. 1
Thursday
i
4%
2%
26%
*39%
NOT PER
SHARE,
Monday
Sales
for
AND
Saturday
July 23
Jan 2
3034 July 31
70
Jan 14
15% July 25
17%
Jan
8% July
5%
Jan
54% June
20% July
2%May
1% Apr 16
2% Jan
3U Apr 18
5%
4% Apr 24
0% July
65% FeD15
112% July 15
Woodward Iron Co......
25% Apr 21
Worthlngt'n P4M(Del)No par
26% May 26
10% Feb 19
Jan
9
11
10
28
31
12
11
13
22
Dec
50
May
85
May
18% May
61
4% Mar
3% May
38
1*4
Oct
1%
Jan
3
Jan
3*4 May
9
110
7
7
2534 July 22
30
33% Jan
34% Jan
Jan
14*4 May
June 10
76% July
May
7*4 Aug
7% May
45
114
Jan
108
June
Jan
15*4 May
May
13% May
7% preferred A........100
0% preferred B
100
Prior pref 434% series...100
93
Mar 15
145
July 30
55
85
Jan 30
130
July 30
00
July
64% Feb 17
67
July 28
29
June
serleslOO
Wright Aeronautical
No par
Wrigley (Wm) Jr (Del) .No par
68
Feb 13
39
June
80
Apr 23
71% July 22
122
July 24
91
June
Jan 11
73
May
Prior pf 4
conv
25
Yellow Truck 4 Coach cl B..1
Preferred
100
Yale 4 Towne Mfg Co
Wire..No
Youngstown 8 4 T
No
5)4% preferred ser A
Youngst'n Steel Door
No
Young Spring 4
Zenith Radio Corp
Zonlte Products Corp
n New
stock
02%May 28
17% Apr 24
11% Apr 21
114
Feb 26
par
9% Feb 19
par
30% Apr 18
100
83
Apr 26
par
No par
13% Apr 16
1
1% Apr 23
r Cask sale.
10%May 10
* Ex -dlv.
80
June
15% May
22% Jan 8
17% Jan 10
120
Jan 10
9*4 May
98
May
12% Jan 11
42% Jan 6
20% June
94% Jan 31
18% Jan 6
15% Apr
2% Jan
y Ex-rights.
6% June
80
May
12% May
3
8% May
6
2
Mar
Called for redemptloa
Aug. 2t
658
Bond Record—New York Stock
1941
Exchange
friday, weekly and yearly
NOTICE—Prices
"and Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly
range are shown In a footnote
In the week in which 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.
are
Friday
Week's
Last
Range or
Range
Sale
BONDS
STOCK EXCHANGE
Week Ended Aug. 1
N. Y.
Friday's
Since
Price
Bid
Asked
A
Lots
U. S. Government
Friday
High
Jan. 1
No.
Low
High
0
119.18 119.16
119.18
17
119.4
J
D
111.20
111.23
21
111.19113.18
113.9
113.9
2
113.3
115.7
106.1
106.1
2
106.1
107.25
106.20
2
106.20 108.6
107.23
11
107.22 109.9
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
110.30
8
M 8
113.4
113.20
110.14
M
111.1
♦113.11
110.14
113.3
113.6
12
8
111.13 111.13
111.21
18
8
108.15
108.15
3
8
♦110
110.8
J
d
M
110.16 110.15
d
J
D
J
iio'29
D
M
M
107.2
107.1
8
8
*108.13 108.22
103.6
107.1
104.28 106.28
100.24 104.4
♦Colombia Mtge Bank 6*s... 1947 A O
♦Sinking fund 7s of 1926
1946 MN
♦Sinking fund 7s of 1927
1947 F A
106.21
104.12 106.21
Copenhagen (City) 5s
106.28
1
101.29
J
101.30
27
106.28108
106.19
106.17107.26
External 5s of 1914 ger A
6102.3
102.3
102.5
External loan 4*s
103
D
105*
104*
101.29103.2
100
273
105 m
4*s external debt
Sinking fund 5*3—JaD 15
♦Public wka 5*s.__ June 30
♦Czechoslovakia (Rep of) 8s...
♦Sinking fund 8s ser B
105m
& Municipal
Agricultural Mtge Bank (Colombia)
Foreign
Govt.
Denmark 20-year extl. 6s
A
*25*
1948 A O
Akerehus (King of Norway) 48.1968 Af 8
J
J
♦Gtd sink fund 6s
• f
23
3
26*
22 m
-WW*
27
*21
27
26
9*
15
1945
9*
9*
21M
7*
9*
2
7*
9m
9*
9m
9
9
9
♦Antloqula (Dept) coll 7s A...1945
♦External
27*
27
7s series B
m*
'
-
«
-
♦External
s
f 7s series C.....1945
9*
9*
2
♦External
s
f 7s seriee D
1945
9*
11
♦External
s
f 7s 1st series
1957
9*
9*
♦External
sec s
f 7s 2d series. 1957
9
9
1
♦External
sec 8
f 7s 3d series. 1957
9
9
1
7
*9
J
Antwerp (City) external 6s....1958
With declaration
D
-ww*.
17*
14
....
17
17*
*12*
i.
8 f
4Ms.....
external 4*s
...1948 MN
1971 MAT
89*
87
90
78
78
90
72
71m
73 m
39
65
74
8 f extl conv loan 4s Feb
1972 F
A
64 m
8 f extl conv loan 4s Apr
1972 A
O
64 m
...1957 M
External 5s of 1927
♦Austrian (Govt) s f 7s
With declaration
s
44
64*
67 m
27
58 m
65
65
46
67
68
2
63*
53*
69 m
69
61
27
47
61
5m
68 m
1
5m
P A
♦Bavaria (Free State) 6MS-.--1946
With declaration
External
64 m
64
60 M
"68"
1956 AfN
J
1957
External g 4 Ms of 1928
Belgium 26-yr extl 6 mb
8
63 m
66*
J
Australia Com'wealth 5s......1955
5*
91
1955 7
J
90
With declaration..........
External 30-year s f 7s
With declaration
1965 7 d
"73""
"75"
....
1950 AO
♦Berlin (Germany) s f 6 Ms
With declaration
♦External sinking fund 6s... 1958
"*8M
♦Brazil (U 8 of) external 8s
♦External s f 6 Ms of 1926
1941
}"d
1957 A
O
6Ms of 1927...1957 A O
♦7s (Central Ry)
1952 7 d
Brisbane (City) s f 6s
......1957 M 8
Sinking fund gold 5s
1958 F A
20-year s f 6a
1950 7 d
♦Budapest (City of) 6s
1962 7 d
♦External
s f
18
60*
20*
10*
10*
17*
20*
07
16*
17
67
60
..
45
17
37
18*
21
60*
...
65
1
4
s
f
4*-4*s
Bulgaria (Kingdom of)—
♦Secured s f 7s
......1967 7
50 m
5s
1960 A
O
1952 AfN
10-year 2mb
—Aug. 15 1945 F A
25-year 3*8
1961 J
J
7-year 2mb...
1944 7
j
30-year 3s_._
1967 7
J
30-year 3s
1968 M N
•Carlsbad (City) 8s
1954 7
J
50m
50*
52*
1950 M
♦Farm Loan
s f 6s.-July 15 1960 J
♦6s July coupon on
1960
♦Farm Loan s f 6a...Oct 15 1960 A
♦6s Oct coupon on.......I960
♦Chile (Rep)—Extl s f 7s
♦7s assented
101*
1960 A
see
page 663.
*11*
1942 /
j
67
68
45
62*
45
58*
33*
42*
27*
49*
56
31
60
63
52
59*
*55
70
52*
60
57*
*52 *
57*
52*
60
52
60
58
52*
59*
60
52*
60
8*
27
J
8*
9
J
♦El Salvador 8s ctfs of dep.....1948 j
♦Estonia (Republic of) 7s
1967 J
Finland
(Republic) ext 6s
1945
♦Frankfort (City of) s f 6*8—1953
M
*8*
24
*80
12*
20*
63
94
93
D
93
6*
6*
6*
93
64*
*6
"b
T*
"~8*
6*
German Prov A Communal Bks
♦(Cons Agrlc Loan) 6*s
1958 J D
♦Greek Government s f ser 78—1964 MN
♦7s part paid
•Sink fund secured 6s
♦68 part paid
67
11
11*
8*
6*
"9
6*
32
1908
8*
9*
5
14*
9*
15
6
26*
*8
"9* "i2*
1964
♦Haiti (Republic) s f 6s
♦Hamburg (State 6s)
ya
*6*
~6* "li"
1968
With
ser
declaration...
♦Heidelberg (German)
A..1952 A
O
1946 A
O
...
54*
54*
*
25
*
Helslngfora (City) extl 6*s
1960 a o
Hungarian Cons Municipal Loan—
*
ext 7*8 1950
8*
♦7 *s secured s f g...
+7b secured s f g
5*
♦Hungarian Land
ser B
26
49*
50
27
52*
j
♦5*
6
4*
1940 j
j
♦5*
5*
4*
6*
6*
AfN
♦5*
6
5
6
1961 AfN
With declaration......
Hungary 7*s ext at 4*s to...1979
♦5*
5
6
4*
F
11
A
Irish Free 8tate extl
♦Italy (Kingdom of) extl 7s
32*
♦Italian Cred Consortium 7s ser B'47 Af 8
♦Italian Public Utility extl 7s.. 1952 /
j
Japanese Govt 30-yr s f 6 *8—1954 f a
6m
5*
7*
7
5
8
100M
36
102 M
111
97
96 m
91
18
89
88* 100*
79*
97 m
87 *
97 m
39
92
87 m
22
87 *
5
76*
76*
7
25
14*
'
8*
18
8*
12 M
14
14
12 m
14
14
1
12*
12*
6
12 *
12 M
20
3
20
102*
96*
91*
97*
88*
88
9*
24
26*
25
26*
14
10*
8*
13*
13*
10
14*
9
13*
14
10*
9
12*
s
f 5s
1951 j
♦Leipzig (Germany) s f 7s
1947 F
♦Lower Austria (Province)
7*s 1950 j
♦Medellln (Colombia) 6*s
1954
Mendoxa (Prov) 4s readj
1954
Mexican Irrigation—
♦4*s stamped assented
1943
♦Mexico (US) extl 5s of 1899 £.1945
♦Assenting 5s of 1899
1945
♦Assenting 4s of 1904
1954
♦Assenting 4s of 1910
1945
{♦Treas 6s of *13 assent
1933
♦Milan (City, Italy) extl
6*8—1952
Mlnas Geraes (State)—
♦Sec extl s f 6*s
1958
♦Sec extl s f 6 *s
1959
♦Montevideo (City) 7s
...1952
A
74
1
65
75
21
19
20
46*
30*
29*
79*
*17
15*
16*
16
15*
62
70
45
35
48
42
35
*2
4*
28
D
*6*
D
8
8
8*
j
D
71
71
71*
MN
6
19*
70
8*
26*
8
j
8
6*
9*
61
73
*5*
3*
*5*
J
6
6
3*
6
3*
3*
6
5*
J
Q
"2
45
42*
a
Q
6
4*
23*
74
d
sinking fund 5*s
1965 AfN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
11
11
20
1960 MN
Extl
♦6s series
22*
26
"36"
1945 j
M Inst 7*8.1961
♦Sinking fund 7*s
66
26.
Yj
-
38*
14*
55
_
53
*14
12*
27
26*
...
7s unstamped
—1949
German Govt International—
♦5*s of 1930 stamped
1905 J
♦5*s unstamped
1965
9
55
8
"is*
AfN
With declaration
French Republic 7s stamped—1949 / D
With declaration
8
50
24
8
52*
7
58*
58
53*
38
11
65
53*
47
*8*
55*
09*
51*
*55
__
22
*8*
9*
31*
38*
29*
56
53 m
45*
.
11
42*
Apr 15 1962 a o
46
41
90*
57
1
99*
101*
95M
73
8*
62*
45
66*
99* 104
8*
48*
a
49*
52*
55
43
9
A
47
5*s 1st series
1969 A O
5*8 2d series
1969 A O
♦Dresden (City) external 7s.—1945 MN
61*
65
14
O
17*
19*
68
51
.....
O
A
47
Dominican Rep Cust Ad 5*S—1942 Af S
l*lst ger 5*s of 1926
..1940 A O
|*2d series sink fund 5*s...1940 A O
Customs Admin 5*s 2d ser—1961 M 8
17*
52*
87*
1942 M N
♦Extl sinking fund 6s...Feb 1961P
♦6s assented
Feb 1961 J"
21*
5
50 m
90 *
97 m
87 m
8
♦External sinklDg fund 6s...1960 A O
For footnotes
*11*
1952
*5*
100
7
1942 M N
♦6s assented
1951
52*
.
♦Cent Agric Bank (Ger) 7s
5
♦5*
♦Stabilization loan 7 Ms——1968 MN
Canada (Dom of) 30-yr 4s
10
90*
12*
12*
52 m
*36 m
J
f 3 bonds
314
101*
.
7
s
103*
101*
66*
26*
26
5*
...1975 AfN
1984 J
3% external
102
*102*
62*
External g 4*s
With declaration
26
85
*55
Refunding s f 4*-4*s
1976 F A
External readj 4M-4MS--...1976 A O
External
84*
75*
26*
6
*5*
*101
90*
♦German Rep extl 7s stamped.. 1949 A
♦7s unstamped
1949
75
91
82*
67
....
83
18
14*
100* 103*
101
104*
96
101*
101*
93
17*
15*
15*
16*
52*
33
17*
72
15*
♦5*s stamp (Canadian Holder)'65
8
With declaration
Buenos Aires (Prov of)—
♦6s stamped—
.....1961 M 8
External s f 4M-4M8...
1977 Af 8
•*
8m
14
20*
83
1945
26
15*
7d
37*
24*
33*
1953
27
8
With declaration
21*
64
43*
43*
43*
43*
49*
48*
"9l"
90
-.1949 M s
25*
21
1977
16
....
f 6s
27
27
33*
*100*
12
15
25
23
17*
Argentine (National Government)—
8 f external
22*
22*
21*
23*
15*
a
—1955 f
External gold 5*s
With declaration
9*
7m
7m
6m
6m
37*
37*
29*
23*
1949
With declaration
.....1947 F
♦GUI sink fund 6s
30
29
82
Y'j
1949 F
...
30
19
34
33*
Cordoba (Prov) Argentina 78—1942
Transit Unification Issue—
J
54
27
*22
D
♦Costa Rica (Rep of) 7s
1951 MN
Cuba (Republic) 5s of 1904.... 1944 Af S
Now York City
1980
♦25*
36*
36*
29*
27*
26*
*25*
♦26*
1953 AfN
101.28103.3
102.15103
*106.19 106.23
36*
29
...
6106.18
D
36
36*
36*
29*
With declaration
With declaration
*101.26 102.2
Home Owners' Loan Corp—
3s series A
.1944-1952 AfN
2Mb series O
......1942-1944 J J
3% Corporate stock...
—1952 J
25-year gold 4*s
Af 8
1945-1947
8
104.4
106.28
11*
8*
20*
21*
106.22
1944-1949 AfN
11*
8*
8*
106.19
106.26 107.28
8*
1
106.22
101.24105.3
12
I
O
11*
12*
12*
13*
12*
11
1970 A
13*
11*
12*
8*
11*
1961 J
14
8*
171
11*
♦Cologne (City) Germany 6*8.1950 Af S
Colombia (Republic of)—
13
14*
12*
9*
12
♦8
106.19 106.17
104.4
104.4
107.8
8*
10*
11*
D
Oct 1961 A
*107
4
8
1960 M
Jan
*104.30 105.6
3
12*
8
1960 M
1951 J
♦6s of 1927
d
J
12
12*
"31
♦6s of 1928—
J
1942-1947 J
11*
12*
"il*
3s external sf 3
M 8
10
♦12*
12*
11*
11*
106.27
106.17
"12"
11*
9*
9*
8*
*12*
103.5
D
1942-1947
O
♦Chilean Cons Munlc 7s
♦7s assented
108.10
53
1962 AfN
♦Chinese (Hukuang Ry) 5s
108.9
12*
"12 *
.1962 AfN
♦6s assented
111.24
J
3s
1961 A
12
O
106.21
D
2*s
d
9
♦12*
d
1961 J
1961 A
106.12
J
38
1961 J
♦6*s assented
♦Guar sink fund 6s
105.3
106.21 106.21
1944-1964
d
102.8
D
3*8
1957 /
12*
13
8*
10*
♦14
12*
d
♦6s assented
14*
14
1957 J
♦Guar sink fund 6s
14*
8*
10*
12*
103.1
d
High
14*
12*
105.3
J
Low
12*
12*
106.12
J
M 8
105.4
No.
10*
14
106.10
105.2
Since
14
8
1963 AfN
♦Sink fund 6*8 of 1926
107.22108.14
107.16109.22
105.2
Range
Jan. 1
0Q(
14
O
104.21
M 8
--
107.8
108.11
High
O
♦6 *s assented
111.2
111.22
Sept 1961 M
♦6s assented
106.31110.31
33
Asked
12*
12*
♦External sinking fund 6s.—1963 AfN
110.18
2
4
*109.16 109.25
108.6
108.9
D
M
........
"11
111.2
111.18
♦108.2
8
J
110.16
A
14
8
♦Chile Mtge Bank 6*8
109.24
110.29
J
♦6s assented
107.27110.9
110.29
Jan 1961
♦External sinking fund 6s.—1962 A
♦6s assented
1962 A
113.9
110.22
8
J
J
♦6s assented
107.14111.25
108
Jan 1961
♦Extl sinking fund 6s.-Sept 1961 M
112.15114.9
M
Bid
Price
Low
♦Ry extl. s f 6s
109.24111.21
110.4
Friday's
Chile (Rep)—Concluded—
110.11112.12
"io
M
Treasury
Treasury
...
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury 2^8-.
1945
Treasury 2*8..——
1948
Treasury 2*s.„.———1949-1953
Treasury 2 *s
1950-1952
Treasury 2 *s
1952-1954
Treasury 2Mb
1956-1958
Treasury 2*8
..1961-1953
Treasury 2*s
1954-1956
Treasury 2s....
1947
Treasury 2s.....Mar 16 1948-1950
Treasury 28..—-Dec 16 1948-1950
Treasury 2s
1953-1955
Federal Farm Mortgage Corp—
1 *8 series M
121.26
101.21102.19
el06.20
107.23 107.22
5
Sf
Range or
Sale
Foreign Govt. & Mun. (Cont.)
A
Treasury 4s
Treasury 3*s
M 8
STOCK EXCHANGE
Week Ended Aug. 1
Treasury 4 *s
1947-1952
1944-1954
1946-1956
3*s
...1943-1947
3*s
1941
3*8.
1943-1945
3*s
1944-1946
3*s
....1946-1949
3*8
1949-1952
8s.....
1946-1948
3s............1951-1955
2^s.......
1955-1960
2*8
1945-1947
2*8
1948-1951
2*8.......—.1951-1954
2*s....1956-1959
2*8
....—1958-1963
2*s._.——1960-1965
Y.
Week's
Last
BONDS
N.
j
D
J
O
Af S
M
J
8
14
6
6
♦5*
j
A
*5*
*5*
6*
14
10*
10*
15*
10*
10*
4*
14
8
8*
6
6
30
11
11
D
*42
62
54
62*
1959 MN
*42
50
53
60
Volume
Last
Friday's
&
Asked
Bid
Price
Week Ended Aug. 1
External
a
A
Apr 1958
A
1943
F
A
1944
F
M S
External
a
F
1952
1953
1958
1955
bbb2
x
aa
J
x
aaal
111X
Cal-Ariz 1st A ref 4 Hs A.. 1962 M S
J
D
Atl Knox A Nor 1st g 5s
1946
J
Atl A Charl A L 1st 4Hs A..1944 J
J
J
1st 30-year 5s series B
1944
Atl Coast 1st cons 4s.July 1952 M 8
x
aaal
U0H
♦U1H
31
28 H
33
34 h
Rocky Mtn DIv 1st 4s
40 X
Trans-Con Short L 1st 4s__1958
30 H
29 h
34 h
40 h
29
30
29
31h
27 h
8
28
8H
"31M
23
46
General unified 4 Hs A
34
28 h
28h
43 h
24h
25 h
57
57 h
Stamp mot 3Ha ext to
Ext see ref 3 Ha ser B
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
57
J
52 h
D
51
"8H
8H
6H
6h
7
6h
6H
6H
6H
7X
6h
6H
6
7H
*7h
7
7
*5H
*4H
*5h
4
4H
13
13H
J
♦Nat Loan extl
a
f 6s 2d ser
1961
A
6h
1940
1958
1947
.—.1968
assented
6h
6h
5h
5h
5H
assented
6h
5h
5h
9h
1950
1963
9h
9h
With declaration
♦Porto Alegre (City of)
J
♦Extl loan 7 Ha
♦Prague (Greater City) 7 Ha
♦Prussia (Free State) extl 6 Ha
D
J
J
9h
FN
1961
1966
1952
1951
8a
5
4H
6H
♦Rio de Janeiro (City of)
99
67 H
20
27
10 H
24
"id"
8H
d 8H
10 X
9
A
J
D
♦7s extl loan of 1926
1966
1967
1952
1953
J
D
A
10 h
J
54H
13 h
9H
13H
8H
I2K
56
19
O
43 H
22 H
60
D
D
26 H
26 H
Serbs Croats A Slovenes
(Kingdom)—
1962
5
3H
8H
4H
4
6H
8H
6H
♦8s secured extl
With declaration.
J/N
4x
MN
1962
♦7s series B see extl
*4H
M N
....
*4H
4h
With declaration
♦Silesia (Prov. of)
♦4 Ha
assented
A
F
A
J
J
1955
Sydney (City) a f 6 Ha
,/4H
68
3H
3H
20 H
"6
13
"61"
68
61
9
30
50H
37
18 h
19h
14
41 h
45
21
Tokyo City 5s loan of 1912
External a f 5 Ha guar
1952
1961
A
O
♦Uruguay (Republic) extl 8s
1946
F
A
FN
*43
1979
J/N
...1979
FN
18H 25
*44
1960
1964
♦External a f 6s
♦External s f 6s
39H
54
55
59
54
39 X
47 H
35h
44
35 h
43
20
41x
48
5
36 x
17h
46 h
47h
44
46 h
28
46
44
3H-4-4H8 ($ bonds of 1937)—
External conversion
J
♦Vienna (City of) 6s
external 7s
♦4H8 assented
♦Warsaw (City)
D
*42 x
F
A
46 x
/
3H-4H-4luextl conv
...1978
4-4H~4Ha extl read)
1978
3 Ha extl readjustment
1984
♦Venetian Prov Mtge Bank 7s.....1952
J
40 X
M N
*6H
F
A
♦4H
F
A
4
J
1952
1958
...—1958
40 x
*11
O
A
"48"
D
30
2H
3
With declaration
Yokohama (City) extl
1961
6s
45
30
12h
3X
4X
4%
67 X
Elig. A
BONDS
N.
Y.
Last
Rating
Price
Week Ended Aug. 1
Friday's
Bid
A
Asked
stamped. 1946
7a..—1952
Ala Gt Sou 1st cons A 5s
1943
1st cons 4s series B._—..1943
Albany Perlor Wrap Pap 6a.1948
6s with warr assented.
1948
Alb A Susq let guar 3 Ha
1946
3Hs registered
1946
Alleghany Corp coll trust 58.1944
Coll A conv 5s
1949
♦5s stamped
—1950
Allegh A West 1st gu 4s
1998
Allegh Val gen guar g 4s
1942
Allied Stores Corp 4Hs debs.1951
A Ills-Chalmers MIg conv 4a. 1952
♦Alpine-Montan Steel 7s
1955
Am A Foreign Pow deb 6s...2030
Amer ig Chem codv 6 Ha—1949
Am Internat Corp conv 5 H». 1949
J
D
z
J
55 %
cccl
M 8 ybb
D y bb
y
10-year deb 4 Ha
106
aa
aa
y
cccl
y
cccl
bbbl
106 X
*40
106H
bbbl
2
b
2
yb
1
ybb 1
*45
x
100 x
108H
106H
*75
43 H
4
13
54
5
107 x
25
108 H 110H
106 X 107 H
54
54 x
57 H
59
79
80
91
91
92
63
85 H
y
77 x
77 h
79
47
72 H
97 H
86
58 X
56
59
105
46H
62H
2
x
aa
A
x
bbb2
M 8
x
a
8
z
F
M
M 8
J/N
J
73 X
*71x
101 »st 101»J!
bbb2
J y b
-
....
11
104h
6
108 h
2
1
...
104 h
108%
14
*
yb
x
.
69
73
101»«104
102
104 X
106H 10 X
25
"269 "52"
~63H
102
1
58 h
101 h
102
73
102
10
100H 104 H
99 X 103
101*u
101H
59
101»i. 104*i«
63 H
American Telep A Teleg—
fund 6HS-1943 UN
3Hs debentures....
.1961 A O
3Ha debentures...
1966 J D
3s conv deb w i
1956 M S
J
Am Type Founders codv deb.1950 J
Am Wat Wks A Elec 6s ser A.1975 M N
Anaconda Cop Min deb 4Hsl950 A O
♦Anglo-Chilean Nitrate deb—1967 Jan
J Ann Arbor 1st g 4a
...1995 Q /
Ark A Mem Br A Term 5s...1964 M 8
Armour A Co. (Del) 4s B
1955 F A
J
1st s f 4a ser C (Del)—...1957 J
20-year sinking
For footnotes see page
663.
x
aa
101 h
x
aa
108h
108 h
109
80
106 X HO
x
aa
108h
108h
110h
109h
66
106 H 109H
HOH
534
110H H2H
107
107%
3
101X 108
108h
109 x
3
108H 111
103h
103 x
32
21
102 H 106
110h
y
bb
bb
x
aa
y
y
ccc2
1
y
bb
x
bbb2
X
bbb2
*31
"~58h
56
26 H
49
47
106 H
106H —11
97
A
♦8H
z
-•
25 H
10H
15H
„
26 H
26 H
25 H
z
U
100 X
27
8
26 H
15
27
A
bbb2
x
17
107
105 H 107
105H
106 X
103
107
104 H
x
a
2
x
a
2
104 X
104
104 H
100
x
a
2
106 X
105H
106 X
102 H 106%
x
aa
2
107 H
107 H
107 H 109
x
bbb2
101H
101H
y
bb
3
bb 3
bb 3
bb 3
ccc2
y
O y
A
106 X
107
J
y
MN y
F A z cccl
J/N
x
99 H 102
77
77
73
79 H
85
77
85
81H
85 H
75H
75
78
66H
74%
I
71 H
"71X
34 X
20 H
40
32 H
477
20 H
21H
8
110H
aaa3
72 X
35 H
110%
38
'"34
35X
21H
107%!110%
18M
9H
104
104
*103
A
x
bbbl
J/N
x
a
2
HON
110 H
J/N
x
bbb2
109H
109 H
94
F
A
x
aa
♦112H
111
/
D
x
aa
*110%
108H U2X
y
b
F
93 H
105H
108H 111H
109H 113H
95 H
90
103H 107 H
11
106
113
Stamped modified (Interest
J/N
at 3% to 1946) due
1957
O
4a..—1952
Consolidated 5s
.1956
Bush Term BIdgs 5s gu
1960
Bush Terminal 1st
A
cc
1
bb
z
J
y
ccc2
A
y
Canada Sou cons gu 5s
1966
A....1962
A
x
a
A
x
bbb2
x
aa
x
A
F
Georgia Ry—
1st mtge 5s
Nov 1945
{♦Consol gold 5s..— —.1945
♦Ref A gen 5 H? series B... 1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur mon g
♦Mobile Dlv 1st g 5s
Cent IHlnols
Light 3Hs
51
H
51
78 H
108H
108
31
40 X
7H
6H
13
3H
14
3H
76 H
1
66 H
76 H
13
41H
54 X
66
78 H
52
X
78 H
10
108H
6
14
...
-
7
105H 108H
89 X
83 H
16
80
100 H
100 H
14
90 H
aa
103H
18
93H 104 H
aa
104 H
104 H
104 X
104 H
1
94
x
aa
104H
102 X
104H
104H
6
102 X
102 X
2
100 H
100 H
100 x
17
93H 104X
92 H 102 X
90H 100X
A
z
cccl
83 H
100 H
109
62 H
O
83
99 X
108H
61
89
105 H
104H
81X
80 X
76 H
76 H
*45
62 X
3
90H 100H
102X 109H
89 H
43
69 X
77 X
3
64H
84
78H
41
46
101H 105H
50
49
50
99
""2
103
95 H
104H 108
99H 103H
2
49
53
97H
4
99H
X
37
H
5
88
97
4
17H
32 H
28 H
55
16H
5H
95
30
31
15H
64 X
76
4
30
107X
*49
52
122
89 H
99 H
"l5X
104H
105H
81X
103
50
100 H
11
100 H
109
107H
ccc2
z
54 H
15H
4H
5H
1H
36
33
z
cc
4s..1951
z
cccl
4H
4H
♦15H
1946
z
cc
*14
15 H
1966
x
aaa3
*111
111 X
z
b
66
65H
66 H
"21
56
z
cccl
20 X
20
21
137
13
66 H
22
z
cccl
18H
19H
25
17H
18H
46
11H
11H
19H
19H
19
19
6
12H
A
4S..1961
^♦Central of N J gen g 5s
1987
z
cc
registered.....——. 1987
J
J z cccl
4s.1987
z cccl
4s registered—...
1987
A
x a
Central N Y Power 3Ha
1962
F
y bbbl
Cent Pac 1st ref gu gold 4s... 1949
A
O y bbbl
Through Short L 1st gu 4s. 1954
F A y b
Guaranteed g 5s..
.1960
J/N y b
Central RR A Bkg of Ga 58.1942
M S yb
Certain-teed Prod 5 Hs A...1948
Champion Paper A Fibre—
58
♦General
Attention is directed to the column Incorporated in thia
8H
100 H
104 H
UN
F
6H
76
*
48
43 H
x
Canadian Nat gold 4 Hs
1957
J
Guaranteed gold 5s
July 1969
♦
6H
,m
bb
J
Calif-Oregon Power 4a
42X
7
1
y
♦Certificates of deposit
43 H
1
cc
z
A
(1935Issue).—1950
(1938 Issue)... 1950
M
S xbbb2
M
S
x
bbb2
4H
5H
72 X
"55
109
109H
72 X
67
73 H
54H
55 H
86 H
87 X
*106H
♦103H
65H
109
78 X
106 X
23
tabulation pertaining to
bank eligibility and rating of bonds.
19
106H 109H
10
72
*49
'*87 H
5H
...
*60
109
6
16 H
15H
108H 111H
1H
65
16
76H
63H
42H
51H
82 H
75H
58H
79X
91H
105H 106H
103H 104H
105 H 106 X
*100
15H
17
98 X 100
105
106 H
106 H
"l2
99 H
...
JBurllngton Cedar Rapid A Nor—
{♦1st & coll 5s
1934
Sf deb4%s
105h
*99H
*103 X
Buffalo Rochester A Pgh Ry—
S f deb 4%s
"lol'Vi
130
"99H
1
A...1947
/ D ybb 2
Debenture gold 5s
1950
J/N x bbb2
1st lien A ret series B.....1957
58 H
58 h
ioo x
106
132 H
113H
137H
110
42
z
4Ha series JJ
35
h
bbb3
x
108H
103 h
11
132 X
z
t*Cent New Engl 1st gu
101X
61X
D
2
J Central of
11
3
ybb
M S
a
110H
132 X
aaa2
x
54 H
99 X 102 X
100 H 103 X
79 x
79
79
y
aa
x
84
20
20
108 X
x
x
y
55 x
101X
*15
z
♦Adriatic Elec Co extl
x
85
110
110 H
2
79
Since
Jan. 1
*102
106
bb
aa
41
Range
Ig
CQ65
106 h
101 %
1
x
1970
J
x aa
Guar gold 4Hs—June 15 1955
F
x aa
Guaranteed gold 4Hs
1956
M S x aa
Guar gold 4 Ha
Sept 1951
J
J x aa
Canadian Northern deb 6 H8-1946
J
J x bbb2
Can Pac Ry 4% debstk perpet.
M S x bbb2
Coll trust 4 Hs
1946
J
J x aa
6s equip trust ctfs
1944
J
D x bbb2
Coll trust gold 5s—Dec 1 1954
J
J x bbb2
Collateral trust 4 Hs
1960
J
J z b
^♦Carolina Cent 1st guar 4s. 1949
M S x a
Carolina Clinch A Ohio 4s.—1965
UN yb
Carriers A Gen Corp 5s w w—1950
F A y b
Cart A Adlr 1st gu gold 4a—.1981
x a
Celanese Corp of America 3s. 1955
y bb
Celotex Corp deb 4Hs w W..1947
z cccl
♦Cent Branch U P 1st g 4s... 1948
RAILROAD and INDUSTRIAL
COMPANIES
tl*Ab!tlbl Pow A Pap 1st 58.1953
Adams Express coll tr g 4s—1948
Coll trust 4s of 1907
1947
65 H
83
F
Guaranteed gold 5s
Range or
Sale
8ee i
STOCK EXCHANGE
Week's
Friday
55
86
J
Guaranteed gold 5s...Oct 1969
Bank
54
*80
J
Buffalo Gen Elec 4HsB
1981
Buff Nlag Elec 3 Ha series C.1967
*43
FN
50
48
O
1961
1st mtge 4s series RR
1960
♦Inc mtge 4 Ha ser A.July 1970
f♦Boston A N Y Air L 1st 4a.l955
Bklyn Edison cons M 3Ha—1966
Bklyn Union El 1st g 5s
.1950
Bklyn Un Gas 1st cons g 58—1945
44 h
X
43
44 H
debs...1952 A
Cons mtge 3Hs ser F
1959
Consol mtge 3s ser G
1960
Consol mtge 3Hs ser H...1965
Big Sandy 1st mtge 4s
1944
Blaw Knox 1st mtge 3 Ha
1950
M
Boston A Maine 1st 5s A C—1967
J/N
1st M 5s aeries II...
1955
1st g
32
48 H
50
D
1st Hen A ref 6s series
48
*54h
3H8-4-4H8 (J bonds of #37)
external readjustment
6X
8
30
36 h
5H
26 X
71
M 8
—1971
Taiwan Elec Pow 8 f 5 Ha
♦4H
t
F
1947
♦Slleelan Landowners Assn 6a
"in
*4H
1958 / D
1958 / D
extl 7s
4
26 H
50
43
Beth Steel 3 Ha conv
A
84
50
J
♦Berlin Elec El A Undergr 6Ha'56
15H
30
19 X
J
50
40
z
16
J
11
86
49
60
52
85H
*46
.1955 A
20
1946
51X
O xbbb3
♦Deb sinking fund 6 H»—-1959
With declaration
16 X
1940
70
z
With declaration
1945
47
"86"
J y b
3HS--1951
Telep of Pa 5s series B..1948
♦Debenture 6s
♦Sinking fund g 6 Ha
53
45H
D y b
With declaration
34
52 H
29
46 x
J y bb
/ yb
1951
stamped
53
2
J y b
J y b
1950
63
60 H
47H
58 H
92 H
Bell
11X
73 H
33H
113
50 H
12H
*60 h
54 h
37
y
63
48
65H
35M
UN ybb
♦Berlin City El Co deb 6 Ha. 1951
54 h
64 H
37
2
61H
25 H
18h
64 x
ccc3
68
43
extended to..1951
22 H
9
bb
y
73H
65H
34
1943
3
y
61H
86
70
51
1960
19h
18 X
63 H
47
1st A ref 5s series C
19h
63 X
14H
10 x
26
63 x
bb
881
Beneficial Indus Loan 2 Ha—1950
5
bb
34
Belvidere Del cons 3 Ha
1
104H
31H
11
32
aa
103 H 106 H
33 x
7H
8H
♦12H
{♦Secured a f 7a
♦Saxon State Mtge Inst 7a
1
32
18H
99 H
99H
105 H
46 H
Beech Creek ext 1st g
♦Sao Paulo (City of,
*19 H
34 H
75 H
99
104 X
33
8
20
30 H
32
31
b
118
17
19h
38
37
3
12
33
35%
3
31h
37
36 h
4
12
75
36 H
69
53 H
10 h
31h
92 H
68H
33
22 H
31X
77
71H
38
Bangor A Aroostook 1st 5s..l943
Con ref 4s.
1951
4s
Santa Fe extl a f 4s
1964 M 8
Brazil) 8a
1952 FN
♦6 Ha extl secured a f
1957 J/N
{♦San Paulo 8a extl loan of 1921—1936 J J
♦8s external
1950 J J
♦7s extl water loan
1956 M 8
♦6s extl dollar loan
1968 J J
92
70
93
10 h
17
t
61H
91
bb
b
b
87
10 X
17
99H 102H
73 H
80 H
65H
2
37
10 X
"lOH
80 H
41H
9H
12
O
/
12H
79 H
65
*100
35H
Toledo Cln Dlv ref 4a A..1959
9
6H
10 h
80 H
65
39H
to Jan 11947) due
10H
7H
32
9
MN
♦7s municipal
-
"31
12H
12H
10 h
O
1968
101X
bbb2
y
Battle Cr A Stur 1st gu 3s..1989
1946
♦Saarbruecken (City) 6s
Ref g 4s
59
O
97 H 100 H
101 x
x
y
S'west Dlv 1st Mflnt at 3 H %
87
A
♦6s extl
♦Rome (City) extl 6 Ha
27
8
F
♦8s extl loan of 1921
loan
/ 27
24
8
101
101X
Pgh L E A W Va System—
13
of)—
f g
to Sept
27
67 h
A
...1946
....1953
8s
Ha
Rio Grande do Sul (State
M
1959
aa
M S y ccc3
1946) due..1996
F A
cccl
Feb 1 1960
♦Conv due
98 h
'
t
111H
111
36 h
1%
to
9
97 h
O
111
41h
5H
8
13
A
112
109
ccc3
10 H
10 H
65 h
A
F
1941
..1947
Queensland (State) extl a f 7s
25-year external 6a
♦Rhine-Main-Danube 7s A..
111
111X
113H
bbb2
A
A
Sept 1 1946) due..2000
Ref A gen ser F (Int at 1%
8
"8H
O
lux
M S y ccc3
Ref A gen ser D (Int at
16
A
...1952
95 H
96 H
103H 105
100H 102
bbb2
8tamped modified bonds—
1st mtge g (Int at 4% to
A O
Oct 1 1946) due July 1948
Ref A gen ser A (Int at 1%
D
to Dec 1 1946) due...1995 J
Ref A ger ser C(lDt at 11-5%
J
D
to Dec 1 1946) due...1995
8H
declaration
f 6a.
103 X
*96 X
x
D ybb
J/N ybb
1948
5H
8H
8h
8
97H 101
*102
2
94H
100
97
x
J
July 1948
4s registered
4H
*8H
M
88
102 H
103 H
103 h
111X
93 H
100 H
100 H
2
High
106 H
88 H
35
92
91X
*100
Baltimore A Ohio RR—
1st mtge gold 4s
8
3H
4H
3H
3H
With declaration
♦External sink fund g 8a
91H
147
111H
91X
x
LAN coll gold 4a....Oct 1952 MN y
J
J y
Atl A Dan 1st g 4s
—1948
J
J y
Second mortgage 4s
1948
J
J y
Atl Gulf A W I 88 coll tr 5S..1959
M S
Atlantic Refining deb 3s
1953
8%
8
1960]
1964
110H
aaal
No. Low
104
8
M
f 6a let ser
t 7s
103 X
58 h
M
a
a
81
54H
104
M 8
♦Nat Loan extl
{♦Poland (Rep of) gold 6s
♦4Ha assented.
90h
54 H
51
M N
WN
/
10-year coll tr 5s..May 1 1945
27 h
33
♦24 h
O
A
..1965
36
23
M2V
27
30
♦Stabilization loan
1960
—..1948
40 X
A
M 8
J
...1955
Conv gold 4s of 1910
Conv deb 4%s
36 h
28 X
30
1963
1963
1994
1967
1947
1959
♦Stamped assented 6s
a
bbb2
x
J
41
With declaration
♦Panama (Rep) extl a I 5s serA
sec 6
x
D
70 h
34 H
40
D
Oslo (City) a 14 Ha
♦Extl
D
51H
31h
65
1955
1995
32
J
Oriental Devel guar 6a
Extl debt 5 Ha
a
bbb2
41
-
-
♦Nuremburg (City) extl 6a
With
x
1995
Conv gold 4s of 1909
Conv 4s of 1905
31
O
A
f 5a
a
With declaration
♦External
bbb2
D
Adjustment gold 4a..
Stamped 4s
35
With declaration
Municipal Bank extl
♦4 Ha
bbb3
x
61
30 H
A
F
1970
f extl loan
♦4 Ha
bbb3
x
71
51
40 X
1965
-1963
f 4Hs
With declaration
a
x
60
52
69 h
110 H
*90 X
Jan. 1
a><3
High
D
51H
6
65
65
Low
(Cont.)
Since
!i
Bid
MN
2
70
-
Price
x
55
*32 H
41
41
With declaration
Friday's
&
Asked
Sale
See i
Railroad &
55
—
declaration
External sink fund 4 Ha
4a
-
70
20-year external 6a.
With
«#
m
With declaration
Rating
Atchison Top A Santa Fe—
A O
General 4s
1995
Nov
Indus. Cos.
Range
Range or
Last
Elig. A
jsjS
sa.
70
69 H
mmmmm
STOCK EXCHANGE
High
70
65
A
1956
f 5s
No. Low
2
56 H
6
54 H
70
O
Norway 20-year extl 6a
1
*54
F
Y.
Week Ended Aug. 1
69 H
1957
(State) extl 5a
N.
Since
Jan.
^
BONDS
Range
fa
High
Low
Foreign Govt. & Mun. (Cofld.)
New So Wales
<*>
Range or
Sale
EXCHANGE
8TOCK
Y.
Week's
Friday
Bank
Week's
Friday
BONDS
N.
659
New York Bond Record-Continued-Page 2
153
See a.
New York Bond Record—Continued—Page 3
660
Bank
Friday
Last
Range or
Friday's
N.
Y.
See i
fc
s
r
STOCK EXCHANGE
Week Ended Aug. 1
lb
Price
Sft.
Sale
Bid
Railroad & Indus. Cot. (Cont.)
A
Bank
Range
Low
1992
D_.1996
434s
Ref A impt mtge 334s
Ref A Impt M 3 34s ser
Potts Creek Br let 4a
M 8
x
aaa3
MN
13254
x
aa
2
E—1996
1946
F
A
104 54
No. Low
High
x
aa
2
J
J
x
aa
2
4a
1989 J J x aaa2
1989 J J x aaa2
3a
1949 A O z ccc2
J x a
2
Chic Burl A Q—III D1t 3348 1949 J
x a
2
3 Ms registered
1949
2
Illinois Division 4a
1949 J J x a
x a
2
4a registered
1949
2
General 4a
.
1968 Af 8 x a
F A x bbb3
1st A ret 4 Mb series B—.1977
1st A ref 6s series A
1971 F A x bbb3
Chicago A Eastern 111 RR—
z cccl
♦Gen mtgelnc (conv)
1997 J
M N x a
2
Chicago A Erie 1st gold 5a__1982
J
ybb 3
Chicago Gt West 1st 4a ser|A_ 1988
1
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2038 J J y b
R A A Dlv 1st con g
2d consol gold 4a
*11134
1634
93 34
35
93
High
{♦Chic Ind A Loulsv
ref 6s.. 1947
B..1947
♦Refunding 4a serlea C
1947
♦1st A gen 6s serlea A
1966
♦1st A gen 6s ser B..May 1966
♦Refunding g 6s series
Chic Ind A 8ou 60-year
4s_.1956
J
J
J
J
J
J
9334
z
J
J ybb
♦Gen g 334s ser
J
♦Conv adj 6s
{Chicago A North
♦General g 3 34s
3 34s
Jan 1 2000
Western Ry—
1987
registered.........1987
...1987
♦General 4s
registered
1987
♦Stpd 4a n p Fed Inc tax. 1987
4s
97
8834
74
8234
8334
21
J
12
40
41%
41%
3834
4034
40
cccl
z
1234
12
72
41%
4134
64
21
42
42
4234
769
*34
817
1
1234
334
2734
25
15
19
28 34
26
38
1434
2734
28
77
16
29
2534
2534
2734
2834
14
1634
2734
2834
2934
15
27 M
25%
22
2734
'28%
28
2734
16
16
General 6s series B
D
x
23%
26%
Gen 434 s series B
O
..1942
1942
1942
Series A 4Mb guar..
x
Series C3Mb guar...
Series D 3Ms guar.
Gen 4Mb series A
Gen A ref 434s series B
1948
F A
...1950
A|
1977
J
1st
s
f 434s series C
Coal River Ry 1st gu 4s
♦6s Income mtge
Colo A South 4Mb aeries A..1980 MN y b
Columbus A H V 1st ext g 4s. 1948 A O
Columbus A Sou Ohio El 334 s 1970 M S\
Columbus A Tol 1st ext 4s..1955 F A
♦Commercial Mackay Corp—
Income deb w w
Apr 1 1969 May
112
735
276
234
134
45
75
51
11
70
9
2034
2234
2034
14
1534
234
73*
5
5134
6934
1968
1958
Conn A Pasump Rlv 1st 4a..l943
Conn Ry A L 1st A ref 4 %n. 1951
Stamped guar 434s
Conn Rlv Pow
s
f
.1951
3%B A
x
aa
x
4634
5534
4434
70
70
103
10334
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9834
4134
47
8934
9134
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934
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41
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11034
44
25
1834
11034
9
5
*11134
*10434
*10934
11034
*11234
96
"96 k
14
5734
10934
7734
5434
10634 10934
9534
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4234
1834
10734 H034
109
11134
10454 106
108
11034
111
11334
89
9834
72
80
92
85
91
58
54
61
5534
5134
58
76
75
79
10934
10434 10954
1961
3 34s debentures
8134
8734
6734
34
10334
10334
10334
22
*110
10934
3 34s debentures
of
Consol Oil conv deb 3 34b... 1951
14
21
20
*11334
5234
264
61
a
11034
bbb2
10934
11034
134
11434
10454 10954
3434
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101
119
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11034
10934
11034
15
10434
10434
8
106 34
107
17
106 34
aa
10534
10534
107
15
aa
109
10834
109
4
z
15
bbb2
106
106
10534
101
x
x
10334
10334
10334
11434
119
x
J
26
*117
aa
aa
13
*10034
aa
x
8534
113
4934
x
Works,
Upper Wuertemberg 7s_1956r
243
x
A
...1948 A
1956 A
1958 J
cc
I
z
cc
x
a
1969 J"
1st mortgage 4 34s
1969 J"
{{♦Den A R G 1st cons g 4s..l936
{♦Consol gold 434s
1936
{♦Denv A R G W gen 5s.Aug 1955
♦Assented (subj to plan)
J
x
23
14
2154
1934
21
20
20
20
1854
9834
1854
aa
z
cccl
"l4%
J
z
cccl
14%
F A
z
cc
F A
z
cc
z
cccl
F
1965 A
z
134
aa
x
{{♦Dul Sou Shore A Atl g 5s. 1937 J
Duquesne Light 1st M 334s—1965 J
J
z
J
x
x
x
aa
x
30
96
102
20
18
106
39
99
12
x
a
3
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104
101
2
152
10134
10154
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10134
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J
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cccl
1953
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cccl
1953
O
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cccl
1953
O
6834
10
"73
bbb2
J
6734
*65
4s prior 1996
"23
105
67
Prior 4s registered
1996
♦1st consol gen lien g 4s—1996
Gen 48 registered
1996
cons g
♦Conv 4s series A
♦Series B
conv
4s series D
92
9034
92
"59"
5834
"54
5734
52 34
5334
5934
5754
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5434
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cccl
z
cc
1
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cc
1
3334
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bbb2
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x
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"93
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150
150
98
10134
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56
70
55 34
56
8034
9534
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84
4034
2
6034
42
60
54 34
25
36
6534
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17
36
3354
3354
227
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55
38
3134
3134
94
24
1654
10554 109
108
9834
*150
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10434
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*108
99
43
27
10834
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-1965
43
1854
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15
aaa3
x
1965
634
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3
16
1
634
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37
10334
aa
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734
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134
98
2
1H 54
bbb2
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96
1934
10354 109
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5734
105
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106
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35
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20
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111
2
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Gen A ref mtge 3 34s ser 0.1966 M £] x aa
Gen A ref 3s ser H
1970 J D x aa
Detroit A Mac 1st lien g 4s.. 1995 J D y b
♦Second gold 4s
1995 J D z ccc2
Detroit Term A Tunnel 4 34s. 1961 AfN
Dow Chemical deb 234s
1950 M S\
Dul Miss Air Range Ry 3 348 1962 A O
1434
1454
134
b
623
108
14
1434
cc
z
x
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2
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108
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J
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{♦Des Plains Val 1st gu 4348.1947 M 8
ser
56%
16
1534
1634
9854
10734
5534
165%
J
O
26
1854
aa
J
109
1854
107
9734 102
9234
9834
22
1554
1434
2034
25
1634
1634 24
13
22
21
J
♦Genessee River 1st
s f 6s. 1957
J\
♦N Y A Erie RR ext 1st 4s 1947 M N
10434
10434
♦3d mtge 434s
1938 M S
z
1954
A
9334
Fairbanks Morse deb 4s.....1956
Federal Lt A Trac 6a ser B..1954
D
x
10934 10954
10834 11054
10334
10454
10334
10634
8
"l5
10534
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102J4 10634
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287
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J
30
107
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102
100
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50
43
70
64 34
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934
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934
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6034
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10134
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♦1st A ref 5s series A
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1974 M S z cc
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{Fonda Johns A Glover RR—
(Amended) 1st
cons
z
{♦Proof of claim filed by owner. MN
♦Certificates of deposit
Francisco Sugar coll trust 68.1956 MN]
Gas A EI of Berg Co cons g 5s 1949
♦Gen Elec (Germany) 7s
1945
D
c
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2-4s__1982
10
42
c
1
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1
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121
15
11
1961
2334
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25
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10034
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13
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9954
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35
92 34
11
9154
25
102 34
60
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8334
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64
96
5934
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10554 109
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79
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104
104 34
11054
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10834 11134
127k 132k
132k
6534
5
10354
2
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3934
57
122 54
12254
12234
98
99
50
9034
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k
98
6434
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36
42
11054
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3734
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954
89
*9134
a
Hudson Coal 1st s f 6s ser A. 1962 J D
y cc
Hudson Co Gas 1st g 6s
1949 MN: x aaa3
Hudson A Manhat 1st 5s A..1957 F A
y b
3
♦AdJ income 5s
Febl957 A O z cccl
82 34
*62
♦Debentures ctfs B
Feb
cccl
Gulf Mob A Nor 1st 5348
B..1950 A 0\ y bb
1st mtge 5s series C
1950
y bb
Gulf Mobile A Ohio 4s eer B
1975
y bb
♦Gen mtge inc 6s ser A
2016
y b
Gulf A Ship Island RR—
x
9034
10154
9734
33
10454 107
95
60
66
10734
10454
9654
14 34
2334
21
15
8034
J
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1949 J
J z
Hocking Val 1st cons g 4348.1999 J
J\ x aaa3
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mtge
1944 A O z bb 2
{{♦Housatonlo Ry cons g 5a. 1937 MNI z b
Houston Oil 434 s debs
1954 MN y bb
1534
106 34
66
3534
8434
18
74 34
*100
J
Gulf States Utll 334s ser D..1969 MN
36
39
35
10
106"
*9854
5934
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y bb
71
7434
y
a
9654
1554
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106 34
1952
1st A ref Term M 5s
stpd
1952
Gulf States Steel s f 434s.-—1961
9434
*1434
*
A y
x
121
12
18
9534
D y bb
J
254
3
6034
35
1973
General 4Mb series D
1976
General 434s series E
-1977
General mtge 4s series G..1946
Gen mtge 4s series H
1946
Gen mtge 334s series I
1967. J
39
3534
Goodrich (B F) 1st 434s
D x bbb2
1956
Gotham Silk Hos deb 5s w w.1946 M S
y bb 2
Gouv A Oswegatchie 1st 5s..1942
D y b
Great Northern 434s ser A
General 634s series B
General 5s series C
1034
134
*120
15
♦20-year s f deb 6s
1948 AfN z
Gen Steel Cast 534s w w
J y bb 1
1949
{♦Georgia A Ala Ry Ss.Oct 11945
J z cccl
{{♦Ga Caro A Nor 1st ext 6a_1934
J z c
2
♦Good Hope Steel A Ir sec 7s. 1945
O
gu 5S..1947
1134
1%
10
z
Gt Cons El Pow (Japan) 78—1944
1st A gen s f 634a
—1950
75
734
634
5
934
z
With declaration
10254
4354
cccl
z
{♦Sinking fund deb 634s._ 1940
11854
103
a
D y bb
1943
103
101
*10354
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7934
77
10734
10934
aa
73
8834
10434 106 34
113
10934
90
6734
i0434
52 34
x
10854
7934
8434
7454
8734
7534
6834
10934
aa
z
104
60
22
"21
Dayton P A L 1st mtge 3s_.1970 J J x aaa2
Del A Hudson 1st A ref 4a__1943 MN y bb
Del Power A Light 1st 4348—1971 J
Jl x aa
Grays Point Term 1st
"82 k"
cc
x
109
108
10734 10734
x
......1946
3 34a debentures
♦Consolidated Hydro-Elec
102k io§k
10734
Consol Edison of New York—
334s debentures
10534 105 J4
aa
x
1834
.
z
1
1
1
O
extended to 1946M
♦Deposit receipts
Curtis Publishing Co 3s deb.1955 A
28
10854 11134
10554 10934
107
11134
9834 104
94
15
x
J
J
A
J
J
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2034
D
series B
10634 10834
25
ccc2
5134
5434
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163%
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1834
24
cc
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109 34
10334
3
1934
2434
cc
♦{Ref A Impt 5s cf 1927—1967 AfN
O
♦{Ref A impt 5s of 1930—1975
♦Erie A Jersey 1st s f 6s..1955
J
5334
8134
2334
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1
1
ccc2
z
z
78
10834
i
Commonwealth Edison Co—
1st mtge 335s serlea I
Conv debs 334s
x
cc
cc
z
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24
34
9734
2134
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1134
1334
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1
13
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2234
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,
150
2034
2234
2034
*10534
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6734
a
Elgin Jollet A East Ry 3348.1970 M S
2034
75
1
2
♦Deposit receipts
24
23
7534
8234
107
aa
x
J
49
*55
10934
x
x
2734
10754 111
z
1952|J
3834
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5734
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J x bbb2
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Jan 15 1961 J
34
16
7734
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18
10134
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1
A x bbb2
1970
107
134
2134
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aa
10634
101
D
J
254s..1948
101
2834
109
x
D
1945
Colo Fuel A Iron gen a f 5s.. 1943
conv
Crane Co 234s s f debs
1950 A O
Crucible Steel 3348 s f debs.. 1955 J D
♦Cuba Nor Ry 1st 5348
1942 J D
234
*108"
bbb2
6
10934
10754
11034
Ed El 111 (N Y) 1st cons g 58.1995
Elec Auto-Lite 2348 debs..—1950
*105
x
1973
—1977
10734
aa
East Ry Minn Nor Dlv 1st 4s 1948
O
East T Va A Ga Dlv 1st 5s..1956 MN
aa
x
5s series B guar....
aa
2034
1
a
a f
x
MN| x
2034
2%
1334
bbb2
1st
1966 MN
—1969
11
aa
bbb2
24
1034
a
x
11134
89
x
x
111
11034
10754
42
x
x
1981
434s.1961
5348—1972
111
11134
24
*10434
*10334
*10134
Cleve Union Term gu
10834
111
aa
-
1st mtge 3348
Continental OH
10734
aa
x
1934
1934
15
aa
Cleve Short Line 1st gu
aa
33
—1970 MN
3434
2034
J x aa
x
x
MN] x
1st mtge 334s
May 1 1965 Af N
1st mtge 3348-.-..-1967
1st mtge 3 34»-1st mtge 334s
21
14
O x aa
MN
8434
1834
1934
Cleveland A Pittsburgh RR—
Series B 334s guar.
7534
3034
22 34
2
St L Dlv 1st coll tr g 4a...1990 MN ybb 2
J
aaa3
Cleveland Elec Ilium 3s
1970
8254
36
4434
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I
82 34
18
7434
J ybb
ccc2
f 5s—.1960 J
s
1634
1934
1034
2
bb
J ybb
z
Consolidation Coal
1934
19%
19%
D xbbb2
1993
J
2734
14
2%
434s series E..1977
Ref A Impt
18
43
1534
Cln Wab A M Dlv 1st 4s..1991
2734
29
Cleve Cln Chic A St Louis Ry
1993
2634
2834
y bb
June 16 1951
J
D y bb
51
Memphis Dlv 1st g 4s
1951
J
D y bb
Chic T H A So'eastem 1st 5s. 1960
M S y bb
"53 k
Income guar 6s
Dec 1 1960
Chicago Union Station—
x aaa2
1st mtge 354s serlea E
1963
10854
x aaa2
1st mtge 3 Mb series F
1963
10334
J
Jl x a
2
Chic A West Indiana con 4a. 1952
95%
M 8 x a
2
1st A ref M 4 J^sserlea D..1962
98%
A O y ccc2
41
Chllds Co deb 5s
1943
M N y ccc2
{♦Choctaw Ok A Gulf con 5s_1962
F A x aaa3
Cincinnati Gaa A Elec 3340--1966
J D x aaa3
1st mtge 3 Mb
....1967
MN x aaal
Cln Leb A Nor 1st con gu 4a. 1942
MN x aaa3
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F A x aaa3
1st mtge gu 3Mb ser E
1969
J
J y bbbl
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cccl
3434
c
y
74
1234
334
27
D
J
z
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cc
z
J
3134
2934
2834
3034
3034
3034
63
4134
4234
234
cccl
z
4134
1134
cccl
MN
27
1956 J
1754
♦Ref A Impt 5s ser B.Apr 1978 A
254
cccl
MN
34 34
69
42
41
12
M N z cccl
MN
18
27
1st A ref 4 34s
41%
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2734
27
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35
1834
634
634
107
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2734
cccl
4034
21
No
High
cccl
z
L>
2134
73
c
TjOxjo
z
♦734s series A extended to 19461J
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86
Since
Jan. 1
«5
J
72
106
3134
1234
Range
Asked
A
J
♦Deposit receipts
♦Cuba RR 1st 5s g
20
1
11
cccl
z
34 34
1134
or
Friday's
Bid
1955 J
3034
11
2934
Price
(Cont.)
non-conv deb 4s 1954 J
64
49
41
cc
M N
37
35
80
88
2234 3034
10934 11434
99
~23
3634
ccc2
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30
6734
36 M
12
ccc2
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29
38
3434
3434
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MN
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I960
J D
Ch St L A New Orleans 6s. .1961
96
93 34
8034
7134
7834
ccc2
z
stpd Fed Inc tax 1987
MN z cccl
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1987
cccl
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M N,
cccl
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1987
MN
cccl
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1936
D (CC I
♦1st ref g 6s
May 1 2037
J D
cc
1
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J D
cc
1
♦1st A ref 4 Ms C—May 1 2037
c
1
♦Conv 4%b series A
1949 MN
{{♦Chicago Railways 1st 5s stpd
cccl
Aug 1940 26% part pd..l927
cccl
{♦Chic RIA Pac Ry gen 4s__1988
cccl
4s registered
1988
cccl
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cccl
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1988
A O
cc
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1934
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36
65
2
J
J
9734
8134
7434
12
J
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k
86%
36%
ccc2
J
B.May 1 1989
series C.May 1 1989
series E.May 1 1989
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{Chic Mllw St Paul A Pac RR—
♦Mtge g 6s series A—.—1975
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88
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May 1 1989
91
23
74 M
83
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10034
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112
229
96
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10534
120k 122k
18
67
Sale
See 1
♦Debenture 4s
81
29 M
Railroad & Indus. Cos.
Range
Rating
♦Debenture 4s
96%
"67 54
Last
Elig. A
EXCHANGE
Week's
Friday
Consumers Power Co—
91
ccc2
z
102 J4
18
118
mmm*.
STOCK
Week Ended Aug. 1
12834 134
10234 106
1834
12134
12134
17 H
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42
105
♦16
Y.
{♦Consol Ry
133
105
132J4
10434
10434
N.
Jan. 1
Chesapeake A Ohio Ky—
General gold
BONDS
Since
Asked
\
BONDS
Aug. 2, 1941
Week's
Elig. A
Rating
09
5
4
8534
9934
56
6554
10154 10354
2634
3934
12134 127
4534
45
45 34
87
43 34
1134
11
1154
165
954
4854
1334
Volume
661
New York Bond Record—Continued—Page 4
153
Bank
Friday
Week's
Elig. A
Last
Range or
Range
Rating
Sale
Friday's
Since
09
SO
•£»
5
C
See
2%s ser A.1981
Asked
103 h
103%
j
j
103%
aaa3
x
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o
bbb3
x
mm-m -
44%
2
53 H
F
a y ccc2
j
D
J
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1951
83 H
2
44 %
J y bb
J
44
46%
j xbbb2
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y
j
D y bb
D ybb
f
a
j
1948
1950
4s
j
Interlake Iron conv
4s_1952
deb 4s„1947
{♦Int-Grt Nor 1st 6s ser A—1952
♦Adjustment 6s ser A-July 1952
.—>1956
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Int Rys Cent
Int Telep A
Amer 1st 6s
a
x
o
z
cc
j
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1947
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>—1955
A ref 48.1951
Teleg deb g
Debenture 5s
{♦Iowa Cent Ry 1st
y
y
A y
M S
J
If*K C Ft S A M Ry ref g
♦Certificates of deposit
Kan City Sou
1st gold
4a 1936
1950
3s
Apr 1950
Ref A lmpt 5s
1st 4a
1960
Karetadt (Rudolph) Inc—
♦Ctfs w w stmp (par $645) 1943
♦Ctfs w w stmp (par $925) 1943
♦Ctfs with warr (par $925) 1943
Kentucky Central gold 48.—1987
Kentucky A Ind Term 4%s_1961
Stamped
1961
Kansas City Term
1961
Plain
unguaranteed
.1961
County El L A P 6s. —1997
Co Lighting 1st 5s
1954
4 Ha
Kings
1st mtge 3%s.-1961
Kresge Foundation 3% notes 1950
Koppers Co
Coll A ref 5 Ha
series
C—1953
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1942
series B
RR—
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198
32%
2
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40%
41%
42
b
44
1%
58%
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99%
95%
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92%
99%
95%
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48%
66
32%
49%
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67
47%
4
32
48%
67%
10
63%
69
17
69
75%
73
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60
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95
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97%
48
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446
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13
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----
13
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13
11
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71
8%
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4%
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29
1%
1
---
12%
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1
28
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63%
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90
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1
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90
85
90
37
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53
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63%
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156
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25
11
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142
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22
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213
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105
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285
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20
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124
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28%
29
,27
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1
ccc
28%
28
2%
28%
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19%
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ccc
14
ccc
26%
28
9
19%
19
MN
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87
88
18
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89
8
bb
54
55 %
12
53
57
108H 111%
M
ccc
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27%
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23
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43 H
42 %
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43
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36
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39
110%
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D
110H
110%
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J
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a
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107% 110H
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30 H
105
68%
68
115
117
72
67 %
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105 H
2
105 H
105 %
105 H
102
M S x bbb2
103 %
103%
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103
105 H
106
101% 106%
103% 106H
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x
*53%
aa
aa
J
J
106
82 H
89
59
120
~62~~
60
60%
60%
127%
123H 131%
13
123%
126
86H
124
50
123%
126
126 H
45%
122
29
A y bb
O
8
J
75
74 H
J y bb
a
75
75
4
70
108%
F
A
x
,
*
*120"
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D
105 H
C
aaa3
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109
2
107
75
18
67
80
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9
65
73
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72%
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106 H
7
X
bbbi
106 %
106 H
6
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bbb2
75%
53
68
76
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b
1
30
39
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b
30
37
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1935
75
1
39
39
*41
45
b
*39
45h
z
b
44
b
z
b
z
b
z
b
z
1956
b
b
x
1998
1946
1947
—1941
1950
RR 3Ha A—1965
105H 106%
105% 106%
39%
z
A
*35
z
1954
1945
trust
3 Ha extended to
2%
mmmmmrn
O
48
46 H
44
35 H
46%
*44%
48
32
45
*28
44 H
32 H
44%
33%
33%
47%
32
46
107
110
46~
"46 H
*38
110
23
46
110
44
aa
2
F
A y bb
2
62
61 H
62%
30
60%
A
O y bb
2
93 H
92%
93%
119
57%
62%
56%
57%
324
89 %
55 H
62%
62%
176
60%
69%
61%
82%
46
59
67 H
18
78%
J
J
f
—1946 A O y b
2
Ref A Impt 4Ha series A-.2013
A O y b
2
Ref A lmpt 6s series C
2013 M N y bb 2
Conv secured 3%s—
1952 J J x bbb2
N Y Cent A Hud River 3Ha. 1997
x bbb2
3%s registered
1997
y bb 2
30-yr deb 4s 1912
1942
y bb 2
Lake Shore coll gold 3Hs—1998
y bb 2
3 Ha registered
.1998
y bb 2
Mich Cent coll gold 3Ha—1998
y bb 2
3 Ha registered
1998
New York Chicago A St Louis—
A O y bb 2
Ref 6Ha series A...
1974 M
S y bb 2
Ref 4 Ha series C
1978
x bbb2
3-year 6% notes
6s debentures
10%
6%
9%
25%
10-year 3%s sec s
4s collateral
-
28%
24%
1954
A
-
2
2
2
1956
RR 4s series
^«.
J y cc
deposit
.
41
3
J y cc
J y cc
J
deposit
Cincinnati Bdge Co-
4 Ha
14
25%
*8%
♦Certificates of
Newport A
106%
*
mmmm
D y ccc2
1961
A
59%
cccl
4s_ 1986
series D
47%
mmmm
z
J
107%
28%
74%
MN
J
103
11
46
*62%
*30
J
99%
70%
*43%
1
J y bb
J y b
64
6
106%
ccc2
J
70
95%
mmTm
106%
z
5s. 1948
{|*N O Tex A Mex n-c inc 5s
♦Certificates of deposit
♦1st 5s series B
♦Certificates of deposit
♦1st 5s series C—
♦Certificates of deposit
68%
J
ref A Imp 4 %s A'52
♦Certificates of
30
mmmmmrn
cccl
Pub Ser 1st 6s ser A. 1952
1st A ref 6s series B
1955
New Orleans Term 1st gu 4s. 1953
♦1st 5 Ha series
6%
3%
30
67
96%
68
J
Light 1st 4 Ha—1960
Orl Great Nor 6s A..-.1983
♦1st 4 Ha
69
54
mmmm
75
*96
68%
25
103
mkmm
aaa2
A
124
99
a
2d gold 3s
19
104 h
)/
St Louis Dlv
1
125%
*17%
a
scries D_—
118%
*100
2
i M
4
115% 120
104% 107%
118% 123
102%
bbb2
m
mmm*.
107%
bbb3
)J
23
58%
125%
bbb3
m S
88
39
117
107
mm
2
A
mmmm
125%
m
2
,j
34
118%
'
z
O
56%
"167""
mm
a
x
37%
*115%
aaa3
a
82% 102%
32 %
31 H
cc
a
New Orl
102hi
32%
f
85%
50 H
2
a
N O A N E 1st
85%
mm
48 H
cc
cc
mm
New
66
1
5%
*63
rnmmmrnm
2
b
57%
102Jaj
z
z
mm
67
33
6
1
65
*4
ccc2
N J Pow A
49%
z
mn
mrn
4 Ha series B
RR guar 1st
N J Junction
32
2
mmmm
"
66
111%
64
79%
105% 107
109% 112%
3
106%
z
RR guar 58.1945
4s
..1945
A Tel 5s A
1952
61
106%
-
a
guar
35%
mm
73
M
{♦New England
1st g
4
111%
-
2
b
4s—1954 M N
D
Newark Consol Gas cons
New Eng Tel
76
cccl
TAT3%s_1968
6s. 1947
{♦Naugatuck RR 1st g
65
73%
50%
1
1
»
mn
mm
100
85
75
z
L 4s ser A—1978
Prod 3Ha debs—1960
Nat Distillers Prod 3Hs
1949
National Steel 1st mtge 3s... 1965
Natl Supply 3%s
J954
35
2
98
78%
D
Nat Dairy
36%
37%
*62 H
86
2
J
Nash Chatt A St
80
*100
4
75%
z
series A...—1955
series B—.1955
52
96%
74%
z
90%
♦Consol
b
mn
12
96%
«
x
Constr M 4 Ha
33%
79%
76%
98%
98
-
M,
8
1965
36
18
88%
O
1st A ref 3%s '66
Montreal Tram 1st A ref 5s—1941
Gen A ref s f 5s series A—1955
Gen A ref ■ f 5s series B—1955
Gen A ref s f 4Hs series C.1955
Gen A ref ■ f 6s series D...1955
Morris A Essex 1st gu 3 Ha—2000
60%
93%
67
78%
98 H
z
¥'j
,
75
z
a
30
29 H
m
rnmmm
D
.1977
6s debentures
91%
99%
z
Montana Power
95
31%
*96
mm
J
|*Mo Pac 3d 7s ext at 4% July *38
1st gu g 4s. 1991
Monongahela W Penn Pub Ser—
1st mtge 4 Ha——
1960
25%
62%
5
44
25
A
Moh'k A Malone
84
"21
86%
m,
M
1975
Mountain States
44
mmmm
deposit
MN
♦1st A ref 6s series G
1978
♦Certificates of deposit
MN
♦Conv gold 5 Ha
.1949 A O
♦lBt A ref g 5s series H
1980
♦Certificates of deposit
¥ A
♦1st A ref 6s series I
1981
♦Certificates of deposit
89%
bbb2
bbb2
mmmm
80%
mm
65
♦Certificates of
Constr M 5s
86%
mm--
mmmm
dddl
J y
Mutual Fuel Gas 1st gu
x
2
,
J
{Missouri Pacific RR Co—
♦1st A ref 5s series A
1965
♦Certificates of deposit
82
90
*87%
a
99
94
4
97%
75
"97%
ybb 2
J y bb 2
F
108%
108%
106%
105%
1%
4
106%
106%
104%
102%
23
x
F
179
97 H
j
J
1
1
108
106
bbb2
A
86
161
mm mm
106%
92%
81%
rnmmm
—
82%
88
mm
mmmmm
77%
105
—'
mm
1
1
ccc2
ccc2
x
mmmmm
mm
108
108
......
J
F
list A ref 4s
109% 110%
112
*82
z
RR—
18%
18%
j "j
¥
Louisville A Nashville
107% 109%
z
♦5s
5s
8
109
108
108
mm
45
76
MN
1962
♦1st A ref 6s series F
92%
28
81%
105
87%
mm
.
S y bb 3
x bbb3
M
..1949
B—.1978
♦General 4a
73%
*
4,
„
z
1946
Prior lien 5s ser A—
52
63%
45
70
X
40-year 4s series B
1962 J
Prior Hen 4%s series D—1978
A
♦Cum adjust 6s ser A..Jan 1967
8
m
O
A
{♦Mo-Ill RR 1st 5s series A. 1959
Mo Kan A Tex 1st gold 4s.„1990
89
99
x
A
F
Missouri-Kansas-Texas RR-
55%
-'?■
54
1
m 8 y b
5s
91%
47
49
ix
83%
67%
1
b
Coal Co—
1st 50-yr 5s gu..
mmm'm
47%
bbb3
a
Lex A East
♦25-year 5Hs
♦1st A ref 5 Ha seriea
10
99%
2
Dec y cc
Lehigh Valley RR—
102% 105
101% 105%
76%
81
48
96%
M S
A..1982
♦1st A ref 6s series A
90
55 h
1
J
UVUigU
90%
81%
1h
z
j
stamped
♦1st A ref s f 5s
71
36
41
ecc2
5s gu as to
cons
53%
*32
bbb3
4s Int gu *38
1938
Int—1938
i*lst
91%
44
x
mn
J
Lehigh Valley
17
41%
a
J
registered.
——
Lautaro Nitrate Co Ltd—
11
105
1
c
j
3 Ha
104%
{1 *M StPASSM con g
|*lst cons 5s
52%
mmmm
z
{♦Minn A St Louis 5s ctfs...1934
♦1st A ref gold 4s_.
1949
51%
z
f
Lake Erie A Western
90%
162
18
8
105%
81%
74%
*47%
x
1939
{♦Mil Spar A N W 1st gu 48.1947
{ |*Mllw A State Line 1st 3%s_*41
36%
*80 %
a
-—1954
1st A ref 6 Ha
40
104 H
••
a
Kings
40
91 h
j y bb 2
j x aaa3
J
30
17%
mm
O xbbb2
j
17%
38%
....
-
16
...........
1
1
aa
.
106
81%
*
ccc2
z
•
81
-
...........
M 8
♦JCon ext 4Ha
♦Ref A ext 50-yr 5s ser
ix
18%
%
8%
16h
104%
-
z
A
-
97% 103
8
19
8
1%
17
•
2
37%
89%
104 %
—
89%
x
o
a
18
33
38%
2
D y bb
Frankl A Clear 1st 48.1959
J
j
Jones A Laughlin Steel 3H8-1961
a o
Kanawha A Mich 1st gu g 4s 1990
James
28
17
cccl
z
101
%
17h
m-m*, m ~
mn y bb 2
F a y bb 3
j
J y cccl
F
102% 107%
98
101
100
1%
ccc3
bb 2
b
2
y
29
100%
1
b
y
mm
100%
cccl
a
15%
24
106% 107%
107
101
78
73
106 %
18
z
2
O y bb
O y bb
A
1
mm-~
•
1951
1952
series C—1979
Michigan CodsoI Gas 4s
1963
{|*Mld of N J 1st ext 58
1940
tf^Mll A No 1st ext 4 Ha—1939
33
29
mmrn
4Hs.—1955
1st gold 3Hs
Ref A impt 4Hs
51
48
25
24
*108
106 H
3
aa
37%
m
53%
cccl
Michigan Central—
Jack Lans A Sag 3 Ha
60
*105%
mmmmm
42
mrnrnm
bbb2
z
J
{|*Met W Side El (Chic) 4s.l938
J D
♦Mlag Mill Mach 1st s f 78-1956
65
40%
73
22%
aaa2
J
j
B_1972
ref 6 Ha
1st Hen A
22 %
o y bbbl
o y bbbl
a
"73""
«.
60
....
x
J
Metrop Wat Sew A D 5 H®—1950
128
29%
MN
Metrop Ed 1st 4Hs series D.1968
51%
mmmmmm
2
2
ccc2
bbbl
f ♦Market St Ry 7s ser A Apr 1940
(Stamp mod) ext 5s
1945 Q A
51%
222
44%
MN y
A
47
49
2
a
M S y
Q A
58
49 H
*
x
series C
1956
A o
Internet Hydro El deb 6s—.1944
a o
Int Merc Marine s f 6s
1941
J
j
Internet Paper 5s ser A A B.1947
m s
Ref s f 6s series A
1956
♦1st g 5s
44 H
J y bbbl
J z cccl
j
48 H
44
49
1
1
J
Stamped
Mead Corp 1st mtge
44
12
x
A...1960
46
65
O
D y bb
D y b
Llnee) 4s.l959
{|*Man G B A N W 1st 3Hsl941
Marlon Steam Shovel s f 6s..1947
....
61H
*61 %
A
33
84
High
110% 112
90
83%
108% 111
-»
Gen mtge 4Ha series
61%
1
109%
*6%
43%
....
95
61 H
61H
z
{♦Ind A Louisville 1st ru 48.1956
M S
Ind Union Ry 3 Ha series B.1986
a o
Inland Steel 1st mtge 3s ser F1961
Inspiration Cons Copper
109%
z
Manatl Sugar 4s s f
64
43%
....
....
50
2
1951
L & N O—
1st ref 5s series A.—1963
ref 4 Ha series C
1963
45
*60~~
2
1st A
3
A
McCrory Stores deb 3Hs—1955
J
Maine Central RR 4s ser A.1945
82%
58
10
44%
♦
3
bb
Joint
83%
a
6H8-1944
3
F
Manila RR (South
59%
5
*46
3
J
J ybb
J y bb
*_
2
j
111 Cent and Chic St
♦Ilseder Steel Corp 6a
bbb2
x
46%
35%
....
58
58
58
Springfield Dlv 1st g 3HS-1951
f a ybb
Western Lines 1st g 4s—1951
registered
x
4 Ha—1945
45%
78
....
65
*61%
3
j
-
4s
a
♦Lower Aust Hydro El
55
49
No. Low
High
x
Feb 1 1957
Manila Elec RR A Lt s f 5s..1953
47%
217
47%
46%
m. „
-
m
48
53 H
*
m
bbb2
J y bb
a y b
J
47%
bbb3
x
83
110%
Low
M S
38%
6
43%
110%
Jan. 1
Asked
(Conct)
39
43%
43
53
48%
47%
39
42 H
2
rnrnmmm
38
100
45
43%
43 H
J
83
43 H
2
x
mmmmm
44
MN y b
MN y b
1955
1 1966
1950
Litchfield Dlv 1st gold 3S-1951
Louisv Dlv A Term g 3 Ha. 1953
Omaha Dlv 1st gold 3s
1951
St Louis Dlv & Term g 38—1951
Gold 3 Ha
1951
70
*30
45
2
89%
...»
mm
—
93%
93%
89%
Since
A
Bid
J
J
South Ry Joint Monon 48.1952
MN
Atl Knox A Cine Dlv 4s„1965
97
m m
mmm
mmmmmm
MN yb
J
J y b
Refunding 6s
registered
bbb3
m 8 y bbbl
A O yb
2
40-year 4 Ha
Aug
Cairo Bridge gold 4s
3 Ha
x
Price
Cos. (Ctonf.)
Railroad & Indus.
Louisville A Nashville RR
90
91
j
a
1952
1953
gold 4s
*88
j
j
91
88
91
bbb3
j xbbb3
j
4s registered
1
91
x
j
1st gold 4s
Purchased lines 3 Ha
100% 103%
141
Sale
See k
Nft,
Range
Friday's
Rating
r-
.9
Range or
Last
? Elig. A
h
44
EXCHANGE
STOCK
Mob A Montg 1st g
Illinois Central RR—
1951
—1951
1st gold 3 Ha
1951
Extended 1st gold 3 Ha—-1951
1st gold 3s sterling
—1951
Collateral trust gold 4s
1952
High
No. Low
Y.
Week Ended Aug. 1
Jan. 1
BQ
High
Low
(Coni.)
Indui. Cos.
Railroad &
Illinois Bell Telep
A
Bid
Price
k
BONDS
N
Week's
Friday
Bank
•0
F
A
A
J
A
x
81
*76%
101
65%
101
"~9
70
64%
58 %
68
55
65
69
66 H
63 H
198
93%
58
54%
86 H
76%
65
95H
95%
95%
32
90
95 H
99%
99%
11
90
94%
96%
2
79
102%
60
59%
74
73 H
74 H
63
62%
93 %
93%
bbb2
95%
99%
94%
101%
34
55
bb
I
1
x
aa
2
102
87 H
83
101H
60
65%
55
O y bb
100
63 %
63H
64%
*58
"59
80%
80
60
D y
O
60%
81
59
A
O
61%
69 %
95 H
98 H
99%
96 H
102 %
I
New York Bond
662
Bank
|5
BONDS
N.
Y.
STOCK
EXCHANGE
Week Ended Aug.
Ellg. A
f
1
Friday
Last
Range
Raiino
Sale
See a
Price
k,o.
A
or
Low
--
y
b
1966
Conv 6% notes
N Y Edison 8Kb ser D
1961
1947
z
aaa3
yb
1st lien A ret 8Me ser E...1966
62 M
No
62 M
73 M
63
Low
STOCK
21
x
aaa3
♦122M
Purchase money gold 4a.—1949
x
aaa3
♦115M
High
z
cccl
64
65
aa
1
104
104
1
N Y Lack * West 4s ser A...1973 MN y b
4 Ms series B
1973 M N y b
2
2
58 M
♦NYLE4W Coal * RR 5Ms'42 MN ybb
1
♦100 M
*95
55 M
54 M
2
97
3
55 M
59
63M
Peoples Gas LAC
75
26 M
cons
»
49 M
63 M
69 M
95
101
»
—
99 M
92
57
1947 M 8
♦Non-cony debenture 3 M» 1947 M S
•Non-cony deb 3 He
..1964 A O
1966 J
♦Cony debenture 3M«
J
cccl
z
cccl
z
F
z
cccl
J
z
J
1940 A O
z
1967 MN
z
cc
D
♦let A ret 4 Ms ser of 1927.1967 J
{♦Harlem R A Pt Ch 1st 4s 1954 MN
z
♦General 4s
...1955 J D
M N
General 6s series B
...1974 F
A
a
J
x
a
2
D
x
a
M 8
x
100
aa
{{♦N Y Susq A W 1st ref 6S.1937 J
J
N Y Trap Rock 1st 6s
6s stamped
D
{{♦Norf South 1st A ref 6S..1961 F
♦Certificates of deposit
♦Ctfs of dep (Issued by reorgan¬
ization manager) 6s
1961
1
aa
3
27 M
"26
bbb2
105M
104M
26 M
30 M
157
111
aaa3
109M
82
53
7M
29 M
4M
1M
111 M
3
107
107
91
110M
101 M
99
92
110M
110M
109
110
103 M
104 M
108 M 110M
102 M 104 M
26 M
26
12M
12M
26 M
12
28
111
28
1
103
103
126 M
127M
103
77
Norf A W Ry 1st cons g 4s—.1996 O
North Amer Co deb 8Mb
1949 F
A
A X
a
3
1954 F
A
104 M
x
a
3
103
125M 127M
104
107 M
103
1959 F
103 M
A
103
x
a
3
104 H
104
104 M
aa
2
103M 107
x
125
123
123
113
115
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Debenture 4s
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1974 M 8
Gen A ref 4 Ms series A....1974 MB
{Northern Ohio Ry—
♦
1st gtdg 6e
x
104
♦115M
2
aa
%
*113
1945 A
O
z
ccc2
*65
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O
z
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z
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x
a
1
...1997 Q
J
x
a
1
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3s Registered
......2047 Q
Ref A lmpt 4 Mb series A...2047 J
F
y
bbbl
A
y
bbbl
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4s Registered
Q~j
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2047 J
Ref A impt 6s series C....2047 J
Ref A impt 6b series D
2047 J
80
74 M
F
"42 M
*41M
2
"62 M
2
67M
J y bb
2
58
J ybb
2
58 M
52
66
x
M 8
Northwestern Teleg 4Mb ezt 1944 J
3
x
aa
x
J
aa
...
218
9
58 M
59 M
3
111M
12
110
111M
2
c
3
a
3
a
J
a
3
D
a
7%
93
5
7
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108 M
ihm
106 M 109M
104
106M
100 M 104 M
105
105 M
105
M
103 M
103 M
*109M
113M
££4"
con g 4s.. 1946
Ore Short Line lBt cons g 6s. 1946
Guar stpd cons 5s
1946
aa
2
114
114
aa
2
107
107
107 M
2
82 M
82 M
77
78
aa
112M
aa
110 M
110M
110M
105 M
d88M
aa
106
bb
d89
1938
bb
Pacific Tel A Tel 3Ms ser B..1966
Ref mtge 3Ms series C
1966
Paducah A 111 1st Big 4Ms..1956
Panhandle East P L 3s B
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
1955 F A
Paramount Pictures 3Ms deb '47 M S
90
109 K
109 M
110M
104
104
2
b
103 M
2
1942 M S
b
103 M
1942 J
D
x
aa
2
103 M
1944 J
D
x
aa
2
105
1952 MN
x
aa
2
x
a
3
x
bbb2
..1963 F
Pennsyl Glass Sand 3Ms.
A
.1960
Pa Ohio A Det 1st A ref 4
Ms A *77
4 Ms series B
1981
Penna Pow A Lt 3Ms.....1969
4 Ms
debentures
Pennsylvania RR
cons
1974
g 4s.. 1943 MN
Consol gold 4s
1948 MN
4s sterl stpd dollar
May 1 '48 MN
Gen mtge 3Ms series C
1970 A O
Consol sinking fund 4Ma.. 1960
x
x
x
a
2
a
2
a
2
x
bbb3
x
aa
110
106 M
109
"il3"
aa
x
aa
x
aa
96 M
x
aa
123 M
105 M
General 4Mb series A.....1966
General 6s series B
1968
Debenture g 4Mb
1970
x
a
x
bbb3
General 4Mb series D
1981
x
a
3
Gen mtge 4 M s series E
Cony deb 3Ms
1984
z
a
3
102 M
102
1962
x
bbb3
89 M
For footnotes
Bee
page
663.
103 M
105
2
1
110
5
106 %
-
—
"
2
HOM
"*27
109
109 M
17
111 M
93
*105M
113
112M
96 M
123
105 M
111M
93
96 M
41M
55
120M 126
82
103 M 104 M
104 M 105M
106
110
113M
112M
-
aa
— -
-
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4
96 M
41
123 M
105 M
18
90
112
23
94
37
102
102 M
52
101M
89 M
102 M
90
66
17
106
108
111
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111M 114M
93
98
120M 125 M
104 M 108 M
110
116
90
97 M
99M 105
100
87 M
104 H
a
2
109 M
J
x
a
2
104M
y
bb
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100
104 %
100
aa
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102
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99
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106M 106M
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65
29
3
----
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65
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63
40
62
64
2
106
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117
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aa
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x
aa
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55
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1961 J
J
Pub Scry of Nor III 3
Ms
1968 A
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coll 4s '51 A
106 M
1
105 M 107 M
109M
6
107
96 M
4
5
*80
87
5
85
105
77 M
79
-
—
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■V—
142
— — — —
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110
104 M
105
4
68
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68
10
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83
82 M
83 M
72
78
84
83 M
82 %
83 M
8
78 M
104*1,
104 M
104 M
38
35
104M
104 M
104 M
104 %
99 M
105 M
99 %
10
104*,,
1956
F
1946 J
J
104 M
/
J
J
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104 M
108M HOM
104
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1952 MN
2
103
7
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—
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15
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—
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{{♦Rio Gr West 1st g
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—
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1955
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96M 101
z
1953
M
11
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z
........
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19
z
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106
102M 106 M
103M 106 M
102M 104M
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/«
84
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162
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5
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62 M
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Public Service El A Gas
8Mb 1968 J
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2037 J
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♦117M
1950 J
Remington Rand deb 4 Ms
117
104 M
100 M
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Potomac El Pow 1st M 3Ms. 1986 J
105
106 M 110M
105M 107 M
x
117
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103
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52
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124
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95 M
54
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1
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57
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54
90
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1944 A O y ccc2
Pat A Passaic G A E cons 6s. 1949 M 8
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80
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2
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89
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91
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60
112M
110M
110M
110
aa
g 4s. 1938
{♦2d ext gold 5s
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89 M
78M
83
78
2
108 M
101M 103 M
108 M 112M
113M 117M
113M 117M
114
Ore-Wash RR A Nay 4s
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107 M
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9
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103 M
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62
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2
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1st A ref mtge 3s ser J
1970
54 M
108 M 110M
109 M 111M
110
2
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3M
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101M 104 M
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70
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x
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82
110
aa
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55
106
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Pacific Coast Co 1st g 6s
1946
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58 M
70
106 M
109 %
110
bbb3
1961
47 M
44 M
50 M
62 M
7M
107"
A
Otis Steel 1st mtge A
41M
105 M
109 M
Ontario Transmission 1st 6s. 1946 A/N
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4s
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3
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109
1967 M S
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1972 J
Oklahoma Gas A Elec 3M«-. 1966 J
4s debentures
1946 J
Ontario Power N F 1st g 6s.. 1943 F
45
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39
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Ohio Connecting Ry 1st 4s_. 1943 M S
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109
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M
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83
52 M
71
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56
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43 H
Northern States Power Co—
(Minn) 1st A ref M 3Mb..1967
(Wise) 1st mtge 3 Ms
1964
70
75
*
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106
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45
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J
28
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127M
2
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110
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97
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110M
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J D
95 M 101M
110
25
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26 M
116M 120M
113M 115M
109M
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16M
92 M
61M
108 H 111M
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101
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105
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37
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74
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140
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111
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21
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18
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90
cc
105 M
20 M
29 M
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82 H
*80
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10
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x
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J
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....
288
♦Certificates of deposit
Petrol 1Mb debe_.1951 J
1
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aaa2
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a
3
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1
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8M
7 M
105 M
27
27M
7M
b
J
7%
110M
27M
6M
5M
5M
26 M
29
b
1 {*N Y West A Boat lBt 4 Mb 1946
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26M
cc
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110M
28M
37
17M
18M
18M
cccl
J
1967
1946 J
1946
15
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cc
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27M
1
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109 M
026 M
27 M
cccl
1937 F A
..1940 F A
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3
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115
109
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80
110
63 M
66 M
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106
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1977 J
1981 J
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N Y Steam Corp 1st 3 Me—1963 J
66 M
J
2
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22
2
N Y Queens El Lt A Pow 3 Ms '66 MN
N Y Rys prior lien 6s stamp. 1958 J
J
2
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72 M
63 M
98
1
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1
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1942 A O
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108
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1
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cccl
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aa
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109
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107 M
1
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cc
98
cccl
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Jan.
03
116M
48 M
48
27 M
26 X
cccl
J
.....1948 J
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116M
a26M
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♦Cony debenture 8s..—.1948 J
1
2
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cccl
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J
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1956 J
♦Non-cony debenture 4s..1966 M N
*106 M
aa
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cccl
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2
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x
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General g 4Mb series C
General 4Mb series D
A
x
O y b
2
or
Friday's
Bid
27 M
26 %
cccl
z
O
A
{N Y New Hav A Hart RR—
♦Non conv deb 4a
Price
M
100M 105M
10
-
Sale
See a
A
6a..1943
66 M
34
102
Range
Rating
Low
106M 109M
107 M 110 M
15
x
Last
fc
Railroad & Indus. Cos. {Cont.)
120M 125M
113M 118M
117
Elig. A
•.
Week's
Friday
ft.
»
c >
55
1
6
s
EXCHANGE
Week Ended Aug. 1
Peoria A Pekln Un
N Y Gas El Lt H * Pow g 5S.1948
♦N Y L E A W Dk A Impt 6s 1943 J
J y b
N Y A Long Branch gen 4s..1941 M S
ybb
N. Y.
60
37
73 H
109 M
110
NY* Erie—See Erie RR
{♦N Y * Greenwood Lake 6sl946 MN
NY* Harlem gold 3 Ms
2000 M N
Aug. 2, 1941
BONDS
Since
Jan. 1
High
109 M
110
aaa3
x
Range
Asked
'
N Y Dock 1st gold is
5
Bank
Friday's
Bid
Railroad & Indus. Cos. (Cont.)
Record—Continued—Page
Week's
4M
5M
11M
121M 124 M
.
14M
14M
1M
6M
5M
8M
7M
9
3
107
—
—
—
8M
M
3M
2M
—
53
4
294
17
6M
5M
70
4M
3M
7M
2
10M
17M
91M
t
Attention la directed to the column
Incorporated in this tabulation
pertaining to bank eligibility and rating of bonds.
14M
14M
1M
See
i
8M
Volume
Bank
Y.
Range or
Sale
See A
Price
Week Ended Aug. 1
Hiah
Low
J
x
a
J
x
4
98
98%
94%
99%
97
34%
46%
54
45
45%
(♦1st gold 6s
14
27
(♦2d gold 5s
♦1st Hen g term 4s
♦Det A Chic Ext 1st 5s
a
Bhlnyetsu El Pow 1st 6%s... 1952 J D
♦Siemens A Halake deb 6 %s. 1951 M S
y
*43
z
«*.
♦
A
—
-
25
z
99%
100
1st cons 5s
Simmons Co deb 4s
1952
x
bbb2
104
104%
15
Skelly Oil 3s debs
1950
x
bbb2
104%
104%
9
Socony-Vacuum Oil 3s debs. 1964
x
aaa3
106
106%
37
103% 107%
South A Nor Ala BR gu 5e.. 1963
x
a
3
*119
South Bell Tel A Tel 3%s__. 1962
x
aaa2
109
109
"""7
1979
x
aaa2
108
109
121
Southern Colo Power 6s A.. 1947
x
bbb2
104%
104%
3a debentures
45%
y
12
106 X
«»
«
120
119
..
106% 109%
109
103
2
4a (Cent Pac
coll)__
1977
A.
.1968 M S y b
Gold 4Xa
.1969 M N y b
Gold 4 Xs
.1981 MN y b
1950 A
O
2
bbb2
83%
20
66
66%
57%
102
89%
94%
63%
266
57
65%
O ybb
O y bb
2
83%
82
83%
73
75
87%
88%
72
79
89
83
83
83
7
78
76%
78
12
72
80
Mem Dlr 1st g 5s
1996
J
St Louis D1t 1st g 4s
1951
J
bbb2
So'weetern Bell Tel 3Xs B.. .1964
D
aaa3
1968
J
aaa3
111%
111%
108%
111%
108%
1
109% 112
5
cccl
aaa3
20
aaa3
104%
104%
105%
J
32%
104%
105%
104% 109
26% 34
103% 106%
105%
57
103
J
b
2
106%
106
107
15
bb
2
100%
101
17
aa
2
100% 109
99% 102%
100% 102%
O
.1961 AfN
_
102%
Tenn Coal Iron A RR gen 6s. 196
Term A nan St L 1st cons 6s.. 1944 F
J
x
aaa2
A
x
aaa3
1963 J
J
x
aa
3
aaa3
106%
aaa3
106%
x
J y bb
1943 J
2000 J
102%
102%
*123%
bbb2
x
Gen refund s f g 4s
Texarkana A Ft S gu 5%s A. 1960 F A
.1959 A O
...
MN
8s debentures
.... .1965
Texas Corp 3s deb
33
31%
111%
x
108%
110%
J
108% 112
88
94%
111%
92
91%
106%
103%
104
102%
35, 102%
oc
107
94%
105%
123% 128%
109% 113%
111
106%
106%
94%
2
9
126%
110%
111%
3
45
1
106%
107
.
78
gold 5s..
Gen A ref 5s series B
...
Gen A ref 5s series C
...
103
41
108%
D
x
a
1977 A
1979 A
O
x
bbb2
68
68
69
62%
75%
O
x
bbb2
68
67%
68%
75
D
x
bbb2
67%
67%
68%
62%
62%
S
x
bbb2
103%
103%
54
16%
57%
17%
Gen A ref 5s series D
Tex Pac Mo Pac Ter 5%s A. 1964 M
J y ccc2
1960
J
♦Ad] income 5s.....-Jan 1960
A
|*Thlrd Are RR 1st g 5e
1937
Tokyo Elec Light Co Ltd—
1st 6s dollar series....
1953
Tol A Ohio Cent ref A Imp 3 Xs '60
Tol St Louis A West 1st 4s.. 1950
Tol W V A Ohio 4s series C..1942
Toronto Ham A Buff 1st g 4a. 1946
Trenton G A El 1st g 5s
1949
J
Third Are Ry 1st ref 4s
deb A.1963
Trl-Cont Corp 5s cony
55%
cccl
17%
O
z
J ybb
27
31%
bbb2
J
D
A
O y bb
x
2
"80%
2
108%
108%
108%
8
z
b
1
66%
63%
66%
359
1939 F
A
z
cccl
26%
24
27
355
13
66%
27
1964 J
J
z
b
1
50
52
6
30
52
1
69%
69%
2
52%
69%
21
23%
21
12
23%
119
17%
61
17%
x
aaa2
x
a
3
100
x
aaa3
cccl
♦Omaha Div 1st g 3%s.._1941 A
O
z
cccl
15%
17%
^Toledo A Chic Div g 4s. 1941 M S
{♦Wabash Ry ref A gen 5%s A *75 M S
z
cccl
60%
61
z
cc
1
17
15%
17%
z
cc
1
16%
14%
16%
395
7%
45%
7%
7%
z
cc
1
15%
14%
16
320
7%
16
z
cc
1
16%
14%
16%
383
7%
16%
104%
104%
104%
♦Ref A gen 5s series B
1976 F A
♦Ref A gen 4 %s series C—1978 A O
♦Ref A gen 5s series D
1980 A O
23%
17
252
bb
*105%
J
J y
1
z
112
27
Walker (Hiram) G A W—
Convertible deb 4%s
1945 J
6s
debentures
D
x
bbb2
1955 A
Walworth Co 1st M 4s
O
y
b
{♦Warren Bros Co deb 6s
1st 40-year guar 4s
77%
87
91
99
62
92%
196
51%
96%
74%
32
38
65
71%
87
44
99
4
"95%
94
74%
64
95%
74%
35%
38
1
1941 M S
Warren RR 1st ref gug 3 %s.2000F A y b
3
Washington Cent 1st gold 4s. 1948 Q M y bbbl
Wash Term 1st gu 3%s
1945 F A x aaa2
cc
z
'
5
72
*70
106% 108%
110%
x
aaa3
x
aa
2
110
116"
1
x
Westchester Ltg 6s stpd gtd.1950 J D
Gen mtge 3%s
1967 J D
West Penn Power 1st 5s E..1963 M S
aaa2
x
1945 F
aa
2
112
112
112
4
111%
110%
111%
6
107% 110%
111% 114
109% 111%
104%
104%
6
101% 104%
92%
93%
81
124% 128%
*125%
1st mtge 3 %s series 1
1966 J
J
x
aa
2
D
x
a
3
80%
"8
1952 A
1977 J
Weet N Y A Pa gen gold 4S..1943 A
{♦Western Pao 1st 5s
ser
12361
West Shore 1st 4s guar
ser
104%
105
107
"27""
26
27
12
15
30%
26%
24%
26%
110
15
29%
2
84%
84%
85%
27
71%
85%
b
2
85%
87%
76
73%
87%
b
2
85%
85%
85%
74
86
8
27
150
86
*8
J
15
J
J y bb
2
51%
30
60%
56%
49%
11
46%
62
112% 115
115
93%
105%
95
106%
104
104
114%
"95"
bbb3
bb
52%
*114%
2
1947
16
51
48%
2
1955
Cony deb 3%s
100
17
cccl
B1966 M Sx bbb2
Wilson A Co 1st M 4s A
36
105%
b
J y bb
2351 /
1949 M S,x aa
Registered
104
105
aaal
A-1946 M S'z cccl
♦Westphalia Un El Power 6S.1953 /
With declaration..........
95%
90%
103%
104
bbb2
J\x
♦5s assented
1946 M S'z
Western Union Teleg g 4%s.l950 AfNy
25-year gold 5s
1961 J D y
30-year 5s
i960 M S
Wheeling ALE RR 4s
Wheeling Steel 1st 3%s
93%
bbb3
2
197
12
105% 107%
103
104
115
114%
5
114
42%
42
43%
117
27
c
42
40%
42%
39
cc
Winston-Salem 8 B 1st 4s...1960
{♦Wis Cent 50-yr 1st gen 4s._1949
♦Certificates of deposit
13%
12%
13%
86
aaa2
c
(♦Su A Du div A ter 1st 4s. 1936 AfN
♦Certificates ol deposit.....
2
7
11%
20
111%
5
110
aa
110
4
12
7%
108% 111%
106% 110
11%
110
a
*4
cc
„,_._1948 M S
D
1960 MN
43%
42%
13%
26%
110
11%
cc
Wisconsin Elec Power 3%s__1968
Wise Public Service 3 %a
1971
{♦Wor A Conn East 1st 4 %s_1943
Youngstown Sheet A Tube-
95
92%
3
">
bbb2
x
a
103
102%
103
19
101% 103%
102%
x
102%
102%
35
96% 103%
97%
1st mtge
s
f 3%s Ber
2
81%
104% 104%
93% 100
70%
z
loo"
"~8
108"
105% 107%
*8
8%
13%
59%
59%
65%
20%
90
15
8
8
1
z
cc
x
aaa3
x
aa
2
106%
x
aaa2
111%
110%
104
105%
106%
101% 106%
111%
112%
110% 114%
110%
110
100%
sale,
delivery
d Ex-Interest,
e
sale,
Odd-lot
J
J
x
aaa2
O
x
aa
2
M N
x
aa
2
J
D
x
aaa2
3Xs debs...1955 A
O
x
a
2
O y b
3
A
A
M S y bb
M 8
x
3
99%
99
99
99
99%
106%
106%
73
88
96% 101%
102% 107%
104% 107%
107%
106%
106%
74%
88
89
66%
82%
76%
90%
107% 108%
'107%
aaa3
sale.
Under-the-rule
n
Cash sale.
112%
96
Deferred
a
r
103»ul07
10315u
( NegotiabUIty impaired by maturity,
t The price represented Is
per 200-pound unit of bonds.
Accrued interest payable at the
tion
58.1952
United Drug Co (Del) 5e
1953
U N J RR A Canal gen 4a... 1944
105%
103
10
85%
98
87
2
O y ccc2
1948 M S y bb 1
1965 A
Warner Bros Plot 6a debs
48%
92
♦9
A
Union Pac RR—
United Cigar-Wbelan Ste
16%
*120
J
7a... 1945 M S y
4a......1947
4s registered..........1947
84-year 3 Xs deb...
1970
85-year 3Xs debenture... 1971
Ref mtge 3Xs ser A
1980
44
b
74%
48% 65
14% 24
99% 101%
102
94
103%
S
D
M S
M
{(♦Union ElevRy (Chic) 6s. 1945 A O
Union OH of Calif 6s *erlee A 1942 F A
1969.F A
3s debentures..
United Biscuit
37%
*93%
79%
MN
1st A land grant
74
106% 109%
aa
z
96% 104%
26
*98%
3
D
♦Tyrol Hydro-El Pow 7H8..1965
♦Guar sec a f 75
1952 F
UJIgawa Elec Power s f
"2
1939 AfN
Cony deb 4s
J
71%
z
94%
1980 J
Texas A Pacific 1st
71%
x
Western Maryland 1st 4s
1st A ref 6 %a series A
J
6s 1945
.1950
71%
65%
90
65
87%
1
West Va Pulp A Paper 3s... 1954 J
D
{♦Spokane Internet 1st g 6s. 1955
Standard Oil N J deb 3s.... 1961
1953
2Xa debenture
54%
84%
1
86
78
108% 112
21
64
*84
High
No. Low
High
J
84%
88%
bbb2
111%
64
/
70%
91%
1956
Texas A N O con gold 5s
165
62
1956
debs
82%
90
Derel A gen 6s....
Swift & Co 2Xs
352
63%
Derel A gen 6%s
Superior Oil 3X8 debs
71%
"91%
O y bb
Btudebaker Corp cony deb
70%
397
2
2
x
Southern Ry 1st eons g 5s.. 1994
Devel A gen 4s series A... 1956
1st A ref 3s series C
385
52%
53%
53%
bbbl
J
37%
34%
3
66%
bbbl
J y
1955
1st 4s stamped
52%
40%
39%
53%
71%
83%
1
a
88
44%
52%
330
53%
J y
4s... 1956
So Pac RR 1st ref guar
x
71
338
53%
"54%
2
2
J ybb
1946 J
10-year secured 3%s
San Fran Term 1st 4s
54%
53%
2
2
Gold 4 Xs
39%
48%
46
53%
2
y
M~ S
63%
48%
57%
55%
55%
55%
72
50%
46
2
b
ybb
.1949
registered
4s
1st 4X8 (Oregon Lines)
147
49%
50%
D y b
111%
Jan. 1
Asked
1941 J
Southern Pacific Co—
.1949 J
A
(♦Des Moines Div lst4s._1939 J
106
104
1958 A O y bb
Since
Friday's
Bid
Low
Virginian Ry 3%s series A—.1966 M S
{Wabash RR Co.—
85
39%
102% 104%
101% 104%
75%
•
tSlleelan-Am Corp ooll tr 7f. 1941
Price
Railroad & Indus. Cos. (Concl.)
4
98 X
Sale
See a
Va Elec A Pow 3%s ser B...1968 M S x aa 2
Va Iron Coal A Coke 1st g 58.1949 M S y ccc2
Va A Southwest 1st gu 5s.—2003 J
J y bbbl
2%
2%
3%
3%
*3
c
1946 F
63
99%
c
z
Rating
Range
Range or
Last
Elio. A
EXCHANGE
Week Ended Aug. 1
High
No. Low
Y. STOCK
*27%
z
A
Sbell Union Oil 2%s debs... 1954
1961
2%s s f debs
...
BONDS
N.
Since
3%
3X
A
1936 F
♦Silesia Elec Corp 6X8
Jan. 1
Bid
Railroad & Indus. Cos. (Com.)
{•8eaboard All Fla 6s A ctfs.1935 F
♦6b Series B certificates
Range
Friday's
A
Asked
Last
Rating
EXCHANGE
8TOCK
Week's
Friday
Bank
Week's
Friday
Elio. A
BONDS
N.
663
New York Bond Record—Concluded—Page 6
153
the dollar quota¬
exchange rate of
$4.8484
{ Companies reported as being in bankruptcy, receivership,
Section 77 of the Bankruptcy Act, or securities assumed by such
*
Friday's bid and asked price.
♦
or reorganized
companies.
under
Bonds selling flat.
No sales transacted
during current week.
United States Steel Corp—
Serial
debentures—
Nov 1 1941 MN
May 1 1942 MN
Nov 1 1942 MN
.625s
.75s
.8768
MN
aaal
May
1.00s
*99%
aaal
aaal
100
aaal
100%
100
♦100
100
"
100%
Nov
MN
aaal
100%
1.26s
May
Nov
MN
aaal
*100%
1 3758
MN
aaal
*101
1.60s
May
MN
aaal
101%
MN
aaal
*100%
MN
aaal
101%
MN
aaal
102
102
MN
aaal
101%
102
1.90s
Nov
May
Nov
-—May
Nov
MN
aaal
101%
102
1.95s
May
MN
aaal
101%
102
2.00s
Nov
MN
aaal
102
102
2 058
May
MN
aaal
101%
2.10s
MN
aaal
♦101%
102""
MN
aaal
101%
102%
MN
aaal
*101%
102%
MN
aaal
MN
aaal
*101%
*101%
102%
102%
MN
aaal
*101
102%
2.40s
Nov 1
May 1
Nov 1
May 1
Nov 1
May 1
Nov 1
MN
aaal
*101%
102%
May 1
MN
aaal
*101
103
2.45(1
Nov 1
May 1
Nov 1
May 1
MN
aaal
MN
aaal
MN
aaal
*101%
*101%
MN
aaal
*101%
1.76s
1.80s
1.86s
2.15s
2.20s
2.268
2.30s
2 35a
2.60s
2 556
2.80s
2.65s
♦Un Steel Wks Corp3 %s
102
102
101%
Column—x Indicates those
100% 100%
1.126s
1.625s
Bank Eligibility and Rating
a
y
102%
100% 100%
100% 101
100% 101
100
100%
100
102%
100% 102
100
101%
100% 102
13
100% 102%
100
103%
100
102%
100% 103
100
103%
100
103%
100% 104%
100% 104
100% 104
100
102%
100
103%
100% 104%
101
103%
100% 104%
102
Indicates those bonds we believe are not
provision in the bond tending to make
or some
x
bank eligible due either to rating status
lt speculative.
bankruptcy, or In process of
Indicates Issues In default. In
A great
majority of the Issues bearing
bearing ddd or lower are In
Transactions
symbol ccc or lower are in default.
the
at
New York
Daily, Weekly and
104%
United
Total
Number of
Mis cell.
Municipal
States
Bond
Aug. 1, 1941
Shares
Bonds
For'n Bonds
Bonds
Slate
Railroad A
Stocks
33
33
33%
20
25
20%
13%
31%
21%
33
Monday
91%
97
Tuesday
963,410
Wednesday
745,090
Thursday
853,940
Friday
678,990
7,762,000
6,252,000
7,599,000
6,479,000
4,541,960
$36,841,000
♦3Xi assented C
•Sink fund deb 6Xs ser
A
*11%
♦3X8 assented A
United Stockyds 4X8 w w.
93
bbb2
100%
ref 5s
Utah Power A Light 1st 5s.
Utab Lt A Trac 1st A
bbb2
Vandalla cons g 4s Berles
A.. 1955
Cons 8 f 4s series B...
1957
100%
100
99%
94%
102
101%
6
96
184
100
104%
99% 105%
A
x
aaal
*110%
110
MN
x
aaal
*110%
109
F
33%
—
-
938,350
.
Total.
Sales at
New York
Week Ended
$19,000
$2,732,000
47,000
6,995,000
45,000
394,000
70,000
8,429,000
6,716,000
323,000
67,000
531,000
6,340,000
51,000
7,989,000
7,061,000
5299,000
$39,922,000
$2,782,0001
Aug. 1
Stock
Exchange
Stocks—No. of shares
1940
1941
4,541,960
2,192,220
Jan.
1 to Aug. 1
1941
foreign.
Railroad and industrial
L
Total.
Attention is
directed to the column
incorporated In this tabulation pertaining to
134,895,065
$27,897,000
136,495,000
785,348,000
$299,000
$285,000
$12,452,000
2,782,000
36,841,000
2,507,000
19,620,000
94,880,000
1,186,032,000
$39,922,000
$22,412,000
bank eligibility and rating of
1940
82,272.599
Bonds
Government
State and
Sales
$304,000
608,000
622,000
$2,409,000
362,180
Saturday
111
110%
Stock Exchange,
Yearly
Week Ended
20%
36%
♦3X8 assented A
♦Sec 8 f 6X8 series C
AU Issues
default.
30
D
reorganization.
symbols In this column are based on the ratings assigned to eacn bond
by the three rating agencies. The letters Indicate the quality and the numeral immedi¬
ately following shows the number of agencies so rating the bonds.
In all cases the symbols
will represent the rating given by the majority.
Where all three agencies rate a bond
differently, then the highest single rating is shown.
The rating
37
J
A.
bonds which we believe
eligible for bank investment.
$1,293,364,000'
bonds. See note a above^
$949,740,000
New York Curb
664
Exchange—Weekly and Yearly Record
Aug. 2, 1941
NOTICE—Cash and deferred delivery Bales are disregarded In the
week's range unless they are the only transactions of the week, and when selling outside
the regular weekly range are shown in a footnote In the week in which
they occur.
No account Is taken of such sales In computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange
beginning on Saturday last (July 26, 1941) and ending the present Friday (Aug. 1, 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.
for the week
Friday
Sates
Last
Par
STOCKS
Week's Range
for
Sale
of Prices
Price
Low
Acme Wire Co common-10
Aero
Friday
Week
High
21
Range SinSe Jan, 1,1941
Shares
21
Low
50
Par
16%
Mar
23
22 %
Jan
Bellanca Aircraft com
6%
6%
12%
Jan
Bell Tel of Canada
Jan
1
6
5
400
4
July
8%
July
4%
9%
600
1%
9%
6
1%
2,100
July
Warrants
H
Jan
%
109"
109%
100
*11
Jan
Apr
Jan
88
Apr
Bliss (E W) common
Mar
1
July
Blue Ridge Corp com—..1
14
Feb
350
18%
Apr
1,050
112%
May
July
4%
155
116
112
Jan
Jan
Apr
Breeze Corp common
Jan
Brewster
1034
Jan
24%
Apr
35
Apr
5%
July
Mar
134
May
hi
11
11
Jan
9%
100
May
11%
Apr
68%
03
hi
hi June
Jan
Mar
Jan
hi
Jan
16%
May
2834
Feb
16%
20
75
June
%
%
40%
American Gas A Eleo—10
24%
110%
"~40
18%
%
13
24%
110
Amer General Corp com 10c
Feb
%
Jan
Jan
3834
Jan
31
Feb
42%
July
20%
July
200
"42%
*7",4O6
20%
%
13%
3,300
2,300
15%
Apr
%
Mar
hi
Jan
250
9%
Apr
1,900
1334
3054
11334
334
2934
July
25%
11034
125
2%
"28"
2634
May
35
%
1854
3
300
27%
28
350
12.50 conv preferred—1
Amer Hard Rubber Co..50
23
May
105%
2%
25%
May
May
June
Jan
Feb
Jan
Jan
28
50
13%
13%
13%
1,400
'24%
~24%
24%
""56
25
Amer Mfg Co common. 100
Preferred
100
""k ""%
Amer Maracalbo Co——1
Jan
23
July
16%
11%
Feb
Feb
21
Mar
1534
Apr
Apr
2834
June
17%
79%
Apr
2434
Aug
Mar
%
Jan
28 %
20
33
Feb
26
20
Apr
15%
Amer Laundry Mach—20
Amer Lt A Trac com
25
June
"366
Amer Meter Co
84
June
%
3234
May
1,600
5%
Feb
834
July
3%
%
50%
3%
632
500
2%
Apr
334
Jan
2,600
%
Feb
34
Jan
53%
4%
500
42%
May
60
Feb
200
3%
Apr
8
Jan
"2% "3%
2", 100
Am Superpower Corp com *
1st $6 preferred
*
%
50%
$0 series preferred
American Thread 6% pf—6
4%
50
60
Apr
00
*
1%
1%
105% 106%
1%
1%
1%
7%
310
2%
79% June
100
7%
June
5%
Jan
034
4%
Apr
10% June
634
Jan
1134
May
2%
200
%
%
69%
69%
34
Jan
hi
Jan
34
Jan
%
July
134
Jan
Jan
2
Jan
65
Jan
Apr
3%
Jan
he
he
900
%
May
'he
"%
100
8%
8%
900
3%
3%
1%
4%
2,000
~6% ""<534
1%
4%
"260
1%
3%
300
25
300
25
2%
17
Jan
5%
Jan
13% May
2% May
1
Mar
834
19
434
2
Puroh warrants for com.
5%
30
Baldwin Rubber Co oom.l
Barbon Corp
1
1
conv A com
Refractories Ino
30
10
5%
~31%
Barium Stainless Steel
Barlow A Seellg Mfg—
30
5%
100
31%
32%
1,900
5%
36
6
2,000
37
350
pref
July
Mar
July
Jan
10
Jan
Jan
May
34
Jan
July
29
30 34
Apr
3 34
334
Feb
534
July
Feb
25
3234
July
July
"l34 "l%
""300
1
Apr
Feb
"*334 "3 k
'""266
134
30
Apr
154
41
Feb
Jan
June
34
300
Jan
334
54
50
52 34
650
3534 June
52 34
July
1234
300
1134
1234
June
54
July
July
May
10
6
July
834
Apr
54
1654
July
2034
234
July
Jan
834
£1
Am
834
100
dep rets ord reg.. 10s
54
British Col Power cl A...*
IBrown Co0% pref
100
Class A preferred
19
preferred
Brown Rubber Co
20 34
234
234
1,050
100
*
"334
5k 00
3
*
50
1
$0
1
com
50
60
1%
1334 June
134 May
7
May
134 Mar
x24%
Mar
1,100
31
Jan
Apr
June
Jan
10
60
Jau
354
50
4434
26
1734
$5 1st preferred
»
Bunker Hill A Sullivan 2.60
Burma Corp Am dep rets..
"12"
00m
45
400
54
June
Jan
13
Apr
"3634"
Feb
45
July
1734
1734
93
93
250
12
1234
1954
9934
Mar
Feb
Mar
700
1,000
1634 June
92
134
May
»hi June
12 34
1
"406
34
34
Jan
54
June
May
34
34
34
100
54
50c
Feb
54
34% pref she £1
Calamba Sugar Estate..20
California Elec Power... 10
June
954
Vot trust ctfs
60c
Cables A Wireless Ltd—
Am dep 6
July
July
Buff Niagara A East Pow—
$1.60 preferred
Jan
1134
Bruce (E L) Co common..®
Bruck Silk Mills Ltd
*
Buckeye Pipe Line
Feb
15
20
Brown Fence A Wire oom.l
Brown Forman Distillers. 1
Calllte Tungsten Corp
11
1054
11
500
834
Apr
234
234
2%
1,400
134
134
700
354
1434
Mar
Jan
hi
Feb
54
July
134
134
154
1
7% partlc preferred...25
Can Colonial Airways
1
Canadian Dredg A Dock.*
200
534
2,300
hi
1%
2,900
%
1534
254
Feb
Feb
14
Feb
May
534
Mar
May
134
Jan
Jan
354
Class B
non
vot.—.
7% preferred
Jan
Apr
1834
Jan
Canadian
Marconi
Capital City Products
Carib Syndicate
121
Carman A Co class A
Class B
preferred
common
200
434
434
Mar
Mar
320
12 34
Jan
434 June
634
22
July
July
T.90G
354
122
154
600
900
1,300
5134
1,125
x%
June
121
July
Jan
July
»h«
9
Jan
Mar
1% June
9
120
934
83
83
700
40
Feb
39
Jan
113
Apr
11034
Feb
Jan
754
534
Apr
May
Apr
234
754
1054
654
8
4
June
107
Jan
Jan
2034
Jan
Apr
134
July
June
Jan
Feb
6%
Feb
5134
July
July
96
Jan
11654
Mar
9
July
Apr
1354
10654
Apr
4
3534
8034
8
110
July
May
Apr
95
Jan
Jan
Feb
10
11634
Jan
400
34
Jan
34
July
*18
2,200
h»
Jan
ht
Feb
34
34
100
34
134
134
100
May
May
May
234
Jan
%
Mar
hi
July
34
54
34
132
34
54
%
Jan
34
"566
634
734
18,300
354
Apr
734
July
434
434
200
3 54
Feb
434
Mar
534
200
Mar
"98""
50
534
1434
11034
7354
34
34
734
5
"98"
98
57
34
5734
59
4 54
1134 May
200
834
834
200
100
8
834
100
10
5
654
83 34
23,300
7334
634
6134
734
1,100
7254
250
*
JaD
35
10934 June
10554 June
106
108 ^108
Chamberlin Metal Weather
Strip Co
6
00c preferred B
$0 preferred BB
Mar
634 June
634
4454
Charts
Chllds Co preferred
Cities Service common
$0 preferred
3-34
125
5
6
100
preferred
100
Conv preferred
100
Conv pref opt ser '29.100
Cessna Aircraft Co
1
May
July
50
"166
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 60c
Cent States Elec com
1
preferred
Feb
54
17
Chicago Rivet A Mach...4
Chief Consol Mining..
1
834
100
'"8k "8k
*
Jan
11
3834
111
'"6"k "654
•
com
134
Jan
134
7
Cent Maine Pow 7% pf 100
Cent N Y Pow 6% pref.100
Corp oommon
10
Cherry-Burrell common..6
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Jan
"400
38J4
1
Jan
May
634
Apr
May
11434
2,900
*
634
234
934
Mar
834 June
111
Castle (A M) common..10
Catalln Corp of Amer
1
Celanese Corp of America
0%
7%
11
•
Apr
Jan
50
Jan
15
•
Carter (J W) Co oommon.l
Casco Products
*
1st partlc pref
Cent Hud G A E
34
20
"34
26c
Carnation Co common...*
Carolina P A L $7 pref...*
$6
121
"11
1
Jan
8,100
5
Jan
134
134
•
Mar
8%
254 May
13
100
734
9%
400
*
37 34
7%
3
50
Canadian Industries Ltd
Apr
Apr
1554
Canadian Indus Aloohol—
Class A voting
...»
FeD
32
9%
For footnotes see page 669
July
434
2%
6%
21%
1134
Feb
Jan
8
Am dep rets ord reg
49
434
1%
21 %
1034
Apr
Am dep rets ord bearer £1
125
1734
1
20
July
July
Jan
Feb
754
534
lhi
7% 1st partlc pref...100
Feb
5%
2%
6
6 54
3,200
1,200
3,100
534
934
10
6
1234
~5i"k
Celluloid Corp oommon.15
$7 dlv. preferred
*
Mar
1%
.
Jan
2334
"3 k
Jan
May
6
...
Baumann—See "Ludwlg"
Beau Brummell Ties Inc. 1
Beaunlt Mills Ino com..10
Jan
34
30
"134"
July
2%
334
2%
5%
34
1034
1034
"sk
July
1234
%
30
July
July
May
June
15
*
conv
Apr
Tobacco—
7% preferred
May
200
500
*
Babcook A Wilcox Co.
Baldwin Locomotive—
$1.60
72
3%
28%
4%
3%
28
6
10
Mar
3%
3%
Ayrshire Patoka Collieries 1
$1.20
3
10934
334
2934
434
Warrants
Class A common
June
Jan
108
Avery (B F) A Sons com.5
Basic
July
July
100
10
Apr
July
British Celanese Ltd—
Carrier Corp
Auburn Central Mfg
*
Automatlo Products new.l
Automatic Voting Mach..*
Axton-Flsher
Mar
11
1%
Atlantlo Rayon Corp.—1
Atlas Corp warrants
x-w
Jan
90
2%
4,100
100
w w
July
July
hi
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries.. 1
Atlantic Coast Line Co..60
0% preferred
®% preferred
July
2
234
8 34
110
1
Atlas Drop Forge com
Atlas Plywood Corp:.
10634
800
1,100
June
234
34
354
554
Canadlan Car A Fdy Ltd
Apr
5%
200
1234
Jan
1
300
400
34
July
12
1,200
6%
2 34
1054
July
11
7%
234
Camden Fire Insur Assn..5
Canada Cement Co Ltd.
89
%
Jau
July
3054
Jan
§ Associated Gas A Elec—
Common..—........1
$6 preferred
♦
Assoo Laundries of Amer *
Assoc Tel A Tel class A—*
3834
734
Feb
...*
Jan
1% June
6%
Apr
2%
July
Mar
Co——*
A
July
2,200
1
5
Amer dep rets reg....£.1
35
33
British Amer Tobacco—
1
June
6%
1
May
50
834
234
Mar
May
Jan
334
103
Assoc Breweries of Can..*
Atlanta Birmingham A
Coast RR Co pref
Class
Jau
July
July
3434
*
100
334
Associated Eleo Industries
Class A
B
preferred
Jan
Apr
38 34
1
34
Brillo Mfg Co common—.*
Apr
11
5
Ashland Oil & Ref Co
Class
7%
..*
Mar
87
0% preferred
—10
Arkansas P & L $7 pref...*
Aro Equipment Corp
1
com
Brill Corp class A
Mar
8%
Common cl A non-vot—*
Art Metal Works
*
1%
Appalachian Elec Power106%
3434 June
554 May
Jan
Apr
200
100
'he
com..
com
Bridgeport Machine
2%
2
Angostura-Wupperman —1
Arkansas Nat Gas
1
Aeronautical... 1
Cable Elec Prod
7%
60
Feb
834
4
2034
%
1,600
Burry Biscuit Corp..12 34c
7%
Mar
834
234
100
Jan
58%
American Republics
10
Amer Seal-Kap common.. 2
100
1st preferred
$5 2d preferred
*
Brazilian Tr Lt A Pow—♦
Jan
Amer Potash A Chemical.*
Anchor Post Fence
7%
British Amer Oil
20
Jan
Jan
2%
Bridgeport Gas Light Co.*
60
Jan
July
May
Jau
%
1354
4034
834
1034
%
May
34
400
600
Bowman-Blltmore com...*
Jan
7%
75%
99%
%
Feb
534
34
18%
65
Jan
Jan
1834
Feb
200
34
July
1334
....
Mar
"""56
2734
3434
100
25
Bourjois Inc
Preferred
"l3%
preferred
7% 1st preferred
Borne Scrymser Co
Jan
July
'it
Jan
Apr
2J4
Bohack (H C) Co com...*
12
H
Amer Fork A Hoe com...*
1
Blumenthal (8) A Co
%
110
"72"
Apr
334
200
4
Amer Export Lines com.. 1
Amer Foreign Pow warr—
$2 conv preferred
1
450
30
28
10
100
Jan
May
111
654 June
*
common
13%
93
1
preferred
19%
37
A Machine Co com
112%
1334
A—10
Class Bn-v
Apr
July
22H
117% 120%
..26
Class B
2
1,250
'it
25
preferred
834
May
19%
"72"
..—*
*
Conv class A
34%
*
2%
Amer Centrifugal Corp.—1
Amer Cities Power A Lt—
4
36 34
May
10c
Common class B
Apex Eleo Mfg Co
3634
Blauner's
American Capital—
Class A common—--10c
0%
4,600
*
1734
54
37
Mar
Mar
Amer Box Board Co com.l
Class A new
1634
11134
103
6%
100
American Book Co
Amer Cynamld class
1634
554
Birdsboro Steel Foundry
Jan
22%
100
com—1
15.60 prior pref
25
Jan
4
118
Aluminium Ltd common.*
$3 preferred
3834
*
94%
Aluminum Industries com-*
0% preferred
3834
$2.60 preferred
103%
1% May
-.100 11234
Goods Mfg—*
American Beverage
300
934 July
24%
Jan
34 May
1034 May
1,500
1234
10
—*
com
34
12
"116
18%
234
1,600
2334
Berkey A Gay Furniture. 1
he
16
2,800
High
Apr
May
May
May
Mar
96
Blck fords Inc common—*
22
0% preferred
Low
454
21,200
32
Jan
Mar
$3 opt conv pref
25
conv com
334
934
21
334
Conv preferred
1%
1,500
100
Range Since Jan. 1, 1941
Shares
100
%
*
(Mich)—10
Aluminum Co common—*
4 %%
1934
334
25%
Allied Intl Investing—
Aluminum
1934
1
Apr
Alliancelnvestment—
Altorfer Bros
834
2%
109%
$6 preferred
Class A
9%
Feb
75 %
Alabama Power Co 17 pf-*
Allied Products
Price
1
1
A lies A Fisher Inc com—*
pref
Beech Aircraft Corp
20
pre!
Alabama Gt Southern—60
conv
Week
Benson A Hedges com...*
1,600
Feb
July
5%
4%
0%
434
Air Investors new com—2
S3
for,.
of Prices
Low
High
Bell Aircraft Corp 00m...1
Alnswortb Mfg common—5
Air Associates Inc (N J)—1
new conv
Week's Range
Sale
21%
....1
Class B
Sales
Last
High
Supply Mfg—
Class A......
STOCKS
(Continued)
87
June
5734 July
734 June
*11
534
7534
..*
7
»
72
4,600
48
454
48
10
Jan
554 June
354 July
Jan
Jan
Jan
Jan
Jan
54
July
654
July
July
July
10
Feb
8334
June
734
7254
Feb
Jati
Jan
Aug
Volume
New York Curb Exchange—Continued—Page 2
153
STOCKS
Last
Week's Range
Sale
Cities Serv P A L f 7 pre!.*
98
9534 100
*
•
City A Suburban Homes 10
Clark Controller Co
1
Claude Neon Lights Ino—1
Clayton A Lambert Mfg. .4
Cleveland Elec Ilium
*
98
92 34
STOCKS
<6
preferred
80
654
1,000
104
Mar
Feb
102
Mar
x89%
5X
Mar
5X
Jan
15X
June
X
Jan
5X
3954
"250
4 34
Cleveland Tractor com—*
4034
434
634
Jan
600
35
6X
Feb
May
Jan
Empire Power part stock.*
Jan
Equity Corp common.. 10c
CllnchOeid Coal Corp. .100
2X
Jan
4
Club Alum Utensil Co—*
1
July
Jan
2X
Apr
82 X
51
June
6034
Mar
1
Feb
4,200
250
70 X
5334
5434
IX
340
4,100
IX
1%
434
June
2
1934
19 X
"""i50
1
iix
nx
100
2
X
Jan
Rights (expire Sept 2)...
X
434% series B pref—100
4% pref series C
100
Falrchlld Eng A Airplane.1
Falstaff Brewing
1
2J4
234
1,700
234
434
Jan
734
734
200
534
May
754
July
1934
May
2534
Jan
Fanny Farmer Candy
1
Aug
Jan
734
8
400
6
Apr
1034
7
7
400
7
May
854
Fed Compress A W'h'se 25
35
July
35
July
19
June
19
June
734
Metallurgical...*
Fedders Mfg
Co
5
Jan
Jan
7254
100
5834
Apr
10334 10534
525
z9634
July
May
134
Apr
Jan
1134
Apr
Feb
1134
July
Apr
23
6954
(Phlla).lO
104
*
134
134
134
200
1
1134
1134
1134
700
934
22
Am dep rets ord reg_..£l
X June
X
July
May
Jan
2
Ji#
July
2X
Feb
July
2054
22
250
Oil
7254 July
13434 June
Feb
Jan
34
Mar
Jan
Fuller (Geo
934
150
8
34 May
934
1854
1854
100
18
May
20 34
22
100
17
May
22 34
Mar
Jan
Jan
9
15
1
60
65
725
34
Feb
65
July
*
46
47
175
28
Feb
47
July
100
64
67
225
50
Mar
67
July
90
Jan
65
May
11934
Feb
11034
Jan
S3 conv stock
IX May
21% June
134
Feb
4%
2834
July
Gamewell Co $6 conv pf..*
July
Gatlneau Power Co—
150
Mar
4
Jan
105
4
IX
200
IX
Feb
134
Jan
834
9,800
5X
Feb
834
July
300
3
Apr
▲) Co com___l
conv preferred...
4934
100
6% preferred...
July
5554
Apr
34
54
June
134
134
Jan
May
634
July
May
16 34
91
Mar
«ii
July
Gellman Mfg Co com..
General Alloys Co
9554 May
134
200
634
1334
6 34
1434
500
76
134
..*
76
1
Feb
Jan
Gen Electric Co Ltd—
20
92
92
100
85
June
Mar
98
Amer dep rots ord reg.£l
X
Feb
34
Mar
8
8X
900
6X
May
834
Jan
600
7
May
11
Jan
General Investment com.l
34
34 X
200
30
Apr
37
6%
650
7 54
53 prior preference—
*
Cornucopia Gold Mines 6o
Corroon A Reynolds
1
to preferred A
*
Copper Range Co
634
634
•
Feb
4 34
Jan
"ix "ix
82X
July
634
""166
1
Jan
134
Jan
Mar
10
70
Jan
8634
June
June
34
IX
1254
82X
IX
800
%
Jan
134
12X
13 X
500
434
Feb
1334
July
July
IX
1
60
1334
Gen Gas A El $6 pref B..*
8
Mex—1
1
Cooper-Bessemer com—•
Roll A Steel
Cosden Petroleum com..
34
22
...1
Conv partlo pref
105
Continental Oil of
5% conv preferred
Courtaulds Ltd—
Common
Fruehauf Trailer Co
Continental Gas A Elec Co
7% prior pref
19
100
Froedtert Grain A Malt—
115
28X
7%
10
34
34
1
30
200
100
8
*
Jan
73
IX
100
10
preferred
*
30
IX
27 X
"_27~34
Class A non-vot
July
4
IX
1934
200
134
July
234
Feb
2,400
1234
6X
1,200
X
500
Gen Fireprooflng com
16
*
20
4
12 34
Jan
40
400
«
hi
100
Jan
May
60
7234
July
83
23
May
31
34
5234
preferred
7234
2734
Gen Pub Serv $6 pref...
7234
20
2734
2734
100
34
Gen Outdoor Adv 6% pf 100
134
700
Gen Rayon Co A stock...*
54
Jan
Jan
July
Jan
Jan
134
July
General ShareholdlngsCorp
100
1
Common
55
$6 conv preferred
5334
220
55
34
»n
Apr
Mar
June
45
61
Jan
Mar
108
May
General Tire A Rubber—
£1
6
stock
Creole Petroleum
Croft Brewing Co
18 X
19
*
1
Crocker Wheeler Eleo
6
634
ht
34
1
1
Co—*
(Md).fi
Crown Cork Internat A..*
Crown Drug Co com—25c
7% conv preferred
25
Crystal OH Ref com
•
56 preferred
10
Crowley, Mliner A
Cuban Atlantic Sugar
1
1
July
34
134
Jan
Feb
234
May
534
134
July
Apr
Gilchrist Co
Apr
9X
10 X
34,000
434
"h
Apr
Feb
T
"Ix
200
834
""600
9
.6
50
8% debenture
100
Derby Oil A Ref Corp com*
A conv preferred
*
Detroit Gasket A Mfg—1
6% preferred w w
20
Detroit Gray Iron Fdy—1
*
July
Glen Alden Coal
July
634
1034
Class B
1
Mar
17
Jan
234
July
Goldfield Consol Mines.
May
734
May
Goodman Mfg Co
Feb
9
July
Gorham Inc olass A...
July
I..
Mar
Jan
Grand Rapids Varnish... 1
*
534
Feb
8
July
Gray Mfg Co
Jan
334
Mar
"566
Feb
35
Jan
Feb
Jan
1
234
5334
Mar
July
June
112
234
ht
X
Jan
19 X
19%
400
Apr
10
1734
134
Jan
1834
200
Feb
134
Jan
234
July
May
Jan
preferred
*
Gypsum LlmeAAlabastlne*
Hall Lamp Co
5
Hammermlli Paper.....10
Apr
11
Apr
May
1234
JaD
Mar
134
Mar
10
25
Hartford Eleo Light
May
634
Jan
July
1634
July
"306
May
6
Jan
Basel tine
61
June
76
Jan
Hearn Dept Stores
Draper Corp
""150
,
254
"966
7534
34
100
Durham Hosiery cl B com •
Duro-Test Corp common. 1
Duval Texas Sulphur..__*
Duke Power Co
234
7534
25
July
Jan
Jan
Apr
7634
June
"is
34
100
7
7
300
634
Mar
734
Jan
954
1,100
734
May
1034
Jan
134
2
234
2,100
134
May
34
-
*.
400
June
134
Jan
....
Elec Bond A Share com. .5
3534
....
1634
234
9 34
1,100
39
5,000
111
210
30
3734
4X
2334
5
2354
55
55
300
Preferred
ex-warr
Jan
Jan
200
48
June
6834
36 34
900
30
May
42
1654
125
11
Apr
1634
July
Holophane Co common..*
Apr
'it
Jan
Apr
Apr
1634
1634
July
550
1234
1234
400
234
May
334
Jan
May
234
1634
3
12^900
2
Apr
5634
3,100
52
July
July
754
754
300
7
June
34
34
1,000
4954
4734
5454
52
1,300
47X
*11 May
13
July
June
Jan
70
Apr
Humble OU A Ref
13
Jan
Hummel-Ross Fibre Corp
134
Feb
1134
454
669
5
1,700
Feb
1234
Jan
May
3234
Mar
Feb
534
July
2
preferred
Inc
134
Apr
Mar
54
134
454
1734
254
2834
6
5
18
254
2834
634
Mar
Mar
111
Jan
115
1534
1 534
Jan
234
Mar
854
Jan
2534
34
May
Apr
2,900
65
Jan
Jan
134
July
IX-
Mar
400
4
June
534
500
17
May
2634
Jan
Mar
334
July
100
100
200
100
84
Aug
July
Mar
134
20
454
434
12 54
Mar
434 May
10
80
Jan
39*
29
109
11134
Feb
3,200
Feb
Apr
65
834
8
29
Jan
July
654
12
Feb
Jan
1034
9
Jan
Mar
Feb
2654
Jan
26
Jan
5
Feb
Apr
Feb
Feb
1354
8554
June
Feb
1534
July
May
Apr
July
Apr
Jan
934
16
13
Apr
Apr
33 34
Mar
2 34
Feb
Feb
2454 June
3134
11434
Apr
75
28
28
Jan
234
100
Apr
3134
600
1134
13
16
9
16
854
'lT
11334
100
6
5
Hussmann-Llgonler Co... *
Iluyler'e com
...
1
Vtcfor 1st pref
1
Jan
Mar
26
Baking..*
Horn A Hardart
*
Hub bell (Harvey)
10 34
25
Horn A Hardart
Apr
June
June
Horder's, Ino
434
6534
2734
1
..16
...4
Co class A...10
6
Bollinger Consol G M
6%
Apr
754
54
—*
Hormel (Geo A) A Co com*
Horn (A C) Co common.. 1
1434
Apr
42
9
May
934 June
734 May
Heyden Chemical......10
Hoe (R) A
Feb
54
June
35
20
26
52 34
Jan
132
10
Henry Holt A Co part A..*
1654
52
•
For footnotes see page
334
105
97
150
.2
...25
5154
3534
""254 ""2% "254
•
warrants
Elgin Nat Watch Co
Preferred ww
234
634
1134
5234
preferred
Electrographio Corp
34
*
»
Class A
Heller Co common
Apr
12734 June
Jan
54
134
50
«u
100
100
Iron..25
Eastern States Corp
*
57 preferred series A...*
56 preferred series B.
Easy Washing Mach B_._*
Economy Grocery Stores.*
Eastern Malleable
pref A
Jan
Hewitt Rubber common. .6
East Gas A Fuel Assoc—
preferred
Jan
654
550
39
111
134
2834
Helena Rubensteln
Jan
July
"55
25c
6% conv preferred
Heel a Mining Co
3
Jan
5
June
234
434
1
com..5
34
3634
June
11434 115
3834
111
*
Corp
111
934
«•
B non-vot common....
Apr
934
m
10
14 34
Jan
2534 June
354
Hat Corp of America—
July
34
34
»16
1
1
Harvard Brewing Co
234
7234
2134
109
100
Feb
July
25
Hartford Rayon v t 0
534
734
July
154 June
2934 July
'it
16
334
"34
Mar
July
July
34
134
8
Gulf States Utll 15.50 pf.*
1634
434
"34"
134
754
100
Jan
4 34
1,900
*
Gulf Oil Corp
Tioo
234
May
100
225
100
100
38
Jan
17
100
25
Jan
Dominion Bridge Co Ltd.*
-10
434
{Guardian Investors..
Dobeckmun Co common. 1
Dubiller Condenser Corp.l
25
Grooery Sts Prod com..25c
Feb
"5% "~5X
*
Apr
134
25
234
Dominion Steel A Coal B 25
434
200
100
7% 1st preferred
*ii May
11
10
Non-vot com stock
Greenfield Tap A Die
July
500
"7X "7%
94
"400
Greater N Y Brewery....1
Gt Northern Paper
45
134
200
7%
134
2934
""434 "5
10
July
Mar
834
18%
IX
11
10
Great Atl A Pao Tea—
500
234
134
25
~~2X
11
preferred
3,600
2934
Dlvco-Twln Truok com
134
2934
Gorham Mfg common..10
Jan
"2
1,100
100
Mar
50
12
IX
300
734
'it
2834
52
2934
100
preferred
20
$3
6,600
15
7
May
18
9934
Diamond Shoe common.
1434
1434
2734
June
10
4 >4% prior pref
6% preferred
434 July
754 June
1534 July
2934 July
8
18X
IX
Eagle Plcher Lead
734 June
Feb
834
Feb
1934
434 May
Godchaux Sugars olass A
July
common..10
preferred...
Jan
24
-1
Driver Harris Co
23 34
90
oom_.l
Llauors
49
100
IX
Mar
Jan
600
52
56 prior pref
Mar
654
Apr
1034
1
Dennlson Mfg ol A com.
10034
Jan
5
25%
8
Mar
45
18
7X
Mar
110
110
1034
18
Class A conv
43
Jan
*
1034
334
Apr
May
98
90
Jan
134
10 34
40
150
100
49
48
*i
Feb
Mar
July
""50
41
10534
preferred
Preferred
25
1
36
Records common. .1
Dayton Rubber Mfg
preferred
15
"41
105
Gilbert (A C) common...*
Apr
7
Darby Petroleum com—5
Davenport Hosiery Mills.*
50 rl0134
934
""
10534
41
S3 preferred
Georgia Power S6 pref...*
2234
34
1
234
10334
103
Gladding MoBean A Co
Jan
ht
1054
103
Gen Water G A E 00m...1
5
Curtis Light'g Ino com 2.50
Curtis Mfg Co (Mo)
6
| Detroit Paper Prod
Detroit Steel Prod
July
734
X May
134 May
*
Stores
1934
Jan
300
500
100
preferred A
Mar
34
2034
5
Cuban Tobacco com
5X
534
6%
334 May
1,700
Crown Cent Petrol
Emerson Elec Mfg.
Jan
1034
Franklin Co Distilling
55%
IX
Consolidated Steel Corp.1
Option
Jan
May
Apr
Fox (Peter) Brewing C0..6
800
110
110
Consol Retail Stores
56
50
Jan
Mar
June
Mar
6,600
5,400
117X 117x
11734
1
A Smelt Ltd..6
Elec P A L 2d
Apr
134 May
2134 Mar
1,000
Jan
54
2054
334
2854
334
2
Mar
1%
Consol Gas Utilities
55
234
2234
Apr
13
300
20
Mar
8
734
X
59 x
58
com.*
Common
18
'ii
1,600
34
2234
33 X
ix
IX
x
Consol Biscuit Co
7%
1934
Class B voting
154
Distilled
34
Mar
30 X
preferred
*
Conn Telep A Eleo Corp.."
7%
July
2234
Ford Motor of Canada-
S3
De Vllblss Co
138
Apr
534 May
Ford Motor Co Ltd—
13 X
X
Det Mich Stove Co
Jan
2134
700
Florida P A L J7 pref
June
10
Common
Delay
72
100
2134
400
Fire Association
Jan
Jan
Conn Gas A Coke Secur-
Decca
575
2134
934
3
Jan
in
24X
»ei
in June
Compo Shoe Mach—
V t c ext to 1946
Adrs ord reg
11634 138
334
com
Feb
Jan
X July
18X June
4,200
1
25
Community Water Serv.
Cont
126
Flat Amer dep rets
1
Warrants
8%
July
834
Fansteel
53 M
100
Consol Royalty
July
130
234
May
May
2
2%
79
Commonwealth A Southern
Consol Mln
122
Feb
934
Eversharp Inc
Falrchild Aviation
Columbia Gas A Eleo—
Community Pub Service
Feb
68
334
Mar
IX
4 34
234
78 34
254
Patent Fire Arms .25
Commonw Distribution
70
1,775
1
9
434
Colorado Fuel A Iron warr
Columbia Oil A Gas
70
130
1
Jan
Mar
July
J»n
Jan
£1
6% conv preferred
122
234
Jan
8
ord.
July
July
112
1
H
Cohn A Roeenberger Inc.*
120
108
1
Enquire Inc
Feb
9434
120
Eureka Pipe Line com..60
June
Cocksbutt Plow Co com..*
Consol G E L P Bait
$3 conv preferred
High
Apr
6734
490
Emsco Derrick A Equip..5
Jan
Low
80
20
120
July
5X
5% preferred
110
X
41
Apr
Coif
94
Range Since Jan. 1, 1941
Week
94 34
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
8X
Jan
17
354
Colon Development
Shares
Price
6% preferred
100
6 34% preferred..... 100
7% preferred
100
8% preferred
100
May
100
for
of Prices
Low
High
Par
Mar
89
Week's Range
Sale
High
Low
120
98
6
634
City Auto 8tamping
Range Since Jan. 1,
Shares
Last
1941
Week
Price
of Prices
Low
High
(Continued)
for
(Continue*)
Par
Sales
Friday
Sales
Friday
665
16
6434
63 34
6434
2,500
634
634
654
1,200
8
8
8
34
200
34
100
Feb
June
Jan
Jan
18
Apr
64 54
July
May
634 May
34
Feb
654
Aug
4
7
5254
534
June
8
Aug
34
July
Jan
New York Curb
666
Friday
STOCKS
Last
(.Continued)
Sales
Week
Sale
Par
Price
«
Ranoe
Low
for
Friday
Range Since Jan. 1, 1941
High
Low
Shares
Hydro-Electric Becuritlee *
2
Hygrade Sylvanla Corp.
2%
100
1%
1 %
30 %
4%
3%
31
5%
4,800
12%
13%
1,100
preferred
Dlv arrear ct£s
Illinois Zlne Co....—.
13
2%
39%
July
Memphis Nat Gas com..6
Mercantile Stores com...*
1%
July
24% May
3% July
3,400
6%
9%
3%
35
Jan
7%
Jan
13%
400
8H
8%
300
7%
2%
8%
5%% preferred
100
Indiana Sendee 6% pf.100
May
8%
200
7
4%
400
2%
114
114
20
9
Jan
Apr
5
June
114
July
13%
Jan
26
Aug
Mlcromatlc Hone Corp
14%
Jan
27%
Aug
600
%
Jan
%
%
Jan
%
80
1,200
64%
%
9%
June
Mar
Feb
July
July
80
17
600
15%
July
20%
100
preferred
80
•
International Cigar Mach
78%
16%
% June
12%
Jan
July
Jan
Internat Hydro Eleo—
4%
4%
Internet Industries Ino...l
1%
6%
2
Internat Metal Indus A..*
A Pow warr
2%
oh
10%
♦
Registered shares
103%
Apr
'hi
107
30
107
2
July
Aug
Apr
40
Jan
June
107
Apr
112
Apr
%
%
800
100
%
5%
1%
%
4%
May
5%
2,300
%
Feb
%
6%
1%
7%
6%
7%
800
3%
Jan
7%
7%
8
400
5
Feb
8
4%
3%
4%
800
2%
Apr
4% Aug
% May
6%
Jan
%
"l"%
Apr
Jan
Jan
Mar
July
July
..1
hi
hi
1,400
%
Apr
4%
4%
1,100
4%
May
6%
6%
50
6%
Apr
8
July
18
Jan
175
15%
108%
1%
Apr
135
July
Class A
10 %
5%
Vitamin...1
6%
July
1%
Apr
Jan
10%
200
5%
5%
hi
Jan
2%
Mar
9
11
May
Minnesota Mln A Mfg
Feb
10%
4%
May
Feb
May
%
Mar
Mock Jud
6%
preferred
4%
8%
Jan
Mar
Apr
Jan
Monroe Loan 800
Apr
July
4%
July
10
Jan
May
12
11
11
200
2
2
3%
8
100
Irving Air Chute
10%
17%
1
17%
17%
200
11
1
*
11
200
2%
2%
2%
%
%
1%
95%
97
102% 102%
60
100
27%
9,000
Feb
%
Jan
Moore
Mar
Feb
18%
Apr
14
Jan
Mountain
May
%
Feb
Mountain Producers
1%
May
3%
Jan
Kings Co Ltg 7% pf B.100
6% preferred D
100
Kingston Products
1
Kir by Petroleum
1
9%
1%
May
Apr
95
July
Jan
Murray Ohio Mfg Co
*
Muskegon Piston Rlng.2%
July
110
Jan
Muskogee Co
102%
24
Apr
June
37%
23%
119
7
Feb
9%
Feb
4%
Jan
64
July
76
Mar
10
47%
July
64
Jan
1
1,500
Feb
1%
Jan
1%
2%
Feb
hi
July
%
Jan
12
Klelnertd B)Rubber Co. 10
8%
300
May
July
3% June
10
*95% "96
Koppers Co 6% pref
100
Kresge Dept Stores—
4% conv 1st pref
100
Kress (S H) special pref. 10
""40
Mar
94
Apr
50
13
Kreuger Brewing Co
1
Lackawanna BR (N J). 100
4%
13
300
4%
45
1
10%
3%
Lakey Foundry A Mach_.1
45
10%
3%
11%
100
30
4
2,300
600
6
Apr
11%
Apr
4% June
37
Jan
10%
3%
%
98%
Lane Bryant 7% pref..100
Lane Wells Co common.. 1
10
10%
300
July
May
Feb
Jan
7% June
Jan
14
Feb
10%
Jan
3% May
12
104%
June
Jan
15
National P A L $6 pref
National Refining 00m
Nat Rubber Mach
National Steel Car Ltd
13%
Jan
5%
Apr
July
45
14%
5%
Jan
Jan
2
July
106
June
10%
Jan
15
%
Feb
Jan
8
5%
25,800
2%
Jan
5%
July
Aug
h,
%
2,200
hi
Jan
hi
Jan
33%
500
8%
150
23%
Feb
6% June
33%
8%
Aug
8%
19
Feb
33
8%
26
*
6
1%
14
8%
*
1%
100
1
May
Mar
1 %
Jan
Jan
14
8%
250
13%
Feb
15% June
9
4,000
8%
Apr
10%
Jan
Long Island Lighting—
%
100
34%
31
%
35%
100
32%
28
32%
3
•
5%
Explor.l
hi
2%
5%
900
1,050
3
3,150
2,000
5%
3,300
Louisiana P A L $6 pref..*
Ludwlg Bauman A Co com*
Conv 7% 1st pref
100
*i» June
21%
19%
1 %
4%
106%
21%
21
21
%
»u
100
June
July
Jan
Feb
Apr
18
Jan
July
July
3
July
5%
109%
July
Feb
27%
Mar
25%
Feb
Jan
24
Jan
June
28
2%
"~2%
For footnotes see page 669.
9%
14
14%
132% 132%
11%
12
400
11
1
5%
Apr
June
Jan
Apr
71
May
Apr
11% June
*ii
42%
14%
42%
11%
12%
600
11%
1,000
May
May
6% May
12% May
38% May
10% June
10% May
WO"
2,725
87
14
14%
14
11%
400
50
2%
97%
"97"
Feb
Feb
%
17%
8
Jan
Jan
Jan
July
14%
Jan
44%
Mar
Jan
12%
Jan
12%
3% June
100% July
Apr
9%
Mar
25
6%
Feb
12%
12%
3%
200
10%
2%
Jan
8%
12%
3%
July
1,800
"n% "12"
'""366
109%
May
3%
5%
July
Feb
%
Jan
•
3%
9%
3%
9%
9%
300
*
100
preferred
38%
36
38%
175
May
%
Jan
9%
Feb
New Process Co
4%
16%
69%
1%
16%
69
1%
60
5
400
3%
400
13%
61%
16%
70%
1,950
1%
800
*
Warrants
N Y A Honduras Rosarlo 10
N Y Merchandise
10
Mar
123
122
*
N Y Auction Co com
N Y City Omnibus—
3%
Apr
32% June
14
•
110%
1
May
July
Feb
May
Jan
29%
3%
Apr
Jan
4
July
%
12
116%
5
9%
1%
6%
56%
18%
129%
5%
16%
70%
1%
29%
3%
July
Mar
July
Apr
July
Mar
Jan
Aug
July
Jan
Feb
Feb
Jan
Mar
Aug
July
July
Apr
July
6
Mar
July
Apr
19%
7%
116%
98% June
105%
Jan
29%
Mar
8%
July
4% June
15
7%
7%
500
Apr
7
Feb
107
7%
N Y Pr A Lt 7% pref.. 100
$6 preferred
•
Jan
Jan
Shipbuilding Corp—
Founders Shares......1
600
29%
22%
Apr
6%
28%
New York Transit Co
5
N Y Water Serv
6% pf.100
Jan
26% June
42
Jan
Niagara Hudson PowerCommon
6% 1st preferred
5% 2d preferred
2%
2%
69%
2%
70
5,800
100
Class A opt warrants
Class B opt warrants
*128
1128
100
'"260
3%
Jan
61
May
79%
Jan
66%
70
100
Apr
May
65%
hii
Feb
hi
Jan
%
10
Apr
hi
Feb
2%
Jan
Niagara ShareClass B
common
6
....
2%
Apr
3%
3%
100
Jan
4
Feb
92
92
170
88%
July
92
Apr
51%
92
51%
100
45%
June
July
60 %
Jan
10%
Jan
Feb
May
%
Jan
%
Jan
3%
3%
Nor Amer Lt A Power—
5
May
7
Jan
7%
Jan
Feb
27%
Mar
900
•
Pow Assoc
preferred
Jan
Mar
Mar
May
Nestle Le Mur Co cl A...*
6%
12%
17%
9%
10
1,100
%
12.60
Neptune Meter class A
New Engl
15%
140
9%
26%
10
350
250
May
June
Jan
Apr
5%
11%
Nineteen Hundred Corp B1
N1 pissing Mlnee...
5
Noma Electric
2
Apr
Jan
May
10
July
July
June
1 %
11% June
130%
67
*
2%
10
Jan
5%
25%
100
'hi
11
200
July
June
July
Mar
Class A preferred
100
10
11%
2%
5%
%
4%
3%
6%
20%
Nliee-Bement-Pond
300
700
%
4%
25
July
700
2%
"woo
5%
Jan
25%
50
55%
2%
2%
5%
Jan
Jan
25%
9%
Mar
*
100
18%
26
*
July
July
May McEwen Kaiser Co—
%
Apr
May
Jan
4%
3
2
29%
15
900
Jan
Jan
hi
Apr
Feb
2%
Jan
hi May
29
275
174
5%
Mar
4%
2
"24%
Jan
Feb
5%
hi
2%
9%
4%
156
*
1%
Marconi Intl Marine
common._•
'""16
May
Jan
100
»
Mar
in"
2%
4,100
Communication Co Ltd.
2%
11%
100
24
Marlon Steam Shovel
.*
Mass Utll Assoc v t o.—.l
1% June
11% Mar
100
Jan
4
38
3
Manlschewits(The B) Co.*
Ma pes Consol Mfg Co...*
McCord Rad A Mfg B___*
Mo Williams
Dredging...*
%
35%
32%
Feb
25
Conv 7% 1st pf v t C-100
Lynoh Corp common
6
Manatl Sugar opt warr...
Mangel Stores
l
$6 conv preferred..
*
July
1%
5%
30c
Navarro Oil Co
•
Nebraska Pow 7 % pref. 100
Nehl Corp 1st preferred..*
Nelson (Herman) Corp...5
N Y
*
%
4
New Idea Ino common.. _*
New Jersey Zinc
25
New Mex A Aria Land...l
July
4%
hi
Mar
%
New England Tel A Tel 100
New Haven Clock Co
•
15%
5%
Jan
%
•
Jan
%
33%
8%
36%
July
14%
National Sugar Refining.*
National Tea 5 % % pref. 10
Apr
50
*
Nat Tunnel A Mines
Nat Union Radio
6%
•
Apr
May
•
National City Lines com.l
$3 conv preferred
50
National Transit
•
1
26
9%
Mar
5%
100
Nachman-Sprl ngf111 ed
$2
Le Tourneau (R Q) Inc-.l
Line Material Co
...6
July
29%
•
oommon
preferred
Jan
Langendorf Utd Bakeries•
Jan
5%
IOC
"24"
National Container (Del).l
National Fuel Gas
.....*
Nat Mfg A Stores 00m
*
10
3%
116%
Jan
1,200
100
Nat Bellas Hess 00m
1
National Breweries com..*
National Candy Co
•
47%
3%
Jan
2,000
in"
*
common..
Feb
July
July
July
64
Klrkl'd Lake G M Co Ltd
Knott Corp common
1
Kobacker Stores Inc.....*
Mar
8%
1%
10
97%
104%
64
1%
93
7
%
City Cop com.5c
Jan
47%
1%
7
Mtge Bank of Col Am shs..
July
300
Kelin (D Emll) Co com..*
Jan
Aug
July
3%
%
(Tom) Dlst Stmp.l
%
3
9%
Feb
May
Jan
July
IMountaln States Power-
115% June
Kennedy's Ino
6
Ken-RadTube A Lamp A ♦
Kimberly-Clark 6% pf.100
45%
8
14%
%
55%
31
6%
31
Moody Investors part pf.*
22
28
Jan
200
Montreal Lt Ht A Pow..*
Jan
6%
Kansas G A E 7% pref. 100
1
6%
Mountain Sts Tel A Tel 100
Jones A Laughlln Steel. 100
Julian A Kokenge com..*
Locke Steel Chain
7
*
89%
100
Lit Brothers common
7
5%
Montana Dakota Utll...10
Montgomery Ward A
Mar
Johnson Publishing Co.. 10
Class A
5
1
%
15%
9%
200
preferred..... 100
Lake Shores Mines Ltd
A
3%
Jersey Central Pow A Lt—
100
50
hi
1%
Feb
Feb
200
53%
7
112
1
Apr
1
1,000
Jeannette Glass Co
Lamson Corp of Del
Molybdenum Corp
hi
Iron Fireman Mfg v t o___*
%
Monogram Pictures oom.l
May
14%
34%
Interstate Hosiery Mills..*
Italian Superpower A
Jacobs (F L) Co
hi
5%
Monarch Machine Tool..*
900
Apr
83%
2.50
May
2,700
800
100
*u
28
Mar
Voebringer—
6%
10%
7%
53%
Missouri Pub Serv com..*
%
Jan
100
8
7%
%
*
Mar
31
100
Minnesota P A L 7% pf 100
Mississippi River Power-
hi
14%
4%
"~7H
Mining Corp of Canada..*
4%
13%
.....
131% 135
1%
1%
zl3%
300
Interstate Power $7 pref. *
Investors Royalty
-1
Lone Star Gas Corp
10
1,500
750
4%
Interstate Home Equip..1
Llpton (Thos J) Ino—
6% preferred
133%
50c
Feb
8%
31-
Develop
Mid vale Co
Midwest Oil Co
5.900
hi
*14 %
•
Lehigh Coal A Nav
dlv shares.*
3%
—1
Class B
preferred
non cum
Midwest Piping A Sup..
200
—*
$1.76 preferred
$3.60 prior pref
Lefcourt Realty com
Conv preferred
conv
$2
Common
Class B
preferred
preferred
$2
Midland Steel Products—
Jan
International UtUlty—
%
B v t 0
Class
Jan
2,500
International Products...*
preferred
Mar
July
July
Middle West Corp oom..6
7%
2%
on
Internat Safety Razor B_*
$4
7%
% May
1% June
100
33%
1
4%
50
6%
2%
2%
9%
Coupon shares
Master Electric Co..
Feb
FeD
78
4%
29%
Apr
Feb
3%
%
9,200
Apr
1
3% May
1% June
100
2,700
international Petroleum-
Massey Harris
Mar
July
0
Mid-West Abrasive
60
Pref 13.60 scries
Margay Oil Corp
20
Midland Oil Corp—
Insurance Co of No Am. 10
Packing
"16
1%
Jan
5%
Mar
Middle States Petroleum
600
Louisiana Land A
%
1%
10
160
%
Loudon
Preferred
360
%
7% pref class A
6% pref class B
275
101% 103
ia
Michigan Bumper Corp.
Michigan Steel Tube..2.60
Michigan Sugar Co
•
27%
1
Common
101%
•
26
%
Leonard Oil
100
3", 100
15
22
%
6%
7%
3%
148
Apr
28
1
21%
1
5%%
4
15%
3%
50
"""6% "7%
3%
6%
25c
preferred
Class A v t
V t c common
International
Mesabl Iron Co
26
Industrial Finance—
*
4,900
20
High
May
Metropolitan Edison—
1
Internat Paper
100
27 %
100
Low
124 %
........
preferred
Apr
Non-voting class A
7%
A
Apr
Class B
*
Warrants
9
May
110% June
1
Chapman A Soott ♦
7%
Feb
Apr
Indian Ter Ilium Oil—
•t
Merrltt
Metal Textile Corp
Partlc preferred
7
May
4%
4%
160
5%
127
Participating preferred.*
Jan
$6
£1
preferred
Jan
6
v
7%
Mar
3,700
6%
Indiana Pipe Line
7%
Indianapolis Power & Light
i
Merchants A Mfg cl A
Aug
Apr
5%
6%
6%
Imperial Tobacco of Can_5
Imperial Tobacco of Great
130%
20
•
Range Since Jan. 1.1941
Shares
5
July
Feb
Mead Johnson A Co
for
Week
High
Feb
2%
6%
*
k Ireland
Low
Feb
6%%
Am dep rote regie
£1
Imperial Oil (Can) coup..'
Britain
Price
1%
Imperial Chemical Indue—
Registered
Par
Hi oh
Range
of Prices
Jan
31
900
60
38%
1 %
27%
conv
Sales
Week's
1%
500
38%
Illinois Iowa Power Co—♦
6%
Last
Sale
'hi
5
Hy grade Food Prod
STOCKS
(1Continued)
Week
of Prices
Aug. 2, 1941
Exchange—Continued—Page 3
33
59%
2%
10%
Jan
Jan
July
July
Common
$6 preferred
North Amer Rayon ol A
Class B common
6%
8
%
200
64
1
J?
1,300
•
95%
87%
97
2,575
*
22%
20
23%
1,700
19%
22%
52%
625
*
prior preferred—.50
No Am Utility Securities. *
Nor Central Texas Oil...6
51
20
3
'it May
70
Feb
17% May
18%
Apr
4
Jan
97
July
60%
Feb
23%
23%
52%
%
Jan
%
3%
Tan
5
Jan
Jan
May
Jan
Jan
i
Volume
New York Curb Exchange—Continued—Page 4
153
Friday
Sales
Friday
STOCKS
Lasl
Week's Range
for
(Continued)
Salt
of Prices
Low
High
Nor Ind Pub Ser 0% pi.
7%
preferred
Price
Range Since Jan. 1, 1941
110
7%
Apr
9*
Jan
Russeks Fifth Ave
500
4% June
9*
Mar
2*
2*
2%
300
20
4
Ohio P 8 7% 1st
125
18%
25
107* 107X
114
prel—100
100
115
100
116
115
prelerred.. 100
116
10
8% 1st prelerred
19*
60
49*
preferred
19*
49*
150
3
Ryan Consol Petrol
'
2%
2%
300
Ryerson A Haynes com..J
Apr
St Lawrence
23*
110*
115
Mar
118*
Jan
June
110*
Jan
Jan
7*
July
21*
Apr
Jan
Aug
Savoy Oil Co
Jan
Schlff Co
July
6
July
1
Securities new__l
5%
6*
Mar
1%
May
2*
Jan
1,100
30*
May
34*
28*
101*
78*
3%
May
31*
Jan
Jan
May
May
108*
87*
Mar
July
4
Mar
♦
14*
May
18*
Jan
Page-Hersey Tubes
*
Pantepec Oil ol Venezuela-
67*
Jan
67*
Jan
X33
33
pl.26
33%
30%
6*% 1st preferred—25
prel..*
A L 7% prel.. 100
106 *
Paclllc Public Service.—.*
'"'5k
Paclllc Lighting 85
30%
:/.
200
106 % 106%
r
90
83
83
3%
10
3%
200
3%
4%
~6% "6%
200
Penn
3%
10%
36%
36%
36%
Penn Water A Power Co.*
110
"62k
52%
96
100
53
97%
400
75
Selberllng Rubber
July
4%
8%
9
May
14*
Jan
Mar
July
61*
May
40
Mar
*u
*
July
Jan
44
45
"h k
14 %
Pioneer Gold Mines Ltd_.l
1%
1%
15
1%
A. 10
Conv 83 prel series
500
800
Am deprcts ord reg
•
Meter
69%
1,200
6
"69 " "69 k
190
Shawlnigan Wat A Pow__♦
com..25
May
182
Jan
14
Jan
67*
Mar
79
May
97*
July
June
28
Jan
Singer Mfg Co
Jan
Mar
Amer
100
Jan
Jan
Skinner Organ
4*
July
9
July
Smith
Sonotone Corp.—
5*
May
Jan
Feb
6*
45*
Jan
May
70
Jan
Mar
16*
Apr
June
63
96*
Jan
Jan
4
2* June
8* July
23
650
23
22
»16
25
26
6% preferred B
6*% pref series C
Southern Pipe Line.—10
Mar
Feb
4*
3*
Jan
Mar
17* June
*
23*
Jan
*
Jan
Jan
*1
I
8*
•x.
May
Jan
Feb
Feb
5*
8*
July
Mar
x*
May
9*
Jan
Jan
4
700
113* Mar
66%
129
116
June
65%
130%
1,125
95*
Jan
130*
67%
1,075
45
Jan
67*
11
July
July
52%
104% 105
52
53%
18
18
73*
94
May
850
37*
14*
May
Feb
67*
18*
8*
8*
July
200
280
69
June
Jan
July
50
147
Mar
""200
"7%
150
450
8*
105
73%
151
6*
6* June
112
Jan
121
»i«
•
17*
18*
46
17%
~~3%
46
3%
%
20%
3%
%
21
8 pal ding (A
124*
170
1,100
2*
2%
1
1
600
2
2%
400
3
500
2*
300
42*
400
26
26
41*
30*
9*
41*
30*
30
1*
Apr
1*
102* June
130*
Feb
2*
Mar
18*
50
1,100
he
Feb
17*
Feb
3* May
7%
7*
24
June
2*
*
1*
Apr
Apr
4
Jan
1
June
Jan
2*
July
2* June
1
Feb
36*
7%
24
50
23
Apr
30*
Jan
38
May
46*
400
29
May
31*
29*
Feb
Jan
Jan
FeD
May
July
165
100
Jan
4*
6*
Jan
Mar
6
Apr
3%
3%
4%
7
7
7
4*800
1
1%
1%
1%
200
100
1*
10
Standard Dredging Corp—
Conv preferred
31.60 conv preferred..20
Standard Oil (Ky)
10
"25
July
3
Jan
20
Feb
25
May
Jan
Mar
Feb
Mar
4*
1*
Jan
Mar
Jan
Jan
7»» June
Jan
16*
6*
Jan
7
Jan
Apr
1*
4*
May
8*
July
Feb
2*
1*
July
Jan
»it
5*
17*
3*
Mar
6*
Jan
250
12*
Feb
17*
July
1*
12*
17*
Apr
2*
14*
July
450
20*
Jan
107*
hi
Jan
Feb
*11
Apr
17%
17*
13%
13*
18%
1
18*
13*
19*
1,900
100
Preferred
19
8%
100
"26* "26*
Tooo
8%
July
Jan
Apr
Jan
Jan
"5%
1
1
200
1*
4*
1*
600
Texon OH A Land Co
Roeser A Pendleton Inc..*
12
Feb
Roosevelt Field Inc
2%
1
2%
13
13
2%
2%
13
500
8*
1*
900
1
300
4*
he
100
10*
Mar
2*
Jan
13
July
*
Jan
13*
2*
Jan
Feb
5*
40*
9*
8*
Apr
Jan
5* May
*
Feb
1*
Feb
2*
Apr
Jan
Apr
July
July
Mar
Mar
Jan
1*
1*
July
July
,5*
July
ht
July
July
300
""""50
11
May
700
11
Apr
14*
200
10
Jan
10*
Jan
Apr
Feb
16
July
Jan
14
44
1Q0
1*
37 *
34*
300
22*
Mar
Apr
12
Jan
Apr
6*
2% June
8
July
10*
2
2,600
2%
23
9*
8
100
3%
500
23
9*
100
1,800
19%
8
June
Apr
2
June
44*
34*
3*
July
July
Jan
25
Jan
10
July
103* June
"3"
17*
6*
"3%
"l,300
18*
6*
400
900
114*
Mar
2* May
14* May
5* June
3*
Apr
19*
Jan
8*
Jan
Jan
*
Jan
4*
July
*
July
43*
4%
900
102*
160
3*
Mar
*
4*
Mar
July
Tobacco Sec Tr Co Ltd—
Am
44
5*
Tlshman Realty A Constr *
dep rights del reg 5s
Todd Shipyards Corp....*
669.
May
9*
Tobacco Prod Exports.—*
Jan
July
Jan
July
Apr
"is""
Tobacco A Allied Stocks..*
2* June
July
2*
»i»
13*
10*
1*
8
1
Apr
Jan
Tllo Roofing Inc
hi
27*
Jan
33*
Tbew Shovel Co com..—6
Jan
Jan
Jan
9* May
44
.....
"3%
Texas P A L 7%
Feb
Rome Cable Corp com.
"13*
pref—100
2
Feb
Jan
July
Jan
*
'l5"
9*
May
Q
5%
Taggart Corp com
1
Tampa Electric Co oom...*
Technicolor Inc common..*
114
»i«
<11
30
Apr
7
1
Stetson (J B) Co com
•
Btinnes (Hugo) Corp
5
Stroock (S) Co
—•
Sullivan Machinery
*
Sun Ray Drug Co
1
SunrayOU
—1
5%% conv pref
60
Superior Oil Co (Calif) —25
Superior Port Cement-
107
Q
800
Sterling Brewers Ino—1
104
111* June
1*
18
44
-41-
700
May
13 *
700
6*
114
Jan
38*
2*
6*
102* July
101* June
100
Feb
Apr
10*
c.l
*
A Co common—*
*
Rochester Tel 6 * % prllOO
7*
Mar
*
2*
Class B common.——*
Tu
Jan
'11
20%
1
Standard Tube cl B
Swan Finch Oil Corp—.16
1*
Jan
*
60
*
—•
Jan
Co-
Voting trust ctfs
1
Rochester GAE3 6% pfClOO
July
400
.—100
6% preferred
July
14*
6*
2,500
4*
Standard Pow A Lt—1
Jan
July
Jan
8
500
5*
Standard Cap A Seal com.
Stein (A)
*
Jan
8
6% 1st preferred
60
5% 2d preferred
20
Sterling Aluminum Prod.l
6
July
120
*
Standard Steel Spring.—6
21
Jan
July
43
2*
Standard Sliver Lead.—1
July
3*
2*
Apr
*n
Spencer Shoe Corp...
Ino—
Standard Brewing Co.
Feb
July
Feb
7*
Stahl-Meyer
Apr
Jan
Jan
104
Feb
2*
Standard Products Co.—1
Apr
4*
Jan
15*
3*
11*
Jan
July
149*
"I* "li
Jan
7*
Jan
Jan
Jan
5
Jan
July
Jan
lht
hi
Republic Aviation..-—.1
Co
1
Jan
7*
Steel Co of Canada
13
500
Rice Stlx Dry Goods.—*
Feb
2%
Starrett (The) Corp v t
44
Rheem Mlg
6*
13
*
G) A Bros...
Jan
70
common.*
Reiter Foster Oil Corp.60c
Jan
Aug
23 *
28
1st preferred
Jan
Jan
500
Reliance Elec A Engln'r'g 6
For footnotes see page
300
1
25
Preferred A
159*
850
400
Jan
80*
115*
Apr
102
Sterling Inc
*
20
«
1%
Southern Union Gas..
105
Feb
Feb
5
Railway A Utll Invest A.l
Raytheon Mlg oom.—60c
Red Bank Oil Co
*
4*
1* June
124
Sterchi Bros Stores
*
400
Raymond Concrete Pile—
Common
*
Feb
Mar
—100
7% preferred
Common class B—
Railway A Light Sec—
New voting com
-.10
81.20 conv prel..
"200
"l2"
Standard Oil (Ohio)—
warrants
Roesla International
Jan
Common
108* June
Radio-Kelth-Orphuem
Root Petroleum Co—
109
Southern Phosphate Co. 10
Mar
105*
k """*
•
6% prelerred D
20
111
Jan
7
11
1*
Apr
1*
7* May
—100
-—*
Rio Grande Valley Gas
Apr
8* May
Southern Colo Pow el A.25
Feb
Feb
Puget Sound P A L—
Richmond Radiator
65
1*
6% original preferred.26
*
*
1,700
..
129
Reed Roller Bit Co
750
South New Engl Tel.—100
Publlo Service ol Indiana—
83 conv prelerred
9*
80*
9
78*
Feb
Feb
*
4* June
Southern Calif Edison—
Jan
100
6% 1st prelerred—100
7% 1st prelerred—100
Quaker Oats common
Feb
Mar
*
22*
Southwest Pa Pipe Llne.lQ
Jan
Public Service ol Colorado
*
*
Puget Sound Pulp A Tim »
Pyle-Natlonal Co com
5
Pyrene Manufacturing.. 10
Apr
3
41*
10*
6* June
%
*
Prudential Investors.—*
86 prior prelerred
4*
700
Southland Royalty Co.
♦
86 prelerred.-—
100
500
26
Penn Oil
12*
"""600
*
♦
5
4%
2*
2*
July
10
2*
1
♦
Pressed Metals ol Am—1
Producers Corp ol Nov—.1
86 preferred.--
Jan
Jan
.1
3*
Premier Gold Mining
87 prior prelerred
*
1*
2%
Boss Mfg oom
Prentloe-Hall Ino oom
-
200
6*
South Coast Corp oom
July
6% 1st prelerred
Prosperity Co class B
*
111
1
1
Jan
100
*
*
(H) Paper Mills
Jan
8%
Canada..*
100
50
Feb
6*
Solar Mfg Co
1*
12*
Powdrell A Alexander.-.6
Jan
42
....
18*
73
"Ik "I*
Mar
100
Sioux City G A E 7 % pf 100
31*
47*
800
1%
July
50
46*
dep rets ord reg_£l
Feb
300
26c
6
3
FeD
Singer Mfg Co Ltd—
6*
118*
Feb
1%
300
100
9
80*
Simplicity Pattern oom__l
Simpson's Ltd B stock.
12
2%
10
Jan
Jan
Apr
41
*
Feb
Feb
81 %
8%
*
*
1*
250
"12"
$3 conv pref
4*
31.
15%
10
100
550
46*
5
—,
4*
30* June
2*
Feb
15
Pneumatic Scale oom—10
Aug
Simmons-Boardm an Pub—
Jan
Apr
13*
49*
80
2%
%
3
45
3*
*
Shattuck Denn Mining.. .8
Sllex Co common
15%
Pratt A Lambert Co
July
6% cum pref ser AAA 100
Sherwin-WlUlams of Can
80
Co.l
7.60
Polaris Mining Co
Jan
5*
9*
%
Jan
Pittsburgh Plate Glass..25
Potero Sugar common
"it
2*
Apr
7% June
1
1
Apr
Pittsburgh Metallurgical 10
Plough Inc oom
7n June
7,100
*
113
45*
5%
60
Pleasant Valley Wine
2.900
46
Sentry Safety Control
Serrlck Corp class B
South
Pittsburgh A Lake Erie. 60
Jan
%
5%
1
115
Pltney-Bowes Postage
Pitts Bess ALE RR
Jan
Mar
May
*
Solar Aircraft Co
Pierce Governor common.*
Mar
*
45%
108* May
106* May
Phoenix Securities—
12,100
1,400
•x»
2*
Aug
July
8%
200
.1
3*
113
—1
*16
1*
*
37*
3*
stock
Jan
July
600
Jan
Apr
♦
Common
Convertible
*
oom
Apr
5
120
14*
*
9
36
2*
2% May
114*
Apr
400
•n
Apr
200
4%
100
*
5%
35.60 prior Btook
26
Allotment certificates...
700
114
Jan
10*
Selfrldge Provlnc'l Sts Ltd-
5%
*
prel.25
Phillips Packing Co—_•
Jan
115
10*
8ie
Jan
4
Common
1"
Securities Corp general...1
Seem an Bros Ino
♦
Apr
5%
Reeves (Daniel)
—
Mar
3%
Option
*
com
Warrants
35*
*
PhUa Elec Pow 8%
22
"16
SculUn Steel Co
32*
*
1
Phila Elec Co 85 prel
Jan
17* May
73* June
22
350
"16
Scranton Spring Brook
Water Service $6 pref..*
Apr
Philadelphia Co common.*
6% prelerred
Quebec Power Co
"17* "17*
Aug
Pilaris Tire A Rubber
Providence Gas
Feb
25
June
Perleot Circle Co
Power Corp. of
Mar
Mfg
Scran ton Lace common.
162
109% 110%
108
110%
Pennsylvania Sugar oom 20
Pepperell Mlg Co
114
29*
115*
'
Selected Industries Ino—
;
Took
*
60
86 preferred
Penn Bait Mlg Co
Apr
Sherwin-Williams
*
Class A common
Penn Pr A Lt 87 pre!.—•
Jan
Jan
24
Mar
6*
33
Mar
36*
25
July
400
8*
2,400
Feb
28
Jan
13
Apr
Mar
Pennsylvania Edison Co—
*
82.80 series prel
*
Pennsylvania Gas A Elao—
*
14*
May
28
2*
85 series prel
Jan
*
July
July
Scovlll
Selby Shoe Co
*
24,000
Jan
% June
25*
13*
Be ton Leather common
10%
2%
9%
June
3%
June
200
Jan
100
Mar
64*
3%
Peb
2* May
* Mar
*
'16
2*
1
70
9
Apr
31
Airlines com.l
Cent
300
2*
50
July
30*
2*
Pennroad Corp oom
%
1*
May
12
3*
300
%
Feb
May
1*
11*
4*
5%
26
Penn-Mex Fuel——60c
July1
12
Jan
30
Patchogue-Ply mouth M Ills*
Peninsular Telephone com*
Jan
Apr
1*
6
Feb
11
10
Parkersburg Rig A Reel—1
Penn Traffic Co
100
common
2*
9,200
2*
Schulte (D A) com....—.1
Conv preferred
25
3
4*
American shares
81.40 prelerred A
Feb
Feb
Mar
22
Segal Lock A Hardware..1
Paramount Motors Corp.l
Parker Pen Co
3%
j
Scranton Elec $6 pref
Paclllc Can Co oommon..*
81.30 1st prelerred
12,800
550
97% 100
Jan
54
2%
%
5
Pacific P
100
—100
Samson United Corp com.l
Sanford Mills
116*
Paclllc G A E 6% 1st
preferred
2%
Jan
Apr
Overseas
7%
2%
5
Salt Dome Oil Co
4*
2*
1
Corp Ltd
•
conv pref.,60
3%
107*
Jan
Class A $2
St Regis Paper com
69* June
3*
Feb
Apr
*
1
S6* conv prior pre!—*
Oliver Utd Filters B
*
Omar Inc
Mar
2* June
Jan
May
52
100
600
Apr
18
150
3%
4%
May
48
56*
3*
18
200
65*
4
107
6
Oklahoma Nat Gas com. 15
83
3%
1
109*
113*
Ollstocks Ltd common—6
High
Jan
3*
Apr
Low
Jan
30
July
2%
Range Since Jan. 1, 1941
for
Week
Shares
Ryan Aeronautical Co
105*
18 X
'iOT*
*
Ohio Edison $6 pre!
55%
Royal Typewriter—
400
5H
*
2*
Jan
9
5*
Ohio Brass Co el B corn..*
Ohio OH 6 %
119
8%
Apr
Range
of Prices
High
Low
Royallte Oil Co Ltd
5%
Novadel-Agene Corp..
com
Jan
110
8*
Northern Pipe Line
Northern fits Pow ol A.-26
Ogden Corp
101% June
Price
Par
High
Loto
20
104* 104 *
100
100
10
Sale
{Continued)
Shares
Week's
Last
STOCKS
Week
Par
667
Sales
100
"99"
82
JaD
Jan
53
104* June
New York Curb
668
Friday
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Low
Toledo Edison 6% pref 10c
106
106X
105%
7% preferred
100
Tonopah-Belmont Dev.100
Tenopab Mining of Nev.l
Trans Lux Corp
1
111
111
111
800
Jan
%
2%
July
800
Jan
3%
300
%
Mar
%
July
Jan
7
10 %
43
46 X
15,100
1,500
32%
9
1
46%
1 Si
1
Jan
*7
Feb
6%
Jan
Feb
14%
Feb
Mar
9%
Jan
9
5%
19
13%
*8
9
*25
32
*25
26%
*11
17
22% Mar
Apr
23%
Feb
9%
Feb
30%
32% June
18%
16
Feb
2%
Jan
July
7%
Jan
2% June
4%
Jan
Jan
%
Jan
♦Mtge Bk of Chile 6s. 1931
Jund
4%
Feb
9
Jan
*5%
Mtge Bk of Bogota 78.1947
♦Issue of May 1927...
♦Issue of Oct 1927—
3
July
3%
Apr
700
7% June
100
9
Apr
10%
11%
Apr
Jan
%
June
%
»»»
Apr
*11
7%
Jan
July
July
40
Mar
43% June
Mar
18% May
9
Mar
July
Jan
"11
July
July
13
Jan
Jan
% June
*15
*18
25
25
Jan
7%
7
With declaration
♦Parana (State) 7s
1958
♦Rio de Janeiro 6%s_1959
♦5%s
9%
%
»x«
%
1921
%
1949
♦Santiago 7s
6%
*8%
♦Russian Govt 0%S—1919
UX
May
*13
1%
-11%
Jan
16
1968
6%
3
United Chemicals com...*
27
June
16%
1958
100
OX
June
18
*7
Jai
Lima (City) Peru—
♦6%s stamped.
600
8 Si
Jan
♦MedeUln 7s stamped. 1951
100
OH
Jan
27
13%
♦Maranhao 7s...
7% May
1
7
27
Apr
8
♦Hanover (City) 7s... 1939
♦Hanover (Prov) 6% a. 1949
1.000
Jan
200
3,300
Jan
July
8
12
July
1%
4X
7
11
*7
July
7
3%
High
11
5
XX
11
1947
♦Secured 6s
Mtge Bk of Denmark 6s '72
4%
Low
8%
10%
4
*
A part pref
Danalg Port A Waterways
♦Ext 6%S stmp
1952
Range Since Jan. 1,1941
I
High
46%
Jan
7
—..._*
10
_
Low
May
3%
X
United Aircraft Prod
Week
Apr
6
Union Investment com.
cum
Jan
*11
X
lUlen A Co ser A pref
Un 8tk Yds of Omaha.
114
»i«
8%
Series B pref..
Jan
3%
Tung-Sol Lamp Works...
80o conv preferred
Udyllte Corp
—.1
S3
July
108%
3%
3%
Tublse Chatlllon Corp—1
Union Cas of Canada
for
of Prices
Prise
Si
10
mmtrnmmm
Week's Range
Sale
♦German Con Munlo 7s '47
Trunz Inc
Unexcelled Mfg Co
Apr
Jan
Trt-Contlnental warrants
OlflUBfl
Last
High
ht
Transwestern Oil Co
BONDS
(Continued)
Range Since Jan. 1,1941
Shares
1941
Sales
Friday
STOCKS
{Concluded)
Par
Aug. 2,
Exchange—Continued—Page 5
*10%
*u May
*u June
66.000
30,000
%
June
11
Jan
8%
13
%
»u June
June
*
Un Clgar-Whelan Sts_.10c
United Corp warrants
7
Si
9,600
it
United Elastic Corp...
1
"ie
1st J7 pref. non-voting.*
117%
United Gas Corp com
%
Si
117X 118X
2,600
500
106%
Feb
Ju
July
Option warrants
119
*u
Bank
100
80X
80X
10
United Lt A Pow com A..*
*1 •
1,800
*i»
July
T»
500
*u
Apr
Tn
Jan
21 Si
23%
4,100
Sales
Salt
Range
for
j Week's Range
Since
Week
of Prices
Price YLow
High
Jan
X
Si
X
Last
Rating
BONDS
Friday
Elig. dk
Jan
United Gas A Elec Co—
7% preferred
Common class B
S0
♦
1st preferred
United
23
...♦
80
Mar
85
Jan
10% prsferrsd
Preferred
61%
1
"isli
US Foil Co class B
1
60%
6 %
U S Graphite com
U S Lines pref
1968 ybb
1st Aref 4%s
1967 y bb
"l3_
May
61%
1,575
49%
43%
Apr
Mar
"\3% "I;506
Mar
7%
Feb
4% May
7% June
%
Feb
*11
Jan
6%
Mar
pref
61%
July
2%s« f debs
I960
46
July
3%ssf debs
..I960
13%
3%ssf debs
1970
6%
July
July
Am Pow A Lt deb 6s
8%
June
Appalachian Elec Pow 3%s 1970
%
Jan
Appalac Power Deb 6s
2024
x
bbb2
5%
25,900
3
Jan
5%
July
Associated Elee 4%s
1963
y
b
7
47%
July
Mar
29%
Jan
2%
Jan
♦Conv deb 4%s
1949
13%
Feb
4%
Mar
♦Conv deb 6s
1960
13
%
Jan
*11
July
♦Debenture 6s
1968
13%
3%
Feb
July
6%
July
in
*i«
Jan
AssocTAT deb 5%» A—1955
1%
Jan
Atlanta Gas Lt 4%s
3%
Apr
Apr
%
5%
Jan
Feb
1%
3%
300
1%
2%
1,600
"""30
*11
«H
500
IX
IX
IX
2,700
"7%
6X
7%
5,900
•
1
1
Jan
1
14 %
Jan
21
13%
July
13%
Universal Products Co...*
"2%
Utah Pow A Lt 37 pref—.*
2%
64%
"ix
13%
3
50
Jan
62%
July
July
Apr
83%
Mar
49
1%
100
%
%
300
45%
46%
250
10c
46
1
k
1%
%
44
Utility A Ind Corp oom..6
"i'% "isi
Conv preferred........7
lu
""266
1%
500
1
6
1
3%
Va Pub Serv 7% pref..100
92 X
Vogt Manufacturing
Vultee Aircraft Co....
*
1
~7X
Waco Aircraft Co
•
5X
Wagner Baking v t s
♦
3%
92%
5:i66
"*7% "7%
90
Jan
July
Jan
July
%
Jan
*11
July
1%
1%
Apr
Jan
Jan
Feb
May
May
%
Jan
85%
Feb
103
7% June
4%
Apr
Jan
11
22
Jan
3%
July
May
Jan
9
2%
2%
900
~4~% "5"
15400
2%
West Texas Util 36 pref..*
5
4X
1
1,000
85
77
20 %
20%
85
60
20%
25
Western Tablet A Station'y
Common
.....
Westmoreland Coal
20
Westmoreland Ino___._.10
Weyenberg Shoe Mfg
Wichita River Oil
1
5%
Corp._lu
Williams (R C) A Co
5%
"166
*
Williams Oll-O-Mat Ht__*
Wilson Products Inc
*
Co
Woodley
com
Petroleum
1964
1942
Cent 111 Pub Serv 3%a
Cent States Eleo 6a
1968
1964
2
1
5%
5%
4%
5%
5
1%
95% June
%
15
2%
2%
Jan
June
Jan
July
102
Feb
5
July
2%
3%
3%
May
68%
Feb
85
July
20
Jan
13
Jan
21
July
Jan
14%
Feb
July
Feb
Jan
5%
6%
Woolwortb (F W) Ltd—
Amer dep rets
6s
Wright Hargreaves Ltd..*
6
Jan
Feb
5%
4%
7
6%
2%
3
3:200
Conv deb 6s...
Debenture 6s
Cities Serv P A L 5 %s
5%s
95
90%
98
83%
93
91% 276,000
80%
91%
1,000
88%
79
90%
90%
90%
88
99%
1960
91%
90%
90%
90%;
1958 y b
90%
89
1969 y b
90%
98%
99%
90%
90%
1952 y b
1949 y b
1971
bb
1969,x aaa3
1976 x aaa3
Consolidated Gas (Bait City)—
Gen mtge 4%s
1964 x aaa3
Cont'l Gas A El 6a
1968 y bb 3
Cuban Tobacco 6a
1944 y ccc2
108% 109
123%
123% 123%
10,000
160,000
59%
60
102% 102%
98
bbb2
102%
Jan
3
Mar
Eastern Gas A Fuel 4s
1956
x
bbb3
88%
Elec Power A Light 6e
2030 y b
Elmlra Wat Lt A BB 68—1966 x a
3
Empire Dlst El 5s
1952 x
♦Ercole Mare 111 Eleo Mfg—
6 %s series A
1963 z
Erie Lighting 5s
1967 x
1
117
Jan
5%
Jan
6%
Jan
Jan
5%
July
4
Apr
6%
Jan
2% June
4%
Jan
Federal Wat Serv 5 %s
Finland Residential Mtge
Banks 6s-6s stpd
Florida Power 4s ser O
Florida Power A Lt 6s
a
92%
3
88%
89%
95
78%
119% 126
104
106
44
45
5,000
101
101% 104
7,000
29,000
103%
100
108% 110%
22,000
*25
54
106% 107
103
60
102%
86
16:666
104
1966 * bbb2
1961 y
53%
101
...
1964 x bbb2
105%
87,000
109% 109%
103
101
122% 128%
89%
98%
4,000
21,000
91,000
89%
104% 105
109%
103%
a
98
92%
93%
*124% 130
*13
1964 y b
107% 111%
105% 111
14,COO
x
Apr
88%
99%
98% 103%
127% 131
11,000
104% 105%
1966
Mar
25,000
89%
99
100,000
97%
99%
17,000
98%
2,000
102% 102%
131
131
1,000
*110% 112
Cudahy Packing 3%s
Mar
80
94,000
104%
Jan
July
4%
6,000
31
49
86%
8
4%
37%
3,000
aaa3
Jan
6,000
30%
100%
2,000
aaa3
July
12
95
x
8%
93
93
x
12%
12%
81,000
33,000
98
Conn Lt A Pr 7s A
1961
Consol Gas El Lt A Power—
Feb
51,000
17%
93
July
Mar
17
98
y
7
87
105% 106%
105
109%
94%
Mar
10%
69%
3,000
10,666
1966
Community Pr A Lt 6s... 1957
(Bait) 3%sser N
1st ref mtge 3sser P...
1st ref M 2%s ser Q
6:666
1965
Registered
Debenture 6s
~
108
156
101% 103%
103% 104%
102% 108%
73% 81%
16%
..1962
6s series B
149
11,000
37,000
99% 100%
44%
43%
1927
Cities Service 6s
105% 111%
106% 112%
2,000
8,000
16%
1964
Jan
4%
""766
108
1948
5%s
Jan
114
200
Wisconsin PAL 7% pf 100
Wolverine Portl Cement. 10
Wolverine Tube
Broad River Pow 6s
111
102% 103
103% 104%
*103% 104%
79%
79%
85
84%
*106% 107%
Canada Northern Pr 6s ...1953
Canadian Pao Ry 6s
Cent 111 El A Gas 3%a
Apr
Apr
104%
102
109% 127%
39,000
151% 153
1970
%
Apr
Mar
100
100
24,000
111
2
1968
6%
1
1
Wilson-Jones
Birmingham Eleo 4%s
Boston Edison 2 %8
Apr
Apr
108%
107% 109%
"6:666
117% 119
1960
Feb
11%
4%
2
b
...1998
|*Chlc Rys 6s Otfs
Western Maryland Ry—
100
C—
Bethlehem Steel 6s
July
Jan
15% June
4%
20
oom
6s series
9%
•11
15%
69
106
108% 109%
z
1957
Feb
1%
West Va Coal A Coke....5
7% 1st preferred
1950
1st 5s series B
7%
13%
12:66c
*100% 104%
*100% 102%
Cent States PAL 6%s—.1953
600
%
1
Western Air Lines, Inc
Convertible 6s
Cincinnati St Ry 5 %s A
Wayne Knitting Mills...6
WeUington Oil Co
1
Wentworth Mfg
1.26
12%
63
13%
66
Bell Telephone of Canada—
July
•
Walker Mining Co
1947
8%
5%
100
15%
15%
15%
Baldwin Locomotive Works—
Apr
100
Class B
1947
6s without warrants
3
900
9;
64%
13%
13%
13%
tl07% 108%
109% 109%
3%a...l964
6s with warrants
%
5%
*13%
1955
4%
5%
*13%
1977
Atlantic City Elec
44%
106% 108%
Avery A Sons (B F)—
1%
%
Waitt A Bond class A...*
Western Grocer
3
13%
2:606
3%
91%
17%
1%
150
1%
♦Conv deb 6%s
Jan
July
July
Feb
9,400
65
107%
108%
§ Associated Gas A El Co—
♦Conv dsb 4%s.._
1948
Jan
5%
Universal Pictures oom
7% preferred
12%
"107%
4%
23
Petroleum
22,000
bbb2
8
preferred
12%
x
Universal Insurance
Va 1bpar Corp oom
50,000
1956
7%
28%
36.60 priority stock
15%
26,000
12%
12%
Arkansas Pr A Lt 6fl
•
1
51
14
Jan
Universal Cooler class A..*
Utah Radio Products
43
61 %
"ox "ox
•
2
...6
131
47% 108,000
June
United Stores oommon_60o
Class B
109
128
49
2016
103% 106%
105% 108%
106% 110%
100% 109%
106
200
1%
3%
105%
10,000
49,000
107% 108% 135,000
44,000
108% 109
131
131
6,000
11,000
107% 107%
108%
60%
ISi
Universal Corp r t o—.1
105
108
10,200
3%
103
106% 106%
"2:666
27%
]
1st S7 conv pref
108
X
60c
United Wall Paper
106%
6%
20
oom
102% 103%
103% 104
2
5%
5%
♦
11,000
American Gas A Elec Co—
58%
60
U 8 Rubber Reclaiming..*
Venesuelan
5,000
104
U S Plywood—
conv
105
104
bbb2
Mar
"~Si
S61st pref with warr...*
34
101% 103%
bbb2
X
6
U S and Int'l Securities..*
Utility Equities oom
3,000
9,000
x
1956
1st A ref 6s.......
26
Utah-Idaho Sugar
101% 101%
107%
1951
1st Aref 6s
%
4%
United Shoe Mach com.26
U 8 Stores common
105% 108
103% 106%
102% 105%
107
1st Aref 6a
June
29%
1946
1.000
bbb2
Mar
74
Feb
1
7,000
x
25
Apr
10
United Specialties com
U S Radiator
1st 56
June
19%
Jan.
$
Co—
22
United Profit 8harlng_.25c
conv
Power
70
Milk Products.
S3 partio pref
...♦
United NJEBA Canal 100
*1.50
Alabama
See A
41% 48
104% 107%
102% 106%
Gary Electric A G
OREIGN
AND
G0VERNMEN1
MUNICIPALITIES-
6s ex-warr stamped
1944 y bb 2
Gatlneau Power 3%s A... 1969 x bbb2
General Pub Serv 6a—.1963 y b
1
Sales
Gen Pub Util 6%s A
♦General Rayon 6s A
Gen Wat Wks A El 6s
BONDS
Week
$
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦20-year 7s
Jan 1947
125%
125%
1951
17
Bogota (see Mtge Bank of)
♦Cauca Valley 7s
1948
18
♦Baden 7s
35
28
30
9%
Feb
Jan
6%
23
Jan
25%
July
Mar
21%
22%
17%
26%
1978 yb
102%
1948 z
Georgia Pow A Lt 6a..
for
1966 y bbbl
1965 y bb
101%
75
84%
98% 102
15,000
98% 103
101
101%
"9:660
99% 102%
86%
1,000
65
3
"86%
86%
*9%
17%
2
"87%
87%
87%
1953 z
Glen Alden Coal 4a...
100
17,000
*63
1943 x bbb2
♦Gesfruel 6s
5,000
52,000
81%
83%
100% 102
102% 102%
Jan
Apr
49:660
9% June
Gent Bk of German State A
17
30
9
July
27
1952
17
24
22
Feb
22
Feb
....1955
With declaration
175
94
52
Jan
97
July
68
May
73
May
129
44
25
Mar
29
June
♦Prov Banks 6s B..1951
♦6 series A...
Danish 5%s
Ext 68
1953
For footuotes see page 669
Attention Is directed
to the
new
Jan
column in this tabulation pertaining to bank
eligibility end ratind
o
I bonds.
65
72
86%
18%
80%
88%
23
Volume
New York Curb Exchange—Concluded—Page 6
153
Bank
Friday
Eliff.dk
Last
Week's Range
Rating
BONDS'
Sale
of Prices
{Concluded)
See
Grand Trunk West 4a
.1950
x
Gr Nor Pow 5s stpd
...1960
Green Mount Pow 3X«—1963
Price
k
a
x
aa
bbb2
{♦Guardian Investors 6a...1948
tllO
104 X
ccc2
62
y
ccc2
34
y
c
1
Sales
84 X
113
104 X 104
62
62
X
21X
Since
BONDS
$
Jan. 1
A St By 6H»
1938
.1966
X
z
18,000
"IIooo
75 X
85
107 X 108 X
103 X 106 X
20 X
21X
48,000
58
64
17 X
15
34
29 X
18
34
3,000
29,000
...1949
y
Hygrade Food 6« A..
aa
t3
ccc2
ccc2.
1949 y
6a series B
Idaho Power
til
nox 110 X
z
18
z
aa
1963
x
t78X
1964
X
—.1966
x
bbb2
S t deb 6X8
1960
y
bb
...1963
y
bb
1
1
♦Indianapolis Gas 6s A
1962
Indianapolis Pow 4T.t 3X81970
105X
104 X 105 X
104 X 107
4,000
100X 102
82 X
82
101X 102 X
101X 101X
78 X
82 X
84
77 X
87 X
t85X
108 X 109
26,000
22,000
z
a
2
1st lien A ref 6s..
x
81
70X 81
70X 80 X
107 X 110X
106X 108
8,000
16,000
1967 y bb 2
....1968 ybb 1
May
Indiana Hydro Elec 6s
Indiana Service 6e.
7^666
257666
110
bbb2
1st 4 ret. 6s ser O
"79 X
110 X
bbb2
1st 4 ref 5Xsser B
14X
18X
109X 110X
106 X 106 X
105
105 X
2
3X8........1907
111 Pr A Lt 1st 6a ser A
1,000
"
78 X
79
50,000
60,000
105
108
98 X 103
72 X
71X
82 X
84
75
"(i'ooo
92 X
105
109X
{International Power Sec—
1955
z
dd
11
11
...1957
z
dd
no
20
1941 coupon)1957
z
dd
1952
%
dd
16
15
♦6X8 series G
♦7s series E
♦7s (Aug
♦7s series F
...
y
b
1952
y
ccc2
1968
1962
1963
x
aa
6s stamped..
1942
Jersey Cent Pow A Lt 3X8.1965
Kansas Eleo Pow 3 Xs
.1966
Kansas Gas 4 E eo 6s
2022
z
b
x
a
x
a
x
bbb2
Debenture 6s
Iowa Pow 4 Lt 4Xs
♦Isarco Hydro Eleo 7s
♦Italian Superpower 6s
Jacksonville Gas—
Kansas Pow A Lt 3Xs
1969
Lake Sup Diet Pow 3 Xs—. 1966
♦Leonard Tlets 7Xs..
1946
Long Island Ltg 6s
...1946
1957
Louisiana Pow 4 Lt 5s
2
79 X 158,000
66 X
80X
39 X 147,000
24 X
43
108X 108 X
12 X
13X
tl2X
15
2
3
3
29,000
51
50 X
108X 109 X
109
109 X
126 X 126 X
tlllX 112X
14,000
6,000
bbb2
a
109
3
109
no
x
15
35
SOX
x
24
78 X
y
a
15
39
z
x
25X
15X
79 X
2
xaa
2,000
21
15
1,000
11
15X
15
♦7s (July 1941 coupon) 1952
Interstate Power 6e
...1957
108 X
3,000
106 X 108 X
12 X
26
14
35X
42
51
2,000
105 X 109 X
106
109X
2,000
123
"27666
128X
112
112X
106 X "109 X
40
102 x 102 X
"sjjoo ioix loex
108 x 108 X
4,000
107
109X
Manaleld Mln 4 Smelt—
...—.1941
MoCord Radiator A Mfg—
♦7s mtgesf.
UO
25
35
86
2
88
x
a
y
bb
aa
106 X
x
aa
109X
y
bb
109X 109X
102 X 102 X
y
bb
x
a
x
bbb2
9.000
106X 108
1965
1946
1943
1967
1978
4s series G
Middle States Pet 6Xs
Midland Valley BR 5s
MUw Gas Light 4X8
Minn PAL 4X8
1st 4 ref 6s
Mississippi Power 6s..
Miss Power 4 Lt 5s.
x
100
100
-
57 X
y bb 2
1957 X bbb2
1956
55
X
90
103 X 105 X
102 X 106 X
112
111X
103 X
102
Nassau 4 Suffolk Ltg 6s
1945
ioix
Nat Pow 4 Lt 5s B
2030
x
bbb2
{♦Nat Pub Serv 6a etls...l978
Nebraska Power 4Xs
1981
z
d
1
ioix
100 X
20 X
aa
2
------
$110X
118X
109 X
2
x
a
x
bbb2
y
bb 2
x
aa
y
b
1948
y
...1960
y
b
b
98
X
62
X
98
107
104X
112
103 X
ioix
106 X
20 X
114
119
109 X
98 X
11,000
6.000
19,000
1,000
1,000
2,000
-
—
—
-
~
4,000
2,000
91,000
62
62
1961 x aaa2
New Eng Pow Assn 6s ..—1948 ybb 2
Debenture 5Xs
1954 y bb
108X
92 X
96 X
61
62 X
50,000
60 X
62 X
75,000
60 X
62 X 104,000
108X109
4,000
92 X
95 X
109
112
3
105
a
N Y State E A G
x
a
N Y 4 Weetch'r Ltg 4s
X
aaa3
x
aa
stamped..—1960
3Xs
1964
2004
Debenture 6s
..1954
——
3
......
—.1956 ybb
No Bost Ltg Prop 3XS...1947 x aa
Nor Cont'l UtU 6Xs
1948 y b
Ogden Gas 1st 5s...
1946 y bb
Ohio Pow 1st mtge 3Xs..—1968 x aa
6Xs series A
107
26
1UX
114X 124
106
88X
109 X
99 X
56 X
56X
66 X
66 X
56
66 X
106 X 109 X
22,000
87 X
36,000
91X 100
105
105X
7,000
Okla Nat Gas 3Xs B
x
bbb2
3
Paclflo Gas 4 Electric Co—
1st 6s series B
1941
liox
2
aa
1942
1956
1964
1977
x
'103 X
97 X
102
105X
bbbl
x
a
1979
1971
1962
x
a
Penn Pub Serv 6s C......1947
1954
5s series D
x
a
108 X
1981
x
a
4s series D
1961
x
a
1972
x
aa
3,000
104 X
103 X
22,000
ii'ooo
24
22
$97 X
99
93 X 100 X
95X
1
96
109
bb
1
z
a
3
109
z a
3
111X 111X
$88
95
$73
77 X
$8X
10
14,000
108X 109X
2,000
1,000
4,000
Oorp(Can)4XsB...1959
1st mtge 3X8
^
1964
s f debs 4s
1949
Pub Serv of Indiana 4s....1969
Public Service of New Jersey—
6% perpetual eertlfloatas
Puget Sound PAL 6XB—1949
ccc2
z
1
y a
z
2
z a
z
6Xs series A
♦Ruhr Gas Corp 6Xs—
♦Ruhr Housing 6Xs
bbb2
y aa
bb
106
2
2
y
102 X
102
2
153
102
103
101X 102
100 X 101X
86 X
3
135
88
162
100
104
98 X 105
98X 102
5,000
82
3,000
5,000
90 X
28 X
16 X
106 X 109 X
138 X
133
10,000
9,000
11,000
88X
$98 X 100 X
104 X
105 "27660
104 X 105X 115,000
58
58 X
3,000
107X 107X
6,000
12,000
110X 110 X
20
36X
75X
40
84
93 X
93 X
85
93
103
87 X
99
105 X
102 X 105X
50 X
60
105 X 108 X
101
110X
40
41
28,000
34X
46
88 X
88 X
88 X
49.000
69
92 X
25,000
69.000
09X
69 X
92X
92 X
20,000
70
92 X
58,000
49,000
3,000
70
68 X
20
92 X
92 X
25X
20
32 X
88 X
88 X
88 X
88
89 X
89 X
89 X
89
89 X
88
88
89 X
22 X
22 X
26
26
$42
b
y
150
9,000
88 X
45
88 X
88
1951 y b
1967
107X 109
9,000
62,000
14,000
41
Standard Gas A Electric—
0s (stamped)
1948 y b
Conv 68 (stamped)
.1948 y b
6s gold debs
Standard Pow A Lt 6s
♦Starrett Corp Ino 6s
105 X 109 X
105 X 107
88
b
y
70X
26
15
88 X
58
100
10
"43"
84
107X
110X
Dee 1 1960
50
69
$7
84
Soutnern Indiana Ry 4s.—1951 y bb
S'western Gas A El
3XS...1970 z aa
Southwestern Pow 4 Lt 68.2022 y bb
98 X
110X
109X 112X
14
84
105
y
109
3,000
26 X
17 X
86 X
109X 109 X
135
135X
$40 X
X
86 X
16,000
$9X
$9
Sou Carolina Pow 5s
1957 z bbb2
Southern Cal Edison 3s...1965 z aa 2
1989
X 108X
z
Safe Harbor Water 4Xs... 1979 z aa 2
San Joaquin L 4 P 6s B
1962 z aa 2
♦Saxon Pub Wks 6s
1937 z
♦Schulte Real Est 6s
1951 z cc
Soullln Steel Ino 3s
...1951 y ccc2
Shawlnlgan W A p 4Xs
1967 z bbb3
1st 4Xs series D
..1970 z bbb3
Sheridan WyoCoal6s..
1947 y b
2
Spalding (A G) 5s
106
108
152
108 X
2
..1952 ybb
1953 z
1968
108X
bbb2
x
1st4ref 6sserC
...1950 ybb
1st 4 ref 4Xs ser D
.1950 ybb
Queens Boro Gas A Eleo—
1
102 X 106
17 X
29 X
30
$7
z
♦Prussian Electric 6s.
.1964
Public Service Co of Colo—
Debentures 6s..
Debenture 6s
2 000
b
.1957 yb
_
1950 z cccl
7-4s 2d
1946 z
1946
z
Certificates of deposit.....
z
♦Tern! Hydro El 6Xs
Texas Elec Servloe 5s
Texas Power A Lt 5s.
1953 z
1960 x bbb2
100 X
1950 x bbb2
6s series A—
108X
2022 ybb
$13X
18
106 X 107
108
108X
118
~
"99"
Tide Water Power 5s
Tlets (L) see Leonard-
1979 y bb
Toledo Edison
3X8
Twin City Rap Tr 6Xs
{♦Ulen A Co—
1968 x
1952 y b
61X
Conv 0s 4th stp..
United Eleo N J 4s
I960 z
11X
a
99
107X 107 X
61X
61X
9X
11X
49,000
8,000
60X
13 X
20 X
106X 107X
107
108 X
1,000
7,000
118
121X
96
100X
4,000
108 X 109 X
11,000
58 X
62,000
7
6,000
114
110
116
$13
18
15X
1941
z
$10 X
$13
30
20
20
z
1949
6s series A...
x
y
aaa3
1952
x
bbb2
..i960 y bb
f 0s
.1940 y b
98 X
1
bb
Deb 6s series A...
1973 y bb 1
Utah Power A Light Co—
1st lien 4 gen 4 Xs
...1944 x bbb2
Deb 6s series A
2022 y bb 2
Va Pub Service 6X A
1940 y bb 2
s
98 X
43
-
1966 z
y bb
1
1st lien 4 eons 6Xs
1959 zbbb2
Un Lt 4 Rye (Del) 5XS...1952 ybb 2
United Light A Rye (Me)-
Deb
118
3,000
2
2
99 X
9,000
6,000
105 X 106
99 X 100X
33,000
119X 120
98 X
98 X
H9X
6,000
1,000
99 X 100
99
103
OQ
102 X
103
102X 102 X
101X
101X ioix
103
103
11X
118X
25
30 X
14
34.000
99 X
99 X
166"
62 X
6,000
25,000
5,000
11,000
5,000
30
85
100
88
100X
103 X 108 X
93 X
117
101X
121
83 X 100
99 X 102
99
109
101X 102 X
102X 103
100 X 102
37666
4,000
~4jjo6
105 X
49 X
54 X
109 X 113 X
106
6s unstamped
1
bbb2
1944 y b
Wise Pow 4 Light 4s..
1906 x
{♦York Rys Co 5s stmp...l937
♦Stamped 5s
.....1947
z
bb
5,000
7,000
117
68X
104X
bbbl
y
24,000
1
117
08
68 X
104 X 104 X
"57606
"l'oo"
5X
109X
105 X 110
105
108X
110X 119
59
70
7,000
6,000
104 X 107 X
U'OOO
90X 99 X
98 X 100 X
$97
98 X
99 X 100
4
108
4
4 X
$109X 110X
109X 109X
107X 107X
4
*109 X
109 X
108 X 111X
106 X 109
103
106 X
101X 104 X
106 X
103
95
101X
38
104 X 106
104 X 106 X
107 X 110
106 X 109 X
107 X 109 X
106 X 109 X
110 X
106X 109 X
110
104X 104X
103X103X
113X 113X
102 X 103 X
♦5a Income deb........1954 z c
1
Wash Ry A Eleo 4s
1951 x aa 3
Washington Water Pow 3Xs'04 x aa 2
West Penn Eleo 5s
...2030 x bbb2
West Penn Traction 6s... 1900 x a
2
Western Newspaper Union—
105X 107 X
"
109 X
107 X
45
34
35
105 X 105 X
109
108X
tl08X
107X
tl09X
tl09
4a series B
1,000
1,000
104
101X
tl06X 109
Pennsyl Wat A Pow 3X8—1964
3Xs..
1970
Peoples Gas Light A Coke—
Phila Eleo Pow 6Xa
101
105 X 105 X
a
x
1
a
x
2,000
5,000
38,000
t33
a
x
101X
115
38
104
ii'ooo
110
tl03
cccl
6s series H
10,000
109
109X
111X
108X 108X
103 X 103 X
101X 106 X
J07X 109 X
103
106 X
114
101X 101X
aaa3
y
y
Penn Electric 4s F
...
4,000
38
109X 109X
l09H
Okla Power 4 Water 6s—1948 y bb
Penn Cent L 4 P 4X8
1st 6s..
10,000
—
...
a
x
| 38
102 X 102 X
$105
107
53
53 X
53X
x
1956
105X 105 X
$110X nix
*106 X
tll5
102 X
Ohio Public Berv 4s......1962
Park Lexington 3s
tllX
Since
1961
Potrero Run 7s stamped... 1947
Power
105X 105X
3
Range
Jan.
I
1956
Potomac Edison 5s E
4Xs series F.
♦1st ■ f 6s...
1945
United Light A pow CoDebenture 6s....
..1975
Debenture 6Hs
-.1974
18
93
96 X
.....
1963 y
North American Lt A Power—
Paclflo Ltg 4 Pow 6s
Paclflo Pow 4 Ltg 5s
bb
1950
Price
k
Waldorf-Astoria Hotel—
z
Nippon El Pow 6X8
z
105 X 109
York Penn A Ohio—
♦Ext 4X>
1940
1st ref 5s series B__
1949 ybb
♦Income 6s series A
♦5s stamped.....
5s stamped extended
♦United El Service 7s
♦United Industrial 6Xs
New Orleans Public Service—
New
See
96 X 103X
100 X 102 X
117X 121X
$118X H8X
New Eng Power 3Xs
59 X
8,000
11,000
aaal
1948
1956
New Amsterdam Gas 6s—1948
N E Gas 4 El Assn 6S- —.1947
50 X
104
104
bb 3
2022
100
105X 105X
bbb2
Nevada-Calif Else 5s
105 X 109 X
107
110 X
104
y
Nelsner Bros Realty 6s
3,000
6,000
12,000
32,000
95X 100
105X
x
x
57X
3,000
10,000
1,000
X
Gonv deb 5s
77
104 X 105
107 X 107X
106 X
1951
1960
6s
25
103 X 107
102 X 105 X
108 X
106
107
Missouri Pub Serv 6s
6s series A
Week
Phila Rapid Transit 6s ....1962
y bb
♦Pledm't Hydro El 6X8..1960 z
♦Pomeranian Eleo 6s
1953 z
Portland Gas A Coke Co—
101X 103 X
$102 X 104 X
1966 Xbbb2
Miss River Pow 1st 6s
for
of Prices
Low
High
7-4s 3d stamped
87 X
.1962
Mengel Co eonv 4Xs
1947
Metropolitan Ed 4s E.....1971
-
Week's Range
Sale
Stlnnes (Hugo) Corp—
6s stamped
1948 yb
Memphis Comml Appeal-
Deb 4 Xs
Last
CConcluded0
til
♦Hungarian Ital Bk 7 Xs,—1963
Friday
Rating
Range
♦Hamburg El Underground
Houston Lt A Pr 3X8
Sales
Bank
EU0. dk
for
Week
31
..1936
♦Hamburg Elec 7s
i
High
84 X
1
x
Low
2
Grocery Store Prod 0S.....1945
Quanta nam o A West 08...1968
.
669
9,000
8,000
1,000
102
lo5
102X 105
109
115
▲
I
*
n
No par value.
a
Deferred delivery sale.
Under-the-rule sale,
r
Cash sale,
$ Friday's bid and asked price.
♦
z
d Ex-interest.
e
Odd-lot sale.
Ex-dividend.
No sales being transacted during current week.
Bonds being traded flat.
{ Reported In receivership.
Abbreviations
Used
Above—"cod," certificates of deposit; "cons." consolidated
"cum." cumulative, "conv," convertible; "M," mortgage; "n-v," non-voting stock
"v t 0," voting trust
certificates; "w I," when Issued; "w w," with warrants; "x w,'
without warrants.
k
Bank Eligibility and Rating Column—z
Indicates tboss bonds waloh we
believe eligible for bank investment.
Indicates those bonds we believe are not bank eligible due either to rating
status or some provision In the bond tending to make lt speculative,
y
z
Indicates Issues In default, In bankruptcy, or in process of reorganization.
are based on the ratings assigned to each
The letters indicate the quality and the numeral
The rating symbols in this column
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 differently, then the highest single rating is shown.
A great majority of the issues bearing symbols ccc or lower are In default.
bearing ddd or lower are in default
Attention Is directed to the
new
columnjln this tabulationfpertalnlngQto bank eleglblllty and rating of bonds.
See note k above.
Issues
The Commercial & Financial Chronicle
670
Aug.
2, 1941
Other Stock Exchanges
Baftimore Stock
Exchange
Sales
Friday
Last
Week's Range
Sale
Par
Stocks—
Price
Atlantic Coast L (Conn)
16%
%
.60
10%
28
10
*
Arundel Corp
of Prices
High
Low
40c
50c
100
3.25
1st
preferred v t c
58 %
Preferred vtc
20
10
Fidelity & Guar Fire
Jan
50c
3.25
May
71 %
Jan
May
118%
Feb
106
Apr
110%
Apr
10%
27%
130%
Mar
Mar
July
Jan
35%
July
700
5%
222
35%
36
17
Jan
113%
131
29
10
22%
250
15%
Feb
22%
27
1.00
Feb
1.75
Apr
2.00
2.60
8
2.25
Feb
3.25
Mar
"i§*%
18 %
19%
4,496
16% May
19%
July
145
60c
97
97
304
94%
24%
25
630
21
60c
2
80c
July
Jan
May
1.15
Jan
97%
June
27% June
Week's Range
Sale
of Prices
Price
Par
88%
88%
500
40
5%
Ilatl975
Certificates of indebt
Amer Tel A Tel Co cap.100
153 %
Rights (W 1)
18«
29
Ananconda Copper Ming 50
Armour A Co common
Aro
40%
20,000
84
Jan
33%
Mar
88% Mar
41% June
49%
49%
1,600
40
Jan
49%
July
1945
66
66
1,000
66
July
66
July
1951
55%
55%
1,000
52
Mar
55% July
1975
A 5s flat
6
4%
Equipment Co com__l
10%
1%
Asbestos Mfg Co com
1
Wheel cap..4
Belden Mfg Co com
18%
11%
5%
Pa 4%
10
Boston Stock
26 to Aug. 1, both
Last
Exchange
Sale
Par
Stocks—
Price
High
Berghoff Brewing Corp
1
7%
1
Range Since Jan. 1, 1941
for
Common
Rights W I
Bigelow San Carpet pfd 100
Boston A Albany
100
153% 154%
1%
l»u
106% 106%
91%
93
154%
Shares
106%
Boston Edison Co
Boston Elevated
Boston Herald
(new) .25
100
1%
92%
2,735
6,730
5
Low
26%
27%
45
44%
45
19
106%
97%
Aug
1%
'16"
3%
Jan
Jan
34%
50%
20%
Jan
3%
2,703
'
8%
100
~3%
Class D 1st pref std.. 100
18
3%
Jan
Feb
Apr
Common
1
109
41
July
Chain Belt Co com
Aug
July
Cherry Burrell Corp com.5
Chicago Corp common
i
1%
1%
1%
1%
Jan
3%
Aug
Jan
3%
July
Chicago Flex Shaft com..5
Jan
3%
3%
Aug
6%
*
1%
JaD
July
July
Cities Service Co com
Jan
1%
10
June
11
2%
12%
Apr
3%
Jan
%
6%
Apr
18%
11%
50
1,850
4%
4%
38% *39%
1,625
18%
11
7%
5%
15%
19
20%
May
6
Jan
39%
Apr
8%
Jan
4%
July
Feb
5%
July
13% June
18%
Jan
20%
July
3,450
16
Apr
100
16
June
2%
400
1% June
2%
9%
9%
350
7
June
9%
Jan
12%
250
Jan
13%
Mar
6%
6%
23
10%
2%
2,050
4%
305
July
Feb
18
Jan
4
Jan
Jan
6%
July
23
May
95%
Jan
Feb
hi
July
%
Jan
12%
100
19%
Jan
10% May
86%
88
220
82
109
hi
43%
6
90
Aug
14%
12
Jan
57%
Jan
July
8%
Jan
21%
Jan
10%
14
1
31%
57
100
May
% June
27%
Feb
50
57
47
May
4%
9,150
31%
112% May
16
100
1
Jan
June
30% June
80
50
19%
%
*57*
%
103
30
31%
73
Aug
Jan
Jan
July
Jan
50
5%
8%
57%
5%
8%
10
6%
6,350
26%
26%
26%
5,650
6%
6%
6%
1,610
6%
Feb
6%
May
5%
5%
30
4%
Jan
6%
Jan
12%
Feb
16%
July
309
13
Apr
19%
80%
Jan
90
Jan
May
19
Jan
Chrysler Corp common..6
8%
725
55
3%
Jan
May
9%
July
Feb
72%
Jan
6%
July
Commonwealth Edison—
30
95c
Jan
1.50
Feb
306
5%
ADr
7%
July
Capital
26
Consolidated Oil Corp.. •
330
4%
Fen
6%
July
Consumers Co v t c pref.50
2%
63
1% May
3%
Jan
51%
51%
26
47% June
58%
Jan
35%
51%
36%
286
30%
41%
Jan
1%
1%
81%
46
1st preferred
100
13%
81%
13%
13%
110
Ad) ustment
100
2%
2%
2%
160
Eastern 88 Lines..
•
7%
7
7%
1,367
Employers Group
*
Apr
24% May
General Capital Corp
24%
25
Gilchrist Co
27
*
20
310
25
75c
July
16%
17%
Cudahy Packing 7% prflOO
93
17
17%
100
9%
250
20
25
com
Jan
1%
74% June
87%
10
May
14%
Jan
1% June
3%
Feb
2%
Mar
30
Jan
8%
Apr
Diamond T Mtr Car
25%
Jan
Dixie-Vortex Co com
21
May
Curtis-Wright
1
9%
c9%
*
—
3%
3%
•
Gillette Safety Rasor
15
27
3%
11
3%
115
10%
50
26%
260
8%
8%
225
8%
3%
600
30%
250
Dayton Rubber Mfg com.l
10%
Deere A Co
25
.._...*
com
com
.2
*
8%
8%
3%
Elgin National Watch Co 15
30%
3%
30%
24% May
27
3% May
4
Jan
Eversharp Inc com
1
2
3%
Jan
Fairbanks Morse
*
May
July
com
3
*
Hole Mach Co.. 15
28%
com..5
"T%
28
6%
6%
40
1%
1%
341
3%
10
20
13
32
12%
5%
5% cum pref..
100
19%
24%
280
July
General Electric Co
*
31%
Feb
408
52c
Jan
6%
Apr
Gen Motors Corp com..10
2%
May
3%
129
July
110
May
hi
26
20c July
45c
24%
*
25
18%
25%
1 %
8%
10%
8%
160
10%
278
8%
269
10
•
7%
7%
•
28%
28%
172
29
July
10%
Jan
July
1,450
14
June
17%
June
June
Hall Printing Co com
Apr
Jan
11
Jan
Apr
8%
Jan
Apr
30%
Jan
Heileman Brewing cap
Indiana Steel Prod
Inland Steel Co cap
•
Apr
Interlake Iron
*
95
7%
Apr
9%
*
%
1%
260
%
Feb
1% June
Boston A Maine 4s...I960
71%
72
35%
87,000
103% 104%
5,000
com
.
Mar
Jan
35%
July
Jan
105%
Apr
Eastern Mass St Ry—
6% preferred
8% June
9%
July
8%
15
15%
»
-
—
10
3
9
19%
19%
3%
80%
79%
9
c9
55%
10%
5%
5%
3
100
50
1,250
400
200
10%
19%
3,850
3%
81%
250
9
56%
10%
5%
570
480
100
180
7
May
9%
Mar
Jan
30% June
35
10
Jan
13%
Jan
17%
3% June
Aug
10%
Jan
21%
Apr
14%
2%
July
Feb
7% June
18%
3
May
June
69%
9
Apr
Aug
43%
May
450
9%
Apr
300
4
Jan
7
May
4
90%
9
56%
14
Jan
Apr
Jan
Aug
July
Jan
6%
July
9
5
27%
*
10
~
LlbbyMcNelllALibby com7
pref
Common
*
100
July
20
44%
July
9%
50%
101
40
99
July
106%
1
ioi
*
Le Roi Co com
9
100
1
100
4%
5
500
27%
230
45%
50
100
5%
«
m — — -
26
% June
3%
Jan
25
May
8%
5%
8%
150
6
Apr
5%
4,000
5
Feb
19%
19%
40
16
Jan
50
1
Feb
1
*
45%
1
Jan
Jan
1
Jan
5
Aug
27%
Feb
8%
June
7%
21
Jan
May
1%
Jan
Line Material Co com
High
Low
5
8%
8%
50
8%
July
8%
July
Lion Oil Refg Co cap
Week
Shares
-
5
Lincoln Printing
Range Since Jan. 1,1941
250
12%
*
Common
Ky Utll jr cum pref
Cumulative pref
lists
9%
11%
Kellogg Switchboard-
Leath & Co com
Sales
July
32
.1
La Salle Ext Univ com
Chicago Stock Exchange
«
1
1
Katz Drug Co com
74
9%
11%
International Harvest cum*
Jarvls (W B) Co cap
Bonds—
Jan
15%
Indianapolis Pr A Lt com.*
Mar
9%
Jan
7
32
July
8%
16%
360
12%
•
July
*
100
9%
8%
Hein Werner Motor Parts 3
52c
43% May
30c July
14%
9
Hormel & Co com
61%
46%
49%
15
14%
9%
1
Houdallle-Herehey cl B
Jan
14%
14%
10
Hamilton Mfg cl A pt pfdlO
Apr
10c June
100
High
Jan
20%
545
of Prices
May
350
Aug
May
342
Low
36%
40%
48%
July
2,447
1%
31%
May
35c
Sale
Jan
Feb
39%
Aug
8
Illinois Central RR com 100
Price
2%
90
1%
33%
July
40%
38%
39
31%
16
46%
Par
Jan
Jan
31%
150
Hubbell Harvey Inc com.5
Illinois Brick Co cap
10
for
50
c31%
756
Aug
Week's Range
11
100
9%
Mar
Last
Jan
9% May
10
55%
20%
71%
Friday
July
Feb
19
46%
9%
10
July 26 to Aug. 1, both inclusive, compiled from official sales
15%
136
18%
Apr
19
Jan
350
16
53%
19%
5%
101%
5
Goodyear T & Rub oom__*
40
27,500
Jan
May
18% May
GossardCo (H W) com...*
Great Lakes DAD oom__*
Feb
33
Jan
23
3%
4%
15%
June
June
1948
450
Jan
Jan
3c
1970
250
4%
6%
8
33c
4%s_
Feb
Jan
7% June
6% May
9%
66% June
5%
3
45%
Jan
150
59%
Warren Bros
150
6%
21%
Feb
6%
33%
Waldorf System
July
33%
Jan
July
85
61%
May
6%
Apr
3%
836
60%
2
34% May
250
4%
4%
200
46
May
Jan
July
3% July
2% May
7c
35c
7%
3%
Feb
28% June
11%
26%
9%
9%
100
71%
61%
May
210
39
46%
115
7
3%
7c
1
200
8% May
Feb
19%
3%
38%
25
pref
Aug
3%
6%
68%
Utah Metal A Ton Co
United Shoe Mach Corp.25
9%
3%
Feb
Feb
Aug
3%
com
7c
5
9%
3%
8
25
■
*
General Outdoor Adv
*71%
Union Cop Land A Ming 25
*
Feb
445
Stone A Webster
United Fruit Co
Feb
% May
1%
Torrlngton Co (The)
Union Twist Drill Co
11%
22
1%
Qulncy Mining Co
25
Reece But Hole Mach—10
Shawmut Ass'n TC
18%
24%
491
971
17%
*
...50
Jan
Gillette Safety Razor com *
Goldblatt Bros Inc com..*
Jan
Feb
Jan
15
1%
39%
General Finance Corp coml
General Foods com
*
Jan
HI
Pacific Mills Co
Jan
General Am Transp com.5
4%
53
2,435
21
7
10
10
12%
3
41%
100
52%
4%
5
3
3%
121% 123%
25c
July
21
(Petei) Brewing com.5
Fuller Mfg Co com
1
Gardner Denver Co com.. *
General Candy cl A
5c May
20c
28
Fox
July
18% May
2.50
Apr
6%
150
3i«
2
6%
Jan
4
100
3i«
5% June
Four-Wheel Drive Auto. 10
Jan
295
N Y N H A Hart RR...100
Jan
13%
15c
255
38
6%
Feb
5%
23
5%
121%
21
255
May
24%
15c
1
NarragansettRacg Assnlncl'
National Tun & Mines...*
6%
Jan
1% May
28
100
New England Tel A Tel 100
July
13
Maine Central com
MassUtll Ass vtc
28
28
6% cum pref
.....50
Loew's Theatres (Bost) .25
Mergenthaler Llnoty pe.. *
110
29
2%
40%
7
FltzSlm&Con Dr&Dk com*
Preferred
40
Feb
Hathaway Bakeries—
North Butte
180
16%
93
Common...
Crane Co
Elec Household Utll Corp.6
Stocks—
12
Apr
16%
12
1
Preferred cl B
Series A 4%
July
Jan
10% May
Apr
19%
6
350
16%
Jan
4
500
15%
1
7
100
100
cum
10
32%
550
Cunningham Drg Strs__2%
Common.
6%
16% May
200
19%
6%
Eastern Mass Bt Ry—
Pennsylvania RR
7%
9
250
Container Corp of America
4%% prior pref..-..100
6% pref
1.100
Lamson Corp (Del)
2
Jan
4%
*
6%
1%
*
Common
Intl But
500
Apr
July
41
Chicago Yellow Cab cap..*
20
89
Jan
Apr
108%
Convertible preferred..*
.
6%
Brown A Durrell Co com.*
5
12
July
2%
200
*
Preferred...
*
Cent States Pow A Lt pfd.*
3
43
2%
Jan
10%
Jan
50c
Common
July
July
3%
3
11%
%
Jan
3
2%
6%
May
1%
Central A S W—
Jan
89
Apr
7
600
1%
1%
3%
4
50
150
1
...
Jan
300
2,246
1%
2%
12%
Mar
3%
Aug
%
22%
*86%
Cent 111 Pub Ser $6 pref..*
%
10
3
"*6%
23
5%
2%
Boston Per Prop Trusts..*
Copper Range
East Fuel & Gas As—
53
1,760
1,129
5
Jan
1"« July
29
10%
100
cum conv
325
1%
10
3%
2%
Caiumet A Heola..
562
2%
2%
100
Class D 1st pref
3%
3
"3H
Class B 1st pref..... 100
Class C 1st pref std..
1%
Aug
Central 111 Sec—
Jan
87% Mar
26% May
41%
Apr
65
3%
Aug
28%
2%
12
12
10
100
5%
Prior lien preferred
100
Preferred
100
Prior preferred
100
Class A 1st pref std..100
Class A 1st pref
100
Class B 1st pref std.. 100
1 «m
450
1
9%
*
pref
30
Camp Wynt A Cr Fdy cap*
Maine—
Common std
.....
6
Burd Piston Ring com
High
Class A pref
Bruce Co (E L) com
168% May
1% July
120
18%
Traveller..*
19%
*
148% May
1% July
503
26%
1,300
29
168%
2
6
Bracb A Sons (E J) cap
Butler Brothers
—100
Amer Tel A Tel
May
300
5
5
15%
Brown Fence A Wire com.l
Wcdc
of Prices
Low
*38%
*
l5u
High
149%
Borg Warner Corp—
Sales
Week's Range
6
Bliss A Laughlln Inc com.6
inclusive, compiled from official sales lists
Fridag
Belmont Radio Corp
Bendlx Aviation com
908
1,100
9
Bastlan-Blesslng Co com.*
154%
%
3%
BarlowASeellg Mfg A comS
Low
Shares
3%
9%
2%
%
3
Binks Mfg Co cap
Cons
A
18m
c28%
Range Since Jan. 1, 1941
for
W
High
Aviation Corp (Del)
Ga A Ala Ry Co 1st mtge
Boston
Low
Automatic Washer com..3
Bait Traslt Co. 4s
July
Sales
Last
A they Truss
Bonds—
Atlantic Coast Line Conn-
CHICAGO
Friday
July
1.50
La Salle St.,
S.
Stocks (Continued)
1.50
—
Md &
Municipal Dept. OGO. 521
Jan
Jan
Principal Exchanges
Bell System Teletype
Trading Dept. CGO. 405-406
July
66
114
20
26
Members
July
21%
Maryland & Pa RR comlOO
M Vern-WoodMills comlOO
New Amsterdam Casualty2
North Amer Oil com
..1
Northern Central Ry—50
U S Fidelity A Guar
27c May
1.65
1*50
100
Houston Oil pref
July
42
130 % 130%
34 %
Feb
29
Jan
50
8%
25%
26
.1
Fidelity & Deposit
Paril H.Davis &€>o
17
17
2.054
110
s%
High
14% May
163
117
110
100
100
4%% prefclB
4% preferred C_.
Eastern Sugars As com vtcl
Low
348
58%
117
Unlisted
Range Since Jan. 1,1941
for
Week
45
2.90
Consol Gas E L A Pow_._*
LUted and
Shares
29
Bait Transit Co com v t c *
SECURITIES
CHICAGO
July 26 to Aug. lf both inclusive, compiled from official sales lists
*
13%
13%
300
Apr
15%
May
13%
16%
July
15%
2%
9%
13%
100
1%
Feb
3
July
18
19
510
9
Jan
19
July
16%
16%
3,525
13%
Jan
16%
July
3%
3%
500
3%
Mar
4%
29%
Apr
Liquid Carbonic com
*
Abbott Laboratories com *
53%
53%
200
46
Feb
53 %
Jan
Loudon Packing com
*
25
50%
51
150
51%
Jan
McCord Rad A Mfg cl A__»
Advanced Alum Castings.5
2%
30%
2%
39%
300
3%
Jan
Marshall
50
43%
Apr
2% May
25% May
36%
Jan
89%
40
85
94
Jan
6%
800
65
Jan
Merchants A Mfrs Sec—
89
Acme Steel Co com
Allls-Chaimers Mfg. Co..*
Amer Pub Serv pref
100
Amer Rad & Stand San...*
For footnotes see page
"~6%
673.
c6%
6%
June
Aug
6%
Aug
Field
com
Class A com
$2 cumul part pref
•
.1
*
•
•.MM.--
2%
~~16%
28
2%
28
10
26% May
Apr
Volume
The Commercial & Financial Chronicle
153
sales
Friday
Last
Mlckelberrys Food
Par
for
of Prices
Week
Price
Low
Pr coml
Middle West Corp cap
Midland Utd conv pref
Midland Utll—
0%
6%
7%
7%
Week's Range
Sale
Stocks (Concluded)
High
Range Since Jan. 1, 1941
Shares
Low
High
4%
6
6
4X
350
4%
July
5X
4X
5%
4%
*
4X
3,650
4X
May
6%
3,250
3%
Feb
7
Apr
14 X
150
3
Apr
Ohio Listed and Unlisted Securities
Jan
6X
prior lien
100
preferred A
100
X
X
prior lien
100
13 X
14 X
pref cl A
100
14
200
Feb
Members Cleveland Stock Exchange
July
14X
July
%
Apr
%
Jan
14%
July
%
750
Apr
X
May
3
300
X
,
CiLLIS
Miller A Hart—
Vtccommon stock
$1 prior pref
IX
6%
1%
10
Modlne Mfg com
Nasta-Kelvlnator Corp
Natl Cylinder Gas com
5
IX
6%
25
*
Montgomery Ward com «*
Muskegon Mot Spec cl A.*
671
100
600
50
25
6%
1
Natl Pressure Cooper com 2
New York Central
*
May
27X
Jan
36
852
31X
May
39 X
Jan
23
200
22
25
Bidding, Clevtland
Jan
Aug
c5X
10 X
3X
c 13 X
14
Noblitt-Sparks Ind cap..5
23
34%
"~5 X
Unlan Cimmerci
July
22
six
KJ RUSSELLco.
1% June
X May
5% June
5%
10%
3%
14
25
212
Aug
5%
3%
13X
100
250
1,100
July
5X
8%
150
27 X
July
11
Apr
May
Aug
A. T. 8c T. CJLEV. 665 & 566
Cleveland Stock
Jan
4X
14
Aug
July
Telephone: CHerry 5050
July 26
to
Exchange
Aug. 1, both inclusive, compiled from official sales lists
200
5X
May
32 %
8
Mar
Last
Northern 111 Finance com.*
Week's Range
9
200
for
8X
8
May
10%
Feb
Sale
Week
Northwest Airlines com..*
9
9
200
7% June
10%
Mar
of Prices
Low
High
North American Car com20
;
6
6%
Northwest Bancorp com..*
North West Utll—
12%
25%
6X
12 X
100
12
12
12
100
63 X
63X
63X
com.
.2 %
9X
13
cl2%
Peabody Coal Co B com..5
Penn RR capital
Peoples G Lt&Coke
IX
10
Penn Elec Switch cl A
10%
in% U7X
7% pref. 100
Paramount Pictures Inc..l
'iix
14
13
150
30
IX
14X
July
46%
Aug
7X
7%
200
"iix
10 X
11X
750
.*
IX
IX
1%
400
*
28 X
28X
50
Preferred
4%
16
9%
Jan
27
22% June
5X
Apr
Jan
50c
....
0% preferred
Republic Steel Corp
*
Rollins Hosiery Mills com 4
Sangamo Electric
eap._l
Sears Roebuck A Co cap..*
Serrlck Corp cl B com
1
Cleveland Railway
79%
113X
100
Cliffs Corp com
Colonial Finance
Mar
Eaton Mfg
*
Aug
Electric Controller
"16%
*
1
July
160
Jan
c
4%
Aug
c
Glidden Co
4
July
Goodyear Tire & Rubber.*
July
Great Lakes Towing... 100
Apr
com..
1%
U%
700
10
%
9%
20X
3%
400
20 X
IX
11%
July
20x
Aug
Apr
18X June
Jan
Aug
4%
Jan
21
100
22 X
Jan
8
200
6%
June
9X
Jan
78%
Jan
2%
70%
13%
631
67 X
Apr
3X
100
1%
Feb
4% June
*
*
Leland Electric
*
4%
30
30
90
28%
Mar
30
Jan
15
50
14%
Apr
18
Jan
35X
36X
400
Miller Wholesale Drug...*
29 X
Mar
36X
July
Murray Ohio Mfg
*
%
Jan
National Acme
Jan
6%
5%
Jan
National Refining (new)..*
Prior pref 6%
....
*99"
X
Standard Brands
*
96
6X
2
com
"5%
c 5%
X
20
X
Apr
July
4%
Apr
200
5%
Aug
750
IX
Apr
20
99
6%
90
5%
2
96
Aug
Standard Dredging—
2
2
20
13 X
13%
13 X
200
12%
Jan
Standard Oil of Ind
26
33X
33 X
1,350
25 X
Mar
34 X
July
Standard Oil of N J
25
43 X
34 X
43 X
Preferred...
Jan
43X
7X
1,050
6 X
Aug
Apr
43%
8%
Aug
7X
c43%
7X
200
6
Studebaker Corp (The)
1
Sunstrand Mach T'l com.6
6%
34 X
c6%
33X
6%
200
6%
Aug
6%
Aug
34 X
650
29
Swift International cap. .16
Swift A Co
25
22 X
22 X
23 X
930
17%
Mar
23 X
23X
24 X
3,225
19%
May
24%
Jan
Texas Corp caoltal
44 X
43 X
44 X
648
34X
Feb
44%
July
10X
10 X
10 X
100
78 X
77 X
78 X
566
01%
Feb
11X
12 X
130
61X
c24%
62 X
25
120
9%
53 X
May
May
200
24%
Aug
58 X
60 X
1,698
49 X
Apr
119X 121X
IX
IX
600
Stewart Warner..
25
Trane Co (The) com
25
Union Carb A Carbon cap *
United Air Lines Tr cap..5
U 8 Gypsum Co
20
com
U S Rubber Co
10
United States Steel com..*
7%
pref
cum
24 X
58 X
100
Utah Radio Products
com
1
"lX
197
National Tile
36
Feb
9
Jan
July
23%
12
June
U5X June
% Mar
Jan
Jan
79 X
July
17
Jan
Jan
69%
25
c
150
1%
Feb
640
17 X
Apr
IX
531
19
Feb
165
85 X
2%
5%
3%
67X
4X
Cl4%
12 X
3%
67%
4%
14%
13X
250
100
14X
Aug
6C0
10 J*
May
79X
5X
14%
15%
110% 110%
15,000
110%
July
112%
19%
Western Un Teleg com 100
28X
28X
Wise Bankshares
*
com
Woodall Indust com
2
Wrtgley (Wm Jr) Co cap
Yates-Amer Mach cap
5
Yellow Truck A Coach B.l
14%
Zenith Radio Corp oom..*
13%
250
500
80
50
June
1
Jan
Mar
3X May
4%
63
May
3%
May
c
i) 1956
X
*
~al3%
..*
Republic Steel
*
Standard Oil of Ohio
"33
25
a47%
*
a29%
Thompson Prod Inc
c
o7%
*
com
Rlchman Bros
U S Steel com
*
U pson-W alton
1
Feb
May
29% July
104%
3X
5X
Jan
434
25%
Mar
32%
16%
3,501
12%
Apr
17%
10%
100
10
Jan
13
Jan
40
7
May
9
Feb
13
29
June
7
a34% a34%
Van Dorn Iron Works
al6% al6%
al7% a20%
al8% a20%
50
Apr
36 X
58
50
15%
Apr
18%
230
28%
35%
30
12%
May
Mar
17
July
247
11%
Apr
20%
July
20%
July
290
16
May
40
10
19
Jan
20
71%
Jan
110
40 X
Apr
4%
4%
a28% a29%
150
Par
Stocks—
12
332
11
May
11
34X
150
10
Apr
12
53
33
Mar
38
Jan
24
230
17
Feb
24
June
15
15%
475
7
Jan
16
July
15
10
June
12
16
Mar
12%
23%
3%
July
Mar
46%
July
allX
3%
45%
11%
a
3%
46
1,190
X
X
IX
IX
al3% al3%
al8
al8X
9%
9%
a7%
a7%
a20% a20%
32
33
New
a47% a48%
a29% a29%
a58X a60X
5X
5%
7 X
9
8%
176
Detroit Stock Exchange
Ford
Building
IX
Mar
X
Jan
IX
July
11X
Apr
40
18
Apr
July
Churngold
Apr
July
25
Detroit Stock
—
Cin Gas & Elec pref... .100
50
Cin Street....,
Cin Telephone
50
.25
.........
Cin Tobacco Ware.
....
Cin U nion Stockyards
3%
85
4%
17%
Feb
98
3X
84 X
4%
10
*
Par
Stocks-
Feb
48%
25%
Apr
34
131
49%
4%
Mar
460
May
Apr
10%
Jan
Apr
42%
Jan
—*
Gibson Art
12
......100
*
26
Part
pref
Kroger
>
.
.
Crowley Milner com
Detroit Edison com
100
*
100
8%
U S Playing
Card
U S Printing
Preferred..—
10
*
26
Apr
Jan
100
1
Apr
1%
12%
3%
12%
3%
140
11%
Apr
14
Jan
250
2%
May
4
Jan
May
2%
Jan
General Finance
1
com
...10
July
General Motors
Mar
Goebel Brewing com—..
10%
31%
Apr
com
Graham-Paige com.
Grand Valley Brew
1
1
General Motors
Timken Roll Bearings
For footnotes see page
200
1%
893
36%
2%
700
2%
Mar
70c
75c
1,100
60c June
1.00
Jan
57c
com..l
39%
57c
200
30c
Mar
59C
July
5
200
4%
June
7%
18%
10%
May
13%
Apr
30c June
4%
Jan
45c
Jan
Mar
IX
Mar
Feb
26%
Jan
135
1,105
16%
Mar
3%
3%
190
30
com—1
35c
38c
400
lX
25%
IX
IOC
1
25X
385
23
101
9
3
57
4%
4X
5%
694
221
9X
Feb
10X
Feb
50% May
222% June
29%
Apr
Jan
IX
15
Feb
25%
14
60%
July
July
229
July
Jin
34
Feb
Kingston Products com..l
IX
...10
....
Kresge (S S) com
—
4
May
5
1%
2
1%
Apr
May
Jan
Jan
July
McCIanahan Oil com
20c
20c
2lc
16c
Jan
25c
1.00
1.00
1.00
60c
Jan
1.25
Mar
7X
820
4%
Jan
7%
July
"ix
7%
July
1%
Jan
Masco Screw Prod com
43%
—
Feb
15X
July
Apr
10 X
Feb
Mid-West Abrasive com50c
2%
Mar
4%
Jan
Motor Products com
296
36 X
Jan
Murray Corp com
41 %
May
May
48 X
20
51 "X
Jan
45%
3%
Jan
Apr
"lX
July
11%
8%
39%
IX
21
Jan
1
1
6%
25
38%
IX
3
100
2
Feb
Jan
Jan
1,750
1,540
1,900
2,870
22
137
4
2
Lakey Fdry & Mach com.l
LaSalle Wines com
2
*
10
Mlcromatic Hone com.... 1
15%
10%
3%
4% June
2%
48%
2%
12X
563
Jan
5
75c
*
Hurd Lock & Mfg
Apr
Apr
July
May
18%
32%
735
IX
39
12%
31%
673,
4%
1X
23
2%
39
18%
~32%
45%
4%
1%
3%
Hoover Ball A Bear com .10
14
38%
100
Houdaille-Hershey cl B—*
Hudson Motor Car com..*
10%
3%
10
*
IX
2
Jan
60%
14%
4%
May
2
July
14
Mar
IX
2X
Jan
Jan
Mar
94c
1%
8%
29
4
1.25
com......-1
6%
June
Jan
45c
20
25
58 X
15%
68c
15
"59X
—*—>
Mar
91c June
2%
Preferred
Mill...—--25
2%
510
48
24% June
Columbia Gas
630
600
Jan
Jan
Michigan Sugar com
City Ice
July
May
Gar Wood Ind com...—3
Unlisted—
Am Rolling
1.00
10c
Mar
108
40
Mar
1%
6
298
37%
60c
100
2
13 X
50
July
900
290
Frankenmuth Brew com.l
28%
25%
223
6%
9%
8,393
Durham Mfg
July
May
17c
Jan
June
Apr
7%
2%
99
29
July
5%
20%
79% June
4% July
9% July
Jan
4%
1% May
7X
Apr
110
20
8%
17c
3%
13
223
"20"
High
Jan
2X
....
Federal Motor Truck com *
27 X
25%
92c
Jan
27%
6%
92c
4
150
Low
Det-Michlgan Stove com.l
Detroit Paper Prod com.. 1
Jan
Jan
i
Range Since Jan. 1, 1941
Shares
868
July
4% June
Jan
11X
25
P A G
26
5%
*
Lunkenheimer
Nash
High
9%
Det & Cleve Nav com... 10
Hall Lamp com
Hatfield prior pref
Low
8%
2%
14 X
July
New York Curb Associate
5%
435
10
9
3X
8%
8%
12%
16
Jan
30X
619
.*
144
Jan
6%
50
6
Federal Mogul com
10
*
4
Jan
70%
Apr
110
5X
Feb
31%
10
7% May
July
1X
Jan
3%
Jan
21X July
21
June
Jan
July
34J4
625
107%
31%
2%
3
Jan
35%
8%
July
9%
8%
*
Apr
Jan
22%
Apr
8%
5%
97 X
216
*
Dow Drug
Early A Daniel..
10
Aug
10%
Feb
10
for
Price
48
8%
2X
9%
Crosley Corp
Eagle-Pocher
3%
85
4%
726
%
2%
Apr
Sales
80c
50
6%
Week
3X
65
Jan
16 %
85
of Prices
1.00
100
9%
30
75
Week's Range
76c
%
Feb
Exchange
3%
2%
21%
3%
May
6%
220
15%
23%
July 26 to Aug. 1, both inclusive, compiled from official sales lists
1.00
%
2%
21%
3%
May
Aug
1.00
97 X
%
X
DETROIT
"3X
Feb
Jan
Telephone: Randolph 5530
1
June
Mar
Chicago Stock Exchange
*
6
16%
Feb
Jan
High
66
Jan
Mar
50
2,458
Burroughs Add Machine.*
Consumers Steel com
1
60
7
26
July
50
8%
a39% a40
Member*
York Stock Exchange •
Jan
Range Since Jan. 1,1941
20%
IX
628
1
19%
Mach.....20
Am Prod prior pref......7
Burger Brewing.........*
Champ Paper & Fiber
*
Am Laundry
Apr
582
*
Continental Motors com
7
*
Aluminum Industries
Apr
June
Sale
Low
4%
29%
43%
12X
May
40
Baldwin Rubber com
Shares
Feb
2%
20%
150
Jan
Week
Price
July
Apr
42% June
430
5
for
Jan
42
Atlas Drop Forge com
of Prices
Low
High
Jan
85
42%
Jan
Feb
40
80
Sales
Week's Range
Jan
Watling, Lerchey & Co.
July
5
July 26 to Aug. 1, both inclusive, compiled from official sales lists
Sale
Jan
10
55
Mar
Exchange
Last
Jan
27
Last
Friday
Jan
July
26%
16%
Friday
Cincinnati Stock
79 X
114
'
Weinberger Drug Stores..*
Youngstown Sheet & Tube*
24
Bonds—
Amer Tel A Tel 3s (w
Apr
110
a21% a21X
*
Otis Steel
Jan
91%
20 X
...
Ohio Oil com
July
Westnghf El A Mfg com.50
•
70
15
Jan
IX
Williams Oil-OMatlc com *
IX
7
547
Jan
130
IX
20X
29X
93 X
2%
5%
Convertible pref
all%
""3%
Ohio Brass clB
Utll A Ind Corp—
Walgreen Co oom
79%
79%
113% 113X
24
*
NY Central RR com
Feb
17
Aug
70%
,
c
15% June
July
June
34
15%
Nestle LeMur cl A.....
July
2%
14%
..1
Common...
104
10%
1
100 x
Southwest Lt A Pow pref.*
Spiegel Inc
10%
Jan
11%
11
Medusa Portland Cement *
15
36
53%
Apr
95
Jan
Mar
June
41
*
30
South Bend Lathe Wks cap 6
Sonthrn Colo Pwr A com25
June
8%
11
42%
Kelly Island Lime & Tr..*
(AG) clB
53
100
Jan
80
*
Sivyer Steel Castings com.*
Preferred
Mar
44
22%
6%
40
Industrial Rayon com..*
McKee
Slgnode Steel Strap-
al9%
100
Interlake Steamship
8
70
55
....100
Halle Bros pref
Harbauer Co
4%
569
a!7% al8
a31 % a.32%
*
com
Preferred
c
a34%
10
Goodrich (B F)
10X
7
General Electric com...*
Jan
53%
104
50
16%
Commercial Bookbinding.*
148
Aug
High
July
10%
5
Firestone T A R
1
Low
15
35
16 X
Cl Cliffs Iron pref
*
Cl Elec 111 $4.50 pref....*
c
3X
70 X
1
Clark Controller
Jan
4%
100
103 X
105
550
Range Since Jan. 1,1941
Shares
10
5%
10 X
100
3
28%
10%
53%
...»
Preferred
July
3%
3%
100
City Ice & Fuel
Jan
8
8
10%
71
c4X
c20%
Canfield Oil
15
5%
5
Jan
21
3%
*
com
Schwltzer Cummins
20 X
50c
Aug
10
11%
10
Akron Brass Mfg..
Amer Coach & Body
Aug
400
Sales
15
28X
4X
IX
...5
Reliance Mfg Co com
100
1X
,
149 X
3
3
Price
8
Raytheon Mfg Co—
Common
Par
13
Feb
149 X
100
*
190
74
1% June
25%
30
72 X
Jan
Jan
23%
Radio Corp of Amer
Stocks—
Aug
Feb
23 X
Quaker Oats Co common.*
July
36%
23%
.
June
Jan
13
Aug
X
1,200
■
10 %
U7X
12%
310
46 X
1
Aug
13% June
24%
43 X
*
63 X
22
24 X
46 X
com
13
Feb
July
July
100
*
Process Corp (The) com
Pullman Inc
117
400
24 X
Pressed Steel Car
Friday
Jan
May
54%
9%
800
60
Perfect Circle (The) Co
Poor A Co class B
14
Apr
6
10
100
cap
10
100
7% pref
Okla Gas A El
400
Jan
Airway Elec pref
Prior lien pref
Nunn-Bush Shoe
24
7X
7
-
1%
7%
IX
7%
170
5%
May
IX
350
1
*
8%
9
500
9
Apr
May
10
Michigan Die Cast.——1
5%
IX
6%
800
5
Apr
8%
IX
300
1%
Apr
2
'ix
%
11
Jan
Mar
Jan
Jan
Jan
June
The Commercial & Financial Chronicle
672
Sales
Friday
Last
Par
Stocks (Concluded)
Week's Range
for
Sale
of Prices
Packard Motor Car com
Low
Low
Stocks (Concluded)
High
Jan
May
30K
Jan
Sears Roebuck & Co
July
1.25
Jan
Socony-Vacuum Oil Co.. 15
Jan
Southern RyCo...
1,281
29%
2.50
88c
88c
88c
200
1%
1%
2%
2%
1%
100
IVs
6,000
2%
130
2
Apr
2Ye
2%
18%
170
1K
Apr
265
17%
July
3%
2H
2%
20%
4%
2,280
1%
225
1K
IK May
Union Carbide & Carbon.*
200
3
Feb
1 Vt
4Ys
Jan
3%
Jan
United Air Lines Trans
200
8
Apr
10 Vt
June
100
IX
Mar
2%
Jan
Peninsular Mtl Prod com.l
Prudential Invest com. ..1
Reo Motor com
M *
.
..5
Klckel (H W) com
A'
-.2
IVS
*
River Raison Paper com
.10
Kcotten-Dillon com
Bheller Mfg com
-.1
8te Tube cl B com
Tlvoli Brewing com
18 %
3%
..1
.A
3%
2%
1%
1
Udylite
United Specialties
U S Radiator com
3%
..1
.A
13
...
Los
25
85c
J
300
13
IK
Ye June
75c
1%
%
1
Apr
3
Apr
2%
July
July
July
Jan
Jan
July
.*
Standard Brands Inc
*
Standard Oil Co (N J)...25
Par
Stocks—
Price
Feb
July
10
U S Rubber Co
25%
59%
5%
23%
25%
35
21%
Feb
59%
292
50%
Apr
4%
5%
400
2%
Feb
5%
Aug
92%
1%
92%
92%
25
1%
1%
80
1%
May
1%
Anr
U 8 Steel Corp
Jan
3Vt
5K
May
Willys-Overland Motors..!
5
•
59%
Sales
Friday
Last
Range Sin
Par
Stocks—
Week
Low
Week's Range
for
Sale
Jan. 1, 1941
of Prices
Low
High
Week
Price
1%
1,556
575
2%
Jan
2
2%
2%
3%
2%
230
1%
Jan
2%
3%
2%
11
170
90c
July
97 %c
July
Chrysler Corp
6%
180
3%
Apr
6%
July
Curtis Pub Co com-.-.
ale
200
lc
Jan
lc
Jan
Apr
11%
10%
11
17%
18
210
8
270
Jan
9%
3% May
18
400
95c
Jan
1.25 May
225
55%
513
5%
July
Apr
2,070
5%
Feb
7%
6%
7%
2,975
Chapman's Ice Cream Co.*
1.15
1.15
1.15
Chrysler Corp
6
57 K
Consolidated Oil Corp
•
ex
Consolidated Steel Corp. .*
7%
20
Preferred
*
a 75
Electrical Products Corp.4
9
m-mm mm*
7%
20
Emsco Derrick & Equip..6
aOVt
Exeter Oil Co cl A com_..l
20c
20c
2.50
7
7
/:;H. 40
9
352
39%
7
06%
20c
500
7
7
39 X
10
700
20%
-Ww--
8%
06%
General Paint Corp com. .*
8
300
:>
20
39%
7%
653
10
353
210
17
Feb
68%
Feb
Jan
20%
31%
31%
220
17% May
29% June
55c
55c
200
48c June
125
8
13,180
Lockheed Aircraft Corp_.l
28 Yt
27%
28%
1%
360
Menasco Mfg Co
1
Nordon Corp Ltd
Oceanic Oil Co...
1
3c
3c
3c
2,575
1,000
1
39c
39c
39c
300
VA
Pacific Finance Corp com 10
9%
1%
Apr
1%
May
3c
July
7c
Jan
49c May
9%
July
Jan
11%
13% May
Jan
28%
100
12% June
243
33 K
33%
150
30%
33%
30%
22% June
30% May
120
28%
43%
43%
485
a35% ae6%
77
37%
Apr
33% June
25
25
30 K
Pacific Indemnity Co...10
Pacific Lighting com
*
o36%
Pacific Pub Service com ..*
4
4
4
17
17
17
1st pref
43 K
_-,.....*
Mar
30c
725
May
36%
34%
30%
43%
Apr
United Corp com..
15
June
6
Mar
8%
Aug
Apr
July
July
Blaw-Knox Co
Feb
10%
JuJy
9%
14
4%
4%
5,030
May
4%
Jan
43%
43%
a30% a30%
25
40
June
43%
Aug
29
June
38
Jan
Harbison-Walker
6% pref cl A
*
5%
5%
714
Feb
Hoppers Co pref
23%
41%
23%
1,662
22%
May
28
Jan
Lone Star Gas Co.
41%
125
38
May
Jan
30%
30%
687
29
May
47%
30%
Jan
Mt Fuel Supply Co
National Fireproofing
29
431
28%
May
29%
Mar
33%
29%
33%
33 X
14 A
33%
13%
33%
14%
23%
24
Sunray Oil Corp
...1
VA
4Yt
135
'
•ie
%
700
23%
7%
24%
234
19%
6,174
6%
108%
34%
Jan
8%
18
14%
24%
Aug
July
Reymer & Bros
1%
200
4%
1,938
15%
1,696
3,793
Jan
8
37
12%
61
20%
491
Apr
60%
July
Feb
%
Mar
June
%
Jan
Apr
Apr
1%
3C%
Jan
May
10%
Jan
104% May
10% June
13%
Jan
117%
16
Jan
.Jan
17
Apr
20
July
Sales
Low
High
23%
1, 1941
Range Since Jan
1
Shares
Low
High
_
San Toy Mining Co
Vultee Aircraft Inc
1
7K
7%
250
4%
Apr
8%
Jan
Vanadium-Alloys Steel...*
Wellington Oil Co of Del.
1
2%
1%
4%
14%
8%
7%
2%
2%
400
2%
Jan
Westinghouse A ir Brake
1H
1%
1%
100
1 %
1.30
Apr
Yosemite Port Cem pref 10
Apr
1%
8c
7c
8c
5,000
Jan
10c
3c
3c
3c
1,100
3c
Apr
5c
Jan
Imperial Development.25c
lc
lc
lc
1,000
%c
Mar
lc
July
1
2%c
2%c
2%c
1,000
2%c
Mar
3c
ex
6%
Apr
6%
Mar
7%
Jan
500
6%
Apr
10%
Jan
3%
265
2% May
10
10
218
Jan
5
Jan
9%
Apr
12
1%
1%
300
1%
20%
20%
40
20%
96
17%
94%
8%
Jan
Apr
95
,
20%
78
8%
„
-
-m«
.p.
9
1,072
5%
5%
65c
5%
65c
1,229
1,220
30
«.
80%
1%
6%
80%
1%
July
July
Jan
105
Jan
10%
6%
Apr
Jan
100
5% May
55c July
27%
Apr
6%
Jan
80%
45
72% June
6%
222
1%
50
2c
1,000
2%
550
2
May
3
Jan
30
37
Feb
40
July
30
6%
p.
Apr
1%
320
6%
4%
1
Jan
1%
31%
Jan
Jan
7%
96%
Jan
7%
Jan
1%
Apr
May
Mar
Mar
Amer Rad & Std Sani Cor.*
Jan
25
18%
1,362
9%
Jan
Black Mam Cons Mng.lOc
Cardinal Gold Mining
1
190
7%
8%
2%
8%
*
com
25
7%
"
100
31% May
Feb
38%
hi
....*
10
*
Pittsburgh Brewing pref. *
Pittsburgh Coal Co
100
Pittsburgh Plate Glass..25
Pittsburgh Screw A Bolt..*
40
4,412
1,487
July
Apr
July
33% June
50%
Price
pref...*
24
'
Jan
2
103
Duquesne Brewing Co...5
1
33 X
25
24
436
*
30 Ys
29 K
Standard Oil Co of Calif..*
18
Feb
320
Fort Pitt Brewing
4
Southern Pacific Co
Feb
18ie May
12%
21%
Yt
Columbia Gas & Elec Co.*
9%
6%
Jan
Jan
4
6% pref 25
8% June
175
37%
Feb
31% June
Jan
12%
300
19%
Par
9%
So Calif Gas Co
252
2
12
Allegheny Lud Steel com.*
Arkansas Natl Gas pref 100
Jan
2%
40%
Stocks—
Richfield Oil Corp com...*
6% pref B
5%% pref cl C
125
18%
24%
for
50
July
35
Jan
100
5
Mar
Apr
118
Week
482
5%
23%
29%
of Prices
40c
41K
Apr
450
31%
10%
113%
Week's Range
40c
25
25
25
41
%
7%
Mar
2%
Last
40c
Orig pgd
Apr
2% May
Sale
50
80 Calif Edison Co Ltd..26
163
75
Fridays
1,150
Sontag Chain Stores Co.i*
20
3%
25%
182%
Jan
2%
2%
Feb
Aug
8%
43 A
o30%
July
59%
.20
Mar
8%
2%
*
2
22
40
2%
Ryan Aeronautical Co...l
Jan
5% May
6,000
2,390
Pittsburgh Stock Exchange
8%
Secur Co Units of Ben Int..
July
526
3%
Jan
July 26 to Aug. 1, both inclusive, compiled from official sales lists
Republic Petroleum com.l
Safeway Stores Inc
July
6%
4%
7%
Yt
10
Westmoreland Coal
4%
17%
7%
Jan
36%
*
Westmoreland Inc
Mar
30
1%
ht
*
United Gas Imp com
Preferred
Pacific Western Oil Corp 10
5%% pref
1,335
-p.
4
1%
Jan
4%
'nt'mr
mm.m
Jan
July
576
107%
-
-...
100
;
27% May
36% May
Jan
Feb
5%
-««m
.25
71%
28% June
528
Jan
1%
34%
34%
i'u June
80
23%
.25
Preferred
Preferred
55
392
58%
Transit Invest Corp
July
9%
12%
p.
Sun Oil
28%
2%
25%
50
..*
July
48%
10%
17%
23%
1%
Scott Paper.
Feb
Jan
12%
114
..5
Feb
Mar
25%
-
.50
2d preferred........
8
Feb
May
Feb
..3
Reading RR
July
5%
2%
30%
Reo Motor Car Co.
182
57%
7%
2,733
.~25
..
110
July
2% May
2%
2%
113% 114
m
-
*
......
33%
46c
12 K
.
57%c
Apr
20
.. .
8% June
20% July
10%
25 K
6% 1st pref
5%% 1st pref
July
Jan
10
9%
7%
June
20c
Pacific Gas & Elec com..26
Pref cl A
.50
8
0
25
24%
175% 175%
3%
24%
2%
July
55c
45c
Penna Salt Mfg
Penn Traffic com
7%
20 K
10
Jan
Mar
100
2%
6
.50
47%
31X
42c
Jan
July
Holly Development Co...l
10
Pennsylvania RR
4%
National Power & Light ..*
Pennroad Corp v t c... ..1
8
May
5% May
5%
Feb
Hancock Oil Co cl A com.*
43c
May
6% May
Philco Corp
08%
20%
10
'.50
Lehigh Valley....
1,047
4%
11%
168%
6
5%
Feb
08%
1
High
Feb
May
30%
31%
39%
5%
29%
38%
4%
39%
*
25c
7
Low
9%
148%
4
Electric Storage Battery 100
General Motors....... .10
Lehigh Coal & Nav
Phila Elec Pow pref..
37%
"56%
Aug
Jan
May
7%
56%
%
-
July
68%
20%
72%
~
30%
9%
7%
8%
6 % May
15c
Jan
~
m
*
Phila Elec of Pa $5 pref.
aS ya
Lane-Wells Co
Jan
m,
Prior preferred
Jan
Gladding McBean & Co..*
Goodyear Tire & Rub Co.*
Lincoln Petroleum Co..10c
7%
4%
"5
90c
11
General Motors com
July
6%
18
General Metals Corp
Budd (E G) Mfg Co... -_*
*
Budd Wheel Co.
ale
1
Douglas Aircraft Co
American Tel <fc Tel
Jan
90
11%
153% 154%
"154X
100
Jan
90c
Central Invest Corp. _-100
Cessna Aircraft Co
1.20 May
6%
ale
90c
Range Since Jan. 1, 1941
Shares
High
1%
com$l 10
10
Jan
May
Sales
3%
new
Aug
Philadelphia Stock Exchange
VA
com
July
July 26 to Aug. 1, both inclusive, compiled from official sales lists
3%
Cl B
July
13%
Westinghouse E. & Mfg.50
60c
Bol Chica Oil
Jan
July
42%
25%
68%
Warner Bros Pictures Inc 5
Buckeye Union Oil com.-l
Byron Jackson Co
*
Mar
Feb
Jan
Bandlnl Petroleum Co...l
Blue Diamond Corp
Jan
9%
Feb
American Stores
Aircraft Accessories
8%
44%
10%
78%
4% May
37
Jan
Aug
Jan
Shares
Aug
64%
Apr
High
50
8
11%
36%
1K
Low
122
Aug
Apr
5%
170
10%
Aug
45
80
IK
of Prices
5%
44%
10%
78%
18%
6%
Jan
May
145
3K
Angeles Stock Exchange
Sale
5%
43%
July
5%
208
Feb
far
80
14
34
78%
Mar
Week's Range
8
8
78%
July 26 to Aug. 1, both inclusive, compiled from official sales lists
Last
129
12%
42%
July
Friday
115
11%
57c
May
740
5%
41%
2K
2
18%
45
11%
126
4 %
July
41%
200
295
Apr
10%
5
1,000
475
72%
Apr
.5
..
United Aircraft Corp
5
..2
May
8%
44%
10%
57c
1
70%
17%
5%
5%
43%
3%
IK
2%
1
Jan
101
735
10%
26
2%
lYt
High
22%
21%
72%
10%
17% May
8
1
Low
Shares
390
70%
Tide Water Assoc Oil... 10
Texas Corp (The)
High
21
44%
Stone & Webster Inc.....*
Htudebaker Corp
Low
21%
70%
10%
18%
5%
*
3%
.A
Wayne Screw Prod com .A
Wolverine Tube com
2% May
67c
*
Walker & Co clB._
13
1%
*
Universal Cooler cl II..
Warner Aircraft corn
Week
Republic Steel Corp.....*
2%
29%
Parke Davis com
for
of Prices
Price
Par
3 Ye
Week's Range
Sale
2%
29%
2X
Range Since Jan. 1, 1941
Last
Rfrnge Since Jan. 1, 194t
Shares
High
Sales
Friday
Week
Price
Aug. 2, 1941
Transamerlca Corp
2
Union Oil of Calif
25
Vega Airplane Co
15
1%
9%
9%
1 %
Jan
May
1%
5%
May
4%
Jan
15%
July
4%
Apr
9%
Aug
13
Jan
2c
„_1
Shamrock Oil & Gas Co._l
United Eng & Fdry
U S Glass Co
""2%
1
.
.
*
2%
40
.5
~
^
-
«p
25c
—
,
-
23
40
25c
50
Jan
lc
36%
36%
120
36
22%
23%
374
30c
Feb
25c
17%
Feb
3C
Feb
40
July
23%
Apr
Feb
July
Mining Stocks—
Zenda Gold Mining Co
5c
Mar
St. Louis Listed and Unlisted Securities
Edward D. Jones & Co.
Unlisted—
6%
140
Amer Smelting & Refining.
a44Y8
044% a44%
Amer Tel & Tel Co. ..100 al54%
al53%al54%
Rites (W I)
1#32
1*32
1»S2
362
149%
May
235
I'm
July
Anaconda Copper..
513
50
Armour & Co. (111).
5
Atchison Top & San Fe.100
29%
5
a30
Atlantic Refining Co
25
Aviation Corp (The) (Del) 3
Baldwin Locomo Wks v t c_
22%
Barnsdall Oil Co
10
Caterpillar Tractor Co
Commercial
*
_
.
30
Apr
Feb
D»m
Established 1922
Boatmen's Bank Building, ST. LOUIS
July
29%
July
5%
Jan
Members
New York Stock Exchange
10
10
20
38%
40
163
35
Jan
95
76
Mar
83%
47%
Aug
Chicago Stock Exch.
75%
75%
47%
30
10
St. Louis Stook
July 26
to Aug. 1,
10%
70
3%
150
25%
10
9%
9%
764
7%
Feb
9%
Jan
Stocks—
31%
32%
039% 039%
244
28%
35%
May
Mar
34%
Jan
American Inv
36%
Mar
Brown Shoe com
11%
27%
Feb
July
19%
Aug
Burkhart Mfg com...
1
Coca-Cola Bottling com__l
31%
General Foods Corp
*
Goodrich (B F) Co
*
Intl Nickel Co of Canada.*
039%
Intl Tel & Tel Corp
*
Kennecott Copper Corp..*
Loews Inc
*
2%
38%
19%
28
17%
27%
2%
25
19%
376
28
125
38%
2%
39%
155
33%
30
30%
65
35
11% July
12%
Apr
12% June
34
33%
35
35
35%
14
13%
14
North American Aviation. 1
16%
16%
16%
»
13%
2%
12%
13%
2%
13%
Packard Motor Car Co...*
50
34
Montgomery Ward <fc Co.*
New York Central RR___*
Paramount Pictures Inc._l
50
*
*
For footnotes see page 673
24%
10%
4%
Aug
12%
24%
10%
4
2%
12%
1,195
172
80
105
2
11
3%
Jan
Friday
Last
Aug
Par
Week's Range
for
Sale
July
28% June
28
of Prices
Week
Price
5% pref..50
Apr
2%
Jan
Mar
39%
July
Emerson Electric com
Feb
34
Aug
Falstaff Brew
com
39
Jan
General Shoe
com
Jan
Jan
Grlesedieck-Wst Brw
Jan
Hussmann-Ligonier com.*
Jan
47%
Pepper
__*
com
2%
May
10%
Feb
12%
July
175
22%
Feb
25
May
Key Co
10%
295
8%
Jan
10%
July
Laclede-Christy Cl Pd com*
4%
577
3%
June
4%
Jan
Laclede Steel
com
20
50
Feb
Jan
34
July
July
28
Mar
34
75
165
29%
23%
22%
29
22%
July
27
11%
11%
300
11%
July
15%
Feb
4%
50
2%
Apr
7%
7%
320
10%
50
14
9%
116%
5%
7%
11%
July
July
10%
July
117
207
17%
July
25
Jan
220
6%
June
8
July
127
"17%
1.00
May
1.60
July
May
31%
Jan
17%
17%
8
29
29%
225
5
*
com
July
116% 116%
International Shoe com..*
25
High
45
4%
"u%
4
com *
Low
50
24
Hydraulic Prsd Brk pref 100
3
Dr
Range Since Jan. 1,1941
Shares
22%
Globe-Democrat pref..100
17%
17%
High
34
..1
15
Low
23%
1
Aug
Sales
47%
*
325
'
Exchange
both inclusive, compiled from official sales lists
3%
10%
A.T.T. Teletype STL 693
July
10%
2% May
17%
Feb
Postal Long Distance
Aug
40
10
47%
9% May
CEntral 7600
Chicago Board of Trade
Associate Member Chicago Mercantile Exchange
New York Curb Exchange Associate
Jan
40% May
a76% o78%
Phone
St. Louis Stock Exchange
30% May
22% July
Jan
4%
Jan
18%
25%
*
14
Jan
Apr
10%
3%
General Electrio Co
RR
July
190
9%
Radio Corp of America
21%
2%
3%
15%
1
Pennsylvania
Jan
22%
Curtis-Wright Corp
Pure Oil Co
Feb
7
40% June
158
25%
1
Continental Oil Co (Del).5
North American Co
Feb
1%
18 X
3%
47 X
Continental Motors Corp
22%
15%
*
...
Apr
145
3%
38%
6
39% May
102
5
110
a77H
75 X
Solvents
29%
22%
100
Case (J I)
5
029% a31%
15%
5
Bendix Aviation Corp
5
Bethlehem Steel Corp....*
29%
120
5%
5
20
5%
6
420
18
55
18
6
26
June
Apr
Jan
Jan
Apr
4%
Apr
5%
Jan
5
Apr
7
Jan
May
20
Jan
14%
Volume 153
The Commercial & Financial Chronicle
Friday
Sales
Last
(Concluded)
Par
Midwest Plpg & gply com *
Mo Prtland Cement com 25
Natl
Candy
*
com
of Prices
Price
Low
15
15
1st pref
8
7
2
Wagner Electric
25%
Sv25-yr cnv Inc 1964
Scullln Steel 3s
June
8%
July
Mar
7%
2%
July
Curtlss-Wright Corp
San
July
Domlnguez Oil Co
1
200
40
11%
July
96%
11
Feb
100
9
June
60c Jiine
10
98
6%
26
30
5%
23%
195
Apr
8%
5
75c
24%
84
July
July
May
Jan
June
14%
Jan
1.55
84
Friday
55,000
2,000
28
11%
69
Jan
May
Aircraft Accessories
50c
Assoc Ins Fund Inc
for
of Prices
1.80
Range Since Jan. 1,1941
Shares
1,000
Low
332
30%
25
12c
100
11c
Jan
12c
250
4% May
6%
a39%
27
95
31 %
Feb
39
July
456
24%
Mar
28
Mar
130
32%
Apr
2% June
39 %
14
17%
100
65
100
May
Jan
25%
Apr
39
3%
Apr
4%
Jan
5%
6 %
Jan
a3%
100
33%
23%
30%
120
28
817
22% May
28
Jan
230
29
31
June
29
175
23%
50
5%
112%
Feb
United Aircraft Corp
cap. 5
U S Petroleum Co
1
United States Steel com..*
Apr
1.75
Jan
Utah-Idaho Sugar Co
com 5
2%
Apr
11%
Jan
Warner Bros Pictures
5
Westates Petroleum pfd_.l
1.15
June
140
7%
12
100
7
105
39
22%
1,776
26
26
40
25%
48
48
220
40%
1,250
22%
_
Central Eureka Mln com.l
3%
3Vs
July
Jan
No par value,
Apr
50%
July
trading privileges,
2.50
May
4.00
Jan
24%
May
26%
26%
150
36
36
176
27
Consol Chem Ind cl A
24
24
185
87%
14%
86%
5%
14Vs
87%
1,372
*
244
20%
5%
11%
82%
10
3%
1.75
3%
1.285
1.40
5%
14
9
14
325
670
July
May
17
Cons Aircraft Corp com__l
14%
12
40%
22%
27%
Commonwealth Edison..25
*
May
July
6
Feb
a42% a42%
7% June
9% July
33 % July
4%
May
29%
6%
8%
35%
Apr
40
June
Jan
May
28% June
238
40
11%
Mar
7
6%
106% 106 %
11%
6
9%
5% May
Jan
1.15
Jan
Jan
Feb
5%
July
July
265
Jan
3%
3%
22%
6%
8%
1.75
Jan
47
1
5%
1.75
Jan
July
5%
*
2.10
104
July
9%
30%
24%
25
Jan
39%
100
June
32%
29
26
6% pref
Mar
12
Preferred
Jan
33
6%
39%
21%
Di Giorgio Fruit com
34 %
82
5% July
6% May
9%
*
4%
*
Preferred
Preferred
798
__*
Creameries of Amer com__l
Crown Zellerbach com
6
May
3% June
7
1,410
Calif Cotton Mills com. 100
com
33
a3%
5
Calif Ink Co cap
Caterpillar Tractor
Radio Corp of America...*
Riverside Cement Co cl A *
Schumacher Wall Bd com *
8%
2
Calif Packing Corp com..*
Calif Water Service pref_25
25 %
Mar
33
a 35%
2%
2%
al6% al6%
4%
4%
a24% a24%
Co-.IfiO
Standard Brands Inc
Studebaker Corp com
High
1.05 May
July
Feb
a35
8
Bank of California N A. .80
Byron Jackson Co
1.80
Feb
7%
27%
28%
26%
4%
10
Atlas Imp Diesel Engine._5
Bishop Oil Co
High
1.65
5%
25 %
325
a39
27
5%% pref
Week
Low
150
1,000
9%
230
12c
Montgomery Ward Ac Co.*
Mountain City
Copper..5c
So Calif Edison com
Sales
Week's Range
Sale
6%
5%
5%
North American Aviation. 1
Olaa Sugar Co
20
Pennsylvania RR
High
25%
Battery Co..
*
Idaho Mary Mines
Corp__l
Matson Navigation Co.
..*
26% June
86%
Jan
Low
9%
32%
32%
Kennecott Coppercom...*
Jan
Range Since Jan. 1, 1941
Shares
25%
Hobbs
Jan
8%
High
5%
6%
General Electrio Co com..*
Jan
Exchange
Last
Price
5%
Jan
101
July 26 to Aug. 1, both inclusive, compiled from official sales lists
Par
Low
*
Francisco Stock
Stocks—
Price
1
24%
1941
Week
Cities Service Co
com.. 10
5%
Bonds—
St L Pb
for
of Prices
Consolidated Oil Corp
*
Continental Oil Co (Del).5
4%
99
OYs
15
com
15
July
16% June
88
99
99
1
com
Feb
Par
345
75c
Sterling Alum
Feb
18%
13%
(Concluded)
280
10%
U%
._100
Stocks
High
7%
99
*
com
Low
Week's Range
Sale
8
%
10%
Warrants
Securities Inv pref
36
Sales
Last
2%
7
2%
120
Friday
Range Since Jan. 1, 1941
Shares
16ys
100
Scullln Steel
for
Week
15
15%
5
com
High
16%
8
Rice-Stix Dry Goods corn.*
St Louis Pub Serv A com_l
Scruggs-V-B Inc
Week's Range
Sale
Stocks
673
85
Jan
Jan
Jan
42%
Jan
1.20
1.25
1,400
1.00
Jan
1.35
July
59%
59%
375
49%
Apr
70 %
Feb
2%
2%
5%
1,580
1,765
1.15
1.25
500
5%
1
%
Jan
Feb
2%
5%
July
3
70c
Feb
1.40
July
Aug
Apr
30
36
July
26
d
Odd lot sales,
Ex-dlvidend.
x
b Ex-stock dividend,
Deferred delivery,
y
Ex-rights.
Listed,
2
Admitted to unlisted
c
Cash sale—not included in range for
s
fin default,
J Title changed from
Jan
6%
15%
year,
a
Jan
Mar
May
*
Apr
June
May
Apr
92
Feb
Jan
3%
14
The Wabl Co. to
Eversharp, Inc.
Jan
Jan
Canadian Markets
Aug
Aug
Doernbeeher Mfg Co.....*
2.50
2.75
250
2.25
Feb
3.00
Jan
Emporium Capwell com
Preferred (w w)
.*
19%
20%
1,242
18
Feb
20%
July
50
42%
42%
140
il
Feb
44%
Jan
23
23
105
21% June
27%
Mar
51
July
.
Ewa Plantation Co cap. .20
Fireman's Fund Indem__10
Firemen's Fund Ins Co..25
50%
109%
Gen Metals Corp cap. .2%
General Motors com
10
"~7%
Hunt Brothers com
10
Preferred
10
10
17% June
'44
14%
44
.14%
Mar
55c
14%
14%
Aug
Jan
13%
May
1.20
Preferred
4%
Aug
Jan
16%
Mar
May
5%
33%
July
5%
28%
28%
680
19%
Apr
28%
Aug
1.05
600
80c
Jan
1.15
Mar
200
7%
July
17%
672
15%
Feb
1.75
600
1.50
6%
440
1.70
143
33%
130
24%
5%
4,375
8
5%
9%
21%
21%
18
9%
18%
50
■
25%
1.35
25
10
22%
Jan
June
20%
Jan
Apr
Jan
29%
5%
10
Jan
Mar
5%
July
285
26%
3%
7%
9%
29%
Apr
13%
460
10%
June
10%
13%
July
1.40
2,023
1.30
Mar
1.65
Jan
2,451
June
28%
Jan
1,194
22%
30%
10%
425
3%
16%
3%
307
16%
115
30%
18
*
May
126
Jan
148
Mar
160
Jan
30%
426
27
18%
400
14%
May
Feb
30%
18
5
Jan
18%
5
Apr
Jan
14%
Feb
27%
July
18%
1,385
352
11%
23%
May
May
18%
28%
July
28%
2.25
2.25
100
1.25
Apr
2.25
July
Aug
31% June
40
July
16
18%
40
17%
3%
17%
4%
15
15%
.15%
21%
21%
21%
100
14%
12%
~24~~
23%
8
100
9%
Waialua Agricultural Co_20
8%
9
12
17% May
100
Apr
102
Jan
15%
Aug
9%
24%
Mar
100
400
4,181
5c May
9%
4%
11%
5%
July
1,300
8
Jan
130
300
50
Western Pipe Ac Steel Co 10
Yel Checker Cab series 2 50
30%
30%
200
Yosemlte Ptld Cem pref. 10
1.70
1.70
304
a6%
30
562
6% June
5% May
3% June
4% July
22%
Feb
17%
Apr
22
1.25
Sntry
Jan
May
9
9%
5
8%
28%
22%
30%
1.70
a6%
*
Rights (w 1)
Anaconda Copper Mln. .50
1'jj
a28%
Anglo Nat'l Corp cl A com*
lh2
1»»
a28Ys a29%
6%
6
552
149%
7,879
1%
248
22
Feb
May
July
Feb
7%
168
1»M
3%c
12%
12%
...1
85c
78c
Sherritt-Gordon
Sigma
1
Simpsons pref
Siscoe Gold
7.35
7.50
96
Jan
Mar
Jan
July
July
Jan
Jan
July
29% July
6% June
6%
505
4%
Jan
2.50
2.50
450
2.10
May
3.00
Jan
30%
30%
260
Jan
31%
July
181
19%
2%
80
36%
343
50c
a3%
a3%
a39% a39%
70c
70c
Bunker Hill Ac Sullivan .2%
12
12
Cal-OrePwr6% pref '27 100
a87
a87
200
9%
83
55c
Low
2.03
High
Feb
2.65
Jan
4,000
3c June
7%c
Jan
20,500
35c June
59c
21,867
246
25
52c
21c
12,550
12
(June
61c~June
7.10 .June
Apr
51c June
91
Jan
17
Jan
87c
Jan
8.00
Jan
100
Mar
69c
Mar
25c
6,100
17c June
43c
7%c
6%c
8c
2c
6%o May
l%c Mar
Feb
l%c
15,650
4,000
19%o
2c
Slave Lake
4c
May
15c
2.100
15c
July
3%
2,360
2%
July
42
69%
Mar
70
South End Petroleum
,.*
South West Petroleum..
Standard Radio
*
15c
2%
Steel of Canada
Jan
30c
Feb
3%
July
63
Preferred
64
66%
1.58
69
10
66%
July
73%
1.89
1.89
37,400
81o
Mar
1.78
Jan
2%c
2%c
2%C
2c June
4%c
Mar
16c
16c
4,500
2,000
13c June
24c
Apr
25
Steep Rock Iron Mines...*
Straw Lake
*
Sturgeon River
.1
Sudbury Basin
Sudbury Contact
T.55
1.44
Sylvanlte Gold
2.75
3%c
60c
60c
1.55
3%c
*
Sullivan
62c
2,210
1,000
1,200
Hughes..
Toburn
............
Apr
1.65
July
5%c
Jan
50c May
65c
Apr
Apr
2.90
Jan
Feb
11%
July
July
3.76
Jan
1.80
Jan
2.70
Toronto Elevator pref
80
2.75
6,395
2.65
1.65
1.65
2.90
10%
1.70
410
1.48
47
50
Towagmac
17c
48
1,385
105
Jan
1.10
2.65
2.72
l
Jan
2%c
10%
com
Teck
2.40
10
44
Mar
Jan
Jan
48
July
16c 18 %c
7,000
Transcontinental Res
*
41c
35c
41c
6,800
50C
Jan
Twin City....
*
1.50
1.35
1.50
46
1.00
Apr
2.00
Feb
21%
21%
30
21 %
July
26%
Jan
Preferred.... ^..-.-.100
~9%c
Uchl Gold
Union
9c
July
18%c
Aug
9%c
2,600
6c May
39C
11
11%
2,830
Jan
34
3%
3%
38%
5%
Jan
25
10% June
30% June
2%
Apr
2%
14%
33%
11%
United Steel
•
Upper Canada
1
3%
60
3%
3%
775
265
Jan
Jan
J
1.90
Waite-Amulet
2.00
19,250
4.50
4.65
6,490
4j65
Aug
4.35
*
1.90
4.50
Ventures
4.25
4.40
3,644
4.40
Aug
Walkers
42
Preferred
Wendlgo
9c
20c May
50
Gas
United Fuel cl A pref
Class B pref-.
.
.
..1
Preferred
2.21
258
500
1
1
24c
an
48
Jan
20%
Jan
16c May
26c
Jan
Apr
21%
50
June
1%
25%
Jan
10%
11
70
May
11
Jan
94
94
Feb
98
Jan
l%c
100
115
21%
*ir
Wlltsey-Coghlan ........1
Winnipeg Electric pref. 100
l%c
Apr
1%C July
4%
5%c
Wood-Cadillac
Wright Hargreaves
1.27
385
20
24 c
....
Western Canada Flour...*
Western Can Flour pref 100
Westons
*
42%
19%
20
.... .......
4.00
*
3.85
10
500
5
50
6c
2,000
4.10
17,700
lc
4
July
7%
Jan
9c
Jan
7.00
Jan
5c May
3.65
July
Jan
Bonds—
Uchi
41
41
98%
.100
War Loan, 2d.
98%
$200
2,200
40
June
98%
July
84
Feb
99%
Mar
Toronto Stock
Exchange—Curb Section
July 26 to Aug. 1, both inclusive, compiled from official sales lists
Friday
Apr
5
Jan
Jan
May
May
38
Stocks—
Par
Week's Range
for
Sale
Canada Vinegars
*
Canadian Marconi
Coast Copper
of Prices
Low
High
Week
Price
6%
June
6%
7%
177
1
65c
65c
100
1.10
1.35
400
3%
1,806
Consolidated Paper..-—*
3%
*
Dominion Bridge..
*
"24%
Foothills....
*
65c
Fraser vot trust...
*
Kirkland-Townsite
1
12%
Jan
Jan
3%
,
7
7
I 24%
25
24%
10
60 %C
65c
9%
17c
9%
25
15c
17c
5,000
8c
2,900
8c
1,000
.—1
%c
%c
%c
9,500
Pend-Orellie
l
1.72
1.60
1.78
7,875
Robb Montbr
1
lc
lc
lc
200
Mandy
.
.
—
.—...—--*
Montreal Power
Pawnee-Kirkland
Jan
86%
Range Since Jan. 1, 1941
Shares
5
July
1.35
Sales
Last
Jan
30%
70c
12,876
96
53c
Range Since Jan. 1,1941
Shares
165
85c
7.35
1
Sladen-Malartlc
Tamblyn
14
96
100
Jan
~~2.50
3
4c
45c 47 %c
47c
*
Aug
5
Bendlx Aviation Corp....5
Blair Ac Co Inc cap
1
2.61
1
Jllljr
A tcb JsonTop&SantaFe. 100
Aviation Corp of Del
2.45
Shawinigan
DeHavilland
American Tel Ac Tel Co. 100 al54% <zl53%al54%
Argonaut Mining Co
2.45
Senator-Rouyn
July
Unlisted—
Am Rad Ac St
San Antonio
Sand River
Jan
15%
13%
Jan
for
Price
Mar
Jan
13
525
Par
Week
July
May
3,130
617
15c
(Concluded)
of Prices
Low
High
Jan
Feb
Feb
18%
"8%
1,050
Apr
19
10
1%
July
6
7%
25%
13
.25
July
15%
23%
8%
1
14%
4%
Feb
18
3%
15%
May
10%
20
1
25
2%
320
2,954
10c
4%
Jan
8,081
11%
4%
15%
13%
8%
9%
3%
7%
25%
4%
July
14%
8%
10c
2
30
311
2,900
24
11%
1
10
.....
3
Jan
20
40
com
125
37%
27%
1
Texas Consolidated Oil
Jan
115%
1
Spring Valley Co Ltd
*
Standard Oil Co of Calif..*
Jan
17%
28%
2.25
50
.
Jan
65
Ryan Aeronautical Co
Soundview Pulp Co com .5
Preferred.
100
Southern Pacific Co
100
Jan
Jan
141
Roos Bros com
Shell Union Oil com
May
34%
31%
39%
4%
18%
117
5
25
5%% pref cl A
14
Aug
27%
1
Preferred..
3% May
July
154% 156
100
Rayonler Incorp com
Jan
7%
*
Republic Petroleum com.l
Jan
16
May
May
com
6%
Mar
380
June
116
2.35
Mar
8%
33
116%
18%
Jan
Jan
28%
33
9
Feb
10
336
*
Preferred
Vultee Aircraft
May
June
7
9%
Apr
17% June
392
33
100
Equip Co com
10
5
Feb
May
36%
Puget Sound P & T com..*
Victor
520
5
36%
com
July
Feb
14%
4%
30%
1st pref
_-.*
Pacific Tel & Tel com.. 100
Aug
Feb
*
26
Mar
Apr
25
6% 1st preferred
5%% 1st pref
55c
44
48c
25%
33%
30%
Pacific Light Corp com
PacPubSer com
Universal Consol Oil
Mar
9%
13
Vega Airplane Co
Apr
39%
11%
1.40
Union Sugar com
47c
50
100
13%
Transamerlca Corp
Union Oil Co of Calif
1,000
July
500
10 Ys
Tide Water Assd Oil
13%
Jan
14% June
415
*
RE&RCo Ltd
16%
17%
150
1,282
1.20
Pacific Coast Aggregates.fi
Pac G Ac E Co com
25
Paraffine Cos
July
1.90
*
com
July
11%
850
Occidental Insurance Co.10
com
8%
Jan
11
8%
29%
5%
10%
Pacific Amer Fishers
Feb
8%
210
100
Pacific Can Co
5%
4%
6% pfd.100
_
240
400
Stocks
Week's Range
Sale
July
16%
4%
North American Oil ConslO
_
7%
4%
1
Utd Filters cl B..
Jan
16%
4%
33%
5%
27%
National Auto Fibres com 1
ver
5
Sales
Last
Jan
4%
5
Oil
400
Friday
Jan
8
1.10
7%
16%
5%% pref
48%
11
*
N Amer Invest
May
44
Magnln & Co (I)
*
Apr
37
16%
15%
98c
Natomas Co
6
595
11
1
Menasco Mfg Co com
500
7%
8%
Magna vox Co Ltd
March Calcul Machine
Jan
675)
Exchange
Feb
20%
page
Toronto Stock
Aug
17
7%
15
"l.20
1
com
109%
39%
50c
Class B
Libby McNeill & Libby__7
Lockheed Aircraft Corp_.l
18
16%
15%
Langendorf Utd Bak cl A
LeTourneau (R G) Inc
Apr
11
1
Honolulu Oil Corp cap _._*
Honolulu Plantation Co.20
Feb
15
8%.
*
Hone F & M Ins Co cap. 10
May
96%
10
7
Gladding McBean <fc Co..*
Holly Development
47
16
7%
39%
......
General Paint Corp com..*
Golden State Co Ltd
96
429
16
16
Hale Bros Stores Inc.....*
Hawaiian Pine Co Ltd
*
50%
109%
107
18
Foster & Kleiser pref.. . .25
Galland Merc Laundry .. .*
(Continued from
*
No par value.
*
—
21%
22
255
Low
6%
High
July
60c May
1.00
2%
7
July
Feb
July
21% June
40c June
7%
Feb
8c May
5c
Apr
20%
8
Jan
85c
Feb
1.35
Aug
4
Jan
8%
27
Jan
Mar
70c
10
Jan
Jan
17c
9c
Aug
Jan
Apr
29%
Jan
%c May
1.20
Apr
lc
Feb
lc
Aug
2.10
Jan
lc
Aug
The Commercial & Financial Chronicle
674
Aug. 2, 1941
Canadian Markets
LISTED AND
Industrial and Public
UNLISTED
Montreal Stock Exchange
Utility Bonds
Closing bid and asked quotations, Friday, Aug. 1
Friday
(American Dollar Prices)
Last
Week's Range
for
Sale
of Prices
Week
Asl
Bid
Bid
Art
Abitlbl PAP ctfs 6S..1963
64
56
Gen Steel Wares 4>*s_1952
70
72
Alberta Pac Grain to..1946
70
72
Gt Lakes Pap Co
71
73
72**
74
1948
Algorna Steel 6e
1st 6e '55
Lake St John Pr A Pap Co
British Col Pow 4**B_1960
70
72
Canada Cement 4**8.1961
73**
75
Canada 88 Lines 5s—1957
71
73
Canadian Vickers Co 6s '47
45
47
Dom Steel A Coal 6**i
75
77
72 **
74
1066
51
52
Famous Players 4 **a_ .1951
Federal Grain 6s.....1949
70
72
09
71
Dom Tar A Cbem 4 **31961
68
73
75
58**
60
Power Corp of Can
73
75
69 **
71
1961
4 J*b '69
Price Brothers 1st 6S..1967
Donnaoona Paper Co—
4**8
62
66**
N Scotia Stl A Coal 3 **8 '63
1965
59
Massey-Harris 4 J*8
1964
McColl-Front Oil 4 **fl 1949
6 He
1962
72
74
1966
Quebec Power 4s
Stocks (Concluded)
73
75
Par
Price
Preferred
Inti Nickel of Canada
~~28~"
Provincial and
Municipal Issues
(American Dollar Prices)
Bid
47
Province of Ontario-
Province of Alberta—
6e
Jan
1 1948
45
4KB
Oct
1 1956
44
6b
1 1942
Oct
SB
8a
Sept
6b
46
Prov of British Columbia—
May
12 1949
92
94
4a
87
89
4Mb
1 1941
98
100
73
76
1 1962
Jan
15 1964
15 1943
1 1959
June
1 1963
July
4HB
Oct
Asl
102 X 103X
103X 104X
102 X 103X
95
03X
15 1965
07
98 X
Province of Manitoba—
434 s
Aug
5s
June
73
2 1959
Dec
6fl
76
Prov of New Brunswick—
6b.
Apr
4a
1 1958
Feb
86 X
1 1961
May
87
94 X
88 X
89
»
Province of Nova Scotia—
4Mb
Sept
16 1952
93
5s
Mar
1 1960
95
I
04X
06 X
72
-—.June 15 1943
5b
6 Mb
Nov
4Mb
Oct
15 1946
1 1951
75
63
66
62
65
"l3X
1,080
13
June
jan
35
1,040
16?*
36**
34X
34X
155
155
13X
86 X
14?*
11
13?*
*
3
4
40
62 X
4s
perpetual debentures.
6s.....
Sept 15 1942
6s
84%
853?
6a
104% 105M
1 1944
July
4Mb
81
Asl
90
82
76
11960
July
4Mb
89
1 1954
Deo
Apr
11**
9
10**
Jan
10
2
May
May
3?*
5?*
Jan
362
3J* June
Jan
Mar
Jan
Jan
20?* June
29
82
25**
July
30
Jan
30
15
May
51
Mar
256
19
May
27**
Jan
Mar
38?*
Jan
38
Jan
Jan
May
67?*
21**
1,057
35
38
38
36
36
40
56
57
400
49**
Ogllvle Flour Mills
»
19**
19**
685
18
10
10
25
9
Mar
10
Jan
5
6
100
5
May
7
Apr
50
50
10
49
Jan
9
May
Ontario Steel Products...*
Ottawa Car Aircraft
*
Penmans
*
Placer Development
1
Power Corp of Canada...*
St Lawrence
-
49
Jan
8X
8**
25
9
May
4
45
3?*
May
»
'm
m
8X
July
106
Jan
Apr
18
Jan
93** May
10
10**
515
10**
295
17X
17**
5
17
92
60
92
Aug
106
106
25
103
July
July
17
*
1.75
1.75
1.75
365
1.25
15%
15
15**
255
13
June
35
35
55
31
July
13
14
1,282
12
May
10
11
10
64
42
St Lawrence Paper pref 100
"13"
Canada
•
—II11
143
3%
*
100
635*
68%
25
Jan
107
9** June
50
Corp
Jan
5**
12**
14**
92
—
100
Class A pref
Co of
Feb
May
10X
10**
*
25
31
4
"50"
......
*
Quebec Power
Regent Knitting pref
Rolland Paper pref
20
8 **
Apr
69**
Mar
Jan
Jan
Jan
2%
Jan
40 %
Jan
17
Jan
12**
Jan
Jan
70
10
64
Feb
73
Jan
50
68**
143
143
May
146
May
70
3%
2%
Feb
Jan
3?*
50
50
10
50
Aug
60
Apr
15
......
15
30
15
May
18
Jan
77 X
Wilsils Ltd
*
Winnipeg Electric A.
1 1946
Sept
10
10
16
*
United Steel Corp
ViauBiscuit pref—
Bid
633
Jan
Feb
•
.....
Preferred
Canadian Pacific Ry—
Canadian Paolflo Ry—
87**
July
12
16
"24%
Jan
25
24?*
.25
Jan
May
15?*
80
25X
16
145
Mar
Natl Steel Car Corp
Noranda Mines Ltd
Steel
Asl
Bid
22
24**
Tuckett Tobacco pref.. 100
(American Dollar Prices)
21X
25 X
May
13?*
45
4%
"22"
29** June
145
Jan
430
3
*
Shawinlgan Wat A Pow..*
Railway Bonds
8
11 J*
67
87
14
11
Sher-Williams of Canada.*
Closing bid and asked quotations, Friday, Aug. 1
14
14
Massey-Harris
Saguenay Power pref.. 100
Prov of Saskatchewan—
Jan
10**
Feb
July
87
85
03 X
2 1950
Mar
4Mb.
84
82
16 1960
16 1961
Apr
4Mb
4Mb
Feb
7**
9?*
Price Bros A Co Ltd
Provinoe of Quebec—
9
Jan
Jan
ox
Preferred.
Bid
Asl
July
7
3
*
28
797
100
14X
Telegraph
May
28
570
~~86**
National Breweries
Jan
22?*
27 X
765
Montreal Tramways...100
Closing bid and asked quotations, Friday, Aug. 1
100
9%
*
Montreal L H A P Cons..*
May
10
Laura Secord
Montreal
97
99
McColl-Frontenac Oil
4KB series B
Jan
13
12
7X
Lang A Sons Ltd (J A)...*
Saguenay Power—
5
May
2
115
12X
100
Lake of the Woods.
Jan
May
2%
3X
12X
ox
*
Int Power pref
High
3**
Mar
12%
7X
13X
100
Intl Petroleum Co Ltd
Low
2%
9%
*
Preferred..
250
3X
99
£1
International Bronze.....*
High
Range Since Jan. 1, 1941
Shares
3X
12X
6
HowardSmithPaper preflOO
Hudson Bay Mining.....*
Imperial Oil Ltd
*
Imperial Tobacco of Can.6
Low
3%
Gypsum Lime A Alabas..*
Hamilton Bridge
*
Holilnger Gold Mines
Sales
*
80c
80c
80c
65
75c
Apr
1.15
Jan
*
80c
'80c
80c
90
70c May
1.00
Jan
100
4X
4%
118
25
23 X
23 X
65
B
Preferred
Zellers pref..
4**
23**
July
July
7
Jan
Jan
24**
Banks—
Canadienne
Dominion Government Guaranteed
Bonds
Closing bid and asked quotations, Friday, Aug. 1
June
140
2
140
June
146
Jan
146
148
11
143
May
162
Jan
181
183
4
171
Mar
193
Jan
100
270
270
32
267
July
284
Jau
100
154
155
135
150
Feb
166
Jan
Montreal
..100
Royal
Bid
Asl
100
102 J*
15 1965
100 **
102 J*
100% 100 **
100 X 100**
104**
1 1956
4**s—
Feb
4KB...
July
1 1957
6a
July
1 1969
104
6s
.—Oct
1 1969
104
6a
.—Feb
1 1970
104 **
6 **•
1
July
1946
Grand Trunk Pacific Ry—
~182~~
Asl
Montreal Curb Market
Canadian Northern Ry—
Canadian National Ry1 1951
4**b... .—Sept
4KB...
140
100
Nova Scotia
(American Dollar Prices)
Bid
100
Commerce
108 X 109
July 26 to Aug. 1, both inclusive, compiled from official sales lists
a
1
1962
94
96
Last
Week's Range
for
Jan
1
1962
84 X
86 X
Sale
of Prices
Low
High
Shares
104**
104 %
Stocks—
Montreal Stock
Par
6% cum pre!
Aluminium Ltd
Exchange
Price
Weel's Range
Sale
Par
Agnew-Surpass Shoe
*
Asbestos Corp
"~8X
"u"
Bell
Telephone
100
Brazilian Tr Lt A Power.*
145%
25
8M
335
331
18
12
12 X
145M 145M
Low
207
74
—
11X
Jan
13
Jan
160
Jan
5M
Feb
8M
56
22 X
May
Feb
Feb
May
26 %
Jan
4M
5X
July
14%
14
965
13M
17 X
18
880
14 X
5
5
5
390
4M
Feb
96
96
97
35
94 X
June
5
5
115
•
100
6% preferred.—
50
•
«
~
.
-
Celanese.
Preferred
5
July
July
15
32
July
38
Jan
86
88
36
85
July
95**
Jan
95c
Jan
Preferred
*
Aug
30c
Aug
65c May
20c Aug
85c
Feb
50c
Jan
Cndn P & P Inv Ltd
*
20c
20c
*
2
2X
4
1.55
12
15
2
Jan
2**
Jan
420
2
Feb
3**
Jan
Feb
1.95
Jan
275
1.50
5%
5X
5X
100
3X
3X
3X
1,153
2?*
May
70c
70c
300
60c
Apr
10
1.25
1.25
20
20
20
Feb
6X
6X
23
27 %
26 X
■
6X
25
135
23
125
5
Apr
6
Jan
4
Jan
1.00
27 M
310
118
118M
2X
2X
6
7
3
2X
3
7
134
420
Jan
Apr
1.15
10
May
10 X
Jan
Dominion Square Corp...*
Donnacona Pap Co Ltd A *
1.15
5
4
4X
260
2?*
July
5J*
Jan
27%
Jan
Donnacona Paper cl B___*
3X
3%
125
2** June
5**
Jan
28 X
Jan
Eastern Dairies Ltd—
Aug
Apr
18X
7%
cum
_.10G
pref
146
3.00
3** June
5X
•
Jan
Fraser Cos Ltd
*
~9~~
Jan
Fraser Companies vot tr._*
ox
15
Jan
8X
9
75
6
Feb
8**
July
ox
10
1,033
Jan
7
July
10**
9
9
75
7
June
11
MacLaren Pow & Paper..*
15
15
171
11
Feb
24 X
June
30
Jan
Maesey-H 5% cum pref 100
43X
44**
145
27
Jan
19
May
28
Jan
McColl-Fr Oil6 % cumprflOO
89
87
89
84
June
Mitchell Robert Co Ltd..*
10 X
90
300
20
150
38
10
97 X
Jan
Feb
Page-Hersey Tubes Ltd..*
155
Mar
Feb
20 X
7**
525
6M
May
9M
Jan
4
317
3% June
5X
Mar
OX
10
Mtl Rfrg A Stg S3 cum pfd*
119
Apr
145
Jan
May
17X
108
4
10 X
10
105X 105 X
Power Corp of Canada—
76
76
32
6% cum 1st pref
100
PwrCorp6% NCprt2dpfd50
32
135
15
64
*
6%
July
98
Jan
4
Jan
4
Jan
22
98
May
104
Jan
87
Feb
Provincial Transport Co..*
6X
82
Jan
Quebec Tel A Pwr Corp A *
4
4
4
152
3
150
Jan
155
Mar
99
98
99
2.00
2.00
2.00
100
70c
75c
40
70
100
70
25c
Rights
5
25c
5
5
May
Feb
8
13M
Jan
July
July
80 X
Feb
5
75c
Apr
1.25
4**
Feb
6M
Jan
Thrift Stores Ltd
cum pf 100
*
Walkerville Brewery Ltd.*
43
Jau
335
8ouCndnPwr6%
5
70
Walk-Good A Worts H—*
•
No par value,
r
Canadian market.
43
Jan
70
Apr
X
Aug
Mar
May
6
Aug
Aug
7
70
10
Jan
Feb
43
85
50
Jan
July
July
5
50
10
105**
Apr
5** June
146
6X
Apr
28
84
13
Feb
9?* May
98?*
76
75
6X
7**
July
2
75
13
89**
15?*
44**
96**
10J*
65
120
6X
152
-.100
6X
14
84
75"
16
July
75
Jan
215
40
32
Jan
16
May
2,928
Jan
15X
*
2.75
7X
100
5%
Lake St John PAP
113
146
1.50 May
Aug
310
—
290
400
OX
7
24%
19X
9**
2%
4X
Feb
24
90
3
Feb
2
Apr
22 X
113
Feb
2
118X June
OX
4X
4M
24%
20
Feb
Ford Motor of Can A
25
OX
1.85
24 X
90
112M
*
~4%
5
Fleet Aircraft Ltd
1.75
505
39X
113
1.25 May
8,571
39 X
39%
1.00 May
1.50 May
18
20 X
4
Jan
30c
125
David & Frere Limitee B_*
25
*
175**
100
65c
Jan
7%
Wares
Jan
30c
170
July
100
5% pref
Jan
Jan
30C
5X
Dominion Steel A Coal B 25
Gatlneau
June
8X
22 X
20
Dominion Tar A Chemical*
General 8tee)
160
25
Jan
65c
170
30c
1
Feb
100
1
20
.
207
June
*
Preferred-
June
3**
*
Electrolux Corp
150
17 M
Canadian Cottons pref. 100
Foundation Co of Can
36
356
July
*
June
400
19
Preferred.
7
4%
May
Dominion Textile
5
22 X
4
17
Preferred
7
22 X
4%
40
...100
Feb
Cub Aircraft Corp Ltd...*
19
Preferred
22
Commercial Alcohols pref 5
Consolidated Paper Corp.*
19
Dominion Glass
95
Jan
19
Dominion Coal pref
500
Jan
8X
Feb
85c
24X
Cndn Marconi Co
cum pref..
70c
Mar
June
160 X 161
Cndn Industries Ltd B...»
5%
6**
24X
7
Cndn General Inv Ltd...*
7% cum pref
100
Cndn Intntnl Inv Trst...*
33
133
85c
24X
Mar
6X
100
100
Crown Cork A Seal Co...*
Jan
33
3X
Jan
Distillers Seagrams
Apr
20?* June
1.55
124
Coiiflol Mining A Smeltlngb
10**
18?*
27
15
127
*
May
May
*
Jan
407
Canadian Vickers Ltd
110
25
Jau
2**
ox
15X
Commercial Alcohols Ltd.*
85
Paolflo Ry
Jan
Jan
23**
ox
15 H
Jan
117
Class B
7%
115
23 X
33
Fairchild Aircraft Ltd
Canadian
Feb
23 X
Apr
117
Cndn Ind Alcohol
4
98** June
1** June
85c
Canada A Dom Sugar Co. •
Beauharnols Power Corp.*
Brit Amer Oil Co Ltd.
•
15%
117
Cndn Converters
70
19
7%.......100
*
2.00
200
High
Feb
2.00
22%
Cndn Car A Fdry pref. .25
Canadian
July
45
18
Cndn Car A Foundry....*
19%
1,691
*
Can Wire A Cable cl B.._*
Jan
May
5
Canada Steamship (new).*
July
May
Building Products A
Can North Power Corp..*
10
10X
137
Bulolo
Canada Cement
12X
14 M
5X
14 X
Canada Cement pref
Jan
Feb
7
24 X
8
350
Low
55c
2.00
.
cum prflOO
Canadian Breweries Ltd..*
24M
7X
-
*
550
6
5X
101X 102 X
CanNorPow7%
High
5X
8
Brit Col Power Corp cl A.*
Bruck Silk Mills
12X
8X
18
*
Batnurst Pow A Paper A.*
Weel
Shares
12X
*
Algoma Steel
of Prices
High
Low
Price
Range Since Jan. 1. 1941
for
WWW
Canada Malting Co Ltd..*
Sales
Friday
VV
75c
75c
100
Bathurst P & P class B.
July 26 to Aug. 1, both inclusive, compiled from official sales lists
Stocks—
Range Since Jan. 1, 1941
Jan
3s
Abitlbl Pwr A Paper Co__*
Last
Sales
Friday
4a
101
1.00
Apr
2.00
Jan
50c June
75c
Jan
47**
Jan
38**
Mar
Volume
The Commercial &
153
675
Financial Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange
Montreal Curb Market
(Concluded)
of Prices
Price
Par
Low
Stocks (Continued)
High
Low
Shares
High
Week's Range
Sale
for
Week
Sale
Stocks
Last
Range Since Jan. 1, l
Week's Range
Last
Sales
Friday
Sales
Friday
of Prices
Low
Price
Par
Mim
8c June
♦
19c
lie
11c
10,300
1,000
4Hc
5c
1,000
5c
1.53
300
1.40
Apr
Chesterville
24
East Malartic Mines
24
2.57
18 H
84
28%
Jan
June
97 H
Jan
1,469
21
May
24%
30
183
June
255
17
Feb
23 %
May
9H
46c
41c
46c
*
3.05
2.90
3.05
85
50c
48c
50c
900
Joliet-Quebec Mines
1
lHc
lHc
lHc
1
4.65
4.50
4.70
1,225
15H
15H
30
4.50
4.50
152
1.15
1.28
4*50
Lamaque..
1
Malartic Goldfields
*
15%o
*
22H
16c
23H
3,900
Distillers Seagram
90
90
Dist Seagrams pref
100
Dome
Dominion Bank
100
52c
Jan
"7%
7
8
265
6%
Feb
2.50
Jan
Dominion Stores
*
5
5
5
510
4
55c
Jan
Dominion Tar
*
4%
4H
4H
84 H
84 H
2.00
Dominion Foundry
Dominion Steel cl B
Preferred
18
*
25
100
lHc
Feb
Apr
4.50
July
15H
Aug
21
4.50
Aug
4.50
Aug
Duquesne Mining.-
1
87c May
1.30
July
East Malartic
1
1
*
lc May
3.50
Jan
i.
Dominion Woollens
*
Dorval-Siscoe
1
73c
74 He
5,000
73c
Aug
74 He
Aug
Mining Corp of Canada. _*
91c
91c
500
70c
Apr
91c
July
Extension Oil
Naybob
24c
24c
500
24c
Aug
24c
Aug
Falconbridge
56c
56c
600
35c
Feb
56c
July
Fanny Farmer
75,600
2.58
40,965
2.05
37c
46c
3,820
17c
18c
6,250
1.97
Feb
320
21 %
7,000
3He
May
Mar
lHc
l%c
7,000
4H
615
16 H
50c
1,010
25,800
Fleet Aircraft
*
Pend-Orielle M & M Co.. 1
1.75
1.80
300
1.45
Mar
2.00
Jan
Ford
•
a
4
16 %
1
1.50
1.50
300
1.28
May
1.65
Jan
Francoeur
1
3.00
3.00
725
2.29 May
3.00
Jan
1
3.00
3.00
725
2.75
Feb
3.40
July
90c
90c
200
90c
July
90c
July
46 He
Gatineau Power pref—.100
50c
1
15%
46Hc
*
Perron Gold
Pickle-Crow Gold
25c
Sullivan Cons Mines
1
Ventures Ltd
*
Waite-Amulet Mines
1
12c
700
7Hc
8c
5c
5c
5Hc
7,100
10,650
54 H
30
33c
Feb
3,400
65c
Mar
Gold Eagle
Goldale
Golden Gate
4.65
4.65
100
3.10
4.65
July
4.40
100
3.10 May
4.40
July
Graham-Bousquet
1
5c
5c
1,000
5c May
8 He
Jan
Great Lakes vot trust
*
3.85
3.95
240
7.00
Jan
54
GoodyearT A Rpref....50
4.40
*
Wright-Hargreaves
37c
Apr
5c
Wood-Cadillac Mines.... 1
3.80
Feb
July
Great Lakes vot pref
Greening Wire
2.20
*
2.20
1,010
1.58
May
2.55
Jan
Toronto Stock
Range Since Jan. 1, 1941
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Week
Low
Price
100
Abitibl pref 6%
*
Aldermac
17 He
*
Algoma Steel
100
Preferred
55c
355
4
15Hc 19Hc
8%
8%
85
85
Feb
5c
37,100
100
15
85
7
July
Feb
85
July
Jan
Jan
17c
Jan
9%
Jan
Jan
95
59C
60c
46c
Apr
81c
2.55
2.55
185
2.00
May
2.75
Jan
7c
8c
18,100
Feb
5c
5c
5c
1,000
Apr
Feb
9c
...1
3Hc
3<Hc
Ashley.
1.85
Gold Mines... —.1
1.85
1.98
1,300
10,000
Bagamac
1
7c
7c
9c
750
Bankfield.
1
5Hc
5HC
5%c
5Hc
Jan
1.50 June
2.45
Jan
Jan
16Hc
Jan
4c May
8c
Jan
7,400
.100
Bank of Montreal
«■
«.
—
«*
—
—
268
13c
...1
1.05
July
1.25
Feb
10c
12c
10,300
7c
Mar
12c
Aug
4,100
6c June
15c
Feb
3,575
1.00 May
1.20
Jan
1.03
1.05
.100
102
102
102
Bell Telephone Co.... .100
146
145
146
10
10
7
7
6Kc
6%c
7c
Jan
13H0
Jan
July
10
July
July
7
July
6c
July
11c
Jan
47c June
59c
Feb
10%
July
July
22
July
3,000
49Hc
49Hc
55c
13,700
1
He
10 H
11
Brant Cord pref..— ..25
*
12
7
2,203
22
-
10
105
11
22
*
Bralorne
Feb
160H
137
9
*
Bonetal
102 %
May
101
8Hc
10
1
Feb
May
7c
10
195
5,700
9HC
—.1
Class B
Jan
35c
Beatty 1st pref
Blue Top Brwrs cl A pref
Feb
100
...1
Bobjo
283
250
35c
Beattle Gold
Bldgood Kirkland
July
240
Jan
June
268
193
Mar
10c 10 He
*
...
Exploration
1
10
268
242
171
35c
*
Base Metals
5Hc
27
184
242
Bank of Nova Scotia.. .100
100
Bank of Toronto.
Barkers
182
Jan
9H
440
Jan
1,581
5
Mar
8H
July
.
B C Power clA
...
2,054
15
June
24H
24H
24 H
135
23
Apr
76c
75c
79c
30,010
71c
Feb
1.10
Jan
7c
7c
500
6c
June
9c
Jan
3.40 June
7%
-.5
.
British American Oil..
Broulan-Porouplne
May
16
♦
Brewers <fc Distillers
7%
4H
15H
3
•
Brazil Trac
...1
*
Brown Oil
8%
4H
20
16
5
5H
Jan
18H
Jan
26
Jan
4.25
4.25
4.40
510
5.95
Jan
*
2 He
2 He
2%c
10,500
2 He
Mar
6c
Apr
*
lHc
lHc
l%c
4,500
lHc
2c
Feb
8%
8%
Mar
Feb
10%
Jan
1.32
1.30
1.35
1.05 May
1.49
Jan
July
B uf f alo-A nkerl te
Buffalo-Canada
Bunker Hill
*
Burlington Steel
Calgary & Edmonton.
<■
50
5,030
966
14c
May
25c
25
1.85
July
2.75
20c
20c
#
1.85
1.85
*
4H
414
5%
700
.100
95 H
95H
95 H
19
1
Calmont
Canada Bread
Canada Cement.
Preferred
*
Canada Malting
'«
-
-
*
Canada Steamships
Jan
7
Mar
100
Mar
39
Jan
32
~
125
Can Permanent Mtge. .100
4H
Feb
89% June
33
120
32
Aug
82
82
20
76
June
123 H 125
35
*
Canada Packers
7%
17
120
June
136
Jan
July
5
Jan
4
241
4%
2H
87 H
Jan
23
527
17
Feb
23
Aug
52
40
50
July
61
Jan
*
52
22 H
52
*
20 %
75
19
20%
75
17 H
May
23
Jan
75
75
14
50
Apr
75
Mar
22
22
22
2
20
Feb
29
Apr
22H
..50
Preferred
Canada Wire class A
.
Class B
Canadian Bakeries
_
.
_
.199
—
Canadian Breweries..
*
85c
Canadian Bank of Com .100
mm
-
-
Canadian Celanese
*
6
75
20%
9%
235
6H
455
60c
143
4H
20%
60
28
70
19%
10
110H
♦
2%
*
17 H
50
2%
2%
275
7
17
5
Jan
8H May
23
7
17 H
Apr
May
18 H
6H
22%
117H 117H
*
Canadian Locomotive.
Canadian Malartic
28
100
Canadian Ind A1 A...
400
26 H
6%
—
Preferred
85c
146H 147
9
—
Preferred
Canadian Dredge
80c
20
♦
*
Canadian Car
m.
20
Canadian Canners cl A ..20
Cndn Canners class B.
'
May
Apr
1.00
163
20%
Jan
10H
Jan
28
Jan
29
May
123
June
2
21H
Jan
Jan
Mar
Mar
3
Jan
6H June
9
Mar
*
57c
57c
58c
1,000
47c
Feb
58c
Apr
25
614
6
614
7,068
4H
Feb
6%
Aug
19%
55
—
C P R
Canadian Wire bound.
19%
*
Apr
18
20 H
Jan
2.91
Jan
Jan
Cariboo
1
2.49
2.30
2.49
850
2.10 June
Castle-Tretheway
Central Patricia
1
155c
55c
55c
900
45c June
55c
1
1.80
1.80
1.85
3,000
Feb
1.95
1
14c
12Hc
14c
8,700
9c
Feb
21c May
3%
3%
45
3%
Aug
3H
July
Jan
Jan
Central Porcupine
*
Chateau Gai Wine
♦
*
Commercial Petroleum
Consolidated Bakeries
Consumers Gas
~
—
«.
—
—
...
Conlaurum.
Smelters
73 He
1
Cochenour
Cockshutt
17c
1.50
1
Chesterville
19c
1,900
15c
Mar
32c
1.46
1.57
23,222
1.10
May
1.74
20c
2,000
12c
Feb
73Hc 78Hc
14,275
64c
July
1.(4
Jan
5H
50
3% June
5H
Aug
Mar
25c
July
1.55
Jan
5
25c
800
*
1.32
1.30
1.32
1,250
*
12H
9H
12H
3914
250
*
....
ft
.100
Jan
20c
1
Chemical Research
Chromium....
1.65
39%
118 it
25c
39
118
118
850
2
20c
1.13 June
9
31%
111
June
May
June
40c May
14
40%
145
Jan
52 %
June
Jan
55 H
Mar
2 He
75
2
Feb
97
12
June
3%
19%
Apr
1%0
Jan
July
Jan
9H
9H
100
Jan
26c
2,700
Apr
23c June
11H
25c
37o
Jan
800
2H June
3H
Jan
3
914
5,700
4
3%
3H
175
3
1.00
1.10
411
65c June
3H
3H
600
2H
74c
78c
19,910
9H
9H
25
"I2H
12 %
12%
1,675
12
Apr
May
2.20
2.14
2.20
5,795
1.59
15
15
14
78c
1
Hard Rock
Hollinger Consolidated... 5
Co
...
22c
Hudson Bay
Imperial Oil Co
*
__1
International Metals A
Int Milling pref
*
"io
12 H
1,100
8%
"342*
13 H
1.00
International Petroleum.. •
14
Jan
Jan
Jan
May
13H
2.54
Mar
17 H
July
30c
Jan
27 H
57
July
June
Feb
Feb
May
Feb
Jan
Feb
6H
612
Jan
10 %
13%
33c
115H
36%
15 H
Mar
Jan
Jan
Apr
Aug
10
May
85o
Aug
Jan
205
29% June
13 % Mar
110
10
2,141
35 k
Jan
20c
905
10
111
34 H
3H
814
11%
510
30c
Jan
July
1.10
Apr
192
3,465
9
111
100
International Nickel
9H
30c
Imperial Tobacco ord...
Inspiration
34
12H
9%
Apr
5%
10 H
23 H
52
10
196
9%
1.10
21c May
1,412
57
May
67c May
6,950
28
July
%
8H
5
23c
21HC
194
,.100
Imperial Bank
5%c
27 %
57
28
*
100
Huron & Erie
5c
5c
*
1
Jan
Jan
Jan
Aug
1
1.00
500
Jack Waite
1
20c.
18c
20c.
Jason Mines
1
38c
38c
40c
29,600
12,201
9H
9H
5
11
Mar
1
4.60
4.50
4.90
41,865
3.05
Feb
4.90
Aug
81c
20,838
67c
July
1.05
Jan
50c
Island Mountain
Kelvinator
Kerr-AddiBon..
12c May
27c
Jan
35c June
46C
Apr
9
May
75c
74c
Lake Shore
15H
15H
15%
1,805
1414
July
Lamaque Gold
4.55
4.55
4.75
182
4.25
Mar
8c
8Hc
3,500
6Hc
Mar
914
10
Kirkland Lake
8c
Lapa-Cadillac
914
Laura Seoord (new)..,
125
lHc
Lebel-Oro..
"49c
Leitch
1 He
49c
53c
3,500
6,000
1.99
A
1.99
3,425
25H
25%
344
23 %
Loblaw
1.90
25 H
Little Long Lao
23 H
60
B
21
Jan
5.15
Jan
13c May
Apr
10H
Jan
lc May
2Hc
Feb
Feb
60c
Jan
2.10
July
9
45c
1.60
Apr
Mar
27
Jan
26
Jan
5,175
May
3.45 Feb
1.49 May
2.35
Jan
24
22 H
4.30
Jan
Mines
3.90
3.85
4.00
McL Cockshutt
2.07
1.85
2.07
14,477
72c
72c
75c
Feb
76c
July
1.25
1.15
1.32
18,125
51,650
87c May
1.17
Jan
2%
2H
570
1.50 May
2.75
5%
2%
5%
378
2%
3
275
2
May
335
25
Jan
Mac ass a
Madsen Red Lake
Malartic (OF)
Maple Leaf Milling..
Preferred
*
Massey-H arris
Massey-Harris pref..,
iioo
*
McColl-Frontenac
43
4H
!ioo
4H
495
Apr
3% June
6
Jan
Aug
3%
45
Jan
Aug
5%
Jan
85
June
98
Jan
50 H
120
46 %
May
Jan
1.12
5,700
1.01
Apr
51 %
1.32
30
91
Mclntyre-Porcu pine
-
...5
McKenzle
...i
McVittie
1.09
5c
5c
5Hc
9c
Jan
13c
....
86 H
50
15c
2,500
14c
July
24c
Mar
1.13
Preferred
88c
1.13
15,419
60c
Feb
97c
Aug
35c
8,150
54c
Jan
45%
368
41
10
176
50
1.06
...l
McWatters
Mining Corp
...i
Moneta
33 He
:ioo
Class A
...l
Murphy
33c
44%
45
Moore Corp
180
180
"~3Hc
2 He
4c May
3,500
3 He
27,700
30c July
Feb
July
3Hc
3%
Aug
July
25H
*
3%
3H
335
25 H
25H
80
24%
36 %
36 H
55
30%
ill1
Negus Mines...
...1
60c
*
Mines
5
Jan
38 H
310
Jan
25c
9,970
21o
60c
65c
1,500
60c May
75c
May
1 He
2,000
lc June
2c
Mar
July
1.30
1.20
55 14
1.30
325
693
57
Feb
1.20
49 %
Feb
3c June
57%
6c
Mar
Aug
1.00
3%o
Nordon Oil
68c
Nor metal..
Mar
Mar
July
24c
55 H
-.5
N1 pissing
Jan
July
I Jan
lHc
Naybob
25c
Newbec
Jan
Jan
Feb
*
National Steel Car
47 %
188
2c
-20
National Grocers
National Grocers pref
Noranaa
45
4H
50c
3%c
1,000
50c
68c
76,585
26c
Mar
66c
Jan
Jan
July
10
May
14
Jan
10c
500
3%
Howey
90c
8
7c
60c
*
Arntfield
Preferred
Mar
1
*
Anglo-Canadian
Anglo Huron
Aunor
500
5H
6
75c
6
Jan
2%g May
"16H
..*
1
Honey Dew
High
Low
Shares
70c
*
Abitibi
High
13o
2e
"26c
Gypsum
Halcrow-Sway
Home Oil
Jan
16Hc
Mar
3H
17
Hinde & Dauch
Sales
Friday
29c
Mar
11 He
5c
2c
Harding Carpets
official sales lists
July
3%
*
Hamilton Theatres
Exchange
21c June
8 He
16 H
*
Hamilton Bridge
July 26 to Aug. 1, both inclusive, compiled from
3c June
6,900
21,160
Jan
2c
Gunnar
OilHome Oil Co Ltd
June
7c
50c May
25c
60c
6
Feb
4%
25
12c
20c
24c
60c
Mar
Jan
5
32c
52c June
69c
95
5
..100
90
July
36c
7.25 May
Jan
June
78
*
61c May
182
Jan
July
70
God's Lake
113
54c
16H
6
7c
2,300
1,700
7.50 June
34He June
6
52
6 He
53c
Jan
83
"mc
80c
6 He
72
*
7.50
Jan
l%c June
3H May
14 %
Feb
83
1
53c
Jan
6c
70
General Steel Wares
75c
53c
1
Sladen-Malartic Mines
Jan
84c
5H% pref.
28
"83"
Gillies Lake
7.50
1
Aug
2,340
Jan
....
3.10
3.10
22%
4Hc
Jan
Sigma Mines
Siscoe Gold—..
July
May
4c
1.10
Sherritt-Gordon Mines
JaD
17c
11 He
2.90
2.70
Jan
Jan
22H
Apr
July
16Hc
52c
H
2.45 May
Feb
2c
2.95
3.10
400
June
1.75
July
4Hc
4,795
88
30c June
22
1.05
Sheep Creek Gold
July
2.33
4,000
1
2.55
Preston-East Dome
May
18c
83c
TB6
Mar
46c
2.55
60c
Apr
5H
2.35
Pato Cons Gold Dredging 1
1.05
62
5%
9Kc
l%c
Jan
May
l%c July
8He June
1
Jan
Jan
June
l%o
lc
9Hc lOHc
..1
Jan
200
50c
25
8
July
3%
82 %
75
*
Federal Kirkland
1
%
8-
Fernland
O'Brien Gold
18H
17c
May
%
Jan
Madson
*
190
30
23 H
24%
190
190
May
Eldorado
N ormetal Mining.
23 H
*
230
2.90
4,000
1
Da vies Petroleum
Jan
2,000
Kerr-Addison Gold
__
21
36c May
2,500
1
*
.
21%
24 H
21H
Francoeur Gold
Lake Shore Mines Ltd.
Jan
9c
,<1.63 July
Mar
25
2114
30c June
1,300
Falconbridge Nickel
Eldorado Gold
11c July
High
21% June
12c May
*
2.18 May
100
2.38
*
1
Dome Mines Ltd
Feb
9c
Jan
16c
Feb
1.53
Beaufor Gold
17c
*
1
Base Metals Mining
Cons
Low
Shares
High
Cosmos..
Aldermac Copper Corp
Bear
Range Since Jan. 1,1941
for
Week
1.07
24,345
56c May
1.15
51c
51c
2,200
35c May
75c
Jan
13 He
15c
2.600
10c June
17c
Apr
1.07
Okalta Oils
Omega
10
Orange Crush pref..
Pacalta Oils
*
104 %
Page-Hersey—
50
10
5
Ontario Steel Car...
5
10
Jan
8%
Jan
4H
July
3c
2%d
194% 105
3,000
2%c
Apr
75
95 H
Apr
*
1.04
1.04
1.13
7,350
Pand ora-Cadi llac...
'.111
4c
4c
4c
Partanen-Malartic
...1
2Hc
3c
10,000
18c
19c
8,525
98c June
1,000
Pamour
.
'~T8c
10
July
Feb
6H
4%c May
105
July
1.65
Jan
July
8c
Jan
2 He June
15c June
5c
Feb
28c
Jan
3c
Paymaster....
...1
...1
1.45
1.47
850
1.27 May
1.69
Perron
3.10
8,185
2.25 May
3.05 June
2.22
1,400
1.96 May
2.35
Mar
52 He June
1.04
Jan
89c June
94 He
——■
Pickle-Crow..
...1
3.00
2.93
Pioneer
...1
2.22
2.15
Powell-Rouyn
...1
Premier
...1
Pressed Metals
Preston
E Dome...
'.III
65c
750
93c
93c
1,700
714
8
65c
93c
*
3.45
1
20c
(LL)
...1
3Hc
Royal Bank
Royallte
.100
Russell Ind
.100
St Anthony
3.35
20c
—1
Reeves-Macdonald
Roche
—
-
"22 k"
16
3.60
•
No par value
July
9H
Jan
36,915
2.70
Feb
3.60
Aug
20c
July
20c
1,000
4c
10c May
2,000
3c June
5c
5
148
Aug
166 %
22%
23
80
18
May
16
16
100
14
Jan
(Concluded
80
Jan
7%
148
3Hc
148
Jan
155
8c
2,600
Jan
July
Jan
80c
55c
13 He
O'Brien
on page
673)
7 He
July
24
Jan
Jan
July
16H June
14HC
Jan
676
The Commercial & Financial Chronicle
New York
Bid
a2*■ July
15
Bid
102* 103*
104* 105*
105* 105*
a4*s Mar
a4*s Apr
04*8 Apr
1975.
108
fl4*i June
1954.
111 H 112*
112
113
Jan
1977.
a3s
June
1980.
a3*e
a3*s
a3*s
a3*i
a3*e
July
May
Nov
Jan
a4fl
May
1964.
Mar
1960.
15
109
112H 113*
112H 113*
117* 118*
118* 119*
118* 119*
1976
1957.
Nov
1958.
a4s
May
1969.
ais
May
1977.
122
a 4a
Oct
1980.
1960.
123* 124*
122* 123*
1962.
123* 124*
a4*s Sept
ai*s Mar
Chicago & San Francisco Banks
Ask
Ask
Par
1969
a 3s
a4s
City Bonds
123
04*8
04*8
04*8
04*8
04*8
04*8
04*8
04*8
04*8
04 *8
04*8
1
1964.
1
1966.
15
1972.
1
15
1976.
1
1977.
16
124
1978.
Mar
1981.
May
1957.
Nov
1567.
Mar
1963.
June
1965.
July
127*
128*
129*
129*
1967.
15 1971.
_
Deo
Deo
1
125*
126*
127*
128*
128*
129*
130*
124*
2a July 1944
51.75
38 1981
mmm
61.80
m mm
3*8 Mar 1970
139
4s Mar 1961
140* 142*
142
Canal A Highway—
58 Jan A Mar 1964 to'71
61.95
150
Public
...
Bid
General A Refunding—
3s serial
3 *s 6th ser
Aug 15 '77
3s
6th series... 1975
274
103* 104*
101* 102
103*
101* 102
1980
1953-1975..
rev
Par
mm
140
140*
111*
rev 1945-1952
31*
National
13.65
Commercial National.. 100
109
5s
Apr
1966
5s
Feb
1962
109* 111*
5*8 Aug
1941
100
112
115
Hawaii—
4*s Oct 1966 Apr '46..
Ask
103* 104*
62.60
98*
61.50
2.50%
38 1965 opt 1945
JAJ
3s 1966 opt 1946
JAJ
38 1956 opt 1946--..MAN
Bid
Bid
Bank of New
York....100
Bankers
10
Bronx County
Brooklyn
35
100
Burlington....
Denver
r*
1*9, 3s
99*
108*
110* 111*
112
113
Bid
Ask
3*8 1965 opt 1945—MAN
109 * 109*
48 1946 opt 1944
JAJ
99
Montgomery—
3*8
JAJ
110
1«. l*s
99
15
Penn Exchange
10
14
17
...60
Peoples National
45
50
17*
30*
32*
Sterling Nat Bank A Tr 26
25*
27*
710
1520
150
Bid
Companies
Ask
335
Par
343
53*
Fulton
Bid
20
190
210
100
287
292
..10
11
55*
Guaranty
15
18
Irving
68*
73*
Kings County........100 1550
Lawyers
25
28
98* 101*
.....
Manufacturers.........20
46*
48*
20
38*
51*
60
33
37
New York
25
96*
10
12
Title Guarantee A Tr
Trade Bank A Trust
12
3*
20
13*
41*
50
45
Preferred....
15*
42*
48
Ask
100
12
1600
31
40*
53*
99*
4*
10
19
21
Underwriters
100
80
90
United States
100 1365
1415
Telephone and Telegraph Stocks
Par
Am Dlst Teleg (N J) com.*
5% preferred
100
Bid
104
Ask
Par
108
Pac A Atl Telegraph
no* 112*
Peninsular Telep com
•
32*
30*
Ask
18*
34*
32*
49*
28
16*
25
Preferred A
Emp A Bay State Tel.. 100
Bid
25
Telegraph
100
Rochester Telephone—
$6.50 let pref
100
Int Ocean Telegraph...100
81*
New York Mutual Tel__26
112
So A Atl Telegraph
25
Sou New Eng Telep... 100
18
20
149
152
17
84*
110*
Bid
Par
Ask
B
99
/G Foods Inc common..*
Bid
Ask
*
Per
1*
I*
Kress (8 H) 8% pref
*
2
2*
..100
31
United Cigar-Whelan Stores
$5 preferred
*
.10
Bid
Ask
12*
13*
20*
'
21*
94
Bohack (H C) common
96
...
7% preferred
98
88
York 6a
Oregon-Washington
First New Orleans—
First Texas *8, 2*8
First Trust Chicago-
29
12
Chain Store Stocks
North! Carolina *8, la.
100
188
27*
110* 110*
4fl 1964 opt 1944
Lincoln 6*8....
First
182
Franklin
New
Carolina—
l*a. 2a
33*
50
National City
12*
National Safety...... 12*
Chemical Bank A Trust .10
121
107
U 8 conversion 3s 1946....
Conversion 3s 1947
Lincoln 6a—
First
Ask
Clinton
128
118
Lafayette 1*8, 2s
Lincoln 4*8
rll
Chicago
50
...
Central Hanover
Ask
126
4*s July 1952
5s
July 1948 opt 1943.
Ask
99
Bronx
46
New York Trust
Joint Stock Land Bank Bonds
Atlanta *8,1*8
National
Govt of Puerto Rico—
Ask
108* 108*
109* 109*
110* 110*
39*
Bid
Par
17*
100
670
First National of N Y..100 1480
Mercaants
100
130
Empire
Federal Land Bank Bonds
Bid
37*
mmm
100*
100* 102
16
Public National
109
107
Ask
85
Colonial
U 8 Panama 3s June 11961
107
1962
Bkof AmerNT AS A 12*
42
mmm
106* 107*
Ask
4*8 July
535
mm,
United States Insular Bonds
Philippine Government—
4*8 Oct
1959
Bid
Bank of Manhattan Co. 10
Bank of Yorktown__66 2-3
Corn Exch Bk A Tr
Bid
520
FRANCISCO—
__25
Continental Bank A Tr.10
2*8 serial
Ask
327
New York Bank Stocks
Fifth Avenue...
60.90
Bid
Trlborough Bridge—
3*s s f revenue
4th ser Deo 15 '76
268
SAN
.
109 * 110*
3*s2ndserMay 1*76
100
Tlrst National
Par
Pennsylvania Turnpike—
3*s August
1968
Port of New York-
3s
149*
Ask
San Francisco-Oakland—
1976
92
Authority Bonds
California Toll Bridge—
4s
Ask
World War Bonus—
Canal Imp 4a JAJ '60 to '67
Barge C T 4*s Jan 11945.
Bid
317
131
147
4*s April 1941 to 1949.
Highway Improvement—
Par
Harris Trust A Savings. 100
Northern Trust Co
100
240
89
Chase
Bid
4s Mar A Sept 1968 to '67
Highway Imp 4*s Sept '63
235
33 1-3
Bank A Trust
124*
133* 134*
Canal Imp 4*8 Jan 1964..
Can A High Imp 4*s 1965
Ask
Continental Illinois Natl
Bensonburst National... 50
1979.
Ask
104* 104*
38 1974
American National Bank
A Trust
100
128*
129*
130*
New York State Bonds
Bid
Bid
125
124*
125*
126*
127*
127*
128*
129*
123*
123*
1974.
Feb
Jan
Nov
Aug. 2, 1941
Fishman (M H) Co Inc..*
34
8*
7*
99* 100
r41
...
Pennsylvania 1*8—...
SPECIALIZINO
99*
99*
St. Louis
la. 1*8
r24
99
San Antonio
99
Fletcher *s, l*s
Fremont 4*s, 5*8
Southern Minnesota...
Southwest (Ark) 5s....
'15*
Union Detroit 2*8
Virginian is
100
82
Illinois Midwest 4*8, 4*8
Iowa 4*8, 4*s
F.H.A. INSURED MORTGAGES
26
100
98
*s, 2a
99*
The beet "Hedge" eecurity for Banke and Insurance
Co's.
17*
93*
Circular
on
request
,
STORMS AND CO.
99
Commonwealth Building
Joint Stock Land Bank Stocks
PITTSBURGH, PA.
Phone Atlantic 1170
Par
Bid
100
98
104
Dallas
100
85
90
New York
100
3
7
Denver
100
80
90
North Carolina
100
Des Moines
130
140
100
54
60
P»»nnHylvRn1a.
__Iftfl
57
First Carollnas
100
25
30
100
135
Fremont
100
4
Atlanta
Ask
Par
Lincoln.
mm
San Antonio
Bid
100
.......
10
Virginia
6
Ask
14
FHA Insured
Bid
145
3*
4
Alabama 4*a
Dated
*%
*%
*%
*%
*%
*%
*%
*%
*%
Due
.11-1-40
Bid
8-1-41 0.25%
9-2-41 0.25%
.12-2-40
-
.
3-1-41
6-2-41
9-2-41 0.25%
10-1-41 0.25%
.
7-1-41
.10-1-40
10-1-41 0.25%
1-2-41
.11-1-40
-
10—1—41 0.25%
11-1-41 0.25%
2-1-41
11-1-41 0.25%
.
-
.
Dated
*%
*%
*%
*%
*%
*%
*%
*%
*%
9-2-41 0.25%
.
-
Ask
.
.
.
.
.
.
.
.
.
5-1-41
12—2—40
6-2-41
3-1-41
Debentures
Due
Bid
Ask
Arkansas 4*8
4-1-41
1-2-42
2-1-41
7-1-41
4-1-42
Commodity Credit Corp—
1%
Nov 15 1941 100.24 100.26
*%
May
11943 100.23 100.25
$1*%--Feb 15 1945
w 1
100.27 100.29
Federal Home Loan Banks
*8
Apr
28
15 1942 100.9
100.11
Apr
1 1943 102.18 102.22
Federal Natl Mtge Assn—
2s May 16 1943—
Call Nov 16 '41 at
101.12
1*3 Jan 3 1944—
101.19 101.22
102
103
♦
Ask
103
102* 103*
102
103*
102
103
101* 103
...
Virginia 4*8
101* 102*
No par value,
Flat price,
101.2
Oct
15 1942 100.23 100.25
July
15 1943 101.1
jls_.
Apr
15 1944 100.23 100.25
101.3
*% notes Nov 1 1941.. 100.1
100.3
1*% notes Feb 11944.. 102.10 102.12
102
n
a
Interchangeable,
Nominal quotation,
wi When Issued
w-s
b Basis price,
r In
recelvorshlp.
With stock,
z
Now listed
y
*8
103*
z
d Coupon.
«
Ex Interest.
Quotation shown Is for all
Ex-dlvldend.
Now selling on New York Curb Exchange.
*
Quotation not furnished by sponsor or Issuer.
15 1942 100.23 100.25
t*%
U*%
101* 102*
101
102*
101* 103*
Insured Farm Mtges 4
102* 103*
servicing fee from *% to *% must be deducted from interest rate.
maturities,
11941 100.23 100.25
11942 101
102
Texas 4*s
A
U 8 Housing Authority—
100* 101.9
Jan 3 1942 at 101
Jan
July
103*
Minnesota 4*8
Reconstruction Finanoe
Nov
101* 102*
102
103
0.40%
Bid
Corp—
*%
*%
1%
4*8
New York State 4*s
North Carolina 4*s
West Virginia 4*8
5-1-42 0.40%
Ask
104
Pennsylvania 4*8
Rhode Island 4*8
South Carolina 4*s
Tennessee 4*s
Massachusetts 4*8
Michigan 4*8..
0.35%
Obligations of Governmental Agencies
£14
101* 102*
101* 102*
102
103*
102
103*
N Y (Metrop area) 4*s..
Maryland 4*a
2-2-42 0.30%
3-2-42 0.40%
5-1-41
New Mexico 4*8
103*
101* 102*
102
103*
101
102*
101* 102*
101* 102*
102
Asked
102* 103*
Louisiana 4*8
0.25%
12-1-41 0.30%
1-2-42 0.35%
6-2-41
Bid
New Jersey 4*s
58
102
Delaware 4*8
District of Columbia 4*s.
Florida 4*s
Georgia 4*s
Illinois 4*s
Indiana 4*8
....
11-1-41 0.30%
12-1-41
Asked
101* 102*
101* 103
5a
Federal Intermediate Credit Bank
Mortgages
on
X These bonds
New York Stock Exchange,
are
subject to all Federal taxes.
T Chase National Bank announced that 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
$77.50 Dec. 31,1940, 5% July 7, 1939, and 5* % on Sept. 25, 1939.
Volume
677
Financial Chronicle
The Commercial &
153
Quotations on Over-the-Counter Securities—Friday Aug. 1—Continued
Railroad Reorganization Securities
Guaranteed Railroad Stocks
(When Issued)
3o$tpb (Palter a Sons
Mjtmbtrt ticw Y»rk St«tk
Bear, Stearns & Co.
Extkimg*
Members New York Stock Exchange
Dealer* in
120 Broadway
Tel. RE ctor
New
York,
GUARANTEES
NEW YORK
Chicago
.
2-6600
STOCKS
Reorganization Rail Issues
Since1855,
(When,
and If Issued)
as,
Guaranteed Railroad Stocks
Dividend
: '
Stocks—
:
Asked
Bid
Par in Dollars
5% preferred (par $100)
6.00
74%
—100
10.60
99%
Allegheny A Western (Buff Roch A Pitts)
—100
6.00
81
York Central)
Central)—.
—.50
2.00
29%
31%
—100
8.75
92%
94%
(Illinois Central)
Albany A Susquehanna (Delaware A Hudson)
Beech Creek (New
Boston A Albany (New York
8.50
20
—100
3.00
36%
5.00
91
Cleve Cin Chicago A St Louis pref
(N Y Central) —100
(Pennsylvania)
6.00
74%
77
Cleveland A Pittsburgh
3.50
84
87
53
47%
67
9.00
145
4.00
45
..100
50.00
600
750
29
31
6.00
58%
60%
4.00
96%
98
4.50
44%
1.50
88
.
47
7.00
174%
Pittsburgh Fort Wayne A Chicago (Penna)
7.00
165
170
Pittsburgh Youngstown A Ashtabula pref (Penna) —100
Rensselaer A Saratoga (Delaware A Hudson).... ..100
St Louis Bridge let
.
140
3.00
68
6.00
137
142
United New Jersey RR A Canal
10.00
249
253
6.00
63
68
6.00
62
65
64
68%
60
3.60
29
—60
3.00
57
Railroad
6.00
First mortgage
1.50
62.25
1.75
Baltimore A Ohio 4 %s
61.75
1.25
Ask
61.75
Sioux
1.25
3%
56%
Pollak
23%
17%
79%
19%
83%
28%
Remington Arms oom
.1
Safety Car Htg A Ltg...50
Amer
N Y Chic <fc St Louis 4s...
62.25
N Y N H A Hartford 3s...
62.20
1.85
Chesapeake A Ohio 4%s__
Chic Burl A Qulncy 2%s_.
Chic Mllw A St Paul 5s
61.40
1.10
Northern Pacific 2%s-2%s
61.75
1.40
American Mfg 5%
61.60
1.25
No W Refr Line 3%s-4s
63.50
2.50
Amer Viscose Corp.....
62.10
1.15
Growers
Maize Products.
_
pref 100
14
100
5% preferred
1
Arden Farms com v t o
5
27%
113% 113%
2
2%
;■
40%
43%
45%
43%
15%
14%
16%
15%
2.00
61.90
1.60
61.60
1.25
Pere Marquette—
62.10
1.85
2%s-2%s and 4%s
Reading Co 4 Ha
61.90
1.50
S3 partlc preferred
*
Arlington Mills
100
Art Metal Construction. 10
61.70
1.35
Autocar Co com
St Louls-San Fran4s-4%s.
61.85
1.50
10
4
1.40
Brown A Sharpe Mfg...50
173
180
10
Botany Worsted Mills ol A5
SI.25 preferred
61.70
1.40
St Louis S'western 434s
61.75
1.50
Buckeye Steel Castings.
1.20
Shippers Car Line 5s
Southern Pacific 4 Ha
61.85
61.60
61.75
1.40
63.50
2.50
1.25
Express—
4s. 434s and 4%s
Grand Trunk Western 5s—
Great Northern Ry 2s
/-•
Chic Burl A Qulncy... 100
61.60
Erie 4%s
Fruit
4
62.50
1.50
2
20%
.
Tampax Ino com
1
22%
6%
7
61.60
1.25
Cooa Cola Bottling (NY)*
60%
12%
65
61.70
1.40
Columbia Baking com
Lehigh A New Engl 4%b„
61.65
Western Maryland 2s
61.85
1.60
Long Island 4%s and 6s..
Louisiana A Ark 3%s
61.75
1.35
Western Pacific 5s..
62.00
1.50
SI partlc preferred
*
Crowell-Colller Pub.....*
61.90
1.50
West Fruit Exp 4%8-4%s_
61.75
1.35
Cuban-Amer Manganese.2
Maine Central 6s
62.00
1.50
Wheeling A Lake Erie 2 %s
61-75
1.40
*
24
14%
26%
17%
19%
7%
8%
com—10
*
Dictaphone Corp
*
Dixon (Jos) Crucible... 100
1958
-
Ohio Valley Water 5s.l954
105%
Ohio Water Service 4s. 1964
105
Oregon-Wash Water Serv—
5s
1957
Atlantic County Water—
1958
5s
Calif Water Servioe 4s 1961
108 % 109%
1946
87
91
93
110
76
103
1966
106% 107%
1957
Water 5s
Ontario
1951
1958
4%s
4%s_1959
Kokomo Water Works—
1st 58 series A
1958
Kankakee Water
Water Service 6s. 1961
1956
Shenango Val 4s ser B. 1961
103
I960
102
1965
Springfield
1956
102 %
106
101%
105 %
West
1951
5%s
5%s series A
New York Water
Western N Y Water
5s
1951
.1951
100
1st 5 %s
98
Service—
1951
100%
100% 101%
102
1961
Co—
1950
series A
1950
1951
1950
1st 5s series B
1st conv 5s
99 %
99%
52%
Extinguisher—•
14%
28%
deb 6s extended
«
54%
15%
30%
13%
14%
2%
3%
6%
65%
69%
8%
38%
43%
40%
14%
15%
*
25%
7%
$5
preferred
com.._l
1
1%
27%
8%
19%
15%
17%
24%
25
108%
93%
13%
96%
105
Marlln Rockwell
Merck & Co com
106% 108
0%
preferred
Corp.—1
1
100
5%
4%
19%
21%
44
47
3%
2%
12%
3%
4
52%
54%
121% 126
11%
•
—*
Class B
15%
17%
31%
34
4%
1%
3%
Vv V*
8
7
6
5
%
United Piece Dye Works.*
..100
•
1%
51%
♦
Welch Grape Juice com 2%
7% preferred
100
Wickwire Spenoer Steel. 10
21%
16%
Preferred
Veeder-Root Ino com
Warner A Swasey
54%
22%
18%
108
...
6
10%
50
8%
100
*
43%
50
3%
49%
52%
Wilcox A Gibbs com
preferred—.....100
4%
Industrial Bonds—
d«..i901
A—1940
1948
Deep Rock Oil deb 6s. 1952
Firestone Tire & Rub 33 '71
Amer Writ Paper
85
82%
56
/54%
Carrier Corp 4%s
95%
97%
88%
90
97%
97%
McKesson & Rob bias—
1956
3%s
Minn A Ont Pap
Monon Coal 5s
5s...I960
—1955
T NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
Scovlll Mfg3%s
102% 103
75%
73%
23
120
3%
3%
77%
75%
106%
deb..1950
105%
3%s '55
99%
Railroad Bonds—
Akron
Canton
Youngs¬
&
town—
57%
59%
5%s ser B triple stamp..
Bait & Ohio 4% notes. 1944
30%
31%
Cuba RR 5s
14%
1960
Denv & Salt Lake
118
68—1960
1946
64%
66%
58%
59%
24
26%
53%
56%
50
52
11
12%
Hoboken Ferry 5s
*
12
14%
103%
*
80%
Type com... 1
6% preferred
-.50
Monongahela Ry 3%s.l960
NY4 Hob Ferry 5s.. 1946
Tenn Ala A Ga 4s.—1957
24%
4-6a.l968
80%
Nat Paper A
100
98
42%
45%
43%
Ring.2%
Muskegon Piston
National Casket
Preferred
104%
102%
7
6
39%
21%
Clark..25
100
Lumber....—*
100
$5 preferred.
Mailory (PR)ACo
♦
103
United Drill A Tool-
Western Auto Supp
Lawrence Portl Cement
Long Bell
124
122
Brown Co 5%s ser
40%
Landers Frary A
76
Trioo Products Corp
Triumph Explosives
2
United Artists Theat com. *
Worcester Salt
Paper..26
Great Northern
103%
73
*
—6
*
York Ice Machinery
4
Harrisburg Steel Corp
6
Interstate Bakeries com..*
105 %
Va Water Service—
1st 4s
6s series B
11%
2%
13%
27
Great Lakes 88 Co oom__*
104 %
Arms—1
Common.
7%
Tool—...—2
Good Humor Corp...—.1
Graton A Knight com
*
Preferred
-100
Union Water Service—
New Rochelle Water—
«
30
Bake Shope
Foundation Co Amer sha *
Machine
City Water—
4s A
Muncle Water Works—
53
1950
5s
Spring Brook Wat Supply
5s
1965
Monongahela Valley Water
5%s
1%
Giddlngs A Lewis
South Bay Cons Water—
105%
100
71
35
King Seeley Corp
Monmouth Consol Water—
6b
1907
1st A ret 5s A
105%
67%
33%
Garlock Packings com—•
Scran ton-Spring Brook
Joplin Water Works—
1st 5s series A
1957
'
Draper Corp...
Gen Fire
103%
Scranton Gas A Water Co
Indianapolis Water—
1st mtge 3%s
29%
Preferred....
100
Richmond Water Works—
Rochester A Lake
Gulf Coast Water—
74
45
27
Gen Machinery Corp com *
1951
1st 5s series A
1948
31%
42
Federal
107
'••I;
89
1946
1st 5s
18%
Farnsworth Telev A Rad.l
Ask
Pittsburgh Sub Water—
6s.
Community Water Service
534s series B
6s series A
50
16%
28%
Dun A Bradstreet com—*
Bid
Ask
Ashtabula Water Works—
5s
47
Domestic Finance cum pf. *
Bid
8%
4
52%
27%
Tokheim Oil Tank A Pump
Class A
Dentists Supply
Devoe A Raynolds B com
Water Bonds
Tennessee
Time Ino
5%
City A Suburban Homes 10
Union Pacific 2548
'
Products...—.*
Steel common
Thompson Auto
44
Chilton Co common.... 10
Texas A Pacific 4a-4%e
7%
2%
3%
9%
4%
54%
28%
1%
2%
Taylor Wharton Iron A
1.25
1.85
.——20
Stanley Works Inc...—.26
Stromberg-Carlson
*
Sylvania Indus Corp
*
Standard Screw
5
2.00
1.85
3s..
Manufacturing..25
Singer Manufacturing. _ 100
8kenandoa Rayon Corp..*
3
61.60
1.25
62.25
Kansas City Southern
Soovlll
Exploration.——1
Manufacturing...*
6
62.50
62.35
Illinois Central 3s
Pilgrim
Conversion
Talon Ino com
Southern Ry 4s and 4 %s..
2%s
30c.
21%
3.25
1.75
10c.
1
1
54%
3.00
62.00
10%
11%
25
63.75
62.40
45%
9%
10%
6%
Ohio Match Co
5% pflO
•
64 00
Denv A Rio Or West 4%s.
43%
*
Pan Amer Match Corp. .25
New Britain
18
12%
Corp
Central of Georgia 4s
2%s series G A H
8%
Machine....*
34%
Permutit Co
series
Ask
Bid
7%
Petroleum Heat A Power. *
Amer Distilling Co
61.85
Par
Petroleum
American Hardware
Pennsylvania 4s series E._
23%
85
National Radiator......10
13
American Enka
1.50
4
12%
1.90
2%s
— —
84
13%
3d
1.90
Del Lack A Western 4a
75
/22%
12%
1.35
New York Central 4%8—
.
26%
73 %
12%
62.15
1.50
2%s,3%sand3%s
39
25%
10
61.70
1.25
Clinch field 234 a
69%
37
16
A com...*
1.90
3.00
Chic A N orthwestern 4 %»
53%
68 %
6% conv pref 1st ser._in
2d series....
10
1.70
62.00
Chic Mllw St Paul & Pac—
83
82%
Ask
American Cyanamld—
62.25
64.00
-
103""
101
/53%
31%
•
62.10
Canadian National 4 %s-5s
Canadian Pacific 4%s
Bid
Alabama Mills Inc.....
6
2a-234s and 334a
2%s and
1.30
61.70
-
Boston A Maine 6s.
61.50
84
..1998
2014
1969
4%s
convertible income 5s
City & Pacific4s.._.
Amer Bemberg
Despatch—
2%s, 434s & 5s
Missouri Pacific 4 %8-5s-_
Nash Chat A St Louis 2%s
Bessemer A Lake Erie 2%s
71%
27%
70%
; 27%
Industrial Stocks and Bonds
Bid
Merchants
b 1.80
2%sand2%s__
'
2015
General mortgage
American Arch
Atlantic Uoaat L,lne 2%s..
*'
33
.
Par
At*
Atch Top & Sante Fe—
43
—
Norfolk Southern Ry—
Equipment Bonds
Bid
/41%
/31%
,
61
(Del Lack A Western)...
(Penn-Readlng)
series B
86
:
31%
Preferred
West Jersey A Seashore
B
*
General mortgage Income convertible 4%s A
Missouri Pacific RR 1st 4s—
Income 4s series A
....
59
6.00
Warren RR of N J
First mortgage 4%s A
Income 4%s
:
55%
84 %
1989
1999
1969
1957
1995
2015
1990
2005
;
First mortgage 4s
73
100
RR)
(Pennsylvania).. —100
—100
Utlea Chenango A Susquehanna (DLA W)
—100
Valley (Delaware Lackawanna A Western)
vicksburg Shreveport A Pacific (Illinois Central) -.100
Tunnel RR St Louis (Terminal
—
Erie RR
144%
6.00
pref (Terminal RR)......... ..100
Second preferred
-
Des Plaines Valley 4s..
60
56%
6.64
70
1989
2014
2039
;
.
...
convertible B 4%s
Chicago & North Western Ry—
First general mortgage 2%-4s
Second mortgage convertible Income 4%s
178
72
1988
4Mb
General mortgage Incone
92
pref.. ..100
5%
50
45
Co.--
-v.,;<,v
.
Chicago Milwaukee St Paul A Pacific RR—
First mortgage 4s
General mortgage Income A 4%s
"48%
45
3.00
50
Preferred
7%
7
5
Ctfs of beneficial interest In J L Roper Lumber
Bonds—
3.875
60
Western)
New York Lackawanna A Western (D L A W)._ —100
Northern Central (Pennsylvania)
50
Oswego A Syracuse (Del Lack A Western)
60
Pittsburgh Bessemer A Lake Erie (U S Steel)
Morris A Essex (Del Lack A
16%
Common (no par)
Akron Canton & Youngstown
Michigan Central (New York Central)..
7%
3%
16%
Second preferred
.,47
*
7%
3%
Norfolk & Southern RR—
150
—100
A Western)._ —100
Georgia RR A Banking (L A N-A OL)
Lackawanna RR of N J (Del Lack
50
64%
4%
35%
4
35%
5% preferred A (par $100)
Prior preferred
47%
12
11H
Missouri Pacific RR common...
5.50
—100
(N Y Central)
v
Certificates ben interest In common stock..
2.00
(Pennsylvania)
Fort Wayne A Jackson pref
V
■
Common (no par)
Erie RR
2.00
Betterment stock
Delaware
"
,
5% preferred (par $100)
93
4%
4
Chicago & North Western Ry—
40
N-A C L). ..100
Canada Southern (New York
14%
13%
_
Common (no par)
24
Central)
Carolina Cllnchfleld A Ohio com (L A
Boston A Providence (New Haven)
52
v
;
5% preferred (par $100)
84
.
50
——
Chicago Milwaukee St Paul & Pacific RR—
105
29
27 %
Akron Canton A Youngstown com (no par).
77%
—100
Alabama A Vicksburg
Asked
Bid
(Guarantor In Parentheses)
'
For footnotes see page
676
3%
84
4
27%
Vicksburg Bridge
.
38
40%
57
82%
678
The Commercial & Financial Chronicle
Aug. 2, 1941
K
Quotations
Over-the-Counter Securities—Friday Aug. 1—Continued
on
Investing Companies
Public Utility Preferred Stocks"
Par
Aeronautical
Bought
m
Sold
Securities.. 1
Affiliated Fund lno
1)4
♦Amerex Holding Corp. 10
Quoted
•
Bid
Atk
Par
Bid
7.57
8.23
2.45
2.69
Series B-l
28.63
23.41
Keystone Custodian Funds
15
Series B-2
2.77
3.04
Series B-3
Amer
Foreign InVt InclOc
6.89
7.59
Series B-4
X7.21
Assoc Stand Oil Shares...2
4)4
5)4
Series K-l
X14.44
1
18.36
19.96
Series K-2
13.64
Axe-Hough ton Fund Ine.l
Bankers Nat Investing—
Jackson & Curtis
13)4
Amer Business Shares...1
10.96
11.79
Series 8-2
12.02
Aviation Capital Inc
ESTABLISHED 1S79
Members Principal
Stock and Commodity Exchanges
♦Common
Series 8-3
1
3)4
3)4
♦6% preferred
6
Basic Industry Shares..10
4)4
4)4
New York City
Teletype N.T. 1-1600
X15 Broadway
Broad St Invest Co lno..6
Boston Fund
Ine
6
British Type Invest A
r«I. B A relay 7-1800
1
Bullock Fund Ltd
14.65
13.83
8c
12.57
3.51
Knlckbocker Fund
Manhattan Bond
1
14*87
Fund Inc com..
_10c
18c
Maryland Fund lno
3.41
21.32
9.34
Series 8-4
23.05
10c
Mass Investors Trust
Bid
13.78
Mass Investors 2d Fund.l
2.60
3.25
Mutual Invest Fund Inc 10
Century Shares Trust...*
Utility Stocks
25.89
27.84
Nation .Wide Securities—
9.52
10.30
(Colo) ser B shares
•
(Md) voting shares. _25c
National Investors Corp.l
National Security Series—
1
Chemical Fund
..1
Commonwealth Invest... 1
Atk
Par
Bid
Atk
Consol Investment Trust—
Corporate Trust Shares.. 1
Alabama Power $7 pre!..
108)4 110)4
7H
6)4
Amer Utll Berv 8% pref _25
Arkansas Pr A Lt
7% pf-.*
Atlantic City El 8% pref.
121)4
Birmlngbam Eleo 17 pref.*
87)4
86
88)4
National Gas A El Corp.10
New Eng G A E 5)4% Pf-*
New Eng Pr Assn 6% pf 100
New Eng Pub Serv Co—
17 prior lien pref
83.80 prior preferred._60
Carolina Power A Light—
87
preferred
Cent Indian Pow
52)4
55
110)4 113)4
121
123)4
Central Maine Power—
88
7%
100
100
preferred
preferred
56 cum preferred
•
New Orleans Pub Service.*
57
*
7% pf 100
98)4 100)4
109
•
•
16 prior lien pref
90)4
Birmingham Oas—
preferred
*
3)4
4)4
14)4
15)4
37)4
39)4
68)4
65)4
7)4
18)4
69)4
67)4
New York Power A Light—
56 cum preferred
*
7% cum preferred
100
N Y Water Serv 6% pf.100
Consumers Power 85 pref.*
105)4 106)4
112)4
35)4
37)4
Northeastern El Wat A El
Consol Eleo A Oas 88 pref-*
111)4
114)4 116)4
8)4
9)4
41)4
43)4
8 H
9)4
101)4 104
no
Ohio Public Servloe—
Cent Pr A Lt 7% pref.. 100
Community Pow A Lt_.10
Connecticut Lt A Pow—*
Continental Oas A Eleo—
92
94)4
65)4
7% preferred
100
Derby Oas A El 87 pref..*
68 H
Federal Water Serv Corp—
88
cum
*
preferred
88.80 cum preferred—*
Florida Pr A Lt 87 pref..*
Hartford Electric Llght.25
Ind Pow A Lt
5)4% pf-100
54 preferred
Northern States Power—
(Del) 7% pref
6%
7%
42)4
42)4 44 H
103)4 105)4
55)4
57)4
114
115
100
preferred
preferred
63
65)4
70
72)4
106)4 108)4
Okla G A E 7% pref... 100
117 34 119)4
Panhandle
115
117
7% pf—100
Pipe
83 54
86
•
36 H
38)4
64
65)4
Penna Edison 55 pref
Penn Pow A Lt 57 pref
*
*
Peoples Lt A Pr 53 pref .25
Interstate Natural Oas...*
20)4
22)4
29
55 cum preferred
•
Pub Serv Co of Indiana—
109)4 111 H
18)4
19)4
Philadelphia Co—
27
7% pf.-lOO
102)4 104)4
Kansas Power A Light—
57 prior Hen pref
4)4% preferred
100
Kings Co Ltg 7% pref. 100
Long Island Lighting—
7% preferred.
100
Louisville G A E
65)4
34 H
5% pref25
preferred
100
128)4 130)4
Queens Borough G A E—
6%
28)4
preferred
100
Republic Natural Gas....2
21
22)4
5)4
6)4
Rochester Gas A Eleo—
105)4 106)4
Mass Pow A Lt Associates
82
85)4
36)4
Luzerne County G A E—
534% preferred
•
83%
101)4 102)4
64
6% preferred D
Sierra Pacific Pow
—.*
15)4
16)4
100
*
com
8'western G A E 5% pf.100
103
104)4
19)4 21)4
103)4 106
Mass Utilities Associates—
6%
pref..60
Mississippi Power 86 pref.*
87 preferred
_.*
Mississippi P A L 86 pref.*
Missouri Kan Pipe Line..5
Monongahela West Fenn
Pub Berv 7% pref
16
27)4
28)4
82
84)4
5)4
6)4
28)4
29)4
Mountain states Power..*
14
15)4
conv partlo
92
69)4
Texas Pow A Lt 7% pf-100
42)4
131
44)4
134
109
111)4
Low priced bond scries..
2.47
Preferred stock series
..1
2.47
1
Series ACC mod
♦Crum A Forster com..10
♦8% preferred
..100
* *108
54.50 preferred
United
Pub
Utilities
Corp
•
53 preferred
Utah Pow A Lt 57 pref
•
*
108)4
21)4
22)4
22)4
64)4
24
units
13 H
55)4
West Penn Power oom...*
24)4
27)4
West Texas UtU 56 pref—•
♦Common B shares... 10
♦7% preferred
100
Bid
Delaware Fund
1
29)4
31)4
16.63
63 H
23
14 H
23)4
98)4 101)4
Utility Bonds
8.06
Bank stock
5.11
supplies
17*98
8.29
Electrical equipment...
Insuranoe stock
6.84
10.38
C
1
3.30
Machinery
8.00
D
2.50
4.95
5.60
Metals
6.77
26c
1.09
1.20
Oils
Dividend Shares
7.76
Railroad
Eaton A Howard—
17.82
18.93
3.46
Railroad equipment
Steel
6-01
1
Stock
1
10.64
11.30
No Amer Bond Trust etfs.
Eqult Inv Corp (Mass)..6
Equity Corp S3 oonv pref 1
25.01
26.89
No Amor Tr Shares 1953.*
18)4
16.00
19)4
Series 1955
1
2.41
17 22
Series 1956
1
2.36
1
1.94
Fund
Fidelity Fund Inc
*
First Mutual Trust Fund.5
Bank stock series
10c
5.63
6.24
2.07
2.35
Plymouth Fund Ine
3.15
Bid
Ask
1970
106)4 107 H
1956
105
Amer Utility Serv 6s.. 1964
94)4
96)4
Associated Electric 68.1961
49)4
/1534
15)4
15)4
15)4
Income deb 4J4s—1978
Conv deb 4s
1973
f 15)4
16
Conv deb 4)4s
Conv deb 6s
1973
/24H
25 H
1973
/25)4
26)4
Montana-Dakota
/25
27
/65
67
3)4
1961
Narragansett Elec 3)48 66
Series 1958
1.95
10c
.37
3.56
Putnam (Geo) Fund
1
12.34
8.67
Foundation Trust Shs A.l
3*85
Quarterly lno Shares. 10c
Republic Invest Fund—.1
4.40
3.40
Fundamental Invest Inc.2
16.00
17.53
Fundament'! Tr Shares A 2
4.30
5.09
_
3.35
Scudder. Stevens and
•
3.92
General Capital Corp
•
General Investors Trust. 1
27.07
29.11
4.42
4.81
Sovereign Investors
Spencer Trask Fund
4.96
5.46
Standard
Utilities lno. 50c
.20
♦State St Invest Corp.—*
Super Corp of Amer AA..1
62)$
B
Clark Fund lno
•
Selected Amer Shares
Group Securities—
Agricultural shares
3.65
4.03
Aviation shares
Automobile
7.38
8.11
Building shares
4.88
5.94
6.54
8.27
3.70
..1
5.75
*
13.13
5.37
Chemical
79.69
2)4
Selected Income Shares..1
shares.....
shares
Electrical Equipment...
Food shares
7.51
8.26
3.80
4.19
Merchandise
4.94
5.44
5.20
5.73
shares
4.57
5.04
Railroad shares
2.68
2.96
RR Equipment shares..
3.62
Steel shares.......
Tobacco shares....
4.77
5.25
4.20
4.63
shares
3.99
Trustee stand Invest Shs—
♦Series
C
1
2.14
♦Series
D
1
2.03
Trustee Stand Oil Shs—
♦Series
A
1
5.17
♦Series
B
1
5.37
Trusteed Amer Bank Shs—
Class B
25c
.45
Trusteed Industry 8hs 25c
Union Bond Fund B
16.15
Fund Inc
.10
.20
10c
1.30
1.42
Investors..6
14.53
15.62
com
Incorporated
.71
13 K
1.53
U S El Lt A Pr Shares A
•Huron Holding Corp..
Income Foundation
2.09
.
.
2.05
15.02
1.00
1.24
1.37
18.82
20.46
9.42
9.64
1
13.98
Banking
Corporations
♦Blair A Co
Insurance Group shares.
1
Fund
Investment
2.28
13.70
.90
Investors Fund C_.
B
Wellington
1
...
K
♦Central Nat Corp d A._*
♦Class B
•
20
♦First Boston Corp
10
♦Schoellkopf Hutton A
13)4
Pomeroy Inc
10c
com
1
.10
50)4
nm
f 16)4
6.42
40 )4
10
Insuranoe stk series. 10c
Fixed Trust Shares A
Bank Group shares
Kentucky Utll 4s.
7.42
4.30
Chemical
Diversified Trustee Shares
Aviation Group shares
Ask
65 H
11.13
10.27
Building
4.24
Investm't Co of Amer—10
Amer Oas A Pow 3-6S.1063
1
Agriculture
112
5.04
6.73
New England Fund
N Y Stocks lno—
Automobile
Cumulative Trust Shares. •
1.08
5.13
4.24
Aviation
Independence Trust Shs.*
Institutional Securities Ltd
Public
28)4
66)4
Washington Ry A Ltg Co—
Participating
26 H
117)4
Crum A Forster Insurance
Petroleum
Union Electric of Missouri
54)4
Narrag El 4H% pref...60
Nassau A Suf Ltg 7%pf 100
Income sf ries
2.07
1
Series AA
Mining shares
52.76 preferred
60
6% preferred
Mountain States T A T 100
94)4
67)4
2.07
Accumulative series... 1
Series AA mod
8.74
3.32
Fiscal Fund lno—
Eastern
Line Co
Jamaica Water Supply...*
Jer Cent P A L
3.92
27)4
2.17
8.59
Balanced Fun.d
100
..100
Pacific Pr A Lt
40)4
*
3.61
26
9
21)4
110)4 112)4
7.32
3.05
18.21
Canadian Inv Fund Ltd._l
Public
5.93
Assoc Oas A Eleo Corp—
Income deb 334S-..1978
Income deb 3Ha..-1978
Income deb 4s
1978
Conv deb 5)4s
1973
8s without warrants 1940
4)48
Lehigh Valley Tran 5s 1960
105)4
66 H
5s
.1968
96
Luzerne Couuty G A E—
3)48
....1966
107
107)4
/23
Michigan Pub Serv 48.1965
Cone ref deb 4)4s—.1958
no
Sink fund lno 4)4b._1983
Sink fund lno 8s
1983
n
9
n
r7
9
17
S fine 4)4 s-5Ha
1986
Northern
Ohio Power Co 3s
1971
96
97
109)4
9
Old Dominion Pow 68.1951
Calif Wat A Tel 4s...1966
106)4 107
Parr Shoals Power 6s_1952
105
Cent Ark Pub Serv 6s. 1948
101
Philadelphia Co 4)4s.l961
104)4 104)4
103
Central Oas A Eleo—
Portland Electric Power—
1st Hen coll tr 5)48-1946
96)4
98)4
98)4 100
1st Hen colli rust 6s. 1946
Cent Maine Power 3)4s *70
Central Pow A Lt 3%s 1966
Central Publlo Utility—
111
108)4 109)4
flH
90)4
95)4
97)4
1982
63
1962
Southern Count Gas 3s *71
103 34 103)4
104)4 105
62)4
64
65
67)4
60)4
64
Tel Bond A Share 6s.. 1958
Texas Public Serv 5s..1961
1970
92H
108
94)4
Federated Utll 6)4s_..1957
Houston Natural Gas4s .'55
Inland Gas Corp—
95)4
1st mtge 3)is
f debs 3)4a
97)4
1970
1960
Union Elec (Mo) 3)4s_1971
United Pub Utll 6s A. 1960
1967
1 %
81
Ins Co of North Amer—10
79)4
*40 34
23
24)4
Jersey Insuranoe of N Y.20
20)4
22
Knickerbocker
11)4
12)4
Lincoln Fire
5
1
Maryland Casualty
1
3)4
Mass Bonding A Ins
12)4
Merch Fire Assur com...6
62)4
5)4
7
American of Newark
2)4
American Re-Insuranoe.10
133-4
15
47)4
10
13)4
49)4
14)4
American Surety
25
4934
Automobile
10
37)4
39)4
Bankers A Shippers
Boston
...5
9
51)4
Baltimore American
Camden Fire...
Merch A Mfrs Fire NY..5
National Casualty..
National Fire
10
10
2)4
25
National Liberty...
2
*96
100
National Union Fire
20
100
618
633
New Amsterdam Cas
——5
Carolina
City of New York
City Title
7)4
8)4
7)4
26 H
65
7X
158
18 M
New Brunswick
10
35)4
28)4
30
New Hampshire Fire
10
46
10
22)4
24)4
New York Fire
6
20)4
8
22)4
9
North eastern.
Connecticut Gen Life
10
26 H
28)4
5
32)4
34)4
5
5
.....
Northern
North River
Northwestern
2)4
Employers Re-Insurance 10
Excess
2
51
..10
5
Federal
10
Fidelity A Dep of Md
20
Fire Assn of Phfla
10
Fireman's Fd of 8an Fr 25
©■<*
)4
41
8
49)4
1)4
.12.50
15)4
5)4
101
2.50
25)4
National .25
129)4
Pacific Fire—
—25
z20
44
Pacific Indemnity Co—10
43
9)4
51)4
Phoenix
91)4
Preferred Accident
...10
6
128)4 133)4
72 34
74
Providence-Washington .10
108)4 111)4
11
9)4
Reinsurance Corp (N Y) .2
16
36)4
7
Firemen's of Newark
5
Franklin Fire
5
31
2)4
3
43
45)4
St Paul Fire A Marine62)4
249
2434
26)4
Seaboard Fire A Marine. 10
7)4
112
General Reinsurance Corp 5
Georgia Home
10
Gibraltar Fire A Marine. 10
25.34
27)4
Glens Falls Fire
6
44
46
5
10)4
12
Seaboard Surety
10
Security New Haven
10
Springfield Fire A Mar..25
129
Globe A Republic
Globe A Rutgers Fire
39)4
37)4
124)4
51)4
107)4
103)4 104)4
112)4
103)4 104)4
Utlca Oas A Electric Co¬
ds
81
oo
i-H ©
Toledo Edison Co—
109
104)4 105)4
1952
79)4
103)4
31 Yk
78)4
74)4
108)4
bid
10
17 H
American Reserve
Eagle Fire
s
6)48 stamped
72)4
108
64
CoU lno 6s (w-e)
1954
Dallas Ry A Term 68.1951
3)is
..1951
Sou Calif Gas 3)4s...l970
Sou Cities Utll 5s A... 1958
.....5
10
Continental Casualty
Republic Servloe—
Southern Nat Gas 3)4a '56
Crescent Publlo Service—
El Paso Elec
/18)4 19)4
106)4 107)4
94)4
96)4
2)4
89 M
Cons Cities Lt Pow A Trac
8S
1982
6s series B__
...I960
Collateral 6s
Income 6)4s with stk '62
Cities Service deb 6s..l963
Consol E A O 6s A
HI %
6s
Pub Serv of Okla 3)4s. 1971
Pub Utll Cons 6)48
1948
...
30)4
10
109
Par
Home
28)4
American Alliance
65
Companies
Att
10
......
American Equitable
5
Amer Fidel A Cas Co oom 5
American Home
...10
61
bid
131)4 135)4
57)4
59)4
Home Fire Security
Homestead Fire
105)4 106)4
110)4 111)4
106)4 107)4
88)4 90)4
Sink fund lno fMte—1986
—10
25
Indiana—
Public Service 3)4s_1969
Aetna Life
10
Agricultural
s
11)4
Par
Aetna Cas A Surety
Aetna
106)4 107)4
Utll—
New Eng O A E Assn 6s *62
NY PA NJ Utilities 6s 1956
Assoo Oas A Eleo Co—
Insurance
68)4
93)4
Le<ington Water Power—
Republic (Texas)
Revere (Paul) Fire
Rhode Island
2d preferred
10
26 34
10
25)4
15
8
10)4
Standard Accident..
15
64
68
4
29
Stuyvesant
Sim Life Assurance
5
27)4
100
200
10
12
Travelers
100
399
—
83)4
33
Gen Mtge 4)4s
For footnotes
1950
see page
106)4 107)4
103
676.
104
6)4s
.i960
108)4 109)4
10
101
103
Great American
5
Great Amer Indemnity
Halifax
1
10
10)4
12
10
27)4
29
U S Fidelity A Guar Co..2
U S Fire
4
24
Hanover
Iowa Southern Utll 48.1970
West Texas Util 3)4b.1969
Western Publlo Servloe—
92
95
U 8 Guarantee...
76
52 H
5434
Westchester Fire
10
2.50
51)4
36)4
Volume
The Commercial & Financial Chronicle
153
Quotations
Over-the-Counter Securities—Friday Aug. 1—Concluded
on
If You Don't Find the Securities Quoted Here
In
which
our
monthly Bank and Quotation Record.
cation quotations are carried for
stocks and
Real Estate Bonds and Title Co. Mortgage Certificates
Bid
have interest, you wiJl probably flDd tbem in
you
bonds.
The
classes
Banks and Trust Companies—
all active
In this publi¬
7
8
17
18
1st leasehold 3X-5b 1944
Broadway Motors Bldg—
are:
Canadian
Canadian
Bid
36 X
B'way Barclay lno 2s..1956
B'way A 41st Street—
over-the-counter
of securities covered
Domestic
Out-of-Town)
Ask
Alden Apt 1st mtge 3s. 1957
Beacon Hotel lno 4s_.1958
Municipal Bonds—
Domestic (New York and
679
28
29X
60 X
61X
19
20 X
.
4-68
Cud wig
1st 6s: Bklyn)
54
84
8 f deb 5s
Federal Land Bank Bonds
Public Utility Stocks
3s
1957
Chanln Bldg 1st mtge 4s '45
Foreign Government Bonds
Railroad Bonds
CbeseboroughBldg 1st 6s'48
Railroad Stocks
Colonade Construction—
1st 4s (w-s)
1948
21
Insurance Stocks
Real Estate Trust and Land
Court A Remsen St Off Bid
1st 3bia—
i960
Dorset 1st A fixed 2s..l957
Stocks
Investing Company Securities
Joint Stock Land Bank Securi¬
Title Guarantee and Safe
Deposit
Stocks
ties
Mill Stocks
The Bank and
sells for $12.50 per year.
58 X
48
1960
58
2
Seosf ctfs4J*s (w-s.'68
22
24
59
60
..1943
61
64
...1957
60
62
16X
16X
17X
17X
5X8 stamped
13
1946
1961
14
Realty Assoo Seo Corp¬
se Income
7X
f5X
Foreign Unlisted Dollar Bonds
Bid
Anhalt 7s to
1946
Antloqula 8s
1946
f8
/50
f25
f25
f32
Bank of Colombia 7%.1947
1948
7s
Barranqullla ext 4a...1964
Bavaria 6Xb to
1945
f8X
,
Ask
below are
|
mmm
mmm
mm-
*mm
PX
1945
Cities 7s to
f!8
Ask
J8X
•Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7Hs '32
Hungarian Dlsoount A Ex¬
change Bank 7s
1936
mmm
J4 X
mmm
J4X
mmm
ft
mmm
34
mmm
Bavarian Palatinate Cons
Bogota (Colombia) 6Xb '47
Bid
P
P
Jugoslavia 5s funding -1956
Jugoslavia 2d series 58.1966
10
10
mmm
mmm
J8X
S3
S8X
1943
Koholyt 6X8
1945
fl7X
18X
Bolivia" (Repu'bllo)" 8sl 1947
1968
J4X
f4X
4X
Leipzig O'land Pr 6^8 '46
Leipzig Trade Fair 7s. 1953
7s
1969
f4X
4X
Luneberg Power Light A
OS
1940
16 X
—
...
8s
_
78
Brasil funding 5s_. 1931-51
f8X
J43
Bras 11 funding scrip
S62
Brandenburg Eleo 68.1953
J8X
f8X
Bremen (Germany) 78.1935
1940
Oe
5
m*m
J8X
-mmm
JO
J47
Burmelster A Wain 68.1940
25
J—
S35
Montevideo
scrip....
Call
(Colombia) 7s...1947
Callao (Peru) 7Hs__.1944
sox
J15X
PX
Cauca Valley 7Xa
1946
JOH
Ceara (Brazil) 8s
1947
J2
10X
17 X
4X
iox
Munlo Bk Hessen 7a to '45
S8
Fuller Bldg debt 6b...1944
1st 2H-4s (w-s)
1949
38
Graybar Bldg 1st Ishld 5s '46
87 X
13
mmm
(A A B) 4s... 1946-1947
163
...
16 0
30
1950
17X
1957
3X8 with stock
89"
22
18X
The Madison Ave—
3s with stock
14
Syracuse Hotel
30
35
Hotel St George 4s
1950
Lefcourt Manhattan Bldg
1st 4-6s
1948
Lefoourt State Bldg—
34 X
35X
1st lease 4-6Xa
.1948
Lewis Morris Apt Bldg—
1st 4s
1951
39X
Lexington Hotel units
38X
Lincoln Bldg lnc 5Xb w-s
due 1952 (1500 paid)...
55
London Terrace Apts—
1st A gen 3-4s
1952
28 X
(Syracuse)
1st 3s
1965
51
85
1958
Textile Bldg—
1st 5s
23 X
25X
26
29
46 X
48
Trinity BIdgs Corp—
1st Income 3-5s x-s.1949
2 Park Ave Bldg 1st 4-5s'46
Walbrldge Bldg (Buffalo)
46
3s
1950
10X
Wall A Beaver St Corp—
1st 4X8 w-s—
1951
20X
Westlnghouse Bldg—
1st mtge 4s
1948
30
40
31
33
NOTICES
CURRENT
—Charles P. Berdell, Jr. has retired
as a
partner in Berdell Brothers and
Mr. Berdell has been a
Langley & Co.
the exception of the
period from 1927 to 1930, when he became a Vice-
then financial affiliate of the
Nat Central Savings Bk of
1962
Hungary 7H8
President in Joint charge of the New
14 X
mmm
14 X
...
joined Berdell Brothers
York office of the Old Colony Corp.,
Old Colony Trust
as a partner
Co. of Boston.
He
re¬
in 1930.
National Hungarian A Ind
1948
Mtge 78 j
Stanley Bellows, who has been associated with Berdell Brothers for a
number of years, has joined the sales department of
1945
1946
1952
J4X
85
/35
/io
Costa Rica Pao Ry 7Xb '49
5S
1949
/13
no
"
12
12
Cundlnamarca 6H8..1959
J8H
Dortmund Mun Ut!16Hs'48
J8
J8
J8
..1945
DulSburg 7% to
1945
Eat>< Prussian Pow 6s. 1953
J8
J8
Eleotrlo Pr (Ger'y) 6Hb '50
J8
1963
6Xs
European Mortgage A In¬
vestment 7)4s...._l<966
88
mmm
W. C. Langley & Co.
18 X
9X
1946
Westphalia 6s '33
18 X
18 X
Protestant Church
Prov Bk
15
13
J4X
'63
1945
f8
French Nat Mail SS 6s '52
35
Frankfurt 7s to
...
Rio de Janeiro 6%
1933
Rom Cath Church 6 Ha '40
—
R C Church Welfare 7» '40
18 X
S8
18
Saarbruecken M Bk 6s.'47
18
mmm
Salvador
1948
8s ctfs of deposit. 1948
mmm
7X
16
18
9~"
mmm
Santa Fe 4s stamped-1942
166
mmm
Santander (Colom) 78.1948
n3
io x
mmm
mmm
1938
12 X
mmm
1947
Sao Paulo (Brazil) 6a.
1943
10 x
10X
10 X
100
Mtge Bk Jugoslavia
1956
18
12
no
18
15
145
60
1951
6X8
5s
1948
39
Stettin Pub Utll 7s
1960
1940
Toho Eleotrlo 7e
43
"
1955
Tollma 78
1947
f8
mmm
....1963
47
mmm
Vesten Eleo Ry 7s
1947
Hamburg Electric 6s. .1938
JO
Wurtemberg 7s to
1945
mmm
This
composed of especially trained individuals of
field organization,
experience in this type of work, includes 1,486 resident
long
87% of all cities of over 50,000 population and in
over
representatives
76% of all cities of
25,000 population.
department has been placed under the management
The new proxy
Theodore
who was formerly a
Lyon,
Exchange firm of Wallace, Lyon &
partner
of
of
the New York Stock
Co.
mmm
—Harriman Ripley &
mmm
become
Co., Inc., announce that Herbert H. Bowker
with their Chicago
associated
investment banking business with
in
H8X
140
18
18
18
1919
and for the past
office.
has
Mr. Bowker entered the
the old Guaranty Company of New York
12 years has been associated with
office of Stone & Webster and
the Chicago
announce
that
mmm
mmm
Philadelphia office.
Mr. Janney was formerly with
of
Par
Bid
ASh
a
23 X
1951
f22
Baraqua Sugar Estates—
6s
1947
62
64
1954
/49
/25
27
in
State
and
Ward & Williams, to conduct a brokerage
municipal bonds.
Offices have been opened at
William St.
8H
26
1
25X
•
IX
IX
Corp.*
8X
9X
Sugar Refg...l
Vertlentes-Camaguey
29X
..6
3 M
3%
I
6 X
6X
Preferred
Edward H. Williams announce the formation
■—Jackson
&
Curtis announce that
Alexander R. Piper, Jr. has been
52
1989
8H
Biddle, Whelan &
Vice-President of Janney & Co.
partnership under the name of
business
15
Eastern Sugar Assoc com. ]
Antllla Sugar Estates—
with them in their
...
—Sheldon M. Ward and
Stocks
members of the New York Stock Exchange,
Janney is now associated
Joseph N.
Co., and before that was
Ask
Blodget, Inc.
...
Sugar Securities
Bid
available to corporate management,
collection assignment with a minimum of
traveling expense and a minimum loss of time.
—Burton, Cluett & Dana,
1967
Uruguay conversion scrip..
Unterelbe Electric 6s..1953
Hanover Hars Water Wks
Bonds
and towns, in every State
The firm states that this professional service, with its
the country.
mmm
J5
Guatemala 8s
18 X
York Stock Exchange,
comprehensive service for the personal
mmm
Slem A Halske deb 68.2930
2d series 5s
Conversion Office
1964
members New
Co.,
will be able to execute a proxy
14 X
18
18
18
State
Gras (Austria) 8s
in
in
Santa Catharlna (Brazil)—
German Central Bank
fn
&
solicitation of proxies simultaneously in 529 cities
6X
IX
110
mmm
mmm
...1946
mmm
Saxon State Mtge 6s.. 1947
fio
Eisemann
that they have arranged a
mmm
16 X
7s 1957
8s....
J8X
German scrip........
9
announce
network of personnel, which is now
1948
Agricultural 0s
—Alexanier
mmm
4s scrip
by Berdell Brothers under the
name.
mmm
Building A Land-
bank Gbia
firm
mmm
18 X
mmm
Mickle and Maurice C. Reinecke will
the business formerly conducted
continue
same
18 X
68
Saxon Pub Works 7s..1945
German Atl Cable 7s.. 1946
Theodore V. D. Berdell, J. Clifford
mmm
1941
6a 1936
ox
8%
Farmers Natl Mtge 7s.
:.--7
& Co.
1968
(Ger¬
Porto Alegre 7s
J18
1967
public utility division of
Moody's Investors Service, also has become associated with W. C. Langley
33~
mmm
many) 7s
J18
S3
1967
7b lnoome
—
13
1966
7s ctls of deposit..1957
1966
Income
7s
Harold A. Hanning, formerly, manager of the
...
156
30
5% scrip....
Poland 38
mm
1946
Colombia 4s
18
18 X
mmm
Cordoba 7s stamped..1937
Costa Rica funding 6s. '61
Haiti 6s
1947
61 Broadway Bldg—
33
31 X
Harriman Bldg lBt 6s. 1951
Hearst Brisbane Prop 6s' 42
14X
mmm
Oberpfals Eleo 7s
I V
1953
6s
1st 3X8
37 X
U X
fl3X
Corp—
1st 5 H B(w-s)
1956
60 Park Place (Newark)—
partner in Berdell Brothers since the firm was established, in 1908, with
sox
Nat Bank Panama—
Panama
Budapest 7s
Funding 3s
Sherneth
26
has become associated with W. C.
fQ
1934
City Savings Bank
German
18X
mmm
Panama City 6X8..
Madgeburg 6s
German
16 H
S8
7s to
Central German Power
7bin
Incdeb 5s ws
1966
42 Bway 1st 6s
1939
1400 Broadway Bldg—
1st 4s stamped. ....1948
10M
Oldenbnrg-Free State—
German Central Bk
Dueeeeldorf 7s to
Savoy Plaxa Corp—
3s with stock ......1956
mmm
3X
Central Agrlo Bank—
see
18
1st mtge 4s
mmm
S8
(C A D) 4s__. 1948-1949
Caldas (Colombia) 7 bis *46
38
17
mmm
1945
Munich 7s to
Nassau Land bank 6X8 '38
mmm
36
Roxy Theatre—
S8X
Meridionals Eleo 78..1957
_
mmm
37
mmm
'
1963
GH*
Buenos Aires scrip
mmm
Municipal Gas A Eleo Corp
Recklinghausen 7b. 1947
mmm
f4X
1962
Brown Coal Ind Corp—
...
'
1948
Water 7s
...
S8X
Mannheim A Palat 78.1941
44""
British Hungarian Bank—
7Xb
Land M Bk Warsaw 8s '41
35
40 Wall St Corp 6s...1958
Due to the European situation some of the quotations shown
\ V*
5X
Prudence Secur Co—
Broadway Building—
6Ms (stamped 4s)..1949
nominal
31
2d mtge 6s
1951
165 Broadway Building—
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '62
Film Center Bldg 1st 4s '49
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
31 X
26
6s 1952
1st lnoome 3s
Your subscription should be sent to
56 X
46
3X
/4
500 Fifth Avenue—
Quotation Record is published monthly and
49X
i6X
Ollcrom Corp v to........
1 Park Avenue—
33
Deb 5s 1952 legended
50
47 X
30
N Y Towers 2-4s
Hotel units
Eqult Off Bldg deb
U. S. Territorial Bonds
Mining Stocks
23
Eastern Ambassador
U. S. Government Securities
65X
5Xb series F-l
6Xb series Q
51
Industrial Bonds
Real Estate Bonds
62%
15X
6X8 series BK
6 Xb series C-2
30
Industrial Stocks
1946
N Y Majestic Corp—
4s with stock stmp. .1956
N Y Title A Mtge Co-
Brooklyn Fox Corp—
Public Utility Bonds
1947
lBt 6s (in
1961
Metropoi Playhouses lnc—
N Y Athletic Club 2s.1956
1948
Ask
Baumann—
6s
Haytlan Corp com
Punta Alegre Sugar
Haytlan Corp 4s
5s
Sugar Co
New Nlquero Sugar—
Xa.
1940-1942
Savannah
/30
West Indies Sugar Corp.
31
admitted
to
general
the firm in the
John B. Carroll
bond department
Chicago after
Mr. Piper will represent
bond trading section on the New York Stock Exchange.
& Co. have opened a government bond department
under the management
—Joseph A.
For footnotes see page 676.
partnership in the firm.
of Richard D. Oldham, formerly of the government
of R. W. Pressprich & Co.
Allen becomes associated with Mason, Moran &
Co. of
having been with Webber, Darch & Co. for several years.
The Commercial & Financial Chronicle
680
General Corporation and
1941
Aug. 2,
Investment News
RAILROAD-PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
It is
However, they
FILING
OF
always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as possible.
not
are
REGISTRATION STATEMENTS
SECURITIES
UNDER
ACT
The
following additional registration statements (Nos.
4803, both inclusive) have been filed with the
Securities and Exchange Commission under the Securities
Act
of
1933.
The amount
involved is approximately
$3,871,840.
4799
to
Lukens Steel Co. (2-4799, Form A-2), Coatesville, Pa., has filed a
registration statement covering 175,000 shares of common stock ($10 par)
AU of the shares are issued and outstanding and are to be offered to the pubIig for the account of certain selling stockholders.
The company will
receive none of the proceeds.
Pistell, Wright & Co., Ltd., according to
the prospectus, will be principal underwriter for the public offering.
At the
present time, according to the statement, the company estimates that 90%
of the sales of it and subsidiaries expressed in dollars are made either to the
Government, in connection with the national defense program, or to con¬
tractors who propose to use the materials so purchased in fulfilling Govern¬
ment contracts.
Robert W. Wolcott is President.
Filed July 2o, 1941.
International
Tool
Steel
Corp. (2-4800, Form A-2), Elkhart, Ind.»
a registration statement covering 18,380 shares of common stock
($1 par).
The shares are to be offered publicly for the account of certain
selling stockholders and none of the proceeds will be received by the com¬
pany.
Reynolds & Co. and E. H. Rollins & Sons are among chief under¬
writers.
C. Itussell Feldmann is President.
Filed July 25, 1941.
has filed
Versailles Apartments,
Inc. (2-4801, Form F-l), Chicago, III.—The
voting trustees have filed a registration statement covering voting trust
certificates for 60,060 shares of common stock (par $1).
Lucius Teter and
others are voting trustees.
Filed July 28,1941.
Pilgrim Investors, Inc. (2-4802, Form C-l), Detroit, Mich., has filed a
registration statement covering Pilgrim Fund Certificates of Ownership, the
aggregate amount not to exceed $1,000,000. Amos F. Gregory is Presi¬
dent.
Filed July 29, 1941.
a
Trailer Co. of America (2-4803. Form A-2), Cincinnati, Ohio, has filed
registration statement covering 4,547 shares of 7% cumulative preferred
stock ($100 par) and 81,095 shares (no par) common stock.
The preferred
stock is to be offered at $100 per share and the common at $8 per share.
Company will realize $1,092,320 from the offering if all shares are sold.
The present holders of company's stock will be offered first opportunity
to buy new stock and any shares remaining unsold will be sold to general
There are to be no underwriters of the issue.
Filed July 29, 1941.
public.
A. J. Waltering is
President.
The last
in
our
previous list of registration statements
July 26, page 540.
was
given
issue of
Adams Express Co.—Forms
Company has formed
Underwriting Affiliate—
securities underwriting affiliate to be known as
The new corporation will participate in under¬
writing of securities but will not handle secondary distribution.
Formed under the Delaware laws, the corporation has an initial capital
and surplus of $100,000 of which $50,000 is capital and $50,000 surplus.
All the capital is owned by Adams Express Co.
Authorized capital is
$500,000.
Most of the officers and directors are now officials of Adams Express Co.
In forming the new corporation, officials of Adams Express Co. have
sought to separate the underwriting and investment trust business of the
a
Adamex Securities Corp.
corporation.
George M.
Concurrently the Marine Midland Trust Co. of New York
Co.
of the
interest
Canton
&
Net ry. oper. income.
From Jan. 1—
Gross from railway..
1940
1939
$154,923
$173,200
39,787
18,667
1,489,160
634,686
.
Net from railway
Net ry. oper. income.
1,102,024
346,241
189,169
369,565
1938
944,315
258,954
79,497
"In
our
741,554
114,158
def46,667
veniently do so."—V. 153,
June—
RR.—Earnings—•
1941
Gross from railway.....
railway......
Net ry. oper. income.
From Jan. 1—
Gross from railway.
Net from railway.
1940
$681,495
238,383
$884,767
330,384
180,792
Net ry. oper. income
—V. 152, p. 4114.
704,705
1,122,396
$519,549
111,629
90,455
3,610,424
1,061,874
740,592
3,795,356
3,008,819
489.288
434,046
Allied Products
Corp.—Special Dividend—
special dividend of 50 cents per share and a
quarterly dividend of 25 cents per share on the common stock, both payable
Oct. 1 to holders of record Sept. 12.
Special of $1 was paid on Dec. 27,
1940 and one of 37)^ cents was paid on Dec. 26, 1939 —-V. 153, p. 234.
Allied Stores
New
The
Corp.—Listing Acquisition—
Stock
York
Exchange has authorized the listing of
1950 Bonds
12,169
additional shares of 5% cumulative preferred stock (par $100) on official
notice of issuance in connection with the acquisition of the securities of
B. Gertz, Inc., making the total amount applied for 244,672 shares.
B. Gertz, Inc. (N. Y.) owns and operates a department store doing a
general retail merchandising business in Jamaica, N. Y.
This store was
originally established as a stationery and sporting-goods store in 1911 and
grew into a complete department store, dominant in the retail field it
occupies.
During the past 15 years this store has been one of the fastest
growing retail institutions in America, as shown by the following compari¬
sons of approximate annual sales volume: 1925, $500,000; 1930, $1,000,000;
1935, $3,000,000; 1940, $6,000,000.
Under an agreement dated Feb. 17, 1941, between all of the stockholders
of B .Gertz, Inc. and Allied Stores Corp., Allied is acquiring as of Feb. 1,1941,
all of the outstanding capital stock of Gertz in exchange for $400,000 in cash
plus such number of shares of the 5% preferred stock of Allied, which,
computed at par value, will equal the amount by which the purchase price
of the capital stock of Gertz exceeds $400,000.
The pin-chase price of the
capital stock of Gertz, as defined in the agreement, is the difference between
the assets and liabilities of Gertz, plus an additional sum of $500,000.
Thus computed, the total purchase price has been determined to be $1,616,974.
It is the present intention of the management to charge this entire
amount to investments in stocks of subsidiary companies; and to credit
$4CC,074 to cash, $1,216,900 to 5% preferred stock (par $100).
Dividends accrue on the aforementioned 12,169 shares of 5% preferred
stock from Feb. 1, 1941 and amount to $25,352 at July 1, 1941.—V. 152,
3484.
p.
' V
.
|F Allis Chalmers Manufacturing Co.—Earnings—
Sales billed-—..-
—
Profit before Fed.
&
excess
1941—6 Mos.—1940
1941—3 Mos.—1940
..$28,725,320 $25,125,448 $48,998,701 $43,696,602
inc.
profits taxes.
2,372,889
3,213,108
4,154,577
Tentative prov. for Fed.
inc.
&
excess
profits
taxes
—
1,420,000
Earnings
733,000
1,765,000
1,040,000
$1,793,108
$1,639,889
$2,389,577
$2,609,758
$1.01
$0.92
$1.35
$1.47
—
Net profit
common
3,649,758
,
;
per
share of
stock
June
30 balance
current liabilities of
sheet
Total
current assets of $69,161,930 and
ratio of over 4 to 1.—V. 152, p. 3484,
showed
$17,268,884,
a
3331.
:
Alton RR.-
■■
;
/.
■
^
-
Earnings—
1941
1940
1939
1938
$1,823,003
557,485
$1,349,166
$1,412,570
371,880
June—
Gross from railway.
Net from railway.
____
Gross from railway.
Net from rail way
_
266,334
Net ry. oper. income...
—V. 153, p. 93.
def7,835
95,549
9,430,296
2,474,199
768,286
—
$1,231,025
254,450
def23,162
7,652,343
7,530,707
1,494,141
def63,544
7,133,084
1.181,276
def392,842
240,478
1,208,319
def306,832
Amalgamated Electric Corp., Ltd.—Interim Dividend—
Directors have declared
an
interim dividend of 25 cents per share on the
stock, payable Aug. 30 to holders of record Aug.
3385.
15.—V. 151,
•:.
American
Car
&
Foundry Co.—Dividend Injunction—
Vice-Chancellor Henry T. Kays of Jersey City, N. J., issued a temporary
injunction on July 28 against this company, restraining it from paying
approximately $600,000 in common stock dividends in an action entered by
Oscar B. Cintas of Havana and former Cuban Ambassador to the United
States.
Mr. Cintas, who said he holds $250,000 in preferred stock, sought
the restraint
on
the ground that
the corporation had failed to pay arrears
1938.—V. 152, p. 235.
the preferred issue from 1936 to
(& Subs.)—Earnings—-
Consolidated Income Account, Six Months Ended June 30
1941
Sales
1940
"1939
106,678
Depreciation
105,452
100,451
$236,326
46,556
loss$34,S38
50,687
loss$34,547
51,183
$529,381
30,137
$282,882
56,321
$15,849
50,040
$16,636
50,040
"flf, 017
a208,000
80,024
19.339
27,000
$282,227
$100,198
$1.27
$0.45
$4,400,553
3,820,990
$3,712,049
3,370,271
$2,839,813
2,774,200
1938
$2,695,827
2,646,338
84,036
$472,885
56,496
——
deposited._..$15,239,000 $11,982,000 $11,474,000 $38,695,000
Percentage of total isissue deposited
Percentage of total issue
required to be depos'd
♦
Percentage of required
amt. now deposited..
*
1949 Bonds
Co.—Bonds Called—
bonds, 3H% series due 1965, has been
Payment will
Pa.—-V. 151,
Directors have declared a
follows:
1944 Bonds
Amount
384.
American Seating Co.
Alleghany Cor p.—Bond Plan—
Corporation, July 31, announced the deposit of $38,695,000 of bonds of
its three bond issues in assent to its plan of indenture adjustment, equal
to 82.9% of the $46,683,600 required for effectiveness of the plan.
are as
p.
686.
p.
on
By issues, the deposits
the holders of these bonds
early consummation of the plan is in the
A total of $30,000 first mortgage
1938
$610,404
190,714
128,607
116,174
4,934,123
1,714,428
1,000,102
....
that
called for redemption on Sept. 1 at 105 and accrued interest.
be made at the Fidelity-Philadelphia Trust Co., Philadelphia,
p.
,
1939
an
Bethlehem Gas
Allentown
common
*
opinion, therefore,
Net ry. oper. income.__
From Jan. 1—
Alabama Gas Co .—Bonds Called—
Holders of first mortgage bonds 4H% series due 1951 are being notified
by the New York Trust Co., successor trustee, that it will apply unexpended
bond retirement and property improvement fund moneys to the redemption
on Sept. 2, 1941 of $30,000 principal amount of these bonds.
The bonds,
drawn by lot for redemption, will be redeemed at 101% and accrued interest
at the corporate trust department of the bank, 100 Broadway, N. Y. City.
—V. 152, p. 3010.
Southern
feel
recommend consent
plan and deposit of your bonds thereunder as soon as you can con¬
_
Alabama Great
we
interest of the holders of 1950 bonds, and we strongly
to the
The
$119,592
18,771
def5,036
42,335
14,359
—V. 153, p. 92.
*
bonds and
interest, support the plan by depositing their bonds
own
promptly.
Note—The Federal tax reservation for 1941 is based substantially on the
latest available data on the proposed Tax Act now being drafted.
Youngstown Ry.—Earnings—
1941
$271,704
116,532
60,288
June—
Gross from railway"
Net from railway.___
Net from
1950
should, in their
The board of directors of the new corporation are E. E. Barrett, E. S.
Bloom, H. W. Chadbourne, G. E. Clark, G. M. Gillies Jr., A. B. Royce
and H. K. Smith.
All are on the board of managers of Adams Express.
—V. 153, p. 540.
Akron
trustee
193d to
improve position of your bonds.
We adopted a strenuous and aggressive
policy which lead us into the litigation mentioned in the prospectus and
into prolonged and difficult negotiations culminating in the plan now before
you.
The trustees for the 1944 and 1949 issues have recommended the
plan to the holders of their respective issues.
Federal Judge Vincent
Leibell, In the court of the litigation, found the plan fair and equitable to
the holders of the three issues of Allegheny bonds and to Alleghany Corp.
"We regard this plan as a successful conclusion to our efforts in the
Period End. June 30—
Gillies Jr., executive Vice-President of Adams Express Co.
Its President will be
George "E. Clark, now Vice-President and Treasurer of the parent company;
F. H. Bolland Jr., will be Vice-President; Robert M, Bellmer, Treasurer,
and F. P. Degnen, Secretary.
The latter two are ofiicers of Adams Express
will be Chairman of the board of the new company.
as
advised 1950 holders*
"We have made every effort since our appointment in April,
Operating profit
51.4%
54.6%
54.7%
60.0
60.0
75.0
85.7
91.0
72.9
53.3%
Profit from direct oper
Interest
82.9
Prem.
Including bonds already received by the trustees, but held in abeyance
for clearance of legal matters relating to authority to deposit.
The Guaranty Trust Co. of New York, trustee of the 1944 bonds on
July 31 released a letter to holders of this issue stating "We believe it will
be advantageous to holders of the 1944 bonds to have the plan consum¬
mated as soon as possible."
Simultaneously
the
Continental
Bank
&
Trust
Co.
of New
York
as
trustee wrote holders of the 1949 bonds:
"We call your attention to the fact that, because of the continued ex¬
pense to the trust estate pending the deposit of the required percentage of
bonds, an early consummation of the plan is desirable.
In the interest of
economy we wish you would give this matter your prompt attention."
Other income
on
&
notes
unamort.
por¬
tion of exp. in connec¬
with red. of 6%
tion
notes
Other
*
expenses
Federal income tax.
Net profit.,-.
j
Earns, per sh. on 221,062
shs. com. stk. (no par)
'
19,627
27",240
loss$53,818
loss$60,645
Nil
Nil
a Normal income taxes computed at 30%.
Includes $90,000 for excess
profits tax which has been estimated on the basis of recent Ways and
Means Committee proposals.
Volume
The Commercial &
153
Financial Chronicle
Atchison Topeka & Santa Fe Ry.- —Earnings—
Consolidated Balance Sheet June 30
Cash
Accounts
value,
suit,
Accrued
76,957
72,311
1,746,653
1,992,548
6,448
5,447
2,764,258
2,360,695
life Insurance
Customer accounts
comm.,
rec.—less res
Other
receivables.
Inventories..
Land,
Div.
chinery,
213,564
139,629
238,591
582,253
110,531
payable
1,650"odd
1,380,000
Deferred income.,
26,498
27,923
Common stock..
3,778,615
758,734
3,778,615
a
Capital surplus
equip.,
758,734
902,275
1,349,136
Jan. 1, 1937—.
Miscell. investm'ts
—$8,469,332 $7,795,766
Total
$7,795,766
......$8,469,332
Represented by 221,062 no-par shares.—V. 152, p. 4115.
a
,'ay's!':
s'a
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Corp.—Transfer Agent—
American Home Products
Corporation has notified the New York Stock Exchange of the appoint¬
Co., New York, N. Y., as transfer agent for
common stock, effective as of the opening of business Aug. 1, 1941.—
V. 152, p. 3012,
r-v:,
a ;a'
SVArA® ASS/
SSSi
ment of Manufacturers' Trust
its
Mills Co.—35-Cent Dividend—
American Rolling
July 28 declared a dividend of 35 cents per share on the
common stock, payable Sept. 15 to holders of record Aug. 15.
Like amount
was paid on June 14 and on
April 5, last, and dividend of 25 cents was
paid on Dec. 18, 1940, this latter being the first dividend paid on the com¬
mon shares since Dec. 15, 1937, when 40 cents per share was distributed.—
V. 152, p. 3640.
/;/;
Directors
on
American
Output—
Works & Electric Co.,
Water
a a"
ssas
;
Inc.—Weekly
s'ssss":':s;v
a'a
properties of American Water
totaled 65,545,000
the output of 54,681,900 kilowatt
Output of electric energy of the electric
Works & Electric Co. for the weeK ending July 26, 1941,
kilowatt hours, an increase of 19.87% over
hours for the corresponding week of 1940.
Comparative tabie of weekly output of electric energy for the last five
follows:
1941
1940
1939
1938
1937
July 5
x57,275,000 x45,057,000 x38,876,000 x33,488,000 x44,221,000
July 12
62,960,000
52,596,000
46,361,000 39,814,000
50,993,000
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
years
Week Ended
Includes July 4th
x
holiday.—V. 153, p. 541.
SAsSaS
•
.
1
Corporation is notifying holders of its first mortgage 7 % 20-year sinking
fund gold bonds, series A, that the company will redeem on SepL 1, 1941
all of these bonds outstanding at par and accrued interest, plus a premium
of 1 %. The bonds will be redeemed at the office of the Chase National Bank
of the City of New York, Corporate Trust Department, 11 Broad St.,
New York City.—V. 152, p. 973.
; ASS SSASS
Corp,—Earnings—
American Writing Paper
a
1941
1940
i. $4,006,170 ©$3,253,384
6 Months Ended June 30—
Gross sales..
b Cost of goods sold
3,453,675
2,811,361
Selling, administrative and general expenses....
$552,495
260,886
$442,023
268,735
Net operating income
$291,609
$173,288
Cr3,894
34,848
-a 65,258
58,619 a
©Drl ,083
.
—
Gross profit on sales
c
Other deductions, less other income
d Inactive property expenses...
Interest
on
Associated Gas & Electric Co.The
.....
general mortgage bonds
:/
Provision for Federal income taxes, estimated
General Protective Committee for
38,668
93,774
8,259
$31,505
$95,734
...
indenture trustees
answers.
representing Corporation security-holders have
$31,505
.
;
SAA; A-'
Balance Sheet June 30-Ay-AA". A a.
'
$263,548 Accounts payable.
$546,801
$387,652
$302,371
166,469
(cost).
746,822
1,511,628
711,640
672,600
777,488
receivable......
1,427,069
711,640
Land..
•;>'
b
4,847,301
and
taxes, prior year
59,584
64,291
20,523
62,859
Security
investm't
for
42,491
Est.
Fed.
income
.
a'a
G'dwill, tradem'ks
a
2,080,341
3,431,674
519,136
425,975
surplus
Total....
...$9,003,013 $8,800,391
2,067,310
d3,438,671
Common stock..
Earned
Total
19,102
63,854
i- Capital surplus
$9,003,013 $8,800,391
doubtful notes and accounts, 1941, $69,625;
Less reserves for
1940,
$78,181.
b Less reseres for depreciation, 1941, $880,630; 1940, $668,392.
c Represented by 413,462 no-par shares in 1941 and 416,068 no-par shares
in 1940.
d Including excess of stated value over cost of common stock
in the treasury,
a-as'a aa
$7,038.—v. 153, p. 386.
Anaconda Wire & Cable
Co.—Earnings—
Interest earned (net)
1941
$5,189,331
8,152
1940
$1,137,098
2,856
Total income
$5,197,483
$1,139,954
439,913
218,581
113,481
3 Months Ended June 30—
Profit
manufacturing operations..
on
Selling and administrative expenses..
Deprec., obsoles. and dismantlements
1,008,669
473,239
Prov. for Federal income taxes
920,538
1,034,518
350,000
Federal
excess
profits taxes...
Res. for conting. (unknown taxes)
Net income
Earns, persh.
—v.
$3.34
on421,981 shs. cap. stk
Arbor
Ann
;1
1939
$801,696
z)r441
$801,255
439,511
216,918
13,533
1940
1941
$131,293
$0.31
From Jan. 1—
;
Gross from railway
p.
94.
1938
$277,138
41,195
8,557
125,264
71,420
$306,091
57,430
25,359
...
2,239,563
567,542
299,920
1,985,659
322,116
109,186
1,812,472
231,882
21,806
161,612
def41,931
aaSSSSAaSAASa. Sya aaAa
Light Co.—Obituary—
Harvey c. Couch,
■
President of this company and a nationally known
his home on July 30 at the age of 65.—v. 153,
'
.
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.
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aav
AaASSI;;
ASS
s;: asa-la
ava>a
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& Telegraph
.:>•
CoS—Accumulated
a
Dividend—
have declared
dividend of 56 cents per share on the 7 %
48 cents per share on the 6% preferred
accumulations on Aug. 15 to holders of
a
preferred stock, and a dividend of
stock, both payable on account of
record Aug. 1.—v. 152, p. 4116.
Gross from railway
"
$381,925
Net from railway
87,462
Net ry. oper. income
From Jan. 1—■
30,578
a
^
$255,685
5,549
def45,113
$269,894
25,720
def21,616
$251,742
5,691
def38,544
2,146,970
386,017
' •:
■..
■
.
AAA;
SSSA AS
\
v1
S S
A
AAV-
77AVAAAAA5
yAAA'S
AAA;;:-
sassass s
1,801,849
defl49,650
aaa'
v,
1,658,166
SaSIISSA
271,075
def34,706
1,728,272
141,349
46,494
Gross from railway
Net from railway
Net ry. oper. income
—v. 152, p. 4116.
1938
1939
1940
1941
v
a:aala:'v;"a
AAAAASSA
aSaA;SSA IaS
Birmingham & Coast RR.—Earnings-
Atlanta
june—
105,966
sv;vaaa;7;asa
defl97,452
SS
aaa!
sasssas a!as
•aS-AASA
Net from railway
1940
$144,826
15,819
def7,738
defl2,484
1,136,421
294,047
914,711
112,470
def29,683
848,884
96,953
def48,862
Net ry. oper. income
From Jan. 1—
Net ry. oper. income.
—y. 153, p. 94.
a
78,507
_ .
$128,713
6,039
defl7,399
775,937
16,299
defl24,029
asaa'a
Atlantic Coast
Line RR.—Earnings—
30—
Net oper. revenues—
loS:!!
$411,843 $12,042,521
350,000
3,750,000
$5,607,001
2,950,000
$61,843
268,066
$8,292,521
1,407,887
$815,947 def$206,223
$6,884,634
$1,143,051
600,000
Operating income.—
Equip. & jt. facil. rents.
Sas'.'s;aaasa: ssaa'
ASSSASSSA: SAA
.
aisaaaias Mm
"a-;.7- '-7;a
•Ai'aa
aas,'a';"'v a-as;
vaava'vasaa
aaav;
;.aasvaa'.:'^ a
>'■.•'■"aaa; a aa'
A; ;
A'
"-
•'
"A A .-;y ,
'A' SA
$1,077,400
261,453
7aa,'aa
a'aaa7
a::as®aav®
a;:a--"aaa;aaa:a;a
as-';
lasaa
AS,
AAAAA AA
94.
Atlantic Refining Co.
(& Subs.)
Earnings—
1938
1940
1939
$70,041,013 $60,205,944 $61,986,525
Gross oper. income
52,903,053
48,185,247 49,597,117
Costs, oper. & gen. exps. 54,407,481
2,585,761
3,703,721
2,599,483
Taxes.
4,763,477.
Res. for possible add 1
6 Mos. End. June
1941
30—
doubtful ree'les
Intangible develop, costs
Depl., lease amortiz. &
„
1,500,000
332,188
1,488,303
1,256,948
retire & other
amortization...—5,019,870
abandonments
Net oper. income
Non-oper. income, net..
$5,012,680
455,622
Inc. before
int. chges.
Net income for
224,779
944,165
312,139
1,136,238
1,114,350
1,147,818
922,615
5,251,643
5,066,080
5.022,668
$5,374,960
289,976
$1,758,939
Dr4,756
"$5766L936
$1,754,183
$2,971,536
399,366
401,149
105,209
•
$2,689,420
282,116
:
a,"-,a-
S: s
a
$5,265,570
$1,353,034
$2,866,327
sa
804
296,000
296,000
3,125
296,000
2,816
296,000
A'A
com.stk $4,765,543
$4,968,766
$1,053,909
$2,567,511
period. $5,062,708
applic. to min ints.
Divs. on pref. stock....
Inc.
Earns, per sh. on 2,663,999 shs. com. stock.__
—v. 153, p.
$5,468,302
405,594
282,391
1,410,895
,
1,165
$1.79
$1.87
-
aaaaa.
V S:"';,A.A
;A;-":-: A'A-V
'
$2,657,001
1,513,950
$1,677,400
Deduct taxes
.
saaas:aaaa mm
saaaaaaa'a aaaaa:,
1941—6 Mos.—1940
1941—Month—1940
8S5S!^S;:::: WIS
—v. 153, p.
1938
1939^
$134,379
13,436
Gross from railway
aaa-..
sasa-sa |a
1941
$196,612
52,108
June—
Period End June
RR,—Earnings-
-AAA
a aaa a: a-''
Bal. applic. to
known industrialist, died at
542.
■s
sal's "a?
s;a;
1,635,143
Arkansas Power &
p.
AAA AS
ssi m
a
Interest charges.
'
Net from railway.^....
Net ry. oper. income...
153,
1939
$324,284
47,487
12,122
$410,195
r
a
taxes & contingencies.
RR.—Earnings—
railway
Net from railway
Net ry. oper. income
-.a
■
.
v'.y. v.
a
Deprec.,
June—
aaa a
■"
7,;''A S-ASSA
Service Corp. reports that for the week ended July 25
of the Associated Gas & Electric group was 114,248,950
(kwh.),
This is an increase of 14,268,343 units, or 14.3% above pro¬
duction of 99,980,607 units a year ago.—v. 153, p. 542.
Insur. &
$367,979
$0.87
ass as
;-vv".7;.vvm
.'a-
units
Net ry. oper. income
152, p. 2813.
Gross from
—v.
$1,410,519
...
--'a.-- rf
also filed
The Atlantic Utility
Net from railway ......
taxes—
2,190,975
c
S:Aa
:';a
net electric output
Gross from railway.....
& State
Long-term debt2,175,275
1
1
104,539
current year
4,359
_
-
and patents
future
pulp costs fluct'n
39,000
.
93,774
Acer. est. Fed. inc.
Pro v.
a A'
for trial, the committee, its counsel and staff, are actively
cooperating with Company trustee and counsel.
It appears now that
Corporation trustees and security-holders will fight to retain advantages
which they believe they have over Company and its security-holders.
In
our opinion, the courts will recognize and correct the injustices created by
the former management and existing at the time the court assumed control
of the estate.
Nevertheless, constant vigilance and hard work will be neces¬
sary if your rights are to be protected.
This committee has pledged its
untiring efforts to this end.
,
There have been many developments since our last report, some of which
are encouraging.
It now appears that a compromise and adjustment with
the State and Federal tax authorities will soon be brought about.
If this
takes place, it will produce the lifting of liens and release a tie-up of certain
assets which have been retarding reorganization.
When this reorganization in bankruptcy started there were approxi¬
mately $59,000,000 in Company fixed-interest obligations outstanding in
the hands of investors.
Accumulated interest has since increased this to
a total of around $65,000,000.
In carrying on its protective work in behalf
of the investors to whom this vast sum is owing, the committee treasury
has received $18,000 in personal loans from its four members.
These
advances have made possible the committee's many services both in and
out of the court, including among the latter the substantial items of circularization of debenture holders, and also the printing and mailing of
our bi-monthly report.
:
v
Says''
Atlanta & West Point
gen.
mtge. bonds
Cash
corporate trustee
on
General reserve..!.
672,600
Bldgs., mach'y,
equipment- 4,828,409
Def'd charges and
Water-power rights
prepayments...
on dep. with
int.
Acer.
a
-
139,030
Notes and acc'ts
Inventories
1940
Accruals.........
Cash
a
aASA\: S'.S'
1941
Liabilities—
1940
"1941
a-
■■
In preparing
Directors
and cash discounts,
b Materials,
labor
including depreciation as follows:
six months 1941, $78,991; six months 1940, $76,089.
c Including depre¬
ciation as follows:
six months
1941, $1,809; six months 1940, $1,693.
d Including depreciation as follows:
six months 1941, $28,963; six months
1940, $29,128.
© Adjusted for reclassification of cash discounts allowed
as deduction from "gross sales," rather than previous classification under
"other deductions, less other income" in prior year report.
Amount in¬
volved, $96,854.
f Profit on gen. mtge. bonds reacquired has been
credited directly to earned surplus.
■
;"<;</ /uaa
'"SS
returns, allowances, freight
and manufacturing expenses,
Assets—
a
.
(limited to the fixed interest obligations of the com¬
pany) of which Irvin McD. Garfield is Chairman in a report to the holders
of the fixed interest obligations of Associated Gas & Electric Co., who have
given authorization to the committee, states in part;
Issue has now been joined in Associated Gas & Electric CompanyCorporation litigation. Judge Leibell has announced his intention of appoint¬
ing a special master to conduct hearings.
The committee on May 7 filed the companion petitions concerning which
we previously advised you, namely, one in the name of the committee for
all Company fixed-interest obligation holders, and one in the name of 50
representative holders in each of the nine classes.
Counsel, accountants
and advisers will carry through the summer preparation for the trial, which
should be under way by early Fall.
Our companion petitions were submitted in behalf of all fixed-interest
obligation holders of Associated Gas & Electric Company, although one
specifically named only 50 individual holders.
More than 650 of our con¬
stituents volunteered to join in the petition in behalf of the rest.
It was,
however, impractical for us to use more than 50 of these volunteers.
We
therefore took only one from each State in the United States where sub¬
stantial numbers of debenture-holders reside, and from each Province in
Canada.
Those constituents not named have exactly the same rights as
those who are.
Our fight is being waged in behalf of all fixed interest
obligation holders.
The court directed the filing of our petitions and the filing of answers by
the trustees of ageoorp.
This has been done.
Various committees and
......
Less
a
Security Holders of Associated
& Electric Co.
Associated Telephone
f Balance transferred to surplus.
Appoint Special
Weekly Output
$136,778
41,044
i
Net income for the period
Provision for future pulp costs fluctuations
■Court to
■
t
American Wire Fabrics Corp.—Bonds Called—
,
—v. 153, p. 94; v. 152, p. 4116,
Gas
1,706
1
less reserves
Total
1941—6 Mos.—1940
1941—Month—1940
Railway oper. revenues.$19,733,951 $13,978,642 $97,282,276 $75,183,585
72,048,887
63,427,053
Railway oper. expenses. 13,138,679
11,187,487
11,368,078
7,397,883
Railway tax accruals...
3,032,330
1,285,592
Other debits or credits.. Dr216,667
Drl7,835
0115,164
Crl21,513
Net ry. oper. income...
13,847,475
4,473,812
3,346,274
1,627,075
Period End. June 30—
Master-—
Earned surp. since
2.760,716
68,719
2,701,077
Prep'd&def'dexp.
116,085
$300,000
payable.
payrolls,
taxes, <fcc
Long-term liabll
bldgs., ma¬
less reprec. res..
1940
$270,000
Notes payable
$533,624
$1,057,853
1941
Liabilities—
1940
1941
Assets—
Cash
681
$0.40
s
aaa.
'
!
k
$0.96
I
387.
V.
:A:M
>•
-
.
t
"
The Commercial & Financial Chronicle
682'
Atlas Imperial Diesel Engine Co. (&
6 Mos. End. May 31—
Gross sales
1941
$1,944,724
Cost of sales, excl. depr.
1,320,276
Sell. & admin, expense.,
248,874
1940
$1,380,766
999,706
229,350
Subs.)—Earnings
1939
al938
$149,469
$119,244
18,928
$151,710
30,404
8,820
6,316
$182,114
32,283
$158,289
31,557
$125,560
30,963
3,790
3,790
12,345
14,275
29,227
3,790
16,440
22,099
3,790
16,440
11,566
$375,573
Other inc., int., disct. ,&c
Total income
Depreciation
Amortiz. of Mattoon De¬
velopment costs
Interest
on 6% notes
Prov. for income taxes
Prov.
for
90,629
__
658,221
188,803
profits
excess
tax..
38,504
«•
—
~
Baltimore & Ohio
b.$215,375
b$102,538
$84,402
$62,802
a Reclassification
of certain accounts results in slight
changes of 1938
Items, as compared with statement to shareholders covering semi-annual
period ended May 31, 1938.
b Equivalent to $1.19 per share on 180,401
shares of capital stock in 1941 and to 57 cents per share in 1940.
Consolidated Balance Sheet
Assets—
May 31 '41 Nov. 30 *40
Cash
$306,843
5288,230
30,000
IAahiLUles—
43,050
Notes pay, to bank
Accts.
pay.
and
Funds set aside for
red. of
0%
own
accruals.
notes
Notes & accts.
ceivable
(net)..
cess
1,201,103
1,076,623
945,302
Mortgage
Net
rev.
from ry. oper.
Railway tax accruals
Equip, rents (net)
Joint facility rents (net)
equip, (nct)--
620,586
651,328
burg Diesel Eng.
Capital
Inc
72,823
72,177
103,588
163,588
5,000
5,000
Title guaranty dep
b Int. in vessel ac¬
shares.
Miscell. investm'ts
Prepd.
Operating expenses
Taxes
65,108
15,060
450,000
902,005
47,653
386
........
386
657,188
646,043
2,431
Total...
$3,547,040 $3,095,687
Non-operative, at depreciated cost of assets for which exchanged, less
proceeds of portion sold,
b At estimated value, and in vessel taken in
a
trade, at amount allowed.—V. 152, p. 1739.
Jan. 1 '41 to Jan.l7'40lo
June 30 '41 June 30 '40
Tons milled
Recovery per ton
Gold production, less marketing expense
Oper. expend., incl. develop., mining, milling and
76,592
$9.84
51,556
$9.75
754,200
497,360
administrative and general expenses
Reserved for taxes
438,382
40,000
298,611
24,500
Miscellaneous income.
$275,818
1,850
$174,249
Estimated
$277,668
52,000
45,600
$174,344
27,850
34,700
$180,068
$111,794
9.00 cts.
5.59 cts.
for depreciation
Pre-operating expenditure written off.
95
—V. 152, p. 1905.
Inc.—Earnings-
6 Months Ended June 30—
Net proceeds from sales of securities
Cost of securities sold
1941
1940
$97,376
85,210
Profits (less losses) on sales of securities
Dividends received
$28,576
$12,166
5,575
.
2,825
$34,151
4,036
Gross income
Expenses
Provision for Federal income tax
$14,991
4,393
6,081
Net income
$24,034
$10,598
Notes—(1) Unrealized depreciation on marketable securities amounted
$20,427 at June 30, 1941, as compared with unrealized appreciation
(before provision for income taxes payable on realization thereof) of
$52,188
Dec. 31, 1940, or a decrease of $72,615
during the six months ended
at
June 30,
1941.
During the six months ended June 30,1941, purchases of marketable
securities aggregated $55,451, net proceeds from sales of
marketable se¬
curities aggregated $94,350 and cost of marketable securities
sold (deter¬
mined by "average" method) aggregated $65,773.
(3) The provision for Federal normal income tax (based on
"specific
certificate" method of determining cost of securities
sold) has been com¬
puted at the rates specified by tne Second Revenue Act of
1940 in the
absence of definite information as to the rates which will be
effective for
1941.
No provision has been made for Federal excess
profits tax as no
liability therefor exists on the basis of the Second Revenue Act of 1940.
%
Liabilities—Accrued Federal income and other taxes, $7,251; accrued
legal
and professional expenses,
$600; capital stock (par $1), $22,545; paid-in
surplus, $386,533; earned surplus, $574; total, $417,503.
Note—The liquidating value of the
company's capital stock was $17.26
per share at June 30, 1941.—V. 152,
p. 1124.
Babcock & Wilcox Co.
(&
6 Mos. End. June 30—
Profit on oper. after sell.,
admin, and gen. exps...
Subs.)—Earnings—
1941
1940
$6,424,303
427,205
$2,269,990
1939
accts. and notes
Deprec. & amortization.
Total profit
43,826
Net profit
289,001
$1,984,599
4,139
$6,045,063
34,109
1 8.247
547,000
$1,474,905
25,786
5,046
$2,023,717
a4,195,000
300.247
x$672,005 x$l,796,724
35,203
3,915
x$632,849 x$l,752,691
3,771
5,658
1,812
Company's proportion of
x$636,620 x$l,758,350
350,000
300,000
244,258
58,155
Due to customers
13,978,918
43,543
....
86,504
14,591
13,327
Agency account..
Partic. pref. stock. 10,000,000
Common stock
3,000,000
17,948
15,230
603,433
11,832
13,392
93.504
Deferred charges..
14,720
.
Res. for expenses-
570,738
and
equip.
trustee
Surplus
'■
Treasury stock
—
15,344,966 14,998,4321
10,000,000
3,000,000
1,383,874
.15,344,966
Total.
1,261.631
14,998,432
—V. 152, p. 671.
Barbon Corp.—Special Meeting to Vote on Liquidation—
A special meeting of stockholders of this corporation (formerly Bardstown
Distillery, Inc.,) a Delaware corporation, wid be held on Aug. 19.
A. Approving, authorizing and directing the dissolution of the corporation
and the adoption of a plan of complete liquidation, as follows:
1. As soon as practicable after this plan shall have been adopted, ap¬
propriate steps and (or) proceedings shall be taken or had to effect the
dissolution of the corporation.
2. The directors and (.or) officers, with due expedition, shall cause liquida¬
tion of its remaining assets into cash and fully settle and(or) discharge the
ODligations of the corporation.
3. As soon as practicable, the directors shall declare and cause to be paid
a first liquidating dividend to the stockholders of the
corporation.
The
amount of the said first liquidating dividend shall be fixed by the directors,
in their discretion, after making provision which, in the opinion of the
directors, is deemed adequate for the payment, settlement and (or) discharge
of all of the obligations of the corporation (including, without limitation,
unliquidated and contingent obligations),and for the expenses of liquidation.
4. Farther liquidating dividends out of fund which may be available
after provision which, in the opinion of the directors, is deemed adequate
for all undischarged obligations of the corporation and for expenses of
liquidation, shall be paid, subject to the provisions- of paragraph 5 oelow,
at such time or times, and in such amount or amounts, as the directors
shall, in their discretion, determine.
5. The liquidation of the corporation, pursuant to this plan, and the
distribution and transfer of all of its property and assets thereunder, shall,
in any event, be completed before Aug. 31, 1944 pursuant to the laws of
the State of Delaware.
B. Transacting such other business as may properly come before said
meeting, and in general to vote and act upon and with respect to all questions
and matters which may come before the said meeting.
Only stockholders of record of the company on July 29, 1941, shall be
entitled to notice of and to vote at said special meeting or upon any adjourn¬
ment thereof.—V. 152, p. 3961.
Barnsdall Oil Co.—Reduces Bank Loans—
Dewey Loucks, Chairman of the Board, made the following an¬
July 31:
Company had outstanding on Jan. 1, 1941, $7,500,000 of serial bank
loans.
As of this date, (July 31, 1941), company has reduced such loans
by payment on account thereof, to $3,400,000.
The maturities of the
$3,400,000 still outstanding are: $900,000 on May 1, 1945; $1,256,000 on
May 1, 1946; and $1,250,000 on May 1, 1947.
The company has also been relieved from the contingent liabilities re¬
ported in its annual report, involved in guaranties amounting respectively
to $237,751 and $801,705.—V. 152, p. 3014.
nouncement
3 Mos. End. June 30—
Tons of ore milled
Ltd.—Earnings—
1941
1940
163,570
157,960
1939
155,525
$655,599
$646,353
$603,188
1938
150,820
Net income from metals
production
Development,
oper.
$606,488
and
other current expenses
373,303
343,528
340,207
332,789
Operating profit
Non-operating revenue.
$282,295
$302,826
$262,982
$213,699
947
810
461
$303,772
68,750
$263,792
26,600
$274,160
$218,899
Prov. for taxes
2,804
$285,099
66,200
$235,022
$237,192
$274,160
Note—No allowance made for depreciation.—V. 152, p. 3014.
Belden
Manufacturing Co.—Earnings—
6 Months Ended June 30—
Net sales billed
Net income before depreciation
1941
Provision for depreciation
Prov. for Federal taxes (estimated)..
—
Provision for contingencies
Net income
1940
1939
$4,644,537
769,105
j
$2,760,431
$2,214,504
295,375
93,495
321,000
3,223
87,985
40,066
209,332
85,784
21,136
9.521
$351,388
$167,324
$92,892
73,748
Net income
354,748
328,915
Including
excess profits tax, and provision
Loss.—V. 152, p. 2844.
Baldwin Locomotive Works—New
110,762
to
cover
250,510
anticipated tax
Official—
Company announced the appointment of Arthur S. Goble as Assistant
Manager, Chicago District Office.
The company also announces that
Loan pay. to bank
& advs. made to
Non-recurring income
net
earnings of cos. more
than 50% owned less
dividends declared...
x
x$383,004 x$l,496,477
285,391
$1,850,063
Interest paid
Prov. for Fed. inc. taxes
increase,
335,543
4,005
Net profit
Net profit on operat'ns
$5,997,098
Income from investm'ts.
Miscellaneous income
a
$
338.722
Reserve for taxes.
Total income
1938
incl. prov. for doubtful
undistributed
1940
$
Deferred income..
150,997
Beattie Gold Mines,
Balance Sheet June 30, 1941
Assets—Cash, $78,995; marketable securities, at cost (quoted market
value—$317,862), $338,290; prepaid taxes and expenses, $217; total,
the
Liabilities—
$
Wm.
(2)
$417,503
1941
1940
141,496
2,537
Total
Mines, Ltd.—Earnings-
Period
to
$43,888
100,000
Due from cust's...
Furn.
Aviation Capital,
159.66G
$46,228
■
Invest, and loans. 14,194,467
Accrued Int. rec..
43,749
$3,547,040 33,095,687
reserve
201,410
148,687
150,997
& subscr. agree't
Aunor Gold
397,510
44,743
Deps. under purch.
1,999
Total
$
Cash
Mattoon plant de¬
accts.
30,229
1941
Assets—
1
Employees'
114.145
29,059
Balance Sheet June 30
657,188
859,391
7,580
1
116,372
149,538
Profit for the 6 mos.
47,636
3,790
,314,554
$347,922
is lower
ever
Deposits-
charges
303,489
$393,070
902,005
($5
600
velopment costs
Diesel patent
J
320,155
$371,628
104,799
20,220
Adj. of security values to
cost or market, which¬
and
exps.
deferred
600
1938
$33,368
300,467
with settlem't of 1936
Fed. & State inc. taxes
14,000
v
1939
$89,581
Int. & fees in connection
Earned surplus—
10,000
1940
$51,473
$48,3501oss$150,900
1,316
37,466
373,000
stock
-Earnings—
1941
$76,620
$377,087
103,614
30,842
716
Capital surplus...
account
Interest, dividends, com¬
missions & other inc..
65,937
Scrip for fractional
quired for unpd.
Bankers Securities Corp
257,280
on prop.
par)
$2,840,614 $22,255,043 $12,376,162
Total income.
notes
Real estate
a
$4,280,468 $30,484,680 $20,177,058
950,360
6,134,537
5,718,276
318,303
1,144,654
1,269,063
171,191
950,446
813,557
6 Mos. End. June 30—
Prof. & loss on sales—net
385,557
plete lnstallat'ns
Convert'le 6% gold
Atias-Thorn-
$6,345,348
1,054,406
209,593
141,784
$4,939,565
.
Net ry. oper. income.
-V. 153, p. 542.
129,133
124,555
Reserve for Incom¬
Invest. in & advs.
to
$63,009
ex¬
profits taxes
Customers' dcpos.
855,194
Oper. plant, prop.
&
$50,000
......
Prov. for inc. &
re¬
Inventories
May 31 '41 Nov. 30 *40
RR.—Earnings—
1941—Month—1940
1941—6 Mos.—1940
Operating revenues
$19,342,077 $15,294,836$104.361,261 $83,159,829
M'aint. of way & struc..
9,575,407
7,596,482
1,771,354
1,652,350
Maint. of equipment—
23,937,466
18,706,094
4,125,659
3.144,615
Traffic
2,463,899
442,006
2,512,784
447,143
34,265,698
30,289,590
4,986,353
Transportation
6,027,708
Miscell. operations.....
744,963
833,104
138,818
160,924
General
2,755,269
645,476
3,184,430
463,941
Trans, for invest.—Cr__
CV2.687
CV3.147
Dr4,750
Period End. June 30—
—
Net income for period.
1941
$966,268
$394,501
33,858
Operating profit..
$1,201,143
843,838
207,836
Aug. 2,
Curtis G. Green, formerly connected with the St. Louis and Chicago dis¬
trict offices, has been appointed manager in charge of Diesel locomotive
sales, with headquarters at Eddystone, Pa.—V. 153, p. 542.
$351,388
$167,324
$166,640
Whipple Jacobs, President, states:
Shipments in the second quarter again made a new all-time record, ex¬
ceeding the first quarter by 13% and the corresponding quarter in 1940
by 88%.
i
Tax reserves for the period were increased to 50% of earnings,
making the
reserves for the first six months over 47
%.
Based on what is known on the
new
proposed tax bill, a further increase will have to be made in the last
half of the year if gross earnings continue at the current rate.
\
Volume
The Commercial
153
Borden Co.—Interim Dividend—
noticable affected operations,
possibility must not be overlooked, I am hopeful that we can
the same rate as for the first
To date priorities on materials have not
and while this
Directors have declared
continue through the year at approximately
six months.—V. 152, p. 3014.
Bessemer & Lake Erie
from
Gross
railway
Net from railway
Net ry.
$2,224,770
1,415,991
1,079,662
_
income
oper.
From Jan.
1938
1939
$1,496,807
799,574
735,851
$751.879
4,070,834
679,824
522,515
2,584,981
def66,415
def270,706
246,964
164,829
8,850,217
4,301,569
3,440,093
Net from railway
Net ry. oper. income
—V. 152, p.
6,675,992
Boston Woven Hose & Rubber
Co.—Special Dividend—
a special dividend of $2.50 per share on the no
payable Aug. 25 to holders of record Aug. 15.
Directors
also declared a quarterly dividend of 50 cents per share on the common
shares likewise payable Aug. 25 to holders of record Aug. 15.—V. 151, p.
2.729,772
2,152,370
par common stocK,
2635.
4117.
Beaumont Sour Lake & Western
1939
$215,695
81,478
30,798
$177,393
39,63 7
def5,497
1,628,770
Gross from railway—-
1,502,979
68o,097
341,514
1,491,745
the
$174,383
35,899
3,875
1,566,933
701,915
375,163
__
690,227
333,469
Net from railway—
income..
648,999
308,897
Sell Common Stock—
P. W. Brooks & Co., Inc., New York, have notified
regional office of the Securities and Exchange Commission at Cleveland,
Ohio, of their intention to offer to the public 13,333 shares of common stocs:
of the Steel company at $7.50 a share.
Of the total 9,240 are to be offered on behalf of the corporation while
4,093 shares, owned by the underwriters, are to be offered for the Brooks
firm's account.
The shares offered are included in the 29,093 shares cov¬
ered by the registration statement filed last March.—Y. 152, p. 1740.
The corporation and
1938
$240,746
81,470
.<
28,735
Net ry. oper. income..
From Jan. 1—
•
Brainard Steel Corp.—To
Ry. -Earnings—
1940
1941
Juju—
Gross from railway
Net from railway
oper.
on
Directois have declared
1—
Gross from railway
Netry.
paid
1940
$2,055,496
1,298,064
948,399
interim dividend of 30 cents per share on the
an
stock, payable Sept. 2 to holders of record Aug. 15.
Litce amounts
June 2 and March 3, last; final dividend of 50 cents was paid on
Dec. 29, 1940; three interim dividends of 30 cents were paid in preceding
quarters; 50 cents paid on Dec. 20, 1939; 30 cents on Sept. 1, June 1 and
March 1, 1939, and a final diivdend of 40 cents paid on Dec. 20, 1938.—
V. 152, p. 3015.
common
RR.—Earnings—
1941
June—
683
& Financial Chronicle
—V. 152. p. 4117.
Briggs & Stratton Corp.—Earnings—
Bethlehem Steel Corp.
(& Subs.)—Earnings—
Consolidated Income Account (Including Subsidiary
1941—6 Mos.—1940
Period End. June 30—-
.
Net profit from opera'ns
before depreciation
Companies)
1941—3 Mos.—1940
1941—6 Mos.—1940
$15,716,952 a$18808,476 $35,005,080 a$37256,269
Interest & other charges.
1,482,355
2,242,446
2,998,796
4,466,472
Prov. for depr. & deplet.
8,583,140
a5,758,712
15,918,799 all,091,340
Period End. June 30—
1941—12 Mos—1940
$892,383
48,375
$1,965,274
87.885
$1,374,877
94,276
$1,387,940
$844,007
$1,877,389
$1,280,601
53,147
45,053
136,771
98,953
$1,441,087
$889,061
$2,014,160
$1,379,554
a992,526
317,544
$1,432,556
Prov. for depreciation-.
44,616
Total income....
Net profit from oper..
Other
income, less
mis¬
cellaneous charges
Net
$5,651,457 $10,807,318 $16,087,485 $21,698,457
$1.34
$3.07
$4.29
$6.09
purposes of comparison,
b After allowing for dividend
profit
b Earns, per sh. on com.
Restated
a
for
the preferred stocks.
Note—The amount provided for taxes based on income and Federal
excess
profits taxes for the first quarter of 1941 was $7,270,000, which
was based on the provisions of the Federal
Internal Revenue Code and
other tax laws as in effect at the end of that quarter.
It now being apparent
that there will be a substantial increase in Federal taxes for the year 1941,
in the absence of a more accurate guide, the amount provided for Federal
income and excess profits taxes for the second quarter of 1941 has been
estimated on the basis of the provisions of the Federal Internal Revenue
Code as the Ways and Means Committee of the House of Representatives
proposes further to amend it, and an additional provision for Federal
income and excess profits taxes for the first quarter of 1941 has been made
on the same basis out of income for the second quarter of 1941, so that the
requirements
on
total of the provisions for both
The
profits
such quarters will be on such basis.
aggregate so provided for taxes based on income and Federal excess
taxes out of income for the second quarter of 1941 is $17,630,000.
E.
Net prof.before inc.tax
Prov. for income taxes..
Net
discussing the affairs of the corporation after
the meeting,
disclosed that:
Bethlehem's tax
Unfilled orders, the
in the second quarter established new high records for
billings
1940
$506,168
$0.92
$0.54
After provision for depreciation, other
a
$578,000: 1940,
(1941,
the
situation is serious and may curtail steel production.
Mr.
Grace advocated that exports to England should be in finished steel rather
than in ingots and semi-finished products, so that domestic steel makers
could salvage the normal scrap from the raw steel.
Bethlehem is running on a hand-to-mouth basis on scrap, according to
the chief officer, who pointed out that the corporation needs about 300,000
tons per month and has only a few weeks' supply on hand.
The corporation,
he added, is bringing in scrap from Mexico and Cuba, at prices considerably
above the current market in this country.
One of the reasons for the scrap shortage, he contended, was the amount
scrap
exported in the past few years, adding that it is costly to use pig iron
of scrap and the new blast furnace program recently announced
in Washington involving more than 6,500,000 tons new capacity will
require one to two years to complete.
"If increased steel capacity came in today we would not have enough
in place
pig iron or scrap to supply the
facilities," continued Mr. Grace.
"Any
or semi-finished sent abroad means.a loss of scrap which would
normally come to the domestic steel makers in their operations."
As an example of what is ahead, Mr. Grace stated that the Lackawanna
$150,000), and, in 1941, also after provision of
increase,
Brooklyn Edison Co., Inc.—Earnings—
1941—12 Mos.—1940
369,723
1,578,108
1,551,701
$12,593,618 $52,433,145 $52,177,982
425,379
409,977
1,663,794
1,426,778
1941—3 Mos—1940
Period End. June 30—
Sales of elec'y.Mkwhs..
382,601
Sales of electricity
$12,726,475
Other oper. revenues
revenues..$13,151,854 $13,003,595 $54,096,939 $53,604,760
5,676,852
5,553,084 22,546,223 21,961,042
1,362,707
1,380,680
5,845,828
5,683,452
3,331,898
3,09.5,924
13,261,696
12,186,996
Total oper.
Operating expenses
Depreciation
Taxes
Operating income
(net)
$2,780,397
34,100
$2,973,907 $12,443,192 $13,773,270
32,822
137,522
271,604
Gross income
$2,814,497
$3,006,729 $12,580,714 $14,044,874
555,520
2,222,080
2,222,080
Other income
Int.
555,520
long term debt..
on
Other int.,amort, of debt
,
and
disct. and expense
$2,201,672
Net income
299,649
119,429
69,862
57,305
miscell. deductions
$2,381,347 $10,239,205 $11,523,145
accruals.
provision has been made for Federal excess profits
liability for such tax.—Y. 152, p. 2485.
Includes Federal income tax
a
Note—No
tax as
return filed shows no
Brooklyn Union Gas Co.—Earnings—
1941—6 Mos.—1940
1941—12 Mos.—1940^
$12,697,367 $12,661,272 $24,304,720 $24,038,413
6,232,820
6,094,188
12,065,608 11,835,076
Maintenance
751,026
835,038
1,522.941
1,590,219
Prov. for depreciation._
940,792
981,840
1,753,125
2,036,908
Period End. June 30—
Operating
revenues
Operating
expenses
Amort,
of gas plant ac¬
30,517
30,301
61,035
91,034
1,777,213
1,794,310
3,510,896
3,546,439
Operating income....
(net)
$2,964,996
I>22,402
$2,925,592
Dr33,483
$5,391,113
Dr44,l72
$4,938,735
Gross income
ingots
with capacity of about 300,000 tons of ingots per month, usually
but this year it had not
possible to increase the scrap pile one ton, "and when the lakes freeze
over it will not be a pretty picture," he added.
Questioned as to whether the steel ingot production rate might have
to be sharply reduced because of the scrap scarcity, he said that there was
a chance of such a dip.
all depending on what additional scrap might be
located.
He confirmed that the Office of Production Management was
considering a plan for the general collection of scrap.
During the six months ended June 30, last, the corporation expended
$18,200,000 for plant extensions, and has now authorized $34,000,000
most of which will be spent during the remainder of this year.
In addition,
Bethlehem has expended for Government account (most of it this year
to date) $28,000,000, and still has $52,000,000 of Government money
to spend on plants which will be owned by the Government.
There was a small increase in steel contracts during the second quarter,
while unfilled orders on shipbuilding recorded a moderate decrease.
charges, Federal income taxes
$721,000 for excess profits tax and $246,000 for anticipated tax
b 942,990 shares of capital stock.—V. 152, p. 3642.
number of workers and the payrolls tonnage shipped
history of the corporation.
The
[Excluding Unconsolidated Subsidiaries]
1941
$867,495
income
b Earnings per share
a
of each dollar earned
before taxes
and
Net
bill for the first half of the year was $35,435,000, in¬
cluding local and State taxes, representing 69 cents
3172.
6 Months Ended June 30—
a
as
Mr. Grace,
excess
$1,021,634
Bridgeport Brass Co.—Earnings—
Grace, President, states:
The estimated value of orders on hand June 30,1941, was $1,367,500,000,
compared with $1,323,200,000 on March 31, 1941, and $288,521,487
June 30, 1940.
Steel production (ingots and castings) averaged approximately 102.6%
of capacity during the second quarter of 1941, as compared with 100.3%
during the first quarter of 1941 and 82.6% during the second quarter of
1940.
Current steel production is approximately 101% of capacity.
$1,062,009
profits tax of $305,000 for the 6 months period and
months period, and in addition, $77,000 and $99,072,
$670,586
$337,000 for the 12
respectively, for Wisconsin income tax.—V. 152, p.
G.
on
Includes
a
218,474
a790,000
$651,087
profit
$2,942,594
$2,892,109
$5,346,941
long-term debt..
and mis¬
1,248,400
1,249,500
2,496,800
$4,877,401
2,504,500
deductions
107,435
149,338
294,226
210,726
$1,586,759
$1,493,270
$2,555,914
$2,162,174
511,200
325,100
846,100
460,800
$1,075,559
$1,168,170
$1,709,814
$1,701,374
$1.57
$2.29
$2.28
quisition
adjustments
of Federal
(excl.
Taxes
income tax)
plant,
assembles scrap during the normal open season,
been
Other income
Int.
on
interest
Other
cellaneous
Net
Federal
subscribe to
or
Federal Reserve Bank, at his option.
160,000 employees, a new record.
In the last 2
years
the company has added 75,000 men to its payrolls as a result of the training
any
The company has
program
carried out at all plants.—V. 152, p. 3489.
Bon wit Teller,
agent for the 5 H%
stock of this
on
Operating
Operating
Net
revenues
of Jersey City has been appointed co-transfer
oper.
3,141,574
2,655,865
$1,199,434
293,433
income
Calumet & Hecla
7,466
def!9,562
defll,514
20,524
593,866
54,035
def33,049
18,389,709
593,489
36,513
690,916
613,283
23,698
def20,255
44,620
def75,174
defl03,779
def62,121
Consolidated Copper Co. (& Subs.)
June 30—
1941
sold
$3,694,333
Production,
selling,
administration
expenses and taxes
2,167,689
1940
$3,745,959
2,448,387
2,499,774
$1,526,644
2,387
$1,297,571
10,584
$1,031,986
1,088
$1,539,032
$1,308,155
$1,033,073
322,463
508,510
210,000
442,100
485,888
65,000
500,559
337,145
3,500
$498,058
$315,167
$191,869
1939
$3,531,759
16,961,870
Operating income
Other income
$4,967,049
618,854
$2,879,254
581,961
Fed. income tax
92,027
$685,351
80,985
$766,336
$5,585,903
$3,461,215
—V. 152, p. 3491.
9,243
income- $1,040,095
395,902
480,278
2,360,753
3,559,797
$736,220
$286,058
$3,225,150
def$98,582
interest, &c.).;
152, p. 4117.
Total income...
Depreciation
Depletion
(est.)
Net profit.--...
(rentals
Net income
1939
$100,513
1,717
$113,817
—V. 153, P. 95.
$6,000,531
1,784,280
1,265,309
71,688
Other income
—V.
railway
$9,460,820
2,860,933
1,610,047
22,761
298,778
Total deductions
Net ry. oper. income
From Jan. 1—
212,503
8,147
580,407
Equipment rents—Dr..
Joint fac. rents—Dr
Total income
1940
$90,651
def4,642
1938
$136,480
20,744
1941
Net from railway.
Rev. from copper
1941—6 Mos.—1940
1941—Month—1940
$5,070,097 $3,855,299 $27,850,529 $22,962,401
Taxes
Net ry. oper.
1941.—V. 152, p. 2695.
Burlington-Rock Island RR.—Earnings—
June—
Gross from railway
$1,132,122
rev
$1.44
6 Months Ended
RR.—Earnings—
$1,928,523
expenses
outstanding
Computed at 30% for six months of
Gross from railway
cumulative convertible preferred stock and the common
Period Ended June 30—-
-
per share based
745,534 shs. issued
Net ry. oper.
company.—V. 153, p. 543.
Boston & Maine
in¬
Earns,
Net from
Inc.—Co-Transfer Agent—
The First National Bank
normal
corporation, announced on July 24
which all employees of the company may
United States defense bonds by payroll deductions of $1 a
more, the bonds to be delivered to the employee or deposited in
adoption of a savings plan under
week
Fed.
Net income
a
Eugene G. Grace, President of this
before
come tax-
and
Savings Plan—
inc.
income tax....—.
a
Dr6l,333
California Engels Mining
Co.—Delisting—
the application
StocK Exchange to strike from listing and registration
the capital stock (25 cents par) of this company.
The stocK was suspended
The
Securities and Exchange Commission has granted
of the San Francisco
The Commercial & Financial Chronicle
684
Aug. 2,
1941
from trading on the San Francisco Stock Exchange on Sept. 17, 1940, and
on Feb. 5,
1941, the Commission issued a stop order under the Securities
Act of 1933, suspending the effectiveness of the company's registration
awaits disposition of restraining orders in pending court actions brought by
minority stockholders which have been set for hearing on Sept. 11 in Chan¬
of common stocs:.
The application
order no purpose would be served in in¬
definitely continuing the stock in its listed and registered status, with
dealings In it suspended.—V. 151, p. 3962.
The merger will unite companies with combined assets of more than $96,000.000 and bring into one corporate enterprise the country's largest pro¬
ducer of acetate rayons and the oldest manufacturer of plastics.
The consolidation has been recommended by directors of both corpora¬
tions as the best method of providing for future development in the fast-
923,284
covering
statement
stated
that
shares
view of the stop
in
Cambria & Indiana
RR.—Earnings—
1941
June—
1940
1939
$177,011
82,377
85,175
Net ry. oper. income
From Jan. 1—
$112,075
27,873
45,090
863.355
325,247
414,125
Gross from railway
Net from railway
742,426
277,522
479,314
1938
$107,861
45,616
84,627
,
$76,649
14,565
40,038
_
Gross from railway
Net from railway
Net ry. oper.
income
—V. 153, p. 96.
605,813
225,125
402,766
543,370
122,438
340,234
:\Y-V/"■'
;
•
Campbell, Wyant & Cannon Foundry Co. (& Subs.)—•
Earnings—
a
6 Months End. June 30—
Net profit
b
Earnings
' 1940
1941
share—_
per
$404,143
$1.16
i—
1939
$369,233 loss$38,968
$1.06
Nil
a After depreciation and other charges,
Federal income taxes and excess
profits tax in 1941.
b On 348,000 shares of capital stock.
As of June 30, the company reports current assets as $3,961,871; current
liabilities as $1,287,697; and cash on hand and in banks as $1,827,982.
—V. 152, p. 3015.
Canada Dry Ginger Ale, Inc.
(& Subs.)—Earnings—
1941—3 Mos.—1940
Period End. June 30—
185,258
1941—9 Mos.—1940
$5,105,089 $16,947,479 $13,921,751
196,474
556,032
556,140
$6,446,116
3,066,744
$4,908,615 $16,391,446 $13,365,611
2.206,652
7,813,527
6,406,478
$3,379,373
2,579,145
$2,701,963
2,269,205
$8,577,919
6,810,352
$6,959,132
6,037,144
$800,228
1,660
$432,758
9,706
$1,767,567
6,053
$921,988
$801,888
5,182
$442,464
$975,600
1,309
$1,773,620
21,726
247,669
97,595
486,010
199,772
Gross sales
$6,631,374
Less returns & allow'ces.
Cost of goods sold.
Court in Elizabeth, N. J.
cery
growing plastics field.
Celanese Corp. has supplied most of the ce.lulose
acetate used by Celluloid Corp. in the manufacture of plastic and other
products and in its research into uses of cellulose acetate and related ma¬
terials has developed processes relating to plastic products which are not
covered by its present agreements with Celluloid.
Unified control of the patents and processes heretofore developed by
both companies is expected to make the Celanese Corp. as important a
factor in the growing plastics industry as it is in the textile field.
Under the terms of the merger agreement, holders of the common and
preferred shares of Celluloid Corp. would be entitled to convert them into
shares of common stock and a new 5% preferred stock of Celanese Corp.
on the following basis:
For each share of Celluloid first preferred participating stock, with all
arrears of dividends, 1M shares of new 5% cumulative series prior preferred
stock of Celanese Corp.
For each share of Celluloid $7 dividend preferred stock, with all arrears
of dividends, (a) M share of 5% cumulative series prior preferred stock, or
(6) 2 shares of common stock of Celanese Corp.
For each share of Celluloid common stock (excepting shares owned by
canceled), M share of common stock of Cela¬
nese Corp.
Celanese Corp. now owns 99,657 shares or approximately 51% of the
194,951 outstanding shares of common stock of Celluloid Corp.
These
holdings would be canceled when the merger becomes effective.
As a further provision of the merger, each share of 7% cumulative first
participating preferred stock ($100 par value) of Celanese Corp. would be
converted into one share of a new issue of non-redeemable 7% second pre¬
ferred stock of the same par value and 1 y2 shares of common stock.—V. 152,
p. 3645.
Celanese Corp. which will be
Centennial
53,612
c
Income deductions
Prov. for est.
for
Net
Federal
est.
income
$449,036
$0.73
d Earnings per share
100,000
$343,560
$1,165,884
$771,258
$0.56
$1.89
$1.25
Also selling, distributing and general administrative expenses,
b In¬
cludes profits from sales of assets in Florida, interest, &c.
c Includes
interest paid, &c.
d On 615,157 shares of capital stock, $5 par.
a
Notes—(1) The above provision for estimated Federal excess profits tax
includes approximately $70,000 in excess of the estimated tax computed
on current
income.
<2) The above summary includes provision for de¬
preciation in the respective amounts of $328,860 and $278,788 for the nine
months period ended June 30, 1941 and 1940.—V. 152, p. 2696.
dividend of 75 cents per share on account of
a
accumulations on the $3 cum. pref. stock, payable Oct. 1 to holders
record Sept. 13 leaving arrears of $6.75 per share.—V. 152, p. 3801.
Canadian
International
Investment
Trust,
of
Ltd.-
Accumulated Dividend—
Directors have declared
accumulations
name
"Centennial" has been adopted in commemoration of the
anniversary of the Atlantic Mutual Insurance Co. which will be
on
the
record
Canadian Malartic Gold
3 Months Ended June 30—
Tons ore milled
;
M6tal production (gross)
Mines, Ltd.—Earnings—
1941
Operating costs
Admin. & gen. exp.—Toronto office..
„
1940
1939
68,836
$312,470
3,567
194,084
7,382
22,500
68,089
$281,278
3,230
157,961
7,439
18,000
61,047
$255,817
$84,937
...
Marketing charges
Provision for taxes
Central of Georgia
$94,647
$94,820
1940
1 Q?Q
1938
$1,2*56,482
$1,207,186
74,045
123,955
124,045
def28,116
def32,248
10,263,767
2,639,553
1,763,432
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 153, p. 96.
.
—
7,944.251
867,238
def4,118
Central Indiana Power
Note—In the above figures no allowance has been made for depreciation
—V. 152, p. 3016.
Canadian National Lines in New
June—
1941
From J(in. 1—
Gross from railway
Net from railway
Net ry. oper. income—
England—Earnings—
1940
$130,928
1939
1938
$133,728
$106,225
def8,068
def8,071
def62,747
def61,533
def6,750
def48,730
$98,610
def7,152
def43,660
920,770
127,154
def252,534
843,481
640,351
def91,039
def353,734
606,340
def94,914
def345,674
def310
def340,991
—V. 153, p. 96.
Period End. June 30—
1941—Month—1940
Gross earnings—
$18,496,265 $14,191,707
Working
Net
expenses—
earnings
14,427,960
$4,068,304
11,268,653
1941—6 Mos.—1940
$2,923,054 $19,919,694 $12,636,006
$2,562,481
557,476
Gross from rail way
def40,455
17,288,169
4,025,469
506,024
15,584,535
3,598,313
161,501
Net ry. oper.
income
—.
1940
1941
$4,430,000
——
Earnings for Week Ended July 14
$3,408,000
.
1941
1940
$4,167,000
Gross earnings
—V. 153, p. 389.
1938
$2,423,945
629,199
100,082
14,195,152
3,709.728
446,982
Official—
Charles A. Gill recently elected Vice-President of Operations and Main¬
tenance of the Reading Company, was elected to the same position on this
road, Edward W. Scheer, President of both concerns, announced after a
meeting of the directors held July 29.
R. W. Brown, now head of the
Lehigh Valley RR., formerly held the positions.—V. 153,
Central Specialty
3 Mos. End.
Mar. 31 "41
PeriodGross sales, less discs. ,&c
Cost of goods sold. i
$868,171
723,128
31,042
_
BonusesBad debt expense
—
—
—
—
—
—
—
Calendar Years
1939
1940
1938
$1,915,828
1,580,610
81,483
$1,485,992
1,2.54,139
65,035
$2,805,474
2,347,326
119,563
55,462
""399
907
54
52
$282,214
13,182
$253,679
9,036
$166,765
*$117,426
5,453
$295,397
19,933
$262,716
16,179
$170,205
15,572
1,149
824
25,000
10,000
Total income
72,079
10,598
44,644
23,895
$192,786
29,692
$200,742
18,557
$129,913
Interest
on
3,439
disposal of fixed
assets—
Normal,
excess
96.
$113,600
3,826
-
Other income
Loss
p.
Co.—Earnings—
declared
value
& defense taxes
Excess profits tax
$76,973
8,400
as
at March
Assets—
31, 1941
Liabilities—
Cash in banks and
on
hand
$102,305
Notes payable
.....
$318,502
Accounts receivable
327,585
Accounts payable...........
193,125
Inventories
909,996
Accrued
...
liabilities
71,215
$3,310,000
Sink, fund cash held by trustee
23,538
Notes ree'le from employees-.
Earnings for Week Ended July 21
Gross earnings
1Q^Q
1940
659,930
91,225
Balance Sheet
$99,840,386 $75,384,672
79,920,691
62,748,665
Earnings-
20,253,386
5,382,490
1,810,141
Net ry. oper. income
From Jan. 1—
New
Jersey
$2,896,462
Dividends
Ry.—Earnings—
7,309,881
689,719
defl46,057
Co.—Merger Voted-
1941
Net income
Canadian Pacific
7,671,298
911,435
122,938
$3,939,411
1,352,177
774,665
June—
Gross from railway
Net from railway
Operating profit.
Gross from railway
Net from railway
Net ry. oper. income
def78,874
See Public Service Co. of Indiana.—V. 152, p. 2696.
3,258
142,985
6,154
8,600
Earnings—
$1,224,978
Sell., gen. & admin, exps.
Operating profit for period
Ry.
1941
$1,814,074
522,745
390,665
Gross from railway
Net from railway
Net from railway—
dividend of 50 cents per share on account of
a
5% cum. pref. stock par $100, payable Sept. 2 to
July 23.
Similar payments were made in previous
quarters.—V. 152, p. 3338.
of
100th
celebrated in 1942.
Central RR. of New
Canadian Breweries, Ltd.—Accumulated Dividend—
Directois have declared
holders
Marine
to organize the Centennial Insurance Co. was an¬
The proposed company will be incorporated in New
July 31.
June—
100,000
profits tax
excess
and
Federal &
Dom. of Can. inc. tax.
Prov.
4,570
Fire
York for fire and marine insurance, and the stock will be wholly owned by
the Atlantic Mutual Insurance Co.
The
Gross income
Co.—New
Organized—
Notice of intention
nounced
Net oper. income
b Income credits..
Insurance
Insurance Co. to Be
3,415
Other current liabilities
Funded debt..
392,100
6,851
Capital stock ($4 par)
Paid-in surplus
336,000
Capital and earned surplus
535,887
Investment
in
real estate,
at
cost
Property, plant & equipment.
Prepaid exps. A deferred cbges.
Total
680,741
10,734
Prov. for Fed. taxes
$2,065,163
on
Income
97,008
82,241
39,084
Total
$2,065,163
-V. 153, p. 390.
Canadian Pacific Lines in Main
e—Earnings—
June—
1941
Gross from railway
Net from railway
$190,674
860
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 152, p. 4118.
def35,912
2,261,111
868,734
618,755
1940
Central States Edison,
1939
1938
$154,372
5,827
defl6,621
$125,176
def40,990
def65,387
$116,705
def58,413
def96,743
1,777,257
1,329,735
642,327
315.273
447,106
139,522
1,419,112
267,333
55,196
Period End. June 30—
Gross
Operating
$127,492
68,590
7,569
June—
1941
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
1939
1938
$68,048
def33,836
Int. charges of subs
def60,330
673,358
defl7,417
187,525
598,616
def79,949
def245,569
474,874
defl56,149
def308,678
391,635
Balance
Int. on coll. trust bonds.
Unfunded debt interest
July 31, approved
3,341
$17,718
$82,877
4,631
$69,583
2,777
$19,636
526
$87,508
2,032
$72,361
1,979
$19,110
11,177
$85,476
43,239
$70,382
44,966
1,918
39
.
def414,670
Net income
-
$19,516
$441,204
253,705
26,845
52,500
35,229
39
def25$,349
an adjourned special
meeting held in
a proposed merger of the company
of America.
The plan had previously been ap¬
proved by stockholders of the Celanese Corp.
Consummation of the merger
on
11,096
$30,077
10,522
.
Gross income
$77,706
def32,210
def57,401
Stockholders of this corporation at
Newark, N. J.,
270
12,975
9,253
1,440
$90,950
def25,429
def53,988
Corp.—Stockholders Ratify Merger with Celanese
into the Celanese Corp.
$475,482
269,735
25,942
51,526
34,305
525
Depreciation.
General taxes
Federal income taxes
Non-operating income.
-Earnings—
1941—12 Mos.—19403
$30,602
Maintenance
$137,952
11,243
18,216
—V. 152, p. 4118.
Celluloid
1940
-Earnings$110,811
64,202
6,242
13,125
9,253
$27,664
2,938
expenses
Net oper. income
Canadian Pacific Lines in Vermont-
Inc.
1941—3 Mos. —1940
revenues
$7,933
$42,198
$25,416
Bonds Called—
Company has called for redemption on Oct. 1, 1941, $370,000 principal
amount of its 15-year collateral trust bonds.
The bonds drawn by lot will
be redeemed at the office of the Chase National Bank,
trustee, 11 Broad
Street, New York, at par and cumulative and unpaid interest.—V. 152.
p. 3338.
Central States Power &
-To Ask
Light Corp.-
for Ten-
purchase up to 100,000 shares of its conv. pref.
p. 238.
ders—
Commission
The Securities and Exchange
on
100 and iccrued interest.
The proceeds proposed to be applied for the purpose above mentioned
amount, in the aggregate, to about »5,300,000.
Of this sum $4,700,000
is expected to be derived from the sale of certain properties and securities
to Oklahoma Natural Gas Co. and the balance, amounting to about $600,000
of its 1st mtge. bonds at
pany presently proposes to solicit tenders
and accrued interest to and including the
Net ry. oper.
From Jan. 1—
Gross from railway.....
Net from railway.
Co.—Earnings—
bl940
al941
12 Months Ended June 30—
$4,624,643
less other income.
2,328,288
$3,573,890
1,952,501
Federal income taxes
523,695
342,157
Federal
623,262
Gross profit on sales
c
Selling, adminis. and
excess
gen. exps.,
profits tax._
126,027
92,943
$1,023,370
$2.10
$1,186,290
$2.44
Wisconsin and Massachusetts income taxes
1938
$6,867,811
1,242,758
142,850
43,903,674
8,568,094
2,202,886
42,999,897
8,754,288
2,303,582
40,228,502
7,769,474
1,162,265
1
51,779,408
14,398,054
income...
7,335,282
Net ry. oper.
—V. 153, p. 544.
ordered this corporation to
The cor¬
reduce its rate base to $34,355,469 and was allowed
poration
directed to
was
rate of return of 5.5
Edison Co. $521,978 annually;
%.
The entire output of the corporation's generating plant is
monwealth Edison and Northern Indiana Public Service Co.,
consumers in
the Chicago and
d Net income per share
..
Division
Baldwin-Duckworth
Including
a
for
the
12 months,
June 30,
d Based
exclusive of 12,925
entire
In applying the "prudent investment" theory for the first time under
authority of the Federal Power Act, the Commission said "this is a situa¬
tion peculiarly suitable" to such application.
The old basis for rate-mak¬
ing was the estimated cost of reproducing the utility property.—V. 147,
P. 1921.
>.
-Y
■ V V.'; -' A
.
Chicago & Eastern Illinois Ry.—Earnings—
1941
Gross from railway
Net from railway.
486,735 (486,705 in 1940) shares outstanding,
(12,955 in 1940) shares held as treasury stock.
Note—The provision for taxes in 1941 includes provision of approximately
$250,000 in respect of anticipated increased|Federal taxes for 1941.
Net ry. oper. income
From Jan. 1—
Gross from railway
Consolidated Balance Sheet
Notes & accts.
less reserve
2,093,281
Other
2,304,431
562,712
contingencies.
Capital & surplus.
270,576
7,242,740
117,212
$9,860,038 $9,123,8251
Total
After
a
$9,860,038 89.123,825
Total
$4,110,577 at June 30, 1941, and
b Including "dividends payable and tax
for depreciation of
reserve
$4,069,468 at March 31, 1941.
accruals.—V. 152, p. 3016.
$1,039,356
132,117
def43,905
8,907,550
1,811,320
1,038,573
7,483,572
7,250,649
1,273,841
defl9,269
6,801,595
1,092,951
defl53,099
153. p. 96.
1941
1940
1939
1938
$1,717,275
581,051
249,596
Gross from railway
Net from railway
Net ry. oper. income
$1,328,207
279,603
11,391
$1,415,745
356,852
81,105
$1,253,908
181,508
def67,815
8,493,162
7,882,070
1,146,417
def446,856
Years Ended—
Apr. 27, *41 Apr. 28, '40 Apr. 30, '39 Apr. 24, *38
Gross sales
(less returns
allowances, &c.)__$29,743,122 $23,406,261 $20,182,514 $22,415,477
and
Chicago & Illinois Midland Ry.—Earnings—
Net ry. oper.
$473,103
223,281
143,747
income.._
15,848,121
$3,522,485
$2,379,912
$6,567,356
Net ry. oper. income...
—Y. 153, p. 96.
15,749
12,708
33,441
Total gross profit
Maintenance & repairs
$3,538,234
$2,392,620
$6,600,797
A,361,232
$5,444,203
.
.1,280,958
Deprec., depl. & amort.
Taxes
(other than in¬
See note
See note
See note
594,052
34,046
taxes
come
Rents and royalties
$2,392,620
$3,330,510
1,289,473
$5,444,203
1,455,073
$3,538,234
notes and accounts—
2,o97
8,884
Profit from operations
Other income credits...
$3,986,532
46,955
$2,125,086
65,374
$1,001,489
102,182
$2,031,222
212,924
$4,033,488
810,845
$2,190,460
552,216
$1,103,671
569,007
$2,244,146
393,472
Gross
Sell.,
profit
gen.
& adm.
Provision
for
exps._
Gross income
Net
:
:
.
!
308,063
Common dividends
9,816
$1,330,181
494,968
137,675
$446,648
348,674
$3.37
$2.24
b293,235
88,017
$2,379,660
527,758
550,650
dividends
:
903
a842,983
income
Earns,
$1,557,439
464,897
688,750
_
$1.98
Nil
b Includes $33,543
Includes $49,258 for Federal excess profits tax.
for surtax on undistributed income.
Note—Included in the above statement are the following charges: Main¬
tenance and repairs, $1,639,595 in 1941, $1,307,162 in 1940 and $1,245,640
in 1939: depreciation,
depletion and amortization, $1,606,349 in 1941,
$1,371,092 in 1940 and $1,344,412 in 1939; taxes, other than income taxes,
$752,459 in 1941, $682,913 in 1940 and $609,781 in 19^9: and rents and
royalties, $57,308 in 1941, $64,574 in 1940 and $54,823 in 1939.
Fiscal
year of companies consists of 13 periods of four weeks each.
Consolidated
Balance
@1
p
Apr. 27 Al Apr. 28 '40
1,566.369
1,585,148
receivable
..
2,600,869
5,025,727
9,798
3,390,309
5,430,985
Advs.onrawmat'l
4,560
a
b
Property,
and
Accrued liabilities.
88,851
1,669,682
1,059,025
640,000
Otner accts. pay..
Deb.
53,455
721.711
257,658
600,000
sinking fund
109,811
214,746 Notes pay. (curr.).
1,097,180 Long-term debt...10,602,441 10,414,511
281,117
(not current)
Investments-...
(trade)
instalment
Notes and accts.
rec.
a
......
$
409,828
654,178
Notes payable
Accts. pay.
Notes and accts.
Inventories
$
Liabilities—
tt
.
Cash............
a
1,168,544
20,770
Reserves
plant
equlpment-27,416,040 26,582,435 6%
197.689
167,682
1,043,339
1,120,557
Patents
Deferred charges..
cum.
a
23,632
pref. stk.
Net
44,470,066
6.348,438
108,820
; .Ka
, •
def342,090
;'
railway
$7,695,097
1,738,670
964,315
$7,323,815
1,022,263
297,197
$6,774,835
956,376
102,853
49,545,956
12,846,513
41,215,427
5,835,863
38,335,760
3,221,452
36,361,249
1,534,777
7,292,554
...
income
shares.
$365,000 4%A% s. f. debentures (1938 issue) has been called
for redemption on Sept. 1 at 102K and accrued interest.
Payment will
A total of
be made at the Chemical
A total of $275,000 4 M
Bank & Trust Co., New York City.
% s. f. debentures, due 1950, has been called for
redemption on Sept. 1 at 104H and accrued interest.
made at the Chemical Bank & Trust Co. of N. Y.—V.
Charleston & Western
June—*
3ross from railway
Net from railway
...
Net from railway
Net ry. oper. income
-V. 153, P.
96.
152, p. 3492.
.
1940
$197,087
44,325
1939
1938
$211,406
71,725
$166,835
97,100
15,829
47,079
1,673,326
717,408
471,834
1,333,009
373,922
1,206,196
392,431
230,548
Chicago Corp.—Tenders
201,909
37,946
I
18,838
1,099,709
248,772
106,137
44,786,027
Net from railway
12,703,521
7,692,202
Net ry. oper. income..
—V. 153, p. 390.
Chicago St. Paul Minneapolis
1941
June—
$1,658,480
from railway
371,404
ry. oper. income...
144,361
Grosserora*railway
Net ry. oper. income.._
—V. 153, p. 96.
Corporation has received tenders of 15,102 shares of its $3 conv. pref.
from stockholders at $32 a share.
The company had offered to
stock
Net ry. oper.
income...
36,873,553
5.960,959
862,854
& Omaha Ry.—Earnings
1940
$1,390,559
105,235
1939
$1,446,521
20,988
1938
$1,382,988
108,353
defl03,955
defl90,022
8,022,935
818,183
7,777,696
524,513
426,162
def519,352
def735,238
1941
Gross from railway..... $1,875,038
Net from railway
819,585
Net ry. oper. income...
545,767
Net from railway.;
37,343,258
6,832,419
1,545,117
defl08,063
Cincinnati New Orleans &
Gross^ronTrailway
360,697
1939
$6,995,109
1,334,094
483,261
1940
$6,495,814
1,225,067
8,984,542
1,731,252
June—
10,688,074
4,512,009
3,028,250
,
7,537,217
783,718
def455,003
Texas Pac. Ry.—Earnings—
1940
1939
1938
$1,188,811
375,522
$1,428,073
546,C00
$1,413,464
529,734
368,327
368,480
271,598
8,986,431
3,359,764
2,429,558
8,641,826
3,207,572
2,316,694
7,118,789
2,060,848
1,556,702
,
—V. 152, p. 4119.
June ZO—
Profit after deduct, mfg.,
selling & adm. exps
Income from investments
Z Mos. End.
Total income
Prov.
for depreciation..
Prov. for Fed.
Net
Received—.
$8,327,514
2,390,160
1,506,899
Gross from railway
Chicago Railway
Carolina Ryv -Earnings—-
1941
$306,783
143,600
Net ry. oper. income—
From Jan. 1—
3ross from railway
Payment will be
Ry.—Earnings—
1941
7
After reserves,
par
892,023defl,635,030def3,463,680
Chicago Rock Island & Pacific
Gross from railway
Net from railway.
Net ry. oper.
1938
1939
$9,591,288
2,964,352
1,901,100
Net ry. oper. income.__
—V. 153. p. 96.
I
Net
Bonds Called—
Ry.—Earnings—
1940
1941
Net from railway......
8,128,764
_
def286,912
Net ry. oper. income
From Jan. 1—-
7,867,143
b After reserves for depreciation of $17,85u,914 in
$16,667,071 in 1940.
c After reserve for amortization of $98,540
$77,955 in 1940.
d Represented by 550,500 (550,700 in 1940)
871,608
def490,337
Gross from railway..—2
369,483
9,393,911
40,517,730 38,385,364
$7,741,274
605,768
47,998,992
6,629,352
Net from railway
7,864,286
Total
$8,384,573
52,032,263
9,644,994
3,023,475
Chicago & North Western
d Common stock..
370,354
1938
$8,652,708
938,627
defl54,527
Gross from
Net
surplus
1939
—V. 153, p. 96.
8,779,300
par)
RR.—Earnings
1940
Gross from railway
in 1941 and
no
3,875,948
361,440
def489,568
62,107,133
from railway...... 17,636,519
ry. oper. income
11,132,386
Net from railway
.40,517,730 38,385,3641
1941 and
4,295,954
497,947
def320,115
$11,526,354
2,950,397
1,699,143
Net ry. oper. income
From Jan. 1—
8,909,300
($100
Earned
Total
525,115
1941
Gross from railway
Net from railway
Capital surplus—
c
4,628,329
1,346,052
Chicago Milwaukee St. Paul & Pacific
June—
June—
Sheet
Apr.27AlApr.28A0
n o
1938
$611,511
62,409
def67,084
$719,653
93,176
def29,217
—V. 153, p. 96.
June—
sh. on com.
(no par)
a
A
$725,929
214,486
85,203
5,030,390
1,574,598
770,507
Net ry. oper. income
1940
$864,209
282,645
156,838
Gross from railway.
Net from railway
Ry.—Earnings—
1939
1941
Net ry. oper. income
From Jan. 1—
Net
per
stock
Chicago Indianapolis & Louisville
June—
Gross from railway
Net from railway
Gross from railway
income taxes
Preferred
1,649,657
428,805
291,185
doubtful
Income charges
Prov. for Fed. and State
.
1,390,227
1,404,263
1,721,077
460,469
353,136
'
2,138,471
698,280
538,568
2,323,407
902,774
568,786
Gross from railway
Net from railway
profit from sales $5,418,507
Gross profit from miscell.
operations (net)
25,696
1938
$258,093
66,111
45,786
143,091
From Jan. 1—
17,802,602
1939
$262,462
58,794
52,186
1940
$346,246
119,200
' 1941
Gross from railway.
Net from railway......
19,883,776
Gross
1,978,322
324,155
—V. 153, P. 96.
24,324,615
Cost of goods sold
8,510,549
1,904,897
258,146 "
10,002,619
3,206,639
1,271,368
Net from railway......
Net ry, oper. income
June—
Champion Paper & Fibre Co. (& Subs.)—Earnings—
1,317,946
34,096
Chicago Great Western RR.—Earnings—
From Jan. 1—•
Gross from railway
Deferred charges &
other assets....
1938
$1,135,972
158,979
def51,581
June—
2,474,883
129,734
41,739
295,576
7,323,587
&
368,594
2,534,529
assets.
curr.
Fixed assets
37,165
Res. for inventories
1,654,779
2,423,564
Mar. 31*41
82,203,710 81,568,770
Deferred income.
ree.
Inventories
a
h Currentliabil
$2,116,218 82,203,926
1939
$1,211,547
214,448
1,576
Net from railway
Net ry. oper. income
—V.
June 30'41
Liabilities—
Mar. 31*41
June 30'41
Assets—
Casn
1940
$1,490,305
368,949
119,073
June—
b Including Baldwin-Duckworth Division from Aug. 1, 1939, to
1940.
c After provision for depreciation on plants and equipment,
on
sold to Com¬
which supply
Northern Indiana area.
,
Net income
Cut—
Chicago District Electric Generating Co.—Rates
The Federal Power Commission on July 25
cut its rates to Commonwealth
a
Chain Belt
1939
$7,166,607
1,089,110
defl5,813
$9,408,854
2,612,443
income...
1,016,291
100
date of acceptance of tenders;
the accrued interest is, however, to be paid from funds other than the
proceeds of the sale above mentioned.—V. 152, p. 4118.
1940
$7,026,375
915,143
def88,733
1941
June—
Gross from railway
Net from railway
Com¬
properties to Texas Gas & Power Corp.
from the sale of certain gas
stock at that price.—V. 153,
Chicago Burlington & Quincy RR.—Earnings—
July 25 issued its findings
opinion approving the application of the company regarding the
application of approximately $5,300,000 derived from the sale of certain
gas properties and securities to the acquisition of a portion of its 1st mtge.
& 1st lien gold bonds, 5M% series, due Jan. 1, 1953, pursuant to tenders
and
at
685
& Financial Chronicle
The Commercial
153
Volume
inc. taxes.
profit after taxes.
Equipment Co.—Earnings—
1941
1939
1940
„
„
1938
«
$303,324
4,350
$35,612
4,500
$43,824
5,400
$27,846
5,681
$307,674
25,000
a85,000
$40,112
25,000
$49,224
25,000
1,000
$33,527
25,000
b7,500
$197,674
$7,612
$23,224
$8,527
1941
will
provision for Federal income taxes for the first six months of
$150,000.
Proposed additional Federal taxes, when enacted,
increase this amount by whatever rate the new taxes impose.
a
The
totals
The Commercial & Financial Chronicle
686
b Provision
for Federal Income taxes second
quarter $2,500 and addi¬
tional provision for first quarter, due to increased taxes enacted June
25,
1940, $5,000. The provison for Federal income taxes for the first six months
of 1940 totaled $37,500.
Colorado &
Aug. 2, 1941
Wyoming Ry.—Earnings—
June—
J
_
——
$137,743
56,753
28,549
-
$104,706
40,874
805,133
i
Net railway operating income
From Jan. 1—
Cities Service Co.—Divestment Plan Filed—
1940
1941
Gross from railway
Net from railway—
659,817
21,615
Alton Jones, President of the company, announced July 31 that a
plan for divestment of utility properties has been filed with the Securities
and Exchange Commission in order to conform with the Public Utility
Net from railway.
389,277
300,848
Net railway
Holding Company
217,051
197,091
—V.
W.
and wholesale gas
Gross from rail way
Act and thus secure immunity for the important oil
business from regulation by the 8EC.
Preferred stock¬
holders of Cities Service Co. would be offered the bulk of the equity interest
in major properties now held by Cities Service Power & Light Co.
Submission of the plan follows a series of conferences between the staff
of the SEC and company officials.
Mr. Jones pointed out that under
the
operating income
152, p. 3494.
Columbus & Greenville
June—
$100 share of preferred stock plus arrears would receive
stock in utilities with an aggregate pro forma net income in 1941 estimated
at $9.70 a share.
"Capitalized upon a 6% basis," the report to the SEC said, "which is
the specified rate of return for the preferred stock, the net
earnings capacity
Ry.—Earnings—
1941
1939
$79,694
def11,258
defl5,632
$117,335
25,022
16,250
$75,863
1,767
627,012
125,003
64,367
Net ry. oper. income—_
From Jan. 1—
1940
$114,716
24,879
13,579
Gross from railway....Net from railway.
each
plan
-
579,089
74,476
9,274
688,917
164,708
101,390
561.296
64,822
26,642
of $9.70 would show a value of $161.66."
def266
■,
Gross from railway...—
Net from railway—.
Net ry. oper. income—.
It was also disclosed that Arkansas Natural Gas Corp., a registered
holding company, affiliated with Cities Service Co., will soon submit to
the Commission a plan for "the solution of its problems under Section
11 (b) (1), the geographical integration provision of the Utility Act, pur¬
suant to which a method will be provided for the divestment
by Cities
Service of its interest in the utilities of that holding
company, being
1938
—V. 152, p. 4119.
Commercial Credit Co.
—V.
Earnings
applicable to public utilities, its principal power and light holding company
subsidiaries having registered under the Act in February, 1938,"
The earnings power available for the block of securities to be offered
each share of Cities Service preferred is based on present tax schedules.
estimated
that
the
amount
available
for
cash
dividends
in
1942
Cleveland Graphite Bronze
common
"$1.14
Climax Molybdenum
$855,315
1940
1939
$0.69
$0.52
1941
1939
1938
527,215
$542,193
247,969
211,944
$389,233
142,471
110,782
5,361,465
3,171,004
2,746,712
Gross from railway
Net from railway
Net ry. oper. income
4,423,548
2,418.654
1,967,136
3,300,198
1,596,979
1,385,066
2,784,224
1,108,271
882,803
—V. 153, p. 544.
Cluett, Peabody & Co., Inc.—Consolidated Balance Sheet
June 30—
1941
1940
$
1941
$
2,702,273
Liabilities—
4,907,157
a Accts. receivable
3,401,094
Sundry receivables
115,696
Mlscell. lnvestm'ts
64,472
7,627,753
324,908
19,300,011
Accrued
2,379,714
2,474.483
116,098
73,543
9,098,223
4,405,986
.
& accr. liabilities
1
Cash
$
4,405,986
Preferred stock— 3,397,000
Accounts
payable
patents,
rights, trade
names, &c
1940
$
b Common stock.
2,692,699
156,656
secur.
Total....
3,397,000
875,216
732,420
1,810,606
taxes
860,434
127,899
300,000
Pref. dlvs. payable
59,448
Capital surplus.
1,641,628
59,448
1,647,628
Earned surplus—
6,676,228
5,740,812
19,300.011
17,047,025
d
212,264
17,047,025'
Total....
vaiue.
Earnings
the
for
six
monts
ended
June
"Chronicle" of July 26, page 545.
Net
Divs.
income
on
Corp.
4,906,057
1,791,890
1,505,423
(& Subs.)—Earn
$750,393 $14,317,962
749,812
8,997,811
749,824
Balance.
63,266,129
58,906,982
20,774,777
17,389.144
29,029,014
19,137,153
$3,736,556 $49,888,017 $49,837,264
2,986,163
35,570,055
36,393,965
$985,938
....
pref. stock
$236,113
$581
$13,443,299
8,997,669
$5,320,151
$4,445,630
30,
1941
Commonwealth & Southern Corp. adjusted to show general business con¬
ditions of territory served for the week ended
July 24, 1941 amounted to
185,150,727 as compared with 155,105,827 for the corresponding week in
1940, an increase of 30,044,900 or 19.37%.
Electric output of the Commonwealth & Southern Corp.
system for the
month of June was 875,814,669 kilowatt hours as
compared with 674,035,918 kilowatt hours for June, 1940, an increase of 29.94%.
For the six
months ended June 30, 1941, the output was 5,179,153,900 kilowatt hours
as compared with 4,224,576,747 kilowatt hours for the
corresponding period
in 1940, an increase of
22.60%. Total output for the year ended June 30,
1941 was 9,848,583,072 kilowatt hours as
compared with 8,358,875,421
kilowatt hours for the year ended June 30, 1940, an increase of
17.82%.
Gas output of system for the month of June was
1,271,782,000 cubic feet
as compared with
1,080,516,400 cubic feet for June, 1940, an increase of
17.70%. For the six months ended June 30, 1941, the output was 10,841 ,662,300 cubic feet as compared
with 10,080,520,100 cubic feet for the
corresponding period in 1940. an increase of 7.55%.
Total output for the
year ended June 30, 1941 was 19,225,448,400 cubic feet as
compared with
17,658,316,900 cubic feet for the year ended June 30, 1940, an increase of
8.87%.—V. 153, p. 545.
appeared
in
the
Conduits National Co., Ltd.—To Pay 15-Cent Dividend
Directors have declared a dividend of 15 cents
per share on the common
stock, payable Aug. 8 to holders of record Aug. 5.
This compares with
25 cents paid on Feb. 1.
last; 15 cents paid on Aug. 8, 1940. 25 cents on
Feb. 1, 1940; 10 cents on Aug. 8, 1939, 20 cents on Feb.
1, 1939 and divi¬
dends of 10 cents per share
paid on Aug. 8 and on Feb, 1, 1938.—V. 152,
p. 674.
Congoleum-Nairn, Inc. (& Subs.)—Earnings—
6 Mos. End. June 30—
exceeding redemption price.—V. 153,
p.
1940
1939
$1,136,605
$1,314,182
111,622
89,293
$2,346,981
275,658
c900,000
$1,248,226
275,145
212,500
$1,403,475
$1,171,324
621,500
$760,5«1
621,500
$914,253
621,500
$316,791
310,750
$549,824
1,243,000
$0.94
$139,0*1
1,243,000
$0.61
$292,753
1,243.000
$0.74
$6,041
1,243,000
Other income.
Depreciation..
Development Co., Ltd.—Tenders—
1941
$2,261,771
85,210
Operating profits
The Guaranty Trust Co. of New York will until
Aug. 27 receive bids for
the sale to it of 6% redeemable convertible
preference stock at prices not
Colonial
Southern
$3,747,864
2,761,926
expenses
Total income..
Colon
&
1,667,456
103,397
100,000
Due under contract
Res. for conting..
a After
deducting reserve for cash discount and doubtful account8
amounting to $186,024 in 1941 and $100,629 in 1940.
b Represented by
677,844 no par shares,
c After dedpreciation of $5,454,782 in
1941 and
$5,185,910 in 1940. d Arising from sale of common stock at price in excess
of stated
18.7
The weekly kilowatt hour output of electric
energy of subsidiaries of the
1940
$608,255
272,883
204,598
.
charges.
111,457,000
6.0G4.997
2,474,081
RR.—Earnings—
Net ry. oper. income—
From Jan. 1—
Deferred
132,294,000
7.1
Weekly and MonthlyOutput—
$980,170
597,644
Merchandise
Operating
$1,079,385
$0.42
Gross from railway.---Net from railway
-
Goodwill,
12.6
Taxes
1938
$1,311,690
$0.85
Clinchfield
Marketable
127,248,000
—
Co.—Earnings$1,747,510
June—
Real estate
-
11.6
.,.143,239.000
——
136,466,000
127,988,000
Prov. for depr. & amort.
$2.50
1941
Per Cent. Inc.
142,848,000
Period End. June 30—
1941—Month—1940
1941—12 Mos—1940
Gross revenue.....
$13,894,398 $11,939,926 $161320,314 $146908,167
$804,921
$2.50
—V. 152, P. 2844.
c
-.146,204,000
_
Commonwealth
$2,130,101
Earnings per share
0.397
Weekly Output—
Kilowatthour Output
1941
1940
—
—
153, p. 239.
—V. 152, p. 3964.
deprec. and Fed. taxes
—
1941—6 Mos,—1940
$368,181
$0.85
3 Mos. End. June 30—
Net profit after deplet'n,
Co.—
Gross income
Int. & other deductions.
$312,098
stock
Edison
Week Ended—
Co.—Earnings—
1941—3 Mos.—1940
tion, Federal taxes, &c
Earnings per share on
$1,046,551
week's electricity
July 26July 19—
July 12
July
5—V. 153, p. 545.
The company states that the stock is to
excess of the current offering price on the
acquired at a price not in
New York Curb Exchange at the time of purchase.—Y.
Period, End. June 30—
Net inc. after deprecia¬
$904,982
$0,343
last year:
from British—
Government.
1941—6 Mos.—1940
$532,991
$0,202
output of the Commonwealth Edison group of
excluding sales to other electric utilities, showed an 7.1%
increase over the corresponding period of 1940.
Following are the kilowatthour output totals of the past four weeks and
percentage comparisons with
has filed with the Securities and Exchange Commission a
declaration or application (File 70-362) regarding the proposed
acquisition
of not more than 7,000 shares of its $6 cumulative preferred stock
(no par)
British
share
Commonwealth
Last
Company
from the
per
Subs.)—Earnings—
1941—3 Mos.—1940
$347,990
$0,132
—
companies,
supplement the cash distribution by stock dividends.
be
8,214,573
$4.45
After all charges, Federal income taxes, and excess profits taxes in 1941
and also in 1941 provision for additional income taxes recommended
by the
House Ways and Means Committee.—V. 152, p. 3646.
should be adopted in pending tax legislation, and that it would be
possible
To Purchase Stock
$2.23
a
would be approximately $7 a share under present tax laws and
approxi¬
mately .$5.50 if the proposed new tax rates of 30% of corporate income
to
June 30—
Net profit.
a
12 Mos. 1941
3,686,496
$2.00
153. P. 97.
Period End.
sidiaries from regulations inapplicable to competitors of such subsidiaries.
"Cities Service Co, long has conceded the propriety of the regulations
is
6 Mos. 1940
4,108,398
Commercial Solvents Corp. (&
would promptly prepare to divest itself of its electric light and
power
for the purpose of permanently relieving its
non-utility sub¬
interests
It
1941
$557,493,639 $416,712,086 $986,040,356
Net inc. after chges. & pref. divs._
Earns, per sh. of com. stock.
Arkansas Louisiana Gas Co."
"The plan has been filed in fulfillment of assurances by Cities Service
Co. to the SEC, given at the time of its registration under the Act
early
this year," Mr. Jones declared.
"The company at that time stated that
it
(& Subs.)—Earnings—
Period Ended June 30—
Gross receivables
545.
Dividends paid.
Stores, Inc.—Earnings—
26 Weeks Ended—
June 2%, '41
b./unc29'40
$26,703,476 $22,218,976
25,818,627
21,582,673
pales
Costofsales& operating expenses
Surplus.
a
Shs.
out.
com.
Earns, per sh.
(nopar)
on com._
1938
263.422
b225,80C(
$540,918
113,906
$654,825
256,044
b57,500
24,490
$0.25
Exclusive of shares held in treasury,
b No provision has been made
on undistributed profits,
c Includes $111,000 for Federal excess
profits tax, and $260,000 for anticipated increase in Federal taxes.
a
Operating profit
$884,849
188,410
17,514
296,695
c.50,000
Appropriation for depreciation.
Interest, &c. (net of miscellaneous
income)
Provision for taxes on income
Reserve for increased taxes
a
Including
for surtax
363
Consolidated Balance Sheet June 30
173,261
1941
Assets—
b
Net income.
a
$636,303
149,133
$332,230
.
profits tax,
statement for the period ended
figures of the merged companies,
Grocery Stores, Inc.
c Because
excess
with respect to
based
June
$313,546
1940 Revenue Act.
b The
1940 represents the combined
upon
29,
David Pender Grocery Co. and Southern
of the present condition of
uncertainty
legislation [affecting Federal taxes, the board of directors has
an additional reserve
for taxes in the amount of $50,COO.
—V. 153, p. 239.
created at this time
Land
Cash
rec.
rec'le
accts.
1,146,922
3,013,167
Inventories
U.
S.
Govt,
51,358
7,231,170
June—
Net ry. oper. income...
From Jan. 1—
Gross from railway.
Net from railway
Ry.—Earnings—
1941
Gross from railway
Net from railway
Net ry. oper. income_
—V. 152, p. 4119.
a
..
1940
Treas. stk.
1939
1938
$639,117
105,311
18,833
$488,698
def62,957
defl61,971
$530,864
123,769
34,671
$497,572
101,836
24,717
3,716,826
900,023
353,318
3,030,864
2,920,288
428,698
def60,653
555,874
15,594
2,874,003
385,760
defl70,343
i
Reserves
Earned surplus. —14,960,873
a
value
for
284,248
462,035
Fed., State & local
taxes—
1,499,508
—
720,369
2,017,368
1,565,190
14,486,676
768,768
233,885
1
59,159
104,907
30,728,761 28,884,890
147,000 shares
serve
S
2,789,174
1,368,486
1
Deferred debits
Total
600,391
7,658,799
1,368,486
733,589
—
Contr. in progressGoodwill & trade¬
marks
accrued charges.
1940
11,650,620
and
(cost)
Investments
$
Common stock—11,650,620
Accts. payable and
c
2,068,861
21,467
31,411
18,011
munic. securities 2,536.816
Colorado & Southern
Liabilities—
9,679,039
1,191,325
4,275,468
3,456,424
:
Notes & accts.
1941
$
9,522,706
Accrued int. rec'le
Other
1940
S
BIdgs. & equip..
common
stock,
Total
30,728,761
28,884,890
b Buildings and equipment, less re¬
c 1,390,000
shares of no par
152, p. 3647.
depreciation and obsolescence,
(and includes treasury shares).—V.
Volume
The Commercial &
153
Coniaurum Mines,
Tons of
Note—No
-Earnings-
46,985
46,395
46,535
Develop. &
$426,388
277,241
$410,926
286,652
$180,744
$192,193
$149,146
$124,275
7,454
4,104
8,982
20,360
$188,198
$158,128
20,850
$144,635
64,500
$196,297
64,500
$123,698
oper.
costs.
$131,797
$137,278
$144,635
Operating profit
Non-oper. revenue, incl.
profit from sale of see's
Total profit
Pro v.
for
Net
taxes
...
profit
Period End. June 30—
Note—In the above figure( no allowance has been made for
—V. 152, p. 3019.
/:yyf
Sales
$6,228,612 $27,681,545 $27,712,621
4,677,982
18,367,733
19,406,352
Operating income.... $6,593,791
4,662,752
Gross income
depreciation.
Int.
on
long-term debt..
b Other interest
Co.—Bonds Called—•
Net income
,
1936, have
$81,000 20-year 3K % debentures, dated Sept. 1,
1941—12 Mos.—1940
1941—3 Mos.—1940
of:
Electricity, M. kwhs
919,947
886,830
3,809,794
3,684,560
Gas, M.cu. ft
8,341,622
8,542,135
34,294,037
34,444,210
Total oper. revenues...$36,196,923 $35,602,227 $147876,403 $145605,805
Operating expenses
18,175,465
18,466,287
74,137,754
74,394,444
Depreciation
3,474,500
3,492,500
14,445,000
14,135,000
a Taxes
7.953,167
7,414,828
31,612,104
29,363,740
Other income (net)
yVyy-yy'y'^,
/y,7 y
Connecticut Light & Power
I* A total of
profits tax as
excess
of Company Only
Income Statement
47,795
$461,498
269,305
Net income from metals
produced
Federal
provision has been made for
no liability for such tax.
return filed shows
1938
1939
1940
$457,012
276,269
milled
ore
Ltd.
1941
Quar. End. June 30—
687
Financial Chronicle
...
Divs. declared
redemption on Sept. 1 at 104 and accrued interest.
Payment
will be made at the Hartford-Connecticut Trust Co., Hartford, Conn.—
$11,256,543 $10,906,594 $46,049,278 $47,118,973
2,678,221
2,677,804
10,710,702
10,711,271
162,428
190,661
366,126
1,102,873
on
$5
cum.
$8,038,129 $34,972,450 $35,304,829
10,944,450
10,944,450
$8,415,894
pref. stock
been called for
V. 153, p.
545.
Balance available for dividends
a
,
Includes
income
stock..
on com.
accruals,
tax
$24,028,000 $24,360,379
b Amortization of debt
discount and
deductions.
Note—No provision has been made for Federal excess profits tax.
expense and miscellaneous
Telephone & Electric Corp.—-Listing of
Connecticut
Additional Stock—
The
NewTYork
Curb Exchange
has
approved the application of the
shares of common stock,
of issuance upon exercise of subscription certifi¬
corporation for the listing of 100,000 additional
(par $1) on official notice
be issued to stockholders and (or) pursuant to the terms of an
underwriting agreement with Automatic Products Corp., and 50,000 addi¬
tional shares of common stock, on official notice of issuance for cash upon
the exercise of options to the present and other officers and employees of
the corporation.
The directors on July 11 authorized the offering to holders of common
stock of record July 29 rights to subscribe, at $1 per share, for 100,000 shares
of unissued common stock on the basis of one new share for each four shares
cates to
held.
The
without compensation by Automatic
which owns 110,900 shares (27.7%) of the presently out¬
standing common stock. Automatic Products Corp. having agreed to pur¬
chase for investment at the offering price of $1 per share any of the 100,000
shares that may not be subscribed for by the stockholders or their assigns.
Automatic Products Corp. holds a promissory note of the corporation
in the face amount of $90,000 which becomes due and payable Feb. 2,
1942. The purchase price ($1 per share) of all shares up to 90,000 subscribed
for, or purchased pursuant to the underwriting agreement, by Automatic
Products Corp. will be paid by crediting the amount thereof against the face
amount of said promissory note.
The purchase price of any shares in
excess of 90.000 so subscribed for
or purchased by Automatic Products
Corp. will be paid in cash.
The purchase price of all shares subscribed for
by stockholders, other than Automatic Products Corp. will be paid in
cash.
-'.y'V'■
The net cash proceeds so received by the corporation will be added to its
general funds and used working capital including the purchase of materials,
financing of accounts receivable, the payment of sales promotion, advertis¬
ing, research and development and other operating expenses.
The directors of the corporation on June 37, 1941 authorized the grant¬
Products Corp.
ing to Harold W. Harwell, President, of a non-assignable option to purchase
or any part of 25,000 shares of common stock at $1 per share as follows:
All or any part of 5,000 shares on or before June 30, 1942; all or any part of
5,000 shares on or before June 30, 1943; all or any part of 5,000 shares on
or before June 30, 1944; all or any part of 5,000 shares on or before June 30,
1945; all or any part of 5,000 shares on or before June 30, 1946.
At the same time the directors authorized the granting to such of its
••y
announced production of the
ended July 27, 1941, amounting
to 142,500,000 kilowatt hours, compared with 140,600,000 kilowatt hours for
the corresponding week of 1940, an increase of 1.3 %.—V. 153, p. 545.
Edison
Co.
of New
York
Consolidated Electric & Gas Co.—To Sell Sub. Securities
Company has filed with the Securities and Exchange Commission an
application (File 70-363) regarding the proposed sale of all the outstanding
securities of its subsidiary, Hoosier Public Utility Co., to Southeastern
Indiana Power Co.
The securities consist of 17,270 shares of common
lChyear note, due 1945; and $150,000 of 5%
stock (no par); a $318,750 6%
subscription rights will expire and become vcid Sept. 2.
This offering has been underwritten
;
''y'
Output—
Consolidated
electric plants of its system for the week
first mortgage sinking fund bonds, due 1954.
Southeastern Indiana Power Co. will purchase
|
the securities for $1,100,000 plus interest on the note and bonds and an amount equal to the
net earnings applicable to the common stock from Jan. 1, 1941, to the
closing date less dividend payment made on the common stock during
that period.
yy'
'y
■
The proceeds from the sale of the securities will be applied to the pur¬
chase, in the open market, of Centra] Gas & Electric Co. first lien collateral
trust gold bonds, due 1946, which have been assumed by Consolidated
Electric & Gas Co.—V. 152, p. 2700.
,
.
Consolidated Gas Electric
.
timore
Light & Power Co. of Bal¬
(& Subs.)—Earnings—
Period End. June 30—
Total oper. revenues
Oper.
exp.,
and taxes
1941—3 Mos.—1940
1,382,211
$10,266,220
1941—12 Mos.—1940
$40,895,450 $37,934,588
depreciation
8,225,162
7,355,438
32,743,179
29,200,335
$2,026,773
Other income
$2,041,057
135,063
173,582
$8,1.52,271
583,768
$8,734,253
659,175
Total inc. deductions
$2,176,121
626,765
$2,200,356
635,085
$8,736,038
2,610,262
$9,393,428
2,527,439
$1,549,356
319,729
$1,565,271
250,801
$6,125,777
1,244,453
$6,865,989
1,003,206
$1,229,627
1,050,657
$1,314,470
1,050,657
$4,881,324
4,202,629
$5,862,783
4,202,629
$178,969
$1.05
$263,813
$678,695
$1,660,153
$5.02
all
Net income
Divs.—preferred stock.
officers and key employees as shall be designated from time to time by
Mr. Harwell so long as he is President, and by a majority of the board of
directors thereafter, of non-assignable options to purchase all or any part
25,000 shares of common stock at $1 per share as follows;
all or any part of 5,000 shares on or before June 30, 19a2; all or any part of
5,000 shares on or before June 30, 1943; all or any part of 5,000 shares on
or before June 30,1944; all or any part of 5,000 shares on or before June 30,
1945; all or any part of 5,000 shares on or before June 30, 1946.
The unexercised portion of each of the above options automatically
becomes void at the time the optionee's employment by the corporation is
terminated for any reason other than his death, and in event of his death,
such option may be exercised by his legal representative for a period of
six months after ais death, after which time the same becomes void.
The proceeds from the issuance of any of the 50,000 shares upon the
exercise of any of said options will be used by the corporation as additional
working capital.
y;V;of
an
aggregate of
yy Earnings for Six Months Ended
ment and
_
—
__
$215,747
863
$216,610
allowed. $9,421; loss in discard¬
ing of inactive machinery, tools and dies,
153,
$1,209,455
■■v
Interest paid, $6,930; discounts
—V.
_.
—
—
Net income.
35,478
$19,127;-
Consolidated Edison Co. of N. Y.—To Pay 40-Cent Div.
Directors on July 29 announced that a dividend of 40 cents per share had
been declared payable Sept. 15 to holders of record Aug. 8.
Previously
regular quarterly dividends of 50 cents per share had been distributed.
In explaining the dividend cut, Floyd L. Carlisle, Chairman of the
Board, attributed it to the sharp increase
an
in taxes.
"Revenues from the sales of our service," Mr. Carlisle said, "showed
increase for the first six months of this year of $728,000, but our taxes
We are accruing Federal income taxes for 1941 at
This, together with increases in certain other taxes, will
for the year to $62,000,000, up $4,000,000 over 1940."
j*. total
of $62,000,000 in taxes, Mr. Carlisle declared, means $5.40 a
share on Consolidated Edison common stock, equals over $1,700 for each
employee, and takes 24 cents out of every dollar of revenue.
Earnings for Period Ended June 30 (Including Subsidiaries)
increased $2,590,000.
a
30%
raise
y
Operating income.. ..$11,702,216
Non-operating loss.— .
26,775
on
long-term debt..
b Other interest
c
...
Dividends-.
Net income
Divs. declared on
$12,355,334 $53,308,856 $56,338,079
20,591
115,510
143,762
..$11,675,441 $12,334,743 $53,193,346 $56,194,317
Gross income..
Int.
4,429,929
245,409
651
4,430,273
345,416
10,424
17,720,577
813,277
69,186
17,471,129
2,086,070
97,111
$6,999,452
$7,548,630 $34,590,306 $36,540,007
Consol Edison Co. of N.Y., Inc:
10,922,700
22,942,054
Preferred stock
Common stock
.
...
$296,151
8,129
9,298
—
Interest
Net income from real estate
Expenses
$313,578
28,876
...
— -
10,922,236
22,942,304
$725,552
$2,675,467
Consolidated
—
$2.06
$2.23
For the three months, $3,432,500
1940; for the 12 months, $12,859,508 in 1941 and
$8,891,789 in 1940.
b Amortization of debt discount and expense and mis¬
cellaneous deductions,
c On preferred stocks of subsidiary companies held
Includes Federal income tax accruals:
in 1941 and $2,530,643 in
by the public, and share of net income applicable
common stocks of subsidiary companies.
capital gains and losses
Net income exclusive of
Dividends paid.
$284,703
....
—-y
—
268,042
Balance Sheet June 30, 1941
Assets—Cash, $497,141; investments, $11,892,994; accrued interest re¬
ceivable, $3,737; notes and accounts receivable, $22,483; dividends re¬
ceivable, $6,250; real estate (estimated value, $649,593), $769,705; deferred
$53,870; total, $13,246,179.
$1,507; accrued expenses, $44,888; reserve
$3,795; deferred real estate income, $3,125; capital shares ($1 par),
$335,055; paid-in surplus, $9,764,216; capital gain surplus, $2,940,991;
income surplus, $152,602; total, $13,246,179..—V. 152, p. 3339.
real estate expense.
for taxes,
to minority interest in
of America (&
Container Corp.
a
Net profit-
1941—6 Mos.—1940
$509,100 $1,160,691
$939,761
$0.65
$1.49
$1.20
charges including interest, depreciation, provision for year-end
After all
$663,649
$0.85
—
b Earnings per
a
Subb.)—Earnings—
1941—3 Mos.—1940
Period End. June 30—
share
adjustments, and Federal income and excess taxes (made on basis of second
1940 Revenue Act).
b On 781,253 shares of capital stock.—V. 152, p. 2549.
Crown Zellerbach
Corp. (& Suhs.)—-Annual Report—
Consolidated Income Account,
1941
Sales,
less
freight,
Years Ended April 30
1939
1940
1938
y.y ;vy
dis-
aSS;&C-"™8-.!.!!JS66,217,406
Cost of goods
$56,526,576 $48,339,601 $49,891,332
42,157,589 36,656,135 32,628,317 32,901,950
sold
profit from sales$24,059,817
Other oper. income
1,833,929
Gross
Profit from
$19,870,441 $15,711,284 $16,989,382
1,594,383
772,994
898,228
$25,893,746 $21,464,824 $16,484,278
Total
$17,887,610
6,078,387
6,032,349
Operating expenses.,:..
6,786,311
6,544,944
operations$19,107,434 $14,919,880 $10,405,891 $11,855,261
Dproducts! Inc--6^-!-
562,785
468,930
468,930
656,640
$19,670,219 $15,388,810 $10,874,821 $12,511,901
292,102
36,311
189,606
Other expenses (net)^—
167,227
3,456,009
3,232,391
3,237,686
Depreciation..—.-v--3,599,520
697,575
440,010
637,436
Depletion
810,836
532,193
803,412
897,015
Interest
---•
436,541
Total income
Min.
stkhldrs' proporfn
Mills, Ltd..
Canad. inc. taxes
of Pacific
U. S. &
S. surtax on
tributed profits
U.
Balance
Earned per share on com. stock of
Edison Co. of N. Y., Inc......
a
Trust—Earnings—-
Income—Cash dividends
tax load
1941—3 Mos.—1940
1941—12 Mos.—1940
Electricity, M. kwhs.
1,612,522
1,564,556
6,715,753
6,524,912
Gas, M. cu. ft...
9,816,855
10,126,698
40,804,645 40,957,110
Steam, M. pounds...
1,546,669
2,008,594
10,486,352
11,178,353
Total oper. revenues
$61,598,928 $61,427,525 $257656,955 $255073,235
Operating expenses
28,248,420
28,565,341 116,661,841 117,092,276
Depreciation
6,435,407
6,385,780
27,105,428 25,855,852
a Taxes
15,212,885
14,121,070
60,580,830
55,787,028
Sales of:
v.: ;,-y .y,y,
Earnings for the Six Months Ended June 30, 1941
rate.
our
Investment
$4.18
$1.13
yy vy:,/;y.,y
.
Liabilities—Accounts payable
$181,133
....
391.
p.
Consolidated
993,708
general expenses...—
Total income.
cor¬
administrative, engineering, develop¬
Gross profit from operation
Other income
Balance avail, for
porate uses.
Earns, per sh. of com.stk
—V. 153, p. 239.
Total income..
—
Cost of sales and selling,
Balance avail, for com-
Divs.—common stock..
June 30, 1941
Net sales
.
71,809
b5,718,000
86,629
2,204,807
42,739
al,304,570
/
61,999
1,179,978
$8,866,287
$8,119,494
$5,015,390
$6,211,414
2,648,275
2,648,275
2,644,461
2,642,593
1,695.627
undis¬
Net profit
Ca^efiSmSdsStSl—
96,767
stock......
2,261,199
2,261,199
1,130,528
share on com.
$2.75
$2.42
$1.04
Includes additional provision of $148,748 for prior years,
Common
Earns, per
a
$2,025,000 for excess profits taxes.
$1.57
b Includes
The Commercial &
,688
Dow
Consolidated Balance Sheet April 30
1940
1941
Chemical Co. (& Subs.)—Earnings—
•
1941
1940
1 939
Years End. May 31—
Assets—
-
Inventories
—— ——
Investments and receivables,
other than current—
Land and timberlands, incl,
Selling & admin, exps—
Prov. for depreciation..
22,583,163
40,069,531
Other income—
pulp leases and pulp
$9,892,904
2,256,893
2,323,626
$13,950,537 $14,764,387
Gross profit
3,642,866
See note
$10,307,672
2,239,237
Profit from oper
rights, less depletion
...
a Buildings, machinery and equipment (net)..
Intangibles, including water power lease
amortization, water rights, patents, &c.) —
timber cutting
Deferred charges to operations
Cost of sales
8,574"4l6
117,232
12,741,493
339,305
6,416,508
21,785,673
39,480,645
—
Other accounts receivable
$37,743,547 $26,762,282 $24,871,196
32,957.413 22,979,159 16,869,378
15,761,033
117,232
13,393,557
433,133
6,519,991
Fibreboard Products, Inc
Divs. received from
^lowances & freight)—$46,907,950
3,948,848
5,885,815
Dom. of Canada registered non-infc, bearing certifs.
900,000
Notes & accts. receivable, less prov. for losses
10,031,766
2,817,025
2,663,340
7,339,260
809,160
7,428,615
817,677
106,696,233
103,036,783
3,844,409
1,275,229
3,204,386
1,351,457
373,985
6,018,343
782,726
347,642
2,482,669
632,251
$5,028,836
$6,556,173
$12,546,908 $10,772,157
Research & experimental
Gross Income
...
Total
v?"*'
....—
$6,178,322
Accrued
payable
payroll, interest and other expenses
Other current liabilities
„
. .....
Provision for U. S, & Canadian income taxes.
Provision for other taxes
b\,
H
v
■'
discount
& exp. on funded debt
Miscellaneous charges..
9,226,802
13,800,000
1,186,839
52,965,500
11,305,995
9,129,58 1
10,586,824
1,187,290
52,965,500
11,305,995
9,129,581
6,630,011
106^696,233
Long-term debt
Capitalstock of Pacific Mills, Ltd
b $5 cumulative (convertible) preferred
Common stock ($5 par)
'
103,036,783
....
stock
c Surplus at date of merger, March 25, 1937
Earned surplus since date of merger....
—
Total
of $43,440,031 in 1941 and $40,631,523
in 1940. b Represented by 529,655 no-par shares, having a $100liquidation
and assigned value,
c As adjusted.—V. 152, p. 3804.
4
a
After
for depreciation
reserve
(& Subs.)—Earnings
Consolidated Retail Stores, Inc.
a
a
After
charges
and provision for
1.744,460
1,542,680
1,406,329
269,878
159,395
89,700
1,533,467
171,868
8,740
678,590
b708,423
$2,930,563
1,084,064
825,829
Net from railway.
Net ry. oper. income
$2,215,027
672,349
489,017
$1,837,449
470,433
302,190
$1,681,681
408,572
272,371
15,303,922
4,841,183
3,546,022
Gross from railway..
.
88,642
al,999,248
Minority share of profits
and losses of sub. cos.
Drl55,896
Dr85,967
Cr24,190
Cr45,458
$7,770,547
Preferred dividends....
300,000
$7,159,167
300,000
3,095,765
$4,178,485
300,000
2,965,482
$3,895,269
197,862
2,835,000
Net
income
Common dividends
12,823,292
3,512,759
2,437,170
11,827,144
3,424.349
2,338,314
3.328,162
...
$3,763,402
$913,063
$862,407
$6.58
$6.65
$3.95
$3.91
profits tax.
b Including $124,370 surtax
com.stk
Includes $40,416 for excess
a
on
undistributed profits.
of emergency
$406,818, respectively.
depreciation and the amortization
Note—The provision for
amounted to $3,370,026 and
defense facilities
Consolidated Balance Sheet May 31
5,337,553
a
3,833,919
5,805,158
com¬
*
55,446
maturing
750,000
currently..
582,821
7,429,915
3,256,426
2,404,223
awards
pensate
Debens.
Bills & unbilled
amounts rec'ble.
c
payable.... 4,200,000
Accounts payable- 4,671,200
Notes
Employees'
Notes and acc'ts
receivable
d
217,750
$
$
Liabilities—
S
$
3,892,077
217,750
(J. 8. Govt, secure,
1940
1941
1940
1941
V-
Assets—
Cash....
6,576,460 Spec. cust. dep. for
635,850
pur. of products
1,852,633
30,203,511 Fed. income taxes.e2.015,598
820,502
529,437
163,184 Other taxes accr'd.
1,531,040
Fixed assets....58,837,035
10,169,861
2,043,263
1,100,378
Deferred cnarges—
Other
accr.
414,855
745,751
784,383
1 lab...
15-yr. 3% debs—
5,000,000
A—
10-yr. 2H% debs. 7,500,000
From. Jan. 1—
Gross from
„
$4,142,385
Balance..
Earns, per sh. on
Investments
1938
1939
1940
1941
193,251
20,509
Prov. for Fed. inc. taxes,
Inventories—
-Earnings—
Delaware & Hudson RR.^
June—
'% -'-AA:
^
a,;.v;'.ava:;.a- '/aaao.:;
v. 153. p. 239.
aA
$169,212
$156,077
$112,466
Federal and State income taxes.—
$251,431
Net earnings
1938
1939
1940
1941
6 Mos. End. June 30—
1,149,487
2,262,697
expenses
Liabilities—
Accounts
$9,110,163
1,921,986
2,159,341
$5,312,385
1,243,788
$9,284,022
1,488,135
Int. & amort, of
v
1938
,
$
Cash
-aim
1941
Aug. 2,
Financial Chronicle
railway.
Net from railway
Net ry. oper. income...
Serial
6,750,000
debentures.
Res. for fire & ac¬
cident losses and
346,000
368,085
damage claims—
—V. 153, p. .546.
Min. int. in capital
:
;
Gross from railway
Net from railway
A' a
Net ry. oper. income
From Jan. 1—
0'
■■
*-.!h
5,286,112
Net ry. oper. income
$3,876,612
266,368
713,739
216,033
24,333,519
5,439,590
2,406,673
21,600,098
3,925,222
1.103,676
Kew Official—
Mm--:
v.v .v
The
WW'M
a
i?
:/■:/
A,/'' .V
y;
A
.
fff-
:V._;aA-; :A/aa'
appointment of Clyde F. Farmer as Assistant to
80,550,620 48,185,010
Total
After reserve for doubtful
a
page
98.
AAA/?- A. ,;
7
.
;
SA
$1,907,445
$1,846,542
$1,717,190
487,518
264,286
21,926
145,018
13,901
def272,551
282,016
From Jan. 1—
Gross from railway
Net from railway...
■Jil
12,754,857
1,882,915
548,650
Netry. oper. income
—V. 153, p. 98.
%
1938
$2,368,960
railway
Net from railway
Net ry. oper. income
iMW
1939
1940
1941
June—
Gross from
m
def85,508
Duluth Missabe & Iron Range
10,612,088
9,826,771
1,015,802
556,034
def483,095 defl, 119,545
,|l
'*
•
1
-
'.
-•
AA a::;V;
a
■A
1
a'/:
1941
A a;
Gross from railway
Net from railway
mw
.
$117,786
def23,986
..
Net ry. oper. income.
From Jan. 1—
Gross from railway.....
Net from railway
3,943
898,750
j
...
68,776
210,529
June—
Gross from railway
...
t
m-
—V.
A/,a
152,
p.
4,923,681
1,094,976
72,084
2,853,055
def516,525
def 817,078
Duluth & Northeastern RR.—Abandonment—
Interstate Commerce Commission on July 10 issued a certificate
permitting abandonment by the company of the portion of its line of rail¬
road extending from Hornby to Saginaw, approximately 46.68 milesj in
St. Louis County, Minn.—V. 122, p. 744.
'
1939
1938
$93,254
$152,707
def40,754
defl4,496
29,722
49,619
Eastern Corp.
(& Subs.)—Earnings-
862,484
125,003
228,759
942,149
1,029,246
219,977
352,647
82,358
180,506
Cost of sales
137,998
Ry.- -Earnings$72,302
14,024
$72,833
13,249
5,977
$66,457
7,541
$83,331
24,049
14,495
1938
1939
1940
941
345,215
42,723
1,096
/'.aa.:..,';
4120.
361,759
55,869
8,800
337,360
37,756
def628
<
$189,677
Net profit
V.'r-
.
Detroit Toledo & Ironton
Gross from
1938
$469,728
$435,392
166,812
100,093
152,425
95.687
$329,693
77,513
37,408
From Jan. 1— <
Gross from railway
252,268
4,697,623
.
Net from railway
2.596,352
1,607,209
-
oper. income..
3,956,488
1,939,233
1,319,972
3,203.026
1,391,173
928,894
$955,406
Cash............
$584,746
802,124
468,724
Detroit & Toledo Shore Line
Gross from
1941
739,623
long-term lndebt
75,000
75,000
Accrued expenses.
,263,049
171,216
179,458
P-P
2,677,017
f
.A;
stumpage
(less reserve)
1,491,214
96,760
railway
Net from railway.
Net ry. oper. income...
From Jan. 1—
Gross from railway
$329,507
174,273
63,551
2,127,206
1,192,807
501,558
Net from railway
Net ry. oper. income
—V. 153, p. 98.
1939
$244,787
113,700
41,689
1938
$190,915
69,184
8,411
1940
36,001
$141,896
42,376
def5,268
1,535,176
644,104
190,632
1,932,573
1,038,847
473,352
1,184,932
473,625
114,242
..$8,035,230 $7,658,436
—
A/a a
;*
k;
.
a
•A: :
A.
J?0?
Pr°P°sed sale would be used in part to redeem $1,700,-
4)4% debentures due in 1953, which were sold privately to the
Jfiquitable Life Assurance Society, and possibly to refund about $900,000
of preferred stock outstanding.—V. 153, p. 546.
Doehler Die Casting Co.6 Mos. End. June 30—
Net sales..
5'
Net
profit after taxes.__
Earnings per share
■
■
a
i-A
a
revenues
■
A
a
??
-•
-Earnings—
1940
a699,141
$6,168,475
593,935
$2 49
U2
1:
-
—
606,415
2,001.692
1,226,183
57,721
$8,035,230 $7,658,436
Subs.)—Earnings-
1941—Month -1940
$708,998
$832,856
359,198
397,721
1941—12 Mos.—1940
$9,763,581
4.737,793
$9,009,857
4,353,289
418.875
1,328,553
37,198
164,854
33,034
412,458
119,504
1,753,981
$233,081
27,577
$197,262
17,032
$2,859,349
98,853
$2,909,140
$214,294
accruals
$260,658
65.50G
64,510
$2,958,202
791,939
$2,933,694
779.807
$149,784
$2,166,264
Interest and amortizat'n
$195,158
35,924
35,979
434,721
$2,153,888
436,456
Miscellaneous deductions
755
730
12,625
11,929
$1,718,917
$1,705,503
77,652
Maintenance
Taxes
(incl. inc. taxes).
Balance
Retirement
1939
$3,133,329
263,128
$0.94
109,729
$0.39
res.
....
77,652
24,554
1938
$4,416,696
:
Gross income
Balance.
The provision for Federal excess profits tax amounted to
oZ, p. 4121.
:'/2 f;
A
1941
—.—.$12,265,877
.
■
Shields
-
:A
/; A-:A
of
606,415
Com. stj. ($10 par) 2,000,508
Capital surplus
1,227,367
Earned surplus
530,808
Total
175,000
stock
$158,479
$113,076
Pref. div. deductions—B. V. G. & E. Co
JePorted in progress for an offering early in September of
$24100,000 5% preferred stocK.
An underwriting group headed by
& Co. is expected to make the offering.
PuO
200,000
pref.
Eastern Utilities Associates (&
Period End. June 30—
Operating
Operation
Non-oper. income (net).
Raynolds Co., Inc.—Financing—
are
1,122,000
200,000
Res. for conting—
-V. 152, p. 3180.
Net oper. revenues
Devoe &
1,686,650
($20 par value).
A
(
_
1,617,850
Prior
and( 3,994,976
Deferred charges.
63,952
5-year 4% notes.. 1,000,000
Otherlong-termdt.
100,000
bonds.
234,966
accounts
(less reserve)...
Operating reserves
1st mtge. 5% conv.
363
Misc.invest'ts, &c.
Property
1940
$336,559
*
1,887,419
7,450
deposit
011
$350,280
Accounts payable.
825,046
with trustee....
Total
RR.—Earnings—
loss$15,190
1,983,221
—V. 152, p. 4121.
June—
67,889
1941
Current maturities
(less reserve)...
Timberlands
2,446,043
$292,765
$22,364
Liabilities—
1940
Accts. ¬e8 rec.,
Cash
1939
394,619
railway
Net from railway
Net ry. oper. income..
Netry.
RR.—Earnings—
1940
1941
52,648
125,000
Consolidated Balance Sheet June 30
1941
Inventories
$742,614
June—
$105,348
$486,019
5,714
62,540
88,000
Securities
a,A/',V;:'
$89,400
33,233
33,803
30,825
long-term debt..
Prov. for Fed. inc. taxes
on
6,658
353,866
46,423
9,574
130,622
$311,540
3,038
Sell., gen. & admin, exp.
Int.
1941—6 Mos.—1940
$4,344,280
$2,849,898
3,581,120
2,491,737
277,141
A 252,814
1941—3 Mos.—1940
$2,344,569
$1,543,958
1,895,030
1,323,936
Period End. June 30—
Assets—
Net from railway—
Net ry. oper. income
A"
1940
$87,644
def34,723
def7,798
1941
Net ry, oper. income
From Jan. 1—
Gross from railway..
/>;/
7,811,805
3,698,276
1,756,009
Gross from railway
Net ry. oper. income...
—V. 152, p. 4121.
Net profit from oper'ns
Other deductions (net).
Detroit & Mackinac
railway
$1,526,107
877,652
893,003
12,681,770
7,556,730
4,155,523
Netry. oper. income...
From Jan. 1—
$2,637,778
1,767,251
1,499,037
Net sales
Netry. oper. income...
—V. 153, p. 98.
Net from
1938
1939
$3,835,413
2,846,149
2,111,357
The
Denver & Salt Lake Ry.— -EarningsJune—
Ry.~ -Earnings—
1940
1941
$4,532,313
3,360,767
2,617,330
Gross from railway
Net from railway
Net from railway—
11,268,877
1,440,455
defl23,648
in 1941 and 1,031,988
c After reserves for depreciation and amortization,
the U. 8. Government for plant construction,
e In¬
tax.—V. 153, P. 239.
June—
Denver & Rio Grande Western RR.- —Earnings—
80,550,620 48,185,010
Total
receivables of $207,217 in 1941 and $171,663
shares in 1940.
d From agencies of
cludes excess profits
153,
^ V ;■
;Y"" i..,
76,477
100,732
surplus—18,933,844 14,992,555
b Represented by 1,135,187 no-par shares
I.1 •
.
stock..26,169,047 15,829,609
Capital surplus
Earned
nonpar
President of this
company was announced on July 28 by Wm. White, President.
Mr. Farmer's appointment will become effective on Aug. 1.—V.
764,739
6.000,000
deficit of subs.
b Common
in 1940.
a
surplus
875,635
or
3,758,917
777,774
25,752,419
5,801,061
2,856,241
28,820,855
8,651,880
" """"
Gross from railway
Net from railway
/•:
$4,231,224
1,091,462
636,057
<fc
Preferred stock.6,000,000
1938
1939
1940
1941
$5,363,495
1,921,557
1,184.895
June—
.
-A'A,
Earnings-^-
RR.
Delaware Lackawanna & Western
A..h:
f''
stock
$543,261.
24,485
Applicable to minority interest..
Applicable to E. U. A
—sr. 153, p. 98; V. 152, p. 4121.
$1,627,851
24,570
$1,616,780
$1,603,281
$1,641,265
Balance
...
3496, 2702.
Volume
The Commercial &
153
Duluth South Shore & Atlantic
Financial Chronicle
Falstaff Brewing Corp.—Extra Dividend—
Ry.—Earnings—
1940
1939
$288,269
89,200
66,183
$272,165
90,430
73,393
$210,567
49,980
28,808
$144,892
def2,778
defl9,404
1,460,031
314,449
203,982
1,131,066
194,765
95,668
940,538
defl3,315
defl28,777
Directors have declared an extra dividend of 10 cents per share in addi¬
tion to the regular quarterly dividend of 15 cents per share on the common
1938
841,893
def44,625
defl52,051
1941
June—
Gross from railway
Net from railway
Net ry. oper. Income...
stock, both payable Aug. 30 to holders of record Aug. 16.—V. 152, p.
Gross from railway
Net from railway
A total of $46,000 1st mtge. 5% s. f. gold bonds, due April 1, 1952,
has been called for redemption on Oct. 1 at 105 and accrued interest.
Payment will be made at the Irving Trust Co., N. Y. City.—Y. 152, p. 841.
Federated Department Stores,
Easy Washing Machine Corp.—New President—
Nelligan has been elected President of this corporation, accord¬
ing to announcement for publication on July 27. He succeeds J. C. Nelson,
who has been elected Chairman of the Board.—V. 152, p. 3805; V. 151,
p. 2642.
but having an assigned value
bearer scrip certificates.
registered, 131,630 shares are to be offered in
stocks of Wm. Filene's Sons Co., Abraham & Straus,
Fund—Earnings—
Earnings for the Six Months Ended June 30, 1941
warrants.
$67,268
14,298
.
The 131,630 shares of common stock of company will be offered in
exchange for common stocks of the subsidiaries in the following ratios:
One share of Federated stock for each four-tenths share of Filene's; one
share of Federated for each two shares of Abraham & Straus; one share of
Federated for each six-tenths share of Bloomingdale and one share of
$81,566
Total income
14,708
—
Federated for
Net income
a
On this basis, according to
shares of Filene's stock for 62,726 shares of its own stock,
Abraham &
$85,496
78,693
Net income and profits
Dividends paid in cash
Gains and
losses
75,000 warrants registered 25,000 are to be exchanged for a like
unregistered warrants now outstanding.
Of the remaining
25,000 will be issued as of May 1, 1941, and 25,000 as
of May 1, 1942.
These warrants are issuable to certain executives of the
subsidiaries of Federated under a warrant plan adopted last year.
The 10,000 bearer scrip certificates registered are to represent fractional
interests in shares of Federated stock being offered in exchange for the
subsidiaries' stocks.—V. 153, p. 99.
Of the
number
average cost.
for the Federal income tax, because
all net income will be distributed in
mutual investment company, so that any such tax
a
Balance Sheet, June 30, 1941
Assets—Cash, $304,748; dividends receivable, $19,827; interest accrued,
$8,650; accounts receivable from securities sold, $35,076; marketable securi¬
ties, $3,206,000; total, $3,574,302.
Liabilities—Accounts payable for securities purchased, $72,329; mis¬
cellaneous accounts payable, $9,025; accrued tax liability, $4,319; capital
stock ($1 par), $199,936; paid-in surplus, $3,320,436; earned surplus,
$118,025; unrealized depreciation, Dr$149,767; total, $3,574,302.—V. 153,
P. 394.
Ebasco Services,
Fitsum Mining
Inc.—Weekly Input—
1941 the System inputs of client operating
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 as
of Ebasco
follows:
Florida East Coast
Gross from railway
Net from railway
Increase
Operating Subsidiaries of—
American Power & Light Co
Electric Power & Light Corp....
The above figures do not
1941
1940
Amount
147,131,000 131,118,000 16,013,000
72,626,000 11,485,000
90,710.000 11,839,000
15.8
84,111,000
include the system inputs of any companies not
Fort
Federal
Negotiations are again under way for the purchase of the Nebraska
properties of the Engineers Public Service Co. by the Consumers Public
vision
Stockholders at their annual meeting on Aug.
6 will vote
Southern
&
RR.—Plan
reorganization plan
Charles A. Dewey has approved a
Judge
on
changing the
(& Subs.)—Earnings—
3 Mos. End. June 30—
1938
1939
1940
1941
Oper. profit after charg'g
mfg., sei»., admin. &
idle plant exp. & prov.
$186,484
$16,923
$12,816
Ioss$4,983
15,914
10,163
540
1,970
10,110
2,050
216
9,971
3,100
220
a52,000
for bad debts
$872
loss$17,921
Deprec. of plant & equip
serial goid notesMisceh. credits (net)
on
Est. Fed. income taxes-_
$118,790
Net income-..-
$3,672,000 from $10,-
stocks were held to be of no value
made for them in the plan.—V. 152, p. 2068.
1941
-
Net from railwayNet ry. oper. income--From Jan.
$474,606
96,393
20,573
2,878,770
718,833
290,007
2,762,346
601,808
184,903
1938
$692,198
261,798
169,494
2,748,124
544,337
98,803
3,174,807
805,803
302,220
y,.V
153,p.99.
Freeport Sulphur Co. (&
a
1939
$531,412 157,273
80,500
1940
$560,497
157,512
80,679
1—
Gross from railway
Net from railway
Net ry. oper. income--.
—y.
and no pro¬
City Ry.—Earnings—
Fort Worth & Denver
Subs.)—Earnings—
6 Mos. End. June 30—
1941
Net income
$1,651,405
1938
1939
1940
$1,497,811
$654,995
$865,299
$1.88
$0.82
$1.06
After all charges, Including depreciation, depletion and Federal taxes,
before provision for excess profits tax.
b On 796,380 shares common
$2.07
b Earnings per share—
a
'
■
-
'i
,
Net income after
all charges, including depreciation, depletion and reserve
ended June 30, 1941 amounted to $953,419, which
for taxes for the quarter
equivalent to $1.20 per share of common stock.
The reserve for taxes
provides for Federal income taxes on the basis of the current proposal for
the 1941 Revenue Act, but does not include any provision for Federal
excess profits taxes since none is believed to be necessary.
Of these earn¬
ings, $233,232, or 30 cents a share, represented the company's portion of
the net earnings of Cuban-American Manganese Corp.
These earnings compare with $636,578 or 80 cents a share, for the second
is
quarter of 1940.
In that quarter, the company's portion of Cuban-Ameri¬
Manganese Corp. earnings was $95,467, or 13 cents a share.
Earnings for the six months ended June 30, 1941, include $454,801, or
57 cents a share, the company's portion of Cuban-American Manganese
can
Corp.
$5,329
i
134
was
June—
stock
value.—V. 153, p. 548.
value of company's stock from $2.50 to no par
including
Moines
Des
Dodge
Gross from railway
but
Exchange Buffet Corp.—To Change Par Value—
Not
6,329,496
2,480,609
1,519,833
Common and preferred
Utility Act of 1935.
Acquisition of the Western Public Service Co. properties would leave only
one private utility operating in Nebraska—the Nebraska
Power Co., a
subsidiary of American Power & Light.
Conversations between the various parties concerning the purchase trans¬
action have not reached the price stage.
The SEC apparently anticipates an early consummation of the trans¬
action.
In a recent order calling a hearing for Aug. 18, to consider the
corporate structure of Western Public Service the following statement was
made by the SEC:
"The sale of a portion of the properties of the Western Public Service Co.
is reasonably imminent and will result in at least a partial liquidation of
the Western Public Service Co."—V. 153, p. 548.
earnings, compared with
2705.
$473,976, or 60 cents a share for
1940.
—V. 152, p.
(Robert) Gair Co., Inc.—Acquisition—
for excess profits tax which may be payable
law.—V. 153, p. 3t*4; V. 152, p. 3967. —^ -r-r-
reserve
under terms of new tax
5,799,256
1,984,490
1,088,004
162,791.
These properties are a part of the Western Public Service Co., an En¬
gineers subsidiary serving in the States of Wyoming, Colorado, Nebraska,
Missouri, Kansas, Iowa and South Dakota.
The Securities and Exchange Commission recently listed Western Public
Service Co. as one of the properties to be disposed or by Engineers in a plan
for full compliance with the dismemberment provisions of the Public
Fairbanks Co.
6,417,804
1,999,071
1,142,402
for this railroad which reduces the capitalization to
„
.
$361,052
defl01,410
def236,701
Approved—
Nebraska units to Consumers Public Power District—
Power District
$411,892
def81,803
defl96,898
Net ry. oper. income
—V. 152, p. 4122.
Engineers Public Service Co.—Negotiations Resumed on
Sale of
$589,628
def2,707
defl61,164
Gross from railway
Net from railway
13.1
appearing in both periods.—V. 153, p. 547.
a
1938
1939
1940
$617,349
4,558
def92,249
6,852,402
2.285,241
1,372,239
-
Net ry. oper. income
From Jan. 1—
%
12.2
102,549,000
National Power & Light Co
Int.
Ry.—Earnings—
1941
June—
,
In Kilowatt-Hours
par
Co.—Permanently Enjoined—
The Securities and Exchange Commission reported on July 25 that
Judge Lloyd L. Black of the U. S. District Court at Seattle, Wash., entered
a final judgment permanently enjoining the Fitsum Mining Co., Elizabeth
Moore (alias P. M. Taylor) and Lloyd J. Moore, from further violations
of the registration provisions of the Securities Act of 1933.
The complaint alleged that the defendants sold the shares of 2K% Par
value, class A common stock of the company through the use of the mails
and in interstate commerce without such securities being registered with the
Commission.
The defendants consented to the entry of the judgment.
For the week ended July 24,
companies
of
50,000 warrants,
Note—No provision has been made
it is contemplated that substantially
order to qualify as
should be small.
Straus stock for 34,626 shares,
Federated.
basis of
sales of securities are determined on a
on
share of Lazarus.
one
the statement, Federated will receive 156,815
17,313 shares of
49,572 shares of Bloomingdale
for 29,744 shares and 4,534 shares of Lazarus stock for 4,534 shares of
$66,858
18,638
.
Profit from sale of securities
a
exchange for
Inc., Bloomingdale Bros., Inc., and the F. & R. Lazarus & Co., suDsidiaries.
The
remaining 75,000 shares are to be issuable against exercise of the 75,000
Income—Dividends
Expenses...
of $10 per share, 75,000 warrants and 10,000
Of the stock
common
Interest
Inc.—Files at SEC—•
The company has filed with the Securities and Exchange Commission a
registration statement covering 206,630 shares of common stock (no par),
H. Paul
Eaton & Howard Balanced
1914.
Parr Shoals Power Co.—Bonds Called—
From Jan. 1—
Net ry. oper. income...
—V. 153, p. 98.
689
On
Aug. 1,1941, this company acquired the property and business of the
American Box Boards Co., Inc., and it was announced
be operated as the Fort Niagara Corrugated
Buffalo Division,
Fairchild Engine
& Airplane Corp.—New Director—
J. Ashton Allis has been
elected to the board of this corporation, it was
announced on July 29.—V. 152, p.
the acquired unit will
Box Division, Robert Gair
that
Deprec. & def. devel., &c
Net
profit-
1940
$306,065
21,000
281,713
$46,052
All of the 456,000 shares
61,500
239,014
$243,334
Gross operating profit-Provision for taxes
1941
$552,651
115,000
194,316
1939
$474,143
$817,357
•
/
1938
$603,736
47,000
292,869
$263,866
non-operating revenue.
Financial Position End of Second Quarter
Assets—
1941
Note—Above figures exclusive of
Current
associated companies.-
Investments in
Gary Electric & Gas
$3,518,696
248,056
74,959
343,723
a$7,080,956 $$6,569,461
Taxespayable
$93,690
296,664
a$546,108
r
a
Included
are
—-
215,982
.
$6,534,848
•
$5,987,349
Norwegian items as per information available: Cash and
$1,009,068; deposit re power
receivables, $212,635; metal inventories at cost,
supply, $74,959; refinery supplies, $98,852; total, $1,395,514;
and taxes, $125,755; net $1,269,759.—V. 152, p. 3496.
$802,696
$3,482,779
$3,236,329
23,879
8,710
*
637,756
565,234
2,539.227
2,258,931
bd. int.
$235,268
$237,462
$943,552
$977,398
88,025
2,846
88,025
2,586
352,100
10,751
353,450
-3,771
69,000
69,000
276,000
276,000
$75,397
$77,851
$304,701
$339,178
0Ses!XP-8-'-.
Inc. avail, for
Gen. int. & misc.
$582,112
.
f Net assets-•"
$3,227,619
2,612
$873,024
Total income
ded'ns.
$69,465
149,745
302,672
_ —— — -
$3,458,901
$800,084
7,068
Depreciation
-
Co.]
1941—12 Mos.—1940
2,384,027
Current Liabilities—
—
1941—3 Mos.—1940
$865,956
Bond interest..-
Wages payable
Accounts payable
Co.—Earnings—
[Including Gary Heat, Light & Water
Period End. June 30—
Other income
74,959
375,648
Deposit re power supply
Mill, mine and refinery supplies
sold, Emanuel
the termination of the
selling group.—V.
Operating revenue
1,441,655
35,100
1,979,615
'
Metal inventories at cost—
of common stock having been
J. Bergen & Co., Ltd,, announce
153, p. 241.
:
Co. and John
1940
$3,173,980
Cash and accounts receivable
Securities at cost (market, $1,368,917)
&
Y.-—V. 153,
Industries, Inc.—Stock Sold—
Gar Wood
Falconbridge Nickel Mines, Ltd.—Earnings—
3 Mos. End. June 30—
Co., Inc., North Tonawanda, N.
549.
p.
2704.
less payables
Net income-—V. 152, p.
2855.
General Electric Co.—New Factory—
construction of a $20,000,000 factory at Fort Wayne, Ind.
manufacture of turbo-supercharges for airplanes have been an¬
President of the company.
At present the company is manufacturing this vital part for high-flying
fighting planes and bombers at Lynn, Mass., and a $5,000,000 factory for
similar manufacture is nearing completion at Everett, Mass.—V. 153, p. 549
Plans for the
for
the
nounced by Charles E. Wilson,
The Commercial & Financial Chronicle
690
General Finance Corp.—Debentures Sold Privately—The
corporation recently sold privately to two Wisconsin insur¬
ance companies at par and interest an issue of $500,000 4%
debentures, series C, dated April 1, 1941 and due April 1,
1946.
Proceeds were used for working capital.
Continental
Illinois National Bank & Trust Co., Chicago, trustee.—
V. 152, p. 3182.
General Foods Corp.
(& Subs.)—Earnings—
Period End. June 30— 1941—3 Mos.—1940
Net sales,
S44.257.180 $35,237,732
1941—6 Mos.—1940
$89,506,676 $75,714,958
58,260,982
48,548.922
alCost of goods sold
28,680,877
b Selling, ~ admin.,
and
general expenses.,
9,049,800
22,423,052
Profit from operations
Divs. rec. from the Best
$4,076,377 $13,575,248 $10,160,933
Poods, Inc
Other divs. and int.
$6,526,503
8.738,303
17,005.103
*
87,000
2,291
70,394
130,500
rec.
15,916
Royalties and misc. inc.
119,294
Total income
17,670,446
$6,792,213
261.000
27,998
199,021
210.250
18,883
153,883
$4,236,062 $14,063,267 $10,543,949
Prov. for unrealized loss
45,028
236,131
16,597
356,910
279,566
723,566
679,597
1,730,038
1,081,572
3.346,906
2,155,316
$3,016,150
$2,873,331
$7,519,078
$7,352,126
168.750
168,750
337,500
337,500
$2,847,400
$0,542
foreign exchange,,
Prov. for contingencies
$2,704,581
$0,515
$7,181,578
$7,014,626
$1,367
$1,335
12,785
on
c
Provision for Fed. taxes
under Internal Rev¬
Code
enue
a-
as
mended—
Estimated inc. tax.—
Supplemental prov.
possible
for
tax increases
R. C. amend¬
under I.
ments not
Prov.
for
divs.
stock
Net
applicable
profit
to common stock
d Earned per share
Including provision for depreciation and freight charges,
b And
other charges (incl. proportionate share in results of operations of controlled
companies).
c Includes provision for possible inventory writedowns at end
of fiscal year.
Excess of cost over market value of inventories on hand at
June 30 was (estimated) 1941, none; 1940, $750,000.
d On 5,251,440
shares of common stock.—V. 153, p. 549.
a
General Mills, Inc. (&
Subs.)—Annual Report—
Consolidated Income Account for
$
Net
sales
Cost of sales
a
Interest
charges
Depreciation...
6,873,575
18,158
Gross income.
for
Federal
6,597,486
54,788
7,885,309
80,917
4.661,155
6,891,733
Miscellaneous income
Res.
$
125,574,139 121,943,449 152,673,157
117,735,569 112,891,137 146,801,180
66,522
24,562
144,117
1,174,562
1,142,442
1,066,705
42,961
1,209,090
Netoper. profit....
1938
$
1939
$
.126,937,773
....118,812,148
.
Years Ended May 31
1940
1941
6,652.274
7,966,226
4,729,521
68,366
Do-
&
bl ,640,000
Net
1,013,000
1,515,000
c618,890
5,251,733
1,107,365
2,660,216
5,639,274
6,451,226
1,449,871
4,110,631
1,338,342
1,995,162
1,484,152
2,338,127
$6.61
income.
Preferred dividends....
Common dividends
Balance
Earns, per share on com.
1,222,854
2,078,294
$6.23
d2,909,611
2,091,744
$7.69
777,127
$4.17
Including manufacturing, selling, administrative and other expenses,
b No provision required for excess profits taxes, c Includes Federal undis¬
tributed profits tax of $11,016.
d Includes $581,922 payable Aug. 1, 1939.
a
Consolidated Balance Sheet May 31
1941
1940
$
$
Assets—
1941
Liabilities—
b Land, bldg.
$
1940
$
and
equipment
24,370,031 24,370,287
Cash
7,669,185
3,673,900
Drafts & accept.. 2,070,334
2,289,215
Notes <& accounts. 7,216,895
6.119,844
officers & empl.
180,021
183,164
Accounts payable.
3,583,297
3,094,217
Advances
Acer, local
2,377,075
1,873,456
on
purcftases,
Inventories
Prepaid
Preferred stock—22,147,300
a Common stock..16,691,960
Savings
grain
&c.. 1,299,423
767,238
.20,745,211 23,809,035
22,147,300
16,691,960
of
& Fed.
taxes.
,
Pref. divs. accrued
940,661
Empl. retlre't fund
276.841
5,398,315
10,781,502
Reserves
1,757,389
Invests., member¬
ships, sundry advances,
276,841
3,735,646
Capital surplus... 5,398,315
Earned surplus.-.11,785,654
1,864,368
expenses.
acc'ts
3,652,592
832,437
480,000
Water pow. rights,
goodwill,
1
&c...
a
producing organization
to the maximum
talents
should employ
for
the
benefit
1941
its individual
of the cause
whole.
be recognized that, as the program becomes more and more
an increasing part of our national productivity must be ab¬
production for defense, hence greater and greater sacrifices must
be made in both the production and the consumption of products having
peacetime characteristics.
As defense material plants now under construc¬
tion come into production and as new projects are created, there is likely
to develop an increasing shortage of management, materials and workers—
more, of course, in certain areas than in others.
While it is very much
to the interest of the economy as a wnole, and of each individual of the
community, to take up the slack of idle machinery, men, management and
materials, that point, however, in some categories is rapidly being reached.
The time must come when we must begin to choose.
And certainly the
choice must lie in the direction of giving priority to the production of those
things needed for defense.
And in the order they are needed the most.
In view of the very heavy obligations that the Corporation has assumed
in the defense area, it might be interesting to stockholders to point out just
what nas happened now that the program has completed its first year.
In
other words, what can we see by examining the operations of an organiza¬
It
must
Intensified,
sorbed in
tion such as General Motors.
War has become more and more a conflict between machines.
The nation
provide for itself the most effective airplanes, the most
and all the other equipment in the various categories
needed—all with the supporting apparatus and in the largest quantities—
is the nation that will maintain tne strongest defense.
Many of the things
that are needed most fall very definitely within a technical field familiar
to the automotive industry.
Defense products are very specialized in
character, yet the general underlying production principles—management,
engineering, processes, even the materials needed—very closely parallel
those that the automotive industry has so successfully dealt with for so
many years past.
The industry may be expected to assume a great responsioility in the way of the reorganization and readjustment of its affairs
in harmony with the new and unusual demands, and in some curtailment of
its civilian activities as well.
That is recognized and must be accepted
that
able
is
effective
a
to
tanks,
patriotic duty.
The effect of the program
pref.
on
experience and
as
as
2.457,120
1,753,674
yet enacted
Netprofit...
each
emergency,
Aug. 2,
of national defense upon the economy is twofold.
Industry is stimulated due to the specific demand for defense products.
The economic result is the creation of an abnormal demand for civilian prod¬
ucts entirely unrelated to defense
itself.
Both of these influences are
importantly reflected in the operating results of the corporation for the first
six months period.
Such abnormal demand existing coincident with the
urgent need for defense materials of all categories naturally raises the
question as to whether, in view of the emergency existing, so many motorcars, so many electric refrigerators and so many other things of similar
character should continue to be produced in sucn volume.
In other words,
has the defense program been, or will it be prejudiced by such a policy?
Naturally, this is a most important consideration.
Below is shown (a) the dollar value of defense material deliveries by the
corporation during successive periods of the program and (b) the distribu¬
tion of such deliveries by certain categories of defense products.
For the
second quarter the defense material sales volume amounted to 10.7% of
the total dollar sales volume of the corporation.
Further, as indicated,
comparison of the second quarter of 1941 with the two previous quarters
and with the period before Oct. 1, 1940 shows an increasing expansion
of defense material deliveries.
An examination of the total defense de¬
liveries
through June,
1941, segregated by groups of products, indicates
that approximately two-thirds of such deliveries might be considered as
in the area in which General Motors normally operates.
But such items are
limited
to
two
general
classifications,
trucks for military purposes and
The balance of the corpo¬
Diesel engines for naval and other purposes.
standard
ration's
manufacturing facilities are
for defense.
_
of very limited usefulness
A
.
.
In the case of General
Motors, its scope of operations has been some¬
what broader than that of other units within the automotive industry.
For instance, it was already engaged in the manufacture of Diesel engines.
Therefore, it was able with reasonable promptness to expand its production
rapidly in that area.
Likewise, before the emergency it had been con¬
ducting experimental work on certain special types of aircraft engines.
Thus
a
start had at least been made.
Aside, however, from the manufacture of military trucks and Diesel
engines, defense production resulted from special plants and machinery
developed for the specific task, and in some cases from the equipment
of existing plants with new machinery—all for the purpose of producing the
special articles needed.
This specialized production will of course increase
in volume as more of such new capacity reaches the production stage.
Of
approximately $1,200,000,000 in defense contracts assumed or in process
of negotiation by General Motors, due to the requirements for specialized
machinery, fully 75% are outside the corporation's normal activities; and
90% are outside the normal area of production of the automotive industry
as
a whole—the remaining
10% comprises principally the production of
military trucks.
What this means is that the automotive industry's most important con¬
tribution to the cause of national defense consists of management—ad¬
ministrative and technical.
In other words, the knowledge and ability to
produce the things that are needed are available, but the means to produce
those things, the productive capacity—plants, machinery and the essential
equipment—must be created specifically for the purpose.
These are not
available except to a minor degree.
AH of which simply reflects the limita¬
tions of the processes of mass production.
At the end of June, 1941, General Motors was employing in the United
States and Canada approximately 250,000 hourly wage earners—those
directly concerned with production itself.
There were within this group
approximately 36,000 employed in defense production.
In other words,
14.4% of General Motors productive workers were engaged as of that date
in the interest of national defense.
Thus again are seen the limitations
imposed by the relative inflexibility of mass production.
Total
66,176,109 64,099,3481
Total
66,176,109 64,099,348
Represented by 665,054 shares of no par value,
b After depreciation
$18,939,446 in 1941 and $18,502,936 in 1940.—V. 151, p. 847.
a
of
It is inevitable that this relationship between defense production workers
those workers involved in civilian production will begin to change
and
rapidly
as the new plants commence to produce.
Thus the number of
workers will substantially rise.
The number of workers
engaged in civilian production is likely to decline.
This is because, as the
urogram becomes intensified , the materials that might otherwise be used
in the normal activities of the automotive industry may be required, in
defense material
General Tire & Rubber Co.—New
Subsidiary—
Company has organized a new subsidiary, General Tire Engineering Co.
new subsidiary, which is incorporated in
Mississippi, will place General
The
in
a
position to take
a
Government contract for the operation of an ordnance
plant for which it is understood the company is negotiating.
The ordnance
plant, for which General is being considered, would bag powder, it is under¬
stood.—V.
153, p. 395.
General
1942.
Motors
Corp.—Financial Statement—Alfred P.
Sloan Jr., Chairman, states:
This year, the end of the first six months period
corresponds approximately
with the end of the first year of the program of national defense.
In view
of the fact that this program is having such a
profound influence on the
corporation's affairs and is likely to assume even greater significance in the
future, this message is divided into two separate parts: The first,
dealing
with the impact of the defense program, present and
future; the second,
relating to the more normal operating circumstances incident to the period
under review.
Defense and Automobiles
Stockholders may recall that
soon
after the inauguration of the defense
program a series of special messages was issued for the purpose of
information as to what such a program meant as
providing
affecting the economics of
the problems incident to producing the more
highly
technical products involved in defense needs.
One of these messages dealt
with the "economic phase" of national defense, and another dealt with
the "production phase."
These were followed by two other messages,
advising stockholders as to the obligations which the corporation had as¬
industry; likewise
as to
sumed and the progress that was being made in
discharging such obligations.
A further "progress report" is under
development at this time and will
be released to the stockholders in the near future.
It will indicate not only
the total defense obligations which the Corporation has assumed
or has
under negotiation—now approximately
$1.200,000,000—but, in addition,
the broad diversity of defense products which the
corporation is already
producing and is preparing to produce in support of the program.
It was stated in the annual report of 1940 under the
gram of
subject, "The Pro¬
National Defense," that the General Motors management believed
it could make the most effective contribution to the
its efforts
objective by directing
particularly to those production areas which involve the
more highly technical phases of the
problem.
This appears logical.
The
number of organizations qualified to deal with such
problems, in the magni¬
more
tude needed, is relatively small.
part,
Certainly in this hour of great national
for
national
To what extent is unknown.
The peak of
General Motors, as measured by obligations already
defense.
defense production by
assumed
or
under negotiation, cannot be reached until toward the end of
Full
production facilities being created will not be available until
then.
And this Is on the assumption that the essential machinery, and
tooling for the plants already under construction, and now contemplated,
are made available to the corporation in harmony with the scheduled de¬
velopment of each individual project.
It is believed that it should be perfectly clear from what has just been said,
based upon the corporation's operating statistics, that, aside from the
question of Priority of materials, or however essential the objective might
be, any reduction in the production of the automotive industry cannot
possibly result in any measurable acceleration in the production of materials
for
national
defense
so
far
as
General
Motors
operations
are
concerned.
It will in all likelihood result in the temporary unemployment of large
numbers of productive workers now employed by General Motors.
The
reason is simple.
The plants under construction by General Motors, es¬
sential for producing the things needed for defense, are only just beginning
reach the point when they can absorb materials and employ workers.
And other plants are just being started.
It might be interesting to point out for emphasis—although the point
to
is dealt with in the second part of this message—that in May of this year
General Motors agreed to limit its 1942 model production to 78 H % of that
of 1941.
This is enuivalent to a reduction of about 35% from the level
of production established in the first quarter of 1941.
Should the relation¬
ship of the 1942 model production as compared with that of 1941 be estab¬
lished
at 50% instead of 78K%, in that event the reduction would be
equivalent to nearly 60% as compared with the production level of the first
quarter of 1941.
The management of General Motors, from the inception of the national
defense protrram. has urged the policy of first
developing to the maximum
and then maintaining the full utilization of the nation's economic resources.
It has recognized that the time inevitably must come—as the program
continues
to expand—when sacrifices will becomes essential.
TJ'hen they
be accepted to the full degree necessary, as a patriotic duty to a
just cause.
And the need of such sacrifices must be judged by demon¬
strated shortages of management, materials, workers, supporting services
and other economic resources, as they actually develop in the area of
defense production.
The transfer of such resources from peacetime pro¬
duction to defense production then becomes imperative, for defense must
must
very
Volume
all
at
The Commercial & Financial Chronicle
153
times be the first
consideration.
It
is the prime
objective of the
moment.
Period Ended June 30—
An
The
Business
Trend—In
the
Operating Review
-
Thus it will be
message
to
of sales results from the stimu¬
lation of purchasing power by the defense program, w hich in turn expresses
itself in terms of an increased consumption of civilian products.
During
the third quarter, and more particularly during the last quarter of the year,
production for the account of national defense will be rapidly accelerated
as new nlants come into operation, and, on the other hand, to some extent
production involving civilian products will decline.
General Motors in
May of this year agreed to limit its production of motor-cars and
trucks for that part of the 1942 model year—August 1, 1941 to Jan. 31,
1942—to an amount equivalent to 78H% of the production of the corre¬
sponding period of a year ago.
This is equivalent to a reduction of about
35% from the rate of production that would be required to meet the level
of sales made during the first quarter of 1941.
At the time of this writing,
further reductions are under discussion.
It might be noted in this connec¬
tion that, if the production for the 1942 model year is reduced to 50% of
the 1941 model year, this would entail a reduction of nearly 60% from the
rate of production in the first quarter of 1941.
Sales in Units and Value—Total sales to dealers, including overseas ship¬
ments from the United States and Canadian plants but excluding production
by overseas manufacturing units, amounted to 732.314 cars and trucks
during the second quarter of 1941.
This compares with sales of 549,605
units for the corresponding quarter of a year ago—an increase of 33.2%.
Total sales for the first six months of 1941, excluding production by over¬
seas manufacturing subsidiaries, amounted to 1,442,028 cars and trucks,
compared with 1,098,787 for the first six months of 1940—an increase of
31.2%.
Sales by the corporation to dealers within the United States amounted
to 674,974 cars and trucks during the second quarter of 1941.
This com¬
pares with 506,585 for the corresponding quarter a year ago—an increase
of33.2%.
Such sales for the first six months of 1941 amounted to 1,328,358
cars and trucks, compared with 1,013,034 for the corresponding period of
1940—an increase of 31.1 %.
••••',
-v
■
Retail sales by dealers to consumers within the United States for the
second quarter of 1941 amounted to 774,420 cars and trucks.
This com¬
seen
in¬
Retail deliveries in the first six months of 1941 amounted
units in the first six
46.9%.
Overseas sales of cars and trucks produced in the United States and
Canada totaled 31,250 in the quarter ended June 30, 1941, compared with
26,608 for the
same period of 1940—a gain of 17.4%.
For the first six
months of 1941, such sales amounted to 65,763 cars and trucks—an increase
of 3.2% over sales of 63.698 units in the corresponding period a year ago.
Sales figures from foreign manufacturing subsidiaries for the second quarter
and for the first six months of the current year are not available at this time.
The competitive position of the corporation, as measured by General
Motors percentage of total new car and truck registrations in the United
States, remains at the highest levels in the corporation's history, though
undoubtedly somewhat prejudiced by the inability to meet the full consumer
demand.
Registrations of General Motors passenger cars for that period
of the 1941 model year beginning Oct., 1940 through May, 1941 as a per¬
centage of the total industry established a new record.
Net sales in value of the corporation and its consolidated subsidiaries,
excluding inter-divisional transactions, for the second quarter of 1941
amounted to $699,898,241 and compare with $461,809,533 for the corre¬
sponding quarter of 1940—an increase of 51.6%.
The same item for the
first six months of the current year amounted to $1,349,090,860.
This
compares with $919,960,089 for the corresponding period of a year ago—
an increase of
46.6%.
Included in the above sales for the second quarter of 1941 is production
for national defense in the amount of $75,200,000; for the six months ended
June 30. 1941, a total of $131,800,000.
crease
to
of
ing
cars
1,442,028
622,513
1,383,122
941,821
674,974
506,585
1,328,358
,1,013.034
v;
Net
a
$
$
Special contingency
during the quarter, on recommendation by the
Defense Mediation Board, the corporation, notwithstanding the
87,564,610 292,474,217 175,391,638
15,000,000
compared with $237,573,889 for the same period of 1940—an increase of
45.2%.
Both payroll figures for 1941 include a provision of $7,700,000
on account of an allowance for a vacation with pay to hourly wage em¬
A provision of $6,200,000 was included in the 1940
cos. not
dends
130,372,810
consolidated, less divi-
>'
■<
Ur574,844
•'
received
Employees'
82,425
bonus
Defense
defense:
Deliveries of Products for
Military trucks and transport equipment..
Diesel engines for naval and military use.
Other products
_ _ -
Total established products
Otner products
Total special defense
$97,700,000
for defense
Special defense products by GM:
Aircraft engines, aircraft parts and equipment—
Guns, shells and related items
—
21,592,000
138,360,000
53,603,993
46,568,545
118,226,754 113,620,238
53,579,568
Gen.
Motors
._
—
products
and transport equipment.
Canada, principally trucks
Total defense deliveries to end
of June, 1941
..
$66,700,000
45,100,000
pref. stock, $5 series—
2,294,555
46,546,999 118,177,905 113,575,460
2,294,555
4,589,110
4,589,110
Amount earned on com. stock.
51,285,013
44,252,444 113,588,795 108,986,350
on
Aver, number of shares of com.
stock
43,165,395
43,377,457
43,165,402
$i.02
outstanding........... 43,377,446
Amt.earned persh. of com.stk..
$1.18
$2.62
$2.52
Including dividends received from subsidiary companies not consolidated, after
all expenses incident thereto, and after providing $13,005,766 and $25,503,770 for
the second quarter and the six months ended June 30, 1941, and $11,190,754 and
$22,222,038 for the second quarter and the six months ended June 30, 1940, respec¬
a
tively, for depreciation and amortization of real estate, plants and equipment.
b
Less investment fund reversions on
before class maturities,
in
1941
To emplcyees
c
account of employees savings withdrawn
cf certain foreign subsidiaries,
d Includes
provision of $34,285,000 in the second quarter and $64,063,000 in the six
months for United States excess profits taxes.
Note—The above net income does not include such portion of the net income of
foreign subsidiaries
as
cculd not be remitted because of foreign exchange restrictions.
'
Summary of Consolidated Surplus
Period Ended June 30—
1941—6 Mos—1940
1941—3 Mos.—1940
^
$
Earned
surplus
beginning
at
period
General
Motors
of
' ■
v-y
..500,792,599 478,804,665 471,021,153 446,442,576
.
Corp.'s propor-
tion of net Income
divs....554,372,167 525,351,664 589,199,058 560,018,036
Cash divs. paid or accrued:
Total cash divs. paid or accr'd.
Gen.
or
Meters
;
'
4,688,415
76,125,000
76,125,000
45,844,208
80,813,415
80,813,415
;
2,344,208
capital stock. ..43,500,000
Less amount received
by
2,344,208
43,500,000
V
Pref. capital stock, $5 series..
Common
118,177,905 113,575,460
46,546,999
53,579,568
Earned surplus before
45,844,208
.
•
4,688,415
accrued
Corp.
■'Y,'-
on
y'vY ^'V
capital stock held in treasury:
Preferred stock, $5 series.....
Common stock.....
:
Net cash divs. paid or accrued.
335,624
99,305
216,233
99,305
588,807
45,458,931
80,497,877
80,125,303
49,653
49,653
123,569
45,670,986
\
479,892,733 508,701,181 479,892,733
p:arned surplus at end of period 508,701,181
Note—Earned surplus includes $30,470,868 at June
30, 1941, and $29,214,086 at
consolidated; also $1,679,467
30, 1941, and $1,665,042 at June 30, 1940, for earned surplus of companies
in which a substantial but not more than 50% interest is held,
-r'.'-v.y"
June 30,1940, for net earned surplus of subsidiaries not
at June
Consolidated Balance Sheet
'
June
*\.SSCtS
•••'.! •'.»
'
,L'..
,•
\ t'l'i
U. 8. Government securities (short term)
Other marketable securities...........
9,460,544
1,637,374
144,204,343
Sight drafts and C.O.D. items.........
Notes receivable..
a
i
Accts. receivable <fe trade acceptances.
295,145,110
217,982,432
42,344,003
9,181,054
Inventories...
In v. in sub. cos. not consolidated
Other
....
investments
Miscellaneous
assets
.......
...
b4,418,396
411,366,359
9,537,749
50,322,686
Capital stcck in treasury...—........
d Real estate, plants and equipment....
Prepaid expenses and deferred charges..
Goodwill, patents, &C
30, 1941 Dec. 31, 1940 June 30, 1940
^
$
$
328,086,556
171,411,329
3,375,812
Cash..
-
282,924,743
148,982,807
1,300,172
315,541,118
148,092,438
900,178
8,522,687
8,806,900
1,723,981
79,764,422
183,732,422
193,606,743
39,577,988
13,836,003
1,521,476
116,093,800
265,000,682
188,732,828
42,376,575
11,090,653
8,541,816
402,618,488
7,887,118
50,322,686
7,835,725
377,465,632
6,895,020
50,322,686
1,698,473,747 1,535,916,531 1,428,101,256
Total
Liabilities—
„
payable.
....
.
Taxes, payrolls, warranties and sundry
Accounts
profits taxes....
Employees'
119,825,008
66,419,579
70,678,396
38,500,351
24,214,039
126,621,183
64,432,896
2,294,555
8,418.000
21,470,625
2,294,555
4,132,920
18,253,700
9,978,875
3,293,693
6,930,665
3,340,472
7
payable
funds,
within one year....
4,859,946
— — ..
preferred stock
Divs. payable on
63,103,597
153,387,042
-
savings
„•
107,710,640
32,396,608
114,432,215 V
items
accrued
Special deposits on Govt, contracts.....
U. S. and foreign income and excess
...
Employees' bonus
Taxes, warrants and miscellaneous.....
Reserves—Employee benefit plans—..
c
Deferred income....
...
2,294*555
7,910,000
18,401,203
4,663,300
3,057,953
Contingencies and miscellaneous:
Allocable to foreign subsidiaries....
General
e
.
-
$5 series preferred stock
Common
stock
Minority int. in pref. stock
Earned
of sub. co...
surplus
26,495,081
73,355,651
24,418,769
36,987,385
187,536,600
435,000,000
1,888,613
508,701,181
187,536,600
435,000,000
1,888,613
471,021,153
24,325,653
35,893.624
187,536,600
435.000,000
1,888,613
479,892,733
.....1,698,473,747 1,535,916,531 1,428,101,256
Total
doubtful accounts,
b 124,575 shares commcn, 39,722 shares
$5 series no par preferred,
c At Dec. 31, 1940, based upon cost of acquisition of
stock distributable as bonus,
d After reserve for depreciation of $431,043,360 at
June 30, 1941, $411,600,780 at Dec. 31,11940, and $400,025,764 at.June 30, 1940.
e Represented by 1,875,366 no par shark.-—V. 153, p. 549.
a
Less reserve for
RR.—Earnings—•
June—
railway
Net from railway..
Net ry. oper. income—
Gross from
From Jan.
-
Net ry. oper. income...
—V. 153, P. 99.
1938
$277,749
36,476
31,220
1,893,281
319,193
1,744,809
268,327
1,659,138
187,704
266,936
250,225
161,465
1940
$309,789
58,461
50.540
2,404,189
632,279
647,998
-
Gorham, Inc.—Accumulated
Dividend—
declared a dividend of $2 per share on account of accumu¬
the $3 preferred stock, payable Aug. 15 to holders of record
This will be the first dividend paid since 1931.—V. 152, p. 2553.
Directors have
Aug. 1.
1939
$289,259
43,949
44,218
1941
$411,608
109,879
95,589
1—-
Net from railway
lations
—$209,500,000
39.895,000
Corp.'s proportion
net Income
or
Divs.
Gross from railway
$60,900,000
4,800,000
1,000,000
,-
...
73,208,000
Georgia
$45,400,000
48,400,000
3,900,000
—
3,351,934
Net income.................
including possible
Established GM products adapted for
.
5,697,688
and excess profits taxes.......
sales and net income of the second quarter, as com¬
profits taxes and before provision for contingencies increased 76.6%.
Net
income after taxes at current rates and after provision for contingencies
additional taxes increased 15.1%.
Expressed otherwise,
the corporation earned for the quarter before taxes and reserve for con¬
tingencies $146,787,568.
After taxes and reserve for contingencies, net
income available for dividends was $53,579,568.
Likewise, for the six
months period the corporation earned before taxes and reserve for con¬
tingencies $286,537,905.
After taxes and reserve for contingencies, net
income available for dividends was $118,177,905.
■
70,900,320 265,016,996 161,601,640
55,475
109,502
2,665,000
8,418,000
7,910,000
19,300
12,242
66,900
3,631,000
12,242
cAmts. provided for bonus pay..
d Prov. for U. S. & foreign income
for this purpose.
The operating results,
2,141,932
71,475,164 259,319,308 158,249,706
Net profit from oper. & invest. 130,455,235
b Int. on employees' savs. funds
payroll figures
pared with the same period of 1940, might be summed up in the following:
Sales in value increased 51.6%.
Net income before income and excess
15,000,000
3,154,909
Equity in earnings (net) of sub.
fact that
hourly wage rate was as high or higher than the prevailing
rate in the automotive industry and far higher than the rates in manu¬
facturing industries in general, granted an increase of 10 cents per hour
to all hourly workers in the United States, effective April 28, 1941.
This
is reflected, but only in part, in the weekly earnings for the second quarter.
Manifestly, the full effect will not be reflected on a quarterly basis until
the third quarter's operations are of record.
Payrolls during the quarter totaled $187,230,843, compared with $122,995,327 for the corresponding period of a year ago—an increase of 52.2%.
For the first six months of 1941 total payrolls amounted to $345,017,104,
30,000,000
1,089,446
1,677,713
.......
Remainder
National
its then existing
1349090860 919,960,089
(incl,
reserve
possible add'l taxes in 1941)... 20,000,000
Possible losses under employee
benefit plans....i.
$
$
sales—Value..............699,898,241 461,809,533
Profit from operations & income
from investments........
152,050,523
and trucks, compared with 941,821
Furthermore,
ployees.
549,605
774,420
United States
months of 1940—an increase of
Employment—The continued high level of operations during the second
quarter as well as the first six months of 1941, in comparison with a year
ago, is reflected
in the corporation s employment figures.
During the
second quarter of 1941 there was on the corporation's payrolls an average of
318,726 hourly and salaried employees.
This compares with 245,338 for
the second quarter of 1940—an increase of 29.9%.
For the first six months
the average number of employees was 309,270, compared with 246,317
in the corresponding period a year ago—an increase of 25.6%.
During the second quarter of 1941 the average number of hours worked
per week by all General Motors hourly employees in the United States was
42.1.
This compares with 38.2 for the same quarter a year ago ago—an
increase of 10.2%.
This increase in the number of hours of employment
as well as the influence of overtime resulted in increased weekly earnings.
1,098,787
732,314
shipments.......
ers—United States. Gen. Motors sales to dealers—
48.2%.
1,383,122
overseas
Retail sales by dealers to consum¬
that the high volume
with 522,513 units in the corresponding quarter a year ago—an
1941—6 Mos.—1940
1941—3 Mos.—194C
Sales of Cars and Trucks (Units)—
Motors sales to dealers in
the U. S. and Canada, Includ¬
Gen.
stockholders dealing with the
first quarter'8 operations, it was stated that that period was characterized
by a rapidly rising trend of industrial activity along a broad front, reflect¬
ing the continued expansion of the economy under the stimulation of the
program of national defense.
Similar circumstances prevailed during the
second
quarter.
Practically all indices measuring activity within the
various areas of the economy still continued to move upward, registering
in some cases new all-time records.
National income payments have
reached an annual rate of approximately $86,000,000,000—an increase of
$12,000,000,000 as compared with the corresponding period a year ago
and a rate exceeding the record year of 1929.
This synthetic stimulation of
the economy has resulted in a consumer demand for all the corporation's
products in excess of its capacity to produce.
Sales volume has been ex¬
panded still further by production for the account of the program of national
defense.
The latter (as explained above) will increase at a rapid rate and
become a greater proportion of the total volume as the special plants,
machinery and equipment under construction for the purpose of national
defense reach the productive stage.
Through June of this year, such
sales within the defense area comprise, for the most part, products within
the corporation's normal scheme of production; viz., military trucks and
Diesel engines for naval and other purposes.
pares
691
Statement of Consolidated Income
on
The Commercial & Financial Chronicle
692
General Public Utilities,
Operating
expense
$6,254,043
2,626,924
Amort, of storm damage
57,779
237,595
749,781
18,308
65,523
59,147
19,529
Net oper. income
Non-operating income.__
»
Balance
180,849
222,127
710,052
635,525
114,900
$161,957
7.106
$1,875,901
32,192
$1,944,515
32,486
$162,553
29,721
Fed. normal inc. taxes...
17,284
64,983
52,813
13,125
$157,450
5,103
—
J*rov. for retirements—
General taxes
Gross income
of the hose is to connect fuel tank cells and engine supercharger systems.
The inner surface of the hose, according to the announcement, is a layer
of Ameripol,
$169,063
30,562
$1,908,093
365,640
$1,977,001
367,256
692,074
$132,832
Net income
Divs. $5 pref. stock
$1,542,454
$1,609,745
71,353
1,229
855,574
12,824
856,238
$60,816
3,242
Other interest
$138,501
70,688
1,327
Charges of G. P U., Inc.,
Int. on 1st mtge. &
coll. trust 6>£ % bds.
$65,919
3,242
$674,055
$749,346
38.910
38,910
4,160
To Build Arms
for
avail,
Texarkana.
assuming responsibility for the construction and operation of the
"In
Lone Star ordnance plant, B. F. Goodrich will contribute its 70 years of
industrial experience to this new government project, believing that the
defense of America transcends all other considerations," Mr. Collyer said
following an announcement by the War Department that the rubber com¬
pany had been selected to direct the huge bomb and shell loading unit for the
Ordnance department.
Directors of the new
$57,574
stock & surplus
$62,677
$635,145
$710,436
Refractories
General
Period End. June 30—
Net sales
Co.—Earnings—
1941—3
Mos.—1940_
$5,923,901
1941—12 Mos.
-1940
$2,925,067 $18,316,651 $12,397,789
Cost of sales & expenses
of operations
4,858,665
Gross profit
Other income from vari¬
2,403,739
14,707,997
9,863,597
$1,065,236
$521,328
$3,608,654
Gorham Mfg.
98,143
177,819
345,495
Profit
$619,471
142,548
5,244
88,903
2,532
$3,786,474
565,166
32,218
469,013
5,543
$2,879,687
567,672
21,564
348,974
18,649
5,437
27,167
1,091
6,563
39,766
16,280
22,875
157,076
5,489
31,875
201,395
b536,236
92,601
bl ,130,457
$240,223
$1,387,847
$1,281,396
140,423
9,423
141,421
2,278
Corp. & property taxes.Bond disc't & exp. amort
Interest other than on
825
funded debt
on
Other deductions
Federal
come
and
Penna.
taxes
Granite City Steel
$236,926
General Steel Castings Corp.
6 Mos. End. June 30—
1941
Profit from operations.
$3,530,847
-Earnings—
1940
1939
1938
600,167
$1,122,349
592,395
$701,311
598,478
$443,586
600,058
$2,930,680
12,118
$529,954
11,419
$102,833
5,785
x$156,472
6,216
$2,942,799
468,399
$541,372
468,414
$108,618
468,414
154,994
x$l 50,256
_
Depreciation
Profit
Other income-
Profit
Bond int. and amortiz_.
sale real est., &c.
for
Federal
and
on
state income taxes
Net profit
468,414
$72,958
x$514,790
x$618,670
Special
1941—Month—1940
oper. expenses
from ry. oper.
Railway tax accruals
Ry. oper. income
Equipment rents (net)Dr
Jiont facil. rents (net)Dr.
$69,111
84,150
$661,376
576,450
$535,067
534,221
$16,408
8,150
$4,962
8,126
$84,927
47,502
$847
49.395
_
Gross income
$8,258
4,458
1,909
def$3,164
$37,425
26,545
11,653
def$48.548
1,917
$1,890
1,358
def$5,185
1,375
def$774
6,826
def$70,6l8
6,823
$3,249
Net. ry. oper. income.
Non-operating income.
def$3,810
327
348
$6,052
1,935
Surp. applic. to int
103
$2,921
$4,157
Week Ended July 21—
1941
1940
revenues
(est.
—V. 153, p. 550.
$23,175
$17,650
Georgia Southern & Florida Ryv
June—
1941
Gross from railway
Net from railway
1940
10,532
11,538
$4,118
-Jan.
1
$65,783
to
July 21
1941
1940
$733,877
$592,543
Federal
Gross from railway
Net from railway
Net ry. oper. income
______
1939
1938
682
26
$133,750
def3,926
def22.929
1,932,419
663,677
330,206
1,280,500
234,880
1,214,739
244,691
70,055
def37,601
72,114
$175,082
23,372
1,021,787
1941
1940
1939
1938
-$98,005,059 $67,502,026 $66,119,599 $51,913,986
Net profit after deprec.,
int. & Fed. inc. taxes,
a
6,646,033
1,362,691
a3.122.728
$4.31
-----------
Graton & Knight Co.—To Pay
$0.26
$1.61
have
development of
j
an
"Achilles
jW5s ®xPJa*ned that weight saving is important because it provides
fuel
capacity to lengthen the bomber's flight range.
The bulletsealing hose eliminates the weight of auxiliary metal fuel
systems which
were needed to guard against the
hazard of punctures to main fuel lines.
Secret of the hose's construction is an
unusually effective sealing member
that prevents fuel leaks even under 10 to
15 pounds pressure and despite
numerous punctures from high caliber machine
gun bullets.
Preferred Dividend—
dividend
Ry.—Earnings—
1940
1941
1939
1938
$8,330,992
3,033,228
2,158,394
$5,963,838
1,994,196
1,176.719
50,168,227
15,861,782
9,952,992
Net from railway
Net ry. oper. income
$8,906,215
3,389,700
2,332,994
41,395,472
12,047,484
6,649,709
36,969,356
8,728,455
3,735,485
29,947,089
5,233,480
308,932
—V. 153, P. 99.
Green
Bay & Western RR.- -Earnings—
June—
'
1940
1941
1938
1939
$163,059
44,614
14,507
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 153, p. 99.
$129,563
16,226
def3,498
$131,132
35,817
11,592
$128,780
967,576
308,946
154,483
Gross from railway
Net from railway
819,679
208,265
97,637
816,544
242,662
112,297
707,947
162,775
def57,277
Gulf Mobile & Ohio
36,919
15,214
RR.—Earnings-
June—
1941
Net railway operating income
From Jan. 1—
-
Gross from rail way.
1940
$1,957,343
668,639
334,245
$1,425,251
246,728
38,573
11,083,238
3,611,609
1,735,526
Gross from railway
Net from railway
9,031,126
1,997,485
683,383
Equipment Tmst Certificates—
The Interest Commerce Commission
on July 22 authorized the company
obligation and liability as lessee and guarantor, in respect of not
exceeding $2,175,000 equipment trust certificates of 1941, to be issued by
the First National Bank of Mobile, Ala., as trustee, and sold at 100.046%
of par and accrued dividends in connection with the procurement of certain
to
assume
equipment.
The report of the Commission states:
The equipment trust certificates were offered for sale competitively^to
30 private banking and investment concerns and others.
Three bids were
received, the highest being 100.046 and accrued dividends to date of de¬
livery, at a dividend rate of 2.4%, from Harris Hah & Co., Inc., of Chicago,
acting also for Alexander Brown & Sons, Baltimore, the Illinois Co. of
Chicago, the Milwaukee Co., Milwaukee, and Gregory & Son, New York
City.
This bid was accepted.
At the price stated, the average annual
cost of the proceeds to the applicant will approximately 2.39%.
Gulf Power Co.—To Sell Bonds to RFC—
The Securities and
Exchange Commission announced July 28 that
com¬
pany has filed an application (File 70-360) regarding the issuance and sale
and $3,600,000 of 4% first and refunding mortgage gold bonds, due 1951,
airplanes by protecting vital fuel
systems from punctures, was announced on
July 28 by this company.
An outgrowth of the
development of self-sealing fuel tanks, the new
type hose makes use of the synthetic
rubber, Ameripol, and not only pro¬
tects fuel systems from
bullet punctures, but also achieves substantial
weight savings in the average bomber, the announcement said.
j
a
cum.
$11,144,055
4,700,627
3,287,974
Gross from railway
Net from railway
to
a bullet-sealing hose that eliminates
in the armor of America's combat
added
declared
the 7%
Great Lakes Utilities Co.—Subsidiaries to Sell Assets—
Nil
New Product—
heel
on
Great Lakes Utilities Co. and its subsidiaries, LeMars Gas Co. and
Independence Gas Co., have filed with the Securities and Exchange Com¬
mission an application (File 70-359) regarding the sale by the subsidiaries
of all of their assets.
The assets are to be jointly purchased by PolkPeterson Corp. and Carleton D. Beh Co. at a price of $70,000 for the assets
of LeMars Gas Co. and $55,000 for those of Independence Gas Co.—V.
151, P. 552.
loss209,551
Includes non-recurring income of
$415,188 common shares.
v.
tax.—V. 152,
of $1.75 per share on account of
pref. stock; payable Aug. 15 to holders of
record Aug. 1.
Like amount was paid in the six preceding quarters and
on Dec. 28, 1939, and previous dividend was the regular quarterly dividend.
of $1.75 per share distributed on Nov. 15, 1938.—V. 152, p. 2856.
com.
8t°ck
$35,046 loss$271,734
$50,390
b No provision for excess profits
Special charges only.
Directors
86,650
(B. F.) Goodrich Co. (& Subs.)—Earnings—
Earns, per share of
3,974
a5,933
a3,236
$118,023
3655.
p.
-Earnings—
$179,388
22,825
4124.
6 Mos. End. June 30—
Net sales.
&c
b56,492
taxes
Net from railway
Net railway operating income..
$269,195
74,098
34,145
Net ry. oper. Income
From Jan. 1—
p.
$117,241 loss$234,791
76,262
32,969
Net profit
def$63,795
1,988
Deducts, from income.„
152,
$131,600
77,973
incl.
Gross from railway
1941—6 Mos.—1940
$116,139
99,731
oper. re venue.
—V.
3.159,385
$103,813 loss$244,247
13,426
9,456
$244,577
70,062
charges,
Net ry. oper. income
From Jan. 1—
[Including Statesboro Northern Ry.]
Gross
4,065,270
$113,515
18,085
Interest charges
Great Northern
$1,690,900
Period End. June 30—
rev.
4,796,390
$213,726
30,851
June—
Loss.—V. 152, p. 3024.
Net
8,807,420
Other income
141,000
Georgia & Florida RR.—Earnings—
Ry.
Ry.
1938
$2,915,138
642,500
Prov. for probable addi¬
tional Fed.inc.taxes.
x
1939
$4,169,083
Operating income
accumulations
Prov.
1940
$4,909,904
for
allowances
depreciation, depletion, taxes, interest, &c.
b Includes excess profits tax and $128,081 additional provision for proposed
increase in Federal income and excess profits taxes.—V. 152, p. 3652.
Loss
1941
depre¬
expenses,
ciation. &c
a
Before
Co.—Earnings—
$9,021,146
Sales billed
in¬
(est.)
Net profit..
a
Co.—$1 Dividend—
Total income
funded debt—
Int.
Purdue
396.
p.
a dividend of $1 per share on the common stock,
value, payable Sept. 15 to holders of record Sept. 2.
Dividend of
50 cents was paid in two preceding quarters; $1 was paid on Dec. 16. and
on Nov.
15, 1940; dividends of 50 cents were paid on Oct. 15, Sept. 16,
June 15, March 15 and on Jan. 15, 1940; dividend of $1 paid on Dec. 15,
1939: 50 cents on Nov. 15, 1939; 25 cents on 8ept. 15, June 15, and March
15, 1939; one of $1 paid on Jan. 16, 1939; dividends of 25 cents paid on
Dec. 15, Sept. 15 and June 15,1938, and a dividend of $1.25 paid on Jan. 26,
1938—V. 152, p. 828; V. 151, p. 3238, 2646, 2044.
402,672
$1,100,137
-
of the ordnance plant, has been
manager
par
Costs,
a
.
Kelly, named General
6 Mos. End. June 30—
34,901
company are:
John L. Collyer, T. G.
Jett and L. L. Smith, of Akron, Ohio, officers
Directors have declared
no
$2,534,192
ous sources
Depreciation
Depletion
fJL.
F. Goodrich since 1925, shortly after his graduation from
University.—V. 153,
Note—Includes earnings of Nebraska Light & Power Co. for all periods
prior to May 1, 1941, and of Gothenburg Light & Power Co. for all periods
prior to July 1, 1941.
The properties of the former subsidiary were sold
April 29, 1941, tbe company being liquidated as of May 29, 1941.
The
stock of the latter company was sold June 13, 1941.—V. 153, p. 99.
defense
Graham, G. W. Vaught, 8.
of the B. F. Goodrich Co.
with B.
com.
Factory—
Organization of the Lone Star Defense Corp., a subsidiary of th is company
immediately in the construction and operation of a $35,000,000
government ordnance plant to be established near Texarkana, Texas, was
announced on July 29, by John L. Collyer, company President.
Approximately 8,000 people will be employed in the construction of the
plant, where shells and bombs will be loaded, it was announced. The plant
will be located on a tract of more than 24,300 acres seven miles west of
to engage
Arthur
Bal.
the company's synthetic rubber which is highly resistant to
oil and trasoline.
7,222
incurred in 1940Maintenance
exp.
Charges of subsidiaries.
Principal use
available in diameters ranging from a half to three inches.
1941—12 Mos.—1940
$6,475,544
2,681,565
1941
The hose has a total wall thickness of less than 5-16ths of an inch and is
Inc. (& Subs.)—Earnings-
1941—Month—1940
$546,516
$541,465
231,303
219,337
Period. End. June 30—
Gross oper. revenues
Aug. 2,
the
Reconstruction
Finance
Corporation at the principal amount and
accrued interest.
The company states that the proceeds will be used to
its electric plant which are necessary in connection
National defense.—V. 152, p. 4125.
construct additions to
with
Gulf &
Ship Island RR.—Earnings—
June—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway.
1941
1939
$88,428
def224
def26,051
def34
def21,483
830,367
610,463
46,965
defl01,906
defl04,737
Net from railway
200,213
Net ry. oper. income.26,975
—Y. 153, p. 99.
1940
$109,842
3,378
def24,991
$91,806
600,809
44,823
1938"
$87,967
def9,306
def35,674
645,906
41,987
defl22,615
Volume
The Commercial &
153
Hamilton Ga« Corp.
Hazel-Atlas Glass Co. (&
(& Subs.)—Earnings—
$574,672
1,243
-
$519,078
1,061
"NTftfv
$520,139
a
Purchased gas
Other operating expense
Maintenance
Taxes (other than
14,462
12,254
30,654
30,770
$284,954
$258,201
Federal income)
Balance
a
49,560
83,294
86,060
57,293
84,864
103,687
Royalties and rentals
-
-
a Available for interest, depletion, depreciation, abandonment leases and
Federal income taxes,
b includes Harshbarger Gas Co. from Jan. 1, 1940
June 14,'41
Wis.—Earnings—
June 15,'40 June 17,'39 June 18,
'38
Gross sales
returns
(less disc'ts,
& allowances).
$2,637,448
1,819,112
Cost of sales-
236,585
$243,917
$26,458
x$39,284
13,301
13,827
12,726
9,500
'
$468,187
$257,744
$39,184
x$29,784
expense.26,969
30,703
Total income
on
$945,936
748,635
265,062
289,697
$454,885
Net profit from oper..
Other income
Int.
$1,758,557
$1,094,294
1,224,943;
802,773
363,451
Sell., gen. & admin, exps
bonded indebt.
of bond dis¬
& amort,
count
and
28,441
29,236
a245,000
64,000
$165,303
$7,168
33,435
33,435
$1,790,831
739,019
$7,062,458
2,961,929
$6,599,585
2,819,111
3,323
$1,051,813
7,161
$4,100,529
21,005
$3,780,475
24.654
$3,805,129
manufg. profit_ $2,271,877*
& admin. exp_
758,297
gen.
Gross oper. profit
$1,513,580
Total income
$1,516,903
$1,058,973
$4,121,534
40,000
5,029
799
10,308
120,250
55,230
53,314
35,135
Miscell. deductions
Provision for Federal in-
56,334
1,012
60,695
7,213
income taxes (est.)...
b491,225
243,425
1,163,635
695,685
$924,315
543,011
434,409
$2.13
$803,429
543,011
434,409
$2,723,640
2,172,045
434,409
$6.27
$3,011,866
2,172.045
434,409
$6.93
Prov. for doubtful
accrs.
Net profit
Dividends
Cap. shares outstanding
Earnings per share
$1.85
Hershey Chocolate Corp.—Earnings—
1941
1940
1939
$3,533,927
$2,555,034
$2,584,080
3 Months Ended June 30—
Net
income
Dividends
paid
x$60,488
x
on hand and demand deposits in banks, $194,553; notes
receivable (net of $20,500 reserve), $850,799; inventories,
cash surrender value of life insurance on officers, $33,198;
investments, $45,950; sundry notes and accounts receivable, $152,102;
land, buildings, machinery and equipment (net), $1,671,727; deferred
charges, $46,989; total, $4,473,951
Liabilities—Notes
payable,
$220,000;
accounts
payable,
$210,730;
accrued wages, taxes, interest, and expenses, $203,787; dividends payable,
$16,717; 1st mtge. sinking fund payment payable Sept. 1, 1941, $7,500;
Federal income tax payable in 1941, $62,974; long-term notes payable,
$80,000; reserves, $328,687; bonded indebtedness, $1,079,000; 7% cum.
1st pref. stock ($100 par), $83,800; class A preferential participating stock
($10 par), $610,040; common stock ($10 par), $721,750; capital surplus,
$425,533; earned surplus, $423,433; total, $4,473,951.—V. 153, p. 396.
Period End. June 30—
except
the
deductions
1941—6 Mos.—1940
1941—3 Mos.—1940
following
$1,243,616
$939,966
$2,199,291
$1,445,902
3,937
5,330
8,156
12,884
a300,425
105,399
a395,170
138,628
Deprec. and depletion..
113,920
115,167
223,421
190,081
Consol.net corp. inc..
$825,333
161,539
248,262
$714,069
161,851
198,660
$1,572,544
323,078
496,375
$1,104,308
323.765
396,140
1,016,961
$0.54
1,016,961
$1.23
1,016,961
$0.77
on
long'term debt__
Federal taxes
.
Pref. dividends paid
Common dividends paid
Com. shs. outstand ing at
end of period
Earns, per sh. of com
Federal taxes
as
to
rates
are
1,016,961
$0.65
on the basis of the best available informa¬
discussed in Congress and include approximately
estimated
being
$126,000 for excess profits taxes.—V. 152, p. 2553.
Harvil! Aircraft Die Casting
Co.—12 %-Cent Dividend—
Directors have declared a dividend of 12)^ cents per
stock, payable Sept. 2 to holders
amount was
paid
on
of record Aug. 7.
share on the common
Initial dividend of like
June 23, last.—V. 152, p. 3656.
Haskelite Manufacturing
Corp.—Stock Offered—Public
offering was made July 26 of 25,000 shares of common stock
($5 par) at $10 per share by a banking group headed by
Link, Gorman & Co., Inc., and including Brailsford, Rodger
& Co., Dempsey-Detmer & Co., Mason Brothers, MacNaughton, Greenawalt & Co., Irving J. Rice & Co., Shillinglaw, Crowder & Co., Inc., and Bond & Goodwin, Inc., of
Illinois.
Of the net proceeds from the sale of this stock, the company will apply
$150,380 to the redemption on Aug. 1, 1941 of its second mortgage 6%
bonds which are due Feb. 1, 1942, and the estimated balance of $53,245
will b8 added to its liquid working capital either as cash, as inventories of raw
materials, or to enable it to carry increased amounts of accounts receivable.
Holders of the company's bonds, to be redeemed, were given stock pur¬
chase warrants entitling them to subscribe, on or before Feb. 1, 1942, for
200 shares of common stock at $5 per share for each $1,000 bond held.
At the close of business June 26, 1941, there were 42,820 shares reserved
for the exercise of these warrants.
If it were not for these warrants being
outstanding and the probability of their being exercised, the company
would, very likely, have offered twice as much stock as being publicly
offered, principally because of a 254% increase in gross sales in 1940 over
1939, and the subsequent drain on its working capital such sales expansion
created.
Gross sales, less discounts, returns and allowances amounted to $731,055
in 1938; $1,002,739 in 1939; $3,588,571 in 1940, and for the four months
ended April 30,
1941 (not certified) $1,750,995.
Net profit for 1940
amounted to $296,492, and indicated net profit for the first four months of
1941 was $134,401, which, based on a total of 149,060 shares of common
stock outstanding including the 25,000 shares in this issue, is equivalent to
$1.98 per share for 1940 and $0.90 per share for the first four months of
this year.
For the years 1938 and 1939, the company had net losses of
$78,860 and $19,983, respectively.
Upon completion of this financing the company's capitalization will
consist solely of the 149,060 shares of common stock, plus such additional
shares as may be issued through the exercise of stock purchase warrants,
and of officers' and employees' stock options.
Corporation, whose principal office is at 208 West Washington St.,
Chicago, was incorp. in New York in 1917.
Its main plant is in Grand
Rapids, Mich., and a small temporary plant is being operated in Mobile,
Ala.
Company is engaged primarily in the manufacture of waterproof
glued plywood in many thicknesses, sizes and shapes using many kinds of
wood.
High quality aircraft plywood is one of its most important products,
being used for wing surfaces, fuselages, tail surfaces, floors, partitions and
doors.
Plymetal,
a
metal-covered plywood combining strength with light
weight, is used for rail wad passenger cars, sides and floors of trucks and
buses, elevator cabs and enclosures, escalators and soda fountains.
Pjematoid, a moisture and fungi proof compound lumber, is manufactured for
floors of trucks and buses, sidings, wall partitions, shipbuilding and many
other uses.
Duramold, a material resulting from a process involving the
combination in molded shapes of wood fibres and synthetic resins under
$1,484,543
150,385
282,761
$1,377,529
253,844
514,312
$814,881
253,844
514,312
$1,051,396
253,844
514,312
$609,373
685,749
$1.64
$46,725
685,749
$0.82
$283,240
685,749
$1.16
$2,090,999
Gross income
Cash discount, &c
Federal and State taxes
Net income.
Convertible previous dividends
Common dividends
„
Surplus
Shares
com.
Earnings
stk. outstanding
per
(no par)
share.-
No provision made for excess profits taxes.
There has been charged
surplus $174,135 for the March quarter and $106,949 for the June
a
quarter, additional provision for normal Federal income taxes payable
under the proposed schedule of the House Ways and Means Committee.
—V. 152, p. 3344.
Hoskins Manufacturing
Co.—Earnings—
1940
$778,321
170,514
Manufacturing profit
Sell., gen. & admin, exps.
/
$244,090
8,130
18,352
5,384
$370,188
72,000
$262,442
20,405
39,450
$159,435
23,571
20,435
$330,625
b$277,646
$202,587
$115,429
$0.69
Depreciation
Net profit
/
Earns, per sh. on 480,000
shs. of capital stock
b$0.58
$0.42
$0.24
—
Includes
manufactures trays and po/celain enamel Plymetl.
These goods
nationally known merchandising organizations, such as
& Co. of Chicago and Gimbel's
and Macy's of New York.
In the industrial field, the company's customers
include most of the major aircraft manufacturers in the United States and
Canada, the Pullman-Standard Car Mfg. Co., Higgins Industries, Inc.,
Hayes Body, Yellow Truck & Coach Mfg. Co. and Mack Mfg. Co.
At
present the British Government is its principal customer for veneers.
Directors are as follows: George R. Meyer cord Jr., President, William
C. Miller, Walter Jones, O. R. Hogue,
V. J. Bukolt, Stanley Hollis,
Robert Pierce, James T. Wilson.—V. 153, p. 396.
company
sold through
Marshall Field & Co., Carson, Pirie, Scott
7
$154,052
$362,058
$614,550
15,785
a268,140
Prov. for Fed. inc. tax—
($2.50 par)
$251,324
97,272
bonds and
on
miscellaneous
a
1938
$359,526
115,436
6,742
$607,807
Net income
1939
$495,955
133,897
1941
6 Mos. End. June 30—
$90,580
20,542
Federal excess profits tax.
b The
after revising income taxes to
54 cents a share.
Complete revised figures
provision
for
earnings for the first six months of 1940,
1940 rates, were $259,324 or
not available.
are
Balance Sheet June 30, 1941
Assets—Cash, $781,654; customers' notes and accounts receivable
reserve
(less
receivable, $313; inventories,
of $3,500), $144,070; sundry accounts
S. Govt, securities, $762,731; municipal, listed and miscel¬
laneous bonds and stock, $102,890; accrued Interest receivable, $6,404;
claims against closed banks (less reserve), $4,489; land, buildings and equip¬
ment (net), $506,766; patents and goodwill, $1; deferred charges, $24,674;
total, $2,536,447.
Liabilities—Accounts payable, $54,830; accrued payroll, taxes and ex¬
pense,
$242,002; provision for Federal income taxes, 1940, $114,605;
estimated Federal income tax and surtax for 1941, $177,560; estimated
Federal excess profits tax for 1941, $90,680; capital stock (par $2.50),
$1,200,000; surplus, $656,869; total, $2,536,447—V. 152, p. 3025.
$202,454; U.
Lighting & Power Co.—Earnings—
Houston
1937
1938
1939
1940
Calendar Years—
Operating revenues
$13,007,100
Oper. exps., incl. taxes—
7,507,789
Prop, retire, res. approp.
1,460,318
$12,237,283 $11,520,480 $10,761,930
6,935,972
5,957,721
5,150,079
1,406,919
1,486,595
1,709,330
$4,038,994
$3,894,391
$4,076,165
17,760
25,959
19,572
19,042
$4,056,754
Int. or mtge. bonds
962,500
Other int. & deductions.
166,568
$3,920,350
962.500
171,422
$4,095,737
$3,921,562
990,416
147,393
$2,786,428
210,000
105,078
1,800,000
$2,977,318
210,000
105,078
1,800,000
Net oper. revenues—
Other income
Gross income
Net income
Divs.
on
Divs.
on
Divs.
on com.
7% pref. stock.
$6 pref. stocx..
$2,927,686
210,000
105,078
1,800,000
stocx
■>.
962,500
155,919
$3,902,520
$2,783,753
210,000
105,078
1,800,000
Balance Sheet Dec. 31
Plant,
&
56,974,657 55,707,495
equipment
2,500
2,500
744,565
6,949
Accts. receivable.
1,018,885
Mat'Is & suppl's—
546,666
389,670
9,915
Investments
in banks
Cash
(on
demand)
Notes receivable..
15,645
stock.
251,187
5,124
21,926
251.187
2,228,375
def'd chgs..
102,435
2,351,792
94,758
Other
150,000
150,000
574,585
536,292
1,376,804
683,770
83,827
83,449
Cust. deposits
Accrued
accounts.
Misc. curr. llab
6,117
Matured long-term
41,731
debt & interest-
5,124
6,117
Deferred credits..
31,298
3,214
Conslng. (contra)
Reserves
41,731
21,926
12,141,812 11,578,360
Capital surplus...
Earned surplus...
Totala
par
3,000,000
2,020,000
10,000,000
Long-term debt.-27,500,000 27,500,000
486,025
527,115
Dividends declared
20,367
14,415
25,553
Misc. curr. assets.
and expense
$
Accounts payable.
494,811
Prepayments
Special deposits—
Consign'ts (contra)
Unamort. dt. disc't
1939
$
Capital stock—
7%
pref. cum.
($100 par).— 3,000,000
a S6 pref. cum..
2,020,000
b Common
10,000,000
940,993
_
Re acq. cap.
:
Liabilities—
$
property
1940
1939
1940
Assets—
heat and pressure, is used in the construction of airplanes, boats, luggage,
radio cabinets and other purposes.
In the consumers' goods category, the
are
$1,280,888
165,783
300,223
148,280
Other income
to
Net inc. after all charges
a
1,182,755
$1,401,325
83,217
accounts
(M. A.) Hanna Co. (& Subs.)—Earnings—
tion
1,360,260
$1,194,773
86,115
195,673
a517,797
Operating profit
$1,478,633;
Int.
1,591,208
$1,942,719
trative expenses
Loss.
Assets—Cash
and
Gross profit on sales
Shipping, selling and general adminis¬
-
provision for Federal excess profits tax.
Balance Sheet June 14,1941
Includes $92,000
a
.
Including materials, maintenance and repairs, labor, royalties, taxes
other operating costs,
b Includes an additional amount believed to
present a reasonably correct estimate in anticipation of the uncertainties
of future tax legislation.
No provision is considered necessary in respect
to Federal excess profits tax.—V. 152, p. 3343.
a
and
2,780
$196,218
taxes..
$8,145,274 $33,271,048 $30,424,145
6,163,130
25,413,232 23,061,083
191,312
795,358
763,477
Other income
Prov. for Federal & State
income
revenues..$10,115,565
7,648,223
195,465
other oper.
Cost of goods sold
Gross
Ended-
oriH
Provision for deprec
Sell.,
Mos.
June 29,'40 June 28, '41 June 29,'40
1 f ioa
fAVU
and
Hamilton Mfg. Co., Two Rivers,
6 Months Ended—
QqIac
contingencies
Loss on property retired.
30, 1940.—V. 152, p. 3343.
to June
-12
June 28,'41
Period—
$575,915
Operating revenues
Non-operating income (net)
-Earnings—
Subs.)-
3 Mos. Ended—
bl940
1941
12 Months Ended June 30—
693
Financial Chronicle
61,944.466 60,325,7511
Total
Represented by 20,000 no par shares,
4,553,065
90,451
4,105,251
61,944,466 60,325,751
b Represented by 500,000
no
shares.—V.,153, p. 551.
Illinois-Iowa Power Co.—Bonds Called—
■
of $1,000,000 first and refunding mortgage gold bonds, 6%
April 1, 1953, has been called for redemption on Oct. 1 at 105
and accrued interest.
Payment will be made at the Harris Trust & Savings
Bank, Chicago, 111., or at the Guaranty Trust Co., New York City.—V.
152, p. 3657. *
A
total
series A due
694
The Commercial & Financial Chronicle
Illinois Central
and
System—Earnings—
June—
1941
Gross from railway
Net from railway
1940
$11,050,970
Net ry. oper. income...
From Jan. 1—
1939
$8,286,813
$8,398,213
1,482,579
605,268
3,047,792
2,095,727
$7,950,612
1,727,233
827,857
52,093,510
11,651,835
5,828,871
49,597,286
11,652,336
5,601,921
■
Gross from railway
Net from railway.
64,884,678
54,776,394
11,867,093
5,910,209
18,729,742
Net ry, oper. income...
13,123,285
International Machine Tool
1941
Gross from railway
Net from railway.
Net
1940
1939
„
Net from railway......
Net ry. oper. income.__
—V. 153, p. 552.
$7,249,945
1,414,973
677,261
47,489,097
9,850.770
5,126,949
45,472,157
9,936,357
5,267,781
42,969,081
After
a
shares of
Railway
Selling
expenses
$1,674,450
1,453.343
40,448
73,869
41,560
82,250
*
Administration expenses
Net profit from operations
Income charges (net)
$412,279
16,556
Net income before Fed. inc. & excess profits taxes
Provision for Federal income and excess profits
$395,722
per
$69,889
for Refinancing Indebtedness—
previous letter
we
$3,305,093
1,374,369
178,607
97,188
1,143,114
673,301
1,237,061
121,168
for
fixed
153,
6 Mos. End. June 30—
740,460
p.
552.
After
all
(& Subs.)—Earnings—r-
1941
1940
1939
1938
$407,832
$326,195
$116,254
$163,611
$1.70
aNetearnings
b Earnings per share
$1.36
$0.48
$0.68
interest,
expenses,
anticipated tax increase,
p.
depletion,
1941
depreciation and estimated
provision for taxes
due
additional
1594.
b On 240,000 shares capital stock.—V. 152,
International Steel Tool
1940.
contingencies," amounted to $395,723, of which Peru Mining Co., wholly
owned subsidiary, contributed $285,175.
Plans
1941—6 Mos—1940
$3,036,575
$0.73
James A. Hill, President, states:
The consolidated net earnings for the first nine months, after all
charges,
but before "Provision for Federal income and excess profits taxes and
In
America—Earnings—
1,317,183
International Salt Co.
Note—No provision was required for Federal income taxes for nine months
ended June 30,
b On 338,000
202,814
Federal taxes and including in
$308,722
$3.24
share
taxes,
199,019
avail,
to
Net income
Earnings
profits
552.
234,272
profits tax.—V.
excess
a
87,000
excess
Note—Federal income tax for 1941 accrued at the rate of
30% in anticipa¬
tion of possible increase in the tax rate.
Company beiieved exempt from
$69,889
contingencies
p.
rail¬
Net income.
$106,788
36,899
taxes and
from
charges..
1940
$2,444,797
1,908,707
Sales..........
and
153,
1941—Month—1940
$514,782
$464,143
operations
Income
1941
Cost of goods sold...
income
oper. revenues.
revenue
way
[Including whoily-owned subsidiary]
•
$1.85
and
stock.—V.
Period End. June 30—
Co.—Earnings—
9 Months Ended June 30—
charges
common
International Rys. of Central
9,779,936
4,965,381
Net
Illinois Zinc
$4,853,940
637,202
b Earnings per share.
$6,893,560
1.440,730
740,362
56,619,262
16.118,325
11,618.885
Net ry. oper. income...
From Jan. 1—
$7,260,690
1,237,179
572,910
sales..
Net profit
a
1938
$9,457,687
2,441,908
1,684,478
Corp.—Earnings—
Earnings for the Six Months Ended June 30, 1941
Earnings of Company Only
June—
Gross from railway
Aug. 2, 1941
interest.
Payment will be made at the Corporate Trust
Department of Bankers Trust Co., New York, or, at the option of the
holder, at the Bank of Montreal, Montreal, Canada.
Holders are advised
that they may present their bonds for
payment immediately at the office
of Bankers Trust Co., and receive the full
redemption price, with accrued
interest to Sept. 1.—V. 152, p. 4126.
■
1938
1,626,576
672,199
accrued
advised that the company had paid in full all of its
demand loans.
Since then the indebtedness of the company due in 1943,
was .*593,000, has been reduced to a figure of ,*450,000.
result of these financial changes we have been successful in
arranging
Corp.—Registers with SEC—
See list given on first page of this department.
International Utilities Corp.—Div.
Payment Approved—
Corporation announced that the Securities and Exchange Commission
has approved payment out of capital surplus of the
quarterly dividend of
87y2 cents per share on the corporation's $3.50 prior preferred stock.
The
dividend is payable Aug. 1, 1941, to stockholders of record July 23, 1941.
The company states that the amount of the dividend will be restored
capital surplus from the first available earnings.—V. 153, p. 552.
to
which at that time
As
a
a new commitment,
which provides for the refunding of the company's
existing indebtedness, provided the present loan is reduced to $400,000
on or before Sept. 30,
1941.
It is the management's belief that the com¬
pany will have no difficulty in further reducing the loan to meet this condi¬
tion.
When the new loan is substituted for the existing indebtedness,
the company will receive the benefit of a lower rate of interest than that
Jewel Tea
Co., Inc.—Sales—
Company reports that its sales for the four weeks ended July 12, 1941,
$2,844,868 as compared with $2,062,743 for parallel weeks in 1940,
an increase of 37.92%.
Sales for the first 28 weeks of 1941 were $19,641,132 as
compared with
$14,789,512 for a like period in 1940, an increase of 32.80%.—V. 153,
p. 398.
were
being charged.
The new loan is to be repaid in instalments starting
Dec. 31, 1941 and running to Sept. 30, 1945, and the amount of repayments
may be determined in part by the amount of net earnings
now
for any year
for the year.
Company
the right to prepay the loan in whole or
in part at any time prior to maturity and without any premium.
The bookings at our rolling mills are in satisfactory volume for the
quarter beginning July 1, 1941, but operations are being curtailed some¬
what due to the
Jones &
reserves
inadequate supply of slab zinc for
our
civilian requirements.
—V. 152, p. 2858.
a
Laughlin Steel Corp. (& Subs.)—Earnings—
Period End. June 30—
Total earnings—
Prov.
for
deprec.
depletion.*
Interest charges.
Est.
Period End. June 30—
1941— Month—1940
Operating re venues..
$165,480
Uncollectible oper. rev._
161
Operating re venues...
Operating expenses
$165,319
Net oper. revenues...
Rent for lease of oper.
2,091,710
522,028
4,410,339
842,997
3,924,491
1,054,628
b2,461,740
508,968
b5,414,350
759,302
2,189
2,479
3,049
6,485
$2,141,645
$8,098,227
$3,276,256
$1.93
$10.48
$2.12
..
Federal
___.
in
profits
of sub. consolidated._
1941—6 Mos.—1940
$150,423
$867,488
$948,467
147..
924
844
85,098
$150,276
78,506
$947,543
502,067
$866,644
460,719
$80,221
$71,770
$445,476
$405,925
50
50
1,751
678
28,934
25,673
165,190
128,417
$51,237
$46,047
$278,535
$276,830
Profit
Earns, per
sh.
of
com.
stock
property
Operating taxes
...
Net oper. income
—V. 152, p. 4125.
D.
corporation
as
Flanders has resigned as President
of Aug. 1, 1941.—V. 152, p. 4126.
Inter-Mountain
a
director of this
'
Stock
Sub¬
Privately—
Common stockholders who were offered the right to subscribe for 12,500
shares ($10 par) common stock at $10 per share, have subscribed for
new
than 99 K % of the block of stock.
Rights of existing stockholders to
share for each 2.8 shares held expired July 28.
Alex.
Brown & Sons underwrote the offering.
Alex. Brown & Sons also placed privately $125,000 30-year first mortgage
sinking fund 3% bonds due Dec. 1, 1966.
These bonds were issued under
the same mortgage as the already outstanding $650,000 of 3s and 3Ks.
more
purchase
1
new
Proceeds from the sale of the securities will be used for additional working
capital, payment of bank loans, and for plant improvements.
details
see
For further
V. 153, p. 397.
International Business Machines
anticipation of increase in
Corp.—Acquisition—
Directors of National Postal Meter Co., Inc., announced on July 28
that the company would offer to sell 4,000 shares of new preferred stock
and 4,000 shares of new common stock to this corporation for $200,000
and would offer to exchange 13,832 shares of class A stock for certain assets
it4desires to acquire from International Business Machines Corp.
As a result Postal Meter will manufacture and market the products
formerly handled by one of the International Business Machines Corp.
divisions, and in addition will continue the development work heretofore
carried on by International Business Machines Corp. on these and other
products of a similar nature.
Foliowino- the completion of the transaction proposed, International
Business Machines Corp. will own a minority interest in the common stock
of Postal Meter.
First York Corp., one of the Equity Corp. irroup of
investment companies, will continue to hold a majority of the common
stock of the company.
Charles R. Ogsbury recently resigned as a Vice-President and Director
of International Business Machines Corp. in order to become President and
director of Postal Meter in conjunction with that company's plans for
Merger
Rule
Dismissed
subsidiaries and a reorganization of its capitalization.
Counsel for the corporation informed the Court the
company
merger was consum¬
July 26.
Two preferred stockholders, Bertha H. Hubbard and
Norman Johnson, who objected to the merger, agreed to the Court's action.
Stockholders
stocks
are
were
ready
notified by the company that certificates for the new
for issuance in
Kansas Oklahoma & Gulf
June—
Gross from railway
Net from railway
RR.—Earnings—
Net from railway
Net ry. oper. income
1940
1939
$902,901
106,122
$916,168
127,289
16,155
$944,843
74,240
def54,018
902
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
6,537,230
1,307,526
485,059
5,582,916
540,624
def236,681
5,582,148
592,591
def287,632
5,954,723
628,496
def345,285
—V. 153, p. 100.
Ry.—Earnings—
1941
Net from railway
Net ry. oper. income—
—V. 152, p. 4127.
1940
1939
1938
$177,441
95,236
60,343
$235,228
126,369
84,342
$183,727
87,337
52,819
1,200,025
Net ry. oper. income—
From Jan. 1—
Gross from railway
1,114,304
610,174
398,870
1,334,319
684,805
449,833
1,111,053
518,069
318,500
678,263
432,115
Keystone Steel & Wire Co.—Earnings—
Years End. June 30—
Net profit after deprec..
Fed. income taxes and
all other charges
Shares of common stock
outstanding-..
Earnings per share
al941
a
1940
$1,418,221
$897,299
$727,543
757,632
757,632
$2.13
$1.87
$1.18
757,632
$0.96
__
Preliminary.—V. 152,
Lambert Co.
b
p. 2o56.
a
per
RR.—Earnings—
1941
1940
1939
1938
$399,904
273,377
190,705
$477,309
338,528
243,668
$306,782
201,322
169,672
$118,918
30,435
8,885
1,552,355
923,940
599,697
1,101,375
538,232
298,793
697,828
229,749
15,348
341,907
defl63,653
def309,130
(& Subs.)—Earnings—
Period End. June 30—
Net profit
Earnings
1938
757,632
Lake Superior & Ishpeming
a
1909
$1,618,375
_
1938
$1,195,220
292,652
165,242
153,
$203,039
115,817
72,025
Net ry. oper. income...
—V. 153. p. 101.
1941
railway
exchange for old certificates.—V.
552.
p.
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
International Great Northern
Court—
mated
continue in that capacity.
K These steps follow the moving to the east at the beginning of the year of
the manufacturing and the sales headquarters of National Postal Meter
Co.,
Inc.—V. 153, p. 552.
by
Federal Judge F. P. Schoonmaker at PittsDurgh on July 30 dismissed a
rule he granted on July 28 directing the
corporation to show cause why it
should not be enjoined from proceeding with a merger with two of its coal
June—
Gross from railway
Net from railway.
June
proposed Revenue Act of 1941.
stoctc, series A; 293,568
of 5% cumulative convertible preferred stock, series
B, and 2,190,944 shares of common stock of this corporation.
expanding operations.
Mr. T. C. Campbell, General Manager of the
Electric Writing Machine Division of International Business Machines
Corp. has for some time served on the Board of Postal Meter and will
Gross from
taxes under the
Co-Registrar—
■
y.
The National City Bank of New York has been
appointed co-registrar
for 293,568 shares of 5% cumulative
preferred
,
Co.—Common
Telephone
scribed—Bonds Placed
and
After deducting all expenses incident to operations, including repairs
and maintenance of plants and estimated
provision for all local, state and
Federal taxes, except Federal income taxes.
b No provision is required for Federal excess profits taxes under the
Second Revenue Act of 1940.
However, provision has been made in
a
shares
Institutional Securities Corp.—President Resigns—
William
$9,021,162
2,268,464
316,503
$5.05
Minority int.
Telephone Corp.—Earnings—
1941—6 Mos—1940
$5,266,830 $18,768,962
$3,937,720
for
prov.
income taxes
Indiana Associated
1941—3 Mos.—1940
$8,986,616
and
1941—3 Mos.—1940
$175,712
share
$0.23
$111,923
$0.15
1941—6 Mos.—1940
$654,550
$0.87
$514,301
$0.69
After
charges, Federal income taxes, and anticipated tax increase in
1941 periods,
b On 746,371 shares of capital stock of no par value.
Note—1940 figures have been adjusted due to additional income taxes,
—V. 152, p. 3502.
'
/,
.
,
International Paper Co.—Bonds Called—
Bankers
Trust
Co., as trustee, has drawn by lot for redemption on
Sept. 1, 1941, out of sinking fund moneys, $407,500 principal amount of
ref. mtge. sinking fund 6% bonds, series A, due March 1, 1955, at 105
Lawrence Portland Cement Co .—Dividend—
Company has declared
dividend of 25 cents per share on its capital stock,
payable Aug. 15, 1951 to stockholders of record July 30th.
Like amount
paid on March 10. last.—V. 152, p. 1132.
a
The Commercial &
Volume 153
Financial Chronicle
Louisiana Power & Light Co.
Lehigh & Hudson River Ry. —Earnings—
1941
June—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
1940
Period End. June 30—
1938
1939
$120,476
28,986
4,597
$115,801
38,343
11,549
259,983
765,696
243,520
102,447
87,409
686,962
187,361
32,715
$193,566
89,191
45,302
$127,662
37,569
1,027,560
400,249
182,529
794,620
11,344
Lehigh & New England RR.—Earnings—
1940
1939
1938
$541,525
276,384
190,879
$393,908
155,602
107,877
$344,660
111,803
87,258
$384,716
2,366,588
951,664
690,181
2,109,066
723,960
550,830
2,015,064
703,944
561,152
1,705,559
1941
June—
Gross from railway...
Net from railway.
..
Net ry. oper. income..
From Jan. 1—Gross from railway
Net from railway.....
155,119
114,276
$8,750,873
$8,163,148
482,202
136,047
357,762
85,059
4,554,608
1,366,614
4,320,735
70,219
67,256
823,433
803,425
$165,051
1,343
$151,495
$2,006,218
12,421
$2,045,129
11,558
Gross income
$166,394
Int. on mtge. bonds..72,919
$153,897
$2,018,639
875,122
$2,056,687
72,928
6,731
81,114
expenses,
excl.
direct taxes
Property retirement re¬
serve appropriations.
„
Other int. & deductions.
Int. charged to construe.
399,660
321,175
—V. 153, p. 101.
sink¬
ing fund gold bonds, 5% series of 1924, due 1954, 1964 and 1974, "plain,"
was paid on that date; and the portion of the interest due Feb.
1, 1939,
and Aug. 1, 1939 ($37.50 per $1,000 bond), which was deferred pursuant
to the provisions of the plan of the company dated Jan. 4, 1939, will be
paid beginning Aug. 20, 1941.
:
Interest is payable at office of First National Bank, New York, N. Y.
—V. 153, P. 399.
;;
Lehigh Valley RR.—New Manager—
George Voelkner, Assistant General Manager of this railroad, has
appointed General Manager effective Aug. 1.
Earnings for June
and
Year
to
been
Net ry. oper. income.
From Jan. 1—
Gross from railway
1939
1938
$3,261,720
$3,423,049
1.199,846
607,823
71 £
ri 5,850
134,461
827,017
378,434
income
23,094,418
6,246,158
3,013,025
19,997,882
4,245,249
1,340,208
22,002,992
5,871,410
3,093,805
M
Libby, McNeill & Libby—Swift & Co. to Sell 1,500,000
Up by Original Underwriters—
Shares—Block Was Not Taken
and Exchange Com¬
that was submitted
on Jan. 16 this year, disclosing that the 1,500,000 shares of ($7 par) com¬
mon stock that were not taken up by the original underwriters from their
owner, Swift & Co., now will be offered to the public.
The price of the shares, which were not purchased in January because of
negative market conditions, will be supplied in a supplementary statement.
The company's original registration statement covered 3,018,639 shares
of the stock, all owned by Swift & Co.
Of such shares then registered, the
underwriters purchased and offered, on Jan. 29, a total of 1,518,639 shares.
The remaining 1,500,000 shares were optioned by Swift to the original under¬
writers, but the option was not exercised by them within the specified time.
According to the current amendment, the 1,500,000 shares will be putchased by underwriters under a new agreement to be entered into between
them and Swift & Co., under an August, 1941, date.
Glore, Forgan &
Co., New York, is listed as the principal underwriter.
Other participating
The company on July 29 filed with the Securities
mission an amendment to its registration statement
with the offering price.
underwriters, of the 1,500,000 shares
houses will be named in later amendment, along
On consummation of the sale to the
referred to, Swift will not own any securities of Libby, McNeill.
In connection with the forthcoming offering, Glore, Forgan
& Co. are
branch office billings in dollars for the
of the current fiscal year, were 38%
above the corresponding period of 1940.
This is exclusive of direct and
indirect Government business during the 17 weeks period.
Sales to the
Federal Government, including Federal Surplus Commodities Corporation
and Army and Navy, amounted to approximately $3,000,000, as against
about $500,000 in the same 1940 period.
7vM 77"
•
advised by Libby that domestic and
17 weeks ended June 28, 1941,
first
Earnings for 17- Week Period Ended
June 29, 1940
$1,061,406
earnings after all charges
152, p. 3186.
Lipe,
'
I
June 28, 1941
—V.
'
$881,242
,
Inc., Syracuse, N. Y.-—Stock Offered—
underwriter, on Aug. 1 made
Barrett Herrick & Co., Inc., as
public offering of 120,885 shares of class A stock.
The stock
priced at $5 per share.
The first 25,000 shares sold will
be for the account of the company and the remaining 95,885
shares for the account of several stockholders.
is
proceeds, estimated at $100,000, from the sale for the company's
with an additional sum which may reach $77,360, con¬
account, together
tingent upon the exercise of warrants on 19,340 additional shares of class A
stock, will be added to the company's working capital to take care of in¬
creased lathe and heavy-duty clutch business and carry on development
hydraulic sway-control and shock-absorber and for
work
on a
ment
of other products.
the develop¬
.
Outstanding capitalization of the company at the conclusion of the pres¬
ent financing, if warrants and an outstanding option on class B stock are
fully exercised, will comprise 300 shares of preferred stock, 145,000 shares of
class A stock and 145,000 shares of class B stock.
The company has no
,
Louisville & Nashville RR,
entitled to dividends of 50 cents a share
annually, after preferred stock dividends and before dividends on
stock.
Thereafter the holders of class A and class B stock share
1941
class B
55,085,705
18,233,443
11,491,037
.
1940
$2,445,805
822,803
209,713
Net ry. oper. income __
From Jan. I—
12,603,446
railway.3,251,301
oper. income.__
457,269
Gross from railway
Net from
152,
p.
were
Louisiana & Arkansas
$2,336,670
774,121
247,052
$2,399,190
796,195
183,924
11,598,394
2,281,114
11,949,864
2.343,571
defl08,778
def304,188
1941
$802,044
308,137
167,507
Net ry. oper. income
From Jan. 1—
railway
Net from railway.... J.
;; ^ 7-7 "'.'
555.
v7
.
;
.
,
_
.
'x .77.
share on the common
holders of record July 21.
Dividend to 10 cents
May 1 and Feb. 15 last, and on Dec. 26, 1940.
^
paid
on
RR.—Earnings—
Maine Central
1941—6 Mos.—1940
$7,327,062
$6,239,975
4,790.690
4,477,271
1941—Month—1940
Period End. June 30—
Net oper. revenues.
$1,229,184
808.920
$989,909
690,807
$420,264
$299,102
$2,536,372
$1,762,704
$151,714
Operating revenues.
Operating expenses.....
$80,678
1,317
$730,870
2M88.659
140,336
$469,082
Dr94,53l
138,379
_.
Taxes.
30
Equipment rents
Joint facil. rents—Dr
~
23,898
&C.),—
-
_
i.
(rentals,
.
$1,476,507
45,708
210,842
$1,060,712
212,040
$240,760
$1,687,349
$1,272,752
166.499
—.
$195,052
165,666
$119,441
G ross income
Deducts,
$75,094
int.,
.
—
Net income
152, p.
7 24,689
$244,682
41,258.
$285,940
incomeOther income—*77-7 —
Net ry. oper.
—V.
.
,
of this department.—V. 152, p. 3029.
See list given on first page
984,138
991,587
$703,211
$281,165
77
4129.7/7
Memphis Natural Gas Co.—Stock Offered—An under¬
writing group headed by Van Alstyne, Noel & Co. on July 31
offered a block of 150,000 shares of common stock at par
The stock was purchased from National
Light Co. and represented the latter company's
entire interest in Memphis Natural Gas Co.
The issue has
($5
share).
per
iPower &
been sold.
■
,7-
' '
■
The company was
organized in 1928 and has paid
dividends In each year
the exception of 1933.
Dividends for the past five years
averaged 52 cents per share annually.
Dividends are being paid
currently at the annual rate of 60 cents per share.
The company has
presently no funded debt or preferred stock outstanding.
Its entire capitali¬
zation consists of 918.680 shares of common stock of $5 par value.
During 1940 the company made additions to property and equipment at
since 1930 with
have
a cost of approximately $1,540.000, the major part of which was
additional pipe line construction and compressor unit instalation
Natural
In
to year
vear
1940 gas sales
153, P. 400.
with one
amounted to approximately
20,141,000,000 cubic feet.
—V.
Mengel Co. (&
.
Subs.)—Earnings—
3 Mos. End. June 30—
Net sales
..
cSt
.
of sales..
.
$1,424,26.3
1,461,303
$560,876
$150,048
82,115
26,042
30,296
Ctq 0,556
4,430
$62,994
87,022
24,609
35,301
loss$37,040
Cr3.497
Dr3.715
$17,721
Loss.
x$80,441
x$l 75,482
charges »». ~ _ - & loss itemsProvision for income tax
Special prov. for expected
Interest
Federal taxes.
.
1938
$1,934,012
1,871,018
Misc. prof.
profit.
1940
$2,209,131
2,059,083
_
No
1941
1939
$4,269,650
3,708,774
m,
Operating profit
Depreciation .........
Depletion
higher
10,842,187
2,102,500
def328,715
spent for
have shown uninterrupted increase
exception since the company was organized.
sales of the company
gas
...
provision for excess
86,539
61.253
29.254
CrX\ ,733
a127,000
1941
First quarter *941
Second quarter 1940
—V. 152, P. 3815.
Second quarter
84,850
12,959
36,919
100,000
$190,563
profits tax.
x
$2,032,785
596,701
59,672
'
.
Memphis Natural Gas Co. owns a gas pipe line, together with compressor
and other facilities for transportation of natural gas, extending
from the Monroe Gas Field of Louisiana to a terminus connection with the
gas distributing system of the Memphis Light, Gas & Water Division of
the City of Memphis, Tenn.
This pipe line affords direct transportation
from one of the largest known natural gas areas in the United States and
supplies the gas requirements to extensive industrial and domestic markets
in Memphis and intervening territory in Mississippi, Arkansas, Louisiana
£tud Tennessee.
•'
»
The company also owns a gas pipe line from Memphis to Jackson,
Brownsville and Ripley, Tenn.
The areas served have a population of
over 352,000.
Approximately 79% of total gas sales in 1940 were made in
Memphis and Shelby County, Tenn., under city-gate and power house
contracts.
The company purchases and sells natural gas at wholesale only.
stations
Unfilled Orders
1938
-
...
End of Quarter
Bookings
$4,795,000
4,578,000
2,698,000
$4,610,000
4,522,000
2,457,000
Merchants Fire Assurance Corp. of N. Y.—Extra Div.—
have declared an extra dividend of 25 cents per1 share in
regular semi-annual dividend of 75 cents per share on the
common stock, par $12.50, both payable Aug 4 to holders of record July 28.
Like amounts were paid on Feb. 3, last, and Aug. 2 and on Feb. 2, 1940.
See also V. 150, p. 696 for record of previous dividend payments—v.. 152,
—....4,853,329
—
..—■
operating income—
—V. 153, P. 102.
Net railway
addition to the
Ry.—Earnings—
railway
Gross from
37,817,753
6,825,727
3,232,195
The directors
June—
from
40,384,613
9,587,304
5,769,831
Registers with SEC-—
a
1939
4127.
Gross from railway
Net
47,542,633
11,756,352
7,777,681
1,229,616
667,317
Directors have declared a dividend of 20 cents per
-Earnings—
1941
June—
1938
$6,001,070
Lukens Steel Co.—20-Cent Dividend—
Net
Gross from railway
1939
$7,040,664
1,951,388
1,355,964
From Jan. 1—
equally
distribution.
Company is one of the oldest manufacturing concerns in Syracuse, N. Y.,
having been established in 1875.
The company's principal products are
machine tools and heavy-duty automotive clutches.
It is the leading
manufacturer in the United States of heavy-duty clutches for trucks of
three tons capacity and larger.
The principal machine tools manufactured
by the company are lathes used in the automotive and airplane industries
and in the finishing of shells and other projectiles, field glasses, telescopes
and gun-sights.
For the four months ended April 30, 1941, net income of the company,
after Federal and State income taxes, amounted to $89,777, exceeding net
income for the full year 1940, which totaled $88,798.
Gross sales for the
four months were $792,628, compared with $1,064,113 for all of 1940.—
V. 152, p. 4127.
Net from railway.
1940
$7,790,288
2,028,306
1,386,290
Gross from railway
from railway..
in all further dividend
Long Island RR.
—Earnings—
$10,268,084
3,859,419
2,444,359
June—
Gross from railway
Net from railway..
Net ry. oper. income...
from
funded debt.
of class A stock are
the accumulation of such taxes
provision of $15,086 and $92,042 for Federal excess profits
tax in the month of June, 1941, and in the 12 months ended June 30, 1941
respectively.—V. 153, p. 102.
-
stock, payable Aug. 1 to
26,610,846
9,015,669
5,414,552
—V. 153, p. 554.
Net ry.
356,532
$738,551
Includes
—V. 153, p.
1940
$3,968,567
::
Net from railway
—V.
356,532
$707,014
Balance...
Net ry. oper. income
Date
1941
Holders
$1,095,083
Divs. applicble to preferred stock for the period
Net
$5,086,709
1,937,122
1,162,260
June—
Gross from railway
Net from railway
The net
Cr4,197
$1,063,546
$74,238
$86,335
.
C.)
875,348
90,453
JVotes—Provision for Federal income taxes, subsequent to. April 1, 1941,
The interest due Aug. 1, 1941 on the first and refunding mortgage
(W.
993,859
Crl,143
Cr33
is being made at a rate which will result in
at the rate of 30% for the full year 1941.
Lehigh Valley Coal Co.^—Interest-—
Net
2,402
7,173
Net income....
Net ry. oper. income..
12 Mos —1940
1941
$661,572
revenues
Net oper. revenues
Other income (net)..
—V. 153, P. 101.
-Earnings-
1941—Month- •1940
$853,519
Operating
Operating
Direct taxes
...
Net from railway
Net ry. oper. income—
Net ry. oper.
695
— _
1,974,814
1,064,973
1940
1939
$650,995
218,575
113,368
$560,629
156,683
3,979,204
1,336,214
763,719
3,442.196
1,065,714
577,057
88,617
P-
£34-
;:7;
.
.7-
.
V
v
;':7 ':;7"
Meridian & Bigbee River Ry.—Successor Trustee—
The appointment of J. C, Floyd as successor trustee of the property,
has been ratified conditionally by the Interstate Commerce Commission.
The ratification of D. M. Graham Sr., as co-trustee was refused.—V. 152,
p.
270.
,
v>
■
.m/'::; o-j
The Commercial & Financial Chronicle
696
Metal Textile Corp.—Dividends—
Missouri Illinois
Directors have declared a dividend of 10 cents per share on the common
stock, payable Sept. 2 to holders of record Aug. 20.
This compares with
15 cents paid on Dec. 2, 1940, and a dividend of 10 cents
paid on June 1,
1940.
Directors also declared a participating dividend of 10 cents
per share in
addition to the regular quarterly dividend of 81M cents per share on the
participating preferred stock, both payable Sept. 2 to holders
Aug. 20.—V.
151,
of record
3095.
P.
Michigan Bakeries, Inc.—15-Cent Dividend—
dends
totaling 60 cents
per
share
were distributed
during the
year
—V. 150, p. 696.
1940.
Net ry. oper. income--.
From Jan. 1—
Gross from railway
Net from railway
Midland
on
June 21,
Manufacturing profits_
Expenses
-
1937.—
1941—6 Mos.— 1940
$2,040,766
117,165
$2,670,879
$1,828,237
100,609
42,542
72,434
158,468
195,900
278,013
219,697
1,000,000
200,221
95,322
153,269
288,300
$493,442
$977,270
$1.17
$2.31
$2.79
Earns, persh. on 234,915
shs. com. stk. (no par)
Midland
Valley RR.—-Earnings—
June—
1941
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
$88,497
2.3,857
5,676
630,683
250,595
134,675
626,002
271,760
161,936
44,755
26,237
23,261
590,764
210.693
107,787
bonds.
>
On and after Sept. 1, 1941, the Fidelity-Philadelphia Trust
Co., Phila¬
delphia, Pa. will pay the following amounts for coupons surrendered:
Series A bonds—Coupon No. 25—$50 on $1,000 bonds and
$25 on $500
bonds.
*
Series B bonds—Coupon No. 21—$20 on $1,000 bonds and $10
bonds.
on
$500
Girard Trust Co., depository, will on or about Sept.
1,1941, pay by check
in the above amounts on all bonds deposited with it under
a certain plan
dated March 12, 1938.—V. 152, p. 4129.
Minneapolis & St. Louis RR.—Earnings$710,253
$696,320
124,215
42,499
112,119
18,551
$688,934
116,905
24,563
4,241,228
710,590
218,719
4,517,789
676,085
176,711
4,001,869
581,898
107,221
976,900
Paul & Sault Ste. Marie Ry.-
-Earnings
1941
1939
1938
$2,540,284
653,026
357,960
$2,357,673
518,379
243,803
13,462,990
2,443,879
11,766,868
10,775,463
1,178,305
620,206
def419,863 def1,154,687
849,092
—V. 153, p. 103.
Missouri & Arkansas Ry.
1941
railway
Net ry. oper. income
296,116
22,806
-Earnings1940
Net from railway
Net ry. oper. income
—V. 153, p. 103.
„
$85,533
12,158
def63
16,291
4.224
def14,298
569,357
667,464
142,833
51,517
1939
$84,657
I
5,321
From Jan. 1—
Gross from railway
512,872
94,113
25,878
460,417
31,464
def36.887
114,599
3V ,553
1938
$63,390
def3,125
Mississippi Central RR.- -EarningsJune—
Gross from railway
Net from
1941
Net ry. oper. income.
From Jan. 1—
Gross from railway.
153, p.
1939
1938
$68,233
2,174
$63,077
$52,419
defl3,114
def22,045
380,890
21,522
393,381
20,401
378,314
176.C67
93,027
__
Net from railway...
Net ry. oper. income
—V.
1940
$92,065
27,492
16,238
588,205
railway
def32.872
def38,364
defl2,779
def8,2 63
103.
RR.—Earnings—
1941
1940
1939
1938
Net ry. oper. income—.
From Jan. 1—
Gross from railway
$8,906,784
2,759,463
1,825,102
$6,212,111
950,338
198,222
$6,453,340
1,163,345
294,991
$6,101,619
896,623
1,060
49,771,080
Net from railway
Net ry. oper. income...
14,546,108
9,185,475
40,042,970
7,626,203
2,696,059
38,125,587
6,874,109
1,672,286
37,077,250
5,809,652
588,432
Gross from
railway-....
Net from railway
—
—V. 153, p. 556.
Monongahela
Ry.—Earnings—
1941
1940
1939
1938
$552,836
356,080
211,092
$410,150
243,275
113,271
$350,230
217,958
115,023
$284,954
184,458
91,108
2,524,982
1,543,354
803,613
2,550,722
1,525,618
756,081
1,605,419
882,612
335,911
1,511,333
873,964
308,232
Gross from
railway
Net from ralway
Net ry. oper. income.__
—V. 153, p. 401.
Mortgage Corp. of New York—Manufacturers Trust Co.
Mortgage Servicing and Trusteeships-—
to Take Over
Justice Brower of the New York Supreme Court, which has
jurisdiction
in the matter, has approved an agreement made
by Superintendent of
Insurance Louis H. Pink, whereby Manufacturers Trust Co. will take over
by merger the mortgage servicing contracts and trusteeships now held by
Mortgage Corp. of New York the entire capital stock of which is held
by the Superintendent.
Consummation of the merger now requires the
approval of the respective boards of directors, consent of the stockholders
of each corporation, and the approval of the
Superintendent of Insurance
and the Superintendent of Banks.
As of June 30, 1941, the Mortgage Corp. was
acting as servicing agent or
the
trustee
under
court
appointment
covering
mortgages
12,626
3,704
45,583
Mississippi Power Co.—To Sell Bonds
Holding Compnay Act
regarding the issuance and sale of $3,250,000 of 4% first and
refunding
mortgage gold bonds, due 1951, to the Reconstruction Finance
Corporation
at the principal amount and accrued interest.
The company states that
proceeds will be used to construct additions to its electric
plant which are
necessary in connection with National defense.—V.
152, p. 4130.
resulting
servicing of mortgages for savings banks, insurance companies, and other
Its field of operations has extended throughout the States of
New York, New Jersey, and the New England States.
The combined
servicing business and trusteeships which would result in the merging of
the two companies will place the Manufacturers Trust Co. in the front
rantcs of those organizations handling this
type of business.
Peter E. Bennett, President of the Mortgage
Corp. of New York, will
become affiliated with the Manufacturers Trust
merger goes into effect.—V.
Mountain States
Period End. June 30—
Operating
148,
as
direct
expenses, excl.
taxes
Vice-President when the
588.
p.
Telephone & Telegraph Co.—Earns.
1941—Month—1940
1941—6 Mos.—1940
$2,484,138
$2,228,053 $14,324,783 $13,129,630
9,218
6,651
47,094
44,935
revenues
Uncollectible oper. rev_-
Operating revenues—
Operating
$2,474,920
$2,221,402 $14,277,689 $13,084,695
1,486,995
9,273,298
8,823,302
1,574,971
expenses
Net oper. revenues
$899,949
$734,407
394,935
$5,004,391
2,400,186
$4,261,393
416,726
$483,223
$339,472
$2,604,205
$2,238,535
Operating taxes.
2,022,858
Munson Line
Co.—Preferred Dividend—
Directors have declared a dividend of $1 per share on the preferred
class A stock, payable Sept. 2 to holders of record
Aug. 15.
Initial divi¬
dend of like amount was paid on Dec. 2, 1940.—V. 152,
p. 1924.
Nashville
Chattanooga & St. Louis Ry.—Earnings—
June—
Gross from railway
Net from railway
1941
Net from railway
Net ry. oper. income-—
—J. 152, p. 4130.
1939
1938
$1,144,939
182,284
82,881
$1,118,569
149,098
60,079
$1,037,791
9,253,685
2,666,827
1,561,591
Net ry. oper. income
From Jan. 1—
Gross from railway
1940
$1,596,112
475,436
282,099
7,351,113
1,406,156
761,656
7,320,385
1,540,855
886,615
6,621,268
1,228,369
605.524
National Cylinder Gas Co.
1941—Month—1940
$625,950
$504,330
1941—12 Mos.—1940
$7,972,766
169,041
65,979
(& Subs.)—Earnings—
Period Ended June 30, 1941—
3 Months
Net income after charges and Federal income tax
but before excess profits tax
per
share
on
6 Months
$560,368
$0.42
1,335,701
shares of
$1,120,883
$0.84
com.
stock ($1 par)___
—V. 152, p. 2863.
National Gypsum Co. (&
Subs.)—Earnings—
3 Months
Period Ended June 30—
Gross sales, less discounts,
1941
6 Months
1941
1940
returns
and allowances
$6,047,852 $10,381,040
Cost
Mississippi Power & Light Co.—Earnings—
revenues
more
from the proposed merger, but to increase the business.
For a number of years the business of the
Mortgage Corp. has included the
Earnings
to RFC—
The Securities and Exchange Commission announced
July 28 that com¬
pany filed an application (File 70-361) under the
Operating
Operating
aggregating
than $150,000,000.
Manufacturers Trust Co. is already handling a con¬
siderable volume of mortgage servicing contracts and
trusteeships and is
therefore well equipped not only to ta^e over the additional volume
—
Period End. June 30—
125,868
—V. 153, p. 105.
$106,837
20,443
Net from
13,321,448
2,292,782
175,037
—V. 153, P. 555.
Net oper. income
June—
Gross from railway
13,036,157
2,503,501
401,443
$2,030,945
15,445,081
3,561,208
1.653,817
-
—
1940
$3,174,448
1,036,989
666,963
--
railway
Net from railway
Net ry. oper. income
1938
4,852,392
June—
Gross from railway
Net from railway
Gross from
1939
$889,003
194,777
96,705
Minneapolis St.
1940
466,475
1 939
$2,379,815
518,588
investors.
1941
Net from railway
Net ry. oper. income—.
—V. 153, p. 103.
1940
$2,266,315
520,573
120,265
15,304,479
3,610,610
1,389,381
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
been earned and is payable on the series A adjustment
mortgage bonds and
2% had been earned and is payable on the series B adjustment
mortgage
Net ry. oper. income
From Jan. 1—
1941
Net from railway.
Net ry. oper. income—_
Interest Payment—
From Jan. 1—
Gross from railway
499,243
84,016
def5.899
$2,901,367
771,804
331,415
1938
1939
The board of" directors, at their meeting held
July 17, ascertained,
determined and declared that for the year ended June 30,
1941, 5% had
June—
Gross from railway
Net from railway
Net ry. oper. income—
1,005,376
444,070
252,701
420,308
250,186
railway
$99,878
39,087
$107,568
620,961
250.229
138,419
—_
1940
$99,260
31,067
14,507
railway
Net from railway--.
Net ry. oper. income---
1,009,227
June—
—V. 152, p. 3816.
Gross from
1,208,603
568,416
295,615
''
Net from railway
Net ry. oper. income.i
$1,091,124
$0.92
—
Net profit
212,530
$867,496
$433,626
Other deductions
233,613
97,846
73,303
118,150
629,728
Kes. for profit-sharing—
Federal income taxes-
106,577
$1,352,654
Operating profit
Depreciation
$66,088
1,624
def9,953
June—
$2,904,493
1938
$185,929
87,950
47,809
From Jan. 1—
Products—Earnings—
1941—3 Mos.—1940
$1,469,819
$974,074
1939
$168,199
65,161
33,192
Missouri-Kansas-Texas RR.—Earnings—
Missouri Pacific
Steel
Period End. June 30—
1940
$211,158
88,727
32,206
June—
Gross from
Michigan Sugar Co.—30-Cent Preferred Dividend—
Directors have declared a dividend of 30 cents per share on the
6%
cumulative preferred stock, par $10, payable Aug. 12 to holders of
record
Aug. 1.
Like amount was pajd on Feb. 24, last, and on Aug. 12, 1940. and
previous payment was the 50-cent distribution made
V. 152, p. 990.
1941
Net ry. oper. income—.
—V. 153, p. 103.
'
RR.—Earnings—
June—
Gross from railway
Net from railway
Directors have declared a dividend of 15 cents per share on the common
stock, payable July 15 to holders of record July 9.
Dividend of 10 cents
was paid on April 15, last, one of 15 cents
paid on Jan. 15, last, and divi¬
Aug. 2, 1941
of goods sold, excluding deple¬
tion and depreciation
Provision for depletion & depreciation
$7,270,741
4,092,856
172,150
6,979,866
309,749
4,845,254
235,936
$1,782,846
818,930
$3,091,425
1,527,329
$2,189,551
1,264,134
$963,916
30,198
$1,564 ,096
$925,417
42,102
$994,114
47,499
68,141
14,682
180,000
260,000
$1,627,603
93,817
117,123
17,616
292,000
417,000
$423,792
$0.26
$690,047
$0.41
$7,579,751
Gross
383,754
84,532
66,666
327,475
50,806
65,000
4,829,930
1,113,028
790,000
4,503,509
915,934
770,000
$90,998
$61,049
$61,164
66,667
8,417
$1,241,909
800,000
117,161
$1,395,086
Net income
$15,450
def$13.920
Dividends applicable to pref. stock for the
period.
$324,748
403,608
$58,580
-
$462,188
def$78,860
profit.
$1,390,308
115
$1,239,808
2,101
Direct taxes
Prop, retire,
.
res.
approp.
Net oper. revenues
Other income
45
Gross income
Int.
mortgage bonds.
Other int. & deductions.
on
Balance-
$91,043
66,667
8,926
.
4,778
808,850
124,048
403,608
Selling, admin. & general
Operating profit
Other income
Total
—
Notes—Provision for Federal income
taxes, subsequent to April 1, 1941,
is being made at a rate which will result in
the accumulation of such taxes
at the rate of 30% for the full year 1941.
Includes provision of $8,700 and
$41,180 for Federal excess profits tax
in the month of June, 1941, and in the 12
months ended June 30, 1941,
i
respectively.—V.
153,
p.
247.
income
—
Interest and expense on funded debt._
Provision for doubtful accounts
Miscellaneous deductions.
Normal Fed. & State taxes on income.
Federal excess profits taxes
Net profit
Earnings
—
expenses—
2.
per share of common stock-.
63,507
*
$967,519
103,340
82,366
9,178
165,000
$607,635
$0.37
—V. 152, p. 3817.
National Distillers Products Corp.—Bonds Called—
A total of $392,000
10-year convertible 3J^% debentures, have been
called for redemption on Sept. 1 at 102K and accrued interest.
Payment
will be made at the Chase National Bank, New York
City.—V.
401.
153,
p.
The Commercial &
Volume 153
National Industrial Loan
Corp.—12%-Cent Dividend—
Directors have declared a dividend of 12 H cents per share on the common
stock, payable Aug. 15 to holder of record Aug. 5.
This will be the first
common dividend paid in some time.—V. 147, p. 275.
National Lead Co.
Net
a
sales...
Cost of goods sold
1941
$3,545,468
Z>r256,468
Common dividends
_
Surplus....
com.
$2,957,225
162,585
$2,814,848
$1,466,758
203,109 >
338,107
$3,289,000
748,276
232,386
7712,668
income
Class A preferred divs...
Class B preferred divs..
Shares
$3,119,810
748,276
232,386
773,775
$3,017,957
748,275
232,386
773,775
$1,804,865
748,275
232,386
773,775
$1,535,670
stock
$1,365,373
$1,263,521
$50,428
3,090,672
$0.75
3,095,100
$0.69
3,095.100
$0.66
3,095.100
out¬
standing (par $10)...
Earnings per share.___.
a
1938
1939
,
$61,690,090 $41,455,769 $35,916,259 $30,542,553
58,144,621
38,498,544
33,101,411
29,075,795
Gross profit on sales._
Other income.
Net
1940
Includes expenses, taxes and depreciation.—V.
152,
$0.26
National Power & Light Co.—Sells Interest in
Natural Gas Co.—See latter company.—V. 153, p.
Memphis
556.
1941
1940
1939
1938
Gross from railway
Net from railway
Net ry. oper. income—
From Jan. 1—
$62,923
34,406
12,832
$54,297
28,371
10,843
$53,080
26.282
17,814
$43,275
17,358
9,907
Gross from railway
345,320
159,275
95,078
355,523
197,448
322,728
155,932
104,877
256,466
91,262
59,355
—V.
132,586
152, p. 4131.
Rubber Machinery Co.—Common Dividend—
National
Directors have declared
a
dividend of 25 cents per share on the common
stock, payable Aug. 15 to holders of record Aug. 1.
Last previous dis¬
tribution was made on Dec. 18, 1939, and amounted to 30 cents per share.
—V. 150. p. 2198.
3;;
\ - ■<;'//.
National Surety
Corp.—Earnings—
Losses and expenses
...
$4,597,428
3,801,678
..
incurred
_____
Underwriting profit—
$795,751
465,954
12,423
—
Net investment income earned
_
.....
Miscellaneous income.
Total
....
—
Net realized loss
on
sales of investments.......
Provision for Federal income taxes at
$1,274,128
152,468
248,000
.......
.......
30%--_
-
Net income after Federal income taxes
Provision for amount appropriated and transferred to cap. surp
Balance transferred to earned surplus.
—
$873,659
12,423
■
$861,236
500,000
......
Dividends paid.
...
A sscts
Liabilities—
~
-----
Investments
—
$2,572,191
21,823,086
Prems. in course of collection,
1,491,287
123,201
not over 90 days due
Accrued int., divs. and rents.
Reinsur. & other accts. rec'le
Home office building
.
Investments
are
500,000
...
Total
a
68,464
carried
on
the
$3,793,869
Res. for loss adjust, expenses
Reserve for unearned prems.
809,600
6,234,593
Reserve for commissions, ex¬
penses and taxes.
1,160,487
Contingency reserve...
Capital stock ($10 par).
Surplus...
a
Total
basis
159,130
2,500,000
11,920,550
$26,578,229
prescribed
by
the
New York
Insurance Department.
Contingency reserve represents the difference
between the total carried in assets for investments and the total based on
June 30, 1941 market quotations.
Bonds carried at $1,373,642 are deposited for purposes required by law
$30,764
required in court proceedings.
and bonds carried at
are
deposited
as
collateral
on surety
bonds
Note—National Surety Corp, owns all of the capital stock of National
Surety Marine Insurance Corp,—V, 152, p. 991.
New
From Jan. 1—
Gross from railway
152,
England Gas & Electric Association—Output—
25, New England Gas & Electric Association
reports electric output of 11,646,659 kwh. This is an increase of 2,475,777
kwh., or 27.00% above production of 9,170,882 kwh. for the correspond-ng
$238,529
76,538
18,898
$252,427
1,533,726
527,636
206,898
1,434,146
486,829
161,594
1,460,497
84,605
33,256
431,151
102,358
4131.
p.
New Orleans Public Service Inc.-
direct
1938
1939
25,561
2,415,506
1,163,880
605,191
Period End. June 30
Operating
Operating
-Earnings-
1940
$238,226
79,681
1941
$446,842
238,315
124,355
expenses,
taxes
-Earnings—
1941—12 Mos.—1940
1941—Month—1940
$1,521,474 $20,755,796 $20,122,144
$1,714,020
revenues
excl.
res. approp
198,865
711.632
292,235
196,067
9,188,323
4,275,602
2,376,658
8,968,995
3,548,748
2,468,089
revenues...
$315,218
$321,540
206
299
$4,915,213
2,242
$5,136,312
2,069
$315,424
170,887
: 8,009
$321,839
182,547
20,428
$4,917,45o
2,127,68/
287.623
$5,138,381
2.230,041
254,367
Net income
$106,528
$1x8,864
Dividends applicable to pref. stock for the period
$2,502,145
544,586
$2,653,973
544,586
$1,957,559
$2,109,387
802,132
397,805
Direct taxes
Prop, retire't
Net oper.
Gross income
Interest on mtge. bonds.
Other int. & deductions.
Balance.
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
is being made at a rate which will result in the accumulation of such taxes
at the rate of 30% for the full year 1941.
No provision has been made for Federal excess profits tax since present
indications are that no such tax will be payable.—V. 153, p. 557.
New Orleans Texas & Mexico
1941
1938
1939
$191,771
47,678
54.131
$137,762
defl3.484
def4,271
$125,518
def20,356
defl2,714
1,410,054
524,541
549,169
1,314,347
459,453
494,247
1,301,235
418,308
426,693
1,334,231
491,781
504,385
Net from railway
Net ry. oper. income...
From Jan.
Ry.—Earnings1940
$217,748
67,334
77,848
1—
Gross from railway
Net from railway
Net ry. oper. income...
—V. 152, p. 4131.
Newport News Shipbuilding & Dry Dock Co,—Contract
Company announced that the Bureau of Reclamation, U. 8. Department
has awarded it a contract for the construction of three hydraulic
150,000 hp. each to be installed in the Grand Coulee power plant
of the Columbia River Basin Project, State of Washington.
The total contract price, subject to minor adjustments, is $1,880,000.
The hydraulic turbine division of the company has previously constructed
and delivered to Grand Coulee three similar turbines, one of which has re¬
cently been tested.—V. 152, p. 2864.
of Interior,
turbines of
June—
Reserve for losses
$26,578,229
New Orleans & Northeastern RR.June—
Gross from railway.....
Net from railway..
Net ry. oper. income.._
New York Central
Consolidation of Balance Sheets June 30, 1941
Cash in banks
The company has asked for exemption from competitive bidding with
respect to the issue and sale of the securities.—V. 135, p. 2493.
June—
Earnings for Six Months Ended June 30, 1941
Net premiums earned
estimated at $22,605, which Includes a finder's fee of $10,000 to the First
Boston Corp.
Gross from railway
[Including National Surety Marine Insurance Corp.]
These
tion with the issue and sale of the $1,000,000 of 3 H% first mortgage bonds
and the reduction in interest rate of
presently outstanding bonds, are
Other income (net)
Nevada Northern Ry.—Earnings—
per annum.
bonds are held by the two insurance companies.
H
Fees and expenses in connection with the issue and sale of the common
and preferred stock are estimated at $2,300.
Fees and expenses in connec¬
—V.
Company is notifying holders of its sinking fund debentures, 3H% due
1955, that an amount of these debentures have been drawn by lot for
redemption on Sept. 1, 1941, at 1021^% of the principal amount and
accrued interest.
Redemption will be made at the corporate trust depart¬
ment of the Chase National Bank of the City of New York, 11 Broad St.,
New York City.—V. 152, p. 3818.
Net from railway
Net ry. oper. income...
The proceeds from the sale of the bonds, together with other funds, will
be used to reduce bank loans and to purchase additional equipment.
The company also proposes to reduce the interest rate on its outstanding
Net from railway
Net ry. oper. income.._
1599.
p.
National Oil Products Co.—Debentures Called—
June—
697
Mutual Life Insurance Co. and the Northwestern Mutual Life Insurance
Co., each of which will purchase $500,000 principal amount.
first mortgage bonds, series A, from 4H% to 3H%
(& Subs.)—Earnings—
6 Mos. End. June 30—
Financial Chronicle
RR.—Earnings—
1940
1941
Gross from railway
Net from railway
Net ry. oper.
$38,170,509 $29,916,581
11,779,412
7,586,415
income.._
5,364,622
3,160,024
From Jan. 1—
Gross from railway
Net from railway.
Net ry. oper. income—
—V.
208,658,449 175,367,432
58,304,109
40,230,809
27,905,928
15,624,933
1938
1939
$26,696,492 $23,040,069
6,434,334
4,809,709
2,456,388
922,244
155,970,720 138,942,439
33,421,193
23,731,434
8,689,953
108,187
153, p. 248.
New York City Transit
System-—Earnings—
[Includes BMT, IRT and IND Divisions]
Month of
Month of
lOMos.End.
Period—
Apr., 1941 Mar., 1941 Apr. 30, '41
Total operating revenues
$9,934,772 $10,341,854 $95,395,209
Operating expenses and rentals
7,510,403
7,502,220
72,215,428
___________
$2,424,369
31,901
Income from operations
Non-operating
Excess of revenues
-V.
$2,839,634 $23,179,780
30,928
316,969
$2,456,270
$2,870,562 $23,496,749
•
income....
over oper. exps.
153, p. 248.
For the week ended July
week
a year
ago.
Gas output Is reported at 83,712,000 cu. ft., an increase of 7,267,000 cu.
ft.,
or
week
9.51% above production of 76,445,000 cu. ft. on the corresponding
ago.—V. 153, p. 557.
a year
New
New York
Connecting RR. —Earnings—
1941
June—
Gross from railway
Net from railway
Net ry. oper. income...
—
1941
1940
$3,645,367
2,110,575
$2,779,155
1,585,821
Gross profit on sales
$1,534,792
Selling. administrative and general expenses......
668,718
Provision for doubtful receivables
20,533
$1,193,334
572,664
33,487
Interest, purchase discounts and miscell. income..
$845,541
35,278
$587,183
12,839
Net profit before Federal taxes on Income
Provision for Federal taxes on income
$880,819
370,000
$600,022
166,500
$510,819
$1.88
$433,522
$1.59
6 Months Ended June 30—
Net sales
...
Cost of goods
sold
.
1939
1938
$206,745
$188,833
1 09,832
72,704
$249,084
183,849
120,864
2,232,488
1,685,480
1,598,211
1,224,533
846,595
624,155
1,293,066
891,284
1,094,132
744,429
653,477
362,300
162.353
125,766
From Jan. 1—
Gross from railway.....
Net from railway
Idea, Inc.—Earnings—
1940
$412,225
311,514
300,241
Net ry. oper. income—
—V. 153, P. 106.
New York & Honduras Rosario
Operating profit
—
......
Net profit
a
Earnings
a
per
-
—
share
On 272,000 no par
shares of common stock.
Balance Sheet June 30, 1941
Assets—Cash, $464,070; U. S. Treasury bills, $400,000; accounts and
(net), $2,202,684; inventories, $2,186,728; deferred charges,
$54,708; plant and equipment (less depreciation), $661,712; patents and
designs, $1; total, $5,969,904.
Liabilities—Accounts payable, $147,992; accrued liabilities, $236,658;
Federal taxes on income, $514,926; reserve for price decline and contin¬
gencies, $300,000; common stock (272,000 no par shares), $2,252,000;
surplus, $2,518,328; total, $5,969,904.—V. 152, p. 2712.
notes receivable
New
Hampshire Gas & Electric Co.—To Sell Securities—
series B, due 1971.
The company proposes to
New England Gas & Electric
ncome
notes, due 1978.
issue the common and preferred stock to
Association in payment of $1,500,000 of 6%
The bonds are to be sold to the John Hancock
$368,860
26,422
28.513
$306,983
$1,629
on
Profit for six months
_
_— _
17,804
.
Earnings per share
—V. 152, P. 3975.
New York Ontario & Western Ry.—
June—
Gross from railway
Net from railway-.....
Net ry. oper. income—
From Jan. 1—
Gross from railway..
1941
$577,347
105,674
29,266
2,881,082
Net from railway
227,834
Net ry. oper. income— def237,605
—V. 152. p. 4131.
.
The Securities and Exchange Commission announced July 24 that New
England Gas & Electric Association and its subsidiary. New Hampshire
Gas & Electric Co., filed an application (File 70-357) under the Holding
Company Act regarding the issuance and sale by the subsidiary company
of 7,500 additional shares of common stock (no par) 10,000 shares of $5
preferred stock ($100 par) and $1,000,000 of 3)4% first mortgage bonds,
$259,106
19,363
$274,449
Neptune Gold Mining Co.—
5 % income debenture notes, paid
Profit on investm'ts sold or redeemed
$382,141
13,281
14,257
Interest and dividends on investments
1939
$298,246
39,140
$218,682
41,511
.
Profit from operations
1940
$225,137
6,455
$1,458
properties
Expenditures on new properties
new
Int.
Mining Co.— -Earnings
1941
6 Mos. Ended June 30—
Profit from opers. before expend, on
1940
$467,865
25,929
def53,756
2,564,341
def37,193
def501,212
•-
$413,085
$2,193
-Earnings1938
1939
$454,467
defl3,226
dsf91,404
$592,846
91,237
6,461
3,335,783
412,839
defl36,627
3,097,596
117,545
def378,706
•;
■
..
New York New Haven & Hartford RR .—Earnings—
Period Ended June 20—
1941—Month—1940
1941—6 Mos.—1940
$6,763,532 $49,971,925 $40,036,966
517,614
7,609,354
2,584,837
Inc. avail, for fixed cbgs.
1,892,464
670,552
8,796,779
3,552,269
Net after charges..
791,210 def445,017
2,143,607def3,162,454
a The leases of the following
companies were rejected on dates stated
below but net railway operating income includes the results of operations of
Total oper. revenue
a Net ry. oper. income..
$9,308,994
1,688,192
these properties: Old Colony RR. Co., June 2, 1936; Hartford & Con¬
necticut Western RR. Co., July 31, 1936; Providence Warren & Bristol
RB. Co., Feb. 11, 1937, and Boston & Providence RR. Corp., July 19,
1938.—V. 153, p. 248.
New
Chronicle
The Commercial & Financial
698
York
&
Queens Electric Light & Power Co.—
M.
892,594
849,517
General expenses....
.
revenues—
Operating expenses...-Depreciation. .......
Taxes
a
Interest, taxes,
$6,847,441
4,105,402
591,000
1,276,623
$6,670,427 $28,573,872 $27,715,650
3,872,382
16,361,661
15,785,379
564,000
2,404,000
2,270,000
1,0,36,778
5,087,252
4,436 258
$874,416
r.
...
$1,197,267
$4,720,959
$5,224,013
895
Dr279
3,189
income
Adjustment-
$875,311
300,000
36,345
$1,196,988
300,000
47,855
$4,724,148
1.200.0CO
110,545
$5,222,063
1,200,000
.133
$3,413,603
104,575
$3,748,783
104,590
$3,309,028
—
on
long-term debt..
b Other interest
—
17" 911
$540,535
78,310
351,821
$186,872
1,161,759
$208,383
1,265,947
$110,405
1,264,701
$1,474,330
90,000
$1,375,106
421
—
Gross earned surplus.
$1,349,051
84,642
$1,439,090
82,065
_
603
stock....
90,330
2,826
$1,383,727
$1,281,950
$3,644,193
Adj. appl. to prior years
273,280
$1,264,409
$1,357,025
Earned surp. June 30.
Int.
"ll",298
$624,290
69,854
345,053
Dr 1,950
_
Gross income—
"2.338
$544,078
72,299
284,907
$166,610
1,272,480
Earned surplus Jan. 1—
Divs. on pref.
Other income
1938
$522,623
......
— -
$6,536,001 $28,121,372 $27,221,352
134,426
452,500
494,298
Operating income
1939
$612,992
$519,179
70,801
281,768
&c—...
$6,725,698
121,743
Net
Total oper
1940
$541,740
1941
$358,9451
159,134/
1,100
End. June 30—
Total gross income—.
...
j
203,968
207,678
;
—
Sales of electricity.-.—
Other oper. revenues.-,
(& Subs.)-^-Earnings
Niagara Share Corp. of Md.
6 Mos.
Dividends received and
Interest earned----.-.Commissions
Miscellaneous- — -----
1941
2,
1941—12 Mos.—1940
1941—3 Mos.—1940
Period End. June 30—
Sales of electricity
kw, hours
Aug.
2865.
-V. 152, p.
North American Aviation Inc.—75-Cent Dividend—
75 cents per share on the
stock payable Aug. 20 to holders of record Aug. 7.
Like amount
was paid on
Dec. 24, 1940 and compares with 50 cents paid on July 1,
1940 and $1 per share paid on Dec. 15.1939.—V. 153, p. 249.
Directors on July 26 declared a dividend of
Net income—_——
$538,966
Dividends declared on preferred stock.
Balance avail, for divs. on commonstock
a
Includes
income
Federal
tax
common
North American Light & Power
b Includes amortization of
qccruals.
Note— No provision has been made for
152,
p.
2864.
Federal excess profits tax.—V.
Co.—Meeting Postponed
adjourned until Aug. 21.
22 and immediately
Judge John P. Nields of the 17. S. District Court has before him a suit by
Exchange Commission seeking to restrain North American
the Securities and
•
..
met July
Stockholders
debt expense less premium and miscellaneous deductions.
,
from voting its shares for dissolution of the Light &
Co., parent concern,
New York State Electric & Gas
Power
Corp.—Earningsbl£41
12 Months Ended June 30—
1940
Operating revenues......
—..—--...$27,312,594 $26,375,871
7,705,313
7.406.573
Operating expenses
......
5,130,391
5,280,195
Electricity and gas purchased for resale..._——.
Maintenance.
1
1,465,069
1,594,740
Provison for retirement (deprec.) of fixed capital..
1,929,676
1.921.574
Provision for Federal income taxes..
804,042
1,377,390
Other taxes
2,828,439
2,696,889
—
—
—
The case is now awaiting decision.—V. 153, p. 106.
subsidiary.
Pacific Ry.-—Earninqs-
Northern
Gross
1940
1939
1938
$5,497,622
$5,403,916
1,029,540
665,585
$4,582,154
600,173
285,292
27,989,798
3,466,606
1,693,411
24,245,075
1,531,178
defl54,833
1941
June—
railway— $6,888,966
railway—2,070,404
oper. income
1,701.595
from
1,172,555
Net from
_.
Net ry.
From Jan.
808,791
1—
——
——
...
—
—
.
.
.
—
—
—.—_
30,623,950
6,099,685
35,227,658
8,917,748
income...
7,127,025
402. ;
Gross from railway—„
Net from railway
__
Operating income. —
(net)-.—
$6,596,840
63,379
$6,951,332
.84,984
Gross
$6,660,219
105,890
Cr9,285
64,464
19,464
$7,036,317
2,373,004
33,574
97,914
6,442
6,126
137,266
Cr7,935
66.314
21,852
$4,079,679
900,000
$4,301,759
900,000
$3,179,679
330,006
$3,401,759
328,660
....
Other income
Interest
income———
on
2,264,599
mortgage bonds.
Miscellaneous long-term
40,717
92,856
1,835
debt—
Amortization of debt discount and expenseTaxes assumed on interest
Interest on debt to associated companies.
—
Other interest charges
Interest charged to construction.
Miscellaneous
amortization—........
Miscellaneous income deductions
Net income
—
.
Reservation of net income.
a
Balance transferred to earned surplus...
....
Preferred dividends...—
Appropriation for construction and (or) bond acquisition in accordance
with order of Public Service Commission,
b Preliminary.
Note—Provision for Federal income tax for the period from Jan. 1, 1941
is based upon an anticipated 1941 tax rate of 30%.
No provision has been
considered necessary for Federal excess profits tax for eitner of the periods
covered by this statement.
a
Net ry. oper.
—V. 153, p.
Power Co.
States
Northern
The company on July 23 was granted permission by the Securities and
Exchange Commission to acquire and merge with its properties all the
properties of three subsidiary companies.
Securities of the subsidiaries,,
none of which are owned publicly, will be cancelled and Northern States
will be the surviving company.
Companies to be absorbed into Northern States are that company's
wholly owned subsidiary, the Minneapolis General Electric Co., and two
wholly owned subsidiaries of the latter, St. Croix Falls Minnesota Improve¬
ment Co. and Minnesota Brush Electric Co.
In approving the merger, the SEC stipulated that $2,198,421, represent¬
ing intra-system profits in the acquisition of the securities of the subsidiaries
presently carried in the investment account of Northern States, must be
written off against the capital surplus account of Northern States,—V. 153,
P. 10/.
■
■
,
New York
,,,
Bell
Susquehanna & Western
June—
1940
1941
Gross from railway
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway..
Net ry. oper. income
Telephone Co.—Earnings—
R R.—Eaminos—
1939
$338,558
155,769
88,811
$273,212
105,490
47,701
$240,968
80,184
9,249
1,854,928
789,654
379,317
1,575,474
1,566,950
578,535
154,043
.
585,531
247,113
1938
$253,529
73,663
def5,292
1,551,451
509,473
69,580
10,991
$3,008,046 $18,835,076 $17,707,615
5,709
50,649
45,706
Operating revenues..
Operating expenses
$3,238,004
2,129,313
$3,002,337 $18,784,427 $17,661,909
1,997,424
12,591,893
12,018,069
Net oper. revenues...
$1,108,691
$1,004,913
$6,192,534
431,312
488,209
2,638,420
$5,643,840
2,526,920
$677,379
$516,704
$3,554,114
$3,116,920
$3,248,995
Operating revenues
Operating
taxes
Net oper. income....
—V.
152,
p.
4132.
Pacific
Northwestern
—V. 152, p. 4132.
Telephone Co.—Income Statement—
Period End. June 30—
1941—3 Mos.—1940
Operating revenues.... .$57,404,829 $54,895,609 $223473,380 $214746,033
Operating expenses36,136,534
Operating taxes
10,697,083.
34,979,135
10,133,564
Net oper. income
$10,571,211
Otherincome—net.....
477,431
$9,782,910 $38,670,399 $38,382,866
535,848
1,985,190
2,467,905
Total income.$11,048,642
$10,318,758 $40,655,589 $40,850,771
1,152,197
4,316,324
4,938,152
_
_. ....
Interest deductions..1,050,220
Total net income
Dividends
.
.
$9,998,422
8,426,000
$9,166,561
8,426,000
142,872,181
41,930,800
Gross from railway.
Net from railway....
.
1941—12 Mos.—1940
139,967,787
36,395,379
_
Net ry. oper. income.
From Jan. 1-—
Gross from railway
Net from railway
—Earnings—
1940
$267,289
5,082
def26,087
$276,334
..
29,046
def3,900
..
..
Net ry. oper. income.
—Y. 152, p. 4132.
def20,212
de'fl65,258
def349,756
$276,274
def40,172
def70,383
1.489,363
defl24,509
def283,933
1,450,956
1,519,869
8,239
def204,860
1,269,293
def554,495
der/28,929
Ogden Corp.—Earnings—
6 Months Ended June 30—
4
18,669,399 al5,649,965
71,401,617 a63,907,605
24,433
11,543
$356,966
234,841
Total
Expenses (including taxes)
on
Interest
on
—
—
——
$709,151
118,796
debentures————...—:
bank loan...
......
a
$79,861
—
—
301
1,427
$367,246
Dividends paid on 5% preferred stock
a
221.383
34,892
1,371
6,000
...
Provision for amortization of premium on investm't
Provision for Federal income taxes
!—
_
Oper.rev. deductions.._
450
11,962
Otherincome
Interest
$672,725
333
Miscellaneous investments
Net income.
Period End. June 30—
1941—3 Mos —1940
1941—12 Mos.—1940
Operating revenues
.$24,722,854 $21,670,654 $97,057,115 $87,597,636
1940
1941
$344,668
....
Niagara Hudson Power Corp. (& Subs.)—Earnings—
1938
1939
$290,522
7,192
Income—Subsidiary companies, majority owned..
Statutory subsidiary company.....
$36,339,265 $35,912,620
33,704,000
33,704,000
Balance
$1,572,422
$740,561
$2,635,265
$2,208,620
Note—Federal taxes for 1941 have been accrued at tax rates now in effect.
As heavy increases in both income and excess
profits taxes effective re¬
troactively to Jan. 1, 1941 appear certain, taxes for periods in 1941 are in all
probability understated and net earnings for these periods as reported are
higher than they will ultimately prove to have been.—V. 153, p. 248.
RR.
1941
June—
New York
1941—6 Mos.—1940
1941—Month—1940
Period End. June 30—
Uncollectible oper. rev..
249.
p.
(Minn.)—To Absorb Three
Subsidiaries—
Northwestern
Harry Reid and O. Titus.—V. 153,
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended July 26, 1941, totaled 34.534,014 kilowatt-hours, as compared with
30,474,045 kilowatt-hours for the corresponding week last year, an increase
of 13,3%.—V. 143, P. 558.
.
of
.
Northern States Power Co.
New Director—
Stockholders at their annual meeting held July 24 elected Eugene Dono¬
van, Sheldon Close as directors to fill vacancies created by the resignations
4,402,678
•/v;,
______
232,044
All of which stock has been called for redemption incl. accrued dividends
to
July 29, 1940
July 29, 1940.
shares called
on
on
June 29,
1940 for redemption
on
Balance Sheet June 30
Operating income
Otherincome.
$6,053,455
197,164
$6,020,689 $25,655,497 $23,690,031
190,633
851,056
772,831
Gross income........... $6,250,618
Income deductions.....
2,505,357
56,211,323 $26,506,553 $24,462,862
2,450,139
9,706,801
9,871,091
......
$3,761,184
$16,799,751
$14,591,770
1,839,200
7.356,801
7,356,800
Net income......... $1,906,061
on pref. stocks of
$1,921,984
59,442,951
$7,234,970
__
.......
Niag. Hud. Pow. Corp.
606,006
Cash
22,125,763 23,375,412
732,048
...
Special cash deps.
2,384,067
2,934,256
494
Acer. int. receiv..
978
b
3,646
2,424,025
Balance
$1,300,055 a$l,315,978
$7,018,926 a$4,810,945
Changed to give effect to major adjustments made
during 1940.—V.
152, p. 3353.
Deferred
Assets
charges.
subject
escrow
.
Norfolk & Southern RR.1941
Gross from railway
Net from railway
Net ry. oper. income.From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 153, p. 106.
_
$489,589
154,907
98,350
2,545,439
596,353
277,982
Notes
95,631
Fees and exps...
14,056
company.
2,174,535
317,216
8,496
$574,085
247,186
184,783
2.274,813
438,984
139,383
2,277,620
470.102
168.103
27~412
28,072
179,897
173,536
121,642
Accrued interest on
152,451
note
Other
301
payable...
Accrued taxes.
cur.
liabil—
credits—
Reserves—
1938
$594,533
276,930
215,999
881,525
5,304
28,072
Accounts payable.
Securities redeemed
$496,499
171,361
110,472
4,400,000
to
bank
Deferred
1939
1,166,204
1,900,000
payable
656,233
Loan pay. to sub.
-Earnings1940
Earned surplus.
—
—25,748,046 30,162,608
Total...
——
—
152,563
729,714
2,971,374
156,417
3,161.865
3,369,203
Capital surplus... 4,485,457
Total
12,450,330
shs.
c
to
agreement
of
issuable
15,548
183,165
a
Jiine—
$
—12,960,301
Balance
220,270
40,149
Dividends receiv..
2,424,025
Issued-
446,055
the
trustee
Accounts receivable
606,006
1940
$
par):
2,972,867
213,896
with
1941
Liabilities—
Common stock ($4
Special funds—J-
Cash
Divs.
>
1940
S
$
advnaces..
a
Balance
$3,745,261
Divs. on pref. stocks of
subsidiaries
1,839,200
_
1941
Assets—
Invest, secur. and
429,726
51,585
6,288,721
135,201
..25,748,046 30,162,608
Of the Estate of Utilities Power & Light Corp. for reorganization
b To creditors and stockholders of Utilities Power & Light
Corp., in accordance with plan of reorganization, c Allowed in reorganiza¬
tion of Utilities Power & Light Corp. (parent $600,000).—V. 153, p. 402
a
expenses,
The Commercial & Financial Chronicle
Volume 153
Ohio Associated Telephone
Period End. June 30—
Operating
Co.—Earnings—
1910—0 Mos.—1939
$438,581
$407,150
1,050
948
1940—Month—1939
$73,649
$69,026
179
160
revenues
Uncollectible oper. rev._
Operating revenues—
Operating expenses
$73,470
45,630
$68,866
45,657
$437,531
274,812
$27,840
15,390
$23,209
8,041
$162,719
$139,671
48,436
income and
Operating taxes
—
Net oper. income—.
—V. 153, p. 249.
$12,450
62,788
$15,168
$91,235
$99,931
Oklahoma City-Ada-Atoka
June—
Ry.—Earnings—
1941
Gross from railway
Net front railway
1940
$27,123
11,554
5,387
Net ry. oper. income
From Jan. 1—
■
Gross from railway-.-..
1938
1939
$23,344
4,396
def1,824
$33,224
6,3e3
def2,220
$34,515
10,935
3,480
■>
137,456
42,606
7,190
141,043
26,363
defl2,237
193,487
67,428
29,810
/
revenues
283,139
552,023
763,397
250,602
304,585
763,182
$4,482,107
8,024
$4,763,701
Z>r449
$4,490,131
1,170,230
$4,763,252
1,233,778
Federal and State income taxes
Other taxes.
a
—
Utility operating income
(net)
Other income
a Gross income
Retirement reserve accruals...
Gross
income
Interest
$3,319,900
630,937
167,108
09,380
44,377
on
the $5
Net income
Preferred
stock
Balance for
a
$1,894,692
payable at office of J.
v. 151, p. 856.
234,862
273,157
$1,974,445
Convertible 6% prior preference
common
Before retirement
reserve
...
accruals.—V.
^
an
extra dividend of 50 cents per
payable Aug. 1 to holders of record July 22.—V. 152,
share in addi¬
Ontario Steel Products Co., Ltd.—To
Directors have declared
an
both
Pay 50-Cent Div>
interim dividend of 50 cents per share on the
common stock, payable Aug. 15 to holders of record Aug. 5.
Like amount
paid on May 15, last and on Nov. 15, 1940; dividend of 75 cents was paid
on Aug. 15, 1940 one of 60 cents was paid on Aug. 15, 1939 and one of
50 cents
no firm commitment from American Telephone & Telegraph to
which will accrue on its holdings of 640,957 preferred
1,548,709 common shares of Pacific Telephone but President Powley
says it is expected such exercise will follow which would increase A. T. & T.
holdings by 546,416 shares at a cost of $54,741,600, in effect capitalizing
present and expected advances to that extent,-—V. 153, p. 402.
exercise the rights
and
Paramount Pictures,
1941
1940
$515,416
54,296
$358,008
54,362
$448,530
56.665
$461,120
230,605
$2.00
Net inc. after deprec.--
Int. & disct.
on
fd. debt.
$303,646
230,205
$1.32
1938
$3.,0,269
59,486
1939
Net income—...
—
$391,865
226,741
$1.72
Earnings
a
per
share.
$290,783
224,752
$1.29
of June 30, 1941 shows working capital
follows:
as
Cash
$196,560
Notes and accounts receivable
801,836
(net)
1,193,738
Inventories
Total current assets
$2,192,134
1,337,431
Total current liabilities
b This amount includes
$231,000 representing Paramount's direct and
stockholder in the combined undistributed earn¬
of partially owned non-consolidated subsidiaries.
c Includes $881,000, share of undistributed earnings of partially owned
non-consolidated subsidiaries,
d Includes $323,000 share of undistributed
earnings of partially owned non-consoiidated subsidiaries and $58,000
profit on purchase of debentures,
e Includes $1,039,000 shares of undis¬
tributed earnings of partially owned non-consolidated suosidiaries and
$66,000 profit on purchase of debentures.
Note—No provision has been made for Federal excess profits taxes,
—v. 153, p. 560.
" J-U';T
indirect net interest
as a
quarter
1941
1940
$6,484,062
2,067,489
15,613
$6,386,392
1,954,919
41,015
538,881
556,432
374,035
428,392
531,982
544,402
245,729
440,204
$2,503,220
20,607
$2,628,140
17,076
$2,523,827
$2,645,216
1,265,250
1,265,250
85,782
53,400
7,018
85,782
53,586
9,458
Crl0,009
0170
12 Months Ended June 30—
$5,581,6C0
3,992,549
1940
$5,118,364
3,494,419
1939
$4,216,968
3,286,636
1938
$4,293,936
3,945,368
$2,089,051
598,335
$1,623,945
700,421
$930,332
1,010,905
$2,687,386
171,967
Res. for foreign invest'ts
250,000
$2,324,366
$1,941,237
203,080
$1,345,451
220,737
320,000
160,000
revenues
Operating expenses
Electricity purchased for resale
$348,568
996,883
1941
the
Operating
(& Subs.)—Earnings—
6 Mos. End. June 30—
Gross profit from oper._
Expenses
for
Pennsylvania Edison Co. (& Subs.)—Earnings—
Net current assets—....a...'...$854,703
153, p. 559.
—V
Otis Elevator Co.
-
-
After interest and all charges including provision for all Federal taxes,
a
ings
No allowance is made above for Federal income taxes.
The balance sheet (unaudited) as
position
6 Months
July 5, '41
June 29,'40
Ju\y 5,'41 Junp 29,'40
a Estimated net income-b$l,904,000 d$l,478,000
c$4,379,000 e$3,084,000
Earns, per sh. of com.
stock$0.66
$0.48
$1.56
$1.01
Period—
—
a
Common shares (par $5)
Inc. (& Subs.)—Earnings—
3 Months
v/:-':"/.'
Oswego Falls Corp.—Earnings—
G Mos. End. June 30—
Maintenance
(deprec.) of fixed capital-
Provision for retirement
Provision for Federal income taxes..;
Other taxes
Net oper. income
Other income
Total income
Misc< 11. deductions
Federal income tax-
a775,000
—.
Operating income
Other income (net)
153,234
------
—
Gross income
Interest
57,000
on
long-term debt
—
Amortization of debt discount and expense.
Taxes assumed on interest-
Net income—.
$1,490,419
$1,783,629
$1,578,157
$1,135,217
$0.64
$0.79
$0.69
$0.47
Earns, per sh. on 2,000,000 com. shs. (no par)
a
Includes $180,000 for
v;.':
■
$65,625,000 it is proposed to raise will be used principally in retirement of
its 5% unsecured obligations to American Telephone & Telegraph.
As of
June 5, these advances amounted to $42,100,000 and President N. R.
Powley reports the expectancy that by the time the financing is carried
out they will have come close to if not exceeded the proceeds from new
stock issue.
As recently as July 1, President Powley estimated the con-!
struction needs of the company under its current program at $70,882,000
this year and said estimates were still in state of flux.
Tremendous new
loads and requirements for facilities have resulted from the national defense
Aug. 15, 1938.—V. 152, p. 2867.
on
-,
program.
There is
993.
p.
>/vv:V;.: x;'■■■'
extended
Interest
New York.—
The company is mailing stockholders letters asking for proxies authoriz¬
ing an increase in the common stock by 656,250 shares to 2,461,250.
It is
proposed to offer additional stoek at $100 a share to preferred and common
stockholders alike in ratio of one share for each four shares held.
The
153, p. 559.
tion to the regular dividend of $1.50 per share on the common stock,
Co. Incorporated,
Telephone & Telegraph Co.—Plans to Market
656,250 Common Shares—
1
Okonite Co.—Extra Dividend—1
Directors have declared
P. Morgan &
Pacific
34,040
stock and surplus--.
'
Pacific RR. of Missouri—Interest—
dividend requirements:
$5.50 convertible prior preferred
Preferred
:
Interest of 1 %% will be paid on Aug. 1, on the first mortgage
gold 4% boncvs, due 1938, on surrender of interest warrant No. 6.
$2,516,505
319,000
273,165
Amortization of debt discount and expense
Other income charges
Dividend—
have declared
The Interstate Commerce Commission on July 17 issued a certificate
permitting abandonment by the company of that portion of its narrow
gauge line of railroad extending in a general southerly direction from a
point at or near San Luis Obispo to Los Alamos, 51.93 miles, together with
a branch line extending easterly and southeasterly from Suey Junction to
Sisquoc, 12.02 miles, all in San Luis Obispo and Santa Barbara Counties,
Calif.—V. 128, p. 2455; V. 142, p. 632.
$3,529,473
796,700
138,067
16,696
61,506
$2,486,857
—
bans: loans
on
Merger—
Co., St. Paul, Minn., for permission to merge their facilities and to issue
$4,200,000 30-year first mortgage bonds in connection with the consolida¬
The bonds would bear 3 and 3H% interest.
Otter Tail Power Co., the proposed surviving company, would redeem
the Union Public Service Co.'s outstanding bonds totaling $1,227,000
through utilizing $1,200,000 of the proposed new bond issue. The remainder
of the new issue would be used to refund the presently outstanding $3,000,000 Otter Tail 4% first mortgage bonds, series of 1961.—V. 152, p. 3034,
is
Interest, bonds.
on
tion.
1940
$9,323,145
3,241,075
Maintenance
Co.—Approval Asked
Pacific Coast Ry.—Abandonment—
1941
$9,446,471
3,365,804
*
■
...
Operation
con¬
a dividend of $1.25 per share on account of
preference stock, payable Sept. 1 to holders of
record July 23.
Dividend of like amount was paid on June 2 and on
March 1, last, Dec. 1, Sept. 1, June 1 and March 1, 1940, and one ol
$1 was paid on Dec. 1, 1939, this latter being the first dividend paid since
March 1, 1938, when a regular quarterly dividend of $1.25 pe share was
distributed—V. 153, p. 559.
/.'J"V/Y'Y;/'V
Vv
Oklahoma Natural Gas Co.—Earnings—
Operating
included in the above statement
Oxford Paper Co.—Preferred
213,294
64,549
12,964
.
are
made July 29 to the Federal Power Commission by the
Co., Fergus Falls, Minn., and Union Public Service
was
Power
accumulations
—V. 152, p. 4132.
12 Months Ended June 30—
Tail
'Directors
:r-v;*.:
Net from railway.-.-.Net ry. oper. income..-
Otter Tail Power
Application
Otter
-■
profits taxes,
excess
verted to United States dollars on the basis of the official rate of exchange
of the Canadian dodar.—Y. 153, p. 559.
$406,202
266,531
Net oper. revenues—.
699
ing $133,500 for income and excess profits taxes, and a net profit of $82,961;
for the nine months ended June 30, 1941, after
providing $180,500 for
Other interest charges
Interest charged to
Miscellaneous
construction
-
13,901
6,824
$1,108,485
$1,224,486
income deductions
anticipated excess profits tax.—V. 152, p. 2714.
Net income
Outboard, Marine & Manufacturing Co.—Earnings—
N0te—No provision has
been made for excess profits tax.—V. 153, p. 560
(Including Subsidiary)
Period End. June 30—
Net sales
a
Cost of products sold.
for deprec. of
1941—3 Mos.—1940
$4,852,280
3,500,820
$4,044,046
3,046,976
Pennsylvania Coal & Coke Corp. (& Subs.)—Earnings
1941—9 Mos.—1940
$9,602,396
$7,088,228
8,018,053
5,892,799
Period End. June 30—
Gross earnings
Provision
— -
38,748
32,990
103,850
profit from opers. $1,312,713
18,744
$964,080
$1,480,494
$1,102,408
29,579
57,443
66,060
plant and equip.
Operating loss.—
Other income—
—.
taxes
paid, &c_
Realized loss on foreign
v
7*•
•
$1,331,457
11,982
$993,659
3,013
$1,537,937
22,590
$1,168,468
7,754
Cr627
6,153
Cr2,167
$99^599
$98/118
26,664
6,033
7,066
33,201
5,450
7,578
32,253
40,032
$96^320
$85,096
459
$34,145
10,094
$31,421
6,716
15,903
09,657
21,048
_
Canadian
Netprofit
Earns,
per
.
sh.
of
495,000
244,600
575,000
$749,550
$921,466
$846,236
$2.53
$3.10
$2.86
com.
selling, general and administrative expenses.
nine months ended June 30, 1941,
include a charge of $180,953 representing additional compensation for the
year ended nept. 30,
1940, payable to approximately 1,300 persons, au¬
thorized by the Board of Directors on Oct. 24, 1940, but not representing
a liability or expense of the year ended Sept. 30,
1940.
The operating results of the Canadian subsidiary company, showing a
net profit of $8,443 for the three months ended June 30, 1941, after provid¬
Notes—Cost and
expenses
13,258
10,714
$88,232
$57,497
$48,851
and deprec.
$23,389
$19,055
$106,341
1,249
4,648
After depl.
c
"
Net loss
17,538
1941 tax estimated at rates higher than in 1940.
for
by
No
excess
virtue
of
$94,764
17,877
profit tax
Clearfield
282,600
$809,198
stock
Plus shipping,
2,677
$99,280
a
1941.
d Adjusted,
e Operated
Bituminous Coal Corp. lease.—V. 152, p. 3978.
$2.73
——
2,000
payable by sub...
indicated
income
profits taxes
960
-
Estimated Federal inc.
tax
a
/
Canadian
subsidiary...-Prov. for Fed., Wisconsin
excess
c
b Net inc. of allied cos..
from conversion of ac¬
of
Income charges.
20,103
exchange
Loss on foreign exchange
counts
•
11,774
-
a
4,840,784
$99,740
income
Sundry
Gross loss—.—.
charges and income
Interest
and
5,445,765
$107,804
--
b Divs. from allied cos.e
Net profit before other
and
1941—12 Mos.—dl940
$5,346,165 $4,742,666
1,043,155
93,021
oper.
Net
1941—3 Mos—dl940
$1,151,576
$943,415
1,259,380
Oper. expenses & taxes..
for the
Pennsylvania Power & Light Co.—Cited by SEC—
Cause Order
Issued for Simplification Proceedings
Show
Set for
Aug. 12—
July 26 was ordered to show cause on Aug. 12 by the
Commission why its capital structure should not
simplified under the provisions of the Utility Act, and why a restriction
should not be placed on the declaration of dividends on its common stock
Pennsylvania, a subsidiary of National Power & Light Co., which in
turn is a subsidiary of Electric Bond & Share Co., is also asked to show
cause why its plant and investment, surplus, capital and other accounts
should not be restated to eliminate inflationary items.
The company on
Securities and Exchange
be
[
The Commercial & Financial Chronicle
700
'
needs about 240,000 additional kilowatts to meet increased
connection with the defense program.
"Con¬
will necessitate large additional expenditures
on the part of Pennsylvania substantially in excess of its present cash bal¬
ance, and such additional cash as may reasonably be expected, will be ac¬
cumulated during the period in question," the SEC order says.
The Commission charges that Lehigh Power sold properties to Pennsyl¬
vania Power in exchange for its stock in excess of the cost to Lehigh.
The
Commission cites two such transactions.
On another occasion—in 1926—
Lehigh at the instance of Electric Bond & Share, the SEC states, sold various
utilities to Pennsylvania for about $24,000,000.
"The cost of these securities to United Gas & Electric Corp. was the sum
of $10,699,260," the Commission says.
"At the time this transaction
was arranged, Bond & Share exercised a controlling influence in both the
United Gas & Electric Corp. and Lehigh.
"As a result of the transaction between United Gas & Electric and Lehigh,
Bond & Share was enabled to sell its Interest in the United Gas & Electric
Corp., realizing a profit of about $3,000,000 on its investment therein.
Bond & Share's affiliate. Electric Investors, Inc., realized an additional
profit of $570,000 and Bond & Share's other associates in the transaction
realized substantial additional profits."
The Commission says that as a result of numerous transactions between
Pennsylvania Power and a number of subsidiaries of Bond <k Share, about
$45,000,000 of "inflationary" items were carried into the plant account
The company
for electricity in
demand
struction of such new capacity
capital stock, series A, of Pirelli Co. of Italy.
The application
of the Exchange's Com¬
outstanding has been so
reduced, when considered in the light of their limited marketability, as to
make further dealings in them on the Exchange inadvisable.
Hearing on
the application will be held Aug. 20.—V. 153, p. 250.
Pittsburgh Coke & Iron Co. (& Subs.)—Earnings—
1941—6 Mos.—1940
1941—3 Mos.—1940
Period End. Juried—
Gross sales & earns., lessi
outward
disc'ts,
returns
fr't,
Selling & admin, exps
Maintenance & repairs.
78,451
177,083
110,365
71,860
56,453
9,913
3,000
133,521
114,183
14,533
6.000
$205,404
7,494
$1,090,085
$458,838
23,753
$570,273
33,718
$212,898
36,199
$1,132,431
1,196
167
5,000
2,668
5,000
2,865
10,000
5.363
10,000
5,762
a300,0C0
25,639
a600,000
63,308
_
Penna. income taxes.
_
Rents and royalties
Prov. for doubtful accts.
Profit
Other income
on
$4,182,845
2,891,337
$1,972,908
1,332,239
123,715
207,586
114,389
Deprecia'n & depletion.
Taxes, other than Fed. &
Int.
$7,772,070
$4,107,626
3,028,214
$561,863
8,410
& allowances.
Cost of sales & oper.exp.
Profit bef. other chgs.
of more than $190,public has received
1941
stated, among other things, that in the opinion
mittee on Stock List, the amount of these shares
of the company.
The SEC charges that in return for cash investments
000,000 in the securities of Pennsylvania Power, the
Aug. 2,
lire par
funded debt
Other interest.
—..—
_
only 24.3% of the total voting power of the securities of the corporation.
Prior to its dissolution in 1939, Lehigh held more than 75% of the total
Amort, of bd. disc. & exp
160,106
322,009
215,840
42,347
$482,591
72,770
67,769
4,179
2,515
Prov. for obsolescence of
voting power through the ownership of Pennsylvania's entire outstanding
stock, "acquired at a net cash cost of less than nothing."
The Commission charges that in addition to the 875,925 shares of Penn¬
5,689,048
222,693
409,583
227,139
common
sylvania Power which Lehigh received between 1924 and 1932 as stock divi¬
dends on its holdings of Pennsylvania Power's stock, Lehigh received cash
dividends between 1921 and 1939 of $52,819,585.
The stock dividends
were
placed
on
replacement parts
Divs.
a
pref. stock
rates
at
Consolidated Balance Sheet June 30
1941
Accounts
1,527,420
614,959
1,255,776
2,979,886
receivable.
-...
_
-
1,061,166
Adv.
428,933
collection on
sales
contract..
103,529
347,795
238,620
125,250
113,744
735,700
1,072,393
Accrued liabilities.
Fixed assets (net). 10,194,511
10,040,035
Sink. fd. payments
Investments
.....
due currently.
Unamort. bd. disc.
and expenses...
113,521
133,117
Prepaid ins., &c..
77,664
Res.
for
Fed.
54,982
$7,196,326 $42,338,372 $36,140,582
..
inc.
e764,005
92,690
2,857,750
....
Funded debt
3,084,256
Res've lor relining
Earnings of Company Only
June—
200,000
Liab. for ores
Notes and accts.
Inventories
$
payable.
Notes pay., bank.
1,776,234
hand
1940
661,095
Liabilities—
Cash in banks and
on
1941
8
504,010
1949
$
Assets—
c
oper.$16,332,785 $12,063,359 $76,618,745. $61,824,147
4,415,900
2,750,387
23,747,000 14,787,892
664,701
478,511
3,598,262
2,945,668
664,685
498,508
3,598,449
2,945,710
464.450
896.116
2,310,458
3,928,336
87,975
223,511
1,026,204
1,075,959
Railway taxes
Unemploym't ins. taxes.
Railway retirem't taxes.
Eqpt. rents —Dr. bal_.
Jt. facil. rents—Dr. bal.
Net ry. oper. income.$l0,035,074
$143,028
$227,691
Federal taxes, and includes excess profits tax.
[Excluding Long Island RR. and Baltimore & Eastern RR.]
1941— Month—1940
1 941—6 Mos —1940
Railway oper. revenues.$53,676,277 $40,050,466 $278708,592 $221230,028
Railway oper. expenses. 37,343,492
27,987,107 202,089,847 159,405,881
from ry.
on
Accrued
_
$445,120
$328,235
58,793
31,101
giving effect to presently anticipated increases in
Net profit
Period End. June 30—
rev.
& Penn¬
sylvania income taxes
Lehigh's books at $16,514,246.—V. 153, p. 560.
Pennsylvania RR. Regional System—Earnings—
Net
for Fed.
Prov.
blast furnace...
1941
1940
1939
1938
$53,571,905 $39,964,850 $33,852,020 $29,017,280
16,335,049
12,066,239
9,563,180
9,140,302
income... 10,051,057
7,211,793
5,651,526
5,184,437
a
170.836
97,229
$5 pref. stock
stock.
2,329,523
2,295,125
6,124,444
6,108,862
3,277,400
stock.Dr148,998
1,861,265
Gross from railway
Net from railway
Earned surplus
Net ry. oper.
d Treasury
From Jan. 1—
.
Gross from railway
278,137,615
Net from railway...... 76.684,571
Net ry. oper. income...
—V. 152, p. 4133.
42,471,878
220,771,964 189,623,404 167,524,652
61,927,121
48,760,373
41,826,071
36,305,465 26,811,001
19,678,844
Pennsylvania-Reading Seashore Lines—Earnings—
1940
1939
1938
$519,070
43,007
defl30,363
$454,289
defll,584
defl81,178
Gross from rail way
Net from railway
Net ry. oper. income...
$711,467
184,088
def26,946
1—
3,000,582
2.475,535
2,291,882
2,147,114
def43,242
def355,892
def446,466
def481,580
income...def1064.646defl,250,760 defl350,038 def!326,456
107.
Gross from railway
Net from railway
Netry.
—V.
oper.
153, p.
Pennsylvania Water & Power Co.—Bonds Called—
The New Yor«c Trust
Co.,
as
trustee, has drawn by lot for redemption
Sept. 1, 1941, out of moneys in the sinking fund, $103,000 principal
amount of refunding mortgage and collateral trust bonds, 3H% series due
on
1964, at 105 and accrued interest.
Payment will be made on or after
Sept. 1 at the principal office of the New York Trust Co.—V. 152, p. 3035.
Petroleum & Trading Corp.
(& Sub.)—Earnings—
Cash dividends and interest
on
bonds
$39,445
4,409
Oil and gas royalties (less depletion)
Total income.
$43,854
4,253
4,555
General and administrative expenses
Federal, State and city taxes
Income before loss from sales of securities
$35,045
10,760
Net loss from sales of securities
Net income for the period
$24,285
40,909
Dividends paid on class A stock
Notes—No
reserve
for
1941
Federal income taxes has been established
by the companies at this time.
$3,291; based
and
on
on
For the year 1940, such taxes aggregated
the results of operations for the first six months of 1941
16,884,478 14,752,885
Total.
Pittsburgh & Lake Erie RR.—Earnings—
1939
1940
1941
June—
$2,703,773
$2,080,394
949,007
777,609
Gross from railway
Net from railway
689,247
607,971
$1,463,951
208,348
237,700
13,547,905
3,598,047
3,509,401
10,562,862
1,808,043
2,023,150
7,347,361
282,516
648,008
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
1938
$1,103,070
152,634
190,073
5,787,769
def134,886
235,066
—V. 153, p. 250.
Pittsburgh & Shawmut RR.—Earnings—
1939
1940
1941
June—
Gross from railway
Net from railway.
$97,260
39,881
32,139
$127,450
46,895
35,617
$42,612
def3,975
def5,722
467,520
132,426
81,972
Gross from railway
Net from rail way
Net ry. oper. income
594,402
202,353
130,895
def6,694
def22,165
255,023
1938
$34,382
def7,694
def9,509
242,590
def37,692
def41,050
—V. 152, p. 4135.
Pittsburgh Shawmut & Northern RR.—Earnings—
1941
June—
Gross from railway
Net from railway
1939
1940
1938
$133,823
51,334
33,157
Net ry. oper. income
From Jan. 1—
$83,329
12,940
defl28
$73,203
14,249
1,348
$64,599
1 0,326
def746
694,672
245,619
152,368
602,988
185,168
98,429
433,034
97,989
25,107
421,691
66,976
defl2,389
Gross from railway
Net from railway
Net ry. oper. income...
—V. 152, p. 4135.
The U.
during the six months has been computed on the
first-in, first-out basis, except that as to certain securities the cost was
computed on the basis of identified certificates resulting in a loss of $4,829,
whereas on a first-in, first-out basis the loss
would have been $6,804.
The net asset value of the class A stock outstanding as of June 30, 1941,
based on market quotations of securities held and original cost (less deple¬
tion) of royalty interests owned was equivalent to $17.97 per share after
payment of dividends of 37 M cents per share during the period.
Compared
with net asset value of $17.34 per share at the close of 1940, this was an
increase for the period of 3.63 %.
Consolidated Balance Sheet June 30, 1941
Philadelphia Dairy Products Co., Inc.
Equal to $1.81
share in
1940.—V.
per
152,
1941—6 Mos.—1940
$346,112
share of
p.
$263,210
common
(& Subs.)—
1 941—12 Mos.—1940
stock in
a$66l,184
1941
a$481,767
and 19 cents
per
2871.
The directors have declared
a dividend of 87 H cents per share on account
the 7% cum. pref. stock, par $100, payable Sept. 1
Aug. 19. Like amount was paid on June 1 and March 1,
last; Dec. 1, Sept. 1, and June 1, 1940; dividend of $1.75 was paid on
March 1, 1940, and dividends of 87M cents were paid in each of the 27
preceding quarters.—Y. 152, p. 3035.
on
to holders of record
Pilgrim Investors, Inc., Detroit—Registers with SEC—
See list given on first page of this department.
Pirelli Co. of
Securities
District Court for the Western District of Pennsylvania has
petition by
a
company from reopening
stock for prior preferred first
561.
Pittsburgh & West Virginia Ry.$464,142
185,526
142,244
Net ry. oper. income
From Jan. 1—
Gross from railway
2,488,152
900,815
743,837
Net from railway
Net ry. oper. income
—V. 153, p. 107.
Portland
Electric
Earnings—
1939
1940
1941
June—
Gross from railway
Net from railway.
Power
1938
$353,836
102,677
77,352
$233,359
50,340
35,494
$223,931
42,153
29,388
2,045,874
1,426,644
345,356
242,081
1,325,921
244,397
230,101
.
560,901
454,968
Co.—Protective
Committee
Formed—
a
bondholders' committee to represent holders of the 6%
collateral trust income bonds of which there are approximately $16,000,000
outstanding was announced on July 29 by Thatcher C. Jones, whole will act
as
Chairman.
Other members of the committee are Lloyd E. Dewey,
D. O. Hood, and Joshua Morrison, Secretary.
The committee announced that it had retained as
Bowerman, formerly
Governor
Oregon counsel Jay
of the State of Oregon, and Joseph K.
Carson Jr., formerly Mayor of Portland, Ore.
Paul E. Kern.
This company in April, 1939, filed a voluntary
Counsel in New York is
petition for reorganization
under Chapter X of the Federal Bankruptcy Act.
The affairs of the com¬
pany are now being administered by trustees appointed by the Federal
Court.
Italy—Delisting Hearing—
and
Exchange Commission
announced public
hearings on the delisting application of the New York Stock Exchange to
strike from listing and registration the American shares representing 500
a
the
Formation of
Phoenix Hosiery Co.—Accumulated Dividend—
of accumulations
S,
committee of 7% preferred stockholders to enjoin
the privilege of exchanging such preferred
series 5lA% preferred, and class A 5% pre¬
ferred stock, on a basis identical to that established by the plan of capital
readjustments adopted in 1937.
The petition was filed by William F. Heesch and John R. Hattstaedt,
individually, and by Heesch, Hattstaedt and Charles H. Fox, as a committee
for holders of the 7% preferred stock, who alleged that the reopening of the
privilege of exchange constituted a compromise of tne suit brought by the
committee some time ago to upset the plan of capital readjustment.—V. 153 ,
denied
p.
Assets—Cash, $84,594; marketable securities, at cost (valuation based
market quotations at June 30, 1941, $1,753,162), $2,368,847; dividends,
oil and gas royalties, and accrued interest receivable, $3,231; investment
in oil and gas royalty interests—at cost (less reserve for depletion of $5,255),
$116,524; prepaid State franchise taxes, $3,352; total, $2,576,548.
Liabilities—Accrued Federal
and
State taxes, $4,018; class A
$1.25
cumulative participating preferred stock ($5 par), $544,325; class B common
stock (10,000 no par shares), $7,500; capital surplus, $2,304,527; operating
deficit, $283,822; total, $2,576,548.—V. 152. p. 3978.
on
Period End. June 30—
Net inc. after all charges
Pittsburgh Steel Co.—Stay Denied—
1940 at tax
Cost of securities sold
The
14,752,885
the expected operations for the last six months of the year, the 1941
Federal income taxes should not materially exceed those for
rates now in effect.
a
16,884,478
Net ry. oper. income
From Jan. 1—
Earnings for the 6 Months Ended June 30, 1941
Income:
Total.
a Represented by 24,752 (24,242 in 1940) no par shares,
b Represented
by 618,846 (618,846 in 1940) no par shares, c After reserve of $104,901 in
1941 and $93,270 in 1940.
d 1,333 preferred shares at cost, $100,649 and
15,146 common shares at cost, $48,349. e Includes excess profits tax.—V.
152, p. 2716, 1764.
$440,222
2,846
defl61,901
1941
June—
From Jan.
b Common
July
29
The Issues and problems that have come up thus far in connection with
the reorganization proceedings indicate strongly that it is necessary for the
bondholders to unite in common interest, according to a letter signed by
members of the
new
committee.—Y. 150, p. 3061.
Volume
The Commercial & Financial Chronicle
153
Pittston Co.
follows:
(& Subs.)—Earnings—
6 Months Ended June 30—
Sales and operating revenues..
1941
1940
$12,078,401 $10,754,134
10,007,057
8,897,964
Cost of sales
701
of purchases, $985,100; proceeds from sale or disposition,
$1,103,772 (exclusive of $700,000 purchases of finance company short-term
discount
cost
notes and
$700,000 proceeds from their maturity.
Comparative Balance Sheet June 30
4ssefs—
Liabilities—
1940
1941
Bonds and notes..$3,160,770
Selling, general and administrative
$2,071,344
1,072,544
29,305
209,670
65,825
$693,999
81,128
expenses
Provision for doubtful notes & accounts receivable_
Property, franchise and other taxes
Federal and State social security taxes
$1,856,170
1,099,254
Coll.
1940
1941
3M%
trust
$465,861
100,244
Profit from operations before depreciation, AcOther income.
.
Total income
65,375
349,770
Cr24,739
112,859
111,608
on
sale of equipment.
i
Provision for Federal normal income tax
Provision for minority stockholders
349,895
962,626
49,442
22,800
66,734
Accosts payable.
24,678
2,375
83,452
91.500
Coupjn Int. accr'd
10,833
42,500
24,330
21,035
31,704
31,704
2,113,600
2,146,447
2,113,600
2,146,447
472,525
412,169
183,293
396,503
bonds due Dec. 1
1955
notes
receivable
Cash
Accta.
receivableAcer. int. receiv..
Unamort. bd. disc.
Conv.
-$4,000,000
coll.
trust
4Ji% bonds, due
$4,000,000
Oct. 1, 1955
Res. for pref. divs.
Dr2,020
55,931
104,830
$160,255
Depreciation, depletion and amortization
Acceptance
$3,468,490
4,214,286
1,214,085
Stocks
$566,105
76,208
307,715
$19,400
$775,128
Interest paid (net of interest received)
Profit
26,441
194,791
69,824
4,499,661
Tax liability
Gross profit
Pref. stk.6%
series
A
cum.
($100
par)....
x
Common stock..
Spec.
surp.
(profit
from cap. trans¬
Net income.......
actions)
Earned
surplus
(since Jan. 1, '32)
Note—The provision for Federal normal income tax for the six months
ended June 30, 1941, is computed under the Revenue Acts of 1940.
The
corporation and its subsidiaries will file consolidated Federal excess profits
tax returns where permissible.
Permised on such returns being filed, and
separate returns for subsidiaries where required, it is not considered that
the companies are liable for Federal excess profits taxes.—V. 152, p. 3980.
Portland Electric Power Co.—Bond Committee Formed—
Formation of a bondholders' committee to represent holders of the 6%
collateral trust income bonds of the company, of which there are approxi¬
mately $16,000,000 outstanding, was announced July 30 by Thatcher C.
Jones, who will act as Chairman.
Other members of the committee are:
Lloyd E. Dewey, D. O. Hood and Joshua Morrison, Secretary.
The
committee announced that it had retained Jay Bowerman, formerly Govenor
of the State of Oregon, and Joseph K. Carson Jr., formerly Mayor of Port¬
land, Ore., as Oregon counsel.
Counsel in New York is Paul E. Kern, 80
Broad St.
,
.
Company in April, 1939, filed
under
Chapter X
company are now
y
y
y.y
v
voluntary petition for reorganization
Bankruptcy Act.
The affairs of the
being administered by trustees appointed by the Federal
of the
a
Federal
court.
v-v y
vyy
-yyy;:.v
The issues and
problems that have come up thus far in connection with
reorganization proceedings indicate strongly that it is necessary for
the bondholders to unite in common interest, according to a letter signed
by members of the new committee.—V. 150, p. 3061.
the
Potomac Electric Power
Co.—Earnings—
12 Monthss Ended June 30—
Operating
Operating
1941
revenue...
expenses
Maintenance
Taxes, other than income taxes
...
Provision for income taxes
...
Provision for depreciation
...
Net operating revenue..
Non-operating
on
funded debt....
................
Amortization of premium on debt
Other interest charges
$4,775,019
31,655
$4,936,840
993,055
Cr32,658
61,502
.......
Gross income
Interest
1940
$4,931,822
5,018
.......
revenue...
(
$17,379,819 $16,283,110
6,964,212
6,493,300
845,788
772,828
1,399,454
1,279,471
1,229,201
1,074,512
2,009,342
1,887,980
$4,806,675
738,924
Crl5,001
50,907
Interest during construction charged to property
and plant
Crl44,859
Cr97,759
$4,059,799
N et income
$4,129,604
Note—The provision for Federal income taxes for the six months ended
June 30, 1941 has been made at the rate of 24% as provided in the existing
law.
No
provision
has
made in
been
the accounts for
any
additional
Federal income and excess profits taxes which may be levied under a 1941
Federal Reserve Act.—V. 153, p. 107.
Prudential Investors,
The New
York
Inc.—Ruling
on
Transfers—
Curb Exchange has received a copy of a ruling of the
Department of Taxation and Finance of the State of New York to the
effect that transfers of the stock of the company (in dissolutino) made after
Feb. 6, 1941, are not subject to the New York stock transfer tax.
A
similar ruling has been requested in respect of the Federal stock transfer tax.
—V. 152, p. 3037.
v
Public Service Co. of
Indiana—Merger—
of the Public Service Co. of Indiana, Central Indiana
and Terre Haute Eleccric Co., Inc., at their meetings in In¬
Shareholder
Power Co.,
dianapolis, July 25, approved by a majority vote the proposed consolidation
of the three companies and their subsidiaries, Northern Indiana Power Co.
and Dresser Power Corp., into a new corporation to be known as Public
Service Co. of Indiana, Inc.
The action of the stockholders was made possible when Judge Nields of
the United States District Court of Delaware entered an order on July 11
authorizing the trustee of Midland United Co., owner of more than half
of the outstanding stocks of these utility companies, to vote in favor of
the plan.
y^'-: :
Directors of the consolidating companies plan to meet on or about Aug. 25,
for the purpose of considering the final steps necessary to consummate the
plan.
According to present expectations, the consolidation should become
effective Sept. 1.—V. 153, p. 404.
.
Public
Service
Co.
of
Indiana,
Inc.- -Companies Vote
-V. 152, p. 3981.
Merger—See Public Service Co. of Indiana
Public Service Co. of New
Hampshire—Refunding Plan
An issue of around $21,000,000 to refund the 3 Ms and 3 Ms of the com¬
the 5Ms of the Twin State Gas & Electric Co. is under con¬
The sale, it is said, will be competitive and is expected to
take place early in the fall if present plans materialize.
There are about $16,800,000 Public Service 3 Ms outstanding, callable
at 104, and $1,000,000 3Ms callable at 105.
There are around $2,400,000
of Twin State 5 Ms outstanding, callable at 102.—V. 153, p. 404.
pany and
sideration.
Radio
Corp. of America—Stock Offered—Wertheim &
July 29 offered 5,000 shares of $3.50 first convertible
preferred stock (no par) at 543^, the final price quoted on
the Stock Exchange.
The dealers' discount was $1.25.
The firm announced later in the day that the shares had been
oversubscribed and the books closed.—V. 152, p. 4136.
Co.
on
Total
$9,007,411
6 Mos. End. June 30—
Int.
on
1940
$106,707
102,944
1941
$96,766
bonds and notes-
121,604
Dividends received
1939
$115,983
86,126
Remington Rand, Inc.—Debentures Offered—A group of
Co., Inc., on
July 29 offered at 103% and accrued int. 115,000,000 15-year
3V2% sinking fund debentures, due July 1, 1956.
Asso¬
ciated. in the offering are Blyth & Co., Inc.; The First Boston
Corp., Lazard Freres & Co., Merrill Lynch, E. A. Pierce &
Cassatt, Stone & Webster and Blodget, Inc.; Drexel & Co.;
Goldman, Sachs & Co.; Union Securities Corp.; F. S, Moseley & Co.; Alex. Brown & Sons; Baker, Weeks & Harden,
underwriters headed by Harriman Ripley &
and Hornblower & Weeks.
1938
:;-.v^
;
Dated July 1,
1941; duq July 1, 1956.
Coupon debentures in denom.
Interest payable J. & J.
Principal
National Bank, New York, trustee.
Certain Pennsylvania taxes not exceeding five mills are refundable under
certain conditions.
Debentures are subject to redemption at option of
company, as a whole or in part by lot, at any time upon not less than 30
days' notice at following redemption prices: To and incl. July 1, 1944, at
107K %; thereafter with successive reductions in the redemption price of
13^ % during each successive three-year period to and incl. July 1, 1953;
thereafter at 1013^ %; In each case with accrued int. to date of redemption.
Also redeemable in part upon like notice on Jan. 1, 1943 or any int. date
thereafter through the additional earnings sinking fund and on Jan. 1,
1947, or any int. date thereafter through the fixed minimum sinking fund
at following sinking fund redemption prices: To and incl. July 1, 1944, at
105%; thereafter to and incl. July 1, 1947, at 104%; thereafter to and incl.
July 1, 1950, at 103%; thereafter to and incl. July 1, 1953, at 102%; there¬
after at 101 %; in each case with accrued interest to the date of redemption.
of $1,000, registerable as to principal.
and int. payable at the office of Chase
Sinking Fund.—Indenture provides for fixed minimum sinking fund pay¬
15, 1946 and each May 15 and Nov. 15 thereafter to and
Nov. 15, 1955, sufficient in the aggregate to redeem $6,000,000 of
debentures.
Indenture also provides for additional earnings sinking fund
payments on Nov. 15, 1942 and each Nov. 15 thereafter, of a sum either
(a) sufficient to redeem on the next succeeding interest date at the applicable
sinking fund redemption price $500,000 of debentures, or (b) equivalent to
22% of the amount by which the consolidated net profits of the company
and its subsidiaries (as defined in the indenture) for the next preceding fiscal
year exceeds $2,700,000, whichever of such sums is the less.
Sinking fund
payments may be made in cash or debentures.
ments on Nov.
incl.
& Co.,
York Stock
Listing—Company has agreed, upon request of Harriman Ripley
Inc., to make application to list the debentures on the New
Exchange.
^
''>■
\.-y.
Application of Proceeds—The net proceeds to be received by the company
$15,170,625) and the proceeds
of the $3,000,000 one to five-year IM% notes, together with additional
funds from the cash resources of the company (including $99,840 cash in
the sinking fund) will be applied to the redemption at 104% and accrued
interest on or about Sept. 1, 1941, of all of the $18,446,000 20-year 4M%
debentures due March 1, 1956.
The total amount required for such re¬
demption (including principal and premium but not including interest)
is $19,183,840.
,;V f
from the sale of the debentures (estimated at
History and Business—Company was Incorp. in Delaware on Jan. 25,
1927, with broad general powers for the purposes, among others, of manufac¬
turing, purchasing, selling and dealing in typewriters, adding and comput¬
ing machines, record and filing equipment, and other business and office
machinery and equipment.
Control of Remington Typewriter Co., Rand
Kardex Bureau, Inc., and Dalton Adding Machine Co. was acquired as of
March 11, 1927.
Rand Kardex Bureau, Inc., had previously taken over
the business of the Rand Co., American Kardex Co., Index Visible Inc., and
Subsequently the company acquired the capital stocks or
Co., the Safe Cabinet Co., Powers Accounting
Line-A-Time Manufacturing Co., Inc., and Kalamazoo
Loose Leaf Binder Co.
Company proceeded with a program of unification
of the various organizations and a regrouping of manufacturing facilities
for the purpose of increased efficiency and economy.
In connection with
this program practically all of the companies acquired were dissolved and
their assets and businesses taken over directly by the company, which
thereby became primarily an operating company.
The activities of the
company have been divided into various operating divisions, each division
comprising the manufacture and distribution of a related group of products.
The principal manulacturing operations of the company and its sub¬
sidiaries are carried on in nine plants located in seven cities in the United
States, and three plants located in Canada, India and England.
In addi¬
tion, the company operates three small plants in the United States for the
purpose of manufacturing and printing various forms, cards, &c., and,
through non-consolidated subsidiaries, owns or leases manufacturing facili¬
ties in Germany.
As of March 31, 1941 there were approximately 9,500
employees in the company's domestic plants.
Library Bureau.
assets
Baker-Vawter
of
Machine
Corp.,
of operating
Operating Results—The following is a condensed summary
subsidiaries:
results of the company and
Years Ended
Mar. 31
Net
Profit
Net
Sales
a
b Net
Profit
Interest
$
c
Income
Taxes
■:y
Net
Profit
$
697,000 3,516,732
5,075,238 861,506
790,000 4,509,733
6,140,37 1 840,638
322,000 1,750,391
1939
2,901,513 829,122
494,000 2,305.177
1940
3,613,703 814,526
1941
6,427,717 789,468 1,375,000 4,263,249
a
Before and (b) after depreciation of properties, before interest and
taxes on income,
c U. 8. and foreign taxes on income.
1937
1938
-45,633,411
49,377,245
—43,404,865
.44,030,527
49,173,969
—
—
$100,821
101,412
$9,007,411 $9,166,332
Total
x
Represented by 163,140 par $10 (163,140 no par shares in 1940) Of
which 28,160 are non-voting common shares in each year.—V. 152, p.
2718.
—
Railway & Light Securities Co.—Earnings—
$9,166,3321
5,923,795
7,034,539
3.830,566
4,592,332
7,367,944
Debt and
Capitalization March 31, 1941
[Without Giving Effect to Present Financing]
Total int. & dividends
Expenses and taxes
Int. and amortization
$209,651
36,983
$218,370
33,787
$202,109
34,302
$202,233
33,106
on
funded debt
88,000
67,894
Net income
$116,688
88,000
88,000
$84,668
$79,807
$81,126
Authorized
20-year 4M% debentures, 1956
Preferred stock, $4.50 cum. (par $25)—
Common stock ($1 par)-a
;
Note—The above statement of income does not include realized and un¬
realized profit and Joss on securities
Based upon
market quotations, the following summary shows the aggre¬
of security of the company outstand¬
gate of assets available for each class
ing as at
the dates shown:
June 30,'41
Per $100 of collateral trust bonds
Per share of
6% pref. stock, series A._
Per share of common stock
Dec. 31,'40
$216.21
$216.90
June 30,'40
$214.11
219.93
221.24
215.95
15.54
15.71
15.02
The aggregate cost of purchases and proceeds from sales or disposition of
portfolio securities, during the six months ended June 30, 1941, were as
Outstanding
a$18,446,000
$20,000,000
250,000 shs.
d3,000,000 shs.
bl84,931 shs.
cl ,743,039 shs.
Debentures totaling $1,390,000 have been retired through the sinking
fund and in addition $164,000 were acquired prior to
March 31, 1941 and
applied to the sinking fund instalment due July 21,1941.
b Includes 74 shares for consolidation of outstanding scrip certificates,
have been
c
shares declared as stock dividend on Feb. 25, 1941,
and 3,430 shares for consolidation of outstanding scrip
Includes 158,145
issued May 1, 1941,
certificates.
d Includes 820.008 shares reserved as follows:
150,000 shares for options,
324,819 shares for stock purchase warrants
2, 1936, originally attached to the 20-year 4M% debentures.
Such warrants, which are currently exercisable at $30.77 per share, are to
exercisable at $15 per share.
dated March
These warrants were originally exercisable at $25
The stock purchase agreement dated March 2, 1936, between
expire March 1, 1944.
per
share.
>
The Commercial &
702
Financial Chronicle
the company and Chase National Bank of New York, as trustee, provides
that the price at which these warrants may be exercised shall increase an¬
nually at the rate of $2.50 per year, such increase having commenced March
1, 1938.
The foregoing prices are subject to adjustment from time to time
in the manner provided in the stock purchase agreement, In case of issue of
additional shares of common stock at a lower price than the price at which
a share of common stock might have been purchased immediately prior to
the issue of such
additional shares, and in certain other cases defined in
such agreement, but in no period shall any such adjusted price be greater
than the price specified for such period.
The price has been adjusted as
provided in the above mentioned stock purchase agreement to $30.77 per
share on or before March 1, 1942, subject to further adjustment.
304,920
shares for stock purchase warrants attached to the $4-50 preferred stock.
Such warrants have been exercisable since Oct. 30, 1936, and are to expire
Sept. 1, 1944.
Warrants are exercisable at prices varying from $37.50
(to 8ept. 1, 1941) to $45 per share, depending upon the year of exercise.
Prices increase annually at the rate of $2.50 per year, the original price
having been $27.50 per share and such increases having commenced Sept. 1,
1937.
40,270 shares for stock subscription rights, series C and D, exer¬
cisable at $27.50 per share.
These rights were part of an original series of
A, B, C and D stock subscription rights, dated Sept. 1, 1936, which, if
exercised in full, entitled a common stockholder, or his transferee, to pur¬
chase one share of common stock for each four shares held of record on June
10, 1936, subject to certain time limitations as to each series.
All of the
series A and B rights have been exercised or have expired.
Series C rights
to purchase an aggregate of 15.476 shares of common stock are now out¬
standing, and if exercised in full on or before Jan. 10, 1942, the holders
thereof will receive series D rights to purchase an aggregate of 24,794 shares,
expiring July 10, 1942: if exercised in part, they will receive a proportionate
part of such series D rights.
The series C and D rights were by their terms
to expire on Oct. 1, 1938 and March 1, 1939, respectively, but were ex¬
tended by the company to the dates above indicated.
Company in 1936 entered into an agreement with certain individuals
and firms covering the firm purchase by them of common stock called for
by outstanding series A rights, to the extent not exercised by the holders
thereof, at the same purchase price without discount or commission.
Such
stock was purchased by them in accordance with the agreement, and the
purchasers acquired certain optional rights with respect to common stock
covered by rights of subsequent series to the extent not exercised by the
holders thereof, similarly at the same price provided for in such rights.
The respective stock purchase agreements covering the stock subscrip¬
tion rights and the warrants attached to the preferred stock provided for
certain adjustments in the event of common stock dividends, split-up or
combination of shares and offerings of common stock or securities convertible
into
common
stock in certain
cases
will be deemed to have been surrendered.
Bank of New York, under the provisions of which the company
agreed to
borrow, and the banks severally agreed to lend, $3,000,000 in the aggregate.
Each of the several loans is to be evidenced oy five notes of equal amount ,
oearing interest at the rate of 1 % % per annum, payable on Nov. 1, 1941
and quarterly thereafter and maturing on Aug. 1, 1942, Aug. 1, 1943,
Aug. 1, 1944, Aug. 1, 1945 and Aug. 1, 1946, respectively, so that notes
aggregating $600,000 will become due on Aug. 1, 1942 and on each Aug. 1
thereafter to and including Aug. 1. 1946.
Lazard Freres & Co....
Merrill Lynch, E. A.
Drexel & Co
............
2,000,000 Goldman. Sachs & Co
2,000,000 Union Securities Corp...
1,000,000 F. 8, Moseley & Co
Stone & Webster and Blodget,
850,000
850,000
Net ry. oper. income...
—V. 152, p. 4137.
St.
a
$4,834,597
465,479
$4,067,551
226,172
446,246
660,268
963 ,720
474,540
...^—$2,518,957
$2,576,820
b Income
Provision for depreciation
.....
Depletion..
....
Federal income taxes.
...
Federal excess profits taxes..—
—
Before depreciation
L>rl37,642
569,945
b Before depreciation, depletion,
and depletion,
and Federal income and excess profits taxes.
Notes—The provisions for Federal income and excess profits taxes for the
six months ended June 30, 1941 includes an
allowance of $437,000 for
an¬
ticipated increases in rates above those prevailing in 1940.
All subsidiaries of the parent company, with the exception of Aguilar
Corp. and its foreign subsidiary, are included in the above summaries.
The amounts of the equity of St. Joseph Lead Co. in the net profits or losses
of Aguilar Corp. and its foreign subsidiary for the six months ended June 30,
1941 and 1940, are not available because the books of the foreign subsidiary
of Aguilar Corp. are not closed until Dec. 31, of each year.
Consolidated Balance Sheets
Assets—
June HO, '41 Dec. 31, '40
a Ore reserves and mineral rights
:
$5,238,528
$5,405,132
b Shafts and underground equipment
970,183
1,034,411
b Land, buildings, plant and equipment..
...
5,951,081
6,127,033
Railway construction—cost being refunded
19,790
26,435
advances:
Investments and
775,812
Aguilar Corp....
Mine La Motte Corp.
Cash
on
7,30,485
279.644
16,063,663
3,136,586
64,588
12,400,614
2,584,798
58,046
316,084
1,165,455
702,145
798,140
910,123
1,291,818
....
hand and in banks
—
Notes and accounts receivable—trade..
Other notes and accounts receivable.
_
Finished lead, zinc,&C-_
Lead, zinc, &c., in process
Purchased lead and zinc
775,812
649,885
300,154
.....
Sundry securities, loans, &c. (net)
-
_
.....—...
$38,273,660 $34,791,867
Total
June 30,'41
Liabilities—
Capital stock ($10par)
Scrip outstanding
Accounts payable (trade)
1938
1939
1940
$150,332
$0.22
$93,152
Nil
Nil
employee
income
retirement
plan and
debentures,
due March
1,
1956
j
Deferred
oper.
$2,453,466
Railway tax accruals...
974,812
Railway oper. income. $1,478,654
Equip, rents (net);
ZM8.493
Joint facility rents (net)
JDr90
_
6
1,646,555
1,611,762
175,610
159,638
144,192
2,285,406
447,468
credits..__________3,599
1,346,688
Reserves
1,209,036
'
Less
12,544
1,122.063
10,511,359
85,071
94,775
$38,273,660 $34,791,867
Total
a
181,276
'
11,084,340
Earned surplus
Revaluation of ore reserves
for depletion,
reserve
b Less reserve for depreciation,
c
Less
reserve—1941, $19,188; 1940, $19,880.
d Less reserve for slow-moving
items—1941, $112,009; 1940, $111,496.—V. 152, p. 1450.
St. Louis Brownsville & Mexico
Ry.—Earnings—
1940
1941
June—
1938
1939
$491,431
91,563
57,627
Net ry. oper. income
From Jan. 1—
$412,148
57,884
18,203
$.394,239
26,492
$356,910
21,026
defl,572
4,121,774
1,617,681
1,144,049
3,976,918
1,442,520
4,308,562
1,845,835
1,329,020
4,181,846
1,646,412
1,118,855
6l,049
^
.
Gross from railway
Net from railway.
992,106
—V. 152, p. 4137.
1941—6 Mos.—1940
1941— Month—1940
$6,803,509
4,350,043
...
Federal income and excess profits taxes
Other accrued taxes
Net ry. oper. income...
Reading Co.—Earnings-
5
1,830,535
Wages payable
Gross from railway
Net from railway
4H%
Dec. 31, '40
$19,556,800 $19,556,800
_
Due to subsidiaries not consolidated..
an
incorporation relating to indemnification of
Retiring directors were reelected.
outstanding 20-year
fromry.
$4,205,193
Other income
a
367,328
63,570
$4,726,946
107,651
profit from operations
Net
$4,636,091
79,162
149,847
have been called for redemption on Sept. 1 at 104 and accrued interest.
Payment will be made at the Chase National Bank, N. Y. City.—V. 153,
rev.
$5,217,073
410,965
a Gross profit from operations
Selling, general and administrative expenses
Capital stock and miscellaneous taxes
300,000
—
Bonds Called—
Net
81,943
139,325
592,286 in the corresponding period last year.
oper. expenses.
70,985
77,642
86,695
Average lead selling price St. Louis in cents per lb._
5,544
4,994
Net sales..
$21,334,406 $18,184,652
Cost of sales (excl. of deprec. & depletion)
16,117,333
13,548,561
300,000
$565,240
Stockholders approved an
amendment to the articles of
oper. revenues.
1940
1941
6 Months Ended June 30—
Lead production in tons
Lead sales (exclusive of purchased lead) in tons....
Baker, Weeks & Harden.....
under negotiation.
For the three months ended June 30 last Remington Rand's total sales
volume amounted to $14,426,069, an increase of 36% over sales of $19,-
Railway
Railway
;yV-
Joseph Lead Co. (& Subs.)—Earnings—
2,080,204
He said he did not believe any
company should make profits on national defense work.
The company
recently booked a $4,000,000 order for 44 millimeter high explosive shells
for naval anti-aircraft purposes and other large shell orders are currently
Period End. June 30—
def371,173
-v'
142,591
on
562.
1,399,498
defl91,084
Net from railway
403,049
sented profit on national defense contracts.
P.
def42,171
1,631,255
26,834
defl01,805
_______2,,374.066
Mr. Rand informed stockholders domestic operations this year contributed
than 80% of the June quarter earnings and that only $6,800 repre¬
of the
defl3,001
1,673,312
32,092
107,378
Deferred charges....
more
All
defl7,187
Gross from railway
d Materialsandsupplies
$1,383,693
stock
directors and officers.
38,313
1,793,116
166,796
58,693
Net ry. oper. income...
From Jan. 1—
Miscellaneous assets
$0.67
share
per
common
1938
$239,456
defl2,197
850,000
Net income after charges
Earnings
1939
$277,504
10,336
Net from railway._____
500,000
1941
taxes
1940
$275,284
8,221
Gross from railway
1,000,000
Federal
1941
$319,777
56,583
RR.—Earnings—
400,000
;
Earnings for Quarter Ended June 30
and
209,845
Hornblower & Weeks
1,000,000
Inc
4,166,092
829,894
466,443
Alex. Brown & Sons..
Pierce &
Cassatt
4,571,720
1,218,275
476,105
June—
c
of the several principal underwriters and the
several amounts underwritten by them, respectively, are as follows:
names
Blyth & Co., Inc....
The First Boston Corp
5,024,833
1,328,847
1,351,313
Gross from railway
Net from railway.
Net ry. oper. income...
—V. 152, p. 4137.
Net income.
Bank Loans—In July, 1941, company entered into separate agreements
with Chase National Bank, Marine Trust Co. of Buffalo, Midland Trust
Co. of New York, J. P. Morgan & Co. Incorporated and National City
Harriman, Ripley & Co., Inc..53,950,000
1940
$747,889
191,959
76,762
6,802,843
2,666,502
Net ry. oper. income...
From Jan. 1—
Rutland
1938
$591,017
99,247
23,864
1939
$666,462.
162,644
65,777
1941
$1,113,569
458,579
234,404
June—
Gross from railway
Net from railway
and under certain conditions.
Upon the exercise of stock purchase warrants and rights mentioned above,
fractional shares may be purchased, but the purchaser is entitled to
receive with respect to any fraction of a share to which he might become
entitled, a scrip certificate, which may be combined with other similar
scrip certificates so as to aggregate one or more whole shares, and as so
combined, may be surrendered on or before the expiration of such scrip
in exchange for a stock certificate or certificates representing whole shares,
and a new scrip certificate for the remaining fraction, if any.
Holders of
scrip certificates, as such, are not entitled to receive dividends or to exer¬
cise any of the rights of a stockholder.
In the event of a partial exercise
of a stock purchase warrant or stock purchase right, the rights not exercised
no
Underwriters—The
Aug. 2, 1941
Richmond Fredericksburg & Potomac RR.—Earnings
St. Louis-San Francisco
$5,004,542 $37,233,450 $29,901,477
3,454,300
24,629,090
21,094,053
$1,550,242 $12,604,360
4,097,696
493,015
$8,807,424
2,558,061
$8,506,664
Dr540,760
$6,249,363
Dr376,692
Cr20,451
$1,057,227
Z)rl0,136
Cr3,300
04,491
Ry.—Earnings—
1941
June—
1938
1 939
1940
$4,063,350
791,958
429,112
$3,808,040
1,119,804
$3,945,993
900,145
559,161
27,469,200
7,062,429
5,098,226
21,573,537
2,823,959
935,528
21,231.584
2,438,627
20,262,907
1.393,745
449,850
def76l,215
$5,207,276
Gross from railway
Net from railway
1,572,364
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway..
Net ry. oper. income.__
153, p. 563.
550,407
131,310
—V.
Net ry. oper. income.
—V. 152, p. 3512.
$1,460,071
$7,970,395
$1,050,391
$5,883,122
St. Louis San Francisco & Texas
(& Subs.)—Earnings—
Period End. June 30—
1941—3 Mos—1940
Net sales
$6,808,429
$4,598,239
a Cost of goods sold....
6,203,705
4.320,073
_
1941—6 Mos.—1940
$11,066,842
10,181,591
$7,668,378
7,448,436
$604,724
Pro v. for Fed. inc. taxes:
Normal tax.
Surtax.
Special
excess
prof, tax
dNetincome.
e
Earnings
per
share....
$278,166
$885,252
$219,942
bl47,956
b.36,989
b28,000
c33,600
b217,900
b54,475
b28,000
c36,100
$391,779
$244,565
$0.61
$584,877
$1.47
$183,482
$0.46
$0.98
Ry.—Earnings—
1941
1940
1939
1938
Gross from railway
Net from railway
$142,894
29,867
$139,720
44,299
Net ry. oper. income
From Jan. 1—
def8,7l3
10,126
$193,342
82,003
46,065
$204,464
91,333
50,220
827,408
656,473
194,167
defl7,659
52,995
defl45,765
774,901
136,165
def76,806
797,922
143,226
def93,425
June—
Ruberoid Co.
Gross from railway
Net from railway
Net ry. oper. income
—V. 153, p.
...
109.
Safeway Stores, Inc.—Plans Refunding-—
The company
has under consideration the refunding of
its present term
bank loans in the amount of $12,678,000 and payment of all or part of its
which totaled $9,100,000 on June 30, 1941.
Refunding
current bank loans
b Provisions for Federal
profits taxes represent a tentative estimate of the taxes
applicable to the period, calculated under the proposed 1941 Revenue
Act, based upon information available to July 25, 1941.
c Actual taxes
applicable to the period under the 1940 Revenue Act (under which we
incurred no excess profits tax liability).
d Earnings shown above include
would be accomplished through a new term bank loan and sale of debentures
aggregating $20,000,000.
The proxy statement of Safeway issued in connection with the forthcom¬
ing meeting (Aug. 19) of stockholders to vote on the merger with Daniel
Reeves, Inc., states that unaudited figures indicate an increase in both
sales and profits for three months ended March 31, 1941, and an increase
in sales for the three months ended June 30, 1941.
the company's equity in the earnings of the Ruberoid Co., Ltd. (England)
only to the extent of dividends received from that company during the
periods,
e Earnings per share are based on 397,806 shares of capital stock
outstanding at June 30, 1941.—V. 152, p. 3664.
for redemption on Oct.
a
Expenses,
income and
depreciation, less other income,
excess
.
.
.
Preferred Stock Called—
cumulative preferred stock has been called
1 at $110 per share and accrued dividends.
Pay-
A total of 2,000 shares of 5%
I
Volume
The Commercial
153
ment will be made at the Chase National Bank of the
3984, 3827, 3664, 3358.
—V. 153. p. 406; V. 152, p.
St.
Louis
Southwestern
Railway oper. revenues. $2,336,176
Railway oper. expenses.
1,516,576
-
,,
,
Of the 200,000 shares of the
1941—6 Mos.—1940
$4,894,991
938,169
$2,786,906
667,643
Railway oper. income.
Other ry. oper. income. _
$450,466
20,891
$375,451
8,161
$3,956,821
135,458
$2,119,264
134,452
Total ry. oper. income
Deductions from railway
$471,357
$383,612
$4,092,279
$2,253,716
176,507
151,796
1,059,997
958,169
$294,850
$231,816
6,217
$3,032,282
$1,295,546
V
40,156
$238,033
264,683
$3,077,023
250,482
$53,008
def$26,650
operating income
Netry. oper. income..
Non-operating income
8,640
gesellschaft Georg von Giesche's Erben, of Breslau, Germany, which was
the former owner of the Polish subsidiaries of Silesian-American Corp.
outstanding stock of Siiesian Holding Co.,
voting trust certificates for 130,000
Anaconda Copper Mining Co. owns
$9,941,515
7,154,608
$488,536
113,085
703
,
$1,725,285 $12,728,403
1,236,749
7,833,412
$819,600
369,134
Netrev.fromry.opers.
Railway tax accruals...
City of New York.
Ry.—Earnings—
1941—Month—1940
Period End. June 30—
& Financial Chronicle
44,721
or
65%, and approximately 60,000 shares, or 30%, are owned or
controlled
by the former partners of W. A. Harriman & Co. (now dissolved)
shares,
their associates.
or
In accordance with the President's order of June
filed
were
14, 1941, applications
1941, with the Federal Reserve Bank of New York
June 24,
on
for licenses to proceed with the foregoing transactions.
were forwarded to the Foreign Funds Control Division
These applications
of the Treasury at
several conferences on the matter the Treasury
Department at Washington announced on July 26 that the applications
"Washington,
were
after
and
denied.
■■
■.
.
the negotiations, which
in full of principal and
bonds on Aug. 1, 1941, and also for
the purchase of the stock of Siiesian Holding Co., cannot be carried out.
From the records available, the great majority of the Silesian-American
Corp. bonds and the stock of Siiesian Holding Co. are held by citizens of the
United States.—V. 152, p. 3985.
1 r
Because of this ruling, we regret to announce that
if consummated would have provided for payment
interest of the Silesian-American Corp.
,
$303,490
Gross income
Deduc'ns from gross inc.
Net income
$1,335,703
1,600,621
1,511,377
$1,565,647 def$264,918
—V. 153, p. 563.
RR.—Earnings—
defl8,101
1939
$99,499
def6,415
def47,866
def33,844
606,272
714,201
9,098
defl77,443
74,247
defll7,604
1941
Net from railway
Net ry. oper. income
From Jan. 1—
656,098
42,807
defl47,232
Gross from railway
Net from railway
income.
$80,077
$101,635
def3,462
def35,367
Gross from railway
Net ry. oper.
1940
_.
;
1938
$81,974
1,510
def40,428
defl
dividend of $1.50 per share on account of ac¬
a
the class A 6%
preferred stock, payable Sept. 15 to holders of
See also V. 153, p. 253.
Agricultural Chemical Co.—To Pay $1 Dividend
V; Directors have declared a dividend of $1 per share on the common stock,
no par value, payable Aug. 1 to holders of record July 22.
This compares
with 25 cents paid on May 1 and Feb. 1, last, 75 cents on Oct. 29, 1940;
25 cents paid on Aug. 1, May 1 and Feb. 1, 1940; $1 paid on Aug. 1, 1939;
fl.25 on Oct. 27,152, p. $1 on Aug. 1, 1938 and 25 cents on May 1 and on
1938; 131.
eb., 1938 —V.
595,504
def64,804
def257,193
—V. 152, p. 4138.
on
record Sept. 1.
.
Corp.—Accumulated Dividend—
Directors have declared
cumulations
Smith
San Antonio Uvalde & Gulf
June—
Sloane-Blabon
Snyder Tool & Engineering Co.—Earnings—
1940
1941
6 Months Ended June 30—
$203,776
Net profit after charges but before taxes___
$116,619
for income taxes at the rate of 60% for the cur¬
rent period and 42.5% for last year, net earnings were equal to 54 cents and
45 cents per share.—V. 152, p. 3038.
After deducting a reserve
of
Savage Arms Corp.—Stock Offered—A block of 12,500 shares
common stock (par $5) was offered by Blyth & Co., Inc.,
July 29,
ers.
over
the counter, at 21 \i, net, less 70 cents to deal¬
being offered is for an estate.
It is understood the block
75-Cent Dividend
on
New Stock—
dividend of 75 cents per share on the new
of record Aug. 8.
Company's stock was recently split up on a four for one basis.
Dividend of $1.50 was paid on the old stock on May 19, last, dividend of
75 cents paid on March 13, last, and $1.50 paid on Dec. 16 and Nov. 12,
194G.
See also V. 152, p. 2874.—V. 152, p. 3513.
j
.
.
Directors have declared
common
a
stock now outstanding payable Aug. 18 to holders
Scott Paper
Co.—45-Cent Dividend—
Directors have declared a dividend of 45 cents per
share
on
the common
stock, payable Sept. 15 to holders of record Sept. 1. Like amount paid on
June 14, last, and previously regular quarterly dividends of 40 cents per
share were distributed.
Extra dividend of 25 cents was paid on Dec. 16,
last.—V. 152, p. 3512.
South Bend Lathe Works—Extra Dividend—
Directors have declared
was
Gross from railway
Net from railway
Net ry. oper. income—
—V. 153, p. 109.
$3,162,044
305,322
26,867
$2,778,526
107,122
defl23,451
31,471,543
8,124,674
5,020,214
Net ry. oper. income
From Jan. 1—
$3,343,564
300,710
9,354
24,863,071
22,834,000
4,401,685
1,672,628
21,091,881
3,706,488
1,055,750
4,935,132
2,178,633
1941
Southern New En gland Telephone
acquired.$9,277,243
income..—;v_—.:'7', 637,374
210,789
General & oper. expenses
$9,901,535
14,500
Operating revenues.
Operating expenses
$1,936,303
1,237,596
$1,714,201 $11,043,124
1,107,290
7,189,473
$9,887,035
6,819,753
Company announced July 31 that it has repaid $6,000,000 of its Recon¬
:!
bank
new
quarter-yearly instalments
period of four years from Oct. 1, 1941, with interest at rates ranging
from 2% to 3K % per annum, depending on maturity, and averaging over
the four-year term slightly less than 3% per annum.
The loans will be
secured by 120,000 shares of the capital stock of Pacific Fruit Express Co.
over a
Earnings for June and Year to Date
20,361
1941
1940
1939
1938
$19,779,377 $14,723,764 $14,906,140 $13,347,341
3,407,880
7,096,012
4,488,795
4,858,945
1,327,610
income.._
4,734,316
2,333,288
2,694,399
$108,958
$108,891
$102,080
$0.62
$0.64
$0.61
Net ry. oper.
From Jan. 1—
30,1941
$1,072,257; notes receivable, $7,$10,022; repossessed automoibles, &c., $10,life of officer, $20,121; sinking fund
deposit. $532; deferred charges and prepaid expenses, $66,872; automobiles
used in business, at depreciated amounts, $8,732; furniture and fixtures
(net), $22,890; total, $8,354,644. v
Is.
Liabilities—Notes payable (maturing within six months), $5,270,000;
accounts payable for insurance, &c,, $96,448; accrued interest and mis¬
cellaneous taxes, $32,401; accrued Federal income taxes, $89,179; dealers'
participating loss reserves, $211,446; reserve for credit losses, $102,698;
deferred income, $390,074; 10-year 4^ % convertible debentures, $739,000;
6% cumulative preferred stock (par $25), $553,272; common stock (par $4),
$606,204; paid-in surplus, $29,463; earned surplus, $234,461; total, $8,354,644.
Note—Of the common shares
authorized, 59,120 shares are reserved for
convertible debentures.—V. 152, p. 3358.
Sherwin Williams Co.-—Extra Dividend—r
dividend of 75 cents per share in addition
to the regular quarterly dividend of like amount on the common stock,
both payable Aug. 15 to holders of record July 31.—V. 152, p. 3038.
Directors have declared an extra
Silesian-American Corp.—Files Petition to Reorganize—
principal and interest of the $2,509,500 principal amount of the 15year 7% collateral trust sinking fund gold bonds of the corporation together
v.-
;■
.
102,352,063
33,197,457
Net ry. oper. income— 20,765,755
—V. 153, p. 564.
Gross from
railway
Net from railway
.
.
$87,832, matures on Aug. 1, 1941, and the cash assets of
insufficient to make such payment, the company states.
the company are
29, 1941, in the U. S. District
Court for the Southern District of New York its petition for reorganization
under Chapter X of the Bankruptcy Act.
An order has been entered
approving the petition and appointing Frank Conway, of 233 Broadway,
and E. O. Sowerwine, of 25 Broadway, New York, N. Y., the trustees.
Accordingly, the corporation filed on July
of July 26 listed assets of $31,5,57,775 consisting
Polish and German affiliates operating coal mines,
phosphate plants, smelters and refineries. Liabilities comprise outstanding
debentures amounting to $2,509,500 and current debts approximating
mainly of investments in
$ 1C0,000.
made on June 4, 1941, that negotiations were
pending for the payment on Aug. 1, 1941, of principal and interest of the
$2,509,500 15-year 7% sinking fund bonds of the corporation.
These
negotiations were not concluded until after the President's order of June 14,
1941, which had the effect of freezing the funds and assets of SilesianAmerican Corp. due to the fact that a large minority interest is owned by a
Swiss corporation and the properties of subsidiaries of Silesian-American
Corp. are located in Upper Silesia.
The negotiations were with a New York banking firm acting on behalf
of Swiss banks.
It was contemplated that these banks would make a shortterm loan to Silesian-American Corp. of $2,200,000, which, with funds in
the treasury of the corporation, would be sufficient to provide for the dis¬
charge on Aug. 1, 1941, of the principal and interest of the $2,509,500 of
Silesian-American Corp. bonds.
As part of the negotiations the Swiss banking group were to purchase all
the outstanding shares of Siiesian Holding Co. (200,000 shares), or voting
trust certificates therefor.
The Siiesian Holding Co. owns a majority of the stock of Silesian-Ameri¬
can Oorp., the remainder being owned by a Swiss subsidiary of Bergwerkst
_
75,624,130
18,383,868
7,152,345
69,376,875
10,831,326
dof.541,959
''"Wt1
^
Net ry. oper. income._.
From Jan. 1—
railway
Net from railway
Net ry. oper. income—
—V. 153, p. 110.
Southern
1940
$756,953
40,720
13,402
$624,807
60,265
42,926
4,421,719
674,264
511.081
Net from railway
Gross from
1938
1939
1941
$474,646
132,455
114,928
June-rGross from railway
4,532,525
350,475
200,727
3,594,414
278,603
180,731
$532,786
10,854
def5,154
3,190,239
del'96,194
defl 90,793
Ry.—Earnings1940
1939
1938
2,632,156
$7,929,186
2,253,340
1,350,448
$7,848,037
2,342,512
1,494,756
$6,729,709
1,554,525
593,326
64,064,550
23,335,307
Net from railway
Net ry. oper. income— 14,817,278
49,787,966
14,142,848
8,479,504
46,336,734
13,077,549
7,676,417
41,561,090
9,529,343
3,533,765
1941
June—
railway
Net from railway—
Gross from
-__
$11,424,666
4,282,671
Net ry. oper. income
From Jan. 1—
Gross from railway
-Third Week of July1941
1940
(est.)___ $3,440,012
564.
Gross earnings
—V.
153, p.
Southwestern Associated
Perwd End. June
30—
1
1941
—Jan.
to July 19—
1940
$2,568,315 $95,122,718 $73,701,642
Telephone Co.—Earnings—
1941— Mrnth—1940
1941—6 Mos.—1940
$150,976
500
$112,121
300
$864,627
2,300
$686,104
1,800
Operating revenues,.
Operating expenses
$150,476
89,736
$111,821
67,771
$862,327
510,282
$684,304
412,970
Net oper. revenues..—
$60,740
21,767
$44,050
13,415
$352,045
123,487
$271,334
66,797
$38,973
$30,635
$228,558
Operating
revenues
Uncoil, oper. revenue
Operating taxes
Called Off Due to Freezing of Funds—
79,887,933
18,960,426
7,248,012
Southern Pacific SS. Lines- —Earnings■—
The
equal
Gross from railway
24,786
Public announcement was
'
will mature in
loans
Net from railway.
$133,678
26,577
$120,979
Plan to Retire Bonds
outstanding
$7,000,000, and arranged, subject to the approval of Interstate Com¬
Commission, for bank loans totaling $20,000,000 to be used to repay
the balance of the RFC loan and its $13,000,000 of 3H% bank loans now-
202,615
Assess—Cash in banks and on hand,
as
Loan
Bank
Co.—'New:$20,000,000
to
$5,821,262
492,481
175,790
194,250
142,312; accounts receivable,
balance sheet
$2,146,463
struction Finance Corporation. 4% loan, reducing the amount
500,812
164,520
905; cash surrender value of insurance on
The
$2,627,947
Pacific
Southern
$7,525,843
Balance Sheet June
with interest of
$419,248
Arranged—To Pay Off RFC and Higher Coupon Loans—
558,479
197,379
225,565
,
$135,536
conversion of the 10-year VA %
$3,067,282
920,819
$486,810
operating income.
253.
$8,923,754
$122,441
stock.
$3,853,651
1,225,704
—V. 153, p.
The
Earned per share on com¬
mon
,911
187,663
$698,707
outstanding.
$176,684
55,705
_____
211,897
Net operating revs___
Operating taxes
1938
$0.69
Netprofit
^
$1,716,201 $11,072,124
2,000
29,000
June—
Operating profit
Co.—Earnings—
1941—6 Mos.—1940
1941—Month—1940
$1,941,303
5,000
1939
249,901
Prov. for Federal taxes.
of 50
Operating re venues
Uncollectible oper. rev..
1940
,
Gross
Direct income charges__
June 2, last, and previously regular quarterly dividends
share were distributed.—V. 153, p. 253.
^
merce
Acceptance Corp.—Earnings-
6 Mos. End. June SO—
Gross value of receivables
addition to
on
Period End. June 30—
Net
1938
1939
$5,199,404
1,231,520
856,006
Net from railway......
Securities
1940
1941
paid
cents per
Seaboard Air Line "Ry,—Earnings—•
June—
Gross from railway
extra dividend of $1 per share in
an
the regular quarterly dividend of 75 cents per share on the common stock,
both payable Aug. 30 to holders of record Aug. 15.
Dividend of 75 cents
Net oper.
—V. 152, p.
__
___.
income
4139.
,
$204,537
Spokane International Ry.- —Earning s1941
June—
railway
railway
Gross from
Net from
Net ry. oper. income
F"omJan. 1—
...
railway
Net from railway
Net ry. oper. income.
—V. 153. p. 110.
Gross from
_.
1940
$68,782
15,683
6,677
$64,901
565
$69,725
13,214
5,694
436,994
121,611
67,295
370,644
69,440
18,581
363,075
57,851
22,010
335,081
29,432
defl4,769
(A. E.) Staley Mfg. Co.—Registers with
A
1938
1939
$97,226
41,827
31,517
8,261
v"
SEC—
registration statement covering the proposed offering of
4,000 shares
cumulative preferred stock, $5 series (no par), and 5O.OO0 shares common
stock ($10 par) has been filed with the Securities and Exchange Commission
in Washington.
Company, which was incorporzted in 1906, is engaged
The Commercial & Financial Chronicle
704
principally in the purchase of corn and manufacture and sale of corn
products.
Company has also been an important factor in the development
of the soybean industry and is now an important factor in the purchase of
soybeans and the manufacture, sale and distribution of products there from
such as soybean oil, soybean oil meal and soy sauce.
The outstanding funded debt and capitalization of the company follow:
$1,700,000 15-year 2%% debentures, due June 1, 1955: $600,000 serial
notes 2.10%, $200,000 due each June 1, 1941-44: 46,977 shares cumulative
preferred stock, no par $5 series: 6,860 shares 7% preferred stock, $100 par
and 423,253 shares common stock, $10 par.
The proposed offering of these blocks of stocks does not represent new
financing.
The preferred shares are being sold out of the estate of the
late Augustus E. Staley Sr., and the common by certain trusts established
by him.
Underwriters named are Smith, Barney & Co., The First Boston Corp.,
Blair & Co., Inc., and Stifel, Nicolaus & Co., Inc.
Sun Oil Co.—To Eliminate Retired
Tennessee Central Ry.June—
5,684,112
1,954,664
1,078,693
$773,878
1938
$610,009
75,357
def61,7l6
$740,634
174,044
62,353
4,224,524
992,696
257,129
4,024,339
885,646
163,247
3,583,764
714,086
121,576
def 1,722
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income..
—V. 153, p. 110.
Standard
44,815
Gross from railway.....
Net from railway.
Net ry. oper. income...
—y. 153, p. 112.
$171,473
$142,309
33,014
13,391
24,298
def734
20,322
def3,601
1,429,737
420,785
223,767
Net ry. oper. Income
From Jan. 1—
$195,254
92,790
48,347
1,304,700
317,568
1,122,951
223,723
54.277
1,028,823
195,174
31,743
Inc.—Merger Voted-
See Public Service Co. of Indiana.—V.
Calendar Years—
152, p. 2720.
Co.—Earnings—
1940
1938
1939
Operating revenues
$8,844,897
Oper. exps. (incl. taxes).
4,891,362
Prop, retire't res. approp
1,000,000
$8,522,890
4.446,117
1937
$8,318,502
$8,475,773
4,587,566
4,352.464
900,000
1,000,000
1,000,000
$2,953,535
14,120
$3,0/6,//3
15,855
$2,888,207
8,37 1
$3,066,039
$2,967,655
1,686,500
33,281
$3,092,628
1,686,500
$2,896,578
1,686,500
31,707
31.634
$3,072,983
1,686,500
19,645
$1,247,874
Preferred dividend.....
375,678
Common dividend..
850,000
$1,374,421
375,678
800,000
$1,178,444
375,678
700,000
$1,366,838
375,678
900.000
Net
from oper...
Other income (net).....
rev.
Gross income
Int.
on
mtge. bonds
Other
1941—6 Mot.—1940
$60,745,323 $55,540,977
38,590,127 35,438,969
145,991
»
Terre Haute Electric Co.,
interest
Net
income
Brands, Inc. (& Subs.)—Earnings—
Period End. June 30—
1941—3 Mos.—1940
a Gross sales...
$32,779,255 $28,682,476
Cost of goods sold...... 21,354,098
18,402,758
1938
1939
1940
$267,408
Texas Electric Service
1939
1940
1941
$1,213,225
517,316
334,779
Earnings—
1941
Gross from railway
Net from railway
Application has been made to accelerate the effective date of the regis¬
subject to SEC
clearance, on or about Aug. 12.—V. 152, p. 3514.
Spokane Portland & Seattle Ry.—Earnings—
Preferred Stock—
Stockholders at a recent special meeting approved a proposal amending
company's certificate of incorporation eliminating all reference to 100,000
shares of 6%, $100 par, preferred stock now retired.—V. 153, p. 112.
tration statement with a view to making public offering,
June—
Gross from railway
Net from railway
Net ry. oper. income..
Aug. 2, 1941
6,944
Balance Sheet Dec. 31
Gross profit....
$11,425,157 $10,279,718 $22,155,196 $20,102,008
Sell., advertising, admin,
and general expenses.
7,293,490
6,825,941
14,462,988 13,529,296
Net profit from oper'ns $4,131,667
Income credits
69,904
Gross income...
$4,201,571
CV17.971
50,003
Foreign exch. adjustm'ts
Other charges
Prov. for Fed. normal &
.....
$3,453,777
67,002
$3,520,779
139,501
82,403
$7,692,208
$6,572,712
143,582
141,138
16,716,294
$7,833,346
82,859
96,980
357,936
123,800
1,468,554
......
469,560
.......
785,000
c
income
Net income
Net income
—
785,000
......
$2,424,007
$1,980,833
$4,342,225
$4,766,005
$0.14
$0.17
$0.31
$0.34
464,003
444,349
922,378
878,215
$4.50 cum. pref. divs...
225,000
225,000
450,000
450,000
Common dividends
1,264,811
1,264,811
2.529,622
2,529,622
a Less discounts, returns and allowances,
b Based on report of House
Ways and Means Committee,
c After allowance for preferred dividends,
based on 12,648,108 shares in hands of public June 30, 1941 and 1940.
d Included in cost of goods sold and other accounts before arriving at net
income for the period.
Note—Operations in foreign countries of certain subsidiaries included
for similar periods ended April 30, or May 31,1941 and April 30, or May 31,
1940.—V. 152, p. 2877.
of common stock
d Depreciation...
Standard Gas & Electric
the
as
corresponding week last
Co.—Weekly Output—
compared with 135,921,814 kilowatt-hours for
year, an increase of 13.5%.—V. 153, P- 564.
Staten Island Rapid Transit
$163,674
36,809
1,769
Net ry. oper, income
From Jan. 1—
Gross from railway
870,220
_.
—V.
153,
p.
110,947
...
def94,928
1939
$132,191
13,574
1938
defl4,707
$133,944
12,708
def20,155
$144,234
20,362
defl6,157
784,862
41,927
defl47,969
800,164
41,423
defl68,699
defl87,924
753,394
17,137
111.
Struthers-Wells-Titiipville Corp.—Dividend—
Directors nave declared a dividend of 31K cents per share on the com¬
pany's $1.25 cumulative preferred stock stlock, payanle Aug. 15 to stock¬
holders of record Aug. 6. After payment of the dividend, arreares on this
issue will amount to $4.06
per share, the last previous dividend having
been paid on Feb. 15, 1938.—V. 150, p. 4143.
Studebaker Corp. (&
Subs.)—Earnings—
1940
1941—6 Mot.—1940
Period End. June 30— 1941—3 Mot
Net saies, dom. & foreign$30,582,922 $22 ,103,594 $52,001,480 $42,601,060
Net prof, from sales, aft.
deduct, mfg. cost, incl.
amort, of
special tools,
dies, &c., and sell, and
general expenses
Deprec. on prop., plant
and equipment
...
Int.
on
debentures
Amort,
of
discount
debentures
500
858,525
Temp, cash invest. 1,601,041
Cash in banks.... 1,819,745
Working funds...
18,790
2,189,272
258,270
86,167
860,542
2,788,560
deposit...
234,701
92,656
514,519
173,785
468,393
190,017
on
50,219
19,160
a717,000
54,909
Cr5,453
163,000
Net prof, for the per'd $1,133,417
Earned surplus, Jan. 1_
$445,806
$1,313,877
4,309,449
$957,309
2,184,821
$5,623,326
$3,142,130
(net)
Prov. for Fed. inc. taxes
......
......
......
Includes $145,000 for excess profits taxes.
The provision for Federal
Income and excess profits taxes has been made to approximate the liability
therefor under the new tax bill as announced by the House Ways and
Mains Committee.
a
Consolidated Balance Sheet June 30
1941
1940
$
$
Cash
Com. stk. (par
15,389.713 16.252,173
15,903,340 11,873,171
1,115,801
1,041,985
........
Sight drafts...
b Accts. and notes
receivable
_
b Inventories
Dep.
as
with
635,061
415,297
b Oth. curr. assets
b Invest. «fc
not
Acer. Int.
$
$1) 2,273,123
...
4.904,953
229,308
16
330,091
609,244 Contra accounts..
337,026 Deferred credits..
34,851
24,570 Contributions
85,502
8,759 Reserves
6,464,754
237,053 Earned surplus... 2,313,065
3,695
Misc. curr. assets.
7,163
237,053
2,215
31,481
stock
cap.
Contra accounts..
Deferred charges--
Total—
debt.
477,997
7,363,693
on
$
accts., Fed.,
/tax, &c
2,710,779
1,199,626
224,934
1,843,024
633,960
199,444
Oth. curr. liabil..
615,712
461,529
Capital surplus...17,226,742 17,156,655
Earned surplus... 5,623,326
3,142,130
488,342
Dealers'deposits..
81,842,408 81.026,838
Deferred charges..
Trade name, good¬
Total.
....43,375,133
35,839,210}
73,424
5,843,643
2,097,574
81,842,408 81,026,838
.
Represented by $6 pref. cum. (entitled upon liquidation to $100 a
share); authorized, 200,000 shs.; issued and outstanding, 65,000 shs.
Com¬
mon, authorized, issued and outstanding, 6,000,000 shs.—V. 153, p. 564.
Texas Mexican
Ry.—Earnings—
1941
June—
Gross from railway
Net from railway
1940
$50,898
def 11,422
def21,842
Gross from railway
636,338
429,011
212,947
137,006
74,114
18,563
Net ry. oper. income.
1938
1939
$98,976
28,498
17,184
$61,661
$70,304
7,225
def2,993
3,017
def 5,560
From Jan. 1—
—V. 153, p.
507,956
124,804
65,599
554,872
96,819
47,876
112.
Texas & New Orleans
June—
RR.—Earnings—
1941
1940
1939
'
1938
$4,992,166
1,725,448
1,162,092
$3,390,824
678,611
124,357
$3,301,575
663,837
122,458
$3,278,261
601,939
113,816
27,010,041
8,812,997
5,321,515
Net ry. oper. income...
From Jan. 1-—
Gross from railway...
Net from railway
Net ry. oper. income...
—V. 153, p. 112.
21,871,551
5,133,527
1,724,120
20,832,128
4,924,498
1,762,517
20,328.362
3,835,016
759,294
Texas Power & Light
Calendar Years—
Co.—Earnings—
1940
1939
1938
1937
Operatingrevenues—..$11,020,256 $11,515,287 $11,242,873 $11,064,634
Oper. exps., incl. taxes..
5,728,675
5,788,809
5,769,454
5.495,322
Prop, retire't res. approp
1,072,990
1,088,893
1,082.872
969,996
Amort,
of limited-term
Investments
4,734
3,056
1,750
Net oper. income
Other income...
$4,213,858
$16,809
$4,634,529
13,595
$4,388,797
6,476
$4,599,315
8,324
Gross income
Net int. & oth. deduc'ns
$4,230,667
2,251,550
$4,648,124
2,375,580
$4,395,273
2,424,127
$4,607,640
2,482,627
Net income
Divs. on 7% pref. stock.
$1,979,117
453.978
$2,272,544
453,978
411,072
1,100,000
$1,971,146
453,978
411,072
750,000
$2,125,013
4o3,978
_
on
$6 pref. stock..
on common
411,072
1,100,000
stock.
-
411,072
750,000
Balance Sheet Dec. 31
1939
1940
Assets-
1940
1939
$
Liabilities—
$
Plant, prop., Ac-82,426,062 81,431,777
Investments...-.
19,682
12,750
Cash
969,262
70,802
52,459
Temp, cash, invest 1,606,659
Notes receivable..
4,348
Accts. receivable.
980,338
Mat'Is & supplies677,920
Prepayments
26,339
—„——
Special deposits-
—
Work funds
Misc. curr. assets.
48,671
20,443
Contra accounts..
Deferred charges.
-
710,477
Capital stock
33,44 3,976 33,443,976
Long-term debt...43,650,000 43,650,000
1,798,008 Accounts payable.
112,835
189,670
243,421 Note payable (Am.
Pow. & Lt. Co.)
53,291
1,009,004 Customers'deposits
619,761
585,614
14,022 Accrued accounts. 1,413,426
1,276,917
160,426
985,628 Misc. curr. liablis.
160,944
694 078 Mat'd Int. & longterm debt—--26.592
10,802
183,421
17,643
39,872 Deferred credits.
27,504
20,443
22,697 Contra accounts..
22,697
-
707,694 Reserves
Reacquired capital
4,250,298
57,770
Contributions
42,260
Total
42,260
Earned surplus...
3,707,015
37,803
3,891,407
3.802,465
—87,648,788 87,088.0261
Total
.....87,648,788 87,088,026
x Represented
by 7% pref. cum., $100 par, pari passu with $6 pref.;
authorized, issued, 65,000 shares, $6 pref. cum. no par (entitled upon
liquidation to $100 a share), pari passu with 7% pref.; authorized, 70,000
shares; issued, 68,786 shares; common no par, authorized, issued 4,000,000
shares.—V. 153. p. 565.
Third Avenue
Ry.—Earnings—
Period End. June 30—
Operating
Operating
revenues
expenses
1941—Month—1940
1941—12 Mos.—1940
$1,221,567
$1,216,052 $14,500,198 $14,471,161
905,067
919,748
10,854,304
10,963,630
Total.........43,375,133 35,839,210
$316,500
156.094
$296,304
160,366
$3,645,893
1,843,214
$3,507,530
1,827,656
$160,407
18,359
$135,940
19.685
$1,802,679
216,815
$1,679,873
269,321
$178,766
193.335
$155,624
208,570
$2,019,495
2,546,367
$1,949,195
2,584,274
$14,570
$59,946
$526,872
$635,080
Gross income
Deductions
After
—
11,647
3,695
36,479
Operating income
Non-oper. income
616,916
depreciation and reserve for loss on demolition, disposal and
use of property and facilities, and carrying charges on proper¬
ties held for sale,
b After reserves.—V. 153, p. 255.
a
Total.
673,116
897,399
x
Net oper. revenue'
will, Ac.
changes in
Misc. curr. llabils.
Taxes
receiv.,
current
551
1940
2,274,792
5,923,646
500,337
3,703,692
246,356
452,849
575,293
5,659,200
Trade accts. pay..
Res. for Fed. taxes
585,794
8,157,883
trustee
sinking fund,
6% debentures
Acer,
Acc'ts receiv. from
U. 8. Gov't
898,213
8,197
2,215
314,369
31,202
stock
1941
Liabilities—
Prop., plant and
equipment
833,316
535,785
-
Earned surp., June 30
Assets—
1,771
843.250
1,002,662
1,815,608 Taxes accrued
18,430 Interest accrued..
Acc'ts receivable—
1,828,175
26,775
Crl,396
62,000
a
1939
36,455,000 36,455,000
Long-term debt.—33,730,000 33,730,000
Accounts payable.
156,297
176,243
Dividends declared
243,920
443,919
Matured Interest.
15,275
Cust'rs' deposits..
584,698
601,801
214
Divs.
Divs.
24,900
19,519
a667,000
Other int. exp.
Ac.76,484,732 76,123,719
Gross from railway
Net from railway
Ry.—Earnings—
1940
1941
June—
Gross from railway..
Net from railway...
Net from railway—
Net ry. oper. income
1940
Capital stock (no
Net from railway
Net ry. oper. income.
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ened July 26, 1941, totaled 154,-
287,114 kilowatt-hours,
equipment,
Securities
Special
Liabilities—
x
par)
Non-curr. receipts
Reacq'd
share
per
$
property,
Prepayments
315,000
....
b Prov. for add'l Federal
on
Plant,
Mat'Is & supplies.
?>rofits tax under existlaw
ng
1939
$
Notes receivable—
2,056,721
874,868
1,088,706
foreign income taxes..
Prov. for Federal excess
taxes
1940
Assets—
Net loss.
—V.
153,
p.
112.
Volume
The Commercial
153
& Financial Chronicle
of them.
Thew Shovel Co.—lo-Cent Dividend—
Directors have declared
some cases
dividend of 75 cents per share on
the common
stock, payable Aug. 25, to holders of record Aug. 15.
This compares
with 50 cents paid on May 31, last; $1 paid on Dec. 20,1940; 50 cents paid
on Aug. 15, 1940; $1 paid on Dec. 20, 1939; 50 cents on Aug. 15, 1939; Dec.
20, 1938; and Dec. 23, 1937; a dividend of $2 paid on Aug. 25, 1937; and
one of 50 cents per share distributed on Dec. 15, 1936, this last being the
first payment made on the common shares since Dec. 15, 1931.—V. 152,
a
3514.
p.
Tide Water Associated Oil Co.
(& Subs.)—Earnings—
1941
per
$5,904,865
$0.80
$0.75
and est. Federal in¬
come taxes
Earnings
1940
$6,247,247
6 Months Ended June 30—
Net income after all charges
share of common stock
—V. 153, p. 409.
Toledo Peoria & Western
RR.—Earnings—
$212,846
74,812
27,709
$195,731
72,129
29,743
$178,399
$168,401
47,124
38,315
18,550
17,611
1,314,625/
520,802
200,845
1,130,371
356,885
147,251
1,018,030
1,026,641
271,235
111,729
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper.
1938
1939
1940
1941
June—
Gross from railway
Net from railway
income
292,857
118,848
—V. 153, P. 112.
Telephone & Telegraph Co.—Earnings—
Operating revenues
Uncollec. oper. revenueOperating revenues.
Operating expenses
1941—6 Mos.—1940
$3,436,077 $3,264,421
11,115
10,184
1941—Month—1940
$594,098
$551,820
400
1,322
Period End. June 30—
$3,254,237
2,310,209
$3,424,962
2,510,818
$550,498
377,781
$593,698
434,058
_
$172,717
46,843
$914,144
301,319
$944,028
289,181
$107,549
40,229
taxes
Net oper. income...
Net income
$125,874
58,712
$612,825
204,202
$654,847
244.412
United Aircraft Products, Inc.—Earnings—
$1,375,363
324,008
743,202
Net profit before taxes
a Net income
172,948
346,329
b$1.27
b$l .60
Earnings per share
b On 136,112 shares of
After Federal income and excess profits taxes,
Corp.—Consolidated Balance Sheet
United-Carr Fastener
June 30—
cl941
1940
-..-$1,575,453 $1,488,015
Cash
16,499
35,348
Govt, obligations-
1,685,673
712,728
1,393,513
61,615
54,562
1,103,428
receivable
Inventories
Accounts payable.
Notes payable
Income taxes
United Gas
64,558
1,878,731
assets
4
60,324
4
71,544
.—.
231*742
467,105
50,000
21,001
27,536
for'gn
not
earns,
56,365
Oper. exps. (excl. taxes).
real¬
in
subs.
int.
xl,773,537
1,468,261
x.5,932,381
Property retirement and
depl. res. appropria'ns
2,993,042
2,975,260
10,348,886
9,596,077
$3,516,891
18,435
$4,323,243
39,271
$8,674,401
258,650
$9,973,321
314,458
$3,535,326
$4,362,514
48,750
375,000
48,750
405,063
593,162
16,529
485,948
10,281
2,099,295
123,114
Cr29,859
1,935,618
57,362
Crl0,243
$2,502,219
1,337,202
$4,832,704
$6,186,012
207
212
826
847
26,369
34,850
138,846
167,503
dated earned surplus $2,475,643
$3,302,140
$4,693,032
$6,017,662
Taxes
Int.
on
Int.
on
Balance
Preferred
CV334
1,220,768
1,096,864
Earned surplus.— 2,342,763
$6,476,354 $5,991,779
to
provision by a subsidiary for Federal excess profits tax
$1,877 for 3 months, March, 1941; $31,877 for 12 months, March, 1941.
Includes
Statement of
Period End. Mar. 31—
Includes figures
cle" of July
United
26
page
appeared in the "Chron-
565.
Net sales after deducting stamp
appropriations
natural gas
Other income (net)..!
Gross income
on
debentures
Int. on notes & loans—
Other
and
—-—
operations.
of company's 5%
sinking fund bonds
Loss from
6,840,199
789,032
245,700
241,100
654,600
654,600
$791,968
1,384,998
$1,247,316
1,318,792
$808,654
6,743,452
$1,541,168
6,194,488
$2,176,966
501,525
418,875
$2,566,108
501,525
438,696
8,711
2,446
$7,552,106
2,006,100
1,744,437
144,952
7,743
$7,735,656
2,006,100
1,764,425
34,473
6,935
Net income
$1,614,730
$3,648,874
$3,923,723
excess
profits are indicated.
Balance Sheet March 31
1941
Investments
Liabilities—
-
26,115,846
..221.422,579 222,903,229
Cash in banks—
_
2,892,469
3,430.690
24,883
54,619
Cash
4,561
1,658,616
Maris & suppl's
445,454
$95,983
$118,915
$203,363
Prepayments—
Other curr. and
26,075
accrued assets
13,084
20,854
Deferred deblts.
265,311
191,271
Custs.' deposits.
737,543
722,668
772
Taxes accrued..
1,089,368
1,278,098
accrued
466,698
468,354
18,125
59,525
3,861,771
3,364,172
20,865
$203,363
$118,915
Accounts payable-
Contra assets
Interest
6,256,784
Contral liabilities
for
38.317
68,661
Agents' depos., &c
Funded and mtge.
96,255
3,390,800
12,563,413'
Total...
debt
4,774,050
570,986
317,413
122,141
11,699,242 12,563,413
$2,593,-
Total
depreciation of $2,523,065 at June 30,1941,
Dec. 31,1940—V. 152, p. 3830.
Asks Corporation to Integrate Holdings
Simplify Structure—
Commission on July 29 caiied on the
Corporation to integrate its far-flung utility holdings and simplify its corand
Exchange
portate structure.
At the same time, the Commission
.
_
_
^
..
,
..
ordered that the corporation s pending
voluntary plan foi divestment of control over subsidiaries be grouped with
the new proceedings for a consolidated hearing Sept. 16.
The SEC's action against the Corporation was a departure from usual pro¬
cedure in that it involved simultaneous orders under both the integration
and corporate simplification sections of the Holding Company Act.
In the
initial stages of its drive for compliance with the "death sentence ' require¬
ments the SEC instituted integration cases against most of the major ho.ding companies and later started corporate revision proceedings against some
28,081
18,932,640
25,285,418
25,684,942
772
91,047
3,318,000
Cum. $5 pref. stk. 4,773,825
Com. stk. (par 10c)
570,984
Capital surplus
317,413
Earned surplus
47,023
49,100
18,932,640
Earned surplus.
69,112
income taxes -66,090
51,493
11.699,242
construction-
Capital surplus-
Federal
3,885,567
404,671
332,856
Securities
15,125
Contrlb. In aid of
40,367
208,813
United Corp.—SEC
The
credits
Reserves
2,602,625
376,058
After reserve for
and
Deferred
$
2,010,966
...
426 at
crued llablls..
Dec. 31/40
40,922
3,934,888
—
13,805
13,800
181,508
—45,333
50,971
.
debt and Int..
276,255
48,583
Deferred charges..
a
11,030
divs. thereon.
Mat'd long-term
Other accr. liabs—
Prov.
Fixed assets
3,443,012
redemp. &
Accrued interest..
Miscell. investm'ts
Total
for
753,831
Mtge. rec. on real
estate.
2,569,348
Pref. stks. called
1,162,483
5,970,431
Mdse. inventories-
a
Accts. payable..
25,925.000
Other curr. & ac¬
June 30,'41
$
Accrued taxes
-
7,818,959
Notes receivable
537,697
accounts
receivable (net)
33,435,000
Accts. receivable
Special depositsWorking lunds.
827,067
——
&
Notes
88,468,000
7,818.959
Long-term debt- 33,435,000
Notes payable.. 25,925,000
par)
$142,650
60,713
Liabilities—
$
$
$7 2d cum. pref.
stock
88,468,000
Com. stock (SI
$58,203
60,713
Dec. 31,'40
$
1940
44,982,200
cum.
$35,975
60,008
$75,118
June 30,'41
8
$
pref. stk 44,982,200
$7
26,915,845
On demand.
1941
$
Plant, prop, and
equipment
(Company Only)
1940
$
Consolidated Balance Sheet
Assets—
Federal excess profits tax since
Note—No provision has been made for
28,930
42,329
47,733
1,532,489
347,534
26,129
Profit on purchase
Total loss.
6.868,571
1,028,039
$176,397
33,746
$11,077
Dr24,898
Loss
2,573,703
266,392
$66,471
8,269
Loss from store and agency opers—
Other income (net)..—--—-
Bond interest—
2,357,537
301,239
116,767
interest-
Other deductions
Assets—
-
——
$9,824,999
revenues,
oper.
1939
1940
$22,651,203 $23,708,&36 $24,182,318
Profit from store and agency opers—
177,051
97,127
40,038
Depreciation and amortization
188,128
163,598
216,435
sales taxes_
$9,359,864
$1,138,569
Taxes
Cigar-Whelan Stores Corp. (& Subs.)—Earns.
1941
1941—12 Mos.—1940
$4,328,511
1,230
Oper.exps.(excl. taxes)
no
6 Mos. End. June 30—
of
Income (Company Only)
1941—3 Mos.—1940
Oper. revs., natural gas. $3,696,444
Oper. rev. deductions,
Co. of Canada, Ltd.
00ifarnings'for the six months ended June 30,1941,
58,933,051 $10,287,779
152,690
303,780
195,000
195,000
1,560,107
1.620,250
Bal. carried to consoli¬
serve
73,634
1,220,768
1,196,342
2,453,327
companies
Total..
dividends
public (subsidiary)
Port'napplic.tomin. ints
Net
Common stock...
.$6,476,354 $5,991,779
4,519,770
(notes,
loans, &c.)
Other deductions
56,920
Represented by 305,192 no par shares,
b Includes excess profits tax.
of Cinch Manufacturing Corp. and United-Carr Fastner
English and Australian subsidiaries have not been
a
interest
Other
Int.
c
75,270
mtge. bonds
coll. trust bonds_
Int. on debentures—
'
Capital surplus...
—
1941—12 Mos.—1940
1941—3 Mos.—1940
$12,946,802 $13,838,649 $43,828,048 $43,696,883
4,663,332
5,071,885
18,872,380
19,607,715
Property retirem't re¬
ized—
2,209,768
Min.
expenses-
Total
Corp. (& Subs.)—Earnings— '
Period End. Mar. 31—
natural gas:
revaluation
Patents, licenses &
—
$362,402
15,907
275,036
bl,085,079
Deferred Income..
Res. against
other
Prop., plants &eq.
goodwill-
As of Dec. 31. 1940, United Corp. had outstanding 2,488,712 shares of
$3 cumulative preference stock and 14,529,491 shares of no par common
stock.
There were dividend arrearages on the preference stock totaling
$3,733,068.
The commission charged that available valuation data indicate
that the preference stock represents a claim upon all or a substantial portion
of the corporation's assets, but yet the common stock has about 85% of the
total voting power.
V. 153, p. 410.
$270,940
Res. for inventory
Cash surrender val.
of life insurance.
1940
cl941
Liabilities—
Accrued expenses-
Trade accts. notes
Prepaid
Citing the widespread holdings of the corporation, the commission said
utility system, plus such other systems as may be kept, under standards of
the act, within a single geographic area.
The public utility and non-utility subsidiaries in the United Corp. holding
company system, engaged in interstate commerce, operate in an extensive
area comprising 22 states and in the province of Ontario, Canada, the com¬
mission said.
The combined total assets of tne system approximate $2,765,000,000, it said.
The United Corp. has subsidiary companies which themselves have sub¬
sidiaries which are holding companies in contravention of the Utility Act,
the commission asserted.
Among direct subsidiaries of United are the
United Gas Improvement Co., itself the head of a major system; Columbia
Gas & Electric Corp.; Niagara Hudson Power Corp.; and Public Service
Corp. of New Jersey.
The Commission said that before approving any voluntary pian filed by a
holding company system it must consider what action should be taken to
meet the requirements of the "death sentence."
For that reason, the
SEC said it was considered desirable in the interest of economy in time,
effort and money, to consolidate the proceedings.
Under the pending plan, United Corp. proposes to sterilize its voting
power in the direct subsidiaries and from time to time to reduce its holdings
x
Assets—
and
of stock.
that United must be confined in its operations to those of a singxe integrated
Int. charged to construe.
stock.
c Approximately
55,000 shares of common stock were issued by the
corporation in May and June, 1941, through the exercise of stock purchase
warrants, which expired June 19, 1941.
The average number of shares
outstanding, therefore, for the first six months of 1941, was 215,933 shares,
and the net income shown above, as applied to such shares for the first six
months of 1941, equaled $1.60 per share.—V. 152, p. 2880.
Invest,
orders, the SEC hinted that eventually it may require dissolution of
United Corp.
Whether this is done or not, the commission said the cor¬
poration's Capital structure was such as to justify no more than a single class
Gross income
1940
1941
$3,302,776
6 Months Ended June 30—
Net sales.
common
in
In its
Net oper. revenues...
Other income (net)
—V. 152, p. 4141.
a
705
cases
Total oper. revenues
$159,640
52,091
Net oper. revenues...
Operating
few
the proceedings since have been combined, but
the commission has not yet started both types of action.
a
of their securities.
-Registers with SEC
Trailer Co. of America, Cincinnatifirst page of this department.
See list given on
Tri-State
In
—
-.253,723,526 254,687,807
Total
253,723,526 254,687,807
Extends Bond Sale Date—
expiration date of the contracts between the corporation and 14
covering the purchase of $75,000,000 in first mortgage
3 M % bonds has been extended-to Oct. 1, 1941, accord¬
ing to Joe H. Gill, President of the corporation.
Extended hearings on the proposal of the corporation to sell the bonds
at a price of 99.34 to the 14 insurance companies are now being held before
the Securities and
Exchange Commission in Washington.
Under the
contracts originally signed by the insurance companies, the expiration date
was Aug. 1, 1941.—V. 153, p. 565.
The
insurance companies
and collateral trust
Improvement Co.—Ordered to
Drop Links
Company Must Dispose of Inter¬
Meet Terms of Holding Company Act—
United
Gas
with 13 Units—SEC Decrees
ests to
ordered by the Securities and Exchange Commission
of its holdings in 13 companies in order to comply with Section
The company was
to dispose
11 (b) (1), or the "deatn
Company Act of 1935.
sentence" provisions of the Public Utility Holding
companies involved are scattered from the eastern seaboard as far
west as Texas, and are engaged in the ice, ice cream, cold storage, railroadcar icing, and real estate business.
The concerns are:
Commonwealth Utilities Corp., Arizona Ice & Cold Storage Co., Crystal
Ice & Cold Storage Co., Home Ice Co., Galveston Ice & Cold Storage
The
The Commercial & Financial Chronicle
706
Co., Merchants Ice & Cold Storage Co., Crystal Ice Co., National Ice &
Service Co., New State Ice Co., St. Louis Conuty Water Co., Spring¬
field Ice & Refrigerating Co., Welsbach Co., and Camden County Land Co.
The SEC asserted that U. G. I. failed to show the
non-utility operations
the present proceeding have "any substantial relationship
by proximity or otherwise, to any utility operations of the
system," and added:
*
involved
in
whatsoever,
"We
have
concluded
that,
under
the circumstances
of
this
case,
the
argument of counsel for respondents is without merit and that it does not
constitute a bar to the entry of an appropriate order at this time if we
should find, on the basis of the record made, that the properties involved
must be divested under the standards of Section 11 (b) (I).
"As
indicated
we
in
our
iJnited
"We, of course, cannot and would not foreclose respondents from pre¬
senting such relevant and material evidence as might reasonably be expected
to have any bearing or to reflect any light upon the proper application of
Section 11 (b) (1).
But we do not believe that the abstract argument
presented can relieve us of our duty to take such action as may appear
necessary and appropriate on the basis of the record made to bring the
U. G. I. holding-company system into compliance with the
integration
provisions of the Act.
"In view of the absence of any relationship between the operations of
the ice, cold storage, water and land subsidiaries of U. G. I. here involved
and the operations of any of its utility subsidiaries, and on the basis of the
records before us, we cannot make the statutory finding that the retention
of any of the interests which we have here considered is
necessary or
appropriate in the public interest or for the protection of investors or con¬
sumers and is not detrimental to the proper functioning of
any integrated
public utility system or systems which may be retainable under the control
Rubber
the Government full support in its effort to conserve rubber,
announced on July 24 that the production of all whitewall bicycle
This will include all balloon casings,
lightweight casings and single tube tires.
Because these tires require more crude rubber per unit than the all-black
tires, it is felt that this patriotic move will be welcomed as an aid in prevent¬
ing a drastic reduction in unit production and in saving as much as 25%
of the crude rubber used in making the entire casing.
To
lend
.
1941
"
Profit from operations
Other income credits—
Interest
funded
on
3,282,623
8,065,405
269,767
6,942,903
255.676
3,472,938
15,405,515
charges...
6,595,614
347,289
15,782.769
377,254
...
7,639,964
425,441
7,795,638
6,687,227
3,259,419
754,204
Other income
Balance
Corp.—Earnings$112,345
121,110
.
Expenses
_
794,521
957,583
1,263.226
$8,764
13,760
Net profit-.on sale of marketable securities
$4,995
4,459
.
Loss
_
Net profit for year
Balance Sheet Dec. 31, 1940
banks
and
ber Go. gen
Adjustment
off. bldg_
of in v. to
437,345
.
market
1,775,365
Prov. for Fed. &
foreign
income taxes
d8,398,720
2,283,927
1,059,101
358,578
6,252,591
4,279,845
4,670.543
lossl37,750
49,277
Net inc. for 6 months.
45,606
205,146
101,463
e6,203,314
e4,234,239
4,465,397
loss239,213
After all returns, discounts excise and sales taxes, transportation and
b Includes depreciation of active plants and plantations of
a
allowances,
1941, $4,345,632
in
1940,
United States Hoffman
Machinery Corp. (& Subs.)—-
(Exclusive of European Subsidiaries)
Period End. June 30— 1941—3 Mos.—1940
Net sales
$3,153,931
$1,555,727
Cost of goods sold
1,978,924
984,072
$5,626,140
3,615,241
$1,175,007
$2,010,899
$571,655
$2,835,345
1,800,592
572,188
Profit from operations
b Interest and other inc.
$602,819
86,032
412,290
$159,365
77,988
on common
—June 30, 1941, $14,872,410.
$972,077
151,757
$244,087
148,028
stock, $869,546; earned surplus
Capital surplus—Jan. 1, 1941, $12,456,836; plus
common
excess over par value of
stock issued under managers' shares plan
($10 per
share), $30,000; capital surplus—June 30, 1941, $12,486,836.
Consolidated Balance Sheet June 30
Assets—
1941
Cash
Accounts
and
notes
$688,851
53,790
Deprec. of phys. prop'ty
other
$237,353
$1,123,834
47,651
109,126
$392,115
95,578
income
charges
69,773
Prov. for Fed. and
50,666
135,604
94,956
foreigni
income taxes (est.);
Normal tax
Excess profits tax
d95,266
d304,750
25,207
cl71,938
c304,750
36,338
$165,271
receivable
from
customers
(less reserve)
41,295,194
Other accounts and notes receivable (less reserves)
1,163,450
Finished goods
30,291,330
____
Goods in process of manufacture
Raw materials
9,835,234
33,798,384
Supplies...
Miscellaneous investments at cost
or
lower
All profit
_
$113,829
$402,415
$165,243
$0.68
$0.44
$1.68
$0.59
instalment sales is taken into income at the time the
sales
the books and Federal income taxes are accrued
are paid only as the instalment
accounts receivable are
collected.
b This item does not include interest accrued
on instalment accounts
receivable because such interest is taken into income
only when collected.
c The estimate of taxes is based
upon the Increase rates under the
proposed
new tax law.
Such estimate includes $112,457 due to such
increased rates,
of which $40,613 is applicable to the first
quarter and $71,844 to the second
quarter.
It also includes a further adjustment
applicable to the first quarter
of $55,029 due to reallocation of excess
profits credit.
d The estimate of taxes is based
upon the increased rates under the pro¬
new tax law, and is $112,457 in excess of the
provision that would be
required by the tax laws now in force.
posed
Consolidated Balance Sheet (Exclusive
of European Subsidiaries)
June 30 '41
Assets—
$
Cash
b Other acc'ts rec.
Inventories
and
273,727
5,125,550
1,561,399
2,012,446
4,634,186
Due
on
contracts,
&c__
rec
banks 3,250,000
Acc'ts pay. and ac¬
crued
accounts,
invests
profits
on
taxes
acct.
356,622
Investments
74,708
g Reserve for Fed¬
27,218
18,147
22,967
22,187
451,057
286,498
1,202,950
9,058
7,915
89,250
cess
profits taxes
5H% cumul.
33,442
42,670
42,670
In
pref.
1941
$28 ,572,483
1,870,269
1,501,175
(350
1,785,276
47,749,734
20,519,950
3,573,237
819,792
1940
$19,693,991
9,357,398
6 ,779,176
4,671,331
38 ,947,000
3 .599,869
42,044,000
1,643,717
317,446
3,430,202
Minority interests in capital stock and surplus of
subsidiary companies
441,236
8% non-cumulative preferred stock ($100 par)____ 65 ,109,100
Common stock ($10 par)
17 ,390,920
Capital surplus
12 ,486,836
Earned surplus
al4 ,872,410
410,061
65,109,100
17,360,920
14,619,075
7,556,368
Other accrued liabilities.
_
-
______
A, due July 1, 1958.__._Reserve for insurance
2 ,061,824
Reserve for pensions
Genera 1 reserves
369,442
_
.
1,397,569
892,198
a
Of which $13,022,573 is
Total
10,317,901
8,446,671
$325,(M)0 in 1941 and $250,000 in 1940.
b Less reserves
in 1941 and $88,721 in 1940.
c 7,000 shares of
common stock at
d At nominal value after
deducting reserve of $375,923 in 1941 and
1940.
e Less reserves of
$507,783 in 1941 and $494,394 in 1940.
f Esti¬
mated to become payable within one
year,
g Applicable to uncollected
instalment receivables. —V. 152,
p. 2724.
$46,653
cost-
_
$206,356,626 $186,213,609
on
the books of the parent company.
Court Reserves Decision in Stockholders' Suit—
Supreme Court Justice Felix C. Benvenga
on
a
motion to dismiss two of six
causes
July 24 reserved decision
on
of action in
a
stockholders' suit
against the company for recovery of assets of $6,000,000
allegedly wasted
by officers and directors of the company.
Francis B. Davis, President
and Chairman, 37 former officers and
directors, E. I. du Pont de Nemours
& Co. and the United States Tire Dealers
in the suit.
The two
cases
on
which
decision
was
Corp.
were named as defendants
reversed
involved
payments
of
$200,260 to William de Krafft, Vice-President, as salary in 1936 and 1937
and alleged granting of preferential rates and
rebates to United States
Dealers Corp. and certain customers.—V. 153, p. 256.
United States Steel
Corp.—Quarterly Earnings Report—
Reporting the earnings of the corporation for the second quarter of
1941,
Irving S. Olds, Chairman, announced that the directors had declared the
quarterly dividend of $1.75 per share on the preferred stock,
payable
Aug. 20, 1941, to holders of record as of Aug. 1, 1941, and a dividend of
$1 per share on the common stock, payable Sept.
20, 1941, to holders of
record as of Aug. 20. 1941.
Shipments of finished steel products during the second quarter of 1941
constituted an all-time high for a quarter year and showed an
increase of
3% over the shipments for the first quarter of 1941 and of
59.3% over the
second
quarter
of
1940.
*
Net income for the second quarter of 1941 amounted to
$24,814,751, after
allowance for estimated Federal income and excess profits taxes
covering
the first half of 1941 on the basis of proposed tax
legislation.
A comparison
of the second quarter's net
income, earnings per share for common stock,
shipments and taxes, with the previous quarter and with the second
quarter
2nd Quar.
1941
Net income
Earnings
.$24,814,751
per share for common stock.
Shipments of finished steel products—
Net tons
% Capacity
8,446,6711
_
Total
Provision
10,317,901
_
...
of 1940 follows:
&c
of
5,828,742
21,541,167
1,931,101
869,546
14 ,856,784
1,130,082
conv.
par).
Com. stock (35
par)
Capital surplus...
Earned surplus...
1
929,486
stock
goodwill,
Total...
36,833,914
1.255,963
34.026,349
$206 356,626 $186,213,609
Liabilities—
1,251.450
1,130,082
1,409,555
eral inc. and ex¬
51,560
European subs,
Plant property..
514,855
'
of
21,821
at
-
2,250,000
597,181
f Income and excess
23,411
at
Treasury stock..
Patents,
Notes pay.,
uncompleted sales
Deferred credit
leases,
cost-.
cost
$
54,167
87,650
Mortgages
Sundry
Liabilities—
Deps.
ftv employees
Deposits
June 30 *41 Dec. 31 *40
76,584
incl. exp. funds.
d
599,234
1,798,058
def.
charges
e
$
398,085
receivable
c
Dec. 31 *40
Instalment acc'ts
Prepaid
854,339
987,440
Accounts payable
Dividend payable (common stock)
Accrued taxes
therereon
although such taxes
a
47,135,737
19,395,011
Prepaid and deferred assets
on
on
2,296,774
1,794,757
Plantation properties, plants and equipment (net)
Properties not required for operations (net)
...
Net income for period
Earns, per share of com.
recorded
1940
.$17,090,831 $10,174,215
418,145
174,169
Marketable securities at cost
1st mortgage and collateral trust 3%% bonds, series
Gross income
a
V-
Consolidated Capital Surplus
Total
790,666
Not
\
.
stock, $2,604,364; and dividends
$1,034,753
1,038,822
c
Earned surplus—Jan. 1,1941, $12,143,006: net income for 6 months ended
June 30, 1941, $6,203,314; total, $18,346,320; less dividends on preferred
gen¬
eral expenses
1939.
Consolidated Earned Surplus
Properties, plants and equipment (net).
1941—6 Mos.—1940
...
$4,071,507 in
and
including sales and earnings applicable to Fisk brands of tires which business
was acquired in December, 1939.
d Includes $1,340,628 for Federal excess
profits taxes (current law), and $2,700,000 provision for tax contingencies,
e Equal to $2.07 per share of common stock in
1941 and to 94 cents per
3,000 shares of
hand,
on
$65,172; marketable securities
(quoted value $41,850), $69,867; accounts receivable, $79,969; inventories,
$22,657; interest accrued, receivable, $538; notes receivable, $23,420;
investments in subsidiaries, at cost, $402,556; fixed assets
(net), $2,876;
prepaid and deferred charges, $14,840; total, $681,895.
Liabilities—Accounts payable, accruals, &c., $34,465; Federal, State and
city taxes, $2,264; unclaimed dividends, $2,509; advances for
coupon re¬
demption, $461; reserve for redemption of coupons, $137,754;
10% cum.
preferred stock (par $10), $199,710; common stock (25 cents par),
$59,246;
capital surplus, $33,558; earned surplus, $212,499; common stock in
treasury
(314 shares), $572; total, $681,895.—V. 152, p. 133.
stock
213,519
in¬
debtedness
$530
19,935
Dividends paid during year on preferred stock
are
190.315
Loss on sale of U. 8. Rub¬
share in 1940.
operations
Other income
and
13,368,694
15,404,880
377,889
Total
$4,357,074 in
Income Account Year Ended Dec. 31, 1940
Gross income from operations—
Int.
$
67,829,786
51,178,469
applicable to minority
United Profit-Sharing
Selling, adminis. and
1938
$
$
.150,677,739 109,782,572
88,349,048
Cost of goods sold-—.. bll8,568,707 b86,839,322 b67,356,772
Selling, adminis. & gen¬
eral expenses
16,704,152
1 5,303,286
14,396,662
interests in subs
ending July 26, 1941, 101,705,269 kwh.; same week last year, 89,274,811
kwh., an increase of 12,430,458 kwh. or 1,3.9%.—V. 153, p. 565.
in
cl939
1940
$
Net sales
a
Weekly Output■—
Assets—Cash
,
Consolidated Income Account 6 Months Ended June 30
•••
The electric output for the U G I system companies for the week
just
and the figures for the same week last year are as follows: week
on
Whitewall
tires would be discontinued at once.
closed
Loss
of
company
Net income for period.
Divs. and eqty. in earns,
of U.G.I."
Co.—Production
1941
Bicycle Tires Discontinued to Aid Defense—
opinion of April 15, 1941, the Commission is
fully authorized, and indeed in an appropriate case is directed, by Section
20 (a) and 11 (b) (1) of the Act to issue final orders
dealing^with parts of
a system in order to carry out the mandate of the statute that
holding
company systems shall be reduced, 'as soon as practicable,' to a
single
integrated public utility system and such additional systems and other
businesses as are retainable under Section 11 '(b) (1).
States
Aug. 2,
for taxes—
State & local and social security
Federal income and excess profits
Total taxes.
A reserve of
$4,000,000
1st Quar.
1941
2nd Quar.
1940
$36,559,995
$19,201,008
$2.12
1.47
$1.48
5,101.606
4,951.271
3,201.645
102.4
100.6
66.4
$20,158,292 $10,803,379 $15,087,632
32,800,000
11,800,000
5,475,000
$52,958,292 $22,603,379 $20,562,632
to provide for contingencies
attaching to the
high rate of operations and other unusual conditions was set
up in
the second quarter,
making a total contingencies reserve of $9,000,000 for
the first six months of 1941.
In determining the profits for the second
present
Volume
was
in effect with respect to inventories of certain
Utah Light &
of Jan. 1,
materials, work in
finished goods of certain subsidiaries.
This means that costs
of sales are calculated on the basis of current costs of inventories.
Net current assets of the corporation and its subsidiaries at June 30,
process and
1941, after deducting the current dividend declarations, were
compared with $494,339,769 at March 31, 1941, and with
at June
$505,814,417
$422,733,632
30, 1940.
the first six montns of 1941 for additions to
properties, less credit for properties sold, were approxi¬
mately $44,200,000.
Capital obligations retired during the first six months
amounted to $6,545,000; capital obligations issued during the first six
months amounted to $2,900,000.
On June 30, 1941, unexpended balances
on all authorizations for property additions and replacements amounted to
The capital outlays during
and betterments of
$176,600,000.
Employment and payroll statistics for the second quarter of
of 1941 and second quarter of 1940 follow:
1941 and
for the first quarter
2nd Quar.
1st Quar.
1940
1941
Total payroll
__
Consolidated Income Account for Quarter
$
:
104,372.834
5,471,157
Operating results
Social security taxes
Other taxes (except Fed.
Net earnings
—
84,214,542
39,444,176
17,324,233
17,435,029
13,633,533
22,009,147
1,410,686
\
1,399,264
3,690,700
866,137
1,443,354
x575,190
570,133
1,478,474
Crl,811
71,448
Cr6,358
2,392,988
Operating income
$64,051,689
on U. S. Steel bondsl
1,534,285/
J
Net loss in sale of capital
902,653
assets, &c
Extraordinary deduc's
--
...
4,000,000
Prov. for contingencies.
b Prov. for est. Fed. inc.
—
9,806,580
$2.12
x5,010,426
6,304,919
1,309,761
6,304,919
19,201,008
4,192,837
$1.48
Surplus for quarter...
Earn, per sh. on com...
6,304,919
8,703,252
x4,995,158 xll,315,345
Nil
Nil
b Based
on
proposed tax legislation,
x
Loss or deficit.
Consolidated Income Account for 6 Months
1938
1939
10,419,857
Social security taxes
indications
-
depletion and deprecia-
32,728,623
27,998,236
•
119,747,486
bondsf 3,049,028/
Int. on bonds of subs
22,504,268
34,649,902
„
38,055,021
tion and obsolescence-
41,179,856
c776,041
1,732,275
2,887,863
Cr251,354
23,280,309
6,651,666
2,256,291
2,859,916
61,217
1
j
Net loss in sale of capital
798,495
2,708,534
'.
.
1,723,712
assets
Cr373,481
2,392,988
b Extraord. deductions.
Based
on
c6,302,577
12,609,838
12,609,838
17,406,504
—
6,298,661 clO,639,527 cl8,912,415
$2.72
Nil
Nil
legislation,
b See footnote (a) above, c Less
31,358,404
$5.60
Earn, per sh. on com
deficit.—V.
1,970,311
12,609,838
17,406,504
Balance, surplus
a
Co.—Earnings—
Ended Dec. 31, 1940
proposed tax
153, p. 411.
$9,924
_
24,449
121
—
$14,403
$1,650,570
......
$1,664,973
Total deficit.
31, 1940
hand, $539; fixed assets, less reserves for
$1,111,827; prepaid capital stock tax, $540;
depletion and depreciation,
deferred charges, $54,871; total, $1,167,777.
Liabilities—Notes payable. $50,773; accrued
interest on notes payable,
$5,801; accounts payable, $681; capital stock tax, $2,279; deferred salaries
of officers, $5,893; notes payable due Nov. 1, 1929, but not presented for
payment, $1,550; deferred income—advance royalties, $39,585; capital
stock (par $1), $1,190,750; deficit from operations, $1,664,973; capital
surplus, $1,535,437; total, $1,167,777.—V. 147, p. 588.
Co. (& Subs.)—Earnings—
1941—12 Mos.—1940
$1,130,258 $14,724,631 $14,009,319
1941—Month—1940
Period End. June 30—
Operating revenues
$1,205,495
Oper. exps., excl. direct
493,010
raxes
;
231,297
478,901
193,248
91,000
1,133,545
retirement re¬
appropriations.
Property
Amort,
v.;"
_
of
:
_
150
.
_.
/
450
,V,.
317
_
5,311
4,492
$367,351
189,028
25,000
14,468
mtge. bonds._
deben. bonds.__
242
$382,046
189,028
25,000
14,665
$4,713,311
2,268,330
300,000
$4,370,476
2,272,905
300,000
180,750
184,736
-
Net income.
Dividends applic. to pref.
--
8,146
-
$1,612,835
1,704,761
$1,972,377
1,704,761
$153,550
$138,658
stocks for the period —
def$91,926
$267,616
Balance.
Notes—Provision for Federal income taxes,
subsequent to April 1, 1941,.
rate which will result in the accumulation
for the full year 1941.
No provision has been made for Federal excess profits tax
indications are that no such tax will be payable.—V. 152, p.
is being made at a
at the rate of 30%
of such taxes
since present
4142.
Utah Radio Products Co.—Earnings—
Net sales
Cost
Year Ended Dec. 31,1940
$3,751,482
33,870
—-
-
.
_
of sales
Selling, general and
ciation
administrative expenses, including depre¬
$954.57
Net profit
.
Operating in Foreign Territories)
Earnings for 53 Weeks Ended
Total income
—
*
Deductions from income.
.
Provision for Federal income tax
Nov. 2, 1940
$27,643,824
Income from operations
16,905,968
Cost of sales and service.
457,921
$54,154
41,192
from operations
(& Subs.)—Earnings—
(Exclusive of Subsidiary Companies
$3,717,611
3,083,658
66,082
55,794
Depreciation of plant and equipment.
Maintenance and repairs
Additions to income
Universal Corp.
------
$4,365,984
$4,708,000
$367,109
$381,729
Gross income
on
1,092,000
limited-term
investments.
on
6,325,569
2,225,766
6.328,358
2,554,278
99,309
Direct taxes...
Returns and allowances.
36,315,003
12,609,838
on
152, p. 4142.
such tax will be payable.—-V.
no
Consolidated Income Account
--
61,374,746
pref. stock
Common dividends
or
that
Gross sales
profits tax 44,600.000
Net income.
Divs.
are
Assets—Cash in bank and on
9,000,000
for contingencies.
Prov. for est. Fed. inc.
excess
$3,864
609,975
11,787
unpaid
earned,
for the period from Jan. 1, 1934 to Dec. 31, 1940.
made for Federal excess profits tax since present
Int. charged to construc¬
73,908,479
half-year.157,802,507
Charges & allowances for
and
$3,858
tion—Credit
Net earns.,
a
$321
Net loss for year
Previous deficit
Int.
20,541,814
income taxes)
Prov.
1,246
$620,404
609,150
15,112
$617,898
50,763
$321
Other int. and deduct'ns
Other taxes (except Fed.
Operating income
$51,688
1,246
amounting to $2,290,399
No provision has been
Int.
-v* /;;!;v$
188,764,178
Operating results
Int. on U. S. Steel
$51,688
__
Net oper. revenues
Other income (net)
Ended June 30
1940
1941
>
$10,545
607,353
Balance (deficit)
serve
Proportion of overhead expenses of Lake Superior Iron Ore Properties,
which normally are included in value of the season's production of ore car¬
ried in inventories, but which, because of curtailment in tonnage, is not so
a
applied,
$25,046
595,358
Utah Power & Light
24,814,751
6,304,919
dividends....
8,703,252
Net income.
Divs. on pref. stock
Common
loss$379
52,067
Notes—No provision has been made in the above statement for
interest on the 6% income demand note, payable if, as, and when
profits tax 32,800,000
excess
1,008,728
85,463
Balance Sheet as at Dec.
Int.
and
78,292
50,763
Gross income
Int. on mtge. bonds
11,745,372
tion and obsolescence.
a
1,108,956
Other int. and deduct'ns
Charges & allowances for
depletion <atm1 deprecift**
Int. on bonds of subs.._
80,691
6,646
loss$675
52,363
Net oper. revenues
Rent from lease of plant
11,170,183
20,162,853
...
87,905
6,404
taxes..
Royalties earned under lease agreement
Operating expenses
Final payment on old insurance claim
—
....
1941—12 Mos.—1940
$1,122,294
$1,104,736
$86,958
Income Account Year
1938
S
1939
$
14,687,135
income taxes)
.
$93,634
Utah Metal & Tunnel
:,yi-
■
1941—Month- -1940
Direct taxes
Ended June 30
1940
$
1941
_
240,257
$100,736,396
295,047
279,459
....$147,905,290 $125,744,513
Average number of employees
Traction Co.—Earnings-
Period End. June 30—
Operating revenues
Oper. exps., excl. direct
approximately
2nd Quar.
1941
707
Commercial & Financial Chronicle
"last-in, first-out" inventory method, adopted as
quarter, the
1941,
The
153
(excess profits taxes, nil) —.
$95,346
73,154
15,000
$7,193
Consolidated net income
Consolidated Balance Sheet Dec. 31, 1940
Gross
$10,737,856
6,338,172
profit
Selling and branch expenses
General and administrative expenses
Profit
credits—
Total profit
.
Other charges
on
—
—
foregoing basis
Provision for cumui. div.
y
.
— ---
r--
_
requirements on 16,280 shares of
6ref. 8% cumul. stock of Universal Pictures
the public..
Profit for
$3,198,879
269,760
— -
-
Other income and
Profit
1,200,803
— —
$2,363,045
first
Co., Inc., held
Consolidated Balance Sheet Nov.
2, 1940
royalties, $79,137; inventories,
(less reserves
advances to
$8,904,673; other
receivable, $1,888,364; net equity in net assets of sub¬
sidiary companies not consolidated operating in foreign territories subject
to contingent liabilities reported, $354,282; fixed assets (excluding fully
depreciated assets), $1,963,417; investment in an affiliated company, at
cost, $1,673; deposits on leases, &c., $14,238; deferred charges, $168,413;
organization expenses, $242,409; trademarks and trade names, $137,500;
goodwill, $1,191,791; total, $17,191,886.
Liabilities—Secured notes payable to banks maturing within one year,
$1,912,000; unsecured notes payable—trade, $181,662; accounts payable
and sundry accruals, $1,688,813; accrued participations of certain officers
and employees of Universal Pictures Co., Inc., $97,197; reserve for Federal
income taxes. $557,914; secured notes payable to a bank, maturing after
one year, $1,110,000; 10-year 5% convertible debentures, dated April
1,
1936, $4,000,000; accounts payable maturing after one year, $94,052; ad¬
vance payments and unapplied collections in respect of film service, $266,638; remittances from subsidiary companies operating in foreign territories,
held in abeyance, $361,722; reserve for contingencies, $68,445; deferred
credit with respect to first preferred 8% cumulative stock of Universal
Pictures Co., Inc., acquired at a discount and held in treasury of that
company, $53,443; proportion of capital stock and surplus of subsidiary
companies applicable to minority common stockholders, $9,248; first
preferred 8% cumulative stock of Universal Pictures Co., Inc., outstanding,
$2,843,573; capital stock (525,681 shares common stock, par $1), $525,681;
capital surplus, $3,679,767; surplus arising through the revaluation of
studio land in 1934, $258,125; capital surplus arising through the retirement
of first preferred stock of Universal Pictures Co., Inc., $36,645; operating
deficit, $553,039; total, $17,191,886.—V. 152, p. 1773.
cash and accounts
$46,733; customers' trade acceptances
customers' accounts
payable, per contra)
$20,709), $392,703; other current receivables less reserve
$5,979 (including employees' accounts $4,343), $7,516; inventories of raw
materials and supplies, work in process and finished products, at the lower
of cost or market, $457,826; inventories of slow-moving stock, less provision
less
reserve
for
($28,559)
$10,805; receivable balances,
obsolescence,
not current,
$2,209; prepaid expenses, $22,727; investments, $56,939; property, plant
(less, reserve for depreciation, $461,170), $404,589; good¬
will, patents and trademarks, $3; deferred charges, $18,903; total, $1,433,475
and equipment
expenses,
accounts payable and accrued
income tax, $17,139; capital stock
$737,778; earned surplus, $12,328;
payable, $156,850;
$214,811; provision for Federal
Liabilities—Notes
130,240
$2,232,805
period
Assets—Cash, $1,548,238; accounts and notes receivable
for doubtful accounts of $92,605), $697,769; unliquidated
producers and advance
$3,468,640
1,105,595
Assets—Cash in bank and on hand,
and notes receivable (less reserve $1,311), $12,523;
receivable (of which $150,904 assigned to secure notes
($1 par), $294,570; paid-in surplus,
total, $1,433,475 —V. 152, p. 2413.
Ry.—Earnings-
Utah
June—
railway
Gross from
Net from railway......
Net ry. oper. income.
From Jan. 1—
.,.
Gross from railway
Net from railway
Net ry. oper. income—
—V. 153, P. 112.
def2,228
364,173
52,796
17,294
Apartments,
Versailles
1940
1941
$52,126
2,356
1,981
1939
1938
def612
$25,756
defl0,734
defl3,054
$26,805
defl0,309
def9,234
370,108
51,879
18,080
337,035
38,477
4,649
272,185
def7,805
def61,061
$36,393
Inc., Chicago—Registers with
SEC—
See list
given on first page
Victor
1941
June 30—
3 Mos. End.
Net profit after
eral
taxes
Earns, per
of this department.
Chemical Works—Earnings—
all charges incl. Fed¬
sh. on
a$373,015
$0.54
And after reserve for excess
Virginia Coal & Iron
Directors
have declared a
stock, payable
per
share were
1939
$203,368
696,000 shares capi¬
tal stock
a
1940
$258,855
$0.37
$0-29
profits tax.—V. 152, p. 2725.
Co.—$1.50 Dividend—
dividend of $1.50 per share on the common
Sept. 4, to holders of record Aug. 22. Dividends of 50 cents
paid on June 2 and on March 3, last, and dividends totaling
distributed during the year 1940.—v. 152, p. 3516.
$4 ner snare were
The Commercial & Financial Chronicle
708
Virginia Iron, Coal & Coke Co.
1940
1939
$304,814
323,551
$125,494
137,546
334,534
Operating expenses
Warner Bros. Pictures, Inc.
-Earning s-
1941
$353,675
3 Mos. End. June 30—
Gross oper. revenue
a
deducting all charges including, amortization, depreciation,
provision for contingencies and Federal normal income taxes,
b On 3.701,090 shares of common stock.—V. 153, p. 256.
Other Income...
$19,142
15,494
x$ 18.737
31,895
x$12,052
18,764
Profit--...
$34,636
29,326
$13,158
34.044
$6,712
60,327
Net
operating profit
b Earnings per share
x$26,951
39,934
$5,310
x$20,886
x$53,615
x$66,885
—......-
Net profit
......
Virginian Ry.-
194.1
Gross from railway...
Net from railway
Net ry. oper. income.,
From Jan. 1—
Gross from railway
Net from railway
1939
$1,903,829
1,050,461
$1,463,322
830,829
..
793.954
788,549
12,387,127
6,872,032
5,304,099
9,324,326
3,824,868
..
4,603.576
3,423.363
698,276
583.480
8,924,823
4,139,843
3,352,543
Wayne Knitting Mills, Ft. Wayne, Ind.—Earnings—
Income Account Year Ended Dec. 31, 1940
Gross sales, less discounts, returns and allowances
Cost of sales (including depreciation $105,482)
Ry.—Earningx-
June—
Gross from railway
Net from railway
1941
Net ry. oper. income—
1939
$3,426,271
$3,336,585
$3,082,150
590,527
22,142
580,128
1,952
531,226
26,283
21,876,522
20,688,105
3,982,250
18,669,947
2.780,076
def587,715
4,420,355
1,018,546
508,490
—V. 153, p. 568.
Administrative and general expenses
Net operating profit
Other income
...
Federal
excess
profits tax, 1940
Net income
Preferred dividends
Inc.—Earnings—
Earnings
per
share
Income Account Year Ended Dec. 31. 1940
Operating profit
...
Other income
;
Total income
$76,201
9,609
$27,371
301,157
...
Surplus earned Dec. 31, 1940
Balance Sheet Dec.
banks
and
31,1940
hand, $219,742; accounts receivable,
(less reserves $17,813), $280,142; accounts receivable, other,
$3,769; accrued interest receivable. $1,042; inventories, $565,592; invest¬
ments, &c., $55,675; fixed assets (less reserve for depreciation and amortiza¬
tion, $641,039), $366,841; unexpired insurance, supplies, &c., $7,224;
goodwill, trade-marks, &c., $25,000; total, $1,525,028.
Liabilities—Accounts payable, trade, $34,113; accrued payroll, $8,036;
accrued social security taxes, $7,948; taxes payable, personal property.
$6,386; class A stock (100,000 shs. no par) and class B stock (200,000 shs.
no par),
$1,499,300; surplus earned, $328,529; treasury stock (class A,
37,034 shares at cost). Dr. 359,283; total, $1,525,028.—V. 151, p. 570.
on
customers
Waldorf
System, Inc. (& Subs.)—Earnings—
Period End. June 30—
Total sales
b Net profits
Estimate
for
a
1941—3 Mos.—1940
$3,729,621
157,290
Estimate
$7,317,603
306,248
20,000
for
$6,826,050
210,329
20,000
Federal
income & defense taxes
36,840
Earned per share
16,688
79,035
31,294
$100,450
$0.23
Net profit
c
1941—6 Mos.—1940
excess
profits tax
a
$3,396,586
112,703
$96,015
$0.22
$207,213
$179,035
$0.42
$0.48
a Based
on our interpretation of information from
various sources on
contemplated tax legislation,
b After depreciation and State taxes but
before provision
for Federal income excess profits and defense taxes,
c On 424,600 shares of common stocsr.—V.
152, p. 3362.
Walker & Co., Detroit,
Mich.—Earnings—
Sales, net...
Cost of sales.
Selling and administrative
expenses
Operating profit
Total income
Discounts allowed and sundry deductions
Provision for normal income taxes for the year (no excess profits
tax
payable),
Dividends
on
$2,347,569
1,257,268
262,120
560,175
$282,729
2,089
estimated
66,188
class A stock
$214,451
186,678
Netprofit
Note—Provisions for depreciation and amortization of property, plant
and equipment for the year amounted to $151,278.
Balance Sheet Dec. 31, 1940
deposits and on hand, $199,176; time deposits and
interest accrued, $70,444; U. S. Government securities, $121,862; trade
notes and accounts receivable (less reserve, $31,581), $202,641; inventories,
$103,497; investments and other assets, $39,652; property, plant and
equipment (at cost, less reserves for depreciation and amoritzation),
$1,220,894; goodwill and territorial rights, at cost (less write-downs aggre¬
gating $161,031), $315,781; deferred charges, $95,005; total, $2,368,955.
Liabilities—Accounts
payable for
purchases, expenses and
payroll,
$79,166; accrued leasehold rentals, illumination, Federal capital stock tax
and State tax on intangible property,
$23,473; Federal tax on income of the
year 1940, estimated, $67,000; reserve for contingencies, $50,000; class A
stock cumulative ($2.50 per annum) convertible (60,000 shs. no
par) and
class B stock (204,980 shs. no par), $1,891,119; capital
surplus, $23o,791;
earned surplus, $21,405; total, $2,368,955.—V.
152, p. 3991.
sidiary
1940
a$638,991
16,444
1939
$247,129
12,863
$232,051
231,102
...
Net income
$949
Note—No provision for Federal income taxes is necessary as the
statutory depletion results in no taxable income for the year.
Balance Sheet
as
use
of
at Dec. 31. 1940
Assets—Cash in banks, $432,139; accounts receivable, $102,310; crude oil
in storage, $2,019; property and equipment, $1,530,184; advances for lease¬
hold purchases, $10,000; investment in bond and corporate stocks, $4,011;
accounts
receivable,
$47,834; prepaid expenses and deferred
$34,524; accounts receivable in oil, $55,359; total, $2,218,381.
charges,
Liabilities—Mortgage notes payable to National City Bank of New
York—(monthly instalments maturing in 1941), $120,060; accounts pay¬
able, $25,049; due to joint lessees for oil and gas sales, &c.f $11,067; accrued
expenses, $11,539; unclaimed dividends payable, $347; mortgage notes
payable to National City Bank of New York (monthly instalments maturing
subsequent to 1941), $780,000; accounts payable in oil, $6,489; capital stock
(par $1), $847,700; paid-in surplus, $248,628; acquired surplus, $106,286;
earned surplus, $61,275; total, $2,218,381.—V. 149, p. 2710.
Wentworth Radio & Auto Supply Co.,
Ltd.—Earnings
Income Account Year Ended Dec. 31, 1940
$40,730
1,245
5,554
4,063
-
Salary of executive officer
Directors' fees
Provision for income and
780
excess
profits taxes
10,159
Net profit for year
Deficit in surplus account Jan. 1,1940
$18,928
82,420
Deficit, Dec. 31, 1940
Assets—Cash
notes
receivable
assets
(net),
$63,492
Balance Sheet as at Dec. 31, 1940
hand, in transit and in bank, $30,099; accounts and lien
(net), $265,634; merchandise inventories, $87,177; fixed
on
$157,353;
$553,309.
Liabilities—Bank
deferred
loan,
expenses,
$13,045;
goodwill,
$1;
total,
$100,000; accounts payable, trade,
$89,760; customers' credit balances and deposits on merchandise, $2,714;
accrued interest on mortgage, $671; provision for income, excess
profits
and other taxes, $10,584; deferred income, $9,669; first
mortgage payable,
principal (secured by Hamilton store land and buildings), $27,750; 6K%
secured,
convertible cumulative sinking fund preferred stock ($100 par), $300,000;
stock (26,792 class A, $100 par) and 4,000 class B (no
par),
$75,654;
deficit
in
surplus
account,
$63,491;
total,
$553,309.—V.
137,
D.2992.
Westchester Lighting
Period End. June 30—Sales of electricity, 1,000
feet
Sales of electricity
Saxes of gas
Other operating revenues
—
Total oper. revenues—
expenses
a
Taxes..
Operating income
Co.—Earnings—
1941—3 Mos.—1940
kilowatt hours
Sales of gas, 1,000 cubic
79,551
81,658
1941—12 Mos.—1940
340,988
346,656
1,475,232
$3,016,595
1,685,662
26,401
1,584,562
6,510,607
6.512,899
$3,056,089 $12,681,217 $12,571,433
1,750,923
7,033,379
7,017,366
18,106
96,855
88,826
$4,728,658
2,749,420
506,200
779,549
$4,825,118 $19,811,451 $19,677,625
2,755,035
11,247,621
11,506,216
440.600
2,098,600
1,860,400
804,561
3,102,473
2,973,866
$693,489
Dr3,287
Gross income
146,623
b245,397
384,349
156,293
219,570
43,269
$158,105
218,471
307,000
$909,820
common stock.
Includes gain of $34,157
$0.65
$203,415 loss$145.626
$0.13
Nil
Walworth Co. bonds and debentures re¬
acquired during six months ended June 30, 1940.
b Includes amortization
of $16,366 taken on new defense facilities.—V. 152, p. 3991.
Total
Other expenses
Other income.-
mortgage bonds and debs.
of company
Reserved for normal Fed. inc. taxes.,
Reserve for Federal excess profits tax
a
$181,618
15,516
34,918
—
$824,922
3,375
$3,362,757
14,306
$3,337,143
5,934
$690,202
458,550
$828,297
458,550
$3,348,451
1,834,200
$3,331,209
1,834,200
25,991
4,499
25,920
3,782
104,106
20,298
104,394
48,267
$201,162
$340,045
$1,389,847
$1,344,348
3,316
Depreciation
Netprofit
Earnings per share of
$462,494
280,876
Net profit from oil and gas production—
Profit on sale of leaseholds
Miscellaneous income
Depreciation
company
on
Income Account Year Ended Dec. 31, 1940
Operating
(& Subs.)- -Earnings—
6 Months Ended June 30—
1941
Profit before interest and depreciation $2,013,544
Interest on notes and drafts.
20,354
Interest on mortgage bonds of sub¬
Interest
Wellington Oil Co. (of Del.)—Earnings—
Income from oil and gas sales
Cost of production
common
Assets—Demand
Walworth Co.
banks
and on hand, $217,606; accounts receivable,
$1,102,374; prepaid expenses, $14,044; unabsorbed
premium deposits—Mutual Insurance Co., $15,978; property, plant and
equipment, (less—reserve for depreciation $781,767), $1,259,596; deferred
maintenance—unamortized
balance, $6,395; goodwill, trade-marks and
patents, $1; total, $3,031,444.
Liabilities—Notes payable—bank, $100,000; accounts payable—trade,
$87,729; customers' credit balances, $31; accrued liabilities, $132,918;
dividends on preferred stock, $20,246; provision for Federal income and
excess profits taxes,
$119,427; 6% cumulative preferred stock (par $50),
$674,850; common stock (par $5), $750,000; capital surplus, $855,400;
earned surplus, $290,842; total, $3,031,444.—V. 152, p. 3833.
$268,005
14,723
Other income
in
Profit from operations
Interest on mortgage
Depreciation of fixed assets,-.
Income Account Year Ended Dec. 31, 1940
Commissions paid to national solicitors and local agencies (net)
on common
$415,450; inventories,
$328,529
Note—No provision has been made for United States income and excess
profits taxes and none is deemed required.
in
$336,698
40,491
187,500
$1.97
Balance Sheet as at Dec. 31, 1940
Assets—Cash
$457,453
381,252
$85,810
13,293
45,145
Other deductions
Depreciation and amortization
Assets—Cash
$432,862
23,262
101,439
17,987
_
Federal income tax—normal
Common dividends
Manufacturing profit, after deducting cost of goods sold, includ¬
ing, materials, labor, factory expenses
Selling, advertising, administrative and general expenses..
Net profit for year
Surplus earned balance Jan. 1, 1940
$5,016,117
4,151,746
320,854
110,655
Selling expenses
1938
27,192,948
8,221,939
4.337,187
Gross from railway
Net from railway
1940
$4,827,285
1,537,291
832,355
Net ry. oper. income—
From Jan. 1—
Waitt & Bond,
the
a summary of an application filed with the Securities and Ex¬
change Commission for approval of the acquisition of certain utility prop¬
erties, of a plan of physical integration and of a plan of corporate reorganizar
tion and simplification.
Pursuant to the order of the Commission, a public hearing thereon was
held at its offices in Washington, D. C., on July 7 to 9, inclusive, and the
matter is still before the Commission for consideration.
Pending decision
by the Commission, the board of directors, acting upon the advice of counsel,
has decided that the company should take advantage of the 60-day grace
period. Accordingly, the interest due Aug. 1 on the 1st lien & gen. mtge.
gold bonds 6% series due 1960 will not be paid on that date.—V. 152, p.
3833.
company,
1938
$1,923,439
1,036,390
12,798,644
6,835,460
..
Net ry. oper. income..
—V. 153, p. 256.
Wabash
..
1940
$2,483,703
1,455,274
..
$2,450,713
$0.58
After
Washington Gas & Electric Co.—Interest Deferred—
Earning a—
-
'41 May 25 '40
$4,433,445
$1 -12
T. E. Roach, President, states:
On June 9, 1941, there was mailed to all known security holders of
For the six months ended June 30, 1941, net profit was $27,788 com¬
paring with net loss of $10,528 in first half of 1940.—V. 152, p. 2881.
June—
May 31
Weeks Ended—
39
x$46,098
19,147
Int., idle plant exps., &c.
(& Subs.)—Earnings—
1938
$226,489
272,587
a
Operating profit...
Aug. 2, 1941
on
Int.
Int.
on
long-term debt,_
on
advances
from
associated companiesb Other interest
Net income
—
a Incxudes Federal income tax
accruals.
No provision has been made for
lederal excess profits tax as return filed shows no
liability for such tax.
b Includes amortization of debt
expense, less premium and miscellaneous
deductions.—V, 152, p. 2882.
Volume
The Commercial & Financial Chronicle
153
Western Maryland
Period End.June 30—
Operating revenues
Traffic expenses
Transportation
Wisconsin Power & Light Co.-—Sells Notes Privately—To
Offer $30,000,000 Through Competitive Bids—Company has
completed negotiations for the sale to the Northwestern
Mutual Life Insurance Co. of Milwaukee of $2,500,000 3%
serial notes, due 1949 to 1951, and for the sale to the Con¬
tinental Illinois National Bank & Trust Co. of Chicago of
$500,000 2 lA% and 2 % % serial notes, maturing from Feb. 1,
1942, to Aug. 1, 1948.
Ry.—Earnings—
1941—Month—1940
1941—6 Mos.—1940
$1,845,377
$1,365,638 $10,527,096
$9,083,485
239,810
192,259
1,193,263
1,104,425
400,153
322,742
2,253,227
1,946,496
40,325
39,778
247,904
237,369
443,956
361,190
2,627,363
2,399,843
8,193
4,071
41,241
34,683
46,722
45,800
286,559
281,494
1,688
1,832
2,868
19,442
Maint. of way&structs.
Maint, of equipment...
expenses
Miscellaneous operations
General expenses
Transp. for investm't-Cr
Net operating revenue
$667,906
Taxes
$401,630
115,000
220,000
Operating income
Equipment rents
Joint facil. rents (net)..
$447,906
54,270
12,350
Net. ry. oper. incomeOther income.....
The
and Exchange Commission announced July 28 that
application (File 70-364) under the Holding Company
company filed
Act regarding the proposed issuance and sale of $30,000,000 of first mortgage
bonds, series A, due Aug. 1, 1971, and $3,000,000of2M%, 2%%and3%
$2,780,407
136,992
77,917
$2,433,617
$489,826
9,016
$289,574
18,475
$2,839,482
46,704
$2,455,566
71,240
Gross income
Fixed charges..
$498,842
285,353
$308,049
$2,886,186
276,580
1,678,685
$2,526,806
1,675,048
Net income-
$213,489
$31,469
$1,207,501
$851,758
:
Securities
$3,098,617
665,000
$3,880,407
1,100,000
$286,630
15,648
12,704
.
709
an
unsecured notes due serially Feb., 1942-Aug. 1,1951.
The interest rate on
the bonds is to be furnished by amendment.
J
The company states that it is contemplated that a public offering of the
bonds will be made by underwriters after competitive bidding. The company
94,793
72,844
will sell $337,500 of
% notes and $162,500 of 2%% notes to Continental
Illinois National Bank & Trust Co. The 3% notes in the principal amount
of $2,500,000 are to be sold to the Northwestern Mutual Life Insurance Co.
2%
The proceeds from the sale of the securities, together with other
will be applied to the redemption of $33,000,000 principal amount
first mortgage bonds, series A, due
funds,
of 4%
June 1,1966.—V. 152, p. 3992.
:
—V. 152, p. 4143.
(Wm.) Wrigley Jr. Co. (& Subs.)—Earnings—
Western Pacific RR.
June—
Gross from railway
Net from
Co.—Earnings—
1941
1940
$1,767,284
431,054
255,149
railway
Net ry. oper. income...
Gross from railway
Net from railway
Net ry. oper. income...
—V. 153, p. 114.
Western Ry. of
■'•••
9,575,857
2,260,232
1,118,226
x.
$1,190,028
def37,411
defl77,500
$1,339,526
184,193
40,802
;.xX;;:
7,747,629
1,285,251
305,987
1941
Gross from
railway
Net from railway
Net ry. oper. income—.
1—
1940
$189,910
43,623
19,065
1938
1939
$138,041
$126,003
19,084
6,498
9,707
$117,996
def4,198
Gross from railway
def226
863,465
106,766
823,380
104,695
771,358
52,370
43,509
31,916
defl2,359
dividend of 75 cents per share on the common
a
stock, payable Sept. 10 to holders of record Aug. 25. This compares with
50 cents paid on July 15, last; $1 paid on April 1, last; $1.50 paid on Dec. 14,
1940; 50 cents paid on June 28, 1940, and a dividend of $1 paid on Dec. 15,
1937.—V. 153. p. 256.
'
Gross from rail way
Net from railway
1940
1939
$1,938,416
792,699
351,798
$1,564,991
620,377
464,373
$1,131,307
9,791,111
3,525,301
Net ry. oper. income.2,000,807
—V. 153, p. 114.
7,892,566
2,725,691
2,135,739
$3,448,060
905,241
200,000
$7,355,423
2,916,441
$6,608,153
1,607,499
200,000
$2,342,818
b$1.19
$4,438,982
$4,800,654
b$2.44
b On 1,962,967 shares of capital
■v;x;,-v-y,f:-
1940
1939
1938
$1,593,283
605,884
403,336
$1,137,523
245,400
22,445
$1,036,868
211,603
def8,974
$1,057,052
286,503
78,495
8,265,416
2,611,417
1,452,923
7,287,297
2,016,323
729,782
6,621,353
1,715,478
506,113
6,628,205
1,872,400
580,940
1
■
—V. 153, p. 114.
•
•••••
.
,
v.
1
-
,
Yellow Truck & Coach Mfg. Co.
a
sales
1941—3 Mos.—1940
Excess profits tax
8,252,483
261,490
1,454,000
1,987,004
2,701,140
income...
$1,848,849
Net
,
(& Subs.)—Earnings—
1 941—6 Mos.—1940
......$50,723,715 $21,762,363 $91,371,592 $39,669,613
Profit from operations
and investments
Prov. for depreciation..
b Prov. for contingencies
4,526,150
879,235
557,238
'
*
13,519,362
512,969
1,854,000
3,213,945
4,038,125
-
542,000
...—
$1,697,358
3.939,752
$3,900,323
2,461,850
222,492
$2,721,109
446,643
772,000
Including the company's proportion of net profits or losses of whollyowned and controlled companies not consolidated,
b Including possible
a
(S. S.) White Dental Mfg. Co .—Profit Sharing Plan—
additional taxes.
x
'if' ■ ff X. '„■■■■■
jxx-xv
plan for 1941
Note—Provision for Federal income and excess profits taxes in the second
plan, deductions from total net profit are made for Federal
on invested capital after which 50%
of the remaining
quarter and first six months of 1941 is based upon the Federal income and
excess profits tax rates now In effect, as established by the Second Revenue
Act of 1940.
In addition, there has been set aside out of net income for the
first six months of 1941 a provision of $1,854,000 for contingencies, including
Company has announced an employee profit participation
and disbursement for the first six months has been made.
Under the
$3,857,127
1,789,564
a$2.26
$6,316,245
291,908
1941
Net from railway
Net ry. oper. income...
$879,501
265,041
182,097
5,996,503
1,597,502
3,255,253
205.956
June—
Federal income taxes.._
Gross from railway
Net from railway
$7,149,467
64,062
3835.
p.
Gross from railway
1938
352,054
280,102
$3,383,997
Mississippi Valley RR.—Earnings—
Net from railway.
Net ry. oper. income...
From Jan. 1—
taxes
152,
Yazoo &
Net
1941
Net ry. oper. income...
stock.—V.
Period End. June 30—
Wheeling & Lake Erie Ry .-—Earnings—June—
$3,792,985
64,141
On 1,963,967 shares of capital stock,
From Jan. 1— •
Gross from railway
Westmoreland Coal Co.—75-Cent Dividend—
Directors have declared
Net profit....
Earnings per share
a
1941—6 Mos.—1940
$6,405,877 $13,101,128 $11,786,694
2,846,259
5,570,909
5,120,288
175,620
380,751
350,161
1941—3 Mos.—1940
$7,100,712
3,114,930
192,797
$2,067,563
a$1.05
Total income........
Federal income taxes...
Prov. for contingencies.
„
1,088,578
230,265
101,466
Net from railway
Net ry. oper. income...
—V. 153, p. 114.
Net profit from oper..
def9,7l0
,
,
exps
Other income
6,998,405
5.938,245
714,994defl,125,379
defl48,822def2,004,034
Alabama—Earnings—
June—
From Jan.
1938
1939
$1,385,599
263,778
123,310
■'•'.•■•V
From Jan. 1—
Period End. June 30—
Operating profit
Sell., gen. & admin,
Depreciation
and interest
income is distributed pro rata to all employees on the basis of their earnings.
The amounts distributed this month from operations of the first half of
568.
possible additional taxes beyond those payable on the basis of the 1940
Provision for Federal income taxes in the first six months of 1940
was based on the 20.9% rate then in effect.—V. 152, p. 3042.
6% secured notes, due Sept. 1, 1945
Sept. 1 at par and accrued interest.
Payment will be made at the Old Colony Trust Co., Boston, Mass.—V. 153,
p. 568.
Directors have declared a dividend of 20 cents per share on the common
stock, payable Aug. 15 to holders of record Aug. 8. Like amount was paid
on Feb. 15, last; dividend of 10 cents was paid on Aug. 15, 1940 and one of
20 cents was paid on Feb. 15, 1940, this latter being the first dividend
the year represented
of the earnings of each employee throughout
5H%
the offices, factories and branch
houses in the United States.—V. 153,
p.
rates.
York Knitting Mills,
Wickwire Spencer Steel Co.—Notes Called—
All
of the
10-year
outstanding
have been called for redemption
on
Ltd.—20-Cent Dividend—
paid on the common shares since 1923.—V. 153, p. 569.
Willson Products,
1941
3 Mos. End. June 30—
$1,699,063
990,819
Net profit from operations
...........
.......
...
Other income............................................
$708,244
239,793
$468,450
8,899
i
profit before income taxes
Provision for Pennsylvania income
and excess profits taxes
$477,349
tax
and
Federal
326,708
390,690
$4,205,086
918,420
1,984,201
$3,026,619
934,58 1
1.625,391
$2,819,275
747,848
1,627,313
133,182
$12,039,140
Interest, &6659,232
Deprec. and depletion._
2,072,111
137,561
326,081
304,405
.....
and excess profits tax.
...
on common
stock
;
_
Assets—Cash, $168,177; accounts receivable (net), $419,492; inventories,
$640,799; cash surrender value life insurance, $83,544; prepaid expenses
deferred charges, $16,602; plant, property and equipment
(net),
$834,986; total, $2,163,600.
■
'
Liabilities—Accounts payable (trade), $216,922; accounts payable (miscel¬
laneous), $2,879; accrued items, $29,016; provision for Federal and State
income and excess profits taxes, $379,223; common stock, $137,000; capital
surplus, $632,237; earned surplus, $798,947; treasury stock (dr.), $32,624;
total, $2,163,600.—V. 152, p. 2414.
and
Wisconsin Central
Period End. June 30—
revenues.
Ry.—Earnings—
1941—Month—1940
$1,500,156
$1,231,983
1941—6 Mos.—1940
$7,725,135
$6,233,903
Maint. of way and struc.
144,820
154,084
29,028
425,603
34,597
1,007,807
173,685
2,553,889
210,104
$586,749
$443,852
$2,588,758
$1,550,222
71,578
90,875
87,619
197,461
523,269
454,279
$424,296
$356,232
$1,868,028
2>27,026
Dr30,167
Dr28,638
Dr35,637
Dr217,594
Drl92,413
$368,632
$290,429
Dr3,599
Dr7,320
before interest...
$365,033
Int. being accr. and paid
8,059
$356,974
Maint. of equipment...
Traffic expenses
172,481
28,857
Transportation expenses
469,179
56,389 *
General
expenses
Net railway revenues.
Federal income taxes—
Other taxes.....
Net after taxes
Hire of equipment
Rental of terminals.....
Net after rents
Other income (net)..._
Inc.
Balance before interest
on
bonds, &c
—V. 152, p. 4143.
X.>x-'
! x■ X
xx";.. XX.
685,500 'Jff
profits taxes...
x-,,r
.
■
—
$4,765,997
738,195
$1,095,943
Dr217,059
Z>rl88,053
$1,458,021
Dr45,718
Dr26.6o9
$283,109
8,945
$1,412,303
$664,162
49,872
,56,271
$274,164
$1,362,431
$607,891
$690,830
$1,169,283
$329,086
.$118,033
1,675,008
1,675,008
1,675,008
1,675,008
$2.72
profit....
$0.57
$0.07
Earnings per share
Before Federal
income taxes,
.
.
..
Youngstown Steel Door Co. (&
Subs.)—Earnings—
Earnings for the 6 Months Ended June 30, 1941
sales
.....
Selling, general and administrative expenses
Gross profit on
— .
— —
Operating profit...
Other income
.......—
Provision for depreciation of capital assets
Provision for amortization of patents...........
........
Provision for additional taxes on income and contingencies
Net
profit.
$1,257,912
$1,276,461
55,677
36,238
285,285
159,753
121,000
Provision for Federal and Canadian income taxes..
Provision for Federal & Canadian excess profits taxes.
Earnings per share on 665,920 shares of com. stock.
$1,506,025
248,113
18,548
—......
Total income—
—
$618,558
$0.93
Note—Provision for Federal and Canadian income taxes has been made
in effect. In addition, $121,000 has been provided during the
half of 1941 for anticipated increases in taxes on income and con¬
at rates now
-
Nil
b After Federal income taxes,
c In¬
profits taxes.
Note—Provision for Federal income and excess profits taxes has been
made in accordance with tax rates now Jn effect.
In addition to such
provision, during the first half of 1941 the amount of $1,034,700 was set
aside for anticipated increases in Federal taxes; of this amount $685,500
was provided during the second quarter.
In the first six months of 1941 $9,269,576 was provided for taxes of
all kinds, as compared with $2,594,383 provided for all taxess in the first
six months of 1940.
Payrolls in the first six months of 1941 were $26,922,295, as compared with $19,470,809 in the similar period of 1940.
Dividends paid during the first six months of 1941 were $2,506,260. as
compared with $1,248,621 paid in the first six months of 1940.—V. 152,
p. 2727.
'
v
x.:: v;,::':;xxx;r';
a
cludes $1,260,800 for excess
,
186,501
944,637
1,042,322
169,801
2,723,648
255,968
expense
Net
Shares common stock—
Balance Sheet June 30, 1941
Total
.*—.
$172,944
$1.35
...
;,
c3,856,300
increase
in Federal income and
excess
Net
charges
Federal income
Miscellaneous
Prov. for antic,
income
1938
316,141
-Total Income
Prov. for
Net
1939
1940
a$12,039,140 b$3,888,946 b$2,699,911 b$2,428,584
Operating profit
Other income
Gross profit on sales..*.....
Selling, administrative and general expense..
>
Youngstown Sheet & Tube Co. (& Subs.)—Earnings—
Gross sales, less discounts and returns and allowances
profit
Earnings per share
'
Inc.—Earnings—
Earnings for the Six Months Ended June 30, 1941
first
tingencies.—V. 152, p. 3206.
The Commercial & Financial Chronicle
710
COMMERCIAL EPITOME
Friday Night> Aug. 1, 1941.
Coffee—On the 28th ult. futures closed 12 to
points net higher.
Sales
totaled
128 lots.
19
points
Santos coffee
futures with gains of 15 to 27 points were close to the seasonal
highs registered last Tuesday.
In Brazil the official Santos
spot prices advanced 400 to 600 reis.
Soft Santos 4s were
quoted at only 200 reis under the minimum export prices.
Nearby futures
Roaster
active than the distant positions.
were more
buying
said to be slack.
was
In Rio de Janeiro
spot 7s advanced 200 reis to 24.000 milreis.
ult.
futures
closed 3
7
to
On the 29th
points net lower.
The
Santos
showed a range at the opening of 6 to 9 points
advance, but it slipped back in later trading to close 3 to 7
points net lower.
Sales were 112 lots.
There was nothing
contract
in the
of the
day's news to affect prices.
Actuals were
quiet, with business limited mostly to jobbing lots in the
run
spot market and
freight Brazils.
ment
small
a
of price plans
of
amount
Most of the trade
business in cost and
are
waiting for
announce¬
by the Inter-American Coffee Board.
This Government's attitude
was reflected by the statement of
delegate, Paul Daniels, who said recently that further
its
price
advances
were
unwarranted.
In Brazil spot price
advanced 300 reis, but quotations were un¬
changed otherwise.
On the 30th ult. futures closed 3 to 7
of hard 4s
was
points net higher for the Santos contract, with sales totaling
138 lots.
Coffee futures were quiet and steady with traders
evidently waiting a further delineation of the price policies
Washington.
In Brazil official Santos spot prices were
of
200 to 500 reis lower.
possibility of
a
There
was
higher warehouse
shortage of storage
talk in trade circles of the
rate
on
is reported.
space
coffee.
A growing
Today the amount
of coffee afloat from Brazil to the United States
the
even
ago
the "afloats"
hundred thousand bag mark.
were
above 1,000,000
bags.
On the 31st ult. futures closed 60 to 61
for the Santos contract, with sales
Rio contract closed 33 to 39
Santos coffee futures
limit permitted in
before
the
one
export prices
the market
was
or
up
The
higher, with sales
advanced
the full
had
lifted
the
minimum
all her types of coffee by 6 milreis
on
kilos, equivalent to about 1%
possible,
points net higher
session—75 points—on news received
opening that Brazil
a
pound.
per
10
In early afternoon
about 6 points under the maximum advance
69 points.
Brazil's delegate to the Inter-
American Coffee Board explained that minimums had
been
raised to reach
a
more
equitable difference with Colombian
Traders
coffees.
were
waiting for the reaction from official
Washington.
Santos
Today futures closed
contract,
with
sales
1 to 7 points off for the
totaling
126 lots.
The Rio
points net higher, with sales totaling
only 7 lots. The coffee market opened 10 to 15
points higher
but by early afternoon stood but 1 to 3
points net higher.
contract closed 5 to 10
The A contract
7 to 10 points
was
higher with Dec. at 8.21,
According to reports from Washington, the
American delegation expressed
astonishment at Brazil's
statement regarding minimum
prices.
It was claimed the
American delegate had never
expressed a view as to the
up
10 points.
correct differential between Santos 4s
and Manizales, but
rather had merely refused to
acquiesce in a higher price for
any coffee, including Santos 4s.
In Brazil the official Santos
spot prices were 2.200 to 3.300 per 10 kilos
higher but were
still far below the new minimum
export prices established
yesterday.
Rio coffee
prices closed
September
as
follows:
8.06
December
8.21
!March.___.._.
8.43
|May
Santos coffee prices closed
as
September
12.11
December
March, 1942.
12.24 (3i 12.25
12.37
ZZ.I.8-56
follows:
May..
July
12.47
.12.54
Cocoa—-On the 28th ult. futures
closed 3 to 4 points net
Cocoa was 1 to 3
points higher in the last hour of
trading.
The rise reflected new commission house
buying,
which met with some
profit-taking and trade selling. "Half
of the volume of 300 lots
lower.
^af-
represented switching from Sept.
Licensed New York
2,200 bags to
a
total of
this morning was
up
warehouse stocks
1,466,719.
18 contracts for
were
The open interest
a
total of 6,961.
down
as
of
Local
closing: Sept., 7.66; Oct., 7.70; Dec., 7.77;
Jan., 7.81; Mar.,
1941
7.90; May, 7.98; July, 8.06.
On the 29th ult. futures closed
1 point lower to 1 point higher.
Total sales were 176 lots,
including five Sept. switches.
The actual market was very
quiet, and there were no price changes reported.
Ware¬
today totaled 1,465,122 bags, which was 1,577
bags less than on Monday.
Stocks a year ago amounted to
1,115,295 bags.
Local closing: Sept., 7.67; Oct., 7.71;
Dec., 7.79; Jan., 7.83; Mar., 7.89; May, 7.98; July, 8.06.
On the 30th ult. futures closed 9 to 10 points net lower,
with sales totaling 198 lots.
Cocoa prices were steady until
the President's price control message and then sold off a few
points, steadying again at around 6 to 7 points below yester¬
day's close during early afternoon.
Ninety-five lots were
house stocks
traded in the first four hours.
Licensed New York
ware¬
house
receipts increased 7,100 bags, bringing the total to
1,472,206 bags.
Local closing: Sept., 7.58; Dec., 7.69;
Jan., 7.73; Mar., 7.80; May, 7.89.
On
the
31st ulto. futures closed unchanged to 1 point
Sales totaled 180 lots, including 16 lots of switches.
The market ruled quiet, with prices moving within a very
narrow range.
Warehouse stocks continued into further new
highs showing a gain of 4,241 bags to 1,476,447 bags.
Ar¬
higher.
rivals
so
far
this
week
totaled
91,307 bags,
bringing the
3,577,437 bags. Local
closing: Sept. 7.58; Oct. 7.62; Dec. 7.70; Jan. 7.73; Mar.
7.81; May 7.89.
Today futures closed 7 to 5 points net
lower, with sales totaling 152 lots. After opening unchanged
to 2 points off, the market ruled
heavy and closed at the
lows of the day.
Local closing; Sept. 7.51; Dec. 7.63; Jan.
7.68; Mar. 7.76; May 7.84.
total for the calendar year to date to
Sugar—On the 28th inst. futures closed 3
to 6
points net
higher for the domestic contract. The world sugar contract
closed 18^ to 20 points net higher.
World sugar again
soared to new highs for most positions, as wave after wave
of new buying provided the
necessary demand to assimilate
heavy profit taking. At the opening, gains ran as high as
22 points, while in the early afternoon the market stood
113d>
to 12 points above Friday's
closing prices. Trading during
the first 3 hours totaled about 40,000 tons.
Domestic futures
3 to 6 points higher in active
trading. The
were
gains
were
believed to reflect not only the strength in the world
price
but also the week end statement of the United States De¬
totaling 349 lots.
points net
totaling 45 lots.
dipped to
About four months
Aug. 2,
partment of State that tariff concessions on sugar might be
granted to Cuba. On the 29th ult. futures closed 21 Yi to 15
points net lower for the world sugar contract.
Volume
continued high, totaling 1,270 lots.
The board of managers
of the New
nounced
York Coffee &
Sugar Exchange overnight
an¬
increase in margin requirements from $350 to
$625 per contract to apply on non-trade accounts, effective
as of the
opening today on new business and on
an
outstanding commitments.
Aug. 4 on
This announcement found the
world sugar contract in a vulnerable
position
following recent
heavy new speculation buying and prices on the opening
dropped 243^ to 13d> points. The market rallied later, but
weakness again developed towards the close.
The domestic
contract was not influenced to any extent
by the higher
margin requirements.
In face of extreme weakness of the
world contract, the domestic contract advanced 2 to 3
points and later extended the gains to as much as 4 points.
Prices fell off later, with sales of domestic contracts
totaling
On the 30th ult. prices closed 8-to 1
point net
405 lots.
higher for the domestic contract, with sales totaling 497
lots.
The world sugar contract closed 3 to 5
points net
lower, with sales totaling 849 lots. Three sales were reported
in the raw market, all to National.
First, 3,600 tons of
warehoused sugars, believed Puerto Ricos and Cubas at
3.60, then 5,000 bags of Puerto Ricos, clearing Aug. 9, also
at 3.60, and
finally 14,000 bags of Puerto Ricos, late Aug.early Sept. shipment at 3.62.
Domestic sugar advanced
today on the news that one refining firm will advance the
price of refined 15 tonight.
Another bullish item was the
sale of raw sugar at 3.62, a new
high for the year. World
sugar futures turned firm during the third hour and
early
losses of 8 to 103^ points were erased.
Towards the close
fresh weakness developed and the world contract showed
fair net losses.
On the 31st ult. futures closed 2
points off to 1 point up
for the domestic contract, with sales
world
sugar
contract
totaling 611 lots. The
points net higher,
closed 123^ to 9
with sales totaling 867 lots.
In the raw market the only
offer uncovered
early was a cargo of Aug. Cubas for which
3.70 was asked.
The world sugar market recovered
to 14
and
103^
points of the abrupt losses which occurred on Tuesday
The firmer tone reflected the fact that the
Wednesday.
new
1941 United
States Cuban quota was sufficient to
absorb most of Cuba's United States reserve
sugars and that
any
further quota given Cuba would have to be taken from
earmarked for the world market.
Today futures
closed 2 points up to
unchanged for the domestic contract.
sugars
Volume
with
sales
The Commercial
153
210
totaling
The
lots.
world
sugar
& Financial Chronicle
and
contract
closed 2% points off to % point up, with sales totaling 424
lots.
The domestic sugar market was 2 to 3 points higher in
early afternoon.
Trading was light pending either new
activity in the raw market or further action by Washington
in the matter of sugar supplies.
In the raw market a cargo
of Cubas, Aug. shipment, and 20,000 bags of Puerto Ricos,
due to clear Aug. 20, were on offer at 3.70, while bids of
3.65 were said to exist.
Further sales yesterday at 3.65
were
rumored but not confirmed.
World sugar futures
were
% to 1 point lower after early losses ranging up to 3
points.
v
24%c. for latex
were
as
follows:
v-2.67
May_—2.70
2.72
2-67 Marcli_-v_«--——
September
November
2.69
January, 1942
—
-
2.68 July
Lard—On the 28th ult. futures closed 12 to 15
points net
heavy during most of the
session.
The market for hogs at Cnicago was steady, with
sales ranging from $10.60 to
$11.60.
Hog receipts for
Saturday totaled 59,000 head against 73,100 head for the
same day last year.
On the 29th ult. futures closed 7 to 10
points net lower.
The market ruled heavy during most of
the session, with trading fairly active.
Chicago hog sales
ranged from $10.60 to $11.70.
Western hog receipts today
totaled 57,000 head against 62,100 head for the same day
The lard
lower.
market
ruled
On the 30th ult. futures closed 12 to 15 points
With most commodity markets showing a de¬
clining trend, it was only natural that lard should follow.
Chicago hog prices held steady in face of the general declines
in commodity markets.
Sales of hogs at Chicago ranged
from $10.60 to $11.60.
Western hog receipts totaled 48,800
head against 38,000 for the same day last year.
On the 31st ulto. futures closed 2 to 5 points net lower.
There was little to the lard market today, though the
undertone ruled heavy.
Chicago hog prices declined 10c.
Hog sales at Chicago ranged from $10.70 to $11.50.
Re¬
ceipts of hogs at the leading packing centers in the West
totaled 45,900 head against 44,200 head for the same day
last year.
Today futures closed 12 to 15 points net lower.
The undertone of the lard market was weak today and
last year.
net lower.
yielded to the slightest
pressure.
DAILY CLOSING PRICES
Sat.
OF LARD FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs.
Fri.
10.00
September
10.52
10.77
10.32
10.17
10.12
October.
December..
10.62
10.40
10.42
10.85
10.50
10.62
10.27
10.50
10.22
10.45
10.10
10.30
January. 1942...
10-90
10.70
10.67
10-57
10.55
10.40
May
-
....
Pork—(Export), mess, $29.87% (8-10 pieces to barrel);
family (50-60 pieces to barrel); $22.25 (200 pound barrel).
Beef: (export) steady.
Family (export), $22.25 per barrel
(200 pound barrel).
Cut Meats: Firm: Pickled Hams:
Picnic, loose, c.a.f.—4 to 6 lbs., 17%c.; 6 to 8 lbs., 17%c.;
8 to 10 lbs., 17%c.
Skinned, loose, c.a.f.: 14 to 16 lbs.,
25%e.; 18 to 20 lbs., 24%c.
Bellies: Clear, f.o.b. New
York—6 to 8 lbs., 20%c.; 8 to 10 lbs., 20%c.; 12 to 14 lbs.,
18%c.
Bellies: Clear, Dry Salted, Boxed, N. Y.—16 to
18 lbs., not quoted; 18 to 20lbs., 14%c.; 20 to 25 lbs., 14%c.;
25 to 30 lbs., 14%c.
Butter: Firsts to Higher than Extra
and Premium Marks: 32]/2 to 34%.
Cheese: State, Held
'40, 23% to 26Eggs: Mixed Colors: Checks to Special
Packs: 23% to 28%.
Oils—The linseed oil market is reported as stronger,
with
pound.
Quotations:
Chinawood: Tanks,
spot—31% offer; drums—33 offer.
Coconut: Crude: Tanks, nearby—.07% nominal bid; Oc¬
tober forward—.06% bid, nominal; Pacific Coast—.06%
bid, nominal. Corn: Crude: West, tanks/nearby—12% to
12%Soybean: Tanks, Decatur, old crop—9% to 10;
October-December—9 to 9% nominal; New York, l.c.l.,
clarified—12.3 to 12.6.
Edible: Coconut: 76 degrees—13%
last sale; Returnable, drums—13% last sale.
Lard: Ex.
winter prime—12c. offer.
Cod: Crude—not quoted. Tur¬
pentine: 59 to 61. Rosins: $2.96 to $4.48.
tank
cars
quoted 10.2 to 10.4c.
per
Oil sales yesterday, including switches, 57
Crude,S.E.,10%-11 nominal.
Prices closed as
Cottonseed
contracts.
follows:
October
11.65© nom|December
11.66©11.70 'January. 1942
.11.49© nom!February
November
.11.49© nom |March
August
September
11.46© trad
11.48© trad
.11.48© nom
11.48© 11.60
Rubber—On the 28th ult. futures closed 25 to 10 points
Small rubber factories were reported as buying
in the actual market
today.
These purchases although
net lower.
light in tonnage, nevertheless, are for spot and forward
delivery into Mar., 1942, it was learned.
Prices in the
outside market remain about the same with spot standard
No. 1-X ribbed smoked sheets in cases being offered at 23 %c.
pound. Latex crepe is somewhat firmer being offered
high as 23%c. per pound, although a few offers have been
reported %b. lower.
Futures transactions today totaled
per
as
crepe.
Far Eastern situation
over
In view of developments in the
the past week it is
f.o.b. level.
The Government in the meanwhile appears to
action on proposals laid before it to provide
have taken
no
smaller manufacturers with crude supplies.
Many of these
working on stocks previously accumulated.
Local
closing: Sept., 22.61; Dec., 22.05; Jan., 20.95; Mar., 20.90.
are
On the 30th
Only 12 lots
ult. futures closed
5 to 50 points net lower.
the Commodity Exchange today.
and actual rubber markets ruled dull today.
were
Both futures
traded
on
Prices in the outside market were unchanged with spot stand¬
ard No. 1-X ribbed smoked sheets offered at 23 %c. per
pound.
The Rubber Reserve Corp. was again buying in
an f.o.b. Singapore basis.
Local closing:
the open market on
Sept., 22.50; Dec., 22.00; Jan., 20.50; Mar., 20.40.
On the 31st ulto. futures closed unchanged to 20 points
net higher, with sales totaling only 24 lots.
The rubber
markets continue to mark time while the trade awaits further
rulings from the Government as to the methods that will be
adopted to conduct further business.
Sales in the actual
market were very light, with the Rubber Reserve Co.
reported buying some more of the Far Eastern commodity
on a f. o. b.
Singapore basis.
Spot standard No. 1-X ribbed
smoked sheets in cases remained unchanged at 23 %c. per
pound.
Local closing:
Sept., 22.60; Oct., 22.30; Dec.,
22.05; Jan., 22.60; March 22.60.
Today futures closed 20
points off to unchanged, with sales totaling 17 lots.
Rubber
prices were unchanged to 5 points lower at the end of the
third hour during which period 11 contracts were traded.
Open contracts totaled 1,264.
Local closing:
Sept. 22.40;
Oct. 22.25; Dec. 22.00; Jan. 20.60; March 20.40.
Hides—On the 28th ult. futures closed unchanged to 2
points higher, with sales totaling only 11 lots.
Dealers and
importers in the New York market today reported a fair
of business for resale foreign hides at steady to
slightly stronger prices.
Activity in the Chicago market
was
quiet, while Argentina packers are still asking for slightly
higher quotations than the last sale.
Local closing: Sept.,
14.65; Dec., 14.60; Mar., 14.60; June, 14.60.
On the 29th
ult. futures closed 5 points net higher.
The raw hide market
continues without
special feature.
Transactions totaled
only 28 lots.
The open interest in the market is down to
874 contracts.
Certificated stocks were put at 255,746
hides.
Local closing: Sept., 14.65; Dec., 14.60; Mar., 14.58;
June, 14.58.
On the 30th ult. futures closed 14 to 18 points
net lower.
While 19 lots were traded, switching operations
amount
accounted for four lots.
A fair resale business that has been
reported during the first two days this week subsided some¬
what today.
Dealers state that 3,000 Corporation Linier
extremes were sold at 15 ll-16c. and reject extremes at
14 9-16c.
Local
closing: Sept.,
14.48; Dec.,
14.42; Mar.,
14.44; June, 14.42.
On the 31st ult. futures closed 2 to 4 points net lower.
were 22 lots traded on the floor switching opera¬
While there
tions made up 6 lots.
Business in the actual
continue quiet, dealers here report.
Packers
hide markets
are offering
Chicago at the last sale levels while
tanners are holding off for weaker quotations.
Argentine
packers, it is learned, are also seeking higher prices.
Local
closing: Sept., 14.45; Dec., 14.40; Mar., 14.40; June, 14.40.
Today futures closed 10 to 13 points net higher, writh sales
totaling 29 lots.
Hides were less active than yesterday with
prices after three hours from unchanged to 5 points higher.
Eight lots were traded in that period.
There were 827 open
contracts.
Local closing: Sept., 14.55; Dec., 14.50; Mar..
selections of
hides in
14.53; June, 14.50.
of the future time charter
the United States Maritime Commission
was the big news in the charter market this week.
Charters
included: Time Charter: West Indies trade, $7.50 per ton.
Canadian trade, $7.50 asked per ton.
North of HatterasSouth African trade, $7.50 per ton.
North of Hatteras,
East Coast South America, $7.50 per ton; West Coast,
Ocean
rate
Freights—Issuance
schedule by
United States Pacific-Far East, $8.25 per
$7.50 per ton.
Sugar: Philippines to United States Atlantic, $25 bid,
asking $30.
Queensland to Halifax-St. John, $21 per ton.
Ore: South Africa to Hatteras $18 f.i.o. per ton; Brazil to
ton.
Sydney, N. S., $12.50 per ton.
Philippines to Baltimore,
$18 bid. Time: Short period West Indies trade; early August,
Fixed for period in North of Hatteras-Panama
commencing mid-August basis new rate schedule,
$4.80 per ton.
Coal: Hampton Roads to Rio de Janeiro,
August, $8.50 per ton. Flour: Pacific Coast to China, $28
$7.50 per ton;
trade,
per
ton.
reports are that the anthracite mines in
Pennsylvania will operate five days during the current week.
Coal—Latest
This makes the seventh consecutive week that the anthracite
11 lots.
industry has operated on such a basis.
Certificated stocks in licensed warehouse^ increased
60 tons to 520 tons.
The rubber open interest position as of
expected that
arrangements will be entered into for the shipment of added
Rubber Reserve Corporation tonnages at the fixed 18 %c.
.
Prices
711
In view of the
pro¬
July 25, declined 63 contracts to 1,313 lots.
Local closing:
July, 22.10; Sept., 22.75; Dec., 22.35; Jan., 21.25.
On the
longed spell of warm weather passed through , coal merchants
in this area are submitting an unusually heavy volume of
business to anthracite distributors, and the latter are re¬
29th ult. futures closed 14 to 40 points net lower.
Activities
were restricted in the crude markets today, and only a light
ported to be a month or more behind in filling orders. The
shortage in steam coals has been eased to an extent by large
scattered tonnage was reported transacted in what is still
available as "free" rubber.
Prices were virtually unchanged
remain
on
the basis of 23%c. per pound for
No. 1-X standard ribs,
production.
so
for
Stocks of barley
a
are
liberal and
are
expected to
period ahead. Production of both by-product
United States for the month of June,
and beehive coke in the
The Commercial & Financial Chronicle
712
1941, amounted to 5,400,135 net tons.
a
basis of
When calculated
daily production this was an increase of 4.2%
the preceding month.
on
over
Aug. 2, 1941
In order that comparison
may be made with
vp. eivfi below the totals at leading "nnrts for six
other
years,
seasons:
the rate of output in
Wool—On the 28th ult. futures closed 9 to 12 points net
higher for wool tops, with sales estimated at 125 lots or 625,000 pounds. The opening range was 12 to 20 points net higher
as
buying orders appeared at the market and offerings were
light.
Grease wool dealings were in lesser volume with
about 20 lots, or 120,000 clean equivalent pounds sold here.
Values fluctuated in a 1 to 6 point range and closing was
steady and unchanged to 3 points higher.
Local closing:
Wool Tops: Oct., 124.7; Dec., 123.3; Mar., 122.0; May,
121.0.
Grease Wool: Oct., 94.9; Dec., 94.2; Mar., 93.5.
On the 29th ult. futures closed 7 to 12 points net lower for
wool tops, with sales estimated at 40 lots or 200,000 pounds.
Spot certificated tops were lower and quoted at 126.0c.
nominal, 5 points off.
Grease wool closed quiet at 3 to 7
points decline.
Sales were estimated at 18 contracts, or
108,000 clean equivalent pounds.
Spot grease wool was
94.6c. bid and 95.7c. asked, against 95.5 nominal the
previous day.
Local closing: Wool Tops: Oct., 124.0;
Dec., 122.2; Mar.,
120.8; May, 119.8.
Grease Wool:
Oct., 94.6; Dec., 93.5; Mar., 92.8.
On the 30th ult. futures
closed 5 to 8 points net lower for wool tops, with sales esti¬
mated at 35 lots or 175,000 pounds.
Spot certificated tops
were 125.5c. nominal.
The grease wool market was dull,
with total sales about 10 lots or 60,000 clean equivalent
pounds.
Closing prices were 1 to 3 points off, with the tone
steady.
Spot grease wool was quoted at 95.0c. a j>ound
nominal.
Local closing: Wool Tops: Oct.,
123.5; Dec.,
121.5; Mar., 120.0; May, 119.3.
Grease Wool: Oct., 94.5;
Dec., 93.2; Mar., 92.5.
On the 31st ulto. futures closed unchanged to 3 points
lower for wool tops.
Sales totaled six contracts or 30,000
pounds. Spot certificated tops were unchanged at 125.5c.,
nominal.
Grease wool futures closed quiet and unchanged to
1 point off.
Only sales were two lots or 12,000 pounds of
October at 94.1c., 4 points off.
Spot grease wool was
quoted at 94.2c. bid, against 95.0c., nominal, the previous
day.
Local closing: Wool Tops: Oct., 123.5; Dec., 121.5;
Mar., 119.9; May, 119.0.
Grease Wool: Oct., 94.4; Dec.,
93.2; Mar., 92.5. Today futures closed 6 points up to 1 point
off for wool tops.
Grease Wool futures closed 1 point up to
unchanged.
No sales were reported on the opening of the
wool top market this morning.
Later in the session active
positions showed no change from the closing levels of the
previous day. At midday bid prices were 4 points lower to
2 points higher.
Only one sale of 5,000 pounds of tops took
place during the forenoon.
There were no dealings on the
grease wool exchange up to midday today.
Bid prices at
noon were 2 to 4 points below
yesterday's last quotations.
No transactions were reported during the morning session.
Local closing: Wool Tops: Oct., 124.1; Dec., 121.7; Mar.,
119.8.
Grease Wool: Oct., 84.5; Dec., 93.2.
v
The Movement of the
grams
Crop,
as
indicated by
from the South tonight, is given below.
our
tele¬
For the week
ending this evening the total receipts have reached 63,822
bales, against 90,172 bales last week and 69,682 bales the
Orleans.
Mobile
15,941
30,320
16,702
106
2,277
4,454
37
1
238
861
3
111
Savannah
5,068
Charleston.
__
Wilmington.
^
Christi.
Tu.es.
1,000
2,670
3,385
7.247
Houston
Corpus
Mon.
Sat.
6,067
1,880
m
»
Thurs.
2,626
3,271
3,137
618
Total
1,006
1,362
18,868
7.052
4,472
114
«.
21
1,454
Fri.
1,212
1,904
11,328
-
Savannah
Wed.
537
114
„
New Orleans
Mobile.
2,487
34,830
,
90
2,470
312
214
Norfolk
111
5,068
359
359
Totals this week.
12,371
12,671
16,236
6,825
13,351
2,368
63,822
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. 1
This
Week
Galveston
Brownsville
Houston
Corpus Christi
Beaumont
iNew
Orleans
Gulfport.
Mobile
1939-40
Aug
1, 1940
8,868
This
Week
1, 1939
7,614 1,795,140
41,153
15",941 2,119,098
5,693
183,549
72,250
30",320 2,525,474
761
54,597
1,882
Jacksonville
162", 112
1940
651,950
760
930,369
57,549
92,012
409,747
575",771
43,277
96,772
548,193
53,311
53,158
1,876
59,085
678
67,532
359
19,031
29,156
7,600
20,935
City
4,454
*
71,051
152,917
1,360
113,967
38,565
45,985
10,949
24,390
29",446
21,613
20,125
9,700
24,388
13,542
6,663
32,925
3,000
1,990
5",068
2,365
15
Charleston
Lake Charles
Wilmington
Norfolk
New York
574
260
Boston
Baltimore
*
1941
928,557
43,064
"l06
26
Savannah
Totals
Stock
Since Aug
761,952
15,596
14",472 1,498,352
114
149,438
8,588
34",830 1,459,477
10,529
"ill
35,370
Pensacola, &c
Panama
Since
4,127
23,461
63,822 4,084,358
Included in Gulfport.
64,962 7,169.656 2.769,878 2.214,379
«•
763
2,417
474
330
252
678
1
526
2,508
2,608
5,253
443
359
900
370
396
358
All others
114
5,693
34,924
34,662
54,191
26.917
63.822
64,962
73,t04
49.379
68,215
38.915
Total this wk.
-
«•
-
—
50
The exports of cotton for the week ended Aug. 1 reach a
total of 6,610 bales, against 25,881 bales on the
corresponding
date last year
and 28,149 bales in the same week two years
For the entire 1940-41 season aggregate exports have
ago.
been 891,039 bales, against 6,075,940 bales in the same
period
of the previous season and 3,374,604 bales for the season two
ago.
Due to restrictions placed on information re¬
garding exports, we are obliged to omit our usual detailed
years
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:
On
Shipboard Not Cleared for—
Aug. 1 at—
Leaving
Great
Ger¬
Britain
France
Other
Coast-
many
Foreign
uHse
Galveston
Stock
Total
5,700
5,700
"500
Houston
ll",206
922,857
930,369
398,547
148,917
29,446
53,158
24,388
241,296
....
New Orleans..
Savannah
lOJOO
4.000
4,000
Charleston
Mobile
Norfolk
....
—-
Other ports
Total 1941..
Total 1940
Total 1939
14,700
2,956
7,750
Speculation in
6,200
"804
157
4",200
4,625
2,302
11",463
20,900 2,748,978
8,385 2,205,994
25,872 1,797,289
cotton for future delivery was unusually
active the past week, with the market showing
pronounced
weakness towards the close of the period.
The
news
from
Washington seemed to dominate the market entirely., Wash¬
ington advices stated that Chairman Fulmer of the House
Agriculture
Committee
indicated
that
the
House
would
accept the Smith amendment to the wheat bill freezing Gov¬
ernment cotton
At
the
same
preparing to
stocks until
time
the
announce
the present emergency
is over.
Commodity Credit Corporation
plans for taking
was
title to 1938 and
1940 loan cotton.
V.
1.•.
On the 26th ulto. prices closed 14 to 21 points net
higher.
Following momentary hesitancy at the opening, prices today
new
11-year highs as attention
resumed their rise into further
on
efforts of Southern Senators to block
any efforts
impede the rise in cotton values.
News of the *reezing
of Japanese funds in the United States and similar action
the British
Empire had
more
effect
the New York cotton market.
on
the Bombay than
by
on
Prices in the Indian market
broke to losses equivalent to
due to fears that the
been blocked off.
Receipts at—
~
6,237
2,926
1,039
Norfolk
m,
have
Galveston
m
1936
1,325
6,337
5,207
574
260
''■pm
_
previous week, making the total receipts since Aug. 1, 1940,
V
1937
8,384
9,318
4,084,358 bales, against 7,169,656 bales for the same period
of 1939-40, showing a decrease since Aug. 1,1940, of
$3,085,298 bales.
1938
1939
7,614
14,472
34,830
Houston
to
Friday Night, Aug. 1, 1941.
1940
8,868
New
centered
COTTON
1941
Receipts at—
Galveston
been
M to l%e. a pound, apparently
Japanese market for Indian cotton had
United States exports of cotton to
Japan
negligible this
season,
due to competition at
cheaper prices from Brazil and India. Nervous liquidation,
including some Bombay selling caused initial New York
prices to show losses of 8 to 16 points.
Selling due to the
Far Eastern political situation soon ran its
course, however,
and the market worked higher until the list was
up 36 to 44
points from the early lows and at net gains of 26 to 29 points.
On the 28th ulto. prices closed 7 points off to 2
points up.
After touching further new 11-year highs with distant cotton
future deliveries selling at or above 17%c
a pound, the
market turned reactionary late today.
At the day's highs,
quotations had established gains of 20 to 27 points.
The
opening range was 2 to 4 points higher.
Late reactions
followed publication of reports that officials of the Depart¬
ment of Agriculture were continuing their
study of possibili¬
ties of releasing Government owned cotton.
However, they
indicated that the Department would be slow to act as long
as cotton
prices were not above parity.
It was added that
after the Aug. 8 Government crop report, officials would be
in a better position to determine definitely what action should
be taken.
Southern spot markets were unchanged to 7
points lower.
On the 29th ufto. prices closed 24 to 11 points
net lower.
Cotton turned downward today as uncertainties
become more pronounced over Federal price control
legisla¬
tion.
Active domestic and foreign liquidation, augmented
by New Orleans selling, uncovered stop loss orders in the
early trading and prices declined more than $1 a bale. Later
the liquidating movement slackened and small mill
price
fiidng orders and local covering brought about a partial
recovery.
At the beginning of the final hour values were
7 to 11 points lower than
yesterday.
Initial prices were 2
points above to 5 points below yesterday's closing levels.
The belief that control would be in the
neighborhood of
parity prices caused a sharp decline soon after the opening
call.
Shortly before noon active deliveries recorded declines
Volume
The Commercial & Financial Chronicle
153
713
of 9 to 15
points from the last quotations of the previous day.
Losses were extended to more than $1 a bale on foreigD and
domestic liquidation.
On the 30th ulto. prices closed 56 to
80 points net lower.
The cotton market suffered the sharpest
break in several years today, falling as much as $5.75 a bale
under a wave of urgent selling, but the extreme loss was
reduced half shortly after.
Unfavorable reaction to Presi¬
dent Roosevelt's price control message was blamed for the
sharp drop.
The decline uncovered stop loss orders and the
break became precipitate.
The decline was halved shortly
afterward by some replacement which developed at the ex¬
treme lows and prices moved along $2.50 to $3.00. a bale
under yesterday's closing levels.
After rising more than $1 a
bale in the early dealings, prices slipped somewhat under
increased profit taking and Southern offerings.
The list
moved upward at the start of trading on a wave of buying
orders which followed reports that price control legislation
would exclude the five basic commodities.
The trade, mill
and Wail Street interests
On
were
the most active buyers.
the 31st ult. prices closed
Heavy New Orleans
35 to 27 points net lower.
house liquidation de¬
and commission
in
displayed
day
as
cotton
a
mixed tone throughout the greater part of the
the uncertainty,
Washington price control legis*
Shortly before the end
over
lation again dominated the trading.
of the session
prices ranged two points lower to five points
After closing as much as 75c. a bale, the market
higher.
turned
upward
on
persistent
a
Monday
Tuesday
July 26
July 28
July 29
17.06n
17.02n
16.79ft
16.23n
15.90m
16.03ft
.
17.16ft
17.12n
16.89ft
16.33ft
16.00ft
16.13ft
October—
Range..
16.90-17.34 17.17-17.46 16.98-17.19 16.22-17.22 16.08-16.55 16.10-16.35
17.26
17.19-17.25 16.99-17.00 16.43
16.08-16.12 15.23
Closing.
November-
Range..
Closing
17.32n
.
17.31n
17.08ft
16.48ft
Range..
Closing.
Jan.(1942)
Range..
17.08-17.42 17.40-17.63 17.17-17.42 16.49-17.37 16.27-16.64 16.39-16.52
17.42 —
17.40 —
17.21
16.57
16.27 —
16.40
Closing.
February—
Range..
Closing
17.46ft
_
17.46w
17.26ft
16.60m
Closing.
April—
Range..
Closing
May—
17.51n
.
17.32«
17.53n
Closing.
17.51
17.53
—
17.33
—
16.60
—
—
16.31-16.33 16.44-16.49
June—
Range..
Closing.
17.50n
17.52n
17.31«
16.30ft
16.60ft
16.45ft
July—
Range..
17.26-17.62 17.48-17.75 17.27-17.46 16.40-17.49 16.29-16.79 10.30-16.54
17.50 —
16.60 —
17.51n
17.30 —
16.29-16.30 16.44ft
Closing.
Nominal.
r
Range for future prices at New York for the week ended
Aug. 1, and since trading began on each option:
establishment of price ceilings for the five basic commodi¬
May..
caused
a
ties at levels beneath parity.
At the beginning of the second
session the market was steady at gains of 10 to
above yesterday's last quotations.
The market
steady and trading quiet during the second hour.
Con¬
points
mill demand found the pressure of com¬
liquidation and Southern hedging less heavy
and
prices advanced to within 30c. to 35c.
bale of the early
a
morning highs.
quotation for middling upland cotton in the
New York market each day for the past week has been:
July 26 to Aug. 1—
Sat.
Middling upland 15-16 (nom'l)_17.91
16.46ft
17.25-17.62 17.48-17.77 17.27rl7.50 16.27-17.50 16.31-16.80 16.35-16.60
December-
The official
16.32ft
16.62ft
Range..
decline.
Initial prices
showed advances of 12 to 21 points over the closing levels
of the previous day.
Encouragement was derived from in¬
dications that price control legislation would prohibit the
as
16.43ft
16.23-17.62 17.48-17.78 17.28-17.60 16.30-17.50 16.32-16.79 16.35-16.61
17.51 —
17.52-17.54 17.31-17.32 16.64 —
16.32 —
10.45-16.50
mission house liquidation
mission house
16.29ft
March—
August
tinued trade
16.31ft
17.05-17.48 17.32-17.62 17.15-17.38 16.30-17.38 16.25-16.70 16.26-16.53
17.39
17.40-17.41 17.16-17.18 16.53-16.55 16.26-16.27 16.38-16.40
Today prices closed 18 to 6 points net higher.
A heavy
and mill demand lifted prices for cotton futures as
much as $1.35 a bale in the first hour before increased com¬
was
16.18n
December—
mill demand and local re¬
trade
of the
Friday
Aug. 1
.
Option for—
hour
Thursday
July 31
Range..
Closing
SeptemberRange..
Closing
buying, which offset commission house liquida¬
tion and New Orleans selling.
placement
12
Wednesday
July 30
Aug.{ 1941)
Range..
prices during the last hour of trading
today, and the market again moved into lower ground.
Futures closed substantially lower.
Stop loss orders un¬
covered at the 16^c. level accelerated the drop and the list
finished at the lowest jeyels of the session.
Cotton prices
veloped
Saturday
Mon.
17.87
15.14
September
9 1941 16.65 July
July
15 1941
.
October
161)8 July
"31
lYo" Oct." 18" 1940
1L46
July" 28" 1941
17.46 July
28
16.25 July
31 17.62 July
28
9.28 Dec. 19 1940 17.62 July
16.27
July
31 17.63 July
28
9.49
17 1941 17.63 July
28 1941
16.30 July
30 17.78 July
28 10.43 Mar. 17 1941 17.78 July
28 1941
16.27 July
November.
30 17.77 July
28 13.16 May 19 1941 17.77 July
-
-
28 1941
1942—
January
Feb.
February
March
April
28 1941
June
16.29"
July
17.75"
July 30
July
28
15.92"
July
18 1941 17.75 July
28
194i
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
Wed. Thurs.
Fri.
17.08
16.75
16.88
Tues.
17.64
Range Since Beginning of Option
Range for Week
1941—
New York
Contracts
July 25 July 20 July 28 July 29 July 30 July 31
July 31
Premiums and Discounts for Grade and Staple—The
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. 7.
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 July 31.
1941—
100
August (inactive)
600
October
31,900
13",900 28",700
36",9o6
4l" 100
220,700
December
85,100
44,800
74,700
64,400 122,000
94,300
510,700
4,200
3,000
92,200
64,300
28,400
24,400
4,000
3,500
55,100
42,100
3,500
2,300
3,800
50,700 117,800
33,700 89,200
4,300
60,800
51,500
9,800
28,700
481,500
277,100
45,100
22",100
1942—
January
March
May
20.000
July
Total all futures
5,800
11,200
297,800 118,500 207,600 179,000 380,900 207,800 1,564,400
Open
Contracts
July 23 July 24 July 25 July 20 July 28 July 29
New Orleans
July 29
%
29-32
15-16
31-32
Inch
Inch
Inch
Inch
1 Inch
and
Up
White—
.55
.33
on
.43 on
.61
on
.70
on
Strict Good Middling
.26
on
.37
on
.49 on
.55
on
.64
on
Good Middling
.20
on
.31
on
.43
.49
on
.58
on
Strict Middling
.08
on
Middling
.22 off
Middling Fair
.19
.30
on
on
on
.37
on
.46
.14
on
.71 off
.61 off
.51 off
.45 off
.36 off
1.42 off
1.36 off
1.31 off
1.27 off
1.23 off
Strict Low Middling
Low Middling.-.-—.
Extra White—
Good Middling
.20
on
.31
on
.43
on
.49 on
.58
on
Strict Middling
.08
on
.19 on
.30
on
.37
on
.46
on
.06
on
.14
200
*3,300
12,850
40,850
70,800
111,050
14~850
44,400
27,500
27,500
49,500
200
200
39~2o5
27,766
50,250
27,400
48,500
26,250
15,950
26,250
200
18,550
1,550
12,800
950
———
100
50
30,950
28,650
2,650
10",700
24,750
1942—
50
January
—
on
on
300
14,050
43,950
200
100
28,450
December
March
.06
on
Basis
.11 off
1941—
August
October
May
July
Total all
*
101,000
7,250
75,750 133,900 122,250
86,200 147,600
139,350
fixtures
5,200
190,700
489,900
which notices have been issued leaving net open
on
Middling
.22 off
—
Even
.11 off
.71 off
.61 off
.51 off
.45 off
.36 off
1.42 off
1.36 off
1.31 off
1.27 off
1.23 off
.34 off
Strict Low Middling...
Low Middling............—
Spotted—
a
Middling—
a
.23 off
.11 off
.05 off
.03
.46 cff
.36 off
.23 off
.18 off
.11 off
.93 Off
Good Middling
Strict Middling......
.84 off
.72 off
.05 Off
.59 off
on
Includes 800 bales against
contracts
2,500
bales!
Supply of Cotton—Due to war conditions,
are not permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the spot prices
The Visible
cotton statistics
at
Liverpool:
Middling spotted shall be tenderable only when and If the Secretary of Agri¬
culture establishes a type for
$
.
Market and Sales at New York
The total sales of cotton on the spot
each day during the
indicated in the following statement.
For the convenience of the reader we also show how the
week at New York
market for spot
are
and futures closed
on
the
same
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.
—
New York
The
days:
York
SALES
Futures
Spot Market
Closed
Saturday— Nominal
Nominal
Monday
—
Nominal
Tuesday
Nominal
Wednesday
Thursday— Nominal
-
Nominal
Friday
Total
Steady
Steady
Barely steady—
Barely steady..
Barely steady.
Barely steady—
_
...
1
Futures—The
Contr'ct
10
Total
10
2",000
2,010
138,404
week-
Since Aug.
Spot
2"666
74",100
2,010
212,504
highest, lowest and closing prices at New
been as follows:
York for the past week have
mmmm
m
rn
4.98d.
5.84d.
4.09d.
4.09d.
4.23d.
4.09d.
Quotations for 32 Years
quotations for middling upland % (nominal) at New
Aug. 1 for each of the past 32 years have been as
on
follows:
Market
Closed
10.40d.
7.42d.
6.20d.
Closed
15.30d.
8.34d.
1938
4.89d.
1939
5.28d.
1930
7.82d.
13.32d.
6.37d.
8.52d.
1941
Middling
such a grade.
1941 ....-16.88c.
1940
10.17c.
1939
9.81c.
1938
8.61c.
1937 ---11.18c.
1936
1935
1934
At
12.89c.
12.00c.
-13.20c.
the
1932
10.40c.
6.05c.
1931
8.15c.
1933
1930 —12.80c.
1929
19.20c.
1928
19.90c.
1927
18.25c.
1926
19,05c.
—
Interior
—
Towns,
24.65c.
30.95c.
1925
1924
1923
23.65c.
1922 —22.55c.
-
1921
1920
1919
1918
-
12.90c.
-40.00c.
35.70c.
29.70c.
1917
—25.65c.
1916
—13.35c.
19159.60c.
-
-
—
1914
1913
1912
1911
1910
-
m
-
—12.10c.
-
m
m
m
--13.00c
-
—12.50c.
-
—
15.20c
the movement—that is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, ana the same items for the
corresponding period of the previous year—is set out in
detail below:
.The Commercial & Financial Chronicle
714
104,200
March,
Movement to Aug.
Receipts
Towns
Movement to Aug. 2,
1, 1941
Ship¬
Aug.
Week
Season
.
Stocks
ments
Week
1
Receipts
1940
Ship¬
Aug.
2
December of this year, and
100 on
May, and 1,000 on July of next
6,535
75,239
""66
2,663
not cover all
1
32,398
193
24,985
12
390
31,525
29,237
22,401
71,111
41,164
9,313
842
"""6
4
23,014
97,981
116,365
20,586
1*219
573
Forest
43,483
230
145,475
3,480
73,763
4
39,996
770
19,209
237
61,177
135
92,032
26,418
Ark.,Blythev
City
7,200 on March, 4,000 on
January,
year.
call sales and
48,252
98,036
17,657
71,186
32
899
Montgom'y
unfixed
The
1,107
1,264
Eufaula__.
July, and 6,300 on
purchases reported to the Commodity Ex¬
change Administration are based on New York cotton futures.
Such sales
and purchases are reported by cotton merchants with futures contracts of
2,743
Selma
on
53.787
16,701
71,914
29,565
171,884
138.353
1,534
Ala., Birm'am
51,800
The announcement added:
Unfixed call purchases increased 1.500 bales to 51,300 bales on July 18.
Of this number 24,100 bales were based on the October future, 14,900on
Stocks
Week
Season
May,
October of next year.
ments
Week
on
Aug. 2, 1941
43,887
7,089
803
413
13,740
2,584
20,590
90
44,739
331
23,818
Jonesboro..
354
13,629
401
Hock
1,002
147,194
375
116,320
733
54,681
871
20,443
98
"781
171,387
3,127
42,012
52
39,157
143,034
498
352
27,172
63,007
357
201
11,705
15,451
55
closing quotations
leading contracts in the New Orleans cotton market for
week have been as follows:
29,788
16,568
The figures released, therefore, do
New Orleans Contract Market—The
59,879
65,993
5,000 bales or more in a single future.
such transactions.
9,914
Helena..
Hope
Little
Newport-.
Pine
Bluff.
Walnut Rge
84
Ga., Albany..
3,185
36,491
224
"815
147.151
2,080
30,208
2,000
2,916
7,295
180.131
1,414
300
29,250
200
1,497
36,887
626
7
40,244
182,947
179,380
18,400
40,512
Athens
Atlanta
30,714
Columbus..
300
315,710
32,200
Macon
426
42,059
16,570
250
30,996
"313
148,373
2,551
51,246
""24
96,907
1,677
112,286
300
169,405
23,820
244,356
34,437
7,333
28,213
48,194
408,700
Rome
La.. Shrevep't
29,700
26,305
261
158,499
1,306
38,030
450
243
17,292
1,334
25,853
269
Greenwood
263
202,885
1,803
43,623
831
62
89
—
25,973
715
7,949
1
Jackson
Natchez
5,664
414
7,449
134
410
16,801
Columbus.
Miss., Clarksd
35,776
12
736
54,030
30.063
2,388
46,524
519
11,723
25
711
7,363
511
33,287
847
624,253
16,377
15,726
2,109
N.C., Gr'boro
150
10,154
65
2,904
34
5,322
186
1,081
1,778 474,261 10,822
S. C., Gr'vllle
1,409
1,220 136.152
Tenn., Mem's 106,031 4938,893 108,589
133,499
637
335,988
5,167
154,573
1,868 138,313
26,193 3619,579
1,944
34,587
26,954
7,422
628
20,617
2,586
92
4,603
90,604
788,828
71,214
290
71
11,095
226
760
2
15,781
7
1,058
Dallas
991
82,630
31,966
1,'595
56,320
2,343
28,641
Paris
547
89,002
2,138
1,881
18,675
4
76,266
617
20,853
6,778
9,885
187
1,239
8
6,527
495
561
54,545
1,131
3,763
"257
925
20,547
48,693
300
13,272
4,406
37,706
57,220
69
13,151
49,802
23
20,241
Austin
Brenham.
.
Robs town..
San
Marcos
750
Texarkana.
Waco..
496
11,069
122
791
162
40.770l6814.791
Total,56towns 140,482 8773,608 185,402 2181,050
*
531
1,078
66,911 1954,131
Includes the combined totals ot 15 towns In Oklahoma.
The
totals
above
that
show
the
interior
stocks
have
decreased
during the week 44,920 bales and are tonight
226,919 bales more than at the same period last year. The
receipts of all the towns have been 99,712 bales more than
in the
week last year.
same
for the week and since
Aug. 1, as made up from telegraphic
The results for the week and since
Aug. 1 in the last two years are as follows:
reports Friday night.
1940-41
Aug. 1—
*1939—40
Since
'
Week
Via St. Louis
Week
-
Aug. 1
Overland to N.
17.395
..
16.55
I7.415-.43c 17.20
July
17.545-.56fi 17.545-.56fi l7.365-.37a 16.685-.70a 163751639a
17.35
17.55-17.57 17.37-17.38 16.69-16.74
Steady
Futures
Steady
Bid,
5
Steady
Barely st'y Barely st'y
Easy
Ask,
Steady
Steady
a
Nominal.
n
Cotton Program Announced by Agri¬
Department—The Department of Agriculture an¬
July 28 the 1941-42 6ne-variety cotton improve¬
ment and marketing program for cotton grown in the United
One-Variety
culture
nounced
on
States.
Under the plan, says the
Department, up to 225,000
produced in 1941, in selected one-variety
areas, will be made available to domestic and foreign spinners
in even running lots composed solely of cotton from the areas.
According to the Department "the improvement program
follows the general plan of the one-variety cotton export
programs for the 1938 and 1939 crops, which permitted the
cotton to go into export markets only, and to the one-variety
cotton improvement program for the 1940 crop which made
selected cotton available to domestic as well as to foreign
spinners."
The new program, it says, is in addition to other
programs of the
Department of Agriculture which seek
wider markets for United States cotton.
Regarding this
of cotton
bales
the Department's announcement further said:
Under the 1941-42 program, the cotton will be handled from grower to
spinner according to the latest approved practices.
These practices include
ginning, special warpping, compressing, official sampling, and classification
of cotton.
Bales must be completely covered and undamaged by the
compress.
Marketing agencies, to be designated by one-variety cotton improvement
will buy the cotton net weight
and sell it to domestic and
and marketing associations within the areas,
from growers in selected one-variety areas
foreign spinners.
The
program
provides Federal payments of $2.35 per bale for
payments are to compensate handlers for the extra costs involved in em¬
9,766
h
17,589
h
Only those areas growing the same kind of cotton and in which soil and
growing conditions are similar win be selected as sources of supply.
The
one-variety areas tentatively selected from which to assemble the cotton,
and the varieties they produce are as follows, according to States: North
Carolina, Halifax County—Coker variety, Hoke County—Coker variety;
Georgia, Coweta County—Stoneville variety; Alabama, DeKalb County—
Stoneville variety;
Mississippi, Newton Area—Delta and Pine Land
variety, Hattiesburg Area—Delta and Pine Land variety, Holly Springs
Area—Stoneville variety, Belzoni Area—Delfos variety; Tennessee, Tipton
County—Delta and Pine Land variety; Louisiana, North Caddo Parish—
Delta and Pine Land variety; Arkansas, Yell-Pope Area—Rowden variety,
Pulaski-Lonoke Area—Rowden variety; Missouri, Charleston Area—Delta
and Pine Land variety, Hati Area—Stoneville variety;
Texas, Wharton
County—Delta and Pine Land variety, Red River County—Rowden
variety, Delta-Lamar Area—Rowden variety. South Plains Area—Pay¬
master variety; New Mexico, Mesilla Valley Area—Acala variety.
The program will be administered by the Marking Division of the
Surplus Marketing Administration.
Cooperating and ssisting in the opera¬
tion of the program wih be other Department of Agriculture agencies and
V;
•,
h
■
193
198
h
25,827
12,709
h
26,020
12,907
h
4,638
4,682
h
withhold
1940-41Since
Week
Receipts at ports to Aug. 1
Net overland to Aug. 1
Southern consumption to Aug.
258,460
*44,920
excess
Came into sight during
Total in sight Aug, 1
totals
Sirice
Week
h
1.190,000
the
-1939-40-
Aug. 1
63,822
4,638
Total marketed
Aug. 1
64,962
h
h
4,682
h
108,000
h
h
h
h
177,644
*26,141
h~~
week...213,540
151,503
the
1.
57,779
h
h We withhold the totals since Aug.
so
as
h
h
Tuesday
Wednesday
to allow for
on-
Thursday I
marketing
methods required
Services.
Division expect the program to demonstrate
Report on 1940-41 and 1938-39 Cotton Loans—The
Department of Agriculture announced on July 23 that
through July 19, 1941, loans outstanding on 1940-41 crop
cotton held by
the Commodity Credit Corporation and
lending agencies total $24,636,060 on 508,631 bales. Cotton
loans completed and repayments on loans by States follow:
Friday
H
15-16
A
15-16
A
15-16
A
15-16
A
15-16
A
15-16
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
New Orleans. 16.67
15.94 15.46
87
Total Loans
16.05 15.56
Bales
Amount
16.51
64
15.88 15.33
15.68
16.91
03
16.23 15.75
16.03
Norfolk
16.80
00
16.25 15.70
16.25
Montgomery. 16.90
17.11
Augusta
05
16.30 15.75
32
16.53 15.95
16.33
Memphis
80
16.05 15.45
15.85
16.10
16.00 15.45
15.78
70 16
15.95 15.35
15.75
67'16
15.88 15.30 15
15.68
Ala
Ariz
123,380
71,092
5.901.599.05
3,324,899.07
Ark
128,504
Calif
386,166
6.089.185.06
19,241,073.90
Fla
Call Sales of
184,731
155,747
Miss
77,199
Mo
12,738
N. C.„.
Cotton
Decrease
During Week
reported to the
Commodity Exchange Administration decreased 15,400 bales
during a week to 588,200 bales on July 18, the U. S. Depart¬
ment of Agriculture
reported on July 25.
Of this number
92,800 bales were based on the October future, 199,600 on
December of this year
and 2,500 on January, 131,000 on
cotton
151
Ga.
La
N. M
July 11-18—Unfixed call sales of
Amount
Loans Outstanding
Bales
Bales
Amount
638,911.66
$
15.89
Mobile
Unfixed
Repayments
States
15.78
Savannah
72,16
it
1940 program
Aug. 1
72
under the
106,475 bales were assembled, of which 4,274
bales have been exported, and 101,808 bales sold and delivered to domestic
mills, leaving only 393 bales unsold of the total number assembled.
In
1938 about 3,900 bales were exported and used in foreign countries while
more than 12,500 bales were exported and used in 1939.
Under the
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for
middling cotton at
Southern cotton markets for each day of the week:
Monday
Extension
improved
stimulate greater efficiency in production, marneting and use, and that
will increase the demand for cotton produced in the United States.
Below
Closing Quotations for Middling Cotton
and
spinners that one-variety cotton properly handled is more desirable for
spinning and is more economical to use than cotton assembled and handled
under
usual
commercial conditions.
They believe that the plan will
proper adjustment at the end of the crop year.
Saturday
State
new
Officials of the Marketing
15,82^
1
the
to
h
North, spinn's'takings to Aug.
of
which
These
program.
Y.f Boston, &c
Takings
16.46
uncom¬
h
pressed
ploying
Sight and Spinners
16.57
Steady.
Barely stdy
h
Including movement by rail to Canada.
Little Rock.. 16.50
Steady.
Steady.
cotton and ^2.75 for compressed to cooperating agencies
assemble the cotton and deliver it to domestic or foreign spinners.
Estimated.
Dallas
164151643a
Tone—
Spot.
h
*
16.60
16.46-16.48
h
a
Houston
16.40
2,663
Total to be deducted
16.56
16.405
17.55-17.60 17.55
17.56
100
Leaving total net overland *
Galveston
16.25
16.71-16.74 16.39-16.43 16.47
March
May
30,658
Inland, &c., from South
Week Ended
January
3.283
Between interior towns
Decrease,
162451626a
150
Total gross overland
Deduct Shipments—
*
16.11
h
791
Via Virginia points
Via other routes, &c
Interior stocks in
16.40
17.08
1942—
5,927
Via Louisville
In
Aug. 1
2,440
h
4,750
...
Friday
July 31
a2,000
16,377
Via Mounds, &c
Via Rock Island
Thursday
1941—
Since
Aug. 1
July 30
December. 17.36-17.49 17.39-17.42 17.24-17.26 16.53-16.55 16.26-16.30 16.41
program,
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
Shipped—
July 29
28,665
481,761
8,813
1,075
294
Texas, Abilene
Wednesday
Tuesday
July 28
October... 17.22-17.30 17.22
12,234
328
2,440
Oklahoma—
15 towns ♦.
Monday
July 26
12,193
16,304
Vicksburg..
Saturday
24,910
1,959
Mo., St. Louis
Yazoo City.
the past
36,741
_
2,000
109,439
Augusta..
for
Okla
S. Ca._.
Tenn
Texas...
Va
Total
5,473
59,457
210,717
122,853
15,141
1,625,672
913
7,320.73
8,833,436.93
7,599,896.71
3,546,302.79
591,757.14
251,826.69
2,821,017.68
9,926,641.30
6,205,967.26
734,654.55
78,008,580.76
43,203.09
110,135
67,136
123,839
5,262, 687.39
3,188, 998.81
13,245
5,865, 664.08
4,665
223,520.98
351,434
17,562,,191.45
34,732
1,678,882.45
3,956
135,900.26
4, 110.27
64
3,210.46
162,419
7,777, 370.52
22,312
1,056,066.41
139,241
6,811, 077.74
16.506
788,818.97
72,671
3,306, 025.30
495, 894.18
4,528
240,277.49
2,051
95,862.96
215 454.61
793
1,872 791.34
20,304
36,372.08
948,226.34
9,422 520.71
5,368 706.18
734, 654.55
14,530
87
10,687
4,680
39,153
199,907
108,323
15,141
,265,537
913
3,179,934 153,127,362.71 2,671,303
60,559 951.61
43, 203.09
10,810
504,120.59
837,261.08
360~135 17.448,629.15
128,491,301.83 508,631 24,636,060.88
Repayments not yet allocated by States include
ing approximately 351,854 bales.
approximately $17,560,620 cover¬
Volume
The Commercial & Financial Chronicle
153
The
Agriculture Department also announced on July 23
19, 1941, loans outstanding on 1938-39
cotton held by the CCC and lending agencies total
that through July
crop
Loans and repayments by
1941
Thfouyh
Outstanding
{Bales)
317,598
291,692
79,994
60,196
Arkansas
695,801
641,402
54,399
California
195.144
129,492
65,652
...
{Bales)
25,906
19,798
177,953
Mississippi...
Missouri
New Mexico
_
North Carolina.
.
_
—
Oklahoma
8,420
43,500
669,960
107,171
92,357
23,421
22,089
1,645
184,566
..
248,470
39,188
23,734
...
..
..
169,533
291,970
762,3i7
110,793
Georgia
175,008
9,558
3,622
15,767
53,065
51,340
1,725
320,957
277,856
1,151,649
150
139
11
4,481,926
.
_
„v.
—
-
-
—
-
.
-
Texas..
.
4,019,418
462,508
.
1,228,696
...
Virginia
_
Total
35,572
67.696
41,104
39,262
23.
75,438
83,347
42,308
29.
65,092
30,472
77,047
Report on 1940 Corn Loans—The U. S. Department of
Agriculture announced on July 25 that 871 loans made on
the 1940 corn crop were repaid during the week ended
July 19. This brought total loan repayments to that date to
9,936, representing 9,529,288 bushels valued at $5,801,983.
On the same date the Department reported 99,057 loans
outstanding on 93,006,701 bushels valued at $56,676,047.
Loans by States follow:
Total Loans Made
1940
1941
Receipts from Plantations
1939
1941
1940
1939
13.
93,349
73,311
27,624
32,919
20.
78,427
27.
16,498 2802,116 2411,420 2757,237
10,724 2751,529 2360,407 2725,840
11,322
Nil
Nil
17,109
Nil
Nil
15,932 2697,331 2321,071 2692,155
16,953 2651,560 2288,087 2667,674
17.870 2611,700 2256,647 2635,929
21,240
Nil
Nil
37,576
9,324
Nil
25.232
Nil
Nil
Nil
64,570
40,690
26,909 2423,063 2100,527 2512,919
35,193
19,766
34,047
32,014
Nil
25,190
16,177 2553,544 2220,186 2600,639
23.331 2499,999 2190,925 2570.117
36,239 2455,619 2152,669 2541,961
June
6.
Nil
3,658
Nil
8.083
Nil
Nil
July
3.
53,576
27,653
Nil
79,412
19,555
22.696
Nil
5,562
18.
69,682
19,881
26,363 2383,187 2061,441 2490,599
33,685 2326,471 2034,995 2462,476
58,075 2279,147 2013,138 2444,446
13,700
11.
22,358
Nil
40,045
25.
90,172
21,723
73,527 2225,970 1980,272 2434,289
36,995
Nil
63,370
63,822
64,962
73,404 2181,050 1954,131 2441,606
18,902
4,043
Aug.
43,101
South Carolina
Tennessee
67,306
9.
16.
Balance
July 19, 1941
{Bales)
Arizona
1939
2.
Total
__
1940
May
Loans
States
Alabama
Slocks at Interior Towns
Receipts at Ports
End.
States:
Repayments
Louisiana..
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Weeh
462,508 bales.
715
1.
38,821
80,721
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1940, are 4,326,367 bales;
in 1939-40 were 8,686,486 bales, and in 1938-39 were 4,594,777 bales.
(2) That although the receipts at the outports
the past week were 63,822 bales, the actual movement from
plantations was 18,902 bales, the stock at interior towns
having decreased 44,920 bales during the week.
Manchester Market—Our report by cable tonight from
Manchester states that the market in both yarns and cloths
is
steady.
Demand for foreign markets is good.
We
give prices today below and leave those for previous weeks of
this and last year for comparison:
Repayments
State
Bushels
No. Loans
13,495,934
12,589
Illinois
No. Loans
3,847
904,821
345
59,018
58,986,868
4,149
Kansas
—
Kentucky
879
626,371
54
24
66,890
9
9
5,649
2
856
Minnesota
10,413
7,974,590
2,939,236
272
226,589
726
546,733
13,110,985
113,150
340
328,539
20
34,328
461
261,670
128
67,969
5,541
4,030,897
18,928
38
29,748
38
6
2,748
108,993
102,535,989
9,936
9,529,288
Missouri
3,440
—
...... ....
.
15,441
-
96
North Dakota.
Ohio
South Dakota....--..-—
Wisconsin
...
Total
Cotton
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
d.
d.
3
3
3
3
434
Closed
14.85
12
24,862
...
—
Michigan.
Nebraska
8'A Lbs. Shirt¬
3,781,030
37,590
1,044'
Indiana
Iowa......;
1940
1941
/
Bushels
4,159,559
288,737
d.
d.
s.
s.
d.
83i Lbs. Shirt¬
Cotton
32s Cop
ings, Common
Middl'g
Twist
to Finest
s.
d.
Upl'ds
d.
s.
d.
May
2..
16.19
13
0
@13
9__
16.19
13
0 ^ @13
16..
16.19
13
0
23..
16.19
13
0
@13
@13
29—
16.19
13
1
@13
434@12
434@12
8.18
734
734
14.74
12
Closed
14.08
Closed
Nominal
11 10 34 @12
134
Nominal
Closed
Closed
14.04
11 1034@12
134
Closed
134 Closed
7.25
134
7.82
734
7.60
9
Closed
8.14
7.42
June
6—
16.19
13
3
@13
14.04
11
16.19
13
3
@13
6
6
Closed
13—
Closed
14.04
11 1034@12
20—
16.19
13
3
@13
6
Closed
14.22
12
27..
3
@13
1034@12
6
Closed
14.06
12
434@12
6
@12
6
734
734
Closed
14.13
12
6
Closed
14.25
12
6
@12
@12
9
9
13
@13
434@13
434@13
Closed
14.19
12
6
@12
9
7.83
16.19
13
434@13
734
Closed
14.05
12
434@12
9
7.95
16.19
13
434@13
734
Closed
14.00
12
434@12
734
7.82
16.19
13
3—
16.19
13
il¬
16.19
13
ls..
16.19
25-
July
Returns
by Telegraph—Telegraphic advices to
this
has been mostly
good and the moderately warm, sunshiny week favored the
check in weevil activity.
Ginning is under way in the ex¬
evening indicate
that in Texas
us
progress
Rainfall
High
Low
91
76
1.06
92
61
1
—
77
97
98
71
70
84
93
74
84
94
84
97
74
75
102
73
86
88
dry
4
Amarillo
dry
dry
Austin
Abilene
0.04
1
Brownsville
dry
Corpus Christ!
Del Rio
Fort Worth——
dry
dry
Mean
84
Houston.
96
73
85
Navasota—
0.07
97
95
72
71
85
0.22
97
72
98
73
73
San
Antonio
dry
dry
dry
........—
Waco
Little Rock
Louisiana—New
83
85
86
3
0.32
102
99
71
85
1
Oklahoma—Oklahoma City—
Arkansas—Fort Smith..
0.88
98
71
85
0.10
95
75
85
98
86
1
Orleans
4
3.50
96
2
1
1
2
1
0.55
95
70
0.04
97
73
83
85
Miami
2
Tampa...
2
—
Mississippi—Meridian...
Vicksburg
Alabama—Mobile
Birmingham
Montgomery
Florida—Jacksonville
dry
—
—
... — -
0.10
Atlanta...
Augusta..—.........—
1
Macon......
—2
Carolina—Charleston.
North Carolina—Asheville
.
2
South
.
93
71
82
0.52
96
71
84
72
86
1.05
100
91
77
84
1.12
92
74
98
95
73
83
86
70
83
.... — _
Chattanooga.—
0.08
98
72
85
95
83
78
89
94
0.27
71
99
0.85
dry
63
97
69
79
83
1
2
0.69
99
71
85
0.38
96
72
2
5
1.44
95
71
84
84
2.26
93
68
81
97
73
85
dry
Charlotte——_.
Raleigh....
.........
Wilmington
Tennessee—Memphis.
83
0.21
dry
dry
Georgia—Savannah
dry
Nashville.
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:
The
Aug.
1,
1941
Aug.
2,
Feel
Above zero of gauge.
2.6
2.9
Memphis..
Above zero of gauge.
5.6
3.9
Nashville
Above zero of gauge.
Above zero of gauge .
Above zero of gauge.
9.2
10.0
9.5
1940
Feel
New Orleans
11.3
2.4
Shreveport
Vicksburg
5.0
Freights—Current rates for cotton from New
no longer quoted, as all quotations are open rates.
Cotton
York
are
Foreign Cotton Statistics—Regulations due to the war
prohibit cotton statistics being sent from abroad.
therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
in Europe
We
are
India Cotton Movement from All Ports.
Alexandria Receipts and Shipments.
Liverpool Imports, Stocks, &e.
Receipts
from
the
Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern
consumption; they
are
simply
a
Friday Night, Aug. 1, 1941.
Flour —The
statement of the
local flour
market has
been
relatively quiet
What little buying there was repre¬
sented fill-in orders for nearby needs.
Buying interest in
the West has also slowed down considerably, and no large
the past
several days.
bookings
flour
88
73
70
Shreveport
BREADSTUFFS
84
0.29
2
1
Palestine.....1
7.98
Thermometer
Inches
Days
Texas—Galveston
-
7.82
Aug.
treme south.
Rain
3
were
price
wheat.
released
reported.
schedule
Mills
owing
to
made no
the small
changes
net
in
changes
the
in
Advices received from Chicago confirmed the report
earlier
intended to
in
the week
to
buy flour this week,
the effect
that
the
Army
and that bids were to be
opened for 102,042 barrels of flour to be purchased within
the next day or two.
the 26th ult. prices closed 1 to 1%,c. net
All grain prices shared in a general advance today
that carried quotations in some cases to the highest levels
in more than a year.
Wheat was the highest in more than
two weeks.
Buying was attributed to commercial interests,
including mills ana professionals, the latter acting partly
on
hot weather and on strained relations between this
country and Japan.
Reports : that congressional wishes
regarding farm-parity prices would be considered in new
control legislation also attracted attention.
The advance
in wheat which wiped out all of last week's decline, extended
this week's net advance to more than 3c.
Although sus¬
tained demand for flour was reported, with some Eastern
interests estimating sales more than 500,(XX) barrels for the
week, buying was chiefly in small lots.
On the 28th ult.
prices closed % to 134e. net lower.
Wheat prices declined
more than a cent a bushel today due to profit-taking and
hedging sales after marking up early fractional gains that
carried quotations to near the highest general level for the
past 15 months.
Forecast of cooler weather with showers
in the spring wheat belt and approaching general harvest
in that area were bearish factors.
Although most of the
new wheat is expected to be held off the market for the time
being, the storage situation may limit the amount that can
be stored and thus affect "free" supplies according to some
trade interests.
Much of the early strength of wheat was
associated with higher prices of other commodities, such as
rye, soy beans, cotton and cotton-seed oil, but the trade
also reflected buying of mills and professionals who acted
on hot weather reports and the war situation.
On the 29th
ult. prices closed % to J^c. net higher.
Wheat futures after
an opening dip gained strength from rye today and at times
extended the gains to as much as a cent a bushel over the
Wheat—On
higher.
previous close for the Sept. delivery.
All deliveries of
rye
The Commercial & Financial Chronicle
716
advanced into
high ground for the season.
Weather
ordinary conditions would receive con¬
siderable attention, was overshadowed by other factors,
chiefly Washington developments.
The entire grain belt
has been gripped by the current heat wave with few points
showing maximums under 10() degrees.
Showers have been
mostly local and some observers said that while conditions
were not yet particularly serious for corn,
that sustained
heat was threatening crops in general and relief must come
soon to prevent serious damage.
The United States Army
was receiving bids on 100,000 barrels of flour to be opened
at Chicago Thurdsay.
On the 30th ult. prices closed }%% to
y2c. net lower.
The wheat market showed net overnight
losses of as much as a cent a bushel at times today due to
profit-taking, hedging and professional selling attributed
to cooler weather, forecast of more showers in parts of the
grain belt and uncertainty about congressional action on
price control and other legislation affecting commodities.
A break in cotton unsettled the wheat pit to some extent.
Wheat prices fell almost 2c. from early highs, which were
within fractions of peak levels since May, 1940.
Although
traders have never expected the Government to take any
steps which would depress wheat prices as long as loan rates
for the new crop were so much higher, traders said it would
be possible to dispose of some old grain now at a profit over
1940 loan rates plus accruing charges.
The Government is
believed to own outright 170,000,000 bushels of the 278,000,000 originally sealed.
new
which under
news
On the 31st ult. prices
closed Vs to %c. net lower.
After
of the session, wheat prices
turned definitely lower today and closed near the low point
fluctuating
irregularly
of the session,
bushel.
a
most
although net losses amounted to less than 1c.
adjustment of
Weakness of cotton, hedging and
accounts for the
private crop reports to be issued tomorrow
contributing factors in the downward trend.
Trade
were
of the
mates
of
new
expected by the trade, but grain men said this is not as
important a market factor as the loan program.
At midJuly the parity price of wheat was figured around $1.17 a
bushel, a rise of nearly 3c. since mid-June.
The farm rate
is
around
97c.
Today prices closed unchanged to
weak
%c. higher.
After
a
start wheat
gains of
prices managed to push upward for net
much as lc. a bushel at one stage today, but
as
then
proceeded to lose most of the advance.
Buying that
from mills, believed
possibly to be lifting hedges
against Government flour orders, and professionals, ac¬
carne
counted for most of
corn,
the support.
Outstanding strength of
than 2c. at one stage due to increased Gov¬
up more
ernment
prices, and of rye, caused some purchasing in the
Buying of all cereals was checked by a sharp up¬
revision in private estimates of spring wheat and corn
wheat.
ward
production due to favorable weather during most of July.
Open interest in wheat tonight, 52,114,000 bushels.
DAILY
CLOSING
PRICES
OF
WHEAT
Sat.
DAILY
CLOSING
PRICES
OF
September
Mon.
12234
No. 2 red
11934
NEW
Wed.
12034
YORK
Thurs. Fri.
11934
118%
WHEAT FUTURES IN CHICAGO
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
10734
10934
111
December
May
IN
Twps.
12034
10634
10834
11034
107
10834
11034
10634
10834
11034
106
10834
11034
10634
10834
11034
Season's High
and When Made
I
Season's Low and When Made
Feb.
10834
July
8,1941 September
17, 1941
733
96
10934
July 28, 1941 December
May 31. 1941
109
11134
July
28,1941 May
July 24, 1941
September
...
December
May
Government
the
CLOSING PRICES
OF
WHEAT
Sat.
FUTURES
Mon.
IN
October
7634
7734
December
7534
7734
Wed.
73 34
July
Tues.
WINNIPEG
7334
7534
7634
Thurs.
7434
Fri.
73 34
estimate
tonight, 21,484,000 bushels.
DAILY
CLOSING PRICES
Corn—On the 26th ult. prices closed %c. to %c. net higher.
Corn prices were up a full cent at one stage, deriving most of
their strength from other grains, although hot weather
Sept. and Dec.
some
buying.
At the close, however,
2 to 3c. below the recent four-year
On the 28th ult. prices closed V2c. off to %c. up.
peaks.
were
Corn futures advanced
fractionally with other grains early
May, 1942, deliveries equaled the Saturday
peak of 81 Mc., highest posted on Chicago Board in four
years.
On the 29th ult. prices closed l/% to Ye. net lower.
Corn futures were barely steady.
There was some buying
of Sept, contracts believed to be
against sales of rye.
On
the 30th ult. prices closed Yc. to %c. net lower.
Corn
prices declined fractionally, reflecting rains in the corn belt
and generally improved crop conditions.
With only limited
receipts at Chicago, totaling about 70 cars, demand was
fair, which helped to support prices at times.
in the session.
On the 31st ult. prices closed % to y±c. net lower.
Corn
held fairly steady.
Crop reports indicated that corn in
Illinois is 10 days to two weeks ahead of normal, and that
the
number
of
....
Season's
High and
7934
8034
8134
forming on corn stalks is above the
Today prices closed % to lc. net higher.
Corn
prices led the upturn in grains due to an advance in the
price at which the Government will sell corn at terminal
and sub-terminal elevators.
at
73c.
previously.
opening,
but
to
later
a
The
bushel
a
September
virtually ignored
77c.
new
part
price at Chicago was
compared with
corn advanced
lost
of
this
more
gain.
Mon.
69c.
to
7534
7534
81
8034
90
December
7534
7834
81
....
Feb.
May
July
73 34
May
7434
7734
When Made
57 34
...
9034
7934
17, 1941
23,1941
30.1941
Oats—On the 26th ult. prices closed % to l^c. net
higher.
Oats followed wheat and corn, and also reflected
damage reports from north central Iowa.
On the 28th ult.
prices closed %c. lower.
Trading was light, with the
undertone heavy during most of the session.
On the 29tn
ult. prices closed unchanged to %c. higher.
Trading was
light in this grain, with the undertone of the market steady
to firm.
On the 30th ult. prices closed
to 3^c. net lower.
This market fell off in sympathy with wheat and other grains.
On the 31st ult. prices closed *4 to %c. net lower.
Trad¬
ing
light and without particular feature.
Today prices
% to %c. net higher.
Oats were firm in sympathy
was
closed
with the other grains.
DAILY CLOSING PRICES
OF
OATS
Sat.
September
September (new)
December (new)...
May (new)
FUTURES IN CHICAGO
Tues.
Wed. Thurs. Fri.
Mon.
3934
3834
3834
3834
_
....
....
Season's High and When
September
3934
June
Sept. (new)... 3934
June
Dec. (new)
4034
July
May (new)... 4234
July
4134
....
Made
I
Season's Low and When Made
19411September
30
Feb. 17, 1941
1941|Sept. (new)
33 34
May
3, 1941
1941 (Dec. (new)
3634
May 26,1941
1941 (May (new)... 4134
July 30,1941
30.
30,
26,
28,
_.
DAILY CLOSING PRICES OF OATS
Sat.
July
October
December
FUTURES IN WINNIPEG
Mon.
4034
3734
3534
Tues.
4034
43
Wed.
Thurs.
Fri.
41
3834
....
May
Ry e—On the 26th ult. prices closed 3J^c to 4^c. net higher.
in rye carried prices of all contracts to the best
May last year, but Sept. rye was quoted about
The upturn
levels since
44c. below wheat.
Traders said harvest is just getting under
in the major producing area.
On the 28th ult. prices
closed Ha. to l^c. net higher.
This market ignored the
sharp drop in wheat prices towards the close, and had an
independent strength all its own.
The rye May delivery
was
especially strong, and reflected switching from the
near months to the
May delivery.
On the 29th ult. prices
closed 2c. to 2^c. net higher.
Rye led the way for nh the
grains today.
All deliveries of rye went into new high gi ound
way
for
the
season
for
the
third
successive
session
with
final
quotations 2 to 2j^c. net higher.
The closing levels were
just under the peak prices.
Much of the buying of rye was
reported due to increased outside participation and the
price disparity between this cereal and wheat.
The rally
in wheat was attributed largely to strength in rye and to
reports that price control legislation would be introduced
in Congress tomorrow following the President's
message
on price-fixing.
On the 30th ult. prices closed l^sc. to l%c.
net lower.
Rye fell as much as 2c. due to profit-taking and
some hedging.
On the 31st ult. prices
market
was
relatively
closed % to %c. net higher.
quiet,
with
fluctuations
This
extremely
The undertone
was firm, however.
Today prices
%c. net higher.
Trading was rela¬
tively quiet, with the undertone steady.
closed
unchanged
DAILY
to
CLOSING
PRICES
OF
September
September (new)
December (new)
May (new)
RYE
Season's
High and
September
5734
Sept. (new)... 96%
Dec. (new).. 6934
May (new)... 7334
CHICAGO
TN
Tues.
Wed.
6334
6334
6634
6934
6534
6934
7334
6434
Thurs. Fri.
64 % :
6734
7134
—!
68
7234
When Made
|
Season's Low and When Made
June 27, 1941 iSeptember
44
Feb. 21,1941
July 30, 19411Sept. (new)
5434
May 31,1941
July 30. 1941|Dec. (new)... 56*4
May 23, 1941
July 29, 1941 (May (new)... 65 34
July 25, 1941
...
..
DAILY CLOSING PRICES
OF
RYE
Sat.
July....
October.....
December.
FUTURES
Mon.
—
FUTURES
Mon.
5334
5434
5534
Tues.
5534
■
OF
WINNIPEG
5634
5734
May
DAILY CLOSING PRICES
IN
Wed.
5434
July
Mon.
5134
4834
October
December
Fri.
5334
'
*
BARLEY FUTURES IN
Sat.
Thurs.
Tues.
5234
4934
WINNIPEG
5334
4934
Wed.
Thurs.
Fri.
4834
47
4634
May
Closing quotations
were as
follows:
FLOUR
Standard Mill Quotations
Spring patents
/
6.30(3)6.55(Soft winter straights
6.05@6.30
6.05@6.301 Hard winter straights
First spring clears
6.15@6.40
GRAIN
Wheat, New York—
I Oats, New York—
No. 2 red. c.i.f., domestic
118341
No. 2 white
Manitoba No. l.f.o.b.N. Y. 8834 I Rye, United 8tates, c.i.f
Corn New York—
No. 2 yellow, all rail
(Barley, New YorkI
40 lbs. feeding
..
90
I
Chicago, cash
48
7934
6134
53-66
75c.
than 2c. at the
Corn
Tues.
—-
Thurs. Fri.
IN CHICAGO
Wed. Thurs. Fri.
7834
September
26. 1941
July
FUTURES
Season's Low and
When Made
June 23, 1941
June 23, 1941
...
May
9034
76
7834
8134
.
May
December
Wed.
9034
OF CORN
December
September
Tues.
9134
Sat.
September
ears
average.
fixed
Mm.
9134
CLOSING PRICES
corn
NEW YORK
IN
CORN
OF
Sat.
No. 2 yellow
DAILY
Open interest in
<
Sat.
May
continued to induce
a harvest
53,000,000 bushels greater than
a
month ago, and 153,000,000
or
bushels larger than last year's crop.
narrow.
DAILY
The average indicated
crop.
2,602,000,000 bushels,
__
sluggish because of cautious operations pending price
legislation developments.
Some mill support, possibly asso¬
ciated with Army flour buying, helped to check price de¬
clines.
Easing of quota restrictions in some respects is
was
Aug. 2, 1941
traders
sharp upward revision of private esti¬
All the statements below regarding the movement of
grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce
Exchange.
Volume
First
The Commercial & Financial Chronicle
153
give the receipts at Western lake and river ports
Saturday, July 26, and since Aug. 1 for
we
for the week ended
each of the last three years:
717
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ended July 25 and since July 1, 1941, and July 1, 1940, are
shown in the following:
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
Chicago
267,000
1,829,000
Duluth
2"l~,666
5,367,000
3,213,000
Milwaukee.
18.000
121,000
Rye
Barley
Wheat
Toledo
Buffalo
Corn
bush 56 lbs bush 48 lbs
2,588,000
246,000
1,127,000
104,000
126,000
512,000
755,000
659,000
440,000
73,000
78,000
198,000
828,000
54,000
60,000
296,000
2,930,000
Minneapolis
2,000
187.000
2,000
217,666
2,559,000
6,369,000
608,000
36,000
25,000
1,128.000
335,000
361,000
84,000
58,000
132,000
900.000
192,000
202,000
2,000
48,000
Peoria
39,000
267,000
200,000
8,000
55,000
Kansas City
Omaha
37,000
2,856,000
810,000
17,000
2,942,000
73.000
27,000
66,000
Week
Since
Since
Week
Since
Since
July 25,
July 1,
July 1,
July 25,
July 1,
July 1,
1941
1941
1940
1941
1941
1940
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
156,000
518,000
Exports
Indianapolis
St.
Louis-
St.
Joseph.
Wichita
156,000
No. Amer.
4,543,000
23,112,000
14,020,000
1,550,000
7,345",000
12,245,000
6,093,000
30,457,000
28,561,000
Black Sea.
1,044,000
78,000
27",000
^OOO
26,666
11,954.000
3,727,000
1,149,000
1,722,000
Same wk '40
421,000
20,604,000
6,415,000
1,515,000
166,000
Same wk *39
449,000
13,422,000
3,133,000
2,667,000
667,000
1,118,000
1,869,000
4,095^666
1,078,000
9,065,000
1,337,000
186,000
65", 000
25,752,000
3,633,000
394", 000
1,736,000
Total
539,000
684,000
Other
countries
Tot. wk. '41
186,000
560,000
Argentina.
Sioux City
.
May
Since Aug. 1
1940
21,440,000 462,377,000 297,614,000
81,898,000 21,725,000 105723000
21,956,000 460,740,000 251,523,000 93,625.000 29,412,000 111860000
22,932,000 465,325.000 275,320,000 108,232,000 27,828.000 l99.3iO.OOO
1939
1938
Wheat
Exports
Total receipts of flour and grain at the seaboard ports for
Saturday, July 26, 1941, follow:
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
New
York.
244,000
118,000
Boston
only 2.2 million last
32,000
160.000
Baltimore..
21,000
27,000
1,056,000
New Orl'ns*
Galveston.
Barley
326,000
6,000
54,000
19,000
1,000
68,000
16,000
9,000
111,000
12,000
'"7",000
238"666
.
Canadian
Atl. ports
2,779,000
Tot. wk. '41
220,000
4,477,000
308,000
67,000
10,000
333,000
7,179,000 123,183,000
7,856,000
1,484,000
694,000
1,212,000
Since Jan. 1
1941
Week 1940.
222,000
3,960,000
1,407.000
47,000
9,000
19,000
7,208"666
76,797,666
20,284",000
2,690",000
1,689"666
l,16l"666
Since Jan. 1
1940
*
Receipts do not include grain passing through New Orleans for foreign ports
Above
Last
gra^n, during
compared with
year as
bushels,
were
increase
As in
half of the shipments, 2.6 million
over
of flour made from United States'wheat, but
occurred
in exports of
grain, from 1.2 to 1.4
million bushels, while flour from wheat other than domestic
showed a slight decline.
In May, 1940, only 0.2 million
bushels of wheat moved into trade channels,
1.2 million of
flour from domestic wheat, and about 0.8 million bushels of
flour from other wheat.
Altogether nearly 38 million bushels of wheat were ex¬
ported during July-May 1940-41 as against 52 million
during the corresponding period of 1939-40.
Even if ship¬
ments during June, for which trade returns are not yet
available, fell below the average of the previous 11 months,
total exports for the 1940-41 season probably amounted to
about 40 million bushels as compared with 54 million bushels
exported in the previous season.
UNITED
EXPORTS
STATES:
OF
WHEAT
1939-40 AND
The exports
from the several seaboard ports for the week
Saturday, July 26, and since July 1 are shown in
ended
as
but fell somewhat short of the
year
through bills of lading.
on
States
year's record attained in April of 4.9 million bushels.
an
bush 56 lbs bush 48 lbs
14,000
22,000
Philadelphia
75,000
Rye
United
May totaled 4.6 million bushels this
the latter month,
the week ended
of
Year—Exports of wheat, including flour
AND
FLOUR,
BY
MONTHS.
1940-41
1939-40
1940-41
Flour From
the annexed statement.
Flour From
Month
Wheat
Corn
Wheat
Flour
Total
United,
Bushels
Bushels
New York
20,000
Barrels
349,000
Philadelphia
Oats'
Rye
Wheat
United
Total
Bushels
Bushels
30,000
States
Barley
le'.ooo
States
Other
Wheat
Wheat
Wheat
Bushels
1,000
103,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Bushs.
252,000
17,000
Baltimore
Other
Wheat
Exports from—
Bushs.
Bushs.
Bushs.
Bushs.
Bushs.
Bushs.
Bushs.
784
7,270
1,888
2,212
820
8,935
2,127
1,018
5,675
Total wk.
677
227
2,251
1,819
1,193
1,377
1,519
2,217
1,262
1,220
23,004
632
23.636
3,468
August
5,903
September
Can. Atl. ports-
3,018
2,530
252,000
October
1,701
438.000
November
1,452
July
2,779,000
1941
2,815,000
469,000
a30,000
Since July 1, 1941
14,101,000
967,000
117,000
46,200
179,230
.•if
———
597
December
1940
3,546,000
999,000
Since July 1, 1940
Total wk.
11,409,000
3,768,000
January
69,000
"4",000
25"666
608
—
visible
The
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and sea¬
board ports, Saturday, July 26, was as follows:
United States—
Bushels
"
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
532,000
New York...
127,000
Orleans
4,000
8,000
144,000
1,000
89,000
1,000
135,000
3,000
2,000
336,000
8,160,000
...
Hutchinson
10,867,000
...
1,289,000
2,418,000
136,000
"V, 000
38,425,000
31,000
264,000
81,000
10,245,000
8,404,000
90,000
26,000
66,000
742,000
1,311,000
921,000
38,000
12.000
Kansas City
—
189,000
4,000
2,546.000
1,166,000
297,000
46,000
12,927,000
.—
Sioux City
8,395,000
St. Louis
Indianapolis
...
Peoria
.
Chicago
...
—
afloat
3",6o6
10,000
22,666
2,148,000
1,699", 000
324,000
193,000
671,000
On Lakes
Milwaukee
•
m
-
— -
-
«.
2,685,000
1,075,000
56,000
126,000
669,000
...
31,277,000
4,138,000
982,000
3,056,000
2,574,000
...
23,807,000
1,887,000
192,000
635,000
763,000
...
—
Duluth
134,000
...
—
"
2,000
4,000
2,000
140,000
6,971,000
Detroit
6,618,000
550,000
421,000
227,000
4,843,000
6,718,000
5,114,000
3,571,000
6,489,000
4,890,000
2,165,000
8,714,000
4.573,000
62,000
249,000
Total July 26, 1941... 189,652.000 39,861,000
Total July 19, 1941
176,825,000 42.076,000
Total July 27, 1940.....146,294,000
24,711,000
Oats—Buffalo, 382,000 bushels; total.
382.000 busoels, against 75,000 bushels In 1940.
Barley—New York, 52,000 bushels;
Duluth, 97,000; total, 149,000 bushels, against 1,157,000 bushels in 1940,
Wheat—'
New York, 3,045,000 bushels; New York afloat, 487,000; Boston, 2,215,000; Phila¬
472,000;
1,283
2,449
690
4,422
902
4,173
550
686
4,069
695
2,485
301
2,833
1,393
512
2,206
665
2,650
46
1,339
478
1,863
869
3,818
6,728
66
1,789
639
2,484
1,998
1,169
601
3,768
806
742
3,837
1,246
4,855
2,239
1,413
2,973
2,563
636
792
597
4,573
20,665
8,770
52,439
10,705
20,690
6,564
37,959
567
636
1,835
21,232
9,406
54,274
Inspections of Wheat for Export in
at
Low
1940-41 Season
Level—Cargo inspections of United States wheat for
9,579,000
bushels,
1940-41
the
season
smallest
ended
total
June 30 totaled
since
Department of Agriculture reported July 26.
with
22,865,000
1939-40
1936-37,
This
the
compares
bushels inspected for export
during
the
season.
About
75% of the wheat inspected for export during the
past season graded No. 2 and the remainder No. 1.
About
of the class White Wheat with most of the re¬
mainder Hard Red Winter. Approximately 7,523,000 bushel
were inspected at Pacific Coast ports, 1,156,000 bushels at
Atlantic Coast ports and the remainder at Gulf and Lake
75%
was
ports.
Weather
Note—Bonded grain not Included above:
delphia,
3,045
4,629
242.0(H)
afloat
On Canal
on
514
174,000
1,314.000
...
2,976
1,541
19,000
St. Joseph
Omaha
-
3,698
613
990
Compiled from official records, Bureau of Foreign and Domestic Commerce*
Flour converted to grain equivalent on the basis of 1 barrel—4.7 bushels.
export during the
455,000
Wichita
Buffalo
i"ob",666
5,143,000
...
—
Minneapolis
11 months
June
74,000
16.000
1,000
1,645,000
...
Galveston
"
44,000
257,000
1,371,000
...
Baltimore
Fort Worth
1,833
May
257,000
Philadelphia.
New
16,000
317,000
afloat.
3,705
Total
GRAIN STOCKS
Wheat
1,430
April..--^-——
Export data not available from Canadian ports.
February
March
a
69,000
598
934
1,212
1,429
Baltimore,
686,000;
Portland.
1,156,000; Buffalo, 5,954,000Albany, 2,826.000; on Canal,
Lakss 671,000 Duluth, 11,366,000; Erie, 2,233,000;
737,000; in transit—rail (U. S.), 819,000; total, 32,667,000 bushels, against 25,209,000
bushels in 1940.
Wheal
Corn
Oats
Rye
Barley
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushels
Report for the
Week Ended July 30—The
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
general
summary
weather for the week ended
The
July 30, follows:
heat wave that culminated in the
middle Atlantic
area
the
latter
part of the week presented an outstanding Weather aspect of rare occur¬
in that its genesis, so far as the United States is concerned appear¬
ed in north Pacific coast sections on the weather map of July 13, from
where it is traceable, in more or less deliberate and regular progression,
eastward to the middle Atlantic area at the close of the week, July 28.
rence,
Thus,
the progression covered a period of approximately half a month
13, some stations in western Oregon reported maximum tem¬
On July
Lake bay, river & seab'd.
63,021,000
Ft. William <fc Pt. Arthur
79,049,000
1,053,000
517,000
905,000
Other Can. & other elev.283,179,000
2,730,000
544,000
2,381,000
peratures of 100 degrees or higher. By the 15th like readings were reached in
eastern Oregon and the following day in extreme eastern Washington.
On the 17th-21st maxima of 100 degrees or higher were reported from
scattered stations in Montana and the Great Plains and by the 22nd more
1,224,000
3,525,000
central and
1,699,000
4,684,000
26th scattered stations in the eastern Ohio Valley reached the century
mark, while on the 28th 100 degrees were reached or exceeded in parts of
Pennsylvania, Maryland, the District of Columbia, and Virginia. At the
same time high temperatures were reported in the
northern Plains and
from Kansas eastward to Atlantic districts.
343,000
163,000
239,000
Total July 26, 1941-.425,249,000
4,126,000
5,394.000
5,508,000
1,543,000
4,319,000
4,843,000
6,718.000
4,126,000
1,224,000
5,114,000
3,525,000
39,861,000
8.969,000
7,942,000
8,639,000
Total July 19, 1941
679,939,000 42,076,000
27, 1940.....400,364.000 24,711,000
8,965,000
8,188,000
9,574,000
Total July
7,673,000
10,257,000
8.892,000
Total July 19. 1941
503,114,000
Total July 27, 1940
254,070,000
.....
Summary-
American..^
Canadian
.
.
..18.9,652.000 39,861,000
..425,249,000
generally in eastern Plains districts, while on the 23rd some stations on the
upper Mississippi River had similar high readings.
On the
East of the Rocky Mountains the highest temperature recorded for the
was 110 degrees at Pierre, 8. Dak., on the 23d.
West of the Rockies a
high reading of 111 degrees was reported from Las Vegas, Nev. On the other
hand, locally in Florida the temperature did not reach 90 degrees during
the entire week.
week
Total July 26. 1941...614,901,000
The Commercial & Financial Chronicle
718
Rainfall
of
was
a
decidedly local character with only widely scattered
stations reporting heavy amounts, two
inches or more in 24 hours.
Those
receiving more than two inches in 24 hours include Meridian, Miss.; Charles¬
ton, 8. C.: Lynchburg, Va.; Hartford, Conn.; Burlington, Vt., and Goodland and
Dodge City, Kans,
Preliminary reports show that rainfall for July up to the 28th of the
has been decidedly below normal from the Ohio River and Mis¬
souri northward, and also in the Great Plains, except the southwestern
portion
A little more than half the normal is shown for Michigan, Wis¬
consin, southern Illinois, and eastern North Dakota and less than half of
normal in the eastern portions of Kansas, Nebraska, and South Dakota,
and the northern parts of Minnesota and Iowa.
The average temperature for the week was not far from normal in the
South and somewhat below normal in a large southwestern area, the largest
minus departures appearing in the interior of California and in the Colorado
River Valley.
On the other hand the week was abnormally warm in nearly
all central and northern States east of the Rocky Mountains, the greatest
plus abnormalities appearing from the Ohio and lower Missouri Valleys
northward, where the weekly means ranged locally up to 16 degrees above
normal. This chart shows also the areas having temperatures of 100 degrees
month
.
higher during the week.
Precipitation during the week was of a spotted character, although
several fairly large areas had substantial to fairly heavy amounts. The mast
extensive or such areas appear in the Northeast, the western Ohio Valley,
central Gulf sections, and the southwestern Great Plains.
Fairly heavy
rains occurred also in much of Arizona and Utah, parts of Nevada and
Washington, and western Montana. The western Ohio Valley, the western
Gulf area, and the central Great Plains had practically a rainless week.
The outstanding feature of the week's weather in relation to agriculture
was the scanty rainfall and extremely high temperatures that prevailed in
much of the interior of the country where July in general has had sub¬
normal moisture.
A good rain is needed from Michigan and Indiana west¬
ward to the Rocky Mountains; also, the top soil is now becoming dry, under
the influence of recent clear, warm weather in much of the southern Plains,
although the southwestern Plains still has sufficient soil moisture.
Farm work made good advance in the interior and northern States,
although high temperatures were trying on man and beast, with reports
of some horses killed in the upper Mississippi Valley. While scanty moisture
and high temperatures were unfavorable over large areas, general crop
damage has not been serious as yet.
In the South, considerable fair weather was beneficial, although there
was again too much rain in some areas, especially in central Gulf districts.
In the more eastern States good growing weather prevailed; in the North¬
east generous rains at the close of the week were decidedly helpful.
or
from
uncomfortably high temperatures, the
for the completion of winter-wheat harvest in the
Grains—Aside
Small
weather
was
favorable
generally; threshing made good advance.
wheat belt abnormally high temperatures forced late grain
rapidly and there will be more or less shrinkage.
In South Dakota
combining and threshing of the early crop progressed favorably, with
returns varying from fair to good.
In North Dakota grain ripened rapidly
in the north, with harvest progressing in the south with returns mostly
excellent.
Spring grains are spotted in northern Montana.
Harvest has
been completed in many earlier districts of Washington with exceptional
returns. Oat harvest has begun in the Lake region; yields have been reduced
by rust in central-northern sections. The yield of flax is mostly good and
rice is doing well.
later districts and for threshing
In the spring
too
Corn—Corn had
a
rather trying week in most of the principal producing
However, while some damage has been done by heat and lack of
moisture, harm is not yet extensive or serious. The crop needs good rains
areas.
and lower day
temperatures in practically all of the principal producing
sections west of the Appalachian Mountains.
In the Ohio Valley north of the river progress
continued good in the
moister areas, but only fair in drier sections, where, on light soil, some
unfavorable effects are apparent.
In Illinois progress was good in the
north and most of the central area, but only fair in much or the south,
poor in some localities; some firing is reported in drier areas.
In Missouri
the crop is beginning to suffer on hillsides and thin land, with some per¬
manent damage, but the general condition remains fair to good.
Much
of Oklahoma needs rain and some damage is
indicated in the eastern half of
Kansas though not yet serious.
In Nebraska more or less deterioration
has occurred in the eastern half
of the State, with some firing, but not yet serious.
However, on some
thin lands of South Dakota the crop is beyond help.
In the upper Mis¬
sissippi Valley corn is holding up well considering the dryness and heat.
In Iowa some heat damage is indicated, with wilting and tassels searing
in some areas, but loss is not yet serious; the early crop is in the roasting-ear
stage.
Cotton—In the cotton belt the week was slightly warmer than normal
and rainfall
was
mostly scanty, except locally in the southeast and a con¬
On the whole the weather was rather
general advance of cotton fair to good.
siderable section of the central belt.
favorable and the
In Texas progress was mostly good and the moderately warm sunshiny
week favored a check in weevil activity; ginning is under way in the ex¬
but the top soil dried rapidly
blooming is general and boll
forming begun, with much dusting for weevil in eastern and south-central
In Oklahoma progress was fair,
and rain would be helpful in some sections;
treme south.
counties.
In the central States of the belt, especially southeastern Arkansas,
Louisiana, and much of Mississippi further rainfall was unfavorable.
However, in most places from Alabama and Tennessee eastward weekly
progress was fair to good with favorable temperature and mostly light to
moderate rainfall. While the crop is showing improvement in the Atlantic
area, there has been some local abandonment, because of persistent previous
wetness.
Tke first open boll in South Carolina was reported on the 25th.
The Weather Bureau
furnished the following resume of
conditions in different States:
Carolina—Raleigh;
Generally favorable temperatures and local
Soil moisture still ample, but now more favorable for cultivation.
Progress of cotton fairly good to good; condition fair to very good, except
late only fair; fruiting very nicely in southeast.
Corn good progress; con¬
dition mostly very good.
Tobacco in most places generally unsatisfactory
as a result of too much rain. Truck in fine condition. Pastures and meadows
very good.
showers.
Dry, warm weather last half of week favor¬
cultivation, but considerable acreage abandoned
South Carolina—Columbia:
able for grass riddance and
late crops. Fodder pulling in early corn; heavy peach
shipments begun. Progress of cotton fair and Improving; condition poor to
fair and some locally very poor; bloom increasing; fust open in south on
25th. Pasturage generally excellent.
or seeded to
Georgia—Atlanta:
Favorable temperatures, but with too much rain in
places; soil too wet for cultivation.
Some cotton abandoned due to
and weeds; continued very favorable for weevil activity; scattered
heavy shedding; opening beginning locally in south.
Progress of corn
mostly fair, but good in south, where nearing maturity.
Fall planting of
potatoes still hindered by rain.
Growth of yams, most truck, peanuts,
sugarcane, and watermelons good.
Tobacco still hindered by too much
rain.
Elberta peaches being harvested in central; peaches rotting on trees
most
grass
in
some
localities.
Florida—Jacksonville:
Favorable temperatures, but too much rain and
soil too wet for cultivation. Progress of cotton fair; condition rather poor;
bolls opening; weather very favorable for weevil activity.
Rain hindering
harvesting and curing tobacco.
Corn, cane, and peanuts fair.
good; new crop rather light, but holding well.
Alabama—Montgomery:
Citrus
Rainfall less general and mostly light to mod¬
erate; favorable temperatures.
Progress of cotton very good; condition
mostly fair, but locally good in north; weather favored checking weevil.
Other crops doing well.
Corn, legumes, and sweet potatoes fair to good.
Grass good. Peanuts, vegetables, and melons mostly fair.
Mississippi—Vicksburg: Favorable temperatures.
Frequent afternoon
thundershowers and soil too wet for cultivation locally, especially central
and south.
Progress and growth of cotton good; fruiting in northwest
fairly good to good, with mostly rather poor to fair fruiting elsewhere;
weather favorable for weevil activity.
Progress of late corn generally
good. Progress of fruit, gardens, pastures, and truck good to excellent.
Louisiana—New
Orleans:
Too much rain and dry, sunshiny weather
Progress of cotton generally poor; bloom light in most
locally heavy shedding; weather
very favorable for weevil activity. Progress of corn fair; condition poor to
locally good. Rice doing well/but needs sunshine. Truck and gardens poor.
badly needed.
sections; fruiting poorly; about normal to
1941
Texas—Houston; Favorable temperatures. Adequate rains in Northwest,
but none elsewhere, except a few separated localities; soil moisture ample
generally. Harvesting wheat in Panhandle practically completed; quality
generally iow. Harvesting excellent crop or barley and oats nearly com¬
pleted. Prospects for rice very good, although much late. Cultivation of
com good progress; most of crop nearing maturity.
Progress of cotton
good; picking and ginning under way in extreme south; weather favored
holding weevil in check.
Gardens generally good.
Heat detrimental to
newly set plants of fall commercial truck.
Livestock and ranges still in
excellent condition.
Oklahoma—Oklahoma City:
Unfavorably hot weather.
Lack of rain
being felt in central east, and southwest, particularly northeast.
Topmoisture badly depleted, except in northwest and a few scattered
localities.
Wheat threshing practically completed; much stubble plowed
under. Progress of cotton fair; more rain needed in most sections; blooming
soil
generally and small bolls forming; weather very favorable for weevil activity
in
east and south-central; condition
poor
mostly fair to good.
to fair, but good in west; condition good in west,
Pastures still mostly good.
Progress of
corn
but only fairly good
elsewhere.
Arkansas—Little Rock:
Very warm days.
More rain needed in many
Favorable temperatures for cotton, but too much rain in south¬
sections.
moderately favorable for weevil in central and south, but favorable
for checking in northeast. Progress of corn good, except in dry areas; early
maturing in south and east; late very good. Pastures and meadows improv¬
ing; hay cutting in progress. Tomato, cantaloupe, and melon harvests in
east;
Gardens and minor crops good.
h
No rain, except in limited areas of east.
All
weedy in east, but conditions improved and cultivation progressing.
Wheat threshing resumed.
Tobacco diseases checked, although crop
sappy, weedy, and yellowing on low places in east. Progress of corn excel¬
lent; condition good to excellent, except in some areas of west.
Progress
and condition of cotton very good; bolls forming.
Pastures and meadows
heavy growth; considerable hay cut. Late truck and vegetables doing well.
progress.
Tennessee—Nashville:
crops
THE DRY GOODS TRADE
New York,
Friday Night, August 1, 1941.
freezing of silk stocks and the placing
of a ceiling on prices was among the important developments
in the markets for dry goods during the past week.
The an¬
nouncement however, came as no surprise to the silk consum¬
ing sections of the textile industry as it had been generally
expected that any break in relations between this country
and Japan would bring to a sudden end the use of silk in the
manufacture of products for civilian account. The announce¬
ment nevertheless, resulted in retail stores being swamped
with business from women customers who were rushing to
stock up with full-fashioned silk numbers against a probable
scarcity in the future.
In other sections of the dry goods
markets, and particularly the gray goods division, business
was more or less quiet.
This was not due to any let-up in
the demand, but to limited offerings.
Only small quantities
of gray goods were available and the offerings were quickly
taken at ceiling prices.
A sharp break in cotton futures
following President Roosevelt's message to Congress-on price
control, contrary to many expectations, failed to bring out
any gray goods.
Merchants and millmen however, were
said to be following the decline in prices for the raw material
closely, and some were of the opinion that if the decline in
prices continued, it would no doubt lead to increased selling of
gray goods, and particularly for later delivery.
According to
some estimates, demand for goods was at least ten times as
great as the offerings.
In the meantime, prices for finished
cotton goods continued to move upward including such items
as percales,
woven plaid cotton shirtings, pillow tubings,
work shirt chambrays and a number of other lines.
An active demand for dry goods was reported in the whole¬
sale markets with business hampered by the tightness of mill
offerings.
Trading in print cloths and sheetings was confined
for the most part to key staples and sales were comparatively
small.
Buyers appeared to be greatly concerned over the
lack of offerings and a number were said to be complaining to
the OPACS.
The fact remains however, that mills are
sold ahead and have no production to offer.
Ducks remained
scarce, while mills manufacturing drills and twills were not
quoting or making any offerings, and it was considered quite
likely that they would not do so until pending defense con¬
Announcement of the
tracts
are
awarded.
There
was no
subsidence in the demand
for rayons
North
locally
Aug. 2,
which continued active.
Available spot goods
were quickly absorbed,
and sales for later deliveries were
made by mills very reluctantly
.
Woolen
Goods—Activity in men's
during the week
orders for
spring materials with a number of mills reported to have
booked about all the business they are able to handle for the
season.
Prices continued strong throughout the market, and
buyers readily paid the full asking prices.
Business placed
on woolen goods was said to be
substantially larger than in
recent years because heavy Army orders have reduced poten¬
tial supplies of worsted materials.
Demand for women's
wear fabrics continued active with
buyers experiencing dif¬
ficulties in locating supplies.
Unfilled orders for fabrics were
estimated to be about four million yards ahead of a year ago.
In fact, unfilled orders for piece goods, according to authorative sources, are probably at the highest level ever attained.
Wool blankets remained in a tight position with mills well
occupied on Government orders.
Demand for underwear
and wool knitted sportswear continued brisk and hosiery
mills were busy.
was
wear
confined for the most part to the placing of
Foreign Dry Goods.—An unusually active demand was
reported for all types of linens, and particularly for the better
grades with many inquiries coming from Brazil.
Demand
from the latter source has developed because of the falling off
in shipments direct from Great Britain.
Trading in burlaps
was virtually at a standstill during the week pending the
possibility of a price ceiling to be fixed by the office of Price
Administration and Civilian Supply.
Prices remained about
unchanged. Domestically lightweights were quoted at 10.75c.
and heavies at 14.20c;
Volume
The
153
719
Commercial & Financial Chronicle
A
breakdown
of the
contrasted
valuations
by States shows that this
"backbone of the local government tax structure" declined in Illinois about
or to $5,159,679,000 in 1938 from $8,411,305,000 in 1929.
Indiana
40%,
suffered
Specialists in
substantial
losses
in
property values for tax purposes,
the assessed value for that State declining to
the
Illinois & Missouri Bonds
as
well,
$3,851,977,000 in 1938 from
1929.
$5,166,896,000 recorded in
USHA—Puerto Rican Housing
Notes Sold—The officials of
29 a
Of
the total, the Chemical Bank & Trust Co. and associates
purchased $5,233,000, consisting of $1,173,000 Capital of
Puerto Rico notes and $3,060,000 of Puerto Rico notes,'
both due Feb. 14, 1942, at 0.49%.
No word was received
concerning the sale of $835,000 of Mayaguez, Puerto Rico,
notes, due Jan. 14, 1942, which also were offered.
three Puerto Rican Housing Authorities offered on July
total of $5,068,000 of short-term housing obligations.
Stifel, Nicolaus & CoJnc.
Founded 1890
105 W. Adams St.
314 N. Broadway
DIRECT
CHICAGO
WIRE
ST. LOUIS
News Items
Alabama—State Loses
The Supreme
Bond Proposals
Court of Alabama on July 29 ruled, in a
case,
that the State is not entitled to collect
taxes
on
ating
on a
test
usea
by
a
Steiner, Rouse & Co.
advices.
The Court held, five to one,
that the King & Boozer Co., of
Members New York Stock Exchange
Anniston,
was not liable for $1,236 in taxes and $123 in penalties levied against
it for lumber supplied to prime contractors for Fort McClellan. Ala.
It was understood that millions of dollars in taxes in various States would
Ala.,
Direct Wire
be affected by the ultimate decision on the case, which will be taken before
United States Supreme Court.
The case is a national test of the
Government's construction contracts.
The contract for the construction of the camp provided that the Govern¬
ment would reimburse contractors for all
State and local taxes.
The
held
that
the
contractors
Government and therefore not
'ALABAMA
BIRMINGHAM, Ala.—BOND CALI^-C. E. Armstrong, City Comptroller, states that the following bonds have been called for payment and
will be paid immediately on presentation together with the full amount of
the last interest coupon thereon, at the city's fiscal agent, the Chemical
were instrumentalities of the Federal
Only one item of the
singled out for the test case.
liable to the taxes.
complete $3,204,586 contract was
New York City.
Funding Nos. 1 to 100, 5% , $1,000,000.
Bank & Trust Co.,
Superhighway Plan Receives Approval—Gov¬
ernor
Dwight Green on July 22 gave his approval to a
legislative bill creating a Cook County toll superhighway
authority, according to an Associated Press dispatch from
Springfield.
Illinois—Toll
Sept. 30, 1941.
Grade crossing, Nos. 2401 to 2475,
Due Oct.
authorize a $4,000,000 non-referendum bond issue by the Chicago
Sanitary District for operation of garbage disposal plants.
The Chicago parking lot bill would have permitted the city to operate
such lots near the municipal airport, while the second bill, affecting downstate cities, would have permitted municipal lots to be established any¬
where inside the city limits. Governor Green vetoed both measures on the
own
601 to 630, 5%, $30,000.
Dated Oct. 1,
_
Nos. 1678 to 1732, 414%, $55,000.
Dated
Oct. 1, 1924.
Due Oct. 1, 1941.
This call does not apply to any bonds except those listed above.
Any
bonds other than these that mature Aug. 1 to Oct. 1, 1941, wiH be paid at
Major bills vetoed were two which would have permitted Chicago and
and operate municipal parking lots, and a meas¬
its
Dated Oct. 1, 1928.
1, 1941.
Public school buildings, Nos.
ure to
out of
Due
Dated Sept. 30, 1911.
4]4%, $75,000.
1924.
Due Oct. 1, 1941.
Public school buildings,
downstate cities to acquire
ground they infringed on private enterprise.
In vetoeing the sanitary district bond issue
held the City of Chicago was obligated to make
NEW YORK
BIRMINGHAM, ALA.
tne
Court
Municipals
Alabama
sales and use
national defense contractoi oper¬
cost plus fixed fee basis, according to Montgomery
material
and Negotiations
Defense Material Sales Tax Test—
maturity.
ARIZONA
measure, the Governor
provision for this service
Markets in
funds.
Jersey—Governor Considers Calling Constitutional Con¬
vention—Governor Charles Edison, whose appeal for a
BONDS
allMunicipal Issues
New
REFSNES,
legislative call for a constitutional convention fell on deaf
ears in the Legislature on July 28 when he appeared before
a joint session of the two bodies, disclosed on July 30 that he
is considering the calling of a convention by proclamation.
He is convinced, the Governor
said, that it would be useless to call
"T
Chief
ARIZONA
SAFFORD, Ariz.—BONDS OFFERED TO PUBLIC—An issue of $100,000 3 M % gas distribution system refunding revenue bonds is being offered
by Boettcher & Co. of Denver, for general investment at prices to yield
from 1.50% to 3.05%, according to maturity.
Denom. $1,000. Dated
Aug. 1, 1941.
Due on Aug. 1 as follows; $2,000 in 1942, $3,000, 1943, and
1944, $4,000, 1945 to 1948; $5,000, 1949 to 1953; $6,000, 1954 to 1958, and
$7,000 in 1959 to 1961.
Redeemable in inverse numerical order on any
interest payment date at 103 M to and including Aug. 1, 1946; at 102^
thereafter, to and including Aug. 1, 1952; at 101M thereafter.
Prin. and
int. (F-A) payable at the office of the Town Treasurer in Safford.
Legality
approved by Gust, Rosenfeld, Divelbess, Robinette and Coolidge of
Executive
numerous
am
.
myself," the
have asked
authority to take such action and
explored the possibilities of taking the initiative
continued, "and calling a convention.
I
have
lawyers for opinions as to my
seriously considering it."
Mr. Edison declared
that it only required a
"
"
special
legislative session to consider constitutional changes because "the Re¬
publican Legislature has demonstrated conclusively that it just doesn't
want it."
glimpse at the results of the
recently closed legislative session to see "that the Republican Legislature
had been more interested in jobs, giving out jobs, protecting job tenure and
naming boards," than in matters of constructive legislation such as mod¬
ernization of New Jersey's 100-year-old constitution.
Phoenix.
Regular Session—The regular session of the State
Legislature came to an end shortly after 4 a. m. on July 28,
with adjournment taken until Nov. 13, according to Trenton
Results of
ARKANSAS
*
advices.
$272,115 appropriation bill for repairs to State
confusion, the bill was first
protests.
Legislation to install voting machines throughout the State also failed to
pass.
The Senate considered a bill to compel installation of machines in
first and second class counties by next June; in third and fourth class counties
by June, 1943, and in fifth and sixth class counties by June, 1944, but it
In the closing
minutes
a
institutions was lost.
With the Assembly in
announced as passed but was laid over after
get the votes.
did not
Senator O'Mara,
Hudson Democrat, said he
would support the measure
time. The Republicans
ARKANSAS, State of—ROAD BOND BURNING SCHEDULED—
At a public ceremony Labor Day, Sept. 1, at Little Rock, road district
bonds of $47,000,000 are to be burned by the State to commemorate lifting
of first mortgage liens on property of the original road improvement dis¬
tricts formed in the early 1920's.
In the recent $137,000,000 refunding,
in which the Reconstruction Finance Corporation purchased the new issue,
the liens were removed and the security limited to a pledge of highway fund
revenue and other taxation.
Removal of the mortgage liens first was
attempted by former Governor J. M. Futrell, whose offer was refused by
the bondholders.
In drafting Act No. 4 of 1934, the liens also were re¬
tained and the original bonds were held by the State Treasurer as escrow
agent.
.
effective in all counties at the same
if it became
amendments.
The bill creating Winfield Townsjip in Union County from parts of
Linden and Clark Township was passed in both Houses over Edison's veto.
The measure, by which CJlark and Linden would rid themselves of the
expense of providing public facilities for a defense housing project, passed
the Senate by 11 to 4.
After a long fight Camden legislators won approval for a measure per¬
mitting their city to tax real property owned by the Camden-Philadelphia
laid it over for
Br,T4?e
Senate passed two measures
to give counties
$3,000,000 additional
but the bills never got to the Assembly.
four-member committee was created in the Senate without
appropriation to investigate any State department or agency, the same
power the Legislature voted to Governor Edison earlier in the year.
Senator
O'Mara put through an amendment to protect the right of cross examination
and
representation by counsel for those under investigation.
Senator
Jamieson suggested the measure might interfere with Edison's Highway
Department investigation.
annually in State road aid,
A
special
United
17% in
States—Assessed
Values of Property
Decreased
Decade—Assessed valuation of real and personal
property in the United States declined 17% in the 10 years
1929-38, falling to $139,000,000,000 from $168,000,000,000,
disclosed on July 28 in a special study by the Census
Department of Commerce.
The depreciation accompanied an increase of 6.6% in nation-wide popula¬
tion for the decade, according to the report, making the decrease on a per
capita basis 22%. or from $1,376 a person to $1,073.
it
ELY, BECK & CO.
PHOENIX, ARIZONA
was
Bureau,
CALIFORNIA
SANITARY DISTRICT (P. O. Alvarado), Calif.—
ORFERING—Sealed bids will be received until 8 p. m. on Aug. 5,
ALVARADO
BOND
by Joseph
$38 500
E. Dutra, Secretary
sewer
of the Sanitary Board,
construction bonds.
for the purchase of
5%,
20, 1941. Due
1974. and
of H of 1 %,
Interest rate is not to exceed
payable J-D.
Denoms. $1,000 and $100. Dated June
on
June 20 as follows:
$1,100 in 1942 to 1972, $1,200 in 1973 and
$1,000 in 1975 and 1976.
Rate of interest to be in multiples
and it shall not be necessary for such rate to be uniform for all of the bonds.
Split rate interest bids will be accepted.
Prin. and int. payable in
money at the County Treasurer's office.
The highest bid will be
by deducting from the total amount of interest (which the district
required to pay up to the maturity of the bonds at the coupon rate
in the bid) the amount of the premium bid therefor and the award will
made at the lowest net cost to the district.
None of the bonds will be sold
for less than face value and accrued interest thereon to date of
For the convenience of the Sanitary Board the bidders are requested, but
not required, to submit a calculation of the total net interest cost to
lawful
determined
would be
specified
be
delivery.
the
district.
San Francisco),
Calif.—BOND REDEMPTION NOTICE—The San Francisco Bank, as
fiscal agent, is notifying holders of California Toll Bridge Authority San
Francisco-Oakland toll bridge revenue bonds, 4% series sinking fund revenue
bonds due Sept. 1, 1976, that there have been drawn by lot. and called f -r
redemption on Sept. 1, 1941, from excess moneys in the Reserve Fun 1
$1 007,000 principal amount of the bonds.
The redemption price is 106 V0
of the principal amount plus accrued interest.
Interest on the called bonds
CALIFORNIA TOLL
shall cease to accrue
BRIDGE AUTHORITY (P.O.
after the redemption date.
720
The Commercial & Financial Chronicle
Bonds called for redemption should be
presented at the principal office
of the paying agent, Bank of America National
Trust
and
Savings Associa¬
tion, San Francisco, or at the principal office of the collection
agent, The
Chase National Bank of the
Cityof New York,
ORO
LOMA
SANITARY
DISTRICT
(P.
O.
Oakland),
Calif.—
BOND SALE—The $200,000 semi-annual
annexation, issue of 1941 bonds
offered for sale on July 24—V.
153, P- 423—were awarded jointly to the
William R. Staats Co., and Redfield &
Co., both of Los Angeles,
paying a
premium of $11, equal to 100.005, a net interest cost
of about
2.73%,
on the
bonds divided as follows: $190,000 as
2%s, due $5,000 on June
15 in 1942 to 1979, and $10,000 as
2Hs, due $5,000 on June 15 in 1980
and 1981.
SAN
450,000 funding bonds.
1959, inclusive.
All of the bonds
are
Due $25,000 annually on
dated Aug. 1, 1941 and
yield from 0.20% to 1.40%, according to maturity.
Bidder—
Moulton
&
Int. Rate
Co
Shields & Co.; B. J. Van
Goldman, Sachs & Co.; Eastman, Dillon &
Co.; First
of Michigan Corp., and F. W. Horne & Co
Blyth & Co., Inc.; George B. Gibbons & Co., and
F. S. Moseley & Co
Harris Trust & Savings Bank; Lazard Freres &
Co.,
and Bond, Judge & Co
BONDS OFFERED FOR
INVESTMENT—The
offered the above bonds for general
1H%
annual
net interest
316s and the
Next in order
with
or
a
cost
rest as
cost
due
of
1.940116%, for $650,000 due 1942-54
12^8.
a
as
came the account of
Halsey, Stuart & Co., with 101.059,
basis of 1.9646% for
$600,000 due 1942-53 as 2s, $350,000
2s, $350,000 due 1954-60 as l^s, and
$1,033,000 due
1942-53 as
1961-80 as 2s.
Other bidders included accounts
headed by Smith,
Barney & Co., with
cost basis of
2.03885%; The First Boston Corp. with
2.06%; Blyth & Co.
with 2.067%, and Chase
National Bank of New York with
a
2.11%.
SAN
FRANCISCO,
Calif.—LARGE
PROPOSED—We quote in part
icle" of July 24:
as
ISSUE
1 16%
of the power
purchase plan.
The
$60,000,000 bond issue, it was
understood, includes amounts for
building a transmission line from Newark, where the
present power line
terminates, to San Francisco and for building an additional
power generating
unit at Red Mountain Bar on
the Hetch
Hetchy Aqueduct.
Mr. Cahill's estimate of
profit that will accrue to the
city was surpris¬
ingly high, inasmuch as Plan 8—rejected
by the voters two years ago—
figured a net profit of $4,879,000 based on
4% revenue bonds in the amount
of $55,000,000.
was
learned
Mr.
Cahill
based
bonds for municipal sale of
power.
Mayor Rossi has announced he will
appoint a citizens' committee to
carry on the campaign for the
bonds, again on the insistence of Mr. Ickes
that the city officials
actively campaign for support of the bond issue.
In return for these
commitments, Mr. Ickes recently agreed to contin¬
uance of the city's
present power contract with the
company until June,
1942, thus assuring a $2,400,000 revenue
for the city during the current
fiscal year.
SAN
MATEO
COUNTY
OFFERING—Sealed
(P.
O.
Redwood
bids will be received
City),
Calif.—SCHOOL
until 11 a. m. on Aug. 5,
by W. H. Augustus,
County Clerk, for the purchase of a $375,000 issue of
school bonds of San Mateo Union
High School District. Interest rate is not
to exceed
5%, payable M-S.
Dated Sept. 1, 1941.
Denom. $1,000.
Due
$15,000 Sept. 1,1942 to 1966.
These bonds were authorized at
the election
Bids must be for not less than
the par value of the bonds
bid for.
Principal and interest payable at the
County Treasurer's office.
Bidders may make one or more
alternative bids or offers for said bonds at
different interest rates.
Split rate interest bids will be received and it
shall not be
necessary that ail bonds offered for sale bear the
same rate of
but
interest shall
held
on
June 6.
interest,
such
be in multiples of
Y\ of 1%.
The definite
rate of interest said
bonds shall bear shall be determined
at the time of sale.
The best bid will be
determined
by deducting from the total amount of
interest which the district
would be required to
pay up to the maturity of
the bonds, at the
coupon rate or rates specified in the
bid, the amount of
the premium, if
any, bid therefor, and the award will
be made at the lowest
net interest cost to
the district.
The purchaser will be
required to furnish
his own legal opinion.
Enclose a certified check for
$1,000, payable to the
Chairman
Board
of
Supervisors.
SAN
PABLO SANITARY DISTRICT
(P. O. San Pablo), Calif.—
OFFERING— Sealed bids will be received
until 8 p. m. on Aug 8,
by Fritz Carlfield,
Secretary of the Sanitary Board, for the purchase of a
$59,800 issue
BOND
of
sewerage construction of 1941 bonds.
Interest rate is not
Dated Aug. 1, 1941.
Denoms. $1,000 and
Due Aug. 1, as follows:
$1,500 in 1942 to 1945, $2,000
in 1946 to
1951, $4,000 in 1952 to I960, and
$5,800 in 1961.
Bidders will
be permitted to
bid different rates of
interest for different maturities in
multiples of
of 1%.
The bonds were authorized at an election
held on
to exceed
$500,
one
5%, payable F-A.
for $800.
rfjtfy
I/» 1^41, for the construction of sanitary sewerage facilities in Annexa¬
tion No. 3 of the
district, all as set forth in the
proposition submitted at the
election.
Bids will be received for
all or any or the
principal amount of the
n^.at n,ot; le8S ^han Par and accrued interest, and all bids must be un¬
conditional
The legal opinion of
Hartley A. Postlethwaite of Oakland,
approving the validity of the bonds will be
furnished to the successful bidder
without charge.
Additional opinion to be at the
expense of the purchaser
and shall be had from
Orrick, Dahlquist, Neff & Herrington of San FYancisco.
Enclose a certified
check for $5,000,
payable to the Treasurer
Sanitary Board.
YUBA COUNTY
(P. O. Marysville), Calif.—BOND
SALE—Lawson,
& Williams of San
Francisco purchased on
July 14 an issue of $20,000
^lementary School District bonds as
3s, at par plus a premium of
$753.97, equal to 103.769.
Bidder—
Lehman Bros.;
100.559
100.30
116%
100.28
R.
Int. Rate
D.White & Co
Stevenson & Co., and
COLORADO
116%
& Sons,
100.16
1K%
116%
100.095
100.11
116%
100.077
116%
1C0.229
Inc.; Geo.
Pressprich & Co.; Bacon,
Gregory & Sons, Inc
Harriman Ripley & Co.; First Boston
Corp.; Harris
Trust & Savings Bank, and
Eldridge & Co., Inc__
Smith Barney & Co.; First of
Michigan Corp.; R. L.
Day & Co.; E. M. Bradley & Co., and Mercantile
Commerce Bank & Trust Co
Halsey, Stuart & Co.; R. F. Griggs Co.; Blair &
Co.,
and Goldman, Sachs & Co
Estabrook & Co.; Putnam & Co., and F. S.
116%
10C.0/9
1.60%
100.355
1.60%
100.05
116%
116%
100.22
100.20
1H%
100.417
Moseley
& Co..i
Kidder, Peabody & Co.; Union Securities
Corp.;
Roosevelt & Weigold, Inc.;
Cranberry, Marache
& Lord, and Chas. W. Scranton &
Co
Chemical Bank & Trust Co
Shields & Co.; Spencer Trask &
Co.;
&
1.30%
Price Bid
Phelps Fenn & Co.; Otis & Co., and
B. Gibbons & Co.. and Burr & Co
First National Bank of Boston
Bankers Trust Co.; R. W.
Harvey Fiske
Sons, Inc., and H, M. Byllesby & Co
DELAWARE
DELAWARE
(State
MATCH STATE
Improvement Act
ot)—SCHOOL
DISTRICTS
GRANTS—Applications
hold referendum
to
elections
of
the
bond
on
last
State
VOTE
BONDS
TO
of school districts for
authority
under the $750,000 school
issues
Legislature,
together
fducation held
ants, total $1,062,300, 25th.
July it developed at the meeting
on
with
outright
of the State Board of
The law sets up maximum
allocations to the various
districts, aggregating
$1,218,060, but the maximum total granted is $750,000. The
percentage of
the maximum allocation which will be
available to the districts which
approve bond issues to match the State
grants will depend on how
many of
the districts vote bond issues.
Harrington voted down a bond issue
$72,660. Conrad district board did
of $100,000 to match a
State grant
not ask
authority to hold a referen¬
issue of $119,000 to match the
State's $21,000.
Others which did not
accept the terms of the Act are:
Stanton, State
grant of $12,500, local
of
dum
of
on an
contribution, $12,500; Lord Baltimore, State grant
$80,400; Bethel, State grant of $10,000,
$39,600,
local contribution,
local contribution, $10,000.
The outright grants, with
no matching
required, are:
Dover, Negro.
$94,000; Eastern Sussex County, Negro vocational
high school. $50,000;
liar
tig-, $500; Glasgow, $400; Delaware City,
Negro, $4,000; Townsend,
With the number of requests for
referenda received, indications were
that there would be no
money available under the Act for a field house for
the
University of Delaware.
The law provides that "if the total
of requests shall be reduced
by the
or school districts to
the extent that the total State
appropriation shall not equal in amount the maximum State
appropriation
made available of
$750,000, all or any part of such unused portion not
applied for and accepted by the school districts on or
before Sept. 1, 1941.
shall be considered to be not
otherswie appropriated, and such unused
portion of said appropriation, but in no case to
exceed $100,000, shall be
then appropriated and made available
to the board of trustees of the Uni¬
versity of Delaware for the construction and
equipment of an athletic field
"
trustees of the schools
house.
.
.
The authority to the Mt. Pleasant
district for a referendum was revised
by the State board, in compliance with a
request of the Mt. Pleasant board,
so that $100,000
may be raised by the district.
The law provided for a
maximum State grant of
$100,000 with the local contribution set at $50,000.
Under the revision, the
program is to be confined to the limitations
of
$175,000 instead of $150,000.
LEWES
SPECIAL
SCHOOL
AUTHORIZED—The
to conduct
a
poll
on
DISTRICT,
MILFORD SPECIAL SCHOOL
At
a
Del.—BOND
ELECTION
State Board of Education has authorized
the district
the question of issuing $80,000 construction
bonds.
DISTRICT, Del.—BONDS
recent election the voters authorized
an issue of
struction bonds.
NEW CASTLE SPECIAL SCHOOL
VOTED—
$150,000 school
DISTRICT, Del.—BOND
con¬
ELEC¬
TION AUTHORIZED—The State Board of
Education authorized the dis¬
to hold an election on the
question of issuing $145,000 school con¬
trict
struction bonds.
o
FLORIDA MUNICIPAL BONDS
Our long
experience In handling Florida issues
gives us a compre¬
background of familiarity with these municipal bonds.
We
will be glad to
issue
116%
1 16%
The successful bidders re-offered the
bonds at prices to yield from
1.40%, according to maturity.
to
hensive
COLORADO—BOND CALL—The entire
3^% bonds of the University Nurses' Home dated Aug. 1,
1938,
&
series of 1941
registered water supply bonds offered July 30—V.
153, p. 424—
were awarded to a syndicate
composed of Lazard Frere6 & Co., B. J. Van
Ingen & Co., Inc., Hemphill, Noyes & Co., all of New
York, and the
Boatmen's National Bank of St.
Louis, as 116s, at a price of 100-738, a
basis of about 1.41%.
Dated July 1, 1941, and due July 1 as follows*.
$140,000 in 1953; $280,000 in 1954; $420,000 in
1955, and $160,000 in 1956.
the
interest rate on the
$60,000,000
issue, on which the voters will vote next Nov.
4 at 3%.
Under an agreement between the
city and Mr. Ickes, reached after the
Secretary turned down proposed leasing of the
company system by the
city, city officials were committed to
presenting another purchase proposal
to the voters,
although the citizens eight times in the
past have rejected
BOND
Hemphill, Noyes & Co., and Robert Hawkins
Co...
distribution
approximately $60,000,000
The net annual profit from the
municipal sale of electricity to the con¬
sumers is estimated in the
neighborhood of $7,000,000.
These figures, it was
reliably learned at the City Hall, were submitted
yesterday along with complete plans for
purchase of the company's power
properties to Secretary of the Interior
Ickes.
Edward G. Cahill,
Manager of Utilities, declined to make
public full
details of the purchase
plan under an agreement with Mr. Ickes
that no
figures should be released until the
Secretary had give approval to the
It
100.967
100.925
116%
,
White, Weld & Co.;
Blyth & Co., Inc.; E. H. Rollins
OF
REVENUE BONDS
follows from the San Francisco
"Chron¬
Ban Francisco's latest
plan for the purchase
system of the P. G. & E. provide for an
issue of
In revenue bonds.
101.102
coupon or
average
basis of
100-039
1H%
WATERBURY, Conn .—BOND SALE—The $1,000,000
OTHER
BIDS—The successful offer
barely shaded the proposal
group headed by Shields & Co., which
specified 100.163, or an
100.21
.
Union Securities Corp. and Kean,
Taylor & Co
R. L. Day & Co.; R. W.
Pressprich & Co.; R. D.
White & Co., and Edward M.
Bradley & Co
0.20% to 2.10%, according to maturity.
100.511
1%%
Ingen & Co., and G. M-P.
Murphy & Co
Estabrook <fc Co. and Putnam & Co
Harriman Ripley & Co., Inc.:
successful bidders resubscription at prices to yield from
Rate Bid
1H%
as
as follows:
$500,000
316s, due $50,000 on Sept. 1 in 1942 to 1951; $650,000 as
2s, due $50,000
on Sept. 1 in 1952 to
1964; the remaining $833,000 as l^s, due on
Sept. 1,
$50,000 in 1965 to 1973, $55,000 in 1974 to 1979. and
$53,000 in 1980.
Aug. 1 from 1942 to
re-offered at prices to
Other bids:
were
Phelps, Fenn & Co.; Paine, Webber & Co., and R. H.
DIEGO, Calif.—BOND
SALE—The $1,983,000
coupon semi-an¬
nual sanitary sewer bonds offered for sale
on July 29—V.
153, p. 424—
were awarded to a syndicate
composed of Phelps, Fenn & Co. of New
York;
Harris Trust & Savings Bank of
Chicago; F. 8. Moseley & Co.; E. H. Rol¬
lins & Sons, both of New York; Milwaukee
Co. of Milwaukee;
Schwabacher
& Co. of San Francisco; District Bond
Co. of Los Angeles;
Paine, Webber
& Co. of New York; Boatmen's
National Bank of St. Louis; Charles
Clark
<fc Co. of New
York; Braun, Bosworth & Co. of Toledo;
Chace, Whiteside
& Symonds of Boston, and
Stone & Youngberg of San
Francisco, at par,
as net interest cost of about
1.94%, on the bonds divided
Aug. 2t mi
NORWICH.
Conn.—BOND SALE— The
$750,000
coupon
bonds
offered July 28—Y. 153, p. 580—were
awarded to Halsey, Stuart & Co.,
Inc. and Blair & Co., Inc., both of New
York, jointly, as lMs, at 100.556,
a basis of about
1.31%.
Sale consisted of:
$300,000 trade school bonds.
Due $15,000 annually on
Aug. 1 from 1942
to 1961, inclusive.
answer
any inquiry
regarding them
at no
obligation.
of
is being
called for payment at
103 and interest at the
United States National Bank
in Denver.
Interest ceases as of
Aug. 1, 1941.
RE. Crummer k Company
1ST. NAT. BANKBLDG.
CONNECTICUT
CHICAGO. tLLINOlS
DANBURY (p. O.
Danbury), Conn.—TO HOLD BOND ELECTION—
The Board of Finance
recently authorized
the holding of an election
question of issuing $240,000 trade
school construction bonds.
on
the
GRISWOLD (P. O. Jewett
City), Conn .—BOND ISSUE RESOLD—
In connection with the
report in our issue of
May 17, page 3221, regarding
the sale of $180,000
216% funding bonds to Lyons &
Shafto, Inc., and
Graham, Parsons & Co., ooth of
Boston, jointly, we learn that the award
was canceled and the
bonds
subsequently taken by Putnam & Co. of Hart¬
ford as 2j£s at par.
FLORIDA
ALACHUA COUNTY (P.
O. Gainesville), Fla.—BOND ELECTION
—The issuance of $100,000
hospital bonds will be submitted to the voters
at an election scheduled for
Sept. 9, it is said.
APOPKA, Fla.—REPORT
to have completed the
bear 416%
interest
as
ON BOND REFUNDING—1The town is said
refunding of $51,000 bonds.
The new bonds will
compared with the old rate of 6% and will mature
Volume
to
bonds will be sold subject to the opinion as to their legality of Stipp, Perry
Bannister & Starzinger of Des Moines, whicho opinion will be furnished
amounts
Wlth the bonds.
BREVARD
COUNTY
SPECIAL
ROAD
AND
BRIDGE
DISTRICTS (P. O. Titusville), Fla.—BONDS CALLED—G. M. Simmons,
Clerk of the County Board of Commissioners, states that various refunding
bonds of the county and of the various districts are being called
prr>mamntma
r/ivns vptrti—At
pi
horJWiA
r
MANNING, Iowa— BOND OFFERING—Both sealed and open bids
"will be received by A. D. Wise, Secretary of the Board of Trustees, until
Aug. 4, at 2 p. m. for the purchase of $74,000 electric revenue bonds,
Denom. $1,000. Dated Aug. I, 1941. Due $5,000 on March 1 and
Sept. 1, in 19o3 to 1959, and $4,000 on March 1, 1960. Subject to call
for redemption and payment on Sept. 1, 1947, and on any interest payment
date thereafter, at par and accrued interest. Principal and interest earnings
payable
at the Town Treasurer's office.
Bonds are payable solely out of the
for payment
Sept. 1.
on
Donas
721
The Commercial & Financial Chronicle
153
30-year period.
The other outstanding debt of the town
$33,000, which comes due in 1951.
over a
»r»
uqij
aionfjnn
17
„„
ncr
™approved the issuance of $54,000 refunding
margin.
Dy a substantial
HIALEAH, Fla.—BOND OFFERINGS INVITED—It is stated bv P. E.
Hackney, City Treasurer, that he will receive sealed offerings of refunding
bonds, dated Jan. 15, 1938, until 10 a. m. on Aug. 25.
of the municipal electric light plant. Bids shall specify the rate of interest.
A $3,000 certified check must accompany each bid.
MARIANNA, Fla.—BOND ELECT I ON—The issuance of $7,500 sewer
bonds offered for sale on July 28—V. 153, p. 425—were awarded to the
Carleton D. Beh Co. of Des Moines as 1 Ms, paying a premium of $42, equal
t0 100.28, a basis of about 1.19%. Dated May 1,1941. Due on Nov. 1 in
improvement bonds will be submitted to a vote at an election
Aug. 12, according to report
SPENCER,
scheduled for
.
Fla.—BONDS
MIAMI.
OFFERED
^l2
FOR INVESTMENT—Public offer-
ing of an issue of $1,326,000 4% coupon and registered refunding bonds of
1940, was made on July 31 by a syndicate composed of John Nuveen &
Co. of Chicago, the City Nationai Bank & Trust Co. of Kansas City, Mo.,
The Wisconsin Co. of Milwaukee, Farwell, Chapman & Co. of Chicago,'
i
o
©
nnn£ 1950.
$330,000 in io7n
joqa
/
Prin. and int.
1U moncns. «lvmS a oasis 01 aoout i.su/0.
rr+
IVMNoMO
^ARKANSAS CITY, Kan.—BOND OFFERING—Sealed bids will be
received until 10 a.m. on Aug. 11, by James F. Clough, City Clerk, for
the purchase of $30,000 IH% armory building, general bonds.
Denom.
$1,000. Dated Aug. 1, 1941. Due as follows: $1,000 on Feb. 1, 1942,
$2,000 on Aug. 1, 1942, and $3,000 on Aug. 1 in 1943 to 1951.
The city
| A
La tVy ITlj IM
OGLETHORPE COUNTY (P. O. Lexington), Ga.-PRICE PAID—
It is stated that the $115,000 4% semi-ann. funding bonds sold to Brooke,
Tindall & Co. of Atlanta—V. 153, p. 581—were purchased at par.
Due
in
in
i
i
104^
iy43
v
to 1956.
to iQ^ft
^1 Prepare transcript and P^ bo°d^^
2*
^ut Aug;.]Li. Bute wiB.be'subjectitopurchase bytthe State School
Fund Commission. These bonds are issued to pay the city;s share of the
cost of purchasing a site and erecting thereon a National Guard Armory
building.
A certified check for 2% of the bid is required.
SAVANNAH, Ga.—BONDS VOTED—It is stated by P. J. McNamara.
$-\J\J Iwl r\»\r%
given here that a syndicate headed by White,
inAUn
INDEPENDENT
COUNTY
IDAHO
L/^TIv/
had
DISTRICT
SCHOOL
NO.
2
(P. O. Grangeville), Idaho—BONDS SOLD—Peter Klaus, District Clerk,
2M% construction bonds.
Issue was approved at
reports the sale of $24,000
an election on May 20.
•
report
Dunbar & Co. of New Orleans
La.—CORRECTION—In connection with the
ALEXANDRIA,
■
/"\| 11QI A |\| A
I
Clerk of the Council, that at the election held on July 23 the voters approved
the issuance of the $500,000 2% semi-annual national defense bonds.
•
interest payaDie m n.
■# > |k|C AC
(P. O. Sanford), Fla.—BOND ELECTION—
The issuance of $150,000 hospital construction bonds will be submitted to
the voters at an election scheduled for Aug. 19, according to report.
F*»h
reo.
.
™
COUNTY
SEMINOLE
on
on
_
„rmT„
WASHINGTON TOWNSHIP SCHOOL DISTRICT (P. O. Anamosa),
Iowa—BOND OFFERING—Bids will be received by Henry P. Hughes,
Secretary of the Board of Directors, until Aug. 5 at 8 p. m. for the purchase
of $2,000 building bonds.
_
o
i
Total issue, $28,160,000, of which $400,000 maLegal opinion of Masslich & Mitchell, New York.
paid.
semi-annual airport
nnn
Trust Co., New York.
tured and was
$15,000
imtn
rw
the $23,500 coupon building bonds sold on July 21 to the J. J. Kelly Co.,
2 iq? 9L
Inc- of Des Moines, as 2s, at 102.323—V. 153, p. 581—are dated July 1
V1941, and mature a hnKis of about 1 an average maturity of 12 years and
in 1945 to 1959,
payable at the Chemical Bank &
in irionths civinc
Interest "navable M-N
twIh
inon
nnn'*?□«;
af
i
SALE—The
PWHAT CHEER INDEPENDENT SCHOOL DISTRICT (P. O. What
vpTih Lnm
sV
o'
i
Gheer), Iowa—BOND SALE DETAILS—The Town Attorney states that
S?nK?s?api°iua1^
T^iv
Iowa—BOND
purchased the $175,000 3%
semi-annual municipal light and power
plant improvement bonds—V. 153, p. 425—it is now
error, as the bonds were purchased by the National
^ew Orleans. Due on June 1 in 1942 to 1951.
ROUGE,
BATON
stated that this was in
Bank of Commerce of
La .—BOND OFFERING—Sealed bids
will be re-
RIVER IRRIGATION DISTRICT (P. O. Hailey),
\do\io—MATURITY—The District Secretary-Treasurer now reports that
ceived until 11 a m. on Aug. 20, by Mayor Fred S. Le Blanc for the purchase of a $200,000 issue or public improvement, series A of 1941 bonds,
semi-annual irrigation improvement bonds sold
due on Jan. 1 as follows:
1952, $2,000 in 1953 to 1956, $2,500 in
1963, $3,000 in 1964 to 1968. $3,500 in 1969 and 1970, and $4,000
Bidders are requested to specify
are to bear, and to submit bids
LITTLE WOOD
the
to
$72,500
4%
the RFC, as noted here on May 3, are
in 1944, $1,500 in 1945 to
to
at par
$1,000
1957 to
in 1971
1973
„
.
__
—
.
PVMALAD CITY, Idaho—BOND SALE DETAILS—It is now reported
that the $8,000 sewage disposal plant bonds sold to the First National Bank
of Malad City, as noted here on March 15, were purchased as 2 Ms, at par,
and mature on May 1 as follows:
$500 in 1943 to 1946, $1,000 in 1947
to
1949, and $1,500 in 1950 and 1951.
ILLINOIS
T**r»-Krm
*
TT*rirrc
r
III.—SIX GOVERNMENTAL
CHICAGO,
_
nrmnnVr
UNITS REPORT DEBT
major governmental units of the
midyear was $55,859,877 less than three months earlier
and $12,996,073 under the year-ago figure, a compilation as of June 30,
1941, shows.
On that date total net debt, including bonds, warrants, bills,
salaries, judgements and other items was $450,859,877.
This compared
with $505,918,368 as of March 31 and $466,054,564 on June 30, 1940.
Combined net bonded debt declined $17,155,291 during the three months
ended with June to $327,443,451, which was $23,477,093 less than a year
REDUCTION—Total
debt
of the
six
before.
Outstanding tax warrants of the governmental units declined sharply
total at the end of the period was approximately $15,000,000 above a year earlier.
Floating debt showed a moderate
decrease from both the March 31 and June 30, 1940 totals.
in the June quarter, but the
_
.
0_
EAST ST.
,
rvcTT-no
_.T__
A
,.
LOUIS, III.—PROPOSED BOND ISSUES—An ordinance was
% bonds to pay salaries
recently passed authorizing an issue of $139,000 2H
of members of the police and fire departments.
FRANKLIN,
passed
an
June 1, 1941. Due on June 1 in 1942-to 1951.
the interest rate or rates which the bonds
both for the entire issue and for blocks; of
$60,000 and $100,000 bonds of average maturity, and the_ Commission
Council reserves the right to reject all bids and to sell either $50,000 bonds,
$100,000 bonds, or all of said bonds.
The bonds are payable from and
secured by a pledge of one mill or so much thereof as may be necessary of
the city's general alimony tax. The award will be made to the bidder offer-.
ing to pay par and accrued interest for bonds bearing the lowest rate or rates,
No more than two rates shall be specified.
The city will furnish the approving opinion of Chapman & Cutler of Chicago, and all bids must be so
conditioned.
Enclose a certified check for 2% of the amount of the bid.
NEW ORLEANS, La .—BOND CALL—It is stated by Horace P. Phillips,
Secretary, Board of Liquidation, City Debt, that the said Board is calling
for payment as of Jan. 1,1942, the sixteenth allotment of 4% constitutional
bonds, consisting of 625 bonds of $1,000 each, and 150 bonds of $500 each.
Dated juiy 1, 1892.
Due on July 1, 1942.
__
_
Dn nrx/ur
oaoiou
KTrkDV
.
r-run irr
iwn
rDonrur
ST. LANDRY PAiySH, BELLE\^E AND COULEE CROUCHE
^
VIX TY D Ft A. INA O E DISTRICT NO. 20 (P. O. Opelousas), La.
BOND OFFERING—Maysie B. Kerr, Secretary-Treasurer, will receive
sealed bids until 10 a.m. on Aug. 19 for the purchase of $10,000 not to
exceed 4% interest acreage tax bonds. Dated Aug. 1, 1941. Denom.
$500. Due $1,000 yearly on Aug. 1 from 1942 to 1951 incl. Bidder to
name one rate of interest, expressed in a multiple of H of 1%. Interest
F-A. No bids will be considered for less than par and accrued interest,
Tbe proceeds of an annual tax of 10 cents per acre for a period of 10 years,
beginning in 1941, are dedicated to the retirement of principal and interest
of the bonds at maturity. Successful bidder must take up and pay cash
f0r the bonds upon delivery to him with the approving opinion of Chapman & Cutler of Chicago.
A certified check for 2% of the bonds, payable
to or(ier of the
President of the Drainage Board, is
III.—BONDS AUTHORIZED—Village Council recently
$22,000 water revenue bonds.
required.
■
R Y LA N D
|y|
ordinance providing for an issue of
(State of)—INCREASED BONDS—Retirement of the
REVENUES INDICATES
TOLL BRIDGE
SALARIES—Three
oiHi?PJSr£tateof)-"^L°CAL UNITSGovernor Dwight II Green on
MAY ISSUE BONDS TO PAY
measures signed by
EARLIER RETIREMENT OF
July 16 authorize cities of 10,0d0 to 250,000 population to issue bonds without referendum for payment of past due salaries of policemen and firemen.
bonded indebtedness on the Hvare de Grade and Potomac toll bridges
b(J effected in 15 years instead of 20 if the present rate of income from
F MOUNT ZION, 111.—BOND ELECTION—At an election on Aug. 23
the voters will again consider a proposal to issue $6,000 general obligation
two structures is
water system
bonds.
The May 24 election at which the issue was approved
technicality.
ruled illegal because of a
was
_
„
„
"•ROCK ISLAND, 111.—BONDS
bonds at
incl.
and
,
__
_
,
SOLD—Stokes, Woolf & Co. of Chicago
rail terminal
par.
Due as follows: $4,000 in 1941; $5,000 from 1952 to 1956
$17,000 from 1957 to 1961 incl.
m4
have purchased an
issue of $114,000 3 Yi % refunding river and
COUNTY (P. O. Harrisburg), III.—BONDS SOLD—The
Midland Securities Co. of Chicago purchased an issue of $49,000 4H%
refunding bonds.
Dated July 15, 1941.
Denom. $1,000.
MARYLAND
WAUKEGAN, III.—PROPOSED BOND ISSUE— City Council may issue
$25,000 bonds to pay salaries of policemen and firemen.
revenue
mark set in May, when the
FSHELBYVILLE
SCHOOL DISTRICT, Ind.— BOND OFFERING—
of the Board of School Trustees, will receive sealed
(DST) on Aug. 13 for the purchase of $50,000 not to
Paul Meloy, Secretary
bids until
10
a.
m.
interest school improvement bonds.
Dated Aug. 15, 1941.
Denom. $1,000.
Due as follows: $2,000 Jan. 1 and $3,000 July 1 from
1943 to 1952, incl.
Bidder to name one rate of interest, expressed in a'
multiple of H of 1 %.
Interest J-J.
The bonds are direct obligations of the
school city, payable out of unlimited ad valorem taxes to be levied and
collected on all taxable property therein.
A certified check for $5,000,
payable to order of the school city, must accompany each proposal.
Legal
exceed
4%
daily income on the two bridges was
®o 606 02
'
lt ,rr ,
...
, r
MASSACHUSETTS
AGAWAN, Mass.—BOND
SALE—The $100,000 coupon office
building
bonds offered July
Tyler & Co. of
Boston,
1.20%.
as
30—V. 153, p. 582—were awarded to
1 Hb, at a price of 100.333, a basis of about
1941, and due $10,000 on Aug. 1 from 1942 to
high bid of 100.098 for 1,4s was made by Bond, Judge
' Aug. 1,
BROCKTON,
INDIANA
the
maintained, it was stated July 25, by William A. Codd,
Roads Commission. Mr. Codd_reported that in June the tolls from the Ha we de Grace bridge yielded $69,904,
and $18,548 was received from the I otomac structure. 1 his is a daily
average in June of $2,948.43, and is $340 a day over the previous high
chief auditor of the Maryland State
■'SALINE
F
can
Mas&.—BOND
Dated
1951, incl. Second
& Co. of Boston.
SALE—The $90,000 coupon municipal
relief bonds offered July 31 were awarded to C. F. Childs & Co. of Boston,
as 1 Ms. at a price of 100.199, a basis of about 1.21%.
Dated Aug. 1, 1941.
Denom. $1,000, with privilege of full registration. Due $9.000 on Aug. 1
from 1942 to 1951,
incl.
Principal and interest (F-A) R^^ble_at the NaLegality approved by Ropes, Gray, Best,
tional Shawmut Bank of Boston
Coolidge & Rugg, of Boston.
Bidder—
R. L. Day & Co
Robert Hawkins & Co
Second National Bank
Tyler & Co
rccrY
Other bids:
of Boston
rniiMTV cP
O
Int- R(lte
1 M%
1 4%
1M%
100.18
ixR'ioi
100.031
100.666
NOTE SALE
The $30 000
—
M«««
atanybankinthecity
EVERETT, Mass.—NOTE SALE,—The issue of $250,000 notes offered
awarded to the National Shawmut Bank and the Merchants
I fMAf A
I wWM
July 30 was
Iowa—BONDS OFFERED—Bids were received until Aug.2 *
at 9 a.m. by David L. Stochl, City Treasurer, for the purchase of $2,327.91
5% semi-annual sewer improvement bonds.
Dated May 12, 1941.
IOWA CITY,
r
LEON,
Iowa—BOND OFFERING—Both
received by Walter Osborn. City
sealed and oral bids will be
Clerk, until Aug. 4, at 7:30 p. m., for the
purchase of $12,000 improvement fund bonds.
Dated Aug. 1, 1941. Due
on Nov. 1 as follows:
$500 in 1943 to 1945, $1,000 in 1946, $500 in 1947
and 1948, $1,000 in 1949 and 1950, $500 in 1951, $1,000 in 1952. $500 in
1953, $1,000 in 1954 to 1957 and $500 in 1958.
All or any part of the bonds
shall be subject to call for prepayment on Nov. 1, 1948, or on any interest
payment date thereafter.
All bids shall specify the rate of interest bid upon.
and, all other things being equal, the bid of par and accrued interest or
better for the lowest rate of interest bid upon will be given preference. The
^tion£L^anPi°LB£lH^
MiddhSlx ^untv
nt
n 2^^ °S^ond Na^Lnal Bank of Bos^n
0 27%
National Bank, 0.263%, Second National Bank or Host n, U.Zt /o.
_
Hawkins & Co., both of Boston, jointly, recently purchased $45U,U0U Donas
at par, as follows.
,A
$225,000 1% relief bonds. Due $45,000 annually on Aug. 1 from 1942 to
1946. inclusive
.
_ ,
in._
225,000 1 M% relief bonds. Due $45,000 annually on Aug. 1 from 1947
to 1951, inclusive.
All of the bonds are dated Aug. 1, 1941. Denom. $1,000. Principal and
interest (F-A) payable at the First National Bank or Boston. Legality
approved by Storey, Thorndike, Palmer & Dodge of Boston.
722
The
Commercial & Financial Chronicle
MALDEN,
Mas».-^~BOND SALE—The
$124,000
coupon
municipal
relief bonds offered July 31 were awarded to
Shields & Co., New York, and
Chace, Whiteside & Symonds, of Boston,
jointly, as l^s, at a price of
100.513, a basis of about 1.15%.
Dated July 1, 1941.
Denorn. $1,000.
Due July 1 as follows:
$13,000 from 1942 to 1945, incl. and $12,000 from
1940 to 1951, lncl.
Other bidders:
(for 1H%) Whiting, Weeks & Stubbs,
100.40; Tyler & Co., and Bond, Judge & Co., 100.44; First
National Bank
of Boston, 100.38; Robert Hawkins &
Co., 100.339; Maiden Trust Co.,
100.29; C. • F, Childs & Co., 100.279; Halsey, Stuart &
Co., 100.238;
Middlesex County National Bank 100.053.
the tax limitation
should
.
MICHIGAN
,
National
1962 incl., as 1
to optional date and 3 lA7o thereafter.
The issue is
Aug. 1, 1941 and due serially on March 1 as follows: $15,000 from
1945 to 1949 incl.; $25,000, 1950 to 1958 incl., and
$50,000 from 1959 to
1962 incl.
Bonds maturing in 1959 to 1962, Will be subject to
dated
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, to-wit: Bonds maturing in 1962, on and
after Mar. 1, 1952; bonds maturing in
1961, on and after Mar. 1, 1953;
bonds maturing in 1960, on and after Mar.
1, 1954; bonds maturing in
1959, on and after Mar. 1, 1965.
ROYAL
an
election
on
ing bonds.
Mich.—BONDS DEFEATED—At
July 21 the voters defeated a proposed issue of $80,000 build¬
BURTON
County,
DISTRICT,
TOWNSHIP
Mich.—BOND
SCHOOL
CALL—Nels
DISTRICT
NO.
5,
Genesee
E. Aagesen,
District Treasurer,
dated March 2, 1936 ,due March
2, 1966,
8, 46, 36, 26, 38, 5 and 7, and series B Nos.
5, 16 and 26,
all in $1,000 denorns., will be redeemed on
Sept. 2, 1941, at par and accrued
the Citizens
announces
series A
that school
bonds
Nos.
interest, at
Commercial Savings Bank, Flint.
DETROIT, Mich.—BONDS PURCHASED
ON TENDER—Charles G.
Oakman, City Controller, reports that as a result of the call for tenders
July 28, the City Sinking Fund purchased $459,000 bonds of the
average yield of
city at
2.541%.
on
an
FARMINGTON
SALE—The
TOWNSHIP
(P.
O.
Farmington), Mich.—BOND
$20,000 coupon refunding bonds offered
July 29—V. 153,
p. 582—were awarded to Crouse & Co. of Detroit.
Dated July 1, 1941 and
due $4,000 on July 1 from 1942 to
1946. incl.
Bonds maturing on or after
July 1, 1945 will be redeemable in inverse numerical order at
par and accrued
interest on any interest date on or after
July 1, 1942, on 30
days' published
notice.
GRATIOT TOWNSHIP SCHOOL DISTRICT
NO. 2
(P. O. Harper
coupon school bonds offered
426—were awarded to H. V. Sattley & Co. of Detroit
2s, at a price of IO.j.276, a«basis of about
1.89%.
Dated July 15, 1941
and due April 1 as follows: $5,000
annually from 1942 to 1946, incl.
interest-
PONTIAC, Mich.—BOND SALE— The $500,000 series A-6 coupon re¬
funding bonds offered July 29—V. 153, p. 583—were awarded to a
syndi¬
composed of the First of Michigan Corp., Detroit, Braun, Bosworth
& Co., Toledo, Watling, Lerchen &
Co., Crouse & Co. and H. V. Sattley
& Co., all of Detroit, at a price of
100.186, a net interest cost of about
2.077%. as follows: $150,000 3s, due serially Mar. 1, 1945 to 1952 incl.;
$150,000 2s, due from 1953 to 1958 incl., and $200,000
maturing 1959 to
Newburyport.
SCHOOL
in
to
cate
PEABODY, Mass.—BOND SALE—The $20,000
ALLEGAN
1941
authorizing the issuance of said bonds.
They should be delivered to
Bank of Detroit, Detroit, Mich., for
payment on Sept. 1,
1941, after which time all interest on said bonds shall cease.
the
relief
Boston.
question
increase
an
the years
The said bonds were selected for
redemption by lot by the National Bank
the.same being the method of selection provided in the resolu¬
bonds offered July 29 were awarded to
Bond, Judge & Co. of Boston, as
IHr, at a price of 100.234, a basis of about
1.21%.
Dated Aug. 1, 1941,
Denom. $1,000.
Due $1,000 annually on Aug. 1 from 1942
to 1951, incl.
Second high bid of 100.899 for
l%s was made by First & Ocean National
coupon fire department
equipment bonds offered July 29 were awarded to
Tyler & Co. of Boston,
as Is, at a
price of 100.21, a basis of about 0.93%.
Dated July 1, 1941.
Denom. $1,000.
Due $4,000 annually on
July 1 from 1942 to 1940, incl.
Principal and interest (J-J) payable at the National
Shawmut Bank of
Boston.
Legality approved by Storey, Thorndike, Palmer &
Dodge of
authorized
,
of Detroit
lative opposition, the amount was
been completely shelved until the next
session of the legislature.
Bank of
district
tion
Because of legis¬
cut in half and the
proposition has now
coupon
school
1123, 1606, 2045, 2327, 2414, 2433, 2649, 2932, 2951, 3007,
3235, 3259,
3551, 3800, 4060, 4257, 4429, 4498, 4686, 4699, 4755, 4815,
4821, 4824,
5194 5195, 5330 5339.
1934 refunding bonds, series B, Nos. 141, 359, 616,
628, 677, 753, 782,
784, 884, 889. 910, 919, 926, 961, 970, 1063, 1092, 1136, 1145,
1203, 1251,
1261, 1335, 1425, 1455.
revenues.
$10,000
"The
of the assessed valuation for
any
congestion in downtown Boston has been sidetracked for
remainder of the
session of the State Legislature,
according to report.
Realizing
that the proposal lacked sufficient
support for passaige, its proponents were
reported to have agreed to a compromise calling for a
study of the problem
of traffic bottlenecks
throughout the State.
As originally submitted, the
bill provided for a $19,000,000 bond issue to be
floated by the City of Bos¬
SALE— The
1.85%
was in error and the sentence in
payment date;
1934 refunding bonds, series A, Nos. 66, 299, 231, 409,
492, 571, 1059,
current
NEWBURYPORT, Mass.—BOND
follows:
to
Aug. 2,
This
PONTIAC, Mich.—BOND CALL—Oscar Eckman, Director of Finance,
announces that the city has called for
redemption on Sept. 1, 1941 at par
and accrued interest the following series A and B
refunding bonds of 1934,
dated March 1, 1934, payable March 1, 1964, and callable on
traffic
highway fund
as
1.35%.
1945, both inclusive."
MASSACHUSETTS (State of)—ACTION ON
$10,000,000 HIGHWAY
BOND ISSUE DEFERRED—Consideration of a
proposal providing for an
issue of $10,000,000 bonds to finance a central
highway to relieve
ton and to be retired from State
read
limitation
tax
as
Hazel
OAK
Park
TOWNSHIP
Branch,
Royal
SCHOOL
Oak),
DISTRICT NO.
8
(P. O.
Mich.—BOND OFFERING—Ralph
Valom, Secretary of the Board of Education, will receive sealed bids until
■8 p.m. (EST) on Aug. 4 for the purchase of
$200,000 coupon second series
refunding bonds of 1941.
Dated Aug. 15, 1941.
Denom. $1,000.
Due
April 1 as follows:
$10,000 from 1942 to 1947 incl.; $5,000, 1948 to 1950
incl.; $7,000, 1951; $8,000, 1952; $10,000, 1953; $5,000 in 1954 and
1955;
$7,000, 1956; $8,000, 1957; $10,000 in 1958; $5,000, 1959 to 1961
incl., and
$10,000 from 1962 to 1966 incl.
Not subject to prior redemption.
Bonds
will bear
interest at rate or rates, expressed in multiples of
y± of 1%, not
exceeding 3% to April 1, 1944, 3H7o per annum thereafter to April 1, 1947,
4% thereafter to final maturity.
Principal and interest (A-O) payable
at the Detroit Trust Co., Detroit, or at its successor
paying agent named
by the district, which shall be a responsible bank or trust company in Detroit.
A certified check for $4,000,
payable to order of the district, is required.
These bonds will be the general
obligations of said school district which
is authorized and required
by law to levy upon all the taxable property
therein, such ad valorem taxes as may be necessary to pay the bonds and
the interest thereon as the same shall become
due, without limitation as
and
to
rate
or
Bids shall be conditioned upon the
legal opinion of
Stevens of Berry & Stevens, attorneys,
Detroit, approving the
The cost of said legal opinion and of the
printing
of the bonds will be paid
by the school district.
The bonds will be delivered
at Detroit.
amount.
Claude H.
legality of the bonds.
Station), Mich.—BOND SALE—The $25,000
July 22—V. 153,
p.
MINNESOTA
as
HAMTRANCK, Mich.—BOND SALE—The $260,000
bonds offered July 29'—V.
Co. of
Chicago.
3.2945%,
coupon
refunding
153, p. 582—were awarded to John Nuveen &
Dated Aug. 1, 1941 and due $26,000
annually on Feb. 1
from 1952 to 1961 incl.
The bonds were sold at
a
price of 100.076,
net interest cost of about
a
follows; $208,000 3due $26,000
annually on Feb. 1 from
1952 to 1959, incl., and $5^,000
3^s, due $26,000 in I960 and 1961.
as
HOLLAND,
nounces
Mich.—BOND
CALL—Oscar
that the following described 1933
Peterson, City Clerk, an¬
refunding bonds of $1,000 each
will be redeemed at par and accrued
interest
on Aug.
1, 1941 at the City
Treasurer's office, or at the Peoples State
Bank, Holland: Nos. 22 and 12
A, and Nos. 1 and 10 of series B.
All of the bonds mature
Aug. 1,
1943.
of series
LAKEVIEW CONSOLIDATED SCHOOL
DISTRICT, Battle Creek
Township (P. O. Battle Creek), Mich.—BOND SALE—The
$225,000
refunding bonds offered July 22—V. 153, p. 426—were awarded to
Blyth
& Co., Inc., and
Campbell, McCarty & Co., Detroit, jointly, at
par plus
a
premium of $14.90 for the issue to bear interest as follows:
2M% from
March 1, 1942, to March 1,
1952, incl.; lh% from March 1, 1953, to
March 1, 1957, and
1%% from March 1, 19.58, to March 1, 1963, incl.
Bid figured a net interest cost of about
1.79 %.
The bonds are dated July 15,
1941, and mature March 1 as follows:
$10,000 from 1942 to 1956, incl.,
and $15,000 from
1957 to 1963, incl.
Bonds Nos. Ill to
255, incl.,
are callable under various conditions set
forth in detail in V. 153,
p. 426.
Following is a record of the unsuccessful bids for the issue:
Channer Securities Co. and Otis & Co.—All
non-callanle bonds at
All callable bonds at 1%
% to respective callable dates and
l%%.
2% thereafter
to maturity dates.
Premium, $547.50.
Paine, Webber & Co.; Chas. A. Parcel Is & Co., and Nordman
& Verrel,
Inc.—2%. March 1, 1942 to 1952; 2)47c, March 1, 1953 to
1959; 2%,
March 1, 1960 to 1963, incl.
Premium, $186.72.
Stranahan, Harris & Co.; Cray, McFawn & Co.; Ryan, Sutherland
& Co.
and Wright, Martin &
Co.—2%, March 1, 1942 to 1956; 2M%, March 1,
1957 to 1963.
Premium, $214.C0.
H. V. Sattley & Co.,
Inc.; Crouse & Co., and Peninsular State Co.—
2%, March 1, 1942 to 1961; 1%%, March
1, 1962 to 1963.
Premium,
$328.93.
Harriman Ripley &
Co. and Watling, Lerchen &
Co.—2H7o, March 1,
1942 to 1950; VA7o, March
1, 1951 to 1953:1% %, March 1, 1954 to
1958;
2%, March 1, 1959 to 1963.
Premium. $101.75.
First of Michigan
Corp. and McDonald, Moore & Hayes—2 V± %, March
1,
1942 to 1954;
1%%, March 1, 1955 to 1963.
Premium, $153.00.
Miller, Kenower & Co. and Martin, Burns &
Corbett—2%. March 1,
1942 to 1948; 1%
%, March 1, 1949 to 1955; 2%, March 1, 1956 to 1963.
Premium, $276.16.
Braun, Bosworth & Co.", John Nuveen &
Co., and Donovan, Gilbert &
Co.—2%, March 1, 1942 to 1952; 2^%, March
1, 1953 to 1963.
Pre¬
mium, $255.00.
BOND CALL—C.
R.
Rice, District Secretary, announces that out¬
standing refunding bonds dated July 1,
1939, Nos. 21 to 280, both incl..
payable March 1, 1964, and redeemable on
any interest date, have been
called for payment at
par and accrued interest on
Sept. 1, 1941, at the
Michigan National Bank, Battle Creek.
LIVONIA TOWNSHIP SCHOOL
DISTIRCT NO. 2 (P. O. R. F. D.
No. 3,
Farmington), Mich.—BOND SALE—The $67,000 refunding bonds
153, p. 583—were awarded to H. V.
Sattley & Co. of
Detroit, at a price of 100.102 for
$59,000 2>£s, due $3,000 from 1942 to
offered July 28—V.
ALBANY, Minn.—BONDS NOT SOLD— It is stated by E. S. Winter.
Village Recorder, that the $25,000 village bonds offered on
July 21—
V. 1,53, p. 275—were not sold as all bids were
rejected.
The bonds will be
reoffered soon, it is said.
Due $1,250 on July 1 in 1942 to
1961, inclusive.
BRECKENRIDGE, Winn.—CERTIFICATE OFFERING—Ruth Ham¬
ilton, City Clerk, will receive sealed and oral bids until
Aug. 8 at 8 p. m.
for the purchase of $115,000
permanent improvement, revolving fund,
certificates of indebtedness.
Interest rate is not to exceed 3%, payable
M-S.
Denom. $1,000.
Dated Sept. 1, 1941.
Due on Sept. 1 as follows:
$5,000 in 1943 to 1948, $6,000 in 1949 to 1954 and
$7,000 in 1955 to 1961.
Certificates maturing after Sept.
1, 1946, to be subject to redemption and
prepayment on said date and on any interest
payment date thereafter at
par and accrued interest upon 30
days' notice.
Prin. and int. payable at
any suitable bank or trust company designated
by the successful bidder.
Issued pursuant to the City
Charter, as amended, for the purpose of paying
the costs of street improvements heretofore
contracted to be made.
In the
opinion of counsel the certificates, while payable
primarily out of special
assessments levied against benefited
property, constitute general obliga¬
tions of the city for the payment of which its full
faith, credit and taxing
powers will be pledged.
The city will furnish the printed certificates and
approving legal opinion of Fletcher, Dorsey, Barker, Colman &
Barber,
of
Minneapolis, both
conditional
.
without cost to the purchaser.
All bids must be un¬
A certified check for $2,500,
payable to the city, is required
ITASCA COUNTY SCHOOL DISTRICT NO. 1
(P. O. Grand
Minn.—BOND SALE DETAILS—We are informed that the
Co.
of
OTTER
TAIL
COUNTY
Sept. 1.
numerical order
on
or
after
are
Sept. 1,
callable
on
1943,
on
after Sept. 1, 1942.
LIVONIA TOWNSHIP SCHOOL
DISTRICT NO. 2, Wayne County,
BONDS AND NOTES
Mich.
CALLED—James Orr,
^District
Secretary,
announces the call for
redemption on Sept. 1, 1941, at
par and accrued
interest, of the following callable
refunding bonds and interest refunding
notes, dated Sept. 1, 1936:
$13,600 series A bonds, Nos. 1 to 4, 6, and
c^ono8'^11?1;5 $53'50P seJies B bonds. Nos- 1 to 7, 9, and 11 to 57, incl.;
$5,292.50 interest
refunding notes, Nos. 5 to 14, incl.
Both bonds and
notes will be redeemed
at the Detroit
Trust Co., Detroit.
SCHOOL DISTRICT
(P. O. Marysville), Mich.—
CORRECTION—-In connection with the call
for bids until July 31 on an
of $200,000
general obligation bonds, as
reported in V. 153, p. 583,
the city has announced that the
official advertisement
issue
gave
the increase in
DISTRICT
SCOTT COUNTY INDEPENDENT SCHOOL
DISTRICT NO. 1
O. Shakopee), Minn.—BOND SALE—The
$16,000 coupon semi¬
building bonds offered for sale on July 24—V. 153. p. 427—were
awarded to
Park-Shaughnessy & Co. of St, Paul, as 1 Ms, paying a premium
of $185, equal to
101.156, a basis of about 1.28%.
Dated July 15, 1941.
Due on July 15 in 1944 to
1949.
(P.
annual
MISSISSIPPI
BILOXI, Miss.—BONDS
VOTED—At the election held
on
July 22 the
voters are said to have
approved the issuance of $67,000 water system bonds
by
a
wide margin.
MISSOURI
on
30 days' notice,
or
SCHOOL
in 1944 to 1948,
$12,000 in 1949 to 1959, and $13,000 in 1960.
All bonds
maturing in 1956 and thereafter to be subject to redemption and
prior pay¬
ment at par and accrued interest
on Aug. 1,1955, and
any interest payment
date thereafter.
Bidder to name the rate of interest.
Principal and interest
payable at any suitable bank or trust
company designated by the suc¬
cessful bidder.
All bids must be unconditional.
Delivery on Aug. 1, or
as soon thereafter
as practicable,
upon payment of the principal balance of
the bid plus accrued
interest.
The printed bonds and
approving opinion
of
Fletcher, Dorsey, Barker, Colman & Barber of Minneapolis will be
furnished without expense to the
purchaser.
Enclose a certified check
for $3,500,
payable to the Treasurer of the School Board.
from 1951 t0 1958> incL' and $8,000 2s, due $4,000
Bonds are dated
July 15, 1941 and mature annually on
Bonds maturing in 1959 are
callable in inverse
maturing in I960
INDEPENDENT
NO. 21 (P. O.
Fergus Falls), Minn.—BOND OFFERING—Myrtle R.
Barnes, Clerk of the Board of Education, will receive sealed bids
until
11:30 a. m. (CST) on
Aug. 7 for the purchase of $175,000 building bonds.
Dated Aug. 1, 1941.
Denom. $1,000.
Due Aug. 1 as follows:
$6,000
.195inV^cl'Ja^i4'0!)0
m 1959 and
1960.
any interest payment date
and the bonds
Rapid!)
$266,000
semi-annual funding bonds sold on
July 18 to the Wells-Dickey
Minneapolis, and associates, as noted here—V. 153, p. 583—v ere
purchased as 2s, for a premium of $3,357.50,
equal to 101.262, a basis of
about 1.80%.
Dated July 25, 1941.
Due on July 25 in 1942 to 1953.
coupon
KANSAS CITY, Mo.—FINANCIAL STATUS
ENHANCED—'This
city's financial position has further improved in the fiscal
year ended
'June 30, according to a
special survey by Lazard Freres & Co.
They say
that
the upward trend of debt burden
appears
The recent sale of
$3,243,000 water revenue bonds
to
have
been
checked.
completed the refunding
city's term bonds into serials, which should obviate such
mismanage¬
sinking funds as was engaged in by the corrupt political machine
few years back,
according to the study.
Current liabilities which ac¬
of the
ment of the
of a
cumulated in past years have been funded and more will
take place when the
courts determine their status.
Meanwhile, further accumulation of debts
has been checked and
surpluses have been recorded in the last two fiscal
years.
Lazard Freres sees nothing which should hinder continued
progress
in the city's
management.
NEVADA, Mo .—BONDS
voters
DEFEATED—At
an
election
on
rejected the proposal to issue $75,000 armory bonds.
July 15 the
Volume
723
Commercial & Financial Chronicle
The
153
(P. O. Hempstead),
Presiding Supervisor of the
HEMPSTEAD
MONTANA
CASCADE COUNTY SCHOOL
DISTRICT NO. 3 (P. O. Cascade),
District Clerk states that the
DETAILS-—The
SALE
Mont.—BOND
Patterson,
$40,000 building bonds sold to the State Board of Land Commissioners,
as 2s—V.
153, p. 427—were purchased at par and mature on June and
Dec. 1 in 1942 to 1961; callable after 10 years.
COUNTY
(P.
O.
Roundup), Mont. —- BOND
TENDERS INVITED—It is stated by Harold E. Bennett, Clerk of the
Board of County Commissioners, that he will receive sealed tenders until
Aug. 11, at 10 a. m., of refunding bonds, dated March 1, 1937, at prices
MUSSELSHELL
::v\. %-.V;
less than par. "
NEBRASKA
Wm^lM
.NEBRASKA CITY, Neb.—BONDS SOLD—Local banks purchased on
swimming pool construction bonds which
July 21 an issue of $30,000 3A%
was authorized last October.
-..'i'"-.'.;"":-:-..
^
(P. O. Wahoo), Neb.—BOND SALE
DETAILS—The Secretary of the Board of Education states that the
$100,000 coupon school bonds sold to the National Co. of Omaha as 2s
—V. 153, p. 584—were purchased at a price of 100.567.
Dated Sept. 1,
1941. '
>.
:
:; r-'-" ;!;v
,,
?
WAHOO
SCHOOL DISTRICT
.
HAMPSHIRE
NEW
Other bids for the issue were as follows:
Int. Rate
Rate Bid
Buffalo
1.60%
100.184
R. D. White & Co_____
1.60%
100.133
C. F. Childs & Co., and Sherwood & Co
1.60%
100.112
Franklin Swuare National Bank
1.60%
100.043
H. L. Allen & Co., and Minsch, Monell & Co..... 1.70%
100.315
1.50%, according to maturity.
Bidder—
Manufacturers & Traders Trust Co.,
-
Roosevelt & Weigold, Inc........
of Boston were
0.23% discount.
Due
NEW
JERSEY
HADDONFIELD, N. J.—BOND OFFERING—J. Ross Logan, Borough
Clerk, will receive sealed bids until 8 p. m. on Aug. 12 for the purchase of
$359,000 not to exceed 2% % coupon or registered refunding bonds.
Dated
Sept.
1,
1941.
Denom. $1,000.
Due as follows: $21,000 in 1942;
$22,000 in 1943 and 1944; $23,000. 1945 and 1946; $24,000, 1947; $25,000,
1948 and 1949; $26,000, 1950; $27,000, 1951 and 1952; $28,000, 1953:
$29,000, 1954: $30,000 in 1955, and $7,000 in 1956.
Principal and interest
(M-S) payable at the Haddonfield National Bank, Haddonfield.
Issued
under authority of Section 40, Chapter 1-61 to 1-73 Laws of New Jersey.
A certified check for 2% of the bonds must accompany each proposal.
Legality approved by Caldwell & Raymond of New York City.
OCEAN
J.—BOND OFFERING—Clyde W,
N.
CITY,
Struble, City
Treasurer, will receive bids until 3 p.m. (DST) on Aug. 6. for the purchase
of $100,000 not to exceed 6% interest coupon or registered bonds, as follows:
$75,000 jetty bonds.
Due Aug. 1 as follows:
$7,000
incl. and $8,000 from 1947 to 1951, inclusive.
25,000 street improvement bonds.
Due Aug. 1 as
1942 to 1946, incl. and $2,000 from 1947 to
follows:
$3,000 from
be furnished the
successful bidder.
••
C. F. Childs & Co. and Sherwood
UNION
SCHOOL DISTRICT,
CITY, N. J.—REFUNDING APPROVED—The State Funding
the. city's plan for the Issuance of $799,000 re¬
Commission has approved
UNION FREE SCHOOL
100.14
100.312
1.70%
\%%
V
\V\%
1.80%
DISTRICT NO. 8 (P. O. Pots¬
dam), N. Y.—BOND OFFER IN G-—Frederick T. Swan, District Clerk, will
(DST) on Aug. 12. for the purchase of
$30,000 not to exceed 6% interest coupon or registered school bonds. Dated
Aug. 15,1941.
Denom. $1,000.; Due Aug. 15 as follows: $5,000 from 1942
to 1946, incl.; $2,000 in 1947 and 1948, and $1,000 in 1949.
Bidder to
name a single rate of interest, expressed in a multiple of v,
or 1-10th of
1 %.
Principal and interest (F-A 15) payable at the Citizens National Bank,
Potsdam, with New York exchange.
The bonds are general obligations of
the district, payable from unlimited taxes.
A certified check for $600,
payable to order of the school district, is required.
Legal opinion of Dillon,
Vandewater & Moore of New York City will be furnished the successful
bidder.
'
■
ROCKVILLE CENTRE, N. Y.—BOND SALE—'The
$131,750 coupon or
registered bonds offered July 28—V. 153, P. 428—were awarded to C. F.
Childs & Co. and Sherwood & Co., both of New York, jointly, as 1 AS, at a
price of 100.0698, a basis of
about 1.49%
.
Sale consisted of:
follows: $3,750 in 1942;
$2,000 in 1947 and 1948,1
$23,750 improvement bonds.
Due Jtine 1 as
$4,000, 1943: $3,000. 1944 to 1946. incl.;
and $1,000 from 1949 to 1951, incl
Due $2,000 on June 1 from 1942 to 1950, incl.
90,000 electric system bonds.
Due June 1 as follows: $4,000 from 1942
to 1947, incl., and $6,000 from 1948 to 1958, incl.
;
18,000 water bonds.
June 1, 1941.
Other bids:
7Int. Rate
H. L. Allen & Co., and Minsch, Monell & Co..
1 A% >
First of Michigan Corp...
1.60%
AH of the bonds will be dated
Bidder—
.
Adams, McEntee & Co., Inc
Halsey, Stuart & Co., Inc.....
Marine Trust Co. of Buffalo, and R. D.
George B. Gibbons & Co., Inc., and
—
1.60%
1.60%
White & Co. 1.60%
Roosevelt &
Rate Bid
..100.067
100.4303
100.43
100.429
100.415
1.60%
100.229
1.60%
Co., Rockville Centre.
Starkweather & Co., and Nassau County National
1.60%
Bank, Roekviile Centre.
— ...
...
Manufacturers & Traders Trust Co., and Kean,
1.60%
Taylor & Co
—
Harvey Fisk & Sons, and Lynbrook National Bank &
1.75%
100.201
Weigold, Tnc
—
100.10
...
,
Trust Co
100.199
100.303
...
SHERBURNE, NORTH NORWICH, NEW BERLIN, SMYRNA*
PLYMOUTH AND COLUMBUS, GHENANGO COUNTY, AND HAMIL¬
BROOKFIELD, MADISON
COUNTY, CENTRAL SCHOOL
DISTRICT NO. 1 (P. O. Sherburne),
Clerk, announces that
N. Y.—BOND CALL—Bertha H.
the district has called for payment
TON AND
Benedict, District
at par
Sept. 1,1941, $40,000 (part of an authorized
Sept. 1, 1934, denom. $1,000,
and accrued interest on
bonds, dated
of $115,000) 3-80%
numbered 76 to 115, incl.,
issue
Bonds
due $4,000 yearly on Sept. 1 from 1955 to 1964,
together with all appropriate coupons attached should be
presented for payment at the
MEXICO
CRUCES, N. M.—BONDS OFFERED TO PUBLIC— Boettcher &
offering for general investment $70,000 2lA% water and
sewer revenue bonds at prices to yield from 1.00% to 2.15%, according to
maturity. Denom. $1,000. Dated July 1, 1941. Due on July 1 as follows:
$6,000 in 1943 and 1944, $7,000, 1945 to 1948, and $8,000 in 1949 to 1951.
Redeemable on and after July 1, 1943, at 103 plus accrued interest, in
inverse numerical order, after 30 days' notice of call.
Prin. and int. (J-J)
payable at the Town Treasurer's office, or at the First National Bank in
Santa Fe. Legality to be approved by Myles P. Tallmadge of Denver.
100.175
100.13
receive sealed bids until 2:30 p. m.
incl.
funding bonds.
NEW
& Co
Tilney & Co...
Roosevelt & Weigold, Inc
H. L. Allen & Co. and Minsch, Monell & Co....
Campbell, Phelps & Co., Inc
.
D. Mitchell, District Clerk,
Rat&Bid
100.56
100.3.3
Int. Rate
1.70%
1.70%
Bidder—
R. D. White & Co
South Shore Trust
N. J.—BOND OFFERING— Richard
will receive sealed bids until 8 p. m. (DST)
on Aug. 15, for the purchase of $49,000 2A%, 2%%, 3%, 3H% or 3H%
coupon or registered school bonds.
Dated May 1, 1941. Denom. $1,000,
Due Nov. 1 as follows: $2,000 from 1942 to 1952, incl. and $3,000 from 1953
to 1961, incl.
Bidder to name a single rate of interest for all of the bonds.
The amount bid for the issue shall be not less than $49,000 nor more than
$50,000.
Principal and interest (M-N) payable at the Pitman National
Bank & Trust Co., Pitman.
A certified check for 2%, payable to order of
the Board of Education, is required.
Legal opinion of Hawkins, Delafield
& Longfellow of New York City will be furnished the successful bidder.
>;
(The above offering was previously referred to in—V. 153, p. 584.)
PITMAN
;
Other bids:
1960 incl.
from 1942 to 1946,
1951, incl.
All of the bonds will be dated Aug. 1,1941.
Denom. $1,000. The bonds
will be sold as constituting a single issue, the combined maturities being
$10,000 yearly on Aug. 1 from 1942 to 1951, incl.
Principal and interest
(F-A) payable at the City Treasurer's office.
A certified check for 2% of
the bonds offered, payable to order of the City Treasurer, is required.
Approving legal opinion of Caldwell & Raymond, of New York City, will
100.301
1.70%
.
HEMPSTEAD, N. Y.—BOND SALE— The $43,000 coupon or registered
fire house bonds offered by the Village on July 29—V. 153, p. 585—were
awarded to the Manufacturers & Traders Trust Co. of Buffalo, as 1.60s, at a
price of 100.184, a basis of about 1.58%.
Dated Aug. 1, 1941 and due
Aug. 1 as follows: $2,000 from 1942 to 1955 incl. and $3,000 from 1956 to
POTSDAM
BERLIN, N. H.—NOTE SALE—Arthur Perry & Co.
on July 29 an issue of $100,000 revenue notes at
April 20, 1942.
'
awarded
N. Y.—BOND SALE—A. Holly
Town, reports that the $58,000
registered Franklin Square Water District bonds offered July 29
—V. 153, p. 585—were awarded to Tilney & Co. of New York, as lAs,
at 100.14, a basis of about 1.47%.
Dated Aug. 1, 1941, and due Aug. 1
as follows: $3,000 from 1942 to 1947, incl., and $4,000 from 1948 to 1957,
incl.
The bankers reoffered the bonds at prices to yield from 0.30% to
coupon or
District Treasurer's office, Sherburne.
NORTH
CAROLINA
r LAS
Co. of Denver, are
NEW
BEDFORD COMMON
YORK
f
SCHOOL DISTRICT NO. 2 (P. O.
Bedford),
SALE—The $80,000 coupon or registered school bonds
25—V. 153, p. 428—were awarded to the Manufacturers &
Traders Trust Co. of Buffalo, as 1.70s, at a price of 100.399, a basis of
about 1.66%.
Dated Aug. 1, 1941 and due $4,000 annually on Aug. 1 from
1942 to 1961, incl.
Other bids:
N.
Y.—BOND
offered July
Int. Rate
Bidder—
R. D. White & Co
Roosevelt & Weigold, Inc
C. F. Childs & Co. and
A. C. Allyn & Co.,
George B. Gibbons &
Co
CHAMPLAIN CENTRAL
Rate Bid
100.35
100.211
100.22
100.458
100.066
2%
Yv 100.279
SCHOOL DISTRICT NO. 1 (jP. O. Cham-
Sherwood & Co
& Co. Inc
Inc. and E. H. Rollins
Gordon Graves & Co..
1.70%
1.70%
1.80%
1.90%
1.90%
onds
Elain),offered July 31—V. 153, p. $99,000 coupon or registered building
N. Y.—BOND SALE—The 584—were awarded to Roosevelt &
Weigold, Inc., New York, as 1.90s, at a price of 100.801. a basis of about
1.84%. Dated June 1, 1941 and due June 1 as follows: $3,000 from 1942
to 1962 incl., and $4,000 from 1963 to 1971 incl.
Other bids:
Rate Bid
1.90%
100.66
2%
100.588
and R. D. White & Co__
2%
100.56
Union Securities Corp
2%
100.42
E. H. Rollins & Sons, Inc
2%
100.34
Manufacturers & Traders Trust Co________
__
2.10%
100.439
George B. Gibbons & Co
2.10%
100.313
EASTCHESTER
(P. O.
Tuckahoe), N. Y .—PROPOSED BOND
ELECTION—It is reported that the voters may be asked to approve an
issue
of $30,000 fire
department-equipment bonds at an election in
Int. Rate
Bidder—
C. F. Childs & Co.
and Sherwood & Co.
A. C. Allyn & Co., Inc
Marine Trust Co. of Buffalo
—
—
ALAMANCE COUNTY (P. O.
NORTH CAROLINA, State of—LOCAL BOND ISSUES APPROVED—
Local Government Commission is said to have approved oh July 22
of the following bonds:
the
The
issuance
$14,500 Caldwell County school bonds.
405,000 Concord various improvement bonds.
500,000 New Hanover County school bonds.
10,000 Richmond County jail improvement bonds.
NORTH CAROLINA STATE COLLEGE OF AGRICULTURE AND
ENGINEERING OF THE UNIVERSITY OF NORTH CAROLINA
(P O. Raleigh), N. C —BOND OFFERING—Seated bids will be received
until noon (EST) on Aug. 11 by Charles M. Johnson, State Treasurer, for
the purchase of a $34,000 issue of 3% semi-annual coupon stadium refund¬
ing bonds.
Dated June 1, 1941.
Denom. $500. Due Dec. 1 as follows:
$1,500 in 1953, $2,500 in 1954 to 1960 and $3,000 in 1961 to 1965.
Prin.
and int. payable in legal tender at the Wachovia Bank & Trust Co., Raleigh
Branch, Raleigh.
Non-registerable. Neither the principal or interest
are payable out of the general revenue of the University of North Carolina
or of the North Carolina State College of Agriculture and Engineering
the University of North Carolina, or of the State of North Carolina, and
the credit of the State is not pledged directly or indirectly to the payment
of such principal and interest.
Issued under the provisions of Chapter 169,
Public Laws of 1941, and are payable solely from the fees to be charged and
of
at said North Carolina State Col¬
Engineering and from student athletic fees at said
authorizing the issuance of bonds provides for
the pavment into the Refunding Stadium Bond Interest and Sinking Fund
of a sufficient amount of such athletic game receipts and student athletic
fees to pav the principal and interest as the same become due and payable,
and such fund is pledged and charged with the payment of such principal
and interest.
Additional information relating to the income so pledged
may be obtained from J- L. Von Glahn, Business Manager of Athletics of
the College, Raleigh.
The bonds will be awarded to the bidder offering
the highest price, not less than par and accrued I interest.
The approving
opinion of Masslich & Mitchell of New York will be furnished the purchaser.
Enclose a certified check for $1,000, payable unconditionally to the State
collected for
COMMON SCHOOL DISTRICT NO. 1 (P. O.
Y.—BOND SALE—The $16,000 coupon or registered build¬
ing addition bonds offered July 25 were awarded to the Manufacturers &
Traders Trust Co. of Buffalo, as 1.60s, at a price of 100.159, a basis of about
1.58%.
Dated Aug. 1, 1941.
Denom. $1,000. Due $1,000 annually
on Nov. 1 from 1942 to 1957, incl.
Principal and interest (M-N) payable
at the First National Bank of Salamanca.
Legality approved by Dillon,
Vandewater & Moore of New York City.
Other bids:
GREAT
VALLEY
Kill Kuck), N.
Bidder—
C. F. Childs
7
& Co., and Sherwood
George B. Gibbons &
Roosevelt & Weigold,
Co., Inc
Inc.
•
hit. Rate
& Co
Rate Bid
1%%
100.187100.269
100.11
1.90%
2.20%
attendance at athletic games
lege of Agriculture and
college, and the resolution
Treasurer.
SOUTHERN PINES,
N. C.—NOTE SALE
DETAILS—The $14,000
purchased by Kirchofer & Arnold, of Raleigh—V. 153,
sold as 2s, at par pins a premium of $11.20. Dated July 1,
and due $7,000 on Jan. 1 and March 1, 1942.
revenue
Y.—BOND SALE DETAILS—'The $10,000 lighting
system bonds sold to the Citizens Trust Co. of Fredonia, as 1.20s, at a
price of 100.06—V. 153, p. 584, are dated Aug. 1, 1941, and mature $1,000
annually on Aug. 1 from 1942 to 1951, incl.
Denom. $1,000. Interest F-A.
N.
SALE—The
sale on
Chicago
2.18%,
November.
FREDONIA,
Graham), N. C.—BOND
$15,000 coupon semi-annual refunding school bonds offered for
July 29—V. 153, p. 585—were awarded to John Nuveen & Co. of
as 2 As, paying a premium of $170, equal to 101.13, a basis of about
Dated Aug. 1, 1941.
Due on Feb. 1, 1963.
notes
—Were
p
1941
NORTH
DAKOTA
Dak.—BOND OFFERING—Sealed bids will be received
until 8 p. m. on Aug. 5. by J. F, Naumann, Village Clerk, for the purchase
of $2 000 not to exceed 6% semi-annual village hall bonds.
Due $500 in
1945,*1947, 1949 and 1951. A certified check for 2% of the bid is required.
KRAMER, N.
OFFER!NG—Bids will be received
until Aug. 14 at 10 a. m. for the purchase of
and water supply bonds.
Interest rate is
not to exceed 4%, payable J-J.
Denom. $500. Dated July 15,1941. Due
on JulV 15 as follows:
$500 in 1942 to 1959 and $1,000 in 1960. Prin. and
LIDGERWOOD, N. Dak.—BOND
by Dan S. Riley, City Auditor,
<%10 000 coupon fire protection
int
pavable at the bank or
trust company designated by
the purchaser in
724
The Commercial & Financial Chronicle
his bid.
No bid of less than par and accrued interest will be considered
and
all bids must be unconditional.
A certified check for 2% of the
bid, pay¬
able to the City Treasurer, is required.
MOUNTRAIL COUNTY SCHOOL DISTRICT NO. 82 (P. O.
Stanley)
N. Dak.—BONDS SOLD—Harold Bag, District
Clerk, reports that the
State purchased on July 15 an issue or $28,000
refunding bonds.
Dated
July 15, 1941.
ized at
an
Denom. $100.
election on July 9.
Due in 5 to 25 years.
Issue
was
terest
author¬
thorized
garage
an
Board of
building bonds
The $6,500 street cleaning department equipment bonds offered the
were awarded to VanLahr, Doll & Ispbording, of Cincinnati.
Education, will receive sealed bids
to exceed
SOUTH
(P.
O.
PATTERSON
(EST)
required.
BRIMFIELD
RURAL SCHOOL DISTRICT, Ohio—NOTE
SALE—
George T. Lennon & Co. of Columbus were awarded on July 17 an issue of
$3,976.94 second series refunding notes as 1.90s, at par.
Due in two years.
Optional after Nov. 30.
CANAL
WINCHESTER
SCHOOL
DISTRICT,
TIFFIN,
the
Bidder—
Ohio State Teachers Retirement System
Lebanon Citizens Bank, Lebanon.
Int. Rate
3% %
was
as
M-S.
$5
awarded
1 Ms.
on July 18 an
Due in two years.
to order of
Ohio—BOND
$100,000 4% third series building bonds.
Dated Aug. 1, 1941.
$1,000.
Due $5,000 annually on Nov. 1 from 1942 to 1961, incl.
CITY
par.
Subject
A
LIVERPOOL, Ohio—PROPOSED
soon on the
FOSTORIA,
OKLAHOMA
BOND ELECTION—An elec¬
question of issuing $35,000 improvement bonds.
DURANT, Okla.—BOND ELECTION CANCELED—The City Council
DISTRICT, Ohio—NOTE SALE—Gillis, Russell
Co. of Cleveland purchased on
refunding notes as 1.40s, at
Nov. 30.
Ohio—BOND
is said to have rescinded its authorization for the election
that was scheduled
to take place on July 22, on the
proposed issuance of $45,000 airport
bonds^
&
July 21 an issue of $5,960.02 second series
par.
Due in two years.
Optional after
SALE
DETAILS—The
water works extension first
$250,000
HOBART, Okla.—BOND SALE—The $18,000
mortgage revenue bonds referred to in—V. 153,
having been purchased by Ryan, Sutherland & Co. of
Toledo,
actually were sold to a group which also included Braun, Bos worth &
Co.
and Stranahan, Harris &
Co., Inc., both of Toledo.
Price paid was par.
Bonds mature Sept. 1 as follows:
$12,000 from 1942 to 1951, incl. and
$13,000from 1952 to 1961, incl. Bonds maturing on and after
Sept 1,1957,
are
callable
in
inverse
numerical
order
at
par
and
accrued
interest
LE FLORE
COUNTY SCHOOL DISTRICT NO. 11 (P. O.
Poteau),
Okla.—BOND OFFERING—It is reported that bids will be received
by
A. Cox, Clerk of the School
Board, until Aug. 4 at 10 a. m. for the
purchase of $8,000 refunding bonds.
Due $1,000 in 1945 to 1952.
Issued
L.
in
accordance with Section 5930, Oklahoma Statutes
1931, as amended
by House Bill No. 409, enacted by the 15th Legislature and Senate
Bill
No. 152, of the State.
The award will be made to the bidder
offering the
lowest rate of interest the bonds shall bear and
agreeing to pay par and
accrued interest.
A certified check for
2% of the amount of the bid is
on
FRANKLIN, Ohio—BOND OFFERING—Paul Gaynor, Village Clerk,
will receive
sealed bids until noon on Aug. 2 for the
purchase of $7,500
resurfacing bonds.
Dated July 1, 1941.
Denom. $1,000 and
Due July 1 as follows:
$500 from 1943 to 1947, incl., and $1,000
from 1948 to 1952, incl.
Interest J-J.
A certified check for
$100, payable
1 % % street
required.
$500.
to order of the
OKLAHOMA
HOPEDALE VILLAGE
HUBBARD
EXEMPTED
VILLAGE
SCHOOL
DISTRICT, Ohio—
BOND OFFERING—Sealed bids will be
received by the Clerk of the Board
of Education until 2
p. m. on Aug. 11 for the purchase of $15,000 not to
exceed 4% interest current
expense bonds.
Dated
Aug. 1, 1941.
Denom.
CITY,
Okla.—SETTER BOND
ISSUANCE
PLATED—Requiring
village, is required.
CONTEM¬
the issuance of $2,218,391 bonds, the
mission is said to have under consideration a
plan to improve
HIRAM
RURAL SCHOOL DISTRICT, Ohio—NOTE
SALE—The
First National Bank of Garrettsville
recently was awarded an issue of
$2,265.80 second series refunding notes as 2s.
Due in two years.
Optional
after Nov. 30.
SCHOOL DISTRICT, Ohio—NOTE SALE—
The Union Savings & Trust Co. of Warren
was awarded on
July 17 an
issue of $4,810 second series
refunding notes as 1.69s.
Due in two years.
Optional after Nov. 30.
semi-annual waterworks
extension bonds offered for sale on
July 30—V. 153, p. 586—were awarded
to the City Treasurer as
1M» at par, reports the City Clerk.
Due $2,000
in 1944 to 1952, inclusive.
2M%
p. 586—as
Sept. 1, 1947.
Ohio—NOTE SALE—
coupon fire truck
certified cneck for $1,000, payable to order of
the
Clerk-Treasurer of the Board of Education, is
required.
SCHOOL
DISTRICT,
Co. of Warren purchased $14,644.95 second
Due in two years.
Optional after Nov. 30.
WEST SALEM, Ohio—BOND OFFERING—Sealed
bids will be received
by the Village Clerk until noon on Aug. 4 for the purchase of
$2,500 4%
and equipment bonds.
Dated Aug. 1, 1941.
Denom.
$250.
Due $250 annually on Nov. 1 from 1942 to 1951
incl.
Subject to
redemption on or after Nov. 1,1941, or on any subsequent interest
payment
date. Bidder may name a different rate of
interest, expressed in a multiple
of
\i of 1 %. Interest M-N. A certified check for $25 must accompany
each proposal.
Denom.
Nov. 1, 1951, or on any subsequent interest
payment date.
Bidder may name a different rate of interest
expressed in
a multiple
of M of 1%.
Interest M-N.
The bonds are payable from
unlimited taxes and a full transcript of
proceedings and the approving
opinion of Squire, Sanders & Dempsey of Cleveland will be
furnished the
ELI DA
SCHOOL
The Union Savings & Trust
series refunding notes at
OFFERING—A. B. Season, Clerk-Treasurer of the Board of
Education,
will receive sealed bids until noon
(EST) on Aug. 22 for the purchase of
to call in whole or in part on
Board of Tax
Ap¬
peals has approved an issue of $654,754 refunding bonds, to mature
starting
not later than
May 1, 1943.
1
WELLSVILLE
DISTRICT,
for, payable
the Commissioner of the Treasury, is required.
TOLEDO, Ohio—BONDS APPROVED—The State
bonds.
SCHOOL
noon on
All of the bonds will be dated Sept.
1, 1941. Bidder may name a different
interest, expressed in a multiple of M of 1 %. Principal and interest
payable at the Chemical Bank & Trust Co., New York
City. Bidder may
obtain legal opinion at his own expense. Bonds
may be exchanged for bonds
registered as to principal and interest at the request of the owner.
Delivery
to be at Toledo.
A certified check for 1% of the amount bid
Ohio—PROPOSED REFUNDING
ISSUE—City has
appded to the State Board of Tax Appeais for authority to refund
$524,000
EAST
City Auditor,
rate of
Par
COLUMBUS,
tion may be held
Beals,
Aug. 19 for the purchase of $681,534 3%
•./'
■..> -..-v
$654,754 refunding bonds.
Due as follows:
$29,754 May 1 and $29,000
Nov. 1, 1943; $29,000 May 1 and Nov. 1 in 1944 and
1945; and
$30,000 May 1 and Nov. 1 from 1946 to 1953 incl. Interest M-N.
26,600 sundry Federal projects bonds. Due Sept. 1 as follows:
$5,600
in 1946; $5,000 from 1947 to 1949 incl.
and $6,000 in 1950.
Int.
Premium
3%
SALE—The Ohio National Bank of Columbus
issue of $5,244.45 second series
refunding notes
Optional after Nov. 30.
bidder.
FFERING—Robert L.
TOLEDO, Ohio—BOND OFFERING—Rudy Klein, City Auditor, will
FCLYDE EXEMPTED VILLAGE SCHOOL DISTRICT, Ohio—NOTE
successful
t
required.
receive sealed bids until
bonds, as follows:
CREEK RURAL SCHOOL DISTRICT
(P. O. Springboro),
Ohio—BOND SALE—The $2,100 shop
building bonds offered July 12—
V. 153, p. 130—were awarded to J. a. White & Co.
of Cincinnati as 2^s,
at par plus a
premium of $8, equal to 100.38, a basis of about 2.15%.
Dated May 1, 1941 and due Nov. 1 as follows:
$100 in 1942 and $500 from
1943 to 1946, incl.
Other bids:
CITY
m.
15 for the purchase of $20,000
equipment bonds. Dated Dec. 15,
Denom. $1,000,
Due $1,000 on June 15 and Dec. 15 from 1942 to
1951 incl. Rate of interest to be
expressed in a multiple of M of 1%. Int.
J-D. A certified check for $200,
payable to order of the City Treasurer, is
CLEAR
FALLS
p.
1940.
CLARK COUNTY (P. O.
Springfield), Ohio—BONDS AUTHORIZED
—The Board of Commissioners
recently authorized an issue of $25,645
building bonds.
CUYAHOGA
Ohio—BOND
will receive sealed bids until noon on
Aug.
exceed 3 % interest fire department
question of issiing $7,000 school bonds.
f
SALE
on
not to
Ohio—PROPOSED
on
DISTRICT
on Aug.
14
Aug. 11 for the purchase of $7,500 not to exceed
6% interest
special assessment bonds.
Dated Sept. 1, 1941.
One bond for
$500, others $1,000 each.
Due Nov. 1 as follows: $1,000 in 1943 and
1944;
$1,500 in 1945, and $2,000 in 1946 and 1947.
Rate of interest to be ex¬
pressed in a multiple of M of 1%.
Principal and interest (M-N) payable
at the City Treasurer's office.
A certified check for $75, payable to order
of the City Treasurer, is
required.
Legal opinion of Squire, Sanders &
Dempsey of Cleveland will be furnished the successful bidder.
Mr. Cartledge also announces that ne will receive
sealed bids until 1 p. m.
(EST) on Aug. 18 for the purchase of $70,000 not to exceed
6% interest
street repair notes.
Dated Sept. 1, 1941.
Denoms. as requested by the
purchaser.
Due Sept. 1, 1943.
Rate of interest to be expressed in a
multiple of M of 1%.
Principal and interest (M-S) payable at City Treas¬
urer's office.
A certified check for
$700, payable to order of City Treas¬
urer, is required.
Legal opinion of Squire, Sanders & Dempsey of Cleve¬
land will be furnished the successful bidder.
A1
of the bonds will be dated
Aug. 1, 1941.
Rate of interest to be
in a multiple of ^ of 1% and payable J-D.
Purchaser to
furnish approving legal opinion at his own
expense.
A certified check for
1% of the bonds bid for, payable to order of the Clerk-Treasurer of the
BOND ELECTION—It is reported thai an election
may be heM soon
SCHOOL
water line
expressed
is
RURAL
ELECTION—At an election
issue of $15,000 building bonds.
an
—J.
and $500.
Due Dec. 1 as follows: $1,000 from 1943 to
1945, incl.
and $1,500 from 1946 to 1961, incl.
25,000 Sycamore Township Union High School bonds.
Denoms. $1,000
and $500.
Due Dec. 1 as follows: $1,000 from 1943 to
1952, incl.,
and $1,500 from 1953 to 1962, incl.
Education,
TOWNSHIP
Osgood), Ohio—BOND
STEUBENVILLE, Ohio—BONDS AND NOTES OFFERED FOR
A. Cartledge, City
Auditor, will receive sealed bids until 1
(EST)
4% interest general
$16,000 Blue Ash Grade School addition bonds.
Denom. $1,000.
Due
$1,000 annually on Dec. 1 from 1943 to 1958, incl.
27,000 Sycamore Township Union High School bonds.
Denoms. $1,000
of
until 7 p.
A certified check for $100,
payable to order of the Board of
Education, must accompany each proposal.
BLUE ASH RURAL SCHOOL
DISTRICT, Ohio—BOND OFFERING
—Wil.iam It. Iianz, District Clerk, will receive sealed bids until
noon
Board
au¬
has
(P. O. R. D.
Lattig, Clerk of the
m. on Aug. 7, for the
Interest M-N.
same
the voters will consider
Aug. 16 for the purchase of $68,000 not
obligation unlimited tax bonds, as follows:
Council
on
$1,500 in 1942,1943 and 1944, and
on
in¬
any
notice to holder.
Purchase$500. Due $500 improvement bonds.1 from 1942 to 1951, 1941.
of $10,000 4%
Dated Sept. 15, incl.
)enom.
May 1 and Nov.
Dated
follows:
upon six months'
Ohio—BONDS AUTHORIZED—City
issue of $11,500 flood prevention bonds.
SHEFFIELD LAKE VILLAGE SCHOOL DISTRICT
No. 1, Lorain), Ohio—BOND OFFERING—Carl W.
day
as
Napol¬
follows:
as
maturity at
paying date
NEWARK,
offered July 30—V. 153, p. 429—were awarded to the
Provident Savings
Bank & Trust Co., Cincinnati. Dated Aug. 1,1941 and due
$2,000 on Nov. 1
from 1942 to 1949 incl.
Aug. 1,1941 and due Nov. 1
$1,000 in 1945 and 1946.
estate pur
the
$200 March 1 and $1,000 Sept. 1, 1942, and $1,000 March 1 and
Sept. 1
from 1943 to 1951 incl.
Callanle xn inverse order of
OHIO
ALLIANCE, Ohio—BOND SALE—The $16,000
Aug. 2, 1941
NAPOLEON, Ohio—BOND SALE—The $19,200 coupon real
chase bonds offered July 7—V. 153, p. 4162— were
awarded to
eon Community Bank, as
1Mb.
Dated June 1, 1941 and due
City Com¬
sanitary sewer
45%-grant would be
facilities at a cost of $4,033,439.
Application for a
filed by authority of a recent Act of
Congress to appropriate $150,000,000
for enlargement of utilities in cities
having defense industries.
OKMULGEE, Okla.—BOND SALE POSTPONED—It is stated by
Harry Devinna, Commissioner of Finance, that the sale of the
following
bonds, aggregating $185,000, scheduled for July 28—V. 153,
p. 586—was
postponed indefinitely: $105,000 airport and $80,000 water works system
bonds.
Due $37,000 in
1946 to
1950, inclusive.
WASHINGTON
COUNTY
(P.
O.
Bartlesville), Okla.—BONDS
AUTHORIZED—The Board of County Commissioners is said to have
approved recently the issuance of $120,000 hospital bonds.
$3,750.
Due $3,750 on April 1 and Oct. 1 in 1942 and
1943.
Interest
Successful bidder to pay for legal opinion if one is
desired.
A cer¬
tified check for $150,
payable to order of the Board of Education, is required.
A-O.
IP MADISON TOWNSHIP RURAL SCHOOL
DISTRICT (P. O. Tren¬
ton), Ohio—BOND ELECTION—At an election on
Aug. 19 the voters will
again pass on the proposal to issue
$85,000 construction bonds.
The
measure was defeated at the
November, 1940, general election.
MADISON TOWNSHIP RURAL SCHOOL
Winchester), Ohio—NOTE SALE—The Ohio
..
bus
as
awarded
was
1.80s.
on
July 17
an
Due in two years.
DISTRICT (P. O. Canal
National Bank of Colum-'
issue of $6,018 second series
refunding notes
Optional after Nov. 30.
OREGON
SALEM, Ore.—ADDITIONAL INFORMATION—In
the sale of the $200,000
sewage disposal of 1941
it is now reported that the bonds were
connection
with
bonds-^-V. 153, p. 586—
purchased by a syndicate composed
of Paine, Webber & Co. of
Chicago, E. M. Adams & Co., and Dougherty,
Cole & Co., both of Portland, for a
premium of $50, equal to 100.025, a
net interest cost of about
1.64%. on the bonds divided as follows:
$95,000
as 2s, due on
Aug. 1, $5,000 in 1943. $9,000 in 1944, $10,000, 1945 to 1951,
and $11,000 in 1952; the
remaining $105,000 as lj^s, due on Aug. 1, $11,000
in 1953 to 1955, and
$12,000 in 1956 to 1961.
MARIETTA, Ohio—BONDS
AUThORIZED—City Council passed an
ordinance authorizing an issue of
$13,380 special assessment street improve¬
ment
PENNSYLVANIA
bonds.
-
MILFORD
R.
R.
2,
TOWNSHIP
Oxford),
RURAL
Ohio—NOTE
SCHOOL
DISTRICT
SALE—The First National
ALLENTOWN
(P.
Bank
O.
of
Barnesville recently was awarded an issue of
$2,654.80 second series refund¬
ing notes as 1.85s.
Due in two years.
Optional after Nov.
30.
MONROE COUNTY (P. O.
Woodsfield), Ohio—BOND OFFERING—
Edgar Hall, Clerk of the Board of County
Commissioners, "will receive
sealed bids until noon on
Aug. 11 for the purchase of $30,000 not to exceed
4% interest poor relief bonds.,
Dated Aug. 15, 1941.
Denom. $1,500.
Due $1,500 June 15 and Dec. 15 from
1942 to 1050, incl., and $3,000
June 15, 1941.
Interest J-D.
County will print the bonds.
A certified
check for 5% of the amount
bid, payable to order of the Board of County
Commissioners, is required.
SCHOOL
H.
DISTRICT,
Pa
—
Russell Hudders, District Secretary, reports that an issue of
$338,000
refunding bonds will be sold on Aug. 25.
BOND CALL—Mr. Hudders further states that all
bonds of series V
dated Oct. 1, 1921, and due in 1946 and
1951, will be called for payment on
Oct. 1, 1941.
EAST
PIKE
RUN
fornia), Pa.—BOND
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Cali¬
OFFERING—J. Quay Billingsley, District
Secretary,
m. (EST) on Aug. 4 for the purchase of
will receive sealed bids until 7
p.
$25,000 coupon current expense bonds.
Dated Aug. 1, 1941.
Denom.
$1,000. Due Aug. 1 as follows: $2,000 in 1942; $3,000, 1943 to 1945
incl.;
$2,000, 1946; $3,000, 1947 and 1948, and $2,000 from 1949 to 1951 incl.
Bidder to
name a
single rate of interest, expressed in
a
multiple of M of 1%
Volume
The Commercial
153
The bonds will be free of all taxes (except gifts, succession and
inheritance
taxes) levied pursuant to any present or future law of the Commonwealth.
Principal and interest (F-A 1) payable at the First National Bank, Cali¬
fornia.
The bonds
725
& Financial Chronicle
SOUTH
EMMET
TOWNSHIP
DAKOTA
O. Elk Point), S. Dak.—BOND SALE—
(P.
issued for the purpose of providing money for current
expenses and is necessitated by back tax collections and are issued under
The $5,000 general obligation bonds offered for sale on July 24—V. 153, p.
131—were awarded to the State Bank of Alcester, as 3s, paying a premium
authority of the Act of 1874 P. L. 65 and of the Act of May 16, 1939, P. L.
139. The District will set apart and pledge for the payment of these bonds
collectible delinquent taxes in the amount required by law and the proceeds
of which will be deposited in the sinking fund for these bonds.
Sale of bonds is subject to approval of proceedings by the Pennsylvania
Department of Internal Affairs. Purchaser will be furnished with approving
legal opinion of Burgwin, Scully & Churchill of Pittsburgh, without cost,
and the district will provide the bonds.
A certified check for $500, payable
to order of the district, is required.
of $56, equal to
FERNDALE
are
(P.
O.
519
Fcrndale
Ave.,
Johnstown),
Pa.—BOND
SALE—The issue of $18,000 refunding bonds offered July 28—V.
awarded to Phillips, Schmertz & Co. of Pittsburgh.
279—was
153, p.
Dated
$1,000
on
101.12, a basis of about 2.60%.
July 24 in 1942 to 1946, incl.
Due
Dated July 24,1941.
HURON, S. Dak.—BONDS VOTED—At an election held on July 22 the
are said to have approved the issuance of $34,000 sewage plant
voters
bonds by a wide margin.
JACKSON COUNTY (P. O. Kadoka), S. Dak.—BONDS SOLD—The
County Auditor states that an issue of $105,000 coupon semi-ann. refund¬
was offered for sale on July 29 and was awarded to the AllisonWilliams Co. of Minneapolis, and associates, divided as follows: $75,000
as 3 Ms and $30,000 as 3Xs.
Denom. $1,000.
Dated Sept. 1, 1941. Due
on Sept. 1,
1954; subject to redemption and prior payment on Sept. 1 in
ing bonds
Aug. 1, 1941, and due Aug. 1 as follows: $1,000 from 1943 to 1949, incl.;
$6,000 in 1950 and $5,000 in 1951.
1942 to 1946.
HAVERFORD TOWNSHIP
SCHOOL DISTRICT
(P. O. Upper
Darby), Pa .—BOND SALE DETAILS—The $175,000 1% school bonds
purchased by Schmidt, Poole & Co. of Philadelphia—V. 153, p. 430—were
sold at par plus a premium of $507.50, equal to 100.29, a basis of about
0.95%.
Dated July 15, 1941, and due July 15 as follows: $16,000 from
OFFERING—Sealed and oral bids will be received by J. J. Carson, County
1942 to
1951, incl., and $15,000 in 1952.
HOLLIDAYSBURG
SCHOOL
DISTRICT,
Pa .—BOND SALE— The
$130,000 refunding bonds offered July 25—V. 152, p. 4162—were awarded
to Schmidt, Poole & Co. of Philadelphia, as lHs, at par plus a premium of
$1,683.50, equal to 101.295,
and due Aug. 1 as follows:
a basis of about 1.36%.
Dated Aug. 1, 1941
$6,000 from 1942 to 1944, incl. and $7,000 from
1945 to 1960, incl.
Second high bid of 101.265 for l%s was made
Rollins & Sons, Inc. and Siger. Deane & Scribner, jointly.
LUZERNE
by E. H.
COUNTY
The $850,000 coupon
(P. O. Wilkes-Barre), Pa.—BOND SALE—
funding and improvement bonds offered July 29—V.
153, p. 430—were awarded to a syndicate composed of M. M. Freeman &
Co., Philadelphia, Fox
Reusch & Co., Cincinnati, C. F. Childs & Co.,
New York McDougal & Condon, of Chicago, Commerce Union Bank of
Nashville, and P. E. Kline, Inc., of Cincinnati, as lMs, at 100.511, a basis
of about 1.16%.
Dated Aug. 1, 1941, and due Aug. 1 as follows: $50,000
in 1942 and 1945; $150,000, 1946; $200,000 in 1947; $250,000 in 1948 and
$150,000 in 1949.
Other bids:
Bidder—
int. Rate
Rate Bid
Union Securities Corp.; Moore,
Leonard & Lynch,
1M%
1M%
100.27
E. H. Rollins & Sons, Inc.; Stroud & Co.; Schmidt,
Poole
&
Co.; Charles Clark &
Blair &
Co., Inc.; Butcher & Sherrerd, Dolphin &
Co.; Otifj & Co.; E. W. & R. C. Miller & Co., and
Johnson &
Stranahan,
MeLean, Inc
& Co.,
Harris
Bioren
Inc.;
&
Co.;
100.10
John B.
Bunting & Co
1 M%
Kidder, Peabody & Co.; Harriman Ripley & Co.,
Inc.; Yarnall & Co., and Merrill Lynch, E. A.
Pierce & Cassatt
1
1M%
Halsey, Stuart & Co., Inc.; Graham, Parsons & Co.,
and A. Webster Dougherty & Co
1X%
Denom.
as follows:
$1,000 from 1942 to 1949, incl. and $2,000
Borough assumes and agrees to pay any or all Penn¬
sylvania 8tate taxes levied on principal or interest, except succession and
inheritance taxes.
Bonds are registerable as to principal only.
They will be
payable from ad valorem taxes within the taxing limitations placed by law
upon boroughs.
Bonds will be issued subject to favorable legal opinion of
Townsend, Elliott & Munson, of Philadelphia, 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.
PENNSYLVANIA
TURNPIKE
of)—PHILADELPHIA
(Stat©
SUBJECT
TO
EXTENSION
TO
FEDERAL GRANT—Proposed extension to
Philadelphia of the Pennsylvaniat Turnpike, which now links Harrisburg
and Pittsburgh, appears dependent upon whether the State is able to ob¬
tain an outright grant of about $25,000,000 from the Federal Government,
according to findings of a special survey made public July 28 by Governor
Arthur H. James.
Cost or the proposed extension was estimated at $50,000,000 and the anticipated earnings of the Philadelphia link, according to
a traffic survey made for the State Department of Highways by a New
York engineering firm, "would indicate the revenue bonds in the amount
of $26,000,000 can be safely issued."
Thus a Federal grant of approxi¬
mately the same amount would be necessary if the proposed extension is
to be undertaken.
Proponents of the project, which was authorized by the
1940 special session of the State Legislature, hold that it would be of vital
military importance, connecting the great steel mills, of Pittsburgh with
industrial center and Navy Yard in Philadelphia.
PENNSYLVANIA
(State
of)—$l,50t),000
JASPER, Tenn .—BONDS AUTHORIZED—'The City
Council is said
$120,COO water system revenue bonds.
K.NOXVILLE, Tenn.—BOND
OFFERING CONTEMPLATED—We
are informed by W. M. Mynatt, City Manager, that the offering of $250,000
hospital bonds will take place in a few weeks.
COUNTY (P. O. Clarksville). Tenn.—REFUND¬
& Co. of Nashville, will serve
county's agent in refunding $516,000 of 5X % bonds callable in 1941
1942, and maturing in 1952.
Outstanding bonds will be replaced by
bonds.
MONTGOMERY
LOCAL
as
the
and
TEXAS
MUNCY, Pa.—BOND OFFERING—Thomas Wood, Borough Secretary,
purchase
will receive sealed bids until 7:30 p. m. (EST) on Aug. 14, for the
of $12,000 3X% coupon refunding bonds.
Dated Sept. 1, 1941.
1951.
school bonds is being
investment. Denom.
Dated April 1, 1941.
Due on April 1 as follows: $5,000 in 1946
to 1959 and $2,000 in I960.
Prin. and int. (A-O) payable at the Chemical
Bank & Trust Co., New York.
Legality to be approved by Chapman &
Cutler of Chicago,
$1,000.
T exas—ADDITIONAL INFORMA TI ON—In connection
$1,418,000 (not $1,400,000) refunding bonds to a syn¬
dicate headed by Callihan & Jackson of Dallas, at par, noted in our issue of
Dec. 21, 1940, it is now stated that the bonds were sold as follows:
Principal and interest (A-O) payable without deduc¬
tion for any tax or taxes, except succession or inheritance taxes, now or here¬
after levied or assessed thereon under any present or future law of the
Commonwealth of Pennsylvania, all of which taxes the borough assumes
and agrees to pay.
A certified check for 2% of the bonds bid for, payable
to order of the Borough Treasurer, is required.
Due Sept. 1
Elizabethton), Tenn.—BONDS OFFERED
101.149
April 1, 1943.
1950 and
approved re¬
TENNESSEE
CARTER COUNTY (P. O.
TO PUBLIC—A $72,000 issue of 4% unlimited tax
offered by Pohl & Co. of Cincinnati for general
2%
of $23,0001, IX. IX, lX,2,2X,2X,2X,3,3X,3X,3X,or4% coupon
refunding, improvement and equipment bonds.
Dated Oct. 1, 1941
Denom. $500.
Due Oct. 1, 1956.
Callable on any interest payment date
in
Onida), S. Dak.—BONDS APPROVED— It is
100.067
MECHANICSBURG, Pa .—BOND OFFERING—G. Z. Fishel, Borough
Secretary, will receive sealed bids until 8 p. m. on Aug. 14, for the purchase
$1,000.
SULLY COUNTY (P. O.
cently by the County Commissioners.
ING AGENT APPOINTED—Jack M. Bass
Glover & MacGregor; H. M. Byllesby & Co., and
after
Rapid City), S. Dak.—BONDS SOLD
1 % interest was sold recently
reported that the issuance of $200,000 refunding bonds was
to have voted to issue
Co., and Walter
Stokes & Co_
_
PENNINGTON COUNTY (P. O.
100.21
Co.,
and E. Lowber Stokes & Co
(P. O. Weasington Springs), S. Dak.—BOND
—An issue of $70,000 refunding bonds bearing
to Gefke-Dalton & Co., Inc., of Sioux Falls.
100.408
1H%
Corp.; Peoples-Pittsburgh Trust
100.419
1M%
and Singer, Deane & Scribner
First Boston
JERAULD COUNTY
Auditor, until Aug. 12, at 2 p. m., for the purchase of a $280,000 issue of
funding bonds.
Dated July 1, 1941.
Denom. $1,000.
Maturing as
follows:
A. All maturing July 1, 1961, but subject to redemption on any
interest payment date.
B. $40,000 July 1, 1943 to 1949, without option
of prior payment.
Bidder to name the interest rate.
Payable at any suit¬
able bank or trust company designated by the successful bidder.
The
County will furnish the printed bonds and approving legal opinion of
Fletcher, Dorsey, Barker, Colman & Barber of Minneapolis.
A certified
check for $5,000, payable to the county, is required.
MUNICIPALS
Retirement
AWARDED—H. H. Baisb, Secretary of the School Employees
Board, reports that of the $24,159,000 various local municipal bonds offered
July 22, the Board sold $1,500,000 on a 0.80% or better basis.
No bonds
were sold for which bids were received on a 0.81 % or higher price.
Pa.—BOND SALE—The First
of $45,000 1% sewer con¬
Due $1,500 annually on July 15
This issue was approved by the
Pennsylvania Department of Internal Affairs on July 14.
RADNOR TOWNSHIP (P. O. Radnor),
National Bank of Philadelphia purchased an issue
ABILENE,
with the sale of the
$383,000 3% refunding bonds.
Due April 1, as follows: $50,000 in 1942,
$41,000 in 1943, $53,000 in 1944, $58,000 in 1945 and 1946,
$59,000 in 1947 and $64,000 in 1948.
497,000 3X% refunding bonds.
Due April 1, as follows:
$67,000 in
1949. $65,000 in 1950, $67,000 in 1951, $70,000in 1952 and $76,000
in 1953 to
538,000 3Vi%
1955.
refunding bonds.
Due April 1, as follows:
$59,000 in
1958, $74,000 in 1959, $72,000
1956, $78,000 in 1957, $60,000 in
in 1960,
$59,000 in 1961, $70,000 in 1962 and
payable A-O. Dated Oct. 1, 1940.
Denom.
payable at the Guaranty Trust Co., New York.
by Chapman & Cutler of Chicago.
Interest
interest
$66,000 in 1963.
$1,000. Prin. and
Legality approved
DISTRICT (P. O. Addison),
$19,000 2%% school bonds pur¬
Education—Y. 153, p. 431—were sold at a
price of 100.052, a basis of about 2.74%.
Denom. $1,000.
Due $1,000
yearly on July 1 from 1942 to 1960, incl.
Interest J-J.
ADDISON INDEPENDENT SCHOOL
Texas—BOND
SALE DETAILS—The
chased by the State Board of
ALBANY,
wards &
Texas—BONDS PUBLICLY
OFFERED—William N
Ed¬
made public offering of $75,000 4%
Issue was authorized at an election on
Co. of Fort Worth recently
series of 1941 water works bonds.
July 18.
Dated July 15, 1941.
Denom. $1,000. Due April 1 as follows:
$6,000 in 1942 and 1943; $7,000, 1944 to 1946, incl.; $8,000 from 1947 to
1949, incl., and $9,000 in 1950 and 1951.
Callable at option of the city
at par and accrued interest on April 1, 1947, or on any interest payment
date thereafter.
Principal and interest (A-O) payable at the State Treas¬
Legality approved by the
recognized market attorney.
urer's office.
Attorney-General of Texas and a
ANGELINA COUNTY (P. O. Lufkin),
—It is stated that the $100,000 county
Texas—BONDSALE DETAILS
hospital bonds sold to Mahan,
as fol¬
Dittmar & Co. of San Antonio—V. 153, p. 587—were purchased
lows: $14,000 as 2 Ms, due on April 10, $2,000 in 1942 to *944 and
in 1945 and 1946;
1948 to
$37,000
as
1950 and $9,000 in
3s, due on April 10,
1951; the remaining
April 10, $9,000 in 1952 and $10,000 in
payable at the Lufkin National Bank.
Cutler of Chicago.
BONHAM,
$4,000
$4,000 in 1947, $8,000 in
$49,000 as 3Ms, due on
1953 to 1956. Prin. and int. (A-O)
Legality approved by Chapman &
Texa«—BOND SALE DETAILS—The City Clerk states
semi-annual fair grounds project revenue bonds sold
that the $20,000 4%
to the Reconstruction Finance Corporation are
of $500 and mature on May 1 as follows: $1,000 in 1942
in 1944 to 1955.
at par
in the denomination
and 1943 and $1,500
BRECKENRIDGE, Texas—DEBT COMPOSITION PLAN PENDING
being advised that a petition asking for the
struction bonds at par.
Denom. $1,000.
from 1942 to 1971, inch
Interest J-J.
—The creditors of this city are
Pa .—BOND OFFERING—Mayor Fred J. Huester wil
receive sealed bids until 11 a. m. (EST) on Aug. 12 for the purchase of
$243,000 IX. IX. 2, 2X, 2X, 2% or 3% coupon or registered judgment
funding and improvement bonds.
Dated Sept. 1, 1941.
Denom. $1,000.
Due Sept. 1 as follows: $13,000 from 1942 to 1944, incl., and $12,000 from
1945 to 1961, incl.
Bidder to name one rate of interest for all of the bonds.
Principal and interest (M-S) payable at the City Treasurer's office.
The
bonds are payable from an unlimited ad valorem tax.
They are issued
subject to favorable legal opinion of Townsend, Elliott & Munson of Phila¬
delphia and will be guaranteed as to genuineness and certified to by the
Continental Bank & Trust Co., New York City.
A certified check for 3%
of the bonds bid for, payable to order of the City Treasurer, is required.
(Above offering was previously referred to in V. 143, p. 587.)
10 o'clock a. m., giving the details of the securities held.
A hearing on the petition is to be held on Oct. 6th, at
SCRANTON,
(P. O. Spartanburg).
school bonds offered July 29
Edgar C. Baker of Union City.
Dated
July 1, 1941 and due $1,000 on July 1 from 1944 to 1955, incl.
SPARTA TOWNSHIP SCHOOL DISTRICT
Pa.—BOND SALE—The $12,000 2% coupon
—V. 153, p. 587—were awarded to
UPPER
SCHOOL
DARBY
DISTRICT,
Pa .—PROPOSED BOND
bids on an issue of $400,000
SALE—District recently decided to call for
bonds.
RHODE
ISLAND
WESTERLY, R. I.—NOTE SALE—The issue of $200,000 notes offered
153, p. 431—was awarded to the Second National Bank of
Boston at 0.164% discount.
Dated July 28, 1941 and due Nov. 14, 1941.
July 25—V.
Other bids:
Bidder—
First National Bank of
Boston
G. M.-P. Murphy & Co_
Int. Rate
0.25%
0.30%
confirmation of a plan of composition has been filed in the United States
District Court for the Northern District of Texas, Abilene Division.
creditors are to file their sworn proofs of claims on or before Oct. 6,1941, at
All
at which time
the court will pass upon
10 o clock a. m.,
the determine the issues presented
by the petition for the purpose of determining whether
fair, equitable and for the best interest of creditors.
or not
the plan is
BROWN COUNTY WATER IMPROVEMENT DISTRICT No. 1 (P.
O. Brownwood), Texas—BOND CALL-—It is reported that a total of
$1,493,300 refunding bonds, series of 1938, dated March 1, 1938, are being
called for payment on Sept. 1. at the First National Bank in Dallas.
Texas—BONDS
OFFERED
TO PUBLIC—The
offering for general investment $211,000
refunding bonds.
Denoms. $1,000 and $500. Dated Jan. 1,
•1941.
Due on April 1 in 1951 to 1974.
Prin. and int. (A-O) payable at the
State Treasurer's office in Austin.
Bonds are optional on any interest
paying date.
BROWNSVILLE,
Dunne-Israel Co. of Wichita, is
3%
coupon
COTTLE COUNTY COMMON SCHOOL DISTRICT NO. 17 (P. O.
Paducah), Texas—BOND SALE DETAILS—The $10,400 4% refunding
reported sold—V. 153, p. 431—were purchased by Crummer
& Co. of Dallas, at par.
Dated Dec. 1, 1940 and due June 1 as follows:
$400 in 1941; $500 from 1942 to 1951, incl. and $1,000 from 1952 to 1956,
incl.
Interest J-D.
bonds of 1940
CROSBYTON, Texat—BOND CALL—J. Frank Smith, City Treasurer,
that notice has been given to the Guaranty Trust Co. of New York,
states
and to all other interested parties, that the city, through
missioners and by order duly passed and adopted by said
its Board of Com¬
Board on July 31),
its right or option of redeeming $145,000
series 1935 bonds, dated March 1, 1935 (being parcel of a total
issue of $172,500), on Sept. 1, by paying principal and accrued
1941, will exercise
refunding,
authorized
interest.
The Commercial & Financial Chronicle
726
The holder
not be
presented on said date, the same shall cease to bear interest from
for their redemption.
All of the bonds are to
and after the date so fixed
be presented for redemption at the
Guaranty Trust Co., New York.
GONZALES, Texas—BONDS SOLD—A 860,000 issue of 2M% semiann. airport bonds is said to have been purchased at par by Dewar, Robert¬
son & Pancoast of San Antonio, and
McClung & Knickerbocker of Hous¬
ton,
jointly.
HALE CENTER, Texas—BONDS SOLD—It is reported that 814,500
bonds were sold recently at par,
sewer revenue
COUNTY
HIDALGO
(P.
O.
Edinburg),
Texas—ADDITIONAL
TO BE ESTABLI SHED—It is reported that
DRAINAGE DISTRICT
a
hearing is scheduled for Aug. 11 by the County Commissioners' Court in
connection with the proposed establishment of a second county drainage
district.
The Reconstruction Finance Corporation is said to have assured
county officials that it will provide funds for the drainage
project provided
approved.
Present plans call for the issuance of
$150,000 in bonds in the present Drainage District No. 1 and $100,000 in
bonds in the proposed drainage district to carry out the $250,000 drainage
the necessary bond issue is
program.
■
■
HOUSTON, Texas—BONDS OFFERED TO PUBLIC—A syndicate
composed of Mahan, Dittmar & Co.; Milton R. Underwood & Co., and
Moroney & Co., all of Houston, offered on July 24 for general investment a
$680,000 issue of 2M % semi-annual coupon gas system and exposition hall
revenue refunding bonds at prices to yield from 0.75% to 2.25%, according
to maturity.
Denom. $1,C00.
Dated Aug. 1, 1941.
Due on Aug. 1 as
follows:
$35,COO in 1942, $40,000 in 1943 to 1945, $45,000 in 1946 to 1950,
and $50,000 in 1951 to 1956.
Bonds are optional at par value on Aug. 1,
1953, or any interest date thereafter on 30 days' published notice.
Prin¬
cipal payable at the Chase National Bank, New York.
These bonds are being issued for the purpose of refunding at a lower rate
of interest the unmatured balance of legally issued 4% exposition and con¬
vention hall mortgage revenue bonds.
Said bonds were authorized and
issued in an original amount of $775,000, of which $95,000 will have been
In the opinion of Dillon, Vandewater & Moore of
retired and cancelled.
New
will constitute valid and legally issued special
obligations of the city, payable from and secured by a closed first lien on and
pledge of :
(a) Net revenue to be derived from the operation of the municipally-owned Magnolia Park gas distribution system; (b) net revenue to be
derived from the operation or the municipally-owned exposition hall.
York,
bonds
these
INDEPENDENT SCHOOL
JACKSBORO
DISTRICT (P. O.
Jacks-
boro), Texas—BONDS SOLD—A $25,000 issue of 3% semi-ann. refunding
bonds is said to have been
purchased at
par
by Moss, Moore & Cecil, Inc.
COUNTY
(P. O. Kaufman), Texas—BONDS SOLD—A
$35,000 issue of airport bonds approved by the voters at an election held
on June 26, is said to have been purchased by Fritz Stewart & Co. of Dallas.
LITTLEFIELD, Texas—BOND ELECTION—'The issuance of $225,000
light plant revenue bonds is said to be scheduled for a vote at
to be held on Aug. 5.
MART,
following
Moss,
election
an
Moore &
Cecil,
Inc., and
Rauscher, Pierce &
Co.,
Inc.,
both of
Dallas:
$40,000 water system bonds.
Due on Feb. 1 as follows: $2,000 in 1943
to 1947, $3,000, 1948 to 1953, and $4,000 in 1954 to 1956.
50,000 water and sewer revenue bonds.
Due on Feb. 1 as follows: $2,000
in 1943 to 1952. and $3,000 in 1953 to 1962.
These bonds
tion held
on
were approved by the voters by wide margins at the elec¬
July 24—V. 153, p. 588.
COUNTY
MOORE
(P. O. Dumas), Texas—BOND SALE DETAILS
—The $55,000 road
bonds purchased recently by William N. Edwards &
Co. of Fort Worth, at a price of 100.072—V. 153,p. 432—were sold as 3s,
a net interest cost of about 2 99%.
Dated July 15, 1941. Denom. $1,000.
Due Feb. 15 as follows:
$1,000 from 1942 to 1946, incl. and $10,000 from
1947 to 1951, incl.
Principal and interest (F-A) payable at the First Na¬
Bank, Forth Worth, or at the State Treasurer's office.
Legal
tional
opinion of Gibson & Gibson, of Austin.
Wash.—BOND
Chehalis),
DISTRICT
UTILITY
SALE
DETAILS—The
NO.
District
1
(P. O.
Secretary
the $85,000 electric revenue series A bonds sold to the BallardHassett Co. of Des Moines—V. 153, p. 432—were purchased at a price of
93.529 for $50,000 as 3Ms and $35,000 as 4MbSEATTLE. Wash .—ADDITIONAL BONDS DELIVERED—In
connec¬
tion with the loan of $10,200,000, authorized
by the Reconstruction Finance
Corporation for the refinancing and rehabilitation of the street railway
svstem, of which $9,415,000 were delivered to Dec. 1, 1940, it is stated by
W. C. Thomas, City Comptroller, that an additional block of $610,000
bonds was delivered recently, thus making a total of $10,025,000 issued
against the complete authorization of $10,200,000.
TACOMA, Wash— BOND OFFERING—We are informed by Thomas A.
Swayze, City Controller, that sealed bids will be received at the office of
C. V. Fawcett, Commissioner of Finance, until 2 p. m. (PST), on Aug. 25,
for the
purchase of
1941
Interest rate is not to
a $4,000,000 issue of light and power bonds, series A,
exceed 4%, payable J-J.
Denom. $1,000.
with privilege of registration as to principal only or as to
principal and interest. Dated Sept. 1, 1941. Bonds will be an obligation
only against the special fund known as City of Tacoma Light and Power
Fund of 1941, created*£>y said Ordinance No. 12037, for the purpose of
paying the interest on and the principal of this issue of bonds, and an
issue of bonds in the amount of $4,000,000 designated as "series B" and an
issue of bonds in an amount not to exceed $3,000,000 designated as "series C"
to be hereafter issued for the same purposes as this bond issue.
The bonds
will be payable at the office of the City Treasurer of Tacoma, or at the
fiscal agency of the State of Washington in New York, at the option of the
*■
Coupon bonds
holder.
The issuance and sale of these bonds is authorized by City Ordinance
No. 12037, passed on July 21, the purpose to provide funds to pay the cost
of certain additions, be.tterments and extensions to the electric generating
plant and system.
Said bonds will become due and payable in
accordance with whichever
of the following two plans of payment shall be decided upon by the Sinking
Fund Board at the time of considering the bids, and approved by the City
Council by resolution.
/
Payment Plan No. 1
Said bonds to become due and payable as follows, to wit:
$50,000 July 1, 1942 to 1945 incl.; $50,000 Jan. 1, 1943 to 1945 incl.;
$150,000 Jan. 1. 1946; $150,000 July 1, 1946; SlhO.OOO Jan. 1, 1947 to
1955 incl.; $100,000 July 1, 1947 to 1955 incl.; $125,000 Jan. 1, 1956 to
1960 incl.; $125,000 July 1, 1956 to 1960 incl.; $150,000 Jan. 1, 1961;
$150,000 July 1, 1961,
Payment Plan No. 2
Said bonds to become due and payable as specified in Plan No. 1, pro¬
vided, however, that the city may at its option call all or any of said out~
standing bonds for redemption on Jan. 1, 1952, or on any interest-paying
date thereafter, upon 60 days advance notice.
Bids will be received for said bonds to be issued under each of the above
designated payment plans; bidders may submit bids under either
said plans; bids under each plan must be separate.
Bidders
not
Texas—BONDS SOLD—The City Clerk informs us that the
aggregating $90,000, have been purchased jointly by
bonds,
Aug. 2, 1941
PUBLIC
states that
of Dallas.
KAUFMAN
COUNTY
LEWIS
holders thereof are notified further that should the bonds
or
are
invited to
exceeding 4%.
for the entire issue
bids for the bonds
name
or
both of
the rate of-interest which bonds are to bear,
The rate must be a multiple of M or 1-10 of 1 %. Bids
of bonds bearing one rate of interest may be submitted;
bearing different rates of interest may also be submitted.
No bid will be considered for the bonds for less than par and accrued interest.
Bids must be for the entire issue of bonds; purchaser must pay accrued inte¬
rest to date of
delivery of bonds.
Said bonds will be sold to the highest and best bidder with the right
reserved by the city to reject any or all bids.
Bids must be enclosed in a sealed envelope addressed to the Sinking Fund
Board, and must be accompanied by a certified check or bank dfaft for not
less than $50,000 payable to the order of the city.
The bonds will be delivered to the purchaser on or before Oct. 1, 1941.
Delivery will be made in the City of Tacoma.
Bonds will be furnished and
paid for by thecity. Theapproving opinion of Thomson, Wood & Hoffman,
New York City, will be furnished to the purchaser without cost.
WASHINGTON TOLL BRIDGE AUTHORITY (P. O. Olympia),
Wash.—BOND CALL—It is stated by Governor Arthur B. Langlie, Chair¬
of the Authority, that Washington Toll Bridge Authority, Lake
Washington Toll Bridge revenue bonds Nos. 1 to 145, are called for pay¬
Sept. 1, at par and accrued interest.
Payment of principal and
interest of said bonds is to be made at Spokane & Eastern branch of the
Seattle-First National Bank, Spokane, or at the Chemical Bank & Trust
Co., New York City, or the American National Bank & Trust Co., Chicago,
on presentation of said bonds and appropriate coupons appertaining thereon
for cancellation.
Redemption will be without premium as of Sept. 1, 1941.
man
ment on
SHELBY COUNTY ROAD DISTRICT NO. 4
(P. O. Center), Texas—
DEBT REFUNDING PLAN SUBMITTED—The holders of
5% refunding
dated March 12, 1934, are being advised by
Barcus, Kindred & Co. of Chicago, of a plan of refunding the principal
indebtedness of $200,600.
This bond company owns $74,500 of the out¬
standing bonds, and sufficient bonds have been pledged to the program to
insure its successful operation.
A few of the bonds to be refunded are held
by unknown persons.
The new refunding bonds are to be dated March 12, 1941, and will
mature March 12, 1943 to 1971, with no option of principal payment, except
on the last $26,000 which are optional for redemption purposes
only on any
interest date.
Bonds maturing from 1943 to 1947 will bear 3% interest;
3M% from 1948 to 1962, and 4% from 1963 to 1971.
To expedite the
refunding, the bond company has agreed to take up all past due interest
coupons at their face value and carry them, without cost to the district,
bonds of the above district,
until such
retire
time
them
Holders
the
as
district
will
have accumulated sufficient funds to
without
principal of the
of
new
the
endangering the
refunding bonds.
shortest
maturities
prompt
of
payment
of
interest
and
the
outstanding bonds will be
eligible to receive the shortest maturities of the refunding bonds.
Copies
of the refunding program, which includes a financial statement as of July 15,
1941, tax collections and an exchange table, will be furnished by Barcus,
Kindred & Co.
WINTERS, Texas—BONDS VOTED—At
the voters
are
said
an
election held
on
July 15
A resolution is said to
$15,000
Aug. 16, according to report.
bondf^.
MADISON, Wis—BOND SALE—The $300,000 issue of 2%%
semi-annual
hospital
coupon
bonds offered for sale on July 25—V. 153,
syndicate composed of Harley, Haydon & Co.,
Farrell, both of Madison; Park, Shaughnessy & Co.. of St. Paul;
Mullaney, Ross & Co. and the Channer Securities Co., both of Chicago,
according to the City Auditor.
Dated Aug. 1, 1941.
Due on Aug. 1 in
1944 to 1981; optional on and after 1961.
revenue
432—was awarded to
p.
Bell
a
&
The successful bidders paid a price of
of about
YOUNG COUNTY PRECINCT NO. 3 (P. O. Graham), Texas—BOND
ELECTION—The issuance of $50,000 road bonds will be submitted to a
sewer
(P. O. De Pere), Wis.—BONDS AUTHORIZED—
have been passed recently, calling for the issuance of
ETTRICK, Wis.—BOND SALE DETAILS—'The Village Clerk state
that the $9,000 village hall construction bonds purchased by the First Na¬
tional Bank of Wabasha—V. 153, p. 588—are 2M% coupon bonds dated
Feb. 1, 1941.
Due on Feb. 1, $1,000 in 1942 to 1946, and $4,000 in 1947.
Denomination $1,000.
Interest payable F-A.
have approved the issuance of $175,000 light and
to
power revenue bonds.
vote at an election on
WISCONSIN
ASHWAUBENON
$287,250, equal to 95.75, a basis
3.075%.
SUNSET
SANITARY
DISTRICT
(P.
O.
Madison),
Wis.—BOND
SALE—The $.36,000 coupon semi-annual sewer system special assessment
bonds offered for sale on July 24—V. 153, p. 588—were purchased by the
Northwestern Securities Co. of Madison
a
VERMONT
I
MORRISTOWN, Vt.—BOND SALE—The $40,000 refunding bonds
432—were awarded to the John Adams Browne
Corp. of Burlington, as 1Mb, at par plus a premium of $100.68, equal to
100.251, a basis of about 1.43%.
Dated Aug. 1, 1941 and due $5,000
annually on Nov. 1 from 1941 to 1948, incl.
Second high bid of 100.131
for 1 Ms was made by Williams & Southgate, of Boston.
Final Bid of 100.12
for iyss. was made by F. W. Home Co. of Hartford.
basis of about 6.60%.
WYOMING
offered July 28—V. 153, p.
NEWPORT NEWS, V a.—BOND OFFERING—11 is stated by A. M,
Hamilton, City Clerk, that he will receive sealed bids until 2 p. m. on
Sept. 2, for the purchase of a $300,000 issue of coupon public improvement
bonds.
Interest rate is not to exceed 6%, payable M-S.
Denom. $1,000.
Dated Sept. 15, 1941.
Due on Sept. 15 as follows: $20,000 in 1942 to 1947,
and $18,000 in 1948 to 1957.
Rate of interest to be in a multiple of 34 or
l-10th of 1%.
Prin. and int. payable at the City Treasury's office.
Is¬
sued for the purpose of providing funds to be used for improving the streets
of the city and construction of sewers and of other
permanent public im.provements, in full compliance of the Constitution and
Commonwealth.
The award will be made to the bidder
Statutes
or
of the
bidders offer¬
ing to purchase the bonds bearing the lowest rate of interest, regardless of
premium, or to the highest bidder at the lowest rate, provided that if two
bidders offer to purchase the bonds at the same lowest rate of in¬
or bidders
offering the highest price.
No bid
will be considered for less than par and accrued
interest, and all bids must
or
more
terest
SHERIDAN COUNTY SCHOOL DISTRICT NO. 4
Wyo.—BONDS APPROVED—It is reported that
then to such bidder
be unconditional.
The opinion of Thomson, Wood & Hoffman of New
York, will be furnished the successful bidder without charge.
Enclose a
certified check for 2% of the par amount of bonds bid for,
payable uncon¬
ditionally to the City Treasurer.
CANADA
(Province of)—ANNOUNCES INTEREST PAYMENT—
be paid upon presentation of the debentures at any branch of the
Imperial Bank of Canada in the Dominion of Canada.
will
CANADA
(Dominion of)—TREASURY BILLS SOLD—An issue
$35,000,000 Treasury bills was sold on July 29 at an average yield
0.570%.
Due in three months.
BONDS
VOTED—The
DISTRICT
issuance
(P.
O.
Bellingham),
of 101.93, a
basis of about 3.26%.
Second high bid of 101.556
by Wood, Gundy & Co. of Toronto.
MAGOG,
of $20,000 construction bonds
have been approved by the voters at an election held
recently.
is
said
to
of
Que.—BOND SALE—The
$35,000
was made
improvement
bonds
offered July 21—V.
153, p. 432—were awarded to Mills, Spence & Co. of
3 Ms, at a price of 97.43.
Dated May 1, 1941 and due May 1
$2,000 in 1942; $2,500, 1943 to 1946, incl.; $3,000, 1947 to
1950, incl.; $2,000, 1951 to 1953, incl.; $1,000, 1954 and 1955; and $500
from 1956 to 1961, incl.
Other bids:
Toronto,
as
as
follows:
Bidder—
Int.
Mills, Spence & Co
Rate
4%
4%
4%
A. E. Aines & Co.
Inc
_/
3M%
14%
Wash.—
of
DELHI, Ont.—BOND SALE—Harris, Ramsey & Co. of Toronto were
awarded on July 28 an issue of $95,000 3 M % improvement bonds at a price
Clement Guimont,
WASHINGTON
SCHOOL
con¬
Holders of debentures which matured Feb. 15, 1940, are being notified that
interest at the rate of 2M% in respect of the half-year ending Aug. 15,1941,
Rene T. Leclerc.
FERNDALE
(P. O. Sheridan),
issue of $37,000
an
struction bonds has been approved.
ALBERTA
VIRGINIA
as 5Ms, paying a price of 95.00,
Dated Aug. 15, 1941.
Due on April 1 in 1942 to
WATERLOO TOWNSHIP
The Bank of
Rate Bid
100.33
100.03
98.85
95.80
99 30
(P. O. Waterloo), Ont.—BOND SALE—
Toronto recently purchased an issue of $47,000 3% improve¬
ment bonds to mature
serially from 1942 to 1961, inclusive.
@FedFRASER